Audax Renovables (ADX) Q3 2024 earnings summary

Executive summary

• EBITDA reached €88.3M (+14.1% year-over-year), with net profit at €48.2M (+91.9%).

• Revenue declined 22.3% to €1,388.8M, mainly due to lower average energy prices.

• Net financial debt reduced by 9.0% to €266.4M, supporting debt reduction goals.

• Customer base grew 15.6% to 431k supply points, with energy supplied up 9.2% to 11.1 TWh.

• Focus remains on profitable growth, debt reduction, and ESG leadership.

Financial highlights

• Revenue: €1,388.8M (-22.3% year-over-year); EBITDA: €88.3M (+14.1%); EBIT: €71.9M (+17.3%).

• Net profit: €48.2M (+91.9%); gross margin: €172.0M (-1.1%).

• Operating expenses decreased by 10.6% to €83.7M.

• Net financial debt: €266.4M (-9.0% year-over-year); leverage ratio at 54.1% (-16.9pp year-over-year).

• Share price rose 43% during the period, with market capitalization at €843M.

Outlook and guidance

• Maintains outlook for improved profitability and growth.

• Expects to close 2024 with a lower NFD/EBITDA ratio than previous year.

• Strategic focus on organic and inorganic expansion, profitability, and further debt reduction.