Audax Renovables (ADX) Q3 2025 earnings summary

Executive summary

• EBITDA reached EUR 81.1 million, down 8.2% year-over-year, with revenues of EUR 1,377.3 million (-0.8%).

• Gross margin declined 6.7% due to a non-recurring blackout in Spain impacting system costs.

• Proforma net profit (excluding atypical items) was EUR 28.1 million, down 16.6% year-over-year.

• Customer portfolio grew 6.8% to 461,000, and energy supplied increased 3.8% to 11.5 TWh.

• Installed capacity rose 21.6% to 325 MW, with new projects underway, including the first photovoltaic plant in Italy.

Financial highlights

• Revenues: EUR 1,377.3 million (-0.8% year-over-year).

• EBITDA: EUR 81.1 million (-8.2%).

• Proforma net profit: EUR 28.1 million (-16.6%).

• Net financial debt: EUR 296.7 million (+20.3%), NFD/EBITDA LTM: 2.8x.

• EthiFinance Ratings: BBB- with a Positive trend.

Outlook and guidance

• Expects to close a third consecutive fiscal year with EBITDA above EUR 100 million.

• Focus remains on sustained growth, debt reduction, and expanding renewable generation capacity.