Audax Renovables (ADX) Q4 2025 earnings summary

Executive summary

• Achieved EBITDA above €100M for the third consecutive year, with adjusted EBITDA of €115.6M (+0.2% year-over-year) and stable net income performance.

• Revenue declined by 5.2% to €1,884M, mainly due to lower commodity prices, while net income decreased by 1.1%.

• Maintained financial discipline, keeping net debt/EBITDA below 3x and sufficient cash to cover short-term maturities.

• Installed renewable capacity rose 21.5% to 325 MW, supporting decarbonization strategy and resulting in €45M positive cash generation.

• Customer portfolio grew 5.8% to 462,000, and supplied energy increased 2.6% to 15.9 TWh.

Financial highlights

• Annual revenues decreased by 5% compared to 2024, with gross margin also declining by 5% year-over-year.

• EBITDA grew slightly by 0.2% year-over-year, reaching €116M.

• Adjusted gross margin was €224.0M, reflecting a €15M non-recurring cost due to the Iberia blackout.

• Net income decreased by 1% compared to the previous year, with adjusted net profit at €43.5M.

• Share price ended at €1.378, with market capitalization of €625M.

Outlook and guidance

• 2026 guidance targets €180M EBITDA and net debt/EBITDA below 3x, with double-digit EBITDA and net income growth through 2030.

• Strategic focus on market access, energy tech (flexibility services, BRP), portfolio development including BESS, and M&A opportunities.

• Growth to be driven by retail, generation, and new telecom/tech support unit.

• Commitment to executing the 2030 Strategic Plan and continued shareholder value creation.