• The company recorded a gross margin of €86 million and EBITDA of €31.2 million.

• Audax has more than 544,000 active supply points: 10% more than in the third quarter of 2020.

• In generation, the group’s production so far in 2021 has reached 140 GWh, and its installed capacity in Spain has doubled (+97%).

Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in 7 European countries, has announced its results for the third quarter of 2021.

Between July and September, the company increased its sales by 83% compared to the same period in 2020, reaching 1,143 million euros: a growth supported by a 10% increase in its number of customers and the rise in electricity prices in the wholesale markets of the countries in which it operates.

Audax also increased its gross margin by 5% compared to the same period last year, reaching 86 million euros, and recorded an EBITDA of 31.2 million euros, 71% higher than that recorded between January and June this year. Despite being the toughest quarter in terms of price volatility, thanks to the management measures implemented, the company has been able to reverse the negative trend over the last three months and is confident of recovering its forecasts for the end of the year.

The company is also facing this context with a solid cash position of 403 million euros.

According to José Elías Navarro, Chairman of Audax Renovables, “the 83% increase in our sales, which comfortably exceeded 1.14 billion euros, points to the consolidation of the company in an environment of enormous volatility, in which a faster and more intense economic recovery than expected has led to a rise in energy prices that has had a clear effect on our supplying activity. Although our vertical integration allows us to cushion part of this impact, we have recorded a temporary negative net result that does not distract us from the deployment of our Strategic Plan for the period 2021-2026, aimed at improving the profitability of our customer portfolio, and the development, construction and commissioning of new facilities”.

Audax reaches 544,000 customers in Europe and doubles its installed capacity in Spain

From an operational point of view, the group’s metrics showed a uniformly positive performance in the third quarter of the year. In addition to the 10% increase in the number of customers, to 544,000, Audax has almost doubled its installed capacity in Spain (+97%) and has supplied 82% more energy to its customers compared to the same period in 2020.

Specifically, between January and September this year, the company supplied 11.4 TWh to its customers, mainly in Iberia, Hungary, the Netherlands and Italy, and, to a lesser extent, in Poland and Germany.

The company continues to boost its generation portfolio

In terms of generation, the facilities operated by Audax have generated 140 GWh so far this year: a slightly lower figure than in the same period of the previous year, but with a 15% increase in production in Spain due to the greater wind resource and the 14% contribution of the new photovoltaic plants commissioned on the Spanish mainland.

So far this year, the group has added 1,968 MW to its portfolio in Spain, Italy and Portugal, which it plans to bring on stream over the next 5 years.

Highlights this year include the 15 MWp grid connection of the Cañamares and Carolinas I and II plants; the imminent entry into operation of 40 MWp of the Zarzuela I, II, II and IV projects in the province of Toledo and Alberizas I, II, III and IV in the province of Guadalajara; and the final phase of construction of 14.5 MWp of the Los Arenales, El Toconal and Calañas projects in the coming weeks.

New ESG momentum

Audax’s activity also continues to be oriented in a sustainable direction and has avoided the emission of 92.7 million tonnes of CO2 during the first nine months of the year.

The company’s corporate responsibility also extends to its social and corporate governance dimensions, and its workforce includes, for example, 59% women. This diversity is also reflected in its board of directors, with a third of its members being women.

In addition, at its last meeting, the Group’s Board of Directors agreed to create a specific committee on sustainability (ESG). Audax has accumulated almost a decade of commitment to its ESG dimensions, since it joined the Spanish Network of the United Nations Global Compact for Sustainable Development in 2013, and to date it has already presented three audited Non-Financial Information Statements (NFS) since 2019.

With regard to its stock market size, the group closed the third quarter of the year with a market capitalisation of 662 million euros, and last May it joined the MSCI Global Small Cap index, which includes small-cap listed companies from developed countries around the world.

Finally, regarding the public debate surrounding Royal Decree-Laws 17/2021, 21/2021 and 23/2021, which affect energy regulation in Spain, these have not had a significant impact on Audax’s financial statements.