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Audax Renovables (ADX) investor relations material
Audax Renovables Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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