Audax Renovables
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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.
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Q4 2025 earnings summary26 Feb, 2026

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.

What drives generation portfolio changes?
How will Audax address 2027 bond maturity?
How does Audax ensure retail margin stability?
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