Audax Renovables (ADX) Q2 2026 earnings summary

Executive summary

• Achieved solid, recurring results in H1 2026 despite high market volatility from geopolitical tensions and LNG uncertainty, with strong risk management and operational discipline.

• Supply points grew by 1.3% to 482k, energy portfolio up 1.5% to 16.8 TWh, and installed capacity increased 1.2% to 329 MW.

• Adjusted EBITDA reached EUR 60.4 million (-4.0% year-over-year), and adjusted net income was EUR 23.9 million.

• Issued a new EUR 350 million bond maturing in 2031, refinancing earlier maturities and strengthening financial structure.

• Strategic expansion efforts included a EUR 404 million offer for Elmera Group ASA, demonstrating disciplined growth and value creation.

Financial highlights

• Revenues for H1 2026 were EUR 940.7 million, down 0.7% year-over-year.

• Adjusted gross margin was EUR 110.2 million (-5.7%), and adjusted EBITDA was EUR 60.4 million (-4.0%).

• Adjusted net profit stood at EUR 23.9 million, down 11.8% from H1 2025, mainly due to lower EBITDA and higher financial expenses.

• Operating expenses decreased by 7.6% to EUR 49.8 million, reflecting ongoing cost control.

• Cash and cash equivalents at period end were EUR 199.0 million, with net financial debt at EUR 362.1 million (+11.0% year-over-year).

Outlook and guidance

• Expects to close a fourth consecutive year with EBITDA exceeding EUR 100 million, supported by geographical and business diversification.

• Anticipates margin recovery in the generation segment as energy prices normalize in the second half of the year.

• Strategic focus remains on reducing the NFD/EBITDA ratio and optimizing the financial structure.