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.

• Revenues reached EUR 940.7 million in H1 2026, down 0.7% year-over-year, with adjusted EBITDA at EUR 60.4 million, a 4% decrease from H1 2025.

• 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.

• Renewable production rose 19.1% to 338.7 GWh, with Spain and Panama driving growth.

• Strategic expansion included a EUR 404 million offer for Elmera Group ASA and execution of the 2026-2030 Strategic Plan targeting EUR 180 million EBITDA and EUR 85 million net results.

Financial highlights

• Adjusted net results totaled EUR 23.9 million, down 12% year-over-year, mainly due to lower EBITDA and higher financial expenses.

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

• Gross financial debt stood at EUR 592.1 million, up 1.3% from 2025 year-end and nearly flat year-over-year.

• 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).

• Stock market capitalization exceeded EUR 572 million at period end.

Outlook and guidance

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

• Strategic Plan aims for EUR 180 million EBITDA and EUR 85 million net results by 2030.

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

• Ongoing expansion into telecommunications services in Spain and Italy, with launches expected by year-end.

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