Audax Renovables (ADX) Q3 2026 earnings summary

Executive summary

• Revenue rose 6.8% to €1,470.5M in the first nine months of 2026, while adjusted EBITDA fell 7.0% to €83.6M and adjusted net profit declined 38.2% to €22.8M.

• Operating growth included 4.4% more supply points, a 3.5% larger energy portfolio and 1.2% higher installed capacity; cost discipline partly offset pressure on unit margins.

Financial highlights

• Adjusted revenue was €1,470.5M, up 6.8% YoY; adjusted gross margin was €158.7M, down 6.2%, and adjusted EBITDA was €83.6M, down 7.0%.

• Adjusted EBIT was €68.3M, down 10.0%, and adjusted net profit was €22.8M, down 38.2%; higher finance costs contributed to the profit decline.

• Non-audited reported EBITDA was €77.3M, down 4.6%; reported consolidated net profit was €16.1M, down 29.8% YoY.

• Operating expenses fell 5.4% to €75.1M despite higher activity; cash and cash equivalents ended September at €162.1M, down 40.7% from December 2025.

Outlook and guidance

• Results through Q3 support the target for FY 2026 adjusted EBITDA of €110M–€120M.

• Leverage management remains focused on approximately 3.0x net debt/EBITDA, with expected working-capital normalization and business cash generation supporting the objective.