The company achieved better than expected results, especially in the second half of the year, when EBITDA almost doubled compared to the first half of the year. Audax closed a financial year characterized by high volatility and challenges with a record gross margin (EUR 128 million) and a positive net result (EUR 2.8 million).

In 2021, the company increased the capacity of its power plants by 150%, invested EUR 77 million in new installations, and the total capacity of installations in its portfolio reached 2,536 MW. The company serves 518 thousand. customers.

Audax Renovables (ADX.MC) – a vertically integrated energy group that generates and supplies 100% electricity from renewable sources and gas to customers in 7 European countries – has published its financial results for the 2021 financial year.

The management methods adopted by Audax in the first half of the year and the vertical integration of the group allowed the company to achieve high efficiency - and this in a financial year in which there was a simultaneous increase in raw material prices, especially in the last quarter of the year, and an increase in energy demand due to faster-than-forecast recovery of economies after the COVID-19 pandemic.

In 2021, the company increased sales by 74% compared to the previous year - to the level of EUR 1,690 million. This is a record result in its history, achieved not only by the increase in raw material prices, but also due to the increase in the volume of supplied energy (by 48%) and the acquisition of numerous new customers. Sixty-two percent of the revenue was generated in Spain and Portugal, and the remaining 38% in other European countries, with sales in Hungary accounting for a particularly large percentage. For the Hungarian company belonging to the Audax group, 2021 was the first full financial year of operation.

Audax's gross margin in 2021 was also record-breaking at €129 million, an increase of 12% year on year. The EBITDA indicator reached the level of EUR 53 million. Taking into account EBITDA excluding special items of €69.4 million in 2021, this represents an improvement of 39% compared to the previous financial year. Thanks to the significant increase in the second half of the year compared to the first half, EBITDA almost doubled (by 91%) to PLN 34.7 million.

The good results achieved in the second half of 2021, and above all in its last quarter, also allowed the company to close a year that presented the energy sector with many challenges, with a net positive result of EUR 2.8 million.

Audax also has a sizeable cash pool of €329 million, enabling it to seamlessly meet all its financial obligations – both present and future – and has a debt to EBITDA ratio of 2.7x.

José Elías Navarro, President of Audax Renovables, believes that "the fact of achieving record turnover and gross margin in a year so demanding, so full of uncertainty for all players in the energy sector, is great news and a testimony to the effectiveness of the company's strategic plan, which has recently been refreshed in the 2026 perspective . The finalization of the vertical integration process, the focus on transactions with higher profitability and the improvement of management and control tools are some of the factors that allowed us to achieve such good results. We hope that the market will notice all this and that the stock exchange valuation of our company will reflect our results and our high position on the markets of energy generation and sale in Europe.”

A large portfolio of customers and an increase in the capacity of renewable installations by 150%

In terms of the number of customers, Audax supplied energy to 518,000 in 2021. collection points - this means an increase of 1% compared to the previous year. Forty-three percent of them are located outside Spain - mainly in Hungary, Italy and the Netherlands. Compared to 2018, when the number of collection points was 305,000, this means an increase of 70%. This increase is the best confirmation of the effectiveness of the commercial strategy and international expansion of the Spanish corporation.

In 2021, Audax delivered 15.4 TWh of energy to its customers. This is 48% more than in 2020. Seventy-five percent of this volume is electricity, while the remaining 25% is accounted for by the sale of natural gas.

As for investments in installations, last year Audax continued to carry them out, building and commissioning photovoltaic power plants. As a result, the capacity in the company's renewable installations increased by 1,50% compared to 2020. The amount of investment in new power plants amounted to EUR 77 million.

In total, in 2021, installations with a total capacity of 1,968 MW joined the company's portfolio. They are located in Spain, Italy and Portugal. Their construction will be finalized in the coming months, followed by their launch. The company's total portfolio in this area will then reach 2,536 MW.

As of today, Audax has installations with a capacity of 226 MW - 150% more than in 2020. Almost half of them (112 MW) are located outside Spain.

As stated by Elías Navarro, “with 77 million euros for the construction of new power plants, we are strongly in favor of photovoltaic energy. There are few companies that have a portfolio of power plants exceeding 2,500 MW. Audax occupies a convenient market position, which in the coming years will allow us to consolidate and strengthen our role in the renewable energy sector in Europe.”

Among the new power plants, the construction of which was carried out in 2021, the connection to the grid of 35 MW from the installations of Cañamares (Cuenca), Carolinas I and II and Zarzuela I, II, III and IV (Toledo) should be mentioned, as well as obtaining a permit to start Alberizas I, II, II and IV power plants (Guadalajara) with a capacity of 20 MW. The company also completed work on the Calañas (Huelva), Los Arenales y El Toconal (Toledo) power plants with a total capacity of 14.5 MW. In December, the purchase of the Zaratán 1 and 2 photovoltaic installations, with a capacity of 12.36 MW, located in the Ciguñuela (Valladolid) area, was finalized. In Panama, construction of the Toabré wind farm was completed, in which Audax holds 30% of shares. Test energy production has also started there.

The company focuses on sustainable development and diversity

Audax remains true to its Sustainability Promise and intends to continue to deliver on its ESG Strategy and fully implement its Sustainability Plan in 2022. Last year, thanks to ongoing activities, it was possible to avoid the emission of 132 tons of CO2 into the atmosphere, and the electricity produced by Audax again came from renewable sources in the 100%. In terms of management, 59% of the company's staff are women, who also make up 1/3 of the management board. Thirty-three percent of the board are independent members.

About Audax Renovables

Audax Renovables, founded in 2000, is a Spanish energy group combining the activity of generating electricity from renewable sources with the sale of energy from RES and gas to customers in seven European countries. It currently owns wind farms and photovoltaic installations located in Spain, Portugal, Italy, France, Poland and Panama. Some of them are already up and running; others are in various stages of construction, with a total capacity of 2,536 MW. In terms of energy sales, the group, headed by José Elías Navarro, supplies renewable electricity and gas to over 518,000 households. customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary. It ranks first in the SME sector in Spain. Since 2003, Audax has been listed on the Spanish secondary market, and in 2007 it entered the continuous market. There, in March 2020, it was included in the IBEX SMALL CAP ® index. The turnover of the company with over 800 employees in 2021 amounted to EUR 1,690 million.

For more information, please visit www.audaxrenovables.com.