EthiFinance Ratings, formerly known as Axesor Ratings, has issued
positive assessment of Audax's performance, based on the improvement of its credit profile and
business enterprise. This improvement is reflected in the implementation
financial forecasts, growth of customer base and energy supply, increase
geographical diversification and further strengthening of financial results.
The agency also positively assesses the company's financial strength, supported by solid profitability,
continuous reduction of the debt ratio, solid corporate governance principles and
effective risk mitigation, all supported by a strong commitment to
implementation of ESG objectives.

MAY 9, 2025 – Audax Renovables (ADX.MC), an international, vertically integrated
an energy group supplying electricity and gas and generating energy in 100%
electricity from renewable sources, present in 9 countries, maintained Investment Grade rating
(BBB-) assigned by EthiFinance Ratings, with an improving trend from stable to positive.
The third consecutive improvement in the rating is primarily due to the implementation of the presented forecasts
financial, which are reflected in the current competitive and consolidated
position of the company, as well as solid prospects for growth and profitability in the future.
The rating agency positively assesses the continuous improvement of Audax's creditworthiness resulting from
the progressive strengthening of the business, as evidenced by the growth in the customer base and volume
energy supplies. It also highlights the positive evolution of the company's financial situation,
reflected in maintaining margins despite sector volatility, EBITDA growth and profit
net, as well as in the recurring reduction of financial indebtedness.
EthiFinance Ratings takes into account strong corporate governance principles and policies in its assessment.
ESG implemented by the company, which effectively reduce operational and commercial risks and
help in managing it.

From a financial point of view, the agency emphasizes that in a year characterized by significant
energy market volatility and a complex macroeconomic situation, Audax achieved significant
progress in terms of EBITDA growth and debt reduction. If these positive trends in terms of
EBITDA and debt ratio will be maintained and financial forecasts for the coming years will be
realized, Audax will have good prospects for further improvement of its credit rating.

For more information, please refer to the EthiFinance Ratings public report available at
address:
👉 https://www.ethifinance.com/en/ratings/company/1431/7447