Audax Renovables Sa · BME:ADX
Audax Renovables Sa — Investor Day (November 2025)
47 slides from Audax Renovables Sa's investor day presentation, Nov 20, 2025
Slide 1: Capital Markets Day: Transforming energy, empowering growth
ata Capital Markets Day Transforming energy, empowering growth November 20th | Madrid
Slide 2: Legal notice
Legal notice Any data, estimates, valuations and projections, as well as the rest of the It is also noted that this document has not been submitted for approval or content of this presentation, are for informational purposes only. Neither Audax registration by the National Securities Market Commissi
Slide 3: Welcome!
Welcome! Jordi Romagosa Investor Relations Officer
Slide 4: Speakers
Speakers Capital Markets Day
Slide 5: Agenda
Agenda Capital Markets Day 01 Audax Group Today 02 Strategic Plan 2026 - 2030 03 Q&A
Slide 6: att
att audax renovables anything short than amazing Go
Slide 7: Audax Group Today: Highlights
01 – Audax Group Today Highlights
Slide 8: Highlights
Highlights Audax is a vertically integrated renewable energy company Listed in the Spanish stock market Key highlights Generation 325 MW 712 MW 496 GWh EUR 2.1Bn EUR 227.5M EUR 113.0M EUR 694.7M Operational Development Energy Revenue Gross margin EBITDA Market cap1 assets pipeline generation BBB Int
Slide 9: History
History 16 years of European expansion and 51% annual growth in energy in the last 5 years Market Access +100 M€ screening and EBITDA negotiation 2025 2023 2021 2022 2024 2018 2020 Foundation 2016 2017 Energy 10.5 Energy 15.8 2012 0.2 2014 2015 supplied TWh TWh crisis TWh 2009 2013 Organic Growth In
Slide 10: Business lines
01 – Audax Group Today Business lines
Slide 11: Business Overview
Business Overview The Audax ecosystem turns service into customer satisfaction and thus recurrent revenue Energy Generation Energy Supply ➢ Audax is proud to exclusively ➢ Audax powers the economy generate 100% renewable energy through its supply division ➢ Best positioning to accompany ➢ Diversifie
Slide 12: Revenue Diversification
Revenue Diversification Diversification to strengthen resilience and ensure growth Supply Across markets Energy Across | 35% | 65% Rest of Europe 15.8 TWh commodities Hungary Clients Large business Household SME Across 12% 475k PODs 48% 7% 45% segments 22% Generation EUR 2.0Bn Revenue Capacity Acros
Slide 13: Generation Business Overview
Generation Business Overview Optimize performance by developing assets across regions and leveraging technologies Poland 1 GW France 496 GWh 6 14M€ 12% Energy Countries EBITDA Portfolio • 34 MW wind farm in generation operation Portugal • 12 MW wind farm in operation Italy Spain • 211 MWp solar pv i
Slide 14: Generation Business Growth
Generation Business Growth Highly visible generation pipeline with upside optionality EUR +300M CAPEX invested to date2 Advantage Operating assets evolution Development pipeline ✓ No CAPEX commitments to 3rd parties, resulting in high visibility projects upside optionality 2020 2025 1 037 139 ✓ Econ
Slide 15: Supply Business Overview
Supply Business Overview 16 years of European expansion and 78% annual growth in energy Power Gas The Netherlands 2.8 TWh 77k PODs 15.8 TWh 99 M€ 3.0 TWh 45k PODs 7 Energy EBITDA Countries 3% Market share Hungary supplied 88% 3.5 TWh 35k PODs 0.8 TWh 1k PODs 9% Market share Iberia 3.6 TWh 189k PODs
Slide 16: Supply Business Growth
Supply Business Growth Audax policies foster growth and resilience across Europe Advantage European portfolio evolution Ongoing developments ✓ Strong Procurement and Risk New management policy 2020 2025 Acquisition channels ✓ Reputation as a reliable supplier supporting our 14% 59% 26% growth 10.5 1
Slide 17: Success stories
01 – Audax Group Today Success stories
Slide 18: Fersa success story
Fersa success story European renewables energy market evolution Acquisition of Fersa Renovables Energy mix, then and now Past: Fersa Renovables in 2016 Others 33% 2016 of renewable Installed Net -31 M€ Others 185 MW penetration capacity result Others 47% 2024 • 184 MW of wind of renewable • 1 MW of
Slide 19: Fersa success story: expansion across Europe
Fersa success story Expansion across Europe while achieving synergies through vertical integration Fersa today Technology diversification with PV and wind farms Installed Net result capacity Geographical diversification with presence in 6 countries 325MW Positive Secured returns through PPA agreemen
Slide 20: The Netherlands success story
The Netherlands success story The Dutch energy market Acquisition of MAIN Energie National demand Past: Audax NL in 2017 120 TWh 300 TWh 8.4 M 2.3 M Market B2C PODs B2B PODs 10th-15th EBITDA 8.7M€ position National electricity mix Others • Strategic acquisition to expand in Northern Europe and Other
Slide 21: The Netherlands success story: value creation
The Netherlands success story A clear example of value creation through integration, efficiency and scale Audax NL today High employee engagement eNPS +52 Market EBITDA High customer position satisfaction levels of 7.9 5th 47.3 M€ Trusted by solid partners due to strong credit position 10th – 15th 8
Slide 22: Hungary success story
Hungary success story The Hungarian energy market Acquisition of E-on National demand Past: Audax HU in 2020 49 TWh 88 TWh 4.8 M 0.5 M Market B2C PODs B2B PODs 3rd EBITDA - 4 M€ position National electricity mix Others Others • Due to the EON/RWE asset exchange, AUDAX gained a unique Others opportun
Slide 23: Hungary success story: strategic transformation
Hungary success story A clear example of strategic transformation from volume to profitability Audax HU today Sales portfolio transformation into leaner, high-margin, best-paying customers (mass-market & B2B) Market EBITDA Built an entire gas business from zero to position full operation (mass marke
Slide 24: Financials
01 – Audax Group Today Financials
Slide 25: Financials
Financials Consistent over 100+ EBITDA results, driven by growth and financial resilience Revenues Gross margin EBITDA Net result proforma 2.633 50 51 236 236 115 113 2.293 228 1.988 2.051 96 144 31 54 8 2022 2023 2024 H12025 2022 2023 2024 H12025 2022 2023 2024 H12025 2022 2023 2024 H12025 LTM LTM
Slide 26: Liquidity
Liquidity Capital efficiency and sustainable long-term growth through an optimized financial structure 593 M€ 593 Strong liquidity position supported by 285 M cash 25 Loans Project with at least two years of dry runway Finance 60 285 146 Commercial Cash & eq. paper NFD/EBITDA 279 Cash 285 M€ 2.7x Bo
Slide 27: Risk management
Risk management Audax greatest strategic advantage is an exemplary risk governance Cash insured against price instability Risk management embedded across the entire organisation Audax – Shell Board Extension of Market Access Risk Compliance & Shield working capital CEO Regulation Committee Committee
Slide 28: Strategic plan 2026-2030
02 – Strategic plan 2026 – 2030
Slide 29: Group Targets
Group Targets Targets aligned with Audax’s vision of growth and leadership ambitions Gross Margin Energy portfolio EBITDA +180 M€ +220 M€ +350 M€ 16.6 TWh +25 TWh 2025E 2030 2025E 2030 ~80 M€ +100 M€ Net result Installed capacity +35 M€ +85 M€ 325 MW +500 MW 2025E 2030 2025E 2030 2025 2026 2027 2028
Slide 30: Market outlook
Market outlook The future of Europe speaks about electrification paired with the intensive use of Artificial Intelligence European Gross Domestic Product1 Power demand & AI Market size3 Renewable energy share2 22.269 B$ 3.605 TWh 20.595 B$ 1,91 T$ 2.773 TWh +8% +30% CAGR +44,47% 70% 0,30 T$ 47 % 202
Slide 31: Detail on EBITDA growth
Detail on EBITDA growth Vision 2030 sustained by strong fundamentals and driven by our 800+ employees across Europe EBITDA growth detail EBITDA by region and business line 39 6 180 M€ 180 M€ 20 +30% 20 capacity 115 PV +4,8% 14 per annum Italy+Spain Rest of +3,0% Europe per annum Market 160 Hungary s
Slide 32: Detail On EBITDA Growth
Detail On EBITDA Growth Technology and Services will lift our EBITDA returns EBITDA 2030 7% 8% 38% Energy Energy Energy Energy 12% +180M Generation Supply Services Tech EBITDA ➢ Vertical ➢ Balance growth ➢ Multi-utility ➢ SaaS tech 35% integration in power & gas model platform Supply Power ➢ Storage
Slide 33: Energy Generation Growth
Energy Generation Growth Growth driven by renewable investment and upgrading existing assets Vertical integration Main KPIs 2030 • Vertical integration in countries where Audax already supplies energy Installed capacity EBITDA • Repowering of assets near end of life +20 M€ +500 ~10 M€ MW +10 M€ Stor
Slide 34: Energy Generation Roadmap
Energy Generation Roadmap Growth driven by renewable investment and upgrading existing assets Generation BESS Wind Portfolio Hybridization Repowering backlog Recent milestone Hybridization of a first 4.4 MW PV plant Administrative authorization application underway Capital Markets Day 34
Slide 35: Energy Supply Growth
Energy Supply Growth Growth driven by commercial excellence and elevate customer experience Balanced growth Main KPIs 2030 EBITDA • Balanced growth across power and gas and across geographies Gross Margin +160 M€ • Access to competitive wholesale prices leveraging efficient €+300M ~70 M€ procurement
Slide 36: Energy Supply Roadmap
Energy Supply Roadmap Committed to grow in every region and strengthen market positioning Portfolio +3.1 25.2 TWh 25,2 +1.1 +3.0 +1.4 16.6 2025 Initial Iberia Netherlands Hungary RoE 2030 Iberia The Netherlands Hungary Rest of Europe Recent milestone Negotiation of an EU extension of the Audax-Shell
Slide 37: Energy Services Growth
Energy Services Growth Becoming a digital multi-utility to deliver essential services in a single bundle Multi-Utility offering Main KPIs 2030 EBITDA uplift • Deployment of frontier energy services such as flexibility of demand Fiber installations +7% • Energy bundled with other essential services s
Slide 38: Energy Services Roadmap
Energy Services Roadmap Audax has started its transition and is launching the telecom business Fiber Phone Others Recent milestone Negotiation of a commercial agreement to develop a telecom offer comprising fiber, mobile, ESim, TV… Capital Markets Day 38
Slide 39: Energy Tech Growth
Energy Tech Growth Audax is building a SaaS platform to deliver value to customers and power generation-assets SaaS platform Main KPIs 2030 EBITDA uplift • Development of proprietary platform • Connection to devices and industrial Customer +8%€ facilities satisfaction • Use of AI algorithms and IoT
Slide 40: Energy Tech Roadmap
Energy Tech Roadmap Solutions accessible to every customer, from home to industry Energy management system, offering full control plus 1 Platform for Corporates new revenue streams Platform for Home automation, plus enabling full control of your 2 Households essential services bills Platform for Rea
Slide 41: Financials
Financials Audax Strategic plan promises double-digit growth rates Revenues Gross margin EBITDA Net result 10% 10% 12% 20% CAG R CAGR CAG R CAG R +2,800 +180 +350 +85 +1,800 +220 +100 +35 2025E 2030E 2025E 2030E 2025E 2030E 2025E 2030E Sustainable growth committed to NFD/EBITDA under 3x Note: Figure
Slide 42: Shareholder Remuneration
Shareholder Remuneration The future of Europe speaks about electrification paired with the intensive use of Artificial Intelligence Deliver Results Recurrent Dividend policy Visible and predictable Until 2026 ✓ Future-proofed business model ✓ € 15 M / year until 2026 ✓ Growth through innovation ✓ Di
Slide 43: Share Buyback Program
Share Buyback Program Details on the strategic share buyback program Approved today by the Audax Board of Directors Up to 20 M€ Amortized Within 12 months and 15M shares at the end of period Capital Markets Day 43
Slide 44: Closing remarks
02 – Strategic plan 2026 – 2030 Closing remarks
Slide 45: Closing Remarks
Closing Remarks Growth MORE installed capacity MORE supplied energy achieved with profitability Solid financial position COMMITTED to low leverage COMMITTED to diversify as an Investment Grade stock Shareholder remuneration MORE cashflow MORE dividends that scales with growth
Slide 46: Open for questions
03 – Q&A Open for questions Jordi Romagosa Investor Relations Officer
Slide 47: audaxrenovables.es
audaxrenovables.es Investor relations investor.relations@audaxrenovables.com audaxrenovables.com