- Audax has registered growth in its main business indicators: supply points go up by1.3%, its energy portfolio reflects a 1.5% increase, supplied energy increases by 3.7%,and installed power is now 1.2%
- During the period, Audax has completed a refinancing of its debt structure with theissuance of €350 million, maturing in 2031, and has obtained a corporate rating of BB- from S&P and B+ from Fitch
- Audax has moved forward in the execution of its 2026-2030 Strategic Plan, with whichit expects to reach EBITDA of €180 million and net results of €85 million
Badalona, September 29th, 2026. Audax, an international energy group present in nine countries, has ended 1H2026 with revenues of €940.7 million, 0.7% below 1H2025.
This income performance has taken place in a six-month period during which Audax has continued to increase its activity volume. Supplied energy has gone up by 3.7% and its energy portfolio by 1.5%, evidencing the solidity of its sales activity. The difference between greater business volume and lower income is a combined result of supplied volumes, market prices and the commodities mix.
Audax presents its results on an adjusted basis in order to facilitate comparability of figures between periods. To do this, it has neutralized the extraordinary impact of the system's greater operating costs since 2025, derived from the blackout on the Iberian Peninsula, and the negative effect of exchange rates.
This adjusted EBITDA has registered €60.4 million, 4% less than the same period the previous year. Net adjusted results have totaled €23.9 million, 12% less than at closing of 1H2025.
With a view to forthcoming years, Audax is moving forward in executing its 2026-2030 Strategic Plan, with which it expects to generate EBITDA of €180 million and net results of €85 million.
Financial discipline
During 1H2026, Audax completed a refinancing of its debt structure with the issuance of €350 million in bonds, maturing in 2031. These funds have allowed it to repay the entire issuance in advance before the 2027 maturity date, and more than 85% of the issuance that matures in 2028.
S&P Global Ratings and Fitch Ratings have assigned a "BB-" rating to such bonds. Both rating agencies have also granted corporate ratings of "BB-" and "B+", respectively, with equally stable prospects.
In this way, Audax continues its financial discipline and has closed the period with a net financial debt/EBITDA ratio of 3.0x, in line with its Strategic Plan objective.
In turn, gross financial debt has totaled €592.1 million, showing a very similar trend to the same period last year (+0.1%) and slightly above 2025 year-end (+1.3%).
Performance in leading operational magnitudes
Audax has closed 1H2026 with positive performance in its leading operative indicators, both in its electricity and gas supply business and renewable-source electricity generation.
In supply terms, supplied energy amounted to 8.5 TWh, representing a 3.7% increase over the same period in 2025. By energy type, Audax supplied 5.1 TWh of electricity (3.2% more) and 3.4 TWh of gas (4.6% more).
During 1H2026, Audax covered 481,545 supply points, 1.3% more than the same period the previous year. In turn, its energy portfolio registered 16.8 TWh (+1.5%), driven by the Iberian market (+6.2%) and the Netherlands (+8.8%).
In the energy generation field, Audax has ongoing projects in Spain, France, Poland, Italy, Portugal and Panama, which total a generation project portfolio of 1,035 MW. Of these, 329 MW are currently in operation, representing a 1.2% increase in installed power compared to 1H2025; 31 MW are under construction and 675 MW are nearing commissioning.
Furthermore, during 1H2026, Audax launched its Battery Energy Storage System (BESS) strategy, conceived as the key to the progressive hybridization of its photovoltaic project portfolio. This initiative will increase the operational flexibility of its assets, improve energy management and strengthen the competitiveness and future returns of its projects.
At this initial phase, the company already has a storage portfolio of 35 MW, of which 3 MW are nearing commissioning and 32 MW are under development. This has laid the foundations for the gradual deployment of storage solutions associated with its renewable pipeline.
Renewable production increased by 19.1%, reaching 338.7 GWh, compared with 284.4 GWh registered in 1H2025. Spain was mainly responsible for this growth, where production increased 41.4% to 127.1 GWh, as well as Panama, with a 21.5% increase to 169.3 GWh.
Further to its 2026-2030 Strategic Plan, during the period Audax expanded into the telecommunications business through a partnership with MasOrange to sell mobile and fixed telephony and fiber services, expected to be launched on the market at the end of the year.
This model has also been implemented in Italy, where the company has added telecommunications services to its energy portfolio, marketing them through its collaborating agencies and direct sales force. The agreement has allowed the company to expand its service ecosystem and progress toward becoming a digital multiservice company.
Grupo Audax as a listed company
The company's stock market capitalization exceeded €572 million at the end of the period.
On July 3rd, following the close of the reporting period, the company agreed to provisionally halt execution of its Share Repurchase Plan, initiated the previous November. By the end of June, Audax had acquired a total of 5,627,587 shares for approximately €7.5 million.
This provisional halt to the Plan resulted from financial management criteria and the company's desire to allocate capital efficiently after acquiring a significant volume of shares.
The company continues to rely on its business fundamentals, cash-generating capacity and long-term growth prospects.
Óscar Santos, General Manager of Grupo Audax, noted:
"Audax's business growth reflects its solid and well-executed strategy, along with a resilient business model projected in the long term. These results, together with the refinancing of our debt structure, have allowed us to forge ahead in the execution of our 2026-2030 Strategic Plan and our commitment to generating sustainable and profitable growth."