AUDAX RENOVABLES CLOSES FIRST QUARTER AT +6%

Audax Renovables increased its profit in first quarter of 2021, reaching the figure of 1.5 million euros. This is about the 6% more than in the same quarter of 2020, despite the economic situation still affected by the effects of the COVID-19 pandemic.

The advantages of vertical integration, combined with the strategic turnaround undertaken by the company in 2020 and the incorporation of its subsidiary in Hungary, meant that the turnover in the first quarter of this year was 340 million euros, the 45% more than in the same period of the previous year, with EBITDA to 12.8 million euros.

Following the announcement earlier this year of the inclusion of a 1,942 MWp portfolio of generation projects of energy – currently in various stages of implementation – the Group is convinced that it represents a change of dimension in its future income structure. And it will also be in terms of commitment to sustainability and the environment, bringing the Group's renewable generation portfolio to 2.5 GW. It should also be noted that, despite the difficult situation, Audax Renovables has been able to start construction work on 60 MWp in the Spanish provinces of Guadalajara, Toledo and Huelva.

As regards the supply and marketing activity, the number of customers has grown by 48% compared to the same quarter of the previous year, reaching 540 thousand active supply points; this allows the Audax Group to remain the leading independent electricity company in the Spanish SME market. The increase in the number of customers has allowed the energy supplied by the 63% to increase compared to the same period in 2020, reaching 4.4 TWh. The Group managed to increase its 45% revenues compared to the same period of the previous year, mainly due to an increase in the average prices of the quarter of the markets as well as a higher volume of energy supplied. Results – as mentioned – obtained in a particularly complex period due to the consequences deriving from the spread of the pandemic. Similarly, the Group did not suffer any impact on its investment and financing strategies.

Finally, Audax Renovables boasts a solid financial position which will allow us to continue the development process and build a portfolio of photovoltaic projects.

The results achieved therefore represent a improvement in all areas and place the energy company in an optimal position to implement its Strategic Plan.