FIRST 6 MONTHS 2020. AUDAX RENOVABLES DOUBLES ITS NET PROFIT: +7 MILLION €

Audax Renovables, a company whose business is divided between the marketing of electricity and gas and the generation of 100% renewable electricity, brought its half-yearly net profit to 7.3 million euros, +54% compared to the same period of the previous year. The advantages resulting from the vertical integration of energy generation and sales activities, as well as the Group's policy, continue to bear fruit: EBITDA at 27.5 million euros, +13% compared to the previous financial year.

The decrease in revenue compared to the same period in 2019 is attributable to the repercussions of the actions to combat the COVID-19 pandemic. In the company's opinion, the following have had the greatest impact: a general decrease in demand for electricity and gas (which in Spain was 8% and 9% respectively) and a lower price of both energy sources on the relevant markets. A similar condition was also recorded in the other countries in which the Group operates.

Yet, despite the decrease in revenue resulting from the exceptional global situation, Audax Renovables achieved a gross margin above 5%, in addition to the aforementioned increase in EBITDA (+13%).

In terms of sales and the acquisition of new customers, the Group was rewarded for its chosen strategy: an increase of 21% was recorded at the national level.

These successes mean that Audax Group remains the leading electricity supplier in the SME segment of the Spanish market; to this is added a significant growth in the supply of natural gas (+26% compared to 2019).

The global situation has not affected either the development activities of power generation projects or the investment and financing strategies, which have therefore continued their trajectory within a climate of normality.

In this sense, Audax Renovables' strong focus on increasing its renewable energy generation activities and its desire to increasingly align its financial strategy with the Group's environmental sustainability values have found concrete expression in the first issue of green bonds for a figure of 20 million euros. The operation is part of the MARF fixed income bond program, the Mercado Alternativo de Renta Fija (“Programa de Bonos del MARF”), for a maximum nominal amount of 400 million euros that Audax established last July. This initiative is in addition to two others, both in the direction of a growth process: the entry into the Hungarian energy market and the consolidation of the presence in the Portuguese one.

Globally, Audax Renovables is continuing its strategy to 2022. Its objectives include increasing the number of customers to 500,000 and energy supply to a total of 15 TWh. It also plans to exceed €1,500 million in revenue and bring EBITDA to over €100 million, while reducing financial debt to optimize the Group's resources and create value for shareholders.

All this while doubling profits and covering 2/3 of the energy supplied through the stipulation of PPA (Power Purchase Agreement) contracts.

Achieving these objectives will allow Audax Renovables to strengthen its leadership as the leading independent sales company in the SME segment in Spain and to replicate the success achieved in the international markets where it is already present: Portugal, Italy, Germany, the Netherlands, France, Poland and Panama.