Audax Group. An excellent first quarter of 2023

May 2023. The numbers for this first quarter demonstrate how the actions undertaken by the Group in previous years – which we know were marked by market volatility – are yielding extremely positive results. A fact that, in light of events such as the conflict in Ukraine or the aftermath of the pandemic, takes on particular importance.

Between January and March there was an increase in 18% of the net result (reached 2.39 million euros), but above all of the 41% of the gross margin (which reached 50.9 million euros) and of the 47% of theEBITDA (reached 23 million euros) compared to Q1 2022. The result relating to the gross margin is mainly attributable to the rapid recovery of the markets in the rest of Europe, thus reaping the benefits of the measures implemented in 2022, such as the exit from the gas market in Poland and the increase in profitability in Hungary and the Netherlands. The EBITDA result is due to the improvement in the results of the rest of Europe and the choices designed to guarantee a gross margin in the Iberian peninsula, even in scenarios of falling prices.

The sales is, instead, decreased of the 5%, following the reduction in prices on the electricity and gas markets. The evolution of currencies in the markets of the rest of Europe, particularly in Hungary, was unfavorable for the comparative financial result.

Audax has continued to develop, build and commission its generation portfolio, despite delays in completing administrative procedures by some entities. During this period, the investment plan planned for the various photovoltaic projects in the portfolio has continued. To date, there are 245 MW of installed power (+9%).

In the first quarter of 2023, the Group's balance sheet, both as a result of the agreement in Spain with Shell and the strategies implemented in the rest of the European countries in which the Group operates, showed a substantial improvement compared to the same period last year.