Audax Renovables S A : NdP Results Audax_FY2021

• The company achieved better-than-expected results, mainly due to a second half of the year in which EBITDA almost doubled compared to the first half and closed a highly volatile and demanding year with a record gross margin (€128m) and a net profit (€2.8m).
• In 2021, the company increased its installed capacity by 150%, invested EUR 77 million in new plants and reached a generation portfolio of 2,536 MW serving 518 thousand customers.

25 February 2022. Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas to customers in seven European countries, has announced its results for the 2021 financial year.

The solid management measures taken by Audax in the first half of the year, together with the vertical integration of the Group, have resulted in an excellent performance, in a year that has seen a simultaneous increase in the price of raw materials, especially in the last quarter of the year, and an increase in energy consumption in a context of a faster-than-expected post-pandemic recovery.

During 2021, the company recorded a 74% year-on-year increase in sales to EUR 1.69 billion. This is a record figure in Audax's history, driven by the higher price of raw materials, but also by the increase in energy supplied by the company (+48%) and its number of customers. Spain and Portugal accounted for 62% of these revenues, while the remaining 38% came from the rest of Europe - especially from its Hungarian subsidiary, which has now been included in its scope for a full year.

Audax's gross margin in 2021 also reached an all-time high of EUR 129 million, representing a year-on-year increase of 12%, and EBITDA stood at EUR 53 million. Likewise, considering the recurring EBITDA for this year of EUR 69.4 million, compared to the same amount of the previous year, this would represent an increase of 39%. Due to the exponential improvement of this EBITDA in the second half of the year compared to the first half, it practically doubled that of the first six months of the year (91%), reaching 34.7 million.

This excellent performance in the second half of 2021, and especially in its last quarter, also enabled the company to close a highly complex year for the energy sector with a net profit of EUR 2.8 million.

Audax also has a solid cash position of 329 million euros, which will allow it to comfortably meet all of its current and future financial commitments, and a debt/EBITDA ratio of 2.7x.

For José Elías Navarro, chairman of Audax Renovables, "to have posted a record turnover and gross margin in such a demanding and volatile year for all the links in the energy sector is great news and an endorsement of our strategic plan, which we have just renewed with a 2026 horizon. The completion of our vertical integration process, the focus on the most profitable operations and the improvement in our management and control tools are some of the reasons for these solid results, which we hope the market will take note of and which will lead to a stock market valuation in line with our performance and our privileged position in the field of energy generation and distribution in Europe."

At stock market level, Audax closed 2021 with a market capitalisation of 554 million euros and recorded a trading volume of 721 million euros during the year.

Strong customer portfolio and 150% increase in renewable installed capacity

With regard to its number of customers, in 2021 Audax reached 518 thousand supply points: 1% up on the previous year, of which 43% are also located outside Spain - notably in Hungary, Italy and the Netherlands. This volume of customers is 70% higher than the 305 thousand supply points it had in 2018, and endorses the Spanish multinational's commercial and internationalisation strategy.

In total, Audax supplied 15.4 TWh of energy to its customers in 2021: 48% more than in 2020, and of which 75% corresponds to electricity trading and the remaining 25% to gas trading.

As regards operations, last year Audax continued to develop, build and commission photovoltaic projects, increasing its renewable installed capacity by 150% compared to 2020, with an investment of 77 million euros in new generation plants.

In total, in 2021 the company added to its generation portfolio projects totalling up to 1,968 MW in Spain, Italy and Portugal, which will be developed and commissioned over the coming months, bringing the company's total portfolio to 2,536 MW.

To date, Audax has 226 MW of installed capacity, 150% more than in 2020, of which almost half (112 MW) is located outside Spain.

According to Elías Navarro, "the EUR 77 million we have allocated to the construction of new generation assets reflects our firm commitment to photovoltaic energy. Very few companies have a generation portfolio of more than 2,500 MW, which positions us strongly to consolidate and expand our leadership in green power in Europe over the coming years."

These new projects in 2021 include the connection to the grid of 35 MWp from the Cañamares (Cuenca), Carolinas I and II and Zarzuela I, II, III and IV plants (Toledo), and authorisation for the entry into operation of the Alberizas I, II, II and IV plants (Guadalajara), with 20 MWp. The company has also completed work on the Calañas (Huelva), Los Arenales and El Toconal (Toledo) plants, totalling 14.5 MWp, and in December completed the acquisition of the 12.36 MWp Zaratán 1 and 2 PV project in the municipality of Ciguñuela (Valladolid). In Panama, the Toabré wind farm project, in which Audax holds a 30% stake, has completed construction work and has already started test production of its wind turbines.

Strong commitment to environmental sustainability and diversity

True to its strong commitment to sustainability, Audax plans to drive forward its ESG strategy and fully implement its Sustainability Plan during the 2022 financial year. Last year, its current activity already avoided the emission of 132 tonnes of CO₂, and its generation activity was again 100% renewable. In terms of governance, 59% of the company's staff are women, who represent one-third of the Board, while independent directors also account for 33% of the Board.

For further information:

Roman

Ginés Cañabate

g.canabate@romanrm.com | (+34) 649 214 470

Patricia González

p.gonzalez@romanrm.com | (+34) 915 915 500

About Audax Renovables

Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas to customers in seven European countries. It currently has a portfolio of wind farms and photovoltaic plants in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and at different stages of development, amounting to 2,536 MW. In its marketing activity, the group chaired by José Elías Navarro supplies 100 % renewable energy and gas to more than 518 thousand customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and spearheads the SME segment in Spain. Audax was first listed on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP^® index in March 2020. In 2021, its turnover reach EUR 1.69 billion and it has a team of more than 800 professionals.

For further information, visit www.audaxrenovables.com

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