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Audax: From idea to international energy group

Every great company starts as just an idea. With Audax, this idea was based on a clear conviction: that energy should be simpler, more efficient, and more useful for people and companies.
Audax

Today, that vision has evolved into an international energy group with operations in nine countries, more than 800 professionals, and a value proposition that combines electricity and gas retailing as its core business, energy efficiency solutions, and the generation of renewable electricity through wind and solar technologies.

The evolution of Audax has been the result of a sustainable growth strategy that has enabled the company to build a differentiated business model within the energy sector.

The retail business continues to show strong performance. As of the end of 2025, Audax had surpassed 462,000 customers, representing a 5.8% increase compared to the previous year. In addition, it reached 16 TWh of energy supplied, consolidating its scale across the markets in which it operates. This growth is supported by a solid and diversified portfolio made up of quality customers, long-term relationships, and a range of value-added products and services, all of which contribute to balanced risk management.

Meanwhile, generation, which accounts for approximately 3.3% of the total energy supplied, provides an in-house source of energy supply that offers greater autonomy and enables more efficient business management. It also contributes to margin stability, facilitates risk management, and strengthens hedging strategies.

In 2023, a strategic agreement was signed with Shell Energy Europe Limited, one of the world's leading energy companies, for the supply of electricity and gas in Spain. This partnership guarantees access to energy under competitive conditions and represents a strategic advantage in continuing to drive sustainable and profitable growth.

Audax

International presence

International expansion has been another major driver of the company’s growth. Audax operates in Spain, Portugal, Italy, Poland, France, Germany, the Netherlands, Hungary, and Panama, enabling it to diversify its geographical exposure and reduce risk concentration. In recent years, this strategy has gained increasing importance, to the point where international operations now generate more than 60% of the Group’s revenues, compared with 25% in the Iberian market in 2019.

Financial strength has also accompanied this transformation. Audax closed the 2025 financial year with adjusted EBITDA exceeding €100 million for the third consecutive year. Revenues reached €1.884 billion, while adjusted net profit amounted to €43.5 million. In addition, the company maintained a solid financial position, ending the year with an adjusted net debt-to-EBITDA ratio of 2.3x, below its strategic target of 3.0x for the third consecutive year.

In 2025, Audax successfully completed the largest bond issuance in its history, raising €350 million. The transaction, maturing in 2031, attracted demand close to three times the amount issued and enjoyed broad participation from international institutional investors. This milestone follows the company’s receipt of its first corporate credit ratings from S&P Global Ratings and Fitch Ratings, enhancing Audax’s visibility in international capital markets and further strengthening its financial profile.

Audax

Strategic Plan 2026-2030

Looking ahead, the 2026–2030 Strategy marks a new phase of growth. Audax aims to further strengthen its position in the retail energy business, expand its generation portfolio, drive the development of new technology-based services, and continue evolving as a multi-service company, as reflected in its partnership with MasOrange. The electrification of the economy, energy efficiency, artificial intelligence, the Internet of Things (IoT), and telecommunications are creating new opportunities to expand the Group’s value proposition, develop new business lines, and strengthen customer relationships.

The original idea that gave birth to Audax continues to guide the company today: helping individuals and businesses make the most of their energy. However, Audax is now much more than that. It has established itself as an international energy group with a diversified business model, a solid financial position, and a clearly defined strategy to continue growing profitably and sustainably in the years ahead.

Leran more about Audax in this video

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