AUDAX RENOVABLES SA

EthiFinance Ratings affirms Grupo Audax's rating in BBB- , maintaining its outlook in Observation . Audax frames its activity within the energy sector, focusing its business on energy commercialization (electricity and gas), mainly in the industrial segment (SMEs and large accounts). The group also operates as an energy generator (project portfolio of 1,425 MW ; 245MW in operation). The company has an international scope of action, maintaining activity in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary. In 2022, Audax reported revenues of € 2,625MM (+56.4% YoY) and an EBITDA of € 54.1MM (EBITDA margin of 2.1%). Under our methodology, the company's NFD/EBITDA ratio stood at 8.5x. Audax's capitalisation reached € 504MM (21/04).