Strong Q1 numbers despite energy price fall Audax Q1 results were strong. Gross margin improved more than 500bp vs last year thanks to the commercial activity, selecting profitable clients and reinforcing energy purchase policies. Supply clients also increased for the first time in many quarters, particularly in the Netherlands, and energy supplied grew c.19%. This allowed the company to report a record EBITDA margin of 6.4% (the highest since 2020) despite a sales drop of 31% due to the c.45% ....