Moeve closed the first nine months of 2026 with adjusted gross operating profit (adjusted CCS EBITDA) of 2.409 million euros, compared with 1.192 million euros recorded in the same period of the previous year. Adjusted net profit reached 1.134 million euros, more than double the 472 million euros posted between January and September 2025, according to the financial results published this Friday by the energy company.
The results were primarily driven by higher refining margins, increased utilization of industrial facilities, and the performance of the main business areas. The company also increased production of fuels such as diesel and kerosene amid an international climate shaped by geopolitical tensions and disruptions in energy markets.
Investments accumulated through September amounted to 885 million euros, 17% more than in the same period of 2025, when they stood at 757 million euros. Of this amount, 612 million euros, equivalent to 69% of the total, went to projects related to the energy transition, compared with 396 million euros and 52% a year earlier. 93% of the company’s investments were made in Spain.
Industrial projects during the period included the start of construction on the first phase of the Andalusian Green Hydrogen Valley, named Onuba, at the energy park in Palos de la Frontera, Huelva. The project provides for 300 megawatts of electrolysis capacity and a joint investment of more than 1.000 million euros. Moeve is involved in the initiative with a majority stake of 51%.
The company estimates that construction and development of this project will involve more than 8.000 direct, indirect, and induced jobs across its value chain. The project is part of a 2.400-million-euro investment program for the production of green hydrogen and second-generation biofuels.
As for the performance of its different activities, the Energy business posted adjusted CCS EBITDA of 2.048 million euros, compared with 976 million euros in the previous year. This performance was linked both to refining margins and to increased operating and commercial activity.
Moeve’s average refining margin stood at 17 dollars per barrel in the first nine months of the year, compared with 7,2 dollars in the same period of 2025. In the third quarter alone, this indicator reached 26,8 dollars per barrel. Cumulative production at the energy parks amounted to 15,2 million tonnes, up 2% year on year, while the average utilization rate of the facilities was 90%.
The Chemicals division recorded adjusted CCS EBITDA of 253 million euros, compared with 138 million euros the previous year. The company attributes this performance to the movement in margins for linear alkylbenzene (LAB) and phenol and acetone products. Exploration and Production, meanwhile, posted adjusted operating profit of 238 million euros, compared with 200 million euros in the first nine months of 2025.
On the financial front, operating cash flow reached 1.689 million euros, 49% higher than in the previous year. Net debt fell to 2.131 million euros, while the leverage ratio declined to 0,8 times last-twelve-month EBITDA. Available liquidity stood at 5.256 million euros.
Moeve also reported a tax contribution in Spain of 3.566 million euros during the period, of which 2.197 million euros consisted of taxes borne by the company and a further 1.369 million euros of amounts collected on behalf of the Spanish Treasury.
As part of its industrial transformation, the company has introduced a new organizational structure separating the Commercial and Operations areas and reducing its Executive Committee to eight members. This reorganization falls within its Positive Motion strategy, focused on developing new energy activities and adapting its businesses.
During the period, Moeve also reached an agreement with Skytanking to establish a 50/50 joint venture for aviation fuel supply services at Spanish airports. The deal provides for Skytanking to acquire a stake in Spanish Intoplane Services, which had previously been wholly owned by Moeve.
The energy company also announced a collaboration with ArcelorMittal to develop industrial decarbonization technologies based on renewable hydrogen, biomethane, and second-generation biofuels. In Huelva, the company signed an agreement with Emerita Resources to supply 100% renewable diesel to operations at the Iberian Belt West mining project, with a potential emissions reduction estimated at around 2.600 tonnes of CO₂ per year.
Moeve has also announced the conclusion of discussions with Galp regarding a possible integration of their downstream businesses. Following the end of these negotiations, the company is maintaining the investment and industrial transformation plans set out in its energy strategy.
