Moeve has closed the first semester of 2026 with an adjusted CCS EBITDA of 1.178 billion euros and an adjusted CCS net income of 458 million, 41% more than in the same period of 2025. The company has increased its investments to 605 million euros, 20% above the previous year, and has reached a record 69% for the percentage allocated to energy transition projects.
The cash flow from operations has been reported at 762 million euros, and leverage has decreased to 1.2 times net debt over EBITDA at the end of June, compared to 1.9 times recorded a year earlier. Net debt as of June 30 has been reported at 2.330 billion euros and the liquidity position allows the company to cover obligations until September 2030. The leverage ratio includes 263 million euros from the Spanish Government's funds channeled through the NextGenerationEU program and the Valleys of Hydrogen initiative for the first 300 MW of the Andalusian Green Hydrogen Valley.
By business, the Energy division has reported an adjusted CCS EBITDA of 945 million euros, compared to 564 million in the first semester of 2025, with high utilization rates and solid refining margins. The Chemical division has reached 172 million euros, up from 108 million the previous year, with the recovery of LAB and solvent demand in the main markets. Exploration and Production has added 145 million euros, compared to 138 million a year earlier, with rising crude prices due to the persistence of geopolitical conflict.
Moeve has contributed 2.088 billion euros in taxes in Spain during the semester, of which 1.269 billion has been directly assumed by the company and 819 million collected on behalf of the Treasury. In parallel, the energy company has presented this week a discount campaign at service stations for the busiest summer traffic days, which doubles the usual offers for both individual and professional customers, in response to high energy prices.
The industrial calendar has a marked date: on September 17, the company will celebrate the start of construction of the first phase, of 300 MW, of the Andalusian Green Hydrogen Valley, after making the final investment decision. Moeve describes it as the largest project of its kind in Europe and places it at the core of its Positive Motion strategy to lead the production of green molecules from southern Spain.
In the corporate chapter, discussions with Galp for the potential integration of the downstream business continue to progress constructively, according to the company, with the signing of the binding agreement expected for the second semester of 2026. The CEO, Maarten Wetselaar, has stated that Moeve has achieved a solid financial result along with an unprecedented level of investment in energy transition, including the construction of the largest green hydrogen project in Europe, and added that the operation with Galp is progressing and that the company's strategy pursues a more resilient and sustainable European energy model, with less dependence on imported fossil fuels.
The semester also brings a series of operational agreements. Moeve has signed with DHL Express a contract for the supply of sustainable aviation fuel (SAF) at Adolfo Suárez Madrid-Barajas Airport for about 2 million US gallons, equivalent to 6,000 metric tons, for one year until June 2027, with which it will cover approximately 50% of DHL Express's consumption at its international center in Madrid. With ArcelorMittal, it has signed a commitment to decarbonize the steel industry through Energy Savings Certificates (CAE) for 2.1 TWh annually, which the company describes as ten times higher than the largest operation of this kind recorded so far in Spain.
In the Andalusian sphere, Moeve and Exolum have agreed to finance Muelle Sur, the logistics infrastructure of the Port of Huelva that will act as one of the main entry points for raw materials and products related to the company’s new second-generation (2G) biofuels plant, whose construction has reached nearly 75% and will be part of the largest 2G biofuels complex in southern Europe. The energy company has also closed an alliance with Accenture for the offer of industrial decarbonization solutions under the brand Moeve decarbonize, and has agreed with Naturgy to double fuel savings for customers of its joint loyalty program.
The chapter includes the certification of the global manufacturing network of the chemical division for products with low carbon emissions, verified at the facilities in Brazil and Shanghai, the publication of the report "Why Europe Needs Green Molecules?", which estimates a possible 50% reduction in Europe’s dependence on imported energy by 2040, and Moeve’s participation as a founding member of the European Alliance for Resilience, presented in the European Parliament. The company has also received the Platinum Medal from EcoVadis for the second consecutive year with a score of 90 out of 100.