Moeve recorded an adjusted EBITDA CCS of 506 million euros in the first quarter of 2026, 34% more than the 377 million from the same period in 2025. The adjusted net income CCS reached 147 million euros, 7% above the first quarter of the previous year. The results, published on May 7, reflect solid performance across all business divisions of the company, in a quarter marked by the geopolitical uncertainty arising from tensions in the Middle East and volatility in energy markets.
Moeve's CEO, Maarten Wetselaar, pointed out that "this scenario underscores the growing urgency to achieve energy security and resilience, along with the arguments in favor of green molecules produced in Europe and for Europe." Wetselaar expressed satisfaction for having reached the final investment decision on the first phase of the Andalusian Green Hydrogen Valley and for having committed "a record 69% of our investments in energy transition projects in Spain."
Among the strategic milestones of the quarter, Moeve's board of directors approved the final investment decision to begin construction of the Andalusian Green Hydrogen Valley, the largest green hydrogen project in southern Europe. The first phase, named Onuba, will have a production capacity of 300 MW, expandable to 400 MW. The project has received 304 million euros from the Spanish government under the Recovery, Transformation and Resilience Plan, funded with NextGenerationEU European funds through the H₂ Valleys program, and has been designated as a Project of Common European Interest (PCI) by the European Union.
The company's capital investments amounted to 272 million euros during the quarter, of which 188 million — 69% of the total — were allocated to decarbonization and energy transition projects. Over the last five years, Moeve has invested 2.085 billion euros to increase the efficiency and flexibility of its energy parks in Spain.
By divisions, the Energy business was the main driver of the results, with an adjusted EBITDA CCS of 404 million euros compared to the 288 million in the first quarter of 2025, thanks to solid refining margins and increased sales of commercial products. The Chemical division obtained an EBITDA of 62 million euros, 24% more than a year earlier, boosted by the recovery in demand for products and increased sales volumes. The Exploration and Production business recorded an EBITDA of 84 million euros, a 12% increase, supported by rising crude prices in March due to disruptions in the Strait of Hormuz.
Cash flow from operations stood at 283 million euros, down from 338 million in the first quarter of 2025, due to a temporary increase in working capital caused by market volatility, with rising prices and increased stock levels to ensure supply security. Net debt at the end of the quarter was 2.562 billion euros, with a stable net debt to EBITDA ratio of 1.6 times. Moody's and Fitch have reaffirmed Moeve's credit rating as investment grade with a stable outlook.
In the corporate sector, Moeve and the Portuguese Galp announced a non-binding agreement to negotiate the possible integration of their downstream businesses with the aim of creating two leading European platforms in energy and mobility on the Iberian Peninsula. A possible binding agreement is expected to be reached by mid-2026.
In terms of sustainable aviation, Moeve supplied more than 515 metric tons of sustainable aviation fuel (SAF) to the airline Condor for flights from Tenerife South Airport to major German cities. The company also announced its achievement of the goal to reduce freshwater intake in water-stressed areas, with a 21% decrease in 2025 compared to 2019, and was named the European leader in its sector in the S&P Corporate Sustainability Global Assessment for the third consecutive year.
Moeve contributed 1.068 billion euros in taxes in Spain during the first quarter, of which 704 million were directly borne and 364 million collected on behalf of the Treasury. In response to rising energy prices, the company has expanded its loyalty program Multi-Energy Plan, developed in collaboration with Naturgy, with benefits of up to 67 cents per liter for its customers, resulting in a total savings of 17 million euros.