- Clean CCS EBITDA reached €377m in Q1 2025, underpinned by a solid operational performance across most businesses in an environment of lower refining margins and heightened market volatility
- Clean CCS Net Income amounted to €138m during the first quarter of the year
- Operating cash flow reached €338m, reflecting solid cash conversion capabilities, enabling the company to be cash neutral whilst deploying its ambitious transformation
- Capital expenditure totaled €222m during the first quarter, with 62% allocated to Energy Transition projects1, in line with the Company’s Positive Motion roadmap
- In April, Moeve secured €304m in public funding from the Spanish Government in recognition of the Andalusian Green Hydrogen Valley as a Strategic Project for Economic Recovery and Transformation (PERTE) – a key milestone in developing the Company’s Hydrogen strategy. This initiative is funded through Spain’s Recovery, Transformation and Resilience Plan, financed by the European Union – NextGenerationEU
"We achieved a solid quarterly performance in a context of global market volatility and continued to make meaningful progress on our transformation strategy, scaling up ultra-fast charging points and 2G biofuels supply to help our customers reduce their carbon emissions and accelerate decarbonization across Europe.
An important recent highlight was the allocation in April of 304 million euros in public support for the first phase of our Andalusian Green Hydrogen Valley. This is decisive recognition of the role Moeve can play to lead the green hydrogen revolution and a major step forward for the development of a strategic project for energy security and industrial competitiveness in Spain and Europe.
We remain committed to the energy transition and ensuring that our expertise in energy, technology, and innovation drives long-term change and accelerates the transition towards a low-carbon economy".
Q1 2025 Performance Highlights
Moeve delivered Clean CCS EBITDA of €377m in Q1 2025 (vs €583m in Q1 2024), reflecting softer refining margins and lower capacity utilization rates in the Energy segment versus Q1 2024. EBITDA increased in the quarter versus Q4 2024, thanks to an improved performance from our Chemicals and Upstream divisions, alongside resilient momentum in the Energy segment.
Operating cash flow improved to €338m (vs €318m in Q1 2024), underscoring the Company's solid cash conversion capabilities. Capital expenditure stood at €222m, with 62% directed to decarbonisation and energy transition initiatives.
Net debt at the end of the quarter stood at €2,399m, stable versus year-end 2024 (€2,369m), with a solid liquidity position of €5,579m, covering debt maturities through 2029.
Por división:
- Energy (Energy Parks, Commercial & Clean Energies, Mobility & New Commerce and Trading). The Energy division posted Clean CCS EBITDA of €288m in Q1 2025 (vs €477m in Q1 2024), reflecting a resilient operational performance despite a decline in refining margins ($6.2/bbl in Q1 2025 vs. $10.7/bbl in Q1 2024) and a lower utilization rate (90% in Q1 2025 vs 99% in Q1 2024). A solid EBITDA trend during the first quarter of 2025 reflected (i) the aviation segment benefiting from higher SAF sales, (ii) biofuels EBITDA supported by robust margins, higher output and stable sourcing from our JV Partner. Total commercial product sales reached 4.3mt in the quarter, an improvement versus Q1 2024 and flat versus Q4 2024. An overall good operational performance in the Energy segment was partially offset by fewer opportunities for optimization versus Q4 2024.
- Chemicals. The Chemicals division delivered Clean CCS EBITDA of €50m, (vs €70m in Q1 2024), with sales volumes of 551k tons during Q1 2025 vs 613k tons in Q1 2024 reflecting a decline across all products due to weaker demand in Europe. However, there was an improvement in performance vs Q4 2024, mainly driven by resilient Solvents sales during the period as European demand showed signs of recovery.
- Upstream. The Upstream business reported Clean CCS EBITDA of €75m, slightly higher than the same quarter of the previous year (€73m in Q1 2024), as realised oil prices and good operational performance offset slightly lower production levels following the sale of upstream assets in Peru and Colombia.
During the period, Moeve was ranked first in its sector in Europe and top three globally in S&P Global’s ESG ratings, receiving a ‘Top 5% CSA Score’ award in recognition of its excellence in climate strategy, risk and crisis management, and fiscal strategy.
In green hydrogen, Moeve secured €304 million in EU funding in April for the first 400MW phase of the Andalusian Green Hydrogen Valley, one of the most ambitious green hydrogen projects in Europe. Funded under Spain’s H2 Valles program, this governmental support positions Andalusia as one of the leading regions in the global energy transition and helps advance Spain’s and the EU’s decarbonization goals.
In biofuels, Moeve and Exolum announced an investment of nearly €300 million euros in new infrastructure at the Port of Huelva, which will connect to Moeve’s upcoming second-generation (2G) biofuel plant - set to become the largest 2G biofuel complex in southern Europe. During the period, Moeve signed a sustainable aviation fuel (SAF) supply contract with the airline Norwegian for flights from Las Palmas airport, Spain, to the Nordics, supporting the decarbonization of air transport. Moeve also signed a contract with RFOcean for a new fleet of ultra-efficient chemical tankers, powered by electric motors and designed for multi-fuel propulsion, including biofuels.
In January, Moeve announced a €600 million accumulated investment plan to develop 30 biomethane plants in Spain by 2030. These plants will produce renewable gas from agricultural and livestock waste, reducing emissions across Moeve’s operations and supporting green hydrogen production and sustainable mobility.
In sustainable mobility, Moeve made progress in enhancing electric mobility accessibility for its customers. During the period, Moeve gained access to over 90,000 electric vehicle (EV) charging points across Europe through interoperability agreements with its partners and reached a milestone of 100 service stations equipped with 220 active ultra-fast electric charging points (of at least 150 kW) along major highways in Spain and Portugal, capable of charging EVs to 80% in 10-20 minutes.
In chemicals, Moeve joined Global Impact Coalition (GIC), a CEO-led collaborative platform committed to enabling a net-zero chemicals future. Moeve received Henkel’s 2024 Sustainability Award at the American Cleaning Industry (ACI) Annual Convention for its commitment and contribution to decarbonization in the detergent industry and the promotion of good environmental practices in the sector.
1 Energy Transition Capex measured under Moeve's internal criteria for the classification of sustainable activities. Note: Energy Transition CapExis broader than the one incorporated by the EU Taxonomy, as it reflects better our efforts towards decarbonization and energy transition. These investments mainly include: production and marketing of biofuels, renewable hydrogen, renewable energy, renewable electric mobility, energy transition R&D projects, EU Taxonomy aligned Chemical activities, modified asphalts and bitumens and investments focused in decarbonization, environmentand safety.
