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Quaterly results

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Moeve delivers strong earnings and record investments, strengthening its transformation towards clean energy solutions

Capital expenditure totaled a record €885m in the first nine months, up 17% YoY, with 93% invested in Spain. Energy transition projects¹ accounted for €612m, or 69% of total capital expenditure compared with €396m, or 52%, in the same period of 2025.

Operating cash flow reached €1,689m in the first nine months of 2026, supporting the execution of key strategic projects while further strengthening the Group's financial position.

Net debt declined to €2.1bn, reducing the Net Debt to EBITDA ratio to 0.8x²,  reflecting the Group’s strong cash generation profile and disciplined financial policy. Moeve maintained a solid liquidity position of €5.3bn.

1. Energy transition Capex: Our capital investments for the energy transition reflect our commitment towards decarbonization and the energy transition. In addition to the European Union's Sustainable Finance Taxonomy, these investments primarily include production and marketing of biofuels, renewable hydrogen, renewable energy, renewable-powered electric mobility, R&D projects in energy transition, chemical activities aligned with the EU Taxonomy, modified asphalts and bitumen, and investments focused on decarbonization, environment, and safety.
2. The Net Debt to LTM EBITDA ratio (excluding IFRS)

9M 2026 Results

Clean CCS EBITDA

2,409

millions of euros

Clean CCS Net Income

1,134

millions of euros

Cash Flow from operations after working capital

1,689

millions of euros

Net Debt

2,131

millions of euros
Excluding IFRS

Net Debt to EBITDA

0.8x

Excluding IFRS

Total Liquidity

5,256

millions of euros

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Financial results

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First Quarter

Trading Statement 1Q 2026download

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Second Quarter

Trading Statement 2Q 2026download

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Third Quarter

Trading Statement 3Q 2026download

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First Quarter

Trading Statement 1Q 2024download

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Second Quarter

Trading Statement 2Q 2024download

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Third Quarter

Trading Statement 3Q 2024download

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Fourth Quarter

Trading Statement 4Q 2024download

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Second Quarter

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Fourth Quarter

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First Quarter

Trading Statement 1Q 2023download

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Second Quarter

Trading Statement 2Q 2023download

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Third Quarter

Trading Statement 3Q 2023download

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Fourth Quarter

Trading Statement 4Q 2023download

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First Quarter

Trading Statement 1Q 2025download

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Second Quarter

Trading Statement 2Q 2025download

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Third Quarter

Trading Statement 3Q 2025download

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Fourth Quarter

Trading Statement 4Q 2025download

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First Quarter

Trading Statement 1Q 2022download

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Second Quarter

Trading Statement 2Q 2022download

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Third Quarter

Trading Statement 3Q 2022download

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Fourth Quarter

Trading Statement 4Q 2022download

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First Quarter

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Second Quarter

Trading Statement 2Q 2021download

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Third Quarter

Trading Statement 3Q 2021download

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Fourth Quarter

Trading Statement 4Q 2021download

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First Quarter

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Second Quarter

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Third Quarter

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Fourth Quarter

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