Moeve reports EBITDA of €1.2 billion in H1 2026 and allocates a record 69% of investment to energy transition projects in Spain
Capital expenditure totaled €605m during the first half, up 20% from H1 2025, with a record 69% allocated to Energy Transition projects1 as the Group rolls out its Positive Motion strategy to produce green molecules in southern Spain, bolstering energy security, industrial competitiveness and job creation.
Operating cash flow reached €762m, combining financial discipline with continued investment in the Group’s transformation strategy, including construction of the Andalusian Green Hydrogen Valley.
Net debt stood at €2,330m at June 30, while Net Debt to LTM EBITDA declined to 1.2x2 (vs1.9x in H1 2025), reflecting the Group’s strong cash generation profile and disciplined financial policy. Moeve also maintained a robust liquidity position, providing sufficient coverage of its debt maturities through September 2030.
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) includes €263m of funds from the Government of Spain under the Recovery, Transformation and Resilience Plan, financed by the European Union’s NextGenerationEU program, through the Hydrogen Valleys scheme, for the first 300 MW of the Andalusian Green Hydrogen Valley.
H1 2026 Results
Financial results
First Quarter
Second Quarter
