- Clean CCS EBITDA was €1,178m in H1 2026, reflecting the strength and flexibility of its businesses against a backdrop of ongoing tensions in the Middle East and shifting global market conditions
- Clean CCS Net Income reached €458m during H1 2026, up 41% from H1 2025
- 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
- Moeve contributed €2,088m taxes in Spain in the first half, of which €1,269m were borne and €819m collected on behalf of the Spanish tax authorities
- Leverage declined to 1.2x in H1 20262, reflecting the Group’s strong cash generation profile and disciplined financial policy
- Moeve launched this week additional commercial discounts on top of its usual offers for loyalty clients in response to high energy prices
- Following Final Investment Decision, Moeve plans to hold a groundbreaking ceremony on Sept. 17 for the first phase (300 MW) of the Andalusian Green Hydrogen Valley, the largest project of its kind in Europe
- Discussions with Galp continue to progress constructively, with all parties remaining engaged in advancing a transaction that has the potential to create significant strategic value and strengthen the role of the Iberian Peninsula in the energy transition by creating differentiated platforms with the resilience and investment capacity required to deliver change at pace. Given the scale of the proposed combination, a potential agreement is targeted to be signed during the second half of 20263
Maarten Wetselaar, Moeve CEO:
“Moeve delivered solid results and advanced record energy transition investments, including for the construction of Europe’s largest green hydrogen project. We have made strong progress with the proposed downstream merger with Galp and expect to sign definitive agreements in the second half of the year. Looking ahead, our strategy remains focused on building a more resilient and sustainable European energy industry, reducing dependence on imported fossil fuels. Continued geopolitical tensions and disruptive weather events are a reminder of why this energy transition is so urgent.”
H1 2026 Performance Highlights
By division:
Energy. Clean CCS EBITDA for the Energy business reached €945m in H1 2026 (vs €564m in H1 2025), reflecting strong operational performance, with high utilization rates and robust refining margins supporting results. Performance was further underpinned by positive contributions across the Commercial & Clean Energies and Mobility businesses, including the Moeve and Ballenoil networks.
Chemicals. The Chemicals division delivered Clean CCS EBITDA of €172m in the first-half period (vs €108m in H1 2025), underpinned by stronger margins and an overall improvement in performance as LAB and solvents demand recovered across key markets.
Upstream. The Upstream business reported Clean CCS EBITDA of €145m in H1 2026, (vs €138m in H1 2025), as crude prices remained higher due to continued geopolitical conflict.
Financial Position
Net debt stood at €2,330m at June 30, while Net Debt to LTM EBITDA declined to 1.2x4 (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.
Major events
Since the start of the year, Moeve has continued making progress on its Positive Motion strategy to become a leader in green molecules and sustainable mobility in Spain and Portugal by 2030.
Moeve and DHL Express, the world’s leading international express logistics provider, announced the signing of a sustainable aviation fuel (SAF) offtake agreement at Adolfo Suárez Madrid-Barajas Airport (MAD). Under the agreement, DHL Express will purchase approximately 2 million U.S. gallons (around 6,000 metric tons) of SAF during the one-year term from July 2026 through June 2027, covering approximately 50% of DHL Express’ fuel consumption at its Madrid international gateway.
Moeve and ArcelorMittal reached an agreement to accelerate the decarbonization of the steel industry through the acquisition of Energy Savings Certificates (Certificados de Ahorro Energético, or CAEs) covering 2.1 TWh in annual energy savings, ten times larger than the biggest transaction of its kind recorded in Spain to date.
Moeve and Exolum, through their joint venture Terminal Puerto Tartessos, closed the financing on the Muelle Sur, a strategic logistics and maritime transport hub located at the Port of Huelva. The facility will become one of the main gateways for feedstocks and products associated with Moeve's new second-generation (2G) biofuels plant, which is over 70% complete and will form part of the largest 2G biofuel complex in southern Europe.
Moeve and Accenture joined forces to strengthen emissions reduction solutions for industrial customers through “Moeve decarbonize,” an initiative to leverage Accenture’s global expertise across industries to support clients in sectors such as heavy industry as they define and execute their decarbonization plans across the value chain.
Moeve and Naturgy announced double the fuel savings normally available through their customer loyalty plans, strengthening their partnership to increase savings for drivers amid the current rise in energy prices.
Moeve Chemicals completed the verification of its global manufacturing network for the production of Low Carbon products, with the latest verification milestone at its Brazil and Shanghai facilities strengthening the Group’s ability to support customers worldwide in their decarbonization journeys.
Moeve published the report “Why does Europe Need Green Molecules” showing that green molecules could reduce Europe’s dependence on imported energy by half in 2040.
Moeve participated as a founding member at the official launch at the European Parliament in Brussels of the European Resilience Alliance, a pan-European, CEO-led initiative uniting leading industrial companies across the clean-hydrogen value chain to address Europe's energy challenges, enhance industrial competitiveness, and secure strategic autonomy in the face of rapidly changing geopolitical and industrial pressures. Moeve was awarded the EcoVadis Platinum Medal for the second year in a row, improving its score to 90/100 and ranking among the top 1% of companies globally for sustainability performance.
