- Clean CCS EBITDA was €506m in Q1 2026, up 34% from Q1 2025, supported by a strong performance across its core businesses, with results partly reflecting an environment of geopolitical uncertainty and market volatility.
- Clean CCS Net Income reached €147m during Q1 2026, up 7% from Q1 2025.
- Capital expenditure totalled €272m during Q1, with 69% allocated to Energy Transition projects in Spain,1 in line with the Group’s Positive Motion roadmap.
- These investments are part of an overall capex spend of €2,085m over the past five years to increase the efficiency and flexibility of Moeve’s Energy Parks in Spain, reinforcing energy independence and security in Europe.
- Operating cash flow reached €283m, enabling the company to maintain its leverage while advancing its ambitious transformation strategy, including preparation for the start of construction of its Andalusian Green Hydrogen Valley.
- In response to persistently high energy prices, Moeve is enhancing its customer loyalty plan to offer discounts of up to 67 cents per liter at the pump for MultiEnergy Plan clients, generating total savings worth more than €17m to date.
- Positive Motion highlights from Q1 included Moeve’s final investment decision on the Andalusian Green Hydrogen Valley, southern Europe’s largest green hydrogen project with 300 MW of production capacity in the first phase.
- In other developments, Moeve and Galp announced a non-binding agreement to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two leading European energy and mobility platforms in the Iberian Peninsula. A potential binding agreement is expected by mid-2026.2
Maarten Wetselaar, Moeve CEO:
“Moeve delivered solid results in a quarter shaped by heightened geopolitical uncertainty and volatile energy prices. These conditions underscore the growing urgency of energy security and resilience, reinforcing the case for green molecules produced in Europe, for Europe. Against this backdrop, we are proud to have reached Final Investment Decision on the first phase of the
Andalusian Green Hydrogen Valley, to have committed a record 69% of our investments to energy transition projects in Spain, and to be advancing discussions with Galp on the potential merger of our downstream operations. The investments of today are laying the foundation for clean, secure, and independent energy for decades to come.”
Q1 2026 Performance Highlights
Moeve delivered Clean CCS EBITDA of €506m in Q1 2026 (vs €377m in Q1 2025), reflecting a resilient performance across all businesses, and in particular the Group’s Energy segment. The results were influenced by global uncertainty due to tensions in the Middle East, which has led to an increase in prices and disruptions to global supply chains.
Operating cash flow stood at €283m (vs €338m in Q1 2025), reflecting a temporary working capital build-up due to current market volatility and with the aim of reinforcing energy security. Capital expenditure stood at €272m, with 69% allocated to decarbonization and energy transition initiatives, instrumental in creating a more diverse and secure energy mix.
Moeve contributed €1,068m taxes in Spain during Q1’26, of which € 704m were borne and € 364m were collected on behalf of the Spanish tax authorities.
Net debt at the end of the quarter stood at €2,562m, slightly above the December 2025 figure on the back of working capital build-up and increased capex. Net Debt to LTM EBITDA remained flat at 1.6x, in line with the Company’s conservative financial policy.
By division:
Energy. Clean CCS EBITDA for the Energy business reached €404m in Q1 2026 (vs €288m in Q1 2025), supported by strong refining margins in a highly volatile and uncertain market environment. An increase in commercial product sales also contributed to the Energy results.
Chemicals. The Chemicals division delivered Clean CCS EBITDA of €62m (vs €50m in Q1 2025) supported by higher sales volumes and reflecting an overall improved performance, as product demand recovered during the quarter.
Upstream. The Upstream business reported Clean CCS EBITDA of €84m,12% higher than the same quarter of the previous year on the back of higher crude oil prices in March, which increased mainly due to disruptions in the Strait of Hormuz and underlying geopolitical conditions.
Major events
During the first quarter, Moeve made significant progress on its Positive Motion strategy to become a leader in green molecules and sustainable mobility in Spain and Portugal by 2030.
In green hydrogen, Moeve’s Board of Directors approved the final investment decision (FID) to begin construction on the Andalusian Green Hydrogen Valley. The first phase, known as Onuba, will be the largest project in southern Europe, with a capacity of 300 MW and the option to expand by an additional 100 MW. The project was awarded €304 million 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 development of 400 MW of the Andalusian Green Hydrogen Valley and has been designated as a Project of Common European Interest (PCI) by the EU, strategic for energy supply and security in Europe.
In sustainable aviation, Moeve completed the supply of more than 515 metric tons of sustainable aviation fuel (SAF) to Condor for flights departing from Tenerife South Airport on the Canary Islands, for routes connecting Tenerife with major German cities including Hamburg, Munich, Frankfurt, and Düsseldorf.
In mobility, Moeve and Naturgy’s Multi-Energy Plan was strengthened and extended in response to persistently high energy prices and delivered more than double the usual savings for its customers.
In addition, Moeve announced in January that it had successfully achieved its goal of reducing freshwater withdrawal in water-stressed areas where it operates in Spain managing to use 21% less of this resource in 2025 compared to 2019. Moeve was also named the European leader in its sector in the S&P Global Corporate Sustainability Assessment (CSA) ranking, marking its third consecutive year in the top position.
Finally, ratings agencies Moody's and Fitch reaffirmed Moeve's investment grade credit rating and Stable outlook as part of their annual review.
