- Clean CCS EBITDA reached €2,409m in the nine-month period, supported by a robust operational performance across its core businesses and stronger refining margins. In addition, increased refining utilization and production led to higher volumes of key products such diesel and kerosene, helping to alleviate supply shortages due to heightened geopolitical tensions and disruption to international energy markets
- Clean CCS Net Income reached €1,134m at the end of September 2026
- Capital expenditure totaled a record €885m in the first nine months, up 17% year-on-year, 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
- Moeve contributed €3,566m in taxes in Spain during the first nine months of 2026, of which €2,197m were borne and €1,369m collected on behalf of the Spanish tax authorities
- 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
- Among milestones during the period, Moeve marked the start of construction of Europe’s largest green hydrogen energy project, the Andalusian Green Hydrogen Valley, entailing a joint investment of more than €1bn and involving more than 8,000 direct, indirect, and induced jobs across the value chain
- Moeve also announced a new operating model to accelerate the execution of its Positive Motion transformation strategy with a new structure focused on industrial execution, value chain optimization and customer centricity
- To support customers during an environment of high energy prices, Moeve has extended and enhanced its discount campaign through the end of the year. All Moeve gow users will save 10 cents per liter when refueling, twice the usual amount, and can accumulate savings of up to 40 cents per liter depending on their use of the various benefits available through the program
- Following the termination of discussions with Galp regarding a potential combination of downstream businesses, Moeve remains fully focused on executing its transformation with financial discipline and delivering sustainable long-term value
Maarten Wetselaar, Moeve CEO:
“Our strong performance is allowing us to invest at record levels in Spain, preparing for the clean energy system of the future while continuing to fulfil a fundamental responsibility: helping to ensure the energy supply that people, businesses and industry need today. This quarter, we celebrated an important milestone with the start of construction of Europe’s largest green hydrogen energy project in Huelva, supporting local jobs and industry as part of an ongoing €2.4 billion investment across green hydrogen and second-generation biofuels to help achieve a more secure, competitive and sustainable Europe.”
9M 2026 Performance Highlights
By division:
Energy. The Energy business delivered Clean CCS EBITDA of €2,048m (vs €976m in 9M 2025), reflecting a strong operational and commercial performance across all businesses as well as strong refining margin dynamics. In addition, increased refining utilization and production led to higher volumes of key products such as diesel and kerosene, helping to alleviate supply shortages due to the Hormuz crisis.
Chemicals. The Chemicals division delivered Clean CCS EBITDA of €253m (vs. €138m in 9M 2025), driven by stronger LAB spreads and resilient performance in the Phenol/Acetone business, with higher acetone margins, supported by a tighter supply-demand balance in Europe.
Upstream. The Upstream business delivered Clean CCS EBITDA of €238m (vs. €200m in 9M 2025), reflecting higher crude oil prices in a context of heightened geopolitical tensions.
Financial Position
Net Debt3 declined during the period to €2.1bn, while the net debt to LTM EBITDA ratio declined to 0.8x4. Moeve maintained a solid liquidity position of €5.3bn, ensuring comfortable coverage of debt maturities until the end of 2030.
Major events
Moeve has continued advancing its Positive Motion strategy to become a leader in green molecules and sustainable mobility in Spain and Portugal, with meaningful progress across its key transformation projects since the start of the third quarter.
Moeve launched construction of the first phase of the Andalusian Green Hydrogen Valley, Europe's largest green hydrogen energy project, at its energy park in Palos de la Frontera (Huelva). Known as Onuba, the first phase will have 300 MW of electrolysis capacity and represents a joint investment of more than €1 billion. The project, in which Moeve holds a majority 51% stake, marks a significant milestone in the company's ambition to establish southern Spain as a leading European hub for green hydrogen production.
Moeve announced a new operating model to accelerate the execution of its Positive Motion strategy, introducing a more integrated organizational structure focused on industrial execution and customer oriented strategy. The new model establishes two areas, Commercial and Operations, and streamlines the Executive Committee to eight members to support faster decision-making, greater operational efficiency and closer coordination across the Group.
Moeve launched an offer to double fuel savings for customers through the end of the year, strengthening its commitment to supporting consumers amid higher energy prices. From 15 September to 31 December 2026, Moeve gow loyalty program members will earn 10 cents per liter in account credit on fuel purchases, double the usual rate.
Moeve and Skytanking, a leading global aviation fueling services provider, sealed a strategic alliance that establishes a 50/50 joint venture between Moeve and Skytanking to accelerate fueling services growth in Spanish airports. Under the agreement, Skytanking acquired a 50% stake in Spanish Intoplane Services, previously a fully owned subsidiary of Moeve,
Moeve and ArcelorMittal announced a joint innovation platform to accelerate industrial decarbonization through their Green Molecules to Green Steel partnership. The initiative will focus on developing and scaling technologies based on green molecules, including renewable hydrogen, biomethane and second-generation biofuels, to support the transition towards lower-emissions steel production.
Moeve and Emerita Resources signed an agreement to supply 100% renewable diesel to the mining sector, supporting the decarbonization of the Iberian Belt West mining project in Huelva. Under the agreement, Moeve will supply second-generation biofuel for heavy machinery and mineral transport operations, with the potential to reduce CO₂ emissions by approximately 2,600 metric tons annually.
Moeve reached and exceeded by 5% its 2030 target of increasing the circularity intensity of its operational waste in its Andalusian industrial centers by 50%. Since 2019, the company has minimized, recycled, and recovered more than 32,000 tons of operational waste, equivalent to the amount generated by a population of approximately 11,000 people over the same period.
Moeve Chemicals became the world's first company to be audited under ISCC Carbon Footprint Certification for the production of products based on the use of biomethane.
