- H1 2025 EBITDA was €733M despite lower refining margins and maintenance.
- Net income reached €324M, with operating cash flow at €652M.
- Capex for H1 2025 was €502M, over half for energy transition projects.
- Secured €304M for Andalusian Green Hydrogen Valley, sold 25% Suriname interest.
Financial Performance
In the first half of 2025, the company reported an EBITDA of €733 million, maintaining steady financial performance despite challenges such as lower refining margins, a blackout in Spain and Portugal, and scheduled maintenance. Net income for the same period reached €324 million, while operating cash flow totaled €652 million, reflecting strong cash conversion and balance sheet protection.
Capital Expenditure
Capital expenditure for H1 2025 was €502 million, with more than half allocated to energy transition projects. This investment strategy supports the company's shift towards a sustainable portfolio, with flexible and modular investments aligned with cash flow generation.
Strategic Developments
The company secured €304 million in funding from the Spanish Government under the PERTE program for the Andalusian Green Hydrogen Valley project. Progress continues on the construction of a second-generation biofuels plant in Huelva, part of the largest 2G biofuels complex in Southern Europe. Additionally, the company completed the sale of its 25% exploration interest in Suriname, marking a significant step in its transformation strategy.
