Moeve H1 2026: €1.2bn Clean CCS EBITDA; 69% of H1 capex to energy transition in Spain

H1 2026 results

Moeve reported Clean CCS EBITDA of €1,178m and Clean CCS Net Income of €458m, up 41% versus H1 2025. Operating cash flow reached €762m.

Capex and energy transition

Capital expenditure totalled €605m, up 20% from H1 2025, with a record 69% allocated to Energy Transition projects. Following final investment decision, Moeve plans a groundbreaking ceremony on 17 Sept for phase one (300 MW) of the Andalusian Green Hydrogen Valley, the largest project of its kind in Europe.

Financial position

Net debt stood at €2,330m at June 30 and Net Debt to LTM EBITDA declined to 1.2x (versus 1.9x in H1 2025). The Group said it maintained robust liquidity covering maturities through September 2030 and contributed €2,088m in taxes in Spain (€1,269m borne and €819m collected).

Operations and partnerships

By division, Clean CCS EBITDA was €945m for Energy, €172m for Chemicals and €145m for Upstream. Commercial and industrial actions in H1 included a SAF offtake with DHL (≈2 million US gallons for July 2026–June 2027), a 2.1 TWh CAE agreement with ArcelorMittal, financing closed for Terminal Puerto Tartessos linked to a 2G biofuels complex (over 70% complete), verification of low‑carbon chemical plants in Brazil and Shanghai, and new customer offers with Naturgy.

M&A status

Discussions with Galp remain in a non‑binding phase and are described as constructive; parties target signing potential definitive agreements in the second half of 2026, subject to approvals and regulatory authorisations.