Moeve 9M 2026: Clean CCS EBITDA €2,409m and record €885m capex

Financial performance

Moeve reported Clean CCS EBITDA of €2,409m and Clean CCS Net Income of €1,134m for the first nine months of 2026. Operating cash flow reached €1,689m. Net debt declined to €2.1bn, lowering the net debt to LTM EBITDA ratio to 0.8x (excluding IFRS 16), and liquidity was €5.3bn to cover maturities through 2030.

Capital expenditure and energy transition

Capex totalled a record €885m in 9M 2026, up 17% year‑on‑year, with 93% invested in Spain. Energy transition investments amounted to €612m (69% of total capex) versus €396m (52%) in the same period of 2025. The company cited an ongoing €2.4bn investment across green hydrogen and second‑generation biofuels.

Operations by division

Energy delivered Clean CCS EBITDA of €2,048m (vs €976m in 9M 2025), supported by stronger refining margins, higher utilisation and increased production of diesel and kerosene amid supply tightness. Chemicals posted €253m (vs €138m), driven by wider LAB spreads and firmer acetone margins. Upstream delivered €238m (vs €200m), reflecting higher crude prices.

Major events and strategy

Moeve started construction of the Onuba Andalusian Green Hydrogen Valley (first phase 300 MW electrolysis; majority 51% stake). The group announced a new operating model to accelerate its Positive Motion transformation, extended a fuel‑savings campaign for loyalty members through year‑end, and progressed strategic partnerships including a 50/50 JV with Skytanking and collaborations on green molecules and renewable diesel supply.