Moeve Q1 2026 Clean CCS EBITDA €506m, ramps Spain energy-transition capex
- Q1 capex €272m, 69% allocated to energy-transition projects in Spain; five-year capex €2,085m to boost Energy Parks' efficiency and flexibility.
- Moeve approved FID for the Andalusian Green Hydrogen Valley Onuba phase: 300 MW (option +100 MW), supported by €304m from Spain/EU for 400 MW and designated a Project of Common European Interest.
- Moeve is in non-binding talks with Galp on combining downstream portfolios (potential binding agreement by mid-2026); Q1 Clean CCS EBITDA €506m, net income €147m, operating cash flow €283m, net debt €2,562m (Net Debt/LTM EBITDA 1.6x).
Financial results
Moeve reported Clean CCS EBITDA €506m in Q1 2026, up 34% year‑on‑year; Clean CCS net income €147m (+7%); operating cash flow €283m (vs €338m in Q1 2025) reflecting a working‑capital build‑up; net debt €2,562m and Net Debt/LTM EBITDA 1.6x.
Capex and energy transition
Q1 capex €272m with 69% allocated to energy‑transition projects in Spain; five‑year capex total €2,085m aimed at increasing efficiency and flexibility of its Spanish Energy Parks.
Projects and partnerships
Board approved FID for the Andalusian Green Hydrogen Valley Onuba phase: 300 MW initial capacity with option for +100 MW; project awarded €304m from Spain/EU for 400 MW and designated a Project of Common European Interest; Moeve and Galp are in non‑binding talks on combining downstream portfolios, with a potential binding agreement expected by mid‑2026.
Business segments and other items
By division Q1 Clean CCS EBITDA: Energy €404m, Chemicals €62m, Upstream €84m; the group contributed €1,068m in taxes in Spain (€704m borne, €364m collected); completed SAF deliveries to Condor, reported 21% reduction in freshwater withdrawal in Spanish water‑stressed areas vs 2019, and saw credit ratings affirmed by Moody's and Fitch.
Source: Moeve