Moeve has reported Clean CCS EBITDA of €1.18 billion for the first half of 2026, demonstrating strong operational resilience amid continued geopolitical tensions and volatile global market conditions.
According to the company, “Clean CCS EBITDA was €1,178m in H1 2026, reflecting the strength and flexibility of its businesses against a backdrop of ongoing tensions in the Middle East and shifting global market conditions.”
Clean CCS Net Income rose 41% year on year to €458 million, while operating cash flow reached €762 million. Capital expenditure increased 20% to €605 million, with a record 69% directed towards energy transition projects, including major investments in renewable hydrogen, biofuels and sustainable mobility infrastructure.
Moeve said these investments support its Positive Motion strategy and the development of Europe’s largest green hydrogen project in Andalusia.
The company contributed €2.1 billion in taxes in Spain during the period and reduced leverage to 1.2x, supported by strong cash generation. Net debt stood at €2.33 billion at the end of June.
Operationally, the Energy division delivered €945 million in Clean CCS EBITDA, driven by high utilisation rates and robust refining margins. Chemicals posted €172 million, reflecting improved margins and recovering demand, while Upstream earnings reached €145 million.
Major milestones included a sustainable aviation fuel offtake agreement with DHL Express, progress on Spain’s largest 2G biofuels complex, and the launch of “Moeve decarbonize” with Accenture to support industrial emissions reduction.
The company also advanced discussions on a proposed downstream merger with Galp, with definitive agreements targeted for the second half of 2026.
CEO Maarten Wetselaar said Moeve remains focused on building a more resilient European energy system and accelerating the shift away from imported fossil fuels. “Continued geopolitical tensions and disruptive weather events are a reminder of why this energy transition is so urgent.”
Moeve posts €1.2bn EBITDA in H1 2026 as energy transition investment reaches record high
