Spanish energy company Moeve reported €885 million in investments during the first nine months of 2026, a 17% increase year-on-year, with €612 million directed towards energy transition projects as it advances its strategy in green hydrogen, second-generation biofuels and sustainable mobility.
The company recorded adjusted CCS EBITDA of €2.409 billion and adjusted CCS net profit of €1.134 billion during the period. Its financial performance was supported by improved refining margins, higher production and stronger operating results across its energy, chemicals, and exploration and production businesses.
Of the total investment, 69% was allocated to energy transition initiatives, compared with 52% in the corresponding period of 2025. Spain accounted for 93% of Moeve’s overall investment, reflecting the company’s focus on developing its domestic renewable energy and industrial decarbonisation projects.
Moeve’s adjusted CCS EBITDA reached €2.409 billion in the first nine months of 2026, supported by improved refining margins and operational performance across its principal business segments. Adjusted CCS net profit stood at €1.134 billion, while cash flow from operations reached €1.689 billion. The operating cash flow supported the company’s investment programme and ongoing strategic projects.
The company also strengthened its balance sheet during the period. Net debt declined to €2.131 billion, bringing its net debt-to-EBITDA leverage ratio down to 0.8 times. Moeve reported liquidity of €5.256 billion, sufficient to cover debt maturities through the end of 2030.
Investment in energy transition projects increased to €612 million, compared with €396 million in the first nine months of 2025. This represents a substantial increase in the share of capital expenditure directed towards lower-carbon energy and industrial activities.
Moeve’s Business Segments Record Higher Earnings
Moeve reported improved financial performance across its three principal business divisions: Energy, Chemicals, and Exploration and Production.
The energy division generated adjusted CCS EBITDA of €2.048 billion, compared with €976 million in the first nine months of 2025. Higher refining margins, increased refinery utilisation and stronger production contributed to the improvement. Increased output of diesel and kerosene also helped address supply constraints linked to disruptions in international energy markets.
Chemicals division recorded adjusted CCS EBITDA of €253 million, compared with €138 million in the corresponding period of 2025. Improved linear alkylbenzene (LAB) margins and resilient performance in the phenol and acetone businesses supported the results.
The exploration and production division generated adjusted CCS EBITDA of €238 million, up from €200 million a year earlier, reflecting higher crude oil prices amid geopolitical uncertainty.
The improved performance across these businesses provided financial support for Moeve’s investment programme, which increasingly prioritises renewable fuels and other lower-carbon energy solutions. Moeve Global+1
Green Hydrogen and Second-Generation Biofuels Drive Transformation
One of the most significant developments during the reporting period was the start of construction of the first phase of the Andalusian Green Hydrogen Valley, named Onuba, at Moeve’s energy park in Palos de la Frontera, Huelva.
The project represents a joint investment of more than €1 billion and will initially have 300 MW of electrolysis capacity, with the option to expand by another 105 MW. Moeve holds a 51% majority stake in the project, alongside other strategic partners.
At its initial capacity, Onuba is designed to produce approximately 45,000 tonnes of renewable hydrogen annually, with the potential to avoid around 250,000 tonnes of CO₂ emissions each year. The project is expected to generate more than 8,000 direct, indirect and induced jobs across its value chain during development, construction and commissioning.
The hydrogen is intended for applications in aviation, road and maritime transport, as well as industrial sectors such as chemicals and fertilisers.
Renewable Diesel Supply Agreement Targets Mining Sector
Moeve also expanded the industrial applications of its renewable fuels through an agreement with mining company Emerita Resources.
Under the partnership, Moeve will supply 100% renewable diesel, also known as hydrotreated vegetable oil (HVO), to the Iberian Belt West mining project in Huelva, Spain.
The fuel will be used in heavy machinery and the transportation of mineral concentrates during the project’s construction and operational phases. The companies estimate that its use could prevent approximately 2,600 tonnes of CO₂ emissions annually compared with conventional diesel.
The agreement represents an application of second-generation biofuels in a sector where electrification of heavy equipment and transport operations can present practical challenges. Moeve Global
Industrial Decarbonisation and Circularity Initiatives
Beyond hydrogen and renewable diesel, Moeve reported progress in industrial decarbonisation through partnerships and operational improvements.
The company announced a joint innovation platform with steel producer ArcelorMittal under their Green Molecules to Green Steel alliance. The initiative will explore technologies using renewable hydrogen, biomethane and second-generation biofuels to support lower-emission steel production.
Moeve also reported that its Chemicals business had become the first globally to undergo an audit under the ISCC Carbon Footprint certification for biomethane-based products.
Moeve Revises Operating Structure and Financial Strategy
Alongside its energy transition investments, Moeve announced a new operating model intended to accelerate the implementation of its Positive Motion strategy.
The revised structure is organised around two principal areas: Commercial and Operations. It also reduces the company’s Management Committee to eight members, with an emphasis on industrial execution, value-chain optimisation and customer orientation.
Moeve additionally confirmed that discussions with Portuguese energy company Galp concerning a potential combination of their downstream businesses had ended. The company said it would remain focused on its independent transformation strategy and financial discipline.
CEO Maarten Wetselaar said the company’s financial performance was enabling record investment in Spain while maintaining its responsibility to support energy supply for consumers, businesses and industry.
He also highlighted the construction of the Andalusian Green Hydrogen Valley as a significant milestone within the company’s €2.4 billion investment programme in green hydrogen and second-generation biofuels.
Bioenergy Business Analysis
Moeve’s latest results highlight an important development in the energy industry’s transition: the growing integration of green hydrogen and second-generation biofuels into the investment strategies of established energy companies.
The allocation of €612 million, or 69% of total capital expenditure, to energy transition projects indicates that these activities are becoming increasingly important to Moeve’s long-term business transformation.
The Andalusian Green Hydrogen Valley is particularly significant because it combines renewable hydrogen production with the development of downstream applications in transport and industrial manufacturing. Its initial 300 MW electrolysis capacity and planned annual output of approximately 45,000 tonnes could provide a substantial supply of renewable hydrogen for sectors that are difficult to decarbonise.
The parallel development of second-generation biofuel production is another important part of the strategy. Renewable diesel can provide an alternative to fossil diesel in existing heavy-duty equipment, while SAF production could help address emissions from aviation. Moeve’s agreement with Emerita Resources illustrates how these fuels can find applications beyond conventional road transport.
