en.Wedoany.com Reported - Moeve has announced its results for the first half of 2026, during which Clean CCS EBITDA reached €1.178 billion, Clean CCS net profit stood at €458 million, up 41% compared to the first half of 2025; operating cash flow was €762 million.
In terms of capital expenditure, the total for the first half amounted to €605 million, up 20% from the first half of 2025; of which 69% was allocated to energy transition projects, a record high for the company. Moeve has made a final investment decision on the first phase of the Andalusian Green Hydrogen Valley project, with a groundbreaking ceremony planned for September 17. The project has an installed capacity of 300 megawatts, making it the largest of its kind in Europe.
On the financial structure front, as of June 30, Moeve's net debt stood at €2.330 billion, with the ratio of net debt to EBITDA over the trailing twelve months declining from 1.9 times in the first half of 2025 to 1.2 times. The group stated that its liquidity remains strong, sufficient to cover debt maturing until September 2030; during the period, the group contributed €2.088 billion in taxes in Spain, of which €1.269 billion was borne directly and €819 million was collected on behalf of others.
By segment, the energy business contributed Clean CCS EBITDA of €945 million, the chemicals business €172 million, and the upstream business €145 million. Commercial and industrial actions in the first half included: signing a SAF offtake agreement with DHL covering approximately 2 million US gallons of supply from July 2026 to June 2027; signing a 2.1 TWh CAE agreement with ArcelorMittal; completing financing for the Puerto Tartessos terminal, which is associated with a 2G biofuel complex that is over 70% complete; completing validation of low-carbon chemical plants in Brazil and Shanghai; and launching a new customer offer scheme in partnership with Naturgy.
In terms of M&A, discussions between Moeve and Galp remain at a non-binding stage, with both parties viewing the talks as constructive and aiming to sign a potential definitive agreement in the second half of 2026, subject to approvals and regulatory authorizations.
