Moeve delivers Clean CCS EBITDA of circa €1.7 billion in 2025

02 Mar Moeve delivers Clean CCS EBITDA of circa €1.7 billion in 2025

(Oilandgaspress) -Clean CCS EBITDA reached €1,685m in 2025, reflecting a steady performance from the Group’s Energy and Upstream businesses and a softening in Chemicals compared to the previous year. Clean CCS EBITDA for Q4’25 stood at €493m, a 33% increase from the same quarter of the previous year (€371m in Q4’24) on the back of increased refining margins and improved results across all segments.

Cash conversion remained strong in 2025 with cash flow from operations of €1,514m, above the 2024 figure (€1,123m). Capex reached €1,151m in 2025 (€1,293m in 2024), with energy transition investments increasing to 55% from 43% in 2024 as the Group continued with the deployment of its Positive Motion strategy. Net debt at the end of 2025 stood at €2,362m, broadly stable from the level at the end of 2024 (€2,369m at FY 2024), with Net Debt to LTM EBITDA of 1.6x. Moeve ended the year with a strong liquidity position of €5,493m as it continues to maintain a conservative financial policy and solid balance sheet to finance its Positive Motion strategy.

In 2025  Moeve continued to progress with its Positive Motion strategy to become a leader in green molecules and sustainable mobility in Spain and Portugal by 2030, delivering a number of achievements across the business. The Company also completed the sale of its 25% exploration interest in Suriname, marking a further step in its transformation strategy. Moeve has sold 70% of its oil production portfolio since 2022.

In green hydrogen,  Moeve has received €304 million from the Government of Spain under the Recovery, Transformation and Resilience Plan, financed by the European Union’s NextGenerationEU program, through the Hydrogen Valleys scheme, for the development of 400 MW of the Andalusian Green Hydrogen Valley, an initiative recognized by the European Commission as a Project of Common European Interest (PCI).

In biofuels, Moeve’s joint venture with Bio-Oils has completed more than 50% of construction of its second-generation (2G) biofuels plant in Palos de la Frontera, Huelva, which will form part of the largest 2G biofuel production complex in southern Europe, producing sustainable aviation fuel and renewable diesel (HVO).

In sustainable aviation, Moeve became the first external sustainable aviation fuel (SAF) supplier to join Avelia, the leading blockchain-powered book and claim platform with the aim of scaling SAF. The Group also took steps to support the development of e-SAF and meet the ReFuelEU Aviation targets by 2030, signing an agreement with members of the Global Impact Coalition and another with Zaffra.

In biomethane, Moeve continues advancing developments to produce green hydrogen and decarbonize its industrial operations, announcing agreements with ID Energy Group and in January 2026 with Pretium Renovables to jointly develop projects.

In sustainable mobility, Moeve transformed 500 service stations into refurbished spaces under its new logo, incorporating more digital services and new sustainable energy options. Moreover, it now has over 280 ultra-fast electric charging points (150 kW) in operation as it continues to deploy one of the largest networks of this kind, using 100% renewable energy, throughout Spain and Portugal. Moeve also reached interoperability agreements with its partners to provide access to over 7,500 electric vehicle (EV) charging points in Spain. Meanwhile, Moeve’s low-cost network Ballenoil reached 370 service stations in operation after opening 65 new establishments during the year.

In chemicals, Moeve expanded collaboration with Honeywell to scale up production technologies of bio-based Linear Alkylbenzene (LAB), the raw material for making LAS (Linear Alkylbenzene Sulfonate), the main surfactant in the production of commonly used household detergents, and is close to completing a new isopropyl alcohol (IPA) plant dedicated to pioneering the production of the base product for disinfectant gels used by the medical-pharmaceutical industry, the first of its kind in Spain.

Moeve continued to lead ESG ratings from international agencies, ranked first in its sector in Europe and top three globally by S&P Global Corporate Sustainability Assessment (CSA), first in its sector by Sustainalytics and Clarity AI, and in the top 1% in all sectors by Ecovadis. It is also ranked in the Leadership category by CDP in the areas of water security and climate management and recognized as an A-list member in supplier engagement. In addition, Moeve successfully reduced freshwater withdrawal in its industrial parks in Spain by 21% versus 2019, exceeding its target and setting a more ambitious goal of 25%for 2028, which now also involves its future projects related to green molecules and the rest of its industrial centers worldwide.

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