By: ICN Bureau
Last updated : March 05, 2026 9:44 am
Clean CCS Net Income reached €686m during the full-year period
Moeve, formerly Cepsa reported a strong 2025 with a Clean CCS EBITDA of €1,685 million and announced the final investment decision for its Andalusian Green Hydrogen Valley, advancing its "Positive Motion" strategy. The company increased its green energy investments to 55% at €1,151 million of total capital expenditure.
Moeve reported a robust cash flow from operations of €1,514 million in the year, reflecting good cash conversion capabilities through the period. The company ended the year with net debt of €2,362 million, broadly flat compared to 2024, resulting in a Net debt to EBITDA ratio2 of 1.6x at the end of 2025.
Last week, Moeve took Final Investment Decision (FID) to launch the Andalusian Green Hydrogen Valley. The first phase, Onuba, entails a global investment of more than €1 billion including associated infrastructure and a photovoltaic plant and the participation of two minority partners: Masdar and Enalter, majority owned by Enagás Renovable. It will have 300 MW of capacity, the largest in southern Europe, with the possibility of adding 100 MW subject to additional grid availability and board approval. This is a decisive step forward in the Group’s transformation strategy to become a leading European supplier of green molecules.
In January, Moeve and Galp announced a non-binding agreement3 to advance detailed discussions on the potential combination of their downstream portfolios with the aim of creating two leading European energy and mobility platforms.
Maarten Wetselaar, Moeve CEO, said: “We reported a solid financial and operating performance in 2025 despite a complex global backdrop and made meaningful progress on our transformation strategy, completing over 50% of construction of our second-generation biofuels plant in southern Spain and scaling up ultra-fast charging points.
Building on this strong momentum, 2026 is off to an exciting start. We reached Final Investment Decision for the first phase of the Andalusian Green Hydrogen Valley, laying the foundation for largescale hydrogen production in southern Spain. This decision places Moeve at the forefront of providing clean energy solutions to boost Europe’s industrial competitiveness and energy security.
We also announced advanced discussions with Galp to combine our downstream assets into two platforms. If successful, the deal will create two leading companies in energy and mobility in the Iberian Peninsula, providing the scale and investment capacity required to further support competitiveness, decarbonization and economic growth for Europe.”