Overview
- Moeve reported a sixfold increase in reported profit to €1,430 million for the first nine months of 2026, with adjusted net profit at €1,134 million.
- The company credits higher oil prices and much stronger refining margins for the gains and says tighter refinery utilization raised diesel and kerosene volumes to ease supply strains.
- Investments hit a record €885 million through September, with €612 million targeted at energy-transition projects and 93% of spending carried out in Spain.
- Operating cash flow reached €1,689 million and net debt fell to €2,131 million, giving the company financial headroom to pursue its transformation this year.
- Moeve paused merger talks with Galp this week because of the Middle East conflict, a move that underscores how geopolitical shocks can stall major regional consolidation and affect supply chains.