Overview

• Net profit climbed 8% year-on-year to €186 million in the first half of 2025 after Spain’s extraordinary energy tax was lifted
• Adjusted EBITDA fell 33% to €733 million as lower refining margins, scheduled maintenance and the April 28 Iberian blackout—which cost just over €50 million—weighed on results
• Moeve deployed €502 million in H1 investments, directing 52% toward green hydrogen projects, second-generation biofuels and other low-carbon solutions
• Net debt rose to €2.498 billion by June 30, while a €5.192 billion cash buffer covers debt maturities through 2029
• The sale of its Surinam exploration asset and extension of two €3 billion syndicated facilities to 2030 free up capital for its sustainability-focused Positive Motion strategy