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5mo ago

Moeve Reports €92 Million Q1 Profit Following End of Extraordinary Energy Tax

The removal of Spain's 'impuestazo' tax helped Moeve recover from prior losses, despite challenges from declining energy prices.

Sede de Moeve.
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Overview

  • Moeve, formerly Cepsa, posted a net profit of €92 million in Q1 2025, reversing losses from the previous year.
  • The profit recovery was driven by the abolition of Spain's extraordinary energy tax, which had cost the company €243 million in 2024 and €323 million in 2023.
  • Despite lower energy prices, Moeve's financial performance has improved significantly, reflecting resilient demand and restored margins.
  • The extraordinary tax, introduced in 2023, was designed to capture windfall profits during a period of high wholesale energy prices but was not renewed in 2025.
  • The Spanish energy sector continues to navigate market volatility, with companies emphasizing the need for investments in renewables and grid resilience following recent blackouts.