Moeve (formerly Cepsa) made a profit of 341 million euros in 2025, almost quadrupling the 92 million earned a year earlier, thanks to increased revenues from its energy division.
As reported this Monday, the 2nd, the company’s adjusted net profit reached 686 million euros, an increase of 54%, while adjusted earnings before profits, interest, taxes, depreciation and amortization (EBITDA) fell by 9%, standing at 1,685 million.
Investments made in the last financial year totaled 1,151 million euros, of which 55% were allocated to energy transition projects, mainly in Spain.
Highlight is the new second generation (2G) biofuels factory in Huelva, in which almost 300 million euros were invested (together with Exolum) and of which more than 50% have already been built.
The plant will produce sustainable aviation fuel (SAF) and renewable diesel (HVO) and will be the largest biofuel complex in southern Europe.
Capex (capital expenditure) fell to 1,151 million euros, compared to 1,293 million in the previous year, after the increase in investments in the energy transition to the aforementioned 55%.
Furthermore, the company ended the year with a net debt of 2,362 million euros, in line with 2024, and with a liquidity position of 5,493 million euros, sufficient to cover debt maturities until the end of 2030 and to execute its transformation strategy, it explains in the statement.
By division, energy maintained its adjusted EBITDA “practically stable”, at 1,400 million euros, with refining margins of 7.9 dollars per barrel on average (compared to 7 dollars in 2024) and a refining utilization rate of 90% (92% in 2024), which reflects “the impact of the April blackout in Spain”, as explained by the company.
On the other hand, the chemicals division recorded an adjusted EBITDA of 181 million, 29% less than the previous year, with product sales slightly lower than in 2024.
The exploration and production division also saw its adjusted EBITDA fall to €259 million, due to the fall in the price of crude oil and lower sales and production related to the sale of assets in 2024.
In January, Moeve and Galp announced a non-binding agreement to “advance their conversations on the possible integration of their downstream businesses”, with the aim of creating “two leading European platforms in energy and mobility”.
Today, Galp said it expects to conclude the final agreement with Moeve in mid-2026 to combine the refining and marketing businesses in the Iberian Peninsula, a process that still depends on final negotiations and regulatory authorizations.
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