Moeve earns 246 million until September and doubles its profits due to higher refining margins

Moeve got a net profit of 246 million euros in the first nine months of the year, which represents a 126% increase compared to the same period last year, driven by higher refining margins and the absence already in this year of the extraordinary tax with which the Government levied on energy companies in 2023 and 2024, and which impacted the group’s accounts a year ago by more than 240 million euros.

Adjusted net profit, which specifically measures business performance, was 472 million euros In the period from January to September, practically in line with the 477 million euros a year ago, the company reported. The adjusted gross operating result (Ebitda) of the second largest Spanish oil company stood at 1,192 million euros at the end of September, which represents a drop of 19% compared to the 1,481 million euros in the first nine months of 2024.

However, in the third quarter, Ebitda, with 459 million euros, was 20% higher than that same period in 2024 and was 29% above the second quarter of this year, thanks to this increase in refining margins – which stood at 8.9 dollars/barrel in the quarter, compared to 4.7 dollars/barrel in the same period of 2024 – and the high utilization rates in its segment. Energy, which offset the worse results of the Chemicals segment. The group’s cash flow from operations reached €1,131 million through September, thus making it easier for the company to continue financing its ‘Positive Motion’ transformation strategy.

The energy transition, at the center of your investment

For its part, investments from January to September amounted to 757 million euros, allocating 52% of them to energy transition projectssuch as the construction of the second generation biofuels plant in Huelva, which will be part of the largest second generation biofuels complex in southern Europe. At the end of September, net debt stood at 2,328 million euros, showing a reduction compared to the end of the first half of this year, thanks to the strong cash generation during the third quarter. The company’s net debt/Ebitda ratio was thus 1.7 times at the end of the period, compared to 1.9 times in the first half of the year.

Moeve CEO Maarten Wetselaar highlighted that, in this third quarter of the year, the diversified portfolio and strong operating results have allowed the group to maintain resilient cash flow. “We remain committed to our ‘Positive Motion’ strategy, with a focus on sustainable growth. Our decision to allocate more than 50% of investments to the energy transition reflects our focus on capital allocation and our strong determination to prioritize initiatives that drive our leadership in the European energy transition. Looking ahead, we remain confident in our ability to adapt, execute and create shared value over the long term,” he added..