Moeve posts record H1 2026 profit, boosts green investments

Moeve record profit green hydrogen Galp integration energy transition

Moeve reported an adjusted EBITDA of €1.178 billion for the first half of 2026, a 61 % increase year‑on‑year, and a net adjusted profit of €458 million, up 41 % from the same period in 2025. The company’s cash‑flow from operations reached €762 million and net debt fell to €2.33 billion, improving its leverage ratio to 1.2 times.

Investments rose 20 % to €605 million, with 69 % directed to energy‑transition projects such as green hydrogen, biocombustibles and renewable mobility. The first phase of the Andalusian Green Hydrogen Valley – a 300 MW facility – is slated to begin construction on 17 September 2026 and is described as the largest green‑hydrogen project in Europe.

Moeve expects to sign a binding agreement with Portugal’s Galp in the second half of 2026 to integrate their downstream refining and distribution businesses, creating two platforms for low‑carbon fuels and retail services. The deal is being monitored by the Portuguese government and aims to strengthen the Iberian Peninsula’s role in the energy transition.

Entities: Andalusian Green Hydrogen Valley · FCC Group · Galp · Galp Energia · Maarten Wetselaar · Moeve · Mubadala Investment Company · Portugal · The Carlyle Group · Valle Andaluz del Hidrógeno Verde

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[○ 1 SOURCE] Moeve’s shareholders Mubadala Investment Company and The Carlyle Group would hold about 80 % of the proposed IndustrialCo, with Galp holding roughly 20 %. (Moeve)
[● 5 SOURCES] Moeve expects to sign a binding downstream integration agreement with Galp in the second half of 2026. (Moeve press release)
[● 7 SOURCES] Moeve's adjusted EBITDA for H1 2026 was €1.178 billion, a 61 % increase over the same period in 2025. (Moeve)
[● 6 SOURCES] Moeve’s operating cash flow was €762 million, net debt €2.33 billion and leverage ratio 1.2 times at the end of June 2026. (Moeve)
[● 6 SOURCES] Construction of the first 300 MW phase of the Valle Andaluz del Hidrógeno Verde will start on 17 September 2026, described as Europe’s largest green‑hydrogen project. (Moeve)
[● 7 SOURCES] 69 % of Moeve's €605 million investment in H1 2026 was allocated to energy‑transition projects. (Moeve)
[● 7 SOURCES] Moeve's net profit adjusted to €458 million in the first half of 2026, a 41 % increase over the same period in 2025. (Moeve)
[● 7 SOURCES] Moeve invested €605 million in the first half of 2026, a 20 % increase over the same period in 2025. (Moeve)
[● 5 SOURCES] Construction of the first phase (300 MW) of the Andalusian Green Hydrogen Valley is scheduled to start on 17 September 2026. (Moeve project announcement)
[● 7 SOURCES] Moeve's net debt at 30 June 2026 was €2.33 billion, giving a leverage ratio of 1.2 times. (Moeve financial results)
[● 7 SOURCES] Moeve reported adjusted EBITDA of €1.178 billion for the first half of 2026, a 61 % increase year‑on‑year. (Moeve financial results)
[● 7 SOURCES] Moeve invested €605 million in the first half of 2026, a 20 % increase YoY, with 69 % allocated to energy‑transition projects. (Moeve financial results)