Madrid, May 8 (Eficom) .- Moeve, the CEPSA brand since October 2024, has registered a adjusted net profit of 138 million euros in the first quarter of 2025, compared to equivalent losses of 32 million a year earlier, despite the fall of refining margins and the volatile market environment.
This has been detailed on Thursday by the energy firm, which does not offer data of the net result without adjusting, but adjusts it to the inventory cost (CCS), something that companies in the sector usually do to offer a more representative vision of the operational performance of the business, adjusting the price of the inventories of the raw materials to the current values and not to which they were acquired.
The gross adjustment of adjusted exploitation (Ebitda CCS adjusted) has been 377 million, 35 % less than in the same period of the previous year. The operating cash flow has been 338 million, an increase of 6 % that reflects, according to the company, a “solid conversion capacity” that allows sustaining its energy transformation.
During the quarter, Moeve has invested 222 million (2.3 % more than a year earlier), 62 % of them in decarbonization projects, as part of their strategic plan “Positive Motion”. The net debt at the close of the period has been 2,399 million euros, in line with the 2,369 million of the closure of 2024, and the available liquidity has reached 5,579 million, 22 % more than a year ago.
Fall of margins, impulse to biofuels and green hydrogen
By divisions, the energy business has contributed an EBITDA of 288 million, 39.6 % less than a year ago, weighed by a margin of refining that has collapsed 42 %, up to 6.2 dollars per barrel and for a lower use of refining capacity (90 % compared to 99 %).
The chemistry division has contributed 50 million, 28.6 % less than a year earlier, while exploration and production has improved slightly to 75 million, supported by favorable crude oil prices and efficient operation despite lower volumes after divestments in Peru and Colombia.
In April, Moeve has obtained 304 million euros in public aid for the development of the first phase of the Andalusian Valley of the Green Hydrogen, within the Program Financed with European Funds. This project includes 400 megawatts of capacity and is one of the largest of its kind in Europe.
Electric mobility and biofuel expansion
During the quarter, Moeve has reached 90,000 electric recharge points in Europe through interoperability agreements, and already has 100 stations in Spain and Portugal with ultra -grape load (at least 150 kW). In addition, it has signed an agreement with Exolum to invest about 300 million in infrastructure in the port of Huelva, which will connect with its future second generation biofuel plant.
In January, Moeve announced an accumulated investment of 600 million to 2030 to develop 30 biomethane plants in Spain, which will produce renewable gas from agribusiness waste.
The group has also signed a contract with the Norwegian airline to supply SAF on flights from Las Palmas to the Nordic countries, and has agreed with Rfocen the development of a new fleet of electric chemiquers prepared to operate with biofuels. Effect
Related news :