Spain · Delayed Price · Currency is EUR Repsol Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a 57% year-over-year rise in adjusted net income to EUR 873 million, driven by strong industrial and trading performance, resilient upstream operations, and robust refining margins amid market volatility. Shareholder returns are set to increase, with a full-year dividend target of EUR 1.051/share and ongoing buybacks.
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The updated 2026–2028 plan targets a 20% rise in operating cash flow, normalized CapEx, and 30–40% shareholder distributions, with growth led by upstream, low-carbon, and customer businesses. Optionality in Venezuela and disciplined capital allocation underpin resilience and upside.
Fiscal Year 2025
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Solid 2025 performance with EUR 2.6 billion adjusted net income and robust cash flow, despite lower oil prices. Shareholder returns increased, upstream and renewables advanced, and 2026 guidance points to higher production and dividends.
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The company outlined a strategy focused on profitable energy transition, robust shareholder returns, and significant investment in low-carbon businesses through 2027. Operational highlights include upstream growth in the U.S. and Brazil, record customer division results, and a target of 9 GW renewable capacity by 2027.
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Q3 2025 saw strong financial results, with all divisions improving year-over-year and robust cash flow. Refining margins and customer business performance were highlights, while shareholder returns and prudent CapEx remain strategic priorities.
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Q2 saw adjusted income rise 8% sequentially to EUR 702 million and operating cash flow up 50% to EUR 1.7 billion, despite a EUR 175 million impact from Iberian power outages. Upstream volumes recovered, commercial businesses remained strong, and guidance for 2025 cash flow from operations is maintained at EUR 6 billion.
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Q1 2025 results were resilient despite market volatility, with adjusted income up 1% QoQ and strong progress in upstream and renewables. Guidance and shareholder returns are maintained even under stress scenarios, supported by CapEx flexibility and efficiency gains.
Fiscal Year 2024
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2024 saw strong financial performance, with adjusted income of EUR 3.3 billion and robust shareholder returns. 2025 guidance targets similar cash flow, high-end production, and continued investment in renewables and efficiency, while maintaining disciplined capital allocation.
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Q3 2024 saw a 49% drop in adjusted income year-over-year, mainly from weaker refining and Libya disruptions, while cash flow from operations rose 16%. CapEx remains disciplined, with shareholder returns prioritized and a positive regulatory shift as Spain's windfall tax was withdrawn.
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A multi-energy provider outlined a 2024–2027 strategy focused on decarbonization, value growth, and strong shareholder returns, with up to EUR 10 billion in distributions and over 35% of CapEx for low-carbon investments. Targets include 9–10 GW renewables and net zero by 2050.
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Q2 2024 saw resilient results with adjusted income up 4% year-over-year, but cash flow and margins pressured by lower gas prices and a less favorable refining environment. Shareholder returns remain strong, with EUR 1.7 billion delivered YTD and further buybacks planned.