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Company Research26 Mar 2024
Companies That Had Their IPO in 1989: The Calm Between the Storms
A look at the IPO landscape and market sentiment in 1989 as the markets enjoyed a period of relative calm between tumultuous times.
Repsol
Repsol (REP) investor relations material
Repsol Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved strong strategic delivery and disciplined growth in 2025, with robust performance across all business segments and enhanced shareholder remuneration, despite a volatile macroeconomic and geopolitical environment and a major blackout in Spain.
Advanced industrial transformation with a low-carbon platform in Iberia, reinforced commercial profitability, and significant progress in renewables and decarbonization targets.
Adopted a new segment reporting model in Q4 2025, aligning with IFRS and emphasizing joint ventures and minority interests.
Committed €1.8B to shareholder distributions in 2025, including an 8.3% DPS increase and €700M in share buybacks.
Financial highlights
Adjusted net income for 2025 was €2.568B, down 15% year-over-year; net income reached €1.899B, up 8% from 2024.
Cash flow from operations rose to €5.4B, up 8% year-over-year.
Net CapEx was €2.7B, down 46% year-over-year.
Net debt closed at €4.5B, up 12% from 2024, but down 21% from September 2025.
Liquidity at year-end 2025 was €10.271B, covering 5.37x short-term debt maturities.
Outlook and guidance
For 2026, planning assumptions include Brent at $60–65/bbl, Henry Hub at $3.5–4/MBtu, and refining margin at $6.5–7.5/bbl.
Upstream production expected to rise to 560,000–570,000 boe/d.
Cash dividend projected to grow by 7.8% to €1.051 per share, with total shareholder remuneration of €1.9B and a €350M buyback program approved.
Cash flow from operations guidance for 2026 is €5.5–6B; net CapEx expected at €2.7B.
Updated 2026–2028 projections to be presented at March Capital Markets Day.
Venezuela production impact on 2026 guidance?
Drivers for Customer business 2027 EBITDA target?
New reporting model's impact on comparability?
Venezuela: 12-month oil production upside
Refining margin premium: drivers and sustainability
Net debt evolution and subsidiary debt impact
Partial view of Summaries dataset, powered by Quartr API
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Next Repsol earnings date
CMD 202610 Mar, 2026
Repsol
Next Repsol earnings date
CMD 202610 Mar, 2026
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Frequently asked questions
Repsol, S.A. operates as an integrated energy company worldwide. The company offers fuels, lubricants, liquefied petroleum gas (LPG), natural gas, naphtha and kerosene, ethane, propane, butane and butane-propane mixtures. It also involves in the exploration and production of crude oil and natural gas reserves; produces biofuels; sells electricity; provides derivatives from petrochemicals; develops wind power facilities; and owns gas stations. In addition, it distributes fuel to private business clients for their fleet of passenger cars or trucks.
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