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Repsol (REP) investor relations material
Repsol Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2026 adjusted net income was €2,708m and cash flow from operations (CFO) was €3,526m; net debt fell €1,629m QoQ to €2,038m.
9M adjusted net income reached €5,419m and CFO €6,503m; FY26 CFO guidance rose to €9bn–€9.5bn.
2026 shareholder remuneration is targeted at €3bn through dividends and buybacks, amid volatile energy markets and heightened supply-security concerns.
Financial highlights
Q3 adjusted net income was €2,708m vs €752m in Q3 2025; net income was €2,805m vs €574m.
Q3 adjusted EBITDA was €4,699m and adjusted EBITDA CCS €4,518m; 9M adjusted net income was €5,419m vs €1,907m.
Q3 CFO was €3,526m vs €1,267m in Q3 2025; 9M CFO was €6,503m vs €3,853m.
9M net income was €5,006m, including a positive €943m inventory effect; 9M 2025 net income was €1,177m with a negative €478m inventory effect.
Outlook and guidance
FY26 production guidance remained 560,000–570,000 boe/d; October averaged ~590,000 boe/d, with FY26 expected in line with guidance.
FY26 CFO guidance increased to €9bn–€9.5bn; net CapEx guidance was €2.5bn–€3bn.
FY26 shareholder remuneration targets 30%–40% of CFO, including a €1.051/share dividend and €1.8bn in buybacks; January 2027 dividend is €0.56 gross/share.
Spain project plans total €11.5bn for 2026–2030; initiatives include renewable hydrogen, renewable-feedstock fuels, wind and storage.
Aguayo expansion is expected to add 1 GW, bringing capacity to 1.4 GW; annual output is projected near 2,000 GWh.
- Production rose YoY; refining margin was $36.2/bbl and Spanish power averaged €122.1/MWh.REP
Q3 2026 TU - Adjusted net income rose to €2.711bn in H1 2026, with strong industrial and upstream results.REP
Q2 2026 - Oil prices and refining margins surged in 2Q26, with North America upstream output leading growth.REP
Q2 2026 TU - Q3 2025 saw strong results, robust liquidity, and major advances in renewables and shareholder returns.REP
Q3 2025 - Q2 2025 saw lower earnings but strong cash flow and increased shareholder returns.REP
Q2 2025 - Q3 profit and net income fell sharply, but cash flow and shareholder returns stayed strong.REP
Q3 2024 - Net income more than doubled to €657M, with robust shareholder returns and new buybacks.REP
Q2 2024 - Net income dropped 62% year-over-year, but guidance and renewables strategy remain intact.REP
Q1 2025 - Adjusted income fell 34%, but shareholder returns and renewables investment increased.REP
Q4 2024
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