Repsol (REP) Q3 2026 earnings summary

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.