Repsol (REP) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was €366 million, down 62.2% year-over-year; adjusted income was €651 million, down 48.6% year-over-year, mainly due to lower refining margins and oil prices, partially offset by higher gas prices and portfolio improvements.

• Net debt increased to €5.8 billion, up €822 million from Q4 2024, driven by investments, working capital, dividend payments, and share buybacks; gearing at 16.9% (5.9% ex-leases).

• Strategic progress included a UK North Sea JV, asset rotations in Spain and the US, new project start-ups, and expansion of renewable fuels and partnerships.

• Shareholder remuneration commitments maintained, with €0.975/share for 2025 (+8.3% y-o-y), €0.5/share proposed for July 2025 and January 2026, and ongoing buyback program.

Financial highlights

• Adjusted income for Q1 2025 was €651 million, down 48.6% year-over-year; net income was €366 million, down 62.2% year-over-year.

• EBITDA was €1,587 million (down 25.9% y-o-y); EBITDA CCS at €1,847 million (down 13.9% y-o-y); revenue was €14,954 million.

• Cash flow from operations was €1.1 billion, impacted by seasonal working capital; free cash flow reached €88 million, a significant improvement from negative €767 million in Q1 2024.

• Net capex for the quarter was €1.0 billion, with €0.7 billion in divestments announced and €0.4 billion already received.

• Liquidity at €8.497 billion, covering 2.6x short-term gross debt maturities.

Outlook and guidance

• 2025 guidance remains unchanged despite macro uncertainty; cash flow from operations expected at €5.5–6.5 billion, net capex at €3.0–4.0 billion, including ~€2 billion divestments.

• Shareholder remuneration to remain at 30–35% of cash flow from operations, with dividend at €0.975/share (+8.3% y-o-y).

• Commitments maintained even under a stressed scenario with lower Brent and refining margins.

• Plans to start production at four upstream assets before year-end 2025.