Repsol (REP) Q2 2026 TU earnings summary
Event summary combining transcript, slides, and related documents.
Q2 2026 TU earnings summary
7 Jul, 2026Executive summary
Provisional data for 2Q26 shows significant increases in oil prices and refining margins compared to both 1Q26 and 2Q25.
Upstream production rose slightly year-over-year, with notable growth in North America.
Financial highlights
Average Dated Brent price increased 28.0% sequentially and 52.9% year-over-year to $103.8/bbl.
Refining Margin Indicator in Spain rose 28.4% from 1Q26 and more than doubled year-over-year to $14.0/bbl.
Chemical Margin Indicator surged 227.0% sequentially and 72.9% year-over-year to €569/t.
Outlook and guidance
Forward-looking statements highlight expectations for continued volatility in commodity prices and margins.
Management notes that all projections are subject to material risks and uncertainties.
Latest events from Repsol
- 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 - Adjusted net income rose 57% year-over-year to €873 million, with robust shareholder returns.REP
Q1 2026 - 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