Repsol (REP) Q3 2025 earnings summary

Executive summary

• Achieved strong operational and financial results in Q3 2025, with all business segments improving year-over-year and robust cash flow, despite market volatility and geopolitical uncertainty.

• Advanced key growth projects, including first oil at Leon-Castile (US), completion of the NEO Energy merger in the UK, and progress in renewables.

• Strategic focus on shareholder distributions, prudent CapEx, and a strong balance sheet, with a Capital Markets Day planned for March 2026 to update projections to 2028.

• Allocated €1.8 billion to shareholder distributions in 2025, at the higher end of the strategic CFFO distribution range.

Financial highlights

• Q3 2025 adjusted income was €820 million, up 47% year-over-year and 17% sequentially; net income reached €574 million, up 246% year-over-year.

• Q3 2025 EBITDA was €1,935 million, up 36% year-over-year; operating cash flow for Q3 was €1.5 billion, with 9M25 CFFO up 15% year-over-year to €4.3 billion.

• Net CapEx for Q3 was €0.3 billion; 9M25 net CapEx was €2.5 billion, including €1.3 billion from disposals and asset rotations.

• Net debt stood at €6.9 billion at quarter-end, up €1.2 billion from June due to UK JV integration; gearing at 20.5% (10.4% excluding UK impact).

• Liquidity stood at €10.249 billion, covering 3.67 times short-term gross debt maturities.

Outlook and guidance

• FY25 guidance unchanged: upstream production ~550,000 boe/d, CFFO ~€6 billion, net CapEx ~€3.5 billion, and dividend of €0.975/share (+8.3% vs 2024); target for 2026 is around €1.05/share.

• Shareholder remuneration at the higher end of the 25–35% CFFO distribution range, including €700 million share buyback.

• Strategic plan update to be presented in March 2026, reflecting evolving market and regulatory conditions.

• Targeting 3 million power and gas customers by year-end 2025.

• New production projects in the US and Brazil to add 50,000 net boe/d by 2027.