Repsol (REP) Q4 2024 earnings summary

Executive summary

• 2024 marked a year of strong operational performance, solid execution of the strategic plan, and fulfillment of shareholder remuneration commitments, with €3.3 billion adjusted income and €1.9 billion distributed to shareholders, including a 30% dividend increase and 60 million shares redeemed (~5% of capital).

• Maintained a robust balance sheet with year-end net debt at €5.0 billion, gearing at 14.7% (2.4% excluding leases), and liquidity covering 3.5x short-term debt.

• High investment activity with €5.7 billion net capex in 2024, focused on upstream development, renewables, and industrial transformation.

• Major portfolio moves included divestment of Colombian Upstream assets and an €800 million investment in a waste-to-methanol plant in Spain.

• Shareholder returns prioritized through increased dividends, share buybacks, and capital reductions.

Financial highlights

• FY 2024 adjusted income was €3,327 million, down 33.6% year-over-year; net income was €1,756 million, down 44.6%.

• FY 2024 EBITDA was €7,488 million (down 19.1% year-over-year); cash flow from operations was €5,410 million (down €1,654 million year-over-year).

• Net debt at year-end was €5.0 billion, up from €2.1 billion in 2023.

• Free cash flow for FY 2024 was €-523 million, down €1,953 million year-over-year.

• Revenue for FY 2024 was €59.1 billion, down from €61.6 billion in 2023.

Outlook and guidance

• 2025 cash flow from operations projected at €6–6.5 billion; net capex €3.5–4.0 billion, including ~€2 billion from divestments.

• Shareholder remuneration set at 30–35% of cash flow from operations, with a €0.975 per share dividend (+8.3% vs. 2024) and at least €700 million in share buybacks.

• Operational guidance: Brent at $75/bbl, Henry Hub at $3/Mbtu, refining margin at $6/bbl, production at 530–550 kboed, expected at the high end of the range.

• Renewable capacity target for 2027 moderated to a maximum of 9 GW.