Repsol (REP) Q4 2025 TU earnings summary

Executive summary

• Provisional information for Q4 2025 and FY25 provided; final results to be published February 19, 2026.

• New segment reporting model adopted in Q4 2025, with joint ventures now accounted for using the equity method.

• Adjusted Net Income (CCS basis) introduced as the new segment profit measure, excluding special items.

Financial highlights

• Average Brent price in Q4 2025 estimated at $63.7/bbl, down 7.8% from Q3 2025 and 14.7% year-over-year.

• Average WTI price in Q4 2025 at $59.1/bbl, down 9.1% sequentially and 15.9% year-over-year.

• Henry Hub gas price in Q4 2025 at $3.5/MBtu, up 12.9% from Q3 2025 and 47.8% year-over-year.

Outlook and guidance

• All figures are provisional and may differ from final results.

• Forward-looking statements are subject to material risks and uncertainties, including commodity prices and exchange rates.