Repsol (REP) Q4 2025 earnings summary

Executive summary

• Achieved strong strategic execution and disciplined growth in 2025, with robust performance across all divisions and enhanced shareholder remuneration, despite volatile oil prices and a major blackout in Spain.

• Advanced decarbonization targets, achieving a 15% reduction in carbon intensity, significant renewables capacity additions, and progress in low-carbon initiatives.

• Implemented a new reporting model reflecting minority shareholders and joint ventures, aligning with IFRS and industry practices.

• Enhanced shareholder returns with total distributions of €1.8 billion in 2025, including an 8.3% dividend increase and €700 million in share buybacks.

• Advanced industrial transformation with a low-carbon platform in Iberia and reinforced commercial profitability through multi-energy offerings.

Financial highlights

• Adjusted net income for 2025 was €2.568 billion, down 15% year-over-year; net income reached €1.899 billion, up 8% year-over-year.

• Cash flow from operations rose to €5.4 billion, up 8% year-over-year.

• Net CapEx was €2.7 billion, down 46% year-over-year.

• Net debt at year-end was €4.5 billion, up 12% from 2024 but down 21% from September 2025; leverage ratio at 14%.

• EBITDA for the Customer business rose 20% to €1.423 billion.

Outlook and guidance

• 2026 planning assumes Brent at $60–65/bbl, Henry Hub at $3.5–4/MBtu, and refining margin at $6.5–7.5/bbl.

• Cash flow from operations expected at €5.5–6 billion, with net CapEx at €2.7 billion.

• Dividend per share for 2026 expected at €1.051, a 7.8% increase, with total shareholder remuneration of €1.9 billion and a €350 million share buyback approved.

• Upstream production guidance for 2026 is 560,000–570,000 boe/d, with ramp-up in Alaska and Leon Castile.

• Updated operational and financial metrics for 2026–2028 to be presented in March 2026.