Repsol's nine-month net profit hits 5,006 million euros on higher oil prices

Profit driven by oil prices

Repsol reported a net profit of 5,006 million euros for January to September, up 325% on the same period a year earlier. The company attributed the jump to higher crude and refined product prices linked to the conflict in the Middle East, and to a 943 million euro gain in the value of the stocks it holds. Most reports put the year-earlier profit at 1,177 million euros, although one gives 1,777 million. The figure is above the 3,222 million euros reached in 2022, a year of energy crisis after Russia's invasion of Ukraine. Adjusted net income, which strips out one-off effects to show how the underlying businesses performed, rose to 5,419 million euros from 1,907 million, and adjusted EBITDA reached 10,834 million euros, up 175%. Brent averaged 97 dollars a barrel over the nine months against 69.1 dollars a year earlier, while refining margins averaged 36.2 dollars a barrel compared with 8.8 dollars.

Business segments

Upstream exploration and production posted adjusted net income of 1,088 million euros, 28.6% more than a year earlier, with average output of 557,000 barrels of oil equivalent per day. The industrial business contributed 3,668 million euros, driven mainly by stronger refining margins, compared with 540 million euros in the same period of 2025, a period hit by electricity blackouts including the April 2025 blackout. The customer business, which runs the service station network and accounts for 11% of adjusted net income, rose 4.6% to 613 million euros. Low-carbon generation added 43 million euros, up 23%. Adjusted net income by business line for the nine months is shown in the chart below.

Upstream1,088

Industrial3,668

Customer613

Low-carbon generation43

Upstream

1088 million euros

Industrial

3668 million euros

Customer

613 million euros

Low-carbon generation

43 million euros

Data from the article text

Cash, inventories and shareholder payouts

The company put about 3,700 million euros into raising its stocks of crude and refined products between January and September, to cope with shortages, particularly of diesel and kerosene. Operating cash flow reached 6,503 million euros, and net debt fell to 2,038 million euros at the end of September, 1,629 million less than at the end of June. The leverage ratio dropped to 6.2% from 11.3% in the second quarter, while liquidity of 11,922 million euros covers 4.14 times short-term gross debt maturities. For 2026 Repsol has accelerated its payouts and expects about 3,000 million euros to go to shareholders, including roughly 1,200 million euros in cash dividends, the retirement of 33.1 million treasury shares bought for 850 million euros, and a third buyback of 950 million euros to be executed over the rest of the year. The company described its inventory build in its statement.

“This effort, together with the flexibility and efficiency of its refineries, has allowed production to be adapted to market needs.”

Spain investment plan

Repsol plans projects worth 11,500 million euros in Spain between 2026 and 2030. About 60% of that, roughly 7,000 million euros, will go to initiatives at or near existing industrial sites, including new renewable hydrogen plants and a third fully renewable fuels plant that would join the operating facilities in Cartagena and Puertollano. The company also set aside 100 million euros to fund fuel discounts for customers facing price volatility. Repsol said the plan will reinforce security of supply and the company's industrial future, and it stressed its tax contribution to public finances. The group is led by Josu Jon Imaz, and the results came out on Thursday, 29 October, as the Ibex 35 reporting season continued.