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Company research26 Mar 2024
Companies That Had Their IPO in 1989: The Calm Between the Storms
A look at the IPO landscape and market sentiment in 1989 as the markets enjoyed a period of relative calm between tumultuous times.
Repsol
Repsol (REP) investor relations material
Repsol Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary30 Apr, 2026
Executive summary
Achieved a solid start to the 2026–2028 strategic roadmap, emphasizing cash flow growth, higher shareholder returns, and disciplined capital allocation while maintaining a strong balance sheet.
Maintained stable and reliable operations despite heightened commodity volatility and geopolitical tensions, with no material exposure to the Middle East.
Advanced key upstream projects, including the TotalEnergies JV in the UK, production start at Lapa Southwest (Brazil), and progress in Venezuela and Alaska.
Strategic investments and operational flexibility in refining and renewables supported resilience and growth.
Focused on ensuring energy supply continuity, allocating €1.2 billion to increase inventories and applying €35 million in additional fuel discounts in Spain.
Financial highlights
Adjusted net income for Q1 2026 was €873 million, up 57% year-over-year; net income was €929 million, up 153.8% year-over-year, including a €593 million inventory effect.
Adjusted EBITDA rose to €2,613 million, up 110% year-over-year.
Cash flow from operations reached €1,042 million, up 1.8% year-over-year; free cash flow was €262 million.
Net debt stood at €4.8 billion, a €0.3 billion increase from December 2025.
Tax contribution was €3.35 billion in Q1, with 73% generated in Spain.
Outlook and guidance
Full-year production guidance remains at 560,000–570,000 boe/d for 2026, with a target of 580,000–600,000 boe/d by 2028.
Cash flow from operations guidance for 2026 is €5.5–6 billion; operating cash flow expected to reach €6.5 billion by 2028.
Shareholder remuneration for 2026 to total €1.051 per share, up 8% year-over-year, with a 30–40% distribution target of cash flow from operations and ongoing share buybacks.
Net capex expected at €2.5–2.7 billion for 2026, with an investment plan of €8.5–10 billion through 2028, 30% dedicated to low-carbon projects.
Kerosene production to increase by 15–20% ahead of summer to support tourism.
Details on the Venezuela production ramp-up
Drivers of the €361M Chemicals asset impairment
Rationale for the 15-20% kerosene output hike
Refining premium drivers and crude substitution
Quokka appraisal results and Alaska growth
Venezuela production recovery and cash flow
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Latest events from Repsol
- 2026–2028 plan targets 20% cash flow growth, 30–40% CFFO distributions, and >6% DPS growth.REP
CMD 202625 Apr 2026 - Net income up 8% to €1.899B, with strong shareholder returns and renewables growth.REPQ4 202513 Apr 2026
- Higher commodity prices and refining margins offset lower upstream production in 1Q26.REPQ1 2026 TU10 Apr 2026
- Adjusted income up 4% YoY to €859M; net income and shareholder returns both increased.REPQ2 20243 Feb 2026
- Strategic plan targets decarbonization, value growth, and EUR 10B in shareholder returns by 2027.REPDeutsche Bank’s Depositary Receipts Virtual Investor Conference20 Jan 2026
- Q3 profit and margins fell sharply, but cash flow and shareholder returns remain strong.REPQ3 202417 Jan 2026
- Sustainable returns prioritized through disciplined investment, low carbon growth, and higher distributions.REPInvestor presentation15 Jan 2026
- Up to €10B in shareholder distributions, strong low carbon growth, and net zero by 2050.REPInvestor presentation15 Jan 2026
- Refining margins soared while oil prices and upstream output declined in Q4 2025.REPQ4 2025 TU14 Jan 2026
Next Repsol earnings date
Q2 2026 TU6 Jul, 2026
Repsol
Next Repsol earnings date
Q2 2026 TU6 Jul, 2026
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