Repsol (REP) Q4 2025 earnings summary

Executive summary

• Achieved strong strategic delivery and disciplined growth in 2025, with robust performance across all business segments and enhanced shareholder remuneration, despite a volatile macroeconomic and geopolitical environment and a major blackout in Spain.

• Advanced industrial transformation with a low-carbon platform in Iberia, reinforced commercial profitability, and significant progress in renewables and decarbonization targets.

• Adopted a new segment reporting model in Q4 2025, aligning with IFRS and emphasizing joint ventures and minority interests.

• Committed €1.8B to shareholder distributions in 2025, including an 8.3% DPS increase and €700M in share buybacks.

Financial highlights

• Adjusted net income for 2025 was €2.568B, down 15% year-over-year; net income reached €1.899B, up 8% from 2024.

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

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

• Net debt closed at €4.5B, up 12% from 2024, but down 21% from September 2025.

• Liquidity at year-end 2025 was €10.271B, covering 5.37x short-term debt maturities.

Outlook and guidance

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

• Upstream production expected to rise to 560,000–570,000 boe/d.

• Cash dividend projected to grow by 7.8% to €1.051 per share, with total shareholder remuneration of €1.9B and a €350M buyback program approved.

• Cash flow from operations guidance for 2026 is €5.5–6B; net CapEx expected at €2.7B.

• Updated 2026–2028 projections to be presented at March Capital Markets Day.