EarningsQ2 2026 Earnings Report
DE:REPA Q2 2026 EPS Results
Actual EPS€1.69
Consensus EPS€1.46
Beat/MissBeat by +€0.23
One Year Ago EPS€0.58
DE:REPA Q2 2026 Revenue Results
Actual Revenue€18.75B
Expected Revenue€16.15B
Beat/MissBeat by +€2.60B
YoY Revenue Growth+38.97%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
DE:REPA Upcoming Earnings
Repsol's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:REPA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strongly positive operational and financial quarter: materially higher adjusted net income, robust cash generation (excluding working capital), reduced net debt, increased shareholder returns (dividend up ~8% and enlarged buyback programs), solid upstream production growth (Pikka ramp-up) and industrial/refining outperformance. These positives are tempered by a EUR 1.3 billion working capital build that temporarily reduced cash generation, continued geopolitical-driven market volatility (Hormuz/Russia) that creates uncertainty around sustainability of elevated margins, some maintenance-related availability constraints and modest current reported profits from renewables. On balance the company appears to be delivering significant near-term value while prudently managing balance sheet and capital returns, but the outlook retains elevated macro and supply-side risk.Company Guidance
Strong Quarterly and Half-Year Profitability
Q2 adjusted net income of EUR 1.8 billion (more than EUR 1 billion YoY improvement). First half adjusted net income of EUR 7.2 billion, a 135% increase vs H1 2025.
Robust Cash Flow Generation
Q2 cash flow from operations of EUR 1.9 billion (+24% YoY). Excluding working capital movements operating cash flow was EUR 3.3 billion in Q2 and EUR 5.7 billion accumulated to June.
Net Debt Reduction and Strong Leverage Metrics
Net debt of EUR 3.7 billion at quarter end, down EUR 1.1 billion vs March; gearing 11.3% (3.1% excluding leases). Transactional deconsolidation of renewable asset debt (~EUR 0.6 billion) also reduced reported debt.
Increased Shareholder Returns
Total cash dividend for 2026 of EUR 1.051 per share, approximately 8% higher than 2025. Share buyback program increased (second program raised from EUR 350m to EUR 500m) and a third buyback to be launched in October to meet 30%-40% CFFO distribution target.
Industrial / Refining Outperformance
Industrial division adjusted net income EUR 1.2 billion vs EUR 103 million in Q2 2025. Refining margin indicator up 137% YoY; refining premium averaged ~USD 10.3/bbl in Q2 (biofuels contribution ~USD 2.2/bbl). July refining margin averaged ~USD 34/bbl with a premium of ~USD 9/bbl.
Upstream Production Growth and Pikka Start-up
Q2 production averaged 558,000 boe/d (highest in 2 years, +4% QoQ). U.S. production >200,000 boe/d (~37% of company volumes). Pikka Phase 1 began producing (~23,000 gross bpd) with first sales expected in August and on track to reach 80,000 gross bpd plateau in Q3.
Chemicals and Trading Recovery
Chemicals posted its first positive operating result in two years; petrochemical margin averaged EUR 569/t (more than 3x Q1). Liquids, crude and gas trading generated over EUR 500 million combined CFFO in H1 2026.
Resilient Customer and Retail Performance
Customer adjusted net income EUR 209 million (+7% YoY). Road fuel sales in Spain +7% YoY; non-oil station contribution +6% YoY. Power & gas retail added 116,000 customers (+18% YoY) to reach 3.3 million; digital clients 11.6 million (+15% YoY).
Progress on Renewable Asset Rotation and Funding
Agreement to bring Masdar into an operating Spanish renewable portfolio valued at EUR 849 million expected to reduce net debt by ~EUR 700 million and generate cash proceeds (~EUR 150 million expected at closing). Since 2021 roughly two-thirds of global renewables rotated with average equity IRR >10%.
DE:REPA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed