EarningsQ3 2026 Earnings Report
DE:REPA Q3 2026 EPS Results
Actual EPS€2.46
Consensus EPS€2.41
Beat/MissBeat by +€0.05
One Year Ago EPS€0.73
DE:REPA Q3 2026 Revenue Results
Actual Revenue€20.57B
Expected Revenue€18.86B
Beat/MissBeat by +€1.71B
YoY Revenue Growth+49.45%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
DE:REPA Upcoming Earnings
Repsol's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:REPA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Repsol reported substantial year-on-year growth in adjusted net income, operating cash flow, upstream production, customer activity, renewable generation and shareholder remuneration, while also reducing net debt and maintaining a low gearing ratio. Management highlighted strong refining and trading conditions, project execution and a positive full-year outlook. The main concerns were market volatility, European diesel tightness, freight-rate swings, weaker chemicals performance, working-capital investment and selective execution constraints, but these issues did not outweigh the broad operational and financial gains.Company Guidance
Strong Third-Quarter Financial Results
Third-quarter adjusted net income was EUR 2.7 billion, roughly EUR 2 billion higher than in the same period of 2025, with the Industrial division as the main contributor. Cash flow from operations was EUR 3.5 billion, up EUR 2.3 billion year-on-year, while cumulative operating cash flow to September reached EUR 6.5 billion, already exceeding the initial full-year estimate.
Balance Sheet Strength and Lower Net Debt
Net debt stood at EUR 2 billion at the end of the quarter, a EUR 1.6 billion reduction compared with June, driven by strong cash flow generation. The gearing ratio was 6.2% at the end of September, and management said the company has a positive net cash position excluding leases.
Higher Shareholder Remuneration
The 2026 dividend reached EUR 1.051 per share, approximately 8% higher than in 2025. Repsol executed EUR 850 million of year-to-date buybacks through the redemption of 33.1 million shares and announced a third EUR 950 million buyback program. Total 2026 buybacks are expected to reach EUR 1.8 billion, bringing total shareholder remuneration to EUR 3 billion.
Supportive Commodity and Refining Environment
Brent averaged $97 per barrel in the quarter, 40% above the third quarter of 2025. The refining margin indicator averaged $36 per barrel, $22 higher than in the second quarter and $27 higher year-on-year. Management said the refining outlook remains positive, even assuming normalization as inventories are replenished, disrupted capacity is restored and deferred maintenance is completed.
Upstream Earnings and Production Growth
Third-quarter Upstream adjusted net income was EUR 415 million, up 93% year-on-year, supported by stronger oil and gas price realizations, higher volumes and a greater contribution from equity affiliates. Production averaged 574,000 barrels of oil equivalent per day, up 4% year-on-year, driven by the ramp-up of Pikka, the contribution of Leon-Castile and higher volumes in unconventionals and Libya.
Pikka Ramp-Up Progress
Pikka contributed approximately 10,000 net barrels per day in the third quarter. Phase 1 reached 69,000 gross barrels per day at the end of September, nearing its 80,000 gross barrels-per-day plateau. Phase 2 is expected to add a further 40,000 gross barrels per day by 2030, and Repsol is preparing the Phase 2 final investment decision.
Libya Production Increase and Exploration Pipeline
Libya production averaged 45,000 net barrels of oil per day in the third quarter, a 12% year-on-year increase, driven by better field performance and positive contractual effects. Six new wells were connected during the quarter, and Repsol plans additional appraisal and exploration activity, including the Waha appraisal well and new exploration blocks.
Progress in Venezuela and Brazil
Venezuela production averaged 72,000 barrels per day in the third quarter. Repsol said payments for gas production were being delivered through cargoes, with three of five 2026 cargoes monetized and the remaining two committed. Cardon IV is targeted to increase production from 580 million gross cubic feet per day to 645 million gross cubic feet per day in the first quarter of 2028. In Brazil, two of Raia's six development wells had been completed with significant time and cost savings, supporting confidence in delivering first oil on schedule and within budget.
Industrial Division Earnings Surge
Industrial adjusted net income was EUR 2 billion, EUR 1.7 billion higher than in the same quarter of 2025. Results benefited from stronger contributions from refining, liquids and gas trading, and operations in Peru.
High Refinery Utilization and Realized Margin
The refining business benefited from higher middle-distillate and gasoline spreads, wider heavy-to-light crude differentials and higher utilization. Distillation capacity utilization was 81%, conversion units operated at 98%, and the realized CCS margin was approximately $46 per barrel, including a premium of about $10 per barrel.
Trading Cash Flow Growth
Excluding the working-capital build, crude and gas trading activities generated EUR 1.1 billion of cash flow from operations in the first nine months of 2026, a 153% increase over 2025. Repsol said market volatility and higher freight costs created additional opportunities through trading and fleet management.
Customer Business Growth and Resilient Demand
Customer adjusted net income was EUR 244 million, up 4% year-on-year, while cash flow from operations reached EUR 511 million, up 32%. Including wholesale volumes, Mobility volumes were 8% above the third quarter of 2025, the non-oil contribution margin increased 6%, and the Power and Gas retail customer base grew 16% year-on-year to 3.4 million.
Digital and Customer Engagement Expansion
The Waylet digital client base reached 12 million at the end of September, a 15% increase compared with the third quarter of 2025. Customer support initiatives delivered approximately EUR 30 million of discounts in the quarter and EUR 80 million cumulatively through September.
Low-Carbon Generation Growth
Low-carbon generation adjusted net income was EUR 37 million, up 48% year-on-year. Total power generation increased 18% to 3.9 terawatt hours, while wind and solar production rose 31% to 2.5 terawatt hours. The average Spanish pool price was EUR 122 per megawatt hour, up 84%, and pumped-storage hydro margins at Aguayo were 82% higher year-on-year.
Renewable Capacity Under Construction
Repsol took the final investment decision on the 269-megawatt Ritter Station solar project in Ohio. The company also has close to 1.4 gigawatts of wind and solar capacity under construction in the United States across four projects, all with final investment decisions taken.
Positive Full-Year Outlook
For 2026, upstream production is expected to average between 560,000 and 570,000 barrels per day, net CapEx is expected to remain between EUR 2.5 billion and EUR 3 billion, and cash flow from operations is expected to be between EUR 9 billion and EUR 9.5 billion. Repsol expects EUR 3 billion of shareholder remuneration, at the lower end of its 30%-40% cash-flow distribution range.
Structural Cash Flow Growth and Future Investments
Management reiterated that cash flow from operations is expected to improve 25%-30% over the next three to four years at the same oil, gas and refining-margin assumptions, supported by new projects and commercial businesses. Repsol is evaluating selective acceleration of projects in Norway, the Gulf of America, Sapinhoa, Alaska, industrial retrofits, power and gas retail, renewable generation and storage.
Chemical Improvement Initiatives
The Sines expansion is expected to begin operations in November. Management expects the chemical business to generate approximately EUR 70 million to EUR 80 million of positive EBITDA in 2026 and a positive EBIT in 2027, with Sines expected to add EUR 80 million to EUR 90 million of EBITDA in 2027.
Insurance Coverage for Cartagena Fire
Management said the insurance policies cover the Cartagena fire's costs and lost profits, with the recovery expected to be significant. The insurance payment is expected to be a cash-flow-from-operations item, probably entering in the first quarter of 2027.
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