Repsol obtained a net income of €1.177 billion in the first nine months of 2025, a 34.3% decrease compared to the same period in 2024, mainly impacted by the effect of lower crude oil prices on inventory valuation. Adjusted net income, which specifically measures business performance, stood at €2.173 billion, 19% lower than in 2024.
The net income for the third quarter more than doubled that of the previous year, reaching €574 million; and quarterly adjusted net income grew by 47%, to €820 million.
Specifically, the adjusted result of the Exploration and Production (Upstream) business reached €1.214 billion between January and September, a 5% increase compared to the same period in 2024, due to higher gas prices and lower operating costs.
The Industrial area achieved an adjusted result of €545 million (down 54.7%) in the same period, but with a growth of 70.3% in the third quarter, reflecting the normalization of activity after the blackout in Spain and Portugal, which allowed it to capture higher refining margins.
The Client area maintained its growth trend, with an increase of 21.3%, reaching €599 million in the first nine months of the year, thanks to its multi-energy value proposition, which offers all kinds of solutions for home and mobility, according to the needs of each client.
For its part, Low Carbon Generation achieved an adjusted result of €43 million from January to September.
The group’s liquidity reached €10,249 million , enough to cover 3.67 times the maturities of the short-term gross debt. In September, Repsol accessed the United States capital markets with the issuance of a $2.5 billion bond offering, the largest in US dollars in the company’s history. The issuance received great interest from the investment community, exceeding the offered amount by 6.9 times.
The gross cash dividend will exceed one euro per share in 2026, following an 8.3% increase in this item in 2025.
Josu Jon Imaz, CEO of Repsol: “The company achieved solid operating and financial results in the third quarter of 2025, supported by robust refining margins, solid commercial activity, and disciplined capital allocation
