The company explains that these figures come against a backdrop of high volatility in the energy markets, which has led to greater price fluctuations and restricted supply.
Reported by Consejeros Editorial Team
Repsol’s net profit soared in the first half of the year to €2.201 billion. According to information submitted to the National Securities Market Commission (CNMV), this result represents a threefold increase (265%) in profits compared with the period between January and June 2025 (€603 million). In the second quarter alone, profits increased fivefold (436%) to €1.272 million.
“These figures come against a backdrop of significant volatility in the energy markets, which has led to greater price fluctuations and restricted supply,” the company explained in a statement.
Specifically, the company cites the uncertainty stemming mainly from the conflict in Iran and the ongoing war in Ukraine and the attacks on Russian refineries, which have put pressure on international energy markets, “causing product shortages and increasing the volatility of prices for oil, gas, diesel and kerosene, in particular”.
Specifically, a barrel of Brent crude averaged $92.3 in the first half of the year, compared with $71.9 a year ago. Furthermore, refining margins on a barrel of Brent stood at $12.4 per barrel between January and June, compared with $5.6 per barrel in the same period of 2025. The company has highlighted that, since the end of March, it has been offering its retail customers discounts on top of its standard ones. According to Repsol, the net profit of €2.201 million reflects either the increase in crude oil prices relative to the book value of stored inventories, which has generated a positive equity effect of €823 million. This result contrasts with the €603 million recorded in the first half of last year, which was affected by the fall in crude oil prices—leading to a negative equity effect of €394 million—as well as by the impact of the nationwide power cut on 28 April 2025.
Meanwhile, adjusted net profit, which specifically measures business performance, stood at €2.711 million for the half-year (up 134% year-on-year) and €1.838 million in the second quarter (up 207%).
By business segment, the adjusted net profit for the Exploration and Production division reached €673 million, 6.7 per cent higher than in the first half of the previous year. Meanwhile, the Industrial business posted an adjusted net profit of €1.683 million, driven mainly by higher refining margins, whilst the Customer division maintained its growth trend, with a year-on-year increase of 5.1% to €369 million for the half-year. Low-Carbon Generation recorded an adjusted net profit of €6 million.
Cash flow rises and debt falls
Cash flow from operating activities (CFO) stood at €1.935 million and rose to €3.285 million when excluding changes in working capital, €373 million higher than in the same period of 2025. “Strong cash generation exceeded net capital expenditure, interest payments, minority interests and the purchase of treasury shares under Repsol’s €350 million share buyback programme launched in March 2026,” the energy company stated. During the first six months of 2026, cash flow from operating activities stood at €5.711 million, excluding the change in working capital.
Meanwhile,the group’s net debt stood at €3.667 million at the end of the second quarter, i.e. €1.133 million less than at the end of the first quarter of 2026, mainly due to strong cash generation and the deconsolidation of debt arising from the agreement to divest a portfolio of renewable energy assets in Spain.
Share buy-back programme increased
The other major news from these results is that the company has decided to increase its second share buy-back programme, which complements the cash dividend payment.
Specifically, the amount of this programme is being increased to €500 million from €350 million and is in addition to the previously completed programme, also worth €350 million. These two programmes would involve share buybacks totalling up to €850 million to reduce share capital in 2026.
Imaz has also announced that he plans to launch a third share buyback in October “to fulfil our commitment to distribute between 30 and 40 per cent of operating cash flow”.
In line with its shareholder remuneration target, which sets out a 3 per cent annual increase in the cash dividend between 2026 and 2028, Repsol paid out in January the first cash dividend scheduled for 2026, amounting to €0.5 gross per share; the second, in July, of €0.551 per share, brings the total payout to €1.051 gross per share for the year, an increase of approximately 8 per cent compared with 2025. In addition, a further payment of €0.53 gross per share will be made in January 2027, following its approval at the Annual General Meeting.
