Repsol reported a net profit of €5.006 billion in the first nine months of the year, representing a 325% increase compared to €1.177 billion in the same period last year. This performance was boosted by stock revaluation (+€943 million) in a 2026 environment marked by rising prices for crude oil and refined products driven by the conflict in the Middle East, according to the company, which has accelerated its shareholder remuneration plan to distribute roughly €3 billion this fiscal year.
With these figures, the energy company recorded its highest profit on record for the January–September period, surpassing the €3.222 billion achieved in 2022 during the height of the energy crisis following Russia’s invasion of Ukraine.
The group’s adjusted net income, which specifically measures business performance, reached €5.419 billion through September, up 184% from €1.907 billion in the same period last year. Repsol’s adjusted EBITDA for the January-to-September period stood at €10.834 billion, a 175% increase compared to the same period in 2025. The oil company’s strong results came against a backdrop of rising crude prices due to tensions generated by the Middle East conflict.
Cash flow from operations (CFO) reached €3.526 billion during the quarter, €2.259 billion higher than in the same period of 2025. Net debt decreased to €2.038 billion at the end of the third quarter—down €1.629 billion from the end of Q2—driven by robust cash generation. The leverage ratio fell to 6.2% from 11.3% at the close of the second quarter.
Meanwhile, in the current economic climate and amidst a particularly tight market, the executive team led by Chief Executive Officer Josu Jon Imaz allocated nearly €3.7 billion between January and September to boost inventories of crude oil and refined products.
The company highlighted that “this effort, combined with the flexibility and efficiency of its refineries, has allowed production to adapt to market needs, reinforce the supply of the most in-demand fuels, and help Spain face supply constraints from a stronger position than other European countries.”
€3 Billion Shareholder Remuneration
Regarding shareholder returns, total payouts will reach approximately €3 billion during 2026—benefiting Repsol’s roughly 400,000 shareholders, most of whom are retail investors based in Spain—in line with its commitment to allocate between 30% and 40% of cash flow from operations to shareholders.
This includes around €1.2 billion in cash dividends, the already-completed cancellation of 33.1 million treasury shares acquired for a total of €850 million, and a third share buyback program worth €950 million scheduled for execution over the remainder of the year.
Additionally, the group announced the payment in January 2027 of a gross dividend of €0.56 per share, consisting of a €0.53 gross distribution charged to free reserves (already approved by the general shareholders’ meeting) and a €0.03 gross interim dividend against 2026 earnings. For the following two years, the company maintains its commitment to increase the total amount allocated to cash dividends by 3% annually
