Repsol announced that adjusted net earnings for the quarter ended June 2026 reached €1.84 billion, exceeding the €1.64 billion consensus estimate and representing a substantial increase from €598 million in the comparable period a year earlier. Operating cash flow for the quarter rose to €1.94 billion, up from €1.56 billion in the prior reporting period, while net debt at the end of June declined to €3.67 billion from €4.8 billion at the end of March, improving the company’s leverage ratio to 11.3% from 14.3%.
The earnings uplift was driven by higher oil prices and stronger refining margins. Brent crude averaged $103.8 per barrel during the quarter, up from $67.9 per barrel previously, which lifted gasoline pump prices and contributed to the margin expansion. Repsol, which holds no assets in the Middle East, noted that the results were achieved amid significant energy‑market volatility following the joint U.S.–Israel assault on Iran in late February and the consequent closure of the Strait of Hormuz.
The company allocated €2.4 billion in the first half of 2026 to build up inventories of crude oil and refined products and applied discounts at service stations to mitigate fuel‑price impacts for customers. Within its industrial segment, adjusted net income rose sharply to €1.24 billion from €103 million a year earlier, supported by the refining, Repsol Peru, trading and chemicals businesses.
Repsol indicated that capital will continue to be deployed with discipline, focusing on the most profitable and transformative opportunities. It plans to distribute up to 40% of cash flow from operations to shareholders through a mix of dividends, share buybacks and subsequent capital reductions.