Information submitted today to the Spanish National Securities Market Commission (CNMV) indicates that the adjusted net profit up to September, which specifically measures business performance, totaled 2.173 billion euros, marking a 19% year-on-year decrease.
Net investments by the company amounted to approximately 300 million euros in the third quarter of 2025 and about 2.5 billion euros in the first nine months of the year.
The company notes these results were achieved in an environment characterized by ongoing market volatility, geopolitical uncertainty, and concerns over oil oversupply.
Focusing solely on the third quarter, the company reports that all its businesses improved results compared to the same period in 2024.
During this period, third-quarter net profit more than doubled from the previous year, reaching 574 million euros, while quarterly adjusted profit rose by 47% to 820 million euros, exceeding analysts’ consensus.
In the first nine months of the year, the adjusted profit for the exploration and production (“Upstream”) business reached 1.214 billion euros, a 5% year-on-year increase, due to higher gas prices and lower operating costs.
The industrial division, meanwhile, recorded an adjusted profit of 545 million euros, a 54.7% decline compared to the same period the previous year, but with a 70.3% increase in the third quarter. This reflects a normalization of activity following the blackout in Spain and Portugal, which allowed for higher refinery margins.
The customer division continued its growth trend, with a 21.3% increase, reaching 599 million euros in the first nine months of the year.
In the first nine months of the year, average production reached 549,000 barrels per day, in line with the strategic plan.
The low-carbon power generation business also continued to expand its generation capacity, reaching nearly 5,000 megawatts (MW) of operational renewable energy capacity, and the company expects to add another 500 MW before the end of the year.
Concerning shareholder remuneration, Repsol expects to distribute between 30% and 35% of operational cash flow this year, at the upper end of the commitment made for the period from 2024 to 2027.
In 2026, after the capital reductions made in 2025, the company expects to distribute a gross dividend of more than one euro per share.
