Repsol achieves an adjusted net profit of €873 million in an environment of high geopolitical volatility

 

In the first quarter of 2026, Repsol It achieved an adjusted net profit of 873 million euros, focused on guaranteeing supply in the face of the conflict in IránThe company invested $1.200 billion in inventories and allocated $35 million to fuel discounts to mitigate price volatility.

 

Operational resilience in the face of crisis in Oriente Medio

 

The performance of the businesses of Repsol It has been conditioned by a global macroeconomic framework marked by instability in Oriente MedioThis situation has led to physical disruptions in the flow of refined products, especially kerosene and diesel, in addition to high fluctuations in raw material prices. The company's total net profit amounted to 929 million euros, a figure that includes a positive impact from patrimonial effect of 593 million euros.

 

Despite not having direct assets in the conflict zone, Repsol has prioritized continuity of supply in España. By Josu Jon Imaz, CEO of Repsol"In an increasingly complex and volatile geopolitical environment, which threatens to transform the energy paradigm, we remain focused on ensuring security of supply, based on a disciplined and efficient operation of our integrated portfolio."

 

Financial Indicator (Q1 2026)	Magnitude
Adjusted Net Result	873 millones de euros
Total Net Result	929 millones de euros
Investment in Crude Oil Inventories	1.200 millones de euros
Total Tax Contribution	3.350 millones de euros
Discounts at Gas Stations	35 millones de euros

 

Strength of the refining and supply system

 

The company's refining system in EspañaThe refinery, comprised of five interconnected refineries, remains one of the most efficient in Europa. Repsol has announced an increase of between 15% and 20% in its production of aviation kerosene to safeguard tourism activity in preparation for the summer season.

 

The system's flexibility allows it to process up to 100 different types of crude oil. Currently, 60% of the raw material comes from América (mainly Estados Unidos, México y Brasil) and 30% of the north of África, with Libia as a strategic player. Furthermore, the firm has resumed receiving shipments from Venezuela, taking advantage of the capabilities of their deep conversion schemes.

 

Milestones in Exploration, Production and Industrial Transformation

 

The area of Exploration and Production (Upstream) It reported an adjusted profit of €302 million, with production of 539.000 barrels of oil equivalent per day (boepd). Key projects such as [project names missing] stand out. Lapa Suroeste en Brasil and the upcoming launch of the project Pikka en Alaska.

 

• Venezuela: Strategic agreements with PDVSA to triple oil production in three years at the asset Petroquiriquire.
• Libya: Awarding of two new exploration blocks to strengthen long-term presence.
• Renewable Fuels: Start of the plant commissioning Puertollano, with a capacity of 200.000 tons per year.
• Green Hydrogen: Investment in a 100 MW electrolyzer at the refinery of Petronorsupported by funds NextGenerationEU.

 

In the commercial sphere, Repsol has extended until May 31 the additional discounts for customers who use the app Waylet or the card Solred, already benefiting more than 11,2 million digital users.

 

 

Commitment to shareholder returns

 

The Annual General Meeting of Shareholders, scheduled for May 14, will ratify a total gross dividend of €1,051 per share in 2026, representing an 8% increase over the previous year. This plan is complemented by a share buyback program with a net investment of €350 million, maintaining the objective of distributing between 30% and 40% of operating cash flow.

 

Key points and frequently asked questions about the results of Repsol

 

How has the conflict affected Irán to the operation of Repsol?

It has generated a physical disruption of energy products and price volatility. Repsol It has responded by increasing its crude oil inventories through an investment of 1.200 billion euros to ensure supply.

 

What is the strategy of Repsol en Venezuela?

The company has signed agreements with PDVSA to increase gas production in Cardón IV and regain operational control in Petroquiriquirewith the goal of tripling crude oil production in three years.

 

What measures have been taken to alleviate fuel prices in España?

Repsol has applied additional discounts at its more than 3.300 service stations through Waylet y Solred, accumulating savings of 35 million euros for its customers.