Repsol reported a net profit of 1,177 million euros until September, 34.3% less than in the same period in 2024, impacted by the drop in crude oil prices.
According to information sent this Thursday, 30th, to the National Securities Market Commission (CNMV) of Spain, adjusted net profit until September, which specifically measures business performance, totaled 2,173 million, a drop of 19% year-on-year.
The company’s net investments totaled around 300 million euros in the third quarter of 2025 and around 2,500 million in the first nine months of the year.
The company states that these results were achieved in an environment marked by continued market volatility, geopolitical uncertainty and concerns about excess oil supply.
Analyzing only the third quarter, the company indicates that all of its businesses improved results compared to the same period in 2024.
During this period, net profit for the third quarter more than doubled compared to the previous year, reaching 574 million euros, while adjusted quarterly profit grew 47%, to 820 million, exceeding analysts’ consensus.
In the first nine months of the year, adjusted profit from the exploration and production business (“Upstream”) reached 1,214 million euros, an increase of 5% year-on-year, due to higher gas prices and lower operating costs.
In turn, the industrial division recorded an adjusted profit of 545 million euros, a drop of 54.7% compared to the same period of the previous year, but with an increase of 70.3% in the third quarter. This reflects the normalization of activity after the blackouts in Spain and Portugal, which allowed for higher refinery margins.
The customer division maintained its growth trend, with an increase of 21.3%, 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/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 installed renewable energy capacity, and the company expects to add another 500 MW before the end of the year.
Regarding shareholder remuneration, Repsol expects to distribute between 30% and 35% of operating cash flow this year, at the upper limit of the commitment made for the period 2024-2027.
In 2026, after the capital reductions carried out in 2025, the company expects to distribute a gross dividend of more than one euro per share.