Repsol’s Adjusted Profit Reaches €5.419 Billion Through September as Oil and Refining Rise
Key Facts
Repsol’s adjusted net income reached €5.419 billion through September 2026, while net income totaled €5.006 billion in the first nine months, compared with €1.177 billion in the same period of 2025. The company reported the results on October 29, after setting the release for before the market opened. The difference between the two measures puts adjusted income at the forefront of the operating-performance picture, while reported net income remains well above its level a year earlier. Repsol said adjusted net income “reached €5.419 billion through September.” It also announced a third €950 million share buyback program and forecast total shareholder returns to approach €3 billion in 2026.
The results benefited from an energy market in which oil and refined-product prices rose sharply in the third quarter. Repsol said the average Brent price was $97 per barrel, up 40% from the third quarter of 2025. International prices for gasoline, diesel and kerosene rose 60%, 88% and 84%, respectively, during 2026, the company said. It said the wars in Iran and Ukraine caused logistical disruptions and infrastructure damage, leading to product shortages, particularly diesel and kerosene. This coincided with strong operating indicators in the third quarter, when production reached 574,000 barrels of oil equivalent per day, up 4.2% year over year.
Refining stood out as an important source of performance, with Spain’s refining margin indicator at $36.2 per barrel in the third quarter of 2026. The indicator was $14 per barrel in the third quarter of 2025 and $8.8 per barrel in the third quarter of 2024, according to the company’s preliminary trading statement. Margins rose as refined-fuel prices climbed, while supply shortages and transport disruption tightened availability, in Repsol’s account. On the production side, the company recorded 574,000 barrels of oil equivalent per day, compared with 551,000 in the corresponding period of 2025 and an increase of 2.9% from the second quarter of 2026. These indicators reflect the combination of improved production and wider refining margins in the period’s results.
On shareholder policy, Repsol disclosed on October 26 that it had completed a €500 million share buyback program after reaching its investment cap. The company bought 17,375,862 shares, equivalent to about 1.59% of capital before the capital reduction was carried out, according to its filing with Spain’s securities market regulator. This completed program is separate from the new third program of €950 million announced by the company on October 29. Repsol estimated total shareholder returns at about €3 billion in 2026. These figures provide a clearer picture of the buybacks: an earlier program completed before the results announcement, and an additional program announced alongside them.
Alongside its capital returns, Repsol announced a plan to develop projects in Spain worth €11.5 billion through 2030. It said 60% of these projects would be located near its major industrial hubs, linking a large share of the planned investment to existing industrial infrastructure. The plan follows nine-month results that, according to company data, benefited from higher oil and refined-product prices and an improved refining margin in Spain. The company is scheduled to continue presenting its results to investors on October 29, the day it released them before markets opened. REPYY shares closed at $31.76 on October 28, according to EL7 data.