Repsol obtained a net profit of 2,201 million euros in the first half of the year, representing an increase of 265% compared to 603 million euros in the same period of the previous year. The geopolitical environment derived from the war in Iran and the escalation of crude oil prices have boosted the value of its inventories, which has had a positive equity effect of 823 million euros, according to information the company submitted this Thursday to the National Securities Market Commission (CNMV).
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The group’s adjusted net profit, which specifically measures business performance, reached 2,711 million euros by June, more than doubling the 1,155 million euros of the same period last year.
The energy group led by Josu Jon Imaz noted that these figures occur “in a context of great volatility in energy markets, especially since the beginning of the conflict in Iran, which has increased price fluctuations and restricted supply”.
The company, which has no assets in the conflict zone, assures “that it has concentrated its efforts on ensuring the continuity of energy supply and has allocated 2,400 million in the semester to increase its crude oil and refined product inventories”.
At the same time, Repsol has also implemented measures to alleviate the impact of fuel price volatility. Since the end of March, it has applied additional discounts to its usual ones for private customers who use the Waylet app as a payment method at the company’s more than 3,300 service stations in Spain, as well as for professionals through the Solred loyalty card. In total, in two months, the company has allocated 50 million euros to support its customers. Furthermore, it has just launched a new campaign that allows doubling fuel savings during weekends between last July 17 and August 30, a period when millions of displacements occur on Spain’s road network.
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The group’s net debt, at the end of the second quarter, stood at 3,667 million euros, 1,133 million euros lower than at the end of the first quarter of 2026, mainly due to strong cash generation and the deconsolidation of debt from the agreement to divest a portfolio of renewable energy assets in Spain.
The company has decided to re-accelerate its shareholder remuneration strategy and has approved a second share buyback program, complementing the cash dividend payment, for up to 500 million euros, which adds to the already completed one of 350 million euros. Additionally, it plans to announce a third share buyback in October.
These two programs would involve share buybacks totaling up to 850 million euros to reduce capital in 2026. Furthermore, with the third share buyback planned for October, it would reach the committed shareholder distribution range of 30% to 40% of operating cash flow.
