Repsol achieved a net profit of 5.006 billion euros in the first nine months of the year, representing a 325% increase compared to 1.177 billion euros in the same period of the previous year, influenced by the revaluation of stocks (+943 million euros) in a context so far in 2026 marked by the rise in crude oil and petroleum product prices due to the conflict in the Middle East, the company reported, which has accelerated its plan for shareholder remuneration and will distribute around 3.000 billion euros in this financial year.
Thus, the energy company recorded a record profit figure for a financial year up to September, surpassing the 3.222 billion euros it reached in 2022, during the energy crisis caused by the war in Ukraine following the invasion by Russia.
The group's adjusted net result, which specifically measures business performance, reached 5.419 billion euros by September, 184% more than the 1.907 billion euros in the same period last year. Repsol's adjusted gross operating profit (Ebitda) for the period from January to September this year was 10.834 billion euros, an increase of 175% compared to the same period in 2025. These results from the oil company come in a scenario of rising crude oil prices due to tensions caused by the conflict in the Middle East.
The group's cash flow from operations (CFO) reached 3.526 billion euros during the quarter, 2.259 billion euros more than in the same period of 2025. Regarding net debt, it was reduced to 2.038 billion euros at the end of the third quarter, 1.629 billion euros less than at the end of the second quarter of this year, driven by that solid cash generation. The leverage ratio decreased to 6.2% from 11.3% at the end of the second quarter.
Meanwhile, in the current situation, and in a particularly tense market, the group led by Josu Jon Imaz has allocated nearly 3.700 billion euros between January and September to increase its stocks of crude and refined products. The company highlighted that "this effort, combined with the flexibility and efficiency of its refineries, has allowed production to be adapted to market needs, reinforced the supply of the most demanded fuels, and contributed to Spain facing supply constraints from a stronger position than other European countries."
Shareholder remuneration of 3.000 billion
Regarding remuneration to its shareholders, it will amount to a total of around 3.000 billion euros during 2026 -benefiting nearly 400,000 Repsol shareholders, mostly minority shareholders based in Spain-, in line with the commitment to allocate between 30% and 40% of cash flow from operations to shareholders. This includes around 1.200 billion euros in cash dividends, the already executed buyback of 33.1 million of its own shares, acquired for a total amount equivalent to 850 million euros and a third share buyback programme for 950 million euros, which is scheduled to be executed in the remainder of the year.
Additionally, the group announced the payment in January 2027 of a dividend of 0.56 euros gross per share through the distribution of 0.53 euros gross charged to free reserves already approved by the general shareholders' meeting and a dividend of 0.03 euros gross against the results of the 2026 financial year. For the next two years, the commitment to increase the total amount allocated to cash dividends by 3% annually is maintained.
