Repsol nine-month profit surges 325% to €5 billion on crude price rally

Repsol posted a net profit of €5.006 billion for the first nine months of 2026, a 325% rise against the €1.177 billion recorded in the same period of 2025, driven by a €943 million stock revaluation linked to higher crude prices and sharply wider refining margins, the company disclosed to Spain's market regulator CNMV.

The adjusted net result, which strips out inventory effects to measure underlying business performance, reached €5.419 billion, up 175% year-on-year. By division, Exploration and Production contributed €1.088 billion, up 28.6%; the Industrial segment delivered €3.668 billion, propelled by refining margins that widened from $6.7 per barrel to $20.7 per barrel, a 207% increase; and the Customer business rose 4.6% to €613 million. Low Carbon Generation posted an adjusted net result of €43 million, up 23%.

Brent crude averaged $97 per barrel in the third quarter, up 40% against the same quarter of 2025. International prices for petrol, diesel and kerosene rose 60%, 88% and 84% respectively over the same period.

Chief executive Josu Jon Imaz's company attributed the environment to Middle East tensions and the Ukraine conflict, which it said had created supply disruptions, logistics damage and international product shortages, particularly of diesel and kerosene. Repsol said it plans to invest €11.5 billion in projects in Spain through 2030, with 60% concentrated around its major industrial sites.

The company announced a dividend payment of €0.56 gross per share in January 2027, comprising €0.53 charged to free reserves already approved by the shareholders' meeting and a €0.03 supplementary dividend.