- RCA EBITDA €943m (Upstream €685m; Industrial & Midstream €198m; Commercial €84m; Renewables €-2m) and RCA Net Income €272m.
- Adjusted operating cash flow €713m; cash flow from operations €482m (working capital -€192m; inventory effects -€39m); free cash flow €47m; net debt stable at €1.3bn and €46m spent on the 2026 share buyback.
- Capex concentrated on Bacalhau development, Tupi infill drilling, low‑carbon industrial projects in Sines and increased storage capacity deployment in Iberia.
- Namibia exploration and appraisal campaign to start later this year; discussions with Moeve shareholders on a downstream merger target an agreement by mid‑year.
Financial performance
RCA EBITDA was €943m (Upstream €685m; Industrial & Midstream €198m; Commercial €84m; Renewables €-2m). Group RCA EBIT reached €773m and RCA net income was €272m. Upstream strength reflected higher production in Brazil and Bacalhau FPSO ramp‑up, with oil realisations supported by a March Brent price surge; Industrial & Midstream results were lower year‑on‑year despite stronger refining cracks in March and solid commodity trading, partly offset by accounting lag effects in oil supply pricing formulas. Commercial improved on B2B market conditions in Spain; Renewables were affected by weak solar prices in Iberia.
Cash flow & balance sheet
Adjusted operating cash flow was €713m and cash flow from operations €482m, after a working capital build of €-192m and inventory effects of €-39m. Free cash flow amounted to €47m. Net debt remained stable at €1.3bn, and €46m was spent under the 2026 share buyback programme.
Capital spending & operations
Capex focused on Bacalhau development, ongoing infill drilling in Tupi, low‑carbon industrial projects in Sines and the deployment of additional storage capacity in Iberia.
Corporate developments
An exploration and appraisal campaign in Namibia is planned to start later this year; discussions with Moeve shareholders on a potential downstream merger are progressing with an agreement still expected by mid‑year.
