Repsol Q1 2026 adjusted net income €873m

Q1 results

Repsol reported adjusted net income of €873 million for Q1 2026 and statutory net income of €929 million, the latter reflecting a €593 million inventory effect from rising crude and product prices. The company cites market volatility following the Middle East conflict as the main external driver.

Refining, inventories and retail measures

With no Middle East assets, Repsol increased crude inventories by €1.2 billion in the quarter and will boost kerosene output by 15–20% across its five Spanish refineries to address refined‑product shortages ahead of summer. It has applied additional discounts at Spanish service stations amounting to €35 million to date and extended individual customer discounts until May 31.

Exploration & Production

Upstream adjusted net income was €302 million on production of 539,000 boe/d. New starts and project progress include Lapa South‑West in Brazil, near‑term Pikka start‑up in Alaska, and completed UK asset mergers; Repsol expects 560–570k boe/d in 2026 and 580–600k boe/d in 2028.

Industrial, renewables and shareholder returns

Industrial area posted €440 million adjusted net income but recorded €361 million of impairments, mainly in Chemicals. Repsol commissioned a second renewable fuels plant (200,000 t/yr), approved a 100 MW electrolyser (15,000 t H2/yr) with €160 million Spanish support, and reached 6,000 MW of renewables. Shareholder distribution: €0.5 gross per share paid in January, a second cash dividend expected in July to bring total 2026 pay‑out to €1.051 gross per share, a proposed €0.53 in Jan 2027 pending the May 14 AGM, and a new €350 million buyback program.