Investment Plan
Repsol plans to invest between €8.5 and €10 billion through 2028, focusing on projects with attractive returns and strong cash generation. The investment is aimed at supporting the energy transition, with 55% allocated to Spain and Portugal and 34% to the United States. Additionally, 30% of the investment will target low-carbon initiatives.
Financial Goals
Repsol aims to achieve a cash flow from operations (CFFO) of €6.5 billion by 2028, representing a 20% increase from 2025. This growth will be driven by its Exploration & Production, Industrial, and Client businesses. The company will prioritize the most profitable projects and adapt its investment pace to market developments.
Shareholder Returns
Repsol plans to allocate between 30% and 40% of its cash flow from operations to shareholder returns, including dividends and share buybacks. By 2028, the company expects to distribute around €3.6 billion in cash dividends. For 2026, Repsol has announced a cash dividend of €1.051 gross per share, a 7.8% increase from 2025, and a share buyback program of up to €350 million.
Strategic Focus
The company will continue to focus on improving competitiveness and efficiency while maintaining its commitment to achieving net zero emissions by 2050. Repsol's vertically integrated model, industrial leadership, and commitment to low-carbon projects are key strengths that support its growth and resilience in a volatile environment.
