Repsol commits €11.5bn to projects in Spain through 2030

Context and financial performance

Repsol reported net income of €5.006 billion for January–September (adjusted net income €5.419 billion). It recorded a positive inventory effect of €943 million and allocated €3.7 billion to increase inventories in the period. Adjusted results by business: Upstream €1.088 billion, Industrial €3.668 billion, Customer €613 million, Low Carbon Generation €43 million.

Investments and project pipeline

The company plans €11.5 billion of projects in Spain through 2030, with roughly €7 billion (60%) concentrated around its large industrial complexes. Key initiatives include renewable hydrogen plants in Cartagena and Petronor, a third plant producing fuels from 100% renewable feedstocks, the Ecoplanta circular methanol plant in Tarragona (>€800 million, start 2029), and polyethylene/polypropylene capacity in Sines (Portugal, >€800 million).

Security of supply and low‑carbon capacity

Repsol emphasizes refinery flexibility and deep conversion to address tight markets, processing diverse crudes and producing diesel/jet fuel in demand. Low Carbon projects include expansion of the Aguayo pumped‑storage plant (+1 GW to 1.4 GW, ~2,000 GWh annual production) and continued wind, storage and solar developments (including 269 MW Ritter Station and 99 MW Cerignola).

Customers, taxes and shareholder returns

Since late March the company has provided nearly €100 million in extra fuel discounts and extended them to November 30. Year‑to‑date tax contribution totals ~€10.5 billion (€7.5 billion in Spain). Repsol commits 30–40% of cash flow from operations to shareholder returns through 2028, with a 2026 cash dividend of €1.051 gross per share and buybacks expected to bring 2026 cancellations to €1.8 billion and total distributions to close to €3 billion, benefiting about 400,000 shareholders.