Repsol reinforces its commitment to Spain with 11.5 billion euros in projects until 2030

This commitment to Spain is evident both in the actions taken in recent years and in an ambitious long-term vision. The company plans to develop projects worth €11.5 billion in Spain between 2026 and 2030, with the aim of continuing to strengthen security of supply, support the country’s industrial future, and advance its transformation to produce new products with a lower carbon footprint.

Of these €11.5 billion, 60% (approximately €7 billion) will be allocated to initiatives in or around the company’s existing industrial complexes. Key projects include new renewable hydrogen production plants and a third plant producing fuels from 100% renewable feedstocks, which will complement the facilities already operating in Cartagena and Puertollano. Approximately €400 million have been invested in these plants.

In Low Carbon Generation, Repsol plans to continue developing projects, primarily in wind power and energy storage, including the expansion of the Aguayo pumped-storage hydroelectric plant in Cantabria. The project will add 1 GW to the current installed capacity bringing total capacity to 1.4 GW and making it the second largest pumped-storage facility in Spain and the fourth largest in Europe. Annual production will be close to 2,000 GWh, enough electricity to supply more than 800,000 homes.

Repsol's commitment to Spain also extends to employment and working conditions. The 11th Framework Agreement, signed with the CC.OO. and UGT labor unions and covering around 14,000 employees in the country, reinforces stable and quality employment, protects purchasing power through salary adjustments in line with the actual consumer price inflation, and introduces new measures on flexibility, inclusion, well-being, and work-life balance.

In addition to its energy, social, and industrial contribution, Repsol makes a significant contribution to public finances. So far this year, the company’s activities have generated a tax contribution of close to €10.5 billion in the countries where it operates, with 72% (€7.5 billion) generated in Spain reflecting its commitment to the country and contributing to economic growth and the competitiveness of Spain’s business and industrial base. The figure is equivalent to a daily contribution of €38 million to public authorities, and it places the company as one of the largest taxpayers within the IBEX 35 in Spain.

The contribution comprises both taxes borne directly by Repsol and taxes generated by the company’s activities and borne by customers, employees, and investors. Taxes borne directly by Repsol have reached an all-time high. These include more than €900 million paid in corporate income tax through October. The company is also the largest contributor to Spain’s National Energy Efficiency Fund, accounting for almost one-quarter of the total.

Additionally, taxes are collected on behalf of third parties, highlighting the significant tax burden on energy products consumed by households and businesses. In Spain, in 2025, taxes represented 49% of the final retail price of gasoline and 43% of the price of automotive diesel. In 2026, to mitigate the impact of inflation resulting from geopolitical tensions, the Spanish government has introduced tax relief measures for motor fuels, including a temporary reduction in VAT from 21% to 10% and temporary, phased reductions in the Hydrocarbons Tax.

The company also introduced measures to mitigate the impact of fuel price volatility on households and businesses. Since the end of March 2026, Repsol has offered additional discounts, on top of its standard discounts, both to individual customers paying with the Waylet app at any of its more than 3,300 service stations in Spain and to professional customers using the Solred loyalty card. Overall, in seven months, Repsol has allocated close to €100 million to support its customers. In addition, last Tuesday, the company announced that these discounts, originally scheduled to remain in place until October 31, would be extended by one more month, through November 30.

In this challenging context, Repsol reported a net income of €5.006 billion from January through September, including a positive inventory effect of €943 million resulting from the impact of higher crude oil prices on the book value of inventories. This compares with €1.177 billion in the same period last year, which was affected by lower crude oil prices, leading to a negative inventory effect of €478 million; as well as by the impact of the nationwide blackout in April 2025.

Adjusted net income stood at €5.419 billion through September. By business, the adjusted net income of Exploration and Production (Upstream) totaled €1.088 billion, 28.6% more than in the first nine months of 2025. Industrial adjusted net income stood at €3.668 billion, mainly driven by higher refining margins, compared with €540 million in the same period of 2025, which was negatively impacted by power outages. The Customer business − which accounts for 11% of the company's adjusted net income and manages its service station network − posted a year-over-year increase of 4.6%, to €613 million. Low Carbon Generation recorded adjusted net income of €43 million (+23%).

Cash flow from operations reached €6.503 billion and net debt stood at €2.038 billion at the end of September. The company ended the quarter with liquidity of €11.922 billion, including undrawn committed credit lines, enough to cover short-term gross debt maturities 4.14 times.

The Exploration and Production business achieved average production of 557,000 barrels of oil equivalent per day (boe/d) between January and September. In October, average production reached 590,000 boe/d, exceeding 600,000 boe/d on several days. For full-year 2026, the company expects to reach a global net production of between 560,000 and 570,000 boe/d.

In recent years, Repsol has optimized and strengthened its exploration and production asset portfolio and is now reaping the benefits of significant investments, with key projects coming onstream this year, particularly in the United States.

Pikka in Alaska, which began producing oil in May of this year, is gradually ramping up production toward the target of 80,000 gross barrels per day. By the end of September, gross production was already at 69,000 barrels per day. Pikka is Repsol's first project to enter production in the North Slope area, where it pioneered the discovery of the Nanushuk formation. At the same time, the company is advancing the next phase of the project, which is expected to add about 40,000 gross barrels per day by 2030.

In Venezuela, the company's priorities remain focused on contributing to the increase of production in the country, as well as monetizing the volumes produced by the company, making significant progress in Petroquiriquire, Petrocarabobo and Cardón IV. So far this year, Repsol has monetized three crude oil cargoes from Venezuela as payment for gas produced, and the company expects to receive two more this year. 

Repsol has continued developing initiatives to ensure the flexibility and efficiency of its refineries – key industrial assets for Spain and Peru – through the addition of plants that will produce new products with a lower carbon footprint. In this regard, throughout the year, the company has announced investments to build two large-scale renewable hydrogen production plants in Cartagena and Petronor, close to Bilbao, with a combined capacity of 200 MW. Repsol is the leading producer and consumer of hydrogen in the Iberian Peninsula, accounting for 60% of Spain’s production and 4% of European consumption.

The company is also moving forward with the Ecoplanta project in Tarragona, where it plans to invest more than €800 million. When it starts operations in 2029, it will become the first plant in Europe to produce renewable and circular methanol from municipal solid waste.

In Portugal, Repsol obtained the operating permits for the new polyethylene and polypropylene plants in Sines. The facilities will begin operations in the coming months, increasing the contribution of the Chemicals business with a strong focus on higher value-added products. This expansion of the Sines complex will involve an investment of more than €800 million and has been designated a project of Potential National Interest (PIN) by the Portuguese government, a status reserved for investments that make a significant contribution to the country's economy.

Repsol continues to work every day to provide its customers with all the energy they need for their mobility, homes, and businesses, with the goal of becoming their single energy provider.

Despite the fuel price volatility resulting from geopolitical instability, demand in Spain has remained robust, supported in part by the relief measures introduced by the Spanish government. As in 2022, Repsol acted ahead of the government introducing its own support measures at the end of March.

The company currently has more than 4,400 service stations. In Spain, 65% offer multi-energy solutions and more than 1,600 sell fuels made from 100% renewable feedstocks. Repsol also has nearly 5,000 EV charging points and offers, through Waylet, access to 14,000 parking spaces equipped for EV charging in Spain, including its own network, as well as interoperability agreements with other operators. In addition, it has more than 400 locations offering AutoGas.

The number of digital customers reached 12 million at the end of September, up 15% from the same period last year, primarily through Waylet, the app through which discounts are applied.

In the Power and Gas business, the company's customer base reached 3.4 million at the end of the third quarter, representing 16% year-over-year growth. The electricity marketed by Repsol so far this year has grown by 31.2% compared to the same period in 2025, to 8,174 GWh. 

With more than 6,000 megawatts (MW) of renewable capacity already in operation, Repsol continues to lay the foundations for business growth in Spain, the United States, and Italy.

In the United States, the company has taken the decision to begin developing the 269 MW Ritter Station solar project. Currently, Repsol has more than 2,200 MW in operation in the country.

In Italy, construction recently began on the 99 MW Cerignola agrivoltaic plant in the southern region of Puglia. It is the first facility of its kind to be developed entirely by Repsol, using a model that maximizes land use by combining agricultural and livestock activities with solar power generation.

Repsol is committed to allocating between 30% and 40% of cash flow from operations to shareholder distributions, including dividends and share buybacks, through 2028.

For 2026, the cash dividend amounts to €1.051 gross per share, an increase of approximately 8% compared with 2025. In this regard, the company paid the first planned cash dividend of €0.50 gross per share in January and the second, of €0.551 per share, in July. An additional payment of €0.56 gross per share is planned for January 2027, through the distribution of €0.53 gross per share charged against free reserves - as already approved by the Annual General Meeting - and a €0.03 gross per share interim dividend against 2026 earnings, announced today. For the next two years, Repsol remains committed to increasing the total amount allocated to cash dividends by 3% annually.

In addition, last Monday the company completed its second own share buyback program amounting to €500 million, which, together with the €350 million program already executed, brings the total amount of share buybacks for cancellation to €850 million. To fulfill its strategic shareholder distribution commitment, this morning the company announced the launch of a third share buyback program for cancellation of up to €950 million, which is expected to be completed by year-end.

As a result, buybacks executed in 2026 are expected to reach €1.8 billion, raising total shareholder distributions to close to €3 billion. The reduction in the number of shares outstanding as a result of the share buybacks will translate into a greater increase in the dividend per share. These shareholder distributions will benefit Repsol's nearly 400,000 shareholders, most of whom are minority shareholders based in Spain.