Quarterly results

• Net income for the first half of 2026 stood at €2.201 billion, due to the revaluation of inventories (+€823 million). Adjusted net income, which specifically measures business performance, was €2.711 billion.
• These results come against a backdrop of significant volatility in energy markets, particularly since the start of the conflict in Iran, which has increased price fluctuations and restricted supply. 
• Repsol – which has no assets in the Middle East - has concentrated its efforts on ensuring the continuity of energy supply and has allocated €2.4 billion in the first half of the year to build up its inventories of crude oil and refined products. 
• The company has also helped mitigate the impact of fuel price volatility on its customers by applying additional discounts at its service stations. 
• Repsol has proposed improvements to employee conditions through a preliminary agreement with employee representatives, which will serve as basis for the XI Framework Agreement.
• The Board of Directors has approved a second share buyback program of up to €500 million, in addition to the €350 million program already completed. The company expects to announce a third buyback in October.

Josu Jon Imaz, CEO of Repsol: 

• "The conflict in Iran has highlighted the importance of security of supply and the essential role of oil and gas in meeting global demand. Repsol maintains its commitment to meet the needs of society, reinforcing fuel production and applying additional discounts for its customers at a key time of the year for Spanish tourism."