Repsol posts net income of €603m and announces new share buyback
London, August 01, 2025, (Oilandgaspress) ––– Repsol posted net income of €603 million in the first half of 2025, 62.9% lower than in the same period of 2024. The adjusted income, that specifically measures the performance of the businesses, stood at €1.353 billion, down 36.4% compared to the first six months of last year.
These results were achieved in a global environment marked by geopolitical volatility and trade tensions, the continued increase in OPEC+ supply, and the resulting decline in crude prices (averaging $71.9 per barrel in the semester, 14.5% lower), as well as the effects of the Spanish power outage that happened on April 28.
In this context, Repsol’s integrated model once again demonstrated its resilience. All business areas have improved their results compared to the previous period, both quarterly and half-yearly, except for the Industrial division, which was impacted mainly by the power outage that affected the group’s five refineries and its three chemical production centers in Spain and Portugal.
The adjusted income of the Exploration and Production business (Upstream) reached €897 million between January and June, 3.2% higher than in 2024. The Customer area continued its growth trend with a 14% increase, reaching €358 million in the semester. In the Low Carbon Generation business, the adjusted income was €12 million, €17 million higher than in the first half of 2024. Meanwhile, the adjusted income of the Industrial business was €230 million, down 77.4% compared to the same period last year. The results in this business were impacted mainly by the Spanish power outage on April 28 and by other electricity supply disruptions due to external factors beyond Repsol’s control that occurred at the company’s industrial complexes in Cartagena (April 22) and Puertollano (June 16). These events had an estimated impact on the company’s financial results of approximately €175 million. Repsol is assessing potential legal actions, pending the official determination of responsibilities related to the power outage.
Net debt stood at €5.728 billion at the end of June, €102 million lower than in March. The Group’s liquidity reached €8.069 billion, enough to cover short-term debt maturities 2.72 times. This solid financial position has been recognized by leading rating agencies (S&P, Moody’s, and Fitch), all of which have maintained Repsol’s investment-grade rating (BBB+ or equivalent).
Gross investments between January and June 2025 totaled €2.7 billion, primarily in the United States, Spain, and Brazil. At the same time, the company rotated assets worth more than €1.2 billion, of which nearly €500 million were cashed-in during the first half of the year. Repsol’s total tax contribution for the same period amounted to €6.088 billion, €286 million more than in 2024, of which €4.121 billion were contributed in Spain.
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