Repsol to invest €10 billion through 2028

10 Mar Repsol to invest €10 billion through 2028

(Oilandgaspress) – Repsol presented an update of its operational and financial metrics for the 2026–2028 period at its Capital Markets Day.

The company maintains the pillars defined in its 2024–2027 Strategic Update: financial strength, attractive shareholder returns, and investment discipline. At the same time, it has refined its road map through 2028 to continue growing in all its businesses and strengthening its multienergy profile to supply all the energy that society needs.

After having delivered a solid financial and operational performance in recent years and in a different global context, Repsol is now entering a new phase where improving competitiveness and efficiency will remain key, as well as generating strong cash flow from operations (CFFO) as a basis for further growth. The company expects to reach CFFO of €6.5 billion by 2028, 20% more than in 2025, driven mainly by its Exploration & Production, Industrial, and Client businesses.

To this end, the company will focus on the growth of all its businesses and on continuing to improve their profitability. It will concentrate on the execution of its portfolio of projects, prioritizing the most profitable ones and adapting the pace of investment in line with market developments. This model gives Repsol greater flexibility to continue growing and evolving as a multi-energy company, maintaining its commitment to achieving net zero emissions by 2050.

Repsol leverages its strengths to keep creating value: a vertically integrated model, mainly in Spain and Portugal; its industrial leadership; a solid commitment to profitable low-carbon projects; and a robust financial position. This unique competitive proposition allows value to be captured throughout the cycle, reduces exposure to volatility, strengthens business resilience, and guarantees security of supply, even in circumstances as volatile as the current ones.

Investments of up to €10 billion

The company maintains its solid financial position, with a low level of debt, reflected in its current credit rating (BBB+/Baa1), on which the investment program and shareholder returns are based.

This commitment is accompanied by a selective investment plan of between €8.5 and €10 billion through 2028, focused on projects already approved by the company, with attractive returns and stronger cash generation, which in turn supports continued progress in the energy transition. Of this total, 55% will be invested in Spain and Portugal and 34% in the United States. 30% will be directed to low-carbon initiatives.

Stable growth in shareholder returns

This 2026–2028 roadmap is underpinned by a capital allocation framework that reinforces an attractive shareholder remuneration policy.

Over the period, Repsol will allocate between 30% and 40% of its cash flow from operations to shareholder returns, including dividends and share buybacks. Specifically, it plans to distribute around €3.6 billion in cash dividend through 2028, a figure that will be completed with share buybacks to reach the committed remuneration range.

For 2026, Repsol has already announced that it will allocate nearly €1.9 billion to remunerate its nearly half a million shareholders. For one, it will distribute €1.051 gross per share in cash dividends in 2026, 7.8% more than in 2025, including the €0.5 already paid out in January 2026. In addition, it has launched an initial share buyback program of up to €350 million to reduce the company’s share capital.

Over the next two years, the commitment is to increase the total amount allocated to cash dividends by 3% per year, to €1.233 billion in 2028. Alongside the share buyback plan, this will allow the dividend per share to increase by more than 6% per year.

This proposal enhances shareholder certainty by reaffirming the 2024 plan for annual growth in cash remuneration, complemented by share buybacks calibrated to macroeconomic conditions, even in the most high-stress scenarios.

Client: multi-energy leadership in Spain and Portugal

Repsol’s Client business has established itself as leading player in Spain and Portugal, with more than 24 million customers and a unique multienergy offering.

With net investments of €1.4 to €1.6 billion planned between 2026 and 2028, the Client area will focus its efforts on consolidating the leadership of its traditional businesses — mobility, lubricants, aviation, and LPG — as well as driving the growth of the new businesses — power and gas, electric mobility, and distributed generation — with the aim of consolidating a commercial platform that goes beyond energy.

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