Overview
- Repsol disclosed Thursday that reported net profit for the first half of 2026 was €2,201 million and the adjusted net result was €2,711 million, with a positive inventory revaluation of €823 million tied to higher crude prices after the Iran war.
- The company said it invested €2.4 billion in the semester to raise crude and refined-product stocks to secure supply and that it holds no assets in the Middle East conflict zone.
- Net debt fell to €3,667 million at the end of Q2, a decline of €1,133 million from Q1 that the company attributes to strong cash generation and the deconsolidation of debt after a renewables asset sale.
- Repsol completed a €350 million buyback, approved a second program of up to €500 million and said it will launch a third buyback in October while maintaining cash dividend payouts.
- The company has spent about €50 million on customer fuel discounts via Waylet and Solred and warned that much of the profit rise reflects market-driven inventory gains rather than only underlying operational performance, which could increase earnings volatility and shape future capital-allocation debate.