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Repsol (REP) investor relations material
Repsol Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Achieved strong operational and financial results in Q3 2025, with all divisions posting higher year-over-year performance and 9M25 CFFO up 15% year-over-year. 
- Advanced key growth projects, including first oil at Leon-Castile (Gulf of Mexico) and completion of the NEO Energy merger in the UK. 
- Maintained strategic focus on shareholder returns, prudent CapEx, and a strong balance sheet, with a Capital Markets Day planned for March 2026 to update projections. 
- Allocated €1.8 billion to shareholder distributions in 2025, at the higher end of the strategic CFFO distribution range. 
Financial highlights
- Adjusted income for Q3 2025 was €820 million, up 47% year-over-year and 17% sequentially; net income reached €574 million, up 246% year-over-year. 
- EBITDA for Q3 2025 was €1,935 million, up 36% year-over-year; 9M25 EBITDA totaled €5,013 million. 
- Cash flow from operations for Q3 was €1.5 billion; YTD operating cash flow to September was €4.3 billion, up 15% year-over-year. 
- Net debt at quarter-end was €6.9 billion, up €1.2 billion from June due to UK JV integration; gearing at 20.5%. 
- Net capex for Q3 was €0.3 billion; 9M25 net capex was €2.5 billion, including €1.3 billion from disposals and asset rotations. 
Outlook and guidance
- FY25 guidance unchanged: upstream production ~550,000 boe/d, CFFO ~€6 billion, net capex ~€3.5 billion, and dividend of €0.975/share (+8.3% vs 2024). 
- Shareholder remuneration at the higher end of the 25–35% CFFO distribution range, including €700 million share buyback. 
- Strategic plan update to be presented in March 2026, reflecting evolving market and regulatory conditions. 
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