Repsol (REP) Q2 2026 TU earnings summary

Executive summary

• Provisional data for 2Q26 shows significant increases in oil prices and refining margins compared to both 1Q26 and 2Q25.

• Upstream production rose slightly year-over-year, with notable growth in North America.

Financial highlights

• Average Dated Brent price increased 28.0% sequentially and 52.9% year-over-year to $103.8/bbl.

• Refining Margin Indicator in Spain rose 28.4% from 1Q26 and more than doubled year-over-year to $14.0/bbl.

• Chemical Margin Indicator surged 227.0% sequentially and 72.9% year-over-year to €569/t.

Outlook and guidance

• Forward-looking statements highlight expectations for continued volatility in commodity prices and margins.

• Management notes that all projections are subject to material risks and uncertainties.