Q1 2026 Repsol SA Earnings Call Transcript
Key Points
- Repsol SA (REPYF) reported a 57% increase in first-quarter adjusted net income, reaching EUR873 million, driven by a stronger contribution from industrial operations.
- The company completed an agreement with TotalEnergies to create the largest independent oil and gas producer on the UK continental shelf, enhancing its upstream portfolio.
- Repsol SA (REPYF) achieved a significant increase in refining margins, with a 106% rise compared to the same period in 2025, supported by higher middle distillate spreads.
- The company launched its first buyback program of 2026 for up to EUR350 million, with additional buybacks planned for the second half of the year, aligning with its shareholder remuneration objectives.
- Repsol SA (REPYF) reported a 20% increase in its power and gas retail customer base, reaching 3.2 million clients, contributing to a 26% rise in power commercialization compared to the first quarter of 2025.
- Repsol SA (REPYF) faced a EUR1.4 billion working capital buildup, impacting cash generation, mainly due to inventories linked to higher prices and volumes.
- The company's upstream adjusted net income decreased by 5% year over year, affected by a weaker dollar and divestments executed in 2025.
- Repsol SA (REPYF) experienced a negative impact on its chemicals business due to a sharp increase in raw material costs, which was not yet reflected in selling prices.
- The Low Carbon Generation segment reported a EUR4 million negative adjusted net income, impacted by lower electricity prices in Spain.
- Repsol SA (REPYF) saw an increase in net debt to EUR4.8 billion, a EUR0.3 billion rise over December, with a gearing rate of 14.3%.
Hello, and welcome (technical difficulty) first-quarter 2026 results conference call. Today's conference will be conducted by Mr. Josu Jon Imaz, CEO; and a brief introduction will be given by Mr. Pablo Bannatyne, Head of Investor Relations.
I would now like to hand the call over to Mr. Bannatyne. Sir, you may begin.
Thank you, operator, and good morning to everyone joining us today. Welcome to Repsol's first-quarter 2026 results presentation. Today's conference call will be hosted by Josu Jon Imaz, our Chief Executive Officer, with other members of the executive team joining us as well. At the end of the presentation, we will be available for a Q&A session. Before we begin, let me remind you that during this presentation, we may make forward-looking statements based on estimates. Actual results may differ materially depending on a number of factors as indicated on our disclaimer.
With that, I will hand the conference call over to Josu Jon.
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