Company Report
Repsol corporate - reported results analysis
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Report summary
Repsol's adjusted net income rose 13% year-on-year in Q4 2025 as surging refining margins that offset weaker upstream performance. Net income jumped to €722 million from a loss of €36 million in Q4 2024. Gearing improved from 20.5% in Q3 2025 to 14% at year-end, supported by strong cash generation and a €750 million hybrid bond issuance in November. Full-year 2025 adjusted net income of €2,568 million was down 15% on 2024, reflecting a 15% decline in Brent and the impact of Spain's April 28 blackout. Find out more in our reported results analysis.
Table of contents
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Tables and charts
This report includes the following images and tables:
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Repsol's strategic pillarsRepsol's net investment breakdown and hurdle rates
What's included
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