Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Repsol Earnings: Strong Upstream Performance Surprises to Date but Distribution Targets Confirmed

Allen Good

Jul 25, 2025

Repsol's second-quarter results came in ahead of market expectations, despite the year-over-year 66% contraction in industrial’s adjusted income due to Iberia’s power outage in April. Management adjusted guidance on a more favorable $70/barrel outlook, but left its distribution target unchanged.

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Repsol SA

Repsol Earnings: Strong Upstream Performance Surprises to Date but Distribution Targets Confirmed

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