Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Repsol Earnings: Greater Downstream Exposure a Benefit in Current Market

Allen Good , Andrea Burigana

Jul 23, 2026

Repsol's second-quarter adjusted net income increased significantly from a year ago to EUR 1,838 million. This was primarily driven by a sharp rise in industrial segment earnings, which surged to EUR 1,243 million. Given the strong results and outlook, management increased its repurchase rate.

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Repsol SA

Repsol Earnings: Greater Downstream Exposure a Benefit in Current Market

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