Repsol (REP.MC): 2Q26: Earnings beat on refining strength, strong FCF generation and degearing drive €500mn second tranche of buyback

Research evidence excerpt

Repsol (REP.MC): 2Q26: Earnings beat on refining strength, strong FCF generation and degearing drive €500mn second tranche of buyback

Equity Research

23 July 2026 | 8:30AM CEST

Repsol (REP.MC): 2Q26: Earnings beat on refining strength, strong FCF

generation and degearing drive €500mn second tranche of buyback

Results Michele Della Vigna, CFA

+39(02)8022-2242 |

Repsol reported 2Q26 results this morning (July 23), with adjusted net income at michele.dellavigna@gs.com

Goldman Sachs Bank Europe SE - Milan

€1,838mn, 12% above company-compiled consensus of €1,634mn. Upstream branch

adjusted net income was reported at €371mn, 12% below consensus (of €424mn). Yulia Bocharnikova

Industrial division was reported at €1,243 mn, 13% above consensus of €1,098mn. +44(20)7051-6299yulia.bocharnikova@gs.com|

The Customer division adjusted income of €209 mn was 16% above consensus of Goldman Sachs International

Anastasia Shalaeva€184 mn. In the Low carbon Generation division, adjusted net income came in at €10 +971(4)214-9908 |

mn, vs consensus of €7 mn income. anastasia.shalaeva@gs.comGoldman Sachs International

Quentin MarbachThe company generated OCF (pre-OWC, post financial charges) amounting to €2,979 +44(20)7774-7644 |

mn, which, after €849 mn of organic capex, resulted in FCF generation of €2,130 mn quentin.marbach@gs.comGoldman Sachs International

(pre-OWC). Working capital build was €1,044 mn. Net Debt to Equity ratio decreased Will Chen

to 17% (vs 21% in 1Q26), driven by strong FCF generation. +971(4)214-9942 | will.y.chen@gs.com Goldman Sachs International

With 2Q26 results, Repsol announced plans to implement buyback in equivalent

amount of up to €500 million expected to be executed before the end of October