Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Repsol Earnings: Favorable Refining Market Drives Earnings Improvement, but Duration Uncertain

Allen Good

Oct 30, 2025

Repsol’s Q3 results exceeded expectations, as stronger customer and renewables performance offset weaker upstream and industrial results. Adjusted income rose 47% year over year, driven by strong refining margins. Upstream income gained 10% on higher gas prices. Full-year guidance was reaffirmed.

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Repsol SA

Repsol Earnings: Favorable Refining Market Drives Earnings Improvement, but Duration Uncertain

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