Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Repsol Earnings: Strong Downstream Performance Prompts Payout Upgrade

Allen Good , Andrea Burigana

Feb 19, 2026

Repsol reported fourth-quarter results slightly below market expectations, weighed by weak oil prices. Unlike most integrated peers, the company expanded adjusted net income by 13% year over year, supported by its downstream operations, and increased its expected shareholder remuneration for 2026.

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Repsol SA

Repsol Earnings: Strong Downstream Performance Prompts Payout Upgrade

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