Repsol SA

REP: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Repsol Earnings: Benefits of Downstream Exposure Set to Continue

Allen Good , Andrea Burigana

Apr 30, 2026

Repsol's first-quarter adjusted earnings increased from a year ago, thanks to a sharp rise in industrial segment earnings, the result of stronger refining margins and trading results. Upstream earnings fell from the year before but increased from the fourth quarter.

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Repsol SA

Repsol Earnings: Benefits of Downstream Exposure Set to Continue

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