Repsol triples net profit to €2.2bn in H1 2026 on oil price surge

Repsol reported a net profit of €2,201 million for the first half of 2026, a 265% increase from €603 million a year earlier, driven by higher crude oil prices amid the conflict in Iran Source: La Vanguardia. The adjusted net profit, which excludes extraordinary effects, reached €2,711 million, more than double the prior year Source: El Confidencial.

Key drivers

The main factor was a positive inventory revaluation of €823 million, reflecting the rise in oil prices on stored stocks Source: Infobae. The industrial division, especially refining, posted an adjusted result of €1,683 million, up from €235 million in H1 2025 Source: El Español.

Geopolitical context

The Iran conflict did not directly affect Repsol's assets, but it increased market volatility and supply concerns. The company invested €2,400 million in increasing inventories to secure supply, particularly diesel and kerosene for the tourism season Source: El Mundo. It also allocated €50 million to customer discounts via Waylet and Solred Source: La Vanguardia.

Financial position

Net debt fell to €3,667 million from €4,800 million at end of Q1 2026, thanks to strong cash generation and the Masdar renewable deal Source: El Confidencial. The board approved a second share buyback of up to €500 million, with a third planned in October, aiming to return 30%-40% of operating cash flow to shareholders . Total tax contribution was €6,602 million, 70% in Spain .