• Adjusted Income: EUR651 million, a 1% increase over Q4 2024.

• Cash Flow from Operations: EUR1.6 billion, excluding working capital movements.

• Organic CapEx: EUR1.2 billion, the lowest level since Q1 2023.

• Net CapEx: EUR1 billion after disposals and rotations.

• Net Debt: EUR5.8 billion, an increase of EUR0.8 billion since December.

• Brent Crude Average Price: $76 per barrel, a 1% increase compared to Q4 2024.

• Henry Hub Gas Price: $3.7 per million Btu, a 32% increase over the previous quarter.

• Refining Margin Indicator: $5.3 per barrel, a 10% increase over Q4 2024.

• Upstream Adjusted Income: EUR458 million, 3% higher year over year.

• Production Average: 550,000 barrels equivalent per day, 3% lower quarter over quarter.

• Industrial Division Adjusted Income: EUR131 million, down from $731 million in Q1 2024.

• Customer Division Adjusted Income: EUR160 million, a 3% increase over Q1 2024.

• EBITDA: EUR328 million, a 24% improvement over the same quarter last year.

• Low Carbon Generation Adjusted Income: EUR5 million, compared to a loss of EUR6 million in Q1 2024.

• Power Generated: 2.1 kilowatts per hour, including 1.7 in Spain and 0.3 in the USA.

• Warning! GuruFocus has detected 4 Warning Sign with REPYF.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Repsol SA (REPYF) achieved a 1% increase in adjusted income over the fourth quarter of 2024, reaching EUR651 million.

• The company successfully implemented its first buyback program of 2025, aiming to reduce share capital by EUR350 million before the end of July.

• Repsol SA (REPYF) completed its fifth asset rotation in Spain and validated its growth strategy in the US with its first rotation there.

• The strategic agreement to merge UK North Sea assets aims to create one of the largest operators in the region, enhancing scale, efficiency, and growth prospects.

• Repsol SA (REPYF) confirmed the payment of EUR0.5 per share as a second dividend of 2025 and announced another EUR0.5 per share for January 2026.

Negative Points

• The first quarter of 2025 was marked by significant volatility due to OPEC production policies, US tariffs, and geopolitical tensions.

• Oil prices turned towards the lowest point in four years, deteriorating the refining environment.

• Net debt increased by EUR0.8 billion since December, driven by a seasonal increase in working capital and shareholder remuneration.

• Production averaged 550,000 barrels equivalent per day, 3% lower quarter over quarter due to divestments, natural decline, and maintenance activity.

• The industrial division's first quarter adjusted income was EUR131 million, significantly lower than the first quarter of 2024, mainly due to a lower contribution from refining.