The fall in oil prices is taking its toll on Repsol

BarcelonaRepsol posted a net profit of €1.177 billion in the first nine months of the year, representing a 34.3% year-on-year decrease. Volatility and lower crude oil prices were key factors in this decline. Regarding the group's adjusted net profit, which specifically measures business performance, it reached €2.173 billion in September, 19% lower than the €2.684 billion of the previous year. However, in the third quarter, the energy company saw improved results across all its business segments, primarily Refining, Consumer, and Low-Efficiency Generation. Third-quarter net profit more than doubled compared to the same period last year, reaching €574 million. Similarly, adjusted quarterly profit grew by 47% to €820 million. Repsol's gross operating profit (EBITDA) for the period from January to September 2025 stood at €5,013 million, a decrease of almost 10%.

By business areas, the adjusted result of exploration and production (upstreamRevenue reached €1.214 billion between January and September, 5% higher than in the same period last year, due to higher gas prices and lower operating costs. In the industrial sector, Repsol posted a modest profit of €547 million, reflecting the normalization of activity after the blackout in Spain and Portugal, which allowed for higher refining margins. Repsol CEO Josu Jon Imaz highlighted that the group achieved "solid operating and financial results in the third quarter of 2025, supported by robust refining margins, strong commercial activity, and disciplined capital allocation." More debt

At the end of September, the net debt of the country's largest oil company stood at €6.89 billion. This figure represents an increase of €1.162 billion compared to the end of the second quarter of this year. According to the company, this increase in debt was driven by the merger with Neo Energy in the United Kingdom. In fact, excluding the impact of the transaction, the company's net debt would have remained in line with that of the second quarter. Repsol's cash flow from operations during the third quarter of 2025 amounted to €1.483 billion quarter-on-quarter and was in line with that of the same period in 2024. As for net investments, they totaled approximately €300 million in the third quarter. Along with the results announcement, the company also explained that it will update its projections through 2028 next March.