Repsol earnings rose to €5.006 billion in the first nine months of 2026 from €1.177 billion a year earlier, helped by a positive inventory effect from higher crude oil prices. The company also launched a third share buyback of up to €950 million.

Repsol earnings and inventory effect

The October 29 results included a €943 million positive inventory effect, reflecting the impact of higher crude prices on the book value of inventories. The prior-year result was affected by lower crude prices and the nationwide blackout in Spain in April 2025.

Adjusted net income for January through September 2026 was €5.419 billion. Repsol shares closed at €28.54 in Madrid in the preceding trading session.

Buyback and Spain project plans

The third buyback is intended for share cancellation and is expected to finish by year-end. Repsol expects buybacks executed in 2026 to reach €1.8 billion, bringing total shareholder distributions close to €3 billion. The company said the resulting reduction in shares outstanding will translate into a greater increase in the dividend per share.

In its July buyback announcement, Repsol said it had completed a €350 million program and approved another of up to €500 million. At the time, it expected to announce a third program in October.

Repsol also plans to develop €11.5 billion of projects in Spain between 2026 and 2030. It intends to allocate 60% of that amount to initiatives in or around its existing industrial complexes.

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