Spanish energy major Repsol S.A. has posted a net income of EUR 603 million ($699 million) for the first half of 2025, 62.9 percent below the figures reported for the corresponding period a year ago. Adjusted income stood at EUR 1.353 billion, down 36.4 percent compared to the first six months of last year.
Repsol said global geopolitical volatility and trade tensions had affected results.
“In a complex environment, Repsol presents solid earnings, driven by the rebound in Upstream production and the continued strength of the Customer area, once again highlighting the resilience of our integrated company model”, Josu Jon Imaz, Repsol’s Chief Executive Officer, said. “All business areas have improved their results, both quarterly and half-yearly, except for the Industrial division, which was impacted by the nationwide power outage in Spain on April 28”.
The adjusted income for the Exploration and Production (Upstream) sector was EUR 897 million ($1.03 billion) for January to June, marking a 3.2 percent rise compared to 2024. The Customer segment continued its upward trend with a 14 percent growth, reaching EUR 358 million ($415 million) during the semester. In the Low Carbon Generation division, adjusted income was EUR 12 million ($13.9 million), an increase of EUR 17 million ($19.7 million) over the first half of 2024, Repsol said.
The adjusted income for the Industrial business was EUR 230 million ($266.6 million), representing a 77.4 percent decrease compared to the same period last year. The decline was mainly caused by the Spanish power outage on April 28 and other electricity supply disruptions at Repsol’s industrial sites in Cartagena (April 22) and Puertollano (June 16), which were due to external factors beyond Repsol’s control, the company said. These incidents are estimated to have impacted the company’s financial results by approximately EUR 175 million ($202.8 million). Repsol said it is currently evaluating potential legal actions as it awaits the official determination of responsibility for the power outage.
Repsol said it had reduced its net debt by EUR 102 million from March to June 2025. Net debt was EUR 5.73 billion ($6.64 billion) as of June.
From January to June 2025, gross investments totaled EUR 2.7 billion ($3.13 billion), mainly in the U.S., Spain, and Brazil. The company said it rotated assets worth over EUR 1.2 billion ($1.4 billion), with nearly EUR 500 million ($579.5 million) cashed in during this period.
Repsol’s total tax contribution was EUR 6.09 billion ($7.05 billion), up EUR 286 million (4331.5 million) from 2024, including EUR 4.12 billion ($4.77 billion) in Spain.
To contact the author, email andreson.n.paul@gmail.com
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