Repsol

Downstream Rescues Q4 Performance, but Softer Margin Outlook for 2026 !

19/02/26 -"Production was broadly stable in Q4 at 544 kboe/d (vs 551 kboe/d QoQ), offering limited volume leverage, with lower liquids partly offset by equity affiliate contributions. The quarter was primarily ..."

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19/02/26
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19/02/26
Production was broadly stable in Q4 at 544 kboe/d (vs 551 kboe/d QoQ), offering limited volume leverage, with lower liquids partly offset by equity ...
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We have lowered our 2025 and 2026 EPS, mainly driven by a lower EBIT profile following BRENT, and softer refining assumptions. Group EBIT now stands ...
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We increase our NAV following updated assumptions, reflecting higher production levels in line with guidance. The revision incorporates improved ...
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Q4 was broadly in line, as stronger downstream earnings offset a >$5/b QoQ Brent decline. Refining & Chemicals captured higher European margins ...

EXECUTIVE SUMMARY

Updates Pension Risks
Target & Opinion Governance & Management
Business & Trends Graphics : Momentum
Money Making Graphics : MACD & Volumes
Debt Graphics : Sensitivities
Valuation Sector: Performance
DCF Sector: Key data
NAV/SOTP Sector: Ratios & Valorisation
Worth knowing Sector: Peers
Financials Sector: Analysis

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