Repsol reported a historic net profit exceeding €5 billion during the first nine months of the year, marking a 325% surge compared to the same period in the previous year as fuel prices reached highs across Spain.
Industrial refining drives €3,668 million windfall
The energy company’s extraordinary financial leap stems directly from its industrial refining division.
That segment generated €3,668 million in adjusted terms. It was nearly seven times the €540 million recorded a year prior when accounts suffered from the effects of the Iberian Peninsula electrical blackout.
Crude prices and Strait of Hormuz crisis spike refining margins
The refining margin indicator in Spain climbed to $20.6 per barrel during the ongoing exercise, a sharp rise from $6.7 in 2025.
Between July and September, the margin hit peaks of $36.2 per barrel. The surge was driven by a global scarcity of diesel and kerosene alongside ongoing disruptions tied to the crisis in the Strait of Hormuz.
Inventory revaluations inflate corporate ledger
Inventory revaluations further inflated the corporate ledger.
Surging crude prices added €943 million to the value of the company’s stock reserves. This contrasted with a €478 million inventory drop recorded during the same timeframe last year.
Adjusted net income, which excludes inventory effects and non-recurrent factors, reached €5,419 million.
€11.5 billion earmarked for 2030 industrial projects
Capitalizing on these windfalls, Repsol plans to mobilize €11,500 million in industrial projects through 2030.
The firm is directing roughly 60% of that total—about €7,000 million—toward refining complexes where crude transforms into diesel and gasoline. Planned initiatives encompass new green hydrogen plants and a third 100% renewable fuels factory to complement existing facilities in Cartagena and Puertollano.
Renewable power and Aguayo hydroelectric expansion
The investment strategy also targets renewable power generation and storage infrastructure.
Key projects include the expansion of the Aguayo pumped-storage hydroelectric central in Cantabria, which is slated to increase its operational capacity from 0.4 gigawatts to 1.4 gigawatts.
