Repsol Sa Sp/Adr (REPYY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to all. Welcome to RAPSO's second quarter 2025 results presentation. Today's conference call will be hosted by Joshua Yonimath, our chief executive officer, with other members of the executive team joining us as well. At the end of the presentation, we will be available for the Q&A session. Before we start, let me draw your attention to our disclaimer during this presentation. We may make forward-looking statements based on estimates. actual results may differ materially depending on a number of factors as indicated in the disclaimer. I will now hand the conference call over to Joseon. Thank you, Pablo. Good morning to everyone, and thank you for joining us today. During the second quarter of 2025, our industry operated in a complex environment shaped by geopolitical uncertainty, tariff announcements, and the OPEC Plus decision to return production at a faster rate. Average oil and gas prices declined compared to the first quarter, along with a weaker dollar. In refining, despite initial fears of potential demand destruction due to tariffs, the emerging environment remains solid, consolidating the recovery trend initiated in the second half of 2024. In Iberia, activity in our key industrial facilities was negatively impacted by the power outage that affected the entire peninsula in April, reducing utilization rates and preventing us from capturing the positive refining momentum. Against this broader context, Repsol delivered a solid set of results, driven by the recovery of upstream volumes and the continued robustness of its commercial businesses, highlighting once again the resilience of our business model. Second quarter adjusted income was €702 million, 8% above the first quarter of the year. Cash flow from operations amounted to €1.7 billion, a 50% ...