Repsol Sa Sp/Adr (REPYY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to all. Welcome to REPSOL's third 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 a 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 Josuyon. Thank you, Pablo. Good morning to everyone, and thank you for joining us. Repsol delivered a solid operational and financial performance in the third quarter of 2025, moving ahead on key projects, optimizing the asset portfolio and reinforcing its commitment to shareholder value and capital discipline. The energy landscape continues to be shaped by geopolitical instability and concerns of oil oversupply. In the US, gas prices softened compared to the previous quarter, yet fundamentals still point to a tighter market heading into next year. The refining business continues to build on a positive momentum in a market characterized by a diesel supply deficit. Operations at our industrial sites restore activity levels, following the disruptions caused by the Iberian outage in the second quarter. On the commercial side, all business segments deliver stronger year-over-year contributions. Retail fuel sales remain robust, well-supported by seasonal trends. The adjusted income totaled 820 million euros, 17% above the second quarter and 47% higher than in the same period of 2024. All four divisions improved their results over the third quarter last year. Cash flow from operations am...