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

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WEBVTT 00:00:00.031 -- 00:00:05.739 Good morning to all. Welcome to REPSOL's third quarter 2025 results presentation. 00:00:05.739 -- 00:00:11.247 Today's conference call will be hosted by Joshua Yonimath, our chief executive officer, 00:00:11.247 -- 00:00:15.312 with other members of the executive team joining us as well. 00:00:15.312 -- 00:00:20.459 At the end of the presentation, we will be available for a Q&A session. 00:00:20.459 -- 00:00:24.405 Before we start, let me draw your attention to our disclaimer. 00:00:24.405 -- 00:00:29.933 During this presentation, we may make forward-looking statements based on estimates. 00:00:29.933 -- 00:00:35.078 Actual results may differ materially depending on a number of factors as 00:00:35.078 -- 00:00:40.203 indicated in the disclaimer. I will now hand the conference call over 00:00:40.203 -- 00:00:41.965 to Josuyon. 00:00:41.965 -- 00:00:47.270 Thank you, Pablo. Good morning to everyone, and thank you for joining us. 00:00:47.270 -- 00:00:52.455 Repsol delivered a solid operational and financial performance in the third quarter 00:00:52.455 -- 00:00:54.377 of 2025, 00:00:54.377 -- 00:00:59.734 moving ahead on key projects, optimizing the asset portfolio and reinforcing its commitment 00:00:59.734 -- 00:01:03.357 to shareholder value and capital discipline. 00:01:03.357 -- 00:01:08.442 The energy landscape continues to be shaped by geopolitical instability and concerns 00:01:08.442 -- 00:01:10.644 of oil oversupply. 00:01:10.644 -- 00:01:15.789 In the US, gas prices softened compared to the previous quarter, yet 00:01:15.789 -- 00:01:20.654 fundamentals still point to a tighter market heading into next year. 00:01:20.654 -- 00:01:26.017 The refining business continues to build on a positive momentum in a market 00:01:26.01...