Repsol Sa Sp/Adr (REPYY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

And good morning to everyone joining us today. Welcome to REPSOL's fourth quarter and full year 2025 results presentation. Today's conference call will be hosted by Josue Jonimath, 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 begin, let me remind you that 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 our disclaimer. With that, I will hand the conference call over to Joshua. Thank you, Pablo. Good morning, and welcome to everyone. 2025 was a year of strong execution for Repsol. underscored by solid strategic delivery and progress on our path of disciplined growth. In a complex geopolitical and macroeconomic backdrop, we continue to advance our strategic priorities, enhancing the returns to our shareholders, strengthening the portfolio, and maintaining a consistent approach to capital allocation. Operating in a lower and volatile oil price scenario, performance remains robust across all four divisions. In the upstream, we continue to improve the business by bringing new growth projects on stream and optimizing the portfolio. In the industrial division, we continue advancing on the transformation of our sites, developing an scalable low-carbon platform within our Iberian hinterland. A positive refining momentum, especially in the second half, helped us to overcome the disruptions generated by the Spanish blackouts in the first part of the year. In customer, we leverage our brand scale and integration to develop an ambitious multi-energy offer, grow electricity retail, and reinforce profitability. And in low carbon generat...