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

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WEBVTT 00:00:00.031 -- 00:00:02.956 And good morning to everyone joining us today. 00:00:02.956 -- 00:00:08.524 Welcome to REPSOL's fourth quarter and full year 2025 results presentation. 00:00:08.524 -- 00:00:13.893 Today's conference call will be hosted by Josue Jonimath, our chief executive officer, 00:00:13.893 -- 00:00:17.699 with other members of the executive team joining us as well. 00:00:17.699 -- 00:00:23.082 At the end of the presentation, we will be available for a Q&A session. 00:00:23.082 -- 00:00:28.428 Before we begin, let me remind you that during this presentation, we may make forward-looking 00:00:28.428 -- 00:00:33.753 statements based on estimates. Actual results may differ materially depending 00:00:33.753 -- 00:00:38.178 on a number of factors, as indicated in our disclaimer. 00:00:38.178 -- 00:00:43.043 With that, I will hand the conference call over to Joshua. 00:00:43.043 -- 00:00:47.047 Thank you, Pablo. Good morning, and welcome to everyone. 00:00:47.047 -- 00:00:49.047 2025 00:00:49.610 -- 00:00:53.103 was a year of strong execution for Repsol. 00:00:53.103 -- 00:00:59.328 underscored by solid strategic delivery and progress on our path of disciplined growth. 00:00:59.328 -- 00:01:04.452 In a complex geopolitical and macroeconomic backdrop, we continue to advance our 00:01:04.452 -- 00:01:09.517 strategic priorities, enhancing the returns to our shareholders, strengthening 00:01:09.517 -- 00:01:14.601 the portfolio, and maintaining a consistent approach to capital allocation. 00:01:14.601 -- 00:01:19.785 Operating in a lower and volatile oil price scenario, performance remains 00:01:19.785 -- 00:01:25.092 robust across all four divisions. In the upstream, we continue 00:01:25.092 -- 00:01:30.378 to improve the business by bringing new gro...