Repsol posted net income of €1.626 billion in the first half of 2024, up 14.5%, a period marked by the presentation and implementation of the 2024-2027 Strategic Update, which prioritizes shareholder remuneration and continuing financial strength, and consolidates the company’s multi-energy commitment.
Repsol announced today a new share buyback and redemption, of 20 million shares, in addition to the 40 million shares already redeemed during the year. Since 2022, the company has redeemed 350 million shares, 22.9% of its share capital as of December 31, 2021.
As part of the strategic update, Repsol has significantly increased shareholder remuneration and paid €0.9 gross per share in cash between January and July, approximately 30% more than in 2023, in line with its €1.095 billion target for the year. In 2024, cash remuneration, share buybacks and redemptions already executed amount to €1.7 billion earmarked to remunerate shareholders.
In total, Repsol expects to allocate €4.6 billion to cash dividends until 2027 in addition to up to €5.4 billion in share buybacks and redemptions, to reach a range of distribution to shareholders of between 25% and 35% of operating cash flow for the period.
Adjusted profit, which specifically measures the performance of the businesses, stood at €2.126 billion euros in the first half of the year, 21.8% lower, in a context of low gas prices and narrower refining margins. In the first six months of 2024, Repsol’s tax contribution was €5.802 billion (€3.895 billion in Spain). Liquidity stood at €9.669 billion, enough to cover short-term debt maturities 3.1 times.
- Repsol reported net income of €1.626 billion in the first half of 2024, an increase of 14.5% from the same period of 2023.
- Adjusted income in the first six months of the year amounted to €2.126 billion (-21.8%), in an environment marked by low gas prices and narrower refining margins.
- In the first half of the year the company made progress in implementing the 2024-2027 strategic update, which prioritizes increasing shareholder return and a profitable energy transition.
- The Board of Directors has approved the repurchase and redemption of 20 million Repsol shares, in addition to the 40 million shares already redeemed this year. The company has increased cash remuneration to shareholders by approximately 30% in 2024, in compliance with its target of €1.095 billion.
- Repsol has begun to produce 100% renewable fuels on an industrial scale at the first plant in the Iberian Peninsula and has increased its supply points for these products more than tenfold, from 30 to 350 service stations so far this year.
- In the United States, Repsol has completed the purchase of renewable energy project developer ConnectGen and has finalized construction of its largest solar plant to date, Frye.
“We are fully focused on executing our 2027 strategy, which is founded on a cost-effective energy transition that meets the needs of our customers and generates increasing returns to our shareholders.” says Josu Jon Imaz, Repsol’s CEO.
