What were Repsol's Q2 net income and adjusted net income figures, and how do they compare year-on-year?

Repsol's Q2 net income rose to €1.27 billion from €237 million in the same period a year earlier, while adjusted net income increased to €1.84 billion from €598 million.

What were the main drivers behind Repsol's improved Q2 financial performance despite chemicals impairments?

The main drivers were higher refining margins—evidenced by Repsol’s Spain refining margin indicator rising to $14.00/barrel from $5.90/barrel in Q2 2025—higher oil prices, a positive inventory effect, improved trading results, and stronger operational performance in chemicals (with operating income up €108 million year on year), all of which offset €796 million in special items primarily tied to chemicals and low-carbon asset impairments.

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