Overview
- Statutory net profit for January–September reached €246 million, more than twice last year’s figure, helped by stronger refining margins and the absence of Spain’s extraordinary energy levy applied in 2023–2024.
- Underlying performance was mixed with adjusted net profit broadly stable at €472 million and adjusted EBITDA down 19% to €1,192 million.
- Third-quarter operating result rose to €459 million as refining margins climbed to $8.9 per barrel from $4.7 a year earlier and the Energy division’s earnings increased 49% to €411 million.
- Net debt fell to €2,328 million by September, improving the net debt-to-EBITDA ratio to 1.7x after €479 million of Q3 cash generation, up 52% year on year.
- Total capex reached €757 million with 52% directed to energy-transition projects, including a second‑generation biofuels plant in Huelva, while chemicals and exploration and production posted weaker results.