Berenberg remains positive on Repsol (REP.MC), anticipating the Spanish oil and gas giant to deliver higher-than-expected EBIT, adjusted net income and EPS when it publishes its full results for the second quarter on July 23.
"Repsol's Q2 2026 trading statement on 7 July highlighted the strength of the refining margin environment, which has also been sustained in the early days of Q3. We expect Repsol's Industrial segment to be the main driver of a Q2 beat versus consensus expectations, offset by a miss in the upstream business. Continued refining margin strength could support an increase to the 2026 buyback," analysts said in a Wednesday note. "Consensus now looks for a 2026 buyback of cEUR1.1bn versus initial guidance of EUR700m - confirmation of a higher buyback would be positive, in our view."
The research firm expects Repsol's second-quarter EBIT to come in at 2.26 billion euros, against the Bloomberg consensus estimate of 2.16 billion euros. Adjusted net income and EPS are forecast to stand at 1.61 billion euros and 1.47 euros, respectively, 8% and 7% ahead of consensus.
The buy recommendation on the stock and price target of 28 euros were both maintained.