Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: April 3, 2026
Add as preferred source on GoogleRepsol introduced a new reporting model that moves JV results to the equity method, reflecting growing partnerships. The shift improves peer comparability as it readies its upstream unit for a possible IPO or U.S. reverse merger.
MADRID, Feb 19 (Reuters) - Repsol's fourth-quarter results on Thursday marked the debut of a new reporting model under which the Spanish company aims to better reflect the growing importance of minority shareholders and joint ventures in businesses like upstream and low carbon.
The change will also make it easier to compare the Spanish firm with peers, it said in quarterly disclosure documents, at a time when it is preparing the upstream unit for a liquidity event - which could mean options like an IPO or a reverse merger with a company listed in the United States.
In 2022, Repsol entered into a deal to sell a 25% stake in the upstream division to U.S. fund EIG, valuing the whole business around that time at $19 billion, including debt.
In recent years, it has also sold minority stakes in renewable projects to the likes of Inditex founder Amancio Ortega's investment firm Pontegadea and U.S.-based investment firm Stonepeak.
Changes do not affect consolidated financial statements and reporting segments remain the same. Under the new model, the contribution of joint ventures will be accounted for using the equity method. That replaces the previous system using proportionate consolidation.
(Reporting by Pietro Lombardi; Editing by David Latona)
Repsol has adopted a new reporting model that accounts for joint ventures using the equity method, aiming to better reflect minority interests and improve comparability with peers.
The shift recognizes the growing importance of partnerships and minority shareholders in areas like upstream and low carbon, and aligns disclosure more closely with industry practice.
Repsol is preparing the upstream business for a potential liquidity event, such as an IPO or a reverse merger in the U.S., while operational control and segment reporting remain unchanged.
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