Finance
Spain's Repsol adopts new reporting model as partnerships grow
Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: February 19, 2026
Quick Summary
Repsol 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.
Repsol unveils new reporting model as JV partnerships and IPO plans grow
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)
Key Takeaways
- •Repsol debuts a new reporting model that moves joint ventures to the equity method, replacing proportionate consolidation.
- •The change aims to reflect the growing role of minority shareholders and joint ventures in upstream and low carbon units.
- •It enhances comparability with peers while leaving consolidated financial statements and reporting segments unchanged.
- •Repsol is preparing its upstream unit for a liquidity event, potentially an IPO or a U.S. reverse merger.
- •Background deals include a 25% upstream stake sale to EIG in 2022 and minority stake sales in renewables to Pontegadea and Stonepeak.
Frequently Asked Questions about Spain's Repsol adopts new reporting model as partnerships grow
1What is the main topic?
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.
2Why did Repsol change its reporting method?
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.
3What does this mean for the upstream unit?
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.
