Repsol S.A. — Earnings Release 2022

Feb 16, 2023

4Q & FY22 Results

16 February 2023

Josu Jon Imaz CEO

Disclaimer

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This document contains information and statements that constitute forward-looking statements about Repsol. Such estimates or projections may include statements about current plans, objectives and expectations, including statements regarding trends affecting Repsol's financial condition, financial ratios, operating results, business, strategy, geographic concentration, production volumes and reserves, capital expenditures, cost savings, investments and dividend policies. Such estimates or projections may also include assumptions about future economic or other conditions, such as future crude oil or other prices, refining or marketing margins and exchange rates. Forward-looking statements are generally identified by the use of terms such as "expects," "anticipates," "forecasts," "believes," "estimates," "appreciates" and similar expressions. Such statements are not guarantees of future performance, prices, margins, exchange rates or any other event, and are subject to significant risks, uncertainties, changes and other factors that may be beyond Repsol's control or may be difficult to predict. Such risks and uncertainties include those factors and circumstances identified in the communications and documents filed by Repsol and its subsidiaries with the Comisión Nacional del Mercado de Valores in Spain and with the other supervisory authorities of the markets in which the securities issued by Repsol and/or its subsidiaries are traded. Except to the extent required by applicable law, Repsol assumes no obligation - even when new information is published, or new facts are produced - to publicly report the updating or revision of these forward-looking statements.

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The information contained in the document has not been verified or revised by the Auditors of Repsol.

Agenda

1. Key messages 02. Divisional performance 03. Financial results 04. Outlook

Strong strategic delivery towards long-term targets Key messages of 2022

Accelerating transformation

• Strategic partnerships in Upstream and Renewables crystallize value and liberate capital to accelerate shift to Low Carbon (~ €4.3 B combined proceeds)
• High-grading Upstream portfolio through divestments and new FIDs
• Adapting to strong Refining environment
• Expanding Commercial digital loyalty program
• Developing Renewable project pipeline. Acquisition of Asterion Energies

Increasing shareholder remuneration

• Distributing 25-30% of CFFO through a combination of dividends and buybacks
• Dividends: +5% in 2022 (to 0.63 €/sh) and +11% in 2023 (to 0.70 €/sh)
• Buybacks: 200 M shares cancelled in 2022. New 50 M shares capital reduction to be executed before end-July'23
• Delivered by 2022 all the share buyback commitments of '21-25 Strategic Plan

Strengthening financial position

▪ Net positive cash position ex-leases. Rating upgrades by S&P and Moody's

Market environment

All main macro drivers contributing to results

Repsol's Refining Margin Indicator

Upstream Strategic partnership and portfolio high-grading

Production in-line with guidance Strategic partnership with EIG Portfolio rationalization

Lower production y-o-y due to country exits, Libya and PSC effects

Divestments: -35 Kboe/d in 2022

EIG to acquire 25% of Repsol E&P

business for a total consideration of \$4.8 B (implied EV of \$19 B for 100%)

Crystallizes value at competitive multiples. Proceeds of \$3.4 B to Repsol

Incorporating a leading global investor to maximize value while maintaining control of the business

Concentrating E&P geographical footprint

in countries/plays with competitive advantages

Completed exit of Ecuador, Malaysia, Russia and Greece. Divestment of oil producing assets in Canada

Increased position in Marcellus and Eagle Ford

Industrial Maximizing value in strong Refining environment

Benefiting from the flexibility of Repsol's system to adapt to new scenario

Product spreads and heavy-to-light crude differentials offset higher energy costs

Maximized output of middle-distillates and reduced consumption of natural gas (-50% vs. historical levels)

High utilization of distillation and conversion units

Refining Chemicals

Challenging environment since July anticipated change in the economic cycle

International margins and plants utilization impacted by lower demand in 2H22

Industrial Repsol's technology routes for decarbonization

Advanced biofuels plant Renewable Hydrogen

Start-up of C-43 project in Cartagena expected for 2H23

Received €120 M financing from EIB (European Investment Bank)

Production of 250 Ktn/y. Reduction of 900 Ktn/y of CO²

Sustainable Aviation Fuels Gasification of wastes

First long-haul flights with biofuel produced from waste in Repsol's refineries

Further step to decarbonize the aeronautical sector

Electrolyzers in Cartagena, Tarragona and Bilbao entering engineering phase. Combined capacity of 350 MW

Cartagena and Bilbao electrolyzers qualified by the EU as strategic and of general interest

Access to leading technology for the gasification of non-recyclable wastes

Ecoplanta project in Tarragona selected by European Innovation Fund

Commercial Accelerating growth of multi-energy offering

Sales in Service Stations in Spain increased +10% vs. 2021, reaching pre-pandemic levels in 4Q22

Discounts represented > €500 M in additional savings to Repsol's customers

Waylet digital app reaches > 5.5 M clients. Expansion of digital loyalty program

Mobility Retail E&G

Increasing results, volumes and client base in a challenging market environment

Negative impact of record electricity prices

Reached >1.5 M clients in Iberia. Commercialized electricity volumes +8% vs. 2021

Renewables Protecting project profitability in high inflation scenario

Value crystallization Capacity growth

Disposal of 25% minority stake of the Renewable business to EIP and Credit Agricole for €986 M

Strategic partnership validates strength of growth model. Transaction implied valuation of €4.4 B for the 100% of the business

Incorporated minority partners in Kappa and Valdesolar

Development of projects from the early stages through the start-up

Continued developing project pipeline adding new MW under operation in Spain and US Reached 1.9 GW of installed capacity

Asset rotation Acquisition of Asterion Energies

Acquisition for €560 M of a 7.7 GW renewable portfolio mainly located in Spain and Italy

Contributes to strategic ambition of reaching 6 GW of installed renewable capacity by 2025 and 20 GW by 2030

Financial results

4Q & FY22 Results

(€ Million) Results	4Q 2022	3Q 2022	4Q 2021	FY 2022	FY 2021
Upstream	598	753	624	3 029 ,	1 687 ,
Industrial	1 119 ,	638	267	3 150 ,	606
Commercial and Renewables	167	158	145	540	542
Corporate and Others	123	(72)	(164)	(58)	(381)
Adjusted Net Income	2 007 ,	1 477 ,	872	6 661 ,	2 454 ,
Inventory effect	(579)	(552)	169	75	797
Special items	(399)	(242)	(481)	(2 485) ,	(752)
Net Income	1 029 ,	683	560	4 251 ,	2 499 ,
Financial data (€ Million)	4Q 2022	3Q 2022	4Q 2021	FY 2022	FY 2021
EBITDA	2 950 ,	2 844 ,	2 584 ,	13 813 ,	8 170 ,
EBITDA CCS	3 743 ,	3 609 ,	2 352 ,	13 710 ,	071 7 ,
Operating Cash Flow	2 804 ,	3 189 ,	2 082 ,	8 923 ,	5 453 ,
Net Debt	2 256 ,	2 181 ,	5 762 ,	2 256 ,	5 762 ,

Outlook 2023 Organic cash flow generation supports increased distributions and capex

~ €5 B	47% Upstream
	23% Industrial 30% Commercial and Renewables
30% of CFFO	+11% dividend to 0.70 €/share 50 M shares capital reduction before end of July'23 Further buybacks to reach CFFO distribution target

Capex 2023

Investment focus on Upstream and Low Carbon initiatives

to an ambitious destination

Leading the

journey

Conclusions

Well positioned to move into next growth phase

• Strong strategic delivery in 2022 towards long-term targets
• Extra cash allocated according to strategic priorities
  • Accelerated transition to low carbon
  • Increased shareholder remuneration
  • Reinforced financial position
• Solid outlook for 2023. Expected operating cash flow generation supports increased shareholder remuneration and higher capex within disciplined capital policy
• ~ 50% of 2023 organic capex in Upstream, 35% in Low Carbon initiatives and 86% in OECD
• Reinforced commitment to deliver reliable, affordable and decarbonized energy

4Q & FY22 Results

16 February 2023

Repsol Investor Relations investor.relations@repsol.com www.repsol.com