Repsol S.A. — Earnings Release 2024

Jul 24, 2024

2Q24 Results

24 July 2024

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.

This document mentions resources which do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the system "SPE/WPC/AAPG/SPEE Petroleum Resources Management System" (SPE-PRMS) (SPE – Society of Pretroleum Engineers).

Some of the financial figures presented throughout this document are considered Alternative Performance Measures (APM), in accordance with the ESMA (European Securities Market Association) Guidelines "Alternative Performance Measures", for more information see Repsol's website.

This document does not constitute an offer or invitation to purchase or subscribe securities, pursuant to the provisions of the Spanish Law 6/2023, of March 17, of the Securities Markets and Investment Services and its implementing regulations. In addition, this document does not constitute an offer to purchase, sell, or exchange, neither a request for an offer of purchase, sale or exchange of securities in any other jurisdiction.

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

Key messages 2Q24

Moving forward towards strategic objectives supported by solid operational performance

Committed with strategy

• New business platforms to deliver more value with less emissions
• Advancing multi-energy proposition diversifying energy mix
• Strong financial position and disciplined capex aligned with investment plan

Resilient quarterly results

• Solid operational performance in less favorable refining environment QoQ
• Cash generation negatively impacted by €1 B payment related to settlement with Sinopec (CFFO +13% vs 2Q23 ex-Sinopec)
• Net Debt impacted by purchase of treasury shares (SBB) and new leases
• Investment level aligned with net capex guidance of €5 B in 2024

Delivering on shareholder remuneration objectives

• 40 M shares cancelled YTD. Additional 20 M SBB before end-2024
• Total of 60 M shares to be redeemed in 2024 (5% of share capital Dec'23)
• 2024 dividend of 0.9 €/share (~+30% vs 2023)
• Expected ~31% CFFO distribution to shareholders in 2024
• Implicit dividend for 2025 0.975 €/share (+8% vs 2024)

Market Environment Stable oil prices. Weaker refining margins and natural gas prices

Repsol's Refining Margin Indicator (\$/bbl)

Exchange Rate

Upstream

Progressing on growth projects and portfolio optimization

€427 M Adjusted Income +4% vs 2Q23

214 Kboed
Liquids production
+3% vs 2Q23

375 Kboed Gas production -4% vs 2Q23

Production in line

• YoY: higher volumes in Marcellus, UK and Venezuela compensated by new PSC in Indonesia, lower output in Eagle Ford and Norway and sale of Canadian assets

Mitigating exposure to Henry Hub

• Rig in Marcellus released at the end of June
• Hedged ~20% of 2024 gas volumes in North America

Portfolio development and optimization

• Pikka and Leon-Castile start-up in next 12-18 months. Combined 50 Kboed of higher CFFO/bbl production
• Divestment of SW Eagle Ford acreage
• Incorporated two new fields to Petroquiriquire JV with PDVSA in Venezuela (+20 Kboed)
• Yoopat-1 well discovery offshore Mexico (estimated 300- 400 Mboe in place, Repsol 50% w.i.)

Industrial

Maximizing value in a demanding environment

Refining

28.3

(\$/bbl)

International prices

19.1

• More challenging scenario driven by narrower middle-distillate spreads QoQ
• Completed main maintenance activity for 2024. Higher plant availability in 2H24
• High availability of heavy crudes. Increased supply of Venezuelan crudes

2Q23 3Q23 4Q23 1Q24 2Q24

Gasoline vs Brent spread Diesel vs Brent spread

Chemicals

23.1

20.7

• Improved demand and margins vs 1Q24. Positive EBITDA contribution in 1H24
• Ongoing challenging situation in Western Europe and Asia
• Sines (Portugal) expansion project expected to begin operations in 4Q25

Industrial Building a leading renewable fuels platform in Iberia

Transformation of legacy industrial sites into highly integrated bio-refineries and circular hubs

• Cartagena advanced biofuels plant producing at full capacity. Designed to alternate between SAF and HVO

Expected contribution of €50 M EBITDA in 2024

• Puertollano retrofitting project progressing as planned with first production expected in 2026
• Bunge strategic agreement to cover ~80-85% of Repsol's biofuel feedstock needs by 2030

Customer

Mobility Retail P&G €158 M Adjusted Income +7% vs 2Q23

3,335 Km3 Service Stations and

Direct sales in Spain

1,367 GWh

Electricity Commercialization

Consolidating multi-energy offering and growing in Retail P&G

• Sales in Service Stations and Wholesales in Spain impacted by less favorable market

• 600 service stations in offering 100% renewable fuel by end-2024, reaching 1,500 in 2025

• Improving scale and returns

• 2.4 M customers(1) (+8% vs. Dec23)
• Solid EBITDA contribution (€90 M in 1H24)

^* Estimated data for Spain

Low Carbon Generation

Focus on delivery of project pipeline

€1 M Adjusted Income vs €12 M in 2Q23

33.4 €/MWh Price of Spanish pool

		1,779 GWh

Repsol's Electricity Generation

Quarterly results

• Negative impact of pool prices in Spain
• Lower contribution of CCGT's
• Integrated position with Retail E&G in Iberian value chain

Pipeline development

• Outpost (US) initial 400 MW COD end-2024. Additional 229 MW COD 1Q25
• 3.1 GW global installed renewable capacity as of June (objective of 4 GW by end-2024)

Portfolio management

• Disposal in July of residential rooftop solar business in France
• Working on first asset rotation in the United States

Offshore wind

• Collaboration agreement with EDF Renewables for offshore wind opportunities in Iberia

2Q24 Results Financial Results

Results (€ Million)	2Q24	1Q24	2Q23	1H24	1H23
Upstream	427	442	410	869	884
Industrial	288	731	344	1,019	1,623
Customer	158	156	148	314	322
Low Carbon Generation	1	(6)	12	(5)	46
Corporate and Others	(15)	(56)	(87)	(71)	(157)
Adjusted Income	859	1,267	827	2,126	2,718
Inventory effect	(85)	(1)	(234)	(86)	(505)
Special items	(155)	(235)	(225)	(390)	(667)
Non-controlling interests	38	(62)	(60)	(24)	(126)
Net Income	657	969	308	1,626	1,420

Financial data (€ Million)	2Q24	1Q24	2Q23	1H24	1H23
EBITDA	2,001	2,143	1,607	4,144	4,303
EBITDA CCS	2,115	2,144	1,921	4,259	4,982
CFFO	925	1,362	1,695	2,287	3,522
Net Debt	4,595	3,901	797	4,595	797

FY2024 guidance Outlook

Upstream production	570 - 600 Kboed
Cash Flow from Operations	€6.5 – 7 B Lower end, mainly due to gas prices
Net Capex	~ €5 B
Shareholder remuneration	~ 31% CFFO
	40 M shares cancelled YTD Additional 20 M SBB to be executed before end-2024 Dividend 0.9 €/sh 2024 (~+30% vs 2023)

2Q24 Results

24 July 2024

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