Repsol S.A. — Earnings Release 2024

Feb 20, 2025

4Q & FY2024 Results

20 February 2025 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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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

Strategic progress aligned with 2024-2027 capital allocation framework

Priority to committed shareholder distributions

• Total distributions of €1.9 B (31% of FY24 CFFO)
• Increased 2024 cash dividend to 0.9 €/share (~30% increase vs 2023)
• Redemption of 60 M shares (~5% of share capital as of Dec'23)

Preserving a strong balance sheet

• Solid operational and financial performance
• Gearing of 2.4% ex-leases. Liquidity covering 3.5x short-term debt
• Year-end Net Debt €0.5 B below Sept'24

Disciplined and transformational investment

• Net Capex of €5.7 B in FY24 (€5.4 B if including 2 nd installment of Colombia disposal)
• High investment activity aligned with peak in Upstream development cycle
• Net Capex €9.5 -10 B in 2024-2025

Market environment

Supportive macro scenario with refining margins above historical levels

^{84 83 85 80 75 83 81} 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Brent (\$/bbl)

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

Henry Hub (\$/Mbtu)

196 Kboed

Liquids production -5% vs 2023

375 Kboed Gas production -5% vs 2023

Upstream Portfolio high-grading with focus on the efficient delivery of key growth projects

Production

Kboed

• FY24 volumes impacted by divestments, force majeure in Libya and adjusted production in unconventionals due to low gas prices. Disposal of Colombia agreed in 4Q24
• FY25 production expected at 530-550 Kboed due to divestments and the adjusted activity in unconventionals. Higher share of oil in the production mix
• Monitoring natural gas prices in the US. Hedged 55% of North American 2025 gas volumes
• Leon-Castile (GoM) to start-up by early 2H25. Contribution of 10 net Kboed to FY25 production. 20 net Kboed in 2026
• First phase of Pikka (Alaska) first-oil before end-2025. 32 net Kboed in 2027
• Campos-33 (Brazil) on schedule to start production in 2028. 44 net Kboed in 2029
• Plans for off-shore Block-29 (Mexico) reinforced by Yopaat-1 discovery well. First oil expected in 2028

Industrial

Normalization of the refining environment after unprecedented context in previous two years

• FY24 refining margin indicator -40% YoY mostly driven by weaker middle-distillates
• Higher utilization of distillation capacity due to lower turnarounds. Run-rate of conversion units in-line YoY
• Expect a refining margin indicator of 6 \$/bbl in FY25 (>5 \$/bbl YTD) based on higher demand and new global capacity partially offset by closures
• Negative FY24 Chemicals EBITDA contribution

• Start-up of Cartagena SAF/HVO plant in March'24. Retrofitting of gasoil hydrotreater in Puertollano to start-up early'26
• FID of new gasification plant in Tarragona to produce biomethanol from urban wastes
• Expect FID for three electrolyzers in 2025 (in Cartagena, Bilbao and Tarragona refineries)

7 Repsol 4Q & FY 2024

€1.5 B Adjusted Income -47% vs 2023

43.3 Mtons

Processed crude +3% vs 2023

in line vs 2023

Accelerating the delivery of long-term strategic targets

• Strong cash generation despite less favorable market context. On-track to deliver €1.4 B EBITDA objective for 2027

7.9

Digital customers

(M#)

• Stabilization of the Mobility market since 4Q24 due to anti-fraud regulatory measures in Spain (+6% sales of transportation fuels vs 4Q23)

Dec 2023 Dec 2024

9.3

• Digital users up to 9.3 M (+17% vs 2023) with a strong contribution to Service Stations B2C volumes
• Reached 2.5 M P&G Retail customers, 3x since Viesgo acquisition in 2018. 330 k new clients in 2024 (fully organic, self financed growth)

Note: end of year figures

Adjusted Income +7% vs 2023

€659 M

€1.2 B EBITDA +13% vs 2023

6,735 GWh

Electricity Commercialization +42% vs 2023

P&G Retail customers (M#)

Low Carbon Generation

Developing renewable growth platform prioritizing returns and minimizing financial exposure

• Higher renewable production offset by lower contribution from CCGTs, impact of elevated hydro generation in Spain and equity affiliates
• Global wind & solar power generation +67% vs 2023, driven by new projects in Spain and USA
• Reached 3.7 GW of renewable capacity by end-24. Expect additional >1.5 GW in 2025
• Capital optimization through active asset rotation model to finance new investment and reduce risk
• Expect to be at the lower end of 9-10 GW renewable capacity target by 2027
• Opportunities to increase returns leveraging on the development of data centers

4.6 Renewable electricity production TWh

-€23 M Adjusted Income vs €75 M in 2023

63 €/MWh

Price of Spanish pool vs 87 €/MWh in 2023

7,785 GWh

Electricity Generation vs 8,718 GWh in 2023

4Q & FY2024 Financial results

Results (€ Million)	4Q24	3Q24	4Q23	FY24	FY23
Upstream	334	287	554	1,490	1,779
Industrial	256	185	561	1,460	2,734
Customer	165	180	102	659	614
Low Carbon Generation	(11)	(7)	16	(23)	75
Corporate and Others	(101)	(87)	(38)	(259)	(191)
Adjusted Income	643	558	1,195	3,327	5,011
Inventory effect	(43)	(296)	(295)	(425)	(453)
Special items	(867)	(35)	(543)	(1,292)	(1,274)
Non-controlling interests	231	(61)	26	146	(116)
Net Income	(36)	166	383	1,756	3,168
Financial data (€ Million)	4Q24	3Q24	4Q23	FY24	FY23
EBITDA	1,923	1,421	2,060	7,488	9,254
EBITDA CCS	1,982	1,819	2,456	8,060	9,864
CFFO	1,618	1,505	2,244	5,410	7,064
Net Debt	5,008	5,532	2,096	5,008	2,096

	Outlook 2025 guidance
	Upstream production	530 - 550 Kboed
	Cash Flow from Operations (*)	€6 - 6.5 B
	Net Capex	€3.5 - 4 B €9.5 - 10 B in 2024 and 2025
		30 - 35% CFFO Higher end of 25 – 35% strategic distribution range
	Shareholder remuneration	0.975 €/sh dividend (+8.3% increase vs 2024) 0.475 €/sh interim dividend paid in Jan'25 Complemented with a minimum SBB of €700 M

4Q & FY2024 Results

20 February 2025

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