Repsol S.A. — Investor Presentation 2021

Oct 28, 2021

3Q21 Results

28 October 2021

Josu Jon Imaz CEO

REPSOL CONFERENCE CALL

Disclaimer

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© REPSOL, S.A. 2021

This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol's financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words "expects", "anticipates", "forecasts", "believes", estimates", "notices" and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol's control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the "Comisión Nacional del Mercado de Valores" in Spain and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.

Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

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/SEG/SPWLA/EAGE Petroleum Resources Management System" (SPE-PRMS) (SPE – Society of Petroleum Engineers).

In October 2015, the European Securities Markets Authority (ESMA) published its Guidelines on Alternative Performance Measures (APMs). The guidelines apply to regulated information published on or after 3 July 2016. The information and breakdowns relative to the APMs used in this presentation are updated quarterly on Repsol´s website.

This document does not constitute an offer or invitation to purchase or subscribe securities, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the Spanish Securities Market Law 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 External Auditors of Repsol.

Agenda

01. Key messages 02. Operational highlights 03. Financial results 04. Capital Allocation 05. Outlook 2021

Key messages

Moving into next phase of capital allocation driven by strong performance YTD

Highest quarterly results since 2018 supported on positive macro scenario

Upstream: higher prices offset lower production

• All business segments benefit from improved macro
• Adj. Net Income: 3Q21 €623 M (+19% vs 3Q19), 9M21 €1.6 B (-3% vs 9M19)
• CFFO ex-WC: +28% 3Q21 vs 3Q19, +6% 9M21 vs 9M19
• FCF: 3Q21 €0.9 B; 9M21 €1.9 B
• Production -6% vs 2Q21
• Operational issues solved by end of 3Q. October production at ~575 Kboe/d
• Value-over-volume strategy remains
• Industrial: recovery of Refining and strong Chemicals

• Next phase of capital allocation

• Inflection point of Refining confirmed: higher margins and utilizations

• Strong Chemicals margins partially softened from mid-year maximums
• Accelerating growth in Low Carbon: additional €1 B capex 2021-2025
• Proposal to improve shareholder remuneration: +5% increase of 2022 dividend to €0.63 per share ~5% capital reduction through redemption of 75 M treasury shares

Market environment

All business segments benefit from improving macro scenario

Refining Margin Indicator (\$/bbl)

Henry Hub (\$/Mbtu)

5 Repsol 3Q21 Results

Operational highlights – Upstream

Higher prices support stronger results. Production back to normal levels in October

Production 3Q21 vs 2Q21

• Production issues (Peru LNG, T&T and Marcellus) already solved (October production ~575 Kboe/d)
• Higher prices more than offset lower volumes:
• 3Q21 vs 2Q21: +9% Adj. Net Income, -6% production
• 3Q21 vs 3Q20: +655% Adj. Net Income, -14% production

Operational highlights – Upstream

Eagle Ford

YME

Norway

Marcellus

New FID's

US

• 2

Assuring future production by progressing in 14 key projects

Operational highlights – Industrial

Recovery of refining margin and utilization. Chemicals on track to beat FY guidance

• Margin indicator: 3.2 \$/bbl 3Q21 vs 1.5 \$/bbl in 2Q21

Refining

Higher margins and utilizations

• Highest utilization rates since 1Q20: Distillation 81%, Conversion 92%
• End of furlough in La Coruña and Bilbao
• Start of planned turnaround of Cartagena in October

Chemicals

Margins remain at historical maximums

• On track to surpass FY21 €1 B EBITDA objective
• Margin indicator: -4% 3Q21 vs. 2Q21 record levels
• International margins remain at high cycle values despite feedstock prices

Utilization of refining capacity

International Petrochemical Margins

Operational highlights – Commercial and Renewables

Gradual recovery of Mobility. Progress on Renewables pipeline

Ongoing recovery to normalized levels

• Mobility Sales in Service Stations in Spain -10% vs 3Q19
• Completed disposal of Mobility business in Italy

Sales in Spain service stations vs. 2019 levels

Renewable Generation

Progress on project pipeline

• Valdesolar: started operations in July
• Awarded 138 MW of new wind capacity
• Cabo Leonés III: completed construction and secured project finance
• Atacama: start of construction

• 1 st FID: Jicarilla solar farm

Financial results

3Q21 Results

Results (€ Million)	Q3 2021	Q2 2021	Q3 2020	9M 2021	9M 2020
Upstream	385	351	51	1.063	0
Industrial	100	166	(67)	339	229
Commercial and Renewables	169	127	169	397	332
Corporate and Others	(31)	(156)	(146)	(217)	(365)
Adjusted Net Income	623	488	7	1.582	196
Inventory effect	139	168	40	628	(1.048)
Special items	(58)	(69)	(141)	(271)	(1.726)
Net Income	704	587	(94)	1.939	(2.578)
Financial data (€ Million)	Q3 2021	Q2 2021	Q3 2020	9M 2021	9M 2020

EBITDA	1.951	1.798	882	5.586	1.471
EBITDA CCS	1.759	1.565	828	4.719	2.924
Operating Cash Flow	1.439	902	1.258	3.371	2.122
Net Debt with leases	6.136	6.386	7.188	6.136	7.188

Capital allocation

Next phase of capital allocation framework

• Additional €1 B Low Carbon 2021-2025 investment
• Low Carbon 2021-25 capex increases from 30 to 35%
• Capital Employed in LC increases from 40 to 45% by 2030

30% ~35% Low Carbon Business Legacy Business % Low Carbon Businesses B€ 18.3 19.3

Repsol SP 21-25 updated Capex

Accelerated growth in Low Carbon Increased Shareholder Remuneration

• 2022 Cash dividend €0.63 per share, +5% above Strategic Plan commitment
• Capital reduction through redemption of 75 M shares. Launching in November a program to purchase 35 M shares with the rest coming from treasury stock position

Allocation of >€1 B extra CFFO in 2021 vs budget

• Increased renewable capex → entrance in the US market
• Improve shareholder remuneration → treasury share position 49 M shares
• Reinforce financial strength → net debt reduction

Capital allocation

Increasing our ambitions into the Energy Transition

Increasing renewable and hydrogen ambition and setting new CCB targets

• 1. Net electrolyzer capacity (GW)
• 1. Gross renewable generation capacity

• Original SP 7.5GW and 15GW Low Carbon Generation. (5.2GW and 12.7GW Renewable Generation)

Improved outlook to the end of 2021 Outlook 2021

Production	~ 580 Kboe/d	• - 3% vs. previous guidance due to longer than expected operational issues in 3Q
Refining Margin Indicator	>2 \$/bbl	in 4Q21; ~ 4.5 \$/bbl • >4 \$/bbl 4Q to date
EBITDA CCS	~ €6.7 B	• + €0.6 B vs. previous guidance (prices and industrial margins) • ~ 65% higher than in 2020
Capex	~ €2.9 B
Net debt	~ €6 B	• 2020 closing net debt €6.8 B (hybrids transactions in 2021 €0.3 B)
Distributions	Dividend increase and SBB	• + 5% cash dividend to be paid in 2022 (€0.63 / share) • SBB: 75 M shares (~ 5%) to be approved by AGM

Better macro environment supports cash generation and distributions

3Q21 Results

28 October 2021

Repsol Investor Relations investor.relations@repsol.com