Low Carbon Day Boosting the Transition

Josu Jon Imaz CEO

Disclaimer

ALL RIGHTS ARE RESERVED © 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.

Some of the figures included in this document are considered Alternative Performance Measures (APM) in accordance with the guidelines of the European Securities and Markets Authority (ESMA). Further information on APMs (definition, purpose, reconciliation with financial statement figures) may be found on Repsol's corporate website.

This document does not constitute an offer or invitation to purchase or subscribe shares, 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.

01.

Repsol Strategy recapitulation

Low carbon strategy progress 02.

03.

Ambition and targets review

01. Repsol Strategy recapitulation

Decarbonizing the portfolio

Repsol Strategic Plan 21-25 is a transformation story, based on decarbonization, and will be done in a way that benefits Repsol as a whole

Leveraging on our businesses vertical and horizontal integration

New operating model

De-carbonize the portfolio

Profitable business platforms with leading advantaged positions
An achievable ambition and multi energy company growth
Distinctive ambition for transformation

01. Repsol Strategy recapitulation

Repsol with the right ambition and more feasible

Repsol's transformation story has a distinctive approach and differentiated starting point, with a right ambition and scale to afford decarbonization

the right ambition

a credible size

a well-suited play

De-carbonization as a business opportunity creating profitable Transition growth platforms
More credible and feasible ambition, right aligned with allocated Capex
Legacy business providing cash-flow to enable the transition
Large enough to build a leading player in the Energy Transition
Small enough in the O&G universe to feasibly transform the portfolio with attractive opportunities
Customer leadership in Iberia with differential brand over competitors
Tier#1 industrial sites provide unmatched platforms for emerging de-carb business
Iberian peninsula with local advantages on project economics (green H2, e-fuels, circularity), provided by a large renewable resource base

01. Repsol Strategy recapitulation

Decarbonizing through a hybrid platform

Fit for 55 package reinforces Repsol's vision in which a combination of electrification and low carbon products is the best solution to decarbonize the economy

Repsol is present in all decarbonization value chain as a multi-energy provider

LULUCF: "Land use, Land-use change and forestry"

Building on our commitment since Net Zero announcement

Repsol today has a relevant low carbon portfolio, moving forward in 2021

	Industrial	Renewables	Customer Centric	Carbon sinks
Transition from a strong position 2020	700 total bios produced kt/y 250 advanced bios kt/y First 7kt biojet batch Circular polyolefins CCU demo plant Project	1.1GW Operational1 in Spain and in Chile 11.7GW Strong pipeline	24 M customers Leader in multi-energy low carbon products2 >1,300 Total Points of Recharge	Natural Climate Solutions investments via Repsol Foundation Carbon offsetting program in Waylet app
2021 Progress	Ecoplanta Signed agreement with Agbar and Enerkem Cartagena C43 Start of works H business plan & team 2 in place Engineering phase three units >100MW FID 2.5 MW electrolyzer in Petronor	Hecate Acquisition of 40% stake Advancing projects Started production in Valdesolar and Kappa Delta 2, Pi, Cabo Leonés III F2 and Jicarilla 2 under construction PPAs Signed PPAs with Microsoft and in Chile	1.26 M P&G customers3 +12% growth in 1H21 Gana Energía Acquired a majority stake in Gana Energía Distributed Generation Launched B2B & B2G solar communities	Sakakemang CCS Engineering phase E-fuels demo plant Engineering phase Green Engine Launch of high scale forestation plan with Sylvestris

+€300 M Capex in Low Carbon Businesses vs Previous 2021 guidance, accounting for >30% of 2021 Capex

1. Operating capacity of Delta I (335 MW), Cabo Leonés III phase I (78 MW 50% WI) and hydro assets (699 MW)
1. Spain Market share in volume; value for 2019
1. Including customers from Gana Energía

Low carbon business platforms:

Industrial Transformation: Low Carbon Products

1.9 GWeq

Increased renewable H2 ambition by 2030

+40% increased 2025 ambition to 0.55 GWeq
+60% increased 2030 ambition to 1.9 GWeq
Three-way route: electrolysis, biomethane and photo electrocatalysis (long-term)
E-fuels demo plant underway
2.5 MW electrolyzer in Petronor by 2022

2 Mton

Low carbon fuels1 by 2030

1.3 Mton of low carbon fuels to 2025
Advanced HVO, the best option to comply with the legislation and grow in biofuels generating value
First biofuels marketer in Spain
Multi-technology and raw material approach

Recycled polyolefins by 2030

10% recycled polyolefins by 2025
Chemical and mechanical recycling

Energy parks that fit into a more sustainable future

Maximizing Value through partnerships

Low carbon business platforms:

Renewable Generation: increasing our ambitions

+15% RES ambition to 6 GW (2025)
+60% RES ambition to 20 GW (2030)
Hecate optionality: RoFos and takeover
Balanced technology mix: solar, wind & hydro
Hybrid projects and storage 4.3 GW pipeline
Relevant presence in OECD markets Asset rotation of operational assets

Best-in-class Equity IRR

Capturing full yield of every project phase:
Top development and operational capabilities
Optimal Structuring and financing
Differentiated Energy & risk management

Accelerating our ambitions from a sizeable, tangible and technologically and geographically diversified pipeline of renewable projects

Selectively investing to create value

Notes: Assuming Hydro is entirely in Spain and considering 100% in Spain and International (excl. Chile) and 50% JV stake in Chile; US Solar includes Solar PV plus Battery Storage.

Low carbon business platforms:

Customer Centric Business: building on our advantages

8 Million

Digital clients by 2025

Unique position to serve the multi-energy needs of our customers
3M Waylet by end 2021 (+50% vs 2020)
Vivit and Energy Origin launched in 2021
Launching transversal loyalty program

+1,000

Public PoR by 2022 in Iberia

Quick chargers every 50 km in Spain by 2022
Capex €50 M in Spain
Ultra / fast charging terminals in premium locations

+180

Solar communities expected by 2021 YE

Innovative solutions for energy generation and optimization, reinforcing a multi-energy offer
Solify: self-consumption
Solmatch and Ekiluz: communities oriented

A differentiated multi-energy customer centric view

Simplifying the net-zero journeys of our customers

To drive 1.4x EBITDA by 2025 (vs. 2019)

Low carbon business platforms:

Carbon Sinks: committed with climate neutrality

Carbon, capture, utilization & storage

CCUS projects

Sakakemang world-scale CCS project by 2027

Natural Climate Solutions

Green Engine

Forestry program through Repsol Foundation

Sakakemang – storage capacity of 2 Mtpa of CO2 and €247 M total investment

Actively involved in OGCI's CCUS hubs initiative

70,000 Ha of forests
Voluntary Carbon Market advocacy
A €100 M Carbon Fund

03. Ambition and targets review

03. Ambitions and targets review

Increasing our ambition

Repsol increased its renewable and hydrogen ambition and sets new CCB targets, encouraged by new opportunities, technology and favorable climate policy momentum

1. Gross renewable generation capacity
1. Original SP 7.5GW and 15GW Low Carbon Generation. (5.2GW and 12.7GW Renewable Generation)

03. Ambitions and targets review

Repsol 2030 targets

Repsol increases its Capex in low carbon 21-25, due to value accretive identified opportunities, accelerating our transformation to 2030

Includes new low carbon platforms, low carbon generation investments, decarbonization efficiency investments, e-mobility, and value-added services.
Increase in low carbon CE through investments in low carbon generation, new industrial low carbon platforms (circularity, H2 & e-fuels, etc.), decarbonization through efficiency initiatives, emobility, and value-added services, among others

Note: CE of RES considering consolidation by the proportional method. Capital employed figures not including Corporation (€2 B in 2019)

03. Ambitions and targets review

Repsol reviewed Net Zero pledge

A favorable regulatory environment and technological breakthrough encouraged Repsol to even further its CII intermediate targets

First O&G to claim Net Zero emissions

Committed in 2019, Increased in 2020, Reinforced in 2021

Carbon Intensity Indicator1 reduction targets [gCO2/MJ]

New Ambition to accelerate the path to Net zero emissions in scopes 1, 2 and 32

Leading the energy transition in line with the objective of climate neutrality in 2050

Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

Low Carbon Day

Driving the Refining transformation

Juan Carlos Ramírez Dir. Planning, Logistics & Refining Sales Berta Cabello Head of Refining Transformation

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2021

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

01.

Low Carbon Fuels Framework

Providing Short Term Value with LCF 02.

What is next? Our Pathway to 2030 03.

Low Carbon Fuels Framework 01.

Raw Materials Scope 3

Energy Scope 1 - 2

01. Low Carbon Fuels Frameworkz

Transforming our business model

01. Low Carbon Fuels Framework

Transforming our business model

1 Regulation Anticipation + advocacy + local dialogue ² Technology Development and Integration in the Value Chain 3 Products Portfolio Low Carbon Liquid Fuels and renewable ⁴ Supply management and ecosystem development Agriculture and livestock + forestry + agri-food + municipal and industrial waste

New Business Model

Circular Economy

01. Low Carbon Fuels Framework

Regulation increases demand and promotes the

The regulatory framework in EU and Spain is promoting low carbon fuels and renewable gases as a decarbonization alternative for transport and other industries.

Regulation can significantly boost the development of low carbon products market

Providing Short Term Value 02.

02. Providing Short-Term value

Low Carbon Fuels. A reality

Already a leading HVO and bio-ETBE producer in Iberia, and first biofuels marketer in Spain

Producing bio ETBE since 1998 and HVO since 2011

Boosting production of Bio Jet

Puertollano: 1st co-processed biojet batch produced in Spain. 7,000 Tn in July 2020
Tarragona: Co-processed biojet batch production. 10,000 Tn in January 2021
Petronor: 1st advanced co-processed biojet batch produced in Spain. 5,300 Tn in July 2021

Testing more than 40 wastes and technologies for advanced biofuels and circular plastics

H2 Leaders in renewable hydrogen: First production from biomethane in Cartagena steam reforming in October 2021

02. Providing Short-Term value

HVO, the best short-term route to grow in biofuels generating value

Greater flexibility in raw materials for advanced BIOS production
Technical barriers to manufacturing allow higher margins
Technologies compatible with Biojet production

Production of advanced HVO is the best option to comply with the legislation and grow in biofuels generating value

From 2025 additional drop-in biodiesel and biojet production is needed to comply with biofuels mandates

HVO and SAF demand 02. Providing Short-Term value

Source: Argus Consulting. REDII Based. June 2021

Our Pathway to 2030 HVO+SAF	2030 2025 Commercial
	+275 kta +300 kta	Initiatives
Regulation	Raw Material
Renewable Energy Directive (RED) ReFuel Aviation FuelEU Maritime	Sustainable Vegetable Oils UCO + animal fats Other lipidic residues included in Annex IX Part A RED Directive	21
Technology	Final Uses
Hydrogenation - Commercial	Transport (Road, Aviation and Marine)	Current Margin 250-750€/tep
New units or retrofitting	By-Products for: Renewable Hydrogen Chemical Industry	Forecasted Margin 950-1,550€/tep

02. Providing Short-Term value

New Advanced Biofuels Plant in Cartagena

02. Providing Short-Term value

Wastes availability. Lipidic Route

0 2.000 4.000 6.000 8.000 10.000 12.000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Thousand tons per year Advanced lipids and greases European Availability

Source: Argus Consulting. June 2021

To go further in this route, raw material availability is key.

Already closing raw material agreements locally and internationally

The demand for these raw materials will stimulate its availability.

Before exhausting this route we are exploring others.

Our Pathway to 2030 03.

Additional potential from solid wastes and CO2 03. Our Pathway to 2030

There is enough sustainable biomass (organic waste from any kind) in Europe for obtaining the expected advanced biofuel demand in 2050*.

To realise this potential, additional R&D would be required as well as the implementation of improvement management strategies. The supply chain would need to be developed to mobilise all these resources.

* Fuels Europe Clean Fuels for All Scenarios.

Source: Sustainable biomass availability in the EU to 2050. Imperial Collage 2021

Waste availability for energy uses (Mty)
Type of Waste	2030	2050
Municipal & Industrial Bio-waste	44 – 80	33 – 61
Forestry Waste	204 – 370	215 – 408
Agriculture Waste	272 – 410	291 – 447

+ CO2

03. Our Pathway to 2030

Integration with the refineries

03. Our Pathway to 2030

Integration with the refineries

We are ready 03. Our Pathway to 2030

The development of a wide pipeline of projects allows us to be ready to achieve our ambition adapting in the way to regulation, raw materials and technology.

Making use of the organization know-how and capabilities

Our Pathway to 2030 03. E-Fuels	2025 2030 Demo Scale-up +2.5 kta
Regulation	Raw Material
Renewable Energy Directive (RED) ReFuel Aviation FuelEU Maritime	CO 2 Renewable Hydrogen
Technology	Final Uses
Reverse Water Gas Shift – Under dev + FT + Upgrading - Commercial	Transport (Road, Aviation, Marine) Feedstock for chemical industry

03.	Our Pathway to 2030 Advanced Ethanol	2025 Demo +8 kta	2030 Roll out +16 kta
	Regulation	Raw Material
	Renewable energy Directive (RED) Waste Directive Farm to Fork Strategy	Organic MSW Agriculture residues
	Technology	Final Uses
	Fermentation – Scaling up	Transport (Road) Intermediate Product for: Renewable Hydrogen Jet production

Our Pathway to 2030 03. Biomethane		2030 Commercial
		400+ GWh/a
	Regulation	Raw Material
	Renewable Energy Directive (RED) FuelEU Maritime Guarantees of Origin Waste Directive Farm to Fork Strategy ETS	Organic MSW Agriculture + Livestock residues
	Technology	Final Uses
	Anaerobic Digestion + Upgrading – Commercial	Transport (Road and Marine) Hydrogen production Industry – Heat, Power Residential

Renewable Hydrogen 03. Our Pathway to 2030

Regulation	Raw Material
Renewable Hydrogen EU Strategy Renewable Energy Directive (RED) ETS	Renewable power and water Biomethane Biogas Bionaphtha
Technology	Final Uses
Electrolysis - Scaling - up Steam Reforming - Commercial	Intermediate for fuels production Transport Industry Residential

Maximizing Value through partnerships 03. Our Pathway to 2030

We have over 45 partnerships in the whole value chain to develop decarbonization projects.

The partnership model is flexible including co- investing, long term contracts, etc.

Raw material sourcing and pretreatment Technology & Operation Final Use Waste management and pretreatment Biomass sourcing Agriculture and livestock producers Technologist and licensors Technology Centers Biomass plants operators Airlines Shippers Fleet Operators OEMs

Demo plants

Public Funding

Summary 03. Our Pathway to 2030

Repsol is the leading HVO and bio-ETBE producer in Iberia, and first biofuels marketer in Spain.

We incorporate biofuels in our products since 1998.

Clear pipeline to 2025 with Cartagena advanced biofuels plant as main project ready in 1Q23.

Wide pipeline of initiatives to achieve our 2030 goals:

Application of different technologies
Flexibility in raw materials
Strategic partnerships

Applying strengths and know how of the traditional business to new developments: Competitiveness, integration and flexibility.

Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

Low Carbon Day Chemicals - Circularity

Rafael Jiménez Director of Polyolefins

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2021

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

01.

Repsol Chemical Business Overview

Repsol Chemical Business Strategy 02.

03.

Chemicals Transformation - Circularity

Targets
Roadmap
Projects and value chain

Executive summary 04.

Repsol Chemical Business Overview 01.

3 Main highly integrated & flexible petrochemical sites in Iberia

2,800 kt/y Sales

>1,000 Relevant customers ~550 M€/y Average EBITDA 2015-2020

~20% Average ROACE 2015-2020

~2,000 Staff

High complexity production & logistics ~350 different grades / lean

>85 countries Sales

~100 M\$/y Average EBITDA 2016-2020

~15th World producer high value products (PO/ Polyols, EVA)

310 kt/y

Sales 2020

~900 M€/y Projected EBITDA

Projected ROACE

~1,700 M€

Capital employed

2021

~35 %

JV Dynasol

50/50 strategic Alliance between Repsol and KUO (Mexico) in synthetic rubber business plants in Europe, LATAM and China

production / multi-modal delivery

Diversified Portfolio committed with improving Life Standards and with Energy Transition

Many low-carbon technologies rely on innovations in chemistry to become more efficient, affordable and scalable

Chemicals are key

Efficient building envelopers	11%
Lightweight material	4%
Fuel efficient tires	2%

Chemicals relevant

Wind & Solar Power	50%
Electric cars	21%

Little influence

Efficient lighting 12%

CO2 emissions reduction in each area due to the use of chemicals; weight on total Study "The essential role of chemicals", ICCA

Repsol Chemical Business Strategy 02.

Repsol Chemicals Strategy: Opportunity for profitable growth through 3 levers

02. Repsol Chemical Business Strategy

Repsol Chemicals Strategic Plan targets growth in EBITDA by 2025 in a stable medium-low margin scenario

0.6 BAU1

0.6 Alba

-0.1 Adj / Eff

1.5

0.4 Transform

0.1 Integrate (Rest)2

Total Repsol

Cum. CAPEX 2021-25 (B€)

Business as usual; 2. Including Dynasol and Repsol Química initiatives; 3. ROACE is calculated after taxes

Optional Opportunities to invest with high return and double capital employed, improving ROACE from 8% to more than 13%

Transform and integrate the current business to increase Repsol Química EBITDA by ~2x in 2025 in a stable medium-low margin scenario

Boost Business Value due to a more solid business

Integration and flexibility building resilience
Robustness and efficiency of the operation
Diversified footprint with differentiated products and geographies

License to Operate and Business Opportunity

Target: Recycling equivalent to 20% of our polyolefins production by 2030

Recycled Polyolefins (Kt/yr)

Mt/y

Polyolefin Market in Europe will be growing at healthy rates (both Virgin and Recycled) over next decade 03. Chemicals Transformation - Circularity

Roadmap to reach our targets

TOTAL CAPEX: ≈€1,400 M (Repsol Equity €665 M - unlevered)

Projects and value chain

		WASTE	TECHNOLOGY	PRODUCTION	MARKET
e n e yr	RECICLEX® Mechanical	High quality post-consumer waste	Mechanical Recycling	 Repsol Compounds Plants: Monzón PP & Puertollano PE  Reciclex compounds production in ACTECO	 Polyolefins that incorporates recycled material  Usual polyolefin market (packaging, auto, etc.). Currently sales to 20 customers
st y ol P & s n efi	RECICLEX® Circular	Plastic mix High quality CSR	Chemical Recycling PYROLYSIS	 Crude processing in Puertollano and free allocation to products by mass balance.  In project: Pyroplast; FCC Puertollano; Tarragona's crude; Direct Styrene.	 Circular polyolefins with ISCC PLUS certification (3 certified complexes)  Currently sales to 10 customers
ol y ol P	ECOPLANTA®	Urban solid waste	Chemical Recycling GASIFICATION	 Ecoplanta integrated in Tarragona site  The extension of the model to other sites is in the conceptualization phase	 Methanol: RED II fuels; Chemical Industry, Marine fuels  Methanol-to-Olefins under evaluation
s ol y ol P	RECPUR	Industrial/ Clients residues Mattress foam waste	Chemical Recycling ACIDOLYSIS	 New plant at Puertollano for production of polyols	 Polyols incorporating recycled material for the foam market in the comfort sector in Europe.  Agreement with 6 key customers for product homologation and formulation adjustment.

Repsol RECICLEX® Mechanical Recycling

Description

Develop a new range of polyolefin-based products that incorporate a variable percentage of recycled plastics in their formulation, without losing the properties of the virgin material in the application.

TARGET

Achieve sales of 100 kt/year (50% average recycled content) of Reciclex Compounds by 2030

New product properties

Up to 70% recycled content More than 20 grades

Many applications (non food contact): film, packaging, injection, blow, moulding, and others.

Constant quality and homogeneity, similar properties to virgin grades

Traceability Certificate UNE-15343

100% recyclable

Carbon footprint reduction Up to -40%

Partnerships

Project to increase the capacity of the recycled materials produced by Acteco in Alicante.

Repsol RECICLEX® Circular: Chemical Recycling - Pyrolysis

Description

To develop a new range of circular plastics from plastic waste, not mechanically recyclable, with the same properties as products made from fossil raw materials.

TARGET

Recycle 225 kta of plastic waste into pyrolysis oil for the development of circular polyolefin by 2030.

New product properties

Complete Repsol range in all applications, with same properties
Suitable for food, hygiene and medical use
3 sites ISSC Plus certified with mass balance

100% recyclable

Low carbon footprint

Pyrolysis oil approach & partnerships

1. Production

Since 2015 supplying pyrolysis oil into Puertollano site. Now we are in the process of developing pyrolysis oil suppliers.

2. Purification I Pyroplast Project

Repsol, Axens and IFP developed and patented process to enhance the chemical recycling of plastic waste - RewindTM Mix

3. Marketing

Repsol signs agreements to supply main European food packaging producers with ISCC Plus Certified Circular Polyolefins. We are able to supply premium Polyethylene or Polypropylene grade as well as styrene to our customers

Resins

Polyurethane Recycling RECPUR

Description

Developing a new range of RECYCLED POLYOLS. RECPUR closes the cycle of the Circular Economy of Polyurethane:

Processing the waste

Our customers can incorporate recycled product in their process

"Plastic-to-plastic" process

Polyol with lower CII (Carbon Intensity Indicator)

TARGET

Achieve 15% of polyols for the Comfort Market with recycled origin by 2028.

Being a "First Mover"

Concept

The foam residue (2 kt/y) is fed to a chemical recycling plant to produce "polyol of recycled origin" (5 kt/y) which is then incorporated into the customer's formulation to produce foam again to manufacture new mattresses or furniture.

Partnerships

RAMPF Eco Solutions based in Pirmasens, Germany, is an expert in chemical solutions for the manufacture of high-quality recycled polyols

RECPUR locations

Waste-to-Chemicals ECOPLANTA®

Description

Repsol will join the Ecoplanta® project, together with the technology leader Montreal-based firm Enerkem and Agbar, a global expert in water and waste management, to build a waste to chemicals plant in Tarragona.

The plant will process municipal solid waste to produce methanol, that will be used as raw material to produce circular materials or advanced biofuels, contributing to avoid 200 kty of CO2 and reducing the waste that ends up in the landfill.

The proposed location is Tarragona where various synergies will leverage the proposal

Circularity– waste to chemicals

Reduction of landfill of 390kt of MMW (Mixed Municipal Waste)
No competition with food supply
No land use impact

Strengthen Tarragona Complex

Tarragona has a high rate of landfill
Synergies with Repsol Quimica
Potential valorisation of Repsol's land

Suitable for EU funding

The project can ask for funding in the European Union subsidy package
Innovation Fund (up to €90 M)
Recovery Fund

TIER 1 Partners

Technology leader
Waste management leader

Innovative and proven technology

Gasification technology
Most developed technology in waste to chemicals

Circular and Bio products

Interesting premium for Biomethanol
Possible chemicals route via ethanol production

Option of Green H2

Requirement of 2.7 t/h H2
Opportunity for green H2 project
Low carbon footprint

PLASTIC WASTE

Repsol Reciclex® Circular Advanced Fuel 390 kt/y mixed municipal waste 220 kt/y Methanol

Repsol Roadmap includes the extension of the project, with feasibility studies for Sines and Puertollano

Executive summary

Circularity is going to be a must for the chemical industry:

Chemical products contribute to reduce GHG emissions
The European virgin polyolefins market grows at 0.8% and the recycled at 9.9% CAGR
There will be new business opportunities in circularity
Repsol is well positioned for recycling as our petrochemical sites are well integrated
We have been one of the first European chemical producers feeding pyrolysis oil into our system and marketing circular polyolefins
Repsol has the target of recycling 20% of our polyolefins production by 2030
To do that, we have a clear roadmap with four main projects to invest €1,400 M (Repsol Equity €665 M - unlevered) with different technologies and partners, and we continue developing new projects to reach our recycling goals in 2030

Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

Low Carbon Day

Hydrogen business strategy

Tomás Malango Director of Hydrogen

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2021

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

Hydrogen market vision

Repsol position 02.

Ambition 03.

Business roadmap 04.

Hydrogen market vision 01.

Strong hydrogen market growth

1 Demand growth driven by low carbon H2

EU hydrogen demand – Market forecasts (M tons/yr)

Ambitious H2 development targets in the EU and Spain, supported by public and private funding

Recently launched "Fit for 55" regulatory package with ambitious targets supporting H2 development

Strong 2030 penetration targets
Min. 50% share of renewable H2 consumption in industry
2.6% minimum quota of RFNBO³ in transport
0.7% e-fuels share in the aviation fuel mix (5% in 2035)
Discount tax rates for the use of renewable and low-carbon hydrogen for end-consumers (based on energy content)

4 Further regulatory support still in progress

Economic incentives to ensure low carbon H2 competitiveness
Secondary regulation for H2 and the 3rd Gas Package review including the contribution of H2 to decarbonization of gas markets to be launched in December.
Technical requirements for production of H2 and derivatives (e.g. renewable energy feed criteria, requirements on CO2 for e-fuel production, etc.)
Renewable Fuel of Non Biological Origin – H2 and H2 derivatives (e.g. e-fuels)

^1. EU-FCHJU forecast (Fuel Cell and Hydrogen Join Undertaking)

^2. Market size estimated with 1.3 €/kg full grey (incl. capex) H2 production cost (assuming natural gas cost of 20 €MWh and excluding CO2 price)

Industry & transport lead market for renewable H2

Industrial processes and heavy vehicles are the most promising short-term applications

Market development driven by low carbon H2 competitiveness and lack of alternatives – 2030 view Aviation Marine H2 in Heavy Vehicles (Incl. RED II) H2 in Light / commercial vehicles (Incl. RED II) Chemicals - process Ammonia process Power storage Residential/ commercial Industrial heat Power generation H2 more competitive H2 less competitive Long-term H2 penetration to be driven by regulation and technology Minimum H Marginal use ² presence Grid blending Steel Lead H2 development in the short term supported by regulation Refining (Incl. RED II) Competitiveness of H2 vs decarb alternatives (2030)

Large cost gap vs. incumbent

Competitiveness vs incumbent (2030) Cost parity vs incumbent

Regulatory support & Refining competitiveness

EU regulation (RED II&III) can bring competitiveness to renewable H2 produced for refineries

Industrial processes: competitiveness achieved in refining due to H2 for fuel production being included as part of renewable targets in transport

Natural gas price 20 €/MWh; range corresponds to CO2 price (from 0 to 60€/ton)
100 MW electrolyser, 1200€/kW of CapEx (full project costs incl. electrical connection, civil, intermediate storage, project costs), 65% electrolyser efficiency,

~70% load factor, range corresponds to power price between 32 and 50€/MWh; additionally considers 6.4€/MWh grid toll.

H2 capex subsidies 25% : effective capex 900 €/kw (Total capex 1200 €/kw)

Hydrogen competitiveness

Low-carbon H2 expected to become competitive vs incumbent by 2030-35

20 €/MWh natural gas price
Considers carbon capture of 90% of total CO2 produced
100 MW electrolyser, 1200€/kW of CapEx (full project costs incl. electrical connection, civil, H2 intermediate storage, project costs), 65% electrolyser

efficiency, ~70% load factor, electricity price 32€/MWh, 6.4€/MWh grid toll.

Low range: 100 MW electrolyser, 579€//kW CapEx, 68% efficiency, ~70% LF, electricity price 25 €/MWh, 6.4€/MWh toll; high range: 100 MW electrolyser,

760€//kW CapEx, 68% efficiency, 70% LF, electricity price 30€/MWh, 6.4€/MWh toll.

CapEx 400 €/kw, 68% efficiency, LF ~70%; electricity price 20 €/MWh, 6.4€/MWh toll, OpEx 24 €/kW

Repsol position 02.

Repsol competitive advantages 02. Repsol Position

Leveraging sources of competitive advantage…

02. Repsol Position

Hydrogen consumption in Europe & Spain

1. Capacity factor; Electrolyzer efficiency ~65%
1. Market size estimated with 1.3 €/kg full grey (incl. capex) H2 production cost (assuming natural gas cost of 20 €MWh and excluding CO2 price) Source: IEA; Nexant

Ambition 03.

03. Ambition

Current ambition aligned with "Fit for 55" targets

2025 objective 2030 ambition

Deployment of electrolyzer capacity in own refineries to develop experience and scale
Developing H2 hubs around own sites
Participation in pilots with 3rd-parties to develop positioning and know-how in new applications
1. SBR: Steam biomethane Reforming, renewable hydrogen production from biomethane
1. Renewable Fuel of Non Biological Origin H2 and H2 derivatives (e.g. e-fuels)
Fit for 55 proposal strongly support renewable H2 development in Europe:
Transport: 2.6% minimum quota of RFNBO3 for all transport modes and minimum quota of 0.7% of e-fuels used in aviation by 2030 (5% by 2035)
Industry: 50% minimum share of renewable H2 used for final energy and non-energy purposes in industry
Current H2 ambition in own-assets achieves minimum regulatory targets
E-fuels plant to strengthen Repsol H2 position and increase market share in a highly synergetic long-term business line
Third party volumes to cover additional industrial needs

^1. Including the e-fuel pilot plant in Petronor

Business roadmap 04.

Key financial metrics

Note: Considers 20 years lifetime for each project since commissioning, and no terminal value; does not include overhead costs; H2 price estimated as cost of grey H2 production alternative (steam reforming) + CO2 cost + RED II green premium; e-fuel price estimated as diesel price alternative (including hydrocarbon taxes) + RED II green premium; amortization for projects with commissioning date before 2027 of 5 years, for other projects of 20 years; PPAs established before 2027 with high cost (+22€/MWh compared to the base cost of the PPAs signed afterwards) ¹⁶

Assumes sizing of 3.25 MW renewable generation capacity per MW of electrolyzer (70% of Renewables power generation is dedicated H2 production, with the rest fed to the grid); Gross capacity assumes 100% of renewables development in projects in which Repsol's stake is >=50%.
Renewables Capex assumptions: 2022-2025-> Solar: 595 €/kW Wind: 920€/kw.

Note 1: Capacities assume a 95% capacity factor;

Note 2: Equity share between 50% and 100% in projects deployed in Repsol refineries before 2025. Equity share for projects deployed in third-party assets in Spain of 50%. Equity share for international projects of 30%; 17

Production of e-fuels in Petronor

Development of worldwide reference plant to achieve commercial level and leading position in production of synthetic fuels

Investments:

Wind generation, electrolysis, e-fuels plant: €74 M

Production: 50 bbl/d

Partners

SUNRGYZE – Renewable H2 production technology

Repsol - Enagas partnership: technological development of disruptive and photoelectrocatalytic process for production of cost-competitive renewable hydrogen 100% renewable

100% CO2 reduction vs conventional hydrogen.
Based on the direct conversion of solar energy into chemical energy
Collaboration with different public and private entities

Co-funded by European Regional Development Funds (FEDER) and EU Innovation Fund

Spanish Hydrogen Network (SHYNE) Project

Repsol with great strengths to be the backbone of the Renewable Hydrogen roadmap and its sectoral integration, together with growing demand for H2 in the coming years, and the role played by the European Funds, will lead Spanish national project.

* Total CAPEX. Repsol's CAPEX is approximately 2,250 M€

Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

José Barreiro Executive Director of Mobility Iberia Siridia Berenguer Director of New Businesses BD

Low Carbon Day Customer Centric

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2021

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

#RepsolLowCarbonDay

Building on a leadership position with a successful transformation track-record

Fuels

Lubes

Note: Market shares in volume except for P&G Spain, in customers. Values provided correspond to 2019 (Italy excluded). Operating and financial leases are included as expenses within Financials. (Graph) Growth presented as net growth from 2015 to 2019. Overhead costs not included

CCB EBITDA evolution (M€)

2015 2019

x1.4

Energy commercial business environment rapidly evolving underpinned by secular trends

01. Customer-centric: Introduction and Business overview

Global Trends

Decarbonization

Regulatory changes

Alternative (non-exclusive) mobility technologies

Consumption Trends

Digitalization

Increasing renewables sources & electrification

Fast technology evolution Requiring a global vision of their needs

New services and business models

Energy is in

More environmental & safety concern

Demanding more personalized treatment

The future is multi-energy, low carbon and customer oriented

Changes in consumer patterns post COVID

Multienergy

World-class digital

Customer centricity

Mobility leader in continuous transformation

Customer-Centric Business Strategy 2021-25 02. Customer-centric: Strategy and pillars

High-growth power customer business

2 M Repsol digital customers

Digital solutions to orchestrate customer-centric multi-energy approach across customer base 02. Customer-centric: Strategy and pillars

>8 M digital customers by 2025

Cross-sell multi-energy

Repsol is prepared to deliver differentiation and a more holistic offering

e-Mobility

Repsol e-Mobility holistic offering as a key competitive advantage vs competitors

Keeping our current status as the mobility service provider of choice

e-Mob @public areas

e-Mob @home

electricity @home

e-Mobility

Repsol is committed to develop a widespread, smart, convenientlylocated charging network in Iberia focused in fast and ultrafast chargers in main transport corridors

Ultra / Fast

public

2022

e-Mobility

A very synergistic business with attractive economics for Repsol

The economics of E-Mobility & home power consumption are even more attractive for Repsol than those of traditional mobility

More than double growth in enhancing contribution margin per customer

41
Pago realizado 0/01/2020
	Tu pago en Repsol C/Méndez Álvaro 73
	Total de la compra	35,00€
Saldo aplicado		$-10,00$ €
Pagado		25,00€

Distributed Energy

Developing New Energy Services that allow to deliver customer's changing needs regarding distributed energy and energy management.

Distributed Energy

Solar selfconsumption solution

Solar communities product

Citizens' solar cooperatives

RECENT AWARDS:

Green Generation category

Innovation & Customer Experience category

Renewable Energy Category

Bringing local and renewable energy

producers and consumers together

+2,100 CO2 tons/year avoided by Solmatch's 2021 solar communities

Distributed Energy

+300

Solar installations in Repsol Service Stations

+180 Solmatch active solar communities

50 Solar cooperatives under negotiation

4Q21

Unique and integrated digital experience to facilitate the customer's relationship with energy

Payment and loyalty app for mobility management

Leading market share transport service Apps

Users in December 2021 Transactions per month

3 M

2.1x

Volume sales per customer HIT RATE CHURN

+7 p.p. Additional sales uplift in campaigns

Waylet

+1 .6 M

Waylet

Payment and discounts in strategic partners

Pre-order Convenience stores

Parkings

E-Mobility charging management

Pre-order Convenience stores

Way&Go buy in-store without cash

Pre-order Convenience stores

Way&Go buy in-store without cash

CO2 Offset

Way&Go buy in-store without cash

Payment and discounts in strategic partners

Pre-order Convenience stores Pick up - Delivery Loyalty program

Parkings

E-Mobility charging management

Waylet

Payment and discounts in strategic partners

Pre-order Convenience stores Pick up - Delivery Loyalty program

Parkings

Way&Go buy in-store without cash

E-Mobility charging management

Pre-order Convenience stores

Way&Go buy in-store without cash

CO2 Offset

Vivit

Home energy transition management

Customized functions to improve household consumption efficiency

Disaggregated information on appliance expenditure

Consumption comparisons of households with similar characteristics

Vivit

Decide the source of the energy you consume from renewable plants of your choice

Real -time information to adjust consumption habits accordingly

NEW FEATURE

New Repsol.es Ecommerce

New Release Q4 '21

Repsol successfully leveraging digital to build customer-centric approach and create value

Customized solutions with a customer-centric approach

Customized multi-energy solutions for our clients

New Energy Services – Distributed generation

Teléfono	Te decimos cómo conseguirlo
	900 222 333	¿Te llamamos?

New Energy Services – Distributed generation

Customized multi-energy solutions for our clients

New Energy Services – Distributed generation

Customized multi-energy solutions for our clients: Food Service Solution

Repsol +

Spain's first energy community

Launch date: 4Q21

Repsol +

Global loyalty program for Repsol clients

Transversal vision of your energy
Value -added services
Customized offers according to customer needs

Digital. Multi-energy. Customer-centric.

Now.

"Satisfy any energy need in people's daily lives in the easiest and most agile way possible and in any area of their lives."

Unique opportunity to create value in the energy transition…

Leading energy customer business with sustainable competitive position

Advantaged and committed play on energy transition

Multi-energy & customer centricity approach

Strong track-record of customer management and digital capabilities

x1.4

… while increasing customer-centric businesses' EBITDA through energy transition

Including Traditional Mobility (Mobility Spain, Mobility Portugal. Mobility Italy, Mobility Mexico and Central Mobility); E-Mobility; LPG; Lubricants, Asphalts, International Aviation and Specialties; Power & Gas Retail. Energy Services businesses and P&G Central Costs and Customer-centric Business Overheads

EBITDA

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

Low Carbon Day

Renewable Generation

João Paulo Costeira Executive Director of Low Carbon Generation

Disclaimer

This document, in addition to historical information, 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 "expect", "anticipate", "forecast", "believe", estimate" "target", "potential", "growth plan", "pipeline", "project", "will", "may", "should" 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.

The information in this document, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. Repsol does not undertake to publicly update or revise these forward-looking statements or any other information contained in this document even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realised.

Certain of the figures included in this document are considered Alternative Performance Measures (APM) in accordance with the guidelines of the European Securities and Markets Authority (ESMA). Further information on APMs (definition, purpose, reconciliation with financial statement figures) may be found on Repsol's corporate website.

The information contained in the document has not been verified or revised by the external auditors of Repsol or any other third party. Repsol does not accept any responsibility whatsoever and makes no representation or warranty, expressed or implied, for the fairness, accuracy, completeness or verification of the information contained in this document. Accordingly, undue reliance should not be placed on this information.

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 jurisdiction. In particular, this document does not constitute an offer or invitation to purchase or subscribe for shares in accordance with the provisions of Royal Legislative Decree 4/2015 of the 23 of October approving the recast text of the Spanish Securities Market Law and its implementing regulations.

#RepsolLowCarbonDay

Introduction: Track record 01.

02.

Strategy: Fast-growth sustainable business model

Strategic Guidelines
Pipeline Characterisation
Updated Targets
Value addition & Targeted Returns
Asset Rotation Rationale

03.

Deep dive in Delta I Project

Introduction Track record 01.

01. Introduction Track record

What we have achieved so far: over delivering on our targets

Launch organic growth
Build-up of a material portfolio of c.11 GW of wind and solar projects in Spain
Build and put in operation pipeline
1.7 GW operational by YE 2021 with a clearly defined operating model

Create international platforms

Developed platforms in US and Chile with over 30 GW of projects in different stages of development
Develop capabilities
Top talent hired from leading Renewables players and in-house top resources

1.7 GW Operating Capacity, 2021YE

4.7 GW Under construction, secured & high visibility projects

2501 Employees In renewables

20+ years experience

Management team

+20 GW

Development pipeline with potential COD2 <2025YE

+15,000 MW Developed Management team

(1) As of July 2021

(2) Commercial Operation Date

01. Introduction Track record

De-risking the ambition

Hecate acquisition

Differential element to achieve Repsol's long term objectives of generation capacity and internationalization of this business in one of the largest, fastest growing and most attractive markets at a relatively modest upfront capital commitment with significant option value and upside potential allowing Repsol to create a high growth renewable platform with strong development capabilities in the US

Step into the USA Renewable Energy Market to become an integrated developer and operating player

Represents the first step of Repsol into the US renewable market, complementing our Renewables' strategy and paving the way the construct a Repsol OpCo in the U.S.

Disciplined Acquisition of a minority stake (40%) of Hecate Energy, leading independent developer with a portfolio of more than 40 GW of utility-scale PV solar and battery storage projects in the U.S.

Experienced and proven management team
One of the largest, and regionally diversified, solar PV portfolios in the U.S.
16.8 GW pipeline (Early and mid term projects) and 4.3 GW Storage Capacity through Hecate Grid

Participation in the development (being able to influence and decide EPC and PPA before the transfer) phase while maintaining preferential position to build the Renewable position in the USA

Access to Hecate pipeline (at Repsol sole discretion)
Parallel incorporation of Repsol OpCo to develop, construct and operate new GW in USA
Potential full acquisition in year 3 at Fair Market Value

Strategy: Fast growth sustainable business model 02.

02. Strategy: Fast-growth sustainable business model

Vision: To become a global leading integrated player in the renewable business targeting a size of 6 GW in 2025 and 20 GW by 2030 from a modest starting position

Integrated Model based on top capabilities

In line with the nature as an industrial company and supported by leading management team with robust track-record, the renewables business will be based on an integrated approach through the value chain based on top capabilities in operations and management

"Off-taker oriented" Growth with differentiated Energy Management

Based on forecast of consumption patterns we are defining our portfolio with an adequate energy mix and short development cycles to provide flexibility and different contracting solutions to our clients underpinned by Repsol's brand

Relevant Presence in OECD Targeted Markets

We target sizable presence in a few well-defined OECD countries to achieve low risk and operational efficiency

Asset Rotation

We will seek to capture the yield compression between the development stage and fully commercial and operational projects by selling down stakes to low cost of capital investors

Fast-growth sustainable business model

In line with our nature as an industrial company and supported by leading management team with robust track-record, the renewables business will be based on an integrated approach through the value chain based on top capabilities in operations and management

02. Strategy: Fast-growth sustainable business model

Supported by a sizeable and diversified pipeline of renewable projects …

1,7 0,6 4,1 6,0 36,5 48,9 2021YE Secured portfolio Renewables operating + pipeline capacity (GW) September 2021 Operating Projects 2021YE Under Construction & Secured Projects Highly Visible Projects Advanced Development Projects Early Stage Pipeline TOTAL PIPELINE

02. Strategy: Fast-growth sustainable business model

... Repsol was able to update the strategic growth targets

02. Strategy: Fast-growth sustainable business model

Value addition & Targeted returns: Strong capabilities through the value chain driving operational excellence resulting in superior value creation

							Double digit IRR
De-risked Original Project IRR	Development Project development	Construction Energy & risk management	Operations Engineering, procurement & construction	Energy Management Structuring and financing	Financing Operations	Portfolio ManagementBest-in-class IRR Portfolio management	Best-in-class IRR
De-risked unlevered  IRR Unique access to  early stage projects Internal energy  assessment to de-risk projects	Land and  interconnection fees management Development of  greenfield projects	Ability to sign long  term PPAs with utilities and C&I Strategy focused on  customer needs Strong management  of merchant risk and ancillary services Centralised market  team with presence	Economies of  scale in the negotiation with EPC contractors	Access to different  debt and equity products at any point in time Optimized  economic terms benefitting from Repsol banking relationships	Predictive  maintenance Repowering  Asset life  extension	Rotation of stakes  in selected projects to lower cost of capital investors, crystallizing value	Repsol  Renovables target return
		in physical and financial markets

Notes: EPC - Engineering, Procurement and Construction; HSE - Health, Safety and Environment; C&I – Corporates and Industrials

Asset Rotation

02. Strategy: Fast-growth sustainable business model

Rationale

Repsol will capture the yield compression between the development stage and fully commercial and operational projects by selling down stakes to low-cost-of-capital investors

Substantial value creation over small period of time in the asset life-cycle

Deep Dive in Delta I Project 03.

03. Deep dive in Delta I Project

Location & Main Highlights

Delta I Project

Young operating wind portfolio in Spain with 335 MW of installed capacity.

	1	2
	Montetorrero	Aguasvivas
Number of projects	2	6
COD1	Feb-21	Dec-20 – Mar-21
Installed Capacity (MW)	99	236
Energy Production P50 (MWh)	322,981	651,463
Availability (%)	97%	97%
PPA2		

Main highlights

The wind portfolio includes 8 farms, with an installed capacity of 335 MW and fully operational since Mar-21. The portfolio is located in the Aragon region, a strategic area with abundant wind resources
Cash flows are secured through PPAs with highly competitive and attractive terms and conditions, with Repsol as the main off-taker
Wind farms in the Portfolio are in optimal conditions for hybridization with solar PV technology, estimated to be implemented by 2023
Top-tier suppliers and service providers such as General Electric, Elecnor or Eiffage, among others

(2) Power Purchase Agreement

03. Deep Dive in Delta I Project

Safety & Environment: Working to protect the safety of the People and the Environment in every phase of each and all projects

Safety Measures examples

Health and Safety Coordinator always on site to guarantee compliance with the Safety Plan and that the work is carried out with high safety standards
Procedures for operational and risk control
Control of protective equipment
Emergency drills to be prepared for possible scenarios

Environment Measures examples

Implementation of bird detection and deterrence systems to avoid collisions with aero-generators
Biodiversity protection measure: reintroduction of Bonelli's eagle (a species in danger of extinction since 2005), in collaboration with the Biodiversity General Direction of the Government of Aragon and conservation associations
Weekly monitoring of mortality and use of the birdlife space
Restoration plan minimizing impact on flora
Efficient control and management of waste, erosive processes and water regime

03. Deep Dive in Delta I Project

Project Characterization

Resource information

Project is located in a favourable resource area with higher equivalent hours than market average.

Net equivalent hours

Technical description

1 Montetorrero	Cluster	2 Aguasvivas Cluster
COD	Dec-20 to Feb-21	COD	Oct-20 to Jan-21
Number of plants	2	Number of plants	6
Peak capacity (MW)	98.8	Peak capacity (MW)	236.6
Substation	SET Montetorrero	Substation	SET Las Majas VII
P50 Gross production	322.5 GWh	P50 Gross production	669.1 GWh
Turbine type	GE 130	Turbine type	GE130
Number of Turbines	26	Number of Turbines	63
Turbine Manufacturer and O&M		Turbine Manufacturer and O&M
EPC and BoP O&M		EPC and BoP O&M
Asset Management and Market Access		Asset Management and Market Access

Strategy & Profitability 03. Deep Dive in Delta I Project

Strategy progress

To date, it has been fully funded with equity and shareholder loans granted by Repsol

Will be the first asset to fully implement this strategy

Core decisions	Status
PPA Origination	
Project finance	In progress
LCOE Opt.	
Asset Rotation	In progress

18 Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

LOW CARBON DAY

01. Introduction Track record

Repsol has, in a short time, grown to a substantial business supporting energy transition ambitions

Geographical footprint of Repsol Renewables

Source: Company information

Notes: (1) Greenfield projects with interconnection rights, including solar hybridization projects in wind portfolio

01. Introduction Track record

De-risking the ambition

Hecate acquisition

… allowing Repsol to create a high growth renewable platform with strong development capabilities in the US

Well-diversified footprint across the most attractive US energy markets…

Early and mid term projects Batteries 3.0 GWdc Solar PV 13.8 GWdc 16.8 GWdc

… and a strong track record developing and selling projects

Cumulative MW under negotiation PPA

Cumulative MW projects sold 1

4.834

Low Carbon Day

Low Carbon initiatives in Exploration: CCS

Mikel Erquiaga Director of Regional Exploration Eastern Hemisphere

Disclaimer

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

Our Starting Point

The Upstream Business in the Energy Transition context

02.

Sakakemang Project:

Discovery & Appraisal
CCS
CCS (Carbon Pricing)
CCS worldwide benchmark
CCS Technical Assessment

01. Our Starting Point

01. Our Starting Point

The Upstream Business in the Energy Transition context

Repsol: First O&G Company to announce Net Zero commitment by 2050

Decreasing capital employed in conventional O&G exploration activities and geographically concentrated (2021-2025 Strategic Plan)

Exploration personnel skill sets in conventional O&G exploration activities is being re-converted to Low Carbon Exploration initiatives aligned with our Net Zero ambitions:

Carbon Capture & Storage (CCS) in the subsurface to abate CO2 emissions
Exploration for Geothermal Resources to boost low CO2 energy generation (similar activity to (O&G Exploration)
Hydrogen Storage to provide solution to buffer H2 production through storage in saline cavities in the subsurface

The expertise of our G&G workforce will be source of Competitive Advantage in the Energy Transition

02. Sakakemang Project

Discovery & Appraisal

Sakakemang PSC: Kaliberau Dalam-2X Discovery (KBD-2X)

Kaliberau Dalam-2X discovery well: February 2019
Largest Gas discovery in Indonesia in the last decade (>2 TCF)
Gas with high CO2 content (26%)
New Greenfield Projects need to be Net Zero
Appraisal campaign following the KBD-2X discovery:
KBD-3X appraisal well (2020-2021) Completed
Long Duration Test (LDT) on KBD-2X discovery Pressure monitoring in KBD-3X (2021) – Ongoing
Objectives of appraisal program: confirm the volumes associated to the discovery and confirm connectivity between KBD-2X & 3X
Volumes of CO2 directly related to discovered volumes of gas

02. Sakakemang Project:

CCS

Development of a 2TCF gas discovery & simultaneous CCS
First CCS project deployed by Repsol and First in Indonesia.
Among largest CCS projects worldwide today (only 6 CCS projects operating).
Storage will commence in 2027 and will be done in two depleted gas fields of Corridor PSC contract (Gelam & Dayun).
Main Challenges:
Regulatory Framework, but the MEMR in Indonesia has already created a Task Force with the objective to have CCS regulation in place by the end of 2021.
Financial: cost carried by partners, but captured & stored CO2 could be subject of further trading.

CCS (Carbon Pricing) 02. Sakakemang Project:

02. Sakakemang Project:

CCS worldwide benchmark

Today only 6 true CCS projects worldwide

02. Sakakemang Project:

CCS Technical Assesment

Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

Low Carbon Day

Repsol decarbonization pathway: metrics & targets

Luis Cabra

EMD Energy Transition, Sustainability & Technology Deputy CEO

Disclaimer

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

	Decarbonization is in Repsol's DNA								ZRF by 2030 World Bank
	Repsol's 1st Climate Position		1st Carbon Strategy		1st GHG emissions verification under ISO 14064-1 standard				1st 'employees' variable remuneration linked to GHG reduction			OGMP 1st Global Sustainability Plan		CII reduction targets (w/ Scope 3) 2020: 3% 2040: 40%		SP2021-2025 (w/ reinforced decarb pathway) 3rd GHG emissions reduction plan 2021-2025
2002	2003	2005	2006	2007	2008	2009	2010	2011	2014	2015	2016	2017	2018	Dec 2019	Nov 2020
	1st O&G to support the Kyoto Protocol		1st GHG Emissions Reduction Plan 2006-2013				Repsol Clean Energy Ventures created		1st Capital Market Sustainability Day 2nd GHG Emissions Reduction Plan	Support Paris Agreement. Paris Pledge for Action Board Sustainability Committee OGCI		Methane Guiding Principles Internal carbon pricing 1st O&G company issuing a green bond		1st O&G company to 2050	commit to NZE Decarbonization pathway with interim targets

Credibility and engagement with ESG Stakeholders

Leading ESG company

(1) More than 400 companies included in the average

(2) Non-financial information in annual Integrated Management Report to Repsol's AGM

Global Oil and Gas average (1)

36.2%

Repsol's institutional shares managed by ESG investors…

16%

Top grade (2020)

ESG rating - 1st quintile (2021)

(Integrated O&G 2021)

2/47- ESG Risk Rating Ranking

(3) Mandatory reporting in IMR 2021 for taxonomy eligible activities, in IMR 2022 for taxonomy aligned activities

(4) Mandatory reporting in 2022 for financial entities

A science-based decarbonization pathway and methodology: a package of KPI's with CII and more…

Carbon Intensity Indicator (CII) as key KPI

Scope 3 based on primary energy
In-house "substitution method" for renewables to account just for actual emissions avoided
Interim CII targets, including short term (2020-2025-2030-2040)
Other specific KPIs and targets: CO2/barrel E&P, hydrogen & bio volumes, renewable GW, …
Transparent additional reporting as requested to allow homogeneous benchmarking vs. peers

Carbon Intensity indicator reduction target [gCO2/MJ]

What more do our ESG stakeholders request?

Push (profitable) decarbonization to the limits

Metrics and targets

Absolute emissions
More detailed long-term scenario analysis
Scope 3 methodology
"Avoided" emissions

Capital allocation to low-carbon

Reinforced climate governance

What may our ESG stakeholders expect from us? (I)

Metrics & Targets

A further reinforced decarbonisation pathway (CII), supported by business ambition

Renewable H2
Renewable power generation

New absolute emissions targets 2030 and methane

Scope 1+2 operated
Scope 1+2+3 (net, equity)
Methane emissions intensity E&P

More, better reporting

Scenario analysis details
Continue delivering on our reporting roadmap milestones
Proactive participation: SBTi, Net Zero Standard for O&G (IIGCC), benchmarks (CA100+, …)
CII based on sales

What may our ESG stakeholders expect from us? (II)

Metrics & targets: scenario analysis

What may our ESG stakeholders expect from us? (III)

Metrics & targets: further reinforced decarbonization path (CII)

What may our ESG stakeholders expect from us? (IV)

New metrics & targets: absolute emissions New metrics & targets:

New target: 55% reduction operated emissions (scope 1+2) by 2030 New target: 30% reduction net emissions (scope 1+2+3) by 2030

methane intensity*

Reduction 2025 vs 2017 (%)

* Operated methane emissions / marketed gas (% v/v)

What may our ESG stakeholders expect from us? (V)

Climate governance & Capital allocation

Further reinforced climate governance

The Board to submit climate strategy and targets to an advisory vote in the 2022 AGM
Updated Association evaluation and report (July 2021)

Capital allocation

In-house methodology for capex alignment guidance
In place since 2021 (as committed Dec.2019)
Internal carbon price (Carbon incentive for new investments )

* Based on EU ETS projections. For other regulated markets that may evolve, a similar methodology would be applied

Summary: Renewed decarbonization ambition

Carbon Intensity Indicator reduction targets [gCO2/MJ] Absolute emissions reduction (%)

Methane intensity reduction 2025 vs 2017 (%) Reporting, Governance, Capital allocation

Scenario analysis, benchmarkable metrics
Advisory vote on climate strategy in the 2022 AGM
Higher internal carbon price for new investments

* Operated methane emissions / marketed gas (% v/v)

Low Carbon Day

Investor Relations [email protected]

RepsolLowCarbonDay www.repsol.com

AI assistant

Repsol S.A. — Investor Presentation 2021

1881_rns_2021-10-05_4d871bec-b9b9-4126-9556-593180bc8f11.pdf

Low Carbon Day Boosting the Transition

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2021

01.

03.

01. Repsol Strategy recapitulation

01. Repsol Strategy recapitulation

Decarbonizing the portfolio

Repsol Strategic Plan 21-25 is a transformation story, based on decarbonization, and will be done in a way that benefits Repsol as a whole

Leveraging on our businesses vertical and horizontal integration

De-carbonize the portfolio

01. Repsol Strategy recapitulation

Repsol with the right ambition and more feasible

01. Repsol Strategy recapitulation

Decarbonizing through a hybrid platform

Building on our commitment since Net Zero announcement

+€300 M Capex in Low Carbon Businesses vs Previous 2021 guidance, accounting for >30% of 2021 Capex

Low carbon business platforms:

1.9 GWeq

Energy parks that fit into a more sustainable future

Maximizing Value through partnerships

Low carbon business platforms:

Renewable Generation: increasing our ambitions

Best-in-class Equity IRR

Selectively investing to create value

Low carbon business platforms:

8 Million

+180

A differentiated multi-energy customer centric view

To drive 1.4x EBITDA by 2025 (vs. 2019)

Low carbon business platforms:

Carbon Sinks: committed with climate neutrality

CCUS projects

Green Engine

Sakakemang – storage capacity of 2 Mtpa of CO2 and €247 M total investment

03. Ambition and targets review

03. Ambitions and targets review

Increasing our ambition

Repsol increased its renewable and hydrogen ambition and sets new CCB targets, encouraged by new opportunities, technology and favorable climate policy momentum

03. Ambitions and targets review

Repsol 2030 targets

Repsol increases its Capex in low carbon 21-25, due to value accretive identified opportunities, accelerating our transformation to 2030

Repsol reviewed Net Zero pledge

First O&G to claim Net Zero emissions

Low Carbon Day

RepsolLowCarbonDay www.repsol.com

Low Carbon Day

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2021

01.

Low Carbon Fuels Framework 01.

Raw Materials Scope 3

Transforming our business model

01. Low Carbon Fuels Framework

Transforming our business model

Regulation can significantly boost the development of low carbon products market

Providing Short Term Value 02.

02. Providing Short-Term value

Low Carbon Fuels. A reality

Boosting production of Bio Jet

02. Providing Short-Term value

HVO, the best short-term route to grow in biofuels generating value

HVO and SAF demand 02. Providing Short-Term value

02. Providing Short-Term value

New Advanced Biofuels Plant in Cartagena

02. Providing Short-Term value

Wastes availability. Lipidic Route

Already closing raw material agreements locally and internationally

Our Pathway to 2030 03.

Additional potential from solid wastes and CO2 03. Our Pathway to 2030

03. Our Pathway to 2030

Integration with the refineries

03. Our Pathway to 2030

Integration with the refineries

We are ready 03. Our Pathway to 2030

Renewable Hydrogen 03. Our Pathway to 2030

Maximizing Value through partnerships 03. Our Pathway to 2030

Repsol S.A. Investor Presentation 2021