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2Q25 Results Josu Jon Imaz CEO 24 July 2025
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ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2025 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, cash flows, business performance, strategy, geographic concentration, production volumes and reserves, capital expenditures, cost savings, investments, divestments 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 Petroleum 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. Disclaimer Repsol 2Q25 2
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Strong progress toward 2025 strategic priorities Key Messages 2Q25 CFFO +50% vs 1Q25 +86% vs 2Q24 €1.7 B Solid performance driven by the resilience of Repsol’s business model • Challenging industrial scenario due to April’s blackout in Iberia • Upstream production at higher-end of FY guidance • Continued strength of commercial businesses On track to deliver net capex target • Reached €1.2 B of divestments and asset rotations YTD. €0.5 B cashed in 1H25 • Net capex of €2.2 B until June (€1.5 B considering cash-in of all announced disposals) Committed to shareholder remuneration objectives • FY25 cash dividend of 0.975 €/sh (+8.3% vs 2024) • Share buybacks for the equivalent of €700 M in 2025 • Distribute 30-35% of 2025 CFFO 130 % Adjusted Income +8% vs 1Q25 -18% vs 2Q24 €0.7 B Net Debt -2% vs Mar’25 €5.7 B Gearing (6.8% ex-leases) 17.9% 3Repsol 2Q25
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Market environment 85 80 75 76 68 2Q24 3Q24 4Q24 1Q25 2Q25 $/bbl Brent 1.9 2.2 2.8 3.7 3.4 2Q24 3Q24 4Q24 1Q25 2Q25 $/MBtu Henry Hub 6.3 4.0 4.8 5.3 5.9 2Q24 3Q24 4Q24 1Q25 2Q25 $/bbl Repsol’s Refining Margin Indicator 1.08 1.10 1.07 1.05 1.13 2Q24 3Q24 4Q24 1Q25 2Q25 $/€ Exchange Rate 4Repsol 2Q25 Positive refining momentum in volatile price scenario
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589 540 557 2Q24 1Q25 2Q25 Kboed Production Upstream 2Q25 production at higher end of FY25 guidance • Higher contributions vs 1Q25 from UK, Trinidad and Tobago, Libya and Eagle Ford • Resumed development activity in unconventionals in response to better gas price outlook Progress in portfolio high-grading • Divestment of non-operated position in Corridor (Indonesia) for $425 M • Closing of JV with Neo Energy in 3Q25. To create largest independent producer in UKCS (130 Kboed FY25, Repsol 45%) Start-up of new key projects • Cypre and Mento (T&T) reached first gas in 2Q25. ~28 Kboed in 2026/28 • Leon-Castile (Gulf) start-up in 3Q25 • First phase of Pikka (Alaska) expected to reach first oil Dec’25/Jan’26 195 Kboed Liquids production -9% vs 2Q24 362 Kboed Gas production -3% vs 2Q24 €439 M Adjusted Income +3% vs 2Q24 5Repsol 2Q25 Value generation: portfolio optimization and start-up of new projects
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€/t Repsol’s Chemical Margin Indicator 269 187 329 2Q24 1Q25 2Q25 Industrial • Favorable refining margin environment undermined by blackout in Iberia and additional power supply disruptions in Cartagena and Puertollano • Better petrochemical margin environment offset by power outage and soft demand • Impact of operational issues affecting industrial assets in 2Q25 estimated at €175 M (€130 M Refining, €45 M Chemicals) • Refining activity normalized in July (Repsol’s margin indicator > $9 /bbl, Distillation utilization: 94%, Conversion utilization: 102%) • 3Q25 renewable diesel margins at annual highs • 2nd advanced biofuels plant (Puertollano) to start-up in 1Q26 and first H2 FIDs to be taken in 2H25€99 M Adjusted Income -66% vs 2Q24 Distillation (%) Utilization Spanish Refining 88 74 2Q24 2Q25 Conversion (%) 96 86 2Q24 2Q25 441 Ktons Petrochemical sales -7% vs 2Q24 9.2 Mtons Processed crude -12% vs 2Q24 6Repsol 2Q25 Industrial activity impacted by power outage in Iberia
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• Strong sales of road transportation fuels, +16% vs 2Q24, in line with pre-pandemic figures • On track to reach the strategic EBITDA target for 2027 in 2025 • >1,200 service stations in Iberia offering 100% renewable fuel (Nexa) • Digital user: 10.1 M (+17% vs 2Q24), a strong contribution to Service Stations B2C volumes • New Identity and brand evolution launched • P&G Retail: reached 2.8 M customers (+18% vs 2Q24) of which 1.1 M are multi-energy 34 53 2Q24 2Q25 (%) Multi-energy Service Stations in Spain (1) €198 M Adjusted Income +25% vs 2Q24 (1) Service Stations having operating EV charging points or Nexa renewable fuel Multi-energy customers (M#) P&G Retail customers 2.4 2.8 2Q24 2Q25 0.8 Customer €351 M EBITDA +17% vs 2Q24 7Repsol 2Q25 Multi energy offer: strong delivery and new identity 1.1
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3.1 4.7 2Q24 2Q25 GW Installed renewable capacity €7 M Adjusted Income +€6 M vs 2Q24 39 €/MWh Price of Spanish pool +16% vs 2Q24 2,806 TWh Electricity Generation +58% vs 2Q24 TWh Renewable electricity generation 1.5 1.9 2Q24 2Q25 • Higher result in combined cycles and higher renewable generation y-o-y • 1st asset rotation in the US for 46% of 777 MW solar and battery storage portfolio (Frye and Jicarilla projects) to be cashed-in in 2H25 • Working on 2 new asset rotations (USA and Spain) • Reached agreement to settle litigation process with Hecate Low Carbon Generation 8Repsol 2Q25 Value delivery through first asset rotation in the USA Note: Solar, wind and hydro
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Financial results 9 2Q and 1H 2025 results Repsol 2Q25 Results (€ Million) 2Q25 1Q25 2Q24 1H25 1H24 Upstream 439 458 427 897 869 Industrial 99 131 288 230 1,019 Customer 198 160 158 358 314 Low Carbon Generation 7 5 1 12 (5) Corporate & Others (41) (103) (15) (144) (71) Adjusted Income 702 651 859 1,353 2,126 Inventory Effect (214) (194) (85) (408) (86) Special Items (188) (64) (155) (252) (390) Non-controlling interests (63) (27) 38 (90) (24) Net Income 237 366 657 603 1,626 Financial Data (€ Million) 2Q25 1Q25 2Q24 1H25 1H24 EBITDA 1,491 1,587 2,001 3,078 4,144 EBITDA CCS 1,777 1,847 2,115 3,624 4,259 Operating Cash Flow 1,718 1,142 925 2,860 2,287 Net Debt 5,728 5,830 4,595 5,728 4,595
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Outlook 10Repsol 2Q25 2025 Guidance Guidance 2025 Guidance update (February'25) (July'25) Upstream production 530 – 550 Kboed ~ 550 Kboed Cash Flow from Operations €6 – 6.5 B ~ €6 B Net Capex €3.5 – 4 B ~ €3.5 B 30 - 35% CFFO 30 - 35% CFFO Higher end of 25 – 35% strategic distribution range Higher end of 25 – 35% strategic distribution range 0.975 €/sh dividend 0.975 €/sh dividend +8.3% increase vs 2024 +8.3% increase vs 2024 €700 M SBB €700 M SBB @ Brent: 75 $/bbl; HH: 3 $/Mbtu ; Refining margin indicator: 6 $/bbl Brent: 70 $/bbl; HH: 4 $/Mbtu; Refining margin indicator: 6 $/bbl, Iberian outage Shareholder remuneration
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2Q25 Results Josu Jon Imaz CEO 24 July 2025 Repsol Investor Relations investor.relations@repsol.com www.repsol.com