Interim report
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Repsol: Q2 2025 results July 24, 2025
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Index 1 Q2 2025: Strategic delivery in a volatile environment 1 2 Q2 2025: Main metrics 2 3 Q2 2025: Highlights 3 4 Performance by Business Segment 4 Upstream 4 Industrial 7 Customer 9 Low Carbon Generation 11 Corporate and Others 13 Inventory Effect 14 Special Items 14 5 Adjusted Cash Flow Statement Analysis 15 6 Net Debt Evolution and Liquidity 17 7 Relevant Events 18 8 Appendix I - Metric by Business Segments 21 Operating Indicators 25 9 Appendix II - Repsol's Reporting Consolidated Financial Statements 28 10 Appendix III - IFRS Consolidated Financial Statements 32 11 Appendix IV - Basis of Presentation 38 Q2 2025 Results
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Strategic delivery in a volatile environment Josu Jon Imaz, CEO "On track to meet our 2025 commitments" "In the first half of 2025, we have delivered a solid and resilient performance in a volatile environment, highlighting the strength of our multienergy approach and our strategic execution. Through a more efficient portfolio, disciplined capital allocation, and a robust financial position, we are on track to meet our 2025 strategic commitments with a clear focus on shareholder value creation. As we continue to move forward, our strategic priorities remain firmly in place. In this regard, today we are announcing a new share buyback of €350 million to reduce capital in order to fulfill our full-year shareholder remuneration commitment." Financial Position Cash flow from operations stood at €1.7 billion Cash flow from operations during the second quarter of 2025 was €1,718 million, €793 million higher than in the same period of 2024 (impacted by the settlement of the arbitration with Sinopec and the acquisition of a 49% stake in RRUK) and more than covered investments, interests and the own shares acquired under Repsol's €300 million share buyback program announced in February. Net Capex stood at €1.2 billion during the second quarter of 2025. Group’s Net Debt at the end of the second quarter of 2025 stood at €5,728 million, €102 million lower than at the end of the first quarter of 2025 and group's gearing1 stood at 17.9%, compared to 16.9% at the end of the first quarter of 2025. Gearing excluding leases stood at 6.8%. Repsol accessed the financial markets in June with the issuance of a €750 million 6 Year Non-Call Hybrid at an initial annual rate of interest of 4.5%. Concurrently, the company executed a partial early redemption of €608 million of a €750 million 6 Year Non-Call Hybrid issued in 2020. Portfolio transformation >€1.2 billion divestments already announced The company has already announced over €1.2 billion of divestments for 2025, representing over 60% of Repsol's total divestment target for the year, including the Colombia country exit, the rotations of a 400 MW and a 777 MW renewable portfolio in Spain and USA respectively as well as the agreement, announced in June, to divest its 24% non-operated working interest in the Corridor Block in Indonesia, to Medco Energi, for $425 million. Shareholder remuneration Delivering 2025 commitments Cash dividend: Repsol distributed €0.5 gross per share on July 8, 2025 for a total remuneration of €0.975 gross per share in 2025. In addition, Repsol's 2025 AGM approved a dividend of €0.5 gross per share to be paid in January 2026. Redemption of shares: The company has announced: (i) the redemption of 29 million own shares acquired by an equivalent amount of €350 million; and (ii) a new capital reduction through the redemption of own shares to be acquired by an equivalent amount of €350 million, expected to be executed in 2025. In total, the company plans to carry out share buybacks amounting to €700 million to reduce capital in 2025. Q2 2025 Results 1 1 Gearing ratio defined as: Net Debt / (Net Debt + Equity).
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Q2 2025: Main metrics (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Upstream 439 458 427 2.8 897 869 3.2 Industrial 99 131 288 (65.6) 230 1,019 (77.4) Customer 198 160 158 25.3 358 314 14.0 Low Carbon Generation 7 5 1 - 12 (5) - Corporate and Others (41) (103) (15) (173.3) (144) (71) (102.8) Adjusted Income 702 651 859 (18.3) 1,353 2,126 (36.4) Inventory effect (214) (194) (85) (151.8) (408) (86) - Special items (188) (64) (155) (21.3) (252) (390) 35.4 Non-controlling interests (63) (27) 38 - (90) (24) (275.0) Net Income 237 366 657 (63.9) 603 1,626 (62.9) Earnings per share (€/share) 0.19 0.30 0.54 (64.8) 0.50 1.33 (62.4) Financial data (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 EBITDA 1,491 1,587 2,001 (25.5) 3,078 4,144 (25.7) EBITDA CCS 1,777 1,847 2,115 (16.0) 3,624 4,259 (14.9) Operating Cash Flow 1,718 1,142 925 85.7 2,860 2,287 25.1 Organic Investments 1,214 1,095 1,539 (21.1) 2,309 2,903 (20.5) Inorganic Investments 25 284 68 (63.2) 309 823 (62.5) Group's Effective Tax Rate (%) (34) (39) (36) 2.0 (37) (31) (6.0) Net Debt (*) 5,728 5,830 4,595 24.7 5,728 4,595 24.7 International prices (**) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Brent ($/bbl) 67.9 75.7 85.0 (20.1) 71.9 84.1 (14.5) Henry Hub ($/MBtu) 3.4 3.7 1.9 78.9 3.5 2.1 66.7 Henry Hub spot ($/MBtu) 3.2 4.3 2.0 60.0 3.7 2.2 68.2 Average exchange rate ($/€) 1.13 1.05 1.08 4.6 1.09 1.08 0.9 Operational data Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Liquids Production (Thousand bbl/d) 195 181 214 (9.0) 188 208 (9.5) Gas Production (Million scf/d) (***) 2,032 2,017 2,103 (3.4) 2,025 2,141 (5.4) Total Production (Thousand boe/d) 557 540 589 (5.5) 549 589 (6.8) Crude Oil Realization Price ($/bbl) 64.2 69.8 78.6 (18.3) 66.8 77.4 (13.7) Gas Realization Price ($/Thousand scf) 4.1 4.9 3.1 32.3 4.5 3.2 40.6 Distillation Utilization Spanish Refining (%) 74.0 83.4 87.5 (13.5) 78.6 88.8 (10.2) Conversion Utilization Spanish Refining (%) 85.8 91.2 95.6 (9.8) 88.5 97.8 (9.3) Refining Margin Indicator in Spain ($/ bbl) 5.9 5.3 6.3 (6.3) 5.6 8.9 (37.1) Sustainability data Q2 2025 Q1 2025 Q2 2024 Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 Change 2025 / 2024 Process safety indicator (PSIR) 0.42 0.31 0.36 0.06 0.36 0.27 0.09 Total recordable injury rate (TRIR) 1.84 1.72 1.68 0.16 1.83 1.40 0.43 HIP CO2e emissions reduction (Kt) (****) 40 62 60 (19.2) 102 104 (1.5) (*) It includes leases: €3,800 million, €4,041 million and € 4,281 million as of second quarter 2025, first quarter 2025 and second quarter 2024, respectively. (**) Brent: Average Brent Dated, source: Platts. Henry Hub: Average Henry Hub First of Month Index and Henry Hub spot: source Platts. Average exchange rate, source: Bloomberg. (***) 1,000 Mcf/d = 28.32 Mm3/d = 0.178 Mboe/d. (****) Estimated. Q2 2025 Results 2
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Q2 2025 Highlights Adjusted Income €702 M Adjusted income in the second quarter of 2025 was €702 million, €157 million lower than in the same period of 2024. Upstream €439 M Industrial €99 M In Upstream, adjusted income was €439 million, €12 million higher than in the same period of 2024 mainly due to higher gas realization prices, lower amortization, lower production costs, lower royalties and lower taxes mainly due to lower operating income. These were partially compensated by lower oil realization prices, lower volumes and the depreciation of the dollar against the euro. In Industrial, adjusted income was €99 million, €189 million lower than in the same period of 2024 mainly due to lower results in Refining and Chemical, negatively impacted by the Spanish outage happened on April 28 th, 2025 as well as in Trading. These were partially compensated by higher results in Repsol Peru and Wholesale and Gas Trading as well as lower taxes mainly due to lower operating income. Customer €198 M Low Carbon Generation €7 M In Customer, adjusted income was €198 million, €40 million higher than in the same period of 2024 mainly due to higher results in Service Stations, Direct Sales, Retail Power & Gas, LPG, Aviation, Specialties and Asphalts. These were partially compensated by lower results in Lubricants and higher taxes mainly due to higher operating income. In Low Carbon Generation , adjusted income was €7 million, €6 million higher than in the same period of 2024, mainly due to higher results in CCGT's and higher volumes in Renewables. These were partially compensated by higher costs in Renewables and higher taxes mainly due to higher operating income. Corporate and Others €-41 M In Corporate and Others, adjusted income was €-41 million, compared to €-15 million in the same period of 2024, mainly due to lower financial income from interests that was partially compensated by higher results from exchange rate positions. Net Income €237 M Net income amounted to €237 million, €420 million lower than in the same period of 2024. Q2 2025 Results 3
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Performance by Business Segment Upstream (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Adjusted Income 439 458 427 2.8 897 869 3.2 Operating income 733 802 770 (4.8) 1,535 1,414 8.6 Income tax (295) (345) (345) 14.5 (640) (551) (16.2) Income from equity affiliates 1 1 2 (50.0) 2 6 (66.7) EBITDA 1,050 1,146 1,184 (11.3) 2,196 2,209 (0.6) Investments 541 599 642 (15.7) 1,140 1,261 (9.6) Effective Tax Rate (%) (*) (40) (43) (45) 5.0 (42) (39) (3.0) International prices (**) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Brent ($/bbl) 67.9 75.7 85.0 (20.1) 71.9 84.1 (14.5) WTI ($/bbl) 63.7 71.4 80.7 (21.1) 67.5 78.8 (14.3) Henry Hub ($/MBtu) 3.4 3.7 1.9 78.9 3.5 2.1 66.7 Henry Hub spot ($/MBtu) 3.2 4.3 2.0 60.0 3.7 2.2 68.2 Average exchange rate ($/€) 1.13 1.05 1.08 4.6 1.09 1.08 0.9 Realization prices Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Crude Oil ($/bbl) 64.2 69.8 78.6 (18.3) 66.8 77.4 (13.7) Gas ($/Thousand scf) 4.1 4.9 3.1 32.3 4.5 3.2 40.6 Production Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Liquids (Thousand bbl/d) 195 181 214 (9.0) 188 208 (9.5) Gas (Million scf/d) (***) 2,032 2,017 2,103 (3.4) 2,025 2,141 (5.4) Total (Thousand boe/d) 557 540 589 (5.5) 549 589 (6.8) (*) Calculated on the Operating Income (**) Brent: Average Brent Dated, source: Platts. WTI: Average WTI Nymex First month. Henry Hub: Average Henry Hub First of Month Index and Henry Hub spot: source Platts. Average exchange rate, source: Bloomberg.(***) 1,000 Mcf/d = 28.32 Mm3/d = 0.178 Mboe/d. Second quarter 2025 results Adjusted income was €439 million, €12 million higher than in the same period of 2024 mainly due to higher gas realization prices, lower amortization, lower production costs, lower royalties and lower taxes mainly due to lower operating income. These were partially compensated by lower oil realization prices, lower volumes and the depreciation of the dollar against the euro. Q2 2025 Results 4
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The main factors that explain the variations in the year-on-year performance in the Upstream division are as follows: • Lower oil realization prices, partially compensated by higher gas realization prices, had a negative impact on the operating income of €61 million. • Lower volumes impacted the operating income negatively on €63 million mainly due to maintenance activities in Brazil and Peru as well as the divestment of Eagle Ford South West in the second quarter of 2024, the divestment of mature assets in Trinidad & Tobago in the fourth quarter of 2024 and the natural decline of fields. These were partially compensated by the connection of new wells in Libya, lower maintenance activities and better performance of the UK assets, the acquisition of Tomoporo - La Ceiba (Venezuela) in the second quarter of 2024 and the startup of Cypre (Trinidad & Tobago) in the second quarter of 2025. • Lower amortization had a positive impact of €104 million on the operating income. • Lower production costs and general costs had a positive impact on the operating income of €33 million. • Colombia country exit had a negative impact on the operating income of €44 million. • Lower royalties had a positive impact on the operating income of €26 million. • Income tax expense decreased by €49 million mainly due to a lower operating income. • The depreciation of the dollar against the euro had a negative impact on the operating income of €34 million. • Income from equity affiliates and exploratory costs covered the remaining difference. Production Upstream production averaged 557 kboe/d in the second quarter of 2025, 32 kboe/d lower year-on-year primarily due to the divestment of all producing assets in Colombia in the first quarter of 2025, lower production in the unconventional asset of Eagle Ford (USA) mainly as a consequence of the divestment of Eagle Ford Southwest in the second quarter of 2024, maintenance activities in Peru and Brazil as well as lower gas demand in Bolivia along with the natural decline of fields. These were partially compensated by the connection of new wells in Libya, the startup of Cypre (Trinidad & Tobago) as well as higher production in the UK. Exploration At the end of the second quarter of 2025, one exploration well, YPC-EX1D in Bolivia, was under evaluation and one exploration well, P3 in Libya, was in progress. Exploration expenses during the second quarter of 2025 stood at €16 million, 7% higher than in the same period of 2024. Q2 2025 Results 5
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Investments Accrued investments in Upstream in the second quarter of 2025 amounted to €541 million, €101 million lower than in the same period of 2024. • Development investments accounted for 95% of the total investment and were concentrated mainly in the USA (46%), Brazil (23%), Trinidad & Tobago (12%) and UK (8%). • Exploration investments represented 2% of the total and were allocated mainly in the USA (35%), and Mexico (29%). January - June 2025 results Adjusted income was €897 million, €28 million higher than in the same period of 2024 mainly due to higher gas realization prices, lower amortization and lower production costs. These were partially compensated by lower oil realization prices, lower volumes, higher royalties, higher exploration costs, Colombia country exit as well as higher taxes mainly due to a higher operating income. Production Upstream production averaged 549 kboe/d in the first half of 2025, 40 kboe/d lower year-on-year primarily as a consequence of lower production in the unconventional asset of Eagle Ford (USA) as a consequence of decline and the divestment of Eagle Ford Southwest in the second quarter of 2024, the divestment of all producing assets in Colombia in the first quarter of 2025, the divestment of mature assets in Trinidad & Tobago in the fourth quarter of 2024, maintenance activities in Marcellus (USA), Brazil and Peru and the natural decline of fields. These were partially compensated by the startup of Cypre (Trinidad & Tobago), the absence of force majeure periods and the connection of new wells in Libya and the acquisition of Tomoporo - La Ceiba (Venezuela) in the second quarter of 2024. Exploration During the first half of 2025 one exploration well, Nesser-1, in Libya, was declared negative. In addition, three exploration wells, YPC-EX1D in Bolivia and Frangipani-1 and Beryl-1 in Trinidad & Tobago, were under evaluation by the end of the first half of the year. At the end of the first half of 2025, one exploration well P3 in Libya was in progress. Exploration expenses during the first half of 2025 stood at €32 million, 27% higher than in the same period of 2024. Investments Accrued investments in Upstream in the first half of 2025 amounted to €1,140 million, €121 million lower than in the same period of 2024. • Development investments accounted for 91% of the total investment and were concentrated mainly in the USA (52%), Brazil (23%), Trinidad & Tobago (9%) and UK (7%). • Exploration investments represented 4% of the total and were allocated mainly in Mexico (26%), in the USA (26%) and Bolivia (16%). Q2 2025 Results 6
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Industrial (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Adjusted Income 99 131 288 (65.6) 230 1,019 (77.4) Operating income CCS 119 175 375 (68.3) 294 1,325 (77.8) Income tax (28) (42) (87) 67.8 (70) (306) 77.1 Income from equity affiliates 8 (2) 0 0.0 6 0 0.0 Inventory effect (after taxes) (195) (196) (77) (153.2) (391) (73) - EBITDA 69 141 465 (85.2) 210 1,342 (84.4) EBITDA CCS 329 403 568 (42.1) 732 1,439 (49.1) Investments 264 502 362 (27.1) 766 629 21.8 Effective Tax Rate (%) (*) (23) (24) (23) 0.0 (24) (23) (1.0) Operational data Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Refining Margin Indicator in Spain ($/bbl) 5.9 5.3 6.3 (6.3) 5.6 8.9 (37.1) Distillation Utilization Spanish Refining (%) 74.0 83.4 87.5 (13.5) 78.6 88.8 (10.2) Conversion Utilization Spanish Refining (%) 85.8 91.2 95.6 (9.8) 88.5 97.8 (9.3) Processed Crude (Mt) 9.2 10.2 10.5 (12.1) 19.4 21.4 (9.6) Chemical Margin Indicator (€/t) 329 187 269 22.3 258 237 8.9 Petrochemical Product Sales (Thousand tons) 441 474 476 (7.4) 915 938 (2.5) International prices ($/bbl) (**) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Maya vs Brent spread (8.3) (8.7) (9.5) 12.6 (8.5) (10.8) 21.3 Gasoline vs Brent spread 17.8 11.8 23.1 (22.9) 14.8 21.9 (32.4) Diesel vs Brent spread 18.9 19.3 20.7 (8.7) 19.1 25.1 (23.8) (*) Calculated on the Operating Income (**) Source: Platts Second quarter 2025 results Adjusted income was €99 million, €189 million lower than in the same period of 2024. The main factors that explain the variations in the year-on-year performance in the Industrial businesses are as follows: • In Refining, operating income was €210 million lower year-on-year due to a lower refining margin, mainly due to lower middle distillate and gasoline spreads as well as higher energy costs and lower distillation and conversion utilization rates, mainly impacted by the negative effects of the Spanish outage that happened on April 28th, 2025. Q2 2025 Results 7
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• In Repsol Peru, operating income was €32 million higher year-on-year mainly due to a higher refining margin indicator and higher results in the mobility business. • In Chemicals, operating income was €33 million lower year-on-year mainly due to lower cogeneration results as well as lower volumes mainly impacted by the negative effects of the Spanish outage that happened on April 28 th, 2025. These were partially compensated by higher margins. • In Trading and Wholesale & Gas Trading, operating income was €9 million lower year-on-year mainly due to lower contribution from the Trading business, partially compensated by higher results in Wholesale & Gas Trading. • Income tax expense decreased by €59 million mainly due to a lower operating income. • Results in other activities, non-transcended sales adjustments and equity affiliates covered the remaining difference. Investments Accrued investments in the second quarter of 2025 amounted to €264 million, €98 million lower than in the same period of 2024 and correspond mainly to investments in the Refining and Chemical businesses. January - June 2025 results Adjusted income in the first half of 2025 was €230 million, €789 million lower year-on-year mainly due to lower results in Refining, Wholesale & Gas Trading, Trading and Chemicals that were partially compensated by higher results in Repsol Peru as well as lower taxes due to a lower operating income. Investments Accrued investments during the first half of 2025 amounted to €766 million, €137 million higher than in the same period of 2024 and correspond mainly to investments in the Refining and Chemical businesses. Q2 2025 Results 8
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Customer (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Adjusted Income 198 160 158 25.3 358 314 14.0 Operating income CCS 266 213 212 25.5 479 423 13.2 Income tax (68) (53) (54) (25.9) (121) (109) (11.0) Income from equity affiliates 0 0 0 - 0 0 - Inventory effect (after taxes) (19) 2 (8) (137.5) (17) (13) (30.8) EBITDA 351 328 300 17.0 679 564 20.4 EBITDA CCS 377 326 311 21.2 703 582 20.8 Investments 90 98 133 (32.3) 188 198 (5.1) Effective Tax Rate (%) (*) (25) (25) (26) 1.0 (25) (26) 1.0 Operational data Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Own marketing Spanish sales (Diesel & Gasoline in km3) 3,802 3,585 3,335 14.0 7,387 6,580 12.3 Electricity commercialization (GWh) (**) 1,827 2,059 1,474 23.9 3,887 3,149 23.4 LPG Sales (Thousand tons) 243 388 249 (2.4) 631 614 2.7 (*) Calculated on the Operating Income (**) Estimated data for the Iberian Peninsula Second quarter 2025 results Adjusted income was €198 million, €40 million higher than in the same period of 2024. The main factors that explain the variations in the year-on-year performance in the Customer businesses are as follows: • In Mobility, operating income was €40 million higher year-on-year mainly due to higher results in Service Stations and Direct Sales. • In Power & Gas Retail, operating income was €8 million higher year-on-year mainly due to higher electricity margins and an increase in the customer base. • In LPG, operating income was €7 million higher year-on-year due to higher results in Spain. • In Lubricants, Aviation, Asphalts & Specialties, was €2 million higher year-on-year mainly due to higher results in Aviation, Specialties and Asphalts that were partially compensated by lower results in Lubricants. • Income tax expense increased by €14 million mainly due to a higher operating income • Results in other activities and equity affiliates covered the remaining difference. Q2 2025 Results 9
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Investments Accrued investments in the second quarter of 2025 amounted to €90 million, €43 million lower than in the same period of 2024 and correspond mainly to investments in the Retail Power & Gas and Mobility businesses. January - June 2025 results Adjusted income in the first half of 2025 was €358 million, €44 million higher than in the same period of 2024 mainly due to higher results in Mobility, LPG and Aviation. Investments Accrued investments in the first half of 2025 amounted to €188 million, €10 million lower than in the same period of 2024 and correspond mainly to investments in the Retail Power & Gas and Mobility businesses as well as the acquisition of a 40% stake in the Philippine-based lubricant company Unioil Lubricants. Q2 2025 Results 10
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Low Carbon Generation (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Adjusted Income 7 5 1 - 12 (5) - Operating income 13 24 4 225.0 37 12 208.3 Income tax (4) (11) (2) (100.0) (15) (5) (200.0) Income from equity affiliates (2) (8) (1) (100.0) (10) (12) 16.7 EBITDA 37 52 37 0.0 89 61 45.9 Investments 336 170 451 (25.5) 506 1,608 (68.5) Effective Tax Rate (%) (*) (32) (45) (47) 15.0 (40) (39) (1.0) Operational data Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Electricity Prices in Spanish pool (€/MWh) (**) 38.8 86.0 33.4 16.2 62.4 39.1 59.6 Electricity Generation (GWh) 2,806 2,128 1,779 57.7 4,934 3,666 34.6 (*) Calculated on the Operating Income (**) Electricity Prices in Spanish pool. Source: OMIE Second quarter 2025 results Adjusted income was €7 million, €6 million higher than in the same period of 2024. The main factors that explain the variations in the year-on-year performance in the Low Carbon Generation businesses are as follows: • In Renewables, operating income was €2 million lower year-on-year mainly due to higher costs that were partially compensated by higher pool prices and higher volumes in wind, hydro and solar assets. • In CCGTs, operating income was €12 million higher year-on-year mainly due to higher volumes and higher prices that were partially compensated by higher costs and higher taxes. • Income tax expense increased by €2 million due to a higher operating income. • Results in other activities and equity affiliates covered the remaining difference. Investments Accrued investments in the second quarter of 2025 amounted to €336 million, €115 million lower than in the same period of 2024 and correspond mainly to the development of renewable projects in the USA and Spain. Q2 2025 Results 11
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January - June 2025 results Adjusted income in the first half of 2025 was €12 million, €17 million higher than in the same period of 2024 mainly due to higher results in Renewables and CCGTs. Investments Accrued investments in the first half of 2025 amounted to €506 million, €1,102 million lower than in the same period of 2024 (impacted by the ConnectGen acquisition) and correspond mainly to the development of renewable projects in the USA and Spain. Q2 2025 Results 12
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Corporate and Others (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Adjusted Income (41) (103) (15) (173.3) (144) (71) (102.8) Corporate and adjustments result (34) (95) (1) - (129) (60) (115.0) Financial result (36) (40) (12) (200.0) (76) (30) (153.3) Income tax 32 31 0 - 63 22 186.4 Income from equity affiliates (3) 1 (2) (50.0) (2) (3) 33.3 EBITDA (16) (80) 15 - (96) (32) (200.0) Net Interests (*) (17) (22) 24 - (39) 60 - Investments 8 10 19 (57.9) 18 30 (40.0) Effective Tax Rate (%) (**) 45 23 (1) 46.0 31 24 7.0 (*) Does not include interest income/expenses from leases. (**) Calculated on the Operating Income and the Financial Result. Second quarter 2025 results At operating income level, Corporate and adjustments accounted for €-34 million during the second quarter of 2025, compared with €-1 million for the same period of 2024, mainly due to higher corporate costs and lower positive intersegment consolidation adjustments. Financial result before taxes in the second quarter of 2025 amounted to €-36 million, compared with €-12 million for the same period of 2024 mainly due to lower financial income from interests that was partially compensated by higher results from exchange rate positions. January - June 2025 results At operating income level, Corporate and adjustments accounted for €-129 million during the first half of 2025, compared with €-60 million in the same period of 2024, mainly due to higher corporate costs and lower positive intersegment consolidation adjustments. The financial result before taxes in the first half of 2025 amounted to €-76 million compared with €-30 million in the same period of 2024 mainly due to lower financial income from interests that was partially compensated by higher results from exchange rate positions. Q2 2025 Results 13
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Inventory Effect Second quarter 2025 results Inventory effect was €-214 million in the second quarter of 2025 mainly due to lower crude and oil products prices quarter-on-quarter. This compares with €-85 million in the same period of 2024. January - June 2025 results Inventory effect was €-408 million in the first half of 2025 mainly due to lower crude and oil products prices. This compares with €-86 million in the same period of 2024. Special Items (Unaudited figures) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) Results (€ Million) Q2 2025 Q1 2025 Q2 2024 % Change Q2 25/Q2 24 Jan - Jun 2025 Jan - Jun 2024 % Change 2025 / 2024 Divestments 15 42 (3) - 57 1 - Indemnities and workforce restructuring (10) (13) (17) 41.2 (23) (51) 54.9 Impairment of assets 12 (1) (62) - 11 197 (94.4) Provisions and others (205) (92) (73) (180.8) (297) (537) 44.7 Special Items (188) (64) (155) (21.3) (252) (390) 35.4 Second quarter 2025 results Special Items stood at €-188 million during the second quarter of 2025, compared with €-155 million in the same period of 2024 and correspond mainly to the credit risk provisions in Venezuela and the expenses recognized in connection with the agreement to settle the dispute with Hecate Holdings LLC. January - June 2025 results Special Items stood at €-252 million in the first half of 2025, compared with €-390 million in the same period of 2024 and correspond mainly to the credit risk provisions in Venezuela and the expenses recognized in connection with the agreement to settle the dispute with Hecate Holdings LLC. Q2 2025 Results 14
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Adjusted Cash Flow Statement Analysis (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) QUARTERLY DATA JANUARY - JUNE Q2 2025 Q2 2024 2025 2024 I. CASH FLOWS FROM OPERATING ACTIVITIES EBITDA CCS 1,777 2,115 3,624 4,259 Changes in working capital CCS (1) 265 236 (461) (675) Dividends received 5 1 5 6 Income taxes received/ (paid) (279) (462) (118) (170) Other proceeds from/ (payments for) operating activities (50) (965) (190) (1,133) 1,718 925 2,860 2,287 II. CASH FLOWS USED IN INVESTMENT ACTIVITIES Payments for investment activities (1,332) (1,778) (2,694) (4,011) Organic investments (1,307) (1,642) (2,463) (3,114) Inorganic investments (25) (136) (231) (897) Proceeds from divestments 46 279 354 383 (1,286) (1,499) (2,340) (3,628) FREE CASH FLOW (I. + II.) 432 (574) 520 (1,341) Transactions with non-controlling interests 92 (14) 28 49 Payments for dividends and payments on other equity instruments (28) (28) (597) (533) Net interests (89) (65) (176) (139) Treasury shares (113) (440) (244) (598) CASH GENERATED IN THE PERIOD 294 (1,121) (469) (2,562) Financing activities and others (52) 1,161 (825) 1,907 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 242 40 (1,294) (655) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 3,557 3,857 5,093 4,552 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 3,799 3,897 3,799 3,897 (1) Inventory effect pretax of €-286 million, €-114 million, €-546 million and €-115 million as of second quarter 2025, second quarter 2024, first half of 2025 and first half of 2024 respectively. Cash flow from operations during the second quarter of 2025 was €1,718 million, €793 million higher than the same period of 2024 (impacted by the settlement of the arbitration with Sinopec and the acquisition of a 49% stake in RRUK). Lower taxes and the positive variation of the working capital were partially compensated by a lower EBITDA CCS. Q2 2025 Results 15
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Free cash flow during the second quarter of 2025 amounted to €432 million, €1,006 million higher than the same period of 2024, mainly due to a higher cash flow from operations and lower net capex. Cash flow from operations during the first half of 2025 was €2,860 million, €573 million higher than the same period of 2024 (impacted by the settlement of the arbitration with Sinopec and the acquisition of a 49% stake in RRUK) mainly due to lower taxes and a lower negative variation of the working capital that were partially compensated by a lower EBITDA CCS. Free cash flow during the first half of 2025 amounted to €520 million, €1,861 million higher than the same period of 2024, mainly due to a higher cash flow from operations and lower net capex. Q2 2025 Results 16
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Net Debt Evolution and Liquidity This section presents the changes in the Group’s adjusted net debt: (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) NET DEBT EVOLUTION (1) (€ Million) Q2 2025 Jan - Jun 2025 NET DEBT AT THE START OF THE PERIOD 5,830 5,008 EBITDA CCS (1,777) (3,624) CHANGES IN WORKING CAPITAL CCS (2) (265) 461 INCOME TAX RECEIVED /PAID 279 118 NET INVESTMENT 1,308 2,374 DIVIDENDS PAID AND OTHER EQUITY INSTRUMENTS PAYOUTS 28 597 TREASURY SHARES AND EQUITY DERIVATIVES (3) 110 232 EQUITY INSTRUMENTS (132) (132) TRANSACTIONS WITH NON-CONTROLLING INTERESTS (97) (33) INTEREST AND OTHER MOVEMENTS (4) 444 727 NET DEBT AT THE END OF THE PERIOD 5,728 5,728 Accumulated June 2025 CAPITAL EMPLOYED (M€) 32,081 GEARING: NET DEBT / CAPITAL EMPLOYED (%) 17.9 (1) It includes leases: €3,800 million, €4,041 million and € 4,281 million as of second quarter 2025, first quarter 2025 and fourth quarter 2024, respectively. (2) Inventory effect pretax of €-286 million as of second quarter 2025. (3) Includes mainly purchases made under the Share Buyback Program for its redemption for a value of €-114 million (10.2 million shares acquired under the buyback program launched in March 2025). (4) It mainly includes new lease contracts, interest expenses, exchange rate effect, dividends received, companies’ acquisition/sale effect and other effects. The Group’s net debt at the end of the second quarter of 2025 stood at €5,728 million, €102 million lower than at the end of the first quarter of 2025 mainly due to a positive cash flow from operations that more than covered investments, interests as well as the own shares acquired during the second quarter, under the €300 million share buyback program announced in February, 2025. The Group’s gearing at the end of the second quarter stood at 17.9%, compared to 16.9% at the end of the first quarter of 2025. Gearing excluding leases stood at 6.8%. The Group’s liquidity at the end of the second quarter of 2025 was €8,069 million (including undrawn committed credit lines); representing 2.72 times short-term gross debt maturities that compares with 2.60 times at the end of the first quarter of 2025. Q2 2025 Results 17
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Relevant events The main company-related events since the first quarter of 2025 results' release were as follows: Upstream Jun. 2025 On June 26, Repsol announced that it had reached an agreement to sell its 24% non-operated working interest in the Corridor Block in Indonesia to Medco Energi for $425 million. Located onshore on the island of Sumatra, Corridor is a gas-producing asset. In 2024, it contributed approximately 19,000 barrels of oil equivalent per day to Repsol and added 26 million barrels of oil equivalent to its reserves. It is estimated that the transaction will reduce the Group’s net debt by approximately $350 million, with a positive impact of approximately +$70 million on the income statement for the 2025 financial year. These amounts will be adjusted based on the final figures at the time of the transfer of the assets. The transaction is expected to be closed in the third quarter of 2025. Customer Jun. 2025 In June and for the second consecutive year, the Madrid Book Fair featured Repsol as a multi- energy partner. In its 84th edition, it operated with solar energy for the first time, thanks to 176 Repsol solar panels that generated 100% renewable energy for the fairgrounds. In addition, as it did in the previous edition, the company supplied 100% renewable fuels for the different pavilions of the Madrid Book Fair. Jul. 2025 On July 11, Repsol announced that it had reached an agreement to acquire 70% of the electricity and gas retailer ODF Energía. The transaction will allow Repsol to strengthen its position in the business sector by gaining access to ODF Energía’s platform, which has a portfolio of 22,000 corporate clients and a long-standing track record in this field. Q2 2025 Results 18
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Corporation May. 2025 On May 30, Antonio Brufau, Chairman of Repsol, at Repsol's 2025 Annual General Shareholders’ Meeting called on Europe to show ‘pragmatism and realism’ to advance competitively in the energy transition. In addition he expressed his commitment to an action plan for the transition of the refining sector, which is strategic for ensuring Spain's supply. Repsol's CEO Josu Jon Imaz emphasized the priority of delivering leading returns to shareholders, stating that “Our shareholder remuneration policy remains one of the most attractive on the Spanish stock market and in our sector.” The Annual General Meeting approved the payment of a gross dividend of €0.50 per share, funded from free reserves, paid out on July 8. This payment was added to the dividend distributed in January of 2025, resulting in a total cash dividend increase of 8.3% to €0.975 gross per share compared to 2024. The shareholders also approved the distribution of an additional €0.50 gross per share, to be paid from free reserves in January 2026. The re-election of Aurora Catá, Isabel Torremocha, and Mariano Marzo as members of the Board of Directors was also endorsed by the shareholders. Jun. 2025 On June 17, Repsol, S.A. informed about the launch of an invitation to holders of the €750,000,000 6 Year Non-Call Undated Deeply Subordinated Guaranteed Fixed Rate Securities (ISIN: XS2185997884), unconditionally and irrevocably guaranteed on a subordinated basis by Repsol, S.A. to tender their Securities for purchase by Repsol International Finance B.V. for cash subject to the satisfaction (or waiver) of the offer conditions. Jun. 2025 On June 17, Repsol Europe Finance, a wholly-owned subsidiary of Repsol, S.A., agreed the pricing and the terms and conditions of its €750 million 6 Year Non-Call Undated Reset Rate Guaranteed Subordinated Notes, guaranteed on a subordinated basis by Repsol S.A. pursuant to the Company’s €13,000,000,000 Guaranteed Euro Medium Term Note Programme, approved by the Luxembourg Commission de Surveillance du Secteur Financier. The Securities were issued at 100 per cent of their aggregate principal amount and the initial rate of interest will be 4.5 per cent per annum. Jun. 2025 On June 25, Repsol, further to the other relevant information registered with the Spanish Comisión Nacional del Mercado de Valores on 17 June 2025 informed of the result of the invitation to holders of the €750,000,000 6 Year Non-Call Undated Deeply Subordinated Guaranteed Fixed Rate Securities (ISIN: XS2185997884), unconditionally and irrevocably guaranteed on a subordinated basis by Repsol, S.A., to tender their Securities for purchase by Repsol International Finance B.V. for cash subject to the satisfaction (or waiver) of the offer conditions. The repurchase offer was settled on June 27 with an 81.13% acceptance rate, resulting in a disbursement for RIF of 614 million euros (repurchased nominal amount: 608 million euros). Q2 2025 Results 19
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Jul. 2025 On July 8, Repsol published its “Trading Statement,” which is a document that provides provisional information for the second quarter of 2025, including data on the economic environment as well as company performance during the periods. Jul. 2025 On July 23, Repsol announced that the Company reached the maximum net investment foreseen in the Buy-Back Program that commenced on March 5, 2025, i.e. €300 million, with a total of 25,192,378 shares. Repsol also informed that the Chief Executive Officer, and in accordance with the delegation made in his favour by the Board of Directors of Repsol, resolved to execute the capital reduction through the redemption of own shares approved by the Annual General Meeting of Repsol held on May 30, 2025, within item eight of the agenda. Repsol's share capital was reduced by 29,023,795 euros, through the redemption of 29,023,795 own shares with a nominal value of one euro each, representing the 2.51% of the share capital prior to the capital reduction. The share capital of the Company resulting from the reduction was set at 1,128,372,258 euros, corresponding to 1,128,372,258 shares with a nominal value of one euro each. By virtue of this capital reduction, the following have been redeemed: (i) 25,192,378 own shares acquired under the Buy-Back Program; and (ii) 3,831,417 own shares that were acquired through the settlement of own shares derivatives contracted by the Company prior to February 19, 2025. Madrid, July 24, 2025 A conference call has been scheduled for research analysts and institutional investors for today, July 24, 2025 at 11:30 (CEST) to report on the Repsol Group’s second quarter 2025 results. Shareholders and other interested parties can follow the call live through Repsol’s corporate website (www.repsol.com). A full recording of the event will also be available to shareholders and investors and any other interested party at www.repsol.com for a period of no less than one month from the date of the live broadcast. Moreover Repsol will publish today the Interim consolidated financial statements and Management Report for the first half of 2025 that will be available on Repsol’s corporate website as well as at the Spanish regulator CNMV (Comisión Nacional del Mercado de Valores). Q2 2025 Results 20
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Appendix I - Metrics by Business Segments Q2 2025 Results
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Adjusted Income & Net Income by Business Segments (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) € Million SECOND QUARTER 2025 Operating income Financial Results Income Tax Income from equity affiliates Adjusted income Inventory effect Special Items Non- controlling Interests Net Income Upstream 733 — (295) 1 439 — (23) (104) 312 Industrial 119 — (28) 8 99 (195) 24 11 (61) Customer 266 — (68) — 198 (19) (7) (4) 168 Low Carbon Generation 13 — (4) (2) 7 — (114) 30 (77) Corporate & Others (34) (36) 32 (3) (41) — (68) 4 (105) TOTAL 1,097 (36) (363) 4 702 (214) (188) (63) 237 € Million FIRST QUARTER 2025 Operating income Financial Results Income Tax Income from equity affiliates Adjusted income Inventory effect Special Items Non- controlling Interests Net Income Upstream 802 — (345) 1 458 — (107) (65) 286 Industrial 175 — (42) (2) 131 (196) 9 7 (49) Customer 213 — (53) — 160 2 (4) (4) 154 Low Carbon Generation 24 — (11) (8) 5 — (48) 8 (35) Corporate & Others (95) (40) 31 1 (103) — 86 27 10 TOTAL 1,119 (40) (420) (8) 651 (194) (64) (27) 366 € Million SECOND QUARTER 2024 Operating income Financial Results Income Tax Income from equity affiliates Adjusted income Inventory effect Special Items Non- controlling Interests Net Income Upstream 770 — (345) 2 427 — (295) (37) 95 Industrial 375 — (87) — 288 (77) (1) (1) 209 Customer 212 — (54) — 158 (8) — (4) 146 Low Carbon Generation 4 — (2) (1) 1 — (51) 13 (37) Corporate & Others (1) (12) — (2) (15) — 192 67 244 TOTAL 1,360 (12) (488) (1) 859 (85) (155) 38 657 € Million ACCUMULATED JUNE 2025 Operating income Financial Results Income Tax Income from equity affiliates Adjusted income Inventory effect Special Items Non- controlling Interests Net Income Upstream 1,535 — (640) 2 897 — (130) (169) 598 Industrial 294 — (70) 6 230 (391) 33 18 (110) Customer 479 — (121) — 358 (17) (11) (8) 322 Low Carbon Generation 37 — (15) (10) 12 — (162) 38 (112) Corporate & Others (129) (76) 63 (2) (144) — 18 31 (95) TOTAL 2,216 (76) (783) (4) 1,353 (408) (252) (90) 603 € Million ACCUMULATED JUNE 2024 Operating income Financial Results Income Tax Income from equity affiliates Adjusted income Inventory effect Special Items Non- controlling Interests Net Income Upstream 1,414 — (551) 6 869 — (403) (121) 345 Industrial 1,325 — (306) — 1,019 (73) (72) (6) 868 Customer 423 — (109) — 314 (13) (68) (6) 227 Low Carbon Generation 12 — (5) (12) (5) — (51) 15 (41) Corporate & Others (60) (30) 22 (3) (71) — 204 94 227 TOTAL 3,114 (30) (949) (9) 2,126 (86) (390) (24) 1,626 Q2 2025 Results 22
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Non-Controlling Interests (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) € Million SECOND QUARTER 2025 Adjusted income Inventory effect Special Items Total Non-Controlling Interests Upstream (109) — 5 (104) Industrial 4 7 — 11 Customer (4) — — (4) Low Carbon Generation 1 — 29 30 Corporate & Others 4 — — 4 TOTAL (104) 7 34 (63) € Million FIRST QUARTER 2025 Adjusted income Inventory effect Special Items Total Non-Controlling Interests Upstream (116) — 51 (65) Industrial 2 5 — 7 Customer (4) — — (4) Low Carbon Generation (3) — 11 8 Corporate & Others 27 — — 27 TOTAL (94) 5 62 (27) € Million SECOND QUARTER 2024 Adjusted income Inventory effect Special Items Total Non-Controlling Interests Upstream (108) — 71 (37) Industrial (3) 1 1 (1) Customer (3) — (1) (4) Low Carbon Generation (1) — 14 13 Corporate & Others 27 — 40 67 TOTAL (88) 1 125 38 € Million ACCUMULATED JUNE 2025 Adjusted income Inventory effect Special Items Total Non-Controlling Interests Upstream (225) — 56 (169) Industrial 6 12 — 18 Customer (8) — — (8) Low Carbon Generation (2) — 40 38 Corporate & Others 31 — — 31 TOTAL (198) 12 96 (90) € Million ACCUMULATED JUNE 2024 Adjusted income Inventory effect Special Items Total Non-Controlling Interests Upstream (218) — 97 (121) Industrial (12) — 6 (6) Customer (7) — 1 (6) Low Carbon Generation 1 — 14 15 Corporate & Others 54 — 40 94 TOTAL (182) 0 158 (24) Q2 2025 Results 23
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Other Financial Information by Segment (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) EBITDA QUARTERLY DATA JANUARY - JUNE € Million Q2 2025 Q1 2025 Q2 2024 2025 2024 Upstream 1,050 1,146 1,184 2,196 2,209 Industrial 69 141 465 210 1,342 Customer 351 328 300 679 564 Low Carbon Generation 37 52 37 89 61 Corporate & Others (16) (80) 15 (96) (32) TOTAL 1,491 1,587 2,001 3,078 4,144 EBITDA CCS QUARTERLY DATA JANUARY - JUNE € Million Q2 2025 Q1 2025 Q2 2024 2025 2024 Industrial 329 403 568 732 1,439 Customer 377 326 311 703 582 TOTAL 1,777 1,847 2,115 3,624 4,259 ORGANIC INVESTMENTS QUARTERLY DATA JANUARY - JUNE € Million Q2 2025 Q1 2025 Q2 2024 2025 2024 Upstream 541 599 642 1,140 1,261 Industrial 264 232 362 496 603 Customer 89 84 79 173 143 Low Carbon Generation 312 170 437 482 868 Corporate & Others 8 10 19 18 28 TOTAL 1,214 1,095 1,539 2,309 2,903 INORGANIC INVESTMENTS QUARTERLY DATA JANUARY - JUNE € Million Q2 2025 Q1 2025 Q2 2024 2025 2024 Upstream — — — — — Industrial — 270 — 270 26 Customer 1 14 54 15 55 Low Carbon Generation 24 — 14 24 740 Corporate & Others — — — — 2 TOTAL 25 284 68 309 823 CAPITAL EMPLOYED REVENUES CUMULATIVE DATA JANUARY - JUNE € Million JUNE 2025 (**) DECEMBER 2024 2025 2024 Upstream 10,855 11,554 3,456 3,646 Industrial 11,747 11,917 21,362 23,529 Customer 2,580 2,801 13,241 12,591 Low Carbon Generation 6,213 6,185 447 226 Corporate & Others 686 1,650 (9,504) (9,170) TOTAL 32,081 34,107 29,002 30,822 ROACE (%) (*) 2.2 5.8 (*) June 2025 ROACE CCS is 3.4%. (**) The ROACE figure is calculated with January-June results. Q2 2025 Results 24
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Operating Indicators Q2 2025 Results
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Operating Indicators (I) Unit Q1 2024 Q2 2024 Jan - Jun 2024 Q3 2024 Q4 2024 Jan - Dec 2024 Q1 2025 Q2 2025 Jan - Jun 2025 % Variation Q2 25/Q2 24 HYDROCARBON PRODUCTION kboe/d 590 589 589 553 554 571 540 557 549 (5.5) Liquids production kboe/d 202 214 208 181 186 196 181 195 188 (9.0) North America kboe/d 47 51 49 44 42 46 40 45 42 (12.7) Latin America kboe/d 70 78 74 70 67 71 64 56 60 (28.2) Europe, Africa and rest of the world kboe/d 84 86 85 66 78 79 77 94 86 9.5 Natural gas production kboe/d 388 375 381 372 368 376 359 362 361 (3.5) North America kboe/d 158 153 155 142 139 148 146 144 145 (5.8) Latin America kboe/d 190 189 189 195 191 191 179 182 180 (3.9) Europe, Africa and rest of the world kboe/d 40 33 36 35 37 36 35 36 35 9.4 Natural gas production (Million scf/d) 2,179 2,103 2,141 2,091 2,064 2,109 2,017 2,032 2,025 (3.4) Q2 2025 Results 26
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Operating Indicators (II) Unit Q1 2024 Q2 2024 Jan - Jun 2024 Q3 2024 Q4 2024 Jan - Dec 2024 Q1 2025 Q2 2025 Jan - Jun 2025 % Variation Q2 25/Q2 24 PROCESSED CRUDE OIL Mtoe 11.0 10.5 21.4 10.8 11.0 43.3 10.2 9.2 19.4 (12.1) Europe Mtoe 9.9 9.7 19.7 9.9 9.9 39.5 9.2 8.3 17.5 (15.1) Rest of the world Mtoe 1.0 0.7 1.8 1.0 1.0 3.8 1.0 0.9 1.9 27.5 SALES OF OIL PRODUCTS kt 12,002 12,108 24,110 11,648 12,432 48,190 10,856 11,455 22,311 (5.4) Europe Sales kt 10,652 10,639 21,291 10,172 10,833 42,296 9,377 9,862 19,239 (7.3) Own network* kt 4,765 5,008 9,773 5,202 5,345 20,320 4,935 5,366 10,301 7.1 Light products kt 3,529 3,818 7,347 4,036 4,140 15,523 3,856 4,260 8,116 11.6 Other Products kt 1,236 1,190 2,426 1,166 1,205 4,797 1,079 1,106 2,185 (7.1) Other Sales to Domestic Market kt 2,278 2,068 4,346 2,025 2,189 8,560 2,001 2,255 4,256 9.0 Light products kt 2,240 2,027 4,267 1,981 2,145 8,393 1,938 2,201 4,139 8.6 Other Products kt 38 41 79 44 44 167 63 54 117 31.7 Exports kt 3,609 3,563 7,172 2,945 3,299 13,416 2,441 2,241 4,682 (37.1) Light products kt 1,704 1,790 3,494 1,476 1,599 6,569 1,051 657 1,708 (63.3) Other Products kt 1,905 1,773 3,678 1,469 1,700 6,847 1,390 1,584 2,974 (10.7) Rest of the world sales kt 1,350 1,469 2,819 1,476 1,599 5,894 1,479 1,593 3,072 8.4 Own network kt 786 779 1,565 771 814 3,150 928 924 1,852 18.6 Light products kt 748 737 1,485 696 754 2,935 876 874 1,750 18.6 Other Products kt 38 42 80 75 60 215 52 50 102 19.0 Other Sales to Domestic Market kt 455 562 1,017 575 523 2,115 411 555 966 (1.2) Light products kt 354 516 870 481 420 1,771 342 468 810 (9.3) Other Products kt 101 46 147 94 103 344 69 87 156 89.1 Exports kt 109 128 237 130 262 629 140 114 254 (10.9) Light products kt 0 0 0 0 0 0 0 28 28 0.0 Other Products kt 109 128 237 130 262 629 140 86 226 (32.8) CHEMICALS Sales of petrochemical products kt 462 476 938 503 477 1,918 474 441 915 (7.4) Europe kt 395 375 770 417 377 1,564 405 391 796 4.2 Base kt 97 78 175 83 88 346 86 74 160 (5.3) Derivative kt 298 297 595 334 289 1,218 319 317 636 6.7 Rest of the world kt 68 101 169 85 100 354 69 50 119 (50.3) Base kt 7 0 7 5 6 17 0 0 0 0.0 Derivative kt 61 101 161 81 94 336 69 50 119 (50.3) LPG LPG sales kt 365 249 614 211 309 1,134 388 243 631 (2.4) Europe kt 361 247 608 208 307 1,123 385 241 627 (2.1) Rest of the world kt 4 3 7 2 2 12 2 2 4 (31.1) Other sales to the domestic market: includes sales to operators and bunker. Exports: expressed from the country of origin. *Service Stations (Controlled and Licensed) and Wholesales. Q2 2025 Results 27
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Appendix II - Repsol’s Reporting Consolidated Financial Statements Q2 2025 Results
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Statement of Financial Position (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) JUNE DECEMBER 2025 2024 NON-CURRENT ASSETS Intangible assets 3,128 3,295 Property, plant and equipment 29,254 32,376 Investments accounted for using the equity method 641 484 Non-current financial assets 345 894 Deferred tax assets 3,321 4,540 Other non-current assets 1,289 1,608 CURRENT ASSETS Non-current assets held for sale 3,295 557 Inventories 5,282 6,366 Trade and other receivables 7,828 8,318 Other current assets 473 320 Other current financial assets 2,851 1,939 Cash and cash equivalents 3,799 5,093 TOTAL ASSETS 61,506 65,790 TOTAL EQUITY Shareholders´equity 25,167 25,883 Other cumulative comprehensive income (1,338) 606 Non-controlling interests 2,524 2,610 NON-CURRENT LIABILITIES Non-current provisions 2,774 5,142 Non-current financial liabilities 9,347 10,262 Deferred tax liabilities and other tax items 3,015 3,367 Other non-current liabilities 900 1,179 CURRENT LIABILITIES Liabilities related to non-current assets held for sale 2,781 35 Current provisions 1,549 1,525 Current financial liabilities 3,550 2,875 Trade and other payables 11,237 12,306 TOTAL LIABILITIES 61,506 65,790 Q2 2025 Results 29
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Income Statement (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) QUARTERLY DATA JANUARY - JUNE Q2 2025 Q1 2025 Q2 2024 2025 2024 Revenue from ordinary activities 14,048 14,954 15,132 29,002 30,822 Operating income/loss 1,097 1,119 1,360 2,216 3,114 Financial result (36) (40) (12) (76) (30) Net income from investments accounted for using the equity method 4 (8) (1) (4) (9) Net income/loss before taxes 1,065 1,071 1,347 2,136 3,075 Income tax (363) (420) (488) (783) (949) 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 Q2 2025 Results 30
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Cash Flow Statement (Unaudited figures) (€ millions) Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation) QUARTERLY DATA JANUARY - JUNE Q2 2025 Q2 2024 2025 2024 I. CASH FLOWS FROM OPERATING ACTIVITIES EBITDA CCS 1,777 2,115 3,624 4,259 Changes in working capital CCS (1) 265 236 (461) (675) Dividends received 5 1 5 6 Income taxes received/ (paid) (279) (462) (118) (170) Other proceeds from/ (payments for) operating activities (50) (965) (190) (1,133) 1,718 925 2,860 2,287 II. CASH FLOWS USED IN INVESTMENT ACTIVITIES Payments for investment activities (1,332) (1,778) (2,694) (4,011) Organic investments (1,307) (1,642) (2,463) (3,114) Inorganic investments (25) (136) (231) (897) Proceeds from divestments 46 279 354 383 (1,286) (1,499) (2,340) (3,628) FREE CASH FLOW (I. + II.) 432 (574) 520 (1,341) Transactions with non-controlling interests 92 (14) 28 49 Payments for dividends and payments on other equity instruments (28) (28) (597) (533) Net interests (89) (65) (176) (139) Treasury shares (113) (440) (244) (598) CASH GENERATED IN THE PERIOD 294 (1,121) (469) (2,562) Financing activities and others (52) 1,161 (825) 1,907 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 242 40 (1,294) (655) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 3,557 3,857 5,093 4,552 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 3,799 3,897 3,799 3,897 (1) Inventory effect pretax of €-286 million, €-114 million, €-546 million and €-115 million as of second quarter 2025, second quarter 2024, first half of 2025 and first half of 2024 respectively. Q2 2025 Results 31
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Appendix III - IFRS Consolidated Financial Statements Q2 2025 Results
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Statement of Financial Position (Unaudited figures) (€ millions) Prepared according to International Financial Reporting Standards (IFRS-EU). JUNE DECEMBER 2025 2024 NON-CURRENT ASSETS Intangible assets 2,951 3,125 Property, plant and equipment 25,120 27,977 Investments accounted for using the equity method 3,084 3,186 Non-current financial assets 971 1,533 Deferred tax assets 3,207 4,405 Other non-current assets 1,371 1,696 CURRENT ASSETS Non-current assets held for sale 3,294 524 Inventories 5,132 6,211 Trade and other receivables 6,969 7,364 Other current assets 451 296 Other current financial assets 3,001 2,111 Cash and cash equivalents 3,509 4,758 TOTAL ASSETS 59,060 63,186 TOTAL EQUITY Shareholders´equity 25,167 25,883 Other cumulative comprehensive income (1,338) 606 Non-controlling interests 2,524 2,610 NON-CURRENT LIABILITIES Non-current provisions 2,725 5,137 Non-current financial liabilities 8,519 9,433 Deferred tax liabilities and other tax items 2,441 2,658 Other non-current liabilities 891 1,176 CURRENT LIABILITIES Liabilities related to non-current assets held for sale 2,781 4 Current provisions 1,540 1,514 Current financial liabilities 3,552 2,945 Trade and other payables 10,258 11,220 TOTAL LIABILITIES 59,060 63,186 Q2 2025 Results 33
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Income Statement (Unaudited figures) (€ millions) Prepared according to International Financial Reporting Standards (IFRS-EU). 2Q 2Q JUNE JUNE 2025 2024 2025 2024 Sales 13,426 14,641 27,733 29,724 Income from services rendered 104 96 205 199 Changes in inventories of finished goods and work in progress (222) (11) 53 (50) Procurements (10,110) (10,946) (21,303) (21,723) Amortization and depreciation of non-current assets (584) (702) (1,225) (1,378) Impairment 29 79 (54) 382 Personnel expenses (545) (555) (1,114) (1,137) Transport and freights (375) (429) (773) (985) Supplies (146) (158) (371) (325) Gains/(Losses) on disposal of assets 14 (4) 14 2 Other operating income / (expenses) (1,143) (935) (2,147) (2,302) OPERATING NET INCOME 448 1,076 1,018 2,407 Interest Income 65 63 137 194 Interest Expenses (54) (74) (119) (160) Change in fair value of financial instruments (294) 43 (384) 181 Exchange gains/(losses) 324 (49) 458 (175) Impairment of financial instruments (7) 13 23 (9) Other financial income and expenses (41) (50) (53) (56) FINANCIAL RESULT (7) (54) 62 (25) NET INCOME FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (1) (2) 27 26 151 NET INCOME BEFORE TAX 439 1,049 1,106 2,533 Income tax (139) (430) (413) (883) CONSOLIDATED NET INCOME/(LOSS) FOR THE PERIOD 300 619 693 1,650 NET INCOME FROM OPERATIONS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (63) 38 (90) (24) TOTAL NET INCOME ATTRIBUTABLE TO THE PARENT 237 657 603 1,626 EARNINGS PER SHARE ATTRIBUTABLE TO THE PARENT (€/share) Basic 0.19 0.54 0.50 1.33 Diluted 0.19 0.54 0.50 1.33 (1) Net of taxes Q2 2025 Results 34
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Cash Flow Statement (Unaudited figures) (€ millions) Prepared according to International Financial Reporting Standards (IFRS-EU). JANUARY - JUNE 2025 2024 I. CASH FLOWS FROM OPERATING ACTIVITIES Net income before taxes 1,106 2,533 Adjustments to net income Depreciation and amortisation of non current assets 1,225 1,378 Other adjustments to results (net) 61 (437) EBITDA 2,392 3,474 Changes in working capital 339 (379) Dividends received 45 161 Income taxes received/ (paid) (2) (70) Other proceeds from/ (payments for) operating activities (188) (1,128) 2,586 2,058 II. CASH FLOWS USED IN INVESTMENT ACTIVITIES Payments for investment activities Companies of the Group, equity affiliates and business units (281) (939) Fixed assets, intangible assets and real estate investments (1,829) (2,576) Other financial assets (1,967) (1,289) Payments for investment activities (4,077) (4,804) Proceeds from divestments Companies of the Group, equity affiliates and business units 63 109 Fixed assets, intangible assets and real estate investments 259 227 Other financial assets 1,696 1,989 Proceeds from divestments 2,018 2,325 Other cashflow 82 90 (1,977) (2,389) III. CASH FLOWS FROM/ (USED IN) FINANCING ACTIVITIES Issuance/ Repayment and Redemption of own capital instruments 132 0 Proceeds from/(payments for) equity instruments (244) (598) Proceeds from/(payments for) transactions with non-controlling interests 155 352 Dividends paid to non-controlling interests (127) (303) Proceeds from issue of financial liabilities 6,336 5,375 Repayment and redemption of financial liabilities (6,777) (4,231) Payments for dividends and payments on other equity instruments (597) (533) Interest payments (200) (180) Other proceeds from/(payments for) financing activities (403) (137) (1,725) (255) Effect of changes in exchange rates from continued operations (133) 25 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (1,249) (561) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 4,758 4,129 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 3,509 3,568 Q2 2025 Results 35
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Recognized Income and Expense Statement (Unaudited figures) (€ millions) Prepared according to International Financial Reporting Standards (IFRS-EU). JANUARY - JUNE 2025 2024 Consolidated Net Income / (Loss) for the period 693 1,650 Other comprehensive income. (Items not reclassifiable to net income): (1) 0 Due to actuarial gains and losses (1) 0 Investments accounted for using the equity method 0 0 Equity instruments with changes through other comprehensive income 0 0 Tax effect 0 0 Other comprehensive income. (Items reclassifiable to net income): (2,149) 28 Cash flow hedging 111 (553) Valuation gains / (losses) 30 (360) Amounts transferred to the income statement 81 (193) Translation differences: (2,216) 571 Valuation gains / (losses) (2,226) 568 Amounts transferred to the income statement 10 3 Share of investments in joint ventures and associates: (2) (1) Valuation gains / (losses) (1) (1) Amounts transferred to the income statement (1) 0 Tax effect (42) 11 Total other comprehensive income (2,150) 28 Total comprehensive income for the period (1,457) 1,678 a) Attributable to the parent (1,341) 1,683 b) Attributable to non-controlling interests (116) (5) Q2 2025 Results 36
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Statement of Changes In Equity (Unaudited figures) (€ millions) Prepared according to International Financial Reporting Standards (IFRS-EU). Million euros Equity attributable to the parent and other equity instrument holders Non- controlling interests Equity Shareholders' equity Other cumulative comprehensi ve income Share capital Share premium and reserves Treasury shares and own equity investments Other equity instruments Net income for the period attributable to the parent Closing balance at 12/31/2023 1,217 19,485 (8) 2,288 3,168 47 2,873 29,070 Total recognized income/(expenses) — — — — 1,626 57 (5) 1,678 Transactions with partners or owners — — — — — — — — Share capital increase/(reduction) — — — — — — — — Dividends and shareholder remuneration — (1,157) — — — — (306) (1,463) Transactions with treasury shares and own equity investments (net) — (6) (589) (3) — — — (598) Increases/(reductions) due to changes in scope — — — — — — — — Other transactions with partners and owners — — — — — — 50 50 Other equity variations — — — — — — — — Transfers between equity-line items — 3,168 — — (3,168) — — — Subordinated perpetual obligations — (30) — (7) — — — (37) Other variations — 3 — 1 — — 1 5 Closing balance at 06/30/2024 1,217 21,463 (597) 2,279 1,626 104 2,613 28,705 Total recognized income/(expenses) — (1) — — 130 500 (94) 535 Transactions with partners or owners — — — — — — — — Share capital increase/(reduction) (60) (771) 831 — — — — — Dividends and shareholder remuneration — (1) — — — — (30) (31) Transactions with treasury shares and own equity investments (net) — 18 (236) 4 — — — (214) Increases/(reductions) due to changes in scope — (2) — — — 2 — — Other transactions with partners and owners — — — — — — 133 133 Other equity variations — — — — — — — — Transfers between equity-line items — — — — — — — — Subordinated perpetual obligations — (31) — 9 — — — (22) Other variations — 6 — (1) — — (12) (7) Closing balance at 12/31/2024 1,157 20,681 (2) 2,291 1,756 606 2,610 29,099 Total recognized income/(expenses) — (1) — — 603 (1,943) (116) (1,457) Transactions with partners or owners — — — — — — — — Share capital increase/(reduction) — — — — — — — — Dividends and shareholder remuneration — (1,157) — — — — (132) (1,289) Transactions with treasury shares and own equity investments (net) — (5) (243) (3) — — — (251) Increases/(reductions) due to changes in scope — (5) — — — (1) 94 88 Other transactions with partners and owners — — — — — — 65 65 Other equity variations — — — — — — — — Transfers between equity-line items — 1,756 — — (1,756) — — — Subordinated perpetual obligations — (35) — 131 — — — 96 Other variations — (1) — — — — 3 2 Closing balance at 06/30/2025 1,157 21,233 (245) 2,419 603 (1,338) 2,524 26,353 Q2 2025 Results 37
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Appendix IV - Basis of Presentation Q2 2025 Results
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Basis of preparation of the Financial Information Repsol prepares primary financial statements (see Appendix III – IFRS Consolidated Financial Statements) in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU) and the other provisions of the applicable regulatory framework (see Note 3 of the 2024 consolidated Annual Accounts). The rest of the financial information included in this document, unless expressly indicated otherwise, has been prepared in accordance with the Group´s reporting model for presenting results by segment described below. Business segments: The definition of the Group’s business segments is based on the different activities performed by the Group and their level of significance, as well as on the organizational structure and the way in which Repsol’s management and directors analyze the main operating and financial aggregates in order to make decisions about resource allocation and to assess the Company’s performance. Repsol’s reporting segments are as follows: • Exploration and Production (Upstream or “E&P”): activities for the exploration and production of crude oil and natural gas reserves, as well as the development of low-carbon geological solutions, specially carbon storage. • Industrial: activities involving oil refining, petrochemicals, and the trading, transport and wholesale of crude oil, natural gas and fuels, including the development of activities related with new products as hydrogen, sustainable biofuels and synthetic fuels. • Customer: businesses involving mobility (gas stations) and the sale of fuels (gasoline, diesel, aviation kerosene, liquefied petroleum gas, biofuels, etc.), electricity and gas, and lubricants and other specialties. • Low-Carbon Generation (LCG): low-emissions electricity generation from renewable sources and CCGTs2. Corporate and other includes (i) corporate overhead expenses and, specifically, those expenses related to managing the Group, (ii) the financial result, and (iii) intersegment consolidation adjustments. Q2 2025 Results 39 2 Acronym for combined cycle gas turbine electricity generators.
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Groups' reporting model: Repsol presents the results and other financial aggregates of its business segments (Upstream, Industrial, Customer and LCG) in its segment reporting model, taking into consideration the operating and financial aggregates of its joint ventures, in accordance with the Group’s interest in each joint venture, using the same methodology and with the same level of detail as for fully consolidated companies3. Using this approach, the results are broken down into several components (adjusted income, inventory effect, special items, non-controlling interests) until the net income is obtained, which reflects the income obtained by the Group attributable to the parent. • A measure of segment profit is used known as Adjusted Income, which corresponds to net income from continuing operations at replacement cost (“Current Cost of Supply” or CCS), net of taxes and without including certain income and expenses (“Special items”) or income attributable to non-controlling interests (“Non-controlling interests”), which are presented separately. The financial result and the intersegment consolidation adjustments are assigned to “Income” under Corporate and other. Specifically, the current cost of supply (CCS) considers the cost of volumes sold to correspond to the procurement and production costs for the period itself. This is the criterion commonly used in the sector to present the results of businesses in the Industrial or Customer segments that must work with significant inventories subject to constant price fluctuations, thus facilitating comparability with other companies and the monitoring of businesses, regardless of the impact of price variations on their inventories. However, this measure of income is not accepted in European accounting standards and, therefore, is not applied by Repsol, which uses the weighted average cost method to determine its income in accordance with European accounting standards. The difference between the income at CCS and the income at weighted average cost is reflected in the Inventory effect, which is presented separately, net of tax and not taking into account the income attributable to non-controlling interests. • Special items includes certain material items whose separate presentation is considered appropriate in order to facilitate analysis of the ordinary business performance. This heading includes gains/losses on divestments, restructuring costs, asset impairment losses (provisions/ reversals), provisions for contingencies and charges, and other relevant income/expenses that do not form part of the ordinary management of the businesses. These results are presented separately, net of tax and not taking into account the income attributable to non-controlling interests. • The share of minority shareholders (mainly in our E&P and LCG businesses) in the Group’s income is reflected in a separate line item Non-controlling interests, net of taxes, immediately before Net income. The Group therefore considers that the nature of its businesses and the way in which results are analyzed for decision-making purposes is adequately reflected. In any case, Repsol provides reconciliations between the measures included in the business segment reporting model, which constitute alternative performance measures in accordance with the Guidelines on Alternative Performance Measures of October 2015 published by the European Securities Market Association (ESMA) and the measures used in the financial statements prepared in accordance with EU-IFRS. This information, breakdowns and reconciliations are updated quarterly and available on Repsol’s website . Q2 2025 Results 40 3 Except in the case of the renewable electricity generation businesses (LCG segment) where, due to the way in which the results of these projects are analyzed and management decisions are made, the economic aggregates of the joint ventures are accounted for using the equity method.
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Disclaimer This document contains information and statements that constitute forward-looking statements about Repsol. Such estimates or projections may include statements about current plans, objectives and expectations, including statements regarding trends affecting Repsol's financial condition, financial ratios, operating results, business, strategy, geographic concentration, production volumes and reserves, capital expenditures, cost savings, investments and dividend policies. Such estimates or projections may also include assumptions about future economic or other conditions, such as future crude oil or other prices, refining or marketing margins and exchange rates. Forward-looking statements are generally identified by the use of terms such as "expects," "anticipates," "forecasts," "believes," "estimates," "appreciates" and similar expressions. Such statements are not guarantees of future performance, prices, margins, exchange rates or any other event, and are subject to significant risks, uncertainties, changes and other factors that may be beyond Repsol's control or may be difficult to predict. Such risks and uncertainties include those factors and circumstances identified in the communications and documents filed by Repsol and its subsidiaries with the Comisión Nacional del Mercado de Valores in Spain and with the other supervisory authorities of the markets in which the securities issued by Repsol and/or its subsidiaries are traded. Except to the extent required by applicable law, Repsol assumes no obligation - even when new information is published, or new facts are produced - to publicly report the updating or revision of these forward-looking statements. This document mentions resources which do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the system “SPE/WPC/AAPG/SPEE Petroleum Resources Management System” (SPE-PRMS) (SPE – Society of Pretroleum Engineers). Some of the financial figures presented throughout this document are considered Alternative Performance Measures (APM), in accordance with the ESMA (European Securities Market Association) Guidelines "Alternative Performance Measures", for more information see Repsol's website . This document does not constitute an offer or invitation to purchase or subscribe securities, pursuant to the provisions of the Spanish Law 6/2023, of March 17, of the Securities Markets and Investment Services and its implementing regulations. In addition, this document does not constitute an offer to purchase, sell, or exchange, neither a request for an offer of purchase, sale or exchange of securities in any other jurisdiction. The information contained in the document has not been verified or revised by the Auditors of Repsol. Q2 2025 Results 41