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30 October 2025 3Q25 Results Josu Jon Imaz CEO
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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/SEG/SPWLA/EAGE 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 European Securities and Markets Authority (ESMA) Guidelines on "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 3Q25 2
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Solid execution aligned with strategic commitments Key Messages 3Q25 Robust operational and financial performance • Higher y-o-y result in all divisions. 9M25 CFFO +15% y-o-y • 9M25 net capex of €2.5 B, including €1.3 B proceeds from disposals and asset rotations collected to September • Net Debt flat q-o-q excluding consolidation of new JV in UK Delivery of strategic priorities across the portfolio • High-grading of Upstream portfolio and delivery of new growth projects (Leon-Castile, Pikka, Lapa SW) • Advancing on the transformation of Industrial sites while building on positive refining momentum • Accelerating growth in commercial businesses leveraged on multi- energy platform and resilient demand • Maximizing returns in Renewables through successful business model Committed to shareholder remuneration objectives • Allocating €1.8 B to shareholder distributions in 2025, at higher end of strategic CFFO distribution range 3Repsol 3Q25 CFFO -14% vs 2Q25 -1.5% vs 3Q24 €1.5 B 130 % Adjusted Income +17% vs 2Q25 +47% vs 3Q24 €0.8 B Net Capex (inc. €0.8 B from disposals and asset rotations) €0.3 B Net Debt +21% vs Jun’25 (+0% exc. UK JV) €6.9 B
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Market environment 4Repsol 3Q25 Refining margins at highest levels since 1Q 2024 80 75 76 68 69 3Q24 4Q24 1Q25 2Q25 3Q25 $/bbl Brent 2.2 2.8 3.7 3.4 3.1 3Q24 4Q24 1Q25 2Q25 3Q25 $/MBtu Henry Hub 4.0 4.8 5.3 5.9 8.8 3Q24 4Q24 1Q25 2Q25 3Q25 $/bbl Repsol’s Refining Margin Indicator 1.10 1.07 1.05 1.13 1.17 3Q24 4Q24 1Q25 2Q25 3Q25 $/€ Exchange Rate
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Upstream Production at higher end of FY guidance • Higher contributions y-o-y in UK and Libya compensate divestments and natural decline Progressing in portfolio high-grading • Closing of strategic merger with Neo Energy in the UK (~130 Kboed FY25 production at 100%) • Completed country exit from Indonesia Reinforcing the US as core growth area • Leon-Castile (Gulf) reached first oil in September. Aiming to a peak production of ~20 net Kboed in 2027 • Start-up of 1st phase of Pikka (Alaska) expected early 2026. Production of ~30 net Kboed at plateau in 2027 Positioning for potential liquidity event • Repsol E&P completed $2.5 B bond offering, largest in USD in Repsol’s history 5Repsol 3Q25 Increasing returns through new projects and portfolio optimization 553 557 551 3Q24 2Q25 3Q25 Kboed Production 192 Kboed Liquids production +6% vs 3Q24 359 Kboed Gas production -3% vs 3Q24 €317 M Adjusted Income +11% vs 3Q24
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Industrial Capturing favourable refining scenario • Very healthy refining margins supported by stronger product spreads, mainly in diesel • Restored activity levels after impact of Spanish outage in 2Q25 • Chemicals focus on lower breakevens and higher margins through differentiation (Sines expansion start-up in 2026) • Positive impact of Calcasieu Pass LNG cargos on Wholesale and Gas Trading performance Progress in the transformation of industrial sites • Repsol’s 2nd advanced biofuels plant to start-up in 2Q26 (Puertollano). 3rd project under evaluation • Signed 1st offtake contract for Ecoplanta’s future renewable methanol (Tarragona) • Approved 1st large-scale electrolyzer (Cartagena). FIDs for electrolyzers in Bilbao and Tarragonaexpected soon 6Repsol 3Q25 Consolidation of refining up-cycle driven by diesel strength €/t Repsol’s Chemical Margin Indicator 213 329 258 3Q24 2Q25 3Q25 €315 M Adjusted Income +70% vs 3Q24 Distillation (%) Utilization of Spanish refining 74 85 2Q25 3Q25 Conversion (%) 86 101 2Q25 3Q25 10.7 Mtons Processed crude -1% vs 3Q24 446 Ktons Petrochemical sales -11% vs 3Q24
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2.4 2.9 3Q24 3Q25 Higher y-o-y results in all business segments • Sales of road transportation fuels (+14% vs 3Q24) in line with pre-pandemic figures • Solid non-oil growth in Service Stations (+10% contribution margin vs 3Q24) • Robust y-o-y performance of legacy businesses (EBIT x2.5 LPG, x1.5 Aviation) • On track to reach €1.4 B EBITDA target for 2027 in 2025 Development of multi-energy offer • Incorporating 100% renewable gasoline to Iberian service stations network • P&G Retail growth on track to surpass 3 M customers by end-2025 Customer 7Repsol 3Q25 Multi-energy growth underpinned by core business resilience 53 56 2Q25 3Q25 % Multi-Energy Service Stations in Spain €241 M Adjusted Income +34% vs 3Q24 Multi-energy customers Million P&G Retail customers 0.9 €434 M EBITDA +25% vs 3Q24 1.1
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• Higher contribution from renewables and combined cycles • Reached 5 GW of renewable capacity under operation (additional 500 MW before year-end) • Outpost solar (629 MW) in Texas achieved commercial operations in September • Working on two new asset rotations: • Outpost (US) • 700 MW portfolio in Spain (>400 MW wind) • Acquisition of 805 MW wind pipeline to hybridize production at Escatron CCGT (Spain) for potential third party data center Low Carbon Generation 8Repsol 3Q25 Progress in renewables model according to main strategic lines (*) Includes solar, wind and hydro power generation 3.2 5.0 3Q24 3Q25 GW Installed renewable capacity (*) TWh Renewable power generation (*) 1.6 2.1 3Q24 3Q25 67 €/MWh Price of Spanish pool -15% vs 3Q24 3,269 GWh Electricity Generation +39% vs 3Q24 €31 M Adjusted Income +€38 M vs 3Q24
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Financial results 9 3Q and 9M 2025 results Repsol 3Q25 Results (€ Million) 3Q25 2Q25 3Q24 9M25 9M24 Upstream 317 439 287 1,214 1,156 Industrial 315 99 185 545 1,204 Customer 241 198 180 599 494 Low Carbon Generation 31 7 (7) 43 (12) Corporate & Others (84) (41) (87) (228) (158) Adjusted Income 820 702 558 2,173 2,684 Inventory Effect (88) (214) (296) (496) (382) Special Items (125) (188) (35) (377) (425) Non-controlling interests (33) (63) (61) (123) (85) Net Income 574 237 166 1,177 1,792 Financial Data (€ Million) 3Q25 2Q25 3Q24 9M25 9M24 EBITDA 1,935 1,491 1,421 5,013 5,565 EBITDA CCS 2,053 1,777 1,819 5,677 6,078 Operating Cash Flow 1,483 1,718 1,505 4,343 3,792 Net Debt 6,890 5,728 5,532 6,890 5,532
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Outlook 10Repsol 3Q25 Unchanged FY25 guidance Guidance 2025 Guidance update Guidance update February'25 July'25 October'25 Upstream production 530 – 550 Kboed ~ 550 Kboed ~ 550 Kboed Cash Flow from Operations €6 – 6.5 B ~ €6 B ~ €6 B Net Capex €3.5 – 4 B ~ €3.5 B ~ €3.5 B 30 - 35% CFFO 30 - 35% CFFO 30 - 35% CFFO Higher end of 25 – 35% strategic distribution range Higher end of 25 – 35% strategic distribution range Higher end of 25 – 35% strategic distribution range 0.975 €/sh dividend 0.975 €/sh dividend 0.975 €/sh dividend +8.3% increase vs 2024 +8.3% increase vs 2024 +8.3% increase vs 2024 €700 M SBB €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 Brent: 70 $/bbl; HH: 3.5 $/Mbtu; Refining margin indicator: 6.9 $/bbl, Iberian outage, exchange rate Shareholder remuneration
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30 October 2025 3Q25 Results Josu Jon Imaz CEO Repsol Investor Relations investor.relations@repsol.com www.repsol.com