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19 February 2026 4Q25 & FY25 Results Josu Jon Imaz CEO
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ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2026 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 4Q25 & FY25 2
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Strategic execution on a path of disciplined growth Key Messages 2025 Strong performance across the portfolio • Improved Upstream through new growth projects and portfolio optimization • Advancing on Industrial transformation by developing advantaged low carbon platform in Iberia • Reinforcing profitability of the commercial business with ambitious multi-energy offer and growth in electricity retail • Executing renewables model to crystallize value, deliver required rates of return and limit financial exposure • Achievement of 2025 decarbonization targets Committed to shareholder remuneration objectives • €1.8 B allocated to shareholder distributions in 2025, at higher end of strategic CFFO distribution range • +8.3% DPS increase vs 2024. €700 M in SBB to reduce capital • Expect 2026 DPS +7.8% y-o-y + SBB in-line to 2025 Strong balance sheet and disciplined capex • March CMD to update strategic roadmap to 2028 3Repsol 4Q25 & FY25 CFFO +8% vs 2024 €5.4 B 130 % Adjusted Net Income -15% vs 2024 €2.6 B Net Capex -46% vs 2024 €2.7 B Net Debt -21% vs Sep’25 +12% vs Dec’24 €4.5 B Note: figures under Repsol’s new reporting model
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Financial results 4 New reporting model Repsol 4Q25 & FY25 • Reflects how the Company currently manages and evaluates business performance: • Incorporation of strategic minority shareholders to Upstream and Low Carbon Generation divisions • Increased relevance of Joint Ventures in Repsol’s business model • Aligns all Repsol’s financial information with its financial statements prepared under IFRS • Contribution of Joint Ventures now recognized by the equity method (previously integrated by proportionate consolidation) • Adjusted Net Income becomes main measure of segment performance (net of minority interests) • Upstream production and reserves will continue to be reported based on Repsol’s interest in its Joint Ventures. Results (€ Million) 2025 2024 Upstream 957 1,028 Industrial 963 1,447 Customer 754 644 Low Carbon Generation 53 (24) Corporate & Others (159) (70) Adjusted Net Income 2,568 3,025 Inventory Effect (633) (417) Special Items (36) (852) Net Income 1,899 1,756 Financial Data (€ Million) 2025 2024 Adjusted EBITDA 5,312 6,052 Adjusted EBITDA CCS 6,184 6,627 Cash Flow from Operations 5,365 4,965 Net Debt 4,487 4,015
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Market environment 5Repsol 4Q25 & FY25 Stronger gas prices and refining margins in a lower oil price scenario 75 76 68 69 64 81 69 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 $/bbl Brent 2.8 3.7 3.4 3.1 3.5 2.3 3.4 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 $/MBtu Henry Hub 4.8 5.3 5.9 8.8 11.1 6.6 7.9 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 $/bbl Repsol’s Refining Margin Indicator 1.07 1.05 1.13 1.17 1.16 1.08 1.13 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 $/€ Exchange Rate
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Upstream Production at higher end of FY25 guidance • Production +2% y-o-y excluding divestments • Record volumes in Libya supported by country stability • Accelerated activity in unconventionals aligned with bullish US gas price outlook Start-up of growth projects to contribute +80 kboed in 2027 • T&T: first gas of Cypre and Mento in 1H25 • GoA: Leon-Castile reached first oil in Sept’25 • Brazil: start-up of Lapa South-West before end-1Q26 • Alaska: Pikka phase1 expected to start production in March’26 Portfolio optimization to increase resiliency and profitability • JV in UK to combine operational synergies and disciplined financial execution. Aprox. 250 gross kboed in FY26 (Repsol w.i. 24%) • Completed exit from Indonesia and Colombia 6Repsol 4Q25 & FY25 More profitable, lower emissions barrels and portfolio optimization 554 551 544 571 548 4Q24 3Q25 4Q25 2024 2025 Kboed Production 188 Kboed Liquids production -4% vs 2024 360 Kboed Gas production -4% vs 2024 €957 M Adjusted Net Income -7% vs 2024
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Industrial Negative impact of tariffs and Spanish blackouts • Material impact of power outages affecting Iberian Peninsula • Refining margin recovery in 2H25 supported on stronger middle-distillate differentials • Lower contribution from Trading businesses • Challenging environment for Chemicals. Focus on reducing breakevens and differentiation Advantaged renewable fuels platform • New HVO plant in Puertollano to start in 2Q26, reaching 1.5 MTn/y biofuel capacity at Group level. • FID of Ecoplanta: start-up 2029. First renewable methanol off-take contract secured • Approved Repsol’s first large-scale electrolyzers (Cartagena and Bilbao, 100 MW each). • 3rd electrolyzer (Tarragona)progressing toward FID approval 7Repsol 4Q25 & FY25 Accelerating efficiency and competitiveness to drive transformation €/t Repsol’s Chemical Margin Indicator 210 252 2024 2025 €963M Adjusted Net Income -33% vs 2024 Distillation (%) Utilization of Spanish refining 88 83 2024 2025 Conversion (%) 100 95 2024 2025 41 Mtons Processed crude -5% vs 2024 1,820 Ktons Petrochemical sales -5% vs 2024
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Strong performance of core businesses • All business segments improved result y-o-y • Sales of road transportation fuels in Spain (+11% vs 2024) in line with pre-pandemic figures • Solid non-oil growth in Service Stations in Spain (+12% contribution margin vs 2024) • Aviation benefiting from sustained demand growth Consolidation of multi-energy offer • P&G Retail reached 3 M customers, +21% vs 2024 and 4x since Viesgo acquisition in 2018 • Reached >1,500 Service Stations in Iberia offering 100% renewable fuel • 10.8 M digital users (+16% vs 2024). Waylet app transactions +10% vs 2024 Customer 8Repsol 4Q25 & FY25 Anticipated delivery of 2027 EBITDA strategic target €754 M Adjusted Net Income +17% vs 2024 €1,423 M Adjusted EBITDA +20% vs 2024 Multi-energy (M#) P&G Retail customers 0.75 1.0 1.1 1.3 1.5 2.2 2.5 3.0 2018 2019 2020 2021 2022 2023 2024 2025 0.7 1.0 1.2
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• Improved results supported on higher low carbon production • Added 2.2 GW of new renewable capacity under operation. Reached 5.9 GW by Dec’25 (6 GW to date) • Rotated 1.8 GW in 2025: • US : Frye+Jicarilla (777 MW) and Outpost (629 MW) solar projects • Spain: 400 MW wind+solar portfolio • 100% of fully commissioned capacity already rotated. Accumulated €2.7 B captured with average Equity IRR >10% • Added 805 MW wind pipeline to hybridize Escatron CCGT (Spain) for potential third party data center Low Carbon Generation 9Repsol 4Q25 & FY25 Successful delivery of renewable business model (*) Includes solar, wind and hydro power generation 3.7 5.9 2024 2025 GW Installed renewable capacity (*) TWh Renewable power generation (*) 5.7 7.7 2024 2025 66 €/MWh Price of Spanish pool +4% vs 2024 11,584 GWh Electricity Generation +49% vs 2024 €53 M Adjusted Net Income +€77 M vs 2024
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Outlook 10Repsol 4Q25 & FY25 2026 outlook Complete 2026 guidance and updated projections to 2028 to be provided on March 10th Capital Markets Day Macro indicators Brent: 60-65 $/bbl HH: 3.5-4 $/Mbtu Refining margin indicator: 6.5-7.5 $/bbl Upstream production 560 – 570 Kboed Shareholder remuneration 1.051 €/sh Dividend (+7.8% vs 2025) €1.9 B Total Remuneration First €350 B SBB approved by BoD 2026 planning assumptions
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19 February 2026 4Q25 & FY25 Results Josu Jon Imaz CEO Repsol Investor Relations investor.relations@repsol.com www.repsol.com