Earnings release
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Q 2 2020 Results 4Q25 & FY25 Trading Statement January 14th, 2026
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4Q25 & FY25 Trading Statement New reporting model for 2025 segment information Repsol has adopted at the beginning of the fourth quarter of 2025 a new Group reporting model by business segment. All impacts and details of this new reporting model will be released, together with the restated comparative figures for the prior year, with the publication of the fourth quarter and full year 2025 results, planned for February 19. Changes in the reporting model for segment information have no impact on the Group’s consolidated Financial Statements prepared in accordance with EU-IFRS. The revised framework aims to better reflect the way in which the company currently manages and evaluates its businesses, consequence of the increasing importance of minority shareholders to its Upstream and Low Carbon Generation segments and a greater rel evance of joint ventures in Repsol’s business model. There will be no changes to the reporting segments, however, under the new model the contribution of joint ventures will be accounted for using the equity method -previously integrated by proportionate consolidation in the reporting model by business segment - in accordance with the new financial and performance measures that are reviewed internally for decision-making. Upstream production and reserves will continue to be reported in accordance with Repsol’s interest in its joint ventures. The new measure of segment profit will be the Adjusted Net Income, which corresponds to income from continuing operations at replacement cost (“Current Cost of Supply” or CCS), net of taxes, income from equity affiliates and income attributable to non-controlling interests, and without including special items. With this change in the reporting model, the Group also provides a clearer view of the company’s performance, aligning all its financial information with the financial statements prepared under IFRS -EU standards and with the common practice in peers. This approach underlines Repsol’s commitment to best -in-class financial disclosure, reflecting its organizational structure and the internal performance assessment and resource allocation processes. As stated above, the company will provide with the publication of the fourth quarter and 2025 full year results, the details of the new financial and performance measures and the 2025 magnitudes with the previous reporting model only for reference.
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4Q25 & FY25 Trading Statement Trading Statement Repsol’s Trading Statement provides provisional information for the fourth quarter and full year results of 2025, including data on the economic environment as well as company performance during the period. Repsol Group 4Q25 and 2025 full year results will be published on February 19th, 2026. The information contained herein may hence be subject to change and could differ from the final figures that will be reported. Economic indicators Average Brent Dated, source: Platts. Average WTI Nymex First month. Average Henry Hub First of Month Index. Average exchange rate, source: Bloomberg. Operational indicators * Estimated. Source: Repsol 4Q25E * 3Q25 4Q24 FY25E* FY24 Var. 4Q25E / 3Q25 Var. 4Q25E / 4Q24 Var. FY25E / FY24 Average Dated Brent price (USD/bbl) 63.7 69.1 74.7 69.1 80.8 -7.8% -14.7% -14.5% Average WTI Nymex (USD/bbl) 59.1 65.0 70.3 64.7 75.8 -9.1% -15.9% -14.6% Average Henry Hub Nymex (USD/MBtu) 3.5 3.1 2.8 3.4 2.3 12.9% 25.0% 47.8% Average Exchange rate (USD/€) 1.16 1.17 1.07 1.13 1.08 -0.9% 8.4% 4.6% Upstream 4Q25E * 3Q25 4Q24 FY25E* FY24 Var. 4Q25E / 3Q25 Var. 4Q25E / 4Q24 Var. FY25E / FY24 Production (Kboe/d) 544 551 554 548 571 -1.3% -1.8% -4.0% North America (Kboe/d) 181 181 181 184 194 0.0% 0.0% -5.2% Latin America (Kboe/d) 243 249 259 243 263 -2.4% -6.2% -7.6% Europe, Africa and rest of the world (Kboe/d) 120 121 114 121 115 -0.8% 5.3% 5.2% Industrial businesses 4Q25E * 3Q25 4Q24 FY25E* FY24 Var. 4Q25E / 3Q25 Var. 4Q25E / 4Q24 Var. FY25E / FY24 Refining Margin Indicator in Spain (USD/bbl) 11.1 8.8 4.8 7.9 6.6 26.1% 131.3% 19.7% Distillation utilization Spanish Refining (%) 88.4 85.3 88.1 82.8 88.1 3.6% 0.3% -6.0% Conversion utilization Spanish Refining (%) 101.1 101.2 101.7 94.9 99.5 -0.1% -0.6% -4.6% Chemical Margin Indicator (€/t) 232 258 153 252 210 -10.1% 51.6% 20.0%
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4Q25 & FY25 Trading Statement This document contains statements that Repsol believes constitute forward -looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to tren ds affecting Repsol’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward -looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words “expects”, “anticipates”, “foreca sts”, “believes”, estimates”, “notices” and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol’s control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the “Comisión Nacional del Mercado de Valores” in Spain and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed. Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions, or events expressed or implied therein will not be realized. 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 External Auditors of Repsol.