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29 October 2026 3Q26 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 3Q26 2
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Strong delivery under a supportive commodity environment Key Messages 3Q26 Geopolitical tensions continue to drive elevated volatility • Conflict in the Strait of Hormuz and attacks on Russian refinery infrastructure • Focus on security of supply and diversification of energy sources Reliable operations and disciplined project execution • Highly competitive Industrial assets capture positive momentum in Refining and Trading • Pikka ramp-up (Alaska), Raia (Brazil) and progress in Venezuela reinforce visibility on Upstream production growth • Resilient demand in Spain supports Customer performance underpinned by leading multi-energy offer Committed to growing shareholder distributions • €850 M of SBB completed by end-October • Additional €950 M SBB to be executed before year-end, bringing total SBB in 2026 to €1.8 B • €3 B total shareholder remuneration in 2026 (dividends + SBB) 3Repsol 3Q26 Adj. Net Income +260% vs 3Q25 +47% vs 2Q26 €2.7 B Net Capex +160% vs 3Q25 +93% vs 2Q26 €0.6 B Net Debt -€1.6 B vs Jun’26 €2 B €3.5 B CFFO +178% vs 3Q25 +82% vs 2Q26
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Market environment 4Repsol 3Q26 High oil prices and strong refining margins 69 64 81 104 97 3Q25 4Q25 1Q26 2Q26 3Q26 $/bbl Brent 3.1 3.5 5.1 2.9 3.0 3Q25 4Q25 1Q26 2Q26 3Q26 $/MBtu Henry Hub 8.8 11.1 10.9 14.0 36.2 3Q25 4Q25 1Q26 2Q26 3Q26 $/bbl Repsol’s Refining Margin Indicator 1.17 1.16 1.17 1.16 1.15 3Q25 4Q25 1Q26 2Q26 3Q26 $/€ Exchange Rate
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Upstream Production increase mainly driven by US assets • +4% y-o-y production growth driven by Pikka ramp-up, Leon-Castile, unconventionals and Libya • October production at ~590 Kboed. FY26 expected production in line with 560-570 Kboed guidance Advancing Alaska’s phased growth plan • Pikka Phase 1 nearing 80 Kboed gross plateau • Pikka Phase 2 expected to add +40 Kboed gross in 2030 • Upcoming Stirrup-2 appraisal well in Horseshoe unit Unlocking value in Venezuela • Focus on monetizing current production and increasing volumes • Gas: Cardon IV gross production expected to reach 645 Mcfd by 1Q28 (from current 580 Mcfd) • Liquids: plans to increase oil production by 50% in the short-term and 3x in 3 years (Petroquiriquire + Petrocarabobo) 5Repsol 3Q26 Successful execution of the growth pipeline 551 558 574 3Q25 2Q26 3Q26 Kboed Production 199 Kboed Liquids production +3.6% vs 3Q25 375 Kboed Gas production +4.5% vs 3Q25 €415 M Adjusted Net Income +93% vs 3Q25
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Industrial Positive refining outlook into 4Q26 and 2027 • Strong 3Q26 margin environment driven by higher product spreads, wider heavy-crude differentials and higher q-o-q utilization • Adjusted refinery maintenance schedule enables full conversion capacity through end-2026 Capitalizing on attractive trading opportunities • Liquids and gas trading activities capture optionality embedded in volatile market • €1.1 B CFFO (ex-WC) in 9M26 (+153% y-o-y) Challenging petrochemical market conditions • 3Q26 results impacted q-o-q by lower prices and utilization • Sines expansion focused on differentiation and specialties 6Repsol 3Q26 Capturing refining and trading momentum €/t Repsol’s Chemical Margin Indicator 258 387 3Q25 3Q26 €1,985 M Adjusted Net Income vs €305 M in 3Q25 Distillation (%) Utilization of Spanish refining 85 81 3Q25 3Q26 Conversion (%) 101 98 3Q25 3Q26 10.2 Mtons Processed crude -5% vs 3Q25 576 Ktons Petrochemical sales +29% vs 3Q25
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Solid delivery supported by core businesses performance • Resilient fuel demand in Spain • Higher y-o-y sales of road transportation fuels (+8%) and non-oil contribution margin (+6%) • Aviation market growth (+4% y-o-y) • Mobility results impacted by customer support initiatives (€80 M in discounts from 21st March to September) • Stronger y-o-y contribution from LAAS(1) Progress in the consolidation of multi-energy offer • Increased P&G Retail client base. Reached 3.4 M customers in Iberia (+16% vs 3Q25) • 12 M digital users (+15% vs 3Q25) Customer 7 Resilient performance in high-price environment €244 M Adjusted Net Income +4% vs 3Q25 €511 M CFFO +32% vs 3Q25 (1) LAAS: Lubricants, Asphalts, Aviation and Specialties Digital users (M#) 10.4 11.6 12 3Q25 2Q26 3Q26 Multi-energy (M#) P&G Retail customers 2.9 3.3 3.4 3Q25 2Q26 3Q26 1.5 1.1 1.5 Repsol 3Q26
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Improved results year-on-year • Higher contributions from CCGTs and renewable generation • Elevated intra-day price volatility drives record margins in pumped-storage generation (+82% y-o-y) Active portfolio management drives expected positive FCF in 2026 • 6 GW of installed renewable generation capacity • Development pipeline in Spain, U.S. and Italy • FID for Ritter Station solar (269 MW). 1.4 GW renewable capacity under construction or with FID in the US Low Carbon Generation 8Repsol 3Q26 Consolidating self-funded growth in renewables (*) Includes solar, wind and hydro power generation 5.0 6.0 3Q25 3Q26 GW Installed renewable capacity (*) TWh Renewable power generation (*) 2.1 2.7 3Q25 3Q26 €122 /MWh Price of Spanish pool +84% vs 3Q25 3,865 GWh Electricity Generation +18% vs 3Q25 €37 M Adjusted Net Income +48% vs 3Q25
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Financial results 9 3Q26 results Repsol 3Q26 Results (€ Million) 3Q26 2Q26 3Q25 9M26 9M25 Upstream 415 371 215 1,088 846 Industrial 1,985 1,243 305 3,668 540 Customer 244 209 235 613 586 Low Carbon Generation 37 10 25 43 35 Corporate & Others 27 5 (28) 7 (100) Adjusted Net Income 2,708 1,838 752 5,419 1,907 Inventory Effect 120 230 (84) 943 (478) Special Items (23) (796) (94) (1,356) (252) Net Income 2,805 1,272 574 5,006 1,177 Financial Data (€ Million) 3Q26 2Q26 3Q25 9M26 9M25 Adjusted EBITDA 4,699 3,522 1,537 10,834 3,929 Adjusted EBITDA CCS 4,518 3,216 1,652 9,524 4,587 Cash Flow from Operations 3,526 1,935 1,267 6,503 3,853 Net Debt 2,038 3,667 5,708 2,038 5,708
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Outlook 10 FY26 guidance Repsol 3Q26 Upstream production 560 – 570 Kboed 560 – 570 Kboed Cash Flow from Operations €5.5 – 6 B €9 – 9.5 B Net Capex €2.7 B €2.5 – 3 B 30 - 40% CFFO 30 - 40% CFFO 1.051 €/sh dividend 1.051 €/sh dividend +8% increase vs 2025 +8% increase vs 2025 Complemented with €0.7 B SBB Complemented with €1.8 B SBB '@ FY26e: Brent: ~95 $/bbl; HH: ~3.5 $/Mbtu; Refining margin indicator: ~22 $/bbl Shareholder remuneration Third program €950 M to be executed before year-end Original Guidance Updated guidance 2026 (Oct)
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Repsol Investor Relations investor.relations@repsol.com www.repsol.com 29 October 2026 3Q26 Results Josu Jon Imaz CEO