Repsol S A : Q3 2023 Webcast presentation slides

3Q23 Results

26 October 2023

Josu Jon Imaz

CEO

Disclaimer

ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2023

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.

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In October 2015, the European Securities Markets Authority (ESMA) published its Guidelines on Alternative Performance Measures (APMs). The guidelines apply to regulated information published on or after July 3, 2016. With effect from January 1, 2023, Repsol has revised its financial information reporting model. More details about said change and all the information and breakdowns relative to the APMs used in this presentation are available on 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.

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Agenda

01. Key messages

1. Divisional performance
2. Financial results
3. Outlook

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Key messages of 3Q23

Strategic progress underpinned by solid earnings and cash flow generation

			Robust quarterly results
€1.1 B		€1.3 B	▪ Higher O&G prices and stronger refining margins
	▪ Cash impact of Maxus settlement and Spanish windfall tax
Adjusted Income		CFFO	▪ Working capital outflow of €0.9 B
+33% vs 2Q23		-23% vs 2Q23	Transactions aligned with strategic priorities
	-59% vs 3Q22
-27% vs 3Q22
			▪ Focusing E&P growth in core areas. Divestment of remaining
			assets in Canada
			▪ Adding renewable US onshore wind platform through acquisition
			of ConnectGen
€1.9 B		5.9%	Delivering on shareholder remuneration commitments
Net Debt		Gearing
	▪ On track to distribute €2.4 B in 2023 (dividends + capital
-18% vs Dec'22		-2.1 p.p. vs Dec'22
	reductions)
			▪ Increasing January'24 dividend to 0.4 €/share (+14% vs. Jan'23)

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Market Environment

Refining margins fueled by higher middle distillates spreads

Brent					Henry Hub
($/bbl)					($/Mbtu)
101	89				8.2
81		87	6.3
	78

3.4

2.1 2.5

3Q22

4Q22

1Q23

2Q23

3Q23

Repsol's Refining Margin Indicator

($/bbl)

18.9

12.7	15.6	13.6
			6.4

3Q22

4Q22

1Q23

2Q23

3Q23

Exchange Rate

($/€)

1.01 1.02 1.07 1.09 1.09

3Q22

4Q22

1Q23

2Q23

3Q23

3Q22

4Q22

1Q23

2Q23

3Q23

Note: all figures are averages

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Upstream

Positive operational momentum with focus on project delivery and portfolio transformation

Production 3Q23 vs 2Q23

(Kboe/d)	8	-2	-6

596

596

2Q23	North	Latin	Europe,	3Q23
	America	America Africa & RoW

Production 3Q23 vs 3Q22

(Kboe/d)	47	11	-10
549				596
3Q22	North	Latin	Europe,	3Q23
	America	America Africa & RoW

Production +9% y-o-y:

• New wells in Eagle Ford and Marcellus
• Higher sales in Venezuela
• YTD production in line with guidance at ~ 600 Kboe/d

Project development:

• Start-upof Shenzi North (GoM)
• DoC of Campos-33(Brazil)
• Appraisal of Blacktip (GoM) confirms Wilcox play

Portfolio transformation:

• Divestment of remaining E&P position in Canada for $468 M

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Upstream

Concentrating E&P portfolio in core regions and sanctioning key growth projects

Alaska Pikka (USA) [49%]

Marcellus (USA)

Shenzi (USA) [28%]

YME (NOR) [55%]

Prod. Adding (UK) [51%]

Eagle Ford (USA)

Block 29 (MEX) [30%]

Leon / Castile (USA) [42%]	FID taken
	Operated
Buckskin (USA) [22.5%]	Sakakemang (IND) [45%]
BPTT (T&T) [30%]

Akacías (COL) [45%]

BM-C-33 (BRA) [21%]

Lapa SW (BRA) [15%]

[Repsol's Working Interest]

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Industrial

Refining margins recovery and ongoing weakness in Chemicals

Refining

Margins boosted by strong middle distillates demand and low inventories

Market positively impacted by delays in capacity expansion projects and ban on Russian exports

Higher utilization of Repsol's refining system after completing all planned turnarounds in 1H23

Distillation Utilization		Conversion Utilization
(%)			(%)
88		87	103	102
80		90

Chemicals

Consumer spending negatively impacted by inflation and high interest rates

Weak demand situation, affecting most chemical sectors in Europe, expected to last until year-end

Repsol's Chemical Margin Indicator

(€/t)

286

198

163

3Q22

2Q23

3Q23

3Q22

2Q23

3Q23

3Q22

2Q23

3Q23

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Industrial

Steady progress in the transformation of industrial sites

Advanced biofuels

C-43(Cartagena) in final stages. Flexibility to produce 250 Ktn/y of HVO or 195 Ktn/y of SAF depending on market conditions

Retrofitting of Puertollano approved in July. Capacity to produce 240 Ktn/y of HVO, bionaphtha and bioLPG

Expected €350-650 of EBITDA per Tn of

feedstock processed between both projects

Renewable Hydrogen

Start-upof 2.5 MW pilot electrolyzer in

Bilbao

Milestone in Repsol's decarbonization route

Plans for building electrolyzers in all refinery hubs in Spain

Sustainable Aviation Fuel

Strategic agreements with key airlines for the supply of renewable fuels

Further regulatory support after approval

of RefuelEU Aviation initiative

Biomethane

Development of biomethane projects in Iberia

Agricultural and livestock waste feedstocks

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Customer

Expected record EBITDA in 2023 supported on the stability of retail businesses

Resilience of Mobility business offsets weaker LPG due to seasonality in 3Q23

Multi-energystrategy built around Waylet: capture new clients, retain customer base and generate cross-selling opportunities

Personalized discounts allow shift from broad-market discounts to client-specific

>7 M Waylet app users. On track to achieve strategic target of 8 M digital clients in 2025

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