Repsol S A : La Sociedad remite presentación sobre los resultados del 4º trimestre y del ejercicio 2020

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© REPSOL, S.A. 2021

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 trends 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", "forecasts", "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 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).

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 3 July 2016. The information and breakdowns relative to the APMs used in this presentation are updated quarterly onRepsol´s website.

This document does not constitute an offer or invitation to purchase or subscribe securities, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the Spanish Securities Market Law 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.

Repsol 4Q20 Results

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Key messages

Solid 2020 performance in challenging environment

Resilience Plan performance above targetNet Debt reduction and strong cash flow generationProgress towards long-term strategic objectivesStrong 4Q20 results in line with 2019

• • €2.7 Bn of savings in 2020 (€0.5 Bn over initial objective)

• • Opex and Capex reductions, Working Capital optimizations

• • Net Debt reduced by €0.3 Bn (excluding hybrids) at $42 Brent

• • €2 Bn FCF (€0.8 Bn organic). Positive CFFO in all segments

• • Protected credit rating

• • Delivered shareholder remuneration commitments

• • Strong FCF from legacy business

• • Business transformation and development of low carbon platforms

• • Adjusted Net Income 4Q20 €404 M vs €405 M in 4Q19

  New Strategic Plan 2021-2025

• • Working towards 2025+ targets despite challenging macro in 2020

Repsol 4Q20 Results

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