Repsol Sa · BME:REP
Repsol Sa — Investor Presentation (May 2025)
49 slides from Repsol Sa's investor presentation, May 2025
Slide 1: Investor Update May 2025: Evolving from our strengths
INVESTOR UPDATE May 2025 Evolving from our strengths Growing sustainable returns
Slide 2: Disclaimer
ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2025 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
Slide 3: Index
Investor Update – May 2025 Index 01 Company Overview 02 Strategic Update 2024-2027 03 Leading investment proposition 2
Slide 4: Company Overview
Investor Update – May 2025 Company Overview 01 3
Slide 5: Repsol at a glance
Repsol at a glance1 Multi-energy provider Upstream Industrial 75% 25% Refining, Peru, Chemicals, Trading and W&G Trading 571 kboed production 34% crude / 66% gas Refining: 6 sites: >1 Mbbl/d Ref. capacity 1.25 Mtn biofuels production 1.8 Bboe Proved Reserves 43.3 Mtep processed crude EBITDA: 4,330 M
Slide 6: Strategic Update 2024-2027
Investor Update – May 2025 Strategic Update 2024-2027 02 5
Slide 7: Well-defined strategic priorities across the portfolio
Well-defined strategic priorities across the portfolio Upgrade Create advantaged Leverage Iberian stronghold Upstream portfolio low carbon platforms across energy chains Upstream: Yield and Industrial: Yield and Customer: Yield and LCG: Grow upgrade portfolio develop LC platforms scale-up multi-ener
Slide 8: Positive fundamentals outlook for our businesses
Positive fundamentals outlook for our businesses Shifting balance on Growing energy demand Opportunities in Energy Central scenario Energy Trilemma and resilient prices transition & decarbonization '24 '25-'271 Brent ($/bbl) 80 70 • Increasing balance across • Long term secular growth in • Positive
Slide 9: Capital allocation targets
Enterprise Capital Allocation framework 2024-27 with priority to shareholder pay-outs 25-35 % CFFO distributions Enhanced and committed shareholder distributions • Dividends + SBB: 25-35% CFFO • Total dividend growth: +3% p.a. • 2025 DPS: 0.975 €/share (+8.3% vs. 2024) (DPS growth: 3% + change in sh
Slide 10: Distributions policy
Attractive and committed growing dividend proposal: Up to 10 B€ in total distributions Cash dividend commitment Distributions policy +3% p.a. Financial guidelines 24-27 1,197 1,162 • Increase dividend in 2025 to 1,128 1,095 €0.975 DPS 1,100 +22% – +8.3% growth vs. 2024 910 901 Maintain current 864 c
Slide 11: Net capex 16-19 B€ in 2024-27 to address opportunities
Net capex 16-19 B€ in 2024-27 to address the opportunities offered by our portfolio and Energy Transition Net capex 16-19 B€ depending on macro scenario Active portfolio rotation to optimize capital and opportunity development deployment and finance new investment Net capex Capex 4-5 24-26 B€ B€ 3-4
Slide 12: Leveraging integration advantage across OECD focused portfolio
Leveraging integration advantage across OECD focused portfolio (~90% CE in 2030) Iberia Hinterland USA Vertical integration in Iberia, 2023 Key integration advantages in our conventional businesses and new Industrial LC platforms 70% conventional1 • Diversification of risk exposure LCG2 50% • Resili
Slide 13: Investment profile aligned with portfolio transformation
Investment profile aligned with portfolio transformation on an attractive opportunity set Business Net capex breakdown 2024-2027 Net Capex Low Carbon 3-4 16-19 IRR hurdles 15-25% Other Low Carbon3 2.0-2.2 15-25% >10%1 B€ 55-65% 15-25% 2-3 12-14% >12% >35% LCG Conventional 3.5-3.8 10-20% >10-15% Geog
Slide 14: A more sustainable, resilient and profitable company
A more sustainable, resilient and profitable company An evolving portfolio footprint with ... with strong cash flow growth… ... and generating solid returns advantaged business platforms… Capital Employed CFFO Adjusted income B€ B€ B€ ~8 4,4 5% 37-40 6.4 15% 3,5 1% 20% 14% 8% 31 12% 3% 10% 12% 5% 30
Slide 15: Capital framework ensuring resilient distributions
Capital framework ensuring resilient distributions with attractive upside Enhanced and committed shareholder Central scenario distributions Lower scenario • 25-35% CFFO Sources and uses of cash 2024-27 • Committed 4.6 B€ cash dividend Sources and uses of cash 2024-27 B€ 31-33 31-33 • SBB up to 5.4 B
Slide 16: Commitment to our Net Zero path with firm short-term targets
Commitment to our Net Zero path with firm short-term targets • Net zero absolute emissions (Scope 1+2) by 2050 Carbon intensity indicator reduction targets MtCO2e, % -45% gCO2/MJ reduction, % -55% 25.4 22.8 -100% 14 2016 2025 2030 2040 2050 11 0% -12% Net0.0 zero 2016 2020 2024 2030 2050 -25% -15% •
Slide 17: Strategic priorities
Strategic priorities Upstream Industrial Customer Low carbon generation Yield and Upgrade Yield & Develop LC Yield and Scale-up Grow advantaged portfolio platforms multi-energy platform Corporate strategic enablers 16
Slide 18: International portfolio of positions in world class basins
Upstream International portfolio of positions in world class basins Repsol Upstream geographies Key metrics (2024) Exposure to top North Strong operated North Production1 Operated American plays Sea portfolio Unc.: 179 kboed 571 kboed ~50% Conv: 15 kboed 58 kboed Unconv. Conventional Attractive Nort
Slide 19: Repsol Upstream main strategic lines 24-27
Upstream Repsol Upstream main strategic lines 24-27 Unconventionals Conventionals Low Carbon Solutions Reduce breakeven and gain scale Produce higher margin / Reduce emissions and build lower carbon barrels a focused business • Increase operated production • Deliver safely key projects in • Accelera
Slide 20: Unconventionals - Investing 2.2 B€ in a core business platform
Upstream Unconventionals - Investing 2.2 B€ in an increasingly core business platform for Repsol Positive track record of production growth and breakeven1 Plan to deploy c. 2.2 B€ in unconventionals in 2024-27 Production2 Marcellus kboed CAGR: +36% 180-200 182 Eagle Ford 50-60 Eagle Ford 63 Capex 24
Slide 21: Conventionals - Attractive projects bringing new production
Upstream Conventionals - Attractive projects bringing material new production and high-margin barrels Alaska Pikka (USA) Main conventional projects • WI: 49% • Capex 24-27 = 1.1 B€ • FO = 2025 Monument (USA) 2027 2030 • WI: 20% Leon/Castile (USA) • Prod 2027: 32 kboed • WI: 50% (Leon) / 36% (Castile
Slide 22: Deep-dive into key development projects in the portfolio
Upstream Deep-dive into key development projects in the portfolio BMC 33 Alaska Pikka Leon/Castile B29 Polok/Chinwol Largest pre-salt discovery One of the largest discoveries A strategic discovery in Future growth and potential in the Campos basin in US onshore the Gulf of America basin consolidator
Slide 23: Portfolio management - Upgrading and focusing portfolio
Upstream Portfolio management - Upgrading and focusing portfolio to reinforce positioning as leading International Independent Key goals for Repsol Upstream Repsol Upstream focusing portfolio on core growth areas portfolio management 24-27 • Active management of optionalities for portfolio upgrade a
Slide 24: Upstream main targets 24-27
Upstream Main targets 24-27 EIG valuation $19 B Potential listing event Transformation 2026-2027 2023 Value growth, project delivery and decarbonization Attractive Cash Flow Disciplined Capital Allocation De-carbonization CFFO CFFO/boe B€ $/boe kgCO2/boe -33% +15% +30% <15 3.3 2.9 18.5 ~10 14.2 2023
Slide 25: Strategic priorities
Strategic priorities Upstream Industrial Customer Low carbon generation Yield and Upgrade Yield & Develop LC Yield and Scale-up Grow advantaged portfolio platforms multi-energy platform Corporate strategic enablers 24
Slide 26: Highly competitive industrial system with strong performance
Industrial Highly competitive industrial system with strong economic and sustainability performance World-class assets. Leading position in EU refining benchmarking 7 5 Industrial Complexes Refineries in Spain optimized La Coruña 5 Spain, 1 Portugal and 1 Perú as a single system Bilbao Cartagena >1
Slide 27: Strategic lines 24-27: Building resilience in premium assets
Industrial Strategic lines 24-27: Building resilience in premium assets and delivering new business platforms Maximize the level of profitable activity Develop renewable fuels hubs 1 Reduce the 2 New role of 3 Transform 4 Leading 4+ Potential to breakeven (B/E1) Trading current renewable expand and
Slide 28: Improving competitiveness across the conventional businesses
Industrial Improving competitiveness across the conventional businesses Reduce Refining and Chemicals breakeven New role of Trading driving returns growth 01 and decarbonize operations 02 and protecting refining utilization Trading & WGT EBIT B/E2 reduction targets -1.1 $/bbl -26 €/t 2024-2027 +20%
Slide 29: Leveraging Repsol sites to develop transformational projects
Industrial Leveraging Repsol sites to develop profitable transformational projects and leading renewable platforms Subject to fiscal and regulatory framework A focused technology roadmap in Industrial Low Carbon business… …with a highly attractive project pipeline Fuels platform Strategic rationale
Slide 30: Industrial main targets 2024-2027
Industrial Main targets 2024-2027 Growing cash flow generation Disciplined capex LCB growth CFFO Net Capex '24-27 2023 2027 2030 Industrial 2.4-2.7 B€ B€ Renewable Conventional fuels capacity 3.1 1.5-1.7 x1.25 Mta3 0.6 3.0-3.3 1.0 2.2-2.4 US 2.5 Iberia 5.5-6.8 Net Capex Renewable4 H2 2.5 2.5 GWeq 0.
Slide 31: Strategic priorities
Strategic priorities Upstream Industrial Customer Low carbon generation Yield and Upgrade Yield & Develop LC Yield and Scale-up Grow advantaged portfolio platforms multi-energy platform Corporate strategic enablers 30
Slide 32: The leading energy retailer in Iberian peninsula
Customer The leading energy retailer in Iberian peninsula with performing business and growth track record Leading Energy retailer Core business and new platforms Digital relationship #1 Energy >4,500 4M brand for >24 M Service Stations LPG customers consumers (3,800 in Iberia) customers Leading 2.5
Slide 33: Strategic lines 24-27: transforming our business
Customer Strategic lines 24-27: transforming our business to thrive in an evolving margin pool Scale new business platforms Build multi-energy • e-Mobility advantage • Distributed Generation Strengthen • Power and Gas • Lubes international Retail growth growth core business • New businesses Transfor
Slide 34: Proven capacity to develop innovative business models
Customer Proven capacity to develop innovative business models that drive growth and advantage Waylet: Success story with major Repsol Customer business is the fastest growing impact on Customer business power retailer in Iberia with an innovative approach Successful combination of inorganic build u
Slide 35: Customer main targets 2024-2027
Customer Main targets 2024-2027 Growing cash flow generation Strengthening core business Thriving in multi-energy and growing in low carbon CFFO Non-oil margin P&G Retail customers Multi-energy Service Stations B€ 1.2 M€ 177 M# 3.5 - 4.0 % 60% x1.3 x1.3 0.9 142 x1.8 x1.7 2.2 36% 2023 2027 2023 2027
Slide 36: Strategic priorities
Strategic priorities Upstream Industrial Customer Low carbon generation Yield and Upgrade Yield & Develop LC Yield and Scale-up Grow advantaged portfolio platforms multi-energy platform Corporate strategic enablers 35
Slide 37: Successful fast growth of a sizeable and diversified portfolio
LCG Successful fast growth of a sizeable and diversified portfolio Built diversified RES portfolio in geographies Generate higher value and technologies RES capacity 20241 3.7 GW Projects PPAs Partner Built a strong developed with signed and onboard and high attractive vertical performance Installed
Slide 38: Main strategic lines for 2024-2027
LCG Main strategic lines for 2024-2027 Maximize CCGTs profit & USA RES monetize group gas Iberia ̴ 9 GW capacity 3-4 • Maximize energy mgmt. and 2027 GW optimization (forward, spot, restrictions, real time) 4-5 GW Installed capacity breakdown Build US platform 8% 1% 5% • Accelerate Italian 15% prese
Slide 39: Optimizing financial structure through systematic portfolio rotation
LCG Optimizing financial structure and returns through systematic portfolio rotation LCG business models adapted From LCG Capex to Repsol's LCG CE evolution to the geography net financial exposure 24-27 illustrative exposure by geography1 Cumulated 2024-27 Capex LCG Capital Employed 50% B€ B€ 8-9 8.
Slide 40: LCG main targets 2024-27
LCG Main targets 2024-27 Operating capacity growth Disciplined Capital Allocation Increasing results RES capacity CFFO Hydro GW B€ 0.4 ̴9 x4 x~3.5 3-4 B€ Net Capex '24-'27 Wind 0.1 Solar 2.8 2023 2027 Equity IRR target >10% 2023 2027 -1.7 / -2.7 B€ FCF 24-27 39
Slide 41: Leading investment proposition
Investor Update – May 2025 Leading investment proposition 03 40
Slide 42: Main Group targets and 2025 outlook
Repsol 24-27 Main Group targets and 2025 outlook Targets '24-'27 Outlook 2025 30-35% distributions / CFFO 25-35% distributions / CFFO DPS: 0.975 €/sh. Distributions 0.475 €/sh interim dividend paid in Jan’25 Cash dividend total +3% p.a. +SBB 0.5 €/sh to be paid in July’25 Balance sheet Maintain curr
Slide 43: Main Business targets
Repsol 24-27 Main Business targets Targets '27 FCF (B€) Total '24-27: 5-6 CFFO/Boe ($/bbl) >18 Upstream Yield and Production (kboed) Average '24-27 >550 upgrade portfolio Organic decarbonization1 (kgCO2/boe) ~10 Conventional FCF (B€) Total '24-27: >5 Low Carbon Business IRR hurdle rate (%) >10-15% I
Slide 44: Repsol to grow returns and deliver 9-11 B€ in FCF
Returns Repsol to grow returns and deliver 9-11 B€ in FCF in 2024-2027 Adjusted income CFFO CFFO 24-27 growth ~8 +24% +24% 5% LCG B€ +25% 15% Customer Lower B€ 6.8 scenario Industrial LCB Industrial Conv. 4.4 8% Upstream Lower 6.4 3.5 3.2 scenario 30% Industrial 29% Conventional Industrial LCB 39% L
Slide 45: Appendix
Investor Update – May 2025 Appendix 44
Slide 46: Price scenarios considered for the main indicators
Price scenarios considered for the main indicators Central scenario Lower scenario '24 '25 '26 '27 '24 '25 '26 '27 Brent ($/bbl) 80 70 71 73 80 55 56 57 WTI ($/bbl) 77 67 68 70 77 52 53 54 HH ($/Mbtu) 3.0 3.5 3.6 3.6 3.0 3.0 3.1 3.1 Ref. Margin ($/bbl) 8.0 6.0 6.1 6.2 8.0 4.5 4.6 4.7 Electric Pool S
Slide 47: Major projects selected (I/II)
Major projects selected (I/II) Business Project Country Tech. W.I. FID COD Operating metrics BM-C-33 Brazil Oil/Gas 21% 2023 2028 45 kboed1 Alaska Pikka USA Oil 49% 2022 2025 32 kboed1 BPTT: Mento & Cypre2 T&T Gas 30% 2023 2024 23 kboed1 Leon/Castile USA Oil 50%/36%3 2022 2025 20 kboed1 B29 Mexico O
Slide 48: Major projects selected (II/II)
Major projects selected (II/II) Business Project Country Tech. W.I. FID COD Operating metrics P&G retail customers Spain/Portugal - 100% Yearly Yearly 3.5-4.0 M by 2027 Multienergy Service Stations Spain - 100% Yearly Yearly >2,000 by 2027 Customer Internationalization Lubes RoW - 40-50% n.d. n.d. -
Slide 49: Glossary
Glossary • CFFO: Operating Cash Flow including dividends from equity participations • Net Capex: Capex (including subsidies) subtracting proceeds from Financial divestments and asset rotations, and changes in debt perimeter due to project Metrics financing and portfolio management • FCF: CFFO minus