Slide 1: 1Q25 Results
1Q25 Results 30 April 2025 Josu Jon Imaz CEO
Slide 2: Disclaimer
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
Slide 3: Agenda
Agenda 01. Key messages 02. Divisional performance 03. Financial results 04. Outlook Repsol 1Q25 3
Slide 4: Key messages: Advancing towards strategic objectives in a volatile environment
Key messages Advancing towards strategic objectives in a volatile environment Material strategic progress • High-grading of Upstream portfolio through new JV with Neo Energy in UK North Sea €0.7 B €1.1 B • Optimizing returns in renewables with a new asset rotation in Spain (400 MW) and Repsol’s firs
Slide 5: Market environment
Market environment Supportive macro scenario underpin by higher gas prices Brent Henry Hub ($/bbl) ($/Mbtu) 3.7 83 85 80 75 76 2.8 2.3 2.2 1.9 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 1.09 1.08 1.10 1.07 1.05 11.4 6.3 4.8 5.3 4.
Slide 6: Upstream: Portfolio high-grading through UK JV and new project start-ups
Upstream Portfolio high-grading through UK JV and new project start-up’s Higher production in Libya and Marcellus offset by divestments, maintenance activity and decline: €458 M • Libya at maximum production level since 2019 Adjusted Income Production Kboed • Gas hedging strategy ensuring activity l
Slide 7: Industrial: Refining environment normalizing at mid-cycle levels
Industrial Refining environment normalizing at mid-cycle levels • Refining margin recovery (+10% q-o-q) mostly driven • Highly flexible refining system capable of processing by stronger middle-distillates wide variety of alterative crudes €131 M Adjusted Income • Utilization of distillation and conv
Slide 8: Customer: Resilience of core business and growth of retail and digital users
Customer Resilience of core business and growth of retail and digital users • Market stability: sales of transportation fuels • Digital users up to 9.6 M (+16% vs 1Q24) with a €160 M +11% vs 1Q24 due to anti-fraud regulatory measures implemented in Spain in 2024 strong contribution to Service Statio
Slide 9: Low Carbon Generation: Value creation through active asset rotation model
Low Carbon Generation Value creation through active asset rotation model • Higher renewable generation partially offset by • Completed new asset rotation of a 400 MW lower contribution from CCGTs solar and wind portfolio in Spain. Additional €5 M rotation of 700 MW expected before end-2025 Adjusted
Slide 10: Financial results 1Q25
Financial results 1Q25 Results (€ Million) 1Q25 4Q24 1Q24 Upstream 458 334 442 Industrial 131 256 731 Customer 160 165 156 Low Carbon Generation 5 (11) (6) Corporate and Others (103) (101) (56) Adjusted Income 651 643 1,267 Inventory effect (194) (43) (1) Special items (64) (867) (235) Non-controlli
Slide 11: Outlook: 2025 guidance maintained. Resilience under stressed scenario
Outlook 2025 guidance maintained. Resilience under stressed scenario Guidance 2025 (*) Stressed scenario (**) Upstream production 530 - 550 Kboed Confirmed Cash Flow from Operations €6 - 6.5 B €5.5 - 6 B Net Capex €3.5 - 4 B €3 - 3.5 B €9.5 - 10 B in 2024 and 2025 30 - 35% CFFO Higher end of 25 – 35
Slide 12: 1Q25 Results
1Q25 Results 30 April 2025 Josu Jon Imaz CEO Repsol Investor Relations investor.relations@repsol.com www.repsol.com