Slide 1: Official Notice
Official Notice Repsol International Finance B.V. Koninginnegracht 19 Tel. 31 703141611 2514 AB The Hague www.repsolinternationalfinancebv.com The Netherlands The Hague, February 20, 2025 In accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 o
Slide 2: 4Q & FY2024 Results
4Q & FY2024 Results 20 February 2025 Josu Jon Imaz CEO
Slide 3: 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 4: Agenda
Agenda 01. Key messages 02. Divisional performance 03. Financial results 04. Outlook Repsol 4Q & FY 2024 3
Slide 5: Key messages
Key messages Strategic progress aligned with 2024-2027 capital allocation framework Priority to committed shareholder distributions • Total distributions of €1.9 B (31% of FY24 CFFO) €3.3 B €6.3 B • • Increased 2024 cash dividend to 0.9 €/share (~30% increase vs 2023) Redemption of 60 M shares (~5%
Slide 6: Market environment
Market environment Supportive macro scenario with refining margins above historical levels Brent Henry Hub ($/bbl) ($/Mbtu) 84 83 85 80 83 81 75 2.9 2.8 2.7 2.3 2.2 2.3 1.9 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 4Q23 1Q24 2Q24 3Q24 4Q24 2023 2024 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl)
Slide 7: Upstream
Upstream Portfolio high-grading with focus on the efficient delivery of key growth projects €1.5 B Production • FY24 volumes impacted by divestments, force majeure in Libya and adjusted production in unconventionals due to low gas Kboed Adjusted Income prices. Disposal of Colombia agreed in 4Q24 -16
Slide 8: Industrial
Industrial Normalization of the refining environment after unprecedented context in previous two years • FY24 refining margin indicator -40% YoY mostly driven • Start-up of Cartagena SAF/HVO plant in March’24. by weaker middle-distillates Retrofitting of gasoil hydrotreater in Puertollano to €1.5 B
Slide 9: Customer
Customer Accelerating the delivery of long-term strategic targets • Strong cash generation despite less favorable • Digital users up to 9.3 M (+17% vs 2023) with a €659 M market context. On-track to deliver €1.4 B EBITDA objective for 2027 strong contribution to Service Stations B2C volumes Adjusted
Slide 10: Low Carbon Generation
Low Carbon Generation Developing renewable growth platform prioritizing returns and minimizing financial exposure • Higher renewable production offset by lower • Capital optimization through active asset -€23 M contribution from CCGTs, impact of elevated rotation model to finance new investment and
Slide 11: Financial results 4Q & FY2024
Financial results 4Q & FY2024 Results (€ Million) 4Q24 3Q24 4Q23 FY24 FY23 Upstream 334 287 554 1,490 1,779 Industrial 256 185 561 1,460 2,734 Customer 165 180 102 659 614 Low Carbon Generation (11) (7) 16 (23) 75 Corporate and Others (101) (87) (38) (259) (191) Adjusted Income 643 558 1,195 3,327 5
Slide 12: Outlook: 2025 guidance
Outlook 2025 guidance Upstream production 530 - 550 Kboed Cash Flow from Operations (*) €6 - 6.5 B Net Capex €3.5 - 4 B €9.5 - 10 B in 2024 and 2025 30 - 35% CFFO Higher end of 25 – 35% strategic distribution range Shareholder remuneration 0.975 €/sh dividend (+8.3% increase vs 2024) 0.475 €/sh inte
Slide 13: 4Q & FY2024 Results
4Q & FY2024 Results 20 February 2025 Repsol Investor Relations investor.relations@repsol.com www.repsol.com