Repsol Sa · BME:REP
Repsol Sa — Q2 2025 Earnings Presentation
11 slides from Repsol Sa's earnings presentation, Jul 24, 2025
Slide 1: 2Q25 Results
2Q25 Results Josu Jon Imaz CEO 24 July 2025
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: Key Messages 2Q25
Key Messages 2Q25 Strong progress toward 2025 strategic priorities Solid performance driven by the resilience of Repsol’s business model • Challenging industrial scenario due to April’s blackout in Iberia 130 €0.7 % B €1.7 B • Upstream production at higher-end of FY guidance Adjusted Income CFFO • C
Slide 4: Positive refining momentum in volatile price scenario
Market environment Positive refining momentum in volatile price scenario Brent Henry Hub $/bbl $/MBtu 3.7 85 80 3.4 75 76 68 2.8 2.2 1.9 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Repsol’s Refining Margin Indicator Exchange Rate $/bbl $/€ 6.3 5.9 1.10 1.13 1.08 1.07 1.05 5.3 4.8 4.0 2Q24 3Q24
Slide 5: Upstream: Value generation: portfolio optimization and start-up of new projects
Upstream Value generation: portfolio optimization and start-up of new projects 2Q25 production at higher end of FY25 guidance Production • Higher contributions vs 1Q25 from UK, Trinidad and Tobago, Kboed Libya and Eagle Ford 589 557 540 • Resumed development activity in unconventionals in response t
Slide 6: Industrial activity impacted by power outage in Iberia
Industrial Industrial activity impacted by power outage in Iberia Utilization Spanish Refining Repsol’s Chemical Margin Indicator • Favorable refining margin environment undermined by blackout in Iberia and additional power supply disruptions in Distillation (%) Conversion (%) €/t Cartagena and Puer
Slide 7: Multi energy offer: strong delivery and new identity
Customer Multi energy offer: strong delivery and new identity P&G Retail customers (M#) 2.8 • Strong sales of road transportation fuels, +16% vs 2Q24, €198 M in line with pre-pandemic figures Adjusted Income 2.4 • On track to reach the strategic EBITDA target for 2027 in +25% vs 2Q24 1.1 2025 0.8 •
Slide 8: Value delivery through first asset rotation in the USA
Low Carbon Generation Value delivery through first asset rotation in the USA €7 M Renewable electricity Installed renewable Adjusted Income • Higher result in combined cycles and higher generation capacity renewable generation y-o-y +€6 M vs 2Q24 TWh GW 4.7 • 1st asset rotation in the US for 46% of
Slide 9: 2Q and 1H 2025 results
Financial results 2Q and 1H 2025 results Results (€ Million) 2Q25 1Q25 2Q24 1H25 1H24 Upstream 439 458 427 897 869 Industrial 99 131 288 230 1,019 Customer 198 160 158 358 314 Low Carbon Generation 7 5 1 12 (5) Corporate & Others (41) (103) (15) (144) (71) Adjusted Income 702 651 859 1,353 2,126 Inv
Slide 10: 2025 Guidance
Outlook 2025 Guidance Guidance 2025 Guidance update (February'25) (July'25) Upstream production 530 – 550 Kboed ~ 550 Kboed Cash Flow from €6 – 6.5 B ~ €6 B Operations Net Capex €3.5 – 4 B ~ €3.5 B 30 - 35% CFFO 30 - 35% CFFO Higher end of 25 – 35% strategic Higher end of 25 – 35% strategic distribu
Slide 11: 2Q25 Results
2Q25 Results Josu Jon Imaz CEO 24 July 2025 Repsol Investor Relations investor.relations@repsol.com www.repsol.com