Slide 1: 4Q & FY22 Results
4Q & FY22 Results 16 February 2023 Josu Jon Imaz CEO
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2023 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 4Q & FY 2022 3
Slide 4: Key messages of 2022
Key messages of 2022 Strong strategic delivery towards long-term targets Accelerating transformation ▪ Strategic partnerships in Upstream and Renewables crystallize value and liberate capital to accelerate shift to Low Carbon (~ €4.3 B combined proceeds) €6.7 B €8.9 B ▪ High-grading Upstream portfol
Slide 5: Market environment
Market environment All main macro drivers contributing to results Brent Henry Hub ($/bbl) 114 ($/Mbtu) 102 101 8.2 101 89 7.2 6.3 6.6 80 5.8 71 5.0 3.9 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 2021 2022 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) 23.3 ($/€) 18.9 1.14
Slide 6: Upstream: Strategic partnership and portfolio high-grading
Upstream Strategic partnership and portfolio high-grading Production in-line with guidance Strategic partnership with EIG Portfolio rationalization Lower production y-o-y due to country EIG to acquire 25% of Repsol E&P Concentrating E&P geographical footprint exits, Libya and PSC effects business fo
Slide 7: Upstream: Progress in key projects to support future production
Upstream Progress in key projects to support future production YME (NOR) [55%] Marcellus (USA) • Project developed and producing • 2 phases approved in 2021-2022 Alaska Pikka (USA) [49%] • FO achieved in 2021 • Phase 3 FID 2023e • Phase 1 FID taken 2022 • FO in 2026e Shenzi (USA) [28%] • Shenzi Nort
Slide 8: Industrial: Maximizing value in strong Refining environment
Industrial Maximizing value in strong Refining environment Refining Chemicals Benefiting from the flexibility of Repsol’s system to Challenging environment since July anticipated adapt to new scenario change in the economic cycle Product spreads and heavy-to-light crude International margins and pla
Slide 9: Industrial: Repsol's technology routes for decarbonization
Industrial Repsol’s technology routes for decarbonization Advanced biofuels plant Renewable Hydrogen Start-up of C-43 project in Cartagena Electrolyzers in Cartagena, Tarragona expected for 2H23 and Bilbao entering engineering phase. Combined capacity of 350 MW Received €120 M financing from EIB (Eu
Slide 10: Commercial: Accelerating growth of multi-energy offering
Commercial Accelerating growth of multi-energy offering Mobility Retail E&G Sales in Service Stations in Spain increased +10% Increasing results, volumes and client base in a vs. 2021, reaching pre-pandemic levels in 4Q22 challenging market environment Discounts represented > €500 M in additional sa
Slide 11: Renewables: Protecting project profitability in high inflation scenario
Renewables Protecting project profitability in high inflation scenario Value crystallization Capacity growth Disposal of 25% minority stake of the Renewable Continued developing project pipeline adding new MW business to EIP and Credit Agricole for €986 M under operation in Spain and US Reached 1.9
Slide 12: Financial results 4Q & FY22 Results
Financial results 4Q & FY22 Results Results (€ Million) 4Q 2022 3Q 2022 4Q 2021 FY 2022 FY 2021 Upstream 598 753 624 3,029 1,687 Industrial 1,119 638 267 3,150 606 Commercial and Renewables 167 158 145 540 542 Corporate and Others 123 (72) (164) (58) (381) Adjusted Net Income 2,007 1,477 872 6,661 2
Slide 13: Outlook 2023
Outlook 2023 Organic cash flow generation supports increased distributions and capex 80 $/bbl Brent Cash Flow from ~ €8 B 4 $/Mbtu Henry Hub Operations 9 $/bbl Refining margin indicator 47% Upstream Organic Capex ~ €5 B 23% Industrial 30% Commercial and Renewables +11% dividend to 0.70 €/share Share
Slide 14: Capex 2023: Investment focus on Upstream and Low Carbon initiatives
Capex 2023 Investment focus on Upstream and Low Carbon initiatives Organic Capex 35% in Low Carbon initiatives 2023 86% in OECD countries ~ €5 B Upstream ~ 70% in projects with FID already taken > 80% in production growth projects 47% > 60% in North America 1st phase of Pikka. Additional wells in Ma
Slide 15: Conclusions: Well positioned to move into next growth phase
Conclusions Well positioned to move into next growth phase ▪ Strong strategic delivery in 2022 towards long-term targets ▪ Extra cash allocated according to strategic priorities Leading the • Accelerated transition to low carbon journey • Increased shareholder remuneration • Reinforced financial pos
Slide 16: 4Q & FY22 Results
4Q & FY22 Results 16 February 2023 Repsol Investor Relations investor.relations@repsol.com www.repsol.com