Slide 1: 2Q26 Results
2Q26 Results Josu Jon Imaz CEO 23 July 2026
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2026 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 2Q26: Strong results and continued strategic execution
Key Messages 2Q26 Strong results and continued strategic execution Commodity price environment impacted by complex geopolitical scenario • Tensions in Strait of Hormuz and attacks on Russian refinery infrastructure 130 €1.8 % B €3.3 B • Focus on security of supply and diversification of energy sourc
Slide 4: Higher oil prices and strong refining margin scenario
Market environment Higher oil prices and strong refining margin scenario Brent Henry Hub $/bbl $/MBtu 104 5.1 81 69 3.4 3.5 68 64 3.1 2.9 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Repsol’s Refining Margin Indicator Exchange Rate $/bbl $/€ 14.0 1.13 1.17 1.16 1.17 1.16 11.1 10.9 8.8 5.9 2Q25
Slide 5: On track to deliver full-year production guidance
Upstream On track to deliver full-year production guidance Higher volumes and oil and gas price realizations • Higher q-o-q production (+4%) driven by UK, Brazil and US Production Kboed • July production at ~580 Kboed. FY26 expected production in line with guidance (560-570 Kboed) 557 539 558 €371 M
Slide 6: Alaska North Slope: transformational asset already in production
Upstream Alaska North Slope: transformational asset already in production Pikka Quokka Horseshoe Phase 1: On stream. 80 Kboed Appraisal successfully completed Stirrup-1 well delivered highest gross in 3Q26 in April single-stage flow in the area Phase 2: additional 40 Kboed Development of similar sca
Slide 7: Outstanding results supported by industrial value chain optimization
Industrial Outstanding results supported by industrial value chain optimization Utilization of Spanish refining Repsol’s Chemical Captured positive Refining momentum Margin Indicator • Stronger product spreads, wider heavy-to-light differentials and normalization of kerosene sales price-lag effect D
Slide 8: Resilient performance in high-price environment
Customer Resilient performance in high-price environment Solid delivery of core businesses • Higher y-o-y contribution from LAAS(1) and P&G Retail. Strong performance of Aviation €209 M €483 M • Fuel demand in Spain supported by government measures Adjusted Net Income CFFO • Higher y-o-y sales of ro
Slide 9: Advancing in the transition toward self-financed growth
Low Carbon Generation Advancing in the transition toward self-financed growth Renewable power Installed renewable New asset rotation in Spain generation (*) capacity (*) • Partial divestment of 705 MW portfolio in Spain valued TWh GW at €849 M 2.8 €10 M 6.0 • €550 M of debt deconsolidation in 2Q26.
Slide 10: 2Q26 results
Financial results 2Q26 results Results (€ Million) 2Q26 1Q26 2Q25 1H26 1H25 Upstream 371 302 312 673 631 Industrial 1,243 440 103 1,683 235 Customer 209 160 195 369 351 Low Carbon Generation 10 (4) 8 6 10 Corporate & Others 5 (25) (20) (20) (72) Adjusted Net Income 1,838 873 598 2,711 1,155 Inventor
Slide 11: FY26 guidance
Outlook FY26 guidance Guidance 2026 Guidance 2026 (February'26) (July'26) Upstream production 560 – 570 Kboed 560 – 570 Kboed Cash Flow from Operations €5.5 – 6 B > €5.5 – 6 B Net Capex €2.7 B €2.7 B 30 - 40% CFFO 30 - 40% CFFO 1.051 €/sh dividend 1.051 €/sh dividend +8% increase vs 2025 +8% increas
Slide 12: 2Q26 Results
2Q26 Results Josu Jon Imaz CEO 23 July 2026 Repsol Investor Relations investor.relations@repsol.com www.repsol.com