Slide 1: 3Q23 Results
3Q23 Results 26 October 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 3Q23 3
Slide 4: Key messages of 3Q23
Key messages of 3Q23 Strategic progress underpinned by solid earnings and cash flow generation Robust quarterly results ▪ Higher O&G prices and stronger refining margins €1.1 B €1.3 B ▪ Cash impact of Maxus settlement and Spanish windfall tax Adjusted Income CFFO ▪ Working capital outflow of €0.9 B
Slide 5: Market Environment
Market Environment Refining margins fueled by higher middle distillates spreads Brent Henry Hub ($/bbl) ($/Mbtu) 8.2 101 89 87 6.3 81 78 3.4 2.1 2.5 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 1.07 1.09 1.09 18.9 1.01 1.02 15.6 12.
Slide 6: Upstream: Positive operational momentum with focus on project delivery
Upstream Positive operational momentum with focus on project delivery and portfolio transformation Production 3Q23 vs 2Q23 (Kboe/d) 8 -2 -6 Production +9% y-o-y: ▪ New wells in Eagle Ford and Marcellus 596 596 ▪ Higher sales in Venezuela ▪ YTD production in line with guidance at ~ 600 Kboe/d 2Q23 No
Slide 7: Upstream: Concentrating E&P portfolio in core regions
Upstream Concentrating E&P portfolio in core regions and sanctioning key growth projects Marcellus (USA) YME (NOR) [55%] Alaska Pikka (USA) [49%] Shenzi (USA) [28%] Prod. Adding (UK) [51%] Leon / Castile (USA) [42%] FID taken Eagle Ford (USA) Operated Buckskin (USA) [22.5%] Sakakemang (IND) [45%] Bl
Slide 8: Industrial: Refining margins recovery and weakness in Chemicals
Industrial Refining margins recovery and ongoing weakness in Chemicals Refining Chemicals Margins boosted by strong middle distillates Consumer spending negatively impacted by demand and low inventories inflation and high interest rates Market positively impacted by delays in capacity Weak demand si
Slide 9: Industrial: Steady progress in transformation of industrial sites
Industrial Steady progress in the transformation of industrial sites Advanced biofuels Renewable Hydrogen C-43 (Cartagena) in final stages. Flexibility Start-up of 2.5 MW pilot electrolyzer in to produce 250 Ktn/y of HVO or 195 Ktn/y Bilbao of SAF depending on market conditions Milestone in Repsol’s
Slide 10: Customer: Expected record EBITDA in 2023
Customer Expected record EBITDA in 2023 supported on the stability of retail businesses Resilience of Mobility business offsets weaker LPG due to seasonality in 3Q23 Multi-energy strategy built around Waylet: capture new clients, retain customer base and generate cross-selling opportunities Personal
Slide 11: Low Carbon Generation: New renewable platform in the US
Low Carbon Generation New renewable platform in the US underpins the delivery of 20 GW by 2030 Portfolio management Pipeline development ▪ Acquisition of ConnectGen for $768 M ▪ Start-up of Frye solar (Texas). Expected to reinforces US as a core region reach 600 MW in 2024 ▪ 20 GW pipeline in the US
Slide 12: Financial results 3Q23
Financial results 3Q23 Results Results (€ Million) 3Q23 2Q23 3Q22 9M23 9M22 Upstream 341 410 753 1,225 2,431 Industrial 550 344 662 2,173 2,089 Customer 190 148 109 512 261 Low Carbon Generation 13 12 59 59 137 Corporate and Others 4 (87) (72) (153) (183) Adjusted Income 1,098 827 1,511 3,816 4,735
Slide 13: Outlook 2023
Outlook 2023 Confirmed shareholder distributions for 2023. Dividend increase in Jan’2024 Refining margin Sustained middle distillate spreads and 11 $/bbl lower energy costs indicator Upstream ~ 600 Kboe/d Avg. 600 Kboe/d YTD production 80 $/bbl Brent Cash Flow from > €7 B 2.7 $/Mbtu Henry Hub Operat
Slide 14: Conclusions
Conclusions Strong cash generation and accelerated delivery of strategic objectives ▪ Sound business model to accelerate portfolio transformation and improve shareholder remuneration in the current scenario Leading the journey ▪ Solid financial position and capital flexibility ▪ Building multi-energ
Slide 15: 3Q23 Results
3Q23 Results 26 October 2023 Repsol Investor Relations investor.relations@repsol.com www.repsol.com