Repsol Sa · BME:REP
Repsol Sa — Q3 2024 Earnings Presentation
12 slides from Repsol Sa's earnings presentation, Oct 31, 2024
Slide 1: 3Q24 Results
3Q24 Results 31 October 2024 Josu Jon Imaz CEO
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2024 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 3Q24 3
Slide 4: Key messages 3Q24
Key messages 3Q24 Resilient cash generation in a demanding market environment Focus on value, efficiency and capital discipline • Operational performance impacted by challenging refining environment and production interruption in Libya €0.6 B €1.5 B • CFFO 9M24 in line with 9M23 (excluding settlemen
Slide 5: Market Environment
Market Environment Weaker refining scenario and increased geopolitical instability Brent Henry Hub ($/bbl) ($/Mbtu) 87 84 83 85 80 2.9 2.5 2.3 2.2 1.9 3Q23 4Q23 1Q24 2Q24 3Q24 3Q23 4Q23 1Q24 2Q24 3Q24 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 1.09 1.08 1.09 1.08 1.10 13.6 11.4 9
Slide 6: Upstream: Progress on the efficient delivery of the project pipeline
Upstream Progress on the efficient delivery of the project pipeline Production impacted by Libya and divestments • -7% YoY: force majeure in Libya and divestment of Canadian €287 M assets in 2023, partially offset by UK and Peru Adjusted Income Production Kboed -16% vs 3Q23 Mitigating exposure to US
Slide 7: Industrial: Returning to a more normalized refining environment
Industrial Returning to a more normalized refining environment Refining Chemicals • Challenging scenario mostly due to weaker • Improved margin indicator +31% YoY €185 M product demand • Ongoing challenging scenario driven by Adjusted Income • Lower middle-distillate and gasoline spreads. weak domes
Slide 8: Customer: Strong financial performance while growing Retail P&G contribution
Customer Strong financial performance while growing Retail P&G contribution and digital users Mobility Retail P&G €180 M Adjusted Income • Strong EBITDA delivery despite a less • 2.4 M customers, 3x since Viesgo -5% vs 3Q23 favorable market context acquisition in 2018 • Digital users up to 8.9 M wit
Slide 9: Low Carbon Generation: Portfolio optimization and development of US pipeline
Low Carbon Generation Portfolio optimization and development of US pipeline Quarterly results Pipeline development in US €-7 M • Negative impact of pool prices in Spain and • Focus on ConnectGen portfolio Adjusted Income results of equity affiliates. Lower • Expect FIDs of several projects (solar vs
Slide 10: Financial Results 3Q24 Results
Financial Results 3Q24 Results Results (€ Million) 3Q24 2Q24 3Q23 9M24 9M23 Upstream 287 427 341 1,156 1,225 Industrial 185 288 550 1,204 2,173 Customer 180 158 190 494 512 Low Carbon Generation (7) 1 13 (12) 59 Corporate and Others (87) (15) 4 (158) (153) Adjusted Income 558 859 1,098 2,684 3,816 I
Slide 11: Outlook: FY2024 guidance
Outlook FY2024 guidance Upstream production 570 - 600 Kboed Lower end (Libya shutdown in 3Q24) Cash Flow from Operations (*) ~ €6 B Refining margin (-1 $/bbl), lower bios, Libya and exchange rate Net Capex ~ €5.5 B €16-19 B in 2024-2027 30-35% CFFO Within strategic distribution target for 2024 Share
Slide 12: 3Q24 Results
3Q24 Results 31 October 2024 Repsol Investor Relations investor.relations@repsol.com www.repsol.com