Slide 1: 1Q24 Results
1Q24 Results 25 April 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 1Q24 3
Slide 4: Strategic Update 2024-2027: New capital allocation framework
Strategic Update 2024-2027 New capital allocation framework prioritizes shareholder pay-outs 25% - 35% CFFO distributions Enhanced and committed shareholder distributions • Dividends + SBB: 25 - 35% CFFO • Total dividend growth: +3% p.a. (DPS growth: 3% + change in shares outstanding) • 2024 DPS: 0.
Slide 5: Key messages 1Q24
Key messages 1Q24 Strong results and progressing on portfolio transformation Robust quarterly results • Supportive oil price and robust refining margins • €0.9 B working capital build-up to be reverted during the year €1.3 B €1.4 B • Net Debt impacted by ConnectGen acquisition, working capital, Adju
Slide 6: Market Environment
Market Environment Supportive oil price and refining margins. Weaker gas prices Brent Henry Hub ($/bbl) ($/Mbtu) 87 84 83 3.4 81 78 2.9 2.5 2.3 2.1 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 15.6 13.6 1.07 1.09 1.09 1.08 1.09 11.4
Slide 7: Upstream: Focus on efficient project delivery
Upstream Focus on efficient project delivery. Limiting exposure to US gas Production impacted by divestments €442 M • Sale of Canadian assets in 4Q23 and lower w.i. in Adjusted Income Production Kboed Corridor PSC (Indonesia) -7% vs 1Q23 • Full consolidation of UK business and contribution of 608 59
Slide 8: Industrial: Robust refining margins and modest recovery in Chemicals
Industrial Robust refining margins and modest recovery in Chemicals Refining Chemicals €731 M • Margins supported by strong gasoline and • Improving demand vs. 4Q23 Adjusted Income naphtha differentials • Margins recovery from historical lows in 2H23 -43% vs 1Q23 • Multi-annual turnaround of Puertol
Slide 9: Industrial: Progress in transformation of industrial sites
Industrial Progress in the transformation of Repsol’s industrial sites Starting advanced biofuels plant Partnership with Bunge in Iberia New renewable gas platform • C-43 project (Cartagena) reached • Acquisition of 40% in three industrial • Acquisition of 40% of Genia Bionergy large-scale productio
Slide 10: Customer: Resilience of commercial businesses
Customer Resilience of commercial businesses. Increasing scale in Retail Power & Gas Mobility Retail P&G €156 M Adjusted Income • Sales in Service Stations and Wholesales in • Solid EBITDA contribution despite lower -10% vs 1Q23 Spain impacted by less favourable market demand in Spain YoY • Contribu
Slide 11: Low Carbon Generation: Project pipeline delivery and asset rotation
Low Carbon Generation Focus on project pipeline delivery and asset rotation strategy US pipeline development Portfolio management -€6 M Adjusted Income • Completed construction of 637 MW Frye • Completed acquisition of US renewable vs. €34M in 1Q23 solar project developer ConnectGen • Two additional
Slide 12: Financial Results 1Q24
Financial Results 1Q24 Results Results (€ Million) 1Q24 4Q23 1Q23 Upstream 442 554 474 Industrial 731 561 1,279 Customer 156 102 174 Low Carbon Generation (6) 16 34 Corporate and Others (56) (38) (70) Adjusted Income 1,267 1,195 1,891 Inventory effect (1) (295) (271) Special items (235) (543) (442)
Slide 13: Outlook: FY2024 guidance
Outlook FY2024 guidance Upstream production 570 - 600 Kboed Cash Flow from Operations > €6.5 - 7 B Net Capex ~ €5 B 30 - 35% CFFO Shareholder remuneration 0.9 €/sh 2024 dividend 35 M SBB launched 40 M shares amortization before end of July Repsol 1Q24 13
Slide 14: 1Q24 Results
1Q24 Results 25 April 2024 Repsol Investor Relations investor.relations@repsol.com www.repsol.com