Repsol Sa · BME:REP
Repsol Sa — Q1 2026 Earnings Presentation
11 slides from Repsol Sa's earnings presentation, Apr 30, 2026
Slide 1: 1Q26 Results
1Q26 Results Josu Jon Imaz CEO 30 April 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 1Q26
Key Messages 1Q26 Solid start to updated 2026-2028 roadmap Commitment to strategic pillars • Cash-flow growth with high visibility: +20% CFFO 2028 vs 2025 • Priority to shareholder distributions: 30-40% of CFFO 130 €0.9 % B €2.4 B • Disciplined capital allocation preserving balance-sheet strength Ad
Slide 4: Commodity markets impacted by geopolitical tensions
Market environment Commodity markets impacted by geopolitical tensions Brent Henry Hub $/bbl $/MBtu 5.1 81 76 68 69 64 3.7 3.4 3.5 3.1 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Repsol’s Refining Margin Indicator Exchange Rate $/bbl $/€ 11.1 10.9 1.13 1.17 1.16 1.17 8.8 1.05 5.3 5.9 1Q25 2Q25
Slide 5: On the path to production and cash flow growth
Upstream On the path to production and cash flow growth 1Q26 production +4% YoY excluding divestments Production • Neo Next+ JV (UK) to produce 60 Kboed net to Repsol in 2026 Kboed • Libya at plateau (+11% YoY). Strengthened exploration position 540 544 539 Project delivery with high visibility €302
Slide 6: Leading refining system with advantaged Atlantic Basin exposure
Industrial Leading refining system with advantaged Atlantic Basin exposure Refining margin volatility and strong trading Utilization of Spanish refining Repsol’s Chemical contribution Margin Indicator • Higher diesel and jet fuel spreads since start of Iran conflict Distillation (%) Conversion (%) €
Slide 7: Strong commercial position in a volatile environment
Customer Strong commercial position in a volatile environment Solid performance of core businesses • Higher client discounts to mitigate impact of fuel price volatility • Increased sales of road transportation fuel in Spain (+11% vs 1Q25) €160 M €429 M • Solid non-oil growth at Service Stations in S
Slide 8: Evolving renewable model toward self-financed growth
Low Carbon Generation Evolving renewable model toward self-financed growth Higher power production offset by lower Renewable power Installed renewable electricity prices generation (*) capacity (*) • Average electricity pool price in Spain impacted by TWh GW exceptional rainfall in 1Q26 -€4 M 1.6 6.
Slide 9: 1Q26 results
Financial results 1Q26 results Results (€ Million) 1Q26 4Q25 1Q25 Upstream 302 111 319 Industrial 440 423 132 Customer 160 168 156 Low Carbon Generation (4) 18 2 Corporate & Others (25) (59) (52) Adjusted Net Income 873 661 557 Inventory Effect 593 (155) (189) Special Items (537) 216 (2) Net Income
Slide 10: FY26 guidance and sensitivities
Outlook FY26 guidance and sensitivities Guidance 2026 (February'26) Upstream production 560 – 570 Kboed Cash Flow from Operations €5.5 – 6 B Net Capex €2.7 B 30 - 40% CFFO 1.051 €/sh dividend Shareholder remuneration +8% increase vs 2025 Complemented with SBB First €350 M launched @ Brent: 60-65 $/b
Slide 11: 1Q26 Results
1Q26 Results Josu Jon Imaz CEO 30 April 2026 Repsol Investor Relations investor.relations@repsol.com www.repsol.com