Slide 1: 2Q23 Results
2Q23 Results 27 July 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 2Q23 3
Slide 4: Key messages of 2Q23
Key messages of 2Q23 Solid results and cash flow generation. Confirmed shareholder distributions for 2023 Strong quarter in a normalized macro environment ▪ Softer gas prices in North America €827 M €1.7 B ▪ Operational performance in-line with FY expectations Adjusted Income CFFO ▪ Refining margins
Slide 5: Market Environment
Market Environment Energy markets gradually adjusting to the economic context Brent Henry Hub ($/bbl) ($/Mbtu) 8.2 114 7.2 101 89 6.3 81 78 3.4 2.1 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22 3Q22 4Q22 1Q23 2Q23 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 23.3 1.06 1.07 1.09 18.9 1.01 1.02 15.6
Slide 6: Upstream
Upstream Production in-line with guidance. Progress in strategic projects Production 2Q23 vs 1Q23 Higher production y-o-y: (Kboe/d) -5 -2 -3 New wells in unconventionals, acquired assets in Eagle Ford, and higher production in Libya and Venezuela 608 596 Development activity focused on efficient del
Slide 7: Industrial: Refining
Industrial Refining margins at healthy levels despite weaker environment Refining Less favorable environment in 2Q23 due to the narrowing of middle-distillate spreads 30 NW Europe light sweet cracking ($/bbl) 30 Range 2017-21 2022 2023 2Q23 margin premium negatively impacted by 25 25 maintenance in
Slide 8: Industrial: Chemicals
Industrial Ongoing weak Chemicals scenario. Progress in the Transformation of industrial sites Chemicals Transformation Ongoing weak demand in 2Q23 due to Green H2: lower seasonal push in some sectors ▪ EU grants €63 M for 150 MW electrolyzer in Tarragona Expect industry to focus on inventory manage
Slide 9: Customer
Customer Expected record EBITDA in 2023 highlights resilience of commercial businesses Mobility Retail Electricity and Gas Higher margins due to no compulsory discounts Lower cost of energy sourcing due to decrease in 2023, partially compensated by lower sales of electricity and gas prices in Spain
Slide 10: Low Carbon Generation
Low Carbon Generation On-track to reach 2.7 GW of installed generation capacity by the end of 2023 Repsol’s Electricity Generation (GWh) 2,305 Project development 2,034 1,917 Chile: United States: ▪ Start-up 1st phase of Elena, Repsol’s ▪ Start-up of Frye solar project first solar farm in the countr
Slide 11: Financial results
Financial results 2Q23 Results Results (€ Million) 2Q23 1Q23 2Q22 1H23 1H22 Upstream 410 474 947 884 1,678 Industrial 344 1,279 1,192 1,623 1,427 Customer 148 174 57 322 152 Low Carbon Generation 12 34 50 46 78 Corporate and Others (87) (70) (82) (157) (111) Adjusted Income 827 1,891 2,164 2,718 3,2
Slide 12: Outlook 2023
Outlook 2023 Confirmed shareholder distributions of ~ €2.4 B in 2023 Refining margin Sustained middle-distillate spreads, 9 $/bbl strong gasoline cracks and lower energy indicator costs Upstream 590 - 610 Kboe/d 600 Kboe/d YTD production 80 $/bbl Brent (Unchanged) Cash Flow from ~ €7 B 3 $/Mbtu Henr
Slide 13: Conclusions
Conclusions Accelerated delivery towards strategic objectives ▪ Sustainable and profitable: delivering improved results and cash generation in less supportive scenario Leading the ▪ Balanced company: investing in legacy assets to support journey cash flow and in our transformation to guarantee futur
Slide 14: 2Q23 Results
2Q23 Results 27 July 2023 Repsol Investor Relations investor.relations@repsol.com www.repsol.com