Slide 1: 3Q25 Results
3Q25 Results Josu Jon Imaz CEO 30 October 2025
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2025 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 3Q25
Key Messages 3Q25 Solid execution aligned with strategic commitments Robust operational and financial performance • Higher y-o-y result in all divisions. 9M25 CFFO +15% y-o-y • 9M25 net capex of €2.5 B, including €1.3 B proceeds from disposals and asset rotations collected to September 130 €0.8 % B
Slide 4: Market environment
Market environment Refining margins at highest levels since 1Q 2024 Brent Henry Hub $/bbl $/MBtu 3.7 80 3.4 75 76 3.1 68 69 2.8 2.2 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Repsol’s Refining Margin Indicator Exchange Rate $/bbl $/€ 8.8 1.13 1.17 1.10 1.07 1.05 5.9 5.3 4.8 4.0 3Q24 4Q24 1Q25
Slide 5: Upstream
Upstream Increasing returns through new projects and portfolio optimization Production at higher end of FY guidance • Higher contributions y-o-y in UK and Libya compensate Production divestments and natural decline Kboed 553 557 551 Progressing in portfolio high-grading €317 M • Closing of strategic
Slide 6: Industrial
Industrial Consolidation of refining up-cycle driven by diesel strength Utilization of Spanish refining Repsol’s Chemical Capturing favourable refining scenario Margin Indicator • Very healthy refining margins supported by stronger product Distillation (%) Conversion (%) €/t spreads, mainly in diese
Slide 7: Customer
Customer Multi-energy growth underpinned by core business resilience P&G Retail customers Higher y-o-y results in all business segments Million 2.9 • Sales of road transportation fuels (+14% vs 3Q24) in line €241 M 2.4 with pre-pandemic figures Adjusted Income • Solid non-oil growth in Service Stati
Slide 8: Low Carbon Generation
Low Carbon Generation Progress in renewables model according to main strategic lines Renewable power Installed renewable generation (*) capacity (*) • Higher contribution from renewables and combined TWh GW cycles €31 M 2.1 5.0 • Reached 5 GW of renewable capacity under 1.6 operation (additional 500
Slide 9: 3Q and 9M 2025 results
Financial results 3Q and 9M 2025 results Results (€ Million) 3Q25 2Q25 3Q24 9M25 9M24 Upstream 317 439 287 1,214 1,156 Industrial 315 99 185 545 1,204 Customer 241 198 180 599 494 Low Carbon Generation 31 7 (7) 43 (12) Corporate & Others (84) (41) (87) (228) (158) Adjusted Income 820 702 558 2,173 2
Slide 10: Unchanged FY25 guidance
Outlook Unchanged FY25 guidance Guidance 2025 Guidance update Guidance update February'25 July'25 October'25 Upstream production 530 – 550 Kboed ~ 550 Kboed ~ 550 Kboed Cash Flow from €6 – 6.5 B ~ €6 B ~ €6 B Operations Net Capex €3.5 – 4 B ~ €3.5 B ~ €3.5 B 30 - 35% CFFO 30 - 35% CFFO 30 - 35% CFFO
Slide 11: 3Q25 Results
3Q25 Results Josu Jon Imaz CEO 30 October 2025 Repsol Investor Relations investor.relations@repsol.com www.repsol.com