Slide 1: 4Q25 & FY25 Results
4Q25 & FY25 Results Josu Jon Imaz CEO 19 February 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 2025
Key Messages 2025 Strategic execution on a path of disciplined growth Strong performance across the portfolio • Improved Upstream through new growth projects and portfolio optimization • Advancing on Industrial transformation by developing advantaged low carbon platform in Iberia 130 €2.6 % B €5.4 B
Slide 4: Financial results
Financial results New reporting model Results (€ Million) 2025 2024 Upstream 957 1,028 • Reflects how the Company currently manages and evaluates Industrial 963 1,447 business performance: Customer 754 644 • Incorporation of strategic minority shareholders to Upstream and Low Carbon Generation divis
Slide 5: Market environment
Market environment Stronger gas prices and refining margins in a lower oil price scenario Brent Henry Hub $/bbl $/MBtu 3.7 3.5 3.4 76 81 3.4 75 69 3.1 68 69 64 2.8 2.3 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 Repsol’s Refining Margin Indicator Exchange Rate $/bbl $/€ 11.
Slide 6: Upstream
Upstream More profitable, lower emissions barrels and portfolio optimization Production at higher end of FY25 guidance • Production +2% y-o-y excluding divestments Production Kboed • Record volumes in Libya supported by country stability 554 551 544 571 548 • Accelerated activity in unconventionals
Slide 7: Industrial
Industrial Accelerating efficiency and competitiveness to drive transformation Negative impact of tariffs and Spanish blackouts Utilization of Spanish refining Repsol’s Chemical Margin Indicator • Material impact of power outages affecting Iberian Peninsula • Refining margin recovery in 2H25 support
Slide 8: Customer
Customer Anticipated delivery of 2027 EBITDA strategic target Strong performance of core businesses • All business segments improved result y-o-y • Sales of road transportation fuels in Spain (+11% vs €754 M €1,423 M 2024) in line with pre-pandemic figures Adjusted Net Income Adjusted EBITDA • Solid
Slide 9: Low Carbon Generation
Low Carbon Generation Successful delivery of renewable business model Renewable power Installed renewable • Improved results supported on higher low carbon generation (*) capacity (*) production TWh GW 7.7 • Added 2.2 GW of new renewable capacity under €53 M 5.9 operation. Reached 5.9 GW by Dec’25 (
Slide 10: Outlook
Outlook 2026 outlook 2026 planning assumptions Brent: 60-65 $/bbl Macro indicators HH: 3.5-4 $/Mbtu Refining margin indicator: 6.5-7.5 $/bbl Upstream production 560 – 570 Kboed 1.051 €/sh Dividend (+7.8% vs 2025) Shareholder remuneration €1.9 B Total Remuneration First €350 B SBB approved by BoD Com
Slide 11: 4Q25 & FY25 Results
4Q25 & FY25 Results Josu Jon Imaz CEO 19 February 2026 Repsol Investor Relations investor.relations@repsol.com www.repsol.com