Repsol, S.A. and investees comprising the Repsol Group

Report on limited review of condensed consolidated interim financial statements and consolidated interim management report as at 30 June 2022

This version of our report is a free translation of the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.

Report on limited review of

condensed consolidated interim financial statements

To the shareholders of Repsol, S.A. at the request of the Board of Directors

Introduction

We have performed a limited review of the accompanying condensed consolidated interim financial statements (hereinafter, the interim financial statements) of Repsol, S.A. (hereinafter, the Parent company) and investees comprising the Repsol Group (hereinafter, the Group), which comprise the balance sheet as at 30 June 2022, and the income statement, the statement of recognized income and expense, the statement of changes in equity, the statement of cash flows and related notes, all condensed and consolidated, for the six-month period then ended. The Parent company's directors are responsible for the preparation of these interim financial statements in accordance with the requirements of International Accounting Standards (IAS) 34, Interim Financial Reporting, as adopted by the European Union, for the preparation of condensed interim financial statements, as provided in Article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.

Scope of review

We conducted our limited review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with legislation governing the Audit practice in Spain and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.

Conclusion

Based on our limited review, that cannot be considered as an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the six-month period ended 30 June 2022 have not been prepared, in all material respects, in accordance with the requirements of International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, as provided in Article 12 of Royal Decree 1362/2007, for the preparation of condensed interim financial statements.

PricewaterhouseCoopers Auditores, S.L., Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España

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Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400, www.pwc.es

R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290

Emphasis of matter

We draw attention to note 1.3.1, in which it is mentioned that these interim financial statements do not include all the information required in a complete set of consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and therefore the accompanying condensed consolidated interim financial statements should be read together with the consolidated annual accounts of the Group for the year ended 31 December 2021. Our conclusion is not modified in respect of this matter.

Other matters

Consolidated interim management report

The accompanying consolidated interim management report for the six-month period ended

30 June 2022 contains the explanations which the Parent company's directors consider appropriate regarding the principal events of this period and their impact on the interim financial statements presented, of which it does not form part, as well as the information required under the provisions of Article 15 of Royal Decree 1362/2007. We have verified that the accounting information contained in this management report is in agreement with that of the interim financial statements for the six-month period ended 30 June 2022. Our work as auditors is limited to checking the consolidated interim management report in accordance with the scope mentioned in this paragraph and does not include a review of information other than that obtained from Repsol, S.A. and investees comprising the Repsol Group´s accounting records.

Preparation of this review report

This report has been prepared at the request of the Board of Directors of Repsol, S.A. in relation to the publication of the half-yearly financial report required by Article 119 of Royal Legislative Decree 4/2015 of 23 October, approving the revised text of the Securities Market Law developed by Royal Decree 1362/2007, of 19 October.

PricewaterhouseCoopers Auditores, S.L.

Iñaki Goiriena Basualdu

28 July 2022

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REPSOL Group

Interim consolidated financial statements 1st Half

Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails

Translation of a report originally issued in Spanish

In the event of a discrepancy, the Spanish language version prevails

Financial Statements H1 2022 | Repsol Group

Repsol, S.A. and Investees comprising the Repsol Group

Balance sheet at June 30, 2022 and December 31, 2021

€ Million

ASSETS

Note

06/30/2022

12/31/2021

Intangible assets

3,137

3,497

Property, plant and equipment

3.1.1

22,114

21,726

Investments accounted for using the equity method

3.1.2

4,204

3,554

Non-current financial assets

1,360

1,249

Deferred tax assets

2,872

2,878

Other non-current assets

1,039

908

NON-CURRENT ASSETS

34,726

33,812

Non-current assets held for sale

3.1.9

-

605

Inventories

3.1.9

9,019

5,227

Trade and other receivables

3.1.9

11,837

8,238

Other current assets

509

326

Other current financial assets

3.1.6

2,955

2,451

Cash and cash equivalents

3.1.6

4,332

5,595

CURRENT ASSETS

28,652

22,442

TOTAL ASSETS

63,378

56,254

€ Million

EQUITY AND LIABILITIES

Note

06/30/2022

12/31/2021

Shareholders' equity

23,484

22,320

Other cumulative comprehensive income

1,436

94

Non-controlling interests

426

380

EQUITY

3.1.4

25,346

22,794

Non-current provisions

3,662

3,264

Non-current financial liabilities

3.1.5

9,215

10,185

Deferred tax liabilities and other tax items

2,434

2,022

Other non-current liabilities

914

671

NON-CURRENT LIABILITIES

16,225

16,142

Liabilities associated with non-current assets held for sale

3.1.9

-

460

Current provisions

1,258

1,024

Current financial liabilities

3.1.5

4,664

4,611

Trade and other payables

3.1.9

15,885

11,223

CURRENT LIABILITIES

21,807

17,318

TOTAL EQUITY AND LIABILITIES

63,378

56,254

Notes 1 to 7 are an integral part of the balance sheet.

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Repsol SA published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 09:27:06 UTC.