2Q22 Results

28 July 2022

REPSOL CONFERENCE CALL

Josu Jon Imaz

CEO

Disclaimer

ALL RIGHTS ARE RESERVED

© REPSOL, S.A. 2022

This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol's financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words "expects", "anticipates", "forecasts", "believes", estimates", "notices" and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol's control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the "Comisión Nacional del Mercado de Valores" in Spain and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.

Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

This document mentions resources which do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the system "SPE/WPC/AAPG/SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System" (SPE-PRMS) (SPE - Society of Petroleum Engineers).

In October 2015, the European Securities Markets Authority (ESMA) published its Guidelines on Alternative Performance Measures (APMs). The guidelines apply to regulated information published on or after 3 July 2016. The information and breakdowns relative to the APMs used in this presentation are updated quarterly on Repsol´s website.

This document does not constitute an offer or invitation to purchase or subscribe securities, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the Spanish Securities Market Law and its implementing regulations. In addition, this document does not constitute an offer to purchase, sell, or exchange, neither a request for an offer of purchase, sale or exchange of securities in any other jurisdiction.

The information contained in the document has not been verified or revised by the External Auditors of Repsol.

Repsol 2Q22 Results 2

Agenda

01. Key messages

  1. Divisional performance
  2. Financial results
  3. Outlook

Key messages

Complex scenario triggered by changes in the geopolitical context

€2.1 B

Adjusted Net Income

€5.0 B

Net Debt

€869 M decrease vs March'22

€1.8 B

CFFO

Material Working Capital outflow

17%

Gearing

-3 p.p. vs 1Q22

Accelerating progress

towards long term targets

Cash flow generation held-back by higher inventories

Disposal of 25% of renewable business values 100%

of EV at €4.4 B

Increasing additional

shares to be cancelled in 2022 from 50 to 75 million

€1 B pre-tax impairment of legacy Refining assets in Spain

Repsol 2Q22 Results 4

Market environment

Supportive scenario of oil & gas prices, refining spreads and exchange rate

Brent

($/bbl)

114

102

69

74

80

2Q21

3Q21

4Q21

1Q22

2Q22

Repsol's Refining Margin Indicator

($/bbl)

23.3

Henry Hub

($/Mbtu)

7.2

5.8

5.0

4.0

2.8

2Q21

3Q21

4Q21

1Q22

2Q22

Exchange Rate

($/€)

1.21

1.18

1.14

1.12

1.5

6.8

3.24.4

1.06

2Q21

3Q21

4Q21

1Q22

2Q22

2Q21

3Q21

4Q21

1Q22

2Q22

Repsol 2Q22 Results 5

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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 15:36:23 UTC.