Repsol, S.A. and investees comprising the Repsol Group Report on limited review Condensed consolidated interim financial statements for the six-month period ended 30 June 2026 Consolidated i nterim management report
PricewaterhouseCoopers Auditores, S.L.
Torre PwC, P.º de la Castellana 259 B, 28046
Madrid, España
Tel.: +34 915 684 400 / +34 902 021 111
R. M. Madrid, hoja M -63.988, folio 75, tomo 9.267, libro 8.054, sección 3.ª Inscrita en el R.O.A.C. con el número S0242 - NIF: B -79031290 1 www.pwc.es 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 inf ormation, 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.
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 2026, and the income statement, statement of recognized income and expense , statement of changes in equity, statement of cash flow s and related notes, all condensed and consolidated, for the s ix-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 Standard (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 m aking 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 th e 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 stateme nts.
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 s ix-month period ended 30 June 2026 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 o f Royal Decree 1362/2007, for the preparation of condensed interim financial statements.
2 Repsol, S.A. and investees comprising the Repsol Group Emphasis of matter We draw attention to note 1 to the interim financial statements, 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 interim financial statements should be read together with the consolidated annual accounts of the Group for the year ended 31 December 2025. 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 2026 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 par t, 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 si x-month period ended 30 June 2026. 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 Rep sol, 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 100 of Law 6/2023, of March 17, on Securities Markets and Investment Services.
PricewaterhouseCoopers Auditores, S.L.
Juan Manuel Anguita Amate 23 July 2026
TABLE OF CONTENTS
FINANCIAL STATEMENTS
Income statement ................................................................................................................................................................................. 3 Statement of recognized income and expense ...................................................................................................................... 4 Balance sheet ........................................................................................................................................................................................... 5 Statement of changes in equity ..................................................................................................................................................... 6 Statement of cash flows .................................................................................................................................................................... 7
NOTES
General information
(1) About these interim Financial Statements ...................................................................................................................................................... 8 (2) About Repsol .......................................................................................................................................................................................................... 8 (3) Criteria for the preparation of the interim Financial Statements ............................................................................................................... 8 (4) Business segment information ........................................................................................................................................................................... 9 Main changes in the Financial Statements (5) Results ...................................................................................................................................................................................................................... 13 5.1 Operating income .................................................................................................................................................................................. 13 5.2 Financial result ....................................................................................................................................................................................... 16 5.3 Income tax ............................................................................................................................................................................................... 16 5.4 Earnings per share ................................................................................................................................................................................. 16 (6) Financial structure and financial resources ..................................................................................................................................................... 16 6.1 Financial structure ................................................................................................................................................................................ 17 6.2 Equity ....................................................................................................................................................................................................... 17 6.3 Financial resources ................................................................................................................................................................................ 19 6.4 Financial assets ...................................................................................................................................................................................... 21 6.5 Derivatives and hedging transactions .............................................................................................................................................. 22 6.6 Financial risks ......................................................................................................................................................................................... 23 (7) Other assets and liabilities .................................................................................................................................................................................. 24 7.1 Intangible assets ................................................................................................................................................................................... 25 7.2 Property, plant and equipment ......................................................................................................................................................... 25 7.3 Investments accounted for using the equity method .................................................................................................................. 26 7.4 Other ........................................................................................................................................................................................................ 26 (8) Cash flows ................................................................................................................................................................................................................ 28
Other information
(9) Risks ........................................................................................................................................................................................................................... 29 9.1 Disputes ................................................................................................................................................................................................... 29 9.2 Tax disputes ............................................................................................................................................................................................ 30 9.3 Geopolitical risks ................................................................................................................................................................................... 30 9.4 Environmental risks ............................................................................................................................................................................... 33 (10) Related party transactions .................................................................................................................................................................................. 33 (11) Remuneration of the members of the Board of Directors and key management personnel .............................................................. 34 (12) Subsequent events ................................................................................................................................................................................................ 35 (13) Explanation added for translation to English ................................................................................................................................................. 35
Appendices: (1)
Appendix I. Main changes in the composition of the Group ............................................................................................................................................ 36 Appendix II. Segment reporting and reconciliation with IFRS-EU Financial Statements .......................................................................................... 37 (1) The Appendices are an integral part of the consolidated interim Financial Statements.
Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails
Repsol, S.A. and investees comprising the Repsol Group Income statement for the interim periods ended June 30, 2026 and 2025
€ million
Note 06/30/2026 06/30/2025 Sales 33,697 27,733 Income from services rendered and other income 251 205 Changes in inventories of finished goods and work in progress 383 53 Procurements (23,178) (21,303) Depreciation and amortization of non-current assets (1,201) (1,225) (Accrual)/Reversal of impairment (973) (54) Personnel expenses (1,114) (1,114) Transport and freight (1,267) (773) Supplies (286) (371) Gains/(Losses) on disposal and derecognition of assets (29) 14 Other operating income/(expenses) (2,568) (2,147)
OPERATING INCOME 5.1 3,715 1,018
Interest income 114 137 Interest expenses (195) (119) Change in fair value of financial instruments 332 (384) Exchange gains/(losses) (202) 458 (Accrual)/Reversal of impairment of financial instruments (1) 23 Other financial income and expenses (51) (53)
FINANCIAL RESULT 5.2 (3) 62
Net income from investments accounted for using the equity method 7.3 174 26
NET INCOME BEFORE TAX 3,886 1,106
Income tax 5.3 (1,611) (413)
CONSOLIDATED NET INCOME FOR THE PERIOD (5) 2,275 693
Net income attributable to non-controlling interests 6.2 (74) (90)
TOTAL INCOME ATTRIBUTABLE TO THE PARENT 2,201 603
EARNINGS PER SHARE ATTRIBUTABLE TO THE PARENT 5.4 Euros / share
Basic 1.96 0.50 Diluted 1.96 0.50 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 3
Repsol, S.A. and investees comprising the Repsol Group Statement of recognized income and expense for the interim periods ended June 30, 2026 and 2025
€ million
06/30/2026 06/30/2025
CONSOLIDATED NET INCOME FOR THE PERIOD 2,275 693
Due to actuarial gains and losses — (1) Investments accounted for using the equity method (8) —
OTHER COMPREHENSIVE INCOME – ITEMS NOT RECLASSIFIABLE TO INCOME (8) (1)
Cash flow hedges: (192) 111 Valuation gains/(losses) (457) 30 Amounts transferred to the income statement 265 81 Translation differences: 579 (2,216) Valuation gains/(losses) 579 (2,226) Amounts transferred to the income statement — 10 Share of investments in joint ventures and associates: 112 (2) Valuation gains/(losses) 113 (1) Amounts transferred to the income statement (1) (1) Tax effect 99 (42)
OTHER COMPREHENSIVE INCOME – ITEMS RECLASSIFIABLE TO INCOME 598 (2,149)
TOTAL OTHER COMPREHENSIVE INCOME 590 (2,150)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2,865 (1,457)
a) Attributable to the parent 2,690 (1,341) b) Attributable to non-controlling interests 175 (116) Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 4
Repsol, S.A. and investees comprising the Repsol Group Balance sheet at June 30, 2026 and December 31, 2025
€ million
Note 06/30/2026 12/31/2025 Intangible assets 7.1 2,769 2,920 Property, plant and equipment 7.2 24,755 25,652 Investments accounted for using the equity method 7.3 4,115 3,721 Non-current financial assets 6.4 1,296 1,000 Deferred tax assets 3,132 3,368 Other non-current assets 7.4 1,379 1,394
NON-CURRENT ASSETS 37,446 38,055
Non-current assets held for sale 7.4 875 1,227 Inventories 7.4 7,998 5,475 Trade and other receivables 7.4 7,902 6,557 Other current assets 7.4 395 135 Other current financial assets 6.4 5,017 4,718 Cash and cash equivalents 6.4 3,007 3,261
CURRENT ASSETS 25,194 21,373
TOTAL ASSETS 62,640 59,428
€ million
Note 06/30/2026 12/31/2025 Shareholders’ equity 27,306 26,654 Other cumulative comprehensive income (1,019) (1,514) Non-controlling interests 2,569 2,478
EQUITY 6.2 28,856 27,618
Non-current provisions 7.4 3,139 3,002 Non-current financial liabilities 6.3 10,799 11,410 Deferred tax liabilities and other tax items 2,690 2,419 Other non-current liabilities 7.4 1,045 1,099
NON-CURRENT LIABILITIES 17,673 17,930
Liabilities associated with non-current assets held for sale 7.4 609 466 Current provisions 7.4 1,436 1,177 Current financial liabilities 6.3 2,153 2,018 Trade and other payables 7.4 11,913 10,219
CURRENT LIABILITIES 16,111 13,880
TOTAL EQUITY AND LIABILITIES 62,640 59,428 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 5
Repsol, S.A. and investees comprising the Repsol Group Statement of changes in equity for the interim periods ended June 30, 2026 and 2025 Equity attributable to the parent and other equity instrument holders (Note 6.2)
Shareholders’ equity
€ millionShare
capitalShare
premium,
reserves
and
dividendsTreasury
shares and
own equity
investmentsOther equity
instrumentsIncome for
the period
attributable
to the parentOther
cumulative
comprehensive
incomeNon-
controlling
interestsEquity
Closing balance at 12/31/2024 1,157 20,681 (2) 2,291 1,756 606 2,610 29,099 Total recognized income/(expenses) — (1) — — 603 (1,943) (116) (1,457) Transactions with shareholders or
owners:
Dividends and shareholder remuneration — (1,157) — — — — (133) (1,290) Transactions with treasury shares and own equity interests (net) — (5) (243) (3) — — — (251) Increases/(reductions) due to changes in the scope of consolidation — (5) — — — (1) 94 88 Other transactions with shareholders or owners — — — — — — 65 65 Other changes in equity:
Transfers between equity line items — 1,756 — — (1,756) — — — Subordinated perpetual obligations — (35) — 131 — — — 96 Other changes — (1) — — — — 4 3 Closing balance at 06/30/2025 1,157 21,233 (245) 2,419 603 (1,338) 2,524 26,353 Total recognized income/(expenses) — 5 — — 1,296 (176) 81 1,206 Transactions with shareholders or
owners:
Share capital increase/(reduction) (52) (649) 701 — — — — — Dividends and shareholder remuneration — 26 — — — — (124) (98) Transactions with treasury shares and own equity interests (net) — 11 (459) 8 — — — (440) Increases/(reductions) due to changes in the scope of consolidation — 16 — — — — 3 19 Other changes in equity:
Subordinated perpetual obligations — (37) — 619 — — — 582 Other changes — 2 — — — — (6) (4) Closing balance at 12/31/2025 1,105 20,607 (3) 3,046 1,899 (1,514) 2,478 27,618 Total recognized income/(expenses) — (6) — — 2,201 495 175 2,865 Transactions with shareholders or
owners:
Dividends and shareholder remuneration — (1,195) — — — — (75) (1,270) Transactions with treasury shares and own equity interests (net) — (5) (309) (2) — — — (316) Other transactions with shareholders or owners — — — — — — 1 1 Other changes in equity:
Transfers between equity line items — 1,899 — — (1,899) — — — Subordinated perpetual obligations — (44) — (1) — — — (45) Other changes — 13 — — — — (10) 3 Closing balance at 06/30/2026 1,105 21,269 (312) 3,043 2,201 (1,019) 2,569 28,856 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 6
Repsol, S.A. and investees comprising the Repsol Group Statement of cash flows for the interim periods ended June 30, 2026 and 2025
€ million
Note 06/30/2026 06/30/2025 Income before tax 3,886 1,106 Adjustments to income: 2,249 1,286 Depreciation and amortization of non-current assets 1,201 1,225 Other (net) 1,048 61 Changes in working capital (2,734) 339 Other cash flows from operating activities: (424) (145) Dividends received 407 45 Income tax refunded/(paid) (692) (2) Other proceeds from/(payments for) operating activities (139) (188)
CASH FLOWS FROM OPERATING ACTIVITIES (8) 2,977 2,586
Payments for investments: (4,913) (4,077) Group companies and associates and loans to investees (107) (283) Property, plant, and equipment, intangible assets and others (1,813) (2,035) Other financial assets (2,993) (1,759) Proceeds from divestments: 3,007 2,018 Group companies and associates and loans to investees 211 83 Property, plant, and equipment, intangible assets and others 34 285 Other financial assets 2,762 1,650 Other cash flows from investing activities 77 82
CASH FLOWS FROM INVESTING ACTIVITIES (8) (1,829) (1,977)
Proceeds from and (payments for) equity instruments: (309) (112) Issuance — 746 Repayment and redemption — (614) Acquisition (319) (266) Disposal 10 22 Transactions with non-controlling interests: (73) 28 Proceeds from/(payments for) transactions with non-controlling interests 2 155 Dividends paid to non-controlling interests (75) (127) Proceeds from and (payments for) financial liability instruments: (4) (441) Issuance 4,519 6,336 Repayment and redemption (4,523) (6,777) Payments for shareholder return and other equity instruments (612) (597) Other cash flows from financing activities: (431) (603) Interest paid (211) (200) Other proceeds from/(payments for) financing activities (220) (403)
CASH FLOWS FROM FINANCING ACTIVITIES (8) (1,429) (1,725)
EFFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS 27 (133)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (8) (254) (1,249)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,261 4,758
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,007 3,509
Cash on hand and at banks 2,565 2,379 Other financial assets 442 1,130 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 7
GENERAL INFORMATION
(1) About these interim Financial Statements These interim condensed consolidated financial statements of Repsol, S.A. and its investees (hereinafter, “Interim Financial Statements”), comprising the Repsol Group (hereinafter, “ Repsol ”, “Repsol Group ”, “Group ” or “ Company ”), present fairly the Group’s equity and financial position at June 30, 2026 , as well as the Group’s consolidated earnings, the changes in consolidated equity and the consolidated cash flows for the six-month period then ended.
The interim consolidated Management Report for the first half of the year is published together with the interim Financial Statements. Both were approved by the Board of Directors of Repsol, S.A. at its meeting on July 22, 2026 and are available at www.repsol.com .
In accordance with the provisions of IAS 34 “ Interim Financial Reporting ”, these interim Financial Statements are prepared solely to update the content of the most recent annual consolidated Financial Statements published, focusing on new activities, events and circumstances that have taken place during the first six months of the year and that were significant, without duplicating the information published in the annual consolidated Financial Statements for the previous year. To facilitate the correct understanding of the information contained in these interim Financial Statements and given that they do not contain information required by comprehensive financial statements prepared pursuant to IFRS-EU, they must be read in conjunction with the Group’s 2025 consolidated Financial Statements, which were approved at the Annual General Meeting of Repsol, S.A.
on May 14, 2026 , and are available at www.repsol.com .
(2) About Repsol The Repsol Group is a group of companies with a global presence, whose purpose is to explore and discover the infinite possibilities of energy so that everyone can advance and which, supported by technology and innovation, offers all types of energy that society might need to contribute to its progress and well-being. It performs activities in the hydrocarbon sector throughout its entire value chain (exploration, development and production of crude oil and natural gas, refining, production, transportation and sale of a wide range of oil and petrochemical products, oil derivatives, natural gas and biofuels), as well as activities for the generation and sale of electricity.
Appendix IA of the consolidated Financial Statements for 2025 details the companies that make up the Repsol Group and that were part of the scope of consolidation at that date. Appendix I of these interim Financial Statements details the changes in the Group’s composition that have taken place during the first six months of 2026 .
The activities of Repsol, S.A. and its investees are subject to extensive regulation, which is set out in Appendix III to the consolidated Financial Statements for 2025 .
(3) Criteria for the preparation of interim Financial Statements 3.1 General principles These interim Financial Statements have been prepared based on the accounting records of the investees that make up the Group under the International Financial Reporting Standards adopted by the European Union (IFRS-EU) as of June 30, 2026 and specifically in accordance with the requirements set out in International Accounting Standard (IAS) 34 “ Interim Financial Reporting ”, in addition to other provisions of the applicable regulatory framework.
The Repsol Group prepares its interim Financial Statements to include its investments in all its subsidiaries, joint arrangements and associates, presenting them in millions of euros unless otherwise indicated.
3.2 Comparative information The Group’s activities comprise a range of different businesses and are carried out in an international environment, therefore the seasonal effect is not significant. However, the activities of some businesses are affected by seasonality, the most relevant being those related to the sale of fuel at service stations, liquefied petroleum gas (LPG), residential natural gas and electricity in Spain.
Furthermore, the accounting policies and options described in the consolidated Financial Statements for 2025 are the same as those for the first six months of 2026 .Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 8
3.3 New accounting standards The new accounting regulations that have been applied by the Group as of January 1, 2026 have not had a significant impact on the interim Financial Statements, given their nature and scope1. The standards issued by the IASB that will be mandatory in future reporting periods are listed below:
Date of first application Adopted by the European Union IFRS 18 - Presentation and Disclosure in Financial Statements 01/01/2027 Pending adoption by the European Union(1)Date of first application IFRS 19 - Subsidiaries without Public Accountability 01/01/2027 Amendments to IFRS 19 - Subsidiaries without Public Accountability 01/01/2027 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary
Presentation Currency01/01/2027
Amendments to IAS 28 – Amendments to the Fair Value Option for Investments in Associates and Joint Ventures 01/01/2027 IFRS 20 - Regulatory Assets and Regulatory Liabilities 01/01/2029 (1) In addition to the amendments contained in this Note, the IASB issued Amendments to IFRS 10 and IAS 28 “ Sale or Contribution of Assets between an Investor and its Associate or Joint Venture ” without a mandatory date of first-time application since its Equity Method project has yet to be completed and a decision on these amendments has yet to be taken.
With regard to the future application of IFRS 18 “Presentation and Disclosure in Financial Statements”, although this standard will not have an impact on the Group’s income, cash flows or financial position, it will introduce new presentation criteria (mainly with respect to the income statement and statement of cash flows and, to a lesser extent, the balance sheet) as well as new disclosure requirements and criteria for aggregating and disaggregating information in the financial statements and in the notes. The main impacts identified correspond primarily to the three categories for presenting income and expenses (operating, investing and financing) and the subsequent new subtotals (“ operating income ” and “ income before financing and taxes ”); the criteria for presenting certain items, both in the income statement (most notably the presentation of exchange differences within each category based on the nature of the item giving rise to such differences) and in the statement of cash flows (most notably dividends received from investees within investing cash flows); and the fact that “ operating income ” is considered to be the new starting point for preparing the statement of cash flows. As of the date of authorization for issue of these Financial Statements, the Group is still assessing the impacts arising from the application of this standard.
As for the other regulatory changes adopted by the EU, the Group has not identified any significant impact on the consolidated financial statements, either due to their nature or their scope.
With regard to the potential impacts that regulatory changes yet to be adopted by the EU could have on the consolidated financial statements, specifically in relation to IFRS 20, the only activity of the Group identified to date within the scope of the standard would be the bottled LPG activity in Spain, although its potential impact on the Group’s equity would not be significant. The Group is still analyzing any other impacts, but to date no significant effects have been identified.
3.4 Accounting estimates and judgments The preparation of interim Financial Statements requires judgments and estimates to be made that affect the measurement of recognized assets and liabilities, the presentation and measurement of contingent assets and liabilities, and income and expenses recognized. The results may be significantly affected depending on the estimates made.
These estimates are made based on the best available information, as described in Note 3.5 “ Accounting estimates and judgments ” to the consolidated Financial Statements for 2025 . During the first six months of 2026 , there were no significant changes regarding the estimates and judgments described in the consolidated Financial Statements, except for that described in relation to the updated impairment losses on some of the Group’s assets (see Note 5.1).Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 9 1 At January 1, 2026 , the regulations adopted by the European Union that have been applied without significant impacts are: Amendments to IFRS 9 and IFRS 7 - Contracts referencing nature-dependent electricity; Amendments to IFRS 9 and IFRS 7 - Amendments to the classification and measurement of financial instruments; and Annual Improvements to IFRSs - Volume 11 (affecting IFRS 1 - First-time Adoption of International Financial Reporting Standards, IFRS 7 - Financial Instruments: Disclosures, IFRS 9 -
Financial Instruments, IFRS 10 - Consolidated Financial Statements and IAS 7 - Statement of Cash Flows).
(4) Business segment information 4.1 Definition of business segments The Group’s segment information is presented in accordance with the disclosure requirements set out in IFRS 8 “ Operating segments ”.
The definition of the Group’s business segments is based on the different activities performed by the Group and the organizational structure approved by the Board of Directors for managing the businesses. Taking these segments as a reference point, the Executive Committee, as the chief operating decision maker, analyzes the main operating and financial aggregates in order to make decisions about resource allocation and to assess the Company’s performance.
Repsol’s reporting segments are as follows:
•Upstream or E&P: activities for the exploration and production of crude oil and natural gas reserves.
•Industrial: activities involving oil refining, petrochemicals, and the trading, transport and wholesaling of crude oil, natural gas and fuels, including activities relating to new products such as hydrogen, sustainable biofuels and synthetic fuels.
•Customer: businesses involving mobility (service stations) and the sale of fuel (gasoline, diesel, aviation kerosene, liquefied petroleum gas, biofuels, etc.), electricity and gas, and lubricants and other specialized products.
•Low Carbon Generation (LCG): electricity generation from renewable sources and through CCGTs2.
Corporate and other includes (i) corporate overhead expenses and, specifically, those expenses related to management of the Group, (ii) the financial result, and (iii) intersegment consolidation adjustments.
4.2 Presentation model of the results by segments In the fourth quarter of 2025, the Group changed the manner in which it manages and assesses its segments and, therefore, modified the financial and performance measures that are reviewed internally for decision-making and the segment information reported in accordance with IFRS 8 (see Note 4 to the 2025 consolidated Financial Statements).
Segment information reported for previous periods has been modified to reflect these changes to allow for adequate comparability between periods.
The measure of the income of each segment is known as Adjusted net income , which contains the income from continuing operations at current cost of supply (CCS), net of taxes, the income corresponding to investments accounted for using the equity method (“ Income from investees ”) and the income attributed to non-controlling interests (“ Non-controlling interests ”), not including certain income and expenses (“ Special items ”) described below. The financial result of the consolidated companies and the intersegment consolidation adjustments are assigned to Corporate and other.
Specifically, the income from operations at CCS considers the cost of volumes sold to be the cost corresponding to the supply and production costs for the same period. This is the approach commonly used in the sector to present the results of businesses in the Industrial or Customer segments that must work with significant inventories subject to constant price fluctuations, thus making it easier to compare with other companies and monitor the businesses, regardless of the impact of price fluctuations on their inventories. However, the weighted average cost method is used for accounting purposes, in accordance with IFRS-EU.
The Inventory effect reflects the difference between the income at CCS and the income at the weighted average cost, and is presented separately, net of the tax effect and non-controlling interests.
Special items includes certain material items that are presented separately for the purpose of making it easier to understand ordinary business performance. This includes gains/losses on divestments, restructuring costs, asset impairment losses (provisions/reversals), provisions for contingencies and charges, and other relevant income/expenses that do not form part of the ordinary management of the businesses. These results are presented separately, net of the tax effect and non-controlling interests.
The Group therefore considers that the nature of its businesses and the way in which results are analyzed for decision-making purposes is adequately reflected. In any case, Repsol provides reconciliations between the measures included in the business segment reporting model, which constitute alternative performance measures in accordance with the Guidelines on Alternative Performance Measures of October 2015 published by the European Securities Market Association (ESMA) and the measures used in these financial statements, which have been drawn up in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU). This information can be found in Appendix II Alternative Performance Measures of the interim consolidated Management Report for 2026 or at www.repsol.com .Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 10 2 Acronym for combined cycle gas turbine electricity generators.
4.3 Financial information by business segment The financial information by business segment (reconciled with the information prepared in accordance with IFRS-EU in Appendix II) is presented below. Additional information on the financial and operating performance of the business segments can be found in the interim consolidated Management Report for 2026 that is published along with these interim consolidated Financial Statements.
Results by business segment:
Results by business segment € million
06/30/2026 06/30/2025
Upstream 673 631 Industrial 1,683 235 Customer 369 351
LCG 6 10
Corporate and other (20) (72)
ADJUSTED NET INCOME 2,711 1,155
Inventory effect 823 (394) Special items (1,333) (158)
TOTAL INCOME ATTRIBUTABLE TO THE PARENT 2,201 603
Breakdown by nature of the business segment results:
Income 06/30/2026
€ millionUpstream Industrial Customer LCGCorporate
and otherTotal
Operating income 1,011 2,267 493 32 (62) 3,741 Financial result — — — — (3) (3) Income from investees 407 16 14 (13) (22) 402 Income tax (520) (575) (130) (16) 13 (1,228) Non-controlling interests (225) (25) (8) 3 54 (201)
ADJUSTED NET INCOME 673 1,683 369 6 (20) 2,711
Inventory effect — 774 49 — — 823 Special items (194) (626) (71) (227) (215) (1,333)
TOTAL INCOME ATTRIBUTABLE TO THE PARENT 479 1,831 347 (221) (235) 2,201
Income 06/30/2025
€ millionUpstream Industrial Customer LCGCorporate
and otherTotal
Operating income 1,079 290 464 37 (119) 1,751 Financial result — — — — 9 9 Income from investees 266 9 12 (10) (9) 268 Income tax (505) (69) (117) (15) 31 (675) Non-controlling interests (209) 5 (8) (2) 16 (198)
ADJUSTED NET INCOME 631 235 351 10 (72) 1,155
Inventory effect — (377) (17) — — (394) Special items (79) 31 (11) (122) 23 (158) TOTAL INCOME ATTRIBUTABLE TO THE PARENT 552 (111) 323 (112) (49) 603Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 11
4.4 Other aggregates of the business segments Other financial aggregates of the business segments are as follows:
Other aggregates 06/30/2026 € millionUpstream Industrial Customer LCGCorporate
and otherTotal
Revenue from ordinary activities (1)2,266 27,027 15,755 474 (11,574) 33,948 Customers 974 17,037 15,694 244 (1) 33,948 Intersegment 1,292 9,990 61 230 (11,573) — Procurements 70 20,983 13,449 191 (11,515) 23,178 Amortization and depreciation of non-current assets (484) (426) (171) (90) (30) (1,201) (Charges for)/Reversal of impairment (4) (605) (64) (293) (7) (973) Cash flow from operations 1,556 801 912 122 (414) 2,977 Investments (2) (3)(701) (658) (198) (350) (13) (1,920) Cash generated from businesses (3) (4)799 147 715 (5) (427) 1,229 Capital employed (3) (5)10,829 13,277 2,392 5,428 597 32,523 (1) For more information on revenue by product and geographical area, see Note 5.1 “ Operating income ”.
(2) Corresponds to “Payments for investments” in the consolidated Statements of Cash Flows prepared under IFRS-EU, not including the items corresponding to “Other financial assets”. This is the measure related to investments in non-current assets that is provided and regularly reviewed by the Executive Committee.
(3) Alternative Performance Measure. See Appendix II for a definition and reconciliation of this measure to IFRS-EU.
(4) Corresponds to cash flow from operating and investing activities (excluding financial assets) +/- proceeds from or payments on transactions mainly with non-controlling interests (dilutions, contributions, dividends, etc.). This APM measures the funds generated by the businesses before certain financial transactions (mainly debt issuance and repayments).
(5) Corresponds to Equity + Net debt.
•It includes non-current assets, other than financial instruments and deferred tax assets, amounting to € 33,018 million (€ 13,945 in Spain, € 11,573 in the United States, and €7,500 in the rest of the world).
•These non-current assets, distributed for each of the business segments, amount to € 13,929 million (Upstream), € 9,498 million (Industrial), € 3,383 million (Customer), € 5,544 million (LCG), and € 664 million (Corporate and other).
Other aggregates 06/30/2025 € millionUpstream Industrial Customer LCGCorporate
and otherTotal
Revenue from ordinary activities (1)2,472 21,154 13,100 447 (9,235) 27,938 Customers 1,436 13,250 13,025 224 3 27,938 Intersegment 1,036 7,904 75 223 (9,238) — Procurements (41) (18,976) (11,300) (190) 9,204 (21,303) Amortization and depreciation of non-current assets (513) (446) (172) (65) (29) (1,225) (Charges for)/Reversal of impairment 3 (2) (10) (41) (4) (54) Cash flow from operations 884 712 799 65 126 2,586 Investments (2) (3)(943) (686) (176) (492) (21) (2,318) Cash generated from businesses (3) (4)108 67 624 (262) 127 664 Capital employed (3) (5)10,556 11,550 2,614 5,992 1,393 32,105 (1) For more information on revenue by product and geographical area, see Note 5.1 “Operating income”.
(2) Corresponds to “Payments for investments” in the consolidated Statements of Cash Flows prepared under IFRS-EU, not including the items corresponding to “Other financial assets”. This is the measure related to investments in non-current assets that is provided and regularly reviewed by the Executive Committee.
(3) Alternative Performance Measure. See Appendix II for a definition and reconciliation of this measure to IFRS-EU.
(4) Corresponds to cash flow from operating and investing activities (excluding financial assets) +/- proceeds from or payments on transactions mainly with non-controlling interests (dilutions, contributions, dividends, etc.). This APM measures the funds generated by the businesses before certain financial transactions (mainly debt issuance and repayments).
(5) Corresponds to Equity + Net debt.
•It includes non-current assets, other than financial instruments and deferred tax assets, amounting to € 32,526 million (€ 15,066 in Spain, € 10,058 in the United States, and €7,402 in the rest of the world).
•These non-current assets, distributed for each of the business segments, amount to € 12,250 million (Upstream), € 9,900 million (Industrial), € 3,428 million (Customer), € 6,260 million (LCG), and € 688 million (Corporate and other).Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 12
MAIN CHANGES IN THE FINANCIAL STATEMENTS
The most significant changes recorded during the period in the headings of the income statement, the balance sheet and the statement of cash flows are described below.
(5) Results
Repsol publishes, on the same date as these interim consolidated Financial Statements, its interim consolidated Management Report for 2026, which includes an explanation of its results and financial performance.
5.1 Operating income Revenue from ordinary activities Revenue from ordinary activities (“ Sales ” and “ Income from services rendered and other income ”) by business segment for the first half of the year is as follows:
Income by segment 06/30/2026 06/30/2025 Upstream 2,266 2,472 Industrial 27,027 21,154 Customer 15,755 13,100
LCG 474 447
Corporate and other (11,574) (9,235) Total 33,948 27,938 NOTE: Includes excise duties levied on hydrocarbon consumption (€ 2,970 million and € 3,188 million in 2026 and 2025, respectively). Corporate and others mainly includes eliminations for incomes between segments of the Group, and for services provided by the corporate areas to the businesses.
The increase in revenue in the first half of 2026 is mainly concentrated in the Industrial segment due to the increase in the price of refined petroleum products (especially diesel, gasoline and kerosene) and the improved performance of Trading in North America, both due to higher volumes sold and higher gas prices. Revenue in the Customer segment also increased, mainly in mobility, despite the higher discounts offered to customers, and in low carbon generation, due to the increase in the volume of electricity generated. However, the revenue of the Upstream segment decreased as a result of the divestments and deconsolidation of the business in the United Kingdom (see Note 18 to the 2025 consolidated Financial Statements).
The distribution, by country, of revenue from ordinary activities in the first six months of the year is as follows:
€ million 06/30/2026 06/30/2025 Spain 20,214 16,037 Peru 2,768 1,877 United States 2,410 2,072 Portugal 1,807 1,516 Other 6,749 6,436 Total (1) (2) 33,948 27,938 (1) The distribution by geographical area has been drawn up based on the markets to which sales or income from services rendered are intended for and includes special taxes (Hydrocarbons Tax and similar taxes).
(2) The distribution of the target markets is: (i) EU euro area: € 25,369 million (€ 20,224 million in the same period of 2025), (ii) non-euro area of the EU: € 249 million (€ 209 million in the same period of 2025), and (iii) Other: € 8,330 million (€ 7,505 million in the same period of 2025).
Changes in inventories of finished goods and work in progress The revenue recognized under this heading is mainly explained by the increase in product prices in the period (42%) and the higher volume in inventories in the Industrial segment (mainly in the refining business). It also includes inventory write-downs amounting to €-45 million due to price changes in the period.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 13
Procurements
“Procurements ” includes the following items:
Procurements € million
06/30/2026 06/30/2025
Purchases 25,262 20,344 Changes in inventories (commodities and inventories) (2,084) 959
TOTAL 23,178 21,303
The breakdown of “ Procurements ” by segment in 2026 and 2025 is shown below:
Procurements by segment € million
06/30/2026 06/30/2025
Upstream 70 41 Industrial 20,983 18,976 Customer 13,449 11,300
LCG 191 190
Adjustments (1) (11,515) (9,204)
TOTAL 23,178 21,303
(1) Relates to the eliminations for procurements between Group segments.
In the first half of 2026 , the higher costs of " Procurements" were mainly due to the increase in the price of crude oil and other commodities, and the higher volumes sold in Spanish refining.
Depreciation and amortization of non-current assets “Depreciation and amortization of non-current assets ” includes the following items:
Depreciation and amortization of non-current assets € million
06/30/2026 06/30/2025
Amortization of intangible assets 114 106 Depreciation of property, plant and equipment 1,087 1,119
TOTAL 1,201 1,225
The depreciation expense for the period decreased mainly in the assets of the E&P segment due to the deconsolidation of assets in the United Kingdom following their inclusion in the Neo Next Joint Venture in the third quarter of 2025 (see Note 7.3) and the sale of non-strategic assets in Indonesia (Corridor), partially offset by the entry into production of new assets in the United States (Leon Castile) in the last quarter of 2025.
(Accrual)/reversal of impairment of assets These headings include the following items:
(Accrual)/reversal of impairment € million
06/30/2026 06/30/2025
Accrual of impairment (959) (57) Reversal of impairment — 123 Credit risk (14) (120)
TOTAL (973) (54)
In the first half of 2026, the Company updated its business plan for the Iberia Chemicals unit to reflect a weaker outlook for future margins. The European petrochemical industry continues to face structural overcapacity and a competitive disadvantage relative to lower-cost regions, with these challenges exacerbated by higher commodity prices resulting from the ongoing conflict in the Middle East. This update, together with the increase in the discount rate as a result of higher interest rates and the risk associated with the business, has resulted in a reduction in its recoverable amount and the recognition of an impairment loss of €591 million.
In the Customer segment, the Company also revised the business plan for liquefied petroleum gas in Portugal as a result of the increase in competitors in the market and downward pressure on prices, especially in the bottled and bulk business, which changes the Company’s previous dynamics and will lead to a reduction in future unit margins of the business. The revision of the plan has led to a reduction in the recoverable amount of the business and the recognition of an impairment loss of €47 million.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 14
In addition, in Low Carbon Generation, the cash flow forecasts for the Antofagasta wind project (Chile) were revised after commercial production began due to structural grid congestion, which is causing significant production constraints. These incidents particularly affect the northern part of the country, where this asset is located and where grid congestion has intensified, primarily due to the increase in renewable energy generation compared to previous periods, a trend that is expected to continue in the future. Furthermore, an agreement has been reached with local authorities, pending documentation from the Chilean authorities, to temporarily suspend the development of Phase II of this project, for which many of the Phase I facilities—currently in production—could be shared. In addition, in this context, any potential upside associated with the incorporation of a BESS3 in Phase I has also been subject to review. Given all these factors, it was considered necessary to review the recoverable amount of this project and recognize an impairment loss of €293 million.
In 2025, provisions for impairment losses were recognized mainly for accounts receivable related to activity in Venezuela (€105 million) and for the investment in Hecate Energy Group. However, the impairment losses on the E&P assets in Indonesia were reversed as a result of the agreement reached for their sale.
Personnel expenses
“Personnel expenses ” includes the following items:
Personnel expenses € million
06/30/2026 06/30/2025
Remuneration and others 839 835 Social security costs 275 279
TOTAL 1,114 1,114
This includes remuneration to members of the Board of Directors and key management personnel and other obligations to personnel such as pension plans and incentive programs (see Note 11).
The average headcount at June 30, 2026 and 2025 is detailed below:
Average number of employees Average headcount 06/30/2026 06/30/2025 <Men 14,625 15,430 Women 10,256 10,261
TOTAL 24,881 25,691
Transport and freight Transport and freight expenses increased compared to the first half of 2025, mainly in the trading business, due to higher transportation prices as a result of the conflict in the Middle East (see Note 9.3).
Gains/(losses) on disposal and derecognition of assets The sale of an interest in the portfolio of solar operating assets in Texas to Stonepeak was completed in the first half of 2026 with no significant impact on the consolidated income statement. For more information, see Note 7.3.
In the first half of 2025, the sale of non-strategic assets in Colombia (Sierracol and CPO9), Iraq (Topkhana development project) and the United Kingdom (Enoch, Blane and Galley fields) was completed, with no significant impact on the consolidated income statement.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 15 3 BESS: Battery Energy Storage System.
Other operating income/(expenses) “Other operating income/(expenses) ” comprises the following items:
Other operating income/(expenses) € million
06/30/2026 06/30/2025
Other operating income (1) 447 436 Measurement of trade derivatives (2) (303) (4) Other operating expenses: (2,712) (2,579) Operator expenses (3) (462) (388) Services of independent professionals (250) (282) Leases (167) (103) Taxes: (4) (478) (279) Taxes on production (93) (90) Others (385) (189) Repairs and upkeep (5) (163) (181) Net expenditure for CO2 emissions (6) (162) (198) Other (7) (1,030) (1,148)
TOTAL (2,568) (2,147)
Note: In order to minimize transport costs and optimize the Group’s logistics chain, oil products of a similar nature are exchanged with other companies in different geographical locations. These transactions are not recognized in the income statement for the year as individual purchases and sales, but rather any economic differences are recognized at their net amount.
(1)Includes, among others, the provisions and grants related to income with a credit to the income statement.
(2)Relates to derivatives (assets and liabilities) arranged in trading activities involving crude oil, gas, oil products and electricity. In 2026, the higher expenses are mainly explained by higher prices in the Trading segment.
(3)Corresponds mainly to expenses associated with operations involving the Company’s products (logistics, storage, aviation on-boading).
(4)Relates to taxes other than income tax. Taxes on hydrocarbon production (Upstream activities) have been paid mainly in Libya, Peru and the US. “ Other ” includes local taxes and contributions to the National Energy Efficiency Fund (FNEE). For more information on taxes paid, see section 3.4 of the interim consolidated Management Report for 2026 .
(5)Relates to repair, upkeep and maintenance activities carried out mainly at the Group’s industrial complexes.
(6)“Net expenditure on CO2 emissions ” decreased as a result of the increased allocation of free allowances. It includes the deferred income recognized from the use of free CO2 emission allowances amounting to €331 million and €259 million in 2026 and 2025 , respectively.
(7)In 2026 and 2025 it includes, among others, the period provisions.
5.2 Financial result The financial result is lower than in the first half of 2025 , mainly due to an increase in net interest expenses, offset by the improved valuation of treasury share derivatives.
5.3 Income tax Accrued income tax expense To estimate the income tax accrued for interim periods, the estimated annual effective tax rate is used. However, the tax effects resulting from one-off events or single transactions in the period are taken into account in full. The income tax expense calculated could vary in subsequent periods due to changes in the estimates made.
The effective tax rate applicable to income before taxes and before the income of companies accounted for using the equity method was 43% in the first half of the year (income tax expense of € -1,611 million). The effective tax rate on this income in the first half of 2025 was 38% (income tax expense of € -413 million).
5.4 Earnings per share Earnings per share for the first six months of 2026 and 2025 are detailed below:
Earnings per share (EPS) 06/30/2026 06/30/2025 Net income attributable to the parent (€ million) 2,201 603 Adjustment for expenses arising from perpetual subordinated bonds (€ million) (44) (35) Weighted average number of shares outstanding on June 30 (millions of shares) 1,100 1,146 Basic and diluted earnings per share (euros/share) 1.96 0.50 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 16
(6) Financial structure and financial resources 6.1 Financial structure The determination of the target financial structure takes into account a leverage ratio that ensures the Group’s financial strength, defined as the ratio between net debt and capital employed. The calculation of this ratio as at June 30, 2026 and December 31, 2025 is broken down below (for more information, see the section on Financial Position in section 3.3 Balance sheet of the interim consolidated Management Report for 2026 ):
Financial structure € million
06/30/2026 12/31/2025
Equity 28,856 27,618 Net debt (1) 3,667 4,487 Capital employed (1) 32,523 32,105 Leverage ratio (%) 11.3 14.0 Leases 2,732 2,871 Net debt without leases (1) 935 1,616 Capital employed without leases (1) 29,791 29,234 Leverage ratio without leases (%) 3.1 5.5 (1) Alternative Performance Measure. Regarding the reconciliation of these figures with those established in IFRS-EU, see Appendix II of the interim consolidated Management Report for 2026.
6.2 Equity
Equity € million
06/30/2026 12/31/2025
Shareholders' equity: 27,306 26,654 Share capital 1,105 1,105 Share premium and reserves: 21,269 20,607 Share premium 4,038 4,038 Legal reserve 221 221 Retained earnings and other reserves (1) 17,010 16,348 Treasury shares and own equity investments (312) (3) Net income for the period attributable to the parent 2,201 1,899 Other equity instruments 3,043 3,046 Other cumulative comprehensive income: (1,019) (1,514) Equity instruments through other comprehensive income (18) (18) Hedging transactions (495) (446) Translation differences (506) (1,050) Non-controlling interests 2,569 2,478
TOTAL EQUITY 28,856 27,618
(1) This heading includes the transfer of income for the year attributable to the parent for 2025.
Share capital
The share capital of Repsol, S.A. at June 30, 2026 amounted to €1,105,374,336, represented by 1,105,374,336 fully subscribed and paid shares with a par value of €1 each.
According to the latest available information, the significant shareholders of Repsol, S.A. are:
Significant shareholders
% of voting rights attributed to shares% of voting rights
through financial
instruments% of total voting rights Direct Indirect BlackRock, Inc. (1) — 6.664 0.512 7.176 Barclays Plc. (2) — — 3.509 3.509 Millennium Group Management LLC (3) — — 1.031 1.031 (1) Information based on the statement submitted by this entity to the CNMV on July 4, 2025 regarding the share capital of 1,157,396,053 shares.
(2) Information based on the statement submitted by this entity to the CNMV on July 3, 2026 regarding the share capital of 1,105,374,336 shares.
(3) Information based on the statement submitted by this entity to the CNMV on July 15, 2026 regarding the share capital of 1,105,374,336 shares.
Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 17
Treasury shares and own equity investments The shareholders at the Annual General Meeting held on May 14, 2026 authorized the Board of Directors for a period of five years to acquire Repsol shares, whether directly or through subsidiaries, up to a maximum number of shares which, once added to the number of shares already held by Repsol and any of its subsidiaries, does not exceed 10% of the Company’s share capital, and the price or value of the consideration may not be less than the par value of the shares or exceed their quoted price. The current authorization rendered void the unused portion of the authorization approved for the same purpose by the shareholders at the Annual General Meeting held on May 6, 2022, under item 10 of the agenda.
The main transactions involving treasury shares carried out by the Repsol Group were as follows:
Treasury shares and own equity investments € million (amount) No. of shares Amount % capital Balance at 12/31/2025 274,966 3 0.02 % Market purchases (1) 15,328,260 326 1.39 % Market sales (1) (1,052,015) (17) 0.10 % Balance at 06/30/2026 14,551,211 312 1.32 % (1) “Market purchases ” includes purchases made under the Buyback Programs of treasury shares for redemption (a total of 13 million shares). “ Market purchases ” and “ Market sales ” include the shares acquired and delivered within the framework of the Share Acquisition Plan and the Share Purchase Plans for the beneficiaries of the multi-year variable remuneration programs ( 1,052,015 shares were delivered in accordance with that established each of the plans, see Note 11), as well as other transactions within the framework of discretionary treasury share transactions described in the Repsol Group’s Internal Code of Conduct in the securities market.
In addition, there are derivatives on treasury shares that are described in Note 6.5. Derivatives and hedging transactions.
Shareholder remuneration
In January 2026 , a total of €0.5 gross per share was paid to shareholders with a charge to voluntary reserves (approved by the shareholders at the 2025 Annual General Meeting). The total amount paid was €552 million4.
In July 2026 , a cash dividend of €0.551 gross per share (approved by the shareholders at the 2026 Annual General Meeting) was paid out with a charge to profit for 2025, for a total of €601 million, which was recognized on June 30 under “ Trade and other payables ” on the balance sheet.
Furthermore, in July the share buyback program ended and the capital reduction approved by the shareholders at the 2026 Annual General Meeting, under item seven on the agenda, was carried out through the redemption of c.16 million treasury shares, with a par value of one euro each, acquired for an amount of €350 million.
In addition, at the 2026 Annual General Meeting held on May 14, the shareholders approved the distribution of another dividend of €0.53 gross per share charged to unrestricted reserves, which will be paid in January 2027 on the date to be specified by the Board of Directors. This dividend was recognized under “ Trade and other payables ”.
Lastly, the Board of Directors, at its meeting held on July 22, 2026, agreed to a capital reduction that is scheduled to be carried out before the end of October 2026 through the retirement of treasury shares acquired through a share buyback program with a maximum net investment of €500 million.
Non-controlling interests
Non-controlling interests
€ millionRepsol E&P
S.à.r.l. subgroupRepsol
Renovables, S.A.
subgroupPetronor, S.A.
and subsidiaries Others Total Balance at December 31, 2025 1,110 1,091 236 41 2,478 Dividends distributed (75) — — — (75) Income for the period 124 (97) 37 10 74 (Investments)/Divestments — 1 — — 1 Translation differences and other comprehensive income 30 72 — 1 103 Other changes (23) (1) — 12 (12) Balance at June 30, 2026 1,166 1,066 273 64 2,569 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 18 4 Remuneration paid to the outstanding shares of Repsol, S.A. conferring the right to receive the dividend.
6.3 Financial resources Financial liabilities € million
06/30/2026 12/31/2025
Non-current financial liabilities:
Non-current financial liabilities 10,799 11,410 Non-current trade derivatives (1) 250 226 Current financial liabilities:
Current financial liabilities 2,153 2,018 Current trade derivatives (2) 432 215 Total financial liabilities 13,634 13,869 (1) Recognized under “ Other non-current liabilities ” on the balance sheet.
(2) Recognized under “ Trade and other payables ” on the balance sheet.
The breakdown of the Group’s financial liabilities, by type of liability, is as follows:
Detail of financial liabilities June 30, 2026 and December 31, 2025 At fair value through profit or loss(3)At fair value through
other comprehensive
incomeAt amortized cost Total Fair value(4) € million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Bonds 490 210 — — 5,374 5,586 5,864 5,796 5,750 5,799 Loans (1) — — — — 1,086 1,065 1,086 1,065 1,156 1,154 Lease liabilities — — — — 2,239 2,340 2,239 2,340 — — Bank borrowings 398 399 — — 1,203 1,800 1,601 2,199 1,598 2,235 Derivatives 56 44 203 192 — — 259 236 259 236 Non-current 944 653 203 192 9,902 10,791 11,049 11,636 Bonds and ECP (2) — — — — 813 758 813 758 793 763 Loans — — — — 316 242 316 242 316 242 Lease liabilities — — — — 518 554 518 554 — — Bank borrowings 6 6 — — 342 278 348 284 348 284 Derivatives 318 236 268 153 — — 586 389 586 389 Other financial liabilities — — — — 4 6 4 6 4 — Current 324 242 268 153 1,993 1,838 2,585 2,233
TOTAL 1,268 895 471 345 11,895 12,629 13,634 13,869
(1) Includes the debt taken out with Neo Next + (credit facility) to meet the decommissioning commitments assumed in the North Sea, amounting to €1,144 million.
(2) The change is due to the increase in outstanding debt through Euro Commercial Paper (ECP).
(3) They are not liabilities issued for trading purposes. It includes derivatives arranged to mitigate financial risks and bank financing and bond issues that have been designated as hedged items in fair value hedging relationships (4) “Fair value of financial instruments ” in this Note sets out the classification of financial instruments according to their level in the fair value hierarchy.
Bonds and ECP (main drawdowns, maturities, and redemptions) There were no new issues, maturities or redemptions of debentures or marketable debt securities in the first half of 2026.
Under the Euro Commercial Paper (ECP) program, through which Repsol Europe Finance, S.à.r.l. (REF) has a maximum of €3,000 million, secured by Repsol, S.A., commercial paper was issued and redeemed throughout the period, with the outstanding balance at June 30, 2026 amounting to €236 million (€195 million at December 31, 2025).
At the date of authorization for issue of these interim consolidated Financial Statements, the Repsol Group was not in default of any type of obligation that could give rise to the early maturity of its financial commitments.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 19
The outstanding balance of the bonds and marketable securities at June 30 is as follows:
ISIN IssuerDate of
issue CurrencyNominal
amount
(millions)Average
rate % Maturity Listed (5) XS1148073205 (1)Repsol International Finance, B.V. Dec 14 Euro 500 2.250% Dec 26 LuxSE XS1352121724 (1)Repsol International Finance, B.V. Jan 16 Euro 100 5.375% Jan 31 LuxSE XS2035620710 (1)Repsol International Finance, B.V. Aug 19 Euro 750 0.250% Aug 27 LuxSE XS2156583259 (1)Repsol International Finance, B.V. Apr 20 Euro 750 2.625% Apr 30 LuxSE XS2361358299 (1) (2)Repsol Europe Finance, S.à.r.l. Jul 21 Euro 650 0.375% Jul 29 LuxSE XS2361358539 (1) (3)Repsol Europe Finance, S.à.r.l. Jul 21 Euro 600 0.875% Jul 33 LuxSE XS2894862080 (1)Repsol Europe Finance, S.à.r.l. Sep 24 Euro 850 3.625% Sep 34 LuxSE US76026AAA51 (4)Repsol E&P Capital Markets US LLC Sep 25 Dollar 500 4.805% Sep 28 _ US76026AAB35 (4)Repsol E&P Capital Markets US LLC Sep 25 Dollar 1000 5.204% Sep 30 _ US76026AAC18 (4)Repsol E&P Capital Markets US LLC Sep 25 Dollar 1000 5.976% Sep 35 _ Note: Does not include perpetual subordinated bonds, which qualify as equity instruments issued by RIF for a nominal amount of €750 million each in June 2020 and March 2021, or the subordinated bonds issued by REF for a nominal amount of €750 million each, in June and November 2025. For more information, see Note 11.4 to the consolidated Financial Statements for 2025.
(1) Issues made under the EMTN Program secured by Repsol, S.A. for a maximum of €13,000 million.
(2) Bond linked to a target of a 12% reduction in the Carbon Intensity Indicator (CII) by 2025. In 2024, Repsol decided to align the scope for calculating the CII to ensure greater uniformity of the financial information by business segments and non-financial information (see section 2.1 Climate Change of the Statement of Non-Financial Information and Sustainability Information in the Management Report for 2024 and 2025). Although the reduction target has been reached with the current calculation method, in June 2026 Repsol announced its decision to voluntarily activate the step-up mechanism, due to the fact that the previous calculation method would not have achieved the target. That is why the coupon of the bonds will be increased by 0.25% (payable in 2027, 2028 and 2029). See the report “Carbon Intensity Indicator and Carbon Intensity Indicator Percentage for SLBs issued under the 2021 EMTN Programme, for the year ended December 31, 2025” available at www.repsol.com .
(3) Bond linked to a target of a 25% reduction in the CII by 2030. If the Group fails to meet these targets, the coupon on the bonds will be increased by 0.375% (payable in 2032 and 2033). For information on the performance of the CII, see section 2.1 Climate Change of Appendix V of the Consolidated Statement of Non-financial Information and Sustainability Information in the 2025 consolidated Management Report and the CII verification report (available at www.repsol.com).
(4) Issues secured by Repsol E&P S.à r.l. (do not correspond to any open-ended or shelf program).
(5) LuxSE (Luxembourg Stock Exchange). Multilateral trading facilities or other trading centers or non-official OTC markets are not considered.
Fair value of financial liabilities The financial liabilities recognized at fair value in the interim Financial Statements at June 30, 2026 and December 31, 2025 are classified as follows:
Fair value of financial liabilities June 30, 2026 and December 31, 2025 Level 1 Level 2 Level 3 Total € million 2026 2025 2026 2025 2026 2025 2026 2025 At fair value through profit or loss 15 68 1,253 823 — 4 1,268 895 At fair value through other comprehensive income 253 69 65 62 153 214 471 345 Total 268 137 1,318 885 153 218 1,739 1,240 The reconciliation of the opening and closing balances of those financial liabilities classified under level 3 is as follows:
€ million 06/30/2026 Opening balance 218 Income and expenses recognized in the income statement 6 Income and expenses recognized in equity (72) Translation differences 3 Reclassifications and other items (2) Closing balance 153 NOTE: None of the potential foreseeable scenarios for the unobservable inputs used would result in significant changes in the fair value of the instruments classified in level 3 of the fair value hierarchy.
No financial instruments were transferred between levels of the fair value hierarchy during the first half of the year. For more information on the calculation methodology and the levels of the fair value hierarchy, see Note 12.3 to the consolidated Financial Statements for 2025 .Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 20
6.4 Financial assets Financial assets € million
06/30/2026 12/31/2025
Non-current assets:
Non-current financial assets 1,296 1,000 Non-current trade derivatives (1) 98 98
Current assets:
Other current financial assets 5,017 4,718 Current trade derivatives (2) 173 126 Cash and cash equivalents 3,007 3,261 Total financial assets 9,591 9,203 (1) Recognized under “Other non-current assets” on the balance sheet.
(2) Recognized under “Trade and other receivables” on the balance sheet.
The change in non-current financial assets relates mainly to the arrangement of bank deposits maturing in more than 12 months and the increase in loans granted to entities accounted for using the equity method. In addition, the change in “ Other current financial assets ” includes the cancellation and arrangement of deposits with financial institutions.
The breakdown of the Group’s financial assets, classified by type of asset, is as follows:
Detail of financial assets June 30, 2026 and December 31, 2025 At fair value through profit or loss At fair value
through other
comprehensive
incomeAt amortized
cost(4) Total Fair value € million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Equity instruments (1) 20 19 15 19 — — 35 38 35 38 Derivatives 126 69 53 72 — — 179 141 179 141 Loans — — — — 874 774 874 774 880 846 Time deposits — — — — 16 23 16 23 17 22 Other financial assets 31 31 78 65 181 26 290 122 278 139 Non-current 177 119 146 156 1,071 823 1,394 1,098 Derivatives 406 147 58 81 — — 464 228 464 228 Loans — — — — 233 223 233 223 233 233 Time deposits — — — — 2,567 2,893 2,567 2,893 2,568 2,893 Cash and cash equivalents (2) 5 5 — — 3,002 3,256 3,007 3,261 3,007 3,261 Other financial assets 1,889 1,474 — 10 37 16 1,926 1,500 1,927 1,500 Current 2,300 1,626 58 91 5,839 6,388 8,197 8,105
TOTAL (3) 2,477 1,745 204 247 6,910 7,211 9,591 9,203
(1) Includes non-controlling financial investments in certain companies over which it does not have management influence.
(2) Corresponds mainly to liquid financial assets, deposits or liquid financial investments needed to meet payment obligations in the short term that can be converted into a known amount of cash within a period usually shorter than three months and that are subject to an insignificant risk of changes in value.
(3) Does not include “ Other non-current assets ” and “ Trade and other receivables ” in the consolidated balance sheet, which at June 30, 2026 and December 31, 2025 amounted to €1,281 million and € 1,296 million for non-current assets, and € 7,729 million and € 6,431 million for current assets, respectively, in relation to trade receivables net of their corresponding impairment.
(4) Items that do not bear explicit interest are recognized at their nominal value whenever the effect of not discounting the related cash flows is not significant.
Loans
At June 30, 2026, the total balance of the credit facility signed between Petroquiriquire, S.A., Repsol and Petróleos de Venezuela, S.A. (PDVSA) amounted to €414 million (gross balance of €1,036 million, including interest, and a provision of €622 million), and at December 31, 2025 it amounted to €369 million (see Note 13.1 to the consolidated Financial Statements for 2025 ).Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 21
Fair value of financial assets The financial assets recognized at fair value in the interim Financial Statements at June 30, 2026 and December 31, 2025 are classified as follows:
Fair value of financial assets June 30, 2026 and December 31, 2025 Level 1 Level 2 Level 3 Total € million 2026 2025 2026 2025 2026 2025 2026 2025 At fair value through profit or loss 1,945 1,505 477 185 55 55 2,477 1,745 At fair value through other comprehensive income 137 190 14 20 53 37 204 247 Total 2,082 1,695 491 205 108 92 2,681 1,992 The reconciliation of the opening and closing balances of those financial assets classified under level 3 is as follows:
€ million 06/30/2026 Opening balance 92 Income and expenses recognized in the income statement — Income and expenses recognized in equity 23 Reclassifications and other items (7) Closing balance 108 NOTE: None of the potential foreseeable scenarios for the unobservable inputs used would result in significant changes in the fair value of the instruments classified in level 3 of the fair value hierarchy.
No financial instruments were transferred between levels of the fair value hierarchy during the first half of the year. For more information on the calculation methodology and the levels of the fair value hierarchy, see Note 12.3 to the consolidated Financial Statements for 2025 .
6.5 Derivatives and hedging transactions
Accounting hedges
Fair value hedge of debt instruments. In the first half of 2026, Repsol arranged interest rate swaps to hedge the impact of the changes in interest rates on the value of different debt issues:
(i) two swaps for a notional amount of $100 million each, maturing in 2035 and for which Repsol receives interest at fixed rates of 4% and 4.107%, respectively, and pays interest at a variable rate (SOFR 6M). These derivatives partially hedge two tranches of the US dollar bond issue by Repsol E&P Capital Markets US LLC; and (ii) one swap for a notional amount of €100 million, maturing in 2034 and for which the group receives interest at a fixed rate of 3.014% and pays interest at a variable rate (EURIBOR 6M). This derivative is arranged on a bond issue made by Repsol Europe Finance S.à.r.l.
Electricity price hedges. In relation to electricity price hedges in Spain and the US, arranged mainly through power purchase agreements (long-term financial power purchase agreements (PPAs))5, their net notional amount totaled 58 million MWh sold, equivalent to €-1,579 million (€1,604 million in December 2025) and their fair value was €-115 million (€-194 million in December 2025). The difference is mainly due to changes in prices and the settlement of derivatives.
Gas price hedges. With regard to gas price hedges to cover cash flows for the purchase and sale of gas through swaps, futures and options tied to international indexes in the US and Europe (HH and TTF), their notional amounts total 217 TBtu sold, equivalent to €-1,032 million (335 TBtu sold, equivalent to €-1,469 million at December 2025) and their fair value totals €-206 million (€-2 million at December 31, 2025). The difference is mainly due to changes in prices and the settlement of derivatives.
Derivatives on treasury shares At December 31, 2025, Repsol had purchased call options and sold put options on treasury shares for a notional amount of 19.6 million shares for each type of option. The exercise price was €17.36 per share and €7.93 per share, respectively. In the first half of 2026, Repsol cancelled call options and put options for a notional amount of 11.9 million shares and 19.6 million shares, respectively. These transactions generated proceeds of €28 million. Following the above transactions, at June 30, 2026, the Company held call options purchased for a notional amount of 7.7 million shares and an exercise price of €17.13 per share.
In addition, in March 2026 the Company sold call options for a notional amount of 5 million shares, with an exercise price of €22.5 per share. The premium collected amounted to €3.5 million.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 22 5 These agreements expire between 2026 and 2047 at a fixed price and are settled by differences between this price and the reference price in the electricity sales market. Prices range from €18 to €60/MWh, depending on the term, technology, date of execution and geographical area.
All derivatives described above are settled by physical delivery of the shares or cash settlement at Repsol’s discretion and, therefore, are measured at fair value through profit or loss. The impact amounted to €52 million in 2026 and was included under “ Change in fair value of financial instruments ”. In the first half of 2025, derivative transactions involving options and equity swaps on treasury shares resulted in a gain of €17 million.
6.6 Financial risks As described in Note 15 of the consolidated Financial Statements for 2025 , the Group’s activities are exposed to several types of financial risk: market risk, liquidity risk and credit risk. The information at June 30 is updated as follows:
Market risk
Exchange rate risk The Group’s net income and equity are exposed to fluctuations in the exchange rates of the currencies in which it transacts, with the US dollar generating the greatest level of exposure.
The breakdown of the euro-US dollar exchange rate is as follows:
€/$ Exchange rate June 30, 2026 June 30, 2025 December 31, 2025
Closing rateCumulative
average rate Closing rateCumulative average rate Closing rateCumulative
average rate
US dollar 1.14 1.17 1.17 1.09 1.18 1.13 In the currency markets, the fluctuations in the €/$ exchange rate have reflected the main changes in the global macroeconomic environment. After several years of dollar strength, the US currency has gradually depreciated since the beginning of 2025. The increase in geopolitical uncertainty and the greater relative strength of the US economy favored a partial recovery of the dollar, which finally appreciated to around 1.14, also supported by the prospects of a return to greater orthodoxy in the FED’s monetary policy. For more information, see section 3.1 of the 2026 interim consolidated Management Report.
The sensitivity of income and equity before tax as a result of the effect on the financial assets and liabilities held by the Group at June 30, due to the appreciation or depreciation of the dollar against the euro, is detailed below:
Exchange rate sensitivity Exchange rate appreciation (+) / depreciation (-)€ million
06/30/2026 12/31/2025
Effect on income +10% 5 7 (10)% (6) (8) Effect on equity+10% (77) (75) (10)% 63 61 Interest rate risk The Group’s income and equity are exposed to fluctuations in interest rates in the markets in which it operates. At the beginning of 2026, the international consensus expected the Federal Reserve (Fed) to continue the cycle of cuts that began in the second half of 2025. However, the combination of rising energy prices and a stronger labor market has led the Fed to maintain its position, with the market now anticipating higher interest rates for a longer period. Meanwhile, the European Central Bank (ECB) raised the official deposit rate by 25 basis points to 2.25% at its June meeting. For more information, see section 3.1 of the 2026 interim consolidated Management Report.
The sensitivity of income and equity before tax, as a result of the effect of fluctuations in interest rates on the financial assets and liabilities held by the Group at June 30, is shown in the following table:
Interest rate sensitivity Increase (+) / decrease (-) in the interest rate (basis
points)€ million
06/30/2026 12/31/2025
Effect on income50 bp 0.20 12.00 -50 bp (0.30) (11.90) Effect on equity 50 bp 32.40 (7.70) -50 bp (36.60) 7.80 Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 23
Commodity price risk At June 30, 2026 , a 10% increase or decrease in commodity prices (mainly crude oil, products derived from oil refining, petrochemical products, natural gas and electricity) would have resulted in the following changes in income and equity before taxes as a result of changes in value of the financial derivatives:
Commodities sensitivity
Increase (+) / decrease (-) in commodity prices€ million
06/30/2026 12/31/2025
Effect on income+10% 79 50 (10)% (79) (50) Effect on equity +10% (444) (481) (10)% 454 481 The sensitivity of the derivatives to increases in commodity prices partially offsets the adverse exposure of Repsol’s physical operations—in inventories—inherent to its activity.
Liquidity risk6
At June 30, 2026 , the cash and cash equivalents and the undrawn credit facilities are sufficient to cover short-term debt maturities by 5.43 times (5.37 times at December 31, 2025 ).
There were also undrawn credit facilities amounting to € 2658 million (€ 2,650 million at December 31, 2025 ). At the end of the period, liquidity stood at € 10117 million (€ 10,271 million at December 31, 2025 ), including undrawn committed credit facilities.
In an international environment affected by geopolitical tensions and high volatility, and within the framework of the Group’s financial policy, Repsol has ensured the availability of funds to meet its obligations assumed and see its business plans through to completion, guaranteeing at all times the optimum level of funds and seeking absolute efficiency in the management of these funds.
Credit risk
The Company updates its credit risk management model using economic forecasts for the main countries where it operates, without this having a significant impact on the Group’s financial statements as a result of the change in the payment behavior of its debtors.
In relation to credit risk from financial instruments relating to operations in Venezuela, see Note 27 to the consolidated Financial Statements for 2025 , which is updated in Note 9.3 of these Financial Statements.
The Group does not have a significant concentration of credit risk from trade receivables (current receivables recognized under “Trade and other receivables” on the balance sheet), since this exposure is spread out over a large number of customers and other counterparties. The maximum net exposure to a third party after its trade receivables have become impaired, including official bodies and public sector entities, does not exceed 3.35%. In relation to Venezuela, it should be noted that PDVSA’s debts with joint ventures and investees of Repsol are not reflected in this heading, but rather are accounted for using the equity method (Petroquiriquire, S.A. and Cardón IV, S.A., see Note 7.3), as well as PDVSA’s debts with Repsol E&P Latam, which are recognized under “ Other non-current assets ”.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 24 6 For information on the definitions of the liquidity and solvency ratios and their reconciliations to the Alternative Performance Measures, see Appendix III of the interim consolidated Management Report. For information on the credit rating, see Section 3.4 of the interim consolidated Management Report and www.repsol.com .
(7) Other assets and liabilities 7.1 Intangible assets The breakdown between business segments of intangible assets is as follows:
Gross costAccumulated amortization and
impairmentNet cost
€ million 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Upstream 1,632 1,532 (1,284) (1,242) 348 290 Industrial 677 628 (395) (360) 282 268 Customer 1,666 1,620 (953) (862) 713 758
LCG 1,437 1,516 (153) (73) 1,284 1,443
Corporate and other 393 501 (251) (340) 142 161
TOTAL 5,805 5,797 (3,036) (2,877) 2,769 2,920
The balance corresponding to goodwill amounts to € 467 million (€509 million at December 2025), including an impairment loss of €47 million in the liquefied petroleum gas business in Portugal during the period (see Note 5.1).
The main changes with respect to December 2025 relate to the recognition of exploration licenses (mainly in the US), the reclassification of Low Carbon Generation assets to “ Non-current assets held for sale ” (see Note 7.4) and the amortization charge for the period, as well as the impairment losses on intangible assets related to the Antofagasta wind project (Chile) in Low Carbon Generation (see Note 5.1).
7.2 Property, plant and equipment The breakdown between business segments of property, plant and equipment is as follows:
Gross costAccumulated depreciation and
impairmentNet cost
€ million 06/30/2026 12/31/2025 06/30/2026 12/31/2025 06/30/2026 12/31/2025 Upstream 25,813 24,493 (15,738) (14,828) 10,075 9,665 Industrial 25,891 25,546 (17,376) (16,453) 8,515 9,093 Customer 6,268 6,203 (4,151) (4,073) 2,117 2,130
LCG 4,190 4,657 (583) (338) 3,607 4,319
Corporate and other 862 866 (421) (421) 441 445
TOTAL 63,024 61,765 (38,269) (36,113) 24,755 25,652
The changes are mainly explained by the investments in the period, which relate to:
•Upstream (€ 517 million), mainly in the US (in productive assets and/or assets under development in Alaska, Eagle Ford, Marcellus, and the Gulf of Mexico);
•Industrial (€ 501 million), mainly in the Refining and Chemicals businesses for maintenance on and improvements to the activities of the industrial complexes, and Renewable Fuels and Circular Economy.
•LCG (€ 294 million), for investments in wind and solar assets under development in the US (Connectgen and Pinnington projects) and Spain.
The changes in depreciation and accumulated impairment is explained by the depreciation charge for the period, and by the impairment losses recognized in the Industrial segment (Iberia chemical business) and Low Carbon Generation segment (Antofagasta wind project in Chile) (see Note 5.1).
Additionally, the assets corresponding to the agreement for the sale of 49.99% of a portfolio of renewable projects in Spain to Masdar (Abu Dhabi Future Energy Company), amounting to €786 million, were reclassified during the period to “ Non-current assets held for sale ” (see Note 7.4).
Investment commitments
During the first half of the year, investment commitments were signed for non-current assets for the construction of the Pecan Prairie solar project in the US for a total of €274 million to be paid out between 2026 and 2027.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 25
7.3 Investments accounted for using the equity method Repsol accounts for investments in joint ventures and associates in which it has an interest using the equity method. Note 18 to the consolidated Financial Statements for 2025 describes the Group’s most significant investments. The balance at June 30 is broken down as follows:
Detail of investments accounted for using the equity method € million Carrying amount of the investment
06/30/2026 12/31/2025
Joint ventures 3,630 3,284 Associates (1) 485 437
TOTAL 4,115 3,721
Upstream 2,602 2,430 Industrial 513 586 Customer 326 316
LCG 596 310
Corporate and other 78 79 (1) Mainly includes the investments in Bunge Ibérica, S.A.U.
The changes in this heading during the period were as follows:
Investments accounted for using the equity method € million
2026 2025
Balance at beginning of year 3,721 3,186 Net investments 39 48 Changes in the scope of consolidation (1) 126 283 Income investments accounted for using the equity method (2) 174 26 Dividends paid (3) (551) (60) Translation differences 92 (237) Reclassifications and other changes (4) 514 (162) Balance at June 30 4,115 3,084 (1) In 2025, it mainly included the acquisition of Bunge Ibérica, S.A. and Unioil Lubricants.
(2) The increase in revenue in 2026 is mainly due to the Upstream businesses, the income of which was affected by higher crude oil prices during the period. This heading does not include “ Other comprehensive income ” amounting to € 187 million at June 30, 2026 (€184 million relating to joint ventures and € 3 million relating to associates) and € -238 million at June 30, 2025 (€-228 million relating to joint ventures and € -11 million relating to associates).
(3) In 2026, they relate mainly to Neo Next + and Cardón IV. In 2025, they relate mainly to Repsol Sinopec Brasil, YPFB Andina and Sierracol (E&P).
(4) Includes mainly the restatement of provisions as a result of the negative equity of the investments in Venezuela. In 2025, it also included the impairment of the entire investment in Hecate Energy Group, LLC following the agreement reached with Hecate Holding LLC to settle the dispute related to this investment (see Note 9.1).
In 2026, “ Changes in the scope of consolidation ” includes the acquisition by Stonepeak Encinal Holdings, LLC of the 43.8% interest in a portfolio of 629 MW of operating solar assets (Outpost) in Texas for $253 million (€207 million, net of costs, received in June 2026). The transaction led to the loss of control and the formation of a joint venture between Repsol and Stonepeak, which did not have a significant impact on the Group’s financial statements.
In 2026, “ Reclassifications and other changes ” includes the closing (in March) of the transaction agreed in December 2025 between Neo Next Energy Limited and TotalEnergies to merge their offshore oil and gas businesses in the United Kingdom. The result of the transaction is Neo Next+, a company held by HitecVision (28.875%), TotalEnergies (47.5%), and Repsol (23.625%).
This transaction did not have any significant impact on the Group’s financial statements. At December 31, the investment in Neo Next was partially classified as held for sale, in proportion to the reduction in the ownership interest that Repsol will assume in the merger process with TotalEnergies.
At June 30, 2026, the transaction with NEO Energy Group Limited (NEO UK) through which the entire interest in Repsol Resources UK Limited (RRUK) was transferred to Neo Next was finalized for accounting purposes, once the twelve-month period from the acquisition elapsed, without any significant changes in the consideration transferred or the allocation made by Repsol (which in turn was compared with that of an independent valuer without significant differences between the two). For more information, see Note 18 to the 2025 consolidated Financial Statements.
7.4 Other
Non-current assets and liabilities held for sale During the first half of 2026 , the following transactions were completed: (i) the acquisition by Stonepeak of a portfolio of solar operating assets in Texas (see Note 7.3); and (ii) the merger of the UK Joint Venture Neo Next with the businesses of TotalEnergies in the North Sea through the creation of Neo Next+ (see Note 7.3). Divested assets and liabilities were classified as "non-current assets and liabilities held for sale" at December 31, 2025 .Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 26
In 2026, it includes the assets and liabilities corresponding to the agreement for the sale of 49.99% of a portfolio of renewable projects in Spain to Masdar (Abu Dhabi Future Energy Company), for an approximate price of €150 million. The portfolio comprises 705 megawatts (MW) of operating capacity, including 13 wind farms (402 MW) and six solar photovoltaic plants (303 MW), all of which entered into operation in 2025 and the first quarter of 2026. The transaction is expected to be completed by the end of 2026. This agreement is subject to the fulfillment of certain conditions precedent that are customary in this type of transaction.
The main line items of the consolidated balance sheet of assets classified as held for sale and related liabilities at June 30, 2026 are as follows:
€ million 06/30/2026 Non-current assets (1) 865 Current assets 10
Assets 875
Non-current liabilities (2) 570 Current liabilities (2) 39
Liabilities 609
NET ASSETS 266
(1) Includes mainly property, plant and equipment and intangible assets (2) Includes mainly financial liabilities.
Current assets and other assets The higher balance under “ Inventories ”, mainly corresponding to the Industrial segment, is explained by the higher prices (higher average Brent crude oil prices of €28.6/bbl, up 53%) and higher volumes.
“Trade and other receivables ” most notably includes the increases due to higher prices and sales in the Industrial and Customer segments as a result of greater activity.
“Trade and other payables ” includes the cash dividends accrued of €0.551 and €0.530 gross per share payable in July and January 2027 for a total of of €1,195 million and the payment of €0.5 per share in January 2026 (see Note 6.2). In addition, the change in this heading is explained by the higher prices and purchase volumes in the Industrial segment due to greater activity.
“Other current assets ” most notably includes the expenditure to be deferred in 2026 associated with the National Energy Efficiency Fund (FNEE).Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 27
(8) Cash flows
€ million
30/06/2026 30/06/2025
Cash flows from operating activities 2,977 2,586 Income before tax 3,886 1,106 Adjustments to income 2,249 1,286 Changes in working capital (2,734) 339 Other cash flows from operating activities (424) (145) Cash flows from investing activities(1) (1,829) (1,977) Payments for investments (4,913) (4,077) Proceeds from investments 3,007 2,018 Other cash flows from investing activities 77 82 Cash flows from financing activities (1,429) (1,725) Proceeds from and (payments for) equity instruments (309) (112) Transactions with non-controlling interests (73) 28 Proceeds from and (payments for) financial liability instruments (4) (441) Payments for shareholder return and other equity instruments (612) (597) Other cash flows from financing activities (431) (603) Effect of foreign exchange rate fluctuations 27 (133) Net increase/(decrease) of cash and cash equivalents (254) (1,249) Cash and cash equivalents at beginning of period 3,261 4,758 Cash and cash equivalents at end of period 3,007 3,509 (1) In 2025, the Company changed the criteria for allocating certain payments for and proceeds from investments by subheading. In particular, “ Other financial assets ” are limited solely to proceeds and payments associated with financial investments made and canceled with third parties outside the Group, with all other cash flows being reallocated to other subheadings. Furthermore, cash flows from granting or repaying loans granted to entities accounted for using the equity method are now included under “ Group companies and associates and loans to investees ” and the cash flows associated with other non-current assets are now included under “ Property, plant and equipment, intangible assets and others ”. The comparative information has been restated to reflect this change, thus reducing the balance of the subheadings “ Payments for investments in other financial assets ” by €208 million and “ Proceeds from divestments in other financial assets ” by €46 million. The total amounts of payments for and proceeds from investments remain unchanged.
In the first half of 2026 , cash flows from operating activities amounted to € 2,977 million, compared to € 2,586 million in the first half of 2025 . In the first half of 2026 , the higher earnings were partially offset by an increase of € -2,734 million in working capital (“ Changes in current capital ”) resulting from increased inventories in the industrial businesses, driven by higher crude oil and product prices and higher inventory levels.
Cash flows from investing activities reflects a net outflow of € -1,829 million in the period. Payments for investments in property, plant, and equipment and intangible assets (€ -1,813 million) decreased compared to the comparative period owing to less activity. In Upstream, investments in the US stand out (drilling and completion of wells and facilities in Alaska, Gulf of America, Eagle Ford and Marcellus); in Industrial, improvements in production facilities (maintenance and technological updating of refineries and petrochemical plants); in LCG, the development of renewable projects (the US and Spain). Payments for investments in “ Group companies and associates ” (€-107 million) mainly reflect the second payment for the purchase of 40% of Bunge Ibérica (€-68 million). Net payments under “ Other financial assets ” (€-231 million) are due to the cancellation of deposits during the period.
Proceeds from divestments in “ Group companies and associates ” and in “ Property, plant and equipment, intangible assets, and investment property ” mainly include the acquisition by Stonepeak Encinal Holdings, LLC of the 43.8% interest of Outpost in the LCG segment for €207 million (see Note 7.3).
For more information, see sections 3 and 4 of the interim consolidated Management Report for 2026 .
In this first half of the year, cash flows from financing activities resulted in a net cash outflow of € -1,429 million compared to the net outflow of € -1,725 million in 2025 . This includes the net issue of commercial paper (see Note 6.3), the investments in treasury shares (share buyback programs and capital reductions) and the debt service and dividend payments (see Note 6.2 Equity).
In summary, “ Cash and cash equivalents ” decreased by € -254 million compared to December 31, 2025 , and reached € 3,007 million at the end of the period, which forms part of the Group’s liquidity (see Note 6.6 Financial risks).Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 28
OTHER INFORMATION
(9) Risks
9.1 Disputes
The information provided in this section updates the following disputes set out in Note 20.2 to the consolidated Financial Statements for 2025 :
Peru - spill at the facilities of the Pampilla Refinery In relation to the criminal proceedings against RELAPASAA, its officers and others, on August 29, 2025, the competent criminal court approved: (i) the request for an opportunity agreement between the Environmental Prosecutor’s Office and the defendants, including officers, former officers and representatives of RELAPASAA; and (ii) the out-of-court settlement signed between the Special Procurator’s Office for Environmental Crimes of the Ministry of the Environment and the defendants. As part of these agreements and without recognizing criminal liability, RELAPASAA has assumed, among other commitments, civil reparations for environmental damage (approximately $182 million) and other obligations (approximately $13 million), for which provisions have been recognized as at June 30, 2026 (see Note 9.4). Under Peruvian law, this judicial approval implies the early and definitive conclusion of the criminal proceedings. However, this decision was questioned by the Public Prosecutor's Office. The Criminal Court of Appeals rejected the appeal brought by the Environmental Prosecutor’s Office on November 27, 2025, and on January 23, 2026 the Upper Criminal Chamber declared the appeal filed by the Public Prosecutor’s Office to be inadmissible. On February 2, 2026, the Senior Prosecutor's Office filed a motion requesting that the Chamber review its decision. This request was dismissed by the Criminal Appeals Chamber on March 20, 2026. Accordingly, the Criminal Court must order the case to be definitely dismissed.
For more information on the oil spill at the facilities of the Pampilla Refinery in Peru, which occurred on January 15, 2022 as a result of an uncontrolled movement of the Mare Doricum tanker during crude oil unloading, see Note 9.4.
Spain
Complaints and lawsuits regarding antitrust matters – In relation to the disciplinary proceedings of the National Commission for Markets and Competition (CNMC) against Repsol for alleged anti-competitive practices constituting an abuse of its dominant position in the wholesale fuel distribution market in the professional transport segment, by squeezing margins between March and December 2022:
In February 2026, the CNMC Board notified Repsol of a decision handed down on January 28, 2026 imposing a sanction of €20.5 million on Repsol for committing a single and continuous infringement of Article 2 of the Spanish Competition Law and Article 102 of the Treaty on the Functioning of the European Union (TFEU) from April to December 2022. In addition, Repsol Soluciones Energéticas, S.A., Campsa Estaciones de Servicio, S.A. and Solred, S.A. are prohibited from participating in tenders with the entire public sector for the supply of diesel A automotive fuels for a period of six months.
Repsol expressed its rejection of the decision in its entirety as it considers that it is based on a partial and decontextualized account, with errors of method and law, which ignores the exceptional context of 2022, marked by the crisis following the invasion of Ukraine by Russia, and therefore announced that it would appeal the decision in judicial review proceedings.
Accordingly, on April 1, 2026, the corresponding appeal for judicial review was filed with the National Court against the decision of the CNMC Board of February 28, 2026, also requesting precautionary measures to stay the payment of the fine and the prohibition from participating in tenders imposed on Repsol Soluciones Energéticas, Campsa, and Solred. The appeal has been granted leave to proceed by the National Court. The deadline for filing the lawsuit is currently suspended since Repsol has requested that the administrative record submitted by the CNMC to the court be expanded and supplemented. The precautionary measures have yet to be implemented following the State Attorney's letter of opposition.
– The lawsuit filed in 2025 by Afectados por las Petroleras Dos, S.à.r.l. (APP2), in its capacity as assignee of the rights of 46 gas station owners, has been duly answered, with the preliminary hearing yet to be held and the subsequent trial date yet to be set.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 29
9.2 Tax disputes The information contained in Note 8.4 to the consolidated Financial Statements for 2025 is updated below, with the following
new developments:
Brazil
In relation to the appeal filed against the tax assessment arising from the 2020 tax audit, relating to the transfer pricing adjustment applied to contracts for drilling and extraction platforms with Repsol Sinopec Brasil, S.A., a favorable administrative ruling has been received from the tribunal of first instance, which has been challenged by the tax authorities.
Spain
In relation to the lawsuits arising from the audits of the Temporary Energy Levy for 2023 and 2024, the tax assessment concerning the Temporary Energy Levy for 2023 was upheld through administrative proceedings and an appeal has been filed before the National Court.
9.3 Geopolitical risks The information in this section updates the content of Note 27 to the consolidated Financial Statements for 2025 .
Uncertainty in the global geopolitical context As of the date of publication of these interim Financial Statements, there is a high degree of uncertainty regarding developments in the geopolitical context.
– Geopolitical and energy context. The first half of 2026 has been marked by exceptional volatility in international energy markets as a result of a succession of geopolitical events that have significantly altered both the supply outlook and global demand expectations. The trend in the price of oil has reflected an environment characterized by high risk premiums, supply disruptions, changes in market governance and growing uncertainty regarding the stability of the global energy system. The crisis in the region that began at the end of February 2026 substantially increased the risk to energy flows from the Persian Gulf. Restrictions on transit through the Strait of Hormuz —through which about one-fifth of the world’s maritime oil trade is transported under normal conditions— and attacks on energy infrastructure, petrochemical facilities and strategic assets increased fears of prolonged supply disruptions. The extension of the conflict to other regional actors, including attacks by Iranian-allied groups in different parts of the Middle East and threats to critical transport and production infrastructure, reinforced the perception of vulnerability of the international energy system. As a result, the market included a high geopolitical premium, causing sharp swings in crude oil and product prices and a significant increase in implied volatility in the financial energy markets. However, as the second quarter progressed, various temporary ceasefire agreements began to be reached and diplomatic de-
escalation mechanisms were achieved, which partially reduced the perception of immediate risk. These agreements allowed for more moderate market prices compared to the peaks recorded during episodes of greater tension. In mid-
June, some terms of an agreement between the US and Iran were announced, supported by both sides, the detail of which still leaves doubts regarding implementation. The initial market reaction has been a reduction in the risk premium, but the degree of uncertainty is still high. Beyond its direct impact on energy markets, the conflict is generating second-round effects on transport costs, fertilizers, logistics chains and inflation expectations. Against this backdrop, the duration of geopolitical tensions, the evolution of hydrocarbon exports from the region, and the stability of the main maritime routes continue to be determining factors for global economic activity and for the behavior of commodity markets. In addition to this scenario, the conflict between Russia and Ukraine is ongoing, which in 2026 shifted part of its focus to Ukrainian attacks on the Russian refining system and other strategic energy infrastructure. These actions have increased uncertainty regarding the availability of petroleum products, especially in Europe, reinforcing market volatility and the risk of further disruptions in fuel supply chains.
– Inflation and monetary policy. The impact of the conflict in the Middle East on energy prices, and the measures taken by governments in response to the situation, is affecting the evolution of inflation. The conflict in the Middle East has therefore interrupted the monetary easing process planned at the beginning of the year and has forced many central banks to adopt a more cautious stance, especially in the case of the ECB, which already raised the official deposit rate by 25 bp at its meeting on June 11. Against this backdrop, there is a risk that interest rates will remain higher for longer than anticipated, especially if higher energy costs end up being passed on to wages, inflation expectations or final prices. This could maintain relatively tight financial conditions, increase financing costs and increase volatility in the fixed income and currency markets.
– Risks to financial stability. Financial markets continue to be highly sensitive to both the evolution of the conflict in the Middle East and the investment cycle associated with artificial intelligence. While corporate earnings growth continues to support valuations in certain technology segments, an eventual economic slowdown, earnings deterioration, or a prolonged increase in interest rates could lead to episodes of correction and widening of credit spreads.
These events have generated substantial volatility in the global financial and energy markets that have affected the Company’s business activities and results, the explanation and details of which can be found in section 3.1 “ Results ” of the 2026 interim Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 30
consolidated Management Report. It is difficult to predict to what extent and for how long this volatility will affect future outcomes, or whether there will be a recessionary phase of the global economic cycle.
Venezuela
Repsol’s total equity exposure7 in Venezuela at June 30, 2026 amounted to €361 million (€276 million at December 31, 2025), which mainly includes the accounts receivable from PDVSA of Repsol E&P Latam, S.L.U., the financing granted to Petroquiriquire and the investment in Cardón IV, S.A. and in Petroquiriquire, S.A., as detailed below:
Equity exposure 06/30/2026 12/31/2025 € million NoteDebt/ Investment Impairment Balance Balance Other non-current assets (1) 2,734 (2,304) 430 416 Non-current financial assets (financing to Petroquiriquire, S.A.) 6.4 1,036 (622) 414 379 Investments accounted for using the equity method (2)7.3 (471) — (471) (384) Other (3) (5) (7) (12) (135)
TOTAL 3,294 (2,933) 361 276
NOTE: In addition, the Group has recognized cumulative translation differences of €-112 million.
(1) Mainly includes trade accounts receivable from PDVSA. It also includes accounts receivable for late payment interest of €464 million, for which provisions have been recognized for the full amount.
(2) Cardón IV, S.A. (50%), Petroquiriquire, S.A. (40%) and Petrocarabobo, S.A. (11%). These amounts include accounts receivable from PDVSA for a net amount of €351 million (€1,335 million of gross debt and €-984 million in provisions, including accounts receivable for late payment interest of €423 million, for which provisions have been recognized for the full amount).
(3) Includes accounts payable to investees; it also includes accounts receivable from PDVSA for a net amount of €4 million (€11 million of gross debt and €-7 million in provisions ).
In total, the accounts receivable (including late payment interest on commercial debt for which provisions have been recognized) correspond to trade receivables from PDVSA amounting to €4,080 million (provisions of €3,295 million) and financing granted amounting to €1,036 million (provisions of €622 million).
Repsol’s average net production in Venezuela in the first half of the year reached 71.4 thousand barrels of oil equivalent per day (70.5 thousands of barrels of oil equivalent per day during the same period of 2025 ).
In 2026 , the Venezuelan currency sharply depreciated against the euro (Bs/€ 710,102 compared to Bs/€ 354,493 at December 31, 2025 ). The devaluation of the bolivar has not had a significant impact on the Group’s financial statements, since the functional currency of most of its subsidiaries in the country is the US dollar8. GDP9 increased by 0.5% in 2026 and inflation remains very high at 544% as of June 30, 2026 (475%10 at December 31, 2025 ).
In January and February 2026, the OFAC issued a number of general licenses authorizing operations in Venezuela’s hydrocarbons sector, including those involving the Government of Venezuela, PDVSA, or any entity in which PDVSA owns, directly or indirectly, a 50% or greater interest.
As of the date of these consolidated Financial Statements, the following licenses have been issued: (i) “General License 46”, subsequently replaced by “General License 46A”, which authorizes the marketing of Venezuelan crude oil and petroleum products by “established U.S. entities”; (ii) “General License 47”, which authorizes the necessary transactions related to US-origin diluents in Venezuela; (iii) “General License 48”, which authorizes the provision from the United States of goods, technology, software or services for the exploration, production and maintenance of facilities; (iv) “General License 30B”, which authorizes the operation and use of ports and airports in Venezuela; (v) “General License 49”, which authorizes negotiating and entering into contingent contracts for new investments (including due diligence processes), contingent upon separate authorization from the OFAC; and (vi) “General License 50”, subsequently replaced by “General License 50A” and later by “General License 50B”, which authorizes activities in the oil and gas sector in Venezuela by the entities and subsidiaries listed in its annex, which expressly includes Repsol.
In March 2026, the “Agreement to Guarantee the Supply of Natural Gas and the Sustainability of the concession operator Cardón IV, S.A.” was signed between the Ministry of the People’s Power of Hydrocarbons , PDVSA Petróleo, S.A., PDVSA Gas, S.A., and Cardón IV, S.A. (50% owned by Repsol and Eni), with the aim of ensuring the continuity and stability of the supply of natural gas in Venezuela in 2026. This agreement has a term of 12 months (effective from January 1, 2026), with the possibility of being extended for an additional term.
In April, an agreement was signed with the Venezuelan Ministry of Hydrocarbons and PDVSA, with the aim of resuming control of operations in Petroquiriquire (60% PDVSA and 40% Repsol), increasing production (by 50% in 12 months and tripling it in three years), guaranteeing future payment mechanisms, and strengthening the operational framework of activities in the country, under the Framework Agreement signed in 2023. This Framework Agreement provides the mechanism to extend the term of the Petroquiriquire field concessions, and the Tomoporo and La Ceiba fields have been included.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 31 7 Equity exposure relates to the value on the Group’s balance sheet of consolidated net assets exposed to risks specific to the countries for which they are reported.
8 The functional currency of Quiriquire Gas is the bolivar (the net carrying amount of the investment is zero, so any effect derived from the conversion to euros is not significant).
9 Source: International Monetary Fund estimate.
10 Values according to the Central Bank of Venezuela (BCV) for 2026 and 2025.
In June, Repsol signed a memorandum of understanding with the Venezuelan Ministry of Hydrocarbons and PDVSA to analyze the possibility of developing a new area, known as Horcón, located southeast of Lake Maracaibo. The agreement also stated the intention to further analyze gas opportunities on the coast.
In June, a state of emergency was declared after two major earthquakes and numerous aftershocks hit the country, however, the infrastructure associated with Repsol’s assets did not suffer significant damage.
In July, the following were published in the Official Gazette: (i) Decree No. 5,381, which issues the Regulations of the Organic Hydrocarbons Law; and (ii) Resolution No. 024/2026 of the Ministry of the People’s Power of Hydrocarbons, which establishes the rules for determining, declaring and paying royalties and the integrated hydrocarbons tax. These instruments implement the regulatory and fiscal framework provided for in the reform of the Organic Hydrocarbons Law published in January, incorporating provisions on the economic and financial equilibrium of the projects and other regulatory aspects applicable to the industry. As of the date of authorization for issue of these Financial Statements, the Group is still assessing the impacts arising from the application of this rule.
One shipment was received during this half of the year, resulting in actual collections and a corresponding reduction in the credit risk associated with recent invoicing. However, regulatory restrictions and geopolitical uncertainty persist. Given that instability and uncertainty continue in the country, the risk scenarios projected at the end of 2025 remain unchanged. During the period and following the events described above, the Group has recognized provisions for impairment of PDVSA’s assets, financing instruments and accounts receivable (with an impact on income before tax of €1 million, see Notes 5.1 and 6.4)11, as well as the value of investments accounted for using the equity method (with an impact on income of €-132 million).
Against this backdrop, Repsol continues to closely monitor the country’s political and institutional developments, maintaining direct contact with the US and Venezuelan administrations, in an effort to align the scope of Repsol’s authorized activities in Venezuela with the objective of contributing to the country’s energy development, while adopting the necessary measures in full compliance with the applicable international sanctions regulations.
Bolivia
Repsol’s equity exposure in Bolivia as of June 30, 2026 amounted to €351 million (€368 million at December 31, 2025), mainly including the value of the productive assets—property, plant and equipment and the value of the investment using the equity method—at that date.
Repsol’s average net production in Bolivia in the first half of the year reached 28.7 thousand barrels of oil equivalent per day (29.5 thousand barrels of oil equivalent per day during the same period of 2025 ).
During the first half of 2026 , social pressure and protests (mainly by carriers, traders and the health sector) have continued due to the shortage of dollars, uncertainty in the supply of fuel, and inflation of food and other goods. Cumulative inflation from January to May 2026 is 2.62% compared to 9.95% for the same period in 2025.
Since the new government took office in November 2025, announcements and messages have generated expectations of measures aimed at fiscal stabilization, liquidity recovery and normalization of the exchange rate system. In this regard, the national government has issued several Supreme Decrees that, among other macroeconomic adjustment measures, have led to the partial reduction of the subsidy on liquid fuel prices in the domestic market (liquid fuels and compressed natural gas (CNG)), and the implementation of a flexible exchange rate system aimed at preserving the stability of the national currency, contributing to inflation control, the proper functioning of the financial system and the balance of the external sector. These decrees contributed to a reduction in country risk and a unification of the exchange rate, reflecting a relative improvement in economic expectations.
In June, the Ministry of Economy and Finance issued Ministerial Resolution 245 establishing a “flexible exchange rate system” under the responsibility of the Central Bank of Bolivia (BCB). Subsequently, the BCB issued Board Resolution 88/2026 approving the Foreign Exchange Operations Regulations, which was applicable immediately as of its publication.
Although political and economic instability has remained during the first half of the year, there has been a limited improvement in market conditions, mainly attributable to the partial removal of the subsidy for liquid hydrocarbons and compressed natural gas (CNG), which has contributed to reducing some distortions, without yet implying a complete structural adjustment. Against this backdrop, the Group’s operations have not been significantly affected.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 32 11 Recognized under “(Accrual)/Reversal of impairment” (credit risk, see Notes 5.1 and 6.6) and “Impairment of financial instruments” in the income statement.
9.4 Environmental risks On January 15, 2022, an oil spill occurred at the facilities of the La Pampilla Refinery Multibuoy Terminal No. 2 Pampilla, S.A.A.
(RELAPASAA) while unloading crude oil from the Mare Doricum tanker due to an uncontrolled movement of the tanker, causing the rupture of the pipeline in the submarine discharge area known as PLEM (PipeLine End Manifold).
The spilled oil reached areas of the coastal areas and affected some species on the Peruvian coast. The first response cleanup actions ended on April 13, 2022. The entire area continues to be monitored, both at sea and on land, and reports are sent to the corresponding authorities.
The most recent reports from the Environmental Assessment and Enforcement Agency (OEFA), dated February 2026, confirm that the water quality at the beaches affected by the spill meets national environmental standards.
The total expenses recognized to cover the damage caused by the incident, such as containment activities, cleanup, remediation, compensation to affected parties, and other related costs, amount to a total of $484 million ($458 million at December 31, 2025). At June 30, 2026, the unpaid costs amounted to $93 million. These payments may vary due to various circumstances affecting the progress made towards the planned activities, and developments in the administrative and judicial proceedings.
Corporate insurance policies, subject to their terms and conditions, cover civil liability for pollution on land and at sea, for some countries and activities, and certain administrative liabilities for pollution on land, all resulting from accidental, sudden and identifiable events, in line with customary industry practices and applicable legislation. As of June 30, 2026, RELAPASAA has received a total of $326 million ($326 million as of December 31, 2025) in compensation.
With respect to new developments regarding lawsuits and claims arising from these events, see Note 9.1 to these interim Financial Statements.
(10) Related party transactions Repsol carries out transactions with related parties on an arm’s length basis. The transactions performed by Repsol, S.A. with its Group companies, and those performed between the Group companies, form part of the Company’s normal business activities in terms of their purpose and conditions.
At June 30, 2026 , for the purpose of presenting this information, the following are considered to be related parties:
a.Directors and executives: includes members of the Board of Directors and members of the Executive Committee, who are considered “key management personnel” for the purpose of the following section (see Note 11).
b.People, companies or entities within the Group: includes the transactions with Group companies or entities that are not eliminated in the consolidation process, corresponding mainly to transactions performed with companies accounted for using the equity method (see Note 18 to the consolidated Financial Statements for 2025 and Note 7.3 to these interim Financial Statements).
Revenue, expenses and other transactions and balances with related parties at June 30 are as follows:
Revenue and expenses 06/30/2026 06/30/2025
Directors and
executives (1)People,
companies or
entities within
the GroupTotalDirectors and
executives (1)People,
companies or
entities within
the GroupTotal
€ million
Finance expenses — 37 37 — 5 5 Leases — 2 2 — — — Services received — 92 92 — 40 40 Purchase of goods (2) — 1,024 1,024 — 539 539 Other expenses — 7 7 — 6 6
TOTAL EXPENSES — 1,162 1,162 — 590 590
Finance income — 52 52 — 56 56 Services provided — 5 5 — 5 5 Sale of goods (3) — 415 415 — 224 224 Other revenue — 26 26 — 42 42
TOTAL REVENUE — 498 498 — 327 327
(1) Includes any transactions performed with executives and directors not included in the following section “ Remuneration of the members of the Board of Directors and key management personnel ”, which correspond to the outstanding balance at the date of the loans granted to members of senior management and the corresponding accrued interest, as well as dividends and other remuneration received as a result of holding shares of the Company.
(2) “People, companies or entities within the Group” primarily includes products purchased from Repsol Sinopec Brasil (RSB) and BPRY Caribbean Ventures, LLC. (BPRY) amounting to €417 million and €250 million in 2026 and €280 million and €126 million in 2025 , respectively.
(3) In 2026 and 2025 , “People, companies or entities within the Group ” includes mainly products sold to Iberian Lube Base Oil, S.A. (ILBOC) and the Dynasol Group for €228 million and €56 million in 2026 and €130 million and €52 million in 2025 .Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 33
Other transactions 06/30/2026 06/30/2025
Directors and
executives (1)People,
companies or
entities within
the GroupTotalDirectors and
executives (1)People,
companies or
entities within
the GroupTotal
€ million
Financing agreements: credit facilities and capital contributions (lender) (2) — 91 91 — 82 82 Financing agreements: loans and capital contributions (borrower) (3) — 117 117 — 30 30 Guarantees and sureties given (4) — 875 875 — 4 4 Guarantees and sureties received — 2 2 — — — Commitments assumed — — — — — — Dividends and other profits distributed (5) 1 1 1 — 1 Other transactions (6) — 112 112 — 20 20 Closing balances 06/30/2026 06/30/2025
Directors and
executives (1)People,
companies or
entities within
the GroupTotalDirectors and
executives (1)People,
companies or
entities within
the GroupTotal
€ million
Trade and other receivables — 257 257 — 226 226 Loans and credit facilities granted — 1,108 1,108 — 896 896 Other receivables — 3 3 — 4 4
TOTAL BALANCES RECEIVABLE — 1,368 1,368 — 1,126 1,126
Suppliers and trade payables — 255 255 — 249 249 Loans and credit facilities received (7) — 1,401 1,401 — 194 194 Other payment obligations — 1 1 — 1 1
TOTAL BALANCES PAYABLE — 1,657 1,657 — 444 444
(1) Includes any transactions performed with executives and directors not included in the following section “ Remuneration of the members of the Board of Directors and key management personnel ”, which correspond to the outstanding balance at the date of the loans granted to members of senior management and the corresponding accrued interest, as well as dividends and other remuneration received as a result of holding shares of the Company.
(2) Includes loans granted and new drawdowns on credit facilities in the period, as well as capital contributions to Group companies with companies accounted for using the equity method.
(3) In 2026, “People, companies or entities of the Group” includes mainly the debt arranged with BPRY Caribbean Ventures, LLC. (BPRY).
(4) In 2026, this includes mainly guarantees granted to Neo Next + Energy.
(5) In 2026 and 2025 , this includes the amounts corresponding to the cash dividend paid in January 2026 and 2025 .
(6) In 2026 and 2025 , “People, companies or entities within the Group” mainly included amortizations and/or cancellations of guarantees or loans granted and received.
(7) In 2026 , this mainly includes financial liabilities with Neo Next + Energy and Equion Energía, Ltd. amounting to €1,144 million and €164 million, respectively (€156 million with Equion Energía, Ltd. in 2025 ).
(11) Remuneration of the members of the Board of Directors and key management personnel12 The information in this section updates the content of Notes 29 and 30 to the consolidated Financial Statements for 2025 .
During the first half of 2026 , a total of 15 people sat on the Board of Directors and 10 people on the Executive Committee.
The table below details the remuneration accrued during the first half of the year by the people who, at some point during the six-month period and during the time they held such positions, were members of the Board of Directors, and by the people who, for the same period and with the same criterion, were members of the Executive Committee.
Directors Thousands of euros
06/30/2026 06/30/2025
Remuneration for membership of the Board and/or Board Committees 2,866 2,866 Wages 799 726 Variable remuneration in cash 1,115 868 Share-based remuneration systems 582 245 Long-term savings systems (1) 169 153 Other items (2) 203 171 Total remuneration received by the directors 5,734 5,029 Total remunerations received by executives (3) (4) 7,421 5,771 (1) Corresponds to the contributions to pension plans and savings plans for executives.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 34 12 For reporting purposes in this section, Repsol considers “key management personnel” to be the members of the Executive Committee. The term key management personnel neither substitutes nor comprises a benchmark for interpreting other senior management pay concepts applicable to the Company under prevailing legislation (e.g. Royal Decree 1382/1985), nor does it have the effect of creating, recognizing, amending or extinguishing any existing legal or contractual rights or obligations.
(2) Includes the accrued cost of the retirement, disability, and life insurance policies for Board members, including the corresponding prepayments amounting to €21 thousand in the first half of 2026 (€19 thousand in the first half of 2025 ).
(3) Includes contributions to pension plans, contributions to savings plans, and life and accident insurance premiums (the latter of which includes the corresponding prepayments) totaling €719 thousand (€650 thousand in 2025 ).
(4) Does not include executives who are also directors of Repsol, S.A., who are instead included in the remuneration paid to directors.
Share Purchase Plan for Beneficiaries of the Long-Term Incentive Plans and Share Acquisition and Purchase Plans for
employees
i) “Share Purchase Plan for Beneficiaries of the Long-Term Incentive Programs (LIP)” A total of 531 employees and executives, including the Chief Executive Officer and the other members of the Executive Committee, have availed themselves of the sixteenth cycle of the 2026-2029 Share Purchase Plan for Beneficiaries of the Long-Term Incentive Plans (LIP)13. On February 18, 2026 the participants allocated 225,868 shares received as payment under the 2022-2025 LIP at an average price of €17.635 per share and on April 14, 2026 they acquired 43,675 shares at an average price of €21.661 per share. Therefore, a total of 269,543 shares were allocated by the participants to the 2026-2029 Plan, and the maximum commitment assumed by the Group is to deliver 89,663 shares under the sixteenth cycle of the Plan to those employees who meet the corresponding requirements after the three-year vesting period.
The Chief Executive Officer participated in the sixteenth cycle of the Plan with a total of 36,759 shares, of which 26,335 shares were delivered to him as partial payment under the 2022-2025 LIP, and the other members of the Executive Committee participated with a total of 55,020 shares, of which 49,489 shares were delivered to them as partial payment under the 2022-2025 LIP.
In addition, the vesting period for the thirteenth cycle of the Plan was completed on June 27, 2026 . As a result, 199 beneficiaries of this cycle vested rights upon delivery of a total of 44,912 shares (receiving a total of 27,996 shares in July after deducting the personal income tax prepayments to be made by the Company). In this regard, the members of the Executive Committee, as well as the rest of the executive directors, vested rights upon delivery of 16,390 shares (receiving a total of 8,789 shares in July after deducting the personal income tax prepayment to be made by the Company).
ii) “Share Acquisition Plan” In the first half of 2026 , the Group delivered 605,435 treasury shares purchased for €12.1 million, which were delivered to employees. In accordance with the terms set out in the Plan, the members of the Executive Committee acquired a total of 1,495 shares during the first half of the year.
The shares to be delivered under plans i) and ii) above may come from Repsol’s direct or indirect treasury shares, newly issued shares or from third parties with whom agreements have been signed to ensure that the commitments assumed are met.
(12) Subsequent events In relation to the events that took place in Venezuela during the second half of the year and up to the date of authorization for issue of these interim Financial Statements, see Note 9.3.
(13) Explanation added for the translation into English These interim consolidated financial statements are prepared on the basis of the IFRS, as endorsed by the European Union, and Article 12 of Spanish Royal Decree 1362/2007. Consequently, certain accounting principles applied by the Group may not conform to other generally accepted accounting principles in other countries.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 35 13 Since 2024, beneficiaries have been able to allocate to the Plan the shares received as settlement of the Long-Term Incentive Plan.
Appendix I. Main changes in the composition of the Group The companies that comprise the Repsol Group are set out in Appendix I of the consolidated Financial Statements for 2025 .
The main changes in the composition of the Group during the first six months of 2026 are as follows:
a) Business combinations, other acquisitions and increases of interest in subsidiaries, joint ventures and/or investments in
associates:
Pinnington Solar SellCo, LLCUnited StatesRepsol Renewables OpCo LLC Incorporation March 26 F.C. 100.00% 100.00% Pinnington Solar Class B, LLCUnited StatesPinnington Solar SellCo, LLC Incorporation March 26 F.C. 100.00% 100.00% Pinnington Solar Holdings, LLCUnited StatesPinnington Solar Class B, LLC Incorporation March 26 F.C. 100.00% 100.00% Repsol Shanghai Company Limited ChinaRepsol Industrial Transformation, S.L.U.Incorporation March 26 F.C. 100.00% 100.00% Sas D'exploitation des Etablissements PoignatFrance Repsol Customer Centric, S.L. Acquisition April 26 F.C. 100.00% 100.00% Larache Service Station, S.L. SpainRepsol Soluciones Energéticas, S.A.Acquisition May 26 F.C. 100.00% 100.00% Illinois Generation Holdings, LLCUnited StatesHP Wind Class B Member LLC Incorporation May 26 E.M. 100.00% 100.00% HP Wind Class B Member Holdings,
LLCUnited
StatesIllinois Wind Infrastructure Holdings LLCIncorporation May 26 E.M. 100.00% 100.00% HP Wind Class B Member, LLCUnited StatesHP Wind Class B Member Holdings LLCIncorporation May 26 E.M. 100.00% 100.00% Illinois Generation Pledgor, LLCUnited StatesIllinois Wind Infrastructure Holdings LLCIncorporation May 26 E.M. 100.00% 100.00% HP Wind Management JV, LLCUnited StatesRepsol Renewables North America, Inc.Incorporation May 26 E.M. 50.00% 50.00% United Oil (Thailand) Company Ltd. Thailand United Oil Company Pte Ltd. Incorporation June 26 E.M. 70.00% 70.00% Repsol E&P Petroquiriquire, S.A.U. Spain Repsol E&P Latam, S.L.U. Incorporation June 26 F.C. 100.00% 100.00% Repsol E&P Petrocarabobo, S.A.U. Spain Repsol E&P Latam, S.L.U. Incorporation June 26 F.C. 100.00% 100.00%Name Description Date06/30/2026 Country Parent companyConsolidation
method(1)% Voting
rights
acquired% Total
voting rights
after
acquisition(2)
(1) Consolidation method:
F.C.: Full consolidation.
E.M.: Equity method.
(2) Percentage corresponding to the sum of the direct shareholdings of the Group companies in the subsidiary.
b) Reduction of interest in subsidiaries, joint ventures and/or investments in associates and other similar transactions:
Name06/30/2026
Country Parent company Description DateConsolidation
method(1)% Voting
rights
disposed of or
derecognized% Total
voting rights
after
disposal(2)
Outpost Solar SellCo, LLC (3) United StatesRepsol Renewables OpCo, LLCShareholding
reductionFebruary
26E.M. 43.80% 56.20%
Rocsole OY Finland Repsol Energy Ventures, S.A.U.Shareholding reductionMarch 26 E.M. 0.17% 0.94% Neo Next + Energy, Limited (4)United KingdomTalisman Colombia Holdco Ltd.Shareholding reductionMarch 26 E.M. 21.37% 23.63% Repsol Exploración South East Jambi B.V.Netherlands Repsol Exploración, S.A.U. Dissolution April 26 F.C. 100.00% —% Talisman East Jabung B.V. Netherlands Repsol Exploración, S.A.U. Dissolution April 26 F.C. 100.00% —% (1) Consolidation method:
F.C.: Full consolidation.
E.M.: Equity method.
(2) Percentage corresponding to the sum of the direct shareholdings of the Group companies in the subsidiary.
(3) This company has changed its consolidation method from F.C. to E.M. as a result of the increase in the interest of Repsol Renewables OpCo, LLC from 100% to 56.20% of the voting rights. It is accounted for using the equity method at 95.43%, based on the dividend rights under the agreement.
(4) This company was formerly known as Neo Next Energy, Ltd. The change took place in March 2026.Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 36
Appendix II. Segment reporting and reconciliation with IFRS-EU Financial Statements14 Income statement figures The reconciliation of adjusted income to IFRS-EU net income for the first half of 2026 and 2025 is as follows:
Income 2026
€ million ADJUSTMENTS Figure adjusted Inventory effect(2)Special items IFRS-EU figure Operating income (1) 3,741 1,129 (1,155) 3,715 Financial result (3) — — (3) Income from investees 402 — (228) 174 Income tax (1,228) (290) (93) (1,611) Non-controlling interests (201) (16) 143 (74)
TOTAL INCOME ATTRIBUTABLE TO THE PARENT 2,711 823 (1,333) 2,201
Income 2025
€ million ADJUSTMENTS Figure adjusted Inventory effect(2)Special items IFRS-EU figure Operating income (1) 1,751 (543) (190) 1,018 Financial result 9 — 53 62 Income from investees 268 — (242) 26 Income tax (675) 137 125 (413) Non-controlling interests (198) 12 96 (90)
TOTAL INCOME ATTRIBUTABLE TO THE PARENT 1,155 (394) (158) 603
(1) Income from continuing operations at current cost of supply (CCS).
(2) The inventory effect represents an adjustment to “ Procurements ” and “ Changes in inventory of finished goods and work in progress ” in the IFRS-EU income statement.
Cash flow measures Free cash flow measures cash generation from operating and investing activities, and is used to assess the funds available for paying dividends to shareholders and servicing debt.
Cash generated from businesses corresponds to free cash flow +/- the proceeds from/(payments for) for transactions with non-controlling interests (dilutions, contributions, dividends, etc.) and measures the funds generated by the businesses before certain financial operations (mainly issues and redemptions).
The reconciliation of the cash generated from the businesses to the IFRS-EU statement of cash flows for the first half of 2026 and 2025 is as follows:
Cash flow At June 30 € millionCash flowInvestments/ Disinvestments in other financial assets (1)IFRS-EU statement of
cash flows
2026 2025 2026 2025 2026 2025 I. Cash flows from/(used in) operating activities (cash flow from operations) 2,977 2,586 — — 2,977 2,586 II. Cash flows from investing activities (1) (1,675) (1,950) (154) (27) (1,829) (1,977) Free cash flow (I+II) 1,302 636 (154) (27) 1,148 609 Proceeds from/(payments for) transactions with non-controlling interests (2) 2 155 Dividends paid to non-controlling shareholders (2) (75) (127) Other — — Cash generated from businesses 1,229 664 (1) Cash generated from the businesses includes payments for investments and proceeds from divestments, excluding items relating to " Other financial assets" (which correspond mainly to time deposits) and “ Other cash flows from investing activities.” (2) Corresponds to the financing cash flow under " Transactions with non-controlling interests " of the IFRS-EU statement of cash flows.
Investments measures the investment effort of each period and their allocation by business segment. This corresponds to “Payments for investment ” in the IFRS-EU statement of cash flows, not including the items corresponding to “ Other financial assets. ”Financial statements General informationMain changes in the financial statementsOther information Appendices Translation of a report originally issued in Spanish.
In the event of discrepancy, the Spanish language version prevails Financial Statements 1st Half 2026 37 14 Some of the figures presented in this Appendix are considered Alternative Performance Measures (APMs) in accordance with the Guidelines of the European Securities Markets Authority (ESMA). For more information, see Appendix II of the 2025 consolidated Management Report.
The company
Our purpose : To explore and discover the infinite possibilities of energy so that everyone can move forward.
Our values help us to make our purpose a reality – “ Courage: we question with meaning and ambition," “Curiosity: we are open to learning," “Achievement: we make things happen”, and "Support: we unlock people’s potential. ” Further information can be found at www.repsol.com .
The Management Report This interim Management Report of the Repsol Group1 has been drawn up in order to update the information contained in the 2025 Management Report, with a particular focus on the events and developments to have taken place in the first six months of the year while avoiding unnecessary duplication or overlap of information.
Repsol has also published, along with this report, condensed interim consolidated Financial Statements for the first half of 2026 (hereinafter, the 1H26 Interim Financial Statements). Both the Interim Financial Statements and the 1H26 interim Group Management Report were approved by the Board of Directors of Repsol, S.A. at its meeting held on July 22, 2026.
Report information
Unless otherwise expressly indicated, the financial information included in this document has been prepared in accordance with the business segment reporting model described in Appendix II and Note 4 “Business segment information” to the condensed interim consolidated Financial Statements for the first half of 2026 .
This reporting model uses Alternative Performance Measures (AMS) in accordance with the Guidelines of the European Securities Markets Authority (ESMA), i.e. “adjusted” magnitudes with respect to those presented in accordance with EU-IFRS. The related information, disclosures, and reconciliations are provided in Appendix II “Alternative Performance Measures” to this report and are updated quarterly on www.repsol.com .
The sustainability information included in this document has been prepared in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) adopted through the European Commission Delegated Act of July 31, 2023. For further information, see Section 6 “Sustainability” and Appendix V “Consolidated Statement of Non-Financial Information and Sustainability Information” in the 2025 consolidated Management Report.
The forward-looking information contained in the various sections of this document reflects the plans, objectives, commitments, aspirations, forecasts and estimates of the Group’s directors as of the date on which it was prepared.
It is based on assumptions considered reasonable at the time of preparation and should not be interpreted as a guarantee of the Group’s future performance, as such plans, forecasts and estimates are subject to risks and uncertainties that could cause the Group’s actual future performance to differ from that initially anticipated or expected.
1 Hereinafter, the names "Repsol", "Repsol Group" or "the Company" will be used interchangeably to refer to the group of companies formed by Repsol, S.A. and its subsidiaries, associates and joint ventures.
Contents
1Overview of the first half of
2026 2
2Environment 5
2.1 Macroeconomic environment 2.2 Energy landscape 3Financial performance and shareholder return 8
3.1 Results
3.2 Cash
3.3 Debt
3.4 Tax policy 3.5 Shareholder return 4Performance of our
businesses 15
4.1 Upstream
4.2 Industrial
4.3 Customer
4.4 Low Carbon Generation5Sustainability 25 5.1 General disclosures 5.2 Environmental disclosures 5.3 Social disclosures 5.4 Governance disclosures
6Outlook 27
6.1 Outlook for the sector 6.2 Outlook for our businesses 6.3 Subsequent events
6.4 Risks
Appendices 29
Appendix I. Table of conversions and
abbreviations
Appendix II. Alternative performance
measures
1. Overview of the first half of 2026 The first half of 2026 was marked by high levels of uncertainty, mainly due to the Iran conflict and geopolitical and trade tensions.
Against this backdrop, energy markets proved to be highly volatile. Crude oil prices were 28% higher on average than in the first half of 2025 (Brent averaged $92/bbl in the first half of 2026), while gas prices were up 12% (Henry Hub averaged $ 4.0/MBtu in 2026). On the other hand, refining margins have been higher than in 2025, when they were particularly low.
In this context, Repsol has sought to mitigate the impact of fuel price volatility on society by applying additional discounts since mid-March to its professional customers through the Solred loyalty card and to customers who use the Waylet app as a payment method at any of the Company's service stations in Spain.
In addition, Repsol focused its efforts on ensuring the continuity of energy supply by operating its assets efficiently and safely (it has a diversified feedstock supply portfolio and no assets in the Middle East).
For more information, see section 2. Environment.
Results and financial position Repsol’s earnings for the first half of the year are higher than those of the same period last year, driven by an improved performance of the industrial businesses and an increase in the prices of crude oil and its derivatives.
Results for the period (€ million) 1H 2026 1H 2025 Δ Upstream 673 631 7 % Industrial 1,683 235 617 % Customer 369 351 5 %
LCG 6 10 (46) %
Corporate and other (20) (72) 73 % Adjusted net income 2,711 1,155 135 % Inventory effect 823 (394) -
Special items (1,333) (158) (744) % Net income 2,201 603 265 % Adjusted net income , which measures the ordinary management of the businesses, amounted to € 2,711 million, up 135% on the previous year.
Earnings at Upstream (€ 673 million; + 7%) reflecting higher realized crude oil prices and the improved performance of investees. These results were partially offset by higher production costs, divestments and the depreciation of the US dollar against the euro.
Industrial reported earnings of € 1,683 million, with the increase reflecting higher refining margins, driven by the conflict in the Middle East.Improved net income and shareholder return amid high uncertainty and volatility in the energy markets •Results impacted by the improved performance of the industrial businesses.
•Upstream improves its performance and maintains total production at 548 kboe/d.
•Financial strength and high liquidity.
•Growing return for shareholders.
Customer reported earnings of € 369 million, up 5%, driven by stronger performance in Lubricants, Asphalts and Specialized Products, owing to higher margins and base oil volumes, as well as in Electricity and Gas Sales, following an increase in customers. However, earnings were down in LPG due to lower margins.
Low Carbon Generation (LCG) reported lower earnings of €6 million as a result of lower market prices, an impact the company partially offset through higher production following the commissioning of new renewable energy projects.
The inventory effect was very favorable in the period (€823 million versus € -394 million in the previous year), following an increase in the price of crude oil and other products during the period.
Special items (€-1,333 million) mainly includes impairment at the Chemical and Low Carbon Generation business in Chile and various provisions to cover risks and expenses.
In short, net income , which reflects the income attributable to the shareholders of Repsol, S.A., amounted to € 2,201 million, up 265% on the 2025 figure.
Net income includes a € 1,311 million charge for taxes specific to the Group (effective tax rate of 54%). During the first half of the year, the Group paid a total of €6,602 million in taxes, of which €4,632 million was paid in Spain.
Cash flow from operations for the first half of the year amounted to € 2,977 million, € 391 million higher than in the first half of 2025. The stronger results were offset by an increase in working capital due to higher volumes and inventory prices in the industrial businesses. Net investments amounted to €1,920 million, 17% lower than in the previous year (mainly due to Upstream and LCG), resulting in free cash flow of € 1,302 million. After taking into account net proceeds from transactions with non-controlling interests and other items, cash generated from businesses amounted to € 1,229 million (€664 million in 2025).
Net debt stood at € 3,667 million, equivalent to a leverage ratio of 11.3% . With liquidity exceeding €10,000 million and a strong financial structure, Repsol continues to maintain a position of financial strength and flexibility.
The shareholder return includes the payment of a dividend of €0.5 per share in January and a further €0.551 in July, marking an increase of 7.8% compared with 2025 . In addition, in July, capital was reduced through the retirement of c.16 million shares.
For more information, see section 3. Financial performance and shareholder return.1 2 3 4 5 6 A≡ Overview of the first half of 2026Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 2 Repsol Group
Performance and
transformation
Repsol has continued to drive the transformation of its businesses, focusing on a profitable energy transition.
At Upstream , the company continued to focus on efficiency and maximizing the value of its asset portfolio, including through the addition of a new partner in the UK (the agreement with TotalEnergies), which resulted in the creation of the Neo Next+ joint venture. Average production in the first half of the year reached 548 kboe/d, in line with 2025, primarily reflecting higher production in the Gulf of America, the UK and Brazil, offset by divestments in Indonesia and Colombia and lower production from unconventional assets, Norway and Peru.
Recent developments in Venezuela are also noteworthy, particularly the OFAC's issuance of General License 50B authorizing activities in the country's oil and gas sector;
the strategic agreement signed by Repsol and Eni with the Venezuelan authorities and PDVSA to ensure the sustainability of natural gas production at the Cardón IV asset during 2026; and the agreement signed with the Venezuelan government and PDVSA to resume operations at Petroquiriquire. In June, a state of emergency was declared following the earthquakes in the country, although infrastructure associated with Repsol's assets did not sustain significant damage. In this context, the implementing regulations for the Hydrocarbons Law and the Resolution establishing the rules governing the determination, declaration, and payment of Hydrocarbon Royalties and the Integrated Hydrocarbons Tax were published in July. In development, Pikka (U.S.) and Lapa SW (Brazil) entered production.
At Industrial , the Refining complexes captured higher margins than in 2025 (driven by wider diesel and jet fuel spreads), while the Chemicals businesses adapted their logistics model, aligning product distribution with market needs and demand to provide the required flexibility and improve operational efficiency. In addition, Repsol continued the transformation of its major industrial complexes, advancing the future sustainability of the industry through the start-up of the 100% renewable fuels plant in Puertollano and continued progress in the construction of the electrolyzers at Cartagena and Petronor.
At Customer , Repsol continued to expand its multi-
energy offering, focusing on the customer and supported by digitalization. It reached 3.3 million electricity and gas customers across the Iberian Peninsula and 11.6 million digital customers, with Waylet serving as the driving force behind its digital strategy. At the end of the first half of the year, 1,677 service stations across the Iberian Peninsula were supplying 100% renewable fuel, and more than 5,900 charging points had been installed.Pursuing transformation and a profitable energy
transition
•The industrial transformation continues, with the start-up of the 100% renewable fuels plant in Puertollano and the progress achieved in constructing the electrolyzers in Cartagena and Petronor.
•The entry into production of Pikka and Lapa SW, the new developments in Brazil, new acreage and exploration successes in Alaska and Libya, further consolidation in the United Kingdom, and the improvement of the operating framework in Venezuela all serve to strengthen the Upstream business.
•Development of the multi-energy supply (3.3 million electricity and gas customers and 1,677 service stations supplying 100% renewable fuels on the Iberian Peninsula), supported by digital transformation (more than 11 million digital customers, mostly through the Waylet app).
•Significant operations involving the rotation of LCG’s wind and solar assets in Spain and the United States, bringing operated renewable capacity to 6 GW.
Furthermore, amid the rising prices, Repsol has introduced measures to support customers using Waylet and transport professionals and self-employed workers using the Solred card by offering larger fuel discounts. During the first half of the year, Repsol also entered into a number of agreements to promote energy efficiency and multi-energy solutions.
At Low Carbon Generation , the first half of the year was marked by significant asset rotation transactions and continued progress in the rollout of renewable capacity.
In this context, the company completed the sale of a 43% interest in the Outpost project (629 MW), located in Texas, to Stonepeak, as well as the signing of an agreement to divest a 49.99% interest in a portfolio of renewable assets in Spain. At the same time, it continued to expand capacity, reaching a total operated installed capacity of 8,246 MW, of which 5,335 MW was wind and solar capacity and 693 MW was hydropower.
As a result, total operated renewable capacity has now reached 6 GW. A key milestone was the completion of the Pinnington solar plant, which reached its full operational capacity of 825 MW (compared with 692 MW in operation at year-end 2025), contributing significantly to the increase in the Group's wind and solar generation, which rose to 69% .
For more information, see section 4. Performance of our businesses.
Sustainability
To further advance its greenhouse gas emissions reduction target aimed at limiting the effects of climate change, the company implemented improvement initiatives at its facilities that avoided the emission of 131 t h o u s a n d m e t r i c t o n s o f C O ₂ . I n a d d i t i o n , R e p s o l continues to promote the circular economy through the use of waste as a feedstock, highlighted by the start-up of the 100% renewable fuels plant in Puertollano.
For more information, see section 5. Sustainability.1 2 3 4 5 6 A≡ Overview of the first half of 2026Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 3 Repsol Group
Key figures and indicators Financial indicators(1)(2)1H 2026 1H 2025
Results
Adjusted EBITDA 6,135 2,392 Operating income 3,741 1,751 Adjusted net income 2,711 1,155 Net income 2,201 603 Earnings per share (€/share) 1.96 0.50 Shareholder return (€/share) 0.500 0.475 Taxes paid 6,602 5,879
Cash
Cash flow from operations 2,977 2,586 Free cash flow 1,302 636 Investments(3) 1,920 2,318 Net capex 1,108 1,788 Cash generated from businesses 1,229 664 Available funds, debt and liquidity 1H 2026 Dec 2025 Capital employed (CE) 32,523 32,105 Net debt (ND) 3,667 4,487 Net debt without leases 935 1,617
ND / CE (%) 11.3 14.0
ND / CE (%) without leases 3.1 5.5 Liquidity 10,117 10,271 Sustainability indicators(4)1H 2026 1H 2025
People
No. of employees at period-end 25,268 26,267 % women 42 41 Voluntary turnover rate (%) 2.76 2.53
Safety
No. of Tier 1 process incidents 2 — No. of Tier 2 process incidents 1 7 Total frequency rate 2.25 1.83
Energy transition
Reduction in CO2 emissions (kt) 131 102 Stock market indicators 1H 2026 1H 2025 Share price at period-end (€/share) 22.01 12.44 Average share price (€/share) 20.46 11.65 Market capitalization at period-end (€ million) 24,329 14,392 Macroeconomic environment 1H 2026 1H 2025 Average brent price ($/bbl) 92.3 71.9 WTI ($/bbl) average 82.8 67.5 Henry Hub average(6) ($/MBtu) 4.0 3.5 Electricity Pool – OMIE (€/MWh) 49.3 62.4 Average exchange rate ($/€) 1.17 1.09 CO2 (€/t) 77.1 72.5Performance of our businesses(1)1H 2026 1H 2025
Upstream
Adjusted EBITDA 1,509 1,528 Operating income 1011 1079 Adjusted net income 673 631 Cash flow from operations 1,556 884 Investments(3) 701 943 Cash flow generation 799 108 Net production of liquids per day (kbbl/d) 188 188 Net production of gas per day (kboe/d) 361 361 Net production of hydrocarbons (kboe/d) 548 549
Industrial
Adjusted EBITDA 3,742 203 Operating results at CCS 2,267 290 Adjusted net income 1,683 235 Cash flow from operations 801 712 Investments(3) 658 686 Cash flow generation 147 67 Refining Primary Distillation Capacity (kbbl/d) 1,013 1,013 Total crude processed (Mtoe) 19.5 19.4 Spain conversion refining use (%) 87.7 88.5 Distillation refining use – Spain (%) 78.9 78.6 Refining margin indicator – Spain ($/bbl) 12.4 5.6 Chemical margin indicator (€/t) 371 258 Sales of petrochemical products (kt) 1,062 915 Renewable fuel production capacity (Mt/yr) 1.45 1.25
Customer
Adjusted EBITDA 793 658 Operating income 493 464 Adjusted net income 369 351 Cash flow from operations 912 799 Investments(3) 198 176 Cash flow generation 715 624 Service stations (number) 4,434 4,447 Diesel & gasoline sales in Spain (km3) 7,776 7,387 LPG sales (kt) 628 631 Electricity sold (Iberia) (GWh) 5,094 3,887 Electricity and gas customers (thousands) 3,289 2,779 LCG Adjusted EBITDA 118 89 Operating income 32 37 Adjusted net income 6 10 Cash flow from operations 122 65 Payments(3) 350 492 Cash flow generation (5) (262) Electricity generation (GWh) 6,950 4,934 Total operated capacity (MW) 8,246 6,939 (1) Where applicable, figures shown in millions of euros.
(2) More information in section 3 and in Appendix II. Alternative performance measures .
(3) Corresponds to " Payments for investments " in the statement of cash flows, not including “ Other financial assets. ” (4) Indicators calculated in accordance with the criteria described in Annex IV. Consolidated Statement of Non-Financial Information and Sustainability Information of the 2025 Management Report.
(5) One-month forward price.1 2 3 4 5 6 A≡ Overview of the first half of 2026Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 4 Repsol Group
2. Environment
Brent Henry Hub Electricity pool – Spain 92.3 USD/bbl 4.0 USD/MBtu 49.3 €/MWh 28 %Change vs.
1H 25 12 %Change vs.
1H 25 -21 %Change vs.
1H 25
Rising geopolitical and trade tensionsHigh volatility in energy markets Depreciation of the dollar
2.1 Macroeconomic
environment
Recent economic trends The global economy has shown remarkable resilience during 2025 and the first half of 2026 despite an increasingly adverse environment. The tariff escalation initiated by the United States in April 2025 has been compounded in 2026 by the conflict in the Middle East, with the ensuing energy shock and heightened geopolitical uncertainty.
According to the International Monetary Fund (WEO, July 2026), the world economy is expected to grow by 3.0% in 2026, just 0.2 percentage points less than expected at the beginning of the year.
This resilience is largely attributable to the strong investment cycle driven by artificial intelligence (AI), which has become one of the main drivers of global growth. However, both the impact of the energy shock and the benefits arising from AI are being distributed very unevenly across regions.
While the United States and several Asian economies are capturing a significant part of the momentum from the AI investment cycle, Europe, by contrast, is highly exposed to the energy shock and has a more limited role in the AI value chain, helping to explain the sharper deterioration in its economic activity indicators, many of which are already at very weak levels.
The main macroeconomic risk remains the return of more persistent inflation if higher energy prices ultimately feed through into inflation expectations. For the time being, however, the evidence points to limited second-round effects.
This change in environment has altered monetary policy expectations. At the beginning of 2026, the consensus expected the Federal Reserve (Fed) to continue the cycle of cuts that began in the second half of 2025.
However, the combination of rising energy prices and a stronger labor market have led the Fed to maintain a wait-and-see approach, with the market now pricing a higher-for-longer interest rate environment.
Meanwhile, the European Central Bank (ECB), at its June meeting, raised the official deposit facility rate by 25 basis points to 2.25%. However, future policy movements will have to balance the need to combat price increases with the weakness of activity.Trend in interest rates European Central Bank (ECB) U.S. Federal Reserve (Fed) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026-10123456 Source: Bloomberg and Repsol's Corporate Strategy Department.
In the currency markets, the EUR/USD exchange rate evolution has reflected the main changes in the global macroeconomic environment. During 2025, the dollar gradually weakened on expectations of rate cuts by the Fed, uncertainty associated with the new U.S. trade policy, and a growing perception that U.S. economic exceptionalism could ease.
The conflict in the Middle East interrupted this dynamic.
The dollar strengthened thanks to its status as a safe-
haven asset and the lower impact of higher oil prices on the U.S. economy. In addition, the strong investment cycle linked to AI is reinforcing expectations that the United States will continue to outperform in terms of productivity and growth, while the Supreme Court's decision to limit the use of the IEEPA1 to impose tariffs lifted some of the uncertainty over its economic policy.
Lastly, the dollar has appreciated to around 1.14, driven by a change in the Fed’s return to orthodox monetary policy.
EUR/USD exchange rate performance (monthly
averages)
2025 2026
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC1.001.101.20
Source : Bloomberg and Repsol's Corporate Strategy Department.1 2 3 4 5 6 A≡ Overview of the first half of 2026Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 5 Repsol Group1 International Emergency Economic Powers Act (IEEPA): A federal law that allows for the regulation of international trade and to freeze assets during national emergencies.Market
Environment
H1 2026
2.2 Energy landscape Crude oil – Brent The first half of 2026 was marked by volatility in global energy markets, driven by a series of geopolitical events that reshaped both supply expectations and the outlook for global demand. Oil prices reflected an environment characterized by significant risk premiums, supply disruptions, shifts in the market's governance framework, and heightened uncertainty about the future stability of the global energy system.
The primary catalyst was the escalation of the conflict in the Middle East, which triggered a major regional crisis and significantly increased the risks to energy flows from the Persian Gulf, particularly in light of restrictions on traffic through the Strait of Hormuz, which under normal conditions handles roughly one-fifth of global seaborne trade. Cross-border attacks on energy infrastructure, petrochemical facilities, and strategic assets heightened concerns about the potential for prolonged supply disruptions.
The expansion of the conflict, including attacks by Iran-
backed groups and threats to critical transportation and production infrastructure, reinforced perceptions of the international energy system's vulnerability. This triggered sharp swings in crude oil and refined product prices, as well as a significant increase in volatility across energy financial markets. Dated Brent crude reached a peak of $144/bbl, averaging $ 92/bbl during the period.
As the second quarter progressed, a series of temporary ceasefire agreements and diplomatic de-escalation measures helped ease perceptions of immediate risk, leading to some moderation in prices. In mid-June, the United States and Iran announced the terms of an agreement backed by both sides, although uncertainty remains regarding its implementation. The initial market reaction was a decline in the geopolitical risk premium, but uncertainty remains elevated.
Market developments during the first half of the year were also shaped by significant structural changes. The reopening of the country's oil sector improved prospects for a recovery in production, although realizing that potential will require time and substantial investment. At the same time, the war between Russia and Ukraine continued to disrupt trade flows and sustain a high degree of uncertainty over global supplies, contributing to increasing fragmentation of the global energy market.
Meanwhile, the United Arab Emirates' withdrawal from OPEC reflected the country's intention to maximize its production capacity and gain greater strategic flexibility in a rapidly changing environment, potentially weakening the cartel's ability to manage global supply.
Taken together, these developments, along with ongoing regional conflicts and recurring geopolitical tensions, reinforced market volatility and underscored the extent to which oil price movements during the period were driven by political and security developments.Brent price performance ($/bbl)
2025 2026
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC50.075.0100.0125.0
Source : Bloomberg and Repsol's Corporate Strategy Department.
Natural Gas – Henry Hub (HH) In 2026, the U.S. Henry Hub (HH) natural gas price averaged $ 4.0/MMBtu during the first half of the year, above the $3.5/MMBtu recorded in the same period of 2025. In January, severe cold weather (Winter Storm Fern) caused production freeze-offs and drove up heating demand, pushing prices higher. Thereafter, near-normal weather conditions for the remainder of the heating season kept storage levels above the five-
year average, helping to moderate prices despite the conflict surrounding the Strait of Hormuz. Although disruptions to LNG flows through the Strait led to higher natural gas prices in Europe and Asia, they had little impact on U.S. natural gas prices.
Production remained robust, reaching a record high of 110.9 Bcf/d in March, and is expected to stay elevated throughout the year. Sustained high crude oil prices during 2026 are projected to support increased production of associated natural gas. Demand continued to be driven primarily by pipeline exports and LNG exports, supported by new liquefaction facilities and additional trains coming online at existing export terminals.
Henry Hub price performance ($/MBtu)
2025 2026
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC2.04.06.08.0
Source : Bloomberg and Repsol's Corporate Strategy Department.1 2 3 4 5 6 A≡ Overview of the first half of 2026Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 6 Repsol Group
Electricity prices
The average wholesale price of electricity in Spain in the first half of 2026 amounted to €49/MWh, well below the €62/MWh of the previous year. Despite the significant increase in the price of gas as a result of the geopolitical situation, the impact was largely mitigated by the increased availability of renewable generation.
Heavy rains at the beginning of the year, especially in February, led to hydro reserves at record highs for that time of year, allowing prices to fall. For example, in February, prices reached their lowest level for that month in the entire history of the wholesale electricity market in Spain, while in March, despite the Iranian conflict already underway, prices were the second lowest in the past six years. The storms also resulted in very high wind power generation, which helped contain prices.
Toward the end of the first half of the year, in May and June, electricity prices remained well above the levels recorded in the same months of the previous year.
However, they were less affected by rising natural gas prices thanks to a roughly 25% year-over-year increase in solar PV generation, which not only became the leading source of electricity generation but also met more than 30% of total electricity demand in May.
It is worth noting that, although average electricity prices during the first half of the year were well below those recorded in the same period last year, price volatility increased significantly, with hourly prices reaching highs of €247/MWh and lows of nearly -€10/ MWh. In addition, there were nearly 1,300 hours with p r i c e s c l o s e t o z e r o ( ≤ € 5 / M W h ) . T h e s e l o w - p r i c e p e r i o d s represent a marked shift from previous years—not only in terms of their number (well above 2025 levels, although below the historic highs of 2024), but also because more than 1,000 of those hours occurred during the middle of the day, far exceeding anything seen in prior years. This further reinforces the trend toward increasingly depressed prices during daylight hours, reducing the captured price for solar generation to approximately 46% of the average daily market price (just five years ago it was actually higher than the average daily price).
Although its impact on wholesale electricity prices has been more limited, it is also worth noting that the power system has continued to operate in an “enhanced security” mode since the blackout the previous year. In practice, this has meant curtailing solar generation in order to allow more natural gas-fired generation onto the system. The result has been an additional system cost of approximately €12 million per day (equivalent to around €16/MWh). Over the first half of the year, this amounted to more than €2 billion, compared with €1.1 billion in the previous year and roughly €200 million on average just five years ago.
On the demand side, the country’s population and economic growth continued to support consumption, which increased by approximately 1.7 % during the half-
year compared with the same period in 2025. However, this figure is significantly lower (1.2 %) after adjusting for temperature and calendar effects.Trend in the OMIE electricity pool price (€/MWh)
2025 2026
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC0.040.080.0120.0
Source: Bloomberg and Repsol's Corporate Strategy Department.
CO2 emission allowances T h e p r i c e o f E U C O ₂ e m i s s i o n a l l o w a n c e s f l u c t u a t e d throughout the first half of the year, trading within a range of nearly €30/t around an average of €77/t, approximately €5/t higher than during the same period in 2025.
Price movements did not follow their usual pattern of tracking natural gas prices or broader financial markets.
Instead, the market was driven primarily by its own fundamentals. During the second half of 2025, allowance prices had risen sharply on expectations of tighter allowance supply, the rollout of the CBAM1, and the phaseout of free allowances for the aviation sector.
However, after reaching €90/t in January—the highest level since 2023—prices fell sharply over the following month, dropping to €62/t, weighed down by political uncertainty, proposals to revise the Market Stability Reserve (MSR), and statements made by several European leaders.
Since then, the market has stabilized, with prices holding around €75/t, broadly in line with the CBAM reference price published by the European Commission for the first quarter.
Looking ahead, market participants are focused on the European Commission's proposals for the upcoming review of the EU Emissions Trading System (ETS), due to be published in July, as well as on the planned integration of the European and UK carbon markets.
Trend in CO2 prices (€/t)
2025 2026
JAN FEBMAR APR MAY JUN JULAUG SEP OCT NOV DEC60.0080.00100.00
Source : Bloomberg and Repsol's Corporate Strategy Directorate.
For more information, see Section 6.1: Outlook for the sector .1 2 3 4 5 6 A≡ Overview of the first half of 2026Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 7 Repsol Group1 CBAM – Carbon Border Adjustment Mechanism: an environmental tariff of the European Union that taxes the import of certain goods from outside the EU based on their greenhouse gas emissions.
3. Financial performance and shareholder
return
3.1 Results
€ million 1H 2026 1H 2025 Δ Upstream 673 631 7 % Industrial 1,683 235 617 % Customer 369 351 5 %
LCG 6 10 (46) %
Corporate and other (20) (72) 73 % Adjusted net income 2,711 1,155 135 % Inventory effect 823 (394) -
Special items (1,333) (158) (744) % Net income 2,201 603 265 % Earnings in the first half of 2026 came against a backdrop of higher crude oil and gas prices and lower electricity prices, with high margins in the refining business.
The results were also impacted by the discounts that Repsol has applied in the service stations in a bid to mitigate the impact of the volatility of fuel prices on society. Since mid-March, additional discounts have been applied for professional customers through the Solred loyalty card and for individuals who use the Waylet application as a payment method at any of the Company's service stations in Spain. These discounts have been extended for individual customers until May 31. The cost of these measures amounted to approximately €50 million.
As a result of all these factors, adjusted net income for the first half of the year, which measures ordinary business operations, stood at € 2,711 million, up 135% on the previous year.
Upstream
Financial figures
€ million 1H 2026 1H 2025 Δ Operating income 1,011 1,079 (68) Investees 407 266 141 Income tax (520) (505) (15) Non-controlling interests (225) (209) (15) Adjusted net income 673 631 43 Special items (194) (79) (115) Net income 479 552 (72) Effective tax rate (%) (51) (47) (5) Adjusted EBITDA 1,509 1,528 (18) Income from ordinary activities 2,266 2,472 (206) Investments 701 943 (242) The segment's adjusted net income for the first half of the year was € 673 million, representing a 7% increase compared with the same period in 2025 :
•Higher realized crude oil prices, which had a positive impact on results in Libya, Norway, Eagle Ford, and the Gulf of America, as well as gas, particularly at Marcellus and in Algeria.
•Higher production volumes at controlled subsidiaries, mainly in the Gulf of America, partly offset by lower production at Eagle Ford and Marcellus, and in Peru and Norway.
•Higher production taxes and hydrocarbon royalties, mainly in Libya.
•Higher depreciation and amortization due to increased production at controlled companies (excluding the impact of divestments).
•Higher production costs, mainly in the Gulf of America, following the start of production at Leon-
Castile in the fourth quarter of 2025.
•Improved earnings from investments accounted for using the equity method, mainly Brazil due to the increase in volumes produced and the price of crude oil, and Trinidad due to the increase in gas prices. It also includes the earnings of the United Kingdom for 2026 (accounted for using the equity method).
•Other items (divestments, etc.), mainly the divestment of all producing assets in Indonesia and the 2025 results of the UK business, which was fully consolidated until control was lost following the incorporation of NEO NEXT in July 2025.
•Higher income tax expense (effective tax rate of -51% ), mainly due to improved operating results and the mix of applicable tax rates.
For more information on the activities of the segment, see section 4.1 Upstream .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 8 Repsol Group
Trend in adjusted net income at Upstream
631382 7
(14) (73)(117)(161) (15)141
(15) (93)673
1H 2025 Price
effect (1)Volume
effect (1)Taxes (1) Amortization
(1)Production
costs (1)Other Income
taxInvestees Non-
controlling
interestsExchange
rate
effect1H 2026
(1) These figures do not include information on Investments accounted for using the equity method (nor the UK, a controlled entity until July 2025), or those of the countries in which Repsol has divested all its assets (“Indonesia and Colombia”).
Industrial
Financial figures
€ million 1H 2026 1H 2025 Δ Operating income 2,267 290 1,977 Investees 16 9 7 Income tax (575) (69) (505) Non-controlling interests (25) 5 (30) Adjusted net income 1,683 235 1,449 Inventory effect 774 (377) 1,151 Special items (626) 31 (657) Net income 1,831 (111) 1,943 Effective tax rate (%) (25) (24) (1) Adjusted EBITDA 3,742 203 3,539 Income from ordinary activities 27,027 21,154 5,873 Investments 658 686 (28) Adjusted net income in the first half of 2026 amounted to € 1,683 million, compared with € 235 million in the same period of 2025 .
235986 91 73328
(30)1,683
1H 2025Refining Peru Chemicals Trading Other 1H
2026
The change is mainly due to:
•The Refining business in Spain improved its results, driven by higher refining margins (the benchmark margin averaged $ 12.4 /bbl this year, compared with $5.6/bbl in the previous year), supported by wider diesel, gasoline, and jet fuel crack spreads. In 2026, distillation and conversion utilization rates remained at low levels, primarily due to the fire at the topping 3 unit at the Cartagena refinery. Utilization rates were also low in 2025 as a result of the power outages during the second quarter.
•At Repsol Peru , results improved at both the refining business—thanks to stronger margins and higher throughput—and the service station business, driven by higher sales volumes and improved margins.•The Chemicals business reduced its losses following a second quarter characterized by strong margins and high sales volumes, driven by upward pressure on market prices resulting from the conflict in the Middle East, together with low inventory levels, urgent purchasing, and defensive customer buying behavior.
•The Trading businesses delivered stronger results, reflecting improved crude oil and heavy products trading in a highly volatile market environment, as well as a stronger contribution from the U.S. gas businesses, where captured margins during the winter season were higher.
For more information on the activities of the segment, see section 4.2 Industrial .
Customer
Financial figures
€ million 1H 2026 1H 2025 Δ Operating income 493 464 30 Investees 14 12 2 Income tax (130) (117) (14) Non-controlling interests (8) (8) — Adjusted net income 369 351 18 Inventory effect 49 (17) 66 Special items (71) (11) (60) Net income 347 323 24 Effective tax rate (%) (27) (25) (1) Adjusted EBITDA 793 658 134 Income from ordinary activities 15,755 13,100 2,655 Investments 198 176 22 Adjusted net income in the first half of 2026 amounted to € 369 million, versus € 351 million in the first half of 2025 .
351 229
(30)9 8 369 1H
2025Mobility LAAS LPG E&G
SalesOther 1H
2026
The change is mainly due to:
•At Mobility , results improved at service stations in Spain amid higher sales volumes, although this improvement was offset by the commercial discounts offered to customers.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 9 Repsol Group
•In Lubricants, Aviation, Asphalts and Specialized Products , driven by specialty products (margins and volumes), aviation (margins) and asphalts (volumes).
•The LPG business reported weaker results due to higher raw material costs, which affected all business lines, particularly the regulated bottled gas business, owing to regulatory limits on selling prices.
•Earnings at Electricity & Gas Sales showed an improvement, driven by continued customer growth, with the customer base reaching 3.3 million across Spain and Portugal.
For more information on the activities of the segment, see section 4.3 Customer .
Low Carbon Generation
Financial figures
€ million 1H 2026 1H 2025 Δ Operating income 32 37 (6) Investees (13) (10) (4) Income tax (16) (15) (1) Non-controlling interests 3 (2) 6 Adjusted net income 6 10 (5) Special items (227) (122) (105) Net income (221) (112) (109) Effective tax rate (%) (49) (40) (9) Adjusted EBITDA 118 89 29 Income from ordinary activities 474 447 27 Investments 350 492 (142) Adjusted net income in the first half of 2026 amounted to € 6 million, versus € 10 million in the same period of 2025 .
108
(13)6
1H 2025 CCGT Renewables 1H 2026 •The Renewables business reported lower results, mainly due to lower electricity prices and higher depreciation and fixed costs. These impacts were partially offset by higher power generation volumes, driven by an increase in the number of operated solar and wind projects, with operated capacity rising by 8% and 53% , respectively).
•In Combined Cycles , earnings improved following an increase in the volume of electricity generated.
For more information on the segment's activities, see section 4.4 Low Carbon Generation .Corporate and other
Financial figures
€ million 1H 2026 1H 2025 Δ Corporation (131) (109) (22) Financial result (3) 9 (12) Consolidation adjustments 69 (10) 79 Investees (22) (9) (13) Income tax 13 31 (18) Non-controlling interests 54 16 38 Adjusted net income (20) (72) 52 Special items (215) 23 (239) Net income (236) (49) (187) Effective tax rate (%) 20 28 (8) The segment posted a first-half 2026 loss of € -131 million (€ -109 million in 2025 ). The company continued its efforts to reduce corporate costs while maintaining investment in digitalization and technology initiatives.
The pre-tax financial result for the first half of 2026 was €-3 million (€ 9 million in 2025 ). The decline was primarily due to higher interest expense on debt, partly offset by improved gains from the valuation of treasury share derivatives.
Adjustments totaled € 69 million (€ -10 million in 2025 ), mainly reflecting higher gains on transactions completed with third parties during the period.
Net income
The following items must be added to adjusted net
income:
•The inventory effect , which reflects the effect on inventories (mainly from the Industrial business and, to a lesser extent, the Customer business) of the rise in crude oil and other product prices during the period.
•Special items for the first half of 2026 , which amounted to € -1,333 million and mainly include impairment at the Chemicals business, LPG business in Portugal, and Low Carbon Generation business in Chile, as well as provisions for various contingencies, mainly for tax risks.
For more information on impairment, see Note 5.1 Operating income to the 1H26 Interim Financial Statements.
Special items
€ million 1H 2026 1H 2025 Divestments (29) 43 Workforce restructuring (12) (20) Impairment (1)(836) 5 Provisions and other (2)(456) (186)
TOTAL (1,333) (158)
(1) In 2026, it mainly includes the impairment of the Chemicals business, LPG Portugal, and LCG Chile.
(2) Includes provisions for risks in Venezuela, legal, tax, and environmental litigation, and provisions for onerous contracts.
As a result of all of the above, the Group’s net income in the first half of the year came to € 2,201 million, compared with € 603 million in 2025 .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 10 Repsol Group
The Group’s profitability indicator is as follows:
Profitability indicator 1H 2026 1H 2025 Earnings per share (€/share) 1.96 0.50
3.2 Cash
Cash flows
€ million 1H 2026 1H 2025 Adjusted EBITDA 6,135 2,392 Changes in working capital (2,734) 339 Income taxes recovered/(paid) (692) (2) Other collections/(payments) (139) (188) Dividends received 407 45 I. Cash flow from operations 2,977 2,586 Investments (1,920) (2,318) Divestments 245 368 II. Cash flow from investments (1,675) (1,950) Free cash flow (I+II) 1,302 636 Adjusted EBITDA increased during the period (€ 6,135 million vs. € 2,392 million in 2025 ). With the exception of Upstream, which was affected by the divestments carried out and the deconsolidation of the business in the United Kingdom, all segments reported a significant increase in EBITDA:
Adjusted EBITDA
€ million 1H 2026 1H 2025 Upstream 1,509 1,528 Industrial 3,742 203 Customer 793 658
LCG 118 89
Corporate and other (27) (86)
TOTAL 6,135 2,392
Of particular note is the increase in the Industrial segment, which increased EBITDA across all its businesses.
Cash flow from operations (€2,977 million) was up € 391 million on the figure obtained in the first half of 2025 .
The higher earnings in the first half of 2026 were offset by an increase of € 2,734 million in working capital (“Changes in working capital” ), following an increase in the volume and prices of industrial business inventories.
Cash flow from operations € million 1H 2026 1H 2025 Upstream 1,556 884 Industrial 801 712 Customer 912 799
LCG 122 65
Corporate and other (414) 126
TOTAL 2,977 2,586
The reduction in net investments during the period in the Upstream and LCG segments resulted in an improvement in cash flows from investing activities to €-1,675 million.
Free cash flow for the first half of the year amounted to €1,302 million, versus € 636 million in 2025 .After considering cash outflows to meet debt service, dividend remuneration to shareholders and Share Buyback Plans for retirement, cash generated from businesses in the period amounted to € 1,229 million, broken down by segment below:
Cash generated from businesses (1) € million FCFTr. with NC int. 1H 2026 1H 2025 Upstream 874 (75) 799 108 Industrial 146 1 147 67 Customer 715 — 715 624
LCG (6) 1 (5) (262)
Corporate and
other (427) — (427) 127
TOTAL 1,302 (73) 1,229 664
(1) Free cash flow net of transactions with non-controlling interests and other.
The most significant transactions with non-controlling interests and others during the period included the payment of dividends to the non-controlling shareholder of the Upstream business (€ -75 million).
Investments
Investments in the first half of the year (€ 1,920 million) were down 17% on 2025 .
€ millionOrganic Inorganic Total
1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025
Upstream 701 943 — — 701 943 Industrial 588 492 70 194 658 686 Customer 193 163 5 13 198 176
LCG 348 468 2 24 350 492
Corporate
and other 13 21 — — 13 21
TOTAL 1,843 2,087 77 231 1,920 2,318
•At Upstream, investments (€ 701 million) were 26% lower than those of 2025 and were predominantly made in assets in production and/or development in the United States (Alaska, Gulf of America, Eagle Ford, and Marcellus).
•At Industrial, investments amounted to € 658 million, which is 4% lower than those that took place in the same period of 2025 . They include investments in the Sines projects (linear polyethylene and polypropylene), the renewable fuels plant in Puertollano, the last payment for the acquisition of 40% of Bunge Iberica, S.A. and investments in the maintenance of the complexes.
•At Customer, investments amounted to € 198 million, up 13% on the same period of 2025 . The investments were mainly aimed at growing the Electricity and Gas sales businesses in Spain.
•At LCG, investments in the first half of 2026 totaled €350 million, 29% lower than in 2025 . The investments were mainly made in wind and solar assets under development in the United States and Chile).
For more information, see section 4. Performance of our businesses .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 11 Repsol Group
3.3 Balance sheet € million 1H 2026 Dec-2025 Capital employed 32,523 32,105 Property, plant and equipment and investment in companies31,639 32,293 Deferred tax assets and liabilities 442 949 Working capital 4,382 1,948 Provisions (4,575) (4,179) Other assets and liabilities 635 1,094 Net financial debt (1)(3,667) (4,487) Financial liabilities (12,952) (13,428) Financial assets 6,278 5,680 Cash and cash equivalents 3,007 3,261
EQUITY 28,856 27,618
(1) Includes leases amounting to €2,732 million.
Capital employed
Capital employed amounted to € 32,523 million at the end of June, up 1% mainly due to the increase in working capital and the investments carried out during the period.
Capital employed
€ million 1H 2026 Dec-2025 Upstream 10,829 10,556 Industrial 13,277 11,550 Customer 2,392 2,614
LCG 5,428 5,992
Corporate and other 597 1,393 TOTAL 32,523 32,105 Financial position During the first half of 2026 , Repsol continued to implement a range of measures as part of its prudent financial policy, helping to maintain a high level of liquidity. As of June 30, available liquidity (comprising cash and available committed credit facilities) covered debt maturities through the second quarter of 2034, without the need for refinancing.
Main financing transactions During the first half of 2026, Repsol did not issue, redeem, or partially or fully cancel any bonds of any type.
With respect to the bond issuance by Repsol Europe Finance, S.à.r.l. (REF) in July 2021, which was linked to a target of reducing the Carbon Intensity Indicator1 by 12% in 2025, Repsol announced its decision to voluntarily activate the step-up mechanism2. As a result, the coupon on the bonds will increase by 0.25%, with the higher coupon payable in 2027, 2028, and 2029.
REF maintains a €3,000 million Euro Commercial Paper (ECP) Program, guaranteed by Repsol, S.A. Under this program, commercial paper was issued and redeemed during the period, with €236 million outstanding as of June 30, 2026 (€195 million as of December 31, 2025 ).
For more information, see Note 6.3 Financial Resources to the 1H26 Interim Financial Statements .
Debt
Net debt (€3,667 million) was down on the December 2025 figure , in line with the cash generation trend previously described.
The leverage ratio (11.3% ) was lower than the level reported as of December 31, 2025 (14.0% ).
Trend in net debt € million
4,487
-2,9771,675612 73 264 158 97
-7223,667
12/31/2025 Cash flow
from
operationsInvestments
and
divestmentsDividends Dividends
paid to non-
controlling
interestsTreasury
sharesInterest Leases Other (1) 06/30/2026 (1) Includes, among other items, the exchange rate effect and the effect of the deconsolidation of companies (see Note 7.4 to the 1H26 Interim Financial Statements). 1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 12 Repsol Group1In 2024, Repsol decided to align the CII calculation scope for greater consistency of financial information across business segments and non-
financial information (see section 2.1 “Climate Change” of the Consolidated Statement of Non-Financial Information and Sustainability Information attached to the 2024 and 2025 Management Report). This change is consistent with the Terms and Conditions and the 2021 Base Prospectus. See report “ Carbon Intensity Indicator and Carbon Intensity Indicator Percentage for SLBs issued under the 2021 EMTN Programme, for the year ended December 31, 2025” , available at www.repsol.com .
2 Although the reduction target has been reached with the current calculation method, the 12% reduction target would not have been reached with the previous calculation method, so Repsol has decided to voluntarily activate the step-up mechanism and increase remuneration for bondholders .
Gross debt amounted to € 12,581 million as of December 31, 2025 . Its maturity profile as of June 30, 2026 is as follows:
€ million 2026 2027 2028 2029 20302031 and
beyond TOTAL
Bonds (1) 494 749 437 647 1,622 2,410 6,359 Leases 280 425 327 257 252 1,217 2,758 Loans and bank borrowings (2) 537 117 159 140 142 2,214 3,309 Commercial paper (ECP) 236 — — — — — 236 Other (3) 3 (71) (13) — — — (81) Note: the amounts shown in the table are the accounting balances recognized in the balance sheet.
(1) The maturity for subordinated bonds is presented on the first call option date.
(2) Includes financing from the Official Credit Institute (ICO) and the European Investment Bank for transformation projects in industrial complexes and renewable energy projects.
(3) Mainly includes interest, derivatives and others.
Credit ratings
The credit ratings assigned to Repsol, S.A. by the various ratings agencies are currently as follows:
Standard &
Poor’s Moody’s Fitch Long-term BBB+ Baa1 BBB+ Short-term A-2 P-2 F-1 Outlook stable stable stable Last reviewed on 11/16/22 12/20/22 06/01/23
Liquidity
The Group's liquidity as of June 30, 2026 , including committed and undrawn credit facilities, stood at €10,117 million, sufficient to cover 5.43 times the maturities of short-term debt. Repsol had undrawn credit facilities amounting to € 2,658 million as of June 30, 2026 (€2,650 million as of December 31, 2025 ).
Treasury shares and own equity
investments
As of June 30, 2026 , the balance of treasury shares held in equity amounted to 14,551,211 shares, representing 1.32% of the share capital as of that date.
For more information, see Note 6.2 Equity to the 1H26 Interim Financial Statements.
Derivative transactions involving treasury shares were carried out during the first half of the year.
For more information, see Note 6.5 Derivatives and hedging transactions to the 1H26 Interim Financial
Statements.3.4 Taxation
Taxes and similar public charges paid by Repsol in the first half of 2026 amounted to € 6,602 million.
For more information, see section 5.4 Responsible taxation .
Repsol’s own taxes accrued represent 54% of net income (before taxes). In particular, and in relation to corporate income tax, the Repsol Group's effective tax rate is 43%.
The tax payments are detailed in section 5 of this report.
Taxes paid in 1H 2026 (1)
Taxes paidOwn
taxes(2)Taxes
collected(3)
€ million 1H 2026 1H 2025 Total Total Europe 5,371 4,839 659 4,712 Americas 828 676 251 577
Africa and
other regions403 364 401 2
TOTAL 2026 6,602 1,311 5,291
TOTAL 2025 5,879
(1) Information prepared in accordance with the reporting model described in Note 4 to the 1H 2026 Interim Financial Statements.
(2) Includes, among other items, taxes on profits, production, local property taxes and social security payable by the employer, etc.
(3) Includes, among other items, Value Added Tax and Hydrocarbons Tax. It includes amounts collected through logistics operators when the Company is ultimately responsible for payment, regardless of whether the cost is borne by the company itself and not by consumers, allowing a consistent view of fuel taxation.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 13 Repsol Group
3.5 Shareholder return Share price performance (€/share) JAN
2026FEB
2026MAR
2026APR
2026MAY
2026JUN
202615.0017.5020.0022.5025.00
Source: Bloomberg and Repsol's Research Department .
During the first half of the year, the share price rose 38.2% from its level at the beginning of the year, outperforming the broader peer group in the Oil & Gas3 sector, which gained 20.1%. The average share price during the period was 75% higher than in the first half of 2025 .
Main stock market indicators 1H 2026 1H 2025 Shareholder remuneration (1) (€/share) 0.500 0.475 Share price at the end of the period (2) (euros) 22.01 12.44 Average share price for the period (euros) 20.46 11.65 Period high (euros) 24.79 13.13 Period low (euros) 15.68 9.58 No. of shares outstanding at June 30 (millions) 1,105 1,157 Market capitalization at June 30 (3) (€M) 24,329 14,392 (1) See previous section.
(2) Trading price per share at the end of the year on the Continuous Market of the Spanish Stock Exchanges.
(3) Closing share price x the number of outstanding shares.In the first half of 2026 , shareholders were paid a gross dividend of € 0.5 per share charged to voluntary reserves. The total amount paid amounted to €5524 million.
In July, a cash dividend of € 0.551 gross per share was paid out of 2025 earnings, for a total amount of €6014 million.
The 2026 Annual General Meeting also approved the distribution of a €0.53 gross per share dividend out of unrestricted reserves. The dividend will be paid in January 2027, on the date to be determined by the Board of Directors.
In addition, in July the capital reduction approved by the 2026 Annual General Meeting under item seven of the agenda was implemented through the cancellation of c.16 million treasury shares, each with a par value of €1, acquired for an aggregate amount of €350 million.
Lastly, at its meeting held on July 22, 2026, the Board of Directors approved a further capital reduction, to be implemented during 2026, through the cancellation of treasury shares to be acquired under a share buyback program with a maximum net investment of €500 million.
These transactions form part of the company's shareholder remuneration strategy, which provides for a 3% annual increase in the cash dividend over the 2026– 2028 period, supplemented by share buyback programs so that total shareholder distributions amount to between 30% and 40% of cash flow from operations.
For more information, see Note 6.2 Equity to the 1H26 Interim Financial Statements .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 14 Repsol Group3 Comparables in the Oil & Gas sector considered: Royal Dutch Shell, Total Energies, British Petroleum (BP), Equinor, ENI, OMV and Galp.
4 Remuneration paid to the outstanding shares of Repsol, S.A. entitled to receive the dividend.
4. Performance of our businesses
4.1 Upstream
Operating figures Controlled (1)Investees TOTAL
1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025
Production
Net production of liquids (kbbl/d) 115 145 72 43 188 188 Net production of gas (kboe/d) 203 233 158 128 361 361 Net hydrocarbon production (kboe/d) 318 378 230 171 548 549 (1) Includes controlled assets and direct interests in joint assets and holdings (commonly referred to as Joint Operating Agre ements or "JOAs"), which are not articulated through joint control companies (Joint Ventures) that limit Repsol's risks and benefits on the underlying assets. Figures relating to JOAs are consolidated based on Repsol’s ownership interest.
Main events in the period Efficiency measures and a continued focus on maximizing the value of the asset portfolio were key to delivering strong adjusted net income in the current environment of volatile commodity prices.
In 2026, the U.S. Office of Foreign Assets Control (OFAC) issued General License 50B, authorizing certain entities, including Repsol, to conduct activities in Venezuela's oil and gas sector. In addition, Repsol and ENI signed an agreement with the Venezuelan authorities and PDVSA to ensure the sustainability of natural gas production at the Cardón asset during 2026.
Repsol also signed an agreement with the Venezuelan government and PDVSA allowing it to regain operational control of Petroquiriquire.
In June, a state of emergency was declared following the earthquakes in the country. Infrastructure associated with Repsol's assets did not sustain significant damage. In this context, the regulations implementing the Hydrocarbons Law and the resolution establishing the rules governing the determination, reporting, and payment of hydrocarbon royalties and the Integrated Hydrocarbon Tax were published in July.
In March, the transaction with TotalEnergies to combine their UK offshore oil and gas businesses was completed.
The transaction resulted in the creation of Neo Next+, which is expected to produce around 250,000 barrels of oil equivalent per day in 2026.
Portfolio management
During the first half of 2026, portfolio management focused on advancing high-value projects, optimizing the asset base, and strengthening operational resilience.
On the development front, key milestones included the start-up of production at Pikka (U.S.) and Lapa Southwest (Brazil), together with the integration of infrastructure at Lapa. In exploration, notable successes included the Quokka-1 discovery in Alaska and Kobra-1 in Libya, as well as the acquisition of new exploration acreage in both Alaska and Libya.At the same time, the portfolio was streamlined through the relinquishment of blocks in the Gulf of America following technical reviews of their potential, as well as the surrender of other blocks found to be non-
commercial.
Operational improvements included progress in extending the life of assets in Peru, while resilience in complex operating environments was strengthened through agreements and licenses in Venezuela that support and increase production, together with contractual and regulatory measures designed to ensure stable cash flows and operational continuity.
Average production
Average production during the first half of the year reached 548 kboe/d, in line with the same period of 2025. This was mainly driven by higher production in the Gulf of America (Leon-Castile), the United Kingdom, and Brazil (Lapa Southwest), offset by the divestments in Indonesia and Colombia, as well as lower production from unconventional assets in the United States, Norway, and Peru.
Exploratory activity
During the first half of the year, drilling was completed on four exploration wells: three were successful—one each in Bolivia, Libya, and Alaska—and one in Norway was unsuccessful. As of June 30, one exploration well was being drilled in Libya.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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North America
United States: Start-up of production at Pikka, exploration success at Quokka, new acreage in Alaska, and relinquishment of blocks in the Gulf of America In March, the U.S. government awarded 42 oil and gas exploration blocks in Alaska to the consortium formed by Repsol (30%, operator) and Shell (70%), worth a total of $94 million.
In March, following the evaluation of the Bonsai project, the partners decided to relinquish Atwater Valley (AT) Block 398 in the central Gulf, in which Repsol holds an interest and Talos is the operator. Also in March, following the appraisal campaign, it was confirmed that the Buckskin field area does not extend into Keathley Canyon Block 828, and the block was therefore relinquished. Buckskin, in which Repsol, OGOG, Ridgewood, Navitas, and ILX hold interests, is operated by Harbour. In addition, Shell, as operator, together with Equinor and Repsol, relinquished Walker Ridge Blocks 321, 322, 365, and 409, where the unsuccessful Mollerussa well had been drilled. Based on the results of the appraisal studies, the final block associated with the Blacktip North prospect, AC-335, operated by Harbour, was allowed to expire in May, while the final block associated with the Seville prospect, GC-818, operated by Repsol, was allowed to expire in June.
In April, Repsol announced the successful results of the Quokka-1 exploration well, operated by Santos, in the Nanushuk formation on the North Slope. The result enhances the viability of a potential development near the Pikka project.
Oil production began at Pikka, on Alaska’s North Slope, in May and will continue to ramp up gradually to 80,000 gross barrels per day in the third quarter. Production is expected to be equivalent to 19% of Alaska’s current output, providing the state with its first significant new crude oil volumes in decades.
In this initial phase, 28 wells have already been drilled as part of a development comprising up to 45 wells, operated from a single pad and integrated with new infrastructure, including a seawater treatment plant, a remote operations center, and pipelines connected to the existing network. Together, these developments consolidate Pikka’s position as a key asset for Repsol’s growth in the region.
The Quokka and Pikka projects are being developed jointly with Australian company Santos, the operator, with Repsol holding a 49% interest.
During the first half of the year, Repsol made further progress in its U.S. unconventional operations by drilling and bringing new well pads into production in Marcellus and Eagle Ford. In Marcellus, 17 wells were drilled and 11 were completed and brought into production at two new well pads. In Eagle Ford, 18 wells were drilled and 14 were completed and brought into production at three new well pads, bringing the drilling campaign to a close with the release of the drilling rig.International Brazil: Start-up of production at Lapa Southwest and progress at Raia In March, oil production began at the new Lapa Southwest project, located within the existing Lapa field approximately 300 kilometers off the coast of Brazil.
Once it reaches its planned production capacity, the project is expected to add up to 25,000 gross barrels of oil per day, increasing total production to approximately 60,000 barrels per day.
Lapa Southwest is connected to the floating production, storage, and offloading (FPSO) unit at the Lapa field through a subsea pipeline. This integration increases the project’s production capacity and improves oil recovery while avoiding the need to duplicate infrastructure.
Repsol Sinopec Brasil holds a 25% interest in the project, alongside TotalEnergies, the operator, with 48%, and Shell with 27%.
Also in March, drilling commenced at the Raia development (BM-C-33 Block), in which Repsol is a partner alongside Equinor, Sinopec, and Petrobras. Once operations begin, scheduled for 2028, the project is expected to reach gross production of around 200,000 barrels per day by 2030.
Also in March, Brazil's National Agency for Petroleum, Natural Gas and Biofuels (ANP) extended the Declaration of Commerciality for the Sagitario oil field, in the Santos Basin, until September 2027. Repsol Sinopec Brasil, which holds a 20% interest, together with operator Petrobras, continues to support the ongoing appraisal of this ultra-deepwater discovery.
Peru: Progress on Block 57 and technical evaluation agreements in Ucayali and Madre
de Dios
In May, Repsol advanced the development of Block 57 in Peru (Kinteroni field) after obtaining the environmental approval required to continue the project. This milestone enables a $128 million investment to sustain production through new facilities, a drilling platform, and a gas pipeline. With a 53.84% interest, the asset strengthens Repsol's position in Peru's gas market, where the block is one of the country's main sources of natural gas production.
In June, Repsol signed two technical evaluation agreements with Perupetro, Peru's state hydrocarbons agency, covering the CXIII and CXIV areas in the Ucayali and Madre de Dios basins. The agreements provide for a 24-month program of non-invasive geological and geophysical studies, to be financed and carried out by Repsol, together with a preferential option to negotiate future exploration contracts.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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Trinidad and Tobago: Further progress in the development of Ginger, Mento, and Angelin During the first half of the year, Repsol, through its investee BpTT, made further progress on its main development projects. Drilling and tie-ins to the production infrastructure were completed for the Ginger project. Development also continued at the SKM block (Ska, Mento, and Reggae) and the Angelin field through the start-up of new wells in Phase 1 of Mento and the ANG-06 well at Angelin.
Venezuela: New U.S. OFAC license and changes in the political landscape In 2026, the U.S. Office of Foreign Assets Control (OFAC) issued several general licenses authorizing operations in Venezuela's hydrocarbons sector, including activities involving the Government of Venezuela, PDVSA, or any entity in which PDVSA holds, directly or indirectly, an ownership interest of 50% or more. The latest of these, General License 50B, authorizes oil and gas activities in Venezuela by the entities and subsidiaries listed in its annex, which expressly includes Repsol.
In March, Repsol and Italian energy company ENI signed a strategic agreement with the Venezuelan authorities and PDVSA to ensure the sustainability of natural gas production at the Cardón IV asset during 2026. Cardón IV is owned equally by the two companies. The agreement is also intended to strengthen the long-term stability of operations. It has a term of 12 months, effective from January 1, 2026, with the option of a further extension.
In April, Repsol signed an agreement with the Venezuelan government and PDVSA allowing it to regain operational control of Petroquiriquire (60% PDVSA, 40% Repsol), increase production, and strengthen the operating framework for its activities in the country under the Framework Agreement signed in 2023. The Framework Agreement establishes the mechanism for extending the duration of the Petroquiriquire field concessions and has been expanded to include the Tomoporo and La Ceiba fields.
In May, Repsol received in Spain its first cargo of Venezuelan crude oil as payment for gas produced at Cardón IV, under an agreement with PDVSA and the Venezuelan authorities supported by U.S. licenses. The arrangement, established following the agreements signed in March, reinforces the sustainability and stability of gas production during 2026.
In June, Repsol signed a memorandum of understanding with Venezuela's Ministry of Hydrocarbons and the state-owned company PDVSA to assess the potential development of a new area known as Horcón, located southeast of Lake Maracaibo. The agreement also reflects the parties' intention to explore offshore gas opportunities by advancing studies and evaluating data relating to offshore gas fields.
A state of emergency was declared in June following the earthquakes in the country. Infrastructure associated with Repsol's assets did not sustain significant damage.In July, Decree No. 5,381, approving the Regulations implementing the Organic Hydrocarbons Law, and Resolution No. 024/2026 of the Ministry of People's Power for Hydrocarbons, establishing the rules governing the determination, reporting, and payment of hydrocarbon royalties and the Integrated Hydrocarbon Tax, were published. These measures further develop the regulatory and tax framework introduced by the amendments to the Organic Hydrocarbons Law published in January.
For information on geopolitical risks in Venezuela, see Note 9.3 Geopolitical risks to the 1H26 Interim Financial Statements.
Spain: Progress in asset decommissioning In April, Repsol reached a key milestone in the decommissioning of the Casablanca platform by converting the installation to Normally Unattended Installation (NUI) status. Production at Casablanca ceased in 2021, and the platform is now completely hydrocarbon-free, with systems adapted for remote operation. This milestone advances the planned decommissioning roadmap, which includes future options such as alternative reuse or full removal, in line with Repsol's disciplined asset life-cycle management strategy.
Norway: New exploration licenses and divestment of Sigrun East In January, Repsol was awarded two new exploration licenses in the North Sea. The company was designated operator of PL 038 F, with a 70% interest, in partnership with state-owned Petoro, and of PL 1279, with a 55% interest, alongside Lime Petroleum and Orlen Upstream.
In May, Repsol was awarded a 15% interest in licenses PL 187 B and PL 025 C, located in the Norwegian North Sea. Both licenses were carved out of the original PL 187 and PL 025 licenses, respectively, and cover areas associated with the Sigrun East discovery.
Subsequently, in July, Repsol agreed to divest its entire interest in Sigrun East to the operator, Equinor.
Also in May, through its partner and operator Equinor, Repsol participated in the award of a multi-block offshore contract to DeepOcean, including work at the Visund field in the North Sea, where Repsol holds a 7.7% interest. The contract, scheduled for 2027–2028, covers multiple areas and is designed to capture efficiencies through scalable execution and logistics. It includes engineering, project management, fabrication, and installation of key infrastructure to upgrade export systems and ensure the asset's continued operational reliability and efficiency.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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United Kingdom: Creation of Neo Next+ and acquisition of Deltic and Sojitz assets In March, the transaction between Neo Next Energy Limited and TotalEnergies to combine their UK offshore oil and gas businesses was completed. The transaction resulted in the creation of Neo Next+, which is expected to produce approximately 250,000 barrels of oil equivalent per day in 2026.
The shareholding structure of Neo Next+ comprises TotalEnergies (47.5%), HitecVision (28.8%), and Repsol (23.6%). The addition of TotalEnergies' high-quality assets will strengthen the new company's balance sheet and operational capabilities. In addition, TotalEnergies will retain up to $2.3 billion of decommissioning liabilities, improving the combined business's cash flow.
In May, Neo Next+ agreed to acquire Deltic Energy for $9.8 million. Deltic Energy holds a 25% interest in Selene, a gas asset operated by Shell, together with two exploration licenses. The transaction is expected to be completed in the third quarter of 2026.
In June, through its investment in NEO NEXT+, Repsol resumed exploration activity in the United Kingdom for the first time in more than a decade. Operations are being carried out under two licenses operated by Adura, the joint venture between Shell and Equinor. As part of this program, drilling commenced at the Adelie prospect (well 211/14a-13) and the Shearwater North-East prospect (well P22/30b-A23), in the North Sea east of Shetland.
Also in June, through its investment in NEO NEXT+, Repsol agreed to acquire the UK exploration and production business of Sojitz Energy Development. The transaction, valued at €2.2 million, provides exposure to the Quad 9 gas project, one of the principal undeveloped gas projects on the UK Continental Shelf.
The acquisition will strengthen the portfolio by adding gas resources with development potential. The project's license has been extended until 2028.
Also during June, NEO NEXT+ completed the issuance of a five-year Nordic bond totaling $750 million with a 6.625% coupon. It was the largest Nordic E&P bond issuance to date and the fastest debut issuance process on record, taking just 2.5 weeks from launch to completion.Algeria: Progress on the Reggane Nord and
405A developments
During the first half of the year, drilling of the AZSE-20 well at Reggane Nord was completed, concluding the drilling campaign across the Reggane, Kahlouche, South Kahlouche, and Azrafil Southeast fields.
The remaining projects continue to progress as planned, with significant advances on the gas compression (boosting) project, the Mercury Removal Unit (MRU), and the incinerator. The gas compression project reached 64% completion, with engineering completed and compressor delivery ahead of schedule. The Mercury Removal Unit reached 75% completion, with civil works and prefabrication underway, while repairs to the incinerator reached 85% completion.
At Block 405A, development of the MLN field continues to advance across all workstreams, including seismic surveys, wells, production gathering systems, the liquefied petroleum gas (LPG) plant, and water treatment facilities. Pertamina continues to manage the project until the joint venture with the remaining partners becomes operational.
Libya: New exploration blocks In February, the Libyan government awarded Repsol two new oil and gas exploration blocks. The offshore Area O7 block, in the Gulf of Sirte, was awarded to a consortium led by Repsol (40%), together with Turkey's TPAO (40%) and Hungary's MOL (20%). In addition, the consortium formed by Repsol (60%) and TPAO (40%) was awarded the onshore C3 block in the Cyrenaica region. Repsol is the operator of both blocks. The production sharing contracts (PSCs) for the O7 and C3 blocks were signed in June. As of the date of this report, the granting of the exploration rights has not yet become effective and remains subject to the completion of administrative formalities.
In April, Repsol announced a new onshore oil discovery in Libya. The discovery was made through the Kobra-1 exploration well in Area 131-130 of the Murzuq Basin, approximately 800 kilometers south of Tripoli.
In June, Repsol, together with Libya's National Oil Corporation (NOC), TotalEnergies, Equinor, and OMV, signed a unified operating agreement for the I/R field, located between the NC115 and NC186 concessions in the Murzuq Basin.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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4.2 Industrial
Operating figures 1H 2026 1H 2025 Refining capacity (kbbl/d) 1,013 1,013 Europe 896 896 Rest of the world 117 117 Crude oil processed (millions of t) 19.5 19.4 Europe 17.5 17.5 Rest of the world 2.0 1.9 Conversion rate – Spain (%) 63.0 63.0 Spain conversion refining use (%) 87.7 88.5 Spain distillation refining use (%) 78.9 78.6 Refining margin indicator ($/bbl) Spain 12.4 5.6 Peru 14.9 8.6 Petrochemical production capacity (kt) Base petrochemicals 2,656 2,656 Petrochemical derivatives 2,243 2,243 Chemical margin indicator (€/t) 371 258 Sales of petrochemical products (kt) 1,062 915 Renewable fuels production capacity (Mt/yr) 1.45 1.25 Retail supply of gas/LNG (Tbtu) 191 142 Gas sales in North America (Tbtu) 300 302 Main events in the period The industrial businesses have been operating amid high international volatility in the commodities and products markets, prompting them to adapt their production, logistics and commercial structures to the changing situation.
All this has not detracted from the drive towards decarbonization, as evidenced by the progress made toward the various projects at the industrial complexes:
the start of large-scale production of 100% renewable fuels in Puertollano and progress in the construction of the electrolyzers in Cartagena and Petronor (each 100 MW) and the Bilbao Port Hub, where construction of both the synthetic fuels plant (demo e-fuels) and the 10 MW electrolyzer is also advancing.
Refining
Performance: Higher margins The refining margin indicator in Spain ($ 12.4 /bbl) is notably higher than in the first half of 2025, mainly due to the positive impact of increased kerosene and diesel prices, following the closure of the Strait of Hormuz due to the ongoing conflict between Iran and the United States.
The average utilization of distillation was 78.9 % in Spain, slightly higher than the previous year ( 78.6 %), reflecting the impact of the storm in the ports in January that prevented the arrival and processing of crude oil, as well as the fire at the Cartagena refinery on January 26 that forced the shutdown of the Topping 3 distillation unit.In Peru, the refining margin indicator averaged $ 14.9 / bbl, compared with $ 8.6/bbl in 2025 , mainly due to stronger product spreads. Average distillation utilization reached 90.9 %, compared with 85.9 % in the previous year, primarily reflecting the lighter crude slate processed in 2025.
Chemicals
Performance: Price volatility and subdued
demand
During the first half of 2026, market conditions in the polyolefins business were characterized by significant cost volatility, weak demand in Europe, and disruptions to international trade flows resulting from the crisis in the Middle East and the Strait of Hormuz. Reduced import availability from the region led to broad-based price increases from March onward and imports from other regions, particularly the United States and China, increased. During the period, feedstock prices (primarily naphtha) rose, followed by increases in petrochemical product prices. As a result, the margin indicator stood at €371/t, above the €258/t reported in the first half of 2025. Sales volumes were also 16% higher than in the same period of 2025, reaching 1,062 kt.
The Company has updated the business plan for the Iberian Chemicals unit to reflect a weaker outlook for future margins. The European petrochemical industry is operating in an environment of overcapacity and structural competitive disadvantage relative to lower-
cost regions, the effects of which have been compounded by the rise in feedstock prices resulting from the conflict in the Middle East. This update, together with the increase in the discount rate, has resulted in a reduction in the business’s recoverable amount (see Note 5.1 to the 1H26 Interim Financial Statements).1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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Trading
Performance: Strong value chain in a highly
volatile environment
Good results in the first half of 2026, outperforming the same period of 2025, supported by the strength of our value chain and our ability to capitalize on opportunities in a volatile market environment.
In June, Repsol completed the Bahía Candela’s first commercial voyage to supply low-carbon marine fuels in Algeciras. The fuels were produced by co-processing renewable feedstocks at the Petronor refinery.
In the first half of 2026 , a total of 781 vessels were chartered (737 in the same period of 2025 ) and 333 time charter voyages were made (334 in 2025 ).
Wholesale and Gas Trading Performance: Higher gas volumes and prices During the first half of 2026 , commercial activity took place in an environment characterized by higher gas prices. In the United States, sales volumes ( 300 TBtu in the first half of 2026 ) were broadly in line with those of the same period in 2025 . In contrast, gas supply and marketing volumes increased in Spain and international markets, reaching 191 TBtu in the first half of 2026 .
North America made a particularly strong contribution during the period, acting as the main driver of the improvement in results, supported by favorable market conditions and the active management of volumes, margins, and positions.
In Europe, the positive performance was underpinned by the contribution from natural gas and liquefied natural gas marketing volumes, further supporting the overall performance for the period.
Hydrogen, renewable fuels, and
circular economy
Renewable and low-carbon hydrogen In January, development began on Petronor's second renewable hydrogen plant in Muskiz (Bizkaia). The new 100 MW facility will require an investment of €292 million and is scheduled to begin operations in 2029.
The project has been recognized by the European Commission under the IPCEI1 program and is supported by the Spanish government through the NextGenerationEU Recovery, Transformation and Resilience Plan (RTRP). Similar support has also been granted to the 100 MW Cartagena electrolyzer project, which represents an investment of more than €300 million. Construction of that facility is progressing during 2026, with start-up also scheduled for 2029.
Together, the two projects will produce up to 30,000 metric tons of renewable hydrogen per year and avoid u p t o 3 3 4 , 0 0 0 m e t r i c t o n s o f C O ₂ e m i s s i o n s a n n u a l l y , contributing to the decarbonization of industry.The Sines electrolyzer project remains on track for its planned start-up. With a capacity of 4 MW and estimated annual production of 600 metric tons of renewable hydrogen, the facility is expected to reduce CO2 emissions by up to 6,000 metric tons per year. The hydrogen will supply the new polyolefins units being built as part of the ALBA project (currently under construction), contributing to the further decarbonization of the industrial process.
Renewable fuels
In April, Petronor unveiled a new renewable fuels hub that will develop and deploy key technologies related to synthetic fuels, advanced biofuels, and technologies a s s o c i a t e d w i t h C O ₂ a n d r e n e w a b l e h y d r o g e n .
In May, large-scale production of 100% renewable fuels began at the Puertollano industrial complex, which has an annual production capacity of 200,000 metric tons.
This adds to the 250,000 metric tons per year of renewable fuels produced at the Cartagena plant. Based on a full life-cycle assessment, the use of these fuels will a v o i d 7 0 0 , 0 0 0 m e t r i c t o n s o f C O ₂ e m i s s i o n s p e r y e a r compared with the conventional fuels they replace.
The Puertollano project has involved an investment of €130 million, converting, for the first time on the Iberian Peninsula, a refinery unit that previously processed fossil-based feedstocks into a facility capable of processing used cooking oil and other waste from the agri-food industry.
In 2026, the Group's renewable fuels production capacity reached 1.45 million metric tons per year (Mt/ y), of which 0.45 Mt/y corresponds to the Cartagena and Puertollano plants, which are fully dedicated to renewable fuel production, while the remaining 1 Mt/y corresponds to other industrial assets (including ETBE, HVO, SAF, and other renewable fuels).
Circular economy
In May, Repsol inaugurated Biscay Eco Aggregates, an eco-aggregates plant located at the Port of Bilbao, in partnership with O.C.O Technology (25%). The project involved a total investment of €20 million. The plant u s e s C O ₂ f r o m t h e P e t r o n o r r e f i n e r y a n d w a s t e m a t e r i a l s (thermal ash) to produce synthetic aggregates, enabling t h e c a p t u r e o f u p t o 6 , 0 0 0 m e t r i c t o n s o f C O ₂ p e r y e a r .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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4.3 Customer
Operating figures 1H 2026 1H 2025 Diesel and gasoline sales – Spain (km3)(1) 7,776 7,387 Number of service stations 4,434 4,447 Europe 3,797 3,792 Rest of the world 637 655 Sales of Lubricants, Asphalts and Specialized Products (kt) 1,937 1,965 Europe 1,319 1,287 Rest of the world 619 678 LPG Sales (kt) 628 631 Europe 625 627 Rest of the world 3 4 Sales of electricity and gas (Iberia) Electricity sold (GWh) 5,094 3,887 Electric and gas customers (thousands of CUPs) 3,289 2,779 (1) Sales from proprietary marketing in Spain are those marketed through controlled and branded service stations and the Direct Sales business unit.
Main events in the period During the first half of the year, Repsol reached 3.3 million electricity and gas customers in the Iberian Peninsula and 11.6 million digital customers1, with Waylet continuing to serve as the cornerstone of the Company's digital strategy. By the end of the period, 1,677 service stations were supplying 100% renewable fuel.
In addition, Repsol introduced measures to support Waylet users by offering higher fuel discounts in response to rising prices resulting from the conflict in the Middle East. Transport professionals and self-
employed customers using Solred cards also received additional discounts.
During the first half of the year, Repsol also entered into a number of agreements to promote energy efficiency and multi-energy solutions.
Mobility
Performance: Increased sales and customer
support
In Spain, fuel sales at service stations increased by 2% in the first half of the year compared with the same period of 2025 . Direct sales of gasoline and automotive diesel also increased, rising by 20% .
From March 21 through May 31, Repsol introduced measures to support customers using Waylet, doubling fuel discounts based on the energy products each customer had contracted, amid rising prices driven by the sharp increase in international gasoline and diesel prices resulting from the conflict in the Middle East. The cost of these measures amounted to approximately €50 million.
Transport professionals and self-employed customers using Solred cards received an additional discount of €0.05 per liter through May 3, on top of the usual discounts.
With this decision, Repsol once again took the lead in its sector as the first company to announce fuel discounts, as it had previously done following Russia's invasion of Ukraine, which exerted significant upward pressure on fuel prices, particularly in 2022.
Between March and May, Repsol also ran promotions with Travel Club and Iberia Club, offering instant rewards for fuel purchases and electric vehicle charging.
Renewable fuels and circular economy At the end of the period, Repsol had 1,677 service stations supplying Nexa 100% renewable fuel (1,604 in Spain and 73 in Portugal). During the first half of the year, more than 125 million liters were supplied.
Repsol expanded the collection of used cooking oil to 793 service stations, having collected more than 268,000 liters since the start of the project in April 2023.
Throughout this first half of the year, several agreements were reached related to the supply of
renewable fuels:
1. With Renault, Repsol renewed its promotion offering €200 in LPG or Nexa 100% renewable diesel with the purchase of a new or used Renault vehicle.
2. Horse Powertrain and Repsol jointly developed an ultra-efficient hybrid engine that runs on 100% renewable gasoline.
3. Repsol participated in the Dakar Rally, supplying renewable gasoline to the Toyota Gazoo Racing team, as well as in other competitions.
Furthermore, Repsol participated as a renewable fuels sponsor at a number of events, including the Málaga Film Festival.
Expansion of Direct Sales In January, Repsol acquired 100% of French distributor Poignat, establishing a new operating presence in the Bordeaux region.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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Lubricants, Aviation, Asphalts, and Specialized Products Performance: Higher sales Volumes sold at the Lubricants, Asphalts, and Specialized Products businesses fell slightly ( -1%);
although volumes in Aviation increased (+ 2%).
Agreements and new lubricant product lines In May, Repsol Lubricants reached an agreement with AMSOIL to market AMSOIL Wind products in key markets in Europe and South America, with high-
performance specialized lubricants, including solutions designed specifically for wind turbines.
Furthermore, new ranges of lubricants were presented, specifically the Moto Range and the Auto Range.
LPG Performance: Lower retail sales During the first half of the year, retail sales declined in both the bottled and bulk segments due to higher temperatures in 2026.
Sale of electricity and gas Performance: Sustained growth of the
customer portfolio
Performance in the first half of 2026 was marked by continued growth in the customer base.
Volumes sold amounted to 5,094 GWh of electricity (3,887 GWh in 2025 ) and 1,470 GWh of gas ( 1,229 GWh in 2025 ), driven by the higher number of customers.
At the end of the period, Repsol had a customer base of 3.3 million customers, including 148 thousand in Portugal.
Other businesses
Distributed generation
The following milestones were reached during the first half of 2026 :
•In February, Solar360 completed the installation of 711.5 kW in photovoltaic solar canopies for collective consumption in Tafalla (Navarra).
•During the month of April, Edinor designed the “Toda Burgos” Local Energy Community, a self-consumption project spanning 20 municipalities in the province. The initiative involves installing photovoltaic systems on public buildings under a public-private collaborative model aimed at delivering locally generated, clean, shared energy.
•In May, Repsol installed solar canopies in Zaragoza for 4 municipal car parks.
•From May to June, Repsol took part in the Madrid Book Fair, installing more than 200 solar panels.
•In June, Solar360 was awarded the contract for the construction of the 3 MW self-consumption photovoltaic plant at Laverné, located in Ejea de los Caballeros (Zaragoza), worth €2.15 million.Electric mobility During the first half of the year, Repsol reached more than 5,900 public-access EV charging points across the Iberian Peninsula, 83% of which were operational.
Waylet users also had access to more than 9,000 charging points, including those available through interoperable partner networks.
Throughout the first half of 2026, Repsol continued to advance its electric mobility business through innovative solutions and strategic partnerships:
•In March, Repsol, in collaboration with the Basque Government (Medusa), created an intelligent solution for night-time charging of Euskotren buses by connecting them to the Bilbao metro infrastructure.
•In April, Repsol and BBVA entered into a strategic partnership to offer companies, large corporations, and public-sector institutions a comprehensive solution combining financing, energy, infrastructure, and specialized advisory services to help reduce emissions from their transport fleets.
•In May, Repsol received more than €10 million under the MOVES Corridors program to develop 63 electric vehicle charging projects.
•Since May, an additional 1,000 electrified parking spaces have been available in Waylet under the Eranovum agreement.
•Also in May, Repsol and Hostelería Madrid signed an agreement to promote energy efficiency and multi-
energy solutions across Madrid's HORECA sector.
Areas of collaboration include electricity, natural gas, conventional fuels, self-consumption, electric mobility, energy consulting, renewable fuels, carbon offsetting, and energy savings certificates (ESCs).1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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4.4 Low Carbon Generation Operating figures 1H 2026 1H 2025 Total operated capacity (MW) (1) 8,246 6,939 Combined cycle 1,625 1,625 Solar photovoltaic 3,339 2,179 Wind 1,996 1,850 Hydro 693 693 Cogeneration 592 592 Electricity generation (GWh) 6,950 4,934 Combined cycle 1,427 1,395 Wind and solar 4,839 2,871 Hydro 684 668 (1) 100% of the capacity of controlled companies and joint ventures, except Chile, whose capacity is reported at 50%.
Main events in the period Repsol continued to execute its strategy, based on developing projects from their early stages and creating value by bringing in partners and achieving portfolio optimization, both in Spain and the United States, with the aim of maximizing value creation and enhancing returns.
In this context, a key milestone was Repsol's partnership with Masdar involving a 705 MW portfolio of renewable assets in Spain.
During the first half of the year, the Pinnington solar project reached commercial operation, with 133 MW entering service. Together with the 692 MW already operational at the end of 2025, this increased the project's installed capacity to 825 MW, completing its construction phase.
In Chile, the Antofagasta wind project (364 MW) also commenced commercial operations in the period.
However, the significant grid congestion recently caused by the increase in renewable generation in the region has led to substantial curtailment, reducing the project's expected revenue. This, together with the decision to temporarily suspend development of Phase II of the project and to incorporate a BESS1 into Phase I, has prompted a reassessment of its recoverable amount (see Note 5.1 to the 1H26 Interim Financial Statements).
In January, Repsol's Aguayo II project, the expansion of the Aguayo pumped-storage hydroelectric power plant in Cantabria, was selected to receive €180 million in funding under the European Union's Connecting Europe Facility (CEF). The official grant agreement was signed on May 22. This EU funding program prioritizes projects that strengthen energy, transport, and digital infrastructure. The expansion would add 1 GW of capacity, increasing the plant's total installed capacity to 1.4 GW, with estimated annual generation of 2,000 GWh. During the first half of the year, Repsol also obtained the water-use concession, land-use rights over public forest land for the next 50 years, and both the prior administrative authorization and construction permit. The project has also been declared to be in the public interest.
Repsol added 1,306 MW of operated renewable capacity compared with the same period of 2025, ending the first half of the year with a portfolio of 5,335 MW of wind and solar capacity and 6 GW of total operated renewable capacity.
Performance: Higher production and lower
prices
During the first half of 2026 , electricity generation totaled 6,950 GWh, compared with 4,934 GWh in the same period of 2025 . This increase was driven by higher operating capacity at the Company's wind and solar assets, together with increased generation from combined-cycle gas plants and hydroelectric facilities.
The sale prices of energy generated in Spain have been significantly lower than those of 2025.
For more information, see section 2.2 Energy landscape.
Repsol has a total operated capacity of 8,246 MW (6,939 MW in 2025), up 19% on the same period of 2025.
Electricity generation amounted to 6,950 GWh (excluding the volume generated by cogeneration plants), with the following geographical breakdown:
Generation
(GWh)CCGT Hydro Solar Wind Total Spain 1,427 684 790 1,595 4,496 United States — — 852 — 852 Chile — — — 204 204 Italy — — 8 23 31
TOTAL –
controlled
entities 1,427 684 1,650 1,823 5,584 United States — — 1,223 — 1,223 Chile — — — 143 143
TOTAL –
investees (1) — — 1,223 143 1,366
TOTAL 1,427 684 2,873 1,966 6,950
(1) Includes the full capacity of consolidated companies and the portion attributable to Repsol of the capacity of companies accounted for using the equity method.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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Asset rotation in the United States and Spain In February, following the satisfaction of the conditions set out in the agreement, Repsol completed the transfer of a 43.8% interest in the Outpost solar project (629 MW) in Texas to Stonepeak for $253 million.
In June, Repsol and Abu Dhabi Future Energy Company – Masdar, a global leader in renewable energy, signed an agreement whereby Masdar will acquire a 49.99% interest in a renewable portfolio in Spain valued at €849 million.
The portfolio comprises 705 MW of operating capacity, including 13 wind farms (402 MW) and six solar photovoltaic plants (303 MW), all of which entered operation during 2025 and the first quarter of 2026. It also includes more than 565 MW of growth potential through hybridization projects involving wind, solar, and battery storage.
The transaction is expected to close by the end of 2026.
The agreement forms part of Repsol's renewable energy strategy, which aims to optimize the business's financial structure, accelerate growth through strategic partnerships, and rotate part of its portfolio. It is the eighth renewable asset rotation completed by Repsol, covering a total of 3,850 MW across Spain and the United States.
For more information, see section 6.3 Post-closing events .Project development Construction continued in 2026 on Pecan Prairie, a 595 MW solar project in Texas, supporting the Company's growth plans in the country.
In the United States, the final investment decision (FID) was approved for the development of the 200 MW Pike Creek wind project in Illinois, which will be Repsol's first wind project in the country. In addition, an agreement was reached under the joint venture with Pattern Energy to construct a 616 MW wind farm, also in Illinois.
In Italy, the FID was approved for the construction of a 99 MW solar project in Cerignola (Foggia), in the Apulia region.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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5. Sustainability
5.1 General disclosures In April 2026, Repsol published the tenth edition of its Global Sustainability Plan (GSP), which was approved by the Executive Committee and overseen by the Sustainability Committee. The 2026 GSP2 sets out 50 objectives, with ambition levels aligned with the realities of the business, across the four pillars of Repsol's sustainability model: energy transition, environment, talent and well-being, and communities and the value chain. It also includes 14 action areas under the two cross-cutting enablers: ethics and governance and safe operations.
As part of its commitment to the 2030 Agenda, Repsol published the sixth edition of its report, Repsol's Contribution to the 17 Sustainable Development Goals (SDGs), with particular emphasis on the goals to which the Company contributes most through its business activities: SDGs 6, 7, 8, 9, 12, 13, and 17. The report includes 28 indicators and is available at www.repsol.com .
5.2 Environmental
disclosures
Climate change
Repsol continues to advance its decarbonization roadmap toward its goal of achieving net zero emissions by 2050. During the first half of 2026, various improvements were made to the Group’s facilities, allowing it to avoid the emission of 131 thousand metric t o n s o f C O ₂ e .
For the fifth year running, the Carbon Intensity Indicator (CII) has been verified in connection with the sustainability bonds issued in 2021. The report is available at www.repsol.com .
Environment
Repsol continues to advance its circular economy strategy and its ambition to become the leading producer of renewable fuels on the Iberian Peninsula with the start-up of its second 100% renewable fuels plant, located at the Puertollano industrial complex. The facility has the capacity to produce 200,000 metric tons per year of fuels made from organic feedstocks—in this case, renewable diesel—that can be used immediately in cars, trucks, and ships using existing refueling infrastructure. The project involved an investment of €130 million, converting a refinery unit that previously processed fossil-based feedstocks into a facility capable of processing used cooking oil and other waste from the agri-food industry.
The Company also continues to work toward its biodiversity objectives, including its commitment to improve the conservation status of at least five threatened species by 2030 through the funding, implementation, and monitoring of dedicated conservation projects. As part of this effort, Repsol has partnered with the Government of Aragon to support the reintroduction of the Iberian lynx to the region.
Specifically, Repsol has committed to supporting key technical activities, including release and quarantine facilities, monitoring and tracking, habitat restoration, and specialized equipment, helping to re-establish this species, which is classified as “Endangered,” and consolidate its presence in the area.
5.3 Social disclosures
Safety
Through the Safety Excellence Program, Repsol continues to promote the prevention of major accidents, including fatalities and permanent injuries. To this end, the Company focuses on identifying risk situations that could lead to such incidents, conducting investigations that incorporate human performance principles, and implementing measures commensurate with the level of risk. During the first half of the year, the Company regrettably recorded the deaths of two contractors at its facilities, reinforcing the need to further strengthen these practices.
In 2026, Repsol began rolling out the IOGP Life-Saving Rules across all organizational levels and business areas.
These rules replace the Company's Basic Safety Rules and are designed to further reinforce safe behaviors by ensuring that work is carried out only when all necessary safety measures are in place.
In April, Campus Repsol hosted the meeting of the IOGP Human Factors Subcommittee, which develops industry position papers and best practices. The meeting provided an opportunity to share experience and approaches with other companies in the sector and confirmed that Repsol's approach effectively addresses the principal concerns shared by participating companies.
Human rights and community
relations
During the first half of 2026, further progress was made in the development phase of the La Pampilla Social Action Plan in Peru through ImpulsaRed , a program aimed at supporting the social and economic recovery of five districts in the North–Chico Corridor. The program is structured around five areas of action:
fishing, trade, nutrition and wellbeing, the environment and the circular economy, and sustainable tourism .
During the period, Repsol provided technical and business training in areas such as the social economy, innovation, and sustainable development. This initiative led to the creation of more than 57 ventures. In addition, the Company continued to support and consolidate ventures that had already been formally established.
The program also incorporates a gender perspective, with women accounting for more than 79% of participants.
Repsol continues to roll out its Community and Human Rights Engagement Standard through awareness workshops on human rights due diligence and the new requirements to be applied across operations and the value chain, in line with the Corporate Sustainability Due Diligence Directive. The implementation strategy is developed through close collaboration between the corporate center of expertise and representatives from each business, taking into account the level of social risk, the maturity of the due diligence process, and other operational considerations.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 25 Repsol Group2 For more information on the Global Sustainability Plan and Local Sustainability Plans, see www.repsol.com .
5.4 Governance Information
Corporate governance
The Annual General Meeting held on May 14 approved the re-election of Carmina Ganyet i Cirera, Emiliano López Achurra, Iván Martén Uliarte and Ignacio Martín San Vicente as directors, all of them, for the by-law-
mandated period of four years .
Shareholder structure
(latest available information)
7.18%
3.19%
89.63%BlackRock, Inc.
Bank of America Corporation
OthersResponsible taxation
In the first half of 2026 , Repsol paid € 6,602 million in taxes and similar public charges, including € 4,632 million paid in Spain.
Repsol remains committed to fostering cooperative relationships with tax authorities and submits its Voluntary Tax Transparency Report to the Spanish Tax Agency (AEAT) each year.
Repsol's commitment to tax transparency and accountability has continued to receive positive recognition from a range of observatories and civil society organizations. Notably, the Company once again received the “Transparent T” Seal (three-star rating), the highest distinction awarded by Haz Foundation and was recognized by the Corporate Social Responsibility Observatory as the best performer in the IBEX 35 for tax transparency and responsibility3.
In addition, AENOR has certified Repsol’s Tax Compliance Management System as compliant with the UNE 19602 standard.
For additional information, see section 3.4 Taxation .
Taxes paid in the first half of 2026(1) Total taxes paid Own taxes Taxes collected(2) € million 1H 2026 1H 2025 Total Income taxOther
taxes on
earnings Total VAT HT(3)Other Europe 5,371 4,839 659 248 411 4,712 1,499 2,866 347
Latam &
Caribbean 685 613 124 54 70 561 349 193 18 Asia and Oceania — 40 — — — — — — — North America 143 63 127 16 111 16 (6) — 22 Africa 403 324 401 366 35 2 — — 2
TOTAL 1H 2026 6,602 1,311 684 627 5,291 1,842 3,060 389
TOTAL 1H 2025 5,879
(1) Information prepared in accordance with the Group's reporting model described in the Note 4 "Business segment information" to the 1H26 Interim Financial Statements.
(2) To provide a consistent view of the taxation of fuels, the Hydrocarbons Tax is included here when the Company is ultimately responsible for payment (even if payment is made through logistics operators), regardless of whether it is borne by the Company itself through pass-through rather than the consumers.
(3) Hydrocarbons Tax. Amounts paid through logistics operators are included when the Company is ultimately responsible for payment.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 26 Repsol Group3 Report by the Corporate Social Responsibility Observatory, “Sustainability Information of IBEX 35 Companies – 2024 Reporting Year,” published in May.
6. Outlook
6.1 Outlook for the sector
Macroeconomic outlook
The baseline scenario for the remainder of 2026 and 2027 continues to be one of relatively moderate global economic slowdown, despite the energy shock and heightened geopolitical uncertainty. According to the latest IMF World Economic Outlook projections (July 2026), the global economy is expected to grow by 3.0% in 2026 and 3.4% in 2027, compared with 3.5% in 2025.
Meanwhile, global inflation is projected to rise to 4.7% in 2026 before retreating to 3.9% in 2027.
IMF macroeconomic forecasts Real GDP growth
(%)Average inflation
(%) 2027 2026 2027 2026 World economy 3.4 3.0 3.9 4.7 Advanced countries 1.8 1.7 2.4 3.0 Spain 1.8 2.1 2.3 3.0 Emerging countries 4.5 3.8 4.8 5.8 Source: IMF ( World Economic Outlook , July 2026) and Repsol’s Corporate Strategy Division.
Nevertheless, the balance of risks remains clearly tilted to the downside for economic growth. The principal risk continues to be a prolonged conflict with Iran, which could trigger renewed tensions in energy markets, further tighten financial conditions, and lead to a sharper slowdown in global economic activity.
Beyond the Middle East, other significant sources of vulnerability remain. These include increasing geo-
economic and trade fragmentation, uncertainty surrounding U.S. trade policy, and financial risks stemming from interest rates that could remain elevated for longer than currently expected. In addition, the heavy concentration of growth expectations around artificial intelligence (AI) has increased the sensitivity of some financial markets to potential corrections in valuations, investment, or expected earnings.
Energy sector outlook Given the uncertainty created by the de facto closure of the Strait of Hormuz, the International Energy Agency (IEA) assumes, for the purposes of its forecasts, that traffic through the Strait will begin to normalize in early June 2026. Based on this assumption, global oil demand is expected to decline by 1.1 million barrels per day (Mbbl/d) in 2026, to 103.3 million barrels per day, as a result of the economic and energy impacts of the conflict in the Middle East. According to the IEA, higher crude oil prices, slower global economic growth, and energy-saving measures adopted by governments and businesses are accelerating the decline in demand.
The sharpest decline is expected in the second quarter of 2026, when demand is projected to fall by 5 Mbbl/d year over year, affecting both OECD and non-OECD economies amid weaker industrial and transportation demand and the implementation of extraordinary measures to curb fuel consumption.Global oil supply has contracted sharply since the start of the conflict, with cumulative losses totaling 12.8 Mbbl/d, primarily due to the closure of the Strait of Hormuz. For 2026, global production is projected to decline by 3.8 Mbbl/d year over year, averaging 102.4 million barrels per day, although a gradual recovery is expected to begin in the third quarter.
On an annual average basis, OPEC+ production is expected to decline by 4.7 Mbbl/d, reflecting substantial losses among Gulf producers, while non-
OPEC+ production is projected to increase by 900 kbbl/ d, driven by growth in the United States, Canada, Brazil, Guyana, and Argentina, partially offsetting declines in other producing countries, including Qatar.
According to the IEA, even assuming the conflict is resolved by mid-year and weaker demand partially offsets the significant supply shortfall, the oil market is expected to remain somewhat tight beyond 2026.
In the U.S. natural gas market, demand is expected to grow in 2026, driven primarily by exports and electricity generation, supported by robust supply conditions.
As for the Spanish electricity market, the outlook points to a second half of the year that will differ markedly from the first. Following a spring characterized by strong renewable generation and seasonally weak demand, electricity prices are expected to come under greater upward pressure. This is primarily attributable to the increasing role of natural gas in the generation mix over the coming months and the risk of higher gas prices in Europe as a result of supply constraints stemming from the conflict in the Middle East. Together, these factors could result in a higher electricity price environment during the second half of the year.
6.2 Foreseeable business
developments
In response to changes in the macroeconomic, regulatory, and competitive environment, Repsol held its Capital Markets Day in March 2026, presenting the market with updated operating and financial targets for the 2026–2028 period and demonstrating the resilience of its businesses under a range of market scenarios.
Following several years of strong financial and operating performance, the Company is continuing to pursue its strategic priorities of delivering attractive shareholder returns, preserving financial strength, and maintaining disciplined capital allocation. At the same time, it has set out a roadmap through 2028 aimed at driving growth across all businesses and strengthening its multi-energy profile by building on its core strengths:
industrial leadership and a vertically integrated business model, primarily in Spain and Portugal.
Capital will continue to be allocated with discipline, prioritizing the most profitable and transformative opportunities. In this context, Repsol plans to invest between €8.5 billion and €10.0 billion in organic growth over the 2026–2028 period, with 55% allocated to Spain and Portugal and 34% to the United States.
The Company expects to distribute 30–40% of cash flow from operations to shareholders through a combination 1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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of dividends and share buybacks followed by capital reductions.
In 2026, Repsol continues to transform the Company and invest across all of its businesses, subject to favorable macroeconomic and commercial conditions.
Capital allocation will remain disciplined, prioritizing the most profitable projects while advancing the transformation roadmap in place.
At the Customer business, efforts remain focused on improving profitability and cash generation, supported by a multi-energy offering that delivers value to customers. Growth will be driven by expanding the electricity and gas customer base, developing multi-
energy and low-emissions platforms, and strengthening both new and traditional businesses. In this context, Repsol continues to transform its retail network while expanding the distribution and marketing of renewable fuels as a sustainable solution to support the decarbonization of transport. The Company also continues to support customers in their energy transition by offering solutions that balance competitiveness, service, and sustainability in an environment of geopolitical tensions and upward pressure on prices, which has prompted regulatory measures alongside discount campaigns to support both retail and professional customers.
The Industrial businesses continue to drive transformation and the circular economy through initiatives aimed at expanding renewable fuel and low-
carbon materials production capacity, while maintaining a strong safety culture. Key milestones include the start-up in 2026 of the Puertollano advanced biofuels plant, which produces 100% renewable diesel from waste, and continued progress on construction of the Bilbao e-fuels plant, which will manufacture synthetic f u e l s u s i n g r e n e w a b l e h y d r o g e n a n d c a p t u r e d C O ₂ . I n addition, the expansion of the Sines petrochemical complex in Portugal will strengthen polymer production capacity. Construction will also begin on the Tarragona Ecoplant, the first facility of its kind in Europe to convert municipal waste into renewable methanol through gasification, as well as on the Cartagena and Bilbao electrolyzers, which will produce renewable hydrogen.
These initiatives will be complemented by electrification and energy efficiency projects designed to decarbonize industrial processes.
Low Carbon Generation remains a key business, with operating assets in Spain, the United States, Italy, and Chile, supported by the organic development of a portfolio of wind, solar, and energy storage projects.
New generation capacity will be concentrated primarily in Spain and the United States. Strong project execution, together with optimization of the financial structure and the systematic rotation of assets, will maximize profitability and strengthen the business’s growth profile.
Upstream continues to improve business profitability through disciplined project execution and ongoing efficiency improvements across its asset base. Key projects supporting production growth in 2026 include Pikka in Alaska, León/Castile in the Gulf of America, and Lapa Southwest in Brazil, while Campos 33 in Brazil continues to advance through the development phase.
In addition, the recent agreements in Venezuela have created new oil and gas opportunities in the country.Meanwhile, the Company’s corporate functions continue to promote innovation to optimize processes and support the implementation of business strategies and projects. They contribute value through governance and control functions, improved efficiency, and the flexible delivery of corporate services. Repsol continues to advance its digital transformation, driven by technologies such as artificial intelligence, including generative AI, while strengthening talent attraction, retention, and development through dedicated programs. The Company also continues to deploy leading-edge technologies that support the development of its businesses, with a particular focus on low-emissions technologies.
6.3 Post-closing events For more information on the events that occurred in Venezuela during 2026 and up to the date of authorization for issue of this report, see section 4.1 Upstream.
6.4 Risks
The principal risks to which the Group is exposed are described in Section 7.4 and Appendix III of the 2025 Management Report. Significant uncertainty in the global geopolitical environment persisted throughout the first half of 2026, driven both by developments affecting global trade regulation and by tensions arising from ongoing conflicts, primarily in the Middle East and Ukraine. The information on these risks is updated and supplemented by the disclosures included in Notes 6.6 and (9) to the interim consolidated Financial Statements for the first half of 2026 , as well as Sections 2 and 6 of this document.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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Appendix I. Table of conversions and
abbreviations
Oil Gas Electricity
Liters BarrelsCubic
meters toeCubic
metersCubic
feet Cubic feet Oil 1 Barrel(1)bbl 158.99 1.00 0.16 0.14 162.60 5,615.00 1.7x103 1 cubic meter(1)m3 1,000.00 6.29 1.00 0.86 1,033.00 36,481.00 10,691.50 1 ton oil equivalent(1)toe 1,160.49 7.30 1.16 1.00 1,187.00 41,911.00 12,407.40 Gas 1 cubic meter m3 0.98 0.01 0.001 0.001 1.00 35.32 10.35 1,000 cubic feet = 1.04x106 BtuFt3 27.64 0.18 0.03 0.02 28.30 1,000.00 293.10 Electricity 1 megawatt hour MWh 93.53 0.59 0.10 0.08 96.62 3,412.14 1,000.00 (1) Reference average: 32.35° API and relative density 0.8636.
Meter Inch Foot Yard Length Meter m 1 39,37 3,281 1,093 Inch in 0.025 1 0.083 0.028 Foot ft 0.305 12 1 0.333 Yard yd 0.914 36 3 1
Kilogram Pound Ton Mass Kilogram kg 1 2.2046 0.001 Pound lb 0.45 1 0.00045 Ton t 1,000 22.046 1
Cubic foot Barrel Liter Cubic meter Volume Cubic foot ft3 1 0.1781 28.32 0.0283 Barrel bbl 5,615 1 158.984 0.159 Liter l 0.0353 0.0063 1 0.001 Cubic meter m3 35.3147 6.2898 1,000 1 Term Description Term Description Term Description bbl / bbl/d Barrel/ Barrel per day kbbl Thousand barrels of oil Mm3/d Million cubic meters per day bcf One billion cubic feet kbbl/d Thousand barrels of oil per dayMscf/d One million standard cubic feet per day bcm One billion cubic meterskboe One thousand barrels of oil equivalentkscf/d One thousand standard cubic feet per day boe Barrel of oil equivalent kboe/d Thousand barrels of oil equivalent per dayMW Megawatt (million watts) Btu/MBtu British thermal unit/ Btu/million Btukm2Square kilometer MWh Megawatts per hour LPG Liquefied Petroleum GasKt/Mt Thousand tons/ Million tonsTCF Trillion cubic feet LNG Liquefied Natural Gas Mbbl Million barrels toe Ton of oil equivalent GWh Gigawatts per hours Mboe Million barrels of oil equivalentUSD /Dollar /$ US dollar1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 29 Repsol Group
Appendix II. Alternative Performance Measures Repsol's financial information contains amounts and measures prepared in accordance with applicable accounting standards, as well as other measures prepared in accordance with the Group's reporting model known as Alternative Performance Measures (APMs). The APMs are considered “adjusted” figures with respect to those presented in accordance with IFRS-EU or with the Information on oil and gas exploration and production activities, and, therefore, should be considered by the reader as complementary, rather than as substitutes for them.
APMs are highly useful for users of financial information as they are the measures employed by Repsol's Management to evaluate its financial performance, cash flows, or its financial position when making operational or strategic decisions for the Group.
For quarterly historical information on the APMs, see www.repsol.com .
1. Repsol’s business segment
reporting model
In the fourth quarter of 2025, the Group changed the way it manages and evaluates its operating segments and, accordingly, revised the financial and performance measures used internally for decision-making, as well as the segment information reported under IFRS 8 (see Note 4 to the 2025 consolidated Financial Statements).
Segment information for prior periods has been restated to reflect these changes and ensure appropriate comparability between reporting periods.
The measure of the income of each segment is known as Adjusted Net Income , which contains the income from continuing operations at current cost of supply ( CCS ), net of taxes, the income of investments accounted for using the equity method ( Income from investees ) and the income attributed to non-controlling interests (Non-controlling interests ), not including certain income and expenses (“ Special items ”) described below.
The financial result of the consolidated companies and the intersegment consolidation adjustments are assigned to the Corporate and other.Specifically, the income from operations at CCS considers the cost of volumes sold to be the cost corresponding to the supply and production costs for the same period. This is the approach commonly used in the sector to present the results of businesses in the Industrial or Customer segments that must work with significant inventories subject to constant price fluctuations, thus making it easier to compare with other companies and monitor the businesses, regardless of the impact of price fluctuations on their inventories.
However, the weighted average cost method is used for accounting purposes, in accordance with IFRS-EU.
The Inventory effect reflects the difference between the income at CCS and the income at the weighted average cost, and is presented separately, net of the tax effect and non-controlling interests.
Special items includes certain material items that are presented separately for the purpose of making it easier to understand ordinary business performance. This includes gains/losses on disposals, restructuring costs, impairments (provisions/reversions) of assets, provisions for risks and expenses and other relevant income/ expenses outside the ordinary management of the businesses. These results, which include those relating to investments accounted for using the equity method, are presented separately, net of taxes and non-
controlling interests.
For more information, see, Note 4. Business segment information to the 1H26 interim Financial Statements .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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2. Financial performance
metrics
Adjusted net income Adjusted net income is the primary measure of financial performance that the Chief Operating Decision Maker (CODM) reviews when making decisions . It is a useful APM as it allows investors to evaluate the performance of the operating segments and allows better comparability with other companies operating in our sector.
It contains Operating income (income at current cost of supply ( CCS )), net of taxes, the income corresponding to investments accounted for using the equity method (Income from investees ), and the income attributable to non-controlling interests ( Non-controlling interests ), not including certain income and expenses ( Special items ) described below. The financial result of the consolidated companies and intersegment consolidation adjustments are assigned to Corporate and other.
The adjustments included between the Adjusted net income and profit attributable to the parent are therefore as follows:
–Inventory effect. For income at CCS, the cost of volumes sold is determined according to the supply and production costs1 for the same period. The difference between income at CCS and income at WAC2 is reflected in the so-called Inventory effect , which also includes other adjustments to the valuation of inventories (write-downs, etc.) and is presented net of taxes, excluding the effect of non-
controlling interests , which are not attributable to the parent company. This effect mainly affects the
Industrial segment.–
– – –Special items. These correspond to significant items whose separate presentation is considered convenient to facilitate the monitoring of the day-
to-day management of business operations and allow for a reliable comparison between financial years and companies operating within the sector. It includes capital gains/losses due to divestments (capital gains and losses due to transfers or disposals of assets), restructuring costs (severance costs, etc.), impairment (provisions and reversals resulting from the impairment test on fixed assets, tax credits, etc.), provisions for risks and expenses (provisions and reversals of provisions for fiscal, legal, environmental, geopolitical risks, etc.) and other relevant income/expenses unrelated to the day-to-day running of business (provisions for dismantling and remediation; exchange rate impacts on tax positions in foreign currency; costs and indemnities arising from claims; penalties and fines;
valuation of derivative financial instruments due to accounting asymmetries, etc.). Special items, which include those pertaining to investments accounted for using the equity method, are presented net of taxes, excluding the effect of non-controlling interests, which are not attributable to the parent company.
Special items First half € million 2026 2025 Divestments (29) 43 Workforce restructuring (12) (20) Impairment (1)(836) 5 Provisions and other (456) (186)
TOTAL (1,333) (158)
(1) The difference compared to the line item "(Accrual)/Reversal of impairment" in the IFRS-EU income statement is mainly explained by the fact that the latter includes credit risk impairment, dry wells and impairment of exploratory drilling arising from the ordinary course of business, and does not include the tax effect of impairment, impairment of deferred tax assets, and impairment of joint ventures.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
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shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 31 Repsol Group1 To calculate the cost of supply, international quotations on the benchmark markets in which the Company operates are used. The relevant average monthly price is applied to each quality of distilled crude. Quotations are obtained from daily crude oil publications according to Platts, plus freight costs estimated by Worldscale (an association that publishes world reference prices for freight costs between specific ports). All other production costs (fixed and variable costs) are valued at the cost recognized in the accounts.
2 The CMP is an accounting method of inventory valuation accepted by European accounting standards, which takes into account purchase prices and historical production costs, valuing inventories at the lower of cost and market value.
The following is a breakdown by nature of the Adjusted net income by segment and its reconciliation with the results prepared under IFRS-EU:
2026
First half
€ million Upstream Industrial Customer LCGCorporate and other Total Operating income at CCS 1,011 2,267 493 32 (62) 3,741 Financial result — — — — (3) (3) Income from investees 407 16 14 (13) (22) 402 Income tax (520) (575) (130) (16) 13 (1,228) Non-controlling interests (225) (25) (8) 3 54 (201)
ADJUSTED NET INCOME 673 1,683 369 6 (20) 2,711
Inventory effect — 774 49 — — 823 Special items (194) (626) (71) (227) (215) (1,333)
TOTAL PROFIT ATTRIBUTABLE TO THE
PARENT 479 1,831 347 (221) (235) 2,201
2025
First half
€ million Upstream Industrial Customer LCGCorporate and other Total Operating income at CCS 1,079 290 464 37 (119) 1,751 Financial result — — — — 9 9 Income from investees 266 9 12 (10) (9) 268 Income tax (505) (69) (117) (15) 31 (675) Non-controlling interests (209) 5 (8) (2) 16 (198)
ADJUSTED NET INCOME 631 235 351 10 (72) 1,155
Inventory effect — (377) (17) — — (394) Special items (79) 31 (11) (122) 23 (158)
TOTAL PROFIT ATTRIBUTABLE TO THE
PARENT 552 (111) 323 (112) (49) 603
First half
Adjusted net
income Inventory effect Special items IFRS-EU figures € million 2026 2025 2026 2025 2026 2025 2026 2025 Operating income 3,741 1,751 1,129 (543) (1,155) (190) 3,715 1,018 Financial result (3) 9 — — — 53 (3) 62 Income from investees 402 268 — — (228) (242) 174 26 Income tax (1,228) (675) (290) 137 (93) 125 (1,611) (413) Non-controlling interests (201) (198) (16) 12 143 96 (74) (90)
TOTAL PROFIT ATTRIBUTABLE TO THE
PARENT 2,711 1,155 823 (394) (1,333) (158) 2,201 603
Adjusted EBITDA
Adjusted EBITDA (“Earnings Before Interest, Taxes, Depreciation, Amortization and Others”) is an indicator that measures the company’s operating margin before deducting interest, taxes, impairment, depreciation, amortization and other items that do not involve cash inflows or outflows from operations. By stripping out financial and tax figures, as well as accounting expenses that do not involve cash outflows, it is used by the CODM to evaluate the Company’s performance over time.Adjusted EBITDA is calculated as operating profit + depreciation and amortization + impairment and other items that do not involve cash inflows or outflows from operations (restructuring, gains/losses on disposals, provisions, etc.). Operating income relates to the result from operations at weighted average cost (WAC). Where Operating income at current cost of supply (CCS) is used, it is referred to as EBITDA at CCS .1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 32 Repsol Group
First half
Upstream Industrial Customer LCGCorporate and
other Total
€ million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Adjusted EBITDA 1,509 1,528 3,742 203 793 658 118 89 (27) (86) 6,135 2,392 Inventory effect (1) — — (1,060) 519 (69) 24 — — — — (1,129) 543
EBITDA at CCS 1,509 1,528 2,682 722 724 682 118 89 (27) (86) 5,006 2,935
(1) Before taxes and non-controlling interests.
First half
IFRS-EU
€ million 2026 2025 Net income before tax 3,886 1,106 (-) Financial result 3 (62) (-) Income from investments accounted for using the equity method (174) (26) Operating income 3,715 1,018 Depreciation and amortization of non-current assets 1,201 1,225 Operating provisions 1,136 193 (Charge)/reversal of impairment 973 54 (Charge)/reversal of provisions for risks 163 139 Other items 83 (44) Adjusted EBITDA 6,135 2,392 3. Cash metrics Cash flow from operations excluding working capital Cash flow from operations may, on occasion, be presented excluding working capital (“ Cash flow from operations excluding working capital ” or “ CFFO exWC ”), as this provides a useful basis for understanding how cash flow changes between periods by isolating movements in working capital.
Free cash flow Free cash flow measures cash generation from operating and investing activities and is used by the CODM to assess the funds available within the Group to pay dividends to shareholders and to service debt.Cash generated from
businesses
Cash generated from businesses corresponds to the Free cash flow +/- collections or payments arising from transactions mainly with non-controlling interests (dilutions, contributions, dividends, etc.). This APM measures the funds generated by the businesses before certain financial transactions (mainly issuances and redemptions).
The reconciliation of Free cash flow and Cash generated with the consolidated statement of cash flows prepared under IFRS-EU is presented below:
Cash generated from businesses (1) € million FCFTrans. with non-
controlling interests 2026 2025 Upstream 874 (75) 799 108 Industrial 146 1 147 67 Customer 715 — 715 624
LCG (6) 1 (5) (262)
Corporate and other (427) — (427) 127
TOTAL 1,302 (73) 1,229 664
(1) Free cash flow net of transactions with non-controlling interests and other.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 33 Repsol Group
First half
Cash flowInvestments/
Divestments in other financial assets and others (1)IFRS-EU statement of
cash flows
€ million 2026 2025 2026 2025 2026 2025 I. Cash flows from/(used in) operating activities (cash flow from operations) 2,977 2,586 — — 2,977 2,586 II. Cash flows from investing activities (1) (1,675) (1,950) (154) (27) (1,829) (1,977) Free cash flow (I+II) 1,302 636 (154) (27) 1,148 609 Proceeds from/(payments for) transactions with non-controlling interests (2) 2 155 Dividends paid to non-controlling shareholders (2) (75) (127) Other (3) — — Cash generated from businesses 1,229 664 (1) The cash generated from the businesses includes payments for investments and proceeds from divestments, excluding items relating to “Other financial assets” (which correspond mainly to time deposits and investment funds) and “Other cash flows from investing activities.” (2) Relates to the financing cash flow, as recorded under “Transactions with non-controlling interests” in the IFRS-EU statement of cash flows.
Meanwhile, the CODM measures Liquidity as the sum of “cash and other cash equivalents”, immediately available cash deposits arranged with financial institutions, and unused short- and long-term credit facilities at the end of the period that correspond to loans granted by financial institutions that may be drawn down by the Company in the terms, amount and other conditions agreed in the contract.
IFRS-EU
€ million Jun-2026 Dec-2025 Cash and banks 2,565 2,277 Other financial assets 442 984 Cash and cash equivalents 3,007 3,261 Time deposits with immediate availability (1) 4,452 4,360 Undrawn credit lines 2,658 2,650 Liquidity 10,117 10,271 (1) Repsol takes out time deposits that are immediately available and that are recognized under “Other current financial assets” and that do not meet the accounting criteria for classification as cash and cash equivalents.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 34 Repsol Group
Investments (payments for investments) This CODM uses this APM to measure the investment effort in each period, as well as its allocation by business. Due to its usefulness in understanding how the CODM allocates its resources and to enable more reliable comparisons between periods, investments can be presented as organic (funds invested in the development or maintenance of the Group's projects and assets) or inorganic (acquisition of projects, assets or companies for the expansion of the Group's activities).
First half
2026 2025
€ million Organic Inorganic Total Organic Inorganic Total Upstream 701 — 701 943 — 943 Industrial 588 70 658 492 194 686 Customer 193 5 198 163 13 176
LCG 348 2 350 468 24 492
Corporate and other 13 — 13 21 — 21 Investments 1,843 77 1,920 2,087 231 2,318 Payments for investments in other financial assets (1) 2,993 1,759 Total payments for investments (EU-IFRS) 4,913 4,077 (1) Corresponds to the establishment of deposits and contributions to investment funds, the volume of which has increased compared with the prior year.
4. Financial measures Debt and financial position
ratios
Net debt and Net debt without leases are the main APMs used by the CODM to measure the Company's level of indebtedness. It consists of financial liabilities (excluding lease liabilities where applicable) less financial assets, cash and other cash equivalents.Sometimes, and due to the relevance of non-controlling interests in the subgroups of the Upstream and LCG segments, this metric may be calculated for the corresponding corporate scope.
2026
€ million Net debt Leases Net debt without leases Non-current assets 1,261 8 1,253 Non-current financial instruments (1) 1,261 8 1,253 Current assets 8,024 17 8,007 Other current financial assets 5,017 17 5,000 Cash and cash equivalents 3,007 — 3,007 Non-current liabilities (10,799) (2,239) (8,560) Non-current financial liabilities (10,799) (2,239) (8,560) Current liabilities (2,153) (518) (1,635) Current financial liabilities (2,153) (518) (1,635)
TOTAL (3,667) (2,732) (935)
(1) Corresponds to "Non-current financial assets" in the balance sheet, excluding "Equity instruments" (see Note 12 to the consolidated Financial Statements).1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 35 Repsol Group
Gross debt is the amount used to analyze the Group's solvency, and includes financial liabilities and the net market valuation of derivatives.
Gross debt
€ million 2026 Current financial liabilities (ex derivatives) (2,000) Net mark to market valuation of current financial derivatives 137 Current gross debt (1,863) Non-current financial liabilities (ex derivatives) (10,790) Net mark to market valuation of non-current derivatives 72 Non-current gross debt (10,718)
GROSS DEBT (12,581)
The ratios indicated below are used by the CODM to assess both the degree of leverage and the solvency of the Group.
–Leverage equals net debt divided by Capital employed at the end of the period. This ratio can be used to determine the financial structure and degree of indebtedness with regard to capital contributed by shareholders and entities which provide financing .It is the main measure used to evaluate and compare the Company's financial position with other companies in the sector.
–The Solvency ratio is calculated as Liquidity (see section 3. “Cash metrics”) divided by gross short-
term debt, and is used to determine the number of times the Group could meet its short-term debt maturities with current liquidity.
Net debt Leases Net debt without leases € millionJun-2026 Dec-2025 Jun-2026 Dec-2025 Jun-2026 Dec-2025 Net debt 3,667 4,487 2,732 2,871 935 1,616 Capital employed 32,523 32,105 2,732 2,871 29,791 29,234 Leverage (%) 11.3 14.0 3.1 5.5 € million Jun-2026 Dec-2025 Liquidity 10,117 10,271 Current gross debt (1,863) (1,915) Solvency 5.4 5.4 1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 36 Repsol Group
5. Other measures Net investment or Net capex is used to measure the investment effort in the period, net of the resources obtained through divestment operations that finance the Group’s growth and transition projects. Its measure most directly comparable to the IFRS-EU financial statements is the cash flow used in investing activities, net of certain financing transactions.It comprises investments and divestments (excluding investments in financial assets), proceeds from/ (payments for) transactions with non-controlling interests (divestments without loss of control – asset rotations –, financing, etc.), and changes in net debt resulting from changes in the scope of consolidation (project financing and portfolio management transactions, etc.).
Net free cash flow is calculated as cash flow from operations less net capex .
Net investment (Net capex) First half Cash flowInvestments / in other financial assets (3)IFRS-EU statement of
cash flows
€ million 2026 2025 2026 2025 2026 2025 Investments (gross investments) (4) (1,920) (2,318) (2,993) (1,759) (4,913) (4,077) Proceeds from divestments 245 368 2,762 1,650 3,007 2,018 Other cash flows from investing activities — 77 82 77 82 Cash flows from investing activities (1,675) (1,950) (154) (27) (1,829) (1,977) Transactions with non-controlling interests (1) 2 162 Other changes (2) 565 — Total net investment (Net capex) (4) (1,108) (1,788) (1) In 2025, this relates to the capital contributions made by the partner Janus Renewables, S.L.
(2) This mainly includes changes in the scope of net debt following the agreement signed for the sale of a portfolio of renewable energy projects in Spain.
(3) Mainly includes investments in deposits and investment funds.
(4) Investments may sometimes be presented as low-carbon investments, meaning investments relating to: energy efficiency and electrification in operations, renewable electricity generation, production and distribution of renewable fuels (biofuels, renewable hydrogen, synthetic fuels, biogas), chemicals (long-life polymers) and non-combustible specialized products, CCS, retail supply of renewable electricity, distributed generation and renewable electric mobility, and investments in R&D and corporate venturing investments in low-carbon technologies.1 2 3 4 5 6 A≡ Overview of the first half of 202 6Environment Financial
performance and
shareholder returnPerformance of our businessesSustainability Outlook Appendices 1H 2026 Interim Management Report 37 Repsol Group