23 July20262Q26 Results Josu Jon Imaz CEO
ALLRIGHTS ARE RESERVED
©REPSOL,S .A.2026
This document contains information andstatements thatconstitute forward -looking statements about Repsol .Such estimates orprojections may include statements about current plans, objectives andexpectations, including statements regarding trends affecting Repsol's financial condition, financial ratios, operating results, cash flows, business performance, strategy, geographic concentration, production volumes and reserves, capital expenditures, cost savings, investments, divestments and dividend policies .Such estimates orprojections may also include assumptions about future economic orother conditions, such asfuture crude oilorother prices, refining ormarketing margins andexchange rates .Forward -looking statements aregenerally identified bytheuseofterms such as"expects," "anticipates," "forecasts," "believes," "estimates," "appreciates" andsimilar expressions .Such statements arenot guarantees offuture performance, prices, margins, exchange rates oranyother event, andaresubject tosignificant risks, uncertainties, changes andother factors thatmay bebeyond Repsol's control ormay bedifficult topredict .Such risks anduncertainties include those factors andcircumstances identified in thecommunications anddocuments filed byRepsol anditssubsidiaries with theComisión Nacional delMercado deValores inSpain andwith theother supervisory authorities ofthemarkets inwhich thesecurities issued byRepsol and/or itssubsidiaries aretraded .Except totheextent required byapplicable law,Repsol assumes noobligation -even when new information ispublished, ornew facts areproduced -topublicly report theupdating orrevision ofthese forward -looking statements .
This document mentions resources which donotconstitute proved reserves andwillberecognized assuch when they comply with theformal conditions required bythesystem “SPE/WPC/AAPG/SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System” (SPE -PRMS) (SPE –Society of Petroleum Engineers) .
Some ofthefinancial figures presented throughout thisdocument areconsidered Alternative Performance Measures (APM), inaccordance with the European Securities andMarkets Authority (ESMA) Guidelines on"Alternative Performance Measures", formore information seeRepsol's website .
This document does notconstitute anoffer orinvitation topurchase orsubscribe securities, pursuant totheprovisions oftheSpanish Law 6/2023 ,ofMarch 17,oftheSecurities Markets andInvestment Services anditsimplementing regulations .Inaddition, thisdocument does notconstitute anoffer topurchase, sell,orexchange, neither arequest foranoffer ofpurchase, sale orexchange ofsecurities inanyother jurisdiction .
Theinformation contained inthedocument hasnotbeen verified orrevised bytheAuditors ofRepsol .Disclaimer Repsol 2Q26 2
Strong results and continued strategic executionKey Messages 2Q26 Commodity price environment impacted bycomplex
geopolitical scenario
•Tensions inStrait ofHormuz and attacks onRussian refinery
infrastructure
•Focus onsecurity ofsupply anddiversification ofenergy sources Business delivery aligned with strategic pillars •Highly competitive industrial system captures positive momentum in Refining, Chemicals andTrading •Start -upofPikka (Alaska) reinforces USfocused Upstream portfolio withhigh visibility production growth •New asset rotation inSpain underpins transition towards self-
financed growth inRenewables Increased share buyback guidance for2026 •1st€350MSBB completed inJuly’26 •2nd€500MSBB tobeexecuted before end-Oct’26 •Expected 3rdSBB tobeannounced with 3Q26results todeliver 30-40%CFFO distribution target 3 Repsol 2Q26CFFO ex -WC +46% vs 2Q25
€3.3 B 130 %
Adj. Net Income +207% vs 2Q25 +111% vs 1Q26€1.8 B
Net Capex
-68% vs 2Q25€0.3 B
Net Debt
-€1.1 B vs Mar’26€3.7 B
Market environment
4 Repsol 2Q26Higher oil prices and strong refining margin scenario
68 696481104
2Q25 3Q25 4Q25 1Q26 2Q26$/bblBrent
3.43.13.55.1
2.9 2Q25 3Q25 4Q25 1Q26 2Q26$/MBtuHenry Hub
5.98.811.1 10.914.0
2Q25 3Q25 4Q25 1Q26 2Q26$/bblRepsol’s Refining Margin Indicator 1.131.17 1.16 1.17 1.16 2Q25 3Q25 4Q25 1Q26 2Q26$/€Exchange Rate
Upstream
Higher volumes andoilandgasprice realizations •Higher q-o-qproduction (+4%)driven byUK,Brazil andUS •July production at~580Kboed .FY26expected production inline withguidance (560-570Kboed ) Consolidating USasprimary driver offuture growth •USproduction >200Kboed in2Q26(37%oftotal volumes) •Unconventional production at175Kboed (+17%q-o-q) •GoA >30Kboed driven byramp -upofLeon -Castile Project delivery with higher margins andupside •Alaska :Pikka 1stphase start-upinMay.Plateau of80gross Kboed
expected in3Q26
•Venezuela :1stoilcargo received under new USexport licenses .
Agreement toevaluate potential ofHorcón area •Brazil :ontrack toachieve firstoilatRaia in2028 (peak of40-50
Kboed nettoRepsol)
5 Repsol 2Q26Ontrack todeliver full-year production guidance
557 539558
2Q25 1Q26 2Q26KboedProduction
194 Kboed
Liquids production
-0.5% vs 2Q25364 Kboed
Gas production
+0.6% vs 2Q25€371 M
Adjusted Net
Income
+19% vs 2Q25
6 Repsol 2Q26
Pikka
Phase 1: On stream. 80 Kboed gross in 3Q26 Phase 2: additional 40 Kboed
gross
Permits secured. Infrastructure in
placeHorseshoe
Stirrup -1 well delivered highest single -stage flow in the area New appraisal well planned for
next winterQuokka
Appraisal successfully completed
in April
Development of similar scale to
Pikka
Flow test rate: 2,190 bopd , 36º API light oil, and 143 feet net pay •Phased project concept avoids capex exposure •Portfolio longevity based on existing discoveries (~400 Mboe 2P gross and ~1 Bboe 2C gross to be developed) •Top quality assetProduction profileUpstream Alaska North Slope: transformational asset already in production 2030 2035 2040 2045Pikka Quokka Horseshoe Prospective
Industrial
Captured positive Refining momentum •Stronger product spreads, wider heavy -to-light differentials andnormalization ofkerosene sales price -lageffect •Focus onsecurity ofsupply toensure product availability •>€100MofEBITDA generated from biofuels •Refining margins expected toremain athealthy levels through
year-endandinto2027
Improved Chemicals environment •Positive EBIT in2Q26supported onimproved petrochemical margins andhigher plant operational rates •Sines (Portugal) expansion project tostart 3Q-4Q’26 Increased contribution from Trading businesses •Liquids trading result doubled over 2Q25 •>€500MofCFFO in1H26(liquids andgas) 7 Repsol 2Q26Outstanding results supported by industrial value chain optimization
€/tRepsol’s Chemical
Margin Indicator
329569
2Q25 2Q26
€1,243 M
Adjusted
Net Income
vs €103 M in 2 Q25Distillation (%)Utilization of Spanish refining
7479
2Q25 2Q26Conversion (%)
86 89
2Q25 2Q26
9.8 Mtons
Processed crude
+6% vs 2Q25561 Ktons
Petrochemical sales
+27% vs 2Q25
Solid delivery ofcore businesses •Higher y-o-ycontribution from LAAS(1)and P&G Retail .Strong
performance ofAviation
•Fuel demand inSpain supported bygovernment measures •Higher y-o-ysales ofroad transportation fuels (+7%)and non-oil contribution margin inService Stations (+6%) •Mobility business impacted bycustomer support initiatives (~€50M indiscounts since 21stMarch) Progress intheconsolidation ofmulti -energy offer •Increased P&G Retail client base .Reached 3.3Mcustomers in
Iberia (+18%vs2Q25)
•11.6Mdigital users (+15%vs2Q25) •Reached >1,650Service Stations inIberia offering 100%renewable fuel;64%ofnetwork ismulti -energyCustomer 8 Repsol 2Q26Resilient performance in high -price environment
€209 M
Adjusted Net Income +7% vs 2Q25€483 M
CFFO
+35% vs 2Q25 Multi -energy(M#)P&G Retail customers
2.83.23.3
2Q25 1Q26 2Q261.31.5
1.1 2Q25 2Q26LAAS Operating Income
+€36 M
(1) LAAS: Lubricants, Asphalts, Aviation and Specialties
New asset rotation inSpain •Partial divestment of705MWportfolio inSpain valued
at€849M
•€550 Mofdebt deconsolidation in2Q26.Cash -inof €150Mproceeds expected in4Q26 •Since Nov’21rotated ~100%ofwind+solar assets in Spain and~2/3ofglobal renewable portfolio .Average
equity IRR>10%
Pipeline focused onSpain andUS •Global renewable capacity under operation >6GW •Pinnington solar farm (Texas) reaches fullcommercial operations (825MW) .USrenewable capacity >2GWLow Carbon Generation 9 Repsol 2Q26Advancing in the transition toward self -financed growth (*)Includes solar, wind and hydro power generation4.76.0 2Q25 2Q26GWInstalled renewable
capacity (*)
TWhRenewable power
generation (*)
1.92.8
2Q25 2Q26
€55 /MWh
Price of Spanish pool +43% vs 2Q25 3,602 GWh
Electricity Generation
+28% vs 2Q25 €10 M Adjusted Net Income +25% vs 2Q25
Financial results
102Q26 results
Repsol 2Q26
Results (€ Million) 2Q26 1Q26 2Q25 1H26 1H25 Upstream 371 302 312 673 631 Industrial 1,243 440 103 1,683 235 Customer 209 160 195 369 351 Low Carbon Generation 10 (4) 8 6 10 Corporate & Others 5 (25) (20) (20) (72) Adjusted Net Income 1,838 873 598 2,711 1,155 Inventory Effect 230 593 (205) 823 (394) Special Items (796) (537) (156) (1,333) (158) Net Income 1,272 929 237 2,201 603 Financial Data (€ Million) 2Q26 1Q26 2Q25 1H26 1H25 Adjusted EBITDA 3,522 2,613 1,148 6,135 2,392 Adjusted EBITDA CCS 3,216 1,790 1,431 5,006 2,935 Cash Flow from Operations 1,935 1,042 1,562 2,977 2,586 Net Debt 3,667 4,800 4,630 3,667 4,630
Outlook
11FY26 guidance
Repsol 2Q26
Guidance 2026 Guidance 2026
(February'26) (July'26)
Upstream production 560 – 570 Kboed 560 – 570 Kboed Cash Flow from Operations €5.5 – 6 B > €5.5 – 6 B Net Capex €2.7 B €2.7 B
30 - 40% CFFO 30 - 40% CFFO
1.051 €/sh dividend 1.051 €/sh dividend +8% increase vs 2025 +8% increase vs 2025 Complemented with SBB Complemented with SBB At least €700 M First €350 M completed First €350 M launched in Feb'26 Second €500 M to be executed before end-Oct'26 Third program expected to be announced with 3Q26 results '@ Brent: 60-65 $/bbl; HH: 3.5-4 $/Mbtu; Refining margin indicator: 6.5-7.5 $/bbl Shareholder remuneration
Repsol Investor Relations
investor.relations@repsol.com
www.repsol.com23 July 20262Q26 Results Josu Jon Imaz CEO