Repsol (REP) Investor presentation summary

Strategic direction and financial priorities

• Focus on growing sustainable returns through disciplined capital allocation and a flexible corporate model, prioritizing value over volume and capital discipline.

• Committed to increasing shareholder distributions, targeting 25-35% of CFFO via dividends and share buybacks, with up to €10B in total distributions for 2024-2027.

• Net capex of €16-19B planned for 2024-2027, with over 35% allocated to low carbon investments.

• Maintain a strong balance sheet and current credit rating, ensuring financial flexibility and resilience.

• Targeting >5% annual CFFO growth and €9-11B FCF over 2024-2027.

Portfolio transformation and business performance

• Upstream: ~600 kboed production (34% crude/66% gas), 1.8 Bboe proved reserves, and a focus on high-margin, lower-carbon barrels.

• Industrial: Six refineries, >1 Mbbl/d capacity, 1.2 Mtn biofuels production, and 4,899 Kt petrochemical capacity.

• Customer: >24M clients, leading energy retailer in Iberia, 7.5M digital users, and >1,800 EV charging points.

• Low Carbon Generation: 5 GW installed, 2.8 GW operational renewables, and >60 GW pipeline.

• 2021-2023 delivery: €21.4B CFFO, €14.2B adjusted income, €4.7B net debt reduction, and €6.2B shareholder distributions.

Energy transition and sustainability

• Clear decarbonization pathway with net zero (Scope 1+2) by 2050 and -55% carbon intensity by 2030 (vs. 2016).

• Methane emissions intensity target of 0.20 by 2025 and zero routine flaring by 2030.

• Over 35% of net capex dedicated to low carbon projects, including renewables, biofuels, hydrogen, and biomethane.

• Industrial transformation to renewable and circular hubs, leveraging existing assets and regulatory incentives.

• ESG focus: transparent reporting, just transition, safety excellence, and strong governance with ESG-linked incentives.