Repsol Sa · BME:REP
Repsol Sa — Q3 2026 Earnings Presentation
11 slides from Repsol Sa's earnings presentation, Oct 29, 2026
Slide 1: 3Q26 Results
3Q26 Results Josu Jon Imaz CEO 29 October 2026
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2026 This document contains information and statements that constitute forward-looking statements about Repsol. Such estimates or projections may include statements about current plans, objectives and expectations, including statements regarding trends
Slide 3: Key Messages 3Q26
Key Messages 3Q26 Strong delivery under a supportive commodity environment Geopolitical tensions continue to drive elevated volatility €2.7 B • Conflict in the Strait of Hormuz and attacks on Russian refinery infrastructure • Focus on security of supply and diversification of energy sources €3.5 B A
Slide 4: Market environment: High oil prices and strong refining margins
Market environment High oil prices and strong refining margins Brent Henry Hub $/bbl $/MBtu 104 5.1 97 81 69 3.5 64 3.1 2.9 3.0 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Repsol’s Refining Margin Indicator Exchange Rate $/bbl $/€ 36.2 1.17 1.16 1.17 1.16 1.15 14.0 8.8 11.1 10.9 3Q25 4Q25 1Q26
Slide 5: Upstream: Successful execution of the growth pipeline
Upstream Successful execution of the growth pipeline Production increase mainly driven by US assets Production • +4% y-o-y production growth driven by Pikka ramp-up, Leon-Castile, Kboed unconventionals and Libya 551 558 574 • October production at ~590 Kboed. FY26 expected production in line with 56
Slide 6: Industrial: Capturing refining and trading momentum
Industrial Capturing refining and trading momentum Utilization of Spanish refining Repsol’s Chemical Positive refining outlook into 4Q26 and 2027 Margin Indicator • Strong 3Q26 margin environment driven by higher product spreads, wider heavy-crude differentials and Distillation (%) Conversion (%) €/
Slide 7: Customer: Resilient performance in high-price environment
Customer Resilient performance in high-price environment Solid delivery supported by core businesses performance €244 M €511 M • Resilient fuel demand in Spain Adjusted Net Income CFFO • Higher y-o-y sales of road transportation fuels (+8%) and non-oil contribution margin (+6%) +4% vs 3Q25 +32% vs 3
Slide 8: Low Carbon Generation: Consolidating self-funded growth in renewables
Low Carbon Generation Consolidating self-funded growth in renewables Renewable power Installed renewable Improved results year-on-year generation (*) capacity (*) • Higher contributions from CCGTs and renewable TWh GW generation €37 M 2.1 2.7 5.0 6.0 • Elevated intra-day price volatility drives reco
Slide 9: Financial results: 3Q26 results
Financial results 3Q26 results Results (€ Million) 3Q26 2Q26 3Q25 9M26 9M25 Upstream 415 371 215 1,088 846 Industrial 1,985 1,243 305 3,668 540 Customer 244 209 235 613 586 Low Carbon Generation 37 10 25 43 35 Corporate & Others 27 5 (28) 7 (100) Adjusted Net Income 2,708 1,838 752 5,419 1,907 Inven
Slide 10: Outlook: FY26 guidance
Outlook FY26 guidance Original Guidance Updated guidance 2026 (Oct) Upstream production 560 – 570 Kboed 560 – 570 Kboed Cash Flow from Operations €5.5 – 6 B €9 – 9.5 B Net Capex €2.7 B €2.5 – 3 B 30 - 40% CFFO 30 - 40% CFFO 1.051 €/sh dividend 1.051 €/sh dividend Shareholder remuneration +8% increas
Slide 11: 3Q26 Results
3Q26 Results Josu Jon Imaz CEO 29 October 2026 Repsol Investor Relations [email protected] www.repsol.com