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REPSOL S.A.

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Repsol S A : Q2 2021 Results webcast presentation slides

07/29/2021 | 06:37am EDT

2Q21 Results

29 July 2021

REPSOL CONFERENCE CALL

Josu Jon Imaz

CEO

Disclaimer

ALL RIGHTS ARE RESERVED

© REPSOL, S.A. 2021

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

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

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

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

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

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

Repsol 2Q21 Results

2

Agenda

01. Key messages

  1. Operational highlights
  2. Financial results
  3. Outlook 2021

Key messages

Solid 2Q21 results back to pre-pandemic levels

Improving results in all business divisions

Delivery of strategic objectives

Financial strength & improved outlook to end-2021

New Transition Financing Framework

  • Adjusted Net Income: +4% vs. 1Q21 and -2% vs. 2Q19
  • Higher O&G prices, exceptional Chemicals and improving demand in Spain
  • CFFO: +124% 1H21 vs. 1H20
  • Value-over-volumeand portfolio rationalization in Upstream
  • Expansion of Sines petrochemical complex
  • Increased H2 ambition to 0.55 GW eq. by 2025 and 1.9 GW eq. by 2030 (1)
  • Entry into the US renewables market through 40% acquisition of Hecate Energy
  • Increased Low Carbon generation objective to 2025 from 7.5 to 8.3 GW (2)
  • Net Debt: €6.4 B vs €6.8 B at Dec'20 (-6%)
  • Improved FY2021 guidance
  • Sustainability roadmap included into financial strategy
  • Issuance of two Sustainability-Linked bonds in July for €1.25 B

(1) From 0.4 GW eq. in 2025 and 1.2 GW eq. in 2030 in SP (2) Includes CCGT's and cogenerations. Renewable generation target to 2025 increases from 5.2 to 6 GW

Repsol 2Q21 Results

4

Market environment

Stronger oil and gas prices. Highest refining margin indicator in last four quarters

Brent

($/bbl)

69

61

42

44

29

2Q20

3Q20

4Q20

1Q21

2Q21

Refining Margin Indicator

($/bbl)

3.0

1.5

1.0

-0.1

0.2

2Q20

3Q20

4Q20

1Q21

2Q21

Henry Hub

($/Mbtu)

2.7

2.7

2.8

2.0

1.7

2Q20

3Q20

4Q20

1Q21

2Q21

Exchange Rate

($/€)

1.19

1.20

1.21

1.17

1.10

2Q20

3Q20

4Q20

1Q21

2Q21

Repsol 2Q21 Results

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Repsol SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 10:36:09 UTC.


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Sales 2021 48 627 M 56 786 M 56 786 M
Net income 2021 2 164 M 2 527 M 2 527 M
Net Debt 2021 6 640 M 7 754 M 7 754 M
P/E ratio 2021 7,60x
Yield 2021 5,47%
Capitalization 16 305 M 19 044 M 19 041 M
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Nbr of Employees 21 965
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Technical analysis trends REPSOL S.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 10,97 €
Average target price 12,12 €
Spread / Average Target 10,5%
EPS Revisions
Managers and Directors
Josu Jon Imaz San Miguel Chief Executive Officer & Executive Director
Antonio Lorenzo Sierra Chief Financial Officer
Antonio Brufau Niubˇ Non-Executive Chairman
Luis Aurelio Cabra Due˝as Executive Managing Director-Technology Development
Henri Philippe Reichstul Independent Non-Executive Director
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