Q4 & FY 2019 Results

Q4 & FY 2023
Results
February 22, 2024

A A cv
0
Q4 & FY 2023 Results

Index
1. Delivering a strong Operating Cash Flow of €7.1 bn 2

2. 4Q23: Adjusted Income of €1,195 million 3

3. 4Q23 Highlights 4

4. Adjusted Income performance by Business Segment 5

Upstream 5
Industrial 8
Customer 10
Low Carbon Generation 12
Corporate and Others 14
Inventory Effect 15
Special Items 15
5. Adjusted Cash Flow Statement Analysis 16

6. Net Debt Evolution and Liquidity 17

7. Relevant Events 18

8. Appendix I - Metrics by Business Segments 24

Operating Indicators 28

9. Appendix II – Repsol’s Reporting Consolidated Financial Statements 31

10. Appendix III - IFRS Consolidated Financial Statements 35

11. Appendix IV - Basis of Presentation 41

1
Q4 & FY 2023 Results

Delivering a strong Operating Cash Flow of €7.1 billion

Josu Jon Imaz, CEO “Disciplined execution and forward-looking strategy”

“2023 was a remarkable year. We have delivered €7.1 billion of operating cash flow, the second-highest in
our history amid external uncertainty and volatility. This is clear evidence of our high-quality integrated
portfolio, disciplined execution and forward-looking strategy. We have concluded 2023 with a solid financial
position, delivering a significant progress on our strategic objectives and ready to advance in our strategy to
be a net zero company by 2050.

Throughout the year we have distributed €2.5 billion to our shareholders. Our share capital was reduced by
110 million shares reaching the share count previous to the scrip dividend implementation in 2012”.

2023 was a remarkable year. We have delivered €7,064 million of operating cash flow, the second-highest
cash flow from operations in our history amid the external uncertainty and volatility. This is clear evidence of
ourFinancial
high-qualityPosition
integrated portfolio, disciplined execution and forward-looking
“Net debtstrategy.
stood We are coming
at €2.1 out
billion”
of 2023 with a solid financial position, delivering a significant progress on our strategic objectives and ready
to
Theaccelerate
operatingourcash
strategy
flowtoduring
be a net zero
2023 wascompany
€7,064 by 2050.€1,859 million lower than in 2022. Group’s Net
million,
Debt at the end of 2023 stood at €2,096 million, €160 million lower than at the end of 2022. The strong
During the year, we have reduced our share capital by 110 million shares. Surpassing the target set in the
operating cash flow during the year more than covered organic investments, interests, and the cash dividend.
2021-2025 Strategic Plan for 2023 of reducing our share capital by 50 million shares”.
The Group’s gearing1 at the end of 2023 stood at 6.7%, compared to 8.0% at the end of 2022.
1

Shareholder remuneration “Remuneration in cash increased to €0.9 gross per share”

2024 cash dividend: around 30% increase with a remuneration in cash of 0.90 gross euros per share,
subject to the approval of the next Annual General Meeting (AGM), surpassing the remuneration foreseen
for 2025 under the 2021-2025 Strategic Plan.

2024 new share buyback program: The Board of Directors of Repsol, S.A. has resolved to implement an
own shares buy-back program where the maximum number of shares to be acquired will be 35 million and
to propose to the next AGM a capital reduction of 40 million shares expected to be executed before the
end of July through the redemption of own shares.

Strategic Update 2024-2027

Repsol will present today its Strategic Update 2024 – 2027 together with its 4th Quarter and Full Year 2023
Results at 9:30 AM (CET).

The event will take place at Campus Repsol, our headquarters in Madrid, and will be hosted by Josu Jon
Imaz, Repsol´s CEO. The event will be accessible through streaming at Repsol’s website.

1
Gearing ratio defined as: Net Debt / (Net Debt + Equity)

2
Q4 & FY 2023 Results

4Q23: Adjusted Income of €1,195 million

(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

% Change Jan - Dec Jan - Dec % Change

Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Upstream 554 341 598 (7.4) 1,779 3,029 (41.3)
Industrial 561 550 1,152 (51.3) 2,734 3,241 (15.6)
Customer 102 190 160 (36.3) 614 421 45.8
Low Carbon Generation 16 13 7 128.6 75 144 (47.9)
Corporate and Others (38) 4 122 - (191) (61) (213.1)

Adjusted Income 1,195 1,098 2,039 (41.4) 5,011 6,774 (26.0)

Inventory effect (295) 347 (592) 50.2 (453) 78 -
Special items (543) (64) (375) (44.8) (1,274) (2,507) 49.2
Non-controlling interests 26 (16) (43) - (116) (94) (23.4)
Net Income 383 1,365 1,029 (62.8) 3,168 4,251 (25.5)
Earnings per share (€/share) 0.30 1.07 0.75 (59.3) 2.46 2.96 (16.9)

% Change Jan - Dec Jan - Dec % Change

Financial data (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
EBITDA 2,060 2,891 2,950 (30.2) 9,254 13,813 (33.0)
EBITDA CCS 2,456 2,426 3,743 (34.4) 9,864 13,710 (28.1)
Operating Cash Flow 2,244 1,298 2,804 (20.0) 7,064 8,923 (20.8)
Organic Investments 1,674 1,207 1,740 (3.8) 5,102 4,031 26.6
Inorganic Investments 131 108 45 191.1 1,065 151 -
Group's Effective Tax Rate (%) (25) (36) (34) 9.0 (31) (37) 6.0
Net Debt (*) 2,096 1,855 2,256 (7.1) 2,096 2,256 (7.1)

% Change Jan - Dec Jan - Dec % Change

International prices Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Brent ($/bbl) 84.3 86.7 88.9 (5.2) 82.6 101.3 (18.5)
Henry Hub (**) ($/MBtu) 2.9 2.5 6.3 (54.0) 2.7 6.6 (59.1)
Average exchange rate ($/€) 1.08 1.09 1.02 5.9 1.08 1.05 2.9

% Change Jan - Dec Jan - Dec % Change

Operational data Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Liquids Production (Thousand bbl/d) 208 198 181 14.9 205 185 10.8
Gas Production (***) (Million scf/d) 2,174 2,238 2,081 4.5 2,211 2,048 7.9
Total Production (Thousand boe/d) 595 596 551 7.9 599 550 8.9
Crude Oil Realization Price ($/bbl) 76.9 78.5 77.3 (0.5) 74.3 90.0 (17.4)
Gas Realization Price ($/Thousand scf) 3.9 3.4 6.4 (39.1) 3.8 7.4 (48.6)
Distillation Utilization Spanish Refining (%) 91.5 86.8 82.3 11.2 85.4 86.1 (0.8)
Conversion Utilization Spanish Refining (%) 107.7 102.1 99.9 7.8 100.0 95.2 5.0
Refining Margin Indicator in Spain ($/bbl) 9.0 13.6 18.9 (52.4) 11.1 15.6 (28.8)

Change Jan - Dec Jan - Dec Change

Sustainability data Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Process safety indicator (PSIR) 0.72 0.83 0.56 0.2 0.54 0.41 0.1
Total recordable injury rate (TRIR) 1.11 1.57 1.59 (0.5) 1.37 1.59 (0.2)
Annual CO2e emissions reduction (Kt) (****) 48 45 60 (12) 177 337 (160)

(*) It includes leases: €3,605 million, €3,757 million, and €3,686 million as of fourth quarter 2023, third quarter 2023 and fourth quarter 2022, respectively.
(**) Henry Hub First of Month Index. (***) 1,000 Mcf/d = 28.32 Mm3/d = 0.178 Mboe/d. (****) Estimated.

3
Q4 & FY 2023 Results

4Q23 Highlights

Adjusted Income €1,195 M

€1,195 M

Adjusted income in the fourth quarter was €1,195 million, €844 million lower than in the same period of
2022. Net income amounted to €383 million, €646 million lower than in the same period of 2022.

Upstream €554 M Industrial €561 M

€1,195
In Upstream, M income was €554 million,
adjusted €1,195
In Industrial, M income was €561 million,
adjusted
€44 million lower than in the same period of 2022 €591 million lower than in the same period of 2022
mainly due to lower oil and gas realization prices, mainly due to lower results in the Refining
higher amortization, higher exploration and businesses, Trading and Wholesale & Gas Trading
production costs and the depreciation of the dollar and Chemicals. This was partially compensated by
against the euro. These were partially lower taxes due to a lower operating income.
compensated by higher volumes, lower royalties,
as well as lower taxes due to a lower operating
income.

Customer €102 M Low Carbon Generation €16 M

€1,195
In Customer, M income was €102 million,
adjusted €1,195Generation,
In Low Carbon M adjusted income
€58 million lower than in the same period of 2022 was €16 million, €9 million higher than in the same
mainly due to lower results in Mobility, LPG and period of 2022 mainly due to higher volumes in
Retail Electricity & Gas. These were compensated Renewables that were partially offset by lower
by higher results in Lubricants and lower taxes due results in CCGT´s.
to a lower operating income.

Corporate & Others €-38 M

In Corporate and Others, adjusted income was €-38 million, compared to €122 million in the same period
of 2022 mainly due to lower results from treasury stock positions.

4
Q4 & FY 2023 Results

Adjusted Income performance by Business Segment

Upstream
(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

% Change Jan - Dec Jan - Dec % Change

Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Adjusted Income 554 341 598 (7.4) 1,779 3,029 (41.3)
Operating income 784 697 1,187 (34.0) 2,936 5,705 (48.5)
Income tax (233) (361) (594) 60.8 (1,185) (2,703) 56.2
Income from equity affiliates 3 5 5 (40.0) 28 27 3.7

EBITDA 1,279 1,163 1,640 (22.0) 4,760 7,485 (36.4)

Investments 753 602 778 (3.2) 2,627 2,127 23.5
Effective Tax Rate (%) (*) (30) (52) (50) 20.0 (40) (47) 7.0

% Change Jan - Dec Jan - Dec % Change

International prices Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Brent ($/bbl) 84.3 86.7 88.9 (5.2) 82.6 101.3 (18.5)
WTI ($/bbl) 78.5 82.2 82.6 (5.0) 77.6 94.3 (17.7)
(**)
Henry Hub ($/MBtu) 2.9 2.5 6.3 (54.0) 2.7 6.6 (59.1)
Average exchange rate ($/€) 1.08 1.09 1.02 5.9 1.08 1.05 2.9
% Change Jan - Dec Jan - Dec % Change
Realization prices Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Crude Oil ($/bbl) 76.9 78.5 77.3 (0.5) 74.3 90.0 (17.4)
Gas ($/Thousand scf) 3.9 3.4 6.4 (39.1) 3.8 7.4 (48.6)

% Change Jan - Dec Jan - Dec % Change

Production Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Liquids (Thousand bbl/d) 208 198 181 14.9 205 185 10.8
(***)
Gas (Million scf/d) 2,174 2,238 2,081 4.5 2,211 2,048 7.9
Total (Thousand boe/d) 595 596 551 7.9 599 550 8.9

(*) Calculated on the Operating Income.(**) Henry Hub First of Month Index. (***) 1,000 Mcf/d = 28.32 Mm3/d = 0.178 Mboe/d.

Fourth quarter 2023 results

Adjusted income was €554 million, €44 million lower than in the same period of 2022 mainly due to lower
oil and gas realization prices, higher amortization, higher exploration and production costs and the
depreciation of the dollar against the euro. These were partially compensated by higher volumes, lower
royalties as well as lower taxes due to a lower operating income.

The principal factors that explain the variations in the year-on-year performance in the Upstream division are
as follows:

Lower oil and gas realization prices had a negative impact on the operating income of €452 million.

Higher volumes impacted the operating income positively by €187 million, mainly due to the
commissioning of new wells in the unconventional assets of Eagle Ford and Marcellus (USA), the
acquisition of Inpex assets in Eagle Ford (USA), the acquisition of the remaining 49% stake in Repsol
Sinopec Resources UK (RSRUK- currently RRUK), better performance in YME (Norway), first oil in

5
Q4 & FY 2023 Results

Shenzi North in the Gulf of Mexico (USA) and higher gas demand in Venezuela that were partially
offset with the divestment of all producing assets in Canada.

Lower royalties had a positive contribution to the operating income of €53 million.

Higher depreciation and amortization had a negative impact of €75 million on the operating income.

Higher production costs and general costs had a negative impact of €43 million on the operating
income.

Higher exploration costs had a negative impact on the operating income of €15 million.

The depreciation of the dollar against the euro had a negative impact on the operating income of
€55 million.

Income tax expense decreased by €360 million mainly due to a lower operating income.

Income from equity affiliates decreased by €2 million.

Production

Upstream production averaged 595 kboe/d in the fourth quarter of 2023, 44 kboe/d higher year-on-year
primarily due to the commissioning of new wells in the unconventional assets of Marcellus and Eagle Ford
(USA), the acquisition of Inpex assets in Eagle Ford (USA), the acquisition of the 49% stake from Sinopec in
RRUK, higher gas demand in Venezuela, first oil in Shenzi North in Gulf of Mexico (USA) and better
performance in YME (Norway). These were partially compensated by the divestment of all producing assets
in Canada as well as the natural decline of fields.

Exploration

During the fourth quarter of 2023, two exploration wells, Magnus-1 and Kimera-1, in Colombia were declared
positive and one exploration well, Mollerussa-1, in the USA was declared negative.

At the end of 2023, one exploration well, Leyenda-1, in Colombia and one appraisal well, Sagitario-2 App, in
Brazil were under evaluation. In January 2024, the appraisal well, Sagitario-2 App in Brazil was declared
positive. Additionally, the exploratory well REX NE N-01 (Cosecha block) in Colombia, that was ongoing at
the end of 2023, was declared positive.

Exploration expenses during the fourth quarter stood at €54 million, 3% higher than in the same period of
2022.

Investments

Accrued investments in Upstream in the fourth quarter of 2023 amounted to €753 million, €25 million lower
than in the same period of 2022.

Development investments accounted for 81% of the total investment and was concentrated
mainly in the USA (34%), the UK (13%), Brazil (12%), Trinidad & Tobago (10%), Colombia (4%),
and Norway (3%).

Exploration investments represented 10% of the total and was allocated primarily in the USA
(6%), Brazil (1%) and Colombia (1%).

6
Q4 & FY 2023 Results

2023 results

The adjusted income for 2023 amounted to €1,779 million, €1,250 million lower year-on-year mainly due to
lower oil and gas realization prices, higher amortization and higher production costs that were partially offset
by higher volumes, lower royalties, lower exploration costs as well as lower taxes due to a lower operating
income.

Production

Upstream production averaged 599 kboe/d in 2023, 49 kboe/d higher year-on-year primarily as a
consequence of the commissioning of new wells in the unconventional assets of Marcellus and Eagle Ford
(USA), the acquisition of Inpex assets in Eagle Ford (USA), lower maintenance activities in Peru, higher gas
demand in Venezuela, the absence of force-majeure periods in Libya and a better performance in YME
(Norway). These were partially compensated by the divestment of all producing assets in Canada, planned
and unplanned maintenance activities in Trinidad & Tobago as well as the natural decline of fields.

Exploration

During 2023, three exploration wells, Tinamú-1, Kimera-1 and Magnus-1 in Colombia, and one appraisal well,
Blacktip-2 ST1 in the USA, were declared positive. One exploration well, Mollerussa-1, in the USA was
declared negative.

At the end of 2023, one exploration well, Leyenda-1, in Colombia and one appraisal well, Sagitario-2 App, in
Brazil were under evaluation. In January 2024, the appraisal well, Sagitario-2 App in Brazil was declared
positive. Additionally, the exploratory well REX NE N-01 (Cosecha block) in Colombia, that was ongoing at
the end of 2023, was declared positive.

Exploration expenses during 2023 stood at €122 million, 61% lower than in the same period of 2022.

Investments

Accrued Investment in Upstream during 2023 amounted €2,627 million, €500 million higher than in the same
period of 2022.

Development investments accounted for 84% of the total investment and were concentrated
mainly in the USA (49%), Brazil (9%), Trinidad & Tobago (8%), the UK (6%), Colombia (4%), and
Norway (3%).

Exploration investments represented 6% of the total and was allocated primarily in the USA (4%)
and Brazil (1%).

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Q4 & FY 2023 Results

Industrial
(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

% Change Jan - Dec Jan - Dec % Change

Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Adjusted Income 561 550 1,152 (51.3) 2,734 3,241 (15.6)
Operating income CCS 719 739 1,526 (52.9) 3,626 4,315 (16.0)
Income tax (155) (185) (371) 58.2 (884) (1,071) 17.5
Income from equity affiliates (3) (4) (3) 0.0 (8) (3) (166.7)
Inventory effect (after taxes) (291) 342 (569) 48.9 (401) 59 -
EBITDA 520 967 956 (45.6) 3,438 5,223 (34.2)
EBITDA CCS 911 509 1,718 (47.0) 3,976 5,149 (22.8)
Investments 468 263 476 (1.7) 1,161 1,025 13.3
(*)
Effective Tax Rate (%) (21) (25) (24) 3.0 (24) (25) 1.0

% Change Jan - Dec Jan - Dec % Change

Operational data Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Refining Margin Indicator in Spain ($/bbl) 9.0 13.6 18.9 (52.4) 11.1 15.6 (28.8)
Distillation Utilization Spanish Refining (%) 91.5 86.8 82.3 11.2 85.4 86.1 (0.8)
Conversion Utilization Spanish Refining (%) 107.7 102.1 99.9 7.8 100.0 95.2 5.0
Processed Crude (Mt) 11.3 10.8 10.4 8.7 42.1 42.1 (0.1)
Chemical Margin Indicator (€/t) 165 163 222 (25.8) 203 267 (23.9)
Petrochemical Product Sales (Thousand tons) 432 452 474 (8.9) 1,923 2,451 (21.5)

% Change Jan - Dec Jan - Dec % Change

International prices ($/bbl) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Maya vs Brent spread (9.5) (10.5) (13.6) 30.1 (12.1) (12.4) 2.4
Gasoline vs Brent spread 15.1 29.9 16.9 (10.7) 25.1 21.7 15.7
Diesel vs Brent spread 29.9 33.7 50.0 (40.2) 29.2 41.9 (30.3)

(*) Calculated on the Operating Income.

Fourth quarter 2023 results

Adjusted income was €561 million, €591 million lower than in the same period of 2022. The principal factors
that explain the variations in the year-on-year performance in the Industrial businesses are as follows:

In Refining, operating performance was €532 million lower year-on-year due to lower refining
margins mainly as a consequence of lower middle distillates spreads. This was partially offset by
higher utilization rates in the distillation and conversion units and lower energy costs.

In Repsol Peru, operating performance was €80 million lower year-on-year due to lower refining
margins mainly due to lower middle distillates spreads and lower results in the mobility business.

In Chemicals, operating performance was €41 million lower year-on-year mainly because of lower
petrochemical margins and lower sales impacted by a depressed demand.

In Trading and Wholesale & Gas Trading, operating performance was €227 million lower year-on-
year mainly due to a lower contribution from both businesses.

The depreciation of the dollar against the euro had a negative impact on the operating income of
€47 million.

8
Q4 & FY 2023 Results

Income tax expense decreased by €216 million due to a lower operating income.

Results in other activities, non-transcended sales adjustments and equity affiliates covered
the remaining difference.

Investments

Accrued Investments in the fourth quarter of 2023 amounted to €468 million, €8 million lower than in the
same period of 2022 and correspond mainly to investments in the Chemical and Refining businesses.

2023 results

Adjusted income in 2023 was €2,734 million, €507 million lower year-on-year mainly due to lower results in
Refining, Chemicals, Repsol Peru and Trading that were partially compensated by higher results in Wholesale
& Gas Trading as well as lower taxes due to a lower operating income.

Investments

Accrued Investments during 2023 amounted to €1,161 million, €136 million higher than in the same period
of 2022 and correspond mainly to investments in the Refining and Chemical businesses.

9
Q4 & FY 2023 Results

Customer
(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

% Change Jan - Dec Jan - Dec % Change

Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Adjusted Income 102 190 160 (36.3) 614 421 45.8
Operating income CCS 135 255 215 (37.2) 819 564 45.2
Income tax (32) (67) (54) 40.7 (208) (144) (44.4)
Income from equity affiliates (1) 2 (1) 0.0 3 1 200.0
Inventory effect (after taxes) (4) 5 (23) 82.6 (52) 19 -
EBITDA 235 320 273 (13.9) 1,094 956 14.4
EBITDA CCS 240 313 304 (21.1) 1,166 927 25.8
Investments 170 121 122 39.3 423 258 64.0
(*)
Effective Tax Rate (%) (24) (26) (25) 1.0 (25) (25) 0.0

% Change Jan - Dec Jan - Dec % Change

Operational data Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Own marketing spanish sales
3,552 3,665 4,263 (16.7) 14,406 16,211 (11.1)
(Diesel & Gasoline in km3)
Electricity commercialization (GWh) (**) 1,229 1,231 986 24.6 4,478 4,278 4.7
LPG Sales (Thousand tons) 328 230 313 4.8 1,192 1,207 (1.2)

(*) Calculated on the Operating Income. (**) Estimated. Data for Spain.

Fourth quarter 2023 results

Adjusted income was €102 million, €58 million lower than in the same period of 2022. The principal factors
that explain the variations in the year-on-year performance in the Customer businesses are as follows:

In Mobility, operating performance was €24 million lower year-on-year mainly due to lower direct
sales that were partially compensated by higher results in the Spanish and Portuguese service
stations.

In Retail Electricity & Gas, operating performance was €15 million lower year-on-year mainly due
to lower electricity margins that were partially compensated by higher volumes.

In LPG, operating performance was €32 million lower year-on-year mainly due to lower margins.

In Lubricants, Aviation, Asphalts & Specialties, operating performance was €2 million lower year-
on-year mainly due to lower margins in Aviation and Asphalts that were partially compensated by
higher margins and volumes in Lubricants.

Income tax expense decreased by €22 million due to a lower operating income.

Results in other activities and equity affiliates covered the remaining difference.

10
Q4 & FY 2023 Results

Investments

Accrued Investments in the fourth quarter of 2023 quarter amounted to €170 million, €48 million higher than
in the same period of 2022 and they are mainly linked to the development of the Mobility and Retail Electricity
& Gas businesses.

2023 results

Adjusted income in 2023 was €614 million, €193 million higher than in the same period of 2022 mainly due
to higher results in Mobility, Lubricants, Asphalts and Retail Electricity & Gas that were partially compensated
by lower results in LGP, Aviation and Specialties.

Investments

Accrued Investments in 2023 amounted to €423 million, €165 million higher than in the same period of 2022
and they are mainly linked to the development of the Mobility and Retail Electricity & Gas businesses.

11
Q4 & FY 2023 Results

Low Carbon Generation

(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)
% Change Jan - Dec Jan - Dec % Change
Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Adjusted Income 16 13 7 128.6 75 144 (47.9)
Operating income 29 28 41 (29.3) 134 245 (45.3)
Income tax (6) (5) (8) 25.0 (31) (59) 47.5
Income from equity affiliates (7) (10) (26) 73.1 (28) (42) 33.3
EBITDA 40 28 52 (23.1) 176 292 (39.7)
Investments 379 318 372 1.9 1,876 667 181.3
Effective Tax Rate (%) (*) (21) (18) (18) (3.0) (23) (24) 1.0

% Change Jan - Dec Jan - Dec % Change

Operational data Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Electricity Prices in Spanish pool (€/MWh) 75.3 96.6 113.2 (33.5) 87.4 167.7 (47.9)
Electricity Generation (GWh) 2,025 2,742 1,658 22.1 8,718 8,734 (0.2)

(*) Calculated on the Operating Income.

Fourth quarter 2023 results

Adjusted income was €16 million, €9 million higher than in the same period of 2022. The principal factors
that explain the variations in the year-on-year performance in the Low Carbon Generation businesses are as
follows:

In Renewables, operating performance was €27 million higher year-on-year mainly due higher
volumes in the wind, hydro and solar assets that were partially compensated by lower pool prices
and higher costs.

In CCGTs, operating performance was €25 million lower year-on-year mainly due to lower prices
and volumes that were partially compensated by lower costs.

Income tax expense decreased by €1 million due to a lower operating income.

Results in other activities and equity affiliates covered the remaining difference.

Investments
Accrued Investments in the fourth quarter of 2023 amounted to €379 million, €7 million higher than in the
same period of 2022 and they are mainly linked to the development of renewable projects in the USA, Spain
and Chile.

2023 results

Adjusted income in 2023 was €75 million, €69 million lower than in the same period of 2022 mainly due to
lower results in CCGTs that were partially compensated by higher results in Renewables.

12
Q4 & FY 2023 Results

Investments

Accrued Investments during 2023 amounted to €1,876 million, €1,209 million higher than in the same period
of 2022 and correspond mainly to the Asterion acquisition and the development of renewable projects in the
USA, Spain and Chile.

13
Q4 & FY 2023 Results

Corporate and Others

(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

% Change Jan - Dec Jan - Dec % Change

Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Adjusted Income (38) 4 122 - (191) (61) (213.1)
Corporate and adjustments result (26) (44) 24 - (265) (181) (46.4)
Financial result (26) 53 143 - 8 86 (90.7)
Income tax 17 (6) (45) - 60 39 53.8
Income from equity affiliates (3) 1 0 - 6 (5) -

EBITDA (14) 413 29 - (214) (143) (49.7)

(*)
Net Interests 38 52 8 - 166 (93) -
Investments 35 11 37 (5.4) 80 105 (23.8)
Effective Tax Rate (%) (**) 34 77 (27) 61.0 23 41 (18.0)

(*) Does not include interest income/expenses from leases. (**) Calculated on the Operating Income and the Financial Result.

Fourth quarter 2023 results

At operating income level, Corporate and Adjustments accounted for €-26 million during the fourth
quarter of 2023, compared with €24 million for the same period of 2022, mainly due to negative
intersegment consolidation adjustments.

The Financial result before taxes in the quarter amounted to €-26 million compared with €143 million for
the same period of 2022 mainly due to lower results from treasury stock positions and interest rate positions,
that were partially compensated by higher results from exchange rate positions and positive net interests.

2023 results

At operating income level, Corporate and Adjustments accounted for €-265 million during 2023,
compared with €-181 million in the same period of 2022.

The Financial result before taxes in 2023 amounted to €8 million compared with €86 million in the same
period of 2022 mainly due to lower results from treasury stock positions and interest rates positions that were
partially compensated by positive net interests.

14
Q4 & FY 2023 Results

Inventory Effect

Fourth quarter 2023 results

Inventory effect was €-295 million in the fourth quarter of 2023 mainly due to lower products and crude
oil prices quarter-on-quarter. This compares with €-592 million in the same period of 2022.

2023 results

Inventory effect was €-453 million in 2023 mainly due to lower products and crude oil prices. This
compares with €78 million in the same period of 2022.

Special Items
(Unaudited figures)
Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

% Change Jan - Dec Jan - Dec % Change

Results (€ Million) Q4 2023 Q3 2023 Q4 2022
Q4 23/Q4 22 2023 2022 2023 / 2022
Divestments 33 (19) 23 43.5 14 84 (83.3)
Indemnities and workforce restructuring (40) (20) (48) 16.7 (83) (65) (27.7)
Impairment of assets (1,553) 15 (303) - (1,184) (1,793) 34.0
Provisions and others 1,017 (40) (47) - (21) (733) 97.1
Special Items (543) (64) (375) (44.8) (1,274) (2,507) 49.2

Fourth quarter 2023 results

Special Items stood at €-543 million during the fourth quarter of 2023, compared with €-375 million in the
same period of 2022 and correspond mainly to impairments in Upstream assets and within the Chemical
business that were partially compensated by the recognition of tax credits.

2023 results

Special Items stood at €-1,274 million in 2023, compared with €-2,507 million in the same period of 2022
and correspond mainly to impairments in Upstream assets and within the Chemical business, the Spanish
temporary energy levy and the impact of the settlement agreements on the Maxus litigation in the USA and
the Addax arbitration in the UK. These were partially compensated by the recognition of tax credits.

15
Q4 & FY 2023 Results

Adjusted Cash Flow Statement Analysis

(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

QUARTERLY DATA JANUARY - DECEMBER

Q4 2023 Q4 2022 2023 2022
I. CASH FLOWS FROM OPERATING ACTIVITIES
EBITDA CCS 2,456 3,743 9,864 13,710
Inventory Effect (396) (793) (610) 103
Changes in working capital 1,128 1,117 567 (1,871)
Dividends received 6 6 20 30
Income taxes received/ (paid) (769) (1,160) (2,097) (2,607)
Other proceeds from/ (payments for) operating activities (181) (109) (680) (442)
2,244 2,804 7,064 8,923

II. CASH FLOWS USED IN INVESTMENT ACTIVITIES

Payments for investment activities (1,655) (1,744) (6,174) (4,392)
Organic investments (1,632) (1,707) (5,256) (4,006)
Inorganic investments (23) (37) (918) (386)
Proceeds from divestments 475 1 540 680
(1,180) (1,743) (5,634) (3,712)

FREE CASH FLOW (I. + II.) 1,064 1,061 1,430 5,211

Transactions with non-controlling interests (1) 221 (10) 2,174 1,117

Payments for dividends and payments on other equity instruments (32) (32) (979) (989)
Net interests 75 (103) (164) (397)
Treasury shares (381) (828) (1,283) (1,714)

CASH GENERATED IN THE PERIOD 947 88 1,178 3,228

Financing activities and others (1,191) (1,093) (3,571) (2,189)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (244) (1,005) (2,393) 1,039

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 4,796 7,950 6,945 5,906

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 4,552 6,945 4,552 6,945

(1)
It includes the collections from the sale of a 25% stake in the Upstream business and the sale of a 49% stake in a portfolio of Renewables assets in
Spain.

The operating cash flow during the fourth quarter of 2023 was €2,244 million, €560 million lower than the
same period of 2022. Free cash flow amounted to €1,064 million, in line with the same period of 2022. Lower
EBITDA CCS, mainly due to lower oil and gas realization prices together with lower refining margins, was
compensated by the positive impact of the inventory effect and higher proceeds from divestments.

The operating cash flow during 2023 was €7,064 million, €1,859 million lower than the same period of 2022.
Free cash flow amounted to €1,430 million, €3,781 million lower than in the same period of 2022. Lower
EBITDA CCS, mainly due to lower oil and gas realization prices together with lower refining margins, a
negative inventory effect and higher organic and inorganic investments were partially compensated by the
positive impact of the variation of the working capital.

16
Q4 & FY 2023 Results

Net Debt Evolution and Liquidity

This section presents the changes in the Group’s adjusted net debt:

(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

(1)
NET DEBT EVOLUTION (€ Million) Q4 2023 Jan - Dec 2023

NET DEBT AT THE START OF THE PERIOD 1,855 2,256

EBITDA CCS (2,456) (9,864)
INVENTORY EFFECT 396 610
CHANGE IN WORKING CAPITAL (1,128) (567)
INCOME TAX RECEIVED /PAID 769 2,097
NET INVESTMENT 1,176 5,592
DIVIDENDS PAID AND OTHER EQUITY INSTRUMENTS PAYOUTS 32 979

TREASURY SHARES AND EQUITY DERIVATIVES (2) 421 1,606

EQUITY INSTRUMENTS 0 0
TRANSACTIONS WITH NON-CONTROLLING INTERESTS (3) (374) (3,121)

INTEREST AND OTHER MOVEMENTS (4) 1,405 2,508

NET DEBT AT THE END OF THE PERIOD 2,096 2,096
Acummulated
Dec 2023

CAPITAL EMPLOYED (M€) 31,166

NET DEBT / CAPITAL EMPLOYED (%) 6.7

(1) It includes leases: €3,605 million, €3,757 million, and €3,686 million as of fourth quarter 2023, third quarter 2023 and fourth quarter 2022, respectively.
(2) Includes purchases made under the Share Buyback Program for its redemption for a value of €-1,196 million (85 million shares acquired under the
buyback programs launched in March and July 2023) and the impact of MTM derivatives on shares amounting to €-7 million.
(3) It includes the collections from the sale of a 25% stake in the Upstream and the sale of a 49% stake in a portfolio of Renewables assets in Spain
(includes the deferred price).
(4) It mainly includes the financial liability recognized in favor of Sinopec for the agreement to resolve the existing arbitration proceedings and through which
Repsol acquired from Sinopec its 49% shareholding in RRUK. Additionally, includes new lease contracts, interest expenses, exchange rate effect,
dividends received, companies’ acquisition/sale effect and other effects.

The Group’s net debt at the end of the fourth quarter stood at €2,096 million, €241 million higher than at the
end of the third quarter of 2023 mainly due to the acquisition of the remaining 49% stake in RRUK and the
acquisition of own shares. The Group’s gearing at the end of the fourth quarter stood at 6.7%, compared to
5.9% at the end of the third quarter of 2023.

The group’s liquidity at the end of the fourth quarter of 2023 was €11,067 million (including undrawn
committed credit lines); representing 3.42 times short-term gross debt maturities that compares with 5.11
times at the end of the third quarter of 2023.

17
Q4 & FY 2023 Results

Relevant Events
The main company‐related events since the third quarter 2023 results release were as follows:

Upstream

Nov. 2023 In November, after the agreement reached between Repsol and Sinopec, which has put an
end to the arbitration procedure initiated by Sinopec in relation to the acquisition process of
49% of RRUK from the Talisman Group in 2012, Repsol has taken full control of the
operations of the group in the UK.

Nov. 2023 In November, Repsol agreed with Talos Energy to carry out a seismic reprocessing project
on 400,000 gross acres in the Green Canyon and Atwater Valley areas in the US Gulf in
equal shares. Of the acreage to be reprocessed, Talos contributes about 96,500 acres it has
in mining domain, which is equivalent to about 17 deepwater blocks in the Atwatter Valley
area. The goal is to identify future subsea exploration and exploitation projects in the area of
mutual interest around the Talos-operated Neptune platform, which would serve as the host
facility for any new volumes.

Nov. 2023 In November, Repsol agreed to sell 20% of its stake in Salamanca Infrastructure LLC to its
partners ArcLight and Centaurus Energy for $130 million. This Midstream company is building
and will be the owner of the floating production system (FPS) that will receive production from
the Castilla y León blocks under development starting in 2025. Repsol retains a 2.5% stake
in the company, a seat on the board of Salamanca FPS and maintains intact its stakes in the
upstream assets of Castilla y León.

Nov. 2023 In November, the Ministry of Ecological Transition took the first steps to award an aid package
to promote geothermal energy in Spain. According to the provisional resolution, Repsol has
obtained 15 million euros of financing to carry out three surveys in Madrid, La Palma and
Tenerife.

Dec. 2023 In December, Repsol acquired a 50% stake in the exploratory block 9 located in the state of
Tabasco in the waters of the Gulf of Mexico in the Salina basin. Our partner and operator with
the remaining 50% is ENI.

Dec. 2023 In December, the extension of Corridor's contract for 20 more years came into effect, with the
new expiration date being December 2043. Repsol's participation in this extended period was
reduced from 36% to 24%. Our partners in Corridor are PT. Pertamina Hulu Energi with 30%
and the operator Medco Energi with 46%.

Dec. 2023 In December, Repsol took the final investment decision (FID) on the project Monument in the
Gulf of México. Monument project, in which Repsol has a 20% stake, is operated by Beacon.

Jan. 2024 In January, the Indonesian Ministry of Energy and Mineral Resources approved the Plan of
Development (POD) of the Sakakemang project. The POD contemplates a facility to produce
the discovered gas resources and includes a CCS (Carbon Capture and Storage) element to
dispose of the CO2 produced.

Jan. 2024 On January 22, it was announced that The El Sharara oilfield in Libya resumed activity
following the success of talks with local stakeholders. Libyan National Oil Corporation
Chairman Farhat Bengdara with the support of the Libyan National Army led these

18
Q4 & FY 2023 Results

conversations, which concluded with an agreement that allowed production, which was
disrupted since January 3, 2024 to resume.

The field achieved a production of 260,000 barrels of oil per day (bopd) of output on January
23, 2024. El Sharara is operated by Akakus, a joint venture of the Libyan National Oil
Corporation in partnership with Repsol, TotalEnergies, OMV and Equinor.

Industrial

Nov. 2023 In November, Petronor signed an agreement to export green hydrogen to the Netherlands
and Germany, through the ports of Amsterdam and Duisburg respectively, with the aim of
forming an intra-European hydrogen corridor.

Dec. 2023 In December, Repsol's industrial complex in Cartagena received the first ship with used
cooking oil to be used as a raw material in Spain's first renewable fuels plant. The ship, that
arrived from Huelva in southern Spain, unloaded 7,500 tons of used cooking oil.

Repsol is transforming its industrial complexes into multi-energy centers with the capacity to
produce fuels with a low or zero carbon footprint. One example is the advanced biofuels plant
it has built at its Cartagena facilities, in which it has invested more than 200 million euros, and
which will produce 250,000 tons of renewable fuels per year from waste such as used cooking
oil.

Customer

Nov. 2023 In November, Repsol and Krean completed a corporate restructuring process whereby
Repsol acquired 100% of the shares of Ekiluz Promoción and Ekiluz Energía and Krean
acquired a 100% stake in Ekiprojects. With this transaction, Repsol has obtained a portfolio
of 21 energy communities under development, capable of accommodating 16,000 members.
This portfolio of projects has received 12 IDAE grants amounting to €14 million.

Dec. 2023 In December, the remote self-consumption business Solarpack Click&Go was acquired
through the purchase of a 10 MWp photovoltaic plant and a portfolio of 900 customers
associated with its production under a long-term fixed-price supply contract.

Dec. 2023 In December, a further 20% stake in Gana Energía was acquired, thus bringing Repsol’s total
stake to 90%.

Dec. 2023 On December 5, it was announced that Repsol begun supplying sustainable aviation fuel
(SAF) to Atlas Air for use in all its flights with its customer Inditex from Zaragoza Airport
(Spain). Beginning in November, Atlas Air is initially incorporating 5% SAF in all its flights.

The agreement makes New York-based Atlas Air the first cargo airline to use SAF regularly
on its cargo flights in Spain, marking a new milestone in the airline sector. The initiative is in
line with the companies’ commitments to achieve their respective carbon footprint reduction
goals, and also positions them to comply with anticipated compliance measures included in
the ReFuelEU Aviation regulations that require use of 2% renewable fuels in 2025, 6% in
2030 and 70% in 2050, respectively.

19
Q4 & FY 2023 Results

Dec. 2023 On December 12, Repsol announced that has launched 176 collection points for used
cooking oil at its service stations in Galicia (Spain). This initiative, which is carried out in
collaboration with the regional government (Xunta de Galicia), is an example of circular
economy as it allows the sustainable management of this domestic waste that, once treated,
will be reused to produce 100% renewable fuels.

With this initiative, Repsol facilitates the sustainable management of this waste and promotes
the circular economy by subsequently reusing the used cooking oil as a raw material to
produce renewable fuels. One liter of used cooking oil produces 0.9 liters of renewable fuel.

For the proper management of this waste after collection, Repsol has contracted Mulleres
Colleiteiras, a non-profit cooperative from A Coruña formed by women in vulnerable
situations. This organisation is certified under the ISCC EU scheme, which guarantees the
traceability and sustainability of the waste.

Jan. 2024 On January 9, Repsol announced that will continue its commitment on fuel discounts as those
clients that contract its energy supply with Repsol will keep doubling its fuel discounts for one
year.

These new customers may accumulate fuel discounts ranging from 20 to 40 euro cents per
liter.

Jan. 2024 On January 16, Repsol announced that will exceed 600 service stations supplying 100%
renewable fuel by the end of 2024. The multi-energy company, thus, accelerates its
commitment to renewable fuels, with an ambitious goal of expanding its network of service
stations with renewable fuels in the Iberian Peninsula.

Repsol currently supplies 100% renewable fuel at more than 60 service stations in the main
cities and transport corridors of the Iberian Peninsula. With 46 stations in Spain and 15 in
Portugal, the multi-energy company has exceeded the target it set itself last May when it
started supplying at the first three service stations in Madrid, Barcelona, and Lisbon, making
it the first Spanish company to offer 100% renewable fuel to its customers.

In addition, Repsol launched a new pilot project in three service stations in the city of Madrid
to supply 100% renewable gasoline, with which it intends to expand its range of renewable
products.

Low Carbon Generation

Nov. 2023 On November 16, Repsol announced that has formed a new alliance with Pontegadea, one
of the world's leading private investment groups, incorporating it as a partner, with a 49%
stake, in a portfolio of 618 MW of renewable assets for €363 million. The transaction values
the total portfolio at €740 million.

This portfolio of assets is made up of twelve wind farms located in Huesca, Zaragoza, and
Teruel (the region of Aragon), and Valladolid (Castile and Leon), with a total installed capacity
of 398 MW, as well as two PV solar plants, located in Albacete (Castile-La Mancha) and
Cadiz (Andalusia), with 220 MW. In addition, the portfolio includes projects with hybridization
potential, which would add an additional 279.2 MW. Together, the power generated by these
assets will avoid the emission of around 714,450 tons of CO2 into the atmosphere each year.

20
Q4 & FY 2023 Results

This agreement, the third time Pontegadea takes a stake in Repsol’s renewable assets,
consolidates the alliance between the two companies and reinforces Repsol's strategy of
bringing in partners or investors in businesses to accelerate the achievement of objectives
and maximize the return on the group's operations.

Jan. 2024 On January 3, Repsol announced that has started producing electricity at Sigma, its first
renewable project in Andalusia. Located in Jerez de la Frontera (Cádiz), it is made up of five
solar plants with a total installed capacity of 204 MW.

With an investment of close to 150 million euros, the Arco 1, 2, 3, 4 and 5 make up the Sigma
project. The completion in the coming weeks of the commissioning phase of the five plants,
which are already connected to the grid, will enable the production of 430 GWh of renewable
energy per year, enough to supply 43,000 homes. This renewable power will avoid the
emission of a total of 191,000 tons of CO2 per year.

Corporation

Dec. 2023 Repsol has informed regularly about the transactions that have been carried out under the
Buy-back Programme that commenced on July 27, 2023.

On December 11, Repsol announced that it had the maximum number of shares to be
acquired under the Buy-back Programme (50,000,000 shares). As a result of the foregoing,
and in accordance with the terms of the Buy-back Program, the Company also informed that
the purpose of the Buy-back Programme was fulfilled and that, therefore, its completion
occurred before the deadline of validity.

Repsol also hereby informed the CEO, pursuant to the delegation granted in his favor by the
Board of Directors of Repsol, resolved to execute the capital reduction approved by the Board
of Directors on July 26, 2023, pursuant to the resolution approved by the General
Shareholders' Meeting 2023 under item eight of the agenda.

The share capital of Repsol was reduced by 60,000,000 euros, through the redemption of
60,000,000 own shares with a par value of one euro each, representing approximately 4.70%
of the share capital prior to the capital reduction. The share capital of the Company resulting
from the reduction was set at 1,217,396,053 euros, corresponding to 1,217,396,053 shares
with a par value of one euro each.

As a result of the capital reduction were redeemed: (i) 50,000,000 own shares acquired under
the Buy-back Programme; and (ii) 10,000,000 own shares included in the treasury shares as
of July 26, 2023.

Dec. 2023 On December 21, Repsol announced that the Board of Directors of Repsol, S.A in its meeting
held on December 20, formally approved the interim dividend of 0.025 euros gross charged
to 2023 results, for each share of the Company in circulation and entitled to this distribution
on the payment date, with the same schedule already announced on October 26, 2023
through inside information registered with the Spanish Securities Market Commission
(Comisión Nacional del Mercado de Valores – CNMV).

Consequently, as announced on October 26, 2023, shareholders received in January 2024

a remuneration of 0.4 euros gross per share (interim dividend of 0.025 euros gross per share
and a dividend of 0.375 euros gross per share charged to free reserves).

21
Q4 & FY 2023 Results

Jan. 2024 On January 15, Repsol, S.A. announced the launch of the Share Acquisition Plan 2024 (the
“Plan”), the Plan applies to Repsol Group’s employees in Spain that meet the requirements
of its general conditions and who voluntary decided to opt for the same.

Jan. 2024 On January 17, Repsol published its “Trading Statement,” which is a document that provides
provisional information for the fourth quarter and full year 2023, including data on the
economic environment as well as company performance during the periods.

Jan. 2024 On January 22, Repsol, informed that that its share capital resulting from the capital reduction,
which was recorded with the Commercial Registry of Madrid on January 18, 2024, amounts
to 1,217,396,053 euros, corresponding to 1,217,396,053 shares of one euro of face value
each, which grant a total of 1,217,396,053 voting rights (one per share).

22
Q4 & FY 2023 Results

Madrid, February 22, 2024

An event, accessible both on-site and online through Repsol's corporate website (www.repsol.com) has been scheduled
for research analysts, institutional investors and stakeholders for today, February 22, 2024 at 09:30 (CET), to be hosted
at Repsol's headquarters in Madrid, Spain. This event comprises both the report on the Repsol Group's fourth quarter and
full year 2023 results as well as Repsol's Strategic Update 2024 - 2027. A full recording of the event will also be available
to shareholders and investors and any other interested party at www.repsol.com for a period of no less than one month
from the date of the live broadcast. Moreover, Repsol publishes today both 2024- 2027 Strategic Update presentation,
2023 Consolidated Financial Statements and 2023 Integrated Management Report that will be available on Repsol’s
corporate website as well as at the Spanish regulator CNMV (Comisión Nacional del Mercado de Valores).

23
 Q4 & FY 2023 Results
Q4 & FY 2023 Results

Appendix I - Metrics by Business

Segments

24
Q4 & FY 2023 Results

Adjusted Income & Net Income by Business Segments

(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

€ Million Q4 2023

Income from Non-controlling

Operating income Financial Results Income Tax Adjusted income Inventory effect Special Items Net Income
equity affiliates Interests

Upstream 784 - (233) 3 554 - (346) (26) 182

Industrial 719 - (155) (3) 561 (291) (213) 1 58
Customer 135 - (32) (1) 102 (4) (38) (1) 59
Low Carbon Generation 29 - (6) (7) 16 - (26) - (10)
Corporate & Others (26) (26) 17 (3) (38) - 80 52 94
TOTAL 1,641 (26) (409) (11) 1,195 (295) (543) 26 383

€ Million Q3 2023

Income from Non-controlling

Operating income Financial Results Income Tax Adjusted income Inventory effect Special Items Net Income
equity affiliates Interests

Upstream 697 - (361) 5 341 - (175) (25) 141

Industrial 739 - (185) (4) 550 342 (465) (16) 411
Customer 255 - (67) 2 190 5 (114) (3) 78
Low Carbon Generation 28 - (5) (10) 13 - (14) (4) (5)
Corporate & Others (44) 53 (6) 1 4 - 704 32 740
TOTAL 1,675 53 (624) (6) 1,098 347 (64) (16) 1,365

€ Million Q4 2022

Income from Non-controlling

Operating income Financial Results Income Tax Adjusted income Inventory effect Special Items Net Income
equity affiliates Interests

Upstream 1,187 - (594) 5 598 - (327) - 271

Industrial 1,526 - (371) (3) 1,152 (569) (292) (45) 246
Customer 215 - (54) (1) 160 (23) (69) (2) 66
Low Carbon Generation 41 - (8) (26) 7 - (11) 3 (1)
Corporate & Others 24 143 (45) - 122 - 324 1 447
TOTAL 2,993 143 (1,072) (25) 2,039 (592) (375) (43) 1,029

€ Million Jan - Dec 2023

Income from Non-controlling

Operating income Financial Results Income Tax Adjusted income Inventory effect Special Items Net Income
equity affiliates Interests

Upstream 2,936 - (1,185) 28 1,779 - (864) (156) 759

Industrial 3,626 - (884) (8) 2,734 (401) (286) (41) 2,006
Customer 819 - (208) 3 614 (52) (155) (10) 397
Low Carbon Generation 134 - (31) (28) 75 - (32) (23) 20
Corporate & Others (265) 8 60 6 (191) - 63 114 (14)
TOTAL 7,250 8 (2,248) 1 5,011 (453) (1,274) (116) 3,168

€ Million Jan - Dec 2022

Income from Non-controlling

Operating income Financial Results Income Tax Adjusted income Inventory effect Special Items Net Income
equity affiliates Interests

Upstream 5,705 - (2,703) 27 3,029 - (570) - 2,459

Industrial 4,315 - (1,071) (3) 3,241 59 (1,903) (75) 1,322
Customer 564 - (144) 1 421 19 (177) (7) 256
Low Carbon Generation 245 - (59) (42) 144 - 7 (15) 136
Corporate & Others (181) 86 39 (5) (61) - 136 3 78
TOTAL 10,648 86 (3,938) (22) 6,774 78 (2,507) (94) 4,251

25
Q4 & FY 2023 Results

Non-Controlling Interests
(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

€ Million Q4 2023
Total Non-
Adjusted income Inventory effect Special Items Controlling
Interests
Upstream (139) - 113 (26)
Industrial (10) 11 - 1
Customer (2) - 1 (1)
Low Carbon Generation (7) - 7 0
Corporate & Others 42 - 10 52
TOTAL (116) 11 131 26

€ Million Q3 2023
Total Non-
Adjusted income Inventory effect Special Items Controlling
Interests
Upstream (89) - 64 (25)
Industrial (14) (13) 11 (16)
Customer (5) - 2 (3)
Low Carbon Generation (6) - 2 (4)
Corporate & Others 31 - 1 32
TOTAL (83) (13) 80 (16)

€ Million Q4 2022
Total Non-
Adjusted income Inventory effect Special Items Controlling
Interests
Upstream - - - 0
Industrial (33) 12 (24) (45)
Customer (3) 1 - (2)
Low Carbon Generation 3 - - 3
Corporate & Others 1 - - 1
TOTAL (32) 13 (24) (43)

€ Million Jan - Dec 2023

Total Non-
Adjusted income Inventory effect Special Items Controlling
Interests
Upstream (369) - 213 (156)
Industrial (49) 8 - (41)
Customer (14) 1 3 (10)
Low Carbon Generation (29) - 6 (23)
Corporate & Others 112 - 2 114
TOTAL (349) 9 224 (116)

€ Million Jan - Dec 2022

Total Non-
Adjusted income Inventory effect Special Items Controlling
Interests

Upstream - - - 0
Industrial (91) (3) 19 (75)
Customer (10) - 3 (7)
Low Carbon Generation (15) - - (15)
Corporate & Others 3 - - 3
TOTAL (113) (3) 22 (94)

26
 Q4 & FY 2023 Results

Other Financial Information by Segment

(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

EBITDA QUARTERLY DATA JANUARY - DECEMBER

€ Million Q4 2023 Q3 2023 Q4 2022 2023 2022

UPSTREAM 1,279 1,163 1,640 4,760 7,485

INDUSTRIAL 520 967 956 3,438 5,223
CUSTOMER 235 320 273 1,094 956
LOW CARBON GENERATION 40 28 52 176 292
CORPORATION & OTHERS (14) 413 29 (214) (143)
TOTAL 2,060 2,891 2,950 9,254 13,813

EBITDA CCS QUARTERLY DATA JANUARY - DECEMBER

€ Million Q4 2023 Q3 2023 Q4 2022 2023 2022

INDUSTRIAL 911 509 1,718 3,976 5,149

CUSTOMER 240 313 304 1,166 927

TOTAL 2,456 2,426 3,743 9,864 13,710

ORGANIC INVESTMENTS QUARTERLY DATA JANUARY - DECEMBER

€ Million Q4 2023 Q3 2023 Q4 2022 2023 2022

UPSTREAM 644 602 778 2,389 2,127

INDUSTRIAL 462 263 465 1,155 960
CUSTOMER 122 72 122 326 251
LOW CARBON GENERATION 411 259 340 1,152 590
CORPORATION & OTHERS 35 11 35 80 103
TOTAL 1,674 1,207 1,740 5,102 4,031

INORGANIC INVESTMENTS QUARTERLY DATA JANUARY - DECEMBER

€ Million Q4 2023 Q3 2023 Q4 2022 2023 2022

UPSTREAM 109 0 0 238 0

INDUSTRIAL 6 0 11 6 65
CUSTOMER 48 49 0 97 7
LOW CARBON GENERATION (32) 59 32 724 77
CORPORATION & OTHERS 0 0 2 0 2
TOTAL 131 108 45 1,065 151

CAPITAL EMPLOYED REVENUES

CUMULATIVE DATA JANUARY - DECEMBER

DECEMBER 2023
€ Million DECEMBER 2022 2023 2022
(**)

UPSTREAM 12,716 12,282 7,576 10,712

INDUSTRIAL 10,929 11,108 46,676 61,848
CUSTOMER 2,788 2,762 27,315 32,957
LOW CARBON GENERATION 3,897 1,905 1,003 2,028
CORPORATION & OTHERS 836 172 (21,017) (28,821)
TOTAL 31,166 28,229 61,553 78,724

ROACE (%) (*) 10.7 14.2

(*) December 2023 ROACE CCS is 12.33%

(**) The ROACE figure is calculated with the results for the January-December period

27
 Q4 & FY 2023 Results
Q4 & FY 2023 Results

Operating Indicators

28
Q4 & FY 2023 Results

Operating Indicators (I)

Jan - Dec % Variation

Unit Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Jan - Dec 2023
2022 YTD23 / YTD22

HYDROCARBON PRODUCTION kboe/d 558 540 549 551 550 608 596 596 595 599 8.9

Liquids production kboe/d 189 180 191 181 185 207 208 198 208 205 10.8
North America kboe/d 44 45 54 43 47 63 63 60 53 60 27.6
Latin America kboe/d 79 77 70 67 73 72 74 72 73 72 (0.8)
Europe, Africa and rest of the world kboe/d 66 58 67 70 65 72 71 66 82 73 11.8

Natural gas production kboe/d 370 361 358 371 365 401 389 399 387 394 7.9
North America kboe/d 114 117 124 133 122 159 154 165 155 158 29.8
Latin America kboe/d 195 187 178 184 186 191 187 187 183 187 0.5
Europe, Africa and rest of the world kboe/d 60 56 56 55 57 50 48 47 49 49 (14.6)
Natural gas production (Million scf/d) 2,076 2,025 2,012 2,081 2,048 2,250 2,182 2,238 2,174 2,211 7.9

29
 Q4 & FY 2023 Results

Operating Indicators (II)

% Variation
Jan - Dec Jan - Dec
Unit Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 YTD23 /
2022 2023
YTD22

PROCESSED CRUDE OIL Mtoe 9.8 11.1 10.9 10.4 42.1 10.2 9.7 10.8 11.3 42.1 (0.1)
Europe Mtoe 9.1 10.2 10.0 9.3 38.6 9.1 9.0 9.8 10.3 38.3 (0.8)
Rest of the world Mtoe 0.7 0.8 1.0 1.1 3.6 1.1 0.7 1.0 1.0 3.9 7.8

SALES OF OIL PRODUCTS kt 10,675 12,013 11,917 11,624 46,229 11,523 11,411 12,223 12,638 47,795 3.4
Europe Sales kt 9,441 10,702 10,492 10,123 40,758 10,168 10,066 10,592 11,145 41,971 3.0
Own network* kt 5,064 5,834 5,673 5,796 22,367 5,216 5,172 5,441 5,075 20,904 (6.5)
Light products kt 3,951 4,455 4,443 4,424 17,273 3,859 3,995 4,207 3,946 16,007 (7.3)
Other Products kt 1,113 1,379 1,230 1,372 5,094 1,357 1,177 1,234 1,129 4,897 (3.9)
Other Sales to Domestic Market kt 2,040 2,242 2,310 2,269 8,861 2,280 2,119 2,202 2,303 8,904 0.5
Light products kt 1,890 2,207 2,220 2,124 8,441 2,195 2,098 2,142 2,343 8,778 4.0
Other Products kt 150 35 90 145 420 85 21 60 (40) 126 (70.0)
Exports kt 2,337 2,626 2,509 2,058 9,530 2,672 2,775 2,949 3,767 12,163 27.6
Light products kt 738 954 996 954 3,642 1,051 1,345 1,425 2,024 5,845 60.5
Other Products kt 1,599 1,672 1,513 1,104 5,888 1,621 1,430 1,524 1,743 6,318 7.3
Rest of the world sales kt 1,234 1,311 1,425 1,501 5,471 1,355 1,345 1,631 1,493 5,824 6.5
Own network kt 757 723 809 854 3,143 732 832 874 874 3,312 5.4
Light products kt 716 676 753 786 2,931 689 787 839 821 3,136 7.0
Other Products kt 41 47 56 68 212 43 45 35 53 176 (17.0)
Other Sales to Domestic Market kt 362 404 397 452 1,615 371 376 512 481 1,740 7.7
Light products kt 309 318 350 377 1,354 308 344 405 382 1,439 6.3
Other Products kt 53 86 47 75 261 63 32 107 99 301 15.3
Exports kt 115 184 219 195 713 252 137 245 138 772 8.3
Light products kt 0 0 0 0 0 0 0 0 0 0 -
Other Products kt 115 184 219 195 713 252 137 245 138 772 8.3
CHEMICALS
Sales of petrochemical products kt 687 683 606 474 2,451 545 493 452 432 1,923 (21.5)
Europe kt 592 565 485 390 2,032 455 405 364 356 1,581 (22.2)
Base kt 185 192 145 96 618 113 105 72 79 370 (40.1)
Derivative kt 408 372 340 295 1,415 342 300 293 277 1,211 (14.4)
Rest of the world kt 95 119 120 84 418 90 88 88 76 342 (18.1)
Base kt 8 11 14 2 34 2 0 0 0 2 (94.7)
Derivative kt 88 108 107 82 384 88 88 88 76 340 (11.4)

LPG
LPG sales kt 417 251 225 313 1,207 395 240 230 328 1,192 (1.2)
Europe kt 410 244 219 307 1,180 389 234 225 323 1,170 (0.8)
Rest of the world kt 7 7 6 7 27 6 6 5 5 22 (17.5)

Other sales to the domestic market: includes sales to operators and bunker.

Exports: expressed from the country of origin.

*Service Stations (Controlled and Licensed) and Wholesales.

30
Q4 & FY 2023
2020 Results
Results

Appendix II - Repsol’s Reporting

Consolidated Financial Statements

31
 Q4 & FY 2023 Results

Statement of Financial Position

(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

DECEMBER DECEMBER

2023 2022
NON-CURRENT ASSETS
Intangible assets 2,599 2,077
Property, plant and equipment 29,060 27,237
Investments accounted for using the equity method 514 684
Non-current financial assets 905 557
Deferred tax assets 4,700 3,048
Other non-current assets 1,081 883

CURRENT ASSETS
Non-current assets held for sale 3 6
Inventories 6,767 7,516
Trade and other receivables 8,783 10,187
Other current assets 269 301
Other current financial assets 4,410 3,148
Cash and cash equivalents 4,552 6,945

TOTAL ASSETS 63,643 62,589

TOTAL EQUITY
Shareholders´equity 26,150 24,611
Other cumulative comprehensive income 47 683
Non-controlling interests 2,873 679

NON-CURRENT LIABILITIES
Non-current provisions 4,798 4,616
Non-current financial liabilities 8,808 9,540
Deferred tax liabilities and other tax items 3,964 3,100
Other non-current liabilities 746 1,199

CURRENT LIABILITIES
Liabilities related to non-current assets held for sale 0 0
Current provisions 1,563 1,645
Current financial liabilities 3,310 3,497
Trade and other payables 11,384 13,019

TOTAL LIABILITIES 63,643 62,589

32
Q4 & FY 2023 Results

Income Statement
(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

QUARTERLY DATA JANUARY - DECEMBER

Q4 2023 Q3 2023 Q4 2022 2023 2022

Revenue from operating activities 15,512 16,263 16,759 61,553 78,724

Operating income/loss 1,641 1,675 2,993 7,250 10,648
Financial result (26) 53 143 8 86
Net income from investments accounted for using the equity method (11) (6) (25) 1 (22)
Net income/loss before taxes 1,604 1,722 3,111 7,259 10,712
Income tax (409) (624) (1,072) (2,248) (3,938)
Net income/loss after taxes 1,195 1,098 2,039 5,011 6,774

ADJUSTED INCOME 1,195 1,098 2,039 5,011 6,774

Inventory effect (295) 347 (592) (453) 78

Special Items (543) (64) (375) (1,274) (2,507)
Non-controlling Interests 26 (16) (43) (116) (94)

NET INCOME 383 1,365 1,029 3,168 4,251

33
Q4 & FY 2023 Results

Cash Flow Statement

Estados De Flujos De Efectivo

(Unaudited figures) (€ millions)

Prepared according to Repsol’s reporting model (See Appendix IV – Basis of presentation)

QUARTERLY DATA JANUARY - DECEMBER

Q4 2023 Q4 2022 2023 2022
I. CASH FLOWS FROM OPERATING ACTIVITIES
EBITDA CCS 2,456 3,743 9,864 13,710
Inventory Effect (396) (793) (610) 103
Changes in working capital 1,128 1,117 567 (1,871)
Dividends received 6 6 20 30
Income taxes received/ (paid) (769) (1,160) (2,097) (2,607)
Other proceeds from/ (payments for) operating activities (181) (109) (680) (442)
2,244 2,804 7,064 8,923

II. CASH FLOWS USED IN INVESTMENT ACTIVITIES

Payments for investment activities (1,655) (1,744) (6,174) (4,392)
Organic investments (1,632) (1,707) (5,256) (4,006)
Inorganic investments (23) (37) (918) (386)
Proceeds from divestments 475 1 540 680
(1,180) (1,743) (5,634) (3,712)

FREE CASH FLOW (I. + II.) 1,064 1,061 1,430 5,211

Transactions with non-controlling interests (1) 221 (10) 2,174 1,117

Payments for dividends and payments on other equity instruments (32) (32) (979) (989)
Net interests 75 (103) (164) (397)
Treasury shares (381) (828) (1,283) (1,714)

CASH GENERATED IN THE PERIOD 947 88 1,178 3,228

Financing activities and others (1,191) (1,093) (3,571) (2,189)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (244) (1,005) (2,393) 1,039

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 4,796 7,950 6,945 5,906

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 4,552 6,945 4,552 6,945

(1) It includes the collections from the sale of a 25% stake in the Upstream business and the sale of a 49% stake in a portfolio of Renewables assets in
Spain.

34
 Q4 & FY 2023 Results
Q4 & FY 2023 Results

Appendix III - IFRS Consolidated

Financial Statements

35
Q4 & FY 2023 Results

Statement of Financial Position

(Audited figures) (€ millions)

Prepared according to International Financial Reporting Standards (IFRS-EU). Explanatory Notes on the financial statements can be
reviewed in the 2023 Consolidated Financial Statements available at www.repsol.com

DECEMBER DECEMBER

2023 2022
NON-CURRENT ASSETS
Intangible assets 2,477 1,976
Property, plant and equipment 25,386 22,470
Investments accounted for using the equity method 2,957 4,302
Non-current financial assets 1,562 1,437
Deferred tax assets 4,651 2,757
Other non-current assets 1,143 839

CURRENT ASSETS
Non-current assets held for sale 0 0
Inventories 6,623 7,293
Trade and other receivables 7,974 9,027
Other current assets 240 293
Other current financial assets 4,491 3,058
Cash and cash equivalents 4,129 6,512

TOTAL ASSETS 61,633 59,964

TOTAL EQUITY
Shareholders´equity 26,150 24,611
Other cumulative comprehensive income 47 683
Non-controlling interests 2,873 679

NON-CURRENT LIABILITIES
Non-current provisions 4,943 3,553
Non-current financial liabilities 8,350 10,130
Deferred tax liabilities and other tax items 3,304 2,194
Other non-current liabilities 743 1,196

CURRENT LIABILITIES
Liabilities related to non-current assets held for sale 0 0
Current provisions 1,559 1,579
Current financial liabilities 3,314 3,546
Trade and other payables 10,350 11,793

TOTAL LIABILITIES 61,633 59,964

36
Q4 & FY 2023 Results

Income Statement
(Audited figures) (€ millions)

Prepared according to International Financial Reporting Standards (IFRS-EU). Explanatory Notes on the financial statements can be
reviewed in the 2023 Consolidated Financial Statements available at www.repsol.com

IFRS IFRS
4Q 4Q DECEMBER DECEMBER
2023 2022 2023 2022
Sales 14,701 15,832 58,538 74,828
Income from services rendered 189 97 410 325
Changes in inventories of finished goods and work in progress (126) (257) (252) 595
Procurements (10,987) (11,945) (42,888) (56,178)
Amortization and depreciation of non-current assets (692) (615) (2,436) (2,339)
Impairment (800) (917) (310) (2,673)
Personnel expenses (540) (552) (2,010) (1,967)
Transport and freights (431) (565) (1,891) (1,781)
Supplies (72) 142 (667) (858)
Gains/(Losses) on disposal of assets 42 22 4 77
Other operating income / (expenses) (1,181) (529) (4,204) (4,169)

OPERATING NET INCOME 103 713 4,294 5,860

Interest Income 117 74 425 157

Interest Expenses (75) (73) (279) (238)
Change in fair value of financial instruments (206) (558) (132) 941
Exchange gains/(losses) 196 763 242 (434)
Impairment of financial instruments (103) 75 (114) 49
Other financial income and expenses (35) 76 (105) (144)

FINANCIAL RESULT (106) 357 37 331

NET INCOME FROM INVESTMENTS ACCOUNTED FOR USING THE
20 272 34 989
EQUITY METHOD (1)
NET INCOME BEFORE TAX 17 1,342 4,365 7,180

Income tax 340 (270) (1,081) (2,835)

NET INCOME 357 1,072 3,284 4,345

NET INCOME FROM OPERATIONS ATTRIBUTABLE TO NON-

26 (43) (116) (94)
CONTROLLING INTERESTS

TOTAL NET INCOME ATTRIBUTABLE TO THE PARENT 383 1,029 3,168 4,251

EARNINGS PER SHARE ATTRIBUTABLE TO THE PARENT (€/share)

Basic 0.30 0.75 2.46 2.96
Diluted 0.30 0.75 2.46 2.96
(1) Net of taxes

37
Q4 & FY 2023 Results

Cash Flow Statement

(Audited figures) (€ millions)

Prepared according to International Financial Reporting Standards (IFRS-EU). Explanatory Notes on the financial statements can be
reviewed in the 2023 Consolidated Financial Statements available at www.repsol.com

JANUARY - DECEMBER
2023 2022

I. CASH FLOWS FROM OPERATING ACTIVITIES

Net income before taxes 4,365 7,180
Adjustments to net income
Depreciation and amortisation of non current assets 2,436 2,339
Other adjustments to results (net) 965 1,687
EBITDA 7,766 11,206
Changes in working capital 878 (1,375)
Dividends received 426 753
Income taxes received/ (paid) (1,968) (2,398)
Other proceeds from/ (payments for) operating activities (591) (354)
Other cash flows from/ (used in) operating activities (2,133) (1,999)
6,511 7,832

II. CASH FLOWS USED IN INVESTMENT ACTIVITIES

Payments for investment activities
Companies of the Group, equity affiliates and business units (898) (193)
Fixed assets, intangible assets and real estate investments (4,289) (3,535)
Other financial assets (3,165) (1,368)
Payments for investment activities (8,352) (5,096)
Proceeds from divestments
Companies of the Group, equity affiliates and business units 659 124
Fixed assets, intangible assets and real estate investments 37 473
Other financial assets 1,542 365
Proceeds from divestments 2,238 962
Other cashflow 261 31
(5,853) (4,103)

III. CASH FLOWS FROM/ (USED IN) FINANCING ACTIVITIES

Issuance/ Repayment and Redemption of own capital instruments 0 0
Proceeds from/(payments for) equity instruments (1,283) (1,714)
Proceeds from/(payments for) transactions with non-controlling interests 2,290 1,155
Dividends paid to non-controlling interests (116) (38)
Proceeds from issue of financial liabilities 9,256 13,500
Repayment and redemption of financial liabilities (11,266) (14,648)
Payments for dividends and payments on other equity instruments (979) (989)
Interest payments (333) (365)
Other proceeds from/(payments for) financing activities (622) 267

(3,053) (2,832)

Effect of changes in exchange rates from continued operations 12 20

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (2,383) 917

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 6,512 5,595

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 4,129 6,512

38
Q4 & FY 2023 Results

Recognized Income and Expense Statement

(Audited figures) (€ millions)

Prepared according to International Financial Reporting Standards (IFRS-EU). Explanatory Notes on the financial statements can be
reviewed in the 2023 Consolidated Financial Statements available at www.repsol.com

JANUARY - DECEMBER
2023 2022

Consolidated Net Income / (Loss) for the period 3,284 4,345

Other comprehensive income. (Items not reclassifiable to net income) (36) (6)
Due to actuarial gains and losses (27) 18
Investments accounted for using the equity method 0 6
Equity instruments with changes through other comprehensive income (9) (29)
Tax effect 0 (1)
Other comprehensive income. (Items reclassifiable to net income) (620) 629
Cash flow hedging 240 (336)
Valuation gains / (losses) 400 (490)
Amounts transferred to the income statement (160) 154
Translation differences (795) 835
Valuation gains / (losses) (697) 848
Amounts transferred to the income statement (98) (13)
Share of investments in joint ventures and associates: 3 11
Valuation gains / (losses) 6 11
Amounts transferred to the income statement (3) 0
Tax effect (68) 119
Total other comprehensive income (656) 623
Total comprehensive income for the period 2,628 4,968
a) Attributable to the parent 2,555 4,896
b) Attributable to non-controlling interests 73 72

39
 Q4 & FY 2023 Results

Statement of Changes In Equity

(Audited figures) (€ millions)

Prepared according to International Financial Reporting Standards (IFRS-EU). Explanatory Notes on the financial statements can be
reviewed in the 2023 Consolidated Financial Statements available at www.repsol.com

Equity attributable to the parent and other equity instrument holders

Shareholders' equity Non-

Other
Million euros Net income for controlling Equity
Treasury shares cumulative
Share premium Other equity the period interests
Share capital and own equity comprehensive
and reserves instruments attributable to
investments income
the parent
Closing balance at 12/31/2021 1,527 16,655 (641) 2,280 2,499 94 380 22,794

Impact of new standards - - - - - - - -

Adjusted opening balance 1,527 16,655 (641) 2,280 2,499 94 380 22,794
Total recognized income/(expenses) - 23 - - 4,251 622 72 4,968

Transactions with partners or owners - - - - - - - -

Share capital increase/(reduction) (200) (2,267) 2,467 - - - - -
Dividends and shareholder remuneration - (944) - - - - (66) (1,010)
Transactions with treasury shares and own equity
- 36 (1,829) - - - - (1,793)
investments (net)
Increases/(reductions) due to changes in scope - 735 - - - 32 299 1,066
Other transactions with partners and owners - - - - - - - -
Other equity variations - - - - - - - -
Transfers between equity-line items - 2,499 - - (2,499) - - -
Subordinated perpetual obligations - (60) - 2 - - - (58)
Other variations - 73 - 4 - (65) (6) 6
Closing balance at 12/31/2022 1,327 16,750 (3) 2,286 4,251 683 679 25,973

Impact of new standards - - - - - - - -

Adjusted opening balance 1,327 16,750 (3) 2,286 4,251 683 679 25,973
Total recognized income/(expenses) - (22) - - 3,168 (591) 73 2,628

Transactions with partners or owners - - - - - - - -

Share capital increase/(reduction) (110) (1,451) 1,561 - - - - 0
Dividends and shareholder remuneration - (934) - - - - (89) (1,023)
Transactions with treasury shares and own equity
- (33) (1,566) - - - - (1,599)
investments (net)
Increases/(reductions) due to changes in scope - 916 - - - 30 1,919 2,865
Other transactions with partners and owners - - - - - - 286 286
Other equity variations - - - - - - - -
Transfers between equity-line items - 4,251 - - (4,251) - - -
Subordinated perpetual obligations - (60) - 2 - - - (58)
Other variations - 68 - - - (75) 5 (2)
Closing balance at 12/31/2023 1,217 19,485 (8) 2,288 3,168 47 2,873 29,070

40
 Q4 & FY 2023 Results
Q4 & FY 2023 Results

Appendix IV - Basis of Presentation

41
Q4 & FY 2023 Results

Basis of preparation of the Financial Information

Business segments
The definition of the Group’s business segments is based on the different activities performed by the
Group and their level of significance, as well as on the organizational structure and the way in which
Repsol’s management and directors analyze 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:

• Exploration and Production (Upstream or “E&P”): activities for the exploration and production of
crude oil and natural gas reserves, as well as the development of low-carbon geological solutions
(geothermal, carbon capture, storage and use, etc.).

• Industrial: activities involving oil refining, petrochemicals, and the trading, transport and sale of
crude oil, natural gas and fuels, including the development of new growth platforms such as
hydrogen, biomethane, sustainable biofuels and synthetic fuels.

• Customer: businesses involving mobility (gas stations) and the sale of fuel (gasoline, diesel,
aviation kerosene, liquefied petroleum gas, biofuels, etc.), electricity and gas, and lubricants and
other specialties.

• Low-Carbon Generation (LCG): low-emissions electricity generation (CCGTs2) and renewable

sources.

Corporate and other includes (i) corporate overhead expenses and, specifically, those expenses related
to managing the Group, (ii) the financial result, and (iii) intersegment consolidation adjustments.

In 2023, as a result of its business performance and changes in its organizational structure, Repsol has
revised the definition of its reporting segments. The business segment previously known as “Commercial
and Renewables” is now divided into “Customer” (commercial businesses with a customer-focused multi-
energy offering) and “Low-Carbon Generation” (low-emissions electricity generation and renewables
business). Repsol has restated the information for 2022 to ensure that the information can be followed
and compared.

2 Acronym for combined cycle gas turbine electricity generators.

42
Q4 & FY 2023 Results

Group's reporting model

Repsol presents the results and other financial aggregates of its business segments (Upstream, Industrial,
Customer and LCG) in its segment reporting model, taking into consideration the operating and financial
aggregates of its joint ventures, in accordance with the Group’s interest in each joint venture, using the
same methodology and with the same level of detail as for fully consolidated companies 3.

Using this approach, the results are broken down into several components (adjusted income, inventory
effect, special items, non-controlling interests) until the net income is obtained, which reflects the income
obtained by the Group attributable to the parent.

• A measure of segment profit is used known as Adjusted Income, which corresponds to net
income from continuing operations at replacement cost (“Current Cost of Supply” or CCS), net of
taxes and without including certain income and expenses (“Special items”) or income attributable
to non-controlling interests (“Non-controlling interests”), which are presented separately. The
financial result and the intersegment consolidation adjustments are assigned to “Income” under
Corporate and other.

Specifically, the current cost of supply (CCS) considers the cost of volumes sold to correspond
to the procurement and production costs for the period itself. This is the criterion 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 facilitating
comparability with other companies and the monitoring of businesses, regardless of the impact
of price variations on their inventories. However, this measure of income is not accepted in
European accounting standards and, therefore, is not applied by Repsol, which uses the weighted
average cost method to determine its income in accordance with European accounting standards.
The difference between the income at CCS and the income at weighted average cost is reflected
in the Inventory effect, which is presented separately, net of tax and not taking into account the
income attributable to non-controlling interests.

• Special items includes certain material items whose separate presentation is considered
appropriate in order to facilitate analysis of the ordinary business performance. This heading
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 tax and not taking into account the income attributable to
non-controlling interests.

• Since 2023, following the entry of minority shareholders in our E&P and LCG businesses, the
share of minority shareholders in consolidated net income has been isolated from Adjusted
Results, Inventory Effect and Special Items, so that these fully reflect the income managed by the
Company. The share of minority shareholders in the Group’s income is reflected in a separate
line item Non-controlling interests, net of taxes, immediately before Net income.

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, and facilitates comparison with other companies in
the sector. In any case, Repsol provides reconciliations between the measures included in the business

3 Except in the case of the renewable electricity generation businesses (LCG segment) where, due to the way in which the results
of these projects are analyzed and management decisions are made, the economic aggregates of the Chilean joint venture are
accounted for using the equity method.
43
Q4 & FY 2023 Results

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 prepared in accordance
with EU-IFRS. This information can be found in Appendix II Alternative Performance Measures of the
consolidated Management Report or at www.repsol.com).

44
Q4 & FY 2023 Results

Disclaimer
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 affecting Repsol's financial condition, financial ratios,
operating results, business, strategy, geographic concentration, production volumes and reserves, capital
expenditures, cost savings, investments and dividend policies. Such estimates or projections may also
include assumptions about future economic or other conditions, such as future crude oil or other prices,
refining or marketing margins and exchange rates. Forward-looking statements are generally identified
by the use of terms such as "expects," "anticipates," "forecasts," "believes," "estimates," "appreciates"
and similar expressions. Such statements are not guarantees of future performance, prices, margins,
exchange rates or any other event, and are subject to significant risks, uncertainties, changes and other
factors that may be beyond Repsol's control or may be difficult to predict. Such risks and uncertainties
include those factors and circumstances identified in the communications and documents filed by Repsol
and its subsidiaries with the Comisión Nacional del Mercado de Valores in Spain and with the other
supervisory authorities of the markets in which the securities issued by Repsol and/or its subsidiaries are
traded. Except to the extent required by applicable law, Repsol assumes no obligation - even when new
information is published, or new facts are produced - to publicly report the updating or revision of these
forward-looking statements.

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
Petroleum Resources Management System” (SPE-PRMS) (SPE – Society of Pretroleum Engineers).

This document does not constitute an offer or invitation to purchase or subscribe securities, pursuant to
the provisions of the Spanish Law 6/2023, of March 17, of the Securities Markets and Investment Services
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 Auditors of Repsol.

Contact details REPSOL S.A

Investor Relations C/ Méndez Álvaro, 44
investor.relations@repsol.com 28045 Madrid (Spain)
Tel: +34 917 53 55 48 www.repsol.com

Relación con Inversores

45
investorsrelations@repsol.com
REPSOL S.A.
Tel.: +34 917 53 55 48
C/ Méndez Álvaro, 44