Repsol (REP) Deutsche Bank’s Depositary Receipts Virtual Investor Conference summary

Company overview and recent performance

• Operates as a global multi-energy provider with four integrated business verticals: upstream, industrial, customer, and low-carbon generation.

• 2023 upstream production was 600,000 boe/d, with 1.8 billion barrels of proved reserves, mostly gas.

• Industrial segment includes six refineries (five in Spain, one in Peru) and three chemical complexes, with over 1 million barrels/day capacity.

• Serves over 24 million clients, with a leading retail energy and LPG business in Spain.

• Achieved over EUR 20 billion in cash flow from operations and reduced net debt to nearly EUR 5 billion over the last three years.

Strategic update and capital allocation (2024–2027)

• Strategic plan focuses on energy transition, decarbonization, and value growth through six pillars.

• Capital allocation prioritizes shareholder distribution, with net CapEx of EUR 16–19 billion and maintenance of BBB+/Baa1 credit rating.

• Central scenario assumes Brent at $80 in 2024, $70 average 2025–2027; adverse scenario also modeled.

• Guaranteed EUR 4.6 billion in dividends and up to EUR 5.4 billion in share buybacks, totaling up to EUR 10 billion in distributions by 2027.

• Dividend per share to grow at least 3% annually, reaching EUR 0.975 in 2025.

Decarbonization and low-carbon investments

• Over 35% of CapEx allocated to low-carbon businesses, including renewables, hydrogen, and e-mobility.

• Committed to net zero emissions by 2050, with tightened interim targets for 2025, 2030, and 2040.

• Aims for a 15% reduction in carbon intensity by 2025 and 28% by 2030 (vs. 2016 baseline).

• Scope 1 and 2 emissions to be reduced by 1.6 million tons (2024–2027) and 2.1 million tons (2024–2030).