Repsol (REP) Deutsche Bank Virtual Investor Conference summary

Strategic outlook and capital allocation

• 2028 operating cash flow target of EUR 6.5bn, up 20% from EUR 5.4bn in 2025; 2026-28 cumulative target EUR 15bn-EUR 18bn and 2028 ROACE target 12%.

• 2026-28 net CapEx target EUR 7.5bn-EUR 9bn; organic CapEx of EUR 8.5bn-EUR 10bn and ~EUR 1bn portfolio management program. CapEx is 50%-60% of operating cash flow, with ~30% for low-carbon businesses.

• Shareholder distributions target 30%-40% of operating cash flow; committed cash dividends total EUR 3.6bn in 2026-28, with DPS growth above 6% annually. Central-case total remuneration target: EUR 5.5bn-EUR 7bn.

• Planning assumptions: Brent $65/bbl, Henry Hub $4/MMBtu and refining margin indicator $6.5/bbl; more than 80% of capital employed is in Spain, Portugal and the U.S.

• Maintain current BBB+/Baa1 rating.

Upstream priorities

• 2028 production target of 580,000-600,000 boe/d versus 548,000 boe/d in 2025; 2026-28 CapEx of EUR 2.6bn-EUR 3bn, ~80% in the U.S., with cumulative FCF target of EUR 4bn.

• U.S. investment of EUR 2.5bn targets 230,000-240,000 bbl/d average production in 2028; Alaska Pikka targets 30,000-35,000 boe/d net in 2028, with EUR 500m CapEx in 2026-28.

• Marcellus and other U.S. unconventional production target: 180,000-190,000 boe/d in 2028, with EUR 2.5bn planned CapEx in 2026-28.

• International plans include Raia first gas in 2028, UK production of 55,000-60,000 boe/d in 2026 and active exploration in Libya during 2026-28.

• Cardón IV targets 10% production growth by Q1 2028; 2026 receipts included three monetized cargoes and two committed cargoes.

Industrial and low-carbon priorities

• Industrial operating cash flow expected to rise 40% vs. 2025; 2026-28 FCF target ~EUR 3.4bn, with ~40% of CapEx allocated to low-carbon platforms.

• Refining breakeven target improves by $0.6/bbl by 2028 vs. 2025; strategy emphasizes efficiency, stronger trading and renewable-fuel growth.

• Renewable-fuel capacity target: 1.5m tonnes by 2028 and 1.6m-1.8m tonnes annually by 2030; Ecoplant Tarragona targets 2029 start-up and ~240 kt/year renewable methanol production.

• 2028 renewable capacity target ~9 GW globally and 4 GW in Spain; average additions ~1 GW/year in 2026-28. U.S. low-carbon generation net CapEx capped at EUR 0.5bn-EUR 1bn, using project finance, tax equity and asset rotations.