Repsol (REP) Investor presentation summary

Strategic priorities and business transformation

• Focus on upgrading upstream portfolio, developing low carbon industrial platforms, and scaling multi-energy customer solutions.

• Emphasis on disciplined capital allocation, digitalization, and decarbonization as corporate enablers.

• Low carbon generation targeted for significant growth, leveraging integration across value chains.

• Active portfolio management to optimize value and prepare for potential listing events.

Financial framework and shareholder returns

• Committed to 25-35% of CFFO distributed via dividends and share buybacks, with up to €10B in total distributions for 2024-27.

• Dividend per share to grow 3% annually, reaching €0.975 in 2025, with a €5.4B share buyback program.

• Net capex of €16-19B planned for 2024-27, with over 35% allocated to low carbon investments.

• Maintain strong balance sheet and current credit rating, targeting 12% ROCE by 2027.

Upstream business highlights

• Production averaging over 550 kboed, with 1.8 Bboe proved reserves and 34% crude/66% gas mix.

• Major projects in the US, Brazil, Mexico, and Indonesia, focusing on high-margin, low-carbon barrels.

• Unconventional assets in Marcellus and Eagle Ford to receive €2.2B investment, targeting production growth and lower breakevens.

• Portfolio optimization to reinforce international independent positioning and support future listing.