Repsol Q3 Report 2022

• In a period in which it has brought in strategic partners to its Upstream and Renewables businesses, the company has applied fuel discounts (more than €300 million in savings for its customers since March); closed the Framework Agreement with its employees; and announced today the proposal an 11% increase in cash remuneration to shareholders in 2023
• Net income from January to September was €3.222 billion
• The recovery in the first half of the year is allowing Repsol to partially offset the losses in 2019 and 2020 of more than €7.1 billion due to asset adjustments linked to the zero net emissions ambition and the global health pandemic
• Adjusted net income amounted to €4.564 billion, of which close to 60% came from the company’s international businesses, whose main exponent is the Upstream unit (Exploration and Production)
• The generation of cash during the period was particularly significant. This, in line with the company’s Strategic Plan, has led to a 62% reduction in debt since the beginning of the year, an increase in shareholder remuneration, and a 47% increase in investments to a total of €2.397 billion
• The company plans to redeem an additional 50 million shares this year, bringing forward by three years the repurchase of 200 million shares and the redemption target set in the 2021-2025 Strategic Plan

Repsol remains on the positive trajectory of the first half of the year, which led to partially offsetting the losses from 2019 and 2020 of more than €7.1 billion, derived from asset adjustments to achieve zero net emissions and the global health crisis. Adjusted net income for the first nine months of the year came to €4.654 billion, with the international business contributing close to 60%. The Upstream and Industrial businesses performed outstandingly well, maximizing their results thanks to the management impetus provided by the 2021-2025 Strategic Plan.

In the Upstream area, efficiency measures and the increased focus on the value of the oil and gas asset portfolio, which were implemented in an environment of very low prices, were vital to take advantage of the full profitability of the current cycle. This business, which carries out its entire activity outside Spain, obtained a result of €2.431 billion.