A company with sound financial strength

Price scenarios considered for the key indicators 

Assume a 2% inflation rate.

Sensitivty analysis

Within Repsol’s 2026–2028 Strategic Update we have updated the company’s sensitivities for this period for both CFFO and EBIT. Including specific quotes for market variables such as: Brent price ($/bbl), Henry Hub price ($/MBtu), Refining Margin Indicator for Repsol ($/bbl) and the USD appreciation vs EUR.

_{1. Applicable only to the upstream business.} 

_{2. Applicable only to industrial complexes in Spain.}

_{The above information may contain statements that Repsol believes constitute forward-looking statements affecting its financial condition, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions. These statements do not guarantee future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol’s control or may be difficult to predict.}

_{This information does not constitute an offer or invitation to purchase or subscribe shares, in any jurisdiction.} 

_{The information has not been verified by the Auditors of Repsol.}