2023 financial Information

Sensitivity analysis

In our strategic plan we have considered a price deck with specific figures for market variables affecting our industry, such as Brent price ($/bbl), Henry Hub marker ($/MBtu), Refining Margin Indicator for Repsol ($/bbl) and the average price of electricity pool in Spain (€/MWh), estimating them all for the period 2021-2025. Given the variance of these magnitudes, in the following table we provide both our base case scenario and the sensitivity for the cash generation (CFFO) to the three most relevant market indicators for us, allowing to forecast the company performance in any prices environment. For the sake of a better clarity, an example: For every 10 $/bbl higher Brent price above our base case (50 $/bbl), the company expects to generate 540 M€/y additional to forecasts.

_{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. Repsol does not undertake to publicly update or revise these forward-looking statements.} 

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