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Interim Management Report for the First Half 2021

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Interim Management Report for the First Half 2021 Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish version prevails. ABOUT THIS REPORT The Interim Management Report of the Repsol Group1 should be read in conjunction with the consolidated Management Report for 20202. In conjunction with this report, Repsol has published condensed interim consolidated financial statements3 for the first half of 2021 (hereinafter, “interim financial statements for the first half of 2021”). The Board of Directors of Repsol, S.A. approved both reports of Repsol, S.A. at its meeting of July 28, 2021. The financial information contained in this document, unless expressly indicated otherwise, has been prepared in accordance with the Group’s reporting model, as described below: Repsol presents its segment results including joint ventures and other companies that are jointly managed in accordance with the Group’s investment percentage, considering operational and economic indicators within the same perspective and degree of detail as those for companies consolidated under the full consolidation method. Thus, the Group considers that the nature of its businesses and the way in which results are analyzed for decision- making purposes are adequately reflected in this report. Given the nature of its business and in order to make its disclosures more readily comparable with those of its peers, the Group relies on Adjusted Net Income when measuring the results of each business segment. Adjusted Net Income means the current cost of supply (CCS), net of taxes and minority interests and excluding certain specific items of income and expense (“Special items”). For current cost of supply (CCS) earnings, the cost of volumes sold is calculated on the basis of procurement and production costs incurred during the period in question and not based on weighted average cost, which is the accepted methodology under European accounting law and regulations. The difference between CCS earnings and earnings at weighted average cost is included in the so-called Inventory Effect, which also includes other adjustments to the valuation of inventories (write-offs, economic hedges, etc.) and is presented net of taxes and minority interests. This Inventory Effect largely affects the Industrial segment. Furthermore, Adjusted Net Income does not include Special Items, i.e. certain material items that are presented separately to provide a more reliable view of the ordinary management of the businesses. This standard report uses Alternative Performance Measures (APMs), meaning measures that are “adjusted” to those presented under IFRS-EU. The information, breakdowns and reconciliations are included in Appendix I — Alternative Performance Measures of this report and are updated quarterly on the Repsol website (www.repsol.com). The balance sheet, income statement and statement of cash flows prepared under the Group’s reporting model are presented in Appendix II. The non-financial information regarding the sustainability indicators included in this document has been calculated in accordance with the corporate rules that set out the standard criteria and methodology to be applied in each case. For more information, see section 8 – Sustainability of the Group’s 2020 Management Report. 1 Hereinafter, the names “Repsol”, “Repsol Group” or “the Company” will be used indistinctly to refer to the group of companies comprising Repsol, S.A. and its subsidiaries, associates and joint ventures. 2 This interim Management Report has been drawn up for the sole purpose of updating the information contained in the 2020 Management Report. 3 The interim financial statements for the first half of the year have undergone a limited independent review by the Group’s auditor. 2 ............................................................................................... 4 ....................................................................................................................................................... 8 .......................................................................................................................................................... 8 ...................................................................................................................................................................... 8 .......................................................................................................................................... 10 ......................................................................... 11 ...................................................................................................................................................................................... 11 ................................................................................................................................................................................. 15 .................................................................................................................................................................... 15 ................................................................................................................................................. 17 ................................................................................................................................................. 19 ................................................................................................................................................................................... 19 .................................................................................................................................................................................. 22 ................................................................................................................................................ 24 ................................................................................................................................................... 26 .................................................................................................................................. 29 ............................................................................................................................................................. 30 ..................................................................................................................................................................................... 30 ............................................................................................................................................................... 32 ......................................................................................................................... 32 ................................................................................................. 33 .................................................. 42 ....................................................................................... 45 3 RECOVERY SCENARIO In the first half of 2020, the global crisis triggered by COVID-19 caused demand and our raw materials and product prices to plummet. So far in 2021, the progress of vaccination programs and public policies to help Prices and shake off the crisis have fueled a gradual recovery in economic activity and mobility -albeit still uneven demand across countries- which has boosted demand and pushed up prices for these goods. These price dynamics recovery fed through to Brent crude oil, which climbed above $70/bbl in June (averaging $65.0/bbl in the first half of the year). PERFORMANCE AND FINANCIAL POSITION This improved environment, together with the measures deployed by the company to overcome the crisis and join the recovery, enabled Repsol to post net income of 1,235 million euros in the first half of 2021, with a significant increase in cash generation across the businesses. RESULTS FOR THE PERIOD (Million euros) 1H 2021 1H 2020 ∆ Upstream 678 (51) 729 Good results Industrial 239 296 (57) supported by Commercial and Renewables 228 163 65 an integrated Corporate and other (186) (219) 33 model Adjusted net income 959 189 770 Inventory effect 489 (1,088) 1,577 Special items (213) (1,585) 1,372 Net income 1,235 (2,484) 3,719 Adjusted net income amounted to 959 million euros (189 million euros in 2020), with the Upstream, Chemicals and Mobility businesses all outperforming. The improvement in results at Upstream was due to rallying crude oil and gas prices, together with the efficiency measures put in place and the contribution made by Libya, where production had been halted for most of last year. At the Industrial segment, the decline in international margins at Refining due to the drop in demand was offset by the remarkable performance of Chemicals, which reported extraordinarily high profit margins. The results of the Commercial and Renewables segment were driven by recovering sales at the Mobility businesses -which at the end of the period were close to pre-pandemic levels for gasoline and diesel fuels- and also efficient cost management. The increase in international prices for crude oil and other products has had a significant lifting effect on the value of inventories, thus generating a substantial inventory effect. Meanwhile, special items -which in 2020 reflected accounting write-downs of Upstream assets- mainly include provisions and workforce restructuring costs. Total net income obtained in the period came to 1,235 million euros (-2,484 million euros in 2020). Solid
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