Repsol S A : See document

The company

Repsol's mission (its reason for being) is to be an energy company committed to a sustainable world.

Our vision (where Repsol is heading) is to be a global energy company that relies on innovation, efficiency and respect to create sustainable value in the service of societal progress.

Repsol has laid down values -Value creation, Respect, Efficiency and Anticipation- and company behaviors -Results Orientation, Accountability, Cooperation, Entrepreneurial Attitude and Inspiring Leadership- to make this mission a reality and our vision an attainable challenge.

Further information available at www.repsol.com.

The Management Report

Repsol1, as a further show of its commitment to transparency, has drawn up this Consolidated Management Report (the "Management Report"), which integrates both financial and non-financial information, specifically information on sustainability. This report is intended as the cornerstone of the Group's annual public reporting.

This Management Report faithfully presents the Repsol Group's business, results and financial position, together with a description of the main risks and uncertainties it faces, and the approach set out in the Strategic Plan. It also provides information on sustainability, including Environmental, Social and Governance (ESG) criteria.

The report not only complies with applicable legal requirements2 but is also aligned with best practice, particularly the recommendations of the International Integrated Reporting Framework of the International Integrated Reporting Council (IIRC), the "Guía para la Elaboración del Informe de Gestión de las Entidades Cotizadas" of Spain's securities market regulator, the CNMV and the European Commission Guidelines on non- financial reporting (methodology for reporting non-financial information) (2017/C 215/01).

This report should be read together with the 2022 consolidated Financial Statements, which have been filed along with this report with the CNMV (www.cnmv.es) and are also available at www.repsol.com.

Report information

The financial information contained in this document, unless expressly indicated otherwise, has been prepared in accordance with the Group's reporting model, as described in Note 4 "Segment information" to the 2022 consolidated Financial Statements. Some of the financial indicators and ratios are considered Alternative Performance Measures (APMs) in accordance with the Guidelines of the European Securities Markets Authority (ESMA)3. The Repsol Group has a System of Internal Control over Financial Reporting (ICFR) so as to provide reasonable asssurance that the Group's financial reporting is reliable.

The information on sustainability is presented in accordance with the Global Reporting Initiative (GRI)4. Appendix V.c) "GRI Index" contains a list of the sustainability indicators included throughout this report, in other public reports released by the Company, and also in Appendix V "Additional information on Sustainability (includes Non-Financial Statement)". These indicators, together with the additional information required by Law 11/2018, and the breakdowns on environmentally sustainable activities in accordance with the requirements prescribed by the Sustainable Finance Taxonomy (Appendix V.e), comprise the Non-Financial Statement. the content of which is as indicated in Appendix V.d) "Non-Financial Statement" and is verified by an external auditor (PwC), according to ISAE 3000 (verification report available at www.repsol.com). Sustainability figures and indicators have been calculated according to corporate rules that specify the criteria and common methodology to be applied to labor, environment, human rights and social issues that are described in detail in each of its sections. The report also includes voluntary disclosures in accordance with the Sustainability Accounting Standards Board (SASB) (Appendix V.f), the Corporate Human Rights Benchmark (CHRB), IPIECA and the World Economic Forum (WEF); WEF Stakeholder Capitalism Metrics - International Business Council" (Appendix V.h). Lastly, the 10 Principles of the United Nations Global Compact5 have been taken into account in drawing up this information. The Repsol Group also has a System of Internal Control over Non-Financial Reporting (ICnFR).

Repsol also discloses information on corporate governance each year in the form of its Annual Corporate Governance Report (Appendix VI) and Annual Report on Director Remuneration (Appendix VII), both drawn up in accordance with Articles 540 and 541 of the Spanish Corporate Enterprises Law (Ley de Sociedades de Capital), as per the instructions provided in CNMV Circular 3/2021 of 28 September, amending the templates for the annual corporate governance and director remuneration reports of stock market listed companies. The Company also follows the recommendations of the Good Governance Code for Listed Companies, as last revised by the CNMV on 26 June 2020.

The forward-lookinginformation contained in this document reflects the plans, forecasts or estimates of the Group's management at the date of their authorization for issue. Such forward-looking information is based on assumptions that are considered reasonable, and cannot be considered as a guarantee of the entity's future performance, in the sense that such plans, forecasts or estimates are subject to risks and uncertainties, meaning that the future performance of the Group will not necessarily coincide with what was initially planned.

• Henceforth, the names "Repsol", "Repsol Group" or the "Company" are used interchangeably to refer to refer the corporate group consisting of Repsol, S.A. and its subsidiaries,

associates and joint arrangements.

• Among others, the Spanish Commercial Code, the Consolidated Text of the Spanish Companies Act and Law 11/2018 of 28 December, which amends the Commercial Code, the Consolidated Text of the Companies Act and the Auditing Act as regards non-financial information and diversity, and transposes into Spanish law Directive 2014/95/EU as regards

disclosure of non-financial and diversity information by certain large undertakings and groups.

• Appendix II, "Alternative performance measures", includes the reconciliation between the adjusted figures and those corresponding to IFRS-EU financial information.

• All GRI standards are followed in their 2016 version, with the exception of the Water (2018), Occupational Health and Safety (2018), Taxation (2019), Waste (2020) and Universal (2021) standards. Additionally, the new GRI standard for the Oil & Gas sector (2021), replacing GRI-G4-OG from 2012, is followed.

• See section 6.

Message from the Chairman

Dear shareholders,

In 2022 we were reminded once again that energy dependence remains one of the main weaknesses of the European economy. Our continent does not have enough energy of its own, so we have to import it from countries that often do not share our values or our environmental standards. A unified and stable energy model is therefore key to prevent unexpected events, such as Russia's invasion of Ukraine, from jeopardizing the well-being of our society.

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This unjustified and wholly unacceptable action led to one of the biggest humanitarian crises in Europe since the Second World War, resulting in the displacement of millions of people, the destruction of civilian infrastructure and, sadly, the loss of thousands of lives. I would like to express my unwavering support for the people of Ukraine, in the hope that a solution to this conflict will be found and the rebuilding can soon begin, in which those affected can certainly count on the support of the European Union.

Aside from the humanitarian toll, the invasion of Ukraine has caused a profound energy crisis. The sanctions placed on Russia and its response by cutting the supply of gas into Europe called into question our continent's ability to find a reliable supply of hydrocarbons, quickly pushing up the prices of energy, metals and agricultural commodities. The consequences were soon felt, and throughout 2022 we witnessed a sharp rise in inflation and a slowdown in economic activity.

However, the war in Ukraine has not been the only factor jeopardizing the energy "trilemma" of security of supply, affordable prices and decarbonization. In Europe we have spent years focusing our energy policy on reducing emissions, with the design of a secure and competitively priced system taking a back seat. What this means, as indeed we saw last year, is that we rely excessively on Russian gas supplies and that today many households and businesses are finding it hard to pay their energy bills.

A smarter energy transition

The crisis we are now enduring also reveals certain failures in the energy transition process designed by the European authorities. For this reason, we believe that it is now high time to seriously rethink the EU's route to minimizing its greenhouse gas emissions, which still focuses on replacing the use of fossil fuels as soon as possible. In our expert view, we consider this decision to be overly hasty and unrealistic and fear that it may threaten the economy.

As an alternative, our sector would call for the development of a smarter energy transition that minimizes emissions as soon as possible, but always at a cost that society can afford and without making our industry less competitive in the process. To succeed in this task, it is important for European

"Our industry calls for the development of a smarter energy transition; one that minimizes emissions as soon as possible, but always at a cost that society can afford and without making our industry less competitive in the process."

and Spanish regulations to respect the principle of technological neutrality, which means fostering the development of all solutions that can contribute to decarbonization, without prohibiting any technology a priori. Notably, this is a path that certain major players, including the United States, are already following.

The key is to diversify our options, without focusing on a single technology. And that is precisely what we are doing at Repsol, where we have long been committed to a multi- energy strategy to reduce our emissions and guarantee the security of energy supply for the benefit of society. More precisely, our strategy is to combine the deployment of new alternatives, such as hydrogen and renewable liquid fuels, with a gradual but planned reduction in the use of hydrocarbons, which, according to the International Energy Agency (IEA), will still be needed in the coming decades within key sectors of the economy, such as heavy industry, transportation, petrochemicals and healthcare, as well as for the production of a multitude of everyday items.

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Given these forecasts, we believe that walking away from hydrocarbon production is not the way to go at this time. Oil and gas will still be part of our energy mix in 2050, to a greater or lesser extent, so it is best to concentrate our efforts on using them as efficiently as possible. With this in mind, our industry has been investing heavily for years to reduce both energy consumption and emissions across all of its processes and products, while also developing innovative technologies such as those used to capture, use and store CO2 from the atmosphere or from an industrial facility.

All these developments demonstrate that European industry can, and indeed must, play a strategic role in decarbonization, thanks to our high capacity to innovate and develop new technologies. To unlock our full potential, we need regulation to be more supportive and protective of industry, with flexible and inclusive policies that drive innovation and avoid prohibitions that only hinder the competitiveness of a sector that, in the coming years, faces the daunting challenge of undertaking the biggest transformation in its history as we adapt to the demands of the energy transition.

Moreover, this transformation process is a hugely important opportunity to regain the leading role lost by the European industrial sector, which in the last decade, to give just one example, has had to endure the closure of 20 or so refineries due to an increasingly restrictive regulatory landscape in the field of hydrocarbons. It is time, therefore, to reindustrialize the continent, to continue to create jobs, to transform existing facilities to make them more energy efficient and to be able to manufacture the circular materials and low carbon footprint products that our economy now needs.

Spanish industry, a key player in the energy transition

To seize the opportunities offered by the energy transition, our industry's strategy is to transform -not replace- existing industrial facilities, adapting them to use new forms of energy as we build and develop the circular economy. At Repsol, we have been firmly committed to this industrial transformation for years, through which we aim to convert our complexes into multi-energy hubs, capable also of treating different types of waste and producing, among other products, renewable liquid fuels, which are essential for reducing the carbon footprint across all transport sectors.

"Our strategy is to combine the deployment of new alternatives, such as hydrogen and renewable liquid fuels, with a gradual but planned reduction in the use of hydrocarbons."

The industrial transformation we are now undergoing shows that it is possible to strike the right balance between economic development and energy transition. As confirmed by our commitment to achieving net zero emissions by 2050, at Repsol we are aware that we must move quickly to address climate change, but also that we must do so without bringing the economy to a halt or destroying our industrial fabric in the process. To achieve this, we strongly advocate close collaboration between companies and authorities, in the conviction that our response must be coordinated, with regulatory decisions based on technological progress and not on ideology, and with simpler and clearer rules for all players in the sector.

The decarbonization of the economy is one of the greatest challenges of our time and we must face it together. Rest assured that Repsol has pledged to continue leading this process.

Thank you for your support and trust.

Antonio Brufau Niubó

Chairman

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