Repsol

Repsol's corporate governance system guides the structure, organization and operation of its corporate bodies in the best interests of the company and its shareholders. It is based on the principles of transparency, independence and accountability and is fully compliant with current national and international standards.

The governance structure adequately differentiates governance and management functions from oversight, control, and strategic definition functions.

Board of Directors Composition:

Chairman: Antonio Brufau Niubó (Non-Executive Director) Chief Executive Officer: Josu Jon Imaz (Executive Director) Independent Lead Director: Mariano Marzo Carpio

Independent Directors (73.3%):

• J. Robinson West
• María del Pino Velázquez Medina
• Isabel Torremocha Ferrezuelo
• Ignacio Martín San Vicente
• Iván Martén Uliarte
• Aurora Catá Sala
• Arantza Estefanía Larrañaga
• Carmina Ganyet i Cirera
• Teresa García-Milá Lloveras
• Manuel Manrique Cecilia

Other Non-Executive Directors (20%):

• Henri Philippe Reichstul
• Emiliano López Achurra

Executive Directors (6.7%):

• Josu Jon Imaz (CEO)

Board Committees:

• Audit and Control Committee
• Remuneration Committee
• Executive Committee
• Sustainability Committee
• Nomination Committee

There are no controlling or significant shareholders represented on the Board.

The Board of Directors has established specialized committees to address sustainability matters:

Sustainability Committee: One of the five specialized committees of the Board, dedicated to sustainability oversight and governance.

The governance structure adequately differentiates governance and management functions from oversight, control, and strategic definition functions, ensuring proper information flow on sustainability matters to the Board.

The Board's composition includes a Lead Independent Director (Mariano Marzo Carpio) and maintains a high proportion of independent directors (73.3%) to ensure effective oversight of sustainability matters.

Directors receive fixed remuneration for fulfilling their supervisory and decision-making duties. Aside from the remuneration payable to the Chairman of the Board of Directors, remuneration is calculated by assigning points for seats held on the Board or its various committees, or for holding specific positions on those bodies. Each point has a remuneration equivalence, meaning there is no difference in remuneration by gender.

Detailed information regarding the application of the Remuneration Policy for Directors is set out in Repsol's Annual Report on Directors' Remuneration, included in Appendix VII and available at www.repsol.com.

This entire process of transforming our business would not be possible without the talent of our employees, who make up a diverse and multicultural team of more than 25,000 people in more than 20 countries and who are our greatest asset. We remain focus on complying with the Global Compact's Ten Principles on human rights, labor standards, anti-corruption and the environment, and on initiatives such as the CEO Water Mandate.

Repsol's corporate governance system is based on the principles of transparency, independence and accountability and is fully compliant with current national and international standards. The Group's corporate structure is aligned with the needs and objectives of the businesses, complies with the applicable legal and tax framework, and avoids the use of artificial and opaque structures.

Repsol's corporate governance system guides the structure, organization and operation of its corporate bodies in the best interests of the company and its shareholders. It is based on the principles of transparency, independence and accountability and is fully compliant with current national and international standards.

The governance structure adequately differentiates governance and management functions from oversight, control, and strategic definition functions.

The Audit and Control Committee is one of the specialized Board committees responsible for oversight and control functions, including risk management and internal controls.

Sustainability information is presented in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) adopted through the European Commission's Delegated Act of July 31, 2023.

Business Model

Repsol's activities are structured into four business segments:

Upstream (Exploration & Production)

Exploration and production of crude oil and natural gas reserves, as well as the development of low-carbon geological solutions (geothermal, carbon capture, storage and use, etc.).

Key Activities:

• Exploration: After acquiring new acreage, we carry out geological and geophysical work, conduct environmental impact studies, and perform exploratory drilling to evaluate its potential, using cutting-edge digital technologies.
• Development: We drill wells, build collection systems and processing plants and evacuation and transport systems, under sustainability, safety and transparency policies.
• Production: We extract hydrocarbons from the reservoir to market and sell them, using artificial intelligence technologies and following sustainability and safety policies.
• Low-carbon geological solutions: We optimize subsoil resources associated with geothermal energy, CO2 storage and renewable hydrogen as a decarbonization tool.

Industrial

Oil refining, petrochemicals and trading, transportation and marketing of crude oil, natural gas and fuels, including the development of new growth platforms such as hydrogen, sustainable biofuels and synthetic fuels.

Key Activities:

• Refining: We transform crude oil and various alternative raw materials into value-added products such as fuels, renewable fuels and circular materials. We have among our priorities the production of renewable hydrogen.
• Chemicals: We produce and market a wide variety of petrochemical products used in everyday objects that improve people's quality of life.
• Trading: We supply crude oil, intermediates, chemical raw materials and lipid residues consumed by our industrial complexes and market petroleum products, renewable fuels and petrochemicals in international markets.
• Lubricants, Asphalts, Aviation and Specialized products: We develop, produce and market these products in more than 90 countries worldwide.

Customer

Mobility (service stations) and marketing of fuels (gasoline, diesel, aviation kerosene, liquefied petroleum gases, biofuels...), electricity and gas and lubricants, asphalts and other specialties.

Key Activities:

• Mobility: We have the largest network of service stations in Spain, offering multi-energy solutions linked to the Waylet app. We introduce renewable fuels and electric charging points.
• Retail supply of electricity and gas: We supply low-emission gas and electricity in Spain and Portugal with cutting-edge digital solutions and energy management initiatives.
• LPG: We distribute and sell liquefied petroleum gas in Spain, Portugal and France in various formats.
• Retail and wholesale supply of gas: We engage in wholesale marketing and trading of natural gas and LNG globally.

Low Carbon Generation (LCG)

Low-emissions electricity generation (combined cycle natural gas plants) and renewable sources.

Key Activities:

• Low-emission electricity generation: Repsol has projects including hydroelectric plants, combined cycles, cogeneration plants, wind and photovoltaic farms.
• Renewable development: Building new renewable assets to increase capacity.

Global Presence

Repsol Group, whose parent company is Repsol, S.A., is made up of more than 600 companies with a presence in 40 countries.

Value Chain Integration

Repsol operates as an integrated energy company across the entire value chain from exploration and production through refining, chemicals, and retail supply, positioning itself as a multi-energy supplier capable of offering customers comprehensive energy solutions.

Shareholder Engagement

Shareholder Structure: There are no controlling or significant shareholders represented on the Board. Approximately 35% of the company's institutional investors are socially and environmentally responsible investors.

Key Shareholders (latest available information):

• BlackRock, Inc.: 6.20%
• Millennium Group: 4.97%
• Norges Bank: 1.01%
• Other: 87.82%

Customer Focus

Multi-energy Customer Solutions: Our customers are at the center of decisions made by our company. We offer digital solutions such as Waylet, our payment app, which brings all of Repsol's multi-energy and commercial products and services together in a single app. At year-end 2024, we had nearly 9.3 million digital customers (mainly active on Waylet), marking an increase of more than one million unique customers.

Customer Growth Strategy:

• Electricity and gas customers increased to 2.5 million customers (15% growth)
• More than 800 service stations supplying 100% renewable fuel in Spain and Portugal
• Around 2,800 public charging points installed
• Growth strategy based on highly competitive propositions and strong focus on customer loyalty

Employee Engagement

Diverse Workforce: Our employees make up a diverse and multicultural team of more than 25,000 people in more than 20 countries and are our greatest asset.

Employee Commitment: We remain focused on complying with the Global Compact's Ten Principles on human rights, labor standards, anti-corruption and the environment.

Supplier Relationships

Strategic Partnerships:

• Strategic alliance with Bunge Ibérica to increase access to low-carbon feedstocks for renewable fuels
• Agreement to acquire 40% stake in Genia Bioenergy for biomethane plant development
• Partnership with ConnectGen adding 20 GW renewable project portfolio

Community Engagement

Repsol contributes to economic development and job creation:

• Paid €12,382 million in taxes in 2024, of which €8,427 million was paid in Spain
• Industrial projects create jobs and wealth, particularly in rural areas through circular economy initiatives
• Support for strategic sectors of the Spanish economy through industrial investments

Material Impacts, Risks and Opportunities and their Interaction with Strategy

Climate Change - Key Strategic Focus

Repsol was the first energy firm to announce its ambition to become a net zero emissions company by 2050 in December 2019, starting a strategic transformation.

Decarbonization Targets:

• 20% reduction in absolute greenhouse gas emissions (Scopes 1, 2 and 3) by 2030 compared to base year 2018 (224 Mt CO₂e)
• Net zero emissions (NZE) by 2050
• 2024 emissions: 192.7 Mt CO₂e, reflecting 14% reduction from base year 2018

Energy Transition Opportunities

Strategic Plan 2024-2027 focuses on seizing opportunities offered by the energy transition:

• Investment discipline: €16,000-19,000 million planned investment, with above 35% focusing on low-carbon businesses
• Industrial transformation: Converting industrial complexes into multi-energy hubs capable of processing all sorts of raw materials and waste
• Multi-energy growth: Expanding renewable fuels, hydrogen, biogas, solar and photovoltaic energy while maintaining oil and gas efficiency

Technology Neutrality Approach

Comprehensive Energy Strategy: "Our objective is to capitalize on every opportunity offered by the energy transition. This is why we remain committed to developing different energy sources, such as renewable fuels, hydrogen, biogas, solar and photovoltaic energy. And we are doing so without abandoning our legacy assets, oil and natural gas, making the exploration, production and consumption of these fuels more efficient."

Key Material Risks and Opportunities

Market Volatility Risks:

• Crude oil price volatility (Brent averaged $81/bbl in 2024, 2% below 2023)
• Low gas prices (Henry Hub fell 15% to $2.3/MBtu)
• Declining electricity prices in Spain (fell 28% to 63 €/MWh)
• Refining margin decline

Regulatory and Policy Risks:

• Spanish Temporary Energy Levy negative impact (€-450 million in 2024)
• European industrial competitiveness challenges due to high energy costs
• Need for stable regulatory framework for investment certainty

Energy Security Opportunities:

• Europe's need to secure supply chain in critical technologies
• Strategic autonomy in defense and energy sectors
• Growing demand for renewable fuels and low-carbon solutions

Circular Economy and Innovation

New Value Chains: "This strategy will enable us to create new value chains based on the circular economy to serve as a lever for fostering industrial activity, generating new jobs and driving the economy in the depopulated rural areas of Spain."

Technology Development: Over 250 technology projects in 2024, with 58% focused on low emissions technologies

Financial Resilience Strategy

Capital Allocation Framework:

• Shareholder return priority: 25-35% of operating cash flow
• Financial strength: Maintaining investment grade credit rating
• Investment focus: Low-carbon businesses while preserving profitability of conventional assets

Business Transformation by Segment:

• Upstream: Portfolio optimization focusing on highest value creation assets
• Industrial: Building scalable low-carbon fuels and materials platform
• Customer: Multi-energy leadership accompanying customers in energy transition
• LCG: Renewable energy platform construction and optimization

Repsol has established processes to identify and assess material impacts, risks and opportunities through its strategic planning framework and governance structure.

Strategic Assessment Process

Strategic Plan Updates: Repsol regularly updates its strategic direction, with the latest Strategic Plan 2024-2027 (SP 24-27) reflecting comprehensive assessment of material factors. In 2024, "having already achieved many of the objectives set out in the SP 21-25, a strategic update for the period 2024-2027 was carried out."

Technology and Risk Assessment: Repsol Technology Lab worked on more than 250 projects during 2024 (58% focused on low emissions), conducting technology and business risk assessments in close collaboration with various business units.

Materiality Assessment Integration

Business Model Integration: The materiality assessment is integrated into business strategy, with the SP 24-27 allowing for "a more robust and cost-effective energy transition, by prioritizing investments in the current integrated portfolio of high-quality assets and low-carbon initiatives."

Multi-stakeholder Approach: Assessment considers:

• Shareholder interests (investment grade rating maintenance)
• Customer needs (multi-energy solutions)
• Employee perspectives (25,000+ employees across 20+ countries)
• Regulatory requirements (CSRD compliance)
• Market dynamics (energy transition opportunities)

Risk Management Framework

Governance Oversight: The Board structure includes specialized committees:

• Audit and Control Committee for risk oversight
• Sustainability Committee for ESG risk assessment
• Governance structure that "adequately differentiates governance and management functions from oversight, control, and strategic definition functions"

Financial Risk Assessment: Regular monitoring of:

• Credit risk (maintaining investment grade rating)
• Market volatility (oil, gas, electricity price impacts)
• Regulatory risk (energy levy impacts)
• Operational risk (safety metrics, process incidents)

Digital and Data-Driven Assessment

Digital Program Integration: More than 800 digital initiatives implemented, with cutting-edge technologies including:

• Generative AI: Over 60 use cases for risk and opportunity identification
• Data Analytics: Integration of data and artificial intelligence across value chain
• Scenario Planning: Development of simulation solutions for new assets

Continuous Monitoring: "We have implemented more than 800 digital initiatives in recent years within the framework of our Digital Program. This has allowed us to integrate various cutting-edge technologies, mainly related to the use of data and artificial intelligence (AI)."

Based on the materiality assessment and strategic priorities, Repsol covers the following ESRS disclosure requirements in its sustainability statement:

Environmental Standards Coverage

E1 - Climate Change: Comprehensive coverage given Repsol's commitment to net zero by 2050 and 20% emissions reduction by 2030. This includes:

• Transition plans for climate change mitigation
• Climate-related policies and actions
• Energy consumption and GHG emissions (Scopes 1, 2, 3)
• Climate-related financial effects

E2 - Pollution: Coverage of pollution-related impacts from industrial operations

E3 - Water and Marine Resources: Coverage given industrial operations and upstream activities

E4 - Biodiversity and Ecosystems: Coverage related to upstream exploration and production activities

E5 - Resource Use and Circular Economy: Significant coverage given focus on circular economy value chains and waste-to-fuel initiatives

Social Standards Coverage

S1 - Own Workforce: Comprehensive coverage for 25,000+ employees across 20+ countries, including:

• Workforce characteristics and diversity
• Health and safety metrics
• Training and development
• Collective bargaining coverage

S2 - Workers in the Value Chain: Coverage of supply chain worker impacts

S3 - Affected Communities: Coverage related to community impacts from operations

S4 - Consumers and End-Users: Coverage given customer-facing businesses and multi-energy offerings

Governance Standards Coverage

G1 - Business Conduct: Comprehensive coverage including:

• Corporate governance policies
• Anti-corruption and bribery prevention
• Supplier relationship management
• Political influence and lobbying activities

General Disclosures Coverage

ESRS 2: Full coverage of general disclosures including:

• Governance structure and role of administrative bodies
• Strategy, business model and value chain
• Stakeholder engagement processes
• Risk management and internal controls
• Due diligence processes

Reporting Framework

CSRD Compliance: "Sustainability information is presented in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) adopted through the European Commission's Delegated Act of July 31, 2023."

Additional Standards: "Additionally and on a voluntary basis, this report incorporates indicators with reference to the Global Reporting Initiative (GRI) Guide."

Integrated Reporting: The information "makes up the Consolidated Statement of Non-Financial Information and Sustainability Information included in Appendix V."

Transition Plan for Climate Change Mitigation

Repsol has established a comprehensive transition plan aligned with its net zero emissions ambition by 2050.

Strategic Framework

Net Zero Commitment: In December 2019, Repsol was the first energy firm to announce its ambition to become a net zero emissions company by 2050, thus starting a strategic change of course.

Updated Strategic Plan 2024-2027: The transition plan is integrated into the SP 24-27, which "allows for a more robust and cost-effective energy transition, by prioritizing investments in the current integrated portfolio of high-quality assets and low-carbon initiatives."

Emission Reduction Targets

Absolute Emission Reduction: Repsol has set targets for reducing absolute greenhouse gas emissions for Scopes 1, 2 and 3:

• 20% reduction by 2030 compared to base year 2018 (224 Mt CO₂e)
• Net zero emissions (NZE) by 2050

Progress Tracking: In 2024, Repsol's emissions (Scopes 1, 2 and 3) totaled 192.7 Mt CO₂e, reflecting a 14% reduction from the base year (2018).

Technology Neutrality Approach

Multi-Energy Strategy: "Our objective is to capitalize on every opportunity offered by the energy transition. This is why we remain committed to developing different energy sources, such as renewable fuels, hydrogen, biogas, solar and photovoltaic energy. And we are doing so without abandoning our legacy assets, oil and natural gas, making the exploration, production and consumption of these fuels more efficient."

Industrial Transformation

Multi-Energy Hubs: "One of the pillars of our strategy is the transformation of the company's industrial assets. To succeed in this task, we are turning our industrial complexes into multi-energy hubs, capable of processing all sorts of raw materials and waste to manufacture products with a low carbon footprint."

Renewable Fuels Platform:

• Started up first plant in Iberian Peninsula (Cartagena) producing 100% renewable diesel and sustainable aviation fuel (SAF) from organic waste
• Adapting Puertollano facility for second renewable fuels plant (late 2025/early 2026)
• Strategic alliance with Bunge Ibérica for low-carbon feedstock access

Circular Economy Integration: "This strategy will enable us to create new value chains based on the circular economy to serve as a lever for fostering industrial activity, generating new jobs and driving the economy in the depopulated rural areas of Spain."

Investment Allocation

Low-Carbon Investment Focus: Planned investment of €16,000-19,000 million over 2024-2027, with above 35% focusing on low-carbon businesses.

Technology Investment: More than €500 million will be invested in technology and digitalization over four years, with 58% of technology projects focused on low emissions.

Business-Specific Transition Plans

Industrial Segment: "Maximizing profitability, becoming more competitive, and building resilience in relation to conventional assets. Creating scalable and unique low-carbon fuels and materials platform (renewable fuels, renewable hydrogen, circularity and biomaterials)."

Customer Segment: "Being a multi-energy leader with the aim of generating profitable growth by accompanying customers in their energy transition. Building multi-energy competitive advantages."

LCG Segment: "Evolving from a phase of renewable energy platform construction (Wind and Solar), to a ramp-up phase or organically growing and optimizing the project pipeline."

Carbon Capture and Storage

CCUS Development: Various projects were undertaken for the "capture, sequestration and storage of CO2, which will help Repsol achieve its objective of reducing emissions."

Synthetic Fuels: Started work on a 'demo' plant in Port of Bilbao capable of producing synthetic fuels from captured CO2 and renewable hydrogen.

Policies Related to Climate Change Mitigation and Adaptation

Corporate Commitment Framework

Net Zero Ambition: Repsol remains "firmly aligned with the global objectives of keeping global warming below 1.5 °C by the end of the century and of achieving emissions neutrality by 2050."

Strategic Integration: As part of its "strategy to address climate risks and opportunities, the Company has set new targets for reducing absolute greenhouse gas emissions for Scopes 1, 2 and 3: securing a 20% reduction in these emissions by 2030 compared to the base year 2018 (224 Mt CO₂e) and achieving net zero emissions (NZE) by 2050."

Technology Neutrality Policy

Comprehensive Energy Approach: Repsol advocates for "the concept of technology neutrality and promote the use of all types of technologies to decarbonize its economy. The point is to combine electrification with the use of other energy sources, which would enable us to continue reducing CO2 emissions and, at the same time, support the supply of all the energy that society needs at affordable prices."

Sustainability Governance

Global Compact Compliance: "We remain focused on complying with the Global Compact's Ten Principles on human rights, labor standards, anti-corruption and the environment, and on initiatives such as the CEO Water Mandate."

Board Oversight: The governance structure includes a dedicated Sustainability Committee as one of five specialized Board committees to oversee climate-related policies.

Industrial Transformation Policy

Asset Transformation: Policy framework for "turning our industrial complexes into multi-energy hubs, capable of processing all sorts of raw materials and waste to manufacture products with a low carbon footprint."

Circular Economy Integration: Policy commitment to "create new value chains based on the circular economy to serve as a lever for fostering industrial activity, generating new jobs and driving the economy in the depopulated rural areas."

Innovation and Technology Policy

R&D Focus: Policy commitment demonstrated through Repsol Technology Lab working on "more than 250 projects during the year (58% focused on low emissions), doing so in close collaboration with the various businesses."

Digital Integration: Climate policies supported by digital transformation with "more than 800 digital initiatives" implemented to integrate cutting-edge technologies across the value chain.

Regulatory Engagement

European Policy Advocacy: Repsol advocates for European policies that support industrial competitiveness while advancing decarbonization, calling for "technology neutrality" and "stable regulatory framework that provides incentives and certainty for further investment in industry."

Climate Risk Management

Financial Risk Integration: Policies include maintaining "financial strength" and investment grade credit rating while pursuing climate transition, with risk management oversight through the Audit and Control Committee.

Stakeholder Engagement Policy

Multi-Stakeholder Approach: Climate policies designed to serve "the interests of its shareholders, customers and employees, specifically, that which guarantees the Company's long-term sustainability and maximizes the profitability of its businesses and the value of its investments in the context of the energy transition."

Actions and Resources for Climate Change Policies

Investment in Low-Carbon Technologies

Strategic Investment Allocation: Planned investment of €16,000-19,000 million over 2024-2027, with above 35% focusing on low-carbon businesses to harness opportunities offered by the energy transition.

Technology Investment: More than €500 million dedicated to technology and digitalization over four years, with 58% of technology projects focused on low emissions.

Industrial Transformation Actions

Renewable Fuels Development:

• Cartagena Plant: Started up the first plant in the Iberian Peninsula capable of producing fuel 100% renewable on an industrial scale from organic waste
• Puertollano Conversion: Adapting existing diesel processing unit to become second renewable fuels plant by late 2025/early 2026
• Strategic Partnerships: Alliance with Bunge Ibérica to increase access to "broad portfolio of low-carbon feedstocks needed for the manufacture of renewable fuels"

Biomethane Platform: Agreement to acquire 40% stake in Genia Bioenergy to develop 19 biomethane plants (renewable gas flagged as strategic by the European Union).

Synthetic Fuels Initiative: Started work on 'demo' plant in Port of Bilbao capable of producing synthetic fuels from captured CO2 and renewable hydrogen.

Technology Development Actions

Research & Development: Repsol Technology Lab worked on more than 250 projects during 2024, with key achievements:

• Lipid hydrogenation pilot plant start-up with new features for industrial units
• "Madrid Vuela Sostenible" initiative for sustainable aviation fuel (SAF) development
• Pyroplast 2.0 project for co-processing alternative oils from tire pyrolysis
• New Circular Economy Laboratory for characterization of raw materials in new production processes

Carbon Capture Projects: Various projects undertaken in the United States and Indonesia for "capture, sequestration and storage of CO2, which will help Repsol achieve its objective of reducing emissions."

Renewable Energy Expansion

Generation Capacity Growth:

• Renewable generation capacity reached 3,659 MW by end of 2024
• 67% increase in renewable wind and solar power production
• Launched projects including Frye (Repsol's largest PV power plant) and Sigma (first project in Andalusia)

ConnectGen Acquisition: Completed integration of ConnectGen, adding 20 GW renewable project portfolio, mostly onshore wind at different development stages in the United States.

Multi-Energy Customer Solutions

Renewable Fuel Distribution:

• Launched 100% renewable Nexa Diesel at more than 800 service stations in Spain and Portugal
• Target to reach 1,500 stations by end of year
• Agreements with logistics group Sesé and airline group IAG for renewable diesel and SAF supply

Electric Mobility Infrastructure:

• Expanded public electric charging network to around 2,800 public charging points
• Agreement with Adif to install and operate 1,000 charging stations at 80 train stations over next two years

Digital Innovation Actions

AI and Digital Technologies:

• Generative AI Competence Center completed first year with nine lines of work and more than 60 use cases implemented
• 3,000 Copilot M365 licenses installed
• Digital solutions supporting sustainability across all business units

Circular Economy Actions

Waste-to-Energy Projects:

• Using organic waste such as used cooking oil to produce 100% renewable fuels
• Planned Tarragona Ecoplant with €800 million investment to transform urban waste into renewable methanol

Venture Investments:

• Investment in Ingelia S.L. (HTC technology for biomass valorization)
• Investment in Darwin Bioprospecting Excellence S.L. (microorganism solutions for microplastics biodegradation)

Resource Allocation by Business

Business-Specific Actions:

• Upstream: Portfolio optimization and CO2 storage projects
• Industrial: €1,274 million investment in transformation and renewable fuels capacity
• Customer: €409 million investment in multi-energy infrastructure
• LCG: €2,478 million investment (32% increase) in renewable energy development

Targets Related to Climate Change Mitigation and Adaptation

Absolute Emission Reduction Targets

Primary Climate Targets: Repsol has set ambitious targets for reducing absolute greenhouse gas emissions:

• 20% reduction in Scopes 1, 2 and 3 emissions by 2030 compared to base year 2018 (224 Mt CO₂e)
• Net zero emissions (NZE) by 2050

Progress Against Targets: In 2024, Repsol's emissions (Scopes 1, 2 and 3) totaled 192.7 Mt CO₂e, reflecting a 14% reduction from the base year 2018, demonstrating significant progress toward the 2030 target.

Carbon Intensity Target

Carbon Intensity Indicator:

• 2024: 66.7 gCO₂e/MJ
• 2023: 68.6 gCO₂e/MJ
• Shows continued improvement in carbon intensity performance

Business-Specific Targets

Industrial Transformation Targets:

• Renewable fuel production capacity: Increased to 1.25 Mt/year in 2024 (from 1.00 Mt/year in 2023)
• Target to reach 1,500 service stations supplying 100% renewable fuel by end of year (from 800+ currently)

Renewable Energy Targets:

• Achieved 3,659 MW renewable generation capacity by end of 2024
• 67% increase in renewable wind and solar power production
• Portfolio of 3,106 MW renewable capacity under development

Multi-Energy Customer Targets:

• Achieved 2.5 million electricity and gas customers (15% increase from 2023)
• 9.3 million digital customers (increase of more than 1 million from 2023)
• Expanded to around 2,800 public charging points installed

Investment Targets for Climate Action

Strategic Plan 2024-2027 Targets:

• €16,000-19,000 million total planned investment
• Above 35% of investments focused on low-carbon businesses
• More than €500 million investment in technology and digitalization

Operational Performance Targets

Upstream Production Targets:

• Target average production of 550,000 barrels over Strategic Plan term
• 2024 achievement: 571,000 barrels of oil equivalent per day (exceeded target)

Financial Performance Integration

Shareholder Return Targets: While pursuing climate targets, maintain:

• 25-35% of operating cash flow as total payout
• 3% annual growth in dividend payments
• Investment grade credit rating maintenance

Technology Development Targets

Innovation Targets:

• 58% of technology projects focused on low emissions (achieved in 2024)
• More than 250 technology projects annually
• Continued development of carbon capture, storage and utilization technologies

Scope-Specific Targets

Scope 1 & 2 Emissions:

• 2024: 14.0 Mt CO₂e (operational scope)
• 2023: 14.8 Mt CO₂e
• Shows 5.4% reduction year-over-year

Scope 3 Integration: Targets include full value chain emissions (Scopes 1, 2 and 3) demonstrating comprehensive approach to climate impact management.

Long-term Vision Target

2050 Net Zero Commitment: "Repsol remains firmly aligned with the global objectives of keeping global warming below 1.5°C by the end of the century and of achieving emissions neutrality by 2050."

Energy consumption and mix

Not disclosed.

The 2024 CSRD sustainability statement (Appendix V) does not include a disaggregated energy consumption and mix table complying with ESRS E1-7 (formerly E1-5). While the document extensively discusses energy transition, renewable energy capacity targets (9–10 GW by 2027, 15–20 GW by 2030), and renewable electricity generation (7,785 GWh in 2024), it does not present the required breakdown of total energy consumption by source (coal, crude oil, natural gas, other fossil, nuclear, renewable fuels, purchased electricity/heat from fossil/renewable sources, self-generated non-fuel renewable energy).

Fragmentary metrics are provided:

• Renewable electricity generation (2024): 7,785 GWh total, including 4,597 GWh from wind and solar, 1,152 GWh hydro, 2,037 GWh from combined cycle gas turbine (CCGT) (section 5.4).
• Installed renewable capacity (2024): 5,876 MW total (1,730 MW solar, 1,236 MW wind, 693 MW hydro, 1,625 MW CCGT, 592 MW cogeneration).
• Energy intensity targets (Upstream): Carbon intensity target of <15 kgCO₂e/boe (2023) to 10 kgCO₂e/boe (2027) (p. 101).
• LCG generation mix (2024): 2,037 GWh CCGT, 1,152 GWh hydro, 2,464 GWh solar, 2,132 GWh wind (p. 47).

No group-level total energy consumption (MWh, GWh, TJ) or energy intensity per revenue (€ million) is reported. The disclosure does not segregate fuel consumption (coal, oil, gas, biomass) from purchased electricity/heat or distinguish fossil vs. renewable sources for purchased energy. Cogeneration (592 MW) is mentioned under LCG but not integrated into a comprehensive energy consumption breakdown.

This appears to be a phase-in omission under CSRD first-time application, with narrative focus on electricity generation capacity rather than consumption-side disclosure.

Gross Scopes 1, 2, 3 and Total GHG emissions

Emissions by Scope

Repsol reports greenhouse gas emissions across Scopes 1, 2 and 3. The following table presents the key metrics for the reporting year 2024 compared to 2023 and the baseline year 2018:

Notes on scope:

• The Scope 1, 2 and 3 absolute emissions reduction target covers 91% of the Company's total GHG emissions: 100% of operated emissions and more than 90% of Scope 3 emissions.
• Scope 3 includes category 11 (use of sold products) based on sales of gas and oil products. These emissions currently account for more than 90% of the Company's total emissions (Scope 1, 2 and 3).
• The Scope 1 and 2 absolute emissions reduction target includes 100% of emissions from operated assets and excludes emissions from non-operated JOAs (Joint Operating Agreement). It covers 94% of the emissions reported in 2024 under the CSRD EFRAG implementation guidance scheme.
• Operational scope: The Company's direct and indirect emissions (Scope 1 and Scope 2) will be subject to additional verification according to EU-ETS and the international standard ISO 14064-1. Once verified, the data will be updated in the next edition of the Integrated Management Report.

Scope 1 and 2 emissions by geography

Scope 1 and 2 emissions by operational geography (Mt CO₂e):

Scope 1 and 2 emissions by business segment

Scope 1 and 2 emissions by business segment (Mt CO₂e):

Note: Operational scope. The Company's direct and indirect emissions (Scope 1 and Scope 2) will be subject to additional verification according to EU-ETS and the international standard ISO 14064-1. Once verified, the data will be updated in the next edition of the Integrated Management Report.

GHG intensity metric

Repsol uses the Carbon Intensity Indicator (CII) to measure emissions per unit of energy produced:

Scope of CII: The Carbon Intensity Indicator (CII) includes, in its numerator, operated Scope 1 and 2 emissions, as well as the Scope 3 emissions of categories 11, 12 and 1 related to the primary energy produced by the Company. These categories account for approximately 40% of total Scope 3 emissions. Together, the CII covers 42% of the Company's total emissions.

Regulatory emissions and biogenic CO₂

No separate disclosure of EU ETS regulated emissions or biogenic CO₂ emissions was identified in the excerpts provided for the 2024 reporting year.

Scope 3 breakdown by category

The report does not provide a detailed breakdown of Scope 3 emissions by the 15 GHG Protocol categories. However, it notes that:

• Category 11 (Use of sold products) is the primary driver, representing more than 90% of total Scope 1+2+3 emissions.
• Categories 11, 12 and 1 related to primary energy produced are included in the CII numerator (approximately 40% of total Scope 3).

No quantitative data for individual Scope 3 categories (1–15) is provided in the excerpts.

Methodology notes

• Baseline year: 2018 for Scope 1+2+3 absolute target; 2016 for Scope 1+2 operational target.
• Exclusions: Non-operated JOAs are excluded from the Scope 1 and 2 target perimeter.
• Verification: Scope 1 and 2 emissions subject to additional verification under EU-ETS and ISO 14064-1.
• NZE: Net Zero Emissions, counting the neutralization of residual emissions (only by 2050).

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Summary:

Repsol discloses total Scope 1+2+3 emissions (192.7 Mt CO₂e in 2024), Scope 1+2 operated emissions (14.0 Mt CO₂e in 2024), and a Carbon Intensity Indicator (66.5 gCO₂e/MJ in 2024). Multi-year comparisons are provided for 2023, baseline years (2016 for Scope 1+2; 2018 for Scope 1+2+3), and target years (2030, 2050). No detailed Scope 3 category-by-category breakdown is disclosed. Scope 1 sub-breakdown by emission type (stationary combustion, mobile combustion, process emissions, fugitive emissions) is not provided. Scope 2 is not separated into location-based and market-based figures. The report emphasises operational control boundaries and notes that verification is ongoing for certain figures.

GHG Removals and GHG Mitigation Projects Financed Through Carbon Credits

Carbon Capture, Storage and Utilization Projects

CCUS Development: "Various projects were undertaken in the United States and Indonesia for the capture, sequestration and storage of CO2, which will help Repsol achieve its objective of reducing emissions."

Synthetic Fuels from CO2: Started work on a 'demo' plant in the Port of Bilbao "capable of producing synthetic fuels for the transportation sector from captured CO2 and renewable hydrogen."

Circular Economy and Carbon Mitigation

Waste-to-Fuel Conversion:

• Using "organic waste, such as used cooking oil to produce 100% renewable fuels that are compatible with the combustion engines"
• Cartagena plant produces renewable diesel and sustainable aviation fuel (SAF) "from organic waste"

Biomass Valorization: Investment in Ingelia S.L., a startup that owns "industrial HTC (hydrothermal carbonization) process technology capable of treating biomass and valorizing it into biochar (a high value-added product with applications as a renewable fuel or biomaterial)."

Technology Development for Carbon Mitigation

Research Initiatives:

• Pyroplast 2.0 project for the "co-processing of alternative oils from tire pyrolysis and solid recovered fuel (SRF) with high plastic content"
• Circular Economy Laboratory for "characterization of raw materials used in new production processes (pyrolysis, gasification and anaerobic and fermentation processes)"

Microplastics Biodegradation: Technology transfer to Darwin Bioprospecting Excellence S.L. of "cutting-edge technology for biodegradation of microplastics through microorganisms, developed by a team of Repsol scientists."

Industrial Transformation for Carbon Mitigation

Multi-Energy Hubs: "We are turning our industrial complexes into multi-energy hubs, capable of processing all sorts of raw materials and waste to manufacture products with a low carbon footprint."

Tarragona Ecoplant: Planned investment of €800 million in a "ground-breaking project in Europe" to "transform urban waste into renewable methanol for the transportation sector and materials to produce various applications."

Renewable Energy as Carbon Mitigation

Renewable Generation Expansion:

• 67% increase in renewable wind and solar power production
• 3,659 MW renewable generation capacity by end of 2024
• 3,106 MW renewable capacity under development

Natural Climate Solutions

Ecosystem Integration: While specific details on nature-based carbon removal projects are not provided in this excerpt, the commitment to "biodiversity and ecosystems" as part of material topics suggests potential involvement in natural climate solutions.

Innovation in Carbon Mitigation Technologies

Technology Lab Focus: Repsol Technology Lab worked on more than 250 projects with 58% focused on low emissions, including projects specifically targeting carbon capture, utilization, and circular economy approaches to carbon mitigation.

All4Zero Hub: Partnership with ArcelorMittal, Holcim, and Iberia in hub that "aims to scale up industrial solutions that target decarbonization and circular economy," with development of "12 technological solutions" during the period.

Anticipated Financial Effects from Material Physical and Transition Risks and Climate-Related Opportunities

Market Volatility and Transition Risks

Energy Price Impact on Financial Performance:

• Oil Price Volatility: Brent averaged $81/bbl in 2024, 2% below 2023, contributing to 16% reduction in Upstream earnings (€1,490 million vs €1,779 million in 2023)
• Gas Price Decline: Henry Hub fell 15% to $2.3/MBtu, significantly impacting results at Marcellus, Eagle Ford, Norway, Trinidad and Tobago, Peru and Bolivia
• Electricity Price Drop: Spanish electricity prices fell 28% to 63 €/MWh, affecting LCG segment performance

Refining Margin Pressure: "International margins fell throughout the period (the production margin indicator came to 6.6 USD/bbl in 2024, while it was 11.1 USD/bbl a year earlier)," contributing to 47% decline in Industrial segment earnings.

Regulatory and Policy Financial Impacts

Spanish Temporary Energy Levy: Negative impact of €-450 million in 2024, included in special items, representing direct financial cost of climate/energy policy measures.

European Competitiveness Challenges: "At present, the energy cost of a refinery or chemical plant in Spain is triple that of the United States, with an average price of 45 euros per megawatt hour (MWh), which makes it difficult for our products to be competitive in other regions."

Climate Transition Investment Requirements

Strategic Investment Allocation: Planned investment of €16,000-19,000 million over 2024-2027, with above 35% focusing on low-carbon businesses.

Technology Investment: More than €500 million committed to technology and digitalization over four years to support transition.

Actual 2024 Investment: €6,800 million invested (10% higher than 2023), with significant portions directed toward:

• LCG: €2,478 million (32% increase) for renewable energy development
• Industrial: €1,274 million for transformation and renewable fuels capacity
• Customer: €409 million for multi-energy infrastructure

Climate Opportunity Revenue Generation

Renewable Energy Business Growth:

• 67% increase in renewable wind and solar power generation
• Renewable generation capacity reached 3,659 MW
• Customer segment earnings up 7% to €659 million, partly driven by multi-energy offerings

Renewable Fuels Market Opportunity:

• Started up Cartagena renewable fuels plant (first in Iberian Peninsula)
• Renewable fuel production capacity increased to 1.25 Mt/year (from 1.00 Mt/year)
• More than 800 service stations now supplying 100% renewable fuel
• Agreements with major customers (Sesé logistics, IAG airline group) for renewable diesel and SAF

Financial Resilience Measures

Credit Rating Maintenance: "The main rating agencies upheld our credit ratings last year, thus confirming the company's robust financial position, which underpins our shareholder return and investment program."

Liquidity Position: High liquidity of €9,453 million maintained despite transition investments.

Cash Generation Adaptation: While free cash flow was negative €-523 million due to transition investments and Sinopec settlement, the company maintained dividend payments and increased shareholder return.

Long-term Financial Strategy Integration

Balanced Capital Allocation: "This update allows for a more robust and cost-effective energy transition, by prioritizing investments in the current integrated portfolio of high-quality assets and low-carbon initiatives, attractive shareholder remuneration and ongoing financial strength."

Shareholder Return Priority: Target to achieve 25-35% of operating cash flow as total payout while financing transition.

Physical Risk Considerations

Operational Disruptions: Lower production due to "force majeure events in Libya" and other weather/physical events affecting operations.

Hydropower Benefits: "Much higher than normal rainfall, allowing hydropower reservoirs to replenish and build up their highest reserves in many years," demonstrating physical climate benefits for renewable generation.

Strategic Financial Positioning

Multi-Energy Value Creation: "This strategy will enable us to create new value chains based on the circular economy to serve as a lever for fostering industrial activity, generating new jobs and driving the economy."

Industrial Transformation ROI: Planned €800 million investment in Tarragona Ecoplant as example of how "industrial companies such as Repsol can contribute with their investments to creating more jobs and wealth."

Policies related to pollution

Repsol has established commitments in its Environmental Policy that govern its actions in relation to pollution prevention and control. The policy applies to all activities, places of operation, along the value chain, and to the products and services offered by the Company.

Environmental Policy

Key content / principles:

The Environmental Policy includes a specific commitment to:

• Prevent and control polluting emissions to air, water and soil, minimizing the environmental impact of its operations and products
• Identify, evaluate, and manage (following the mitigation hierarchy) impacts, dependencies, risks and opportunities on the environment
• Promote measures related to pollution prevention, including prevention of waste generation and prevention of impacts associated with emissions to air, water, and soil of polluting substances derived from operations

The policy addresses material impacts, risks and opportunities (IROs) related to:

• Emissions of polluting substances into the air from own operations
• Discharges into water of polluting substances generated in own operations
• Emissions of polluting substances to soil due to accidental releases or deviations from established procedures

Scope:

• All activities carried out by the Company
• All products
• All businesses
• All locations where Repsol operates
• The value chain, including partners, suppliers, contractors, distributors and other business relationships

Approval and oversight:

• Approved by: Repsol's Executive Committee (Revision 1.0 approved December 10, 2024)
• Implementation monitoring: Audit, Control and Risk function
• Supervision: Sustainability Committee of the Board of Directors

Public availability:

The policy is referenced throughout the report and detailed commitments are disclosed in section 5.1 "Repsol's policies related to sustainability" (page 201).

Link to international standards:

The Environmental Policy contributes to achieving the Company's goal of net zero emissions by 2050, in line with the Paris Agreement objectives to combat climate change, as well as environmental protection and conservation of natural capital.

Implementation monitoring:

• The Audit, Control and Risk function monitors implementation
• The Sustainability Committee of the Board of Directors provides supervision
• Progress is monitored through the Global Plan and Local Sustainability Plans, divided into axes including climate change, environment, innovation and technology, safety, people, and ethics and transparency
• Annual publication of progress at www.repsol.com

Implementation commitments

In 2024, Repsol established a new commitment related to soil and groundwater pollution:

• Target: Define action plans within 12 months for the management and remediation of soil or groundwater in the event of contamination
• Objective: Reach 100% of action plans defined within this timeframe

Actions and resources related to pollution

Repsol discloses that the implementation of its pollution-related actions contributes to the achievement of commitments established in the Environmental Policy, specifically to the prevention and control of the impacts associated with the emissions of polluting substances derived from its operations into the air, water and the soil.

The company references a table providing information on actions developed and planned related to pollution (page 123), with the following action identified:

Action 1: Comprehensive plan for the prevention of new contributions of pollutants to the soil

Description:
The plan consists of the implementation of statistical control of fuel inventories at service stations to allow early detection of possible leaks and intervention to prevent or control the impacts associated with polluting emissions to soil and groundwater. Early detection of a possible leak makes it possible to avoid or minimize the emission of pollutants and to intervene earlier in the event that it is necessary to mitigate the impacts of pollution.

Scope:
Service stations in Spain and Portugal of the Customer business

Time horizon:
2024-2025 (short-term)

Implementation progress (2024):

• Statistical inventory control services extended to new service stations of the company's own network
• Extension of the service during weekends for service stations of the own network with drive
• Expansion of the service to the NMC network (new CODO model of service stations operated by third parties in which Repsol owns the land) began in 2024, to be completed in 2025
• Service will be extended annually to service stations of its own network and NMC network that are built or acquired

Resources allocated:
Not quantified in the excerpts provided.

Link to policy:
Contributes to Environmental Policy commitments regarding prevention and control of impacts associated with emissions of polluting substances to air, water and soil.

Targets related to pollution

Repsol has defined a target to address its impacts, risks, and material opportunities in line with the commitments established in the Environmental Policy regarding the prevention and control of impacts associated with emissions into the air, water, and soil of polluting substances derived from its operations.

Target: Soil and groundwater remediation action plans

Note: The document states that "In 2024, Repsol has defined a target to address its impacts, risks, and material opportunities in line with the commitments established in the Environmental Policy regarding the prevention and control of impacts associated with emissions into the air, water, and soil of polluting substances derived from its operations." However, the specific quantified target details are only partially disclosed in the excerpt, with the full target description appearing to be cut off in the provided text.

The Company also indicated that:

• Progress in pollution prevention and control of air emissions will occur through adoption of best available technologies (BAT) referenced by EU BREF documents
• Continuous improvement in prevention and control of emissions to water will occur synergistically with progress in water management objectives
• Internal standards for process safety exist to prevent loss of containment of hazardous substances

Pollution of air, water and soil

Air, water and soil pollution metrics (E2-4)

Repsol reports emissions of pollutants listed in Annex II of Regulation (EC) No 166/2006 (European Pollutant Release and Transfer Register, E-PRTR Regulation) for the year 2024.

The data reported corresponds to internal processes that operational centers use to report to the Public Administration. Information is provided on the method of obtaining the data (direct measurement, calculation and estimation), with diversity depending on the parameter and the process of each operational center. The quantities reported that have exceeded the threshold have mostly been obtained by direct measurement or calculation, in accordance with the requirements of European-PRTR.

The Industrial and E&P businesses contribute significantly to air emissions based on the volume of emissions recorded in Repsol's internal environmental management tool.

The Industrial business contributes significantly to water emissions based on local water-related risks, assessed with the Repsol Water Tool, weighted with respect to the relative volume of discharge from each facility.

The Industrial business and the Customer business contribute significantly to soil emissions based on the estimated costs to manage contaminated soils.

Emissions 2024

(1) The data for non-operated own operations have been estimated using the methodology explained in chapter 5.3. Additional insights from metric methodologies of this Appendix V. For pollutant emissions, the data reported correspond to the estimated consolidated figure that has exceeded the threshold for assets. This represents 10% of the real data of the own operations operated.

Priority substances

Air pollution: sulfur oxides (SO2), nitrogen oxides (NOX), volatile organic compounds (VOCs) and particulate matter are identified as priority substances.

Water pollution: hydrocarbons, suspended solids and substances that cause an increase in chemical oxygen demand (COD) are a priority.

Soil contamination: in the event of an accidental release, priority is given to prevention by controlling all substances that may cause damage to health and the environment of which there are indications of their presence, including hydrocarbons.

Scope

The perimeter of reported data corresponds to assets and operating centers over which Repsol exercises operational control, accounting for 100% of the contribution to the metrics, regardless of shareholding. Information on assets managed through Joint Operating Agreements (JOAs) is excluded.

The data reported attend to the internal processes that the operational centers, subject to compliance with this regulation, have to report to the Public Administration. The data included in the table correspond to those pollutants that have exceeded the thresholds established in the regulation, consolidated at the Company's level, by operating center.

Emissions to soil

No quantified data for emissions/discharges to soil are reported in the tabular format. The Company has developed both internal standards for process safety to prevent the loss of containment of hazardous substances, and standards for the identification and management of situations in which intervention is necessary. In 2024, Repsol defined a target to address soil or groundwater contamination: define within a period of less than 12 months action plans for the management and remediation of soil or groundwater in the event of contamination.

Anticipated financial effects from pollution-related impacts, risks and opportunities

Phase-in exemption

The Company has availed itself of the transitional provision on the reporting of other requirements gradually being introduced to estimate the financial effects of material risks and opportunities related to pollution. Repsol is working to obtain the relevant information relating to these aspects.

Operating expenses and investments

There were no significant operating expenses or investments in 2024 related to environmental incidents and deposits.

However, for more information on the expenses and disbursements related to the oil spill at the Pampilla refinery in Peru, which occurred on January 15, 2022, see section Environmental risks - Peru spill in Note 19.1 to the Group's 2024 consolidated Financial Statements.

Policies related to water and marine resources

Environmental Policy

Repsol has established commitments in its Environmental Policy that govern its actions in all its activities and places where it operates, along the value chain, as well as in the products and services it offers. These commitments provide the actions needed to manage water-related environmental impacts.

Scope:

• All its activities and places where it operates
• Along the value chain
• Products and services it offers

Governance:

• Implementation is monitored by the Sustainability function
• Supervised by the Sustainability Committee of the Board of Directors

Key content / principles:

• Water management that includes use and sourcing throughout the life cycle of operations, products and services
• Long-term protection of available water resources, both terrestrial and marine
• Promoting the use of alternative sourcing of water including internal and external reuse of water
• Favoring the minimization of discharges through treatment of effluents
• Promoting more sustainable supply
• Prevention and abatement of water pollution resulting from activities
• Commitment to reduce freshwater withdrawal from the environment, especially in areas at water risk

Link to material impacts, risks and opportunities: These commitments are related to the material IROs associated with the reduction of the volume of available water resources. All the Company's facilities located in areas of high water stress are specifically addressed.

Reference: See section Repsol's policies related to sustainability in chapter 1.2 Governance of Appendix V (page 201).

Actions and resources related to water

Repsol has disclosed three main water management actions for the 2024-2027 period, focused on industrial complexes in the Iberian Peninsula. The company states that these actions do not require significant capital expenditures (capex) and/or operating expenses (opex), according to the financial materiality criteria adopted by the Company.

All actions contribute to the fulfillment of commitments in the Environmental Policy, specifically to reduce freshwater withdrawal from the environment, especially in areas at water risk.

Action 1: Measures to reduce water consumption through leak detection and repair, efficient use of water in cooling towers and other processes, and investments in the best available technologies to minimize water consumption

• Description: Operational efficiency measures to reduce water consumption in industrial processes, including:
  • Detecting and repairing leaks in distribution networks
  • Reducing water losses in cooling tower systems
  • Infrastructure modernization: replacing pipes with new materials to improve reliability
  • Optimizing water quality control with improved instrumentation
  • Investments for the reuse of treated water
  • Improvement of filtration systems
  • Optimization of chemicals in cooling towers to reduce total water demand
• Scope: Industrial complexes of the Industrial Business located in the Iberian Peninsula, in areas of different water risk, including areas of high water stress (own operations)
• Time horizon: 2024-2027
• Resources allocated: Not significant (per company's materiality criteria)

Action 2: Operational improvements to increase internal water recirculation, with the aim of reducing freshwater consumption

• Description: Actions for the optimization of water treatment processes, including:
  • Improvement of chemical products used in wastewater treatment plants
  • Improvement of amine collection and drains of crude oil tanks
  • Increasing water recirculation by perfecting tertiary treatment processes
  • Upgrading equipment (new pumps and filtration systems)
  • Improving instrumentation
  • Increasing hydraulic capacity for water distribution
• Scope: Industrial complexes of the Industrial Business located in the Iberian Peninsula, in areas of different water risk, including areas of high water stress (own operations)
• Time horizon: 2024-2027
• Resources allocated: Not significant (per company's materiality criteria)

Action 3: Increase available water resources through the use of alternative sources to freshwater such as the zero-discharge wastewater regeneration strategy

• Description: Repsol, as an industrial partner of a European consortium, will validate the "R3volution" technological solution to recover more than 90% of industrial wastewater, also recovering value-added solutes and maximizing energy integration with waste heat from industry in the refining sector. Activities include:
  • Installation and operation of a 5 m³ ZLD (Zero Liquid Discharge) pilot plant at Puertollano
  • Treatment of discharge from the Puertollano industrial complex with an innovative ZLD sequence contemplating technologies for the recovery of solutes from brines
  • 2024 work: Detailed characterization of starting water beyond regulated parameters, identification of priorities for sensitization of wastewater streams, enabling historical monitoring data for the European project platform
  • Design of a high-TRL (technological readiness level) ZLD scheme for parallel piloting
  • 2025 planned: Detailed engineering of the pilot, finishing simulation and experimental design work of the high-TRL parallel solution and its detailed engineering
• Scope: Puertollano Industrial Complex (Spain) of the Industrial Business, located in an area of low water stress according to WRI Aqueduct (own operations)
• Time horizon: 2024-2027
• Resources allocated: Not significant (per company's materiality criteria); includes participation in European consortium project

Link to policies and targets

Implementation contributes to the fulfillment of commitments established in the Environmental Policy, specifically to the reduction of freshwater withdrawal from the environment, especially in areas at water risk. All Company facilities located in areas of high water stress are covered by the Environmental Policy. The Audit, Control and Risk function monitors implementation, supervised by the Sustainability Committee of the Board of Directors.

Targets related to water

Repsol has defined targets in relation to water to address its impacts, risks and material opportunities in line with the commitments established in the Environmental Policy to reduce the freshwater withdrawal from the environment, especially in areas at water risk, in the vicinity of operations.

Target 1: Industrial Business facilities in the Iberian Peninsula

Target metric: Net zero freshwater withdrawal from conventional sources (environment and public network)

Target year: 2050

Intermediate milestones:

• Not increasing freshwater withdrawal by 2030
• Reduce freshwater withdrawal by 30% by 2035

Baseline: 44.3 Hm³ in 2022

Type: Absolute target

Scope: Facilities of the Industrial Business located in the Iberian Peninsula

Methodology: CEO Water Mandate methodology in the Setting Enterprise Water Targets guide (2021), developed by WRI, Pacific Institute, CDP, The Nature Conservancy and WWF

Progress (2024): Net freshwater withdrawal from conventional sources stood at 39.02 Hm³ at the end of 2024. This progress is in line with the initial planning and no significant changes in performance are identified to achieve the target.

Description: The objective is absolute, measured in Hm³ and monitored through the Company's environmental parameters reporting tool. The target is defined on a voluntary basis and takes into account the improvement of water quality since the reduction in freshwater withdrawal from the environment minimizes the impact on the conditions (quality and quantity) of the water available in ecosystems.

Target 2: Marcellus U.S. Exploration and Production Business asset

Target metric: Net zero freshwater withdrawal from the environment

Target year: 2035

Baseline: 1.7 Hm³ in 2022

Type: Absolute target

Scope: Marcellus' U.S. Exploration and Production Business asset

Methodology: CEO Water Mandate methodology in the Setting Enterprise Water Targets guide (2021), developed by WRI, Pacific Institute, CDP, The Nature Conservancy and WWF

Levers for achievement:

• Increase water reuse by 10% by 2030, reaching 5% by 2026
• Regenerate the natural capital of the ecosystem in this environment from 2035

Description: The objective is absolute, measured in Hm³ and monitored through the Company's environmental parameters reporting tool. The target is defined on a voluntary basis and takes into account the improvement of water quality since the reduction in freshwater withdrawal from the environment minimizes the impact on the conditions (quality and quantity) of the water available in ecosystems.

Water consumption

Water consumption and withdrawal metrics

Note on comparability:

• 2024 data for water consumption is not comparable to 2023 due to expanded scope including non-freshwater.
• Reused water is not comparable to 2023 data because the definition changed in accordance with ESRS E3-4 requirements.
• Recycled water, stored water, changes in water storage, and water intensity are new metrics in 2024, therefore no 2023 comparatives are provided.

Methodology notes

Water consumption: Calculated as the difference between withdrawals and discharges, including both fresh and non-freshwater.

Water consumption in water-risk areas: Calculated by assessing water stress levels at withdrawal sources and discharge points using the World Resource Institute's (WRI) Aqueduct tool. Regions with high (40-80%) or very high (>80%) water withdrawal percentages are considered water-risk areas.

Recycled water: Water (treated or untreated) that has been used more than once in the same process before being discharged outside the Company's boundaries.

Reused water: Treated or untreated water used more than once in different processes of the Company or by a third party, before being discharged outside its boundaries.

Stored water: Water withdrawn from the environment that is temporarily accumulated to ensure water availability in operations, not yet considered in water consumption metrics.

Water intensity: Ratio of total water consumption (m³) per million EUR net revenue.

Scope

The perimeter corresponds to assets and operating centers over which Repsol exercises operational control (100% contribution regardless of shareholding). Information on non-operated Joint Operating Agreements (JOAs) is excluded. Estimated water consumption for non-operated operations represents less than 5% of total and is considered non-material.

Anticipated financial effects from material water and marine resources-related impacts, risks and opportunities

Phase-in exemption statement

The Company avails itself of the transitional provision on the information requirements gradually introduced.

Transition plan and consideration of biodiversity and ecosystems in strategy and business model

Integration in corporate strategy and business model

Repsol has carried out a resilience analysis of its strategy and business model in relation to the risks associated with biodiversity and ecosystems in order to assess its capacity to deal with them in different scenarios and ensure the viability and continuity of its projects and operations. Stakeholders have not been involved in the preparation of this study.

The scope of the analysis considers the Company's sites and businesses that are operated, leaving out of scope the rest of its own operations. The time horizon used is 2030.

Use of frameworks

The Company has adopted the scenarios set out in the TNFD (Taskforce on Nature-related Financial Disclosures) reporting framework as a reference for developing its long-term forecasts to prepare its recommended disclosures, specifically those related to strategy. TNFD's approach focuses on two critical uncertainties: 1) the degradation of ecosystem services, which is correlated with physical risks, and 2) the alignment of market and non-market forces, which is associated with transition risks.

Scenario analysis

Four different scenarios are established:

• Ahead of the game:

  • Moderate degradation of ecosystem services
  • Alignment of market and non-market forces high

• Go fast or go home:

  • Serious degradation of ecosystem services
  • Alignment of market and non-market forces high

• Sand in the gears:

  • Serious degradation of ecosystem services
  • Alignment of market and non-market forces is low

• Back of the list:

  • Moderate degradation of ecosystem services
  • Alignment of market and non-market forces is low

In the assessment of the potential level of risk, a scale has been considered ranging from trivial, when it does not affect the normal functioning of the business, to extreme, which would involve a total or substantial loss of the operation. In no case does the potential level of risk obtained by 2030 exceed the materiality threshold, i.e. there are no situations that could affect the normal operation of the business, which would entail an impact or change in operations or a partial loss of the operation or prolonged closure.

Linkage to nature-related risk assessment

The risks considered are those assessed in the double materiality assessment, where the annual economic impact is evaluated, generally based on the operating result before taxes, and the probability of occurrence of the event, based on statistics of historical events or, failing that, on expert criteria.

The risks discussed are listed below. None of them are material in the analysis of double materiality:

• Risk of non-compliance with the regulatory framework in the field of biodiversity associated with the deterioration of ecosystems due to the extraction of natural resources, by deployment, maintenance, operational and/or decommissioning activities, or by changes in land use associated with the Company's businesses in onshore and offshore locations
• Impossibility or limitations when carrying out onshore and offshore operations due to the existence of areas classified as sensitive or areas of importance for biodiversity
• Impact on the Company's reputation associated with lower investor attraction

Management approach

To manage these risks, the Company establishes commitments in its Environmental Policy and promotes actions.

The Company is prepared for the most unfavorable scenarios thanks to its Strategic Plan, the decarbonization roadmap and the actions it carries out to manage its dependencies, impacts, risks and opportunities related to biodiversity and ecosystems.

Geographic and value-chain scope

The Company has carried out a LEAP analysis (following TNFD's approach). The LEAP analysis takes into account the Company's own hydrocarbon production operations, refineries, chemical plants, LPG factories, specialized product plants, asphalts and lubricants, hydroelectric and combined cycle plants, renewable energy facilities (solar and wind), service stations, and office buildings. In this LEAP analysis, no consultations have been carried out with potentially affected communities.

Sites with a material impact on biodiversity and ecosystems have been identified, including their location in or near biodiversity-sensitive areas. Examples include operations in the United States, Bolivia, Peru, Algeria, and Colombia, affecting various biomes (temperate/boreal forests & woodlands, savannas and grasslands, deserts and semi-deserts, tropical/subtropical forests) with ecological status ranging from moderate to very high.

Financial materiality assessment

It has been concluded that the issue of biodiversity and ecosystems is material from the point of view of impact, but not from the financial point of view.

Policies related to biodiversity and ecosystems

Repsol addresses biodiversity and ecosystems through its Environmental Policy, which establishes commitments governing its actions across all activities and locations along the value chain, as well as in the products and services it offers.

Environmental Policy

Key commitments related to biodiversity and ecosystems:

• The sustainable use of resources
• The protection and conservation of biodiversity, ecosystems and associated ecosystem services
• The management of the impacts and dependencies on the above and the communities and interest groups that may be affected
• Special attention to those impacts that take place within or near protected areas
• The consideration of the different drivers of biodiversity loss, such as climate change, land/freshwater/sea use change, direct exploitation, the introduction of invasive species and pollution

Scope:

• All activities and places where Repsol operates
• Along the value chain
• Products and services offered
• Partners, suppliers, contractors, distributors and other business relationships

Governance and oversight:

• The Executive Committee is responsible for the approval and implementation of this policy
• The Audit, Control and Risk function monitors its implementation
• The Sustainability Committee of the Board of Directors supervises implementation

Linkage to other policies:

The consequences of impacts related to biodiversity and ecosystems on communities are addressed following the guidelines established in the Human Rights and Community Relations Policy.

Monitoring:

The Audit, Control and Risk function monitors implementation of the Environmental Policy, which is also supervised by the Sustainability Committee of the Board of Directors.

Material IROs addressed:

The policy commitments emanate actions to manage environmental impacts, dependencies, risks and opportunities related to biodiversity and ecosystems, specifically those associated with the alteration of the presence and distribution of species by the Company's activities in terrestrial and inland water ecosystems and marine ecosystems.

Actions and resources related to biodiversity

Repsol has disclosed 23 actions relating to biodiversity and ecosystems. The table below summarises the key biodiversity actions implemented and planned, primarily focused on addressing land/freshwater/sea use change as a driver of biodiversity loss.

Key Actions by Business Area

Low Carbon Generation (Renewable Energy)

1. Recovery of necrophagous birds in the region of Cariñena (Aragon)

• Description: R+D project (5+ years) to halt biodiversity loss by restoring natural food habitat of necrophagous species (red kite and Egyptian vulture) and promoting ecological connectivity of the Iberian System biological corridor. Activities include creation of a Supplementary Feeding Point (PAS) with continuous monitoring and native vegetation planting.
• Scope: Low Carbon Generation business, Cariñena region (Aragon, Spain), with integration of local stakeholders (neighbors, farmers, administrations)
• Time horizon: Started January 2022, 5-year duration

6. Aequilibrium project agreement

• Description: Collaboration with biodiversity conservation and monitoring of protected species through the Aequilibrium project. Aims to verify how the Mediterranean golden eagle acts as a suprapredator regulating prey species abundance. Activities in 2024 included acquiring emitters and marking two specimens.
• Scope: Low Carbon Generation business, Spain and Portugal
• Time horizon: 2023-2026

7. Study of Predator-Prey Population Relationships in Photovoltaic Plants

• Description: Collaborative project with Universidad Autónoma de Madrid (UAM) to generate knowledge about predatory vertebrates and prey populations within solar plants. Aims to assess feasibility of natural predation to limit vertebrate-prey population growth. 2024 fieldwork completed with statistical analysis and management recommendations.
• Scope: Low Carbon Generation business, Photovoltaic Plants in Spain
• Time horizon: 2023-2024

8. Pasture management using sheep in photovoltaic plants

• Description: Pasture management through sheep herd control and monitoring of exclusion periods to promote natural soil recovery.
• Scope: Low Carbon Generation business, Photovoltaic Plants in Spain
• Time horizon: Started 2022, throughout PV plant operation

9. Biological Reserve for Common Crane (Monterrubio de la Serena, Extremadura)

• Description: Maintenance and improvement of biological reserve created in collaboration with ADENEX. 2024 activities included control/monitoring/maintenance of reforestation, compatibility of livestock use, and environmental education. Future planned actions include green infrastructure creation (shrub hedges, bivouacs, insect hotels, floating islands), tree maintenance, nest box installation, and planting of riverside species.
• Scope: Low Carbon Generation business, Extremadura (Spain)
• Time horizon: Ongoing

10. Ichthyological safeguarding in hydroelectric power plants

• Description: Fish fauna rescue work in canals of Arenas de Cabrales and Camarmeña hydroelectric plants. Fish specimens caught by electric fishing and released into riverbed to maintain populations upstream of facilities. Conducted annually prior to maintenance campaigns.
• Scope: Arenas de Cabrales (Asturias, Spain) and Camarmeña (Asturias and Castilla y León, Spain) hydroelectric power plants, Low Carbon Generation business
• Time horizon: Started 2017, throughout operation of hydroelectric power plants

Exploration & Production (E&P)

13. Restoration activities at Activo de Marcellus (USA)

• Description: Ecosystem restoration associated with decommissioning of operations or construction activities. Work carried out on 7.15 ha of wells, pipelines and freshwater reservoirs, of which 0.96 ha concluded with total restoration and remainder involved partial restoration. Included community reforestation event with employees and local community.
• Scope: Marcellus (United States) Asset, E&P Business
• Time horizon: 2024

14. Bird Monitoring, Bee Inventory, and Plant Guide in Tabasco (Mexico)

• Description: Documentation of species present in newly designated Wanha Natural Protected Area to support scientific research and generate knowledge for management and conservation.
• Scope: E&P Business in Wanha Natural Protected Area (Mexico)
• Time horizon: 2024

15. Restoration of an inland mangrove in the San Pedro River (Tabasco, Mexico)

• Description: Restoration of mangrove along 40 km of river banks using plant production at eight nurseries in local communities. Seed collection from same river. Approximately 27,000 plants used on 30 hectares. Conducted in collaboration with SLB and Universidad Juárez Autónoma de Tabasco. Approved by ASEA in coordination with CONANP.
• Scope: E&P Business in Wanha Natural Protected Area (Mexico)
• Time horizon: 2023-2024

16. Coral reef restoration in the Veracruz Reef System National Park (Mexico)

• Description: Restoration of 3 ha of coral reefs by company Oceanus. In 2023, 2 ha partially restored; 1 more in 2024. Methodology involved collecting coral fragments, growing in nurseries, then transplanting. Tree-shaped nurseries proved appropriate. High temperatures in 2023 limited survival; activity focused on evaluating surviving fragments and creating genetic bank. Approved by ASEA in coordination with CONANP.
• Scope: E&P Business in Veracruz Reef System National Park (Mexico)
• Time horizon: 2022-2024

17. Mangrove restoration in the Laguna de Términos Flora and Fauna Protection Area (Mexico)

• Description: Restoration program of 150 ha of degraded mangroves approved by ASEA in coordination with CONANP with periodic reviews. Developed and executed proven field techniques with ATEC to improve water matrix through natural hydrological and sedimentological regeneration.
• Scope: E&P Business in Laguna de Términos Flora and Fauna Protection Area (Mexico)
• Time horizon: 2023-2024

Financial and Non-Financial Resources

According to the disclosure:

• Operating expenses: Actions 1 to 9 and 15 to 17 are biodiversity offsets that resulted in operating expenses of €537,000
• Capital expenditure: These actions do not require significant capital expenditures (capex) according to the Company's financial materiality criteria
• Stakeholder engagement: Actions 1, 2, and 19 to 23 are examples of interaction and integration of local stakeholders in planning

Links to Policy and Commitments

All actions contribute to achievement of commitments in the Environmental Policy, specifically:

• Protection and conservation of biodiversity, ecosystems and associated ecosystem services
• Management of impacts and dependencies on biodiversity and communities/interest groups that may be affected

Coverage and Approach

Actions focus primarily on activities where the main driver of biodiversity loss is land/freshwater/sea use change. Actions related to other biodiversity loss drivers (climate change, direct exploitation, invasive species, pollution) are reported in other chapters (Climate change E1, Water and marine resources E3).

Targets related to biodiversity and ecosystems

Repsol has not adopted measurable or results-oriented targets related to biodiversity and ecosystems. The reason why it has not done so is the complexity associated with the related metrics, the difficulty in establishing homogeneous performance indicators for activities of different types and the existence of limitations in the available standards.

Monitoring approach

Repsol monitors the effectiveness of its policies and actions with respect to dependencies, impacts, risks, and material opportunities related to sustainability through the following processes:

• The development of the Global Plan and the Local Sustainability Plans, which are divided into the axes of climate change, environment, innovation and technology, safety, people, and ethics and transparency, and include the Company's objectives and action plans in terms of sustainability. The level of ambition to be achieved is established individually for each defined objective and the progress in achieving it is published annually in www.repsol.com.

• The supervision and advice of the Sustainability Committee of the Board of Directors on corporate social responsibility, environment, health and safety, climate change and energy transition.

• The activities of the Audit, Control and Risk function to identify, measure, prioritize and control risks appropriately.

Commitments

Repsol has committed not to develop any industrial activity within the limits of the sites included in the UNESCO World Heritage List (including cultural sites, natural and mixed), and to develop biodiversity action plans in those productive assets operated located in the protected natural areas most sensitive to biodiversity, corresponding to protected areas of IUCN category I to IV and Ramsar sites.

Impact metrics related to biodiversity and ecosystems change

Total operational footprint

The total spatial footprint of Repsol's operated sites and businesses in 2024 came to 28,796 hectares. This metric includes those sites belonging to businesses whose main driver of impact on biodiversity is land use change, freshwater use change or sea use change and those facilities with an impact driver on biodiversity other than the above but which occupy a significant area.

Methodology note: The surface areas of the hydrocarbon production sites correspond to the concession blocks of geomining domain, irrespective of the precise location of the operation within that area. The areas for photovoltaic and wind power plants comprise the entire perimeter of these sites. The remaining areas have been determined from official sources, such as the Cadastral Registry, and, only in isolated cases, digital measurement on aerial photography was used (e.g. fuel distribution facilities in seaports). The estimated spatial footprint for non-operated JOAs would be 3.1% of total own operations.

Restoration and offset metrics

At those sites whose main driver of impact on biodiversity is land use change, freshwater use change or sea use change, restoration and offset actions have been carried out on a total of 594 hectares.

Biodiversity metrics include:

• Total area taken up by operations in 2024: 28,796 hectares
• Area restored and offset: 594 hectares

Sites in or near protected areas / Key Biodiversity Areas

The following table shows sites with a material impact on biodiversity and ecosystems, as well as whether they affect biodiversity-sensitive areas:

Sites within or adjacent to protected areas or KBAs

Additional sites located within or adjacent to protected areas include LPG factories, asphalt plants, LNG facilities, logistics bases, ports, and service stations across Spain, Portugal, and Peru. Total area metrics by activity:

Species impact metrics

Repsol analyzes the potential presence of threatened species included in the IUCN Red List in the area of influence of its facilities using the Integrated Biodiversity Assessment Tool (IBAT), concluding that its operations may affect threatened species. The results of this analysis are made public at www.repsol.com. Target species mentioned in specific projects include:

• Red kite (Milvus milvus)
• Egyptian vulture (Neophron percnopterus)
• Bonelli's eagle (Aquila fasciata)
• Lesser kestrel (Falco naumanni)
• Various steppe birds

Ecosystem restoration activities

Restoration activities include:

• Mangrove restoration in Tabasco (Mexico): 30 hectares planted along 40 km of river banks using 27,000 plants
• Mangrove restoration in Jakarta (Indonesia): biological monitoring and restoration activities
• Coral reef restoration in Veracruz (Mexico): 3 hectares restored (2 ha partially restored in 2023, 1 ha in 2024)
• Mangrove restoration in Laguna de Términos (Mexico): 150 hectares of degraded mangroves
• Rainforest replanting in Peru: ongoing activities
• Aquifer ecosystem regeneration in Marcellus (USA): 0.96 hectares fully restored

Financial investment in biodiversity offsets: Actions 1 to 9 and 15 to 17 resulted in operating expenses of €537,000.

Methodology notes

The measurement of these metrics has not been validated by an external body other than the provider of the verification. The Mean Species Abundance (MSA) was used as an indicator to assess ecological status, modelled by GLOBIO. The MSA represents the degree of alteration in the composition of species.

Anticipated financial effects from biodiversity and ecosystem-related impacts, risks and opportunities

Phase-in exemption

The Company avails itself of the application of the transitional provision on the information requirements gradually introduced.

Policies Related to Resource Use and Circular Economy

Circular Economy Strategic Framework

Strategic Integration: "This strategy will enable us to create new value chains based on the circular economy to serve as a lever for fostering industrial activity, generating new jobs and driving the economy in the depopulated rural areas of Spain."

Industrial Transformation Policy: "We are turning our industrial complexes into multi-energy hubs, capable of processing all sorts of raw materials and waste to manufacture products with a low carbon footprint."

Waste-to-Energy Policies

Organic Waste Utilization: Policy to use "organic waste, such as used cooking oil to produce 100% renewable fuels that are compatible with the combustion engines of our cars and will be essential for decarbonizing heavy road transport of goods or the aviation sector."

Urban Waste Transformation: Planned Tarragona Ecoplant represents policy commitment to "transform urban waste into renewable methanol for the transportation sector and materials to produce various applications."

Raw Material Diversification Policy

Multi-Feedstock Approach: Strategic alliance with Bunge Ibérica to "increase access to a broad portfolio of low-carbon feedstocks needed for the manufacture of renewable fuels."

Alternative Raw Materials: Policy for processing "all sorts of raw materials and waste" in industrial complexes, including tire pyrolysis oils and solid recovered fuel (SRF) with high plastic content.

Technology Development Policies

Circular Economy Research: Established "new Circular Economy Laboratory, for the characterization of raw materials used in new production processes (pyrolysis, gasification and anaerobic and fermentation processes)."

Innovation Investment: Investment in Ingelia S.L. for "industrial HTC (hydrothermal carbonization) process technology capable of treating biomass and valorizing it into biochar (a high value-added product with applications as a renewable fuel or biomaterial)."

Resource Efficiency Policies

Technology Neutrality: Policy to "capitalize on every opportunity offered by the energy transition" while making "the exploration, production and consumption of these fuels more efficient."

Operational Efficiency: High utilization rates policy with Spain conversion refining use of 99.5% and Spain distillation refining use of 88.1%.

Collaboration and Partnership Policies

Industry Collaboration: Participation in All4Zero hub with ArcelorMittal, Holcim, and Iberia that "aims to scale up industrial solutions that target decarbonization and circular economy."

Circular Value Chain Integration: Policy framework for integrating circular economy principles across the value chain from feedstock sourcing through product delivery.

Materials Recovery Policies

Hydrocarbon Waste Processing: Policy for "co-processing of alternative oils from tire pyrolysis and solid recovered fuel (SRF) with high plastic content" through the Pyroplast 2.0 project.

Biomass Valorization: Policy support for technologies that treat biomass and valorize it into high value-added products with multiple applications.

Strategic Business Integration

Multi-Energy Hub Policy: Comprehensive policy to transform industrial sites into integrated facilities capable of processing diverse waste streams and producing low-carbon products.

Circular Economy as Growth Driver: Policy positioning circular economy as "lever for fostering industrial activity, generating new jobs and driving the economy in the depopulated rural areas."

Actions and Resources Related to Resource Use and Circular Economy

Industrial Infrastructure Development

Cartagena Renewable Fuels Plant: Started up "the first plant in the Iberian Peninsula (in Cartagena) that can produce renewable diesel and sustainable aviation fuel (SAF) on an industrial scale from organic waste."

Puertollano Facility Conversion: "Adapting an existing diesel processing unit at our Puertollano industrial complex to transform it into our second renewable fuels plant in late 2025 or early 2026."

Tarragona Ecoplant Investment: Planned investment of €800 million in a "ground-breaking project in Europe in which we plan to invest €800 million and which enable us, as a further example of the circular economy in action, to transform urban waste into renewable methanol for the transportation sector and materials to produce various applications."

Technology Development Actions

Circular Economy Laboratory: "Start-up of the new Circular Economy Laboratory, for the characterization of raw materials used in new production processes (pyrolysis, gasification and anaerobic and fermentation processes)."

Pyroplast 2.0 Project: "Successful completion of the Pyroplast 2.0 project for the co-processing of alternative oils from tire pyrolysis and solid recovered fuel (SRF) with high plastic content."

HTC Technology Investment: Investment in Ingelia S.L., a startup with "industrial HTC (hydrothermal carbonization) process technology capable of treating biomass and valorizing it into biochar (a high value-added product with applications as a renewable fuel or biomaterial)."

Research and Development Activities

Technology Lab Projects: Repsol Technology Lab worked on more than 250 projects during 2024, with significant focus on circular economy solutions.

Microplastics Technology: Technology transfer to Darwin Bioprospecting Excellence S.L. of "cutting-edge technology for biodegradation of microplastics through microorganisms, developed by a team of Repsol scientists."

Strategic Partnerships and Alliances

Bunge Ibérica Alliance: "Strategic alliance with Bunge Ibérica that will allow us to increase access to a broad portfolio of low-carbon feedstocks needed for the manufacture of renewable fuels."

All4Zero Collaboration: Partnership with ArcelorMittal, Holcim, and Iberia in hub that "has more than 20 collaborating entities and aims to scale up industrial solutions that target decarbonization and circular economy, began development of the first 12 technological solutions during the period."

Investment and Resource Allocation

Industrial Segment Investment: €1,274 million invested in Industrial segment in 2024, supporting transformation initiatives and circular economy projects.

Technology Investment: More than €500 million committed over four years to technology and digitalization, supporting circular economy innovation.

Feedstock Diversification Actions

Organic Waste Utilization: Using "organic waste, such as used cooking oil to produce 100% renewable fuels that are compatible with the combustion engines of our cars."

Alternative Raw Material Processing: Processing capabilities for "all sorts of raw materials and waste to manufacture products with a low carbon footprint."

Operational Implementation

Renewable Fuel Production: Increased renewable fuel production capacity to 1.25 Mt/year in 2024 (from 1.00 Mt/year in 2023), demonstrating scaling of circular economy applications.

Multi-Energy Hub Transformation: Converting industrial complexes into facilities "capable of processing all sorts of raw materials and waste to manufacture products with a low carbon footprint."

Market Development Actions

Product Distribution: More than 800 service stations now supply 100% renewable fuel produced from circular economy processes, with target to reach 1,500 stations.

Customer Agreements: Signed agreements with major customers like "logistics group Sesé" and "airline group IAG" for supply of renewable diesel and SAF produced through circular processes.

Innovation Ecosystem Development

Venture Capital Investment: Corporate venturing investments in startups developing circular economy technologies, including biomass processing and microorganism-based solutions.

Collaborative Innovation: "Madrid Vuela Sostenible" initiative developed jointly with IMDEA Energía, Ariema and EvoEnzyme for "technologies that involve circular economy and renewable hydrogen for the production of sustainable aviation fuel (SAF)."

Resource Recovery Implementation

Waste Stream Integration: Active processing of diverse waste streams including used cooking oil, tire pyrolysis oils, urban waste, and biomass into valuable products.

Value Chain Optimization: Creating "new value chains based on the circular economy" that serve multiple purposes including industrial activity, job creation, and rural economic development.

Resource Inflows (E5-4)

Repsol's activities are structured into four business segments, utilising resources that include hydrocarbons of mineral and biological origin, as well as other materials necessary for the manufacture of its products, such as steel, cement, and chemical products. The company also uses water captured from both natural sources of saltwater (oceans and seas) and freshwater (surface and underground resources), as well as from other alternative sources.

Resource Inflow Metrics (2024)

Note: The sustainable origin of the indicated biological materials is audited annually under the ISCC Plus or Recyclass certification schemes, and the resulting data are sent to the corresponding administrations.

Historical Comparison – Processed Raw Material (thousands of tons)

Calculation Methodology

Materials that enter a Repsol business area for the first time are considered in the calculation of resource inputs, avoiding accounting for those that are transferred to another business area once they have been transformed, as is the case with fuels sold by the Client's business which are manufactured by Refining. Packaging data are also not included because calculations indicate their quantities are not significant.

Business-specific considerations:

• E&P business: Data corresponds to direct measurement of gross oil and natural gas production, consolidated monthly in internal systems. Auxiliary materials are not included since their volume is not significant (e.g., materials for construction and completion of unconventional wells represent less than 5% of resources used by E&P and less than 1% of the company's total resources).

• Refining business: Data obtained by calculation from material balances recorded from direct measurements in the company's own management control systems. Natural gas used as both raw material and fuel is included.

• Chemicals business: Data from direct measurements in the management control system, classified as raw materials, auxiliary materials and other market materials. Natural gas used as both raw material and fuel is included.

• Low Carbon Generation business: Does not use significant amounts of non-renewable resources such as hydrocarbons, so it is excluded from the metric. Critical minerals are also excluded due to non-significant risk assessment according to the Critical Minerals Observatory report (2024).

Targets related to circular economy

Objective 1: Renewable fuel production capacity

Target: To reach a renewable fuel production capacity in the Iberian Peninsula of more than 2.2 million tons by 2030, with an intermediate milestone of 1.5 million tons in 2027.

Target metric: Renewable fuel production capacity (million tons)

Target value:

• More than 2.2 million tons by 2030
• Intermediate milestone: 1.5 million tons in 2027
• Potential increase to 2.4-2.7 million tons if incorporating production capacity in the USA

Baseline year: 2023

Baseline value: 1 million tons (renewable fuel production capacity)

Target year: 2030 (intermediate milestone: 2027)

Type: Absolute objective related to both the inflow and outflow of resources

Scope: Operations of the Industrial business in the Iberian Peninsula where renewable fuels are produced

Validation: Defined on a voluntary basis in Repsol's Strategic Plan 2024-2027. Not based on conclusive scientific evidence and stakeholders have not been involved in its development.

Description: The production of renewable fuels is carried out from sustainably sourced waste raw materials and/or from the capture of CO2 emissions. This objective aims to increase the use of circular materials, the minimization of primary raw materials and promote the sustainable supply and use of renewable resources. Includes co-processing, ETBE, and renewable H2 as intermediates.

Progress to date (2024): The production capacity of renewable fuels stood at 1.2 million tons at the end of 2024. This progress is in line with the initial planning and no significant changes in performance are identified to achieve the objective.

Relationship with other environmental aspects: Progress towards this goal acts as a lever for the reduction of the Company's CO2 emissions in all its scopes.

Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities

Phase-in exemption

The Company avails itself of the application of the transitional provision on the gradual introduction of information requirements.

Context on recyclable content

The recyclable content in the Company's products, calculated as a division of the tons of recyclable products (asphalt bitumen and lubricants) amounts to 1.77% of all the products generated by the production process and marketed.

Compensation metrics (S1-16)

Pay gap

Repsol reports a global gross pay gap of 32% for 2024 (31% in 2023 and 2022). This is the unadjusted headline figure.

When controlling for homogeneous criteria (business/company, professional category, age/seniority), the adjusted country-specific pay gap varies by location:

The global unexplained wage gap between men and women, based on objective criteria, is reduced to 6% in 2024 (4% in 2023, 5% in 2022).

Remuneration ratio

Repsol reports a total annual remuneration ratio of 15.12 for 2024. This represents the ratio of total monetary remuneration of the best-paid person versus the population average.

Country-specific remuneration ratios for 2024:

Methodology

• Gross pay gap: The total cash remuneration per hour is €33.64/hour. The calculation excludes employees on international assignment and employees who left before December 31, 2024.
• Adjusted pay gap: Calculated by comparing average remuneration of men and women with equal parameters (business/company, professional category, age/seniority).
• Remuneration ratio: The best-paid person was identified excluding Senior Management, expatriate staff, and employees who left before December 31, 2024. Total cash compensation received by employees was considered, using exchange rates from the reporting period.
• The difference in the gross pay gap in 2024 compared to previous years is primarily due to the inclusion of the United Kingdom in the reporting scope.

Health and safety metrics

Coverage

100% of employees are covered by the Company's health and safety management system.

Health and Safety Metrics – Own Workforce

Note: Days lost correspond to workplace accidents. Decrease in the number of days lost vs. 2023, when 2,100 days lost were recorded.

Occupational Safety Metrics – Employees

Note: Total Recordable Injury Rate (TRIR) is the total number of personal consequences (fatalities, permanent injuries, lost work days, medical treatment, and restricted work) during the year, per million hours worked.

Occupational Safety Metrics – Contractors

Process Safety Metrics

Note: A process safety accident is classified as Tier 1 or Tier 2 according to defined thresholds per API 754 recommended practice.

Adequate wages

Repsol is committed to ensuring that its employees receive fair compensation, i.e., an adequate salary that provides quality of life for employees and their families and also guarantees external competitiveness. Salary references are in line with best practices in the market.

Adequate salary is understood as the total remuneration of the employee that not only includes what is understood as salary, but also other elements that vary according to the applicable employee group. These elements include:

• Incentive plans
• Variable supplements
• Profit sharing
• Other social benefits (health insurance, pension plans, etc.) that improve quality of life, help reduce essential expenses, and provide financial security for the future.

Pay Gap Data

Global Gross Pay Gap:

• 2024: 32%
• 2023: 31%
• 2022: 31%

Note: The difference in the gross pay gap in 2024 compared to previous years is due mainly to the inclusion of the United Kingdom in the reporting scope.

Global gross monetary remuneration: €33.64/hour (2024)

Country-adjusted pay gap (2024): Comparing similar situations (employees with the same seniority/age and belonging to the same business and occupational category), the unexplained wage gap between men and women, based on objective criteria, is reduced globally to:

• 2024: 6%
• 2023: 4%
• 2022: 5%

Country-specific adjusted gaps (2024):

• Spain: 6%
• Peru: 5%
• Portugal: 7%
• United Kingdom: 4%
• USA: 4%
• Bolivia: -3%
• Norway: 10%
• Mexico: 1%

Total annual remuneration ratio (2024): 15.12 (ratio of total monetary remuneration of the best paid person vs. median)

Methodology

The adjusted gap calculation compares average remuneration of men and women where the main parameters determining remuneration are equal (business/company, professional category, age/seniority). Formula: (average remuneration of men - average remuneration of women) / average remuneration of men × 100.

Exclusions: Employees on international assignment and employees who have left before December 31 of the year in question are excluded. Includes Senior Management and other executives except the CEO.

Policies related to own workforce

Repsol has several policies applicable to all salaried employees globally. These policies are reviewed periodically based on business needs and concerns expressed by employees through different communication channels.

Code of Ethics and Business Conduct

• Scope: All employees globally
• Approval and oversight: Approved by the Board of Directors on November 26, 2003, last modified on June 28, 2023
• Key content: Establishes the framework of reference for behaviors that Repsol expects from its employees in their daily work. Includes promotion of an ethical culture among the Company's employees
• Public availability: Available on www.repsol.com
• Monitoring: Supervised by the Ethics and Compliance Committee. The Company has a Repsol Ethics and Compliance Channel for confidential and anonymous reporting of potential irregularities or breaches of the Code. All communications are managed by an independent company and available 24/7

People Management Policy

• Scope: All employees globally
• Approval and oversight: Revision 2.0 approved by the Board of Directors of Repsol, S.A. on November 22, 2022
• Goal: To attract, develop and retain the talent necessary to meet the Company's objectives in a sustainable way, through a Value Proposition to Employees with whom we maintain a relationship based on mutual respect and trust
• Key content: Focuses on attracting, developing, and retaining talent; promoting a work environment based on respect, trust, and equal opportunities; includes commitments to foster innovation, collaboration and continuous professional development; ensures fair and competitive compensation; prioritizes health, well-being and safety of employees; supports reconciliation of personal and professional life; maintains open dialogue with workers' representatives in an atmosphere of trust and respect; promotes freedom of association and collective bargaining
• Related impacts: Workforce well-being, labor rights, employee satisfaction (positive impact); development and training (positive/negative impact); talent attraction and retention (positive impact); diversity, equity, and inclusion (positive/negative impact); workforce health management (positive impact)

Human Rights and Community Relations Policy

• Scope: All employees and extended to suppliers and contractors
• Key content: Recognizes and respects internationally recognized human rights; respects rights, cultural diversity and customs of local communities, indigenous peoples and vulnerable groups; provides grievance mechanisms for workers and interested parties
• Links to standards: References to UN Voluntary Principles on Security and Human Rights (Repsol has been a signatory since 2013); requires private security companies to ensure 100% of employees providing services at facilities are trained in human rights

Safety and Occupational Health Policy

• Scope: All employees, and extended to contractors, partners and collaborators to the extent possible
• Approval and oversight: Revision 4.0 approved on November 22, 2022 by the Executive Committee
• Goal: To carry out all the Company's activities preserving the integrity of people and avoiding any damage to the environment, as well as to ensure a healthy and safe work environment from both a physical and emotional point of view
• Key content: Commitment to proactive risk management, considering risk in decision-making; focuses on avoiding damage to people and environment, particularly prevention of major accidents; ensures compliance with legal requirements and internal regulations prepared considering legislative trends and international standards

Total Rewards and Well-being Policy

• Scope: All employees worldwide
• Key content: Establishes a total compensation system that includes fixed and variable remuneration in the short and long term, as well as a wide range of benefits; ensures regulatory compliance in all geographies; proactively reviewed to adapt to market movements and macroeconomic context; different remuneration schemes based on activity
• Monitoring: Salary references reviewed annually to ensure external competitiveness and internal equity; performance process includes assessment and continuous development, with individual objectives aligned with Strategic Plan

Additional policies and guiding principles

Repsol has additional policies and guiding principles in other key areas of people management:

• Flexible remuneration model (Spain)
• Financial education program (launched 2023)
• Equality Plan (signed with majority unions) including measures on selection, training, professional promotion, remuneration and work-life balance
• Protocols against harassment and violence in the family environment
• Diversity and inclusion initiatives (LGBTI+, unconscious bias training, disability inclusion)
• Harassment prevention workshops and online courses

Work-life balance: 100% of employees can take family leave (maternity, paternity, parental leave or leave for carers) under country legislation, local collective bargaining agreements or global minimum work-life balance rules

Grievance mechanisms: Employees have access to whistleblowing channels without risk of retaliation. The Ethics and Compliance Channel is available 24/7 by phone, postal mail and website (ethicscompliancechannel.repsol.com)

Policy review: All policies are reviewed periodically, taking into account business needs and concerns expressed by employees through different communication channels

Taking action on material impacts on own workforce

Repsol has defined a talent program in 2024 as an enabler of the Strategic Plan, addressing the entire employee development cycle including talent attraction, leadership, training and development. The company has provided human, financial and technological means to carry out initiatives throughout 2024 and 2025.

Attracting and retaining talent

Scope: Own operations (all businesses: E&P, Industrial, LCG and Customer)

Target: Incorporation of young talent - 40% of permanent hires among people aged 30 or less in 2024 (achieved); 50% of permanent hires among people below 36 in 2023 (achieved)

Named programs:

• Talent Energy program (2024): Aimed at students in Spain who want to do internships at Repsol
• Graduate program and industrial skills program: Sources of incorporating young talent, providing new job opportunities to people under 30 years of age
• Fairs, forums and events (2024, Spain): To give candidates a closer look at future opportunities, supporting promotion of employment opportunities for underrepresented groups

Repsol fosters new job opportunities by complementing its team with profiles specialized in emerging areas such as digitalization and AI, renewable fuels, circular economy and renewable energies.

Development and training

Scope: Global scale, own operations

Target: Make available training programs and accompaniment in strategic disciplines for the transformation (2025) - per Global Sustainability Plan

Repsol University

Bases defined in 2024 with new physical and virtual headquarters organizing training offer by faculty, polytechnic by business and transversal. Content to be developed throughout 2025.

Net Zero School

What: Global technical school to share knowledge in industrial business on hydrogen, circular economy and new industrial processes

Time horizon: Launched 2024

Resources (2024):

• More than 1,500 employees participated
• Average of just over 2 courses per employee
• More than 3,000 hours of training total

Expected outcome: Prepare employees for challenges of energy transition and sustainability

Academy of Human Factors

What: Training for industrial environments in Spain, using method that poses different scenarios and transfers training to the real plant, replicating interrelationships between people, environment, position and work teams

Time horizon: Created 2023, active in 2024

Resources (2024):

• More than 300 people in 10 industrial centers participated
• More than 2,000 hours of training accumulated

Expected outcome: Improve safety management without compromising achievement of excellent operational level

Digital School

What: Designed to promote digital training in the Company, including generative artificial intelligence training

Time horizon: Launched 2024, intended to continue in successive years

Resources (2024):

• More than 11,000 employees completed some training
• More than 35,000 hours invested
• 3,000 Copilot M365 licenses distributed
• Average investment of 5 hours per person

Gen AI for Leaders program: Global program for managers

• Target: Train more than 500 team leaders in the next two years

WeLead program

What: Worldwide program accompanying new leaders in their transition to roles of greater responsibility

Time horizon: Inception in 2023, active in 2024

Resources (2024):

• 276 new leaders participated in 2024
• Total of almost 500 employees since inception

Learn&Lead program

What: Prepares employees to progress to the role of leader

Resources (2024):

• 112 employees prepared

KPIs achieved:

• Net Promoter Score: 29
• Average satisfaction: 3.4/4

Workforce well-being, labor rights and employee satisfaction

Impact type: Positive

What: Value proposition that includes better benefits and well-being programs, fosters inclusion, maintains constant dialogue with workers' representatives and promotes an environment of respect for human rights.

Scope: E&P, Industrial, LCG and Customer, own operations (workers)

Targets related to own workforce

Repsol has disclosed specific targets related to its own workforce in the S1-5 section:

Target 1: Incorporation of Young Talent (Worldwide)

• Target metric: Percentage of permanent hires among people aged 30 or less
• Target value: 40%
• Target year: 2024
• Baseline year: Not disclosed
• Baseline value: Not disclosed
• Scope: Worldwide (global operations)
• Type: Not specified (absolute or intensity)
• Validation: Internal (no third parties involved in defining objectives)
• Progress: Goal attained in 2024 (40% achieved)

Target 2: Incorporation of Young Talent (Worldwide - Alternative age bracket)

• Target metric: Percentage of permanent hires among people below the age of 36
• Target value: 50%
• Target year: 2023
• Baseline year: Not disclosed
• Baseline value: Not disclosed
• Scope: Worldwide (global operations)
• Type: Not specified (absolute or intensity)
• Validation: Internal (no third parties involved in defining objectives)
• Progress: Goal achieved in 2023 (50% achieved)

Target 3: Training Programs in Strategic Disciplines

• Target metric: Make available training programs and accompaniment in strategic disciplines for the transformation
• Target value: Qualitative (not quantified)
• Target year: 2025
• Baseline year: Not disclosed
• Baseline value: Not disclosed
• Scope: As set out in the Global Sustainability Plan
• Type: Not applicable (qualitative)
• Validation: Part of Global Sustainability Plan
• Progress: Multiple programs underway in 2024 including Net Zero School (1,500+ employees), Digital School (11,000+ employees), WeLead program (276 new leaders in 2024)

Note: The document states that "Every year, specific targets are defined for attainment, for which continuous monitoring is carried out" and that "objectives are set on the basis of a data analysis to ensure that they are well grounded." No third parties were involved in defining these objectives.

Social protection

Coverage of employees by social protection

100% of employees in Spain and other countries have social protection for illness, unemployment, work accidents, disability, parental leave and retirement, through public or company programs or both.

Exceptions:

• Bolivia and Singapore: All events except unemployment are covered
  • Bolivia has a job security state regulation
  • Singapore: The government has announced implementation of a public unemployment protection system by 2025

Protection types covered

Social protection coverage includes:

• Illness/sickness
• Unemployment
• Work accidents
• Disability
• Parental leave
• Retirement

Scheme types

Protection provided through:

• Public programs
• Company programs
• Both public and company programs (varies by country)

Persons with disabilities

Metric

Methodology

All cases worldwide of salaried employees with disabilities (498 employees) have been compiled according to the legal definitions in force in each of the countries in which the Company operates. The evolution of the indicator is affected by the change in the reporting boundary.

Training and skills development metrics

Repsol focuses its performance process on assessment and continuous development of employees. Individual objectives, aligned with those of the unit and the Strategic Plan, are set in collaboration with managers and reviewed regularly to ensure progress. This process includes different phases, adapted according to the performance model, and in all cases constant feedback between managers and employees is encouraged, promoting recognition of achievements, as well as professional development.

Average training hours per employee

Overall: 29.3 hours (2024)

By gender:

Methodology note: The total hours of training completed by active employees at December 31, 2024 in every country within the reporting scope is recorded, except for Repsol Resources UK, where no information is available on the hours of training completed.

By employee category:

Methodology note: Total hours of training carried out by all the companies under the reporting scope except Repsol Resources UK, as there is no information available on training hours carried out.

Performance and career development review coverage

% participation in regular performance and professional development appraisals by gender and occupational category (2024):

Methodology note: The performance assessment shows a balanced and positive distribution between men and women in most occupational categories, reflecting the Company's commitment to equal opportunities and excellence in work performance.

Total investment in training

Not disclosed.

Work-life balance metrics

Entitlement and uptake of family-related leave

In all countries where the Repsol Group operates, 100% of employees can take family leave (maternity, paternity, parental leave or leave for carers), whether under the country's legislation, local collective bargaining agreements or the global minimum work-life balance rules that apply in all Group companies to improve on or complete local regulations.

In 2024, 4,288 employees have taken some kind of leave:

Additional work-life balance initiatives

• Telework: In 2024, the number of employees teleworking reached 7,137
• Application of global minimum work-life balance permits: More than 4,300 employees, with a distribution of 13% women and 19% men, have exercised the right to take leave for family reasons
• Protocols for exercise of the right to digital disconnection: The effectiveness of this policy is seen in satisfaction results with 80% of employees recommending Repsol as a good place to work

Methodology note

The 4,288 employees who took leave represent 16.75% of the total group. Employees who report no information on sex are separately categorized.

Incidents, complaints and severe human rights impacts

In 2024, Repsol fostered awareness and prevention of harassment by means of workshops given to Business Partners, Employment Relations and Medical Services as a first line of action for such situations. The workshops were also conducted in business areas that required intervention. In total, 14 editions were carried out, with 152 attendees. In addition, an online course on prevention and action against workplace harassment was developed, and it is available to all employees.

Incidents and Complaints

Notes:

• The total number of discrimination cases includes workplace incidents of discrimination based on gender, racial or ethnic origin, nationality, religion or beliefs, disability, age, sexual orientation, or other relevant forms of discrimination. This includes harassment cases.
• See Human Rights and Community Relations Policy in 5.1 Repsol's policies related to sustainability of this Appendix V.

Severe human rights impacts

In 2024, there have been no severe incidents in terms of human rights. The company continues actions related to the remediation and management of opportunities related to the spill in La Pampilla in 2022.

In relation to the incident that occurred in terminal 2 of the La Pampilla refinery (Peru) on January 15, 2022, a grievance mechanism was designed and implemented with different channels: in-person (reporting desk, community liaison officers), telephone, electronic messaging, email inbox and Repsol Commitment portal. In 2024, grievance management has continued handling 12,970 new claims (all of them resolved), and in addition, 33,696 claims from previous years received in relation to the compensation offered by the Company have been resolved.

Ethics and Compliance Channel

Repsol has an Ethics and Compliance Channel, as well as an internal information system. Repsol's Ethics and Compliance Channel is available in www.repsol.com to anyone, both employees and third parties, including suppliers, contractors, and subcontractors. The existence of the channel is set out in the Code of Ethics and Business Conduct for Suppliers, a document accepted by all suppliers.

Characteristics of the undertaking's employees

Total headcount and FTE

Note: In 2023, these indicators do not include Repsol Resources UK Ltd. (RRUK), as they are not available following its recent incorporation.

Headcount by geographical area

The report states "Employees by geographical area" is presented in the document, with the following detail:

Note: Full geographical breakdown table is referenced but not fully extracted in the available excerpts. The 471 employees figure relates specifically to the E&P business sustainability performance section.

Headcount by gender

Overall gender distribution:

• Women: 40% (both 2024 and 2023)
• Female leadership positions: 35.6% (2024)
• Female hiring: >45% (2024), with a target of 40%
• Female promotions: 234 out of 547 total promotions (43%) in 2024

Headcount by contract type, employment type, and other breakdowns

Not disclosed in the extracted excerpts.

Employee turnover

New hires

• Women comprised >45% of total hiring in 2024 (target was 40%)
• Absolute number of new hires not disclosed

Methodology notes

• Sustainability performance indicators are calculated in accordance with criteria described in the Non-financial and Sustainability Information Statement (Appendix V)
• The 2023 indicators exclude Repsol Resources UK Ltd. (RRUK) due to unavailability following recent incorporation
• The reporting follows CSRD and ESRS requirements
• Changes in headcount are influenced by corporate perimeter changes between years, including divestments in Bolivia (May 2024), Colombia, and the UK acquisition completed in 2023

Characteristics of non-employees in the undertaking's own workforce

Number of non-employee workers

Repsol reports that the vast majority of its workforce consists of salaried employees who maintain an employment relationship with the company under permanent (91%) or temporary (9%) contracts. The company explicitly states that non-employee workers (i.e., workers contacted through companies that supply labor or on a self-employed basis) are considered a minority and not material, representing less than 1% of the total workforce.

Disclosure approach

Given the immaterial nature of non-employee workers in Repsol's workforce, the company does not provide detailed quantitative breakdowns by type (contractor, agency, self-employed) or other characteristics for this population. The company's people management reporting focuses on its 25,595 salaried employees as of 2024.

Context on contractors

While Repsol does not report contractors as part of its own workforce under ESRS S1-7, the company does engage with contractor workers for operational activities, particularly in industrial complexes and E&P operations. However, these workers are managed under separate contractual relationships through third-party companies and are addressed under the company's value chain worker disclosures (S2) rather than as part of the own workforce.

The company notes in its safety reporting that it conducts safety performance assessments of suppliers and contractors and includes contractor safety data in certain operational metrics, but these workers are not counted as part of the own workforce for S1-7 purposes.

Collective bargaining coverage and social dialogue

Overall Coverage

By 2024, 84% of employees in countries with collective agreements have been covered by a collective agreement, representing more than 79% of the Group's total workforce.

Repsol includes its employees in collective agreements in Spain, Peru, Portugal, Brazil, Indonesia, France, Italy, Belgium, United Kingdom and Norway, all of which are represented by an internal body or by the sector's union.

Spain-specific arrangements

In Spain, Repsol has 18 collective bargaining agreements and one Framework Agreement, which constitute the basis of the framework on which the reciprocal interests of the Company and the employee representatives are based.

Collective bargaining coverage by country (reporting threshold)

Collective bargaining coverage and social dialogue in countries where the Company has at least 50 employees representing at least 10% of its total number of employees:

EEA: European Economic Area

Non-EEA: Includes all the countries of the Americas and the rest of the world.

Coverage by country (additional detail)

Note: Brazil is not included due to a change in the reporting boundary as a result of the application of the CSRD Directive.

Social dialogue bodies in Spain

Framework Agreement level

• Framework Agreement Guarantee Committee
• Framework Agreement Health and Safety Committee
• Negotiating and Monitoring Committee of the Equality Plan
• Variable Remuneration Technical Committee
• Training Committee
• Repsol II Pension Fund Control Committee
• Sustainability Roundtable

Company-specific bodies

Multiple collective bargaining guarantee committees, health and safety committees, and pension plan control committees exist across Repsol entities including:

• Repsol, S.A
• Repsol Investigaciones Petroliferas, S.A.
• Repsol Butano, S.A.
• Repsol Trading, S.A.
• Repsol Comercial Productos Petroliferos, S.A.
• Repsol Directo
• Solred
• Repsol Exploración, S.A.
• Repsol Generación Eléctrica, S.A.
• Repsol Comercializadora de Electricidad y Gas, S.L.U.

European Works Council

A European Works Council exists for EEA countries.

Worker representation bodies

The People and Organization function is responsible for facilitating collaboration channels with employee representatives. Workers can participate in the management of the company through collective representation bodies, such as works councils or staff delegates. Note: Workers are not entitled to sit on boards of directors or other management bodies under Spanish regulatory framework.

Diversity metrics

Gender diversity in senior management

Members of Senior Management are reported according to the Annual Corporate Governance Report:

Gender diversity on Board of Directors (multi-year)

The following table shows how the presence of women on the Board of Directors and its committees has developed over the last five financial years:

Percentage of Independent External Directors: 55% in 2024 (55% in 2023, 50% in 2022, 62.5% in 2021, 55.6% in 2020).

Age band distribution - total workforce

Annual average of contracts by gender and age range (multi-year)

Note: For the calculation of this indicator, all existing contracts in the period have been taken into account, including existing contracts, first registrations and rehirings. Excludes employees with no reported gender or age.

Diversity targets and achievements

Female leadership target: The Company achieved 35.6% women in leadership positions in 2024 (target: 34%). 234 promotions were made (43% women) out of a total of 547 promotions within the new framework of professional advancement.

Parity in hiring target: The goal for 2024 was 40% of women in hiring processes. The Company attained its worldwide goal of making 40% of its permanent hires among people aged 30 or less in 2024.

Young talent incorporation: Repsol attained its worldwide goal of making 40% of its permanent hires among people aged 30 or less in 2024.

Leadership positions defined as employees with a permanent contract and with the occupational category of Director, Manager or Professional (including new professionals).

Policies related to value chain workers

Repsol's policies related to value chain workers reflect the company's commitment to respect for Human Rights and the main international standards and agreements in this area. Policies are developed through processes such as collaboration with workers in the value chain and redressing negative impacts, supported by due diligence measures, inclusion of requirements in bidding processes through the General Conditions of Purchase and Contract, and performance assessment.

Repsol's Code of Ethics and Business Conduct

Scope: Partners (including non-operated joint ventures), contractors, suppliers, and other collaborating companies are an extension of Repsol and must act in accordance with this code and any other applicable contractual provisions when intervening on behalf of or in collaboration with the Company. These business partners are encouraged to develop and implement ethics programs consistent with Repsol's standards.

Key content: The purpose of the Code is to establish the framework for understanding and putting into practice the behaviors and expectations that the Company places on each of its employees.

Code of Ethics and Business Conduct for Suppliers

Scope: All suppliers who pass the due diligence phase and participate in an award process throughout the Company. The obligations assumed by the supplier extend to its employees, sub-suppliers and subcontractors.

Governance: Approved by the Director of Procurement Corporation and Procurement Coordination. Updated in 2023 to incorporate requirements to guarantee non-discrimination on the basis of gender, adaptation of legal content in relation to the fight against corruption, and adaptation to current data protection regulations.

Key content/principles: The Code articulates the minimum behavior guidelines reasonably expected of suppliers throughout their supply chain. Provisions include:

• Forced labor, child labor and human trafficking
• Gender equality
• Freedom of association and the right to collective bargaining
• Integrity and ethical behavior and measures against bribery, corruption and conflicts of interest
• Protection of the environment and safety
• Protection and transparency of information to promote a sustainable economy

Public availability: Available at www.repsol.com. Must be accepted by all suppliers who pass the due diligence phase.

International standards alignment: Reflects respect for Human Rights and the main international standards and agreements, including:

• The "International Bill of Human Rights"
• The principles relating to rights established by the International Labor Organization (ILO) relating to the Principles of Fundamental Rights at Work
• The eight Fundamental Conventions of the ILO that develop them (including Freedom of Association and Protection of the Right to Organize Convention (1948), Right to Organize and Collective Bargaining Convention (1949), Forced Labor Convention (1930), Abolition of Forced Labor Convention (1957), Minimum Age Convention (1973), Worst Forms of Child Labor Convention (1999), Equal Remuneration Convention (1951), Discrimination Convention (1958))

Monitoring: The update was communicated through a dissemination campaign to all suppliers.

Reference material sub-topics:

• Welfare of workers in the CV (I+-)
• ESG criteria in the management of VC (I+)
• Dialogue and commitment with the community and affected groups (I+-; R)

General Conditions of Purchase and Contract

Scope: Apply to all suppliers and subcontracted companies.

Key content: Intended to regulate the relations between Repsol and its suppliers. They establish:

• The obligation of the supplier to respect internationally recognized human rights that include, at least, the rights set forth in the International Bill of Human Rights and the principles relating to fundamental rights established in the Declaration of the International Labor Organization
• The requirement to comply with all the provisions related to respect for human rights that are in force in the Repsol Group's internal regulations and practice, such as:
  • Elimination of child labor
  • All forms of forced labor, human trafficking, slavery or servitude throughout the life cycle of the goods and services contracted
  • Non-discrimination on the basis of nationality, race, ethnicity, religion, political affiliation, marital status, social status, age, disability, culture, sex, gender identity, sexual orientation, or any other status
• The requirement for the supplier to comply with the current provisions relating to safety and the environment
• Compliance with applicable regulations and internal practice of the Repsol Group

Public availability: Available at www.repsol.com

International standards alignment: References the International Bill of Human Rights and the principles relating to fundamental rights established in the Declaration of the International Labor Organization.

Taking action on material impacts on value chain workers

Third Party Due Diligence Standard

Description: The Repsol Group's Third Party Due Diligence Standard establishes the necessary measures to promote adequate knowledge of the third parties with whom the Company relates or will interact, in relation to compliance risks. This standard aims to provide sufficient information for decision-making and the evaluation and mitigation of possible compliance risks associated with third parties, both before formalizing the relationship and during its validity.

Scope: Applicable to all employees of the Repsol Group, regardless of their type of contract, position, or place of work, provided that in the performance of their duties they interact with third parties (upstream value chain).

Process:

• Contracting areas must know the third parties and apply appropriate due diligence measures according to the risk assigned to the type of third party or any indication of risk
• Measures include queries in public and private databases, integrity reports, and external questionnaires to obtain a better understanding of the activity and background of third parties
• Additional measures may be applied according to the criteria of the Compliance area and the risk of the operation
• If any risk is detected, possible mitigation measures are identified and assessed
• Regular update of due diligence measures is required every two years or when there are significant changes in the circumstances of the third party or continuous monitoring of active counterparties

Resources: Not quantified.

Expected outcomes: Adequate knowledge of third parties, evaluation and mitigation of compliance risks.

Link to policy: Links to Code of Ethics and Business Conduct for Suppliers.

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Supply Chain Risk Management Model

Description: Managing Negative Supply Chain Impacts - Repsol has a supply chain risk management model to identify, assess, and minimize environmental, social, and governance (ESG) risks at different stages of the procurement process.

Scope: Upstream value chain (suppliers).

Resources: Not quantified.

Link to policy: Links to Code of Ethics and Business Conduct for Suppliers.

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Collaboration with Suppliers on Safety (Safety Excellence Program)

Description: Within the framework of the Safety Excellence Program, Repsol holds one-on-one meetings with key contractors, in which they share their challenges, expectations, and proposals for improving the safety of operations. In addition, group communication actions are developed on specific aspects of interest to relevant contractors, and plenary actions to transmit key messages to all contractors.

Scope: Upstream value chain (contractors).

Time horizon: Ongoing.

Resources: Not quantified.

Expected outcomes: Improved safety of operations.

Link to policy: Links to Safety Excellence Program.

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Supplier Performance Evaluation

Description: The evaluation of the effectiveness of the collaboration process is carried out in two phases: For the duration of the contract, by the person responsible for the contract and the supplier; and in the performance evaluation, by the person responsible for the contract.

Scope: Upstream value chain (suppliers).

Resources: Not quantified.

Expected outcomes: Assessment of supplier performance and collaboration effectiveness.

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Code of Ethics and Business Conduct for Suppliers - 2023 Update

Description: The Code of Ethics and Business Conduct for Suppliers was updated in 2023 to incorporate requirements to guarantee non-discrimination on the basis of gender, an adaptation of legal content in relation to the fight against corruption or adaptation to current data protection regulations, among others. This update was communicated through a dissemination campaign to all suppliers.

Scope: Upstream value chain (all suppliers, sub-suppliers and subcontractors).

Time horizon: Implemented in 2023.

Resources: Not quantified (dissemination campaign).

Link to policy: Code of Ethics and Business Conduct for Suppliers establishes minimum principles reflecting respect for Human Rights and main international standards including International Bill of Human Rights, ILO Principles of Fundamental Rights at Work and eight Fundamental Conventions. Covers forced labor, child labor, human trafficking, gender equality, freedom of association, collective bargaining, integrity, anti-bribery, corruption, conflicts of interest, environmental protection, safety, and transparency.

Targets related to value chain workers

Repsol has disclosed two targets related to value chain workers (suppliers and contractors) under S2-5:

Target 1: Strengthen good sustainability practices in the supply chain of the Low Carbon Generation business

• Target metric: Sustainability Index evaluation of suppliers (% Awarded Volume corresponding to suppliers with Sustainability Indicator)
• Target year: 2025
• Target value: Not quantified in the excerpt
• Baseline year: Not disclosed
• Baseline value: Not disclosed
• Scope: Low Carbon Generation business (supply chain)
• Type: Absolute metric (volume awarded)
• Validation: Internal metric, not verified by an external auditor
• Description: Evaluate the Sustainability Index that considers aspects of Safety, Procurement and Sustainability. Greatest potential for improvement points are shared with the supplier, indicating possible actions.
• Progress: Not disclosed for 2024

Target 2: Promote the integration of safety and environment criteria in the management of suppliers in the Industrial business

• Target metric: % Awarded Volume corresponding to suppliers with prior evaluation in terms of safety and environment (Industrial)
• Target year: 2026
• Target value: 80% of the volume awarded to suppliers that provide materials or services in high-risk activities in safety and environment are evaluated in these matters prior to purchase
• Baseline year: Not disclosed
• Baseline value: Not disclosed
• Scope: Industrial business - high-risk activities in safety and environment (supply chain)
• Type: Percentage/intensity-based (relative to volume awarded in critical activities)
• Validation: Internal metric, not verified by an external auditor
• Description: Implementation of a new prequalification process in safety and environment for critical activities through questionnaires and provision of evidence
• Progress: Not disclosed for 2024

Policies related to affected communities

Repsol incorporates respect for human rights as a fundamental principle of its policy, which guides its actions in all the countries where it operates, and recognizes its responsibility to prevent, mitigate, and repair the possible negative impacts of its activities on the communities that may be affected.

The company aims to contribute to the sustainable development and well-being of the communities with which it interacts.

Human Rights and Community Relations Policy

Policy name: Human Rights and Community Relations Policy

Approval and updates:

• Approved in 2008
• Updated in 2023 to adapt it to new regulatory standards
• The commitment to human rights is manifested by the Board of Directors and the Executive Committee

Scope:

• Extends to all activities and business relationships
• Applies in all countries where Repsol operates
• Covers all phases of the life cycle of activities, from preliminary studies, design, construction, commissioning, production and decommissioning or transfer of assets

Implementation and oversight:

• The implementation of the policy is the responsibility of the Company's Executive Committee
• The process of monitoring and auditing its application and results is carried out by the audit and internal control unit
• The commitment extends to all employees of the Company, who must respect human rights in all their decisions and activities

Key principles and commitments:

• Integrate human rights due diligence into all of the Company's activities and business relationships, in all countries where it operates, and at all stages of the life cycle, including decommissioning
• Remedy those negative impacts that the activity generates on human rights
• Respect the human rights of all people who work at Repsol, as well as those of its customers
• Establish strong relationships with communities and stakeholders in the areas of influence of projects and assets and contribute to local socio-economic development and the preservation of their environment
• Work with partners and suppliers in any activity to drive compliance with human rights due diligence and to remediate adverse impacts related to our operations, products, or services

Links to international standards:

• Based on the most demanding international standards, such as the United Nations Guiding Principles on Business and Human Rights
• The company's regulatory framework is based on permanent and transparent dialogue with all its stakeholders

Public availability:

• Reference is made to "Repsol's policies related to sustainability in chapter 1.2 Governance of this Appendix V"

Monitoring and implementation:

• The process of monitoring and auditing its application and results is carried out by the audit and internal control unit
• Evidence of social management aligned with the Company's commitments is requested from partners
• Among partners, suppliers, and contractors, Repsol promotes respect for human rights through the inclusion of specific clauses in its contracts, the conduct of social audits, and training and awareness on human rights

Extension to value chain:

• Repsol exerts its influence to extend the implementation of human rights due diligence throughout the value chain
• In non-operating assets, commitments, policies and practices are shared with partners
• The Company's knowledge, expertise and techniques necessary to implement its objectives are made available to partners

Additional regulatory framework:

The company has internal regulations for the management of social investment, aimed at guaranteeing transparency and enhancing positive impact, avoiding future dependencies. The objective is sustainable socioeconomic development through planning based on dialogue and consensus with the communities.

Taking action on material impacts on affected communities

Social investment 2024

Repsol develops social investment initiatives with the aim of sharing value with society in general, and in particular through projects that benefit the communities near the operations, and in a particular way the vulnerable groups that may be identified.

Focus areas:

• SDG6 Clean water and sanitation
• SDG7 Affordable and clean energy
• SDG8 Decent work and economic growth
• SDG9 Industry, innovation and infrastructure
• SDG12 Responsible consumption and production
• SDG13 Climate action

Monitoring approach:

• Social investment is monitored based on the Company's contractual agreements and commitments
• Participation in different initiatives and forums to find objective methodologies to evaluate their impact

Promotion of local hiring and generation of value in the territories

Repsol is focused on:

• Development of local suppliers
• Hiring of local labor
• Professional training
• Providing support for business initiatives that generate shared value for the Company and for communities

Commitments:

• Monitored to comply with current legal regulatory requirements or contractual clauses
• Company is committed to maximizing local content

Specific location activities:

• In the vicinity of the La Pampilla refinery (Peru): activities of the last phase of development as part of the response to the impact caused by the spill that occurred in January 2022

Planned actions (2025-2027)

The company is conducting a gap analysis study supported by specialized consultants. Following this study, an Action Plan 2025-2027 will be drawn up in early 2025 aimed at complying with all the requirements of the aforementioned regulation.

Activities to be addressed during 2025:

• Update of the internal regulations that regulate actions related to impacts, risks and opportunities with communities
• Inventory of own operations, subsidiaries and those of business partners related to the chain of activities in accordance with the directive
• Definition of a risk control model

Targets related to affected communities

2025 Target: Action plan to comply with the Sustainability Due Diligence directive

Following the approval of the Sustainability Due Diligence Directive (Directive (EU) 2024/1760 of the European Parliament and of the Council of 13 June 2024 on corporate sustainability due diligence, known as CSDDD), the Company has set a target for 2025 to develop an action plan to comply with this directive.

Target details:

• Target metric: Action plan to comply with the Sustainability Due Diligence directive
• Target year: 2025
• Baseline year: Not disclosed
• Baseline value: Not disclosed
• Target value: Development of action plan (qualitative)
• Scope: Not specified
• Type: Qualitative/process target
• Validation: Regulatory compliance requirement
• Progress to date: Not disclosed

Policies related to consumers and end-users

Repsol has identified several policies that apply to customers, consumers and end users:

Sustainability Policy

This policy applies to all customers, consumers and end users of the Company.

Key commitments:

• Know, analyze and manage the expectations of the Company's different stakeholders, including customers and society in general. The Company has various communication channels, available and accessible, to inform, involve and maintain a continuous dialogue with its stakeholders.
• Respond transparently to stakeholders through economic, environmental and social performance indicators that are published in the Company's reports following international reporting standards.

Scope: All customers, consumers and end users, including all of Repsol's value chain: Customers, partners, suppliers of products and services and other stakeholders.

Privacy and Personal Data Protection Policy

Repsol supports transparency in the processing of user information, respecting their privacy and complying with current regulations. This policy allows users to control how their data is collected and used, minimizing risk and fostering trust.

Key principles:

• Protect the privacy of customers, employees and business partners, and the processing of their personal data
• Ensure compliance with legislation of the countries in which it operates
• Apply general principles of personal data processing such as legitimacy, lawfulness and fairness, minimization, accuracy, limitation of the retention period, transparency and information, legitimacy of the source, integrity and confidentiality, proactive responsibility, application of due diligence measures prior to the hiring of data processors, prior evaluation in international data transfers and respect for the rights of data subjects

Governance: Revision 1.0 approved by Repsol's Executive Committee on November 22, 2022.

Public availability: Privacy and Data Protection Policy is referenced (see footnote 15).

Goal: To guarantee the fundamental right to the protection of the personal data of all natural persons who are related to the companies of the Repsol Group; ensuring respect for the right to honor and privacy in the processing of different types of personal data.

Cookies Policy

This policy works in conjunction with the Privacy and Personal Data Protection Policy to support transparency in the processing of user information and ensure users can control how their data is collected and used.

Standard for Safe Product Management

Repsol has internal regulations in the field of product safety, specifically the standard for Safe Product Management.

Governance: The application of which is the responsibility of the General Manager of Energy Transition, Technology, Institutional Affairs & Deputy to the CEO.

Scope: The standard applies to all chemical products (substances or mixtures), designed, sourced, manufactured, handled, used, and marketed by Repsol. Areas within the Business and research and development areas that are in charge of the design, procurement, manufacturing, marketing or use of the products are responsible for compliance with the standard and those specific regulations (including legislation) applicable to product safety.

Key objectives:

• Guide risk management to avoid any harm to people and the environment
• Prevention of major accidents through adequate process safety management
• Involve employees, contractors and other stakeholders in continuous improvement and in the definition of health and safety management programs and systems

Key requirements: The standard defines the requirements and responsibilities so that the proper management of risks during the design and supply of products, as well as those associated with the manufacture, handling, marketing and end use of products, which may affect the health and safety of people, facilities and the environment.

Implementation: During the design phase and following the REACH and CLP regulations, hazards are identified and potential risks arising from use are assessed. The Company uses safety data sheets and hazard labels to provide information on the hazards of each product it sells so that customers can take appropriate measures to handle them safely. The Company has a single repository for this information.

Monitoring: Product re-evaluations are carried out spontaneously or reactively in the face of a legislative change and/or at the request of ECHA on products already made available to customers. Repsol participates in voluntary programs of the sector itself and European organizations including the propylene oxide and glycols sector group of CEFIC, the consortium focused on improving scientific knowledge of NLP short-chain polyols, and the Concawe consortia for petroleum products and LOA for products derived from catalytic cracking.

Human Rights and Community Relations Policy

Repsol undertakes to respect, in all its activities and business relationships, the rights internationally recognized in international treaties and standards on human rights.

Link to international standards: The policy references internationally recognized rights in international treaties and standards (specific references footnoted as 6 and 7 in the document).

Tangible and Intangible Assets Protection Policy

Governance: Revision 1.0 approved by Repsol's Executive Committee on November 22, 2022.

Goal: To guarantee the fundamental right to the protection of the personal data of all natural persons who are related to the companies of the Repsol Group; ensuring respect for the right to honor and privacy in the processing of different types of personal data.

Key commitments: The commitments contained in this policy focus on complying with current legislation, internal regulations and dissemination of asset protection criteria, both its own and those of third parties. Repsol will provide the appropriate means for the protection and safeguarding of the Company's people, interests, assets, operations, knowledge, industrial and intellectual property rights, intellectual property rights, and the internet, trade secrets and information, as well as the assets that support them. This protection is carried out through management based on risk analysis and a process of continuous improvement.

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Note on vulnerable customers: A specific protocol has been established for listening to and managing incidents from vulnerable electricity customers.

Taking action on material impacts on consumers

Digitalization Strategy for Customer Information Access

Action description: Repsol relies on digitalization as a lever for customer management strategy, specifically as a means of accessing information. The company actively works to improve the experience of searching for information and managing or purchasing products or services through transparency and breadth of information available on platforms.

Scope: Own operations (digital channels)

Platforms:

• Waylet app
• www.repsol.es website
• Customer Area
• VIVIT application
• Electric charging platforms

Approach: Comprehensive approach combining quantitative and qualitative analytics techniques:

Quantitative Analytics

• Web analytics tools to collect data on user behavior
• Metrics include: conversion rate, time spent on site, user journey
• Analysis identifies patterns and trends in customer interactions
• Informs decision-making about improvements in interface, content and functionalities

Qualitative Research

• Surveys, interviews, and focus groups
• Direct feedback to identify areas for improvement and personalization opportunities
• Integration of both approaches to design customized strategies

User Experience Testing

• UX team constantly tests new features on users through different platforms
• Ensures features are understood by users

Expected outcomes:

• More relevant and satisfactory customer experience
• Quick adaptation to changing market needs
• Personalized product recommendations based on customer interests

Measurement mechanisms:

1. For apps: Ratings and opinions from thousands of customers in reviews on app marketplaces
2. For specific processes: Satisfaction surveys available to customers for processes such as purchase of benefits through Waylet, VIVIT application, or electric charging

Customer Community for Co-creation

Action description: Repsol launched its first "customer community" with the aim of anticipating needs and being clear and transparent from the conceptualization of communications and services.

Purpose:

• Conduct qualitative research with customers or potential customers
• Investigate how users understand different value propositions
• Learn about customer relationship with energy
• Adapt or design how the Company communicates and makes information available

Time horizon: Launched 2024 (ongoing)

Customer Management Evaluation and Quality Control

Action description: Establishment of customer satisfaction control mechanisms to ensure processes provide effective redress in their application and results.

Components:

General monitoring:

• Recording of interactions through different Customer Service channels
• Collection of ratings and satisfaction notes
• Analysis of assessments leading to improvement actions
• Daily operational monitoring of external suppliers and service provision
• Operational meetings, visualization of panels and operational dashboards

Mexico-specific actions:

• Meetings with contracted external service and internal Repsol team
• Analysis of specific cases of service stations not resolved by supplier
• Process improvement initiatives

KPIs evaluated (Mexico):

• Percentage of compliance
• Calibrations (qualification of customer treatment)
• Degree of response to billing complaints in less than 48 hours
• Monthly evaluation of operators through service indicators

Expected outcomes:

• Optimal levels of care and services for customers and consumers
• Quality service promotion
• Correct management of complaints related to service stations

Peru:

• Management system implemented in 2023-2024, consolidated in 2024
• 2025 focus: Validating level of service and customer satisfaction; expanding knowledge of consumption habits and preferences

Security Protocol for Customer Data Protection

Action description: Security protocol for businesses such as Electricity and Gas to avoid possible fraud and ensure data protection.

Measures:

• Request for personal and specific information from owners
• Authorization requested if contact is not the owner
• Guarantee of data protection and privacy following standards
• Contact only customers who have expressed interest

Regulatory framework: Based on Company's regulatory framework and applicable standards for data protection.

Product Safety Information Provision

Action description: For products presenting chemical risks, Repsol provides safety data sheets (including product composition, hazards, handling and emergency contact).

Scope: Downstream (end users)

Mechanism: Information reaches end users as long as packaging is not tampered with and remains unaltered, including 24-hour emergency telephone number.

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Resources allocated: Not quantified in financial or non-financial terms.

Policy linkage: Actions are based on Repsol's regulatory framework for customer management and data protection standards.

Targets related to consumers

Customer service-related metrics and targets

Customer and consumer satisfaction is key for Repsol. The Company measures satisfaction through different surveys rating the degree of satisfaction in the interaction of users with customer service. This indicator is monitored periodically as a way of entering information for the improvement of customer service processes and services.

Surveys are carried out at different times and points of contact where the customer is asked for a rating from 1 to 5 (with 5 being the highest level of satisfaction).

2024 Performance:

• In 2024, the perceived quality of the service received was 4.322 (out of 5) from a total of 20,878 customer surveys
• Total number of on-call surveys conducted: 701,401

Executive Client Management Objective:

• At the Executive Client Management level, an objective is set that incorporates not only this customer service indicator, but also the experience in four other moments of interaction
• The Unit objective is shared by all employees of the Executive Client Management and is established as an increase on the basis of the measurement of the previous year
• Target type: Year-on-year improvement (no specific quantified target disclosed)

Future Program:

• Repsol will undertake a program in 2025, which is expected to last more than two years, with different initiatives to improve the experience of its customers at the different points of contact

Geographic-specific targets

Mexico customer service targets:

• Level of attention given by the external service: 97% (target)
• Level of service: 90% less than 10 seconds (target)
• Average operating time (OMT) by service type:
  • Calls: 170 seconds
  • Email: 229 seconds
  • Social media: 200 seconds

Peru customer service targets (2024 base year):

• Cases attended within the service level: ≥ 85%
• Incoming calls answered: ≤ 30 seconds
• Average call time: ≤ 3 minutes
• Baseline year: 2024
• Additional indicators planned for definition throughout 2025, for example one related to productivity per person and/or area related to the level of service

Incidents of corruption or bribery

Confirmed incidents

In 2024, Repsol received 298 communications through the Ethics and Compliance Channel, of which 90 required investigation. As a result of the investigations, 21 cases of non-compliance with the Code of Ethics and Business Conduct were confirmed. At the end of the fiscal year, 4 cases of harassment and 1 case of discrimination were confirmed.

No cases of bribery, corruption, violation of human rights or discrimination have been proven.

Convictions and fines

In 2024, as in 2023, there have been no convictions or fines for violating laws related to corruption or bribery.

Communication breakdown by subject (2024)

Speak-up mechanism and investigation procedures

Repsol operates the Ethics and Compliance Channel, a confidential and anonymous whistleblowing mechanism available 24/7 through phone, postal mail, and website (ethicscompliancechannel.repsol.com). The channel is managed by an independent third party.

The system complies with Law 2/2023 and EU Directive 2019/1937 on whistleblower protection. The Ethics and Compliance Committee oversees the internal information system, with the Chief Compliance Officer managing investigations independently.

Investigation process:

• Acknowledgment of receipt within 7 days
• Preliminary analysis by Chief Compliance Officer
• Investigation completed within 3 months (extendable to 6 months for complex matters)
• Report of conclusions prepared
• Communication to informant upon closure

The system guarantees confidentiality throughout the process and maintains anonymity where legally permitted. Communications received in 2024: 69% from external parties, 31% from internal personnel.

Anti-retaliation measures

Repsol maintains a zero-tolerance policy for retaliation against whistleblowers who report in good faith. Protection measures include confidentiality clauses in investigations, prevention of reprisals, and disciplinary sanctions for those responsible for retaliation.

Training and awareness

In 2024, 20,509 employees completed mandatory online training "The Challenge in the Ethicsverse" focused on the Code of Ethics and Business Conduct. The training included personalized assessments and recommendations on key compliance topics including anti-corruption, conflicts of interest, and dealings with public officials.

The fourth edition of Compliance Day was held in November 2024, attended by external experts and featuring the IV Compliance Awards recognizing best internal ethics and compliance practices.