Report by Link Securities
Repsol (REP) has informed the National Securities Market Commission (CNMV) that the Chief Executive Officer, in accordance with the delegation of powers granted to him by REP’s Board of Directors, has agreed to launch the Share Buy-back Programme pursuant to the authorisation granted by the General Meeting. The Share Buy-back Programme will be carried out in accordance with the terms set out below:
1. Objective of the Share Buy-back Programme. The sole purpose of the Share Buy-back Programme is to acquire the own shares to be cancelled as part of the Capital Reduction agreed by the Board of Directors pursuant to the General Meeting’s resolution.
2. Maximum investment under the Buy-back Programme and maximum number of shares to be acquired under the Programme. The maximum net investment under the Programme amounts to €500,000,000. For the purposes of calculating the Maximum Investment, only the purchase price of the shares shall be taken into account.
The maximum number of shares to be acquired under the Buy-back Programme will depend on the average price at which the purchases are made, but shall not exceed 37,500,000 shares.
3. Price and volume conditions. The shares will be acquired at market price in accordance with the price and volume conditions set out in Article 3 of the Delegated Regulation. In particular, with regard to price, Repsol will not purchase shares at a price higher than the higher of the following: (i) the price of the most recent independent transaction; or (ii) the highest independent bid at that time on the trading venues where the purchase is made. With regard to trading volume, Repsol shall not purchase more than 25 per cent of the average daily trading volume of Repsol shares on the trading venue where the purchase is made. The average daily trading volume of the Company’s shares for the purposes of the above calculation shall be based on the average daily trading volume over the 20 business days preceding the date of each purchase.
4. Duration of the Share Buy-back Programme. The Share Buy-back Programme will commence on 3 August 2026 and will remain in force until 29 October 2026.
