CHAPTER 5 Solid economic and operational performance

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In 2021, Cepsa performed solidly thanks to the organisation's continued focus on leveraging efficiencies and operational excellence, combined with an improving market environment. This is despite the challenges of rising energy prices, demand still below pre- pandemic levels and instability caused by the various waves of COVID-19 in 2021.

The Cepsa Group significantly increased revenue to 24,532 million, 56% higher than in 2020 and 3% above 2019 (pre-COVID levels), driven by higher oil prices and increased crude oil production in MENA, improved margins, growth in Refining production and the consistent performance of both the Marketing and Chemicals areas. The results of all the Cepsa Group's segments improved in relation to 2020.

A) OVERALL TREND DURING THE YEAR Million

Key Indicators 2021 2020

Revenue(*) 24,532 15,760

Adjusted EBITDA 1,815 1,187

EBITDA IFRS 2,194 622

Adjusted NIAT attributable to parent company 310 1

IFRS NIAT attributable to parent company 661 (919)

Cash Flow from operations 1,306 1,019

Free cash flow 915 260

Investments during the year 473 652

(*) Excise tax oil and gas included.

5.2 ANALYSIS OF CONSOLIDATED RESULTS