CHAPTER 5 Solid economic and operational performance

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OPERATIONS

In 2021, 16.2 million tonnes were marketed through the Group's various sales channels, which was 9% above the same period of the previous year. This increase in sales in relation to 2020 is explained mainly by the business recovery thanks to the gradual easing of the mobility restrictions imposed on the population, though still below pre-pandemic levels. Specifically, demand in the automotive petrol and diesel market rose 24% and 12% against 2020. For Cepsa, sales of these products improved by 33% and 16%, respectively.

RESULTS

The Commercial segment business recovered significantly, improving EBITDA by 20% following the drop in demand and fall in oil product prices in 2020 due to COVID-19. Of note is the 3% rise in EBITDA against 2019 (pre-COVID levels).

The improvement in 2020 was mainly driven by higher sales volumes ( 50 million) thanks to increased demand. 16 million of fixed cost savings were also captured compared to 2020 as a result of the Multi-annual Efficiency Program efficiency measures.

Adjusted Net Profit totalled 225 million, 33% higher than the previous year.

With regard to Commercial segment investments, the agreement reached with Redexis to create the first global photovoltaic energy network in service stations in Europe is worthy of note. By 2021, panels had already been installed in 80 service stations.

ADJUSTED EBITDA EVOLUTION DEC20 - DEC21 ( M)

400 9

50 16 3 478

2020 Adjusted EBITDA

Margin Effect

Volume Effect

Corporative Costs

Others 2021 Adjusted EBITDA