Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Q4 2025 Earnings Presentation
20 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Mar 2, 2026
Slide 1: FY25 Results & 2026 Outlook
FY25 Results & 2026 Outlook March 2, 2026
Slide 2: Full Year 2025
1 Full Year 2025
Slide 3: Driving our strategy throughout 2025
Driving our strategy throughout 2025 Strong operational Disciplined project Meaningful portfolio delivery execution reshaping Strong Upstream Bacalhau start -up as Namibia partnership production supported on planned with ramp -up unlocking a clear way reservoir management & ongoing as expected forwa
Slide 4: 2025 performance highlights
2025 performance highlights Strong operating …driving sound financial …enabling a solid performance… results… financial position… 111kboepd 3.0 €bn 1.3 €bn Upstream WI production Ebitda RCA Net debt 64 TWh 2.2 €bn 0.5 x Gas trading volumes OCF Net debt to Ebitda …and supporting 7.3 mton 1.1€bn 1.0 €
Slide 5: Establishing strong partnership in Namibia
Establishing strong partnership in Namibia Mopane (Galp stake:40%) Ensuring alignment to fast -track Mopane and reinforcing portfolio Expedite de -risking with committed Partnership structure: ≥3 well E&A campaign over next 2 years 5 E&A wells Asset swap Drilled to date unlocking high -quality disco
Slide 6: Aiming to create 2 powerful energy platforms in Iberia
Aiming to create 2 powerful energy platforms in Iberia as Galp and Moeve negotiate to combine downstream activities Holding detailed negotiations with RetailCo final agreement expected by mid -2026 Galp: c.50% stake 1 >3.5 k Service stations Leading mobility Expanding downstream footprint, operator
Slide 7: Short-term Outlook
2 Short -term Outlook 7
Slide 8: Upstream positioned as core growth engine
Upstream positioned as core growth engine on the back of highly competitive projects WI production Cash margin 1 Maintaining execution focus… (kboepd ) OCF per barrel ($/ boe ) Brazil short -term growth 125 - 130 Tupi & Iracema: Infill well drilling campaign >15% >30% Bacalhau: Ramp -up to plateau i
Slide 9: 2026 Industrial and Midstream
2026 Industrial Project execution underpinned by asset resilience c. 80 mboe c. 3.5 $/boe Refining throughput Opex Normalised system Advance Biofuels Plant availability after and 100 MW Green H2 2025 large planned project start -ups by late turnaround 2026 / early 2027 2026 Midstream Enhanced flexib
Slide 10: 2026 Renewables and Commercial
2026 Renewables Disciplined growth & value extraction focus 1.7 GW >350 MW Renewable capacity New solar & storage operating by YE25 capacity deployed until YE26 Generation sales up Advancing hybridization >15% YoY from added (wind & storage) capacity & performance opportunities with 70 MW improvemen
Slide 11: 2026 operating delivery
2026 operating delivery reflecting strong project execution to drive continued growth Group Ebitda Group OCF > 1.5 €bn (€ bn) (€ bn) Upstream Ebitda 2026 3.0 3.0 >2.6 > 700 €m 2.2 >2.0 Industrial & Midstream Ebitda 2026 > 350 €m Commercial Ebitda 2026 2025 Macro 2026 e 2025 2026 e > 30 €m downside G
Slide 12: Disciplined investment plan
Disciplined investment plan to continuously grow & transform a capital light portfolio Organic Capex <0. 8 €bn p.a. 2025 -26 n et capex 1 1.1€ bn c. 1 €bn c. 60 % Upstream Brazil benefitting Growth & Transformation from intensity ramp -down on Bacalhau deployment < 400 €m Namibia to account for 1 E&
Slide 13: Competitive shareholders' returns
Competitive shareholders’ returns remain a capital allocation priority Distributions to shareholders … supporting a continued DPS guidelines maintained into 2026… increase & buyback sustained YoY DPS evolution (€/sh ) 1/3 of OCF +15% +4% 0.62 0.64 = 0.50 0.52 0.54 + 4 % DPS p.a. growth Base cash div
Slide 14: Appendix
3 Appendix 14
Slide 15: Main guidance and sensitivities
Main guidance and sensitivities Main macro assumptions 2026 Main financial guidance 2026 Brent price c.$60/bbl Ebitda >2.6 € bn Galp refining margin c.$5.5/boe Upstream >1.5 € bn Industrial & Midstream >700 € m Iberian PVB natural gas price €30/MWh Commercial >350 € m Iberian solar price €30/MWh Ren
Slide 16: Results & Balance Sheet
Results & Balance Sheet P&L ( € m) Balance Sheet ( € m) FY2024 FY2025 31 Dec. 2024 31 Dec. 2025 RCA Ebitda 3,297 3,039 Net fixed assets 6,887 6,808 Upstream 2,078 1,682 Rights of use (IFRS 16) 1,215 1,026 Industrial & Midstream 876 952 Working capital 332 905 Commercial 306 384 Other assets/liabilit
Slide 17: Debt Indicators
Debt Indicators Debt Indicators ( €m) Debt reimbursement ( €m) 2,100 1,800 1,500 1,200 900 600 300 0 2025 2026 2027 2028 2029+ @31 Dec 2025 @31 Dec 2024 1 Ratio considers the LTM Ebitda RCA FY25 Results & 17 Short -term Outlook
Slide 18: 2025 sound cash generation
2025 sound cash generation Based on strong operating delivery and capital discipline Cash flow (€ m) (874) (752) 3,053 (95) (108) 2,179 (620) 1,426 1,224 (730) (126) Ebitda Taxes OCF Sp. items CFFO Net capex Net fin. FCF Leases Dividends + Associates WC 1 IFRS 16 int. Minorities Buyback ∆ Net Inv. E
Slide 19: Cautionary statement
Cautionary statement This document may include forward -looking statements . All statements other than statements of historical facts are, or may be deemed to be, forward -looking statements . Forward -looking statements express future expectations that are based on management’s expectations and ass
Slide 20: 3Q24 Results Presentation
3Q24 Results Presentation 20