Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Galp — Q1 2023 Earnings Presentation
17 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, May 5, 2023
Slide 1: 1Q23 Results
Be. size: v, 1Q23 Results 5 May 2023
Slide 2: Disclaimer
Disclaimer This document may include forward-looking statements. Alll statements other than statements of historicalfacts are, or may be deemed tobe, forward-looking statements. Forward-looking statements express future expectations that are based on management's expectations and assumptions as of t
Slide 3: 1 Recent developments
Slide 4: Operating performance driving deleveraging
Operating performance driving and leading to . Solid operating performance across 2 «864 m : a” all business segments ate ye a Ebitda 149 % (-14% QoQ) : Midstream returning to positive €363 m Net debt contribution leveraging on . increased flexibility , d OcF! el 09 ™ Net debt to Sound performance a
Slide 5: Upstream
Upstream Steady operations in Brazil and Coral Sul commissioning as planned 1Q23 @ Production (exc. Angola) supported by Coral Sul 1 20 kboe: ramp-up and increased efficiency in Brazil pd WI Production @ Oil realisations still reflecting high logistic and (exc. Angola) shipping costs @ Production co
Slide 6: Renewables & New Businesses
Renewables & New Businesses Generation growth and capturing energy management opportunities 1Q23 1.4ew © Energy generation benefitting from higher irradiation Renewables and full contribution of 1OO MW installed in 4Q22 installed capacity @ Leveraging on integrated model to opportunistically lock in
Slide 7: Industrial & Midstream
Industrial & Midstream Capturing favourable refining environment and normalised gas trading operations 19.6 mboe Raw materials processed 14.3 $/boe Refining margin 5 ra $/boe Refining operating costs 10.7 7wn NG/LNG supply & trading 1Q23 Large planned maintenance successfully performed on the Sines
Slide 8: Commercial
Commercial Solid performance reflecting demand recovery 8 1 7 mton (+3% YoY) Oil products sales 4.7 TWh Gas & Power sales 2.6 EV charging points installed +1 2% Yor Convenience Ebitda 1Q23 Results 1Q23 ®@ Oj! products sales supported by demand recovery, namely B2B aviation (close to pre- pandemic le
Slide 9: 2 Financial Overview 1Q23
Slide 10: Robust operating results across all business units
Robust operating results across all business units Upstream Ebitda lower following declining «548 an oil & gas market prices, whilst OCF : reflecting high concentration of paid + RCA Ebitda «864, realised prices Group taxes in Brazil (phasing) RCA Ebitda wae — Renewables & NB an 363 Performance driv
Slide 11: Solid operating performance supporting robust earnings
Solid operating performance supporting robust earnings includ -€46 m windfall taxes in Iberia -€14 m temporary export tax in Brazil RCA Ebitda supported by robust performance across all 28 au business units (389) Lower DDG&A, as result of Angola exclusion, supporting (50) RCA Ebit RCA Taxes includin
Slide 12: Strong FCF generation leading to further deleveraging
Strong FCF generation leading to further deleveraging 1Q23 Cash flow(€ m) _ _ Including €77 m proceeds related to (138) f ‘Angola upstream divestment 275 4 i (109) I Working Special Items CFFO Net capex Net financials Change in Capital + and net debt Inventory Effect IFRS 16 interest 12 (RR es 7 | 1
Slide 13: Galp's new Board & Executive Team - 2023-26 term
Galp’s new Board & Executive Team - 2023-26 term 13 Non-executive Board members 6 Executive Board members 46% Independent directors (non-executives) 37 % Women in the Board 13 123 Results SSOSDdD Filipe Silva | CEO (6 upstream) Galp executive member since 2012 (as CFO). Previous experience in invest
Slide 14: galp.com
galp.com
Slide 15: Key Guidance for 2023 (unchanged)
» Key Guidance for 2023 (unchanged) 15 Operating indicators WI production Production costs Financialindicators kboepd >110 Upstream $/boe 3 Renewables & NB Renewable capacity by YE Sines refining throughput Sines refining costs! GW 1.6 Commercial mboe c.75 Upstream $/boe 3-4 Renewables & NB Oil prod
Slide 16: Macro assumptions and sensitivities considered on guidance provided
Macro assumptions and sensitivities considered on guidance provided Macro assumptions Brent price Galp refining margin Iberian PVB natural gas price Solar captured price EUR:USD 2023 sensitivities (€ m) Brent price Galp refining margin EUR:USD Solar captured price Change $5/bbl $1/boe 0.05 €10/MWh 2
Slide 17: galp.com
galp.com