Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Galp Energia — Investor Presentation (August 2024)
30 slides from Galp Energia, Sgps S.a. Class B's investor presentation, August 2024
Slide 1: Investor Presentation
Slide 2: galp.com
galp.com
Slide 3: Executing a distinctive strategy
Executing a distinctive strategy combining selective upstream growth and disciplined downstream decarbonisation Downstream transformation & decarbonisation «1.5 GW 100 MW 270 ktpa 33 % Renewables Green H, large scale Renewable biofuels Commercial low capacity electrolyser under unit under carbon Ebi
Slide 4: Disciplined investment plan to de-risk high potential assets
Disciplined investment plan to de-risk high potential assets while portfolio resilience drives operating momentum Net capex 2023-25 Gross capex 2023-25 Uncommited Updated FY2024 financial outlook i <€3 bn | eS 70 « Growth & @ammined Transformation e3e1 bn Improved 2024-25 weight Ebitda 2024 performa
Slide 5: Competitive shareholders' distributions
Competitive shareholders’ distributions combining progressive dividend and buybacks 1/3 of OCF Distribution Guidelines +4% p.a. Progressive baseline dividend DPS annual increase + Buybacks' insiders financial position controlled with net debt t 2024 fiscal year €0.56 /sh Cash dividend? Paid in two t
Slide 6: Peer comparison of growth and distributions
seueual Delivering superior growth from .. from low capital-intensive and .. driving competitive distributions... sanctioned projects... growth weighted plan... Distributions/OCF (avg. 2024-2025) OCF increase (2025 vs 2024) Net capex/OCF (avg. 2024-2025) Peer1 Peer2 Peer3 Peer4 PeerS Peer6é Peer7 Pe
Slide 7: One of today's most efficient integrated energy players
One of today’s most efficient integrated energy pé With an ongoing transformation strategy One of the lowest carbon intensity «growing a sector leading low carbon «and holding the largest integration of players... Upstream portfolio... renewable generation (in relative terms) Carbon intensity! Upstr
Slide 8: galp.com
galp.com
Slide 9: A competitive Upstream portfolio
A competitive Upstream portfolio focused on selective high potential regions Brazil - Operation, development, exploration High quality portfolio focused on premium geographies driving production growth Galp operates in Brazil through Petrogal Brasil, a JV between Galp (70%) and Sinopec (30%) 9 | Inv
Slide 10: Growth from high cash margin projects
Growth from high cash margin projects Expected WI production (kboepd) +40 Y¥ Tupi PoD update Ro 330% Y Sépiall & Atapull pod V Bacalhau upside Y PEL 83 (Namibia) Y Block 6/11/12 (Sdo Tomé) Previous Guidance Increase w/ guidance —_ adjusted for Bacalhau Mozambique Investor Pre Cash breakeven Operatin
Slide 11: Short-term cash engines in Brazil
Short-term cash engines in Brazil with significant value to be captured Tupi & Iracema (Galp stake: 9.2% & 10%, respectively) ¥ | 2 mbpd BerbigGo & Sururu (Galp stake: 10%!) FPSO at plateau & pursuing in-field Gross capacity in place a #9 FPSO installed with further opportunities development opportu
Slide 12: Bacalhau project in Brazil as a key growth lever
Bacalhau project in Brazil as a key growth lever and one of the most attractive projects in the industry One of the largest FPSO being built and incorporating gas $8 bn +40 kbpd combined cycle to reduce Total investment WI production at carbon footprint (100% basis —- Galp stake 20%) plateau (net to
Slide 13: Namibia PEL-83 Mopane discovery
Namibia PEL-83 Mopane discovery supporting a long-term growth opportunity “\namibid cl O bn boe! Up to 4 new wells Mopane’s hydrocarbons F Next Mopane exploration & in-place estimate appraisal campaign identifying Secured rig, logistics & well 3+ discoveries in services contracts to with minimal CO2
Slide 14: Upstream portfolio rotation
Upstream portfolio rotation playing an important role to support capital allocation «$205 bn Implicit value of divestments in 2023-24 to focus on low cost & low emissions projects to support higher-return growth options Angola farm-out -e79Om Equity proceeds Contingent already received payment Deal
Slide 15: Integrated Downstream
Slide 16: Refineries in Iberia
Strong industrial asset base supported by a competitive and flexible refining system in Sines c.220 kbpd Refining capacity & well located to reach North American East Coast Middle distillates production yield Gasoline production yield
Slide 17: Executing an Industrial transformation
Executing an Industrial transformation whilst operating at full availability in 2024 2024 refining to benefit from and Raw materials Refining margin processed forecast Crude conversion & Refining bios co-processing cash costs Green = hydrogen se project —=>S== Large scale industrial projects under c
Slide 18: Industrial transformation journey
Industrial transformation journey to increase the supply of lower carbon fuels and reduce carbon footprint 2017 Legacy refining system Concentrating operations in Sines Energy efficiency optimisation Expand advanced biofuels production (HVO/SAF) Launch green H, production Vv = 5 O % operating emissi
Slide 19: Ensuring reliable and competitive product's sources & uses
Ensuring reliable and competitive product's sources & uses Midstream Ebitda! 2024 Trading improved performance across oil-gas-power Adapting its supply and trading activities to support the needs of emerging value chains Commodities sourcing, trading & supply Sales to clients Upstream equity product
Slide 20: Transforming Commercial business
Transforming Commercial business to maintain a strong position in Iberia Expanding Convenience & Customer Solutions contribution to sustain a stable cash engine 1,463 Service stations in Iberia and Africa by YE23 Convenience & Customer Solutions (C&CS) Ebitda contribution 220% of service stations re
Slide 21: Expanding integration of renewables power generation
Expanding integration of renewables power generation from a strong Iberian platform Organic portfolio build-up (TWh) Iberia portfolio of c.4.4 cw Predominantly solar PV portfolio with a leading ou : Includes: +¢.0.9TWh position in Iberia epeiniy for 100 MW aw, electrolyser + 7 . ¢.0.5 TWh Value focu
Slide 22: galp.com
galp.com
Slide 23: 2024 Guidance & Sensitivities
» 2024 Guidance & Sensitivities Main macro assumptions 2024 2024 Financial indicators Updated Guidance Galp refining margin $8/boe OCF €bn >2.0 Iberian solar price €50/MWh Change Ebitda OCF Galp refining margin Solar captured price €10/MWh 25 20 23 | Investor Presentation galp@)
Slide 24: Half year 2024 results
» Half year 2024 results P&L (€ m) 1H23 1H24 Associates 23 -10 Financial results 10 -21 Taxes -745 -650 Non-controlling interests -97 -116 24 | investor Presentation Balance Sheet (€ m) 31Dec. 2023 30 Jun. 2024 Net fixed assets. 6,746 6,504 Rights of use (IFRS 16) 1,645 1,137 Working capital 783 874
Slide 25: Debt maturity profile
€ 1,200 1,000 800 600 400 200 0 2024 2025 2026 2027 2028+ @30 jun 2024 @31 dez 2023
Slide 26: Upstream portfolio
Upstream portfolio stakes in key areas Brazil! BM-S-11 Lula 9.2% BM-S-11 Iracema 10% BM-S-11A BerbigGo 10%? BM-S-11A Sururu 10%? Atapu 17% Bacalhau 20% Sépia 24% BM-S-24 Jupiter 20% Uirapuru 14% Barreirinhas 10% 26 | Investor Presentation 2 Subject to unitisation PEL 83 80% (oper.) Sado Tomé Block 6
Slide 27: Board & Executive Team
Board & Executive Team 6 Executive Board members 13 Non-executive Board members 46% Independent directors (non-executives) 37 % Women in the Board 27 | investor Presentation SSOSdD Filipe Silva | CEO (6 upstream) Galp executive member since 2012 (as CFO). Previous experience in investment banking an
Slide 28: Acronyms
Acronyms $(erUSD) Dollar % Percentage 6 And @ At € (or EUR) Euro + Plus < Below > Above 1G; 2€ Contingent resources .P Proved reserves 2H Second Half 2P Proved and probable reserves Adjusted Operational Cash Flow (RCA Ebitda + Adj. OCF (or OCF) Dividends from Associates - Taxes paid) B2B Business to
Slide 29: Disclaimer
Disclaimer 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 assumptions as of
Slide 30: galp.com
galp.com investor.relations@galp.com