Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Q2 2025 Earnings Presentation
32 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Jul 21, 2025
Slide 1: Investor Presentation
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Slide 3: Executing a distinctive strategy
Executing a distinctive strategy combining selective upstream growth and disciplined downstream decarbonisation Selective upstream growth 25% c.20 s/pbI WI production Cash breakeven 45% Carbon intensity below growth 2025-26 operating assets 2025-26 industry average High potential exploration opportu
Slide 4: Distinctive portfolio with unique growth opportunities
Distinctive portfolio with unique growth opportunities from a capital light asset base and while delivering competitive distributions Delivering superior cash flow growth from sanctioned projects... +02 O % (vs -5% avg. peers) OCF growth 2024 to 2026 Boosted by strong project execution >2x Upstream
Slide 5: Distinctive investment proposition
Distinctive investment proposition superior growth from capital light asset base ensuring competitive distributions Delivering superior cash flow growth from sanctioned projects... OCF increase (2026 vs 2024) <.20% Peer1 Peer 2 Peer3 Peer 4 Peer5 Peer 6 Peer7 Galp galp ..with a low capital-intensive
Slide 6: One of today's most efficient integrated energy portfolios
One of today’s most efficient integrated energy portfolios as base for an ongoing transformation strategy Lowest carbon intensity player in «growing a leading low carbon ..and holding the largest integration the sector... Upstream portfolio... of renewable generation {in relative terms) Carbon inten
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Slide 8: A competitive Upstream portfolio
>A competitive Upstream portfolio _ focused on selective high potential regions Namibia | Exploration & appraisal Large exposure to high potential oil & gas condensates discoveries after 5 successful wells Brazil | Operation, development, exploration Proved existence of working petroleum system and
Slide 9: Upstream
Upstream growing production from high cash margin projects WI production (kboepd) +40 i 105-110 FCF generation’ Brazilian assets (€ bn) J) 0.6 2025 Bacalhau plateau a | O kgCO,e/boe Carbon intensity by YE24 galp sae’ 2024 2025 2026 c.$80, «.20 /pbI Cash breakeven operating assets 2025-26 sidered as
Slide 10: Cash engines operating in Brazil
Cash engines operating in Brazil with significant value still to be extracted Tupi & lracema (Galp stake: 9.2% & 10%, respectively) 1.3 mbpa Gross oil capacity in place with #9 FPSOs installed >3.4 pnboe Produced since inception from high productivity fields POD upaate submitted to regulator to enha
Slide 11: 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 FPSO on location in Brazil with start-up expected later in 2025 One of the largest FPSOs in Brazil & incorporating gas combined cycle technology FPSO commissioning ongoing & drilling campaign und
Slide 12: Successfully de-risking Mopane in Namibia
Successfully de-risking Mopane in Namibia Accelerated pace of execution with 5 wells drilled in just over 1 year Mopane-3X Well #5 in southeast region of Mopane Namibia A a 2 4 wells Relevant oil & gas condensates discoveries Drilled in the northwest region of unlocking another potential hub Mopane
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Slide 14: Strong industrial asset base
Strong industrial asset base supported by a competitive and flexible refining system in Sines & akey energy supplier to the country One of the youngest refineries in Europe with Operating and in Iberia «220 kbpd Refining oil processing capacity Middle distillates yield Gasoline yield 90x of oil prod
Slide 15: Industrial transformation journey
Industrial transformation journey through the integration of low carbon energy solutions Large scale industrial projects execution on track with start of commercial operations in 2H26 270 ktpa 100 MW 550m HVO/SAF unit capacity Electrolysers for Total capex net to Galp! Galp and Mitsui JV (75/25) gre
Slide 16: Midstream to maximise value across operations
Midstream to maximise value across operations by expanding trading activities and optimising integrated margin Upstream equity fo production \ Commodities . . . Industrial & sourcing, trading & supply | Management | activities Energy logistic assets \ \ / Sales to Power clients _ generation Building
Slide 17: Transforming Commercial business
Transforming Commercial business whilst sustaining a strong position in Iberia >1.4x Service stations in Iberia and Africa by YE24 60 % of service stations remodelled by YE26 #1 player EV charging player in Portugal 1.4 million EV charging sessions in 2024 galp Market leader in Portugal and holding
Slide 18: Integration of renewables power generation
Integration of renewables power generation from a leading solar platform in Iberia Organic portfolio build-up (TWh) 1.7 cw Operating capacity Includes: +c.0.9TWh ¢.2.3TWh for 100 MW of eauity electrolyser generation 400 mw costwn New renewable capacity of Sporty Financially disciplined capacity inst
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Slide 20: Sound performance driving up expectations
Sound performance driving up expectations with strong project execution leading growth profile Group Ebitda Group OCF (€ bn) (€ bn) 2025 strong operating momentum leading to guidance upwards revision 3.3 >2.7 Improved | performance Upstream production now at 105-110 kboepd supported on 1H25 strong u
Slide 21: to grow & transform a capital light portfolio
to grow & transform a capital light portfolio Gross investments allocation 2025-26 Growth & Transformation Maintenance capex Low carbon projects EU Taxonomy aligned Upstream Industrial & Midstream Renewables Commercial & Others Net capex 2025-26 Upstream capex progressively downin the period with Ba
Slide 22: Ensuring competitive shareholders' returns
Ensuring competitive shareholders’ returns NX supported on strong execution of growth projects in 2024 given execution confidence DPS (€/shr) 0.62 0.64 2021 2022 2023 2024 2025 2 5 '@) €m Buyback being executed during 2025 galp First interim to be paid in August (€0.31/s guidelines unchanged thereaf
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Slide 24: Main assumptions
Main assumptions and sensitivities Main macro assumptions Brent price Galp refining margin Iberian PVB natural gas price Iberian solar price EUR:USD 2025-26 sensitivities (€ m) Brent price Galp refining margin EUR:USD Solar captured price galp Change $5/bb! $1/boe 0.05 €10/MWh 2025 - Updated $70/bb1
Slide 25: Main guidance
> Main guidance Upstream production kboepd 2105 105-110 RCA Ebitda Upstream Industrial & Midstream Commercial Renewables OCF Net capex (avg. 2025-26 p.a.) Total distributions to shareholders Share buyback programme Dividend per share (DPS)! galp ‘Pending approval at 2026 AGM €/sh >2.5 C17 >500 c.300
Slide 26: Results & Balance Sheet
Results & Balance Sheet P&L (€ m) Balance Sheet (€ m) 1H24 1H25 31 Dec, 2024 30 Jun. 2025 RCA Ebitda 1,788 1,509 Net fixed assets 6,887 6,685 Upstream 1,100 788 Rights of use (IFRS 16) 1,215 1,116 Industrial & Midstream 530 539 Working capital 332 829 Commercial 142 163 Other assets/liabilities 1,34
Slide 27: Debt maturities and liquidity
1,600 1,200 800 400 0 2025 2026 2027 2028 2029+ @30 Jun 2025 @31 Dec 2024
Slide 28: Upstream portfolio
Upstream portfolio stakes in key areas BM-S-11 Lula 9.2% PEL 83 80% (oper.) BM-S-11 lracema 10% BM-S-11A Berbigao 10%? BM-S-11A Sururu 10%? Block 6 45% (oper.) Atapu 1.7% Block 11 20% Bacalhau 20% Block 12 41.5% Sépia 2.4% BM-S-24 Jupiter 20% Virapuru 14% Barreirinhas' 10% Pelotas! P-M-1670 / 1672 /
Slide 29: Experienced Executive team
Experienced Executive team equipped to deliver a well-defined strategy 6 Executive Board members 13 Non-executive Board members 46% Independent directors (non-executives) 37% Women in the Board galp oS S9 & & & Maria JoGo Carioca] co-CEO and CFO Executive with over 30 years' experience in capital ma
Slide 30: Acronyms
Acronyms $(or USD) % & @ € (or EUR) + < > 1C; 2C;3C .P 2H 2P Adj. OCF (or OCF) B2B B2C bbl bn Dollar Percentage And At Euro Plus Below Above Contingent resources Proved reserves Second Half Proved and probable reserves ‘Adjusted Operational Cash Flow (RCAEbitda+ Dividends from Associates - Taxes pai
Slide 31: Disclaimer
Disclaimer This document may include forwarc-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 32: galp
galp Investor.relations@galp.com