Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Q4 2023 Earnings Presentation
21 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Feb 12, 2024
Slide 1: 4Q23 & FY23 Results and Short-term Outlook
= SS 4023 & SFY 23 Results SSN Short- term Outlook 12 February 2024 -™
Slide 2: 1 Results
Slide 3: 2023 key performance indicators
2023 key performance indicators Ma .«. and supporting a healthy balance sheet and the delivery of competitive distributions Strong operating «translating into sound performance... financial delivery... 122 kboepd (+6% YoY) €3.6 bn Upstream WI production Ebitda RCA (Excluding Angola) el 4 = 0.4 i Net
Slide 4: FY 2023: Strong free cash flow
FY 2023: Strong free cash flow supporting a solid financial position and our growth plan FY23 Cash flow (€ m) (72) (859) (144) (296) 1,373 (922) [iss Ebitda OCF — Working Special CFFO_—_Net capex Net fin FCF Leases Shidr_— A Net Debt Capital items Minorities Dividends & ieRS 16 Others) & Inventory i
Slide 5: 4Q23 robust earnings
4Q23 robust earnings Closing the year with continued strong operating performance 4Q23 RCA Ebitda 4Q23 P&L (€ m) 4Q23 Cash Flow (€ m) Upstream «599 om Increased production partially offset by lower oil prices and downward revaluation of underlifting positions 720 Renewables & NB e21m Contribution re
Slide 6: 2 Outlook
Slide 7: Upstream growth and value extraction
Upstream growth and value extraction sustaining production from low cost & low carbon intensity portfolio WI production (operating & sanctioned projects) Brazil producing blocks kboepd Production from highly resilient & efficient projects . Tupi PoD update targeting further value +40 -- maturing 202
Slide 8: Tapping Namibia and S. Tomé potential
Tapping Namibia and S. Tomé potential LS Galp wells @ Adjacent discoveries 8 4Q23 & FY23 Results and Short-term Outlook Namibia 80% in PEL 83 Two significant light oil columns in Mopane-1X well in reservoir bearing sands of high quality Drilling Mopane-2X for exploration and assess extension DST to
Slide 9: Refining flexibility and Midstream improved energy management capabilities
whilst Midstream captures improved energy management capabilities 2024 refining to benefit from increased Large scale industrial projects flexibility & normalised operations with first start up in 2025 «$8 /boe «€550m Raw materials Refining margin Advanced HVO/SAF Total capex to Galp processed forec
Slide 10: Reshaping Commercial business
Reshaping Commercial business to maintain a strong position in Iberia Expanding non-fuel & low carbon contribution to sustain a stable cash engine 1,463 Service stations in Iberia and Africa by YE23 Non-fuel + low carbon Ebitda contribution 2019-2025 % (expected for 2024-25) «170 Service stations re
Slide 11: Renewables growth
Renewables growth to support integration across the energy value chain Developing the Iberian Organic portfolio build-up pipeline «14 % +.0.9TWh a for 100 MW. LTM OCF/ Invested Capital dnlades: caanateen (operating assets) Sfequity generation + ¢.0.5 TWh of 39 part) 1.46w PPAs Capacity in operation
Slide 12: One of the lowest carbon intensity players
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! Upstream portfolio carbon intensity? (kgCO,e/boe) Renewables generation vs hydrocarbon productio
Slide 13: Financial outlook
Financial outlook 2024 to benefit from portfolio resilience and operating momentum Group Ebitda evolution 2023 vs. 2024 (€ bn) <3 el bn c€2.0 bn Ebitda OCF 3.1 Upstream | Ebitda c.€2.1 bn supported by robust production levels Industrial & Midstream Ebitda >€700 m, with normalised refining operations
Slide 14: Disciplined investment plan
Disciplined investment plan enabling growth and portfolio transformation Investments weight 2023-25 BD vpstream (BB industrials Midstream 1) Renewables & NB Commercial 14 4Q236 FY23 Results and Short-term Outlook Net capex 2023-25 70 % Growth & Uncommited 1 Further Transformation Divestments <€O.3 b
Slide 15: Delivering superior growth and competitive distributions
15 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 Peer 2 Peer 3 Peer 4 PeerS Peer 6 Peer7 Peer
Slide 16: 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 17: 3 Appendix
Slide 18: 2023 results
» 2023 results P&L (€ m) Balance Sheet (€ m) 4g22 3q2s 4923, Fy2022 Fv2025 B1Dec.2022 50Sep. 2025 51Dec, 2028 791 594 599 Upstream 3,083 2.265 Rights of use (IFRS 16) ame a9 1,630 7 4B a Renewables & New Businesses 50 cc Working copital 1082 yas 1.455 18 342 “3 Industrial & Midstream 451 929 Other a
Slide 19: Debt indicators
» Debt indicators Debt Indicators (€m) 31Dec.2022 30 Sep.2023 31 Dec. 2023 Cash and cash equivalents 2,432 2,270 2,200 Undrawn credit facilities 1484 1,665 1,645 Gross debt 3,987 3,481 3,600 Average funding cost 17% 3.4% 3.5% Leases (IFRS 16) 1277 1,370 1,810 | Includes €475 m in leases related to C
Slide 20: Main assumptions and sensitivities
Main assumptions and sensitivities Main macro assumptions Brent price Galp refining margin Iberian PVB natural gas price Iberian solar price EUR:USD 2024 sensitivities (€ m) Brent price Galp refining margin EUR:USD Solar captured price 20 —4Q236 FY23 Results and Short-term Outlook Change $5/bbl $1/b
Slide 21: galp.com
galp.com