Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Q4 2024 Earnings Presentation
23 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Feb 17, 2025
Slide 1: 4Q24 & FY24 Results Short-term Outlook
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Slide 3: 2024 key performance indicators
2024 key performance indicators Strong operating «translating into sound ..reinforcing a healthy momentum... financial delivery... financial position... 109 kboepd 3.3€bn 1.2€0n Upstream WI production Ebitda RCA Net debt (Excluding Mozambique) 0.4x 91 mboe 2.1 ¢€bn Net debt to Ebitda Refining throug
Slide 4: Showcasing strong delivery and differentiated growth investment case
showcasing strong delivery and differentiated growth investment case High potential discoveries in Namibia with 4 wells safely drilled by YE24 Bacalhau execution culminated with FPSO sail-away to Brazil by YE24 High-graded portfolio to focus on low cost & low emissions projects Continued focus on op
Slide 5: 2024 robust operating results
2024 robust operating results driven by a strong upstream and midstream contribution Sa DSLLeOn. 2,078 em 756 em Robust contribution benefiting from strong Upstream Upstream operating performance from the Brazilian portfolio Ebitda Capex Industrial & Midstream 876em 227 em High refining Givelltstosi
Slide 6: 2024 strong free cash flow
2024 strong free cash flow supported on operating delivery and capital discipline Ebitda of €3.3 bn and OCF of €2.1bn driven by strong operating delivery FY24 Cash flow (€m) across the board Net capex of €0.8 bn including aa) main cash-in from Angola upstream divestment 212 (832) FCF of €1.3 bn stab
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Slide 8: Upstream
Upstream Growing production from high cash margin projects WI production FCF generation’ (kboepd) Brazilian assets (€n) +40 One-off 50 days extra Val maintenance across fleet 2105 J) planned in 2025 0.6 Drilling infill wells in Tupi to arrest mid-term decline rates at <5% p.a. 2025 Bacalhau 2024 202
Slide 9: Namibia PEL-83
Namibia PEL-83 Successfully de-risking the Mopane complex Namibia 80« ! Galp stake in PEL 83 (operator) 1m galp 4 wells Drilled in northwest region of Mopane in just 1 year Light oil & gas condensates discoveries in high-quality sands: Q High-pressure Q Good to high permeability Q Good porosity Q Mi
Slide 10: Industrial and Midstream
Industrial Executing a transformation journey ADU planned stoppage in 4Q25 leading to... -80 mboe Raw materials processed 2025 4 $/boe Refining cash costs 2025 Normalised operating conditions planned for 2026 270 xtpa 1OOmw HVO/SAF unit Electrolysers for green capacity H, production Large scale indu
Slide 11: Sustaining strong position in Iberia
Sustaining strong position in Iberia Ebitda 2025 +10 %YOY Convenience & Energy Solutions Ebitda growth 60% of cstores remodeled by YE26 Sustain strong oil position in Iberia whilst expanding gas & power customer base Strong Convenience & Energy Solutions penetration to support a stable cash engine L
Slide 12: Operating performance
Operating performance Strong project execution driving growth Group Ebitda Group OCF (€ bn) (€ bn) a1 7 €bn Upstream Ebitda 2025 c.3.3 >2.5 2.6 7900em LZ Industrial & Midstream Ebitda 2025 1.6 2025 reflecting lower macro and one-off operational maintenance «300 €m inU P pstream & Refining Commercial
Slide 13: 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 Upstream Industrial & Midstream projects EU Taxonomy aligned Renewables (§§ Commercial & Others Net capex 2025-26 Upstream reduced capex towards Bacalhau offset by
Slide 14: Ensuring competitive shareholders' returns
Ensuring competitive shareholders’ returns Ne supported on strong execution of growth projects given confidence on growth projects’ execution +1 5 % YOY DPS increase to €0.62/sh' with €0.34/sh to be paid after 2025 AGM — - — 250 em Buyback to be executed during 2025 guidelines unchanged thereafter 1
Slide 15: 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... +c..20 % OCF growth 2024 to 2026 Boosted by project delivery and even in a less supportive macro cont
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Slide 17: Main Guidance
Main Guidance Financials RCA Ebitda Upstream Industrial & Midstream Commercial Renewables OCF Net capex (avg. 2025-26) Total expected distributions Share buyback programme Dividend per share (DPS)! galp 2025 >2.5€bn c17€ bn >500€m ¢.300 €m c.60€m >1.6€ bn 250€m €0.62/sh <0.8 € bn 1/3 OCF ¢.2.6 € bn
Slide 18: 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 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 $70/bb1 $6/boe €3
Slide 19: 2024 Results & Balance Sheet
2024 Results & Balance Sheet P&L (€ m) Balance Sheet (€ m) FY2023 FY2024 31Dec. 2023 31Dec. 2024 RCAEbitda 3,558 3,297 Net fixed assets 6746 6,887 Upstream 2,263 2,078 Rights of use (IFRS 16) 1,645 1215 Industrial & Midstream 929 876 Working capital 783 332 Commercial 303 306 Other assets/liabilitie
Slide 20: Debt Indicators
Debt Indicators Debt Indicators (€m) 31Dec. 2023 31Dec. 2024 Cash and cash equivalents 2,200 2,285 Undrawn credit facilities 2,200 2,285 Gross debt 3,600 3,492 Net debt 1,400 1,207 Leases (IFRS 16) 1,810 1,414 Net debt to RCA Ebitda’ 0.4 0.4 'Ratio considers the LTM Fbitda RCA galp Debt reimbursemen
Slide 21: 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 So & & & Maria JoGo Carioca] Interim co-CEO and CFO Executive with over 30 years' experience in ca
Slide 22: Cautionary statement
Cautionary statement 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 Forwarc-looking statements express future expectations that are based on management's expectations and assumptio
Slide 23: galp
galp Investor.relations@galp.com