Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Galp Energia — Investor Presentation (July 2026)
32 slides from Galp Energia, Sgps S.a. Class B's investor presentation, July 2026
Slide 1: Investor Presentation July 2026
Investor Presentation July 2026 Investor Presentation 1
Slide 2: Strategy & Financial Overview
1 Strategy & Financial Overview
Slide 3: Executing a distinctive investment case
Executing a distinctive investment case focused on continued growth through strategic partnerships… Deliver profitable Develop value Leverage Ensure financial energy production accretive portfolio partnerships to discipline & growth options reshape portfolio competitive returns …and supported by com
Slide 4: 2026 operating delivery: strong performance capturing macro tailwinds
2026 operating delivery Strong performance from high -quality asset base capturing macro tailwinds > 2.3 €bn Group Ebitda (€ bn) Group OCF (€ bn) Upstream Ebitda c. 4.0 c. 3.0 > 1.1€bn c.3.0 Industrial & Midstream >2.6 Ebitda c.2.2 >2.0 > 350 €m Commercial Ebitda c. 8 0 €m 2025 2026 old Macro Operat
Slide 5: Disciplined investment plan
Disciplined investment plan to continuously grow & transform a capital light portfolio Organic Capex Upstream Brazil benefitting from 1.1€ bn c. 1 €bn c. 60 % intensity ramp deployment -down on Bacalhau Growth & Transformation Namibia to account for 1 E&A well in Mopane and Venus < 400 €m developmen
Slide 6: Competitive shareholders' returns remain a capital allocation priority
Competitive shareholders’ returns remain a capital allocation priority Distributions to shareholders … supporting a continued DPS guidelines maintained into 2026… increase & buyback sustained YoY DPS evolution (€/sh ) 1/3 of OCF +10% 0.64 0.7 0 +15% 0.62 = 0.52 0.54 + 10 % DPS growth in 2026 Base ca
Slide 7: One of the sector's most efficient energy portfolios
One of the sector’s most efficient energy portfolios on the back of a highly competitive Upstream asset base 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
Slide 8: Upstream
2 Upstream
Slide 9: A competitive Upstream portfolio
A competitive Upstream portfolio focused on selective high -potential regions Namibia | Exploration & appraisal Brazil |Operation, development, exploration High -potential discoveries with committed E&A campaign in Mopane (PEL 83) and advanced FID -ready Venus project (PEL 56) São Tomé & Príncipe |
Slide 10: Upstream positioned as core growth engine
Upstream positioned as core growth engine on the back of highly competitive projects WI production Cash margin 1 Maintaining execution focus… (kboepd) OCF per barrel ($/ boe ) Brazil short -term growth c.130 Tupi & Iracema: Infill well drilling campaign >15% >30% Bacalhau: Ramp -up to plateau in 202
Slide 11: Resilient cash engines operating in Brazil
Resilient cash engines operating in Brazil with significant value still to be extracted Tupi & Iracema Berbigão & Sururu Galp stake 9.06% & 10%, respectively Galp stake c.8% (BBG 6.45% | SRR 9.50%) Maximise recoverability & FPSO (P -68) of 150 kbpd producing enhance value extraction Pursuing in -fie
Slide 12: Bacalhau project in Brazil as a key short-term growth driver
Bacalhau project in Brazil as a key short -term growth driver and a highly attractive project in the pre -salt Santos basin Bacalhau Galp stake 20% 220 kbpd FPSO oil production FPSO start up in October capacity (at 100%) 2025 with producer wells delivering >40 kbpd flowrates + 40 kbpd Galp WI produc
Slide 13: Namibia to drive medium-to-long term growth
Namibia to drive medium -to -long term growth High -potential assets in the Orange basin to de -risk… PEL 83 PEL 56 & PEL 91 Mopane Galp stake 40% Venus Galp stake 10% & c.9.4% Expedite next phase with Mature development concept committed ≥3 well E&A campaign with EPC binding offers received over ne
Slide 14: Strategic partnership with TotalEnergies
… through a strategic partnership with TotalEnergies which further reinforced Galp’s portfolio and financial exposure Partner with a credible operator Asset swap with high deepwater experience & strong regional presence Galp: c.9.4% interest in PEL 91 and 10% interest in PEL 56 ( Venus discovery) En
Slide 15: A high-potential exploration & appraisal portfolio
A high -potential exploration & appraisal portfolio with a robust funnel of opportunities to be de -risked Brazil A sub -equatorial offshore São Tome & Principe Jupiter | BM-S-24 | Galp 20% Atlantic player Block 4 | 27.5% Large accumulation with high CO 2 1 content with HISEP proof of concept 4 bloc
Slide 16: Downstream
£ 5 o hr rw) Ww) [e > fe) fa)
Slide 17: Leveraging a large industrial platform
Leveraging a large industrial platform whilst unlocking competitive advantages and new molecules growth Refining Low Carbon projects Flexible industrial asset base Green molecules pipeline c. 220 kbpd c. 50/25 % 100 MW 270 ktpa Sines refining oil Middle distillates Electrolysers for HVO/SAF unit pro
Slide 18: Midstream to maximise value capture across operations
Midstream to maximise value capture across operations ensuring competitive sources & uses on all energy products Midstream plays central role in value Gas / LNG supply & trading creation operating supply & trading activities across energy products Sources > 500 €m c. 60 % Africa c. 25% USA c. 15% Br
Slide 19: Transforming Commercial business
Transforming Commercial business whilst s ustaining a strong position in Iberia Market leader in Portugal and > 1.4 k holding relevant position in Spain Service stations in Iberia and Africa by YE25 Expanding Convenience & Energy Solutions to sustain a stable cash engine c. 2.1 million EV charging s
Slide 20: Renewables growth supporting portfolio diversification
Renewables growth supporting portfolio diversification through a diversified and resilient Iberian multi -technology platform Operating renewable capacity (GW) c. 2.7 GW Rebalanced portfolio striking Operating renewable capacity a risk -return profile closer to by YE26 c. 2.7 baseload c. 300 MW Wind
Slide 21: Reshaping portfolio
4 Reshaping portfolio
Slide 22: Galp & Moeve negotiating downstream combination
Galp & Moeve negotiating downstream combination aiming to create 2 powerful energy platforms in Iberia Expanding downstream Holding detailed negotiations with footprint, unlocking final agreement expected in 2H 2026 1 economic scale & synergies & investment attraction Galp: c. 50 % stake 2 Galp: > 2
Slide 23: Independent platforms stronger to unlock value
Independent platforms stronger to unlock value sharing high -quality assets and complementary competencies RetailCo IndustrialCo Galp: c. 50 % stake >1.4 k service stations Galp: > 20 % stake > 3.5 k 3 refineries >9 k EV charging stations Service in the Iberian Sines refinery, oil supply & sales 1 >
Slide 24: Appendix
5 Appendix
Slide 25: Updated 2026 guidance
Updated 2026 guidance and 2H sensitivities on FY2026 results 2H 2026 sensitivities ( € m) Change Ebitda OCF Brent price $5/bbl 90 65 Galp refining margin 1 120 120 $5/boe EUR:USD (0.05) 45 30 Main macro assumptions (FY26) Now Before Main financial guidance Now Before Brent price c.$80/ bbl c.$60/ bb
Slide 26: Results & Balance Sheet
Results & Balance Sheet P&L ( € m) Balance Sheet ( € m) FY25 6M25 6M26 31 Dec. 2025 30 Jun. 2026 3,039 RCA Ebitda 1,509 2,216 Net fixed assets 6,808 7,586 1,682 Upstream 788 1,384 Rights of use (IFRS 16) 1,026 1,039 952 Industrial & Midstream 539 656 Working capital 905 1,201 Other assets/liabilitie
Slide 27: Debt Indicators
Debt Indicators Debt Indicators ( €m) Debt reimbursement ( €m) 1 Ratio considers the LTM Ebitda RCA Investor Presentation 27
Slide 28: Upstream portfolio
Upstream portfolio stakes in key areas Brazil 1 Namibia 2 BM-S-11 Lula 9.06% PEL 83 4 0% BM-S-11 Iracema 10% PEL 56 10% BM-S-11A Berbigão 6.45% PEL 91 9.39 % BM-S-11A Sururu 9.497 % Atapu 1.7% São Tomé and Príncipe Bacalhau 20% Block 4 27.5% Sépia 2.4% Block 6 45% (oper .) BM-S-24 Júpiter 20% Block
Slide 29: Executive team
Executive team 5 Maria João Carioca |co -CEO and CFO Executive with over 30 years' experience in capital markets, banking and Executive Board strategic con sulti ng. Previously CFO of Caixa Geral de Depósitos . members 14 João Diogo Marques da Silva | co -CEO and EVP Commercial Over 20 years of expe
Slide 30: Acronyms
Acronyms $ (or USD) Dollar EM Energy Management mboe Million barrels of oil equivalent % Percentage ESG Environmental , Social and Governance MJ Megajoules & And EU European Union MSCI Morgan Stanley Capital International @ At EV Electric vehicle mton Million tonnes € (or EUR) Euro EVP Executive Vic
Slide 31: 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 a
Slide 32: Investor.relations@galp.com
Investor.relations@galp.com