Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Q2 2023 Earnings Presentation
15 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Jul 31, 2023
Slide 1: 2Q23 Results, 31 July 2023
= ZZ ts sa + Boe Ss 2Q23 Re 31 July 2023
Slide 2: 1 Recent developments
Slide 3: 2Q23 Highlights
2Q23 Highlights Strong performance leading to robust cash generation Operating contribution leading to improved Ebitda & OCF QoQ «916 m Ebitda 2 sha delivering solid performance el 4 bn <7/02 m Net debt Net Debt stable in lower price OCF a environment <207 m 0.4 x Malpeaiging 2023 Ebitda & OCF guida
Slide 4: Upstream
Upstream Cash engine delivering on strong fundamentals 2Q23 i 117 we. d @ Solid WI production (exc. Angola) with increased efficiencies Wl oe despite higher planned maintenance in Brazil QoQ — WI Production ela = (exc. Angola) @ Bacalhau FPSO hull sail-awayto Singapore for topsides — integration, wh
Slide 5: Renewables & New Businesses
Renewables & New Businesses Capturing seasonal high irradiation despite lower Iberian solar prices 1.4ew 2923 Renewables _ @ Equity generation increase 50% YoY, following Titan installed capacity Solar full acquisition and capacity build-up ®@ Progressing with portfolio de-risking and advancing 775
Slide 6: Industrial & Midstream
Industrial & Midstream High refinery availability and solid contribution from gas operations 21 7 mboe Raw materials processed 7.7 $/boe Refining margin 2 9 $/boe Refining operating costs 12.7101 NG/LNG supply & trading 2Q23 @ High availability of the refinery allowing to capture robust cracks envir
Slide 7: Commercial
Commercial Reflecting tighter market environment in Iberia and Africa 1 8 mton Oil products sales 4.2 TWh Gas & Power sales 2.8. Current EV charging network «37 m (+12% YoY) Convenience 1H23 Ebitda 2Q23 @ Oil volumes sales slowdown following a more pressured environment in B2B segments in Iberia and
Slide 8: 2 Financial Overview 2Q23
Slide 9: 2Q23 robust earnings
2Q23 robust earnings in a context of lower commodities prices and increased taxes RCA Ebitda 2Q23 P&L (€ m) Includes impairments 0 Includes: -€39 m in Industrial assets H | -€49 m temporary export tax in Brazil Upstream a H P 6522 m i -€9 m windfall taxes in Iberia i Operating performance QoQ reflec
Slide 10: Strong FCF generation
Strong FCF generation supported by operating contribution and disciplined investment execution 2Q23 Cash flow(€ m) 6 (30) . OCF & CFFO up QoQ driven by (207) increased contribution from (24) Upstream and Midstream (36) Net capex reflecting slower pace of (490) investments in Industrial and Renewable
Slide 11: Updated guidance for FY2023
despite lower price deck FY2023 (€ bn) 0.4-0.6 Ebitda OCF Net capex Updated guidance Current assumptions: Brent c.$75/bb!| Refining margin c.$9/boe | EUR:USD 1.10 | Solar captured price c.€80/MWh| Iberian PVB gas price c.€40/MWh Previous assumptions: Brent $85/bbl | Refining margin ¢.$9/boe | EUR:US
Slide 12: galp.com
galp.com
Slide 13: Updated Guidance for 2023
» Updated Guidance for 2023 Operating indicators Previous Current FY2023 Financial indicators Previous Current WI production kboepd >110 >i Upstream €bn >2 c.2 Production costs $/boe 3 3 Renewables & NB €m >180 >130 Renewable capacity by YE Gw 1.6 1.6 Commercial €m c.300 <300 Sines refining throughp
Slide 14: 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 15: galp.com
galp.com