Galp Energia SGPS S A : 1Q26 Trading Update

About this update from Galp Energia, Sgps S.a. Class B

The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the first quarter of 2026. All data referred to below is currently provisional and may differ from the final figures. Galp's 1Q26 results will be published on April 27, before the opening of Euronext Lisbon. On that day, the Company will hold an analysts' conference call at 11:00 (Lisbon/London time). Upstream 1Q25 4Q25 1Q26 Var. YoY Var. QoQ Working interest production (kboepd) 105 113 129 23% 14% Oil (%) 87% 87% 87% - - Industrial & Midstream 1Q25 4Q25 1Q26 Var. YoY Var. QoQ Raw materials processed (mboe) 21.7 9.9 18.7 (14%) 89% Galp refining margin (USD/boe) 5.6 6.9 14.8 n.m. n.m. Oil products supply 1 (mton) 3.6 3.0 3.5 (1%) 16% NG/LNG supply & trading volumes 1 (TWh) 12.6 17.4 18.0 42% 3% Trading (TWh) 6.3 11.4 12.7 n.m. 11% 1 Includes volumes sold to the Commercial segment. Commercial 1Q25 4Q25 1Q26 Var. YoY Var. QoQ Oil products - client sales (mton) 1.6 1.8 1.7 2% (5%) Natural gas sales - client sales (TWh) 4.7 4.3 4.7 1% 11% Electricity - client sales (TWh) 2.0 1.8 2.3 14% 25% Renewables 1Q25 4Q25 1Q26 Var. YoY Var. QoQ Renewable installed capacity 1 (GW) 1.5 1.7 1.7 8% - Renewable energy sold 2 (GWh) 390 428 471 21% 10% Galp realised sale price (EUR/MWh) 71 43 23 (67%) (46%) 1 Installed capacity at the end of the period. 2 Indicator adjusted for a better representation of the operating performance. Represents renewable generation sold, including voluntary curtailments for ancillary services. Figures for 2025 have been restated accordingly. Market Indicators 1Q25 4Q25 1Q26 Var. YoY Var. QoQ Exchange rate (EUR/USD) 1.05 1.16 1.17 11% 1% Dated Brent price (USD/bbl) 75.7 63.7 81.1 7% 27% Dutch TTF natural gas price (EUR/MWh) 47.0 30.0 39.5 (16%) 31% Iberian MIBGAS natural gas price (EUR/MWh) 46.8 29.7 39.7 (15%) 33% Iberian power baseload price 1 (EUR/MWh) 85.3 70.9 44.2 (48%) (38%) Iberian solar market price 2 (EUR/MWh) 60.8 44.9 22.6 (63%) 50% Source: Platts/MIBGAS/Bloomberg/OMIE/REE. 1 The Iberian power baseload price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE). 2 The solar price indicator is estimated based on pool prices on solar hours. PDF 331 KB 1Q26 Trading Update

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