Galp Energia

Earnings Release • Oct 28, 2024

3Q24 Results

15 pt

October 28, 2024

3Q24 Highlights

Continued strong operational momentum

112 kboepd

Upstream production1

22 mboe Refinery raw materials processed

1.9 mton Oil products sold to direct clients

853 GWh

Renewable power generation

€820) RCA Ebitda

€540 OCF

229 m Net capex

0.5 . Net debt to Ebitda

Delivering strong operating performance despite lower commodities prices & refining margins

Executing and de-risking upstream growth options (Bacalhau & PEL 83)

Supporting integration and increasing convenience across the value chain

Sustaining robust financial position and staying on track to deliver above guidance

1 Excludes contribution from Mozambique Coral South, assets held for sale until completion of the transaction.

Upstream

Strong operational delivery from world class developments

112 kboepd

Production (ex. Area 4 Moz)

1 5/6bl Oil realisations

32 \$/boe

Gas realisations

2.1 siboe Unit production costs

galp

3Q24

Robust production levels in Brazil reflecting high availability from reduced planned turnaround activities

Operating and reservoir performance supporting top-tier production unit costs

Outlook

Now spudding appraisal well in Namibia whilst carrying out additional high resolution seismic

Sail away of Bacalhau FPSO towards Brazil scheduled for December and on track for first oil in mid-2025

Industrial & Midstream

Midstream mitigating lower refining margins

22 mboe Raw materials processed

4.7 \$/boe Refining margin

2-7 siboe Refining operating costs

12.0 Twh NG / LNG supply & trading volumes

3Q24

Refining system high availability with margins reflecting international oil products' cracks decrease

Solid contribution from Midstream in gas, oil and power

Outlook

No relevant refinery stoppages in 2024 leading to full year throughput of c.90 mboe

Midstream to maintain its robust contribution until year-end

Commercial

Robust contribution supported by convenience

1.9 mton Oil products sales

5 7 Twh Gas & Power sales

5.5 K EV charging points in operation

31m Convenience & Customer Solutions Ebitda

3Q24

Retail contribution driven by seasonally higher volumes and convenience activities

Improving volumes sold in B2B across oil products, gas and power

Outlook

Upgrade network for increased Convenience & Customer Solutions services

Maintaining disciplined investments to consolidate Portuguese retail leadership position

Renewables

Portfolio to support integration across the energy value chain

1.5 gw

Renewables installed capacity

853 gwh

Equity renewable generation

48 €/Mwh

Renewables realised sales price

3Q24

Generation driven by seasonally higher irradiation and full contribution of new capacity installed

Supporting earnings by capturing the recovery in market prices given lower hydro penetration

Outlook

Expecting to reach 1.6 GW by YE24

3Q24 robust earnings

galp

Robust free cash flow generation

3Q24 Cash flow (€ m)

OCF supported on strong divisional performance despite cash tax phasing

Capex focused on Bacalhau execution and Renewables developments

) FY24 Macro & Guidance

Main macro assumptions	2074
Brent price	\$80/bbl
Galp refining margin	\$8/boe
Iberian PVB natural gas price	€30/MWh
EUR:USD	1.10

2024 Financial indicators		Guidance
RCA Ebitda	€ bn	>3.1
OCF	€ bn	>2.0
Net capex (avg. 2023-25 p.a.)	€ bn	<1.0

galp

Disclaimer

This document may include for work a list the the statements of richina form of energe to be forward bothing stations of any and other statures stations that re-bosed on management sepectobions on of the drey are of the crew and invel miss on an incentarios in the could cause could results performance or entre noties of entre from three-earlessed of insect the statements Aconding person can case that its bure essuls, performance or essume any espensions, or research of the ocurry and compleans of the foward-boling satements include, annony ofter things statements concerning the posses of Galler ens experisions on the end statements expersion managements sepections, includes projections and cosmond-online statiments may cerently to be of the fiture periodically the use of the cause of the cause of the cause of the pinces such as "init", "anticipate", "teller", "cont", "enison", "estimate", "exect", "out", "ntend", "port", "otection", "portugal", "procest", "pose", "pus.e", "pus.e", "pu "schedule", "seek", "should", "target", "think", "will" or the negative of these terms and similar terminology.

Financil information by baines segment is reported in control conting polices and stores internal segment information that is seed to manage and measure the Groups performati dation to FIS nessure, certain atternation on performance nessures adjuded for special lens (quisisted contrine) con flow, officered, tax, cepeciation and annoticion, atlises net marks and dayses net friconnel, relum on except (00%), investment realing on increatives and rde (AR), gening ratio, cash for recoss for. The oast for reast to folidate the anglis of the financis of early and companism of eals and can for companism of eals and can fo cablicon the realls one sure in occordered cost nebodisced or specifiems. This net other in the new recomments of the compression in the segments' performance with those of its competitors.

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Golo on the researchives, ogent, employees or obligation on y do, undertaing or obligation to, mater of suppliement, menther, update or revision one production on populared, of the information, opinions or forward-looking statement to reflect any change in events, conditions or circumscances.

This doument does not constitute investment of on the locals on offer to sell or issue of the solidation of offer to buy or other wise capine sources carries of Golp or any o affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction.

Investor.relations@galp.com