Galp Energia

Earnings Release • Jul 22, 2024

2Q24 Results July 22, 2024

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2Q24 Highlights

Operating performance supporting sound financial delivery

106 kboepd Upstream production1

24 mboe Raw materials processed

1.8 mton Oil products sold to direct clients

779 gwb Renewable power generation

€849 m Ebitda RCA

€646 m OCF

€-238 m Net capex

0.35 . Net debt to Ebitda Upstream portfolio rotation, while de-risking growth options

Continued execution of mid and downstream transformation

Balance sheet strengthened to support future investments

Upstream Q2 highlights

Robust operating momentum from world class developments

100 kboepd

Working Interest Production

81 ร/ьы

Oil realisations

Gas realisations

1.7 \$/boe Unit production costs

Angola farm-out

c.€790 m Equity proceeds already received

c.€55 m Contingent payment

Deal completed in 2Q24 with contingent earnout to be received in 2025

Mozambique farm-out

s1.7 bn Total implicit valuation

c.5650 m Equity proceeds at completion

\$500m Contingent payments

s525m IFRS 16 liabilities

Divestment of 10% stake in Mozambique Area 4 with completion expected in 2024

Crystallising value to support higher-return growth options

Mozambique represented <5% of overall Upstream's Ebitda (1Q24), de-recognised from 1 Jan. 2024

Upstream short-term outlook

Growth portfolio focused on most competitive projects

Expected WI production

(kboepd)

Bacalhau

FPSO topside integration ongoing as planned in Singapore with sail away in 4Q24

Drilling & completion programme progressing with first oil in mid-2025

Atapu II & Sepia II

Awarded two 225 kbpd FPSOs for production to start at the end of this decade

Namibia

Secured long lead items, rig, logistics & well services contracts for next well expected to be performed in 4Q24

> Industrial & Midstream

Asset base ensuring high availability and optimal performance

24 mboe

Raw materials processed

7.7 spoe Refining margin

2.5 \$/boe

Refining operating costs

10.9 Twh

ng / LNG supply & trading sold volumes

2Q24

Refining system strong utilization captured supportive oil products cracks' environment

Mobilisation works for Sines' HVO/SAF unit and green H2 project

Midstream robust contribution driven by oil, gas and power trading performance

Outlook

No relevant refining stoppages planned in 2H24

Ramping up execution on HVO/SAF unit & green H2 project in Sines

Midstream to maintain robust contribution, although expecting a more measured 2H24

Commercial

Solid contribution from a modern and competitive asset base

1.8mton

Oil products sales

5.6 Twh

Gas & Power sales

5 k EV charging points in operation

€29 m

Convenience & Customer Solutions Ebitda

2Q24

Solid contribution to earnings benefiting from the start of driving season

Gas & power sales benefiting from clients' acquisition

Convenience & Customer Solutions contribution remained supportive

Outlook

Market environment in Iberia pressuring distribution margins

Optimising integrated offer and expanding Convenience & Customer Solutions

Renewables

Portfolio to support integration across the energy value chain

1.5 gw Renewables installed capacity

779 gwh

Equity renewable generation

17 €/Mwh

Renewables realised sales price

2Q24

c.100 MW of new solar capacity online at the end of April

Renewables generation reflecting seasonally higher irradiation

Market prices pressured by unusually rainy winter

Outlook

Additional 100 MW of renewables solar capacity to be installed until YE24

Financial position strengthened in 2Q24

reflecting sound operating performance and proceeds from divestments

2Q24 P&L (€ m) Ebitda of €849 m and OCF of €646 m supported by strong operating delivery Capex mostly allocated to growth projects, namely Bacalhau execution and Namibia exploration 849 789 660 646 348 299 RCA Ebitda RCA Ebit Net Income OCF FCF A Net Debt 325 1Q24 939 761 559 50 (106) 916 258 702 - 702 503 2Q23 643 (22)

2Q24 Cash Flow (€ m)

FCF of €789 m including proceeds from Angola upstream divestment

Net debt down to €1.2 bn and net debt to RCA Ebitda kept at 0.35x, maintaining a resilient financial position

Outlook: Portfolio resilience driving operating momentum

while maintaining disciplined capex allocation to de-risk high potential assets

€ 3.1 bn Ebitda 2024

€2.0 bn OCF 2024

Improved performance more than offsetting Mozambique divestment

Now including Namibia E&A campaigns but reflecting slower of renewables solar execution

Net Capex 23-25 avg. p.a.

c.€ 1.0 bn

Further cash-ins of c.\$1.2 bn from Mozambique divestment and Angola's contingent payment in 2024/25

• 4 % 2024 DPS increase YoY1

FY24 dividend proposal of €0.56/sh with €0.28/sh interim to be paid in August

Group 2024 Ebitda quidance evolution (€ bn)

Brent \$80/bbl | Ref. margin \$8/boe | PVB €30/MWh | Iberian solar price €50/MWh | EUR:USD 1.10

Disclaimer

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