Galp Energia

Earnings Release • Apr 30, 2024

1Q24 Results

15 64

April 30, 2024

124

1Q24 Highlights

Robust operating momentum driving sound financial delivery

116 kboepd Upstream WI production

22 mboe Raw materials processed

1.6 mton Oil products sold to direct clients

404 gwh

Renewable power generation

€1.0 bn Ebitda RCA

e0.6 pn OCF

€0.3 pn Net capex

0.4 x Net debt to Ebitda De-risking upstream growth options

Executing downstream transformation & decarbonisation

Maintaining a strong balance sheet to support growth trajectory

Upstream

Robust operating momentum from world class developments

116 kboepd WI Production

79 \$/ры Oil realisations

Gas realisations

3.2 \$/boe Unit production costs

1Q24

Robust production despite Q1 concentration of planned maintenance in Brazil

Coral FLNG at plateau with high unit availability

Outlook

Production expected >115 kboepd from a highly efficient portfolio

Angola divestment expected to be completed in 2Q24

Bacalhau execution on track for sail away in 4Q24

Namibia PEL-83 exploration campaign

Mopane as a potentially major commercial discovery

2 exploration wells

First exploration campaign safely completed with large light oil columns identifying 3+ discoveries in high-quality sands

1 Drill Stem Test

Potential for high production flow from a high-pressure & highpermeability reservoir section

210 bn boe1

Mopane hydrocarbon in-place

estimate characterised by low oil viscosity & containing minimum CO2 and no H3S concentrations

> Industrial & Midstream

Operating performance allowing to capture commodity opportunities

22 mboe

Raw materials processed

12.0 \$/boe Refining margin

1.7 s/boe Refining operating

costs

volumes

1Q24

Refining system availability enabled the capture of strong oil products cracks environment

Sines HVO and green H2 development works progressed, with contractors' mobilisation ongoing

Midstream robust contribution supported by gas trading

Outlook

No relevant refining stoppages planned in 2024

Midstream Ebitda contribution expected at €300 m in 2024

11.9 Twh ng / LNG supply & trading sold

Commercial

Ongoing transformation sustaining contribution to earnings

1.6 mton Oil products sales

5.9 Twh Gas & Power sales

5 k EV charging points installed

€27 m Non-fuel & low carbon Ebitda contribution

1Q24

Solid contribution despite more pressured business environment in Spain

Gas & power sales increase supported on new client acquisitions

Non-fuel & low carbon contribution remained supportive

Outlook

Continued non-fuel & low carbon expansion

Renewables

Competitive portfolio to support integration across the energy value chain

1.4 gw

Renewables installed capacity

Equity renewable generation

56 €/MWh

Renewables realised sales price

14% Avg. OCF / Invested Capital1 (operating assets) 1Q24

Market prices pressured by very high hydro & wind generation, although realised prices benefiting from integrated business model

Renewables generation reflected a winter quarter and a lower irradiation in 1Q24 vs 1Q23

Outlook

c.200 MW capacity expected to come online in 2024, of which 100 MW already started operations in Q2

Significant solar capacity to start construction during the year

1 Average of the last 3 years OCF over Invested Capital for operating assets.

1Q24 robust earnings

Strong operating momentum providing support through volatile macro environment

1 Includes Iberian windfall taxes in 2023 and extraordinary taxes (CESE and FNEE).

qalp

Strong operating cash flow generation

and healthy balance sheet position as stepping stones for future growth options

1Q24 Cash flow (€ m)

Business performance driving robust OCF despite cash taxes phasing in Q1

Net capex reflected Bacalhau execution & Namibia exploration, while including interim distributions from Angolan assets available for sale

Net debt at €1.5 bn with net debt to RCA Ebitda kept at 0.4x maintaining a resilient financial position

Appendix

> Main assumptions

and sensitivities

Main macro assumptions	2024
Brent price	\$80/bbl
Galp refining margin	\$8/boe
Iberian PVB natural gas price	€30/MWh
lberian solar price	€50/MWh
EUR:USD	1.10

2024 sensitivities (€ m)	Change	Ebitda	OCF
Brent price	\$5/bbl	150	85
Galp refining margin	\$1/boe	70	60
EUR:USD	0.05	100	/70/
Solar captured price	€10/MWh	25	20

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