Galp Energia

Investor Presentation • Feb 21, 2022

4Q21 & FY21 RESULTS and 2022 OUTLOOK

1 4Q21 & FY21 Results and 2022 Outlook February 2022

Disclaimer

Unaudited figures for 2021 financials, emissions and carbon intensity indicators. This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends, and shareholder returns; liquidity; capital and operating expenditures; performance levels, operational or environmental goals, targets or commitments and project plans, timing, and outcomes; production rates; developments of Galp's markets; and impacts of the COVID-19 pandemic on Galp's businesses and results; any of which may significantly differ depending on a number of factors, including supply and demand for oil, gas, petroleum products, power and other market factors affecting them; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and international economies and markets; the impacts of the COVID-19 pandemic on people and economies; the impact of Galp's actions to protect the health and safety of its employees, customers, suppliers and communities; actions of Galp's competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the actions of consumers; other legal and political factors, including changes in law and regulations and obtaining necessary permits; unexpected operating events or technical difficulties; the outcome of commercial negotiations, including negotiations with governments and private entities; and other factors discussed in Galp's Management Report & Accounts filed with the Portuguese Securities Market Commission (CMVM) for the year ended December 31, 2020 and available on our website at galp.com. This document may also contain statements regarding the perspectives, objectives, and goals of Galp, namely concerning ESG (Environmental, Social & Governance) objectives, including with respect to energy transition, carbon intensity reduction or carbon neutrality. An ambition expresses an outcome desired or intended by Galp, it being specified that the means to be deployed may not depend solely on Galp. Galp's business plans and budgets include investments that will accelerate the decarbonization of the Company over the next decade. These business plans and budgets will evolve over time to reflect its progress towards the 2050 Net Zero Emissions target. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements express future expectations that are based on management's expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Accordingly, neither Galp nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements. Forwardlooking statements include, among other things, statements concerning the potential exposure of Galp to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections, and assumptions. These forward-looking statements may generally be identified by the use of the future, gerund or conditional tense or the use of terms and phrases such as "aim", "ambition", "anticipate", "believe", "consider", "could", "develop", "envision", "estimate", "expect", "goals", "intend", "may'', "objectives", "outlook", "plan", "potential", "probably", "project", "pursue", "risks", "schedule", "seek", "should", "target", "think", "will" or the negative of these terms and similar terminology.

Financial information by business segment is reported in accordance with the Galp's management reporting policies and shows internal segment information that is used to manage and measure the Group's performance. In addition to IFRS measures, certain alternative performance measures are presented, such as performance measures adjusted for special items (adjusted operational cash flow, adjusted earnings before interest, taxes, depreciation and amortisation, adjusted earnings before interest and taxes, and adjusted net income), return on equity (ROE), return on average capital employed (ROACE), investment return rate (IRR), equity investment return rate (eIRR), gearing ratio, cash flow from operations and free cash flow. These indicators are meant to facilitate the analysis of the financial performance of Galp and comparison of results and cash flow among periods. In addition, the results are also measured in accordance with the replacement cost method, adjusted for special items. This method is used to assess the performance of each business segment and facilitate the comparability of the segments' performance with those of its competitors. This document also contains non-financial performance indicators, according to applicable legislation, including a carbon intensity indicator for energy products sold by Galp, that measures the amount of greenhouse gas emissions of those products, from their production to their end use, per unit of energy delivered. This indicator covers the direct GHG emissions of production and processing facilities (scope 1) and their indirect emissions associated with energy purchased (scope 2), as well as the emissions associated with the use of products by Galp's costumers (scope 3). The same emissions are considered for products purchased from third parties and sold or transformed by Galp. For a complete definition of scopes 1, 2 and 3 and the methodology used by Galp for this indicator please refer to Galp's website at galp.com. This document may include data and information from sources that are publicly available. This document may also include data and information provided by third parties, including Wood Mackenzie, Rystad and market analysts, which are not publicly available. Such data and information should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by those third parties in writing. To the fullest extent permitted by law, those third parties accept no responsibility for your use of such data and information except as specified in a written agreement you may have entered into with those third parties for the provision of such data and information.

Galp and its respective representatives, agents, employees or advisers do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this document to reflect any change in events, conditions or circumstances. This document does not constitute investment advice nor forms part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of Galp or any of its subsidiaries or affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction.

Strategy overview

2021 & outlook

01

3 4Q21 & FY21 Results and 2022 Outlook

2021 key performance indicators

Solid operational performance…

127 kboped Upstream WI production

3.3 \$/boe Refining margin

1.3 TWh Renewable power generation (gross)

374 TJ Total energy sales to direct clients

…through responsible practices…

-28 % Emissions operations reduction (scope 1 & 2)

-4 % Carbon intensity Downstream sales approach

-13 % Carbon intensity Production approach

1.7 TRIR All accidents per million worked hours

…delivering robust results during 2021

€2.3 bn RCA Ebitda 1.1x or 0.81 x Net debt to RCA Ebitda

€1.9bn Adj. operational cash flow (OCF)

€0.5 bn Net capex

€0.4bn or1.01 bn FCF

Proposed distributions related to 2021 fiscal year

€0.50/sh Cash dividend

€150 ^m Buybacks

Subject to AGM approval

Note: Absolute emissions and carbon intensities reductions vs reference year 2017. ¹ Excluding temporary derivatives margin accounts effects of €0.6 bn.

2021: strategic realignment

to thrive through the energy transition

New purpose

Regenerate the future together

Reshape portfolio, refresh relations and reenergise people

Refreshed strategy

Portfolio reshaping built upon solid foundations

Growth from established and low carbon businesses

Competitive shareholder distribution

Reshaped organisation

Restructured Executive and Leadership team

New People strategy

Reinforced organisation in key new growth areas

Showcasing strategic execution

2021 snapshot on milestones delivery

Upstream Growth

Strong cash generation

FID for high quality Bacalhau in Brazil

Successfully executing and deploying new units (Sepia and Coral FLNG)

Submission of new PoD for Tupi and Iracema

Preparing high potential exploration activities

Downstream Transformation

Creation of an integrated Energy Management unit

Transforming retail network and expanding electric client base

Reinforcing leading position in electric mobility

Refining concentration in Sines and creating a new purpose for Matosinhos

Developing opportunities in the Brazilian gas market

Renewables Growth

Boosting organisational capabilities and presence

Selectively expanding renewables pipeline in Iberia

First solar developments in Brazil

Secured low carbon financing from EIB

New Energies

JV with Northvolt to develop a lithium conversion facility in Portugal

Advancing on new Industrial projects such as Green H2 and HVO

Continuing to explore New Businesses opportunities

Galp decarbonisation roadmap

Delivering towards our commitments

	2021	2030 targets
Absolute Emissions' reduction from operations (Scope 1 & 2)	-28% c.3 mtonCO 2e	-40 %

Carbon Intensity Production-based approach

-13% -40% 81.5 gCO2e/MJ

Carbon Intensity Downstream sales-based approach

73.6 gCO2e/MJ

Refreshed strategy

Reshaping portfolio to thrive through the energy transition

c.50% of net capex allocated to low carbon businesses during 2021-25

Increased operational contribution from low carbon & transformational businesses

8 4Q21 & FY21 Results and 2022 Outlook

Note: Adjusted Operating Cash Flow (OCF) = RCA Ebitda + Associates – Taxes. Pro-forma OCF considers all consolidated businesses and Renewables & New Businesses assuming pro-forma figures as if they were consolidated according to Galp's equity stakes. 1 Average IRRs for new developments post-FID. 2 Based on real terms 2020.

A leading energy transition strategy

Growing from one of the lowest carbon footprints of the sector

One of the lowest carbon intensity players of the sector

Relative carbon intensity1

Galp with a lower carbon Upstream portfolio

Carbon intensity of Galp's Upstream portfolio2 (kgCO2e/boe)

Galp holding the largest integration of renewable generation (in relative terms)

Renewables generation vs hydrocarbon production3 (GWh/kboe)

Competitive shareholders' distribution

now combining progressive dividend and buybacks

2021 fiscal year proposal1 2022+ revised guidelines

€ 0.52/sh

Progressive baseline dividend 4% p.a. increase starting in 2022

+

Buybacks

Supplementary distributions2

whenever ND/Ebitda < 1x

1/3 of OCF

Total expected distributions 2022+

Supplementary amount raising ND/Ebitda up to 1x

Baseline + Supplementary amount limited at 1/3 OCF

1 Subject to authorisation of shares cancellation and dividend approval at AGM.

² Share repurchase amounts which would have raised net debt to RCA Ebitda to 1x, considering the position at the end of the fiscal year.

Distinctive investment proposition

Combining sustainable growth and value

#1

In the World

Businesses overview

2021 & outlook

02

12 4Q21 & FY21 Results and 2022 Outlook

Upstream in 2021

Strong contribution whilst delivering on key milestones

Tupi & Iracema (Brazil)

New Plan of Development submitted to ANP to maximize value creation

Bacalhau (Brazil)

FID for Bacalhau I

220 kbpd FPSO expected to start production during 2024

Sépia (Brazil)

Start of production in August 180 kbpd FPSO accelerated ramp up

Coral (Mozambique)

Coral-South FLNG execution on time & on budget

Safe arrival to final location

Performance supported by a top quality portfolio

€0.9bn 2021 Upstream FCF generation

1.6 \$/boe 2021 production costs

c.10kgCO2e/boe 2021 Carbon Intensity vs. industry average of 17 kgCO2e/boe

127 kboepd WI production

+11 % 2P oil growth YoY

2.2 bn boe 2P + 2C1

2022+ outlook for Upstream

Maximise value ahead of next growth phase

WI Production from sanctioned projects (kboepd)

Focused capital allocation

<3 \$/boe Production costs 2021-25

c.70 % Upstream capex allocated to growth during 2021-25

Expected IRR1 New developments in 2021-25

WI production to remain flat until start of Bacalhau in 2024

Improving realisations following new gas contracts in Brazil and optimising trading oil options

Brazil and Angola operating assets value optimisation

Ensuring Coral FLNG safe start of operations in 2H22

High-potential exploration activities

Bob well ongoing (Brazil)

Jaca to be spud in 2022 (STP)

Evaluating PEL 83 (Namibia) potential

Galp not to pursue with new frontier exploration

Industrial to capture improved refining conditions

after normalised operations

2021

Planned & unplanned maintenance impacting refining availability Resilient refining margin despite higher energy and CO2 costs

3.3 \$/boe Refining margin 2.0 \$/boe Opex

77 mboe Raw materials processed

Outlook for 2022

Optimising efficiency through low-cost investments

Reinforcing safety management & awareness

\$4-5/boe Refining margin c.2.0 \$/boe Opex

c.90 mboe Raw materials processed

Executing our Industrial transformation

From a grey refinery to a green energy hub

Unlock Energy Management potential

2021 performance impacted by headwinds…

One off added regassification costs in Portugal

Gas sourcing restrictions & pre-sold volumes limiting opportunities

Asian market dynamics pressuring trading oil conditions

…although maintaining a strong focus on strategy execution…

• 1 Enhance integrated Energy Management unit
• 2 Reshape organisation & reinforce with new top talent
• 3 Ensure normalised regassification cost conditions
• 4 Increase competitiveness of equity gas sales
• 5 Explore new gas trading opportunities in Brazil
• 6 Increase gas sourcing options
• 7 Grow electricity sourcing under management

… to boost integrated value creation

>€300 ^m

Value contribution by 2025 included across all business segments

c.50 %

Value contribution to capture in 2022

Commercial in 2021

Encouraging first steps to deploy new value pools

Recovering energy sales

Volumes following Iberian demand recovery

Oil products volumes sold +25 %

Transforming our offer

Convenience contribution margin already over 2019 levels

+c.5% Increased non-oil gross contribution First

Concept hub Refreshed client experienced and offer

New

vs 2019

Client centric Integrated platform fosters x-selling

Powering our electric offer

Rapid expansion of EV network and fast-growing electricity sales

c.1,000

Charging points in operation in Iberia Electricity sales YoY

Leading

Market share in Portugal and increase relevance in Spain

2022 outlook for Commercial

Accelerating transformation

Leveraging on a leading market presence

c.7.0 mton

2022 oil volumes sold estimate supported on B2B improved contribution

Keep expanding non-oil offering

>150 new & upgraded stores with focus on customer journey

2x

Convenience contribution from 2021 to 2025

Expand EV network to enlarge leading position

>2x

Charging points growth from YE22 vs YE21

>10,000

Charging points by 2025

Integrating growth platforms developed by New Businesses

Decentralised energy

Mobility management solutions

Accelerating digital support & transformation projects

Renewables in 2021

Competitive renewable footprint in place to accelerate capacity build up

Iberia portfolio of c. 4.1 GW

Brazil portfolio of c. 0.6 GW

c.4.7 GW Pipeline capacity

c.1 GW Under production entirely in Iberia

c.1 GW

Pipeline capacity added in 2021

c.0.4 GW

Capacity under construction

Maintaining leading solar presence in Iberia

Entering sizable Brazilian market

Expanding organizational capabilities and geographical presence

Securing financing for new projects

2022+ outlook for Renewables

Developing the most integrated renewable energy in the European IEC's

12 GW

Operating capacity at YE (GW)

Under construction & development

2022:

c.400 MW planned to start operating in Iberia during 2022, of which 144 MW in Portugal

2022 expected generation at >2.0 TWh

Secure a competitive early-stage portfolio

Disciplined execution of current projects pipeline

Continue to selectively expand and create sustainable value

Progressing expansion outside Iberia

New Businesses: tapping Li-ion battery value chain

capturing a competitive advantage in a high-growth opportunity

Aurora JV (Galp + Northvolt): Develop the first and most sustainable lithium conversion facility in Europe Conducting technical and economic analysis

50 % Galp's stake JV with Northvolt up to 35kton Production capacity of Lithium Hydroxide

2026 Planned start date Commercial operations

Use proven conversion process

Adopt highest environmental standards

Galp exploring other opportunities along the Li-ion battery value chain

Global lithium demand

Financial overview

03

2021 results & outlook

23 4Q21 & FY21 Results and 2022 Outlook

€644 ^m 4Q21 Group RCA Ebitda

€470 ^m 2021 Group OCF

€273 ^m 2021 Group net capex

4Q21: Strong operating results

supported in a strong Upstream contribution

Upstream
Strong cash contribution from macro environment	593 € m RCA Ebitda	426 € m OCF	145 € m Net capex1
Commercial Increased sales although contribution pressured by price environment	59 € m RCA Ebitda	47 € m OCF	45 € m Net capex1
Industrial & EM Refinery maintenance and persistent gas sourcing restrictions limiting contribution	5 € m RCA Ebitda	12 € m OCF	53 € m Net capex1
Renewables pro-forma2 Strong results benefiting from merchant environment and increased generation	29 € m RCA Ebitda	29 € m OCF	24 € m Net capex1

P&L

Group RCA Ebitda of €644 m despite downstream temporary restrictions (c.€80 m in I&EM)

RCA Net Income of €130 m reflecting higher Upstream taxation and currency movements

Cash Flow

Group OCF of €470 m

Large working capital build leading CFFO to €61 m, impacted by refinery restrictions and €161 m of gas derivatives margin accounts

Net capex of €273 m, mostly towards accelerating Bacalhau project, including the final payment of BM-S-8 stake increase

Financial position

Net debt of €2.4 bn, impacted by the working capital increase and dividends to minorities of €120 m during the quarter

Net debt to Ebitda at 1.1x

FY2021: Capturing favourable macro conditions

with strong upstream offsetting weaker downstream performance

€2.3 bn 2021 Group RCA Ebitda +48% YoY

€1.9bn 2021 Group OCF +49% YoY

€0.5 bn 2021 Group net capex -42% YoY

¹ Capex net of divestments (except GGND), economic perspective. 2 Pro-forma considers all renewable projects as if they were consolidated according to Galp's equity stakes. 2020 Ebitda not meaningful as capacity only started in September 2020.

Strong operating contribution

Although cash conversion impacted by temporary working capital effects

constraints and gas derivatives margin accounts (to be reversed throughout 2022; CFFO of €1.7 bn if excluding derivatives margin accounts)

Net capex of €0.5 bn, considering the proceeds from GGND of €368 m and a disciplined investment programme

FCF of €0.4 bn, or €1.0 bn excluding temporary margin accounts effects

Net debt up to €2.4 bn reflecting the WC build and distributions to shareholders and minorities

Net debt to RCA Ebitda increased to 1.1x (or 0.8x if excluding the temporary derivatives margin accounts)

Maintaining a disciplined investment criteria

to support portfolio reshape and growth

(net of project finance)

Focus on high-quality developments and business transformation

c.50% of net capex allocated towards low carbon

Net capex guidance supported by asset rotation initiatives

c.€1.0 bn 2022 net capex

Assumes higher concentration of Upstream Bacalhau and Renewables developments

Asset base in place

to capture supportive environment while reshaping portfolio

2022 operating contribution

Macro assumptions: Brent \$75/bbl | Refining margin \$4-5/boe | Iberian solar captured price €150/MWh

2022 financial guidance

Upstream growth

Very competitive platform to continue capturing supportive macro environment

RCA Ebitda expected at c.€2.2 bn and OCF of >€1.5 bn

Downstream transformation

Commercial RCA Ebitda of c.€300 m and OCF of c.€230 m, now including growth platforms1 and acceleration of digital initiatives

Industrial & Energy Management Ebitda and OCF expected at €200-250 m

Renewables growth

Renewables pro-forma Ebitda increasing to €180-200 m and pro-forma OCF expected over €140 m

2022 strong cash conversion expected

enabling significant de-leverage and supporting increased shareholder returns

04

galp.com

Appendix Index

01 | Macro assumptions + sensitivities

02 | Key guidance

03 | P&L and balance sheet

04 | Upstream: Operations + financials

05 | Commercial: Operations + financials

06 | Industrial & EM: Operations + financials

07 | Renewables & NB: Operations + financials

08 | Debt indicators

09 | Renewables portfolios

10 | Carbon-related targets

11 | Upstream Reserves and Resources

12 | Executive committee structure

Macro assumptions

and sensitivities

Macro assumptions	2022E	2023-25E
Brent price	\$75/bbl	\$60/bbl real terms 2020
Galp refining margin	\$4 – 5/boe	\$3 – 4/boe
Solar captured price	€150/MWh	€50/MWh
EUR:USD	1.15	1.20

2022 sensitivities (€ m)	Change	Ebitda	OCF
Brent price	\$5/bbl	160	90
Galp refining margin	\$1/boe	75	65
EUR:USD	0.05	90	60

Key guidance for 2022

Operational indicators

Upstream
WI production	kboepd	Flat YoY (2021: 127)
Upstream production costs	\$/boe	<3
Commercial
Oil products sales to direct clients	mton	c.7.0
EV charging points growth vs 2021	-	>2x (2021: c. 1k)
Industrial & Energy Management
Sines refining throughput	mboe	c.90
Sines refining cash costs	\$/boe	c.2.0
Renewables
Renewable generation capacity by YE (@100%)	GW	1.4
Renewable generation (@100%)	TWh	>2.0

Financial indicators (consolidated, except otherwise stated)

RCA Ebitda	€ bn	c.2.7
Upstream	€ bn	c.2.2
Commercial	€ m	c.300
Industrial & Energy Management	€ m	200 - 250
Renewables pro-forma	€ m	180 - 200
OCF	€ bn	c.2.0
Upstream	€ bn	>1.5
Commercial	€ m	c.230
Industrial & Energy Management	€ m	200-250
Renewables pro-forma	€ m	>140
Net capex	€ bn	c.1.0
Net debt to RCA Ebitda by YE	-	<1x
Total expected distributions to shareholders	€ m	1/3 OCF

2021 results

supported by a strong Upstream contribution despite downstream temporary restrictions

P&L (€ m)

4Q20	3Q21	4Q21		FY2020	FY2021
410	607	644	RCA Ebitda	1,570	2,322
319	522	593	Upstream	1,111	2,020
71	87	59	Commercial	325	288
17	15	5	Industrial & Energy Management	113	64
-3	-6	2	Renewables & New Businesses	-9	-13
159	369	415	RCA Ebit	427	1,372
8	42	27	Associates	73	96
-19	-28	-50	Financial results	-182	-138
-120	-184	-212	Taxes1	-337	-729
-25	-37	-50	Non-controlling interests	-24	-143
3	161	130	RCA Net Income	-42	457
-35	-334	106	IFRS Net Income	-551	4

Balance Sheet (€ m)

	31 Dec., 2020	30 Sep., 2021	31 Dec., 2021
Net fixed assets	6,259	6,484	6,667
Rights of use (IFRS 16)	1,002	1,061	1,079
Working capital	703	1,359	1,879
Other assets/liabilities	-710	-1,895	-2,119
Capital employed	7,254	7,009	7,506
Net debt	2,066	2,028	2,357
Leases (IFRS 16)	1,089	1,166	1,179
Equity	4,100	3,815	3,970
Equity, net debt and op. leases	7,254	7,009	7,506

Upstream results

Strong operational contribution driven by macro environment

4Q20	3Q21	4Q21			FY2020	FY2021
122.8	128.2	124.8	Working interest production	kboepd	130.0	126.7
111.1	117.5	111.2	Oil production	kbpd	116.9	114.0
121.1	126.6	123.0	Net entitlement production	kboepd	128.2	124.9
11.3	10.9	10.7	Angola	kbpd	12.5	11.1
109.8	115.7	112.3	Brazil	kboepd	115.8	113.8
-5.0	-8.5	-10.1	Oil and gas realisations - Dif. to Brent	USD/boe	-5.6	-8.5
2.2	2.0	1.4	Production costs	USD/boe	2.4	1.6
15.8	15.3	13.7	DD&A1	USD/boe	14.6	14.0
319	522	593	RCA Ebitda	€ m	1,111	2,020
161	375	456	RCA Ebit	€ m	407	1,434
241	364	426	OCF	€ m	749	1,527
69	187	145	Capex	€ m	326	616

4Q20	3Q21	4Q21			FY2020	FY2021
1.19	1.18	1.14	Average exchange rate	EUR:USD	1.14	1.18
44.2	73.4	79.8	Dated Brent price	USD/bbl	41.8	70.9

WI production down QoQ, reflecting increased planned maintenance during the quarter

Ebitda and OCF up QoQ following the stronger oil prices, despite increased discount on gas realisations

Capex mostly reflecting the development activities in Bacalhau, namely a €39 m payment related to the BM-S-8 stake increase

Commercial results

Increased sales although contribution pressured by price environment

4Q20	3Q21	4Q21			FY2020	FY2021
			Commercial sales to clients
1.5	1.8	1.8	Oil products	mton	6.0	6.5
5.8	4.4	4.5	Natural gas	TWh	22.6	18.3
881	1,086	1,121	Electricity	GWh	3,330	4,178
71	87	59	RCA Ebitda	€ m	325	288
47	58	30	RCA Ebit	€ m	232	179
70	84	47	OCF	€ m	316	266
49	21	45	Capex	€ m	127	92

4Q20	3Q21	4Q21			FY2020	FY2021
13.4	15.2	15.7	Iberian oil market1	mton	51.9	57.2
114.2	100.6	130.5	Iberian natural gas market2	TWh	426.7	442.3

Higher oil products QoQ driven by the B2B segment, despite the lower seasonal sales in B2C

Ebitda and OCF lower QoQ, despite the higher oil volumes, given the challenging price environment, lower volumes from higher-value segments and increased digitalisation costs

Capex mostly related to business transformation, retail segment in Portugal and Mozambique's logistic facilities

Industrial & Energy Management results

Refinery constraints and persistent gas sourcing restrictions limiting contribution

4Q20	3Q21	4Q21			FY2020	FY2021
23.5	22.3	13.6	Raw materials processed	mboe	87.1	76.6
1.6	4.1	5.6	Galp refining margin	USD/boe	1.1	3.3
3.7	3.9	3.7	Oil products supply1	mton	13.9	14.8
19.2	16.6	14.3	NG/LNG supply & trading volumes1	TWh	60.0	67.2
6.4	7.5	6.6	Trading	TWh	14.6	31.6
351	261	119	Sales of electricity from cogeneration	GWh	1,355	980
17	15	5	RCA Ebitda	€ m	113	64
-51	-43	-55	RCA Ebit	€ m	-210	-173
42	31	12	OCF	€ m	158	98
25	15	34	Capex	€ m	76	67

Refining throughout impacted by planned & unplanned maintenances

Realised refining margin supported by international market context

Supply & Trading volumes reflecting NG/LNG sourcing restrictions and market price environment

Ebitda and OCF reflecting a positive contribution from Industrial segment, despite a negative contribution from EM, given NG/LNG sourcing restrictions

Capex mostly allocated to initiatives to improve the refining system efficiency and HVO project

Renewables & New Businesses results

capturing higher solar prices in Iberia

4Q20	3Q21	4Q21			FY2020	FY2021
			Renewable power generation
170	408	213	Gross	GWh	327	1,288
125	304	157	Net to Galp	GWh	238	958
40.4	110.6	197.5	Average solar generation sale price	EUR/MWh	41.3	98.9
-3	-6	2	RCA Ebitda	€ m	-9	-13
-1	-6	1	RCA Ebit	€ m	-19	-13
-3	-2	1	OCF	€ m	-9	-4
20	52	24	Capex	€ m	350	142

4Q20	3Q21	4Q21			FY2020	FY2021
			Renewables pro-forma - Equity to Galp1
-4	28	29	Ebitda	€ m	-2	76
-11	23	22	Ebit	€ m	-12	52
-4	28	29	OCF	€ m	-2	76

4Q20	3Q21	4Q21			FY2020	FY2021
40.1	117.8	211.1	Iberian baseload pool price2	EUR/MWh	34.0	111.9
39.6	110.9	202.2	Iberian solar captured price2	EUR/MWh	33.0	104.8

Solar capture prices in Iberia reflecting increased prices for natural gas and CO2 licenses

Renewable generation down QoQ reflecting the seasonally lower sun light hours

Renewables pro-forma Ebitda supported by the strong solar captured prices, offsetting lower generation QoQ

Capex mostly allocated to the ongoing execution of solar PV projects in Iberia

Debt indicators

	31 Dec., 2020	30 Sep., 2021	31 Dec., 2021
Cash and cash equivalents	1,678	1,257	1,942
Undrawn credit facilities	1,262	1,133	816
Gross debt	3,743	3,285	4,300
Average funding cost	1.7%	1.4%	1.4%
Net debt	2,066	2,028	2,357
Leases (IFRS 16)	1,089	1,166	1,179
Net debt to RCA Ebitda1	1.5	1.1	1.1
% Debt at fixed rate	48%	39%	42%

Debt Indicators Debt reimbursement (€m)

Renewables portfolio

Galp renewable capacity (GW)	Operating	Under construction	Under development	Total
Gross renewable capacity	963	393	3,390	4,746
Spain	950	249	2,445	3,645
Portugal	12	144	351	507
Brazil	0	0	594	594
Equity to Galp	719	331	2,968	4,018
Spain	713	187	2,023	2,923
Portugal	6	144	351	501
Brazil	0	0	594	594

Upstream Reserves and Resources

mboe	2020	2021	Change
Reserves
1P	385	410	7%
Oil	288	333	16%
Gas	97	77	-20%
2P	700	712	2%
Oil	553	612	11%
Gas	147	100	-32%
3P	923	950	3%
Oil	749	849	13%
Gas	174	101	-42%
Contingent resources (mboe)
1C	525	417	-21%
2C	1,720	1,521	-12%
3C	3,471	3,179	-8%
Prospective resources (mboe)
Unrisked	4,910	4,512	-8%
Risked	861	803	-7%

Note: All figures ore based on DeGolyer and MacNaughton report as of 31.12.2021. Reserves figures on a net entitlement basis. Contingent resources and prospective resources on a working interest basis.

Carbon-related targets

Metrics and methodology

Metric	Methodology	2017 (reference year)	2021 (vs 2017)	2030 (vs 2017)	2050
Absolute Emissions' reduction from operations	Emissions related to Galp's operations (scopes 1 & 2)	c.4 mtonCO2e (Sc. 1 & 2)	c.3 mtonCO2e (Sc. 1 & 2)	-40%
Carbon Intensity Production-based	Emissions from operations (scopes 1 & 2) + emissions from use of Upstream products (oil & gas; scope 3)	93	81.5	-40%	Net Zero Emissions
approach	Energy produced by Galp (Upstream oil & gas, power generation)1	gCO2e/MJ	gCO2e/MJ
Downstream sales based approach	Emissions from operations (scopes 1 & 2) + lifecycle emissions from products sold by Galp (oil products, gas & power; scope 3)	76 gCO2e/MJ	73.6 gCO2e/MJ	-20%
	Energy of all products sold by Galp

Galp's Executive Committee

Andy Brown

Over 35 years of

Shell, including

Director.

experience in the Oil & Gas sector. Galp Board member since 2021. Held executive roles in

Upstream International

CEO & VP

CFO

Filipe Silva

Over 25 years of experience in the banking sector. Galp Board member since 2012. Former Deutsche Bank CEO in Portugal.

Thore E. Kristiansen

COO Productions & Operations

Over 30 years of experience in Oil & Gas and Galp Board member since 2014. Held senior executive roles in Equinor for South America and Africa.

Teresa Abecasis

COO Commercial

Over 20 years of experience in the energy, retail and agrobusiness sectors. Previously Partner at Boston Consulting Group. Member of Galp's Board since 2021.

Georgios Papadimitriou

COO Renewables & New Businesses

Over 20 years of experience in the energy sector. Member of Galp's Board of Directors since January 2022. Held senior executive roles in Enel in Europe, Latin America and North America.

galp.com