4Q23 & FY23 Results Short-term Outlook

12 February 2024

galp

2023 key performance indicators

Strong operating performance ...

Upstream WI production (Excluding Angola)

79 mboe (-10% YoY)

Refining throughput Extensive 2023 planned maintenance

2.3 TWh (+21% YoY)

Renewable power generation

395 k TJ (-7% YoY)

Total energy sales to direct clients

...translating into sound financial delivery ...

€3.6 bn Ebitda RCA

€2.3 bn OCF

€0.9 bn Net capex

€ 1.4 pn FCF

... and supporting a healthy balance sheet and the delivery of competitive distributions

€ 1.4 bn

Net debt

OLL Net debt to Ebitda

€0.54 /sh

Cash dividend Final €0.27/sh payment after 2024 AGM

€350 m

Buybacks1 To be executed during 2024

FY2023: Strong free cash flow

supporting a solid financial position and our growth plan

FY23 Cash flow (€ m) (72) 179 (859) 3,558 (144) (296) 2,376 2,269 1,373 (922) 155 Ebitda OCF Working Net capex Net fin. FCF Shidr Δ Net Debt Special CFFO Leases Capital ക Minorities Dividends Items പ IERS 16 Others & Inventory Buyback interest Effect (124) (570) 3,849 2,788 247 36 3,071 -(1,266) 1,681 (309) 802 2022

Ebitda of €3.6 bn and OCF of €2.3 bn

supported by strong operating delivery across the board

Net capex of €0.9 bn, considering €209 m related to Angola upstream disposal

FCF of €1.4 bn comfortably covering dividends to minorities & shareholders and share buybacks

Net debt reduced by €0.2 bn with net debt to RCA Ebitda at 0.4x

4Q23 robust earnings

Closing the year with continued strong operating performance

Upstream growth and value extraction

sustaining production from low cost & low carbon intensity portfolio

WI production (operating & sanctioned projects) kboepd

Brazil producing blocks

Production from highly resilient & efficient projects

Tupi PoD update targeting further value extraction & license extension

Tendering FPSOs for Atapu II and Sépia II

Bacalhau (Brazil)

FPSO topsides integration and D&C plan ongoing

Bacalhau on track for first oil by mid-2025

Area 4 (Mozambique)

Coral South FLNG at plateau

Working towards Rovuma LNG FID (18 mtpa phase 1 modular approach)

Assessing potential for 2nd FLNG in Coral

Tapping Namibia and S. Tomé potential

Namibia

30% in PEL 83

Two significant light oil columns in Mopane-1X well in reservoir bearing sands of high quality

Drilling Mopane-2X for exploration and assess extension

DST to evaluate commerciality & recovery

S. Tomé & Principe

45% in block 6 20% in block 11 41% in block 12

Previously drilled well (Jaca in block 6) proving existence of working petroleum system

Assessing new exploration options for 2024+

Transforming Industrial asset base

whilst Midstream captures improved energy management capabilities

2024 refining to benefit from increased flexibility & normalised operations

80 mboe Raw materials processed

c.\$8 /boe Refining margin forecast

Flexibility Crude conversion &

bios co-processing

c.\$3 /boe Refining cash costs Large scale industrial projects with first start up in 2025

270 ktpa Advanced HVO/SAF unit capacity

100 mw Electrolysers for green hydrogen production

c.€550 m Total capex to Galp in 2023-25

Midstream to maintain robust contribution

c.€300 m Midstream Ebitda 2024

Trading improved performance across oil-gas-power

Assuming no U.S. Venture Global LNG volumes in 2024

Reshaping Commercial business

to maintain a strong position in Iberia

Expanding non-fuel & low carbon contribution to sustain a stable cash engine

Non-fuel + low carbon Ebitda contribution 2019-2025

% (expected for 2024-25)

1,463 Service stations in Iberia and Africa by YE23

c.170 Service stations remodelled in 2023

] player EV charging player in Portugal

c.1 million EV charging sessions in 2023

c.e300 m Commercial Ebitda in 2024 +

by accelerating non-fuel & low carbon penetration

Renewables growth

to support integration across the energy value chain

Developing the Iberian pipeline

Organic portfolio build-up

c.14% LTM OCF/ Invested Capital (operating assets)

1.4 gw Capacity in operation by YE23

0.2 gw

Capacity entering operation in 2024

Capacity build up to support integration whilst dependent on market conditions & project returns

Targeting technology hybridisation and diversification of generation mix

Merchant exposure, energy management and partnerships as value levers to increase returns

A recognised energy transition strategy from one of today's most efficient integrated energy portfollos

One of the lowest carbon intensity players ...

Carbon intensity1

...growing a sector leading low carbon Upstream portfolio ...

Upstream portfolio carbon intensity2(kgCO2e/boe)

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

Renewables generation vs hydrocarbon production3

Highest

Integrated Energy

Out of 30

Grade . MSCI &

Top SUSTAINALYTICS Quartile Out of 307 Integrated Energy

1 Source: TPl methodology soles opproch (inc. scope 3); Reference include bp, Eni, Equinor, Repsol, Shell ond Total. 3 Source: Last published averge of the IOGP (Internation of Oil 6 Gas Producers); Galp's 2023 internal carbon intensity assessment. 3 Source: Galp internal analysis; Estimates based on Visible Alpha consensus dated 7th February 2024.

Financial outlook

2024 to benefit from portfolio resilience and operating momentum

c.€ 3.1 bn c.€2.0 bn Ebitda OCF

Upstream

Ebitda c.€2.1 bn supported by robust production levels

Industrial & Midstream

Ebitda >€700 m, with normalised refining operations and supportive macro, whilst considering c.€300 m from Midstream

Commercial

Ebitda stable contribution at c.€300 m whilst benefiting from increasing convenience & low carbon

Renewables & New Businesses

Ebitda c.€60 m reflecting the capacity build-up and lower merchant prices assumed

Group Ebitda evolution 2023 vs. 2024 (€ bn)

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

Disciplined investment plan

enabling growth and portfolio transformation

Investments weight 2023-25

Net capex 2023-25

Distinctive investment proposition

Superior growth from capital light asset base ensuring competitive distributions

10%

Delivering superior growth from sanctioned projects ...

OCF increase (2025 vs 2024)

... from low capital-intensive and growth weighted plan ... Net capex/OCF (avg. 2024-2025)

... driving competitive distributions ... Distributions/OCF (avg. 2024-2025)

Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Galp

... and with significant de-risking and value capture opportunities ahead

Source: Galp's view based on guidance. Sector estimates based on Visible Alpha consensus dated 7* February 2024. Peer group considers BP, Eni, Equinor, OMV, Repsol, Shell and Total.

Disclaimer

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2023 results

P&L (€ m)

4Q22	3Q23	4Q23		FY 2022	FY 2023
951	1,057	720	RCA Ebitda	3,849	3,558
791	594	599	Upstream	3,083	2,263
17	43	21	Renewables & New Businesses	50	131
118	342	63	Industrial & Midstream	451	929
42	111	54	Commercial	298	303
475	741	411	RCA Ebit	2,345	2,469
54	ব	-25	Associates	166	2
134	-58	-14	Financial results	-154	-62
-313	-434	-48	Taxes	-1,254	-1,227
-76	-43	-40	Non-controlling interests	-223	-180
273	210	284	RCA Net Income	881	1,002

Balance Sheet (€ m)

	31 Dec. 2022	30 Sep. 2023	31 Dec. 2023
Net fixed assets	6,876	7,185	7,273
Rights of use (IFRS 16)	1,116	1,191	1,630
Working capital	1,632	1,445	1,453
Other assets/liabilities	-2,089	-2,288	-2,257
Assets held for sale	413	451	440
Capital employed	7,948	7,983	8,540
Net debt	1,555	1,211	1,400
Leases (IFRS 16)	1,277	1,370	1 1,810
Equity	5,117	5,402	5,330
Equity, net debt and op. leases	7,948	7,983	8,540

1 Includes leasing related to Coral Sul's FLNG.

Debt indicators

Debt Indicators (€m)

	31 Dec. 2022	30 Sep. 2023	31 Dec. 2023
Cash and cash equivalents	2,432	2,270	2,200
Undrawn credit facilities	1,484	1,665	1,665
Gross debt	3,987	3,481	3,600
Average funding cost	1.7%	3.4%	3.5%
Net debt	1,555	1,211	1,400
Leases (IFRS 16)	1,277	1,370	1,810 1
Net debt to RCA Ebitda	0.4	0.3	0.4