Galp Energia

Investor Presentation • Feb 17, 2025

4Q24 & FY24 Results Short-term Outlook

February 17, 2025

2024 key performance indicators

Strong operating momentum ...

109 kboepd Upstream WI production (Excluding Mozambique)

91 mboe Refining throughput

23.2 Twh G&P sold to direct clients

2.4 Twh Renewable power generation

galp

...translating into sound financial delivery ...

3.3 €pn Ebitda RCA

2.1 €pn OCF

0.8 €bn Net capex

1.3 €bn FCF

...reinforcing a healthy financial position...

1.2 €bn Net debt

0.4x Net debt to Ebitda

...supporting competitive distributions

0.8 €bn Distributions paid to shareholders Cash dividends + buybacks

Strategic execution during 2024

showcasing strong delivery and differentiated growth investment case

Upstream

High potential discoveries in Namibia with 4 wells safely drilled by YE24

Bacalhau execution culminated with FPSO sail-away to Brazil by YE24

High-graded portfolio to focus on low cost & low emissions projects

Industrial & Midstream

Continued focus on optimisation and safety supported record high refinery processing capacity

Progressed with construction works of Industrial large-scale projects (100 MW green H2 & HVO)

Captured improved flexibility & optimisation on Midstream portfolio

Commercial

Robust oil products sales sustained despite Iberian competitive environment

Increased contribution from Convenience & Energy Solutions

Expanded EV charging leading position in Portugal and G&P client base growth

Renewables

Increased installed capacity and developed first utility scale battery system

Wind hybridisation opportunities matured to optimise utilisation & enhance returns

Aurora battery project halted given market & partnership context

2024 robust operating results

galp

driven by a strong upstream and midstream contribution

Upstream Robust contribution benefiting from strong operating performance from the Brazilian portfolio	2,078 €m Upstream Ebitda	756 €m Upstream Capex
Industrial & Midstream High refining availability & robust Midstream performance driving results	876 €m 18 M Ebitda	227 €m 18 M Capex	3,297 €m Group Ebitda
Commercial Contribution sustained even under challenging competitive environment	306 €m Commercial Ebitda	98 €m Commercial Capex	2,138 €m Group OCF
Renewables Good operating performance despite weaker market prices	47 €m Renewables Ebitda	150 €m Renewables Capex	832 €m Group net capex

2024 strong free cash flow

supported on operating delivery and capital discipline

FY24 Cash flow (€m)

qalp

1 Payments to minorities amounted to €166 m.

Ebitda of €3.3 bn and OCF of €2.1 bn

driven by strong operating delivery across the board

Net capex of €0.8 bn including main cash-in from Angola upstream divestment

FCF of €1.3 bn stable YoY despite less supportive commodity prices

Net debt down 14% YoY with net debt to RCA Ebitda stable at 0.4x

Short term outlook

Upstream

Growing production from high cash margin projects

WI production

(kboepd)

c.10 kgCO2e/boe Carbon intensity by YE24

c.20 \$/bbl Cash breakeven operating assets 2025-26 One-off 50 days extra maintenance across fleet planned in 2025

Drilling infill wells in Tupi to arrest mid-term decline rates at ≤5% p.a.

c.200 €m

Lean operating asset base

recurrent capex 2025-26

Bacalhau

c.9 kgCO2e/boe Carbon intensity

400 sm OCF added contribution2

FPSO on route towards Brazil & drilling campaign underway

Start-up mitigating operating projects natural decline in 2025

1 Free Cash Flow (FCF) considered as OCF - Capex 2 At plateau production. OCF estimate assuming Brent at \$70/bbl.

Namibia PEL-83

Successfully de-risking the Mopane complex

aalo

4 wells

Drilled in northwest region of Mopane in just 1 year

Light oil & gas condensates discoveries in high-quality sands:

High-pressure (√)

Good to high permeability

Good porosity (~)

Minimal CO2 content

No H,S concentration

Assessing feasibility of one development concept for northwest region

Drilling Mopane-3X (well #5) to potentially unlock another development hub in southeast region

Collecting well & seismic data to support future potential exploration & appraisal

Maturing additional exploration areas in Mopane and across PEL 83

Industrial

Executing a transformation journey

ADU planned stoppage in 4Q25 leading to ...

c.80 mboe

Raw materials processed 2025

c.4 \$/boe

Refining cash costs 2025

Normalised operating conditions planned for 2026

270 ktpa HVO/SAF unit capacity

100 ми Electrolysers for green H2 production

Large scale industrial projects execution on track with startup in 1H26

Contract awarding & site full mobilisation done with capex execution at c.30%1

1 Out of c.€550 m to Galp.

Midstream

Expanding trading activities across commodities

350 €m Ebitda 2025

Building a global diversified oil and LNG portfolio

c.45 Twh NG / LNG Supply & Trading volumes in 2025

Expanding gas supply & trading business in Brazil

+40%YOY Gas activities in Brazil Ebitda growth

Optimising integrated margin across all commodities

Commercial

Sustaining strong position in Iberia

300 €m Ebitda 2025

Sustain strong oil position in Iberia whilst expanding gas & power customer base

+10% YoY Convenience & Energy Solutions Ebitda growth Strong Convenience & Energy Solutions penetration to support a stable cash engine

c.60% of c-stores remodeled by YE26

Lean capex structure at ≤€100 m p.a. with strong focus on portfolio transformation

Renewables

Showcasing disciplined growth & integration in Iberia

c400 mw

New renewable capacity installed in 2025/26

+10% YOY Renewable generation increase to 2025

c70 MW Storage capacity in execution in 2025

Focus on financial discipline &

adjusting project execution to market and regulatory conditions

Potentiate portfolio value through hybridisation of key lberian assets

Commissioning 1st battery pilot & expand storage pipeline integration to support intraday performance

Operating performance

Strong project execution driving growth

2025: Brent c.\$70/bbl | Ref. margin c.\$6/boe | EUR:USD c.1.05 2026: Brent c.\$75/bbl | Ref. margin c.\$5/boe | EUR:USD c.1.10

c.1.7 €bn Upstream Ebitda 2025

>500 €m

Industrial & Midstream Ebitda 2025

c.300 €m

Commercial Ebitda 2025

c.60 €m Renewables Ebitda 2025

2025 reflecting lower macro and one-off operational maintenance in Upstream & Refining

Strong project delivery driving c.20% OCF growth from 2024-26 despite less supportive macro

Note: Complete macro price deck available in appendix.

Disciplined investment plan

to grow & transform a capital light portfolio

Gross investments allocation 2025-26

c.65% Growth & Transformation

<400 €m p.a. Maintenance capex

<0.8 €bn p.a.

Net capex 2025-26

Upstream reduced capex towards Bacalhau offset by Namibia ongoing E&A campaign

Future E&A capex in Namibia to be on top of guidance

Low carbon capex acceleration towards Industrial projects

Renewables Commercial & Others

aalp

Low carbon projects EU Taxonomy aligned

c.35%

Total cash-ins of c.\$0.8 bn from Upstream Angola final earn-out & Area 4 Mozambique divestment1

1 Deal completion expected in 1H25. Only proceeds from closing (c.\$650 m) and Coral North FID earn-out (\$100 m) considered. Earn-out related to the FID of Rovuma LNG (\$400 m) not assumed in the 2025-26 period.

Ensuring competitive shareholders' returns

supported on strong execution of growth projects

Cash dividend reinforced given confidence on growth projects' execution

+15 % YoY

DPS increase to €0.62/sh1 with €0.34/sh to be paid after 2025 AGM

250 €m

galp

Buyback to be executed during 2025 Maintaining distributions to shareholders guidelines unchanged thereafter

1/3 of OCF

+4 % DPS p.a. growth

Base cash dividend DPS annual increase based on €0.62/sh from 2025 onwards

T Buybacks

Subject to net debt to Ebitda <1x

Distinctive portfolio with unique growth opportunities

from a capital light asset base and while delivering competitive distributions

Delivering superior cash flow growth from sanctioned projects...

+c 20 %

OCF growth 2024 to 2026 Boosted by project delivery and even in a less supportive macro context

...with a low capital-intensive and growth weighted capex plan...

Gross Capex 2025-26

c.65% Growth &

Transformation

<400 €m p.a.

Maintenance capex

Net Capex 2025-26

... supporting confidence on reinforced shareholder distributions ...

+15 % YoY

2024 DPS increase to €0.62/sh1

with €0.34/sh to be paid after 2025 AGM

x

Upstream FCF growth 2024 to 2026 from Brazilian assets driven by the deployment of Bacalhau project

250 €m

Buyback to be executed during 2025

... and still leaving ample room to continue de-risking further growth opportunities

Appendix

3

Main Guidance

Financials	2025	2026
RCA Ebitda	>2.5 € bn	c.3.3 € bn
Upstream	c.1.7 € bn
Industrial & Midstream	>500 € m
Commercial	c.300 € m
Renewables	c.60 € m
OCF	>1.6 € bn	c.2.6 € bn
Net capex (avg. 2025-26)	<0.8 € bn
Total expected distributions	1/3 OCF
Share buyback programme	250 € m
Dividend per share (DPS)1	€0.62/sh	+4 % p.a.

Main assumptions

and sensitivities

Main macro assumptions	2025	2026
Brent price	c.\$70/bbl	c.\$75/bbl
Galp refining margin	c.\$6/boe	c.\$5/boe
Iberian PVB natural gas price	c.€30/MWh	c.€30/MWh
lberian solar price	c.€40/MWh	c.€40/MWh
EUR:USD	c.1.05	c.1.10

2025-26 sensitivities (€ m)	Change	Ebitda	OCF
Brent price	\$5/bbl	ાર્ભર	80
Galp refining margin	\$1/boe	80	୧୧
EUR:USD	0.05	90	50
Solar captured price	€10/MWh	15	15

) 2024 Results & Balance Sheet

P&L (€ m)

	FY2073	F2024
RCA Ebitda	3,558	3,297
Upstream	2,263	2,078
Industrial & Midstream	929	876
Commercial	303	306
Renewables	131	47
RCA Ebit	2,469	2,388
Associates	2	12
Financial results	-62	-97
Taxes	-1,227	-1,136
Non-controlling interests	-180	-206
RCA Net Income	1,002	961

Balance Sheet (€ m)

	31 Dec. 2023	31 Dec. 2024
Net fixed assets	6,876	7,273
Rights of use (IFRS 16)	1,116	1,630
Working capital	1,632	1,453
Other assets/liabilities	-2,089	-2,257
Assets held for sale	413	440
Capital employed	7,948	8,540
Net debt	1,555	1,400
Leases (IFRS 16)	1,277	1,810
Equity	5,117	5,330
Equity, net debt and op. leases	7,948	8,540

Debt Indicators

Debt Indicators (€m)

	31 Dec. 2023	31 Dec. 2024
Cash and cash equivalents	2,200	2,285
Undrawn credit facilities	2,200	2,285
Gross debt	3,600	3,492
Net debt	1,400	1,207
Leases (IFRS 16)	1,810	1,414
Net debt to RCA Ebitda'	0.4	0.4

1Ratio considers the LTM Ebitda RCA

Debt reimbursement (€m)

Experienced Executive team

equipped to deliver a well-defined strategy

6

Executive Board members

13

Non-executive Board members

46%

Independent directors (non-executives)

37 % Women in the Board

Maria João Carioca | Interim co-CEO and CFO

Executive with over 30 years' experience in capital markets, banking and strategic consulting. Previously CFO of Caixa Geral de Depósitos.

João Diogo Marques da Silva | Interim co-CEO and EVP Commercial

Over 20 years of experience in the sector, with Galp. Previously director of Commercial B2C division and Galp Spain Country Manager.

Nuno Holbech Bastos | EVP Upstream

About 25 years of experience in corporate finance and strategy, M&A and corporate functions. Previously director of M&A and Strategy at Galp.

Ronald Doesburg | EVP Industrial

Over 20 years of experience in the energy sector, holding leadership roles across Supply, Commercial & Industrial. Previously General Manager of Shell Jurong,

Rodrigo Vilanova | EVP Energy Management

Over 25 years of experience in executive and non-executive roles including BP, Cheniere, Petrobras. Previously BP's Global Head of Power & Infrastructure.

Georgios Papadimitriou|EVP Renewables & New Businesses

Over 25 years of experience in utilities and renewables sectors. Former Head of Enel Green Power in North America.

Leadership team focused on executing portfolio growth & transformation

Highly experienced team with broad industry & international background

Balanced independence & gender representation at BoD

Cautionary statement

This dour entriplications as a strema strements of ristical for stamers of ristical for consistents for constructions and research conbest on marger editors on its and the crown on the more and internet and councillions of contribution in the materials in for the express or including of the Gap on any of en Gap on any of the love ests, promor and evel s will met the excluding on caso new proponsibility of the councy responsibility of the coun forwards for while have the relising statements of the procession in exposential exposses of on the sistements express of manage next of manage next of manage next of manage projections and ssumptions There for operative in the fitness on the filling general or condicted to the cases on on "oncessor os bim"," tricipal"," tricipal"," tricipal"," t toud, feelop, "estimal", "spect", "good", "nend", "may", "potential", proposity", project", "pused "risk", "study", "payed", "thil"," will on reactive of hast marks in the ho terminology.

Francis international pass segment is septembrage tem expating prices and stars internal segment in results of the end section of end fille in planet of election of edition t mesure, artimative perimane messures messurs opisse for specialler system the specially of distance may secretion and moristion and indically adjustic and earings te he hares and opisted to home your an an expective make in con respective in de e Million in the ellill propential in repertial in repertial in repertial in reperti cost for These hall be he nearly be finance of Scipe a comparison a results how many genish hoddion the estimations of occasione with the reducer and method adjuded for special the netrodis used to cases the performanced each business segment contribution the segments performance with thase of is competible

This comments in the column in the string and continent in the matin studio of inemation studio on increase concern in compression on the organise in any of the organise in a this do and finer of one sep resy permitted by the first of other from the thir porties and portions of continued and consection in current consection of formationers of sect agreement you may have entered into with those third parties for the provision of such data and information.

Colo and is researctitives, garls employee o calises don't rhandly, and espection any day unte ar diserinate any supplement, or enoment, podater resion or ration or ration or information, opinions or forward-looking statement coreflect any change in events, conditions or circumstances.

This comment of the institution of for may and on the consisted by or the rest be subject of the recognies and institudes of fific shory jurisdiction or an inducement to engage in any investment activity in any jurisdiction.

Investor.relations@galp.com