Galp Energia

M&A Activity • May 22, 2024

Galp to divest its 10% stake in Area 4 Mozambique

Galp has signed an agreement with ADNOC for the sale of its upstream assets in Mozambique.

Area 4 includes Coral South FLNG, in operation since 2022, as well asthe prospective Coral North FLNG and Rovuma LNG onshore developments, both expected to be sanctioned during 2024/25.

The transaction supports Galp's disciplined capex strategy.

Upon completion, Galp willreceive c.\$650 m for itsshares and shareholder loans, already net of capital gain taxes. As of the transaction reference date (December 31, 2023), lease liabilities were \$525 m.

Additional contingent payments of \$100 m and \$400 m will be payable with the final investment decision of Coral North and Rovuma LNG, respectively.

The transaction is subject to customary third-party approvals, with completion expected during 2024.

Galp Energia, SGPS, S.A.

Investor Relations: Otelo Ruivo, Director João G. Pereira Tommaso Fornaciari César Teixeira

Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65 Address: Avenida da Índia, 8 1349-065 Lisbon, Portugal

Website: www.galp.com/corp/en/investors Email: investor.relations@galp.com Reuters: GALP.LS Bloomberg: GALP PL

This document may include forward-looking statements. 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. Forward-looking 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. This document may include data and information provided by third parties, 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 partiesin 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.