#1Investor Presentation March 2024 رونو 33 galp#27 Strategy overview 29#3Distinctive strategy being executed combining top upstream growth and an ongoing portfolio decarbonisation Selective upstream growth c.30% WI production growth 2022-26 c.10 kg CO₂e/boe Carbon intensity Exciting development & exploration options to continue to enrich pipeline Portfolio focused on low cost & low carbon intensity assets Disciplined downstream transformation and renewables integration 100 MW Green H₂ electrolysers in 2025 270 ktpa Renewable biofuels capacity in 2025 Transforming Sines to ensure its sustainability as a core strategic asset Deploying large scale industrial projects to drive decarbonisation & sustain long term value >80% renewables capacity in operation or construction increase YoY by 2024 >20% Commercial Non-fuel +Low carbon 2023-25 Ebitda growth Renewables growth to support integration across energy value chain Reshaping commercial non-fuel offer to sustain long term value 3 Investor Presentation galp#4A recognised transition strategy from one of today's most efficient integrated energy portfolios One of the lowest carbon intensity players... Carbon intensity1 ...growing a sector leading low carbon Upstream portfolio... Upstream portfolio carbon intensity2 (kg CO₂e/boe) ...and holding the largest integration of renewable generation (in relative terms) Renewables generation vs hydrocarbon production³ c.18 <10 c.9 >4x vs European peers Peer 1 Galp Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 IOGP Galp 2023 Bacalhau 2023 2025 ■Sector ■Galp 4 Investor Presentation Top 3 Out of 22 Integrated Energy MSCI Top Quartile Out of 60 Integrated Energy SUSTAINALYTICS 1 Source: TPI methodology sales approach (inc. scope 3); Reference year: 2022; Peers considered include bp, Eni, Equinor, Repsol, Shell and Total. 2Source: Last published average of the IOGP (International Association of Oil & Gas Producers); Galp's 2023 internal carbon intensity assessment. 3 Source: Galp internal analysis; Estimates based on Visible Alpha consensus dated 7th February 2024. galp#5Disciplined investment plan enabling growth and portfolio transformation Investments weight 2023-25 Net capex 2023-25 O >70% Growth & Transformation c.€0.3 bn Maintenance capex per year c.45% Low carbon projects Upstream Industrial & Midstream Renewables & NB Commercial 5 Investor Presentation > Uncommited Further Divestments c.€3 bn Angola (c.€1 bn p.a.) Commited 2024-25 2023 Gross Capex Divestments Net Capex Note: Investment plan up to 2025 considers no relevant capex to Rovuma LNG development, in Mozambique, nor potential further investments in Namibia, beyond the ongoing exploration campaign. galp#6Competitive shareholders' distribution combining progressive dividend and buybacks 1/3 of OCF Baseline dividend Distribution Guidelines +4% p.a. Progressive baseline dividend DPS annual increase 2023 fiscal year €0.54/sh Cash dividend Paid in two tranches (August 2023 and post 2024 AGM) Supplementary amount¹ + Buybacks Supplementary distributions €350 m Share buyback Being executed during 2024 (related to 2023 fiscal year) 6 Investor Presentation 1 Share buybacks amounts which would have raised net debt to RCA Ebitda to 1x, considering the position at the end of the fiscal year. galp#7Financial outlook 2024 to benefit from portfolio resilience and operating momentum c.€3.1bn c. €2.0 bn Ebitda OCF Group Ebitda evolution 2023 vs. 2024 (€ bn) 3.6 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 3.1 דו 2023 Масго effects Operational improvements 2024 Brent $80/bbl | Ref. margin $8/boe | PVB €30/MWh | Iberian solar price €50/MWh | EUR:USD 1.10 7 Investor Presentation galp#8A balanced financial plan while transforming and preparing the next growth cycle 2023-25 Sources & Uses (€ bn) 6 4 2 8 OCF Sources Minorities Interests + Leases Net capex Upstream Industrial & Midstream Commercial Renewables & NB c.€2.0 bn OCF in 2024 >70% of capex allocated to growth and transformational projects Buybacks Base dividend c.€1.0 bn p.a Net capex in 2023-25 Ensuring robust financial position with Net debt/Ebitda to stay <1x Uses Note: For macro assumptions please see the Appendix. Investor Presentation 1/3 of OCF Cash dividends + buybacks Predictable & competitive shareholders distributions covered by cash generation galp#9Distinctive investment proposition Superior growth from capital light asset base ensuring competitive distributions 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) >10% c.45% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Galp Peer 1 Galp Peer2 Peer3 Peer4 Peer5 Peeró Peer7 9 Investor Presentation 1/3 Peer 1 Peer 2 Peer 3 Galp Peer 4 Peer 5 Peer 6 Peer 7 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 7th February 2024. Peer group considers BP, Eni, Equinor, OMV, Repsol, Shell and Total. galp#102 Wild Upstream 17#11A competitive Upstream portfolio focused on selective high potential regions Mozambique Operation, development Brazil Operation, development, exploration Bacalhau North Brazil Santos Basin BM-S-11 Iracema Uirapuru BM-S-8 Bacalhau BM-S-11 Tupi BM-S-11A Berbigão, Sururu and Atapu BM-S-24 Sépia BM-S-24 Júpiter Pre-Salt Polygon Campos Basin 20 KM Galp operates in Brazil through Petrogal, a JV between Galp (70%) and Sinopec (30%) 11 Investor Presentation Tanzania Area 1 Area 4 Rovuma LNG Mozambique Namibia Exploration PEL 83 Kudu Mamba Coral 25 KM São Tomé & Príncipe Exploration Namibia Island of Príncipe Nigeria T Block 6 Block 11 Block 12 Camaroon Equatorial Guinea Gabon 30 KM 50 KM São Tomé ●STP JDZ blocks STP EEZ blocks galp#12Growth and value extraction from long life & low cost & low carbon intensity portfolio WI production (operating & sanctioned projects) kboepd Actual 122 Initial guidance +40 >115 maturing 2025+ potential Tupi PoD update (Brazil) ✓ Sépia II & Atapu II (Brazil) ✓ Bacalhau upside (Brazil) ✓ Mozambique + exploration upside <20 $/bbl Cash breakeven Operating projects 2023-25 c.3 $/boe Production costs 2023-25 <10 kgCO₂e/boe Carbon intensity YE23-25 2023 2024E until Bacalhau Bacalhau plateau in 2026 12 Investor Presentation 2.3 bn boe 2P + 2C galp6#13Short-term cash engines in Brazil with significant value still to be captured Tupi & Iracema 1.2 mbpd Gross capacity in place #9 FPSO installed with further attractive development opportunities >3.0 bn boe Produced since inception Only a small fraction of total recoverable resources Berbigão and Sururu FPSO at plateau & pursue in-field opportunities Atapu First FPSO running at plateau Tendering 2nd FPSO in Atapu (P-84) Sépia High productivity project with further potential Tendering 2nd FPSO (P-85) POD update Submitted to regulator New plan of development to enhance value and pursue field life extension 13 Investor Presentation galp#14Bacalhau I project in Brazil as a key growth lever and one of the most attractive projects in the industry c.$8 bn Total investment (100% basis - Galp stake 20%) +40 kbpd WI production at plateau (net to Galp) FPSO with 220 kbpd to be one of the largest and most technologically advanced Currently executing topside integration after FID for Phase I in June 2021 2025 Execution on track for first oil expected date <$35/bbl Highly competitive NPV 10 breakeven at FID Drilling & subsea installation campaigns currently underway >1 bn bbl Recoverable volumes c.9 kg CO₂e/bbl Low carbon intensity 14 Investor Presentation MODEC galp#15Mozambique Area 4 to become a key region for global LNG supplies Rovuma LNG Onshore One of the most competitive greenfield LNG projects worldwide Coral FLNG Area 1 Offshore Area 4 Gas 100% offtake to BP Local security key to unlock development First gas in 2022 and plateau production since 3Q23 Phase 1 development concept with 18 mtpa modular approach Assessing potential for 2nd FLNG in Coral Targeting FID in 2025 15 Investor Presentation Rovuma LNG Mamba Coral 25 km galp#16Tapping Namibia and S. Tomé & Principe exploration potential Namibia PEL 83 Kudu Mopane-1X Mopane-2X Namibia Namibia 80% in PEL 83 HERCULES UNUES ND 8758763 HERCULES S. Tomé & Principe 45% in block 6 20% in block 11 41% in block 12 Two significant light oil columns in Mopane-1X well in reservoir bearing sands of high quality Mopane-2X confirmed lateral extension of 1X reservoir and two promising discoveries Previously drilled well (Jaca in block 6) proving existence of working petroleum system Galp wells 30 KM Adjacent discoveries DST to evaluate commerciality & recovery to be concluded by early-April 16 Investor Presentation Assessing new exploration options for 2024+ galp#173 Downstream RA RPO#18Strong industrial asset base supported by a competitive and flexible refining system in Sines Atlantic Ocean Sines 18 Investor Presentation Sines key to supply Portugal as the sole refinery in the country Coastal location to leverage North American East Coast Operating multiple maritime terminals and storage parks in Iberia c.220 kbpd Refining capacity c.50% Middle distillates production yield Galp industrial & logistic assets Refineries in Iberia Matosinhos decommissioning and transformation into a Sustainable Energies and Advanced Technologies hub c.25% Gasoline production yield galp#19Industrial grey to green journey to supply sustainable energy solutions and reduce carbon footprint 2017 ● Grey refining system 2030 Concentrating operations in Sines Energy efficiency optimisation Expand advanced biofuels production (HVO/SAF) Transform grey to green H₂ production Green energy hub -50% operations emissions¹ 19 Investor Presentation 1 Operations emissions' reduction from industrial activities (scopes 1 & 2) vs 2017. galp#20Executing an Industrial transformation whilst operating at full availability in 2024 2024 refining to benefit from increased flexibility and normalised operations vs 2023 >80 mboe Raw materials processed c.$8/boe Refining margin forecast Flexibility Crude conversion & bios co-processing c. $3/boe Refining cash costs ET 20 Investor Presentation Green hydrogen project Advanced Biofuels Unit Large scale industrial projects under construction with first start up in 2025 270 ktpa HVO/SAF unit capacity¹ 100 MW c.€550m Electrolysers for green hydrogen production Total capex¹ to Galp in 2023-25 1 Advanced biofuels unit developed in partnership with Mitsui (75/25 - Galp / Mitsui). galp#21Midstream Integrated Energy Management To maximise value & secure reliable and competitive product's sources & uses c.€300 m Midstream Ebitda¹ 2024 Upstream equity production Trading improved performance Industrial & logistic activities across oil-gas-power Adapting its supply and trading activities to support the needs of emerging value chains Renewable generation Supply & Trading 21 21 Investor Presentation 1 Assuming no U.S. Venture Global LNG volumes in 2024. Commercial sales galp#22Reshaping Commercial business to maintain a strong position in Iberia 1,463 Service stations in Iberia and Africa by YE23 Expanding non-fuel & low carbon contribution to sustain a stable cash engine Non-fuel + low carbon Ebitda contribution 2019-2025 % (expected for 2024-25) galp c.170 Service stations remodelled in 2023 #1 player EV charging player in Portugal c.1 million EV charging sessions in 2023 22 Investor Presentation 33% 2019 2021 2023 2025E Non fuel Legacy SENDAS c.€300 m Commercial Ebitda in 2024 2025+ upside by accelerating non-fuel & low carbon penetration galp#234 Renewables & New Businesses#24Relevant renewables platform Large scale and competitive funnel allowing to accelerate value-focused build up Iberia portfolio of c.4.5 GW + c.2.5 GW of projects under development in Brazil In operation In construction In development 24 Investor Presentation c.1.4 GW Operating capacity (mainly solar, located in Spain) c.0.2 GW Capacity under construction Leading solar presence in Iberia Current portfolio predominantly solar PV c.5.5 GW Pipeline under development Competitive early-stage funnel providing optionality galp#25Selective 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) during 2023 Includes: c.2.3 TWh of equity generation + c.O.5 TWh of 3rd party PPAs $9 % Targeted elRR across portfolio 25 Investor Presentation 4.4 TWh 2.8 TWh + c.0.9 TWh for 100 MW electrolyser 2023 2024 2025 2025+ Ren. Generation under management Downstream needs (Internal & Clients) 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 galp#26Li-ion battery value chain Maturing an exciting opportunity Developing the first and most sustainable lithium conversion facility in Europe Partnership with Northvolt Advancing on FEED to FID by YE2024 Use proven conversion process Adopt highest environmental standards Drive positive environmental & social impact ... supporting EU batteries value chain development and global demand increase for lithium: 6x to 35 ktpa up to Lithium hydroxide production capacity €700m Gross estimated capex (at 100%) 2026 Planned start of commercial operations >700 k EV batteries annual production equivalent 2015 26 Investor Presentation 2020 2025 2030 galp#275 Appendix#28Guidance for 2024 2024 Financial indicators RCA Ebitda Upstream Renewables & NB Industrial & Midstream Commercial OCF Net capex¹ (avg. 2023-25) 2024 € bn c.3.1 € bn c.2.1 € m c.60 € m >700 € m c.300 € bn c.2.0 € bn c.1.0 28 Investor Presentation 1 Considering net capex guidance of c.€3 bn during the 2023-25 period. galp#29Main assumptions and sensitivities Main macro assumptions Brent price Galp refining margin Iberian PVB natural gas price Iberian solar price EUR:USD 2024 $80/bbl $8/boe €30/MWh €50/MWh 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 29 Investor Presentation galp#30Galp's Board & Executive Team for 2023-26 term 6 Executive Board members 13 Non-executive Board members 46% Independent directors (non-executives) 37% Women in the Board Filipe Silva | CEO (& Upstream) Galp executive member since 2012 (as CFO). Previous experience in investment banking for over 30 years and former Deutsche Bank Portugal CEO. Maria João Carioca | CFO Executive with over 30 years experience in capital markets, financial institutions and strategic consulting. Previously CFO of Caixa Geral de Depósitos. Georgios Papadimitriou | Renewables & New Businesses Galp executive member since 2022. Over 20 years experience in utilities and renewables sectors. Former Head of Enel Green Power in North America. Ronald Doesburg | Industrial 20 years of experience in the energy sector, holding leadership roles in downstream (Commercial, Chemical & Industrial). Recently was General Manager of Shell Jurong. Rodrigo Vilanova | Energy Management Joined Galp in 2021 to lead Energy Management. Over 25 years of experience in executive and non-executive roles including BP, Cheniere, Petrobras. João Diogo Silva | Commercial Over 20 years in Galp. Heading the commercial B2C division and Galp Spain Country Manager. Large experience in finance and business transformation roles. Leadership to execute and focus on growth & transformation Highly experienced team with broad industry & international background Balanced representation of independence and gender equality Upstream organisation reporting directly to CEO 30 Investor Presentation galp#31FY2023 results 31 P&L (€ m) Balance Sheet (€ m) 4Q22 3Q23 4Q23 FY2022 FY2023 31 Dec. 2022 30 Sep. 2023 31 Dec. 2023 951 1,057 720 RCA Ebitda 3,849 3,558 Net fixed assets 6,876 7,185 7,273 791 594 599 Upstream 3,083 2,263 Rights of use (IFRS 16) 1,116 1,191 1,630 17 43 43 21 Renewables & New Businesses 50 131 Working capital 1,632 1,445 1,453 118 342 33 63 Industrial & Midstream 451 929 Other assets/liabilities -2,089 -2,288 -2,257 42 111 54 Commercial 298 303 Assets held for sale 413 451 440 475 741 411 RCA Ebit 2,345 2,469 Capital employed 7,948 7,983 8,540 54 4 -25 Associates 166 2 Net debt 1,555 1,211 1,400 134 -58 -14 Financial results -154 -62 Leases (IFRS 16) 1,277 1,370 1,810 -313 -434 -48 Taxes -1,254 -1,227 Equity 5,117 5,402 5,330 -76 -43 -40 Non-controlling interests -223 -180 Equity, net debt and op. leases 7,948 7,983 8,540 273 210 284 RCA Net Income 881 1,002 1 Includes leasing related to Coral Sul's FLNG. Investor Presentation galp#32Debt indicators Debt Indicators (€m) Debt reimbursement (Єm) 31 Dec. 2022 30 Sep. 2023 31 Dec. 2023 1,200 Cash and cash equivalents 2,432 2,270 2,200 1,000 Undrawn credit facilities 1,484 1,665 1,645 800 Gross debt 3,987 3,481 3,600 Average funding cost 1.7% 3.4% 3.5% 600 Net debt 1,555 1,211 1,400 400 Leases (IFRS 16) 1,277 1,370 1,810 1 200 Net debt to RCA Ebitda 0.4 0.3 0.4 1 Includes €475 m in leases related to Coral Sul's FLNG. 32 Investor Presentation انالس 2028 2029+ 2027 2026 O 2024 2025 @31 dez 2023 @31 dec 2022 galp#33An Integrated Energy player with significant exposure to top tier assets in Emergent Markets Assets (31 Dec. 2023) 5% 45% 50% Ebitda (31 Dec. 2023) 35% Brazil African cluster Europe 1 Excludes Angola upstream activities 33 Investor Presentation 65% Brazil as a core region to deliver further growth in Upstream and other integration opportunities galp#34Upstream portfolio stakes in key areas Brazil¹ Mozambique BM-S-11 Lula 9.2% Area 4 Coral | Rovuma LNG 10% BM-S-11 Iracema 10% BM-S-11A Berbigão 10%2 São Tomé and Príncipe BM-S-11A Sururu 10%² Block 6 Atapu 1.7% Block 11 Bacalhau 20% Block 12 45% (oper.) 20% 41.5% Sépia 2.4% BM-S-24 Júpiter 20% Uirapuru 14% Barreirinhas 10% PEL 83 Namibia 80% (oper.) 34 Investor Presentation 1 Brazilian portfolio under Petrogal Brasil JV, 70% Galp / 30% Sinopec, except Barreirinhas. 2 Subject to unitisation. galp#35Acronyms $ (or USD) Dollar Ebitda Earnings before interest and taxes, depreciation and amortisation m Million % Percentage elRR Equity Internal Rate of Return mboe Million barrels of oil equivalent & And EM Energy Management MJ Megajoules @ At ESG Environmental, Social and Governance MSCI Morgan Stanley Capital International € (or EUR) Euro EU European Union mton Million tonnes + Plus EV Electric vehicle MW Megawatt < > 1C; 2C 1P 2H 2P Below FCF Free Cash Flow MWh Megawatt-hour Above Contingent resources Proved reserves Second Half FID Final Investment Decision n Number FLNG Floating Liquefied Natural Gas ND Net debt FPSO g Floating Production Storage and Offloading grams NG Natural Gas NPV Net Present Value Proved and probable reserves GW Gigawatt O&G Oil and Gas Adjusted Operational Cash Flow (RCA Ebitda + Adj. OCF (or OCF) Dividends from Associates - Taxes paid) H Half O.W. of which B2B Business to Business H₂ Hydrogen Oper. B2C Business to Consumer HVO Hydrotreated Vegetable Oil Opex bbl Barrel IFRS International Financial Reporting Standards p.a. Operating Operational expenditure Per annum BBLT Benguela, Belize, Lobito, and Tomboco IOGP bn Billion IRR The International Association of Oil & Gas Producers Internal Rate of Return PEL Petroleum Exploration Licences PPA Power Purchase Agreement BoD Board of Directors k Thousand PV Photovoltaic boe Barrel of oil equivalent kbbl/d Thousand barrels per day Q C. Capex CFFO CO₂ Circa Capital expenditure kboepd Thousand barrels of oil equivalent per day RCA kbpd Thousand barrels of oil per day RED II Quarter Replacement Cost Adjusted Renewable Energy Directive II Cash Flow from Operations kg kilogram RT2020 2020 Real terms Carbon dioxide kton Thousand tonnes Sc. Scope CO₂e Carbon dioxide equivalent ktpa Thousand tonnes per annum VS Carbon Offset and Reduction Scheme for CORSIA International Aviation International LCE PE d Day Li Lithium Carbonate Equivalent Lithium WI X E Estimated LNG Liquefied Natural Gas x-sell Versus Working Interest Times Cross-selling 35 Investor Presentation galp#36Disclaimer 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. 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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. 36 Investor Presentation galp#37galp.com [email protected] galp6