Investor Presentaiton

Distinctive 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

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