Interim report
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2 Interim Management Report and Accounts 2025 July 2025 Results Highlights The second quarter of 2025 was another strong quart er for Galp, underpinned by a robust operating performance across businesses. In an increasingly uncertain macroeconomic and geopolitical landscape, we navigated the period with resilience and focus, which translated into strong cash generation. This has enabled us to continue rewarding our shareholders while preserving a solid financial foundation. Our mandate is clear: to ensure continued strategy execution. And as we stay committed to delivering on our priorities, we are confident in our performance and are therefore upgrading our operating expectations for 2025. Securing a strong partnership in Namibia PEL 83 remains a n important milestone, and the progress thus far reinforces our confidence in its successful completion. Maria João Carioca & João Diogo Marques da Silva, co-CEOs Second quarter 2025 Galp has recorded a strong set of results in the second quarter of 2025 , navigating a higher degree of macroeconomic uncertainty, with a less supportive macro environment and a significant US dollar depreciation against the Euro . Robust operating performance across all business areas led to sound cash generation, supporting a solid financial position despite the concentration of distributions to shareholders during the quarter. By the end of the period, net debt stood at €1.4 bn. RCA Ebitda reached €840 m: • Upstream: RCA Ebitda was €403 m, with Brent price down 20% but production up 6% YoY, reflecting the strong availability of the FPSO’s fleet during the quarter, with a limited number of planned and unplanned maintenance activities having taken place. • Industrial & Midstream: RCA Ebitda was €320 m, with refining throughput and margin realisation impacted by the power outage in Iberia, in April. Still, operating earnings were up 42% YoY, supported by strong Midstream trading performance across commodities , in particular natural gas and LNG supply & trading, with volumes increasing significantly, mostly following the start of liftings from Venture Global LNG under its sales and purchase agreement. • Commercial: RCA Ebitda was € 101 m, 28% higher YoY , reflecting a strong performance supported on market improvements in Spain and Africa, whilst Convenience & Energy Solutions continued to expand having represented 37% of divisional operating contribution. • Renewables: RCA Ebitda was €9 m, up YoY as the optimisation of revenue streams through ancillary services, enabling a premium over the solar benchmark price, more than offset the lower generation and the weaker market price environment. Group RCA Ebit was €662 m, mostly following RCA Ebitda, whilst RCA Net Income amounted to €373 m. Galp’s adjusted operating cash flow (OCF) was € 713 m, reflecting the strong operating performance . Cash flow from operations (CFFO) reached €627 m, as a working capital release from reduced inventories was partially offset by reduced payables and US dollar depreciation against the Euro, as well as from an inventory effect which followed the evolution of commodity prices.
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3 Interim Management Report and Accounts 2025 July 2025 Capex in the period amounted to €182 m, primarily allocated to progress on the Bacalhau development, in Brazil, and to Industrial facilities, namely the construction of the Advanced Biofuels Unit and 100 MW electrolyser plant for green hydrogen production in Sines. Net debt increased to €1.4 bn, after the payment of the final tranche of the dividend related to 2024 fiscal year, amounting to €251 m, and €135 m invested in the ongoing buyback programme execution, while also reflecting currency translation adjustments on cash balances from the US dollar depreciation against the Euro. First half 2025 Galp’s RCA Ebitda was €1,509 m, while OCF was €980 m, reflecting a robust operating performance during the period from a resilient asset base operating in a more challenging macroeconomic context. Net capex represented an inflow of €305 m, largely reflecting proceeds from the completion of Area 4 Mozambique stake sale. Investments were mainly allocated to the deployment of Bacalhau, in Brazil, the latest exploration and appraisal campaign in Namibia and the construction of the low carbon industrial projects in Sines. FCF amounted to €594 m, reflecting the sound cash generation. Net debt was up €208 m compared to the end of 202 4, considering dividends to non-controlling interests of €92 m, dividends paid to shareholders of €251 m and €174 m invested through share buybacks, while also reflecting the negative currency exchange effect on cash balances from the US dollar depreciation against the Euro. Short term outlook Galp is updating its macroeconomic assumptions and revising its financial guidance for the year, also considering the sound operating performance during the first half, upgrading its Group Ebitda and OCF expectations for 2025. Upstream production for 2025 is now expected in the range of 105–110 kboepd, reflecting the strong production availability recorded in the first half of the year and the planned maintenance programme envisioned for the rest of the year. Industrial & Midstream 2025 Ebitda guidance is raised to >€800 m, incorporating contributions from Ventur e Global LNG volumes and a more robust macroeconomic environment, namely in natural gas prices. Macro and Operational Before Now Brent $/bbl c.70 c.70 Realised refining margin $/boe c.6 c.6 Iberian PVB natural gas price €/MWh c.30 c.40 Iberian solar price €/MWh c.40 c.40 Average exchange rate EUR:USD c.1.05 c.1.13 WI production kboepd >105 105 - 110 Financial indicators FY2025 Guidance (€ bn) Before Now RCA Ebitda >2.5 >2.7 OCF >1.6 >1.8 Previous Macro Sensitivities Macro Adj. Operational G prices ew Guidance e i i n (Ebitda € bn) >2.5 >2.
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4 Interim Management Report and Accounts 2025 July 2025 Financial data 1Ratio considers the LTM Ebitda RCA (€2, 79 m), which includes an adjustment for the impact from the application of IFRS 16 (€238 m). Operational data 1Reflects only Brazil's production following the divestment from Area 4 in Mozambique 2Includes volumes sold to the Commercial segment. Market indicators Source: Platts for commodities prices; MIBGAS for Iberian natural gas price; APETRO and CORES for Iberian oil market; REN and Enagás for Iberian natural gas market; OMIE and REE for Iberian pool price and solar captured price. €m (RCA, except otherwise stated) 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 849 669 840 (1%) RCA Ebitda 1,788 1,509 (16%) 531 385 403 (24%) Upstream 1,100 788 (28%) 226 218 320 42% Industrial & Midstream 530 539 2% 79 61 101 28% Commercial 142 163 15% 5 10 9 72% Renewables 14 19 35% 7 (4) 5 (25%) Corporate & Others 3 1 (64%) 660 497 662 0% RCA Ebit 1,421 1,159 (18%) 429 291 309 (28%) Upstream 899 599 (33%) 191 192 293 53% Industrial & Midstream 466 484 4% 48 30 69 43% Commercial 80 99 23% (8) (3) (6) (23%) Renewables (10) (9) (7%) (1) (12) (2) 67% Corporate & Others (15) (14) (6%) 299 192 373 25% RCA Net income 624 565 (9%) 93 171 19 (79%) Special items 178 190 7% (30) (1) (78) n.m. Inventory effect (65) (78) 21% 362 362 315 (13%) IFRS Net income 737 677 (8%) 646 266 713 10% Adjusted operating cash flow (OCF) 1,205 980 (19%) 562 (271) 627 12% Cash flow from operations (CFFO) 957 356 (63%) 238 487 (182) n.m. Net Capex (61) 305 n.m. 789 186 408 (48%) Free cash flow (FCF) 838 594 (29%) (93) (90) (2) (98%) Dividends paid to non-controlling interests (95) (92) (3%) (206) - (251) 22% Dividends paid to Galp shareholders (206) (251) 22% (85) (39) (135) 58% Share buybacks (133) (174) 30% 1,158 1,226 1,415 22% Net debt 1,158 1,415 22% 0.35x 0,44x 0.51x 45% Net debt to RCA Ebitda1 0.35x 0.51x 45% Quarter First Half 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 106 104 113 6% Working interest production1 (kboepd) 107 109 2% 81.0 72.2 65.2 (20%) Upstream oil realisations indicator (USD/bbl) 80.0 69.0 (14%) 32.9 34.7 36.2 10% Upstream gas realisations indicator (USD/boe) 28.4 34.7 22% 23.5 21.6 21.1 (10%) Raw materials processed in refinery (mboe) 46.0 42.8 (7%) 7.7 5.6 6.1 (20%) Galp refining margin (USD/boe) 9.7 5.9 (40%) 4.3 3.6 4.1 (6%) Oil products supply2 (mton) 8.0 7.6 (4%) 10.9 13.4 18.6 70% NG/LNG supply & trading volumes2 (TWh) 22.8 32.0 40% 1.8 1.6 1.9 4% Oil Products - client sales (mton) 3.4 3.5 3% 3.9 4.7 3.9 1% Natural gas - client sales (TWh) 8.0 8.6 7% 1.8 2.0 2.0 12% Electricity - client sales (TWh) 3.5 3.9 14% 779 380 668 (14%) Equity renewable power generation (GWh) 1,183 1,048 (11%) 17 70 25 50% Renewables' realised sale price (EUR/MWh) 30 41 36% Quarter First Half 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 1.08 1.05 1.13 5% Exchange rate EUR:USD 1.08 1.09 1% 5.61 6.16 6.41 14% Exchange rate EUR:BRL 5.5 6.29 15% 85.0 75.7 67.9 (20%) Dated Brent price (USD/bbl) 84.1 71.9 (15%) 32.0 46.8 34.9 9% Iberian MIBGAS natural gas price (EUR/MWh) 29.7 40.8 38% 31.5 47.0 35.4 12% Dutch TTF natural gas price (EUR/MWh) 29.5 41.2 40% 35.8 44.0 37.2 4% Japan/Korea Marker LNG price (EUR/MWh) 32.3 40.61 26% 147.9 142.2 137.5 (7%) Diesel 10 ppm CIF NWE Crack (USD/ton) 182.6 139.9 (23%) 226.2 122.8 166.7 (26%) EuroBob NWE FOB BG Crack (USD/ton) 200.9 144.4 (28%) 33.4 85.3 38.5 16% Iberian power baseload price (EUR/MWh) 39.1 61.8 58% 18.1 60.8 17.2 (5%) Iberian solar market price (EUR/MWh) 22.5 32.9 46% 16.5 15.5 16.4 (0%) Iberian oil market (mton) 32.0 31.9 (0%) 74.3 101.4 83.4 12% Iberian natural gas market (TWh) 174.2 184.8 6% Quarter First Half
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5 Interim Management Report and Accounts 2025 July 2025
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6 Interim Management Report and Accounts 2025 July 2025 2.1 Upstream 1 Includes natural gas exported; excludes natural gas used or reinjected. 2 Oil realisation indicator is estimated based on the differential to the average Brent price of the period when each of Galp’s oil cargoes were negotiated, deducted from logistic costs associated with its delivery. Gas realisation indicator represents the revenues collected from the equity gas sold during the period net of all gas delivery and treatment costs. 3Includes abandonment provisions. Second quarter 2025 Production was 113 kboepd, 6% higher YoY, reflecting the strong availability of the FPSO’s fleet during the quarter, with a limited number of planned and unplanned maintenance activities performed. Natural gas accounted for 13% of production. Oil r ealisations discount to average Brent was of $-2.7/bbl, as Galp continues to expand global outlets for its equity production. Production costs were $1.2/boe on a net entitlement basis , or €10 m, benefiting from the limited maintenance activities during the period. RCA Ebitda was €403 m, lower YoY, with the strong production in the period offset mainly by the lower Brent price and the US dollar depreciation against the Euro, as well as increased cargoes in transit. Amortisation, depreciation and provision charges (including right -of-use of assets) were €95 m, whilst u nit DD&A was $10.6/boe. IFRS 16 lease costs accounted for €30 m during the period. RCA Ebit was €309 m and IFRS Ebit amounted to €308 m. First half 2025 Production in Brazil was 109 kboepd, 2% higher YoY, mostly reflecting the limited unplanned interventions in the second quarter. Natural gas accounted for 13% of production. Oil realisations discount to average Brent was of $-2.9/bbl, whilst production costs were $1.9/boe on a net entitlement basis, or €34 m, lower YoY. RCA Ebitda was €788 m, down YoY, reflecting the more challenging macroeconomic environment, namely oil prices and USD depreciation, and despite the sound production during the first half of the year. Amortisation, depreciation and provision charges (including right -of-use of assets) were €189 m, whilst unit DD&A was $10.5/boe. IFRS 16 lease costs accounted for €64 m during the period. RCA Ebit was €599 m. IFRS Ebit amounted to € 741 m, considering special items related to the completion of Area 4 Mozambique stake sale in the first quarter. €m (RCA, except otherwise stated; unit figures based on net entitlement production) 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 106 104 113 6% Working interest production1 (kboepd) 107 109 2% 94 91 98 4% Oil production (kbpd) 95 94 (1%) 12 14 15 23% Gas production (kboepd) 12 15 21% Realisations indicators2 81.0 72.2 65.2 (20%) Oil (USD/bbl) 80.2 69.0 (14%) 32.9 34.7 36.2 10% Gas (USD/boe) 33.9 34.7 2% 7.5 6.7 6.1 (20%) Royalties (USD/boe) 7.4 6.4 (14%) 1.7 2.6 1.2 (32%) Production costs (USD/boe) 2.1 1.9 (11%) 11.4 10.5 10.6 (7%) DD&A3 (USD/boe) 11.2 10.5 (6%) 531 385 403 (24%) RCA Ebitda 1,100 788 (28%) (102) (94) (95) (7%) Depreciation, Amortisation, Impairments and Provisions (201) (189) (6%) 429 291 309 (28%) RCA Ebit 899 599 (33%) 583 433 308 (47%) IFRS Ebit 1,134 741 (35%) Quarter First Half
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7 Interim Management Report and Accounts 2025 July 2025 2.2 Industrial & Midstream 1Includes volumes sold to the Commercial segment. Second quarter 2025 Raw materials processed in the refinery reached 21 mboe, 10% down YoY, mainly reflecting the shutdown of the refinery amidst the Iberian power blackout in April. Galp’s refining margin was $6.1/boe, down YoY, reflecting a weaker international cracks environment, as well as the suboptimal operations in late April. Refining costs were €51 m, or $2.7/boe in unit terms, stable YoY. Total supply of oil products decreased YoY to 4.1 mton, given the lower availability of the refining system and resulting reduction in diesel exports. Supply and trading volumes of natural gas and LNG reached 18.6 TWh, significantly higher YoY, mostly following the start of liftings from Venture Global LNG under its sales and purchase agreement, but also increased volumes sourced from legacy long term sourcing contracts and the growing footprint in the Brazilian market. RCA Ebitda was €320 m, higher YoY, reflecting the solid refining performance as well as t he continued robust Midstream contribution from supply and trading activities across gas, oil and power. RCA Ebit was €293 m, whilst IFRS Ebit was €175 m, with inventory effect and special items of €-117 m. First half 2025 Refining raw materials processed were 43 mboe, down YoY, with externalities leading to a lower availability of the units , namely the harsh weather conditions and power outage in Iberia during the first and second quarters, respectively. Crude oil accounted for 87% of raw materials processed, of which 68% corresponded to medium and heavy crudes. On the refinery yields during the period, middle distillates (diesel, bio-diesel and jet) accounted for 45% of production, light distillates (gasolines and naphtha) accounted for 27% and fuel oil for 17%, with consumption and losses representing 9%. Galp’s refining margin was $ 5.9/boe, down YoY, reflecting a weaker macro environment . Refining costs were € 111 m, or $2.8/boe in unit terms. Total supply of oil products decreased 4% YoY to 7.6 mton, following the decrease in raw materials processed. Exports represented 29% of volumes. Supply and trading volumes of natural gas and LNG reached 32 TWh, up 40% YoY, following the start of liftings from Venture Global LNG in the US and the growing footprint in the Brazilian market. RCA Ebitda was €539 m, slightly higher YoY, with the sound Industrial performance complemented with a continued robust Midstream contribution from supply and trading activities across gas, oil and power. RCA Ebit was €484 m, whilst IFRS Ebit was €361 m, mostly reflecting an inventory effect of €-115 m. €m (RCA, except otherwise stated) 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 23.5 21.6 21.1 (10%) Raw materials processed (mboe) 46.0 42.8 (7%) 7.7 5.6 6.1 (20%) Galp refining margin (USD/boe) 9.7 5.9 (40%) 2.5 3.0 2.7 10% Refining cost (USD/boe) 2.2 2.8 27% 4.3 3.6 4.1 (6%) Oil products supply1 (mton) 8.0 7.6 (4%) 10.9 13.4 18.6 70% NG/LNG supply & trading volumes1 (TWh) 22.8 32.0 40% 5.2 7.1 13.1 n.m. Trading (TWh) 9.4 20.1 n.m. 226 218 320 42% RCA Ebitda 530 539 2% (35) (27) (28) (21%) Depreciation, Amortisation, Impairments and Provisions (64) (54) (15%) 191 192 293 53% RCA Ebit 466 484 4% 167 187 175 5% IFRS Ebit 399 361 (10%) Quarter First Half
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8 Interim Management Report and Accounts 2025 July 2025 2.3 Commercial Second quarter 2025 Oil products’ sales were up 4% YoY, at 1.9 mton, driven by a recovery in the Spanish market and by a stronger marketing performance in selected African countries. Natural gas sales were 3.9 TWh, flat YoY, whilst electricity sales were up 12% YoY, to 2.0 TWh, following stronger sales in Spain B2B segment and Portugal B2C. RCA Ebitda was €101 m, 28% higher YoY, reflecting a strong performance across business es, namely in the Spanish and African markets. Gas & Power ’s residential business benefited from successful customer acquisition efforts , whilst Convenience & Energy Solutions continued to grow and represented 37% of divisional operating earnings. RCA Ebit was €69 m, whilst IFRS Ebit was €75 m. First half 2025 Total oil product sales increased 3% YoY, to 3.5 mton , primarily reflecting a recovery in contributions from activities in Spain, in both the B2C and B2B segments. Natural gas sales were up 7%, to 8.6 TWh , and electricity sales reached 3.9 TWh, a 14% increase YoY, driven by the increased number of clients in Iberia. In electric mobility, charging points in operation reached c. 7,700 by the end of the period, a 52% increase YoY. RCA Ebitda was €163 m, higher YoY, reflecting a strong performance across businesses. Convenience & Customer Solutions represented 39% of divisional Ebitda. RCA Ebit was €99 m and IFRS Ebit was €103 m. €m (RCA, except otherwise stated) 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY Commercial sales to clients 1.8 1.6 1.9 4% Oil products (mton) 3.4 3.5 3% 3.9 4.7 3.9 1% Natural Gas (TWh) 8.0 8.6 7% 1.8 2.0 2.0 12% Electricity (TWh) 3.5 3.9 14% 79 61 101 28% RCA Ebitda 142 163 15% (31) (31) (32) 4% Depreciation, Amortisation, Impairments and Provisions (62) (64) 3% 48 30 69 43% RCA Ebit 80 99 23% 31 29 75 n.m. IFRS Ebit 64 103 62% Quarter First Half
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9 Interim Management Report and Accounts 2025 July 2025 2.4 Renewables Second quarter 2025 Renewable energy generation reached 66 8 GWh, lower YoY, reflecting an optimisation of generation activities through voluntary curtailments. In June, two projects in Spain totalling a solar capacity of 115 MW started commercial operations. Realised sale price was €25/MWh, 50% higher YoY and above solar benchmark price in Iberia , reflecting the positive contribution from ancillary services, which enabled the capture of a premium to the market. RCA Ebitda was €9 m, marginally up YoY, as improved realisations more than offset the optimised generation. First half 2025 Renewable installed capacity at the end of the first half reached 1.7 GW. Energy generation amounted to 1,048 GWh, down 11% YoY, impacted by overall inferior irradiation and voluntary curtailments as part of value optimisation levers potentiating ancillary services’ contribution. Realised sale price was € 41/MWh, capturing a premium to the Iberia solar benchmark price of €33/MWh on the back of ancillary services, but still reflecting the pressured price environment in Iberia amidst the high penetration of energy from renewable sources in the mix. Renewables RCA Ebitda was €19 m, up YoY, with the higher captured prices more than offsetting the lower generation. €m (RCA, except otherwise stated) 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 779 380 668 (14%) Renewable power generation (GWh) 1,183 1,048 (11%) 17 70 25 50% Galp realised sale price (EUR/MWh) 30 41 36% 5 10 9 72% RCA Ebitda 14 19 35% (13) (13) (15) 16% Depreciation, Amortisation, Impairments & Provisions (24) (28) 17% (8) (3) (6) (23%) RCA Ebit (10) (9) (7%) (8) (2) (6) (26%) IFRS Ebit (10) (8) (22%) Quarter First Half
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10 Interim Management Report and Accounts 2025 July 2025
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11 Interim Management Report and Accounts 2025 July 2025 3.1 Income Statement 1Includes taxes on oil and natural gas production, such as SPT payable in Brazil. Second quarter 2025 RCA Ebitda was €840 m, reflecting the strong operating performance across businesses. IFRS Ebitda amounted to €729 m, considering an inventory effect of €-110 m reflecting the declining commodities’ prices. Group RCA Ebit was €662 m, following Ebitda and regular non-cash costs in the quarter, amounting to €177 m. Financial Results were €-21 m. RCA taxes amounted to €222 m, also reflecting downward revisions on provisions from the first quarter given the de preciation of the US dollar . Non-controlling interests amounted to €44 m, mostly attributed to Sinopec’s stake in Petrogal Brasil. RCA Net Income was €373 m. IFRS net income was €315 m, with special items €19 m, mainly attributable to the Commercial Guinea Bissau divestment. First half 2025 RCA Ebitda was €1,509 m, reflecting a strong operating performance across divisions under a weaker macroeconomic deck. IFRS Ebitda amounted to €1,545 m, considering an inventory effect of €-113 m and special items of €150 m, mostly related to assets held for sale. Group RCA Ebit was € 1,159 m. Financial results were €-34 m. RCA taxes were € 490 m, with an implicit tax rate of 4 3%, down YoY, reflecting the increased contribution from non -Upstream businesses. Non-controlling interests of € 71 m were mostly attributed to Sinopec’s stake in Petrogal Brasil. RCA Net Income was € 565 m. IFRS net income was € 677 m, with an inventory effect of € -78 m and special items of €190 m, related to assets held for sale , namely the divestment of the Upstream position in Mozambique, completed in March, and Commercial Guinea Bissau, which operation is still to be concluded. €m (RCA, except otherwise stated) 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 5,720 4,807 5,026 (12%) Turnover 10,795 9,833 (9%) (4,168) (3,565) (3,563) (15%) Cost of goods sold (7,751) (7,128) (8%) (514) (524) (509) (1%) Supply & Services (987) (1,034) 5% (118) (117) (96) (19%) Personnel costs (223) (213) (4%) (78) 72 (16) (80%) Other operating revenues (expenses) (55) 56 n.m. 8 (4) (2) n.m. Impairments on accounts receivable 9 (7) n.m. 849 669 840 (1%) RCA Ebitda 1,788 1,509 (16%) 976 816 729 (25%) IFRS Ebitda 1,969 1,545 (22%) (189) (172) (177) (6%) Depreciation, Amortisation, Impairments and Provisions (368) (350) (5%) 660 497 662 0% RCA Ebit 1,421 1,159 (18%) 772 634 547 (29%) IFRS Ebit 1,568 1,181 (25%) (8) 3 (2) (71%) Net income from associates (10) 1 n.m. 4 (13) (21) n.m. Financial results (21) (34) 64% 18 (4) (3) n.m. Net interests 15 (7) n.m. 20 12 18 (9%) Capitalised interest 33 30 (10%) 7 6 (3) n.m. Exchange gain (loss) 5 4 (29%) (19) (20) (20) 9% Interest on leases (IFRS 16) (39) (41) 3% (22) (7) (13) (40%) Other financial charges/income (35) (20) (43%) 656 487 639 (3%) RCA Net income before taxes and non-controlling interests 1,390 1,126 (19%) (299) (268) (222) (26%) Taxes (650) (490) (25%) (139) (148) (92) (34%) Taxes on oil and natural gas production1 (298) (240) (19%) (58) (27) (44) (24%) Non-controlling interests (116) (71) (39%) 299 192 373 25% RCA Net income 624 565 (9%) 93 171 19 (79%) Special items 178 190 7% 392 363 392 0% RC Net income - attributable to Galp Energia shareholders 801 755 (6%) (30) (1) (78) n.m. Inventory effect (65) (78) 21% 362 362 315 (13%) IFRS Net income - attributable to Galp Energia shareholders 737 677 (8%) Quarter First Half
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12 Interim Management Report and Accounts 2025 July 2025 3.2 Capital Expenditure 1 Excludes any amounts related to the Mozambique Upstream assets. 2 Capex figures based in change in assets during the period. Second quarter 2025 Capex totalled €190 m during the quarter, with Upstream and Industrial accounting for 43% and 39% of total investments, respectively, whilst Commercial and Renewables businesses represented the remaining. Investments in Upstream were mostly directed towards the development progress of the Bacalhau project in the Brazilian pre-salt. Industrial capex was directed to the ongoing construction of the Advanced Biofuels Unit for HVO/SAF production and 100 MW electrolyser plant for green hydrogen production in the Sines’ industrial complex. First half 2025 Capex totalled €484 m, with Upstream and Industrial accounting for 62% and 24% of total investments, respectively, whilst Commercial and Renewables businesses represented the remaining. Investments in Upstream were mostly directed to the drilling of the fifth well in Namibia PEL 83, completed during the first quarter, as well as the deployment of Bacalhau, in Brazil. Industrial capex was mostly allocated to the low-carbon projects in the Sines industrial complex. Investments in Commercial were directed mainly towards the upgrade of the service stations network, whilst Renewables spending was directed to the deployment of additional solar and storage capacity in Iberia. €m 2Q24 1Q25 2Q25 % Var. YoY 2024 2025 % Var. YoY 124 221 81 (35%) Upstream1 356 302 (15%) 57 43 74 29% Industrial & Midstream 89 117 31% 16 5 11 (30%) Commercial 20 16 (20%) 39 22 23 (41%) Renewables 46 45 (1%) 4 3 1 (89%) Others 32 4 (88%) 241 295 190 (21%) Capex (economic)2 544 484 (11%) Quarter First Half
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13 Interim Management Report and Accounts 2025 July 2025 3.3 Cash Flow 1 Considers adjustments to exclude contribution from assets held for sale. 2 Mainly dividends paid to Sinopec. Second quarter 2025 Galp’s OCF was € 13 m, reflecting the strong operating performance. CFFO reached €62 m, as a working capital release from reduced inventories was partially offset by reduced payables and US dollar depreciation against the Euro, as well as from an inventory effect which followed the evolution of commodity prices. FCF amounted to €408 m, with capex outflows amounting to €182 m in the quarter. At the end of the period, net debt increased to €1.4 bn, after the payment of the second tranche of the dividend related to 2024 fiscal year, amounting to €251 m , and €135 m invested in the ongoing buyback programme execution, while also reflecting currency translation adjustments on cash balances from the US dollar depreciation against the Euro. First half 2025 Galp’s OCF was €980 m, reflecting the robust operating performance and paid taxes of €540 m, considering phasing on income paid taxes in Brazil during the first quarter. CFFO reached €356 m, with an inventory effect of € -113 m and a € -505 m working capital build, largely related to the normalisation of receivables balance from Upstream sold cargoes compared to 2024-end and as the momentary increase in refining inventories the first quarter only partially unwind. et capex represented an inflow of € 305 m, with proceeds from divestments of €870 m, largely resulting from the completion of Area 4 Mozambique stake sale. FCF amounted to € 594 m, reflecting the sound cash generation. et debt was up €208 m compared to the end of 2024, considering dividends to non-controlling interests of €92 m, dividends paid to shareholders of €251 m and €174 m invested through share buybacks, while also reflecting the negative currency exchange effect on cash balances from the US dollar depreciation against the Euro. €m 2Q24 1Q25 2Q25 2024 2025 849 669 840 RCA Ebitda 1,788 1,509 7 1 10 Dividends from associates 7 11 (210) (405) (136) Taxes paid (590) (540) 646 266 713 Adjusted operating cash flow 1 1,205 980 (19) (1) (4) Special items (9) (5) (45) (3) (110) Inventory effect (98) (113) (20) (533) 28 Changes in working capital (141) (505) 562 (271) 627 Cash flow from operations 957 356 238 487 (182) Net capex (61) 305 518 870 (0) o.w. Divestments 583 870 9 (9) (16) Net financial expenses (16) (25) (21) (21) (21) IFRS 16 leases interest (42) (42) 789 186 408 Free cash flow 838 594 (93) (90) (2) Dividends paid to non-controlling interest 2 (95) (92) (206) - (251) Dividends paid to Galp shareholders (206) (251) (85) (39) (135) Share buybacks for capital reduction (133) (174) (41) (43) (34) Reimbursement of IFRS 16 leases principal (81) (77) (15) (34) (175) Others (81) (209) (348) (19) (189) Change in net debt (242) (208) Quarter First Half
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14 Interim Management Report and Accounts 2025 July 2025 3.4 Financial Position On June 30, 2025, net fixed assets were € 6.7 bn, including work-in-progress of €2.9 bn, mostly related to the Upstrea m business. The Equity position evolution in the period heavily reflected currency translation adjustments, offsetting the net income generated. At the end of June, assets/liabilities held for sale are solely related to the Guinea Bissau Commercial position held for sale. €m 31 Dec. 2024 31 Mar. 2025 30 Jun. 2025 Var. vs 31 Dec. 2024 Var. vs 31 Mar. 2025 Net fixed assets 6,887 6,915 6,685 (201) (230) Right-of-use of assets (IFRS 16) 1,215 1,162 1,116 (99) (46) Working capital 332 857 829 497 (28) Other assets/liabilities (1,345) (846) (847) 498 (1) Assets held for sale 1,171 45 38 (1,133) (8) Capital employed 8,260 8,134 7,821 (439) (313) Short term debt 367 958 619 252 (339) Medium-Long term debt 3,125 2,627 3,025 (100) 398 Total debt 3,492 3,585 3,644 152 59 Cash and equivalents 2,285 2,359 2,229 (56) (130) Net debt 1,207 1,226 1,415 208 189 Leases (IFRS 16) 1,414 1,350 1,303 (112) (47) Equity 5,638 5,558 5,103 (535) (455) Equity, net debt and leases 8,260 8,134 7,821 (439) (313)
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15 Interim Management Report and Accounts 2025 July 2025 3.5 Financial Debt 1 Ratio considers the LTM Ebitda RCA (€2, 79 m), which includes an adjustment for the impact from the application of IFRS 16 (€238 m). On June 30, 2025, Net debt was €1,415 m and Net debt to RCA Ebitda was 0.51x. At the end of the period, cash and cash equivalents were €2,229 m, whilst unused credit lines were € 2,010 m, of which c.79% were contractually guaranteed with maturity longer than one year. The average cost of funding for the period, including charges for credit lines, was 3.17%. Debt maturity profile (€ m) €m (except otherwise stated) 31 Dec. 2024 31 Mar. 2025 30 Jun. 2025 Cash and equivalents 2,285 2,359 2,229 Undrawn credit facilities 1,660 1,807 2,010 Bonds 2,225 2,225 2,075 Bank loans and overdrafts 1,268 1,360 1,569 Net debt 1,207 1,226 1,415 Leases (IFRS 16) 1,414 1,350 1,303 Net debt to RCA Ebitda1 0.40x 0.44x 0.51x 0 400 800 1,200 1,600 2025 2026 2027 2028 2029+ @30 Jun 2025 @31 Dec 2024
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16 Interim Management Report and Accounts 2025 July 2025 3.6 Reconciliation of IFRS and RCA Figures €m Ebitda IFRS Inventory effect RC Ebitda Special items RCA Ebitda Ebitda IFRS Inventory effect RC Ebitda Special items RCA Ebitda 729 110 839 1 840 Galp 1,545 113 1,659 (150) 1,509 403 - 403 0 403 Upstream 935 - 935 (147) 788 204 116 320 1 320 Industrial & Midstream 422 115 537 2 539 110 (6) 104 (3) 101 Commercial 170 (2) 168 (6) 163 9 - 9 (0) 9 Renewables 20 - 20 (2) 19 2 - 2 3 5 Others (2) - (2) 3 1 Second Quarter First Half €m Ebit IFRS Inventory effect RC Ebit Special items RCA Ebit Ebit IFRS Inventory effect RC Ebit Special items RCA Ebit 547 110 656 6 662 Galp 1,181 113 1,294 (135) 1,159 308 - 308 0 309 Upstream 741 - 741 (142) 599 175 116 291 2 293 Industrial & Midstream 361 115 477 8 484 75 (6) 68 1 69 Commercial 103 (2) 101 (2) 99 (6) - (6) (0) (6) Renewables (8) - (8) (2) (9) (6) - (6) 3 (2) Others (17) - (17) 3 (14) Second Quarter First Half
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17 Interim Management Report and Accounts 2025 July 2025 3.7 Special Items 2Q24 1Q25 2Q25 2024 2025 (172) (150) 1 Items impacting Ebitda (279) (150) (6) 1 1 LNG vessel subchartering (16) 2 (138) - - Angola farm-out gains (138) - - (129) - Mozambique disposal gains - (129) (53) (23) - Ebitda - Assets/liabilities held for sale (150) (23) 24 - - Settlement of equipment rental agreements in Brazil 24 15 10 5 Items impacting non-cash costs 33 15 5 5 1 LNG vessel subchartering 9 6 10 5 4 DD&A-Assets/liabilities held for sale 24 9 73 1 (8) Items impacting financial results 56 (7) 16 3 - Gains/losses on financial investments (Coral) 9 3 - 1 - Gains/losses on financial investments (BBB) - 1 - (18) - Mozambique disposal gains - (18) 24 9 (1) Financial costs - Others 34 8 34 6 (8) Mark-to-Market of derivatives 14 (2) (0) 0 1 FX differences from natural gas derivatives (0) 1 12 (43) (25) Items impacting taxes 35 (68) (24) (4) 3 Taxes on special items (12) (1) 35 (39) (28) BRL/USD FX impact on deferred taxes in Brazil 46 (67) (20) 12 8 Non-controlling interests (23) 20 (93) (171) (19) Total special items (178) (190) Quarter First Half
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18 Interim Management Report and Accounts 2025 July 2025 3.8 Consolidated Income Statement 1 Includes SPT payable in Brazil 2 Includes €8 m, €11 m and €3 m related to CESE I, CESE II and F EE, respectively, during 2025. €m 2Q24 1Q25 2Q25 2024 2025 5,616 4,669 4,889 Sales 10,572 9,558 105 139 137 Services rendered 223 275 139 316 40 Other operating income 361 356 5,859 5,124 5,066 Operating income 11,156 10,190 (4,162) (3,528) (3,669) Inventories consumed and sold (7,745) (7,197) (557) (534) (514) Materials and services consumed (1,047) (1,048) (118) (117) (96) Personnel costs (223) (213) 8 (4) (2) Impairments on accounts receivable 9 (7) (54) (124) (56) Other operating costs (179) (180) (4,883) (4,307) (4,337) Operating costs (9,187) (8,644) 976 816 729 Ebitda 1,969 1,545 (205) (182) (182) Depreciation, Amortisation and Impairments (402) (364) 1 (0) (0) Provisions 1 (1) 772 634 547 Ebit 1,568 1,181 (24) 18 (3) Net income from associates (18) 15 (53) (28) (12) Financial results (69) (41) 32 25 25 Interest income 64 50 (14) (29) (27) Interest expenses (49) (56) 20 12 18 Capitalised interest 33 30 (34) (29) (21) Interest on leases (IFRS 16) (67) (50) 7 6 (3) Exchange gain (loss) 5 4 (34) (6) 8 Mark-to-market of derivatives (14) 2 (31) (7) (12) Other financial charges/income (41) (19) 695 624 531 Income before taxes 1,481 1,155 (288) (173) (158) Taxes1 (600) (331) (7) (49) (7) Energy sector contribution taxes2 (52) (56) 400 401 367 Income before non-controlling interests 830 768 (38) (39) (52) Income attributable to non-controlling interests (93) (91) 362 362 315 Net income 737 677 Quarter First Half
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19 Interim Management Report and Accounts 2025 July 2025 3.9 Consolidated Financial Position 1 Includes own shares purchases for share cancellation purposes and for the share-based remuneration plan as part of the Company's long-term incentives (LTIs). €m 31 Dec. 2024 31 Mar. 2025 30 Jun. 2025 Assets Tangible fixed assets 6,195 6,248 6,068 Goodwill 44 44 44 Other intangible fixed assets 694 675 647 Rights-of-use of assets (IFRS 16) 1,215 1,162 1,116 Investments in associates 109 106 96 Receivables 310 329 359 Deferred tax assets 669 688 660 Financial investments 69 56 40 Total non-current assets 9,306 9,309 9,029 Inventories 1,101 1,536 1,263 Trade receivables 1,237 1,455 1,312 Other receivables 837 1,255 949 Other financial assets 150 152 576 Current income tax receivable 106 113 104 Cash and equivalents 2,285 2,359 2,229 Non-current assets held for sale 1,794 51 44 Total current assets 7,511 6,922 6,477 Total assets 16,817 16,231 15,506 Equity Share capital 753 753 753 Buybacks1 (47) (94) (220) Share premium - (0) (0) Reserves 1,563 1,379 964 Retained earnings 1,379 2,371 2,154 Net income 1,040 362 677 Total equity attributable to equity holders of the parent 4,689 4,772 4,328 Non-controlling interests 950 785 775 Total equity 5,638 5,558 5,103 Liabilities Bank loans and overdrafts 1,051 1,050 1,548 Bonds 2,075 1,577 1,477 Leases (IFRS 16) 1,182 1,127 1,083 Other payables 109 104 114 Retirement and other benefit obligations 221 218 216 Deferred tax liabilities 579 513 435 Other financial instruments 102 77 99 Provisions 1,497 1,514 1,471 Total non-current liabilities 6,814 6,180 6,442 Bank loans and overdrafts 217 310 20 Bonds 150 648 598 Leases (IFRS 16) 233 222 220 Trade payables 945 1,185 1,065 Other payables 1,755 1,860 1,754 Other financial instruments 111 75 76 Income tax payable 332 186 220 Liabilities related to non-current assets held for sale 622 6 7 Total current liabilities 4,365 4,493 3,961 Total liabilities 11,179 10,673 10,403 Total equity and liabilities 16,817 16,231 15,506
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20 Interim Management Report and Accounts 2025 July 2025 1Includes own shares purchases for share cancellation purposes and for the share-based remuneration plan as part of the Company's long-term incentives (LTIs). 2For further detail, please refer to Note 13 of the Interim Condensed Consolidated Financial Statements.
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21 Interim Management Report and Accounts 2025 July 2025 Basis of Reporting Galp’s consolidated financial statements have been prepared in accordance with IFRS. The financial information in the consolidated income statement and in the consolidated financial position is reported for the quarters ended June 30 and December 31, 2024, March 31 and June 30, 2025. Galp’s financial statements are prepared in accordance with IFRS, and the cost of goods sold is valued at weighted-average cost. When goods and commodity prices fluctuate, the use of this valuation method may cause volatility in results through gains or losses in inventories, which do not reflect the Company’s operating performance. This is called the inventory effect. Other factors that may affect the Company’s results, without being an indicator of its true performance, are set as special items. For the purpose of evaluating Galp’s operating performance, RCA profitability measures exclude special items and the inventory effect, the latter because the cost of goods sold and materials consumed has been calculated according to the Replacement Cost (RC) valuation method. All mark-to-market swings related with derivatives are registered as special items (starting from January 1, 2023). With regards to risks and uncertainties, please read Part II – C. III Internal control and risk management (page 24) of Corporate Governance Report 2024, here.
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22 Interim Management Report and Accounts 2025 July 2025
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23 Interim Management Report and Accounts 2025 July 2025 Index Interim Condensed Consolidated Statement of Financial Position Interim Condensed Consolidated Income Statement and Interim Condensed Consolidated Statement of Comprehensive Income Interim Condensed Consolidated Statement of Changes in Equity Interim Condensed Consolidated Statement of Cash Flows Notes to the Interim Condensed Consolidated Financial Statements 1. Corporate information ................................................................................................................................... 28 2. Information about material accounting policies, judgments, estimates and changes related to the condensed consolidated financial statements .................................................................................................... 28 3. Segment reporting ........................................................................................................................................ 30 4. Tangible assets ............................................................................................................................................. 33 5. Goodwill and intangible assets ...................................................................................................................... 34 6. Leases.. ......................................................................................................................................................... 34 7. Investments in associates and joint ventures ............................................................................................... 35 8. Inventories .................................................................................................................................................... 35 9. Trade and other receivables ......................................................................................................................... 36 10. Other financial assets ................................................................................................................................. 37 11. Cash and cash equivalents ......................................................................................................................... 37 12. Financial debt .............................................................................................................................................. 37 13. Trade payables and other payables ............................................................................................................ 38 14. Taxes and other contributions .................................................................................................................... 38 15. Post-employment benefits .......................................................................................................................... 39 16. Provisions .................................................................................................................................................... 40 17. Other financial instruments ......................................................................................................................... 40 18. Non-controlling interests ............................................................................................................................. 42 19. Revenue and income ................................................................................................................................... 42 20. Costs and expenses .................................................................................................................................... 42 21. Financial results .......................................................................................................................................... 43 22. Related party transactions .......................................................................................................................... 43 23. Subsequent Events ..................................................................................................................................... 43 24. Approval of the financial statements ........................................................................................................... 44
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24 Interim Management Report and Accounts 2025 July 2025 Interim Condensed Consolidated Statement of Financial Position Galp Energia SGPS, S.A. Condensed Consolidated Statement of Financial Position as at 30 June 2025 and 31 December 2024 (Amounts stated in million Euros - €m) Assets Notes June 2025 December 2024 Non-current assets: Tangible assets 4 6,068 6,194 Goodwill and intangible assets 5 691 739 Right-of-use of assets 6 1,116 1,215 Investments in associates and joint ventures 7 96 109 Deferred tax assets 14.1 660 669 Trade receivables 9.1 30 0 Other receivables 9.2 329 310 Other financial assets 10 40 69 Total non-current assets: 9,029 9,306 Current assets: Inventories 8 1,263 1,101 Other financial assets 10 576 150 Trade receivables 9.1 1,312 1,237 Other receivables 9.2 949 837 Current income tax receivable 14 104 106 Cash and cash equivalents 11 2,229 2,285 Non-current assets classified as held for sale 2.3 44 1,794 Total current assets: 6,477 7,511 Total assets: 15,506 16,817 Equity and Liabilities Notes June 2025 December 2024 Equity: Share capital and share premium 753 753 Own shares 2.5 (220) (47) Reserves 964 1,563 Retained earnings 2,831 2,418 Total equity attributable to shareholders: 4,328 4,689 Non-controlling interests 18 775 950 Total equity: 5,103 5,638 Liabilities: Non-current liabilities: Financial debt 12 3,025 3,125 Lease liabilities 6 1,083 1,182 Other payables 13 114 109 Post-employment and other employee benefit liabilities 15 216 221 Deferred tax liabilities 14.1 435 579 Other financial instruments 17 99 102 Provisions 16 1,471 1,497 Total non-current liabilities: 6,442 6,814 Current liabilities: Financial debt 12 619 367 Lease liabilities 6 220 233 Trade payables 13 1,065 945 Other payables 13 1,754 1,755 Other financial instruments 17 76 111 Current income tax payable 14 220 332 Liabilities directly associated with non-current assets classified as held for sale 2.3 7 622 Total current liabilities: 3,961 4,365 Total liabilities: 10,403 11,179 Total equity and liabilities: 15,506 16,817 The accompanying notes form an integral part of the condensed consolidated statement of financial position and should be read in conjunction.
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25 Interim Management Report and Accounts 2025 July 2025 Interim Condensed Consolidated Income Statement and Interim Condensed Consolidated Statement of Comprehensive Income Galp Energia SGPS, S.A. Condensed Consolidated Income Statement and Condensed Consolidated Statement of Comprehensive Income for the six-month periods ended 30 June 2025 and 30 June 2024 (Amounts stated in million Euros - €m) Notes June 2025 June 2024 Sales 19 9,558 10,572 Services rendered 19 275 223 Other operating income 19 356 361 Financial income 21 53 67 Earnings from associates and joint ventures 7/19 15 (18) Total revenue and income: 10,257 11,206 Cost of sales 20 (7,197) (7,746) Supplies and external services 20 (1,048) (1,048) Employee costs 20 (213) (223) Amortisation, depreciation and impairment losses on fixed assets 20 (364) (401) Provision and impairment losses on other receivables 20 (7) 10 Other operating costs 20 (180) (179) Financial expenses 21 (93) (136) Total costs and expenses: (9,102) (9,724) Profit/(Loss) before taxes and other contributions: 1,155 1,481 Taxes and SPT 14.1 (331) (600) Energy sector extraordinary contribution 14.2 (56) (52) Consolidated net profit/(loss) for the period 768 830 Income/(Loss) attributable to: Galp Energia, SGPS, S.A. Shareholders 677 737 Non-controlling interests 18 91 93 Basic Earnings per share (in Euros) 0.91 0.96 Diluted Earnings per share (in Euros) 0.91 0.96 Consolidated net income/(loss) for the year 768 830 Items which will not be recycled in the future through net income: Remeasurements 0 (4) Income taxes related to remeasurements 0 3 Items which may be recycled in the future through net income: Currency translation adjustments (727) 25 Hedging reserves 17 36 (32) Income taxes related to the above items 14 (12) 9 Subtotal of other comprehensive income/(loss) (703) 2 Total Comprehensive income/(loss) for the year, attributable to: 65 831 Galp Energia, SGPS, S.A. Shareholders 74 710 Non-controlling interests (9) 120 The accompanying notes form an integral part of the condensed consolidated income statement and consolidated statement of comprehensive income and should be read in conjunction.
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26 Interim Management Report and Accounts 2025 July 2025 Interim Condensed Consolidated Statement of Changes in Equity Galp Energia SGPS, S.A. Condensed Consolidated Statement of Changes in Equity for the six-month periods ended 30 June 2025 and 30 June 2024 (Amounts stated in million Euros - €m) Share Capital and Share Premium Own shares Reserves Retained earnings Sub- Total NCI (**) Total Share Capital Share Premium CTR (*) Hedging Reserve Other Reserves Balance as at 1 January 2024 773 0 0 (128) 48 1,529 2,187 4,409 920 5,329 Consolidated net profit for the period 0 0 0 0 0 0 737 737 93 830 Other gains and losses recognised in equity 0 0 0 (2) (23) 0 (1) (26) 27 2 Comprehensive income for the period 0 0 0 (2) (23) 0 736 710 120 831 Dividends distributed 0 0 0 0 0 0 (206) (206) (121) (327) Repurchases of shares 0 0 (183) 0 0 0 0 (183) 0 (183) Distribution of shares 0 0 3 0 0 0 (3) 0 0 0 Increase/(Decrease) in reserves 0 0 0 0 0 180 (180) 0 0 0 Long term incentives plan 0 0 0 0 0 (3) 3 0 0 0 Cumulative income as at 30 June 2024 - CTR with Non-current Asset classified as held for sale 0 0 0 100 0 0 0 100 0 100 Cumulative loss at 30 June 2024 – Other CTR’s 0 0 0 (230) 0 0 0 (230) 0 (230) Balance as at 30 June 2024 773 0 (180) (130) 25 1,706 2,537 4,731 919 5,650 Balance as at 1 January 2025 753 0 (47) 6 (22) 1,579 2,418 4,689 950 5,638 Consolidated net profit for the period 0 0 0 0 0 0 677 677 91 768 Reclassification CTR to net profit for the period (***) 0 0 0 (96) 0 0 96 0 0 0 Other gains and losses recognised in equity 0 0 0 (531) 23 0 (96) (603) (100) (703) Comprehensive income for the period 0 0 0 (627) 23 0 677 74 (9) 65 Dividends distributed 0 0 0 0 0 0 (251) (251) (166) (417) Repurchases of shares 0 0 (182) 0 0 0 0 (182) 0 (182) Distribution of shares 0 0 8 0 0 0 (8) 0 0 0 Increase/(Decrease) in reserves 0 0 0 0 0 13 (13) 0 0 0 Long term incentives plan 0 0 0 0 0 (10) 8 (2) 0 (2) Cumulative income as at 30 June 2025 – CTR with Non-current Asset classified as held for sale 0 0 0 0 0 0 0 0 0 0 Cumulative loss at 30 June 2025 – Other CTR’s 0 0 0 (620) 0 0 0 (620) 0 (620) Balance as at 30 June 2025 753 0 (220) (620) 1 1,583 2,831 4,328 775 5,103 The accompanying notes form an integral part of the condensed consolidated statement of changes in equity and should be read in conjunction. (*) Currency Translation Reserves (**) Non-controlling Interests (***) Includes an adjustment of cumulative CTR at March 2025 that was recycled to net profit for the period (€96 m) , regarding the sale of upstream assets of Mozambique (Note 2.3 and Note 19).
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27 Interim Management Report and Accounts 2025 July 2025 Interim Condensed Consolidated Statement of Cash Flows Galp Energia SGPS, S.A. Condensed Consolidated Statement of Cash Flow for the six -month periods ended 30 June 2025 and 30 June 2024 (Amounts stated in million Euros - €m) Notes June 2025 June 2024 Income/(Loss) before taxation for the period 1,155 1,481 Adjustments for: Amortisation, depreciation and impairment losses on fixed assets 20 364 401 Provisions 20 1 (1) Adjustments to net realisable value of inventories 20 (5) (42) Mark-to-market of derivatives 17 (2) 14 Other financial costs/income 21 43 55 Underlifting and/or Overlifting 19/20 0 34 Share of profit/(loss) of joint ventures and associates 7 (15) 18 Capital gain of Mozambique upstream 2.3 (130) (138) Others (82) (75) Increase / decrease in assets and liabilities: (Increase)/decrease in inventories (157) 273 (Increase)/decrease in current receivables (75) (193) (Decrease)/increase in current payables 121 (99) (Increase)/decrease in other receivables, net (355) 27 Dividends from associates 11 7 Taxes paid 14 (543) (600) Own shares for LTI reflected in Equity (share-based payment) 2.5 (8) (49) Cash flow from operating activities 323 1,112 Capital expenditure in tangible and intangible assets (508) (652) Investments in associates and joint ventures, net (23) (18) Other investment cash inflow/(outflows), net (57) 46 Divestments 2.3/9 875 404 Cash flow from investing activities 287 (219) Loans obtained 12 1,206 1,384 Loans repaid 12 (1,063) (1,384) Interest paid (23) (17) Leases repaid 6 (78) (91) Interest on leases paid 6 (50) (67) Dividends paid to Galp shareholders (251) (206) Dividends paid to non-controlling interests 18 (93) (95) Acquisition of own stocks 2.5 (174) (133) Cash flow from financing activities (525) (611) (Decrease)/increase in cash and cash equivalents 85 282 Currency translation differences in cash and cash equivalents (150) (40) Cash and cash equivalents at the beginning of the period 11 2,279 2,071 Cash and cash equivalents at the end of the period 11 2,214 2,313 The accompanying notes form an integral part of the condensed consolidated statement of Cash Flow and should be read in conju nction.
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28 Interim Management Report and Accounts 2025 July 2025 Notes to the Interim Condensed Consolidated Financial Statements 1. Corporate information Galp Energia SGPS, S.A. (the Company) has its Head Office in Lisbon, Portugal and its shares are listed on Euronext Lisbon. 2. Information about material accounting policies, judgments, estimates and changes related to the condensed consolidated financial statements 2.1. Basis of preparation The interim condensed consolidated financial statements of Galp Energia SGPS, S.A. and its subsidiaries (collectively, the Group or Galp Group) for the six -month period ended 30 June 2025 were prepared in accordance with IAS 34 - Interim Financial Reporting. Galp Group has prepared its interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. The Board of Directors considers that there are no material uncertainties that may cast doubt over this assumption. The Board has formed a judgement that there is a reasonable expectation that Galp Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. These interim condensed consolidated financial statements do not include all the information and disclosures required for annual financial statements and therefore should be read in conjunction with the consolidated financial statements of the Galp Group for the year ended as at 31 December 2024. The interim condensed consolidated financial statements have been prepared in millions of Euros, except where expressly indicated otherwise. Because of rounding, the totals and sub-totals of tables may not be equal to the sum of the individual figures presented. 2.2. Key accounting estimates and judgments The forecasting of future long -term oil and gas prices, refining margins and electricity prices represents a significant estimate. Future long -term oil and gas prices, refining margins and electricity prices assumptions were not subject to change during the first six-month of 2025. The Group performs its annual impairment test in December and when circumstances indicated that the carrying value may be impaired. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended 31 December 2024. We have not identified impairment indicators during the first six-month that would trigger an impairment analysis as at 30 June 2025. 2.3. Non-current assets classified as held for sale Mozambique Upstream Following the announcement on May 22, 2024, Galp has successfully completed, on 27 March 2025, the sale of its upstream assets in Area 4 Mozambique to XRG P.J.S.C., a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C.. With completion, Galp collected a receivable of circa USD 881 m in 1Q25 (recognised in cash flows from investing activities, €815 m), encompassing the equity value of shares (USD 5 2,5 m), shareholder loans reimbursement and accumulated investments made si nce the transaction reference date of 31/12/2023 (locked box date). Additional contingent receivables of USD 100 m and USD 400 m will be received with the final investment decision of Coral North and Rovuma LNG, respectively.
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29 Interim Management Report and Accounts 2025 July 2025 As at 30 June 2025, the proceeds from the sale (excluding shareholder loans reimbursement and accumulated investments made since locked box date) amounts to USD 1,039 m, which includes USD 572,5 m received at transaction closing date and USD 467 m contingent to the FID’s ( ote 10). The capital gain was recognized in the amount of €14 m, of which €96 m related to the recycling of currency translation reserves (CTR) on disposal, that was accounted as “Other operating income” (€129 m) ( ote 19) and as “Earnings from associates and joint ventures” (€18 m) ( ote .1). Guinea Bissau During the second quarter of 2024, Galp agreed to sell its commercial assets in Guinea Bissau and signed an agreement with Zener International Holding, S.A.. The assets and liabilities associated with the commercial business in Guinea Bissau were classified as non - current assets and liabilities directly associated with non-current assets held for sale, within current assets and current liabilities, respectively, in the financial position. As at 30 June 2025, the Group has received €13 m (€4 m during the period) of initial proceeds from the Guinea Bissau assets disposal (which is accounted in “Other deferred income” caption in ote 15) and expected to collect € 25 m (including ticking fee) upon closing of the transaction. Completion of the transaction is expected to occur during the second half of 2025. The assets, liabilities and accumulated conversion reserves in equity that make up the amounts presented in the financial statements on 30 June 2025 are as follows: Unit: € m June 2025 Guinea Bissau Assets: 44 Tangible assets 9 Right-of-use of assets 2 Inventories 9 Current income tax receivable 4 Cash and cash equivalents 12 Other receivables 9 Liabilities: (6) Lease liabilities (2) Other payables (4) Equity – Accumulated conversion reserves 0 2.4. Changes to the consolidation perimeter During the three-month period, Galp has entered the following main transactions: Legal Entity Country Transaction % Current Share Consolidation Method Solar companies (2 companies) Brazil Merger - Merged with Galp Energia Brasil S.A. (the surviving entity) Aurora Lith, S.A. Portugal Liquidation - - Galp Rovuma, B.V. Netherland Sold - - Galp Rovuma, B.V., branch Mozambique Mozambique Sold - - Coral FLNG, S.A. Mozambique Sold - - Coral South FLNG DMCC United Arab Emirates Sold - - Rovuma LNG, S.A. Mozambique Sold - - Rovuma LNG Investments (DIFC) LTD. United Arab Emirates Sold - - Geo Alternativa, S.L. Spain Sold - - Portland Head Light, S.L.U. Spain Acquisition 100% Full consolidation Asis Projects Umbria, S.L.U. Spain Acquisition 100% Full consolidation
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30 Interim Management Report and Accounts 2025 July 2025 2.5. Acquisition of own shares Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. On 28 February 2025, Galp initiated a €250 m share repurchase of Galp Energia SGPS, S.A. shares with the purpose to reduce the issued share capital of the Company. The buyback is planned to terminate at the latest by 30 January 2026. In addition, Galp will continue its share-based remuneration plan as part of the Company's long-term incentives framework applicable to the executive board members and senior managers (LTIs). During the period, 13,089,469 shares were acquired at an average price of €13.91/share, totalizing €182 m, regarding the repurchase of own shares (share buyback programme (€1 4 m) and LTI plan (€8 m)). Of those shares, 91,959 shares were delivered to emplo yees (senior managers), at an average price of €14.00/shares, relating to holding period of plan 1 (amounted €1 m) and 486,013 shares were delivered, at an average price of €14.36/shares, relating to plan 2 (amounted € m). During the period, these deliver ies of 577,972 shares totalized €8 m. For the six months ended 30 June 2025, the Group has recognised €2 m of share-based payment income in the statement of profit or loss (30 June 2024: €0.2 m). On 30 June 2025, Galp had 15,739,353 outstanding own shares (accumulated position), acquired at an average price of €14.00/share, totalizing €220 m for both programs. 2.6. Changes to IFRS not yet adopted The accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2024 , except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. One amendment (Lack of exchangeability - Amendments to IAS 21) applies for the first time in 2025 but does not have impact on the interim condensed consolidated financial statements of the Group. 2.7. Commitments and contingencies During the six -month period of 2025, Galp Energia SGPS, S.A. provided Parent Company Guarantees (PCG) amounting to €8,341 m in connection with commercial agreements entered by its subsidiaries, which reflects a reduction of circa €2,2 m when compared to the disclosure in the consolidated financial statements for the year ended as at 31 December 2024, mai nly related with foreign exchange (circa €912 m), expired Parent Company Guarantees (circa €46 m, netting with new ones), and updated of the contractual assumptions of PCG's related to the chartering contracts for the Upstream holdings (circa €898 m). In addition, Galp stepped out of a commitment in the amount €442m that had in the Mozambican upstream entities in consequence of the sale of those entities. Contingencies On 23 January 2025, ANP communicated the decision that the reservoirs of Berbigão and Sururu should be considered as unified for the purposes of calculating the Special Participation Tax. This interpretation from ANP results in a Special Participation Tax difference of circa $146 m up to 30 June 2025. The decision from ANP is based on the fact that both reservoirs are currently being developed through a single FPSO, P -68. Additionally, Galp obtained a favorable judicial decision regarding the arbitrability of the dispute between the Consortium and the ANP regarding the calculation of the special participation for the Tupi and Cernambi fields. As a result of judicial decisio n, Galp did not make a provision to disputed SPT for the quarters of 2025 and treated it as a tax contingency ($ 27 m).
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31 Interim Management Report and Accounts 2025 July 2025 Galp and the remaining partners of the consortium disagree with this interpretation from ANP. The consortium disagreed with the decision and has therefore initiated the appropriate legal measures to contest this decision. This tax contingency was assessed as possible (and not probable) and, as such, no provision was recognized in these interim condensed financial statements. 3. Segment reporting The Group operates across four different operating segments based on the types of products sold and services rendered: (i) Upstream, (ii) Industrial & Midstream; (iii) Commercial and (iv) Renewables . The Upstream segment represents Galp’s presence in the upstream sector of the oil and gas industry, which involves the management of all activities relating to the exploration, development and production of hydrocarbons, mainly focused in Brazil, Mozambique1 and Namibia. The Industrial & Midstream segment incorporates the refining and logistics business, as well as the Group’s oil, CO2, gas and power supply and trading activities. This segment also includes co-generation. The Commercial segment integrates the entire offering to Galp’s clients - business to business (B2B) and business to consumer (B2C), of oil, gas, electric mobility, power and non-fuel products. This commercial activity is focused in Iberia but also extends to certain countries in Africa 2. The Renewables segment encompasses renewables power generation. Besides these four business segments, the Group has also included within the category “Others” the holding company Galp Energia, SGPS, S.A. and companies with other activities including Tagus Re, S.A. and Galp Energia, S.A., a reinsurance company and a provider of shared services at the corporate level, respectively . Segment reporting is presented on a replacement cost (RC) basis, which is the earnings metric used by the Chief Operating Decision Maker to make decisions regarding the allocation of resources and to assess performance. Based on the RC method, the current cost of sales measured under IFRS (the weighted average cost) is replaced by the crude reference price (i.e. Brent-dated) as at the balance sheet date, as though the cost of sales had been measured at the replacement cost of the inventory sold, replacement cost adjustments affect mainly Supply and Trading regarding Oil products. 1 The results (profit or loss) of Mozambique upstream entities, which were being classified as non -current assets held for sale at 31 December 2024 (Note 2.3), are included in the consolidated income statement until earlier March 2025. 2 Despite Guinea Bissau subsidiaries (i.e. net assets) are being classified as non-current assets held for sale (Note 2.3), their profit or loss is included in the consolidated income statement.
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32 Interim Management Report and Accounts 2025 July 2025 The replacement cost financial information for the segments identified above, for the six -month periods ended 30 June 2025 and 2024, is as follows: Unit: € m Consolidated Upstream Industrial & Midstream Commercial Renewables & New businesses Others Consolidation adjustments June 2025 June 2024 June 2025 June 2024 June 2025 June 2024 June 2025 June 2024 June 2025 June 2024 June 2025 June 2024 June 2025 June 2024 Sales and services rendered 9,833 10,795 1,229 1,929 4,043 4,845 5,128 4,879 44 25 121 121 (731) (1,003) Cost of sales (7,083) (7,647) (45) (205) (3,126) (3,973) (4,517) (4,343) (2) 11 3 (1) 604 864 of which Variation of Production (110) (228) (241) (152) 131 (77) 0 0 0 0 0 0 0 0 Other revenue & expenses (1,091) (1,081) (249) (366) (379) (325) (443) (390) (22) (21) (126) (117) 127 140 of which Under & Overlifting 0 (34) 0 (34) 0 0 0 0 0 0 0 0 0 0 EBITDA at Replacement Cost 1,659 2,067 935 1,358 537 546 168 147 20 14 (2) 3 0 0 Amortisation, depreciation and impairment losses on fixed assets (364) (402) (194) (225) (60) (74) (67) (61) (28) (24) (15) (18) 0 0 Provisions (net) (1) 1 0 1 (0) 1 0 (1) 0 0 0 0 0 0 EBIT at Replacement Cost 1,294 1,666 741 1,134 477 473 101 84 (8) (10) (17) (15) 0 0 Earnings from associates and joint ventures 15 (18) 15 (9) 3 3 4 3 (7) (13) 0 (2) (0) 0 Financial results (41) (69) Taxes and SPT at Replacement Cost (366) (633) Energy Sector Extraordinary Contribution (56) (52) 0 0 (19) (14) 0 0 0 0 (37) (38) 0 0 Consolidated net income at Replacement Cost, of which: 847 894 Attributable to non-controlling interests 91 93 Attributable to shareholders of Galp Energia SGPS, S.A. 755 801 OTHER INFORMATION Segment Assets: * Financial investments** 96 109 0 0 14 18 27 32 49 56 4 4 0 0 Other assets 15,410 16,708 7,029 9,083 3,909 2,933 2,557 3,151 1,743 1,656 3,358 2,856 (3,186) (2,970) Segment Assets: 15,506 16,817 7,029 9,083 3,923 2,950 2,584 3,183 1,793 1,711 3,363 2,860 (3,186) (2,970) of which right-of-use of assets 1,116 1,215 512 589 208 232 206 205 110 106 80 82 0 0 of which tangible and intangible assets 6,759 6,933 3,618 3,867 938 856 682 709 1,425 1,404 96 97 0 0 Investment in Tangible and Intangible Assets*** 522 558 327 384 123 89 19 20 45 50 9 14 0 0 * Net amount as of 31 March 2025 and as of 31 December 2024 ** “Investments in associates and joint ventures” ( ote ) *** Amounts as at 30 June 2025 and as at 30 June 2024, excludes abandonment provisions (June 2025: €6 m / June 2024: €6 m)
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33 Interim Management Report and Accounts 2025 July 2025 The details of sales and services rendered , tangible and intangible assets and financial investments for each geographical region in which Galp operates were as follow: Unit: € m Sales and services rendered* Tangible and intangible assets Financial investments June 2025 June 2024 June 2025 December 2024 June 2025 December 2024 Africa 339 387 561 512 19 23 Latin America 962 1,185 3,123 3,428 46 51 Europe 8,533 9,224 3,076 2,993 31 35 9,833 10,795 6,759 6,933 96 109 * Net consolidation operation The reconciliation between the segment reporting and the Condensed Consolidated Income Statement for the periods ended 30 June 2025 and 2024 was as follows: Unit: € m June 2025 June 2024 Sales and services rendered 9,833 10,795 Cost of sales (7,197) (7,746) Replacement cost adjustments (1) 113 98 Cost of sales at Replacement Cost (7,083) (7,647) Other revenue and expenses (1,091) (1,081) Amortisation, depreciation and impairment on fixed assets (364) (402) Provisions (net) (1) 1 Earnings from associates and joint ventures 15 (18) Financial results (41) (69) Profit before taxes and other contributions at Replacement Cost 1,268 1,579 Replacement Cost adjustment (113) (98) Profit before taxes and other contributions at IFRS 1,155 1,481 Income tax and SPT (331) (600) Income tax on Replacement Cost Adjustment (2) (35) (33) Energy Sector Extraordinary Contribution (56) (52) Consolidated net income for the period at Replacement Cost 847 894 Replacement Cost (1) + (2) (78) (65) Consolidated net income for the period based on IFRS 768 830 4. Tangible assets Unit: € m Land, natural resources and buildings Plant and machinery Other equipment Assets under construction Total As at 30 June 2025 Acquisition cost 1,361 11,374 539 3,101 16,375 Impairment (44) (245) (3) (223) (514) Accumulated depreciation and depletion (828) (8,511) (453) 0 (9,792) Net value 489 2,618 83 2,878 6,068 Balance as at 1 January 2025 489 2,820 95 2,789 6,194 Additions 0 0 0 518 518 Depreciation, depletion and impairment (16) (221) (10) 0 (247) Disposals/Write-offs 0 (2) 0 0 (3) Transfers 15 173 12 (200) 0 Currency exchange differences and other adjustments 1 (152) (14) (230) (394) Balance as at 30 June 2025 489 2,618 83 2,878 6,068 During the six-month period the Group has made tangible and intangible investments amounting to €528 m, of which Upstream investments in the amount of €331 m, essentially related to projects in Brazil (€225 m) and amibia (€106 m), Industrial & Midstream €12 3 m, Renewables €46 m, Commercial €19 m and Corporate € 9 m. The additions to tangible assets for the six-month period ended 30 June 2025 also include the capitalization of financial charges amounting to €30 m ( ote 21).
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34 Interim Management Report and Accounts 2025 July 2025 5. Goodwill and intangible assets Unit: € m Industrial properties and other rights Intangible assets in progress Goodwill Total As at 30 June 2025 Acquisition cost 1,306 94 87 1,487 Impairment (133) (29) (43) (205) Accumulated amortisation (592) 0 0 (592) Net value 581 65 44 691 Balance as at 1 January 2025 630 65 44 739 Additions (1) 11 0 10 Amortisation and impairment (20) 0 0 (20) Transfers 11 (11) 0 (0) Currency exchange differences and other adjustments (38) 0 0 (38) Balance as at 30 June 2025 581 65 44 691 During the six-month period the Group has made €10 m of intangible investments ( ote 4). 6. Leases Unit: € m FPSO's* Buildings Service stations Time Charter Other usage rights Total As at 30 June 2025 Acquisition cost 702 108 422 335 384 1,950 Impairment 0 0 (39) 0 0 (39) Accumulated depreciation (275) (30) (182) (190) (119) (796) Net value 426 78 201 145 265 1,116 Balance as at 1 January 2025 472 81 201 196 266 1,215 Additions 28 2 23 0 12 64 Depreciation (25) (4) (21) (34) (12) (97) Currency exchange differences and other adjustments (48) 0 0 (17) 0 (66) Balance as at 30 June 2025 426 78 201 145 265 1,116 * Floating, production, storage and offloading unit – floating oil production system, built on a ship structure, with a capacity for oil and natural gas production processing, liquid storage and transfer of oil to tankers. Lease liabilities are as follows: Unit: € m June 2025 December 2024 Less than one year 264 253 One to five years 731 747 More than five years 826 858 Maturity analysis – contractual undiscounted cash flow 1,822 1,859 Current 220 233 Non-current 1,083 1,182 Lease liabilities included in the consolidated statement of financial position 1,303 1,414 The amounts recognized in consolidated profit or loss were as follows: Unit: € m Notes June 2025 June 2024 Interest on lease liabilities 21 50 67 Expenses related to short term, low value and variable payments of operating leases 242 214 292 281 Amounts recognized in the consolidated statement of cash flow were as follows: Unit: € m June 2025 June 2024 Payments relating to leasing (IFRS 16) 78 91 Payments relating to leasing (IFRS 16) interests 50 67 Financing activities 128 158
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35 Interim Management Report and Accounts 2025 July 2025 7. Investments in associates and joint ventures Unit: € m June 2025 December 2024 Joint ventures 7 10 Associates 88 99 96 109 7.1. Investments in joint ventures Unit: € m As at 31 December 2024 Equity method Foreign exchange rate differences Other adjustments Dividends As at 30 June 2025 C,L,C, - Companhia Logística de Combustíveis, S.A. 9 3 0 0 (6) 7 10 3 0 0 (6) 7 As at 30 June 2025, “Earnings from associates and joint ventures” includes the Coral FL G, S.A. share of results (loss) of the period until transaction closing date, in the amount of €3 m (loss), and part of the capital gain resulting from the completion of the sale, in the amount of €18 m ( ote 2.3). 7.2. Investments in associates Unit: € m As at 31 December 2024 Share capital increase/ decrease Equity method Foreign exchange rate differences Other adjustments Dividends As at 30 June 2025 Belém Bioenergia Brasil, S.A. 51 0 (6) 2 0 0 45 Floene Energias, S.A. 7 0 0 0 0 0 7 Sonangalp - Sociedade de Distribuição e Comercialização de Combustíveis, Lda. 10 0 2 (1) 0 (4) 7 CMD – Aeroportos Canarios S.L. 8 0 1 0 0 (1) 8 Other associates 23 (3) 0 (2) 3 0 21 99 (3) (3) (2) 3 (5) 88 Refer to Note 22 for details on the nature of the transactions and balances. 8. Inventories Unit: € m June 2025 December 2024 Raw, subsidiary and consumable materials 320 373 Crude oil 116 16 Crude oil in transit 159 316 Other raw materials 46 42 Finished and semi-finished products 473 511 Finished and semi-finished products in transit 33 0 Goods 279 240 Goods in transit 175 0 Write-downs (18) (23) 1,263 1,101 The movements in the adjustments to Net Realizable Value (NRV) balance for the six -month period ended 30 June 2025 were as follows: Unit: € m Notes Raw, subsidiary and consumable materials Finished and semi- finished products Goods Total Write-down as at 1 January 2025 5 6 12 23 Net reductions 20 (2) (2) (1) (5) Write-down as at 30 June 2025 2 5 11 18 The reduction of €5 m was recognized in the caption cost of sales being part of the consolidated profit and loss (Note 20). This variation, which resulted on the application on the NRV, was caused by the price fluctuation in the markets during the period.
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36 Interim Management Report and Accounts 2025 July 2025 9. Trade and other receivables 9.1. Trade receivables Unit: € m June 2025 December 2024 Current Non-current Current Non-current Trade receivables 1,414 30 1,337 0 Allowance for doubtful amounts (102) 0 (99) 0 1,312 30 1,237 0 Movements in allowance for doubtful trade receivables As at 1 January 2025 99 0 111 0 Increase/(Decrease) 4 0 6 0 Utilisation (1) 0 (4) 0 Other adjustments 0 0 (13) 0 As at 30 June 2025 102 0 99 0 The €30 m in non -current trade receivables reflects receivables due from clients with medium-term payment periods as per contractual terms. Increase and decreases of impairment of trade receivables are related with the reassessments of customers’ credit risk levels. 9.2. Other receivables Unit: € m Notes June 2025 December 2024 Current Non-current Current Non-current State and other Public Entities 122 0 91 0 Other debtors 260 263 268 238 Non-operated oil blocks 3 0 3 0 Underlifting 100 0 110 0 Other receivables 157 263 155 238 Contract Assets 410 50 353 53 Sales and services rendered but not yet invoiced 323 0 222 0 Adjustment to tariff deviation – "pass through" 28 0 26 0 Other accrued income 59 50 104 53 Deferred charges 169 15 138 19 Energy sector extraordinary contribution 14.2 5 3 5 5 Deferred charges for services 13 9 7 10 Post employment benefit assets 15 0 2 0 2 CO2 licenses 85 0 76 0 Other deferred charges 65 2 50 2 Impairment of other receivables (13) (0) (13) 0 Other receivables 949 329 837 310 Movements in allowance for doubtful other receivables Allowance at the beginning of the year 13 0 10 0 Increase/(Decrease) 3 0 (13) 0 Utilisation 0 0 (1) 0 Other adjustments (3) 0 17 0 Allowance at the end of the year 13 0 13 0 Other receivables (non -current) include an amount of €260 m (2024: €233 m) relating to a judicial deposit regarding the lawsuit between BM -S-11 consortium and the ANP, ANP claims that the oil fields of Tupi and Iracema, which are located within the BM-S-11, should be unified for Special Participation Tax (SPT) purposes. However, the consortium has a different understanding. Thus, the judicial deposit represents part of the difference between the two criteria under discussion. As a result of judicial decisio n, Galp did not recognize a provision for the quarters of 2025 and treated it as a tax contingency ($ 27 m) (Note 2.7 and 16). CO2 licenses (current) include the amount of €85 m (2024: € 6 m) related to the remaining CO 2 licenses after satisfying the legal obligations regarding CO2 emissions. Other accrued income (current) mainly includes accruals regarding other operating revenue while Other accrued income (non -current) includes natural gas tariffs deviations from regulated market. During the period, the amount of €56 m (Dec 2024) related to additional proceeds (contingent consideration) in connection with the
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37 Interim Management Report and Accounts 2025 July 2025 sale of Angola Upstream assets, was received in 1Q25 and has been recognised in cash flows from investing activities (divestments). 10. Other financial assets As at 30 June 2025 and 31 December 2024 Other financial assets were as follow: Unit: € m Notes June 2025 December 2024 Current Non-current Current Non-current Financial Assets at fair value through profit & loss – derivatives 17 142 29 110 55 Financial Assets at fair value through profit & loss – Contingent consideration 2.3 398 0 0 0 Financial Assets at fair value through comprehensive income 0 1 0 1 Financial Assets not measured at fair value – Loans and Capital subscription 35 (1) 41 1 Others 0 11 0 12 576 40 150 69 Financial assets at fair value through profit or loss – Contingent consideration relates to amounts arising on disposal of Mozambique Upstream assets (Note 2.3), amounting to €398 m ($467 m), which are financial assets classified as measured at fair value through profit or loss. The fair value is determined using an estimate of discounted cash flows that are expected to be received and is considered a level 3 valuation under the fair value hierarchy. The discount rate used is based on a risk-free rate adjusted for cash flows-specific risks. 11. Cash and cash equivalents Unit: € m Notes June 2025 December 2024 Cash in banks 2,229 2,285 Bank overdrafts 12 (15) (6) 2,214 2,279 12. Financial debt Unit: € m Notes June 2025 December 2024 Current Non-current Current Non-current Bank loans 20 1,548 217 1,051 Loans and commercial paper 1 1,539 206 1,039 Factoring 4 9 5 11 Bank overdrafts 11 15 0 6 0 Bonds and notes 598 1,477 150 2,075 Origination fees (2) (3) 0 (5) Bonds and notes 600 1,480 150 2,080 Debt 619 3,025 367 3,125 Changes in financial debt during the period from 31 December 2024 to 30 June 2025 were as follows: Unit: € m Initial balance Loans obtained Principal Repayment Changes in Overdrafts Ending balance Bank Loans: 1,268 1,206 (914) 9 1,569 Loans and commercial paper 1,245 1,206 (912) 0 1,540 Factoring 16 0 (2) 0 14 Bank overdrafts 6 0 0 9 15 Bonds and Notes: 2,225 0 (150) 0 2,075 Origination fees (5) 0 0 0 (5) Bonds and Notes 2,230 0 (150) 0 2,080 3,492 1,206 (1,064) 9 3,644 The annual average cost of financial debt for the period under review, including charges for credit lines, amounted to 3.17%.
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38 Interim Management Report and Accounts 2025 July 2025 Financial debt, excluding origination fees and bank overdrafts, had the following repayment plan as at 30 June 2025: Unit: € m Maturity Loans Total Current Non-current 2025 3 3 0 2026 753 602 151 2027 1,021 0 1,021 2028 253 0 253 2029 onwards 1,604 0 1,604 3,634 605 3,028 13. Trade payables and other payables Unit: € m June 2025 December 2024 Current Non-current Current Non-current Suppliers 1,065 0 945 0 State and other public entities 376 0 402 0 Payable VAT 219 0 257 0 "ISP" - Tax on oil products 108 0 123 0 Other taxes 50 0 22 0 Other creditors 243 38 283 40 Tangible and intangible suppliers 138 38 134 40 Overlifting 24 0 24 0 Other creditors 81 0 124 0 Related parties 124 0 62 0 Other accounts payables 131 29 104 24 Accrued costs 809 24 877 23 External supplies and services 633 0 673 0 Holiday, holiday subsidy and corresponding contributions 75 1 101 2 Other accrued costs 101 23 103 21 Contract liabilities 52 0 19 0 Other deferred income 17 22 7 22 Other payables 1,754 114 1,755 109 “Related parties” includes dividend to be paid to non-controlling interest (Note 18 and 22). 14. Taxes and other contributions 14.1. Taxes and Special Participation Tax (SPT) The Group operations take place in several regions and are carried out by various legal entities, subject to locally established income tax rates, varying between 25% in Spain, 25.8% in the Netherlands, 30.5% in Portugal (before Energy sector extraordinary contribution), and 34% in Brazil. Group companies headquartered in Portugal in which the Group has an interest equal to or greater than 75%, if such participation grants voting rights of more than 50%, are taxed in accordance with the special regime for the taxation of groups of companies, with the taxable income being determined at the level of Galp Energia, SGPS, S.A.. Spanish tax resident companies, in which the percentage held by the Group exceeds 75%, are taxed on a consolidated basis in Spain since 2005, Currently, fiscal consolidation in Spain is performed by Galp Energia España, S.A.. As at 30 June 2025 and 31 December 2024, the current income tax receivable and payable is as follows: Unit: € m June 2025 December 2024 Current income tax receivable 104 106 Current income tax payable (220) (332) (116) (226)
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39 Interim Management Report and Accounts 2025 July 2025 The total taxes paid during the period was €543 m (June 2024: €600 m), of which €254 m related to SPT, €283 m related to income tax, and € m related to extraordinary taxes contributions. Taxes and SPT recognized in the condensed consolidated income statement for the six-month periods ended 30 June 2025 and 2024 were as follows: Unit: € m June 2025 June 2024 Current tax Deferred tax Total Current tax Deferred tax Total Current income tax 248 (141) 108 286 6 293 "IRP” – Oil Income Tax 0 0 0 9 0 9 “SPT” – Special Participation Tax 223 0 223 298 0 298 Taxes for the year 472 (141) 331 594 6 600 As at 30 June 2025, the movements in deferred tax assets and liabilities were as follows: Unit: € m As at 1 January 2025 Impact on the income statement Impact on equity Foreign exchange rate changes As at 30 June 2025 Adjustments to tangible and intangible assets 295 (9) 0 0 286 Retirement benefits and other benefits 62 (1) 0 0 61 Tax losses carried forward 3 0 0 0 3 Regulated revenue 7 0 0 0 7 Temporarily non-deductible provisions 223 (14) 0 7 216 Others 79 7 0 0 86 Deferred Taxes – Assets 669 (17) 0 7 660 Adjustments to tangible and intangible assets (612) 159 0 0 (453) Regulated revenue (13) 0 0 0 (13) Others 46 (2) (12) 0 31 Deferred Taxes – Liabilities (579) 157 (12) 0 (435) 14.2. Energy Sector Extraordinary Contribution Unit: € m Statement of financial position Income statement Provisions (Note 16) CESE II – Deferred Charges (Note 9.2) Energy Sector Extraordinary Contribution CESE I CESE II Current Non-current As at 1 January 2025 (73) (275) 5 5 0 Increase (8) (8) 0 0 56 Decrease 0 0 0 (3) 0 Utilisation (0) 0 0 0 0 Other adjustments (0) 0 0 0 0 As at 30 June 2025 (81) (282) 5 3 56 During the period, a cost of €56 m was recognized as “Energy Sector Extraordinary Contribution" (which includes CESE I and II and FNEE). 15. Post-employment benefits On 30 June 2025, the assets of the pension funds, valued at fair value, were as follows, in accordance with the information provided by the pension plan management entity: Type of assets June 2025 December 2024 Liquidity 0% 2% Other investments 0% 0% Shares 16% 16% Real Estate 25% 24% Bonds 58% 58%
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40 Interim Management Report and Accounts 2025 July 2025 As at 30 June 2025 and 31 December 2024, the details of post-employment benefits were as follow: Unit: € m Notes June 2025 December 2024 Asset under the heading of "Other Receivables" (non-current) 9.2 2 2 Liability (216) (221) Net responsibilities (214) (218) Obligations, of which: (395) (406) Past service liability covered by the pension fund (178) (184) Other employee benefit liabilities (217) (222) Assets 181 188 16. Provisions During the six-month period ended 30 June 2025, the movements in Provisions were as follows: Unit: € m June 2025 December 2024 Decommissioning/ environmental provisions CESE (I and II) Other provisions Total Total At the beginning of the period 802 348 347 1,497 1,437 Increases/(Decreases) to existing provisions (30) 16 0 (14) 105 Amount used during the year (6) 0 0 (6) (20) Adjustments during the year (7) 0 1 (7) (25) At the end of the period 758 364 349 1,471 1,497 “Other provisions” of €349 m includes a €2 43 m (2024: €233 m) provision relating to a dispute d Special Participation Tax (STP) between ANP and BM-S-11 consortium, up to December 2024, hereinafter Galp treat as tax contingency , as explained in Note s 9 and 2.7 , and a €26 m (2024: €26 m) provision related to the commitment to reimburse CESE I to the shareholders of Floene, if due, according to the agreement between the parties. 17. Other financial instruments Unit: € m June 2025 December 2024 Assets (Note 10) Liabilities Equity Assets (Note 10) Liabilities Equity Current Non- current Current Non- current Current Non- current Current Non- current Designated hedge derivatives 20 5 (0) (20) 3 0 7 (18) (22) (32) Gas Swaps 20 3 0 (0) 22 0 0 (18) (22) (39) Electricity Swaps 0 2 0 (19) (19) 0 7 0 0 7 Interest rate Swaps (IRS) 0 0 0 0 0 0 0 0 0 0 Non designated hedge derivatives 122 25 (76) (79) 0 110 49 (94) (81) 0 Oil Futures 2 0 0 0 0 0 0 0 0 0 Swaps 23 0 (9) 0 0 0 0 (1) 0 0 Gas Futures 2 0 0 0 0 7 0 0 0 0 Swaps 59 8 (60) (10) 0 82 35 (81) (35) 0 Options 18 0 0 0 0 9 0 (2) 0 0 Electricity Futures 14 0 0 0 0 11 0 0 0 0 Swaps 2 16 (7) (69) 0 1 13 (11) (45) 0 CO2 Futures 2 0 0 0 0 0 0 0 0 0 Interest rate Swaps (IRS) 0 0 0 0 0 0 0 0 0 0 142 29 (76) (99) 3 110 55 (111) (102) (32)
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41 Interim Management Report and Accounts 2025 July 2025 There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the six months ended 30 June 2025. In addition, there were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the period. Day 1 gain or losses on derivatives that are categorized as level 3 in the fair value hierarchy do not qualify for recognition in the financial statements. These day 1 gains and losses are disclosed in the financial statements and only recognized when the prices become sufficiently observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognized were (€1 9 m) (2024: loss of €2 m). The increase in the period is related to the new VPPAs related to solar and wind energy, with a maturity date of around 10 years, that are categorized as level 3 in the fair value hierarchy . The cumulative amount is recognized during the life span of the derivative. In second quarter of 2025, Galp entered in new interest rate swaps with maturity between March 2027 and February 2028 that were designated at inception as cash flow hedge (€0.2 m) and are categorized as level 2 in the fair value hierarchy. Moreover, the Company signed new Virtual Power Purchase Agreements (VPPAs) related to solar and wind energy, some of which were designated as hedge accounting, that are categorized as level 3 in the fair value hierarchy. The accounting impacts of gains and losses on derivative financial instruments on the income statement and comprehensive income as at 30 June 2025 and 2024 are presented below: Unit: € m June 2025 June 2024 Income statement Equity Income statement Equity MTM Realised (Note 20) MTM + Realised MTM Realised (Note 20) MTM + Realised Designated hedge derivatives 1 20 21 36 0 4 4 (32) Gas Swaps 0 20 20 61 0 3 3 (35) Electricity Swaps 1 0 1 (25) 0 0 0 0 Interest rate Swaps (IRS) 0 0 0 0 0 1 1 3 Non designated hedge derivatives 1 1 2 0 (14) 28 14 0 Oil Futures 0 0 0 0 0 (1) (1) 0 Swaps 15 1 16 0 (1) (5) (6) 0 Gas Futures 8 1 9 0 (15) (6) (21) 0 Swaps (6) (3) (9) 0 4 24 28 0 Options 9 1 10 0 (7) 6 (1) 0 Electricity Futures (6) 2 (4) 0 11 (17) (6) 0 Swaps (17) (2) (19) 0 19 (3) 16 0 CO2 Futures (1) 0 (1) 0 1 0 1 0 Interest rate Swaps (IRS) 0 0 0 0 (26) 30 4 0 2 21 23 36 (14) 33 19 (32) The realised results of derivative financial instruments are mainly recognized as part of the cost of sales (Note 20), financial income or expenses. The breakdown of the financial results ( i.e. MTM) related to derivative financial instruments (Note 21) is as follows: Unit: € m June 2025 June 2024 Commodity Swaps (7) 22 Options 9 (7) Commodity Futures 0 (3) Interest rate swaps 0 (26) 2 (14)
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42 Interim Management Report and Accounts 2025 July 2025 18. Non-controlling interests Unit: € m 31 December 2024 Net profit for the period Currency translation reserves Dividends 30 June 2025 Non-controlling interests 950 91 (100) (166) 775 In the period ended 30 June 2025, dividends attributable to non-controlling interests mainly related to Winland International Petroleum, S.A.R.L. (entity belonging to Sinopec Group). The dividends to be paid, amounts to €124 m (December 2024: €63 m) ( ote 22). 19. Revenue and income The details of revenue and income for the six-month periods ended 30 June 2025 and 2024 were as follow: Unit: € m Notes June 2025 June 2024 Total sales 9,558 10,572 Goods 4,894 4,971 Products 4,664 5,601 Services rendered 275 223 Other operating income 356 361 Underlifting income 61 39 Others 296 322 Earnings from associates and joint ventures 7 15 (18) Financial income 21 53 67 10,257 11,206 As at 30 June 2025, Other operating income – Others includes the capital gain in the amount of €129 m as a result of the completion of the sale of the Mozambique upstream assets (Note 2.3). As at 30 June 2024, Other operating income – Others includes the capital gain in the amount of €138 m as a result of the completion of the sale of the Angola upstream assets. 20. Costs and expenses The details of costs and expenses, for the six-month periods ended 30 June 2025 and 2024 were as follow: Unit: € m Notes June 2025 June 2024 Cost of sales 7,197 7,746 Raw and subsidiary materials 1,589 1,496 Goods 4,144 4,818 Tax on oil products 1,351 1,210 Variation in production 110 228 Write downs on inventories 8 (5) (42) Costs with the emissions of CO2 28 37 Financial derivatives 17 (20) (2) Exchange differences 0 1 External supplies and services 1,048 1,048 Subcontracts – network use 173 129 Transport of goods 159 159 E&P – production costs 116 174 Royalties 115 134 E&P – exploration costs 13 18 Other costs 472 434 Employee costs 213 223 Amortisation, depreciation and impairment losses on fixed assets 4 / 5 / 6 364 401 Provision and impairment losses on receivables 9 / 16 7 (10) Other costs 180 179 Other taxes 29 22 Overlifting 61 73 Other operating costs 90 84 Financial expenses 21 93 136 Total costs and expenditure 9,102 9,724
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43 Interim Management Report and Accounts 2025 July 2025 21. Financial results The details of financial income and costs for the six-month periods ended 30 June 2025 and 2024 were as follow: Unit: € m Notes June 2025 June 2024 Financial income 53 67 Interest from bank deposits 47 55 Interest income and other income with related companies 4 11 Other financial income 2 2 Financial expenses (93) (136) Interest on bank loans, bonds, overdrafts and others (51) (70) Interest capitalized in fixed assets 4 30 33 Interest on lease liabilities 6 (50) (67) Exchange gains/(losses) 4 5 Results from derivative financial instruments 17 2 (14) Other financial costs (27) (23) (41) (69) 22. Related party transactions The Group had the following transactions with related parties: Assets: Unit: € m June 2025 December 2024 Current Current Associates 52 60 Joint ventures* 0 184 Other related entities 4 2 Assets: 56 246 *As at December 2024, it has included Coral FLNG, S.A. (classified as held for sale) - sale completed at the end of March 2025 (Note 2.3). Liabilities: Unit: € m June 2025 December 2024 Current Non-current Current Non-current Associates (3) (26) (4) (26) Joint ventures (61) 0 (59) 0 Tip Top Energy, S.A.R.L. (4) 0 (1) 0 Winland International Petroleum, S.A.R.L. (124) 0 (63) 0 Other related entities (1) 0 0 0 Liabilities: (193) (26) (127) (26) Transactions: Unit: € m June 2025 June 2024 Operating cost/income Financial costs/income Operating cost/income Financial costs/income Associates (33) 1 (24) 1 Joint ventures (9) 0 (9) 6 Tip Top Energy, S.A.R.L. (8) 0 (21) 0 Other related entities 5 0 7 0 Transactions: (45) 1 (47) 7 23. Subsequent Events In July 2025, Galp was notified by the Mozambican Tax Authorities of an alleged capital gains tax liability in an amount equivalent in meticals to c. USD 176 million, relating to the completion payment received as part of the consideration for the disposal of Galp’s upstream assets in Area 4, concluded in March 2025. Galp believes that there are no legal grounds to support the amount claimed by the Mozambican Tax Authorities. Both internal and external assessments have deemed this tax contingency unlikely and, as such, no provision was recognized in these interim condensed financial statements. No additional subsequent events to disclose at the date of the authorization of these interim condensed consolidated financial statements.
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44 Interim Management Report and Accounts 2025 July 2025 24. Approval of the financial statements The consolidated financial statements were approved by the Board of Directors on 18 July 2025. Chairman: Paula Amorim Vice-chair and Lead Independent Director: Adolfo Mesquita Nunes Vice-chairman: Maria João Carioca Members: João Diogo Marques da Silva Georgios Papadimitriou Ronald Doesburg Rodrigo Vilanova Nuno Holbech Bastos Marta Amorim Francisco Teixeira Rêgo Carlos Pinto Jorge Seabra de Freitas Diogo Tavares Rui Paulo Gonçalves Cristina Neves Fonseca Javier Cavada Camino Cláudia Almeida e Silva Fedra Ribeiro Ana Zambelli Certified Accountant: Cátia Cardoso
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45 Interim Management Report and Accounts 2025 July 2025
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46 4th Quarter and Full Year 2024 February 2025
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47 4th Quarter and Full Year 2024 February 2025 6.1 Definitions Replacement cost (RC) According to this method of valuing inventories, the cost of goods sold is valued at the cost of replacement, i.e. at the average cost of raw materials of the month when sales materialise irrespective of inventories at the start or end of the period. The Replacement Cost Method is not accepted by the IFRS and is consequently not adopted for valuing inventories. This method does not reflect the cost of replacing other assets. Replacement cost adjusted (RCA) In addition to using the replacement cost method, RCA items exclude special items such as mark -to-market of derivatives hedges, contributions from assets held for sale, capital gains or losses on the disposal of assets, impairment or reinstatement of fixed assets and environmental or restructuring charges which may affect the analysis of the Company’s P&L metrics and do not reflect its operational performance. Acronyms %: Percentage ACS: Actividades de Construccion Y Servicios SA APETRO: Associação Portuguesa de Empresas Petrolíferas (Portuguese association of oil companies) B2B: Business to business B2C: Business to consumer bbl: barrel of oil bn: billion boe: barrels of oil equivalent BRL: Brazilian real c.: circa CO2: Carbon dioxide COD: Commercial Operation Date Capex: Capital expenditure CESE: Contribuição Extraordinária sobre o Sector Energético (Portuguese Extraordinary Energy Sector Contribution) CFFO: Cash flow from operations COD: Commercial Operation Date COFINS: Contribution for the Financing of Social Security CMVM: Portuguese Securities Market Commission CORES: Corporación de Reservas Estratégicas de Produtos Petrolíferos (Spain) d: day DD&A: Depreciation, Depletion and Amortisation Ebit: Earnings before interest and taxes Ebitda: Ebit plus depreciation, amortisation and provisions EMPL: Europe Magreb Pipeline, Ltd EUR/€: Euro FCC: Fluid Catalytic Cracker FCF: Free Cash Flow FID: Final Investment Decision FLNG: Floating liquified natural gas FNEE: Fondo Nacional de Eficiência Energética (Spain) FPSO: Floating, production, storage and offloading unit Galp, Company or Group: Galp Energia, SGPS, S.A., subsidiaries and participated companies GGND: Galp Gás Natural Distribuição, S.A. GSBV: Galp Sinopec Brazil Services GW: Gigawatt GWh: Gigawatt hour I&EM: Industrial & Midstream IAS: International Accounting Standards IRC: Income tax IFRS: International Financial Reporting Standards IRP: Oil income tax (Oil tax payable in Angola) ISP: Payments relating to tax on oil products kboepd: thousands of barrels of oil equivalent per day kbpd: thousands of barrels of oil per day LNG: liquefied natural gas LTM: last twelve months m: million MIBGAS: Iberian Market of Natural Gas mbbl: million barrels of oil mboe: million barrels of oil equivalent mbtu: million British thermal units mm³: million cubic metres MTM: Mark-to-Market mton: million tonnes MW: Megawatt MWh: Megawatt-hour NE: Net entitlement NG: natural gas n.m.: not meaningful NWE: Northwestern Europe OCF: Adjusted Operating Cash Flow (RCA Ebitda + dividends associates – taxes paid) PV: photovoltaic p.p.: percentage point Q: Quarter QoQ: Quarter-on-quarter R&NB: Renewables & New Businesses REN: Rede Eléctrica Nacional RC: Replacement Cost RCA: Replacement Cost Adjusted SEM: Successful Efforts Method SPA: Sale and purchase agreement SPT: Special participation tax ton: tonnes TTF: Title transfer facility TWh: Terawatt-hour UA: Unitisation Agreements U.S.: United States UOP: Units of production USD/$: Dollar of the United States of America Var.: Variation WI: working interest YoY: year-on-year
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48 4th Quarter and Full Year 2024 February 2025 6.2 Cautionary Statement 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 ex pectations 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 responsib ility for the accuracy and completeness of the forward - looking statements. Forward -looking statements in clude, 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. Financial information by business segment is reported in accordanc e with the Galp management reporting policies and shows internal segment information that is used to manage and measure the Group’s performance. In addition to IFRS measures, certain alternative performance measures are presen ted, such as performance measu res adjusted for special items (adjusted operational cash flow, adjusted earnings before interest, taxes, depreciation and amortisation, adjus ted earnings before interest and taxes, and adjusted net income), return on equity (ROE), return on average capital employed (ROACE), investment return rate (IRR), equity investment return rate (eIRR), gearing ratio, cash flow from operations and free cash flow. These indicators are meant to facilitate the analysis of the financial performance of Galp and comparison of results and cash flow among periods. In addition, the results are also measured in accordance with the replacement cost method, adjusted for special items. This method is used to assess the performance of each business segment and facilitate the comparability of the segments’ performance with those of its competitors. 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 parties in 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 cons titute 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.
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49 4th Quarter and Full Year 2024 February 2025 Galp Energia, SGPS, S.A. Investor Relations Investor Relations: João G. Pereira, Head César Teixeira João Simões Tommaso Fornaciari . Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65 Contacts: +351 21 724 08 66 Address: Avenida da India, 8 1349-065 Lisbon Portugal Website: www.galp.com/corp/en/investors Email: investor.relations@galp.com Reuters: GALP.LS Bloomberg: GALP PL