Interim report
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1 3rd Quarter and Nine Months 2025 Results October 27, 2025
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Results Highlights Galp’s sound operating momentum continued into the third quarter of 2025, supporting robust cash generation and consolidating our solid financial position - reassuring when facing the current macroeconomic sentiment. Our performance year-to-date reinforces our confidence on deliverability and resilience. Galp is well positioned to surpass its current 2025 guidance for both Ebitda and OCF, and holds an estimated dividend breakeven under $40/bbl for 2026. Execution remains strong: Bacalhau FPSO started production and will drive short-term free cash flow growth, whilst in Namibia negotiations with a shortlist of preferred bidders are advancing with discussions supportive of a value accretive partnership, with strong alignment on advancing with Mopane. Progress is well within Galp's timeline towards an agreement by year-end. Maria João Carioca & João Marques da Silva, co-CEOs Third quarter 2025 Galp delivered a strong set of results in the third quarter of 2025, sustaining a robust operating performance in Upstream whilst capturing the supportive downstream seasonal trends in refining and Commercial, despite facing a continued volatile macro environment. Operating performance translated into sound cash generation, enabling Galp to reduce net debt to €1.2 bn by the end of the period. RCA Ebitda reached €911 m: • Upstream: RCA Ebitda was €464 m, lower YoY following the weaker oil price environment but partially offset by higher production levels in Brazil, reflecting the strong availability of the fleet as result of limited planned maintenance activities in the quarter and low impact from unplanned restrictions. • Industrial & Midstream: RCA Ebitda was €315 m, higher YoY, as the robust availability of the Sines refining system captured the supportive international cracks' environment, whilst complemented by a sound contribution from Midstream activities across natural gas and oil trading. • Commercial: RCA Ebitda was €119 m, up 28% YoY, supported by a recovery in the Spanish market, both in the B2C and B2B segments, and by Convenience & Customer Solutions contribution continued growth. • Renewables: RCA Ebitda was €16 m, lower YoY, mainly reflecting persistently pressured solar prices in Iberia and the deployment of a generation optimisation strategy. Group RCA Ebit was €740 m, following Ebitda. RCA Net Income amounted to €407 m. Galp’s adjusted operating cash flow (OCF) was €753 m, reflecting the strong operating performance. Cash flow from operations (CFFO) reached €783 m, benefitting from a working capital release of €92 m, partially offset by inventory effects of €-61 m, which followed the evolution of commodities prices. Capex in the period reflected a higher execution pace on the Industrial low-carbon projects in Sines, the deployment of the Bacalhau development in Brazil and solar capacity under construction in Iberia. Net capex was €212 m, including inflows from divestments in Commercial and from projects’ reimbursements in Renewables. FCF reached €548 m, while net debt was reduced to €1.2 bn after payment of dividends to non-controlling interests of €31 m and the 2025 interim dividend of €229 m, with no share buyback executed during the period. Nine months 2025 Galp’s RCA Ebitda was €2,420 m, while OCF was €1,732 m, reflecting a robust operating performance under a more pressured macroeconomic and commodities' price context. Net capex totalled an inflow of €93 m, mainly considering the divestment proceeds collected in the first quarter of the year related with the completion of the sale of Galp's stake in Mozambique Area 4 and the final earn-out collected from the disposal of upstream assets in Angola. Investments were mainly allocated to the deployment of Bacalhau in Brazil, the execution of the green H2 and HVO/SAF projects in Sines' industrial complex and the construction of solar and storage capacity in Iberia. FCF amounted to €1,143 m, with net debt sustained at €1.2 bn, considering dividends to non-controlling interests of €123 m, dividends to shareholders of €480 m and share buyback execution of €174 m, while also reflecting the currency exchange effect on cash balances following the US dollar depreciation against the Euro. 3rd Quarter and Nine Months 2025 October 2025 2
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Other highlights Tupi re-determination in BM-S-11 Pursuant to the submission of the contractual re-determination of tract participations in the unitised Tupi field among partners of the BM-S-11 consortium to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), Galp retains 9.06% of the Tupi accumulation. The rebalancing of participation interests in Tupi is estimated to lead to a net cash impact of c.€80 m in 1Q26, related to past revenues and costs. Financial data €m (RCA, except otherwise stated) 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 820 840 911 11 % RCA Ebitda 2,609 2,420 (7) % 541 403 464 (14) % Upstream 1,641 1,252 (24) % 165 320 315 91 % Industrial & Midstream 695 854 23 % 92 101 119 28 % Commercial 234 281 20 % 24 9 16 (35) % Renewables 38 34 (10) % (2) 5 (3) 41 % Corporate & Others – (2) n.m. 621 662 740 19 % RCA Ebit 2,041 1,900 (7) % 429 309 382 (11) % Upstream 1,328 981 (26) % 133 293 283 n.m. Industrial & Midstream 599 768 28 % 59 69 84 42 % Commercial 139 183 31 % 11 (6) 2 (86) % Renewables 2 (7) n.m. (11) (2) (11) (3) % Corporate & Others (26) (25) (5) % 266 373 407 53 % RCA Net income 890 973 9 % 11 19 (101) n.m. Special items 189 89 (53) % (8) (78) (42) n.m. Inventory effect (73) (121) 67 % 269 315 264 (2) % IFRS Net income 1,006 941 (6) % 540 713 753 39 % Adjusted operating cash flow (OCF) 1,745 1,732 (1) % 475 627 783 65 % Cash flow from operations (CFFO) 1,432 1,138 (21) % (229) (182) (212) (7) % Net Capex (290) 93 n.m. 193 408 548 n.m. Free cash flow (FCF) 1,032 1,143 11 % (2) (2) (31) n.m. Dividends paid to non-controlling interests (97) (123) 27 % (212) (251) (229) 8 % Dividends paid to Galp shareholders (419) (480) 15 % (191) (135) – n.m. Share buybacks (324) (174) (46) % 1,471 1,415 1,170 (20) % Net debt 1,471 1,170 (20) % 0.48x 0.51x 0.41x (15) % Net debt to RCA Ebitda1 0.48x 0.41x (15) % 1Ratio considers the LTM Ebitda RCA (€2,866 m), which includes an adjustment for the impact from the application of IFRS 16 (€242 m). 3rd Quarter and Nine Months 2025 October 2025 3
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Operational data 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 112 113 115 2 % Working interest production1 (kboepd) 109 111 2 % 77.1 65.2 66.2 (14) % Upstream oil realisations indicator (USD/bbl) 79.0 67.8 (14) % 31.7 36.2 38.7 22 % Upstream gas realisations indicator (USD/boe) 33.2 37.8 14 % 22.4 21.1 22.7 1 % Raw materials processed in refinery (mboe) 68.4 65.4 (4) % 4.7 6.1 9.5 n.m. Galp refining margin (USD/boe) 8.1 7.1 (12) % 4.1 4.1 4.1 n.m. Oil products supply2 (mton) 12.1 11.7 (3) % 12.0 18.6 17.0 42 % NG/LNG supply & trading volumes2 (TWh) 34.8 48.4 39 % 1.9 1.9 2.0 7 % Oil Products - client sales (mton) 5.3 5.5 4 % 4.0 3.9 3.6 (9) % Natural gas - client sales (TWh) 12.0 12.2 2 % 1.7 2.0 1.8 11 % Electricity - client sales (TWh) 5.1 5.8 13 % 853 668 732 (14) % Equity renewable power generation (GWh) 2,036 1,780 (13) % 48 25 38 (20) % Renewables' realised sale price (EUR/MWh) 40 44 10 % 1Reflects only Brazil's production following the divestment from Area 4 in Mozambique. 2Includes volumes sold to the Commercial segment. Market indicators 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 1.10 1.13 1.17 6 % Exchange rate EUR:USD 1.09 1.12 3 % 6.1 6.4 6.4 5 % Exchange rate EUR:BRL 5.7 6.3 11 % 80.3 67.9 69.1 (14) % Dated Brent price (USD/bbl) 82.8 70.9 (14) % 35.9 34.9 32.8 (9) % Iberian MIBGAS natural gas price (EUR/MWh) 31.7 38.2 20 % 35.3 35.4 32.4 (8) % Dutch TTF natural gas price (EUR/MWh) 31.4 38.3 22 % 40.4 37.2 34.5 (15) % Japan/Korea Marker LNG price (EUR/MWh) 35.0 38.6 10 % 118.3 137.5 194.3 64 % Diesel 10 ppm CIF NWE Crack (USD/ton) 160.6 158.6 (1) % 152.7 166.7 184.7 21 % EuroBob NWE FOB BG Crack (USD/ton) 184.4 158.3 (14) % 78.7 38.5 66.5 (16) % Iberian power baseload price (EUR/MWh) 52.4 63.4 21 % 52.6 17.2 32.5 (38) % Iberian solar market price (EUR/MWh) 35.2 33.0 (6) % 16.6 16.4 16.6 n.m. Iberian oil market (mton) 48.6 48.7 n.m. 78.4 83.4 83.8 7 % Iberian natural gas market (TWh) 252.6 268.6 6 % 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. 3rd Quarter and Nine Months 2025 October 2025 4
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5. Our Financial Performance 5 Business Segments 02.
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2.1. Upstream €m (RCA, except otherwise stated; unit figures based on net entitlement production) 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 112 113 115 2 % Working interest production1 (kboepd) 109 111 2 % 99 98 98 (1) % Oil production (kbpd) 96 96 n.m. 14 15 16 20 % Gas production (kboepd) 13 15 21 % Realisations indicators2 77.1 65.2 66.2 (14) % Oil (USD/bbl) 79.0 67.8 (14) % 31.7 36.2 38.7 22 % Gas (USD/boe) 33.2 37.8 14 % 7.1 6.1 5.9 (17) % Royalties (USD/boe) 7.3 6.2 (15) % 2.1 1.2 3.5 69 % Production costs (USD/boe) 2.1 2.5 17 % 11.6 10.6 9.2 (21) % DD&A3 (USD/boe) 11.3 10.0 (11) % 541 403 464 (14) % RCA Ebitda 1,641 1,252 (24) % (112) (95) (82) (27) % Depreciation, Amortisation, Impairments and Provisions (313) (271) (13) % 429 309 382 (11) % RCA Ebit 1,328 981 (26) % 456 308 235 (49) % IFRS Ebit 1,590 976 (39) % 1Includes natural gas exported; excludes natural gas used or reinjected. 2Oil 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. Third quarter 2025 Production was 115 kboepd, 2% higher YoY, reflecting the strong availability of the fleet with only one planned maintenance performed and limited unplanned restrictions. Natural gas accounted for 14% of production. Oil realisations discount to average Brent was of $-3.0/bbl. Production costs were $3.5/boe on a net entitlement basis, or €32 m, higher YoY, mainly reflecting performance expenses relative to past turnarounds. RCA Ebitda was €464 m, 14% lower YoY, following a lower oil price environment and the US dollar depreciation against the Euro, although supported by higher production and a slight reduction in in-transit volumes vs June-end. IFRS Ebitda considers special items of €-147 m, mostly related to the rebalancing of participation interests in the unitised Tupi field. Amortisation, depreciation and provision charges (including right-of-use of assets) were €82 m, whilst unit DD&A was down YoY to $9.2/boe, reflecting an updated depletion ratio following the connection of new wells. IFRS 16 lease costs accounted for €32 m during the period. RCA Ebit was €382 m and IFRS Ebit amounted to €235 m. Nine months 2025 Production in Brazil was 111 kboepd, 2% higher YoY, reflecting high availabilities across the operating fleet, resulting from lower impacts from planned and unplanned stoppages. Natural gas accounted for 14% of production. Oil realisations discount to average Brent was of $-2.9/bbl, whilst production costs were $2.5/boe on a net entitlement basis, or €66 m. RCA Ebitda was €1,252 m, down YoY, mainly reflecting lower oil realisations following Brent and the depreciation of the US dollar against the Euro, which more than offset the stronger production in the period. Amortisation, depreciation and provision charges (including right-of-use of assets) were €272 m, whilst unit DD&A was $10.0/boe. IFRS 16 lease costs accounted for €96 m during the period. RCA Ebit was €981 m. IFRS Ebit amounted to €976 m, considering special items related to the completion of Mozambique Area 4 stake sale and the re-determination of tract participations in the unitised Tupi field. 3rd Quarter and Nine Months 2025 October 2025 6
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2.2. Industrial & Midstream €m (RCA, except otherwise stated) 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 22.4 21.1 22.7 1 % Raw materials processed (mboe) 68.4 65.4 (4) % 4.7 6.1 9.5 n.m. Galp refining margin (USD/boe) 8.1 7.1 (13) % 2.7 2.7 3.2 16 % Refining cost (USD/boe) 2.3 3.0 26 % 4.1 4.1 4.1 n.m. Oil products supply1 (mton) 12.1 11.7 (3) % 12.0 18.6 17.0 42 % NG/LNG supply & trading volumes1 (TWh) 34.8 48.4 39 % 6.3 13.1 11.8 88 % Trading (TWh) 15.7 32.0 n.m. 165 320 315 91 % RCA Ebitda 695 854 23 % (32) (28) (32) n.m. Depreciation, Amortisation, Impairments and Provisions (96) (86) (10) % 133 293 283 n.m. RCA Ebit 599 768 28 % 129 175 218 68 % IFRS Ebit 529 579 9 % 1Includes volumes sold to the Commercial segment. Third quarter 2025 Raw materials processed reached 23 mboe, 1% up YoY, reflecting the robust operational availability of the Sines refining system during the period. Galp’s refining margin was $9.5/boe, up YoY, driven by the supportive light and middle-distillates international cracks environment. Refining costs were €61 m, or $3.2/boe in unit terms, higher YoY mainly reflecting registered demurrage costs associated with bad weather events in the first half of the year. Total supply of oil products was stable YoY at 4.1 mton. Supply and trading volumes of natural gas and LNG reached 17.0 TWh, 42% higher YoY, reflecting the start in April of liftings from Venture Global LNG in the US under the sales and purchase agreement, but also the growing footprint in the Brazilian market. RCA Ebitda was €315 m, higher YoY, reflecting the improved refining performance as well as the sustained Midstream contribution from trading activities across commodities. RCA Ebit was €283 m, whilst IFRS Ebit was €218 m. Nine months 2025 Refining raw materials processed were 65 mboe, slightly down YoY, with externalities hindering the availability of the refining system during the first half of the year, namely the adverse weather conditions and the Iberian blackout in April. Crude oil accounted for 88% of raw materials processed, of which 67% corresponded to medium and heavy crudes. On the refinery yields, middle distillates (diesel, bio-diesel and jet) accounted for 46% of production, light distillates (gasolines and naphtha) accounted for 27% and fuel oil for 16%, with consumption and losses representing 9%. Galp’s refining margin was $7.1/boe, 13% down YoY, reflecting a weaker refining macro environment during the first half of the year. Refining costs were €173 m, or $3.0/boe in unit terms. Total supply of oil products decreased 3% YoY to 11.7 mton, following the lower raw materials processed. Exports accounted for 28% of volumes sold. Supply and trading volumes of natural gas and LNG reached 48 TWh, up 39% YoY, following the start of liftings from Venture Global LNG in the US under the sales and purchase agreement and the growing footprint in the Brazilian market. RCA Ebitda was €854 m, 23% higher YoY, driven by a higher Midstream contribution on the back of supply and trading activities across oil and gas, which more than offset a lower refining performance. RCA Ebit was €768 m, whilst IFRS Ebit was €579 m, mostly reflecting an inventory effect of €-181 m. 3rd Quarter and Nine Months 2025 October 2025 7
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2.3. Commercial €m (RCA, except otherwise stated) 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY Commercial sales to clients 1.9 1.9 2.0 7 % Oil products (mton) 5.3 5.5 4 % 4.0 3.9 3.6 (9) % Natural Gas (TWh) 12.0 12.2 2 % 1.7 2.0 1.8 11 % Electricity (TWh) 5.1 5.8 13 % 92 101 119 28 % RCA Ebitda 234 281 20 % (33) (32) (35) 4 % Depreciation, Amortisation, Impairments and Provisions (95) (98) 4 % 59 69 84 42 % RCA Ebit 139 183 31 % 47 75 92 95 % IFRS Ebit 111 195 76 % Third quarter 2025 Oil products’ sales reached 2.0 mton, 7% higher YoY, mainly driven by a recovery in the Spanish market, particularly in the B2C and B2B distribution segments, as well as by better marketing performance in some African countries. Natural gas sales were 3.6 TWh, 9% lower YoY, driven by a momentarily reduced economic activity from few B2B clients in Portugal. On the other hand, electricity sales were up 11% YoY to 1.8 TWh, following stronger sales in Spain and reflecting a growth in clients in Portugal's B2C segment. RCA Ebitda was €119 m, 28% higher YoY, driven by the rebound in the Spanish B2B and B2C segments, as well as the increased contribution from the residential gas and power segment in Portugal. Convenience & Customer Solutions further increased its contribution, 20% up YoY, and represented 31% of divisional earnings. RCA Ebit was €84 m, whilst IFRS Ebit was €92 m, with special items related to Guinea Bissau divestment completion. Nine months 2025 Total oil product sales increased 4% YoY, to 5.5 mton, primarily reflecting a recovery in contributions from activities in Spain, in both B2C and B2B segments. Natural gas sales were up 2%, to 12.2 TWh, as increased volumes in Spain more than offset a softer demand from industrial clients in Portugal. Electricity sales reached 5.8 TWh, a 13% increase YoY, driven by the higher number of clients in Iberia. The electric mobility business continued to ramp-up, with over 9,000 charging points in operation by September-end, a 64% increase YoY. RCA Ebitda was €281 m, 20% higher YoY, mostly reflecting the recovery in Spain across market segments and a growing non-fuel offering within Convenience & Customer Solutions, which represented 36% of divisional Ebitda. RCA Ebit was €183 m and IFRS Ebit was €195 m. 3rd Quarter and Nine Months 2025 October 2025 8
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2.4. Renewables €m (RCA, except otherwise stated) 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 853 668 732 (14) % Renewable power generation (GWh) 2,036 1,780 (13) % 48 25 38 (20) % Galp realised sale price (EUR/MWh) 38 40 6 % 24 9 16 (35) % RCA Ebitda 38 34 (10) % (13) (15) (14) 11 % Depreciation, Amortisation, Impairments & Provisions (36) (42) 15 % 11 (6) 2 (86) % RCA Ebit 2 (7) n.m. 11 (6) (17) n.m. IFRS Ebit 2 (25) n.m. Third quarter 2025 Renewable energy generation reached 732 GWh, lower YoY despite increased installed capacity, reflecting the optimisation strategy of power generation activities through voluntary curtailments. Realised sale price was €38/MWh, lower YoY, given a persistently pressured pricing environment in Iberia, although capturing a premium to the solar benchmark price as result of increased contribution from ancillary services. RCA Ebitda was down YoY to €16 m, with a lower power price environment in Iberia and optimised power generation, although partially supported by the optimisation of revenue streams. RCA Ebit was €2 m and IFRS Ebit was €-17 m, with special items related to the release of early stage projects. Nine months 2025 Renewable installed capacity at the end of the period was 1.7 GW, after the start of operations of 115 MW in June. Energy generation amounted to 1,780 GWh, down 13% YoY, following increased optimisation through voluntary curtailments and lower irradiation during the period. Realised sale price was €40/MWh, a premium to solar benchmark price of €33/MWh, driven by the continued revenue streams' optimisation through ancillary services. RCA Ebitda was €34 m, lower YoY, as the marginally higher captured prices were more than offset by the lower generation in the period. RCA Ebit was €-7 m, whilst IFRS Ebit was €-25 m, mostly considering the third quarter special items. 3rd Quarter and Nine Months 2025 October 2025 9
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5. Our Financial Performance 03. Financial Data 03.
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3.1. Income Statement €m (RCA, except otherwise stated) 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 5,610 5,026 5,098 (9) % Turnover 16,405 14,931 (9) % (4,173) (3,563) (3,670) (12) % Cost of goods sold (11,924) (10,798) (9) % (495) (509) (502) 1 % Supply & Services (1,482) (1,536) 4 % (117) (96) (113) (3) % Personnel costs (339) (325) (4) % (2) (16) 98 n.m. Other operating revenues (expenses) (56) 154 n.m. (3) (2) – n.m. Impairments on accounts receivable 6 (7) n.m. 820 840 911 11 % RCA Ebitda 2,609 2,420 (7) % 837 729 687 (18) % IFRS Ebitda 2,806 2,232 (20) % (199) (177) (171) (14) % Depreciation, Amortisation, Impairments and Provisions (567) (520) (8) % 621 662 740 19 % RCA Ebit 2,041 1,900 (7) % 633 547 516 (18) % IFRS Ebit 2,202 1,697 (23) % 4 (2) 10 n.m. Net income from associates (6) 11 n.m. (24) (21) (20) (17) % Financial results (45) (54) 20 % 1 (3) (4) n.m. Net interests 17 (11) n.m. 9 18 15 73 % Capitalised interest 42 45 7 % (5) (3) (3) (34) % Exchange gain (loss) – – n.m. (20) (20) (19) (5) % Interest on leases (IFRS 16) (59) (59) n.m. (10) (13) (9) (6) % Other financial charges/income (45) (29) (35) % 600 639 730 22 % RCA Net income before taxes and non- controlling interests 1,990 1,856 (7) % (285) (222) (276) (3) % Taxes (935) (765) (18) % (148) (92) (97) (35) % Taxes on oil and natural gas production1 (447) (337) (24) % (50) (44) (47) (5) % Non-controlling interests (166) (118) (29) % 266 373 407 53 % RCA Net income 890 973 9 % 11 19 (101) n.m. Special items 189 89 (53) % 277 392 306 11 % RC Net income - attributable to Galp Energia shareholders 1,078 1,062 (2) % (8) (78) (42) n.m. Inventory effect (73) (121) 67 % 269 315 264 (2) % IFRS Net income - attributable to Galp Energia shareholders 1,006 941 (6) % 1Includes taxes on oil and natural gas production, such as SPT payable in Brazil. Third quarter 2025 RCA Ebitda was €911 m, reflecting a robust operating performance in Upstream, whilst capturing supportive downstream seasonal trends in refining and Commercial. IFRS Ebitda amounted to €687 m, considering an inventory effect of €-61 m given the declining commodities’ prices and special items of €-163 m, mostly related to the rebalancing of participation interests in the unitised Tupi field. Group RCA Ebit was €740 m, after amortisation, depreciation and provision charges amounting to €171 m. Financial Results were €-20 m. RCA taxes amounted to €276 m, reflecting the increased contribution weight of non- Upstream businesses. Non-controlling interests amounted to €47 m, mostly attributed to Sinopec’s stake in Petrogal Brasil. RCA Net Income was €407 m. IFRS net income was €264 m, with special items €-101 m and inventory effects of €-42m. 3rd Quarter and Nine Months 2025 October 2025 11
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Nine months 2025 RCA Ebitda was €2,420 m, 7% down YoY, reflecting a sustained strong operating performance across divisions although under a more challenging macroeconomic and commodities' price backdrop. Group RCA Ebit was €1,900 m, whilst financial results were €-54 m. RCA taxes were €765 m, with an implicit tax rate of 41%, down YoY, reflecting downward revisions on provisions given the depreciation of the US dollar and the higher contribution weight of non-Upstream businesses. Non-controlling interests were €118 m and are mostly attributed to Sinopec’s stake in Petrogal Brasil and following Upstream segment earnings in Brazil. RCA Net Income was €973 m. IFRS Net Income was €941 m, with an inventory effect of €-121 m and special items of €89 m, related to divestment operations in Upstream Mozambique Area 4 and Commercial Guinea Bissau, as well as the re-determination of the unitised Tupi field. 3.2. Capital Expenditure €m 3Q24 2Q25 3Q25 % Var. YoY 9M24 9M25 % Var. YoY 116 81 68 (41) % Upstream1 472 370 (22) % 51 72 85 67 % Industrial & Midstream 140 200 43 % 19 11 21 10 % Commercial 40 38 (6) % 48 23 49 4 % Renewables 93 95 1 % 14 2 8 (43) % Others 46 14 (70) % 248 190 232 (6) % Capex (economic)2 792 716 (9) % 1Excludes any amounts related to the Mozambique Upstream assets. 2Capex figures based in change in assets during the period. Third quarter 2025 Economic capex totalled €232 m during the quarter, with Industrial accounting for 37% and Upstream for 29%, after adjusting for the rebalancing of participation interests in the unitised Tupi field. Renewables accounted for 21%, with Commercial representing the remaining. Industrial capex reflected the increased pace of construction of the low-carbon projects at Sines' industrial complex: the Advanced Biofuels Unit for HVO/SAF production and the 100 MW electrolyser plant for the production of green hydrogen, with the arrival on site of the first electrolyser module in September. Investments in Upstream were mostly directed towards the development of the Bacalhau project in the Brazilian pre-salt, with the FPSO reaching first-oil in October. Renewables investments mainly reflected construction of new solar capacity in Iberia. Nine months 2025 Capex totalled €716 m, with Upstream and Industrial accounting for 52% and 28% of total investments, respectively, whilst Commercial and Renewables businesses represented the remaining. Investments in Upstream were mostly directed to the deployment of Bacalhau in Brazil, the activities in Namibia's PEL 83 during the first quarter, and sustaining the units in production in BM-S-11, offshore 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, with more than 400 MW currently under construction. 3rd Quarter and Nine Months 2025 October 2025 12
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3.3. Cash Flow €m 3Q24 2Q25 3Q25 9M24 9M25 820 840 911 RCA Ebitda 2,609 2,420 4 10 3 Dividends from associates 11 14 (284) (136) (162) Taxes paid (874) (703) 540 713 753 Adjusted operating cash flow1 1,745 1,732 – (4) (1) Special items (9) (6) (12) (110) (61) Inventory effect (110) (174) (53) 28 92 Changes in working capital (195) (413) 475 627 783 Cash flow from operations 1,432 1,138 (229) (182) (212) Net capex (290) 93 – – 61 o.w. Divestments 584 930 (31) (16) (3) Net financial expenses (47) (28) (21) (21) (19) IFRS 16 leases interest (63) (61) 193 408 548 Free cash flow 1,032 1,143 (2) (2) (31) Dividends paid to non-controlling interest2 (97) (123) (212) (251) (229) Dividends paid to Galp shareholders (419) (480) (191) (135) – Share buybacks for capital reduction (324) (174) (39) (34) (48) Reimbursement of IFRS 16 leases principal (120) (125) (63) (175) 3 Others (144) (205) (313) (189) 245 Change in net debt (71) 37 1Considers adjustments to exclude contribution from Angolan and Mozambique upstream assets held for sale. 2Mainly dividends paid to Sinopec. Third quarter 2025 Galp’s OCF was €753 m, reflecting the strong operating performance in the quarter. CFFO reached €783 m, benefitting from a working capital release of €92 m although partially offset by inventory effects of €-61 m. FCF amounted to €548 m, considering net capex of €212 m, which includes an inflow of €61 m attributable to past capex reimbursements in Renewables following the release of early stage projects and to Guinea Bissau divestment completion within the Commercial business. At the end of the period, net debt decreased to €1.2 bn, after payment of dividends to non-controlling interests of €31 m and 2025 interim dividend of €229 m, with no share buyback executed during the period. Nine months 2025 Galp’s OCF was €1,732 m, reflecting the robust operating performance to date. CFFO reached €1,138 m, with an inventory effect of €-174 m and a €-413 m working capital build, largely related to the normalisation of balances from Upstream sold cargoes compared to 2024-end position. Net capex totalled an inflow of €93 m, with year-to-date investments more than offset by the divestment proceeds collected in the first half of the year related with the sale of Galp's stake in Mozambique Area 4 and the final earn-out collected from the disposal of upstream assets in Angola, as well as the proceeds collected in the third quarter. FCF amounted to €1,143 m, while net debt decreased €37 m compared to the 2024-end, reflecting the sound cash generation in a more challenging macro context. Dividends to non-controlling interests amounted to €123 m, dividends paid to shareholders to €480 m and €174 m were invested through share buybacks, while net debt also reflects the currency exchange effect on cash balances from the US dollar depreciation against the Euro. 3rd Quarter and Nine Months 2025 October 2025 13
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3.4. Financial Position €m 31 Dec. 2024 30 Jun. 2025 30 Sep. 2025 Var. vs 31 Dec. 2024 Var. vs 30 Jun. 2025 Net fixed assets 6,887 6,685 6,757 (130) 71 Right-of-use of assets (IFRS 16) 1,215 1,116 1,083 (132) (32) Working capital 332 829 737 405 (91) Other assets/liabilities (1,345) (847) (971) 374 (124) Assets held for sale 1,171 38 – (1,171) (38) Capital employed 8,260 7,821 7,606 (653) (214) Short term debt 367 619 507 140 (112) Medium-Long term debt 3,125 3,025 3,074 (51) 49 Total debt 3,492 3,644 3,580 88 (64) Cash and equivalents 2,285 2,229 2,410 125 181 Net debt 1,207 1,415 1,170 (37) (245) Leases (IFRS 16) 1,414 1,303 1,271 (144) (32) Equity 5,638 5,103 5,165 (473) 62 Equity, net debt and leases 8,260 7,821 7,606 (653) (214) By September 30, 2025, net fixed assets were €6.8 bn, including work-in-progress of €3.0 bn, mostly related to the Upstream business. Against December 31, 2024, other assets / liabilities change mostly includes receivables related to the pending earn-outs from Mozambique Area 4 stake divestment. The Equity position evolution since the start of the year mostly reflects currency translation adjustments and dividends to shareholders, offsetting the net income generated. 3rd Quarter and Nine Months 2025 October 2025 14
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3.5. Financial Debt €m 31 Dec. 2024 30 Jun. 2025 30 Sep. 2025 Cash and equivalents 2,285 2,229 2,410 Undrawn credit facilities 1,660 2,010 2,060 Bonds 2,225 2,075 1,776 Bank loans and overdrafts 1,268 1,569 1,804 Net debt 1,207 1,415 1,170 Leases (IFRS 16) 1,414 1,303 1,271 Net debt to RCA Ebitda1 0.40x 0.51x 0.41x 1Ratio considers the LTM Ebitda RCA (€2,866 m), which includes an adjustment for the impact from the application of IFRS 16 (€242 m). On September 30, 2025, net debt was €1,170 m and Net debt to RCA Ebitda was 0.41x. At the end of the period, cash and equivalents reached €2,410 m, whilst unused credit lines were €2,060 m, of which 81% were contractually guaranteed with maturity longer than one year. The average cost of funding for the period, including charges for credit lines, was 3.10%. Debt maturity profile (€ m) 3rd Quarter and Nine Months 2025 October 2025 15
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3.6. Reconciliation of IFRS and RCA Figures €m Third Quarter Nine Months Ebitda IFRS Inventory effect RC Ebitda Special items RCA Ebitda Ebitda IFRS Inventory effect RC Ebitda Special items RCA Ebitda 687 61 748 163 911 Galp 2,232 174 2,407 13 2,420 317 – 317 147 464 Upstream 1,252 – 1,252 – 1,252 249 66 315 – 315 Industrial & Midstream 671 181 852 2 854 127 (5) 122 (3) 119 Commercial 297 (7) 290 (9) 281 (3) – (3) 19 16 Renewables 17 – 17 17 34 (3) – (3) – (3) Others (5) – (5) 3 (2) €m Third Quarter Nine Months Ebit IFRS Inventory effect RC Ebit Special items RCA Ebit Ebit IFRS Inventory effect RC Ebit Special items RCA Ebit 516 61 577 163 740 Galp 1,697 174 1,872 28 1,900 235 – 235 147 382 Upstream 976 – 976 5 981 218 66 283 – 283 Industrial & Midstream 579 181 760 8 768 92 (5) 87 (3) 84 Commercial 195 (7) 188 (5) 183 (17) – (17) 19 2 Renewables (25) – (25) 17 (7) (11) – (11) – (11) Others (28) – (28) 3 (25) 3rd Quarter and Nine Months 2025 October 2025 16
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3.7. Special Items €m 3Q24 2Q25 3Q25 9M24 9M25 (28) 1 163 Items impacting Ebitda (307) 13 6 – – Power PPA Settlement 6 – (6) 1 – LNG vessel subchartering (21) 2 – – – Angola farm-out gains (138) – – – – Mozambique disposal gains/losses – (129) – – (3) Guinea disposal gains/losses – (3) – – 19 Renewables disposal gains/losses – 19 – – 147 Tupi Redetermination – 147 (29) – – Ebitda - Assets/liabilities held for sale (179) (23) (1) – – Settlement of equipment rental agreements in Brazil 24 – 4 5 – Items impacting non-cash costs 37 15 4 1 – LNG vessel subchartering 13 6 – 4 – DD&A-Assets/liabilities held for sale 24 9 17 (8) 52 Items impacting financial results 74 45 (4) – – Gains/losses on financial investments (Coral) 5 3 8 – – Gains/losses on financial investments (BBB) 8 1 – – – Mozambique disposal gains/losses – (18) – – 39 Tupi Redetermination – 39 10 (1) 1 Financial costs - Others 44 9 3 (8) 12 Mark-to-Market of derivatives 17 10 – 1 (1) FX differences from natural gas derivatives – – (6) (25) (81) Items impacting taxes 29 (149) (2) 3 (4) Taxes on special items (14) (4) (3) (28) (14) BRL/USD FX impact on deferred taxes in Brazil 43 (81) – – (63) Tupi Redetermination – (63) 1 8 (33) Non-controlling interests (22) (13) (11) (19) 101 Total special items (189) (89) 3rd Quarter and Nine Months 2025 October 2025 17
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3.8. Consolidated Income Statement €m 3Q24 2Q25 3Q25 9M24 9M25 5,480 4,889 4,974 Sales 16,052 14,532 130 137 124 Services rendered 353 399 47 40 123 Other operating income 407 479 5,657 5,066 5,221 Operating income 16,812 15,410 (4,143) (3,669) (3,859) Inventories consumed and sold (11,888) (11,056) (507) (514) (503) Materials and services consumed (1,554) (1,551) (117) (96) (113) Personnel costs (341) (326) (3) (2) – Impairments on accounts receivable 6 (7) (49) (56) (59) Other operating costs (229) (238) (4,820) (4,337) (4,534) Operating costs (14,006) (13,178) 837 729 687 Ebitda 2,806 2,232 (202) (182) (170) Depreciation, Amortisation and Impairments (604) (534) (1) – (1) Provisions – (1) 633 547 516 Ebit 2,202 1,697 – (3) 10 Net income from associates (18) 24 (38) (12) (72) Financial results (107) (112) 36 25 23 Interest income 101 72 (35) (27) (27) Interest expenses (84) (84) 9 18 15 Capitalised interest 42 45 (33) (21) (19) Interest on leases (IFRS 16) (101) (69) (5) (3) (3) Exchange gain (loss) – – (3) 8 (12) Mark-to-market of derivatives (17) (10) (6) (12) (48) Other financial charges/income (48) (67) 596 531 454 Income before taxes 2,077 1,609 (269) (158) (170) Taxes1 (868) (501) (7) (7) (6) Energy sector contribution taxes2 (59) (62) 320 367 278 Income before non-controlling interests 1,150 1,046 (51) (52) (14) Income attributable to non-controlling interests (144) (105) 269 315 264 Net income 1,006 941 1Includes SPT payable in Brazil. 2Includes €9 m, €16 m and €37 m related to CESE I, CESE II and FNEE, respectively, during 2025. 3rd Quarter and Nine Months 2025 October 2025 18
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3.9. Consolidated Financial Position €m 31 Dec. 2024 30 Jun. 2025 30 Sep. 2025 Assets Tangible fixed assets 6,195 6,068 6,117 Goodwill 44 44 44 Other intangible fixed assets 694 647 621 Rights-of-use of assets (IFRS 16) 1,215 1,116 1,083 Investments in associates 109 96 104 Receivables 310 359 373 Deferred tax assets 669 660 719 Financial investments 69 40 47 Total non-current assets 9,306 9,029 9,108 Inventories 1,101 1,263 1,198 Trade receivables 1,237 1,312 1,143 Other receivables 837 949 797 Other financial assets 150 576 548 Current income tax receivable 106 104 50 Cash and equivalents 2,285 2,229 2,410 Non-current assets held for sale 1,794 44 – Total current assets 7,511 6,477 6,146 Total assets 16,817 15,506 15,254 Equity Share capital 753 753 753 Buybacks1 (47) (220) (220) Share premium – – – Reserves 1,563 964 980 Retained earnings 1,379 2,154 1,926 Net income 1,040 677 941 Total equity attributable to equity holders of the parent 4,689 4,328 4,380 Non-controlling interests 950 775 785 Total equity 5,638 5,103 5,165 Liabilities Bank loans and overdrafts 1,051 1,548 1,796 Bonds 2,075 1,477 1,277 Leases (IFRS 16) 1,182 1,083 1,058 Other payables 109 114 111 Retirement and other benefit obligations 221 216 214 Deferred tax liabilities 579 435 412 Other financial instruments 102 99 82 Provisions 1,497 1,471 1,482 Total non-current liabilities 6,814 6,442 6,433 Bank loans and overdrafts 217 20 8 Bonds 150 598 499 Leases (IFRS 16) 233 220 213 Trade payables 945 1,065 812 Other payables 1,755 1,754 1,785 Other financial instruments 111 76 70 Income tax payable 332 220 270 Liabilities related to non-current assets held for sale 622 7 – Total current liabilities 4,365 3,961 3,656 Total liabilities 11,179 10,403 10,089 Total equity and liabilities 16,817 15,506 15,254 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). 3rd Quarter and Nine Months 2025 October 2025 19
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3rd Quarter and Nine Months 2025 October 2025 20 Basis of Reporting 04.
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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 September 30 and December 31, 2024, June 30 and September 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. 3rd Quarter and Nine Months 2025 October 2025 21
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Chairman: Paula Amorim Vice-chairman 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 Accountant: Cátia Cardoso 3rd Quarter and Nine Months 2025 October 2025 22
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Interim Consolidated Financial Statements 05.
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Index Interim Condensed Consolidated Statement of Financial Position .......................................................... 25 Interim Condensed Consolidated Income Statement and Interim Condensed Consolidated Statement of Comprehensive Income ................................................................................................................ 26 Interim Condensed Consolidated Statement of Changes in Equity ........................................................ 27 Interim Condensed Consolidated Statement of Cash Flows ...................................................................... 28 Notes to the Interim Condensed Consolidated Financial Statements .................................................... 29 1. Corporate information ......................................................................................................................................... 29 2. Information about material accounting policies, judgments, estimates and changes related to the condensed consolidated financial statements .................................................................... 29 3. Segment reporting ................................................................................................................................................ 32 4. Tangible assets ....................................................................................................................................................... 34 5. Goodwill and intangible assets ......................................................................................................................... 35 6. Leases ........................................................................................................................................................................ 35 7. Investments in associates and joint ventures ........................................................................................... 36 8. Inventories ............................................................................................................................................................... 37 9. Trade and other receivables ............................................................................................................................. 37 10. Other financial assets ........................................................................................................................................ 38 11. Cash and cash equivalents .............................................................................................................................. 39 12. Financial debt ....................................................................................................................................................... 39 13. Trade payables and other payables ............................................................................................................ 40 14. Taxes and other contributions ....................................................................................................................... 40 15. Post-employment benefits .............................................................................................................................. 41 16. Provisions, contingent assets and liabilities ............................................................................................. 42 17. Other financial instruments ............................................................................................................................ 43 18. Non-controlling interests ................................................................................................................................. 44 19. Revenue and income ......................................................................................................................................... 45 20. Costs and expenses ........................................................................................................................................... 45 21. Financial results ................................................................................................................................................... 46 22. Related party transactions .............................................................................................................................. 46 23. Subsequent events ............................................................................................................................................. 47 24. Approval of the financial statements .......................................................................................................... 48 3rd Quarter and Nine Months 2025 October 2025 24
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Interim Condensed Consolidated Statement of Financial Position Galp Energia, SGPS, S.A. Condensed Consolidated Statement of Financial Position as at 30 September 2025 and 31 December 2024 (Amounts stated in million Euros – €m) Assets Notes September 2025 December 2024 Non-current assets: Tangible assets 4 6,117 6,194 Goodwill and intangible assets 5 666 739 Right-of-use of assets 6 1,083 1,215 Investments in associates and joint ventures 7 104 109 Deferred tax assets 14.1 719 669 Trade receivables 9.1 28 0 Other receivables 9.2 344 310 Other financial assets 10 47 69 Total non-current assets: 9,108 9,306 Current assets: Inventories 8 1,198 1,101 Other financial assets 10 548 150 Trade receivables 9.1 1,143 1,237 Other receivables 9.2 797 837 Current income tax receivable 14 50 106 Cash and cash equivalents 11 2,410 2,285 Non-current assets classified as held for sale 2.3 0 1,794 Total current assets: 6,146 7,511 Total assets: 15,254 16,817 Equity and Liabilities Notes September 2025 December 2024 Equity: Share capital and share premium 753 753 Own shares 2.5 (220) (47) Reserves 980 1,563 Retained earnings 2,866 2,418 Total equity attributable to shareholders: 4,380 4,689 Non-controlling interests 18 785 950 Total equity: 5,165 5,638 Liabilities: Non-current liabilities: Financial debt 12 3,074 3,125 Lease liabilities 6 1,058 1,182 Other payables 13 111 109 Post-employment and other employee benefit liabilities 15 214 221 Deferred tax liabilities 14.1 412 579 Other financial instruments 17 82 102 Provisions 16 1,482 1,497 Total non-current liabilities: 6,433 6,814 Current liabilities: Financial debt 12 507 367 Lease liabilities 6 213 233 Trade payables 13 812 945 Other payables 13 1,785 1,755 Other financial instruments 17 70 111 Current income tax payable 14 270 332 Liabilities directly associated with non-current assets classified as held for sale 2.3 0 622 Total current liabilities: 3,656 4,365 Total liabilities: 10,089 11,179 Total equity and liabilities: 15,254 16,817 The accompanying notes form an integral part of the condensed consolidated statement of financial position and should be read in conjunction. 3rd Quarter and Nine Months 2025 October 2025 25
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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 nine-month periods ended 30 September 2025 and 30 September 2024 (Amounts stated in million Euros – €m) Notes September 2025 September 2024 Sales 19 14,532 16,052 Services rendered 19 399 353 Other operating income 19 479 407 Financial income 21 77 105 Earnings from associates and joint ventures 7/19 24 (18) Total revenues and income: 15,511 16,899 Cost of sales 20 (11,056) (11,888) Supplies and external services 20 (1,551) (1,554) Employee costs 20 (326) (341) Amortisation, depreciation and impairment losses on fixed assets 20 (534) (604) Provisions and impairment losses on other receivables 20 (8) 5 Other operating costs 20 (238) (229) Financial expenses 21 (189) (212) Total costs and expenses: (13,902) (14,822) Profit/(Loss) before taxes and other contributions: 1,609 2,077 Taxes and SPT 14.1 (501) (868) Energy sector extraordinary contribution 14.2 (62) (59) Windfall tax 14.2 0 0 Consolidated net income/(loss) for the year 1,046 1,150 Income/(Loss) attributable to: Galp Energia, SGPS, S.A. Shareholders 941 1,006 Non-controlling interests 18 105 144 Basic Earnings per share (in Euros) 1.27 1.32 Diluted Earnings per share (in Euros) 1.27 1.32 Consolidated net income/(loss) for the year 1,046 1,150 Items which will not be recycled in the future through net income: Remeasurements 0 (6) Income taxes related to remeasurements 0 3 Items which may be recycled in the future through net income: Currency translation adjustments (729) (226) Hedging reserves 17 53 (48) Income taxes related to the above items 14 (17) 16 Subtotal of other comprehensive income/(loss) (693) (261) Total Comprehensive income/(loss) for the year, attributable to: 353 889 Galp Energia, SGPS, S.A. Shareholders 352 758 Non-controlling interests 1 131 The accompanying notes form an integral part of the condensed consolidated income statement and condensed consolidated statement of comprehensive income and should be read in conjunction. 3rd Quarter and Nine Months 2025 October 2025 26
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Interim Condensed Consolidated Statement of Changes in Equity Galp Energia, SGPS, S.A. Condensed Consolidated Statement of Changes in Equity for the nine-month periods ended 30 September 2025 and 30 September 2024 (Amounts stated in million Euros – €m) Share capital Own shares CTR(*) Hedging Reserves Other Reserves Retained earnings Sub- Total NCI(**) Total Balance as at 1 January 2024 773 0 (128) 48 1,529 2,187 4,409 920 5,329 Consolidated net (loss) income for the year 0 0 0 0 0 1,006 1,006 144 1,150 Reclassification CTR to net profit for the period 0 0 (138) 0 0 138 0 0 0 Other gains and losses recognised in equity 0 0 (75) (32) 0 (141) (248) (13) (261) Comprehensive income for the year 0 0 (213) (32) 0 1,003 758 131 889 Dividends distributed 0 0 0 0 0 (419) (419) (121) (540) Repurchase of shares 0 (373) 0 0 373 (373) (373) 0 (373) Cancelling/Distribution of shares 0 3 0 0 0 (3) 0 0 0 Long term incentives plan 0 0 0 0 (3) 6 3 0 3 Cumulative income as at 30 September 2024 - CTR with Non current Asset classified as held for sale 0 0 60 0 0 0 60 0 60 Cumulative loss at 30 September 2024 – Other CTR’s 0 0 (401) 0 0 0 (401) 0 (401) Balance as at 30 September 2024 773 (371) (341) 15 1,900 2,401 4,378 930 5,308 Balance as at 1 January 2025 753 (47) 6 (22) 1,579 2,418 4,689 950 5,638 Consolidated net (loss) income for the year 0 0 0 0 0 941 941 105 1,046 Reclassification CTR to net profit for the period (***) 0 0 (96) 0 0 96 0 0 0 Other gains and losses recognised in equity 0 0 (529) 36 0 (96) (589) (104) (693) Comprehensive income for the year 0 0 (625) 36 0 941 352 1 353 Dividends distributed 0 0 0 0 0 (480) (480) (166) (645) Repurchase of shares 0 (182) 0 0 0 0 (182) 0 (182) Cancelling/Distribution of shares 0 8 0 0 0 (8) 0 0 0 Increase/(Decrease) in reserves 0 0 0 0 13 (13) 0 0 0 Long term incentives plan 0 0 0 0 (7) 8 1 0 1 Cumulative income as at 30 September 2025 – CTR with Non current Asset classified as held for sale 0 0 0 0 0 0 0 0 0 Cumulative loss at 30 September 2025 – Other CTR’s 0 0 (618) 0 0 0 (618) 0 (618) Balance as at 30 September 2025 753 (220) (618) 14 1,585 2,866 4,380 785 5,165 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 gain 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). 3rd Quarter and Nine Months 2025 October 2025 27
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Interim Condensed Consolidated Statement of Cash Flows Galp Energia, SGPS, S.A. Condensed Consolidated Statement of Cash Flow for the nine-month periods ended 30 September 2025 and 30 September 2024 (Amounts stated in million Euros – €m) Notes September 2025 September 2024 Income/(Loss) before taxation for the period 1,609 2,077 Adjustments for: Amortisation, depreciation and impairment losses on fixed assets 20 534 604 Provisions 20 1 0 Adjustments to net realisable value of inventories 20 1 (19) Mark-to-market of derivatives 17 10 17 Other financial costs/income 21 102 89 Underlifting and/or Overlifting 19/20 (59) 71 Share of profit/(loss) of joint ventures and associates 7 (24) 18 Capital Gain on divestments 2.3 (114) (137) Others (85) (201) Increase/decrease in assets and liabilities: (Increase)/decrease in inventories (98) 388 (Increase)/decrease in current receivables 94 (236) (Decrease)/increase in current payables (133) (340) (Increase)/decrease in other receivables, net (37) 172 Dividends from associates 14 11 Taxes paid 14 (705) (885) Own shares for LTI reflected in Equity (share based payment) 2.5 (8) (49) Cash flow from operating activities 1,103 1,579 Capital expenditure in tangible and intangible assets (779) (861) Investments in associates and joint ventures, net (31) (28) Investments in subsidiaries (5) 0 Other investment cash inflow/(outflows), net (42) (12) Divestments 2.3/9 935 405 Cash flow from investing activities 77 (496) Loans obtained 12 1,961 1,986 Loans repaid 12 (1,870) (1,996) Interest paid (26) (46) Leases paid 6 (126) (136) Interest on leases paid 6 (68) (101) Dividends paid to Galp shareholders (480) (419) Dividends paid to non-controlling interests 18 (123) (97) Acquisition of own stocks 2.5 (174) (324) Cash flow from financing activities (904) (1,132) (Decrease)/increase in cash and cash equivalents 277 (48) Currency translation differences in cash and cash equivalents (148) (32) 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 2,408 1,990 The accompanying notes form an integral part of the condensed consolidated statement of changes in equity and should be read in conjunction. 3rd Quarter and Nine Months 2025 October 2025 28
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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 nine-month period ended 30 September 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 judgements 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 nine-months 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 nine-month that would trigger an impairment analysis as at 30 September 2025. 2.3. Non-current assets 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 $881 m in 1Q25 recognised in cash flows from investing activities - Divestments, €815 m), encompassing the equity value of shares ($572,5 m), shareholder loans reimbursement and accumulated investments made since the transaction reference date of December 31, 2023 (locked box date). As of 30 September 2025, the proceeds from the sale (excluding shareholder loans reimbursement and accumulated investments made since locked box date) amount to $1,039 m, which includes $572.5 m received at transaction closing date and $467 m related to additional contingent receivables related with the final investment decision (FID) of Coral North ($100 m) and Rovuma LNG ($400 m) (Note 10). 3rd Quarter and Nine Months 2025 October 2025 29
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The capital gain was recognized in the amount of €147 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) (Note 19) and as “Earnings from associates and joint ventures” (€18 m) (Note 7.1). Upon the FID of the Coral North FLNG project, that took place on October 2, 2025, Galp confirms the respective contingent payment of $100 m, to be collected during 4Q25 (Note 23). Guinea Bissau During the third quarter, Galp has successfully completed the sale of its commercial assets in Guinea Bissau to Zener International Holding, S.A.. As at 30 September 2025, the proceeds from the sale amounts to €38 m, which includes €26 m received during 2025 (recognised in cash flows from investing activities - Divestments), plus €9 m received during 2024 and €3 m contingent receivable to be collected until 2026 (recognised in "Other receivables - Other accrued income" Note 9.2). The capital gain was recognized in the amount of €3 m, that was accounted as “Other operating income” (Note 19). During the nine-month period ended 30 September 2025, the assets previously classified under this caption were disposed of, as mentioned above. Accordingly, no assets, liabilities, or accumulated translation reserves in equity remain under this caption as of 30 September 2025. 2.4. Changes to the consolidated perimeter During the nine-month period, Galp has entered into 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 — — Asis Projects Umbria, S.L.U. Spain Acquisition 100 % Full consolidation Portland Head Light, S.L.U. Spain Acquisition 100 % Full consolidation Petrogal Guiné Bissau, Lda Guinea Bissau Sold — — CLCGB – Companhia Logística de Combustíveis da Guiné- Bissau, SARL Guinea Bissau Sold — — Petrogás Guiné-Bissau – Importação, Armazenagem e Distribuição de Gás de Petróleo Liquefeito, Lda. Guinea Bissau Sold — — Petromar - Sociedade de Abastecimentos Petrolíferos, Lda Guinea Bissau Sold — — Aero Serviços, SARL – Sociedade de Abastecimento de Serviços Aeroportuários, Lda. Guinea Bissau Sold — — PV XXI Suinthila, S.L.U. * Spain Sold — — Navabuena Solar, S.L.U. * Spain Sold — — LGA - Logística Global de Aviação, Lda Portugal Liquidation — — * At transaction closing date, Galp received €38 m (recognised in cash flows from investing activities - Divestments) and recognized capital loss in the amount of €19 m as a result of the sale of Navabuena Solar, S.L.U. and PV XXI Suinthila, S.L.U. to ACS Cobra, previous owner (recognised in Other costs - Other operating costs). 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. 3rd Quarter and Nine Months 2025 October 2025 30
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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 program (€174 m) and LTI plan (€8 m)). Of those shares, 91,959 shares were delivered to employees (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 €7 m). During the period, these deliveries of 577,972 shares totalized €8 m. For the nine months ended 30 September 2025, the Group has recognised €1 m of share-based payment expenses in the statement of profit or loss (30 September 2024: €3 m). On 30 September 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. Amendments to IAS 21 - Lack of exchangeability has been applied for the first time in 2025 however, did not have any impact on the interim condensed consolidated financial statements of the Group. 2.7. Commitments and contingencies Commitments During the nine-month period of 2025, Galp Energia SGPS, S.A. provided Parent Company Guarantees (PCG) amounting to €8,892 m in connection with commercial agreements entered by its subsidiaries, which reflects a reduction of circa €1,726 m when compared to the disclosure in the consolidated financial statements for the year ended as at 31 December 2024, mainly related with foreign exchange (circa €897 m), expired Parent Company Guarantees (circa €182 m, netting with new ones), and updated of the contractual assumptions of PCG's related to the chartering contracts for the Upstream holdings (circa €963 m). In addition, Galp stepped out of a commitment in the amount €442m in the Mozambican upstream entities in consequence of the sale of those entities. Contingencies Berbigão and Sururu: On 23 January 2025, ANP communicated to the BM-S-11A consortium unilateral decision that the reservoirs of Berbigão and Sururu should be considered as unified for the purposes of calculating the Special Participation Tax (SPT), based on the fact that both reservoirs are currently being developed through a single FPSO, P-68. Galp and the remaining partners of the consortium disagree with this interpretation from ANP considering that, according to the geological criteria in this specific case, there are two separate reservoirs. This differentia results in a SPT difference estimation of circa $159 m up to 30 September 2025. In 3Q25, following a favorable decision in an Arbitral Court, the BM-S-11A consortium presented a guarantee related to the amounts claimed for first half of 2025 ($8 m) and will provide new guarantees for before 2025 ($144 m) and 3Q25 ($7 m) upon ANP issuing the claim to the partners. The appropriate legal measures for contesting this claim have been initiated by the BM-S-11A consortium. This tax contingency was assessed as possible (and not probable) and, as such, no provision was recognized in these interim condensed financial statements. Tupi and Iracema: Galp obtained a favorable judicial decision regarding the arbitrability of the dispute between the BM- S-11 consortium and ANP regarding the calculation of the SPT for the Tupi and Iracema fields. As a result of such judicial decision, Galp did not make a provision for the disputed SPT in 2025 and treated it as a tax contingency ($38 m). 3rd Quarter and Nine Months 2025 October 2025 31
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Mozambique: Following the notification received in July 2025 from the Mozambique Tax Authorities to pay c.$176 m (a claim which can be further increased by c.$160 m depending on the additional consideration received in connection with the FIDs of Coral North and Rovuma LNG) related to alleged capital gains on the disposal of its stake in Area 4. Galp believes that there is no legal ground to support the amount claimed by the Mozambique Tax Authorities. Galp is currently contesting this in the Mozambique Fiscal Court. Additionally, Galp has formally notified the State of Mozambique of a dispute under international reciprocal promotion and protection of investments. Galp will request the assessment of the Mozambican State’s conduct in relation to the capital gains tax dispute arising from the sale of Galp’s stake in Mozambique Area 4. This notice marks the first step toward initiating arbitration proceedings. No decision is known to date. Both internal and external assessment have deemed this tax contingency to be possible (and not probable) and, as such, no provision was recognized in these interim condensed financial statements. 2.8. Tupi financial redetermination During the 3Q25, pursuant to the submission of the contractual re-determination of tract participations in the unitised Tupi field among partners of the BM-S-11 consortium to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), Galp retains 9.06% of the Tupi accumulation. Impacts of this redetermination were as follows: Caption Notes Redetermination impact ($m) Consolidated statement of financial position Tangible Assets - Assets under construction 4 (38) Other payables - Accrued costs - Other accrued costs 13 (171) Consolidated statement of profit or loss Cost of sales - Variation in production 20 165 Financial expenses - other financial costs 21 44 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, CO 2, 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 Africa2. 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. 3rd Quarter and Nine Months 2025 October 2025 32 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 early March 2025. 2 The results (profit or loss) of Guinea-Bissau subsidiaries (ie net assets), 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 early July 2025.
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The replacement cost financial information for the segments identified above, for the nine-month periods ended 30 September 2025 and 2024, is as follows: Unit: €m Consolidated Upstream Industrial & Midstream Commercial Renewables & New businesses Others Consolidation adjustments September 2025 September 2024 September 2025 September 2024 September 2025 September 2024 September 2025 September 2024 September 2025 September 2024 September 2025 September 2024 September 2025 September 2024 Sales and services rendered 14,931 16,405 1,969 2,832 5,737 7,258 7,817 7,504 72 67 181 189 (846) (1,444) Cost of sales (10,882) (11,779) (336) (285) (4,305) (6,047) (6,867) (6,674) (3) 9 5 3 625 1,215 of which Variation of Production 32 (186) (336) (122) 368 (64) 0 0 0 0 0 0 0 0 Other revenue & expenses (1,643) (1,710) (381) (620) (581) (502) (660) (589) (52) (38) (191) (191) 221 229 of which Under & Overlifting 59 (71) 59 (71) 0 0 0 0 0 0 0 0 0 0 EBITDA at Replacement Cost 2,407 2,916 1,252 1,927 852 710 290 241 17 38 (5) 0 0 0 Amortisation, depreciation and impairment losses on fixed assets (534) (604) (276) (337) (92) (110) (102) (94) (42) (36) (23) (27) 0 0 Provisions (net) (1) 0 (1) 1 0 0 0 (2) 0 0 0 0 0 0 EBIT at Replacement Cost 1,872 2,311 976 1,590 760 600 188 145 (25) 2 (28) (26) 0 0 Earnings from associates and joint ventures 24 (18) 16 (5) 5 4 7 4 (6) (22) 3 0 0 0 Financial results (112) (107) Taxes and SPT at Replacement Cost (554) (905) Energy Sector Extraordinary Contribution (62) (59) 0 0 (25) (21) 0 0 0 0 (37) (38) 0 0 Consolidated net income at Replacement Cost, of which: 1,167 1,222 Attributable to non-controlling interests 105 144 Attributable to shareholders of Galp Energia SGPS SA 1,062 1,078 OTHER INFORMATION Segment Assets* Financial investments** 104 109 2 0 16 18 30 32 52 56 4 4 0 0 Other assets 15,151 16,708 7,132 9,083 3,666 2,933 2,559 3,151 1,691 1,656 3,406 2,856 (3,302) (2,970) Segment Assets 15,254 16,817 7,133 9,083 3,681 2,950 2,589 3,183 1,742 1,711 3,411 2,860 (3,302) (2,970) of which Rights of use of assets 1,083 1,215 502 589 196 232 207 205 101 106 77 82 0 0 of which tangible and intangible assets 6,783 6,933 3,636 3,867 1,003 856 681 709 1,368 1,404 95 97 0 0 Investment in Tangible and Intangible Assets*** 762 831 409 507 207 139 40 40 92 125 14 20 0 0 * Net amount as of 30 September 2025 and as of 31 December 2024 ** Includes “Investments in associates and joint ventures” (Note 7) *** Amounts as at 30 September 2025 and as at 30 September 2024, excludes abandonment provisions (September 2025: €18 m / September 2024: €18 m) 3rd Quarter and Nine Months 2025 October 2025 33
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The details of sales and services rendered, tangible and intangible assets and investments in associates and joint ventures for each geographical region in which Galp operates were as follows: Unit: €m Sales and services rendered* Tangible and intangible assets Financial investments September 2025 September 2024 September 2025 December 2024 September 2025 December 2024 Africa 487 574 567 512 22 23 Latin America 1,407 1,820 3,135 3,428 49 51 Europe 13,038 14,010 3,080 2,993 33 35 14,931 16,405 6,783 6,933 104 109 * Net consolidation operation The reconciliation between the Segment Reporting and the Condensed Consolidated Income Statement for the periods ended 30 September 2025 and 2024 is as follows: Unit: €m September 2025 September 2024 Sales and services rendered 14,931 16,405 Cost of sales (11,056) (11,888) Replacement cost adjustments (1) 174 110 Cost of sales at Replacement Cost (10,882) (11,779) Other revenue and expenses (1,643) (1,710) Amortisation, depreciation and impairment on fixed assets (534) (604) Provisions (net) (1) 0 Earnings from associates and joint ventures 24 (18) Financial results (112) (107) Profit before taxes and other contributions at Replacement Cost 1,783 2,186 Replacement Cost adjustment (174) (110) Profit before taxes and other contributions at IFRS 1,609 2,077 Income tax and SPT (501) (868) Income tax on Replacement Cost Adjustment (2) (53) (37) Energy Sector Extraordinary Contribution (62) (59) Consolidated net income for the period at Replacement Cost 1,167 1,222 Replacement Cost (1) + (2) (121) (73) Consolidated net income for the period based on IFRS 1,046 1,150 4. Tangible assets Unit: €m Land, natural resources and buildings Plant and machinery Other equipment Assets under construction Total As at 30 September 2025 Acquisition cost 1,367 11,423 545 3,190 16,525 Impairment (44) (241) (3) (222) (510) Accumulated depreciation and depletion (834) (8,604) (460) 0 (9,898) Net value 489 2,579 82 2,968 6,117 Balance as at 1 January 2025 489 2,820 95 2,789 6,194 Additions 0 0 0 763 762 Depreciation, depletion and impairment (23) (319) (17) 0 (359) Disposals/Write-offs (1) (3) 0 0 (4) Transfers 22 229 18 (269) 0 Currency exchange differences and other adjustments 2 (148) (14) (315) (476) Balance as at 30 September 2025 489 2,579 82 2,968 6,117 During the nine-month period the Group has made tangible and intangible investments amounting to €780 m, of which Upstream investments in the amount of €426 m, essentially related to projects in Brazil (€314 m) and Namibia (€112 m), Industrial & Midstream €207 m, Renewables €93 m, Commercial €40 m and Corporate €14 m. The additions to tangible 3rd Quarter and Nine Months 2025 October 2025 34
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assets for the nine-month period ended 30 September 2025 also include the capitalization of financial charges amounting to €45 m (Note 21). In the caption "Assets under construction - other adjustments", it is included the reduction of $38 m related to re- determination of tract participation in the unitised Tupi field (Note 2.8) and the reduction of c.€65 m related to sale of Navabuena Solar, S.L.U. and PV XXI Suinthila, S.L.U. (Note 2.4). 5. Goodwill and intangible assets Unit: €m Industrial properties and other rights Intangible assets in progress Goodwill Total As at 30 September 2025 Acquisition cost 1,292 93 87 1,472 Impairment (133) (28) (43) (205) Accumulated amortisation (601) 0 0 (601) Net value 557 65 44 666 Balance as at 1 January 2025 630 65 44 739 Additions 0 17 0 17 Amortisation and impairment (32) 0 0 (32) Write-offs/Disposals (1) 0 0 (1) Transfers 20 (20) 0 0 Currency exchange differences and other adjustments (60) 3 0 (58) Balance as at 30 September 2025 557 65 44 666 During the nine-month period under review the Group has made €17 m of intangible investments (Note 4). 6. Leases FPSO's* Buildings Service stations Time Charter Other usage rights Total As at 30 September 2025 Acquisition cost 711 87 412 334 370 1,914 Impairment 0 0 (39) 0 0 (39) Accumulated depreciation (286) (11) (170) (206) (119) (792) Net value 425 76 203 128 251 1,083 Balance as at 1 January 2025 472 81 201 196 266 1,215 Additions 39 1 35 0 25 100 Depreciation (36) (6) (33) (50) (19) (143) Currency exchange differences and other adjustments (49) 0 0 (18) (21) (88) Balance as at 30 September 2025 425 76 203 128 251 1,083 Lease liabilities are as follows: Unit: €m September 2025 December 2024 Less than one year 254 253 One to five years 700 747 More than five years 800 858 Maturity analysis – contractual undiscounted cash flow 1,754 1,859 Current 213 233 Non-current 1,058 1,182 Lease liabilities included in the consolidated statement of financial position 1,271 1,414 * 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 3rd Quarter and Nine Months 2025 October 2025 35
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The amounts recognized in consolidated statement of profit or loss were as follows: Unit: €m Notes September 2025 September 2024 Interest on lease liabilities 21 69 101 Expenses related to short term, low value and variable payments of operating leases 354 320 423 421 The amounts recognised in the consolidated statement of cash flow are as follows: Unit: €m September 2025 September 2024 Payments relating to leasing (IFRS 16) 126 136 Payments relating to leasing (IFRS 16) interests 68 101 Financing activities 194 237 7. Investments in associates and joint ventures Unit: €m September 2025 December 2024 Joint ventures 10 10 Associates 94 99 104 109 7.1. Investments in joint ventures Unit: €m As at 31 December 2024 Share capital increase/ decrease Equity method Foreign exchange rate differences Other adjustments Transfers Dividends As at 30 September 2025 C.L.C. - Companhia Logística de Combustíveis, S.A. 9 0 4 0 0 0 (6) 8 Other joint ventures 0 1 1 2 (3) 0 0 2 10 1 5 2 (3) — (6) 10 As at 30 September 2025, “Earnings from associates and joint ventures” includes the Coral FLNG, 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 (Note 2.3). 7.2. Investments in associates Unit: €m As at 31 December 2024 Share capital increase/ decrease Equity method Foreign exchange rate differences Dividends As at 30 September 2025 Belém Bioenergia Brasil, S.A. 51 0 (5) 2 0 48 Floene Energias, S.A. 7 0 0 0 (1) 7 Sonangalp - Sociedade de Distribuição e Comercialização de Combustíveis, Lda 10 0 4 (1) (4) 9 CMD – Aeroportos Canarios S.L. 8 0 1 0 (1) 8 Other associates 23 (3) 3 (1) 0 22 99 (3) 4 (1) (6) 94 Refer to Note 22 for details on the nature of the transaction and balances. 3rd Quarter and Nine Months 2025 October 2025 36
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8. Inventories Unit: €m September 2025 December 2024 Raw, subsidiary and consumable materials 227 373 Crude oil 81 16 Crude oil in transit 57 316 Other raw materials 57 42 Other raw materials in transit 32 0 Finished and semi-finished products 580 511 Finished and semi-finished products in transit 25 0 Goods 232 240 Goods in transit 157 0 Write-downs (23) (23) 1,198 1,101 The movements in the adjustments to Net Realizable Value (NRV) balance for the nine-month period ended 30 September 2025 were as follows: Unit: €m Notes Raw, subsidiary and consumable materials Finished and semi-finished products Goods Total Write-downs as at 1 January 2025 5 6 12 23 Net reductions 25 0 2 (2) (1) Write-downs as at 30 September 2025 5 9 10 23 The reduction of €1 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. 9. Trade and other receivables 9.1. Trade receivables Unit: €m September 2025 December 2024 Current Non-current Current Non-current Trade receivables 1,241 28 1,337 0 Allowance for doubtful amounts (98) 0 (99) 0 1,143 28 1,237 0 Movements in allowance for doubtful trade receivables Allowance as at 1 January 2025 99 0 111 0 Increase/(Decrease) 4 0 6 0 Utilisation (5) 0 (4) 0 Other adjustments 0 0 (13) 0 Allowance as at 30 September 2025 98 0 99 0 The €28 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. 3rd Quarter and Nine Months 2025 October 2025 37
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9.2. Other receivables Unit: €m Notes September 2025 December 2024 Current Non-current Current Non-current State and other Public Entities 96 0 91 0 Other debtors 309 279 268 238 Non-operated oil blocks 3 0 3 0 Underlifting 145 0 110 0 Other receivables 160 279 155 238 Contract Assets 296 50 353 53 Sales and services rendered but not yet invoiced 225 0 222 0 Adjustment to tariff deviation – "pass through" 28 0 26 0 Other accrued income 43 50 104 53 Deferred charges 108 15 138 19 Energy sector extraordinary contribution 14.2 5 1 5 5 Deferred charges for services 11 9 7 10 Post employment benefit assets 15 0 3 0 2 CO2 licenses 24 0 76 0 Other deferred charges 67 2 50 2 Impairment of other receivables (13) 0 (13) 0 Other receivables 797 344 837 310 Movements in allowance for doubtful other receivables Allowance at the beginning of the year 13 0 10 0 Increase/(Decrease) 20 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 €276 m (2024: €233 m) relating to a judicial deposit regarding the lawsuit between BM-S-11 consortium and 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 decision, Galp did not recognize a provision for 2025 period and treated it as a tax contingency ($38 m) (Note 2.7 and 16). CO2 licenses (current) include the amount of €24 m (2024: €76 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. Other accrued income (current) includes €3 m related to additional proceeds (contingent consideration) in connection with the sale of commercial Guinea Bissau assets (Note 2.3). During the period, the amount of €56 m (Dec 2024) related to additional proceeds (contingent consideration) in connection with the 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 September 2025 and 31 December 2024 Other financial assets were as follows: Unit: €m Notes September 2025 December 2024 Current Non-current Current Non-current Financial Assets at fair value through profit & loss – derivatives 17 115 37 110 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 36 (1) 41 1 Others 0 11 0 12 548 47 150 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. 3rd Quarter and Nine Months 2025 October 2025 38
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11. Cash and cash equivalents Unit: €m Notes September 2025 December 2024 Cash in banks 2,410 2,285 Bank overdrafts 12 (2) (6) 2,408 2,279 12. Financial debt Unit: €m Notes September 2025 December 2024 Current Non-current Current Non-current Bank loans 8 1,796 217 1,051 Loans and commercial paper 1 1,788 206 1,039 Factoring 5 8 5 11 Bank overdrafts 11 2 0 6 0 Bonds and notes 499 1,277 150 2,075 Origination fees (1) (3) 0 (5) Bonds and notes 500 1,280 150 2,080 Debt 507 3,074 367 3,125 Changes in financial debt during the period from 31 December 2024 to 30 September 2025 were as follows: Unit: €m Initial balance Loans obtained Principal Repayment Changes in Overdrafts Foreign exchange rate differences and others Ending balance Bank Loans: 1,268 1,961 (1,420) (4) 0 1,804 Origination fees 0 0 0 0 0 0 Loans and commercial paper 1,245 1,961 (1,417) 0 0 1,790 Factoring 16 0 (4) 0 0 13 Bank overdrafts 6 0 0 (4) 0 2 Bonds and Notes: 2,225 0 (450) 0 2 1,776 Origination fees (5) 0 0 0 2 (4) Bonds and Notes 2,230 0 (450) 0 0 1,780 3,492 1,961 (1,870) (4) 2 3,580 The annual average cost of financial debt for the period under review, including charges for credit lines, amounted to 3.10%. Financial debt, excluding origination fees and bank overdrafts, had the following repayment plan as at 30 September 2025: Unit: €m Maturity Loans Total Current Non-current 2025 2 2 0 2026 602 503 99 2027 821 0 821 2028 253 0 253 2029 onwards 1,904 0 1,904 3,582 506 3,076 3rd Quarter and Nine Months 2025 October 2025 39
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13. Trade payables and other payables Unit: €m September 2025 December 2024 Current Non-current Current Non-current Suppliers 812 0 945 0 Other creditors: State and other public entities 382 0 402 0 Payable VAT 226 0 257 0 "ISP" - Tax on oil products 102 0 123 0 Other taxes 54 0 22 0 Other creditors 224 38 283 40 Tangible and intangible suppliers 137 38 134 40 Overlifting 13 0 24 0 Other creditors 75 0 124 0 Related parties 101 0 62 0 Other accounts payables 89 27 104 24 Accrued costs 947 24 877 23 External supplies and services 571 0 673 0 Holiday, holiday subsidy and corresponding contributions 94 0 101 2 Other accrued costs 281 25 103 21 Contract liabilities 37 0 19 0 Other deferred income 5 22 7 22 Other payables 1,785 111 1,755 109 “Related parties” includes dividend to be paid to non-controlling interest (Note 18 and 22). In caption "Accrued costs - Other accrued costs", it is included $171 m related to re-determination of tract participation in the unitised Tupi field (Note 2.8). 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 of 30 September 2025 and 31 December 2024, the current income tax receivable and payable is as follows: Unit: €m September 2025 December 2024 Current income tax receivable 50 106 Current income tax payable (270) (332) (220) (226) The total taxes paid during the period was €705 m (September 2024: €885 m), of which €364 m related to SPT, €333 m related to income tax, and €8 m related to extraordinary taxes contributions. 3rd Quarter and Nine Months 2025 October 2025 40
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Taxes and SPT recognized in the condensed consolidated income statement for the nine-month periods ended 30 September 2025 and 2024 were as follows: Unit: €m September 2025 September 2024 Current tax Deferred tax Total Current tax Deferred tax Total Current income tax 404 (224) 180 420 (6) 413 "IRP” – Oil Income Tax 0 0 0 9 0 9 “SPT” – Special Participation Tax 321 0 321 447 0 447 Taxes for the year 724 (224) 501 875 (7) 868 As at 30 September 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 September 2025 Adjustments to tangible and intangible assets 295 65 0 0 359 Retirement benefits and other benefits 62 (2) 0 0 60 Tax losses carried forward 3 0 0 0 3 Regulated revenue 7 0 0 0 7 Temporarily non-deductible provisions 223 (16) 0 8 215 Others 79 (6) 0 0 74 Deferred Taxes – Assets 669 41 0 8 719 Adjustments to tangible and intangible assets (612) 181 0 3 (428) Regulated revenue (13) 0 0 0 (13) Others 46 0 (17) 0 29 Deferred Taxes – Liabilities (579) 182 (17) 3 (412) 14.2. Energy sector extraordinary contribution Unit: €m Statement of financial position Energy Sector Extraordinary Contribution Provisions (Note 16) CESE II - Deferred Charges (Note 9.2) CESE I CESE II Current Non-current As at 1 January 2025 (73) (275) 5 5 0 Increase (9) (12) 0 0 62 Decrease 0 0 0 (4) 0 As at 30 September 2025 (82) (286) 5 1 62 During the period a cost of €62 m was recognised as “Energy Sector Extraordinary Contribution" (which includes CESE I and II and FNEE). 15. Post-employment benefits On 30 September 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 September 2025 December 2024 Liquidity 0 % 2 % Other investments 0 % 0 % Shares 16 % 15 % Real Estate 26 % 23 % Bonds 58 % 58 % 3rd Quarter and Nine Months 2025 October 2025 41
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As at 30 September 2025 and 31 December 2024, the details of post-employment benefits were as follows: Unit: €m Notes September 2025 December 2024 Asset under the heading of "Other Receivables"(non-current) 9.2 3 2 Liability (214) (221) Net responsibilities (211) (218) Obligations, of which: (389) (406) Past service liability covered by the pension fund (180) (184) Other employee benefit liabilities (209) (222) Assets 177 188 16. Provisions, contingent assets and liabilities During the nine-month period ended 30 September 2025, the movements in Provisions were as follows: Unit: €m September 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) (27) 21 1 (5) 105 Utilisation (8) 0 0 (8) (20) Other adjustments (3) 0 2 (2) (25) At the end of the period 764 369 350 1,482 1,497 “Other provisions” of €350 m includes a €249 m (2024: €233 m) provision relating to a disputed 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 2.7, and a €22 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. 3rd Quarter and Nine Months 2025 October 2025 42
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17. Other financial instruments Unit: €m September 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 26 11 (1) (10) 20 0 7 (18) (22) (32) Gas Swaps 25 3 0 0 27 0 0 (18) (22) (39) Electricity Swaps 1 8 (1) (10) (7) 0 7 0 0 7 Interest rate Swaps (IRS) 0 1 0 0 1 0 0 0 0 0 Non designated hedge derivatives 88 26 (69) (72) 0 110 49 (94) (81) 0 Oil Futures 2 0 0 0 0 0 0 0 0 0 Swaps 1 0 (7) 0 0 0 0 (1) 0 0 Gas Futures 4 0 0 0 0 7 0 0 0 0 Swaps 56 6 (53) (6) 0 82 35 (81) (35) 0 Options 9 0 0 0 0 9 0 (2) 0 0 Electricity Futures 12 0 0 0 0 11 0 0 0 0 Swaps 2 19 (9) (65) 0 1 13 (11) (45) 0 CO2 Futures 2 0 0 0 0 0 0 0 0 0 115 37 (70) (82) 20 110 55 (111) (102) (32) * The change that occurred during the period within Equity in relation with “Designated hedge derivatives” is shown in the table below. 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 nine months ended 30 September 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 observable or as the contract matures. The cumulative amounts of MTM of day 1 gains not recognized were (€194 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 the third quarter of 2025, Galp entered into new interest rate swaps with maturity dates between March 2027 and February 2028 that were designated, at inception, in qualifying cash flow hedge relationships (€0.7 m) and are categorized as level 2 in the fair value hierarchy. In addition, the Company signed new Virtual Power Purchase Agreements (VPPAs) related to wind energy, that were designated in qualifying cash flow hedge relationships and, that are categorized as level 3 in the fair value hierarchy. The changes in fair value of derivatives designated in cashflow hedge relationships are reflected in Equity, excluding any hedge in-effectiveness, until the date the underlying asset affects P&L. The accounting impacts of gains and losses on derivative financial instruments on the income statement and comprehensive income as at 30 September 2025 and 2024 are presented below: 3rd Quarter and Nine Months 2025 October 2025 43
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Unit: €m September 2025 September 2024 Income statement Equity Income statement Equity MTM Realised (Note 20) MTM + Realised MTM Realised (Note 20) MTM + Realised Designated hedge derivatives 6 33 39 53 0 39 39 (48) Gas Swaps (Cash flow hedge) 0 32 32 66 0 38 38 (47) Electricity Swaps 6 1 7 (14) 0 0 0 0 Interest rate Swaps (IRS) 0 0 0 1 0 1 1 (1) Non designated hedge derivatives (16) (5) (21) 0 (18) (57) (74) 0 Oil Futures 1 3 4 0 0 (7) (7) 0 Swaps (6) (5) (11) 0 3 (7) (4) 0 Gas Futures 3 5 8 0 (4) (26) (30) 0 Swaps 2 (7) (5) 0 4 (2) 3 0 Options 3 4 7 0 (10) 8 (2) 0 Electricity Futures (9) (1) (9) 0 3 (15) (12) 0 Swaps (12) (4) (15) 0 13 (8) 5 0 CO2 Futures 2 0 2 0 (1) 0 (1) 0 Interest rate Swaps (IRS) 0 0 0 0 (26) 0 (26) 0 (10) 28 18 53 (17) (17) (34) (48) 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 (ie MTM) related to derivative financial instruments (Note 21) is as follows: Unit: €m September 2025 September 2024 Commodity Swaps (10) 20 Options 3 (10) Commodity Futures (4) (2) Interest rate swaps 0 (26) (10) (17) 18. Non-controlling interests December 2024 Net profit for the period Currency translation reserves Dividends Others September 2025 950 105 (103) (166) (1) 785 In the period ended 30 September 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 €101 m (December 2024: €63 m) (Note 22). 3rd Quarter and Nine Months 2025 October 2025 44
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19. Revenue and income The details of revenue and income for the nine-month periods ended 30 September 2025 and 2024 were as follows: Unit: €m Notes September 2025 September 2024 Total sales 14,532 16,052 Goods 7,511 7,783 Products 7,021 8,270 Services rendered 399 353 Other operating income 479 407 Underlifting income 98 16 Others 382 392 Earnings from associates and joint ventures 7 24 (18) Financial income 21 77 105 15,511 16,899 As at 30 September 2025, Other operating income – Others includes the capital gain in the amount of €132 m as a result of the completion of the sale of the Mozambique upstream assets and the sale of Guinea Bissau subsidiaries (ie net assets) (Note 2.3). As at 30 September 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 nine-month periods ended 30 September 2025 and 2024, were as follows: Unit: €m Notes September 2025 September 2024 Cost of sales 11,056 11,888 Raw and subsidiary materials 2,133 2,500 Goods 6,842 7,241 Tax on oil products 2,094 1,905 Variation in production (32) 186 Write downs on inventories 8 1 (19) Costs with the emissions of CO2 47 55 Financial derivatives 17 (28) 18 External supplies and services 1,551 1,554 Subcontracts – network use 245 196 Transport of goods 225 225 E&P – production costs 181 255 Royalties 168 201 E&P – exploration costs 18 14 Other costs 714 662 Employee costs 326 341 Amortisation, depreciation and impairment losses on fixed assets 4/5/6 534 604 Provision and impairment losses on receivables 9/16 8 (5) Other costs 238 229 Other taxes 43 35 Overlifting 39 87 Other operating costs 156 107 Financial expenses 21 189 212 Total costs and expenditure 13,902 14,822 In the caption "Cost of sales - Variation in production", it is included $165 m related to re-determination of tract participation in the unitised Tupi field (Note 2.8). “External supplies and services - Other costs” include, among others, subcontracts and specialised services, freight costs, lease rents, insurance costs, electricity, steam, water and fuel costs, storage costs and maintenance and repair. 3rd Quarter and Nine Months 2025 October 2025 45
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21. Financial results The details of financial income and costs, for the nine-month periods ended 30 September 2025 and 2024, were as follows: Unit: €m Notes September 2025 September 2024 Financial income 77 105 Interest from bank deposits 72 86 Interest income and other income with related companies 4 17 Other financial income 1 3 Financial expenses (189) (212) Interest on bank loans, bonds, overdrafts and others (76) (103) Interest capitalized in fixed assets 4 45 42 Interest on lease liabilities 6 (69) (101) Results from derivative financial instruments 17 (10) (17) Other financial costs (79) (33) (112) (107) In the caption "Financial expenses - other financial costs", it is included $44 m related to re-determination of tract participation in the unitised Tupi field (Note 2.8). 22. Related party transactions The Group had the following transactions with related parties: Assets Unit: €m September 2025 December 2024 Current Current Associates 50 60 Joint ventures* 1 184 Other related entities 4 2 Assets: 55 246 * 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 September 2025 December 2024 Current Non-current Current Non-current Associates (2) (22) (4) (26) Joint ventures (66) 0 (59) 0 Tip Top Energy, S.A.R.L. (2) 0 (1) 0 Winland International Petroleum, S.A.R.L. (101) 0 (63) 0 Other related entities (1) 0 0 0 Liabilities: (171) (22) (127) (26) Transactions Unit: €m September 2025 September 2024 Operating cost/ income Financial costs/ income Operating cost/ income Financial costs/ income Associates (40) 2 (33) 2 Joint ventures (14) 0 (13) 9 Tip Top Energy, S.A.R.L. (15) 0 (28) 0 Other related entities 9 0 10 0 Transactions: (60) 2 (64) 11 3rd Quarter and Nine Months 2025 October 2025 46
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23. Subsequent events Galp updates on Mozambique Area 4 developments Pursuant to the agreement with XRG P.J.S.C., subsidiary of ADNOC, for the sale of Galp’s upstream assets in Area 4, offshore Mozambique, and upon the final investment decision (FID) of the Coral North FLNG project, Galp confirms the respective contingent payment of $100 m collected during 4Q25. An additional contingent payment of $400 m will be made to Galp subject to the final investment decision of the Rovuma LNG project. Bacalhau FPSO reaches first oil Galp, partner in the consortium for the development of the Bacalhau field in BM-S-8 and North Carcará licenses, informs that FPSO Bacalhau has started production in the pre-salt region of the Santos basin, offshore Brazil, on October 15, 2025. The unit, amongst the largest entering production in Brazil to date, has a production capacity of 220,000 barrels per day and recoverable reserves are expected to exceed 1 bn barrels. The unit features an innovative Combined Cycle Gas Turbine (CCGT) system supporting a CO2 emissions intensity close to 9 kg per barrel, about half the industry average. Following initial commissioning and ramp-up, this unit will contribute approximately 40,000 barrels per day to Galp once at plateau, representing a production growth well above 30% over the current operating portfolio. This is Galp’s 13th unit deployed in the Brazilian pre-salt since 2010. Partners in the Bacalhau project are Equinor 40% (operator), ExxonMobil 40%, Petrogal Brasil 20% (Galp 70% | Sinopec 30%) and Pré-sal Petróleo SA (Government Company, PSA Manager). No additional subsequent events to disclose at the date of the authorization of these interim condensed consolidated financial statements. 3rd Quarter and Nine Months 2025 October 2025 47
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24. Approval of the financial statements The consolidated financial statements were approved by the Board of Directors on 24 October 2025. Chairman: Paula Amorim Vice-chairman 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 3rd Quarter and Nine Months 2025 October 2025 48
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Interim Management Report and Accounts 2025 July 2025 Definitions and Cautionary Statement 06.
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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&M: 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 3rd Quarter and Nine Months 2025 October 2025 50
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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 expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Accordingly, neither Galp nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Galp to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections, and assumptions. These forward-looking statements may generally be identified by the use of the future, gerund or conditional tense or the use of terms and phrases such as "aim", "ambition", "anticipate", "believe", “consider”, "could", “develop”, “envision”, "estimate", "expect", "goals", "intend", "may'', "objectives", "outlook", "plan", “potential”, "probably", "project", “pursue”, "risks", "schedule", "seek", "should", "target", “think”, "will" or the negative of these terms and similar terminology. Financial information by business segment is reported in accordance 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 presented, such as performance measures adjusted for special items (adjusted operational cash flow, adjusted earnings before interest, taxes, depreciation and amortisation, adjusted 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 constitute investment advice nor forms part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of Galp or any of its subsidiaries or affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction. 3rd Quarter and Nine Months 2025 October 2025 51
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52 Galp Energia, SGPS, S.A. Investor Relations Investor Relations: João G. Pereira, Head Tommaso Fornaciari João Simões Contacts: +351 21 724 08 66 Address: Avenida da Índia, 8 1349-065 Lisbon Portugal Website: www.galp.com/corp/en/investors Email: investor.relations@galp.com Reuters: GALP.LS Bloomberg: GALP PL