Earnings release
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4Q25 Trading Update February 2, 2026 1 4Q25 Trading Update The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the fourth quarter of 2025. All data referred to below is currently provisional and may differ from the final figures. Galp’s 4Q & FY25 results will be published on March 2, before the opening of Euronext Lisbon. On that day, the Company will hold an analysts’ conference call at 11:00 (Lisbon/London time). Upstream Industrial & Midstream 1 Includes volumes sold to the Commercial segment. Commercial Renewables 1 Installed capacity at the end of the period. 4Q24 3Q25 4Q25 Var. YoY Var. QoQ Working interest production (kboepd) 110 115 113 2% (1%) Oil (%) 87% 87% 87% - - 4Q24 3Q25 4Q25 Var. YoY Var. QoQ Raw materials processed (mboe) 22.3 22.7 9.9 (56%) (56%) Galp refining margin (USD/boe) 5.2 9.5 6.9 32% (27%) Oil products supply1 (mton) 3.9 4.1 3.0 (21%) (26%) NG/LNG supply & trading volumes1 (TWh) 11.8 17.0 18.1 54% 6% Trading (TWh) 5.7 11.8 12.1 n.m. 2% 4Q24 3Q25 4Q25 Var. YoY Var. QoQ Oil products - client sales (mton) 1.8 2.0 1.8 (4%) (11%) Natural gas sales - client sales (TWh) 4.3 3.6 4.3 (1%) 18% Electricity - client sales (TWh) 1.8 1.8 1.8 2% (1%) 4Q24 3Q25 4Q25 Var. YoY Var. QoQ Renewable installed capacity1 (GW) 1.5 1.7 1.7 11% - Renewable generation (GWh) 346 732 356 3% (51%) Galp realised sale price (EUR/MWh) 71 38 50 (30%) 30%
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4Q25 Trading Update February 2, 2026 2 Market Indicators Source: Platts/MIBGAS/Bloomberg/OMIE/REE. 1 The Iberian power baseload price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE). 2 The solar price indicator is estimated based on pool prices on solar hours. Galp Energia, SGPS, S.A. Investor Relations: João G. Pereira, Head Tommaso Fornaciari João Simões . Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65 Address: Avenida da Índia, 8 1349-065 Lisbon, Portugal . Website: www.galp.com/corp/en/investors Email: investor.relations@galp.com Reuters: GALP.LS Bloomberg: GALP PL This document may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements express future expectations that are based on management’s expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Accordingly, neither Galp nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Galp to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections, and assumptions. These forward-looking statements may generally be identified by the use of the future, gerund or conditional tense or the use of terms and phrases such as "aim", "ambition", "anticipate", "believe", “consider”, "could", “develop”, “envision”, "estimate", "expect", "goals", "intend", "may'', "objectives", "outlook", "plan", “potential”, "probably", "project", “pursue”, "risks", "schedule", "seek", "should", "target", “think”, "will" or the negative of these terms and similar terminology. This document may include data and information provided by third parties, which are not publicly available. Such data and information should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by those third 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. 4Q24 3Q25 4Q25 Var. YoY Var. QoQ Exchange rate (EUR/USD) 1.07 1.17 1.16 9% (0%) Dated Brent price (USD/bbl) 74.7 69.1 63.7 (15%) (8%) Dutch TTF natural gas price (EUR/MWh) 42.8 32.4 30.0 (30%) (7%) Iberian MIBGAS natural gas price (EUR/MWh) 43.5 32.8 29.7 (32%) (9%) Iberian power baseload price1 (EUR/MWh) 94.6 66.5 71.6 (24%) 8% Iberian solar market price2 (EUR/MWh) 73.9 32.5 44.9 (39%) 38%