Interim report
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1 3rd Quarter and Nine Months 2026 Results October 26, 2026
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Results Highlights Galp sustained its strong operational and financial momentum in the third quarter, with our high-quality asset base once again proving resilient and well positioned to capture value amid supportive, albeit volatile, market conditions. The strength of our operating performance over the first nine months of the year, together with a refined macro outlook for the coming months, reinforces our confidence for the remainder of 2026 and supports yet another upgrade to our full- year guidance. Galp remains unwavering in its capital discipline. While discussions with Moeve regarding a potential combination of our downstream businesses have concluded without an agreement, Galp's strategic direction and investment proposition remain unchanged. Our portfolio continues to offer a distinctive combination of growth, resilience and optionality, supported by the ramp-up of Bacalhau in Brazil, continued de-risking in Namibia, strong downstream positions in Iberia and a now well diversified renewables platform. Underpinned by our robust financial position, strategic partnerships across the value chain will remain a core element of our approach to value creation, as we remain strongly positioned to deliver sustainable long-term value. Maria João Carioca & João Marques da Silva, co-CEOs Third quarter 2026 Galp delivered another robust set of results during the third quarter of 2026, reflective of a strong operational performance across all businesses while navigating an elevated, yet volatile, commodities prices environment stemming from the persistent geopolitical risk and disruptions along the global energy value chains. Operating delivery translated into strong cash generation, allowing investments to reinforce the portfolio and sustaining a solid financial position with net debt standing at €1.4 bn. RCA Ebitda reached €1,522 m: • Upstream: RCA Ebitda reached €708 m, increasing YoY, supported by higher production levels in Brazil following the continued ramp-up of the Bacalhau FPSO, as well as higher oil and gas realisations. • Industrial & Midstream: RCA Ebitda was €639 m, up YoY, with the refining system capturing the elevated international oil products' cracks environment. Midstream trading activities delivered a sustained robust contribution despite accounting lag effects in oil supply pricing formulas. • Commercial: RCA Ebitda reached €147 m, up 24% YoY, primarily driven by the stronger contribution from the Enterprise segment, particularly in Spain. • Renewables: RCA Ebitda was €48 m, higher YoY, largely benefitting from the recently acquired wind portfolios in operation, with a more diversified platform capturing the supportive price environment in Iberia. RCA Ebit amounted to €1,278 m, whilst RCA Net Income was €682 m. Galp’s adjusted operating cash flow (OCF) was €1,223 m, reflecting the strong operating performance during the period. Cash flow from operations (CFFO) reached €911 m, also accounting for a working capital build of €-184 m and an inventory effect of €-49 m. Capex totalled €646 m, primarily reflecting the €420 m acquisition of an operational wind portfolio in Spain, alongside organic investments mainly related with the deployment of the low carbon industrial projects in Sines, as well as Upstream developments such as infill and development activities in BM-S-11/11A and the ramp-up of Bacalhau in the Brazilian pre-salt. Free cash flow (FCF) reached €271 m, whilst net debt remained broadly stable at €1.4 bn after the €253 m interim dividend related to the 2026 fiscal year and limited share buybacks executed during the period. Nine months 2026 Galp’s RCA Ebitda was €3,737 m, while OCF amounted to €3,013 m, reflecting a robust operating performance in a volatile commodity price environment. CFFO reached €2,514 m, accounting for a working capital build of €-478 m largely driven by elevated oil products' prices. Capex totalled €1,343 m, primarily reflecting the €738 m acquisition of two operational wind portfolios in Iberia, alongside the execution of the green hydrogen and HVO/SAF projects in the Sines industrial complex, infill and development activities in BM-S-11/11A and the development of the Bacalhau project in Brazil's pre-salt basin. Free cash flow amounted to €862 m, supporting a strong financial position at the end of the period, with net debt to Ebitda improving to 0.35x from 0.5x at year-end 2025. 3rd Quarter and Nine Months 2026 October 2026 2
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Short-term outlook - guidance update Macro - FY2026 Before Now Financial indicators - FY2026 Before Now Brent $/bbl 80 90 RCA Ebitda € bn c.4 c.5 Realised refining margin $/boe 13 c.25 OCF € bn c.3 c.3.9 Iberian PVB natural gas price €/MWh 40 55 Organic Capex € bn c.1 c.1 Iberian solar price €/MWh 30 40 Iberian wind price €/MWh -- 80 Average exchange rate EUR:USD 1.17 1.16 Financial data €m (RCA, except otherwise stated) 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 911 1,272 1,522 67 % RCA Ebitda 2,420 3,737 54 % 464 700 708 53 % Upstream 1,252 2,092 67 % 315 458 639 n.m. Industrial & Midstream 854 1,295 52 % 119 113 147 24 % Commercial 281 344 22 % 16 11 48 n.m. Renewables 34 57 67 % (3) (10) (21) n.m. Corporate & Others (2) (52) n.m. 740 1,055 1,278 73 % RCA Ebit 1,900 3,106 64 % 382 596 589 54 % Upstream 981 1,783 82 % 283 423 606 n.m. Industrial & Midstream 768 1,196 56 % 84 70 108 28 % Commercial 183 229 25 % 2 (8) 4 n.m. Renewables (7) (20) n.m. (11) (25) (29) n.m. Corporate & Others (25) (82) n.m. 407 540 682 68 % RCA Net income 973 1,494 54 % (101) 141 (453) n.m. Special items 89 (695) n.m. (42) 81 (29) (32) % Inventory effect (121) 53 n.m. 264 762 201 (24) % IFRS Net income 941 852 (9) % 753 1,076 1,223 63 % Adjusted operating cash flow (OCF) 1,732 3,013 74 % 783 1,121 911 16 % Cash flow from operations (CFFO) 1,138 2,514 n.m. (212) (547) (614) n.m. Net Capex 93 (1,413) n.m. 548 544 271 (50) % Free cash flow (FCF) 1,143 862 (25) % (31) (39) (27) (13) % Dividends paid to non-controlling interests (123) (66) (46) % (229) (240) (253) 11 % Dividends paid to Galp shareholders (480) (493) 3 % – (179) (4) n.m. Share buybacks (174) (230) 32 % 1,170 1,379 1,428 22 % Net debt 1,170 1,428 22 % 0.41x 0.40x 0.35x (22) % Net debt to RCA Ebitda1 0.41x 0.35x (15) % 1Ratio considers the LTM Ebitda RCA (€4,098 m), which includes an adjustment for the impact from the application of IFRS 16 (€256 m). 3rd Quarter and Nine Months 2026 October 2026 3
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Operational data 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 115 127 131 14 % Working interest production (kboepd) 111 129 16 % 66.2 102.9 87.3 32 % Upstream oil realisations indicator (USD/bbl) 67.8 88.5 31 % 38.7 32.9 40.8 5 % Upstream gas realisations indicator (USD/boe) 37.8 34.4 (9) % 22.7 22.6 22.2 (2) % Raw materials processed in refinery (mboe) 65.4 63.8 (2) % 9.5 16.8 34.0 n.m. Galp refining margin (USD/boe) 7.1 22.1 n.m. 4.1 3.9 4.1 1 % Oil products supply1 (mton) 11.7 11.5 (2) % 15.9 19.4 20.8 31 % NG/LNG supply & trading volumes1 (TWh) 45.8 57.8 26 % 2.0 1.8 2.0 (1) % Oil Products - client sales (mton) 5.5 5.4 (1) % 3.6 4.3 4.2 16 % Natural gas - client sales (TWh) 12.2 13.3 8 % 1.8 2.4 2.5 37 % Electricity - client sales (TWh) 5.8 7.1 24 % 826 890 1,174 42 % Renewable energy sold2 2,007 2,534 26 % 38 22 54 40 % Renewables' realised solar price (EUR/MWh) 38 34 (8) % 67 90 141 n.m. Renewables' realised wind price (EUR/MWh) 65 129 99 % 1Includes volumes sold to the Commercial segment. 2Indicator adjusted for a better representation of the operating performance. Represents renewable generation sold and remunerated, including ancillary services. Figures for 2025 have been restated accordingly. Market indicators 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 1.17 1.16 1.15 (2) % Exchange rate EUR:USD 1.12 1.16 4 % 6.4 5.9 5.9 (7) % Exchange rate EUR:BRL 6.3 6.0 (5) % 69.1 103.8 97.0 40 % Dated Brent price (USD/bbl) 70.9 93.9 32 % 32.8 45.2 64.7 97 % Iberian MIBGAS natural gas price (EUR/MWh) 38.2 49.9 31 % 32.4 45.6 63.4 95 % Dutch TTF natural gas price (EUR/MWh) 38.3 49.5 29 % 34.5 51.6 64.9 88 % Japan/Korea Marker LNG price (EUR/MWh) 38.6 51.3 33 % 194.3 373.5 590.3 n.m. Diesel 10 ppm CIF NWE Crack (USD/ton) 158.6 416.0 n.m. 184.7 233.8 390.0 n.m. EuroBob NWE FOB BG Crack (USD/ton) 158.3 250.9 59 % 66.5 55.4 121.9 83 % Iberian power baseload price (EUR/MWh) 63.7 74.1 16 % 32.5 19.5 56.4 74 % Iberian solar market price (EUR/MWh) 33.1 36.1 9 % 68.0 59.1 131.2 93 % Iberian wind market price (EUR/MWh) 63.7 67.9 7 % 16.6 16.3 17.1 3 % Iberian oil market (mton) 48.5 49.3 2 % 83.8 81.1 87.5 4 % Iberian natural gas market (TWh) 268.6 274.3 2 % 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 2026 October 2026 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) 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 115 127 131 14 % Working interest production1 (kboepd) 111 129 16 % 98 112 117 19 % Oil production (kbpd) 96 114 n.m. 16 15 13 (18) % Gas production (kboepd) 15 15 (1) % Realisations indicators2 66.2 102.9 87.3 32 % Oil (USD/bbl) 67.8 88.5 31 % 38.7 32.9 40.8 5 % Gas (USD/boe) 37.8 34.4 (9) % 5.9 9.8 8.8 50 % Royalties (USD/boe) 6.2 8.6 40 % 3.5 3.5 4.4 26 % Production costs (USD/boe) 2.5 3.6 49 % 9.2 10.6 11.7 28 % DD&A3 (USD/boe) 6.9 10.4 52 % 464 700 708 53 % RCA Ebitda 1,252 2,092 67 % (82) (104) (119) 44 % Depreciation, Amortisation, Impairments and Provisions (271) (309) 14 % 382 596 589 54 % RCA Ebit 981 1,783 82 % 235 702 559 n.m. IFRS Ebit 976 1,755 80 % 1Includes natural gas exported; excludes natural gas used or reinjected. 2Oil realisation indicator is estimated by applying the average discount or premium to Brent of all negotiated cargoes, net of logistics costs, to the average Brent price for the same period. 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. Starting 1 January 2026, Galp revised the valuation methodology applicable to Upstream equity oil volumes in transit for management reporting purposes, to better reflect operating performance during the period. Therefore, under Replacement Cost Adjusted (RCA) reporting, such volumes are now measured at market reference prices. Under IFRS, these volumes continue to be measured at cost of production. The resulting valuation differences between IFRS and RCA are recognised as an inventory effect. Figures for 2025 remain as previously reported and have not been restated. Third quarter 2026 Working interest production averaged 131 kboepd, 14% higher YoY, supported by the continued ramp-up of the Bacalhau FPSO, which more than offset a higher impact from planned turnaround activities. Natural gas represented 10% of total production. Oil realisations discount to average Brent was $-9.7/bbl, amid elevated freight costs and softer premiums for Brazilian crude as result of weaker demand from Asia. Production costs were $4.4/boe on a net entitlement basis, or €45 m, up YoY, reflecting the ramp-up of the Bacalhau FPSO. RCA Ebitda reached €708 m, 53% higher YoY, reflecting the oil price environment and higher production. Amortisation, depreciation and provision charges (including right-of-use of assets) amounted to €119 m, higher YoY, now including Bacalhau FPSO depreciation charges, while unit DD&A was $11.7/boe, also up YoY. IFRS 16 lease costs totalled €33 m during the period. RCA Ebit was €589 m, while IFRS Ebit amounted to €559 m after inventory effects of €-30 m. Nine months 2026 Production reached 129 kboepd, 16% higher YoY, reflective of the start of production and progressive ramp-up of the Bacalhau FPSO, as well as strong operating efficiencies across the legacy fleet in Brazil. Natural gas accounted for 12% of total production. Oil realisations discount to average Brent was $-5.4/bbl, higher YoY, following the third quarter trading market dynamics, while production costs were $3.6/boe on a net entitlement basis, or €108 m. 3rd Quarter and Nine Months 2026 October 2026 6
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RCA Ebitda reached €2,092 m, 67% higher YoY, underpinned by a supportive oil price backdrop stemming from geopolitical risks and global supply chains disruptions, as well as higher production. Amortisation, depreciation and provision charges (including right-of-use of assets) amounted to €309 m, whilst unit DD&A was $10.4/boe. IFRS 16 lease costs accounted for €98 m during the period. RCA Ebit was €1,783 m, whilst IFRS Ebit amounted to €1,755 m. 3rd Quarter and Nine Months 2026 October 2026 7
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2.2. Industrial & Midstream €m (RCA, except otherwise stated) 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 22.7 22.6 22.2 (2) % Raw materials processed (mboe) 65.4 63.8 (2) % 9.5 16.8 34.0 n.m. Galp refining margin (USD/boe) 7.1 22.1 n.m. 3.2 3.4 2.7 (14) % Refining cost (USD/boe) 3.0 3.4 15 % 4.1 3.9 4.1 1 % Oil products supply1 (mton) 11.7 11.5 (2) % 15.9 19.4 20.8 31 % NG/LNG supply & trading volumes1 (TWh) 45.8 57.8 26 % 11.8 13.6 15.3 29 % Trading (TWh) 32.0 41.1 29 % 315 458 639 n.m. RCA Ebitda 854 1,295 52 % (32) (36) (33) 4 % Depreciation, Amortisation, Impairments and Provisions (86) (100) 16 % 283 423 606 n.m. RCA Ebit 768 1,196 56 % 218 463 511 n.m. IFRS Ebit 579 1,211 n.m. 1Includes volumes sold to the Commercial segment. Third quarter 2026 Raw materials processed reached 22.2 mboe, broadly in line YoY, with the refining system operating close to full availability, although partially reflecting the hydrocracker planned turnaround that commenced at the end of September. Galp’s refining margin was $34 .0/boe, up YoY, reflecting higher international oil products' cracks environment, particularly diesel and jet, amid persistent global supply disruptions. Refining costs amounted to €52 m, or $2.7/boe, lower YoY, after increased demurrage costs in the third quarter of 2025. Refining margin exposure was partially hedged through 7.2 mboe, with a realized impact of €-172 m during the quarter. Total oil products supplied remained stable YoY at 4.1 mton. Supply and trading volumes of natural gas and LNG reached 20.8 TWh, up 31% YoY, benefiting from higher sourced volumes under legacy African sourcing contracts and increased third-party trading in Brazil. RCA Ebitda reached €639 m, up YoY, supported by the system's availability to capture the elevated international oil products cracks and complemented by a robust contribution from Midstream across commodities, although reflecting accounting lag effects in oil supply pricing formulas of €-125 m. RCA Ebit was €606 m, while IFRS Ebit was €511 m considering special items of €-77 m and €-18 m of inventory effects. Nine months 2026 Refining raw materials processed totalled 63.8 mboe, slightly down YoY, following the operational constraints resulting from severe weather events in Portugal during the first quarter. Crude oil accounted for 89% of raw materials processed, of which 70% consisted of medium and heavy crudes. In terms of refinery yields, middle distillates (diesel, biodiesel and jet) represented 45% of total production, light distillates (gasolines and naphtha) 27%, and fuel oil 19%, while consumption and losses accounted for 7%. Galp’s refining margin was $22.1/boe, while refining costs amounted to €187 m, or $3.4/boe in unit terms. Refining margin hedging covered 20.8 mboe during the period, with a €-261 m impact on Industrial Ebitda. Total supply of oil products decreased 2% YoY to 11 .5 mton, reflecting the lower refinery throughput, with exports accounting for 27% of total volumes sold. Natural gas and LNG supply and trading volumes reached 58 TWh, up 26% YoY, benefiting from the full nine months flows under the Venture Global LNG contract in the US, which commenced during the second quarter of 2025, together with higher sourced volumes from legacy African sourcing contracts and higher third-party trading volumes in Brazil. RCA Ebitda reached €1,295 m, up 52% YoY, driven by strong refining performance and Midstream's solid contribution. RCA Ebit was €1,196 m, whilst IFRS Ebit was €1,211 m, including special items as well as an inventory effect of €93 m. 3rd Quarter and Nine Months 2026 October 2026 8
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2.3. Commercial €m (RCA, except otherwise stated) 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY Commercial sales to clients 2.0 1.8 2.0 (1) % Oil products (mton) 5.5 5.4 (1) % 3.6 4.3 4.2 16 % Natural Gas (TWh) 12.2 13.3 8 % 1.8 2.4 2.5 37 % Electricity (TWh) 5.8 7.1 24 % 119 113 147 24 % RCA Ebitda 281 344 22 % (35) (43) (40) 15 % Depreciation, Amortisation, Impairments and Provisions (98) (115) 17 % 84 70 108 28 % RCA Ebit 183 229 25 % 92 70 105 14 % IFRS Ebit 195 227 16 % Third quarter 2026 Oil products sales reached 2.0 mton, flat YoY, with stronger B2B sales in Iberia offsetting lower volumes in the Portuguese B2C segment and in Africa activities. Natural gas sales reached 4.2 TWh, 16% higher YoY, driven by higher B2B sales in Portugal and Spain, while electricity sales increased 37% YoY to 2.5 TWh, reflecting strong demand across both B2B and B2C segments in Portugal. RCA Ebitda reached €147 m, up 24% YoY, supported by the continued strong performance of B2B activities in Iberia, particularly in Spain. Convenience & Customer Solutions represented 34% of divisional earnings. RCA Ebit was €108 m, whilst IFRS Ebit was €105 m. Nine months 2026 Total oil products sales were flattish YoY at 5.4 mton, as the recovery of the Spanish B2C segment largely offset lower volumes in the Portuguese B2C segment and in Africa activities. Natural gas sales reached 13.3 TWh, up 8% YoY, reflecting higher B2B sales across Iberia. Electricity sales increased 24% YoY to 7.1 TWh, primarily driven by higher sales to industrial customers in Portugal. The electric mobility network reached approximately 11.2 k charging points in operation at the end of September, representing an increase of circa 30% YoY. RCA Ebitda amounted to €344 m, up 22% YoY, primarily driven by a strong contribution from B2B businesses in both Portugal and Spain. RCA Ebit was €229 m, while IFRS Ebit was €227 m. 3rd Quarter and Nine Months 2026 October 2026 9
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2.4. Renewables €m (RCA, except otherwise stated) 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 1.7 2.3 2.7 64 % Renewable installed capacity1 (GW) 1.7 2.7 64 % 1% 16% 27% n.m. of which wind (%) 1% 27% n.m. 826 890 1,174 42 % Renewable energy sold2 (GWh) 2,007 2,534 26 % 1% 5% 19% n.m. of which wind (%) 1% 11% n.m. 38 22 54 40 % Galp realised solar price (EUR/MWh) 38 34 (8) % 67 90 141 n.m. Galp realised wind price (EUR/MWh) 65 129 99 % n.a. 21 54 n.a. Pro-forma RCA Ebitda3 n.a. 85 n.a. 16 11 48 n.m. RCA Ebitda 34 57 67 % (14) (19) (45) n.m. Depreciation, Amortisation, Impairments & Provisions (42) (77) 84 % 2 (8) 4 n.m. RCA Ebit (7) (20) n.m. (17) (8) 4 n.m. IFRS Ebit (25) (20) (20) % 1Installed capacity at the end of the period. 2Indicator adjusted for a better representation of the operating performance. Represents renewable generation sold and remunerated, including ancillary services. Figures for 2025 have been restated accordingly. 3Ebitda if including the full-year contribution of the two wind portfolios acquired during the first nine months of 2026. Third quarter 2026 Renewable installed capacity increased to 2.7 GW at period-end, up 64% YoY. Capacity growth was driven by 1,055 MW added across wind, solar and storage, now also including 361 MW from the wind portfolio acquired in July and 50 MW of solar capacity during the third quarter of 2026. Renewable energy sold totalled 1,174 GWh, up 42% YoY, primarily driven by the increase in installed capacity. Wind represented 19% of total energy sold, reflecting the full-quarter contribution from the first wind portfolio acquired and consolidated since June, as well as the partial contribution from the second wind portfolio consolidated since August. Solar realised sale price reached €54/MWh, up YoY, following higher natural gas prices and increased penetration from thermal and gas power plants in the energy mix. Wind realised sale price was €141/MWh, also reflecting the more supportive electricity price environment in Iberia and capturing a premium to the market benchmark price, with a portion of the wind assets operating under a regulated remuneration framework. RCA Ebitda reached €48 m, up YoY, reflecting the improvement in market conditions for both solar and wind, as well as the higher renewable energy sold. RCA Ebit was €4 m, same as IFRS. Nine months 2026 Renewable energy sold amounted to 2,534 GWh, up 26% YoY, reflecting the contribution from the wind portfolios acquired during the year, as well as the commissioning of new solar and storage capacity. Solar realised sale price r eached €34/MWh, down YoY, reflecting a pressured market environment in the first half of 2026, although at a slight premium to the solar benchmark, on the back of revenue optimisations through ancillary services. Wind realised sale prices reached €129/MWh. RCA Ebitda reached €57 m, 67% higher YoY, supported by higher power generation and improved solar and wind pricing during the third quarter. On a pro-forma basis, assuming the acquired wind portfolios had been consolidated from the beginning of the year, Ebitda would have reached €85 m. RCA Ebit was €-20 m, same as IFRS. 3rd Quarter and Nine Months 2026 October 2026 10
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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) 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 5,098 6,797 7,692 51 % Turnover 14,931 19,525 31 % (3,670) (4,688) (5,339) 45 % Cost of goods sold (10,798) (13,442) 24 % (502) (723) (748) 49 % Supply & Services (1,536) (2,102) 37 % (113) (120) (115) 2 % Personnel costs (325) (347) 7 % 98 13 38 (61) % Other operating revenues (expenses) 154 120 (22) % – (6) (8) n.m. Impairments on accounts receivable (7) (17) n.m. 911 1,272 1,522 67 % RCA Ebitda 2,420 3,737 54 % 687 1,418 1,394 n.m. IFRS Ebitda 2,232 3,723 67 % (171) (217) (244) 43 % Depreciation, Amortisation, Impairments and Provisions (520) (631) 21 % 740 1,055 1,278 73 % RCA Ebit 1,900 3,106 64 % 516 1,202 1,150 n.m. IFRS Ebit 1,697 3,091 82 % 10 (4) 8 (12) % Net income from associates 11 10 (4) % (20) (24) (34) 71 % Financial results (54) (87) 60 % (4) (6) (9) n.m. Net interests (11) (18) 56 % 15 5 4 (77) % Capitalised interest 45 13 (71) % (3) 5 (1) (64) % Exchange gain (loss) – 8 n.m. (19) (19) (19) 2 % Interest on leases (IFRS 16) (59) (56) n.m. (9) (9) (9) (2) % Other financial charges/income (29) (35) 21 % 730 1,028 1,252 72 % RCA Net income before taxes and non- controlling interests 1,856 3,029 63 % (276) (414) (493) 79 % Taxes (765) (1,292) 69 % (97) (163) (126) 30 % Taxes on oil and natural gas production1 (337) (425) 26 % (47) (74) (76) 61 % Non-controlling interests (118) (243) n.m. 407 540 682 68 % RCA Net income 973 1,494 54 % (101) 141 (453) n.m. Special items 89 (695) n.m. 306 681 230 (25) % RC Net income - attributable to Galp Energia shareholders 1,062 799 (25) % (42) 81 (29) (32) % Inventory effect (121) 53 n.m. 264 762 201 (24) % IFRS Net income - attributable to Galp Energia shareholders 941 852 (9) % 1Includes SPT payable in Brazil. Third quarter 2026 RCA Ebitda reached €1,522 m, reflecting strong operational delivery across all businesses in an elevated, but volatile, commodities' price environment. Upstream benefited from higher production, while Industrial & Midstream leveraged high availability of the refining system and enhanced trading opportunities across commodities. Commercial and Renewables delivered a robust performance, with the latter also benefitting from the recently acquired operational wind assets in Iberia. IFRS Ebitda amounted to €1,394 m, including €-79 m of special items mostly associated with settled derivatives on LNG volumes scheduled for delivery after 30 September and an inventory effect of €-49 m. Group RCA Ebit was €1,278 m, after amortisation, depreciation and provision charges of €244 m. The higher depreciation charges reflect the deployment and continued ramp-up of Bacalhau, as well as new renewables installed capacity. Financial results were €-34 m. RCA taxes totalled €493 m, considerably up YoY with the implicit tax rate reflecting the overall higher contribution from downstream activities and including the temporary oil export tax in Brazil. Non- controlling interests amounted to €76 m, mainly attributable to Sinopec's stake in Petrogal Brasil. 3rd Quarter and Nine Months 2026 October 2026 12
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RCA Net Income was €682 m. IFRS net income was €201 m, considering special items of €-453 m, mostly related to the mark-to-market of unsettled financial derivatives positions, as well as inventory effects of €-29 m. Nine months 2026 RCA Ebitda was €3,737 m, up 54% YoY, reflecting sustained strong operational performance across all business segments, with sound availabilities capturing the elevated commodities' price environment stemming from disruptions in the global energy value chains. Group RCA Ebit was €3,106 m, whilst financial results were €-87 m. RCA taxes amounted to €1,292 m, up 69% YoY, following higher international prices and reflecting the increased relative contribution from the Upstream business to the Group results, as well as the inclusion of the extraordinary oil export tax in Brazil. Non-controlling interests amounted to €243 m, mainly attributable to Sinopec's stake in Petrogal Brasil, following the strong earnings delivered by the Upstream business. RCA Net Income was €1,494 m. IFRS net income was €852 m, reflecting special items of €-695 m primarily related to the mark-to-market of unsettled financial derivatives of €-658 m amid the elevated commodity prices and an inventory effect of €53 m. 3rd Quarter and Nine Months 2026 October 2026 13
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3.2. Capital Expenditure €m 3Q25 2Q26 3Q26 % Var. YoY 9M25 9M26 % Var. YoY 68 80 81 18 % Upstream 370 277 (25) % 85 59 75 (12) % Industrial & Midstream 200 184 (8) % 21 17 19 (12) % Commercial 38 40 6 % 49 331 464 n.m. Renewables 95 817 n.m. 8 9 9 6 % Others 14 25 85 % 232 496 646 n.m. Capex (economic)1 716 1,343 87 % 1Capex figures based in change in assets during the period. Third quarter 2026 Economic capex totalled €646 m during the quarter, including inorganic capex of € 420 m related to the acquisition of a 361 MW portfolio of operational onshore wind assets in Spain. Upstream investments were primarily directed toward the infill and development activities in BM-S-11/11A, in particular the ongoing infill campaign in Tupi, as well as the continued development of the Bacalhau project. Industrial capex was mainly allocated to the low-carbon projects under construction at the Sines industrial complex, namely the Advanced Biofuels Unit for HVO/SAF production and the 100 MW electrolyser for green hydrogen production. Commercial investments totalled €19 m during the quarter, primarily supporting the continued upgrade of the retail network. In Renewables, organic capex focused on the deployment of additional solar and storage capacity across Iberia. Nine months 2026 Economic capex totalled €1,343 m, including inorganic capex of €738 m related to the acquisition of wind assets in Iberia. Upstream accounted for 47% of total organic capex, followed by Industrial at 30%, while Renewables and Commercial represented most of the remaining 23%. Upstream investments were primarily directed towards the continued development and ramp-up of the Bacalhau project, alongside the ongoing infill drilling campaign at Tupi and the construction of the new Sepia and Atapu FPSOs in Brazil’s pre-salt. Industrial capex was largely allocated to the low-carbon projects at the Sines industrial complex. Organic investments in Renewables primarily supported the construction and deployment of additional solar and storage capacity across Iberia. In Commercial, investments were directed towards upgrading the service station network and expanding the electric mobility charging infrastructure. 3rd Quarter and Nine Months 2026 October 2026 14
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3.3. Cash Flow €m 3Q25 2Q26 3Q26 9M25 9M26 911 1,272 1,522 RCA Ebitda 2,420 3,737 3 14 2 Dividends from associates 14 17 (162) (210) (300) Taxes paid (702) (741) 753 1,076 1,223 Adjusted operating cash flow 1,732 3,013 (1) – (79) Special items (6) (79) (61) 146 (49) Inventory effect (174) 58 92 (101) (184) Changes in working capital (413) (478) 783 1,121 911 Cash flow from operations 1,138 2,514 (212) (547) (614) Net capex 93 (1,413) 61 (1) 1 o.w. Divestments 931 7 – – – Tupi Redetermination – (160) (3) (12) (6) Net financial expenses (28) (22) (19) (19) (19) IFRS 16 leases interest (61) (56) 548 544 271 Free cash flow 1,143 862 (31) (39) (27) Dividends paid to non-controlling interest1 (123) (66) (229) (240) (253) Dividends paid to Galp shareholders (480) (493) – (179) (4) Share buybacks for capital reduction2 (174) (230) (48) (47) (50) Reimbursement of IFRS 16 leases principal (125) (144) 3 (70) 14 Others (205) (26) 245 (32) (49) Change in net debt 37 (96) 1Mainly dividends paid to Sinopec. 2Share repurchase programme for capital reduction purposes of €250 m started in March 2026. At 30 September, Galp had acquired the equivalent to 1.61% of the current share capital. Third quarter 2026 Galp's OCF was €1,223 m, underpinned by strong operational performance during an elevated commodities' prices environment. CFFO totalled €911 m, reflecting a working capital build of €-184 m, also reflecting the higher commodities' prices environment, and €-49 m of inventory effects. FCF reached €271 m, after net capex of €614 m, including €420 m related to the acquisition of a portfolio of operational wind assets in Iberia. Net debt stood at €1.4 bn at the end of the period, broadly unchanged from the previous quarter, despite the cash-out related with the Renewables acquisition and the distribution of the 2026 interim dividend of €253 m, while also including payment of €27 m to minority shareholders and limited share buybacks executed during the period. Nine months 2026 Galp's OCF reached €3,013 m, reflective of the strong operational performance throughout the period, capturing the macroeconomic environment. CFFO reached €2,514 m, after a €-478 m working capital build, primarily driven by higher commodity prices, partly offset by a €58 m positive inventory effect. Net capex totalled €1,413 m, with no material divestment proceeds during the period, and including €738 m related to the acquisition of two portfolios of operational wind assets in Iberia. FCF amounted to €862 m. The evolution of net debt also reflects €66 m distributed to non-controlling interests, €493 m paid in dividends to shareholders, €230 m deployed under the share buyback programme, and the consolidation of net debt associated with the first acquired wind portfolio of €79 m. 3rd Quarter and Nine Months 2026 October 2026 15
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3.4. Financial Position €m 31 Dec. 2025 30 Jun. 2026 30 Sep. 2026 Var. vs 31 Dec. 2025 Var. vs 30 Jun. 2026 Net fixed assets 6,808 7,586 8,103 1,295 518 Right-of-use of assets (IFRS 16) 1,026 1,039 1,028 2 (12) Working capital 905 1,201 1,385 480 184 Other assets/liabilities (1,018) (1,536) (2,172) (1,153) (636) Assets held for sale 8 – – (8) – Capital employed 7,729 8,290 8,345 616 55 Short term debt 607 300 294 (313) (6) Medium-Long term debt 3,075 3,066 3,265 190 199 Total debt 3,682 3,366 3,559 (124) 192 Cash and equivalents 2,350 1,987 2,130 (219) 143 Net debt 1,332 1,379 1,428 96 49 Leases (IFRS 16) 1,217 1,232 1,225 8 (7) Equity 5,179 5,679 5,691 512 12 Equity, net debt and leases 7,729 8,290 8,345 616 55 By September 30, 2026, net fixed assets stood at €8.1 bn, including work-in-progress of €1.8 bn, mostly related to the Upstream business and to the Industrial low carbon projects. The increase versus December 2025 was mainly driven by the consolidation of assets associated with the two recently acquired wind portfolios. The evolution of Equity during the period primarily reflected the strong earnings generated, partially offset by distributions to shareholders. 3rd Quarter and Nine Months 2026 October 2026 16
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3.5. Financial Debt €m 31 Dec. 2025 30 Jun. 2026 30 Sep. 2026 Cash and equivalents 2,350 1,987 2,130 Undrawn credit facilities 2,160 2,235 2,235 Bonds 1,777 1,376 1,376 Bank loans and overdrafts 1,906 1,990 2,182 Net debt 1,332 1,379 1,428 Leases (IFRS 16) 1,217 1,232 1,225 Net debt to RCA Ebitda1 0.48x 0.40x 0.35x 1Ratio considers the LTM Ebitda RCA (€4,098 m), which includes an adjustment for the impact from the application of IFRS 16 (€256 m). On September 30, 2026, net debt was €1,428 m and net debt to RCA Ebitda improved to 0.35x. At the end of the period, cash and equivalents reached €2,130 m, whilst unused credit lines were €2,235 m, of which c.75% were contractually guaranteed with maturity longer than one year. The average cost of funding for the period, including charges for credit lines, was 3.01%. Debt maturity profile (€ m) 3rd Quarter and Nine Months 2026 October 2026 17
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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 1,394 49 1,443 79 1,522 Galp 3,723 (58) 3,664 73 3,737 678 30 708 – 708 Upstream 2,064 33 2,098 (6) 2,092 544 18 562 77 639 Industrial & Midstream 1,311 (93) 1,218 77 1,295 145 1 146 2 147 Commercial 342 1 343 1 344 48 – 48 – 48 Renewables 57 – 57 – 57 (21) – (21) – (21) Others (52) – (52) – (52) €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 1,150 49 1,199 79 1,278 Galp 3,091 (58) 3,033 73 3,106 559 30 589 – 589 Upstream 1,755 33 1,788 (6) 1,783 511 18 529 77 606 Industrial & Midstream 1,211 (93) 1,118 77 1,196 105 1 106 2 108 Commercial 227 1 228 1 229 4 – 4 – 4 Renewables (20) – (20) – (20) (29) – (29) – (29) Others (82) – (82) – (82) 3rd Quarter and Nine Months 2026 October 2026 18
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3.7. Special Items €m 3Q25 2Q26 3Q26 9M25 9M26 163 – 79 Items impacting Ebitda 13 73 – – – LNG vessel subchartering 2 – – – – Mozambique disposal gains/losses (129) – 19 – – Renewables portfolio reconfigurations 19 – 147 – – Tupi Redetermination 147 (6) (3) – 2 Ebitda - Assets/liabilities held for sale (26) 1 – – 77 Derivatives on LNG trading – 77 – – – Items impacting non-cash costs 15 – – – – LNG vessel subchartering 6 – – – – DD&A-Assets/liabilities held for sale 9 – 52 (155) 485 Items impacting financial results 45 827 – – – Gains/losses on financial investments 4 – – – (2) Mozambique disposal gains/losses (18) (17) 39 – – Tupi Redetermination 39 (1) – – 1 Provision for impairment of financial investments – 1 – – – Financial costs - Unitisation – (1) 1 (7) – Financial costs - Others 9 – 12 (148) 487 Mark-to-Market of derivatives 10 845 (81) 10 (112) Items impacting taxes (149) (217) (4) 22 (110) Taxes on special items (4) (181) (14) (12) (1) BRL/USD FX impact on deferred taxes in Brazil (81) (36) (63) – – Tupi Redetermination (63) – (33) 4 – Non-controlling interests (13) 12 101 (141) 453 Total special items (89) 695 3rd Quarter and Nine Months 2026 October 2026 19
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3.8. Consolidated Income Statement €m 3Q25 2Q26 3Q26 9M25 9M26 4,974 6,617 7,528 Sales 14,532 19,002 124 180 164 Services rendered 399 523 123 68 153 Other operating income 479 438 5,221 6,865 7,845 Operating income 15,410 19,963 (3,859) (4,542) (5,465) Inventories consumed and sold (11,056) (13,456) (503) (723) (748) Materials and services consumed (1,551) (2,102) (113) (120) (115) Personnel costs (326) (347) – (6) (9) Impairments on accounts receivable (7) (18) (59) (55) (115) Other operating costs (238) (318) (4,534) (5,446) (6,451) Operating costs (13,178) (16,240) 687 1,418 1,394 Ebitda 2,232 3,723 (170) (200) (240) Depreciation, Amortisation and Impairments (534) (612) (1) (17) (4) Provisions (1) (20) 516 1,202 1,150 Ebit 1,697 3,091 10 (4) 8 Net income from associates 24 11 (72) 131 (519) Financial results (112) (915) 23 19 20 Interest income 72 58 (27) (25) (28) Interest expenses (84) (76) 15 5 4 Capitalised interest 45 13 (19) (19) (19) Interest on leases (IFRS 16) (69) (56) (3) 5 (1) Exchange gain (loss) – 8 (12) 148 (487) Mark-to-market of derivatives (10) (845) (48) (2) (6) Other financial charges/income (67) (17) 454 1,329 639 Income before taxes 1,609 2,187 (170) (427) (277) Taxes1 (501) (870) (6) (42) (89) Energy sector contribution taxes2 (62) (217) 278 859 273 Income before non-controlling interests 1,046 1,101 (14) (98) (72) Income attributable to non-controlling interests (105) (249) 264 762 201 Net income 941 852 1Includes SPT payable in Brazil. 2Includes extraordinary contributions taxes (CESE I, CESE II, FNEE and Brazil oil export tax). 3rd Quarter and Nine Months 2026 October 2026 20
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3.9. Consolidated Financial Position €m 31 Dec. 2025 30 Jun. 2026 30 Sep. 2026 Assets Tangible fixed assets 6,291 6,631 6,805 Goodwill 44 104 182 Other intangible fixed assets 571 871 1,160 Rights-of-use of assets (IFRS 16) 1,026 1,039 1,028 Investments in associates 118 114 122 Receivables 357 399 398 Deferred tax assets 630 653 685 Financial investments 50 78 146 Total non-current assets 9,088 9,889 10,526 Inventories 1,103 1,459 1,892 Trade receivables 1,316 1,737 1,972 Other receivables 894 1,059 1,111 Other financial assets 523 553 739 Current income tax receivable 45 71 84 Cash and equivalents 2,350 1,987 2,130 Non-current assets held for sale 10 – – Total current assets 6,241 6,866 7,928 Total assets 15,329 16,755 18,453 Equity Share capital 753 737 737 Buybacks1 (297) (260) (264) Share premium – – – Reserves 945 1,045 1,038 Retained earnings 1,896 2,574 2,320 Net income 1,120 651 852 Total equity attributable to equity holders of the parent 4,419 4,746 4,683 Non-controlling interests 761 933 1,008 Total equity 5,179 5,679 5,691 Liabilities Bank loans and overdrafts 1,797 1,870 2,068 Bonds 1,278 1,196 1,197 Leases (IFRS 16) 1,003 1,012 997 Other payables 105 94 95 Retirement and other benefit obligations 237 222 220 Deferred tax liabilities 444 562 756 Other financial instruments 167 169 308 Provisions 1,409 1,461 1,473 Total non-current liabilities 6,439 6,585 7,113 Bank loans and overdrafts 108 121 114 Bonds 499 180 180 Leases (IFRS 16) 214 220 229 Trade payables 860 1,125 1,510 Other payables 1,783 1,989 2,094 Other financial instruments 100 496 1,211 Income tax payable 144 360 312 Liabilities related to non-current assets held for sale 2 – – Total current liabilities 3,711 4,491 5,649 Total liabilities 10,150 11,077 12,762 Total equity and liabilities 15,329 16,755 18,453 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 2026 October 2026 21
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3rd Quarter and Nine Months 2026 October 2026 22 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, 2025, June 30 and September 30, 2026. For the purpose of assessing operating performance, Galp prepares management accounts based on the Replacement Cost (RC) methodology. Under RC, cost of goods sold is measured at replacement cost, determined as the average cost of raw materials in the month in which the related sales materialise, internal profit related to volumes sold between group entities and still in inventory at period-end is not eliminated and equity oil cargoes in transit within the Upstream segment are measured at market reference prices. In contrast, under IFRS, cost of goods sold is determined using the weighted-average cost method, internal profit related to volumes sold between group entities is eliminated and equity oil cargoes in transit are valued at production cost. In periods of commodity price volatility, this difference in measurement basis may generate gains or losses attributable to inventory valuation, which do not reflect the underlying operating performance. These effects are designated as inventory effect and represent the adjustment required to reconcile IFRS results with RC-based measures. In addition, certain items that are not considered indicative of underlying performance may be classified as special items and excluded from management reporting. Accordingly, Replacement Cost Adjusted (RCA) measures exclude both the inventory effect and special items. Latest relevant adjustment under RCA include the measurement of equity oil cargoes in transit within the Upstream segment at market reference prices, being the difference relative to IFRS production cost measurement recognised as inventory effect (effective from 1 January 2026). Comparative figures for 2025 remain as previously reported and have not been restated. With regards to risks and uncertainties, please read Part II – C. III Internal control and risk management (page 22) of Corporate Governance Report 2025, here. 3rd Quarter and Nine Months 2026 October 2026 23
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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 Nuno Holbech Bastos Marta Amorim Francisco Teixeira Rêgo Carlos Pinto Jorge Seabra de Freitas Diogo Tavares Jorge Fernández Vidal 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 2026 October 2026 24
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Interim Consolidated Financial Statements 05.
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Index Interim Condensed Consolidated Statement of Financial Position .......................................................... 27 Interim Condensed Consolidated Income Statement and Interim Condensed Consolidated Statement of Comprehensive Income ................................................................................................................ 28 Interim Condensed Consolidated Statement of Changes in Equity ........................................................ 29 Interim Condensed Consolidated Statement of Cash Flows ...................................................................... 30 Notes to the Interim Condensed Consolidated Financial Statements .................................................... 31 1. Corporate information ......................................................................................................................................... 31 2. Information about material accounting policies, judgments, estimates and changes related to the condensed consolidated financial statements .................................................................... 31 3. Segment reporting ................................................................................................................................................ 34 4. Tangible assets ....................................................................................................................................................... 36 5. Goodwill and intangible assets ......................................................................................................................... 37 6. Leases ........................................................................................................................................................................ 37 7. Investments in associates and joint ventures ........................................................................................... 38 8. Inventories ............................................................................................................................................................... 39 9. Trade and other receivables ............................................................................................................................. 39 10. Other financial assets ........................................................................................................................................ 40 11. Cash and cash equivalents .............................................................................................................................. 41 12. Financial debt ....................................................................................................................................................... 41 13. Trade payables and other payables ............................................................................................................ 42 14. Taxes and other contributions ....................................................................................................................... 42 15. Post-employment benefits .............................................................................................................................. 44 16. Provisions, contingent assets and liabilities ............................................................................................. 44 17. Other financial instruments ............................................................................................................................ 45 18. Non-controlling interests ................................................................................................................................. 47 19. Revenue and income ......................................................................................................................................... 47 20. Costs and expenses ........................................................................................................................................... 47 21. Financial results ................................................................................................................................................... 48 22. Related party transactions .............................................................................................................................. 48 23. Subsequent events ............................................................................................................................................. 49 24. Approval of the financial statements .......................................................................................................... 50 3rd Quarter and Nine Months 2026 October 2026 26
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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 2026 and 31 December 2025 (Amounts stated in million Euros – €m) Assets Notes September 2026 December 2025 Non-current assets: Tangible assets 4 6,805 6,291 Goodwill and intangible assets 5 1,342 615 Right-of-use of assets 6 1,028 1,026 Investments in associates and joint ventures 7 122 118 Deferred tax assets 14.1 685 630 Trade receivables 9.1 23 26 Other receivables 9.2 375 331 Other financial assets 10 146 50 Total non-current assets: 10,526 9,088 Current assets: Inventories 8 1,892 1,103 Other financial assets 10 739 523 Trade receivables 9.1 1,972 1,316 Other receivables 9.2 1,111 894 Current income tax receivable 14 84 45 Cash and cash equivalents 11 2,130 2,350 Non-current assets classified as held for sale 2.3 0 10 Total current assets: 7,928 6,241 Total assets: 18,453 15,329 Equity and Liabilities Notes September 2026 December 2025 Equity: Share capital and share premium 737 753 Own shares 2.5 (264) (297) Reserves 1,038 945 Retained earnings 3,172 3,016 Total equity attributable to shareholders: 4,683 4,419 Non-controlling interests 18 1,008 761 Total equity: 5,691 5,179 Liabilities: Non-current liabilities: Financial debt 12 3,265 3,075 Lease liabilities 6 997 1,003 Other payables 13 95 105 Post-employment and other employee benefit liabilities 15 220 237 Deferred tax liabilities 14.1 756 444 Other financial instruments 17 308 167 Provisions 16 1,473 1,409 Total non-current liabilities: 7,113 6,439 Current liabilities: Financial debt 12 294 607 Lease liabilities 6 229 214 Trade payables 13 1,510 860 Other payables 13 2,094 1,783 Other financial instruments 17 1,211 100 Current income tax payable 14 312 144 Liabilities directly associated with non-current assets classified as held for sale 2.3 0 2 Total current liabilities: 5,649 3,711 Total liabilities: 12,762 10,150 Total equity and liabilities: 18,453 15,329 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 2026 October 2026 27
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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 2026 and 30 September 2025 (Amounts stated in million Euros – €m) Notes September 2026 September 2025 Sales 19 19,002 14,532 Services rendered 19 523 399 Other operating income 19 438 479 Financial income 21 89 77 Earnings from associates and joint ventures 7/19 11 24 Total revenues and income: 20,063 15,511 Cost of sales 20 (13,456) (11,056) Supplies and external services 20 (2,102) (1,551) Employee costs 20 (347) (326) Amortisation, depreciation and impairment losses on fixed assets 20 (612) (534) Provisions and impairment losses on other receivables 20 (38) (8) Other operating costs 20 (318) (238) Financial expenses 21 (1,004) (189) Total costs and expenses: (17,875) (13,902) Profit/(Loss) before taxes and other contributions: 2,187 1,609 Taxes and SPT 14.1 (870) (501) Energy sector extraordinary contribution 14.2 (96) (62) Windfall tax 14.2 (120) 0 Consolidated net income/(loss) for the year 1,101 1,046 Income/(Loss) attributable to: Galp Energia, SGPS, S.A. Shareholders 852 941 Non-controlling interests 18 249 105 Basic Earnings per share (in Euros) 1.17 1.27 Diluted Earnings per share (in Euros) 1.17 1.27 Consolidated net income/(loss) for the year 1,101 1,046 Items which will not be recycled in the future through net income: Remeasurements 18 0 Income taxes related to remeasurements (4) 0 Items which may be recycled in the future through net income: Currency translation adjustments 186 (729) Hedging reserves 17 (74) 53 Income taxes related to the above items 14 33 (17) Subtotal of other comprehensive income/(loss) 159 (693) Total Comprehensive income/(loss) for the year, attributable to: 1,260 353 Galp Energia, SGPS, S.A. Shareholders 981 352 Non-controlling interests 279 1 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 2026 October 2026 28
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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 2026 and 30 September 2025 (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 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) 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 Balance as at 30 September 2025 753 (220) (618) 14 1,585 2,866 4,380 785 5,165 Balance as at 1 January 2026 753 (297) (629) (17) 1,592 3,016 4,419 761 5,179 Consolidated net (loss) income for the year 0 0 0 0 0 852 852 249 1,101 Reclassification CTR to net profit for the period 0 0 0 0 0 0 0 0 0 Other gains and losses recognised in equity 0 0 156 (41) 0 15 129 30 159 Comprehensive income for the year 0 0 156 (41) 0 866 981 279 1,260 Dividends distributed 0 0 0 0 0 (493) (493) (32) (524) Repurchase of shares 0 (230) 0 0 0 0 (230) 0 (230) Cancelling/Distribution of shares (16) 262 0 0 0 (245) 0 0 0 Increase/(Decrease) in reserves 0 0 0 0 (16) 16 0 0 0 Long term incentives plan 0 0 0 0 (5) 11 6 0 6 Balance as at 30 September 2026 737 (264) (474) (59) 1,571 3,172 4,683 1,008 5,691 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. 3rd Quarter and Nine Months 2026 October 2026 29
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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 2026 and 30 September 2025 (Amounts stated in million Euros – €m) Notes September 2026 September 2025 Income/(Loss) before taxation for the period 2,187 1,609 Adjustments for: Amortisation, depreciation and impairment losses on fixed assets 20 612 534 Provisions 20 20 1 Adjustments to net realisable value of inventories 20 (56) 1 Mark-to-market of derivatives 17 845 10 Other financial costs/income 21 70 102 Underlifting and/or Overlifting 19/20 31 (59) Share of profit/(loss) of joint ventures and associates 7 (11) (24) Capital Gain on divestments 0 (114) Others 72 (85) Increase/decrease in assets and liabilities: (Increase)/decrease in inventories (733) (98) (Increase)/decrease in current receivables (656) 94 (Decrease)/increase in current payables 650 (133) (Increase)/decrease in other receivables/payables, net 67 (37) Dividends from joint ventures and associates 17 14 Taxes paid 14 (741) (705) Own shares for LTI reflected in Equity (share based payment) 2.5 0 (8) Cash flow from operating activities 2,374 1,103 Capital expenditure in tangible and intangible assets (666) (779) Investments in associates and joint ventures, net (10) (31) Investments in subsidiaries 2.4 (725) (5) Other investment cash inflow/(outflows), net (27) (42) Divestments 9 7 935 Cash flow from investing activities (1,421) 77 Loans obtained 12 5,942 1,961 Loans repaid 12 (6,157) (1,870) Interest paid (22) (26) Leases paid 6 (144) (126) Interest on leases paid 6 (56) (68) Dividends paid to Galp shareholders (493) (480) Dividends paid to non-controlling interests 18 (66) (123) Acquisition of own stocks 2.5 (230) (174) Cash flow from financing activities (1,226) (904) (Decrease)/increase in cash and cash equivalents (273) 277 Currency translation differences in cash and cash equivalents 56 (148) Cash and cash equivalents at the beginning of the period 11 2,345 2,279 Cash and cash equivalents at the end of the period 11 2,128 2,408 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 2026 October 2026 30
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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 2026 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 2025. 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 2026. 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 2025. We have not identified impairment indicators during the first nine-month that would trigger an impairment analysis as at 30 September 2026. 2.3. Non-current assets held for sale Former Matosinhos Refinery Assets During the fourth quarter of 2025, Galp entered into a contract for the sale of assets related to the cogeneration unit of the former Matosinhos refinery. These assets and the associated liabilities (decommissioning provision) were classified as assets and liabilities related to non-current assets held for sale and accordingly presented as current assets and current liabilities in the statement of financial position. During the first quarter, Galp completed the transaction with total proceeds of €10 m from the sale of these assets, comprising €8 m received during the 1Q26 (recognised in cash flows from investing activities under “Other investment cash inflow/(outflows), net”) and €2 m received during 2025. During the nine-month period ended 30 September 2026, 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 2026. 3rd Quarter and Nine Months 2026 October 2026 31
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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 Tupi, B.V. Netherlands Redetermination 9.14 % Equity method Wind portfolio (18 companies) Spain Acquisition 100 % Full consolidation EI Galp, S.A. Portugal Liquidation — — Agroger - Sociedade de Cogeração do Oeste, S.A. Portugal Liquidation — — Wind portfolio acquisitions During the second quarter of 2026, Galp completed the acquisition of a 351 MW portfolio of operational onshore wind assets located across Spain from Helia Funds, a platform co-sponsored by Plenium Partners. The transaction was completed on 11 June 2026 and involved a total consideration of €323 m (including ticking fee), of which €318.1 m was paid at closing, of which €7.5 m remains held in escrow accounts in accordance with the transaction agreement, and a €4.8 m contingent consideration recognised under “Other payables” (current) (Note 13). During the third quarter of 2026, Galp has taken a further step towards rebalancing its power portfolio, having acquired a 361 MW fully operational onshore wind portfolio in Spain from Acciona Energía. The transaction was completed on 27 July 2026 and involved a total consideration of €432 m (including ticking fee). Cash flow impact of the acquisitions was as follows: Unit: €m Consideration paid at closing 750 Cash and cash equivalents acquired (27) Net cash outflow (recognised in cash flows from investing activities) 723 As at 30 September 2026, the purchase price allocation process is ongoing. Accordingly, the amounts attributed to the assets acquired and liabilities assumed, including the resulting goodwill, are provisional and subject to final assessment until June/July 2027. Detail of net assets acquired and goodwill are as follows: Unit: €m Acquisition cost 755 Fair value of net assets acquired 621 Goodwill 133 The assets and liabilities (presented in aggregate) resulting from the acquisitions are as follows: Unit: €m Caption Net book value at acquisition date Fair value Fair value adjustment Assets 409 943 533 Tangible assets (Note 4) 205 205 0 Intangible assets (Note 5) 80 613 533 Goodwill (Note 5) 4 4 0 Right-of-use of assets (Note 6) 34 34 0 Deferred tax assets (Note 14.1) 3 3 0 Other receivables - non-current (Note 9.2) 23 23 0 Other financial assets (Note 17) 6 6 0 Trade receivables 14 14 0 Other receivables 13 13 0 Cash and cash equivalents 27 27 0 Liabilities 188 321 133 Financial debt (Note 12) 94 94 0 Lease liabilities (Note 6) 35 35 0 Deferred tax liabilities (Note 14.1) 26 159 133 Provisions (Note 16) 14 14 0 Trade payables 8 8 0 Other liabilities 11 11 0 Net assets 221 621 400 3rd Quarter and Nine Months 2026 October 2026 32
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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. Following the conclusion of the €250 m share buyback programme launched in 2025 for the purpose of capital reduction, on 2 March 2026, the Board of Directors approved a reduction of the Company’s share capital from €753,495,159 to €737,022,898. This reduction reflects the cancellation of 16,472,261 own shares (totalling €16 m), representative of approximately 2.19% of its share capital on 1 January 2025. Average price of the repurchase of the shares was €15.18/ share. On 3 March 2026, Galp initiated a €250 m share repurchase of Galp Energia SGPS, S.A. shares with the purpose of reducing the Company’s share capital. This programme is expected to run until November 27, 2026, at the latest. 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, 11,886,767 shares were acquired at an average price of €19.32/share, totalling €230 m, regarding the repurchase of own shares (share buyback program (€230 m)). Of those shares, 371,620 shares were delivered to employees (senior managers), at an average price of €14.00/share, relating to holding period of plan 2 (amounted €5 m) and 460,725 shares were delivered, at an average price of €14.42/share, relating to plan 3 (amounted €7 m). During the period, these deliveries of 832,345 shares totalized €12 m. For the nine months ended 30 September 2026, the Group has recognised €6 m of share-based payment expenses in the statement of profit or loss (30 September 2025: expenses of €1 m). On 30 September 2026, Galp had 14,221,615 outstanding own shares (accumulated position), acquired at an average price of €18.59/share, totalling €264 m for both programs. 2.6. New standards, interpretations and amendments adopted by the Group 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 2025, except for the adoption of amendments effective as of 1 January 2026. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The following amendments had no significant impact on the Group’s interim condensed financial statements: • Annual Improvements Volume 11(IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) (issued on 18 July 2024); • Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024); • Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024). IFRS 18 ‘Presentation and Disclosure in Financial Statements’, will supersede IAS 1 ‘Presentation of Financial Statements’ and is effective for annual periods beginning on or after 1 January 2027. Galp´s evaluation of the effect of adopting IFRS 18 is ongoing, but it is currently anticipated that IFRS 18 will have an impact on the presentation of the Group’s financial statements (essentially Profit or loss statement) and related disclosures. 2.7. Commitments During the nine-month period of 2026, Galp Energia SGPS, S.A. provided Parent Company Guarantees (PCG) amounting to €8,342 m in connection with commercial agreements entered by its subsidiaries, which reflects a decrease of circa €144 m when compared to the disclosure in the consolidated financial statements for the year ended at 31 December 2025, mainly related with expired Parent Company Guarantees (circa €152 m, netting with new ones) and updated of the contractual assumptions of PCG's (circa €171 m), otherwise, the foreign exchange had a negative impact (circa €179 m), driven by the appreciation of the USD against the EUR compared to 31 December 2025. In addition, commitments increased by approximately €22 m due to bank guarantees assumed as part of the wind portfolio acquisition completed in June 2026 and July 2026. 3rd Quarter and Nine Months 2026 October 2026 33
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2.8. Geopolitical Risk and Market Volatility During the reporting period, heightened geopolitical tensions in the Middle East, including developments involving Iran, contributed to increased uncertainty and volatility across global markets. These conditions affected commodity prices. As a result, the Group experienced increased volatility in the mark-to-market (MTM) valuation of its financial derivative instruments, particularly those measured at fair value through profit or loss. The impact was most significant for oil and gas derivatives with valuation inputs that are sensitive to short-term market movements. The impact in P&L regarding MTM is (€845 m) and in Equity is (€74 m) for designated derivatives in a Cash Flow Hedge relationship. 2.9. Asset swap in Namibia On 3 September 2026, Galp completed the strategic partnership agreement with TotalEnergies in Namibia, originally announced in December 2025. Under the agreement, Galp exchanged a 40% participating interest in PEL 83 (Mopane) for a 10% interest in PEL 56 (Venus) and a 9.4% interest in PEL 91, with TotalEnergies becoming the operator of PEL 83. Following completion, Galp retains a 40% non-operated interest in PEL 83 and assumes interest in PEL 56 and PEL 91, further strengthening its position in the Orange Basin. The transaction was accounted for at the carrying amounts of the assets exchanged and did not result in any gain or loss being recognised in the income statement. In accordance with the contractual terms of the agreement, completion also triggered the settlement of interim period adjustments related to the period between the effective date (30 June 2025) and completion date, with a positive impact of approximately €4 m (USD 4.7 m) recognised in operating results during the period and a decrease of approximately €12 m (USD 13.2 m) in assets under construction, partially offset by the recognition of related liabilities. 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 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 Africa. The Renewables segment encompasses renewables power generation and new businesses. 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 2026 October 2026 34
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The replacement cost financial information for the segments identified above, for the nine-month periods ended 30 September 2026 and 2025, is as follows: Unit: €m Consolidated Upstream Industrial & Midstream Commercial Renewables & New businesses Others Consolidation adjustments September 2026 September 2025 September 2026 September 2025 September 2026 September 2025 September 2026 September 2025 September 2026 September 2025 September 2026 September 2025 September 2026 September 2025 Sales and services rendered 19,525 14,931 3,220 1,969 9,037 5,737 9,370 7,817 102 72 175 181 (2,379) (846) Cost of sales (13,514) (10,882) (271) (336) (7,057) (4,305) (8,298) (6,867) (3) (3) 4 5 2,111 625 of which Variation of Production 739 32 (38) (336) 778 368 0 0 0 0 0 0 0 0 Other revenue & expenses (2,347) (1,643) (851) (381) (762) (581) (728) (660) (42) (52) (231) (191) 268 221 of which Under & Overlifting (31) 59 (31) 59 0 0 0 0 0 0 0 0 0 0 EBITDA at Replacement Cost 3,664 2,407 2,098 1,252 1,218 852 343 290 57 17 (52) (5) 0 0 Amortisation, depreciation and impairment losses on fixed assets (612) (534) (309) (276) (101) (92) (101) (102) (77) (42) (24) (23) 0 0 Provisions (net) (20) (1) 0 (1) 1 0 (14) 0 0 0 (6) 0 0 0 EBIT at Replacement Cost 3,033 1,872 1,788 976 1,118 760 228 188 (20) (25) (82) (28) 0 0 Earnings from associates and joint ventures 11 24 1 16 4 5 7 7 (4) (6) 2 3 0 0 Financial results (915) (112) Taxes and SPT at Replacement Cost (858) (554) Energy Sector Extraordinary Contribution (96) (62) 0 0 (15) (25) (82) (37) 0 0 0 0 0 0 Windfall tax (120) 0 (79) 0 (42) 0 0 0 0 0 0 0 0 0 Consolidated net income at Replacement Cost, of which: 1,054 1,167 Attributable to non-controlling interests 255 105 Attributable to shareholders of Galp Energia SGPS SA 799 1,062 OTHER INFORMATION Segment Assets* Financial investments** 122 118 2 2 16 17 32 23 66 63 6 13 0 0 Other assets 18,331 15,211 7,040 6,841 5,539 3,306 3,288 3,111 2,783 1,563 3,615 2,724 (3,934) (2,334) Segment Assets 18,453 15,329 7,041 6,842 5,555 3,323 3,320 3,134 2,850 1,626 3,621 2,737 (3,934) (2,334) of which Rights of use of assets 1,028 1,026 476 481 167 191 193 202 124 79 68 73 0 0 of which tangible and intangible assets 8,147 6,906 3,827 3,646 1,239 1,115 677 693 2,309 1,357 95 95 0 0 Investment in Tangible and Intangible Assets*** 1,405 762 286 409 185 207 41 40 870 92 24 14 0 0 * Net amount as of 30 September 2026 and as of 31 December 2025 ** Includes “Investments in associates and joint ventures” (Note 7) *** Amounts as at 30 September 2026 and as at 30 September 2025, excludes abandonment provisions (September 2026: €18 m / September 2025: €18 m) 3rd Quarter and Nine Months 2026 October 2026 35
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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 Investments in associates and joint ventures September 2026 September 2025 September 2026 December 2025 September 2026 December 2025 Africa 480 487 602 584 23 24 Latin America 1,660 1,407 3,296 3,133 62 61 Europe 17,385 13,038 4,249 3,190 36 33 19,525 14,931 8,147 6,906 122 118 * Net consolidation operation The reconciliation between the Segment Reporting and the Condensed Consolidated Income Statement for the periods ended 30 September 2026 and 2025 is as follows: Unit: €m September 2026 September 2025 Sales and services rendered 19,525 14,931 Cost of sales (13,456) (11,056) Replacement cost adjustments (1) (58) 174 of which Inventories in transit effect 33 0 Cost of sales at Replacement Cost (13,514) (10,882) Other revenue and expenses (2,347) (1,643) Amortisation, depreciation and impairment on fixed assets (612) (534) Provisions (net) (20) (1) Earnings from associates and joint ventures 11 24 Financial results (915) (112) Profit before taxes and other contributions at Replacement Cost 2,129 1,783 Replacement Cost adjustment 58 (174) Profit before taxes and other contributions at IFRS 2,187 1,609 Income tax and SPT (870) (501) Income tax on Replacement Cost Adjustment (2) 12 (53) Energy Sector Extraordinary Contribution (96) (62) Windfall tax (120) 0 Consolidated net income for the period at Replacement Cost 1,054 1,167 Replacement Cost (1) + (2) 47 (121) Consolidated net income for the period based on IFRS 1,101 1,046 4. Tangible assets Unit: €m Land, natural resources and buildings Plant and machinery Other equipment Assets under construction Total As at 30 September 2026 Acquisition cost 1,465 13,532 558 1,976 17,531 Impairment (43) (199) (2) (230) (474) Accumulated depreciation and depletion (901) (8,876) (474) 0 (10,252) Net value 521 4,457 81 1,746 6,805 Balance as at 1 January 2026 514 3,924 87 1,765 6,291 Changes in the consolidation perimeter 14 187 0 3 205 Additions 0 0 0 581 580 Depreciation, depletion and impairment (22) (366) (20) 0 (408) Disposals/Write-offs (2) (10) 0 0 (12) Transfers 15 698 11 (724) 0 Currency exchange differences and other adjustments 2 23 2 122 149 Balance as at 30 September 2026 521 4,457 81 1,746 6,805 The caption "Changes in the consolidation perimeter" includes the starting book values recognised upon the two wind portfolio acquisitions, amounting €205 m (Note 2.4). 3rd Quarter and Nine Months 2026 October 2026 36
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During the nine-month period the Group has made tangible and intangible investments amounting to €1,423 m, of which Upstream investments in the amount of €303 m, essentially related to projects in Brazil (€303 m), Industrial & Midstream €185 m, Renewables €870 m, of which €819 m related to wind portfolio acquisition (recognised in caption "Changes in the consolidation perimeter"), Commercial €41 m and Corporate €24 m. The additions to tangible assets for the nine- month period ended 30 September 2026 also include the capitalization of financial charges amounting to €13 m (Note 21). 5. Goodwill and intangible assets Unit: €m Industrial properties and other rights Intangible assets in progress Goodwill Total As at 30 September 2026 Acquisition cost 1,952 85 225 2,262 Impairment (136) (35) (43) (214) Accumulated amortisation (706) 0 0 (706) Net value 1,110 50 182 1,342 Balance as at 1 January 2026 520 51 44 615 Changes in the consolidation perimeter 613 0 4 617 Additions 0 25 133 158 Amortisation and impairment (61) 0 0 (61) Write-offs/Disposals (3) 0 0 (3) Transfers 53 (53) 0 0 Currency exchange differences and other adjustments (12) 27 0 15 Balance as at 30 September 2026 1,110 50 182 1,342 During the nine-month period under review the Group has made €25 m of intangible investments (Note 4). The caption "Changes in the consolidation perimeter" includes intangible assets and goodwill recognised as part of the two wind portfolio acquisitions, comprising book values of €80 m and €4 m, respectively, as well as a provisional fair value adjustment of €533 m recognised on acquired licenses (Note 2.4). In the Caption "Goodwill - Additions", the amount of €133 m corresponds to the provisional goodwill arising from the two wind portfolio acquisitions. The purchase price allocation remains subject to final assessment (Note 2.4). 6. Leases FPSO's* Buildings Service stations Time Charter Other usage rights Total As at 30 September 2026 Acquisition cost 739 95 435 392 405 2,066 Impairment 0 0 (39) 0 0 (39) Accumulated depreciation (341) (25) (208) (281) (144) (999) Net value 399 70 189 111 260 1,028 Balance as at 1 January 2026 413 72 195 120 227 1,026 Changes in the consolidation perimeter 0 0 0 0 34 34 Additions 5 3 25 43 19 95 Depreciation (33) (6) (34) (51) (19) (142) Write-offs/Disposals 0 0 1 (6) 0 (5) Currency exchange differences and other adjustments 14 0 1 5 0 20 Balance as at 30 September 2026 399 70 189 111 260 1,028 * 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. The caption "Changes in the consolidation perimeter" includes the book values recognised upon the two wind portfolio acquisitions (Note 2.4). 3rd Quarter and Nine Months 2026 October 2026 37
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Lease liabilities are as follows: Unit: €m September 2026 December 2025 Less than one year 255 250 One to five years 653 670 More than five years 672 716 Maturity analysis – contractual undiscounted cash flow 1,580 1,637 Current 229 214 Non-current 997 1,003 Lease liabilities included in the consolidated statement of financial position 1,225 1,217 The amounts recognized in consolidated statement of profit or loss were as follows: Unit: €m Notes September 2026 September 2025 Interest on lease liabilities 21 56 69 Expenses related to short term, low value and variable payments of operating leases 20 666 354 722 423 The amounts recognised in the consolidated statement of cash flow are as follows: Unit: €m September 2026 September 2025 Payments relating to leasing (IFRS 16) 144 126 Payments relating to leasing (IFRS 16) interests 56 68 Financing activities 200 194 7. Investments in associates and joint ventures Unit: €m September 2026 December 2025 Joint ventures 10 11 Associates 112 107 122 118 7.1. Investments in joint ventures Unit: €m As at 31 December 2025 Share capital increase/ decrease Equity method Foreign exchange rate differences Other adjustments Transfers Dividends As at 30 September 2026 C.L.C. - Companhia Logística de Combustíveis, S.A. 10 0 5 0 0 0 (6) 9 Other joint ventures 2 0 0 0 0 0 0 2 11 0 5 0 0 0 (6) 10 3rd Quarter and Nine Months 2026 October 2026 38
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7.2. Investments in associates Unit: €m As at 31 December 2025 Share capital increase/ decrease Equity method Foreign exchange rate differences Other adjustments Dividends As at 30 September 2026 Belém Bioenergia Brasil, S.A. 59 0 (4) 5 0 0 61 Sonangalp - Sociedade de Distribuição e Comercialização de Combustíveis, Lda 12 0 5 0 0 (8) 9 CMD – Aeroportos Canarios S.L. 7 0 1 0 0 0 8 IPG Galp Beira Terminal Lda 8 0 1 0 0 0 9 Galp IPG Matola Terminal Lda 4 0 0 0 0 0 5 Floene Energias, S.A. 6 0 0 0 0 0 6 Other associates 11 2 0 0 1 0 14 107 2 3 6 1 (8) 112 Refer to Note 22 for details on the nature of the transaction and balances. 8. Inventories Unit: €m September 2026 December 2025 Raw, subsidiary and consumable materials 270 170 Crude oil 217 126 Other raw materials 53 43 Finished and semi-finished products 755 508 Goods 428 226 Inventories in transit 454 270 Write-downs (15) (70) 1,892 1,103 The movements in the adjustments to Net Realizable Value (NRV) balance for the nine-month period ended 30 September 2026 were as follows: Unit: €m Notes Raw, subsidiary and consumable materials Finished and semi-finished products Goods Inventories in transit Total Write-downs as at 1 January 2026 28 30 12 0 70 Net reductions 20 (28) (27) (2) 1 (56) Write-downs as at 30 September 2026 0 3 10 1 15 The reduction of €56 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 2026 December 2025 Current Non-current Current Non-current Trade receivables 2,082 23 1,412 26 Allowance for doubtful amounts (111) 0 (96) 0 1,972 23 1,316 26 Movements in allowance for doubtful trade receivables Allowance at the beginning of the period 96 0 99 0 Increase/(Decrease) 16 0 3 0 Utilisation (1) 0 (6) 0 Allowance at the end of the period 111 0 96 0 The €23 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 2026 October 2026 39
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9.2. Other receivables Unit: €m Notes September 2026 December 2025 Current Non-current Current Non-current State and other Public Entities 105 0 97 0 Other debtors 395 288 316 270 Non-operated oil blocks 2 0 2 0 Underlifting 133 0 136 0 Other receivables 260 288 178 270 Related Parties 0 0 1 0 Contract Assets 495 72 349 49 Sales and services rendered but not yet invoiced 406 0 260 0 Adjustment to tariff deviation – "pass through" 28 23 28 0 Other accrued income 61 49 62 49 Deferred charges 127 15 139 12 Energy sector extraordinary contribution 14.2 1 0 5 0 Deferred charges for services 11 7 8 8 Post employment benefit assets 15 0 7 0 2 CO2 licenses 59 0 60 0 Other deferred charges 55 2 66 2 Impairment of other receivables (10) 0 (8) 0 Other receivables 1,111 375 894 331 Movements in allowance for doubtful other receivables Allowance at the beginning of the period 8 0 13 0 Increase/(Decrease) 20 2 0 5 0 Other adjustments 0 0 (9) 0 Allowance at the end of the period 10 0 8 0 Other receivables (non-current) include an amount of €288 m (2025: €265 m) relating to judicial deposits associated with the legal proceedings between the BM-S-11 consortium and the National Agency for Petroleum, Natural Gas and Biofuels (ANP). ANP claims that the Tupi and Iracema oil fields, located within the BM-S-11 block, should be unified for the purposes of the Special Participation Tax. However, the consortium holds a different interpretation. Accordingly, the judicial deposit represents part of the difference between the two assessment criteria under consideration. As a result of court decision, Galp has not recognized any provision since 2025, and the matter is being treated as a tax contingency (Note 16). CO2 licenses (current) include the amount of €59 m (2025: €60 m) related to the remaining CO 2 licenses after satisfying the legal obligations regarding CO 2 emissions. These remaining licenses will be used to satisfy future legal obligations regarding CO2 emissions. The increase in Adjustment to tariff deviation – "pass through" (non-current) balances during the period relates to the book values recognised upon the two wind portfolio acquisitions, amounting to €23 m (Note 2.4). Other accrued income (current) includes mainly accruals related to other operating revenue while Other accrued income (non-current) includes natural gas tariffs deviations from regulated market. Other accrued income (current) also includes an amount of €1.7 m (2025: €3 m) related to receivables arising from the sale of the Guinea-Bissau assets, which were fully impaired during the period. During the period, the amount of €1.3 m, received in connection with the sale of Guinea-Bissau assets, and the amount of €5.4 m, related to disposal of the Spanish equity interests, were recognised in cash flows from investing activities (“Divestments”). 10. Other financial assets As at 30 September 2026 and 31 December 2025 Other financial assets were as follows: Unit: €m Notes September 2026 December 2025 Current Non-current Current Non-current Financial Assets at fair value through profit & loss – derivatives 17 355 135 168 40 Financial Assets at fair value through profit & loss – Contingent consideration 347 0 319 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 0 36 (1) Others 0 11 0 11 739 146 523 50 3rd Quarter and Nine Months 2026 October 2026 40
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“Financial assets at fair value through profit or loss - Contingent consideration”, relates to the additional contingent consideration from the sale of the upstream assets in Mozambique, amounting to €347 m, associated with the final investment decision (FID) of the Rovuma LNG project ($400 m). This amount is recognised as a financial asset measured at fair value through profit or loss. Fair value is determined using a discounted cash flow estimation of the expected future cash inflows and is classified as a Level 3 measurement within the fair value hierarchy. The discount rate applied is based on a risk-free rate adjusted for the specific risks associated with the cash flows. 11. Cash and cash equivalents Unit: €m Notes September 2026 December 2025 Cash in banks 2,130 2,350 Bank overdrafts 12 (3) (5) 2,128 2,345 12. Financial debt Unit: €m Notes September 2026 December 2025 Current Non-current Current Non-current Bank loans 114 2,068 108 1,797 Loans and commercial paper 107 2,065 99 1,791 Factoring 5 3 5 7 Bank overdrafts 11 3 0 5 0 Bonds and notes 180 1,197 499 1,278 Origination fees 0 (3) (1) (2) Bonds and notes 180 1,200 500 1,280 Debt 294 3,265 607 3,075 Changes in financial debt during the period from 31 December 2025 to 30 September 2026 were as follows: Unit: €m Initial balance Changes in the consolidation perimeter Loans obtained Principal Repayment Changes in Overdrafts Ending balance Bank Loans: 1,906 94 5,642 (5,457) (2) 2,182 Loans and commercial paper 1,889 94 5,642 (5,453) 0 2,172 Factoring 11 0 0 (3) 0 8 Bank overdrafts 5 0 0 0 (2) 3 Bonds and Notes: 1,777 0 300 (700) 0 1,376 Origination fees (3) 0 0 0 0 (4) Bonds and Notes 1,780 0 300 (700) 0 1,380 3,682 94 5,942 (6,157) (2) 3,559 The caption "Changes in the consolidation perimeter" includes the initial book values recognised on the wind portfolio acquisition, amounting to €94 m (Note 2.4). Excluding this perimeter effect, cash movements related to debt financing activities, comprising loans obtained and principal repayments, resulted in a net cash outflow of €215 m during the period. The annual average cost of financial debt for the period under review, including charges for credit lines, amounted to 3.01%. Financial debt, excluding origination fees and bank overdrafts, had the following repayment plan as at 30 September 2026: Unit: €m Maturity Loans Total Current Non-current 2026 107 107 0 2027 401 184 217 2028 273 0 273 2029 298 0 298 2030 onwards 2,480 0 2,480 3,559 291 3,268 3rd Quarter and Nine Months 2026 October 2026 41
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13. Trade payables and other payables Unit: €m September 2026 December 2025 Current Non-current Current Non-current Suppliers 1,510 0 860 0 Other creditors: State and other public entities 538 0 331 0 Payable VAT 304 0 192 0 "ISP" - Tax on oil products 77 0 95 0 Other taxes 158 0 44 0 Other payables 237 25 314 27 Tangible and intangible suppliers 130 25 240 27 Overlifting 36 0 11 0 Other creditors 71 0 63 0 Related parties 26 0 53 0 Other accounts payables 120 20 71 16 Accrued costs 1,128 21 992 32 External supplies and services 928 0 625 0 Holiday, holiday subsidy and corresponding contributions 96 0 102 0 Post employment benefit liabilities 0 0 0 6 Other accrued costs 104 21 265 27 Contract liabilities 34 0 21 0 Other deferred income 11 29 1 30 Other payables 2,094 95 1,783 105 "State and other public entities - Other taxes" includes FNEE liabilities amounting to circa €79 m (December 2025: circa €31 m). “Related parties” includes dividend to be paid to non-controlling interest (Note 18 and 22). The caption "Other accounts payable – current" includes a liability of €4.8 m related to the contingent consideration recognised on the June wind portfolio acquisition (Note 2.4). 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, 29.5% 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 2026 and 31 December 2025, the current income tax receivable and payable is as follows: Unit: €m September 2026 December 2025 Current income tax receivable 84 45 Current income tax payable (312) (144) (228) (98) The total taxes paid during the period was €741 m (September 2025: €705 m), of which €391 m related to SPT, €252 m related to income tax, and €98 m related to extraordinary taxes contributions. 3rd Quarter and Nine Months 2026 October 2026 42
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Taxes and SPT recognized in the condensed consolidated income statement for the nine-month periods ended 30 September 2026 and 2025 were as follows: Unit: €m September 2026 September 2025 Current tax Deferred tax Total Current tax Deferred tax Total Current income tax 316 129 445 404 (224) 180 “SPT” – Special Participation Tax 425 0 425 321 0 321 Taxes for the year 741 129 870 724 (224) 501 As at 30 September 2026, the movements in deferred tax assets and liabilities were as follows: Unit: €m As at 1 January 2026 Changes in the consolidation perimeter Impact on the income statement Impact on equity Exchange differences and other adjustments As at 30 September 2026 Adjustments to tangible and intangible assets 294 0 (56) 0 0 238 Retirement benefits and other benefits 65 0 (1) (4) 0 59 Tax losses carried forward 4 1 0 0 0 5 Regulated revenue 7 0 1 0 0 7 Temporarily non-deductible provisions 193 0 (1) 0 0 192 Others 68 2 81 33 0 184 Deferred Taxes – Assets 630 3 22 29 0 685 Adjustments to tangible and intangible assets (468) (14) (123) 0 (136) (741) Regulated revenue (12) 0 (1) 0 0 (13) Others 37 (12) (28) 0 0 (3) Deferred Taxes – Liabilities (444) (26) (151) 0 (136) (756) The caption "Changes in the consolidation perimeter" includes the book values of deferred tax assets and liabilities recognised upon the two wind portfolio acquisitions (Note 2.4). The caption "Exchange differences and Other adjustments" mainly reflects deferred taxes recognised in connection with the provisional fair value adjustments recorded on the two wind portfolio acquisitions, amounting to €133 m (Note 2.4). 14.2. Energy sector extraordinary contribution and Windfall tax Unit: €m Statement of financial position Income statement Provisions (Note 16) CESE II - Deferred Charges (Note 9.2) Energy Sector Extraordinary Contribution Windfall tax CESE I CESE II Current Non-current As at 1 January 2026 (83) (290) 5 0 0 0 Increase (8) (11) 0 0 96 120 Decrease 7 1 (4) 0 0 0 As at 30 September 2026 (84) (301) 1 0 96 120 During the period a cost of €96 m was recognised as “Energy Sector Extraordinary Contribution" (which includes CESE I and II and FNEE), and a cost of €120 m was recognised as "Windfall tax". Following the information disclosed in the Group’s annual consolidated financial statements for the year ended 31 December 2025 regarding the “ Tramo Autonómico del Impuesto Especial sobre Hidrocarburos ” in Spain, developments occurred in the related judicial proceedings during the first nine months of 2026. In light of changes in the relevant facts and circumstances, the conditions for recognising the related contingent asset have not been met as at 30 September 2026. 3rd Quarter and Nine Months 2026 October 2026 43
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15. Post-employment benefits On 30 September 2026, 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 2026 December 2025 Bonds 55 % 58 % Real Estate 28 % 26 % Shares 16 % 15 % Liquidity 1 % 1 % As at 30 September 2026 and 31 December 2025, the details of post-employment benefits were as follows: Unit: €m Notes September 2026 December 2025 Asset under the heading of "Other Receivables"(non-current) 9.2 7 2 Liabilities under the heading of "Other Payables" (non-current) 13 0 (6) Liability (220) (237) Net responsibilities (213) (241) Obligations, of which: (386) (413) Past service liability covered by the pension fund (167) (176) Other employee benefit liabilities (220) (237) Assets 174 172 16. Provisions, contingent assets and liabilities During the nine-month period ended 30 September 2026, the movements in Provisions were as follows: Unit: €m September 2026 December 2025 Decommissioning / environmental provisions CESE (I and II) Other provisions Total Total At the beginning of the period 694 373 342 1,409 1,497 Changes in the consolidation perimeter 13 0 1 14 0 Increases/(decreases) 34 11 8 53 (40) Utilisation (8) 0 (44) (53) (14) Currency exchange differences and other adjustments 27 0 23 50 (34) At the end of the period 759 384 330 1,473 1,409 “Other provisions” of €330 m includes a provision of €264 m (2025: €241 m) related to the dispute between ANP and the BM-S-11 consortium, until December 2024, hereinafter treated as tax contingency, with negotiations continuing with expectations of a possible agreement between the parties, for amounts close to the judicial deposits made, including exchange differences. Additionally, "other provisions" includes a provision of €20 m (2025: €27 m) regarding the commitment to reimburse CESE I to the shareholders of Floene as per share sale and purchase agreement. The movement occurred during the period as "Utilisation" of "Other provisions" in the amount €44 m, mainly comprising €34 m related to a payment arising from the resolution of a customer dispute and €7 m related to the reimbursement of CESE I to the shareholders of Floene. The caption "Changes in the consolidation perimeter" includes the book values of provisions recognised upon the two wind portfolio acquisitions (Note 2.4). Regarding contingent liabilities, there were no material changes to the tax contingencies disclosed in the Group’s annual consolidated financial statements for the year ended 31 December 2025. As at 30 September 2026, these tax contingencies remain classified as possible and, accordingly, no provisions have been recognised. 3rd Quarter and Nine Months 2026 October 2026 44
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17. Other financial instruments Unit: €m September 2026 December 2025 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 63 104 (211) (41) (96) 37 13 (4) (70) (21) Gas Swaps 0 0 (211) (19) (230) 30 4 0 0 38 Electricity Swaps 60 84 0 (22) 119 7 8 (4) (70) (61) Foreign Exchange Forwards (Fair value hedge) 1 0 0 0 0 0 0 0 0 0 Interest rate Swaps (IRS) 1 20 0 0 16 0 2 0 0 2 Non designated hedge derivatives 293 30 (1,000) (267) 0 131 27 (96) (97) 0 Oil Futures 3 0 0 0 0 2 0 0 0 0 Swaps 7 0 (442) (51) 0 29 0 (8) 0 0 Gas Futures 30 0 0 0 0 1 0 0 0 0 Swaps 220 12 (542) (137) 0 80 15 (77) (19) 0 Options 2 0 (4) 0 0 0 0 0 0 0 Electricity Futures 24 0 0 0 0 17 0 0 0 0 Swaps 7 18 (12) (79) 0 2 12 (11) (78) 0 Interest rate Swaps (IRS) 0 0 0 0 0 0 0 0 0 0 355 135 (1,211) (308) (96) 168 40 (100) (167) (21) * The change that occurred during the period within Equity in relation with “Designated hedge derivatives” is shown in the table below. The change in Interest rate is mainly related to the acquisition of the wind portfolio, of circa €6 m, which were redesignated as a Cashflow hedge relationship. 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 2026. 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. The cumulative amount of deferred and unrecognised day 1 fair value on level 3 derivatives was negative €30 m (2025: negative €32 m). In addition, the Company signed, during the first quarter of 2026, new short-term Virtual Power Purchase Agreements (VPPAs) related to wind energy, that are categorised as Level 3 in the fair value hierarchy. During the first quarter of 2026, Galp has entered into new interest rate swaps with maturities in 2028 and 2029, which were designated at inception as qualifying cash flow hedge relationships and are categorised as Level 2 in the fair value hierarchy. In addition, following the wind portfolio acquisition completed in June 2026, the caption "Interest rate - Swaps (IRS)" includes contracts recognised as part of the acquired net assets, amounting to €6 m (Note 2.4). These instruments are categorised as Level 2 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. 3rd Quarter and Nine Months 2026 October 2026 45
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The accounting impacts of gains and losses on derivative financial instruments on the income statement and comprehensive income as at 30 September 2026 and 2025 are presented below: Unit: €m September 2026 September 2025 Income statement Equity Income statement Equity MTM Realised (Note 20) MTM + Realised MTM Realised (Note 20) MTM + Realised Designated hedge derivatives 1 (125) (125) (74) 6 33 39 53 Gas Swaps 0 (136) (136) (268) 0 32 32 66 Electricity Swaps 0 11 11 180 6 1 7 (14) Foreign Exchange Forwards (Fair value hedge) 1 1 2 0 0 0 0 0 Interest rate Swaps (IRS) 0 0 0 14 0 0 0 1 Non designated hedge derivatives (845) (427) (1,272) 0 (16) (5) (21) 0 Oil Futures 6 24 30 0 1 3 4 0 Swaps (507) (293) (800) 0 (6) (5) (11) 0 Options 0 1 1 0 0 0 0 0 Gas Futures 44 2 46 0 3 5 8 0 Swaps (438) (193) (631) 0 2 (7) (5) 0 Options (3) 0 (2) 0 3 4 7 0 Electricity Futures 40 33 73 0 (9) (1) (9) 0 Swaps 12 (1) 11 0 (12) (4) (15) 0 CO2 Futures 0 0 0 0 2 0 2 0 Interest rate Swaps (IRS) 0 1 1 0 0 0 0 0 (844) (553) (1,397) (74) (10) 28 18 53 The realised results of derivative financial instruments are mainly recognized as part of the cost of sales (Note 20), financial income or expenses. Negative MTM of €844 m is mainly comprised by negative MTM of gas and oil swaps. Negative MTM of gas swaps in the amount of €438 m was triggered by higher forward market curve on short positions that Galp holds. The negative MTM of the oil swaps, amounting to €507 m, reflects the increase in the forward market curve for refining margin derivatives compared with December 2025. The breakdown of the financial results (ie MTM) related to derivative financial instruments (Note 21) is as follows: Unit: €m September 2026 September 2025 Commodity Swaps (932) (10) Options (3) 3 Commodity Futures 90 (4) (845) (10) The maturities of derivative liabilities in the statement of financial position are as follows: Unit: €m Less than 1 year Between 1 and 2 years 2 years and more Total Oil swap 442 51 0 493 Gas swap 753 142 14 910 Electricity swap 12 17 84 112 Gas options 4 0 0 4 1,211 210 98 1,519 Note that despite the current position of liabilities being €1,519 m, Group Galp has a €490 m current position of assets regarding derivatives to receive. Net position is a liability of €1,029 m. 3rd Quarter and Nine Months 2026 October 2026 46
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18. Non-controlling interests December 2025 Net profit for the period Currency translation reserves Dividends Others September 2026 761 249 30 (32) 0 1,008 In the period ended 30 September 2026, dividends attributable to non-controlling interests mainly related to Winland International Petroleum, S.A.R.L. (entity belonging to Sinopec Group). The dividend to be paid amount to €25 m (December 2025: €53 m) (Note 22). 19. Revenue and income The details of revenue and income for the nine-month periods ended 30 September 2026 and 2025 were as follows: Unit: €m Notes September 2026 September 2025 Total sales 19,002 14,532 Goods 10,462 7,511 Products 8,540 7,021 Services rendered 523 399 Other operating income 438 479 Underlifting income 71 98 Others 367 382 Earnings from associates and joint ventures 7 11 24 Financial income 21 89 77 20,063 15,511 The line item "Other operating income – Others" includes the recharge of costs related to freight and other costs and charges to third parties for the use of gas assets associated with upstream activities. As at 30 September 2025, this line item also included the sale of the Mozambique upstream assets, which was completed in 2025, resulting in the recognition of a capital gain of €147 m, of which €129 m recognised as “Other operating income - Others” and €18 m as “Earnings from associates and joint ventures”. Excluding this non-recurring effect, the increase in the period mainly reflects higher freight cost recharges driven by increased freight rates. 20. Costs and expenses The details of costs and expenses, for the nine-month periods ended 30 September 2026 and 2025, were as follows: Unit: €m Notes September 2026 September 2025 Cost of sales 13,456 11,056 Raw and subsidiary materials 2,572 2,133 Goods 9,239 6,842 Tax on oil products 1,815 2,094 Variation in production (706) (32) Write downs on inventories 8 (56) 1 Costs with the emissions of CO2 39 47 Financial derivatives 17 552 (28) External supplies and services 2,102 1,551 Rents and leases 6 298 129 Subcontracts – network use 300 245 Transport of goods 6 368 225 E&P – production costs 207 181 Royalties 257 168 E&P – exploration costs 47 18 Other costs 624 585 Employee costs 347 326 Amortisation, depreciation and impairment losses on fixed assets 4/5/6 612 534 Provision and impairment losses on receivables 9/16 38 8 Other costs 318 238 Other taxes 49 43 Overlifting 102 39 Other operating costs 167 156 Financial expenses 21 1,004 189 Total costs and expenditure 17,875 13,902 3rd Quarter and Nine Months 2026 October 2026 47
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“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. 21. Financial results The details of financial income and costs, for the nine-month periods ended 30 September 2026 and 2025, were as follows: Unit: €m Notes September 2026 September 2025 Financial income 89 77 Interest from bank deposits 79 72 Interest income and other income with related companies 2 4 Other financial income 0 1 Exchange gains/(losses) 8 0 Financial expenses (1,004) (189) Interest on bank loans, bonds, overdrafts and others (69) (76) Interest capitalized in fixed assets 4 13 45 Interest on lease liabilities 6 (56) (69) Results from derivative financial instruments 17 (845) (10) Other financial costs (47) (79) (915) (112) 22. Related party transactions The Group had the following transactions with related parties: Assets Unit: €m September 2026 December 2025 Current Current Associates 53 47 Joint ventures 1 0 Other related entities 10 7 Assets: 63 54 Liabilities Unit: €m September 2026 December 2025 Current Non-current Current Non-current Associates (5) (20) (4) (27) Joint ventures (56) 0 (65) 0 Tip Top Energy, S.A.R.L. (7) 0 (4) 0 Winland International Petroleum, S.A.R.L. (25) 0 (53) 0 Liabilities: (93) (20) (127) (27) Transactions Unit: €m September 2026 September 2025 Operating cost/ income Financial costs/ income Operating cost/ income Financial costs/ income Associates (58) 1 (40) 2 Joint ventures (15) 0 (14) 0 Tip Top Energy, S.A.R.L. (32) 0 (15) 0 Other related entities 29 0 9 0 Transactions: (76) 2 (60) 2 3rd Quarter and Nine Months 2026 October 2026 48
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23. Subsequent events Galp awarded Rodocrosita block in Santos Basin On October 7, 2026, Galp was awarded the Rodocrosita block, adjacent to the Bacalhau development in block BM-S-8, pursuant to the 4th cycle of the Permanent Offer under Production Sharing Agreement hosted by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP). The awarded consortium, composed by Equinor as operator with 70% and Galp with a 30% interest, won the bid by profit oil submission and secured future optionality to explore potential synergies with the Bacalhau project. Agreement for the sale of investment in Belém Bioenergia Brasil, S.A. In October 2026, the Group entered into an agreement for the sale of its investment in Belém Bioenergia Brasil, S.A.. Completion of the transaction remains subject to customary conditions and regulatory approvals and had not been completed at the date the interim consolidated financial statements were authorized for issue. Venture Global On 7 October 2026, the International Chamber of Commerce International Court of Arbitration issued a partial final award in favor of Galp in proceedings concerning a long-term LNG sale and purchase agreement with Venture Global Calcasieu Pass, LLC. The arbitral tribunal concluded that Venture Global Calcasieu Pass, LLC breached its contractual obligation regarding the timely declaration of the commercial operation date of the Calcasieu Pass project. The determination of remedies will take place in a subsequent phase of the proceedings. As no damages have been determined at this stage, the financial effect cannot currently be reliably estimated. No additional subsequent events to disclose at the date of the authorization of these interim condensed consolidated financial statements. 3rd Quarter and Nine Months 2026 October 2026 49
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24. Approval of the financial statements The consolidated financial statements were approved by the Board of Directors on 23 October 2026. 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 Nuno Holbech Bastos Marta Amorim Francisco Teixeira Rêgo Carlos Pinto Jorge Seabra de Freitas Diogo Tavares Jorge Fernández Vidal 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 2026 October 2026 50
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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) Under the Replacement Cost methodology: i) cost of goods sold is measured at the replacement cost of raw materials, defined as the average purchase cost prevailing in the month in which the related sales occur, irrespective of the carrying value of inventories at the beginning or end of the period; ii) internal profit related to volumes sold between group entities and still in inventory at period end is not eliminated; and iii) Upstream equity oil cargoes in transit are valued at market reference prices. The Replacement Cost methodology is not permitted under IFRS and, accordingly, is not applied in the preparation of the consolidated financial statements, where inventories and in- transit volumes are measured at weighted-average cost or cost of production, as applicable. Replacement cost adjusted (RCA) Replacement Cost Adjusted measures are derived from RC-based metrics and further adjusted to exclude items that are not considered to reflect the Company’s underlying operational performance. Such adjustments include, but are not limited to: mark-to-market movements on derivative financial instruments; contributions from assets classified as held for sale; gains or losses on the disposal of assets; impairments and reversals of impairments of non-current assets; environmental and restructuring provisions. 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 2026 October 2026 52
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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 2026 October 2026 53
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54 Galp Energia, SGPS, S.A. Investor Relations Investor Relations: João G. Pereira, Head Tommaso Fornaciari João Simões Roman Barchuk 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