GROWING
WITH
ENERGY

In retrospect, 2025 stands out as a defining year for Galp. We operated in an increasingly volatile context in which the strength and resilience of our asset base, combined with the dedication and expertise of our people, proved to be a decisive competitive advantage. The year was characterised by consistent operational performance, disciplined project delivery and meaningful portfolio evolution.

Operational excellence was particularly evident in Upstream. Our fleet of FPSOs in Brazil achieved exceptional reliability, delivering uptime levels well above historical averages and enabling more effective reservoir performance.

Within Industrial, the adaptability of the Sines refinery played a critical role in cushioning the impact of external disruptions, including severe weather events and the power blackout that affected the Iberian Peninsula during the first half of the year.

Midstream and Commercial again delivered solid contributions. During the period, we began lifting LNG cargoes in the United States and we continued expanding our convenience and commercial services offerings, whilst increasing installed solar capacity to 1.7 GW.

By year-end, this strong delivery enabled operating cash generation to remain stable compared with the previous year, despite a markedly more challenging macroeconomic backdrop and heightened market volatility, further supporting Galp's strong financial standing.

Alongside this operational performance, 2025 was marked by strong project execution. In Namibia, drilling activities progressed at pace, with a fifth well safely drilled and opening a new high-potential exploration area in the southeast section of the Mopane complex. In Brazil, first production from Bacalhau represented a major milestone, supporting near-term growth in both output and cash generation.

Across Iberia, construction advanced on the Advanced Biofuels Unit for HVO and SAF production, as well as on the 100 MW green hydrogen electrolyser, where all ten stacks are now installed. With start-up of both projects anticipated later in 2026, these developments are expected to strengthen opportunities to reduce emissions in hard-to-abate sectors. At the same time, a further 115 MW of renewable solar capacity started operations, expanding future optionality in a growing power market.

The year also set in motion significant strategic developments that reshape Galp's portfolio and investment proposition. In Namibia, we formed a partnership with TotalEnergies that establishes clear alignment on the path forward for Mopane, substantially reduces financial exposure and reinforces our upstream funnel through a participation in the more advanced Venus project. Galp and TotalEnergies' deep operational expertise and established position in the Orange Basin are expected to enable meaningful technical and operational synergies.

In early 2026, we announced a non-binding agreement with Moeve's shareholders, Mubadala Investment Company and The Carlyle Group, to progress detailed discussions regarding a potential combination of downstream activities in Iberia. The ambition is to establish two independent platforms: a retail-focused business serving B2C customers and an industrial platform integrating refining, petrochemicals and supply operations. Each would be positioned to capture efficiencies, pursue targeted growth and accelerate energy-transition solutions. Discussions are ongoing, and any potential transaction would be subject to execution of final and binding documentation on terms satisfactory to both Galp and Moeve, obtaining customary conditions and required approvals.

As co-leaders of the Executive team, we approach 2026 with confidence and determination. In an environment defined by increasingly shorter cycles, we continue to invest in our operations, our assets and, above all, our people, safeguarding operational integrity while building sustainable long-term value for all stakeholders.

Maria João Carioca
Co-CEO João Marques da Silva
Co-CEO