Galp Energia, SGPS, S.A.

Full-year guidance raised; strong cash generation - Galp reiterated strategy execution “on track” and raised 2026 guidance after Q3 performance and updated assumptions. - New outlook (full year): ~$5.0bn EBITDA and ~$3.9bn operating cash flow (OCF). - Management highlighted robust cash generation despite higher working capital needs and the July acquisition of the wind portfolio; net debt broadly stable and the balance sheet reinforced.

Shareholder returns policy unchanged (dividends/buybacks) - Confirmed the distribution framework remains intact following the MoUve process ending without a deal. - Still targeting ~1/3 of OCF returned to shareholders (policy unchanged “as of this moment”). - On dividends: policy includes the dividend component; management referenced the previously announced 10% annual dividend growth trajectory and said further components will be decided around results (with the final format subject to shareholder decision).

Downstream partnerships: MoUve talks ended; Galp stays open but value-discipline is non‑negotiable - Mueve downstream discussions concluded without agreement; reason given: could not align on commercial terms that would be sustainable and value-accretive. - Management stressed: - No deal is better than a “bad deal.” - Confidence remains in the standalone value of downstream. - Galp remains open to future partnership structures (including renewables and downstream carve-out concepts), but no inorganic acquisitions are planned at this point. - No “restructuring/spin-off” plan without a partner: management argued downstream partnership logic still makes sense (scale, competitiveness, and deconsolidation effects).