Galp Energia, SGPS, S.A.

Strong Q3 performance + raised full-year guidance (good) - Management said the strategy is “firmly on track” with upstream ramp-up in Brazil (production reaching peak levels on several days) and Namibia Mopane appraisal drilling about to start. - Full-year outlook raised: EBITDA ~ $5bn and Operating Cash Flow ~ $3.9bn (after updating assumptions for the remainder of the year).

Capital allocation discipline & shareholder returns policy unchanged (good, plus a key reassurance) - On this morning’s failed downstream consolidation talks: value discipline is “nonnegotiable”; no revised distribution policy is being considered “as of this moment.” - Distribution policy remains: ~1/3 of Operating Cash Flow returned to shareholders (investors asked whether it changed—answer was yes, unchanged). - Dividends: policy includes the dividend and management referenced their commitment to 10% dividend growth per share trajectory (first component already paid; remainder expected to be decided with results).

Downstream (Mouve) deal ended—no agreement on value terms; partnerships still a path forward (mixed/bad but clarifying) - Discussions concluded without an agreement. Management did not blame specific taxes/politics/commodity volatility for the failure; they emphasized commercial terms did not allow a sustainable, value-accretive deal. - They stressed the standalone value of downstream remains high and Galp remains open to future partnerships, but only on value-creating terms (“no deal is better than a bad deal”). - After the deal, Galp will keep pursuing the downstream transformation with an expected carve-out process to segregate retail vs industrial businesses.