Galp Energia SGPS S A : Trading update - 2Q - 2021

2Q21 Trading Update

July 12, 2021

2Q21 Trading Update

The information below aims to provide the key macroeconomic, operational and trading conditions experienced by Galp during the second quarter of 2021.

All data referred to below is currently provisional and may differ from the final numbers which will be reported on July 26, 2021.

Upstream

		2Q20	1Q21	2Q21	Var. YoY	Var. QoQ
Working interest production (kboepd)	132.2	125.2	128.4	(3%)	3%
Oil production (kbpd)	118.6	112.2	114.9	(3%)	2%
Net entitlement production (kboepd)	130.3	123.5	126.6	(3%)	3%
Angola (kbpd)	12.7	11.3	11.6	(9%)	3%
Brazil (kboepd)		117.6	112.2	115.0	(2%)	3%

• Working interest production up QoQ, although still impacted by offshore operational and logistics constraints.
• Impairments of €40-50 m related with smaller scale exploration assets, following a final assessment of the prospects.

Commercial

		2Q20	1Q21	2Q21	Var. YoY	Var. QoQ
Oil products - client sales (mton)	1.2	1.3	1.5	31%	17%
Natural gas sales - client sales (TWh)	4.8	4.9	4.5	(8%)	(10%)
Electricity - client sales (GWh)		677	949	1,019	50%	7%

• Oil products volumes benefiting from summer driving season and some relief of lockdown measures in Iberia, while natural gas sales impacted by seasonality.
• Electricity sales supported by a higher customer acquisition.

Industrial & Energy Management

		2Q20	1Q21	2Q21	Var. YoY	Var. QoQ
Raw materials processed (mboe)	13.4	19.7	21.0	57%	7%
Galp refining margin (USD/boe)	1.8	2.0	2.2	22%	10%
Oil products supply1 (mton)	2.5	3.6	3.6	44%	2%
NG/LNG supply & trading volumes1 (TWh)	11.7	18.3	18.1	55%	(1%)
Trading (TWh)	3.7	8.3	9.1	n.m.	10%
Sales of electricity from cogeneration (GWh)		324	331	269	(17%)	(19%)

1 Includes volumes sold to the Commercial segment.

Note: Following Galp's decision to discontinue refining activities in Matosinhos, 2021 refining indicators only reflect Sines refinery operations.

• Refining performance benefiting from a slight recovery of the international refining environment, although pressured by higher oil prices and reflecting some operational constraints.
• NG/LNG supply & trading volumes reflecting increased network trading (low margin).

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2Q21 Trading Update

July 12, 2021

Renewables & New Energies

	2Q20	1Q21	2Q21	Var. YoY	Var. QoQ
Renewable installed capacity (MW)
Gross (100%)	12	926	926	n.m.	-
Equity to Galp	6	692	692	n.m.	-
Renewable generation (GWh)
Gross (100%)	6	191	475	n.m.	n.m.
Equity to Galp	3	141	355	n.m.	n.m.

• Renewable generation increase reflecting seasonally higher sunlight hours.

Market Indicators

		2Q20	1Q21	2Q21	Var. YoY	Var. QoQ
Exchange rate (EUR/USD)	1.10	1.20	1.21	9%	0%
Dated Brent price (USD/bbl)	29.6	61.1	69.0	n.m.	13%
Japan/Korea Marker LNG price (USD/mbtu)	2.1	10.0	10.1	n.m.	1%
Dutch TTF natural gas price (EUR/MWh)	5.6	18.5	24.8	n.m.	34%
Iberian MIBGAS natural gas price (EUR/MWh)	6.5	20.5	25.0	n.m.	22%
Iberian power baseload price (EUR/MWh)		23.2	45.2	71.8	n.m.	59%
Iberian solar market price (EUR/MWh)		23.3	42.7	69.2	n.m.	62%

Source: Platts/MIBGAS/Bloomberg/OMIE/REE.

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2Q21 Trading Update

July 12, 2021

2Q21 Consensus | Results Presentation Details

Company collected consensus

The Company's collected consensus for quarterly earnings is scheduled to be opened for submission between July 12 and July 16 and will be published on July 19.

Results presentation details

Galp's 2Q21 results will be published on July 26, before the opening of Euronext Lisbon.

The Company will hold a conference call and webcast on July 26, at 11:30 a.m. (Lisbon/London time). The conference call and webcast details are provided below:

Hosted by

• Andy Brown (CEO)
• Filipe Silva (CFO)
• Otelo Ruivo (Head of Investor Relations)

Webcast

• https://edge.media-server.com/mmc/p/u524hm7j Dial-innumbers
• UK: [phone] or [phone] (UK toll free)
• Portugal: [phone]

Conference ID: 8367159

To listen to the conference call, please dial in 10 minutes before the scheduled time to ensure your registration.

Galp Energia, SGPS, S.A.
Investor Relations:	[e-mail]	www.galp.com/corp/en/investidores
Otelo Ruivo, Director
Tel: [phone]
Inês Clares Santos	Reuters: GALP.LS
Fax: [phone]
João Antunes
Bloomberg: GALP PL
Rua Tomás da Fonseca,
João G. Pereira
Torre A, 1600-209 Lisboa, Portugal
Teresa Rodrigues

This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends, and shareholder returns; liquidity; capital and operating expenditures; performance levels, operational or environmental goals, targets or commitments and project plans, timing, and outcomes; production rates; developments of Galp's markets; and impacts of the COVID-19 pandemic on Galp's businesses and results; any of which may significantly differ depending on a number of factors, including supply and demand for oil, gas, petroleum products, power and other market factors affecting them; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and international economies and markets; the impacts of the COVID-19 pandemic on people and economies; the impact of Galp's actions to protect the health and safety of its employees, customers, suppliers and communities; actions of Galp's competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the actions of consumers; other legal and political factors, including changes in law and regulations and obtaining necessary permits; unexpected operating events or technical difficulties; the outcome of commercial negotiations, including negotiations with governments and private entities; and other factors discussed in Galp's Management Report & Accounts filed with the Portuguese Securities Market Commission (CMVM) for the year ended December 31, 2020 and available on our website at galp.com. 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. 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.

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