Dividends

The shareholder’s remuneration framework considers a progressive base cash dividend, growing at 4% per year. Each year, the base dividend is expected to be paid semi-annually, with the anticipation of the first tranche to be paid in August and the remaining amount paid after approval at the AGM. Relative to 2026 performance, Galp’s Board of Directors will propose to the Annual General Shareholders Meeting of 2027 a dividend per share increase of 10% to €0.70 per share, with the first interim anticipation of €0.35 payable in August 2026.

Total distributions to shareholders (cash dividend + buyback) are limited at 1/3 of the adjusted operational cash flows (OCF). Considering the expected deleveraging of the Company, Galp plans to distribute 1/3 of the OCF generated in each year.

Note: total distributions are now linked to OCF instead of CFFO, which excludes the variations related with working capital, inventory effects and other special items (OCF = RCA Ebitda + dividends received from associates – taxes paid).

¹ Extraordinary Dividend

Key dividend indicators

¹ The dividends from 2003 to 2005 are adjusted to the stock split made in 2006

² Based on the share price at the last day of the year

• 23 March 2026 - Pursuant to the conclusion of the €250 m share buyback programme related with 2024 fiscal year, the share capital was reduced from €753,495,159 to €737,022,898, represented by 737,022,898 shares, following the extinction of 16,472,261 own-shares.
• 11 November 2024 - Pursuant to the conclusion of the €350 m share buyback programme related with 2023 fiscal year, the share capital was reduced from €773,082,725 to €753,495,159, represented by 753,495,159 shares, following the extinction of 19,587,566 own-shares.
• 27 December 2023 - Pursuant to the conclusion of the €500 m share buyback programme related with 2022 fiscal year, the share capital was reduced from €815,111,548 to €773,082,725, represented by 773,082,725 shares, following the extinction of 42,028,823 own-shares.
• 22 December 2022 - Pursuant to the conclusion of the €150 m share buyback programme related with 2021 fiscal year, the share capital was reduced from €829,250,635 to €815,111,548, represented by 815,111,548 shares, following the extinction of 14,139,087 own-shares.
• 23 October 2006 - Galp's shares start being traded on NYSE Euronext Lisbon at a price of €5.81/share.
• 31 May 2006 - Each old share is replaced by five new shares, i.e. a 5:1 stock split is done.