Dividends

Galp’s capital allocation framework relies on a solid financial position, with the Company targeting to keep a net debt to Ebitda ratio of c.1.0x.

The shareholder’s remuneration framework considers a baseline dividend of €0.50/sh and an additional variable component, triggered by net debt to Ebitda ratio being below 1.0x, with total distributions of up to 1/3 of CFFO.

The baseline dividend is expected to be paid semi-annually. The variable component, should there be one, is expected to be paid after approval at Galp’s Annual Shareholders Meeting, together with the baseline dividend’s second tranche.

Galp will continue to prioritise its capital light investment programme, with net capex to average €0.8-1.0 bn p.a. until 2025, which is critical to the success of the strategic execution.

Evolution of dividend distribution in recent years (€/share)

Dividend distribution

Year		Resolution by	Resolution on	€/share	Payment	Press release
2021	Interim	Board of Directors	20 August 2021	0.25	16 September 2021	See
2020		General meeting	23 April 2021	0.35
Final	-	-	0.35	20 May 2021	See
Interim	-	-	-	-	-
2019		General meeting	24 April 2020	0.70
	Final	-	-	0.38375	21 May 2020	See
	Interim	Board of Directors	12 Aug 2019	0.31625	10 Set 2019	See
2018		General meeting	12 April 2019	0.6325
	Final	-	-	0.3575	9 May 2019	See
	Interim	-	-	0.275	20 Sep 2018	See
2017		General meeting	15 May 2018	0.55
	Final	-	-	0.30	30 May 2018	See
	Interim	-	-	0.25	21 Sep 2017	See
2016		General meeting	12 May 2017	0.4977
	Final	-	-	0.2488	30 May 2017	See
	Interim	-	-	0.2488	26 Sep 2016	See
2015		General meeting	5 May 2016	0.4147
	Final	-	-	0.2074	27 May 2016	See
	Interim	-	-	0.2074	24 Sep 2015	See
2014		General meeting	16 April 2015	0.3456		See
	Final	-	-	0.1728	12 May 2015	See
	Interim	-	-	0.1728	18 Sep 2014	See
2013		General meeting	28 April 2014	0.288		See
	Final	-	-	0.144	22 May 2014	See
	Interim	-	-	0.144	18 Sep 2013	See
2012		General meeting	22 April 2013	0.24		See
	Final	-	-	0.12	16 May 2013	See
	Interim	-	-	0.12	18 Sep 2012	See
2011		General meeting				See
2011	Final	-	07 April 2012	0.20	24 May 2012	See
2010		General meeting	30 April 2011	0.20		See
	Final	-	-	0.14	28 Jun 2011	See
	Interim	-	-	0.06	23 Sep 2010	See
2009		General meeting	26 April 2010	0.20		See
	Final	-	-	0.14	20 May 2010	See
	Interim	-	-	0.06	22 Oct 2009	See
2008		General meeting	27 April 2009	0.32		See
	Final	-	-	0.1704	25 May 2009	See
	Interim	-	-	0.1497	22 Oct 2008	See
2007		General meeting	06 May 2008	0.32		See
	Final	-	-	0.1680	29 May 2008	See
	Interim	-	-	0.1520	07 Nov 2007	See
2006		General meeting	28 May 2007	0.304	19 Jun 2007	See
2006		General meeting ¹	31 Aug 2006	1.050	29 Sep 2006	n.a.
Stock split of 5:1 in 31/05/2006
2005		General meeting	n.a.	1.34	n.a.	n.a.
2004		General meeting	n.a.	1.00	23 Jun 2005	n.a.
2003		General meeting	27 May 2004	0.56	n.a.	n.a.

¹Extraordinary Dividend

Key dividend indicators

Year	Total dividend (€m)	Dividend per share ¹ (€)	Payout ratio (%)	Dividend yield ² (%)	Number of shares at 31 Dec
2020	290	0.35	52%	4.00%	829,250,635
2019	580	0.70	100%	4.70%	829,250,635
2018	525	0.63	74%	5.00%	829,250,635
2017	456	0.55	79%	3.50%	829,250,635
2016	413	0.50	86%	3.50%	829,250,635
2015	344	0.41	54%	4.00%	829,250,635
2014	287	0.35	77%	4.00%	829,250,635
2013	240	0.29	77%	2.00%	829,250,635
2012	199	0.24	63%	2.00%	829,250,635
2011	166	0.20	73%	1.80%	829,250,635
2010	166	0.20	58%	1.40%	829,250,635
2009	166	0.20	89%	1.70%	829,250,635
2008	265	0.32	56%	4.50%	829,250,635
2007	265	0.32	60%	1.70%	829,250,635
2006	252	0.30	56%	4.30%	829,250,635
2006 – extraordinary dividend	871	1.05	n.m.	n.m.	829,250,635
2005	224	0.27	48%	n.a.	165,850,127
2004	166	0.20	50%	n.a.	33,170,025
2003	91	0.11	55%	n.a.	6,634,005

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

Changes in equity

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.