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.