Dividends

The shareholder’s remuneration framework considers a progressive base cash dividend, growing at 4% per year. The base dividend related to 2024 is expected to be €0.56/sh, growing at the same rate over the subsequent years. This base dividend is expected to be paid semi-annually, with the first tranche paid in August/September and the remaining amount paid after approval at the AGM.

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).

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

Dividend distribution

Year Resolution by Announced on €/share Payment Press release
2024 Interim Board of Directors

5 Aug 2024

0.28 19 August 2024 See
2023   General meeting 10 May 2024 0.54    
Final - - 0.27 31 May 2024 See
Interim Board of Directors

16 Aug 2023

0.27 25 August 2023 See
2022   General meeting 3 May 2023 0.52    
Final - - 0.26 23 May 2023 See
Interim Board of Directors 9 September 2022 0.26 20 September 2022 See
2021   General meeting 29 April 2022 0.50    
Final - - 0.25 10 May 2022 See
Interim Board of Directors 20 Aug 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
 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.

Extraordinary Dividend

Key dividend indicators

Year Total dividend (€m) Dividend per share ¹ (€) Payout ratio (%) Dividend yield ² (%) Number of shares at 31 Dec
2023 422 0.54 42% 4.05% 773,082,725
2022 421 0.52 48% 4.10% 815,111,548
2021 415 0.50 91% 5.87% 829,250,635
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

  • 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.