Dividends

The shareholder’s remuneration framework considers a progressive base cash dividend, growing at 4% per year. The base dividend related to 2022 is expected to be €0.52/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 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).

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 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.