Share Repurchases

for cancellation purposes

Galp’s shareholders’ remuneration framework envisages additional supplementary distributions, on top of the baseline cash dividend, to be made through repurchases of own shares (buybacks), whenever Galp’s Net Debt to RCA Ebitda remains below the Company’s target of 1x. 

The total distributions to shareholders (cash dividend + buybacks) related to a certain fiscal year should be limited at one third of the adjusted operational cash flows (OCF) of the period.

Buyback programmes are to be executed with the purpose to reduce the issued share capital of the Company. The cancellation of the shares acquired is expected to be made after the conclusion of each programme.


Programme Amount Start date Completion Announcement Amount spent Total shares bought Last update
€150 m 12/05/2022 11/11/2022 See here €150.0 m 14,139,087 11/11/2022
€500 m 15/02/2023 14/12/2023 See here €500.0m 42,028,823 15/12/2023
€350 m 13/02/2024 Ongoing See here €101.6 m 6,096,369 31/05/2024


Share repurchase authorisations 

The Annual General Meeting on 3 May 2023 authorised Galp’s Board of Directors to acquire own shares representing up to 9% of share capital for the execution of buyback programmes aimed at reducing the share capital.

Additionally, the Annual General Meeting of 3 May 2023 approved the reduction of the Company's share capital by up to 9% through cancellation of own shares, delegating to the Board of Directors, for a period of 18 months, all the necessary powers to proceed with the fixing of the number of shares to be cancelled and practice all the useful or necessary acts to materialise the reduction of the Company's share capital.

Resolutions for the acquisition and cancellation of own shares