2/2/2026 | Results

Trading Update 4Q25

The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the fourth quarter of 2025. All data referred to below is currently provisional and may differ from the final figures.

Galp’s 4Q & FY25 results will be published on March 2, before the opening of Euronext Lisbon. On that day, the Company will hold an analysts’ conference call at 11:00 (Lisbon/London time).

Upstream


	4Q24	3Q25	4Q25	Var. YoY	Var. QoQ
Working interest production (kboepd)	110	115	113	2%	(1%)
Oil (%)	87%	87%	87%	-	-

Industrial & Midstream


	4Q24	3Q25	4Q25	Var. YoY	Var. QoQ
Raw materials processed (mboe)	22.3	22.7	9.9	(56%)	(56%)
Galp refining margin (USD/boe)	5.2	9.5	6.9	32%	(27%)
Oil products supply¹ (mton)	3.9	4.1	3.0	(21%)	(26%)
NG/LNG supply & trading volumes¹ (TWh)	11.8	17.0	18.1	54%	6%
Trading (TWh)	5.7	11.8	12.1	n.m.	2%

¹ Includes volumes sold to the Commercial segment.

Commercial


	4Q24	3Q25	4Q25	Var. YoY	Var. QoQ
Oil products - client sales (mton)	1.8	2.0	1.8	(4%)	(11%)
Natural gas sales - client sales (TWh)	4.3	3.6	4.3	(1%)	18%
Electricity - client sales (TWh)	1.8	1.8	1.8	2%	(1%)

Renewables


	4Q24	3Q25	4Q25	Var. YoY	Var. QoQ
Renewable installed capacity¹ (GW)	1.5	1.7	1.7	11%	-
Renewable generation (GWh)	346	732	356	3%	(51%)
Galp realised sale price (EUR/MWh)	71	38	50	(30%)	30%

¹ Installed capacity at the end of the period.

Market Indicators


	4Q24	3Q25	4Q25	Var. YoY	Var. QoQ
Exchange rate (EUR/USD)	1.07	1.17	1.16	9%	(0%)
Dated Brent price (USD/bbl)	74.7	69.1	63.7	(15%)	(8%)
Dutch TTF natural gas price (EUR/MWh)	42.8	32.4	30.0	(30%)	(7%)
Iberian MIBGAS natural gas price (EUR/MWh)	43.5	32.8	29.7	(32%)	(9%)
Iberian power baseload price¹ (EUR/MWh)	94.6	66.5	71.6	(24%)	8%
Iberian solar market price¹ (EUR/MWh)	73.9	32.5	44.9	(39%)	38%

Source: Platts/MIBGAS/Bloomberg/OMIE/REE.
¹ The Iberian power baseload price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE). The solar price indicator is estimated based on pool prices on solar hours.