Galp Energia SGPS S A : Transcript Capital Markets Day 2021

Otelo Ruivo

Head of Investor Relations

Ladies and gentlemen, welcome to Galp's virtual Capital Markets Day! Our team is thrilled to have so many of you joining us online. Today's agenda will begin with a strategy presentation by our CEO, Andy Brown, which will demonstrate how Galp plans to thrive through the energy transition.

During the presentation, Andy will be joined by our CFO, Filipe Silva, when covering our next 5 years financial plan. We will then have a short five minutes break and open up our Q&A session, where the remaining executive members of the board will also participate.

At the Q&A, we invite analysts and investors to submit their questions by using the chat tool available on the streaming platform. The questions may be submitted during and after the presentation, and I will read them out in the Q&A session. We've invited all sell- side analysts that cover Galp to participate live in video and therefore we expect to have some of them joining at that time. We may need to limit the number of questions made during the session to control the total event's time length.

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Before we start, please note that today's presentation will include forward looking statements based on the plans, estimates and projections. We refer you to our initial cautionary statement for further information. We will now start the presentation. Andy, the floor is yours.

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Andy Brown

CEO

Thank you, Otelo, and good day to all of you, wherever you are. It's a pleasure for me to be able to present Galp's 2021 Capital Markets Day. I've been in the company for four months now and I've got to know the people, the assets, the opportunities, and the challenges. And we've undertaken a comprehensive strategic review together with the Board of Directors, and I'm really pleased to be able to present our plans to you today. What I found in Galp are great assets, great people, great opportunities, a company that can grow and decarbonize and distribute competitively.

Well, what I'm going to do? I'm going to discuss some of the conclusions first from the strategy refresh before deep diving into the individual businesses. I am going to touch on our ESG performance before handing to Filipe to talk about the financial framework, and I'm going to come back and make some concluding remarks.

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In our strategy refresh, we really challenged ourselves to offer shareholders a resilient investment case against an accelerated energy transition. But also, one that offered an upside in the base case.

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If we look at the next decade, our industry is not going to be static.

The pace of energy transition will accelerate. Our markets will change, so it's not just economically appropriate for us to change, it's also the right thing to do. And we're lucky that we have such a strong portfolio. It is resilient with a growing upstream coupled with Galp's size, its agility, its innovation, places us really strong for the energy transition. We are already a leading player in the markets we operate in. And we've already started to change.

We have a leading position in solar in Iberia, we're a leader in sustainability, we have a very low CO2 emissions in our upstream business. So, we have a strong starting point for the energy transition. But our traditional markets in Iberia will decline in oil and gas. But every change is also an opportunity. An opportunity in renewable power generation, in renewable electricity sales, in renewable fuels, in hydrogen, in the battery value chain. So, Galp can and will thrive through the energy transition, but we know this is going to require change.

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