Galp Energia SGPS SA

Good afternoon, ladies and gentlemen. Welcome to GALP's second quarter 2023 results presentation. I will now pass the floor to Othello Reaview, Head of Investor Relations. Please go ahead, sir.

Hello, everyone, and welcome to the analyst Q&A session to review GALP's second quarter 2023 results. As usual, Earlier this morning, the TV released all the materials related with the results, together with a short video where Maria João covered the key quarter highlights. We will therefore follow the format used over the last earnings publications. This means going straight to Q&A. So, today in the room, we have Felipe, which will be the main host, together with the full executive team and some leadership team members as well. All here, happy to take your questions. Now, the usual disclaimer, we would like to remind you that we will make forward-looking statements that refer to our estimates, and actual results may differ due to a number of different factors as per indicated in the cautionary statements included on our materials, which we advise you to read. Felipe, do you want to say a few words before you start the Q&A?

All right, thanks. Thanks, Othello. Good afternoon, everyone. Well, you have seen the robust underlying business performance after a few quarters with some noise. It is important that we all focus on the fundamentals of what GALP really is. When you buy a GALP share, you're buying growth. This is a growing company. You get yield, of course. You know we have longevity. In our upstream portfolio, we have some of the lowest carbon and the most competitive barrels out there. We're doing very significant progress in decarbonizing the traditional businesses. We have a profitable renewable footprint, which we want to integrate increasingly into our coal businesses. Our coal business is and remains liquids, and biofuels are part of this. We have a fast-transforming commercial footprint with a very attractive network and a convenient offering. More recently, we have restructured the energy management organization under Rodrigo's leadership. Results start to show, so we are creating long-term value creation. And then you get all the upstream exploration upside. So what we try to do here is to build a portfolio with a real terminal value so that we try to get to a higher multiple of EBITDA, which reflects the fundamentals values of GALP beyond the short-term distributions.