Galp Energia SGPS SA

Good afternoon, ladies and gentlemen. Welcome to the GALPS third quarter 2023 results presentation. I will now pass the floor to Atela Rivi, Head of Investor Relations.

Hello, everyone, and welcome to the analyst Q&A session to review GALPS third quarter 2023 results. Earlier this morning, CALP released all the materials related with the results, together with a short video where Maria João covered the key quarter highlights. Therefore, following the same format used in the previous quarters, the session will start with a short opening remark from Felipe and then we'll move on straight to Q&A. On our side, to take your questions, we have the full executive team and some leadership team members as well, both here in Lisbon and connected from Brazil. Let me just provide you the usual disclaimer that we may make forward-looking statements that refer to our estimates, and actual results may differ due to a number of different factors, as indicated in the cautionary statements included on our materials, which we will advise you to read. Felipe, the mic is yours.

Thank you, Italo. Good afternoon. If I look back at Q3, you start to see the structural improvements in our operating performance. The macro, it is what it is, but operationally, we are in a much, much better place. We had our challenges a few years ago. It's all becoming more normal, and we continue to see outstanding reservoir performance, and you have no doubt seen the massive turnaround in our energy management business. On the negative side, we continue to be subject to discriminatory taxation. It is an issue we are dealing with internally. But more strategically, we are transforming gelt. So this is a growing company in the core business. It is also a company with long-life assets, no Middle East exposure, and it is decarbonizing whilst creating real shareholder value in our low-carbon activities. So we continue to de-risk the portfolio, so we continue to see significant upsides, and we're glad to see the market starting to give a bit more credit to companies like GALP, which have a long-term growth profile over shorter-term yield considerations. I'll stop here, Othello. Thank you.