Galp Energia SGPS SA

Good morning, ladies and gentlemen. Welcome to GALP's first quarter 2025 results presentation. I will now pass the floor to João Gonçalves Pereira, Head of Investor Relations.

Good morning, everyone, and welcome to GALP's first quarter 2025 analyst Q&A session. In the room with me, I have both our co-CEOs, Maria João and João Diogo, and the executive team. But before passing the mic for some quick opening remarks, our usual disclaimer. During today's session, forward-looking statements are based on our current estimates. Actual results could be further to factors outlined in our cautionary statements within the materials we released this morning. João Diogo, the mic is yours.

Thank you, João. Good morning, everyone. Q1 was a solid quarter for GALP, particularly when facing increased market volatility. Geopolitical scenarios are evolving rapidly and uncertainty remains high. In this scenario, GALP's highly resilient asset base is reassuring. As you know, our upstream operating base runs on cash break-evens of $20 per barrel, and the Iberian mid-downstream businesses are running lean and should be reasonably resilient cash flow providers. It is, of course, fundamental to ensure discipline execution and capital allocation returns focused and adapted to the market's circumstances. Early this year, we already guided for a tighter net capex spending, showcasing that discipline. It is important to always maintain a lean and efficient organization to potentiate agile but robust decision making. Lastly, we recently reconfirm officially our executive structure. Maria João and I appreciate the board's confidence and will continue to be fully focused on GALP's plan execution and long-term value creation. Maria João?