Galp Energia Sa

Welcome everyone and thank you for joining us. Galp's strong operating momentum continued into the third quarter of 2025, delivering yet another period of robust operational performance across our businesses. Highlights this quarter go to our sustained upstream production at elevated levels and the captured favorable refining margin environment over the summer. Group EBITDA reached 911 million euros in the quarter. On a brief overview of our business's performance, and starting with Upstream, production stood at 115,000 barrels per day, slightly higher than Q2, as we benefited from high fleet availability and limited unplanned events, which remain below historical trends. Upstream RCA EBITDA came in at 464 million euros, up Q1Q. On our IFRS figures, we have now adjusted for past earnings from the 2P field in Brazil to reflect the new track participation at 9.06%, leading to a net cash payment of around 80 million euros expected in Q1 2026. Now moving to refining, robust system availability enabled us to capture the supportive light and middle desolate environment during the summer, leading to a strong realized margin of $9.5. As we have been flagging throughout the year, we are now performing a large planned turnaround, which started earlier this month and is expected to last until mid-November. During this period, safety is of paramount importance as we welcome on the ground over 5,000 workers. We will also take the opportunity to accelerate execution on our low-carbon projects, having just received the first electrolyser module. In midstream, our trading activities continue to be a strong contributor, with the gas sourcing portfolio now also supported by LNG supplies from the US, with venture global cargoes flowing as per the delivery plan. Commercial, benefiting from the seasonal tailwinds, posted an EBITDA of 119 million euros, up 28% year-on-year, also supported by improved business environment in Spain and continued operational enhancements. In renewables, solar power generation was over 700 gigawatts per hour and even though we continue to see a low pricing environment, our teams remain focused on optimizing revenue streams through ancillary services and storage developments. So all in all, operational strength translated into sound cash generation with free cash flow reaching 548 million euros. Also benefiting from the continued unwind of working capital as discussed in Q1, and despite a pickup in the pace of investments during the quarter. After paying the first interim of the 2025 dividend, we further reduced net debt, which now stands at 1.2 billion euros, consolidating our solid financial position. Net debt to EBITDA stands at 0.4 times, a reassuring level when facing the current weakening of the commodity prices environment. Looking at the performance year-to-date, we are confident that four-year production should be at the upper end of the 105,000 to 110,000 bpd range we guided for. Ultimately, we see GALP positioned to surpass current guidance for 2025 at both group EBITDA and operating cash levels. We look ahead with confidence. Galp has a highly resilient portfolio and capex plan with an estimated dividend break even just below $40 per barrel for 2026. And we now celebrate having just achieved first oil from the Bacalao FPSO a couple of weeks ago. This is one of the largest and most efficient oil production units now in operation in the world and a very important growth driver for Galp's cash generation. Congratulations to our teams and partners. We will now focus on completing commissioning and ramping up the unit throughout 2026. Finally, on Namibia, we collected non-binding offers during the summer, all from highly credible players, and we are now well advanced in bilateral negotiations with a short list of preferred bidders. Discussions have been supportive of a value-accretive partnership with strong alignment on the way forward for Mopane. All in all, we remain confident in our initial planning towards reaching an agreement before the end of the year and in setting a partnership that will allow us to accelerate and prioritize the asset. Thank you again for joining us.