Galp Energia SGPS SA

Good morning, ladies and gentlemen. Welcome to Galp's third 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 third quarter of 2025 Q&A session. In the room with me, I have both our co-CEOs, Maria João Carioca and João Marques da Silva, as well as the full executive team. But before passing the mic for some quick opening remarks, let me start by our usual disclaimer. During today's session, we'll be making forward-looking statements that are based on our current estimates. Actual results could be further to factors outlined in our questionnaire statements within the published materials. With this, João, would you like to say a few words?

Thank you, João. And good morning, everyone. We have a couple of João's around here. Well, the third quarter was a strong one for GALP. Solid operating performance, according to businesses, testifies our strong operating momentum. In Brazil, upstream production continued elevated with 115,000 barrels per day, driven by high availabilities of the fleet during the quarter. This gives us confidence on ending the year close to the upper end of our 105 to 110 guide. On top of that, Bacalhau reached first oil just a few weeks ago, a very important milestone, a key project for the Alps, which will drive our free cash flow growth in the coming years. Well, but meanwhile, in Iberia, we've captured strong seasonal trends in downstream businesses, particularly in refining and in commercial, where we posted a record high quarter EBITDA. As EVP of commercial as well, congratulations to the team. with results above pre-COVID levels. Although macroenvironment continues volatile and challenging, GALP operates a highly resilient portfolio with a 2026 dividend break-even just below $40. Resilience and short-term growth underpins our distinctive investment case. Maria João, a few comments.