Galp Energia SGPS SA

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

Good morning, everyone, and welcome to GALP's fourth quarter and full year 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 with our usual disclaimer. During today's session, we will be making four looking statements that are based on our current estimates. Actual results could differ due to the factors outlined in our questionnaire statement within the published materials. With this, João, would you like to say a few words?

Thank you. Thank you, João, and good morning, everyone. Let me start by acknowledging the rapidly evolving and deeply concerning conflict in the Middle East, which is increasing geopolitical risk across the globe. The escalation, including strikes on critical infrastructure and threats to vital shipping routes, has materially increased uncertainty in global energy markets and the broader macro environment, reinforcing the need for resilience and discipline. Despite this increased volatility and looking back at 2025, it was a remarkable year for GAL. marked by consistent, strong operational performance and disciplined project execution. Allow me to highlight a couple of key points. Starting with Brazil, where production reached, in average, 111,000 barrels per day, above 2024 levels, with high fleet availabilities and strong resiliency of our main reservoirs. On top of that, Bacalhau reached, first of all, and it's showing high productivity as we ramp up the unit throughout the year. In CNES, our low-carbon projects are advancing as planned, and we expect to start commissioning the plants by the end of the year. Midstream and commercial had very supportive, strong performances in 2025, resulting in a robust group operational cash flow of 2.2 billion euros higher year on year. even under a more depressed macro scenario, and allowing Gallup to maintain a strong financial position. Finally, we've communicated meaningful portfolio evolutions, reinforcing Gallup investment case. Earlier this year, we've announced our intentions to merge our downstream activities with Moeve. We see this as an opportunity to unlock greater scale, resilience, and returns in mature and transforming industries. while sharpening GALP's focus and free cash profile. We are working towards a final agreement by mid-2026. Maria Joao, I pass it to you.