Maria Joao Carioca Co-CEO, CFO & Vice-chairman of the Board of Director

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 EUR 911 million in the quarter.

On a brief overview of our businesses 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 EUR 464 million, up Q-on-Q.

On our IFRS figures, we have now adjusted for past earnings from the Tupi field, in Brazil, to reflect the new tract participation at 9.06%, leading to a net cash payment of around EUR 80 million expected in Q1 2026.

Now moving to refining. Robust system availability enabled us to capture the supportive light and middle distillates 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 electrolyzer module.

In Midstream, our trading activities continued to be a strong contributor, with the