Dividends

The shareholder’s remuneration framework considers a progressive base cash dividend, growing at 4% per year. The base dividend related to 2024 is expected to be €0.56/sh, growing at the same rate over the subsequent years. This base dividend is expected to be paid semi-annually, with the first tranche paid in August/September and the remaining amount paid after approval at the AGM.

Total distributions to shareholders (cash dividend + buyback) are limited at 1/3 of the adjusted operational cash flows (OCF). Considering the expected deleveraging of the Company, Galp plans to distribute 1/3 of the OCF generated in each year.

Note: total distributions are now linked to OCF instead of CFFO, which excludes the variations related with working capital, inventory effects and other special items (OCF = RCA Ebitda + dividends received from associates – taxes paid).

¹ Extraordinary Dividend

Key dividend indicators

¹ The dividends from 2003 to 2005 are adjusted to the stock split made in 2006

² Based on the share price at the last day of the year

• 27 December 2023 - Pursuant to the conclusion of the €500 m share buyback programme related with 2022 fiscal year, the share capital was reduced from €815,111,548 to €773,082,725, represented by 773,082,725 shares, following the extinction of 42,028,823 own-shares.
• 22 December 2022 - Pursuant to the conclusion of the €150 m share buyback programme related with 2021 fiscal year, the share capital was reduced from €829,250,635 to €815,111,548, represented by 815,111,548 shares, following the extinction of 14,139,087 own-shares.
• 23 October 2006 - Galp's shares start being traded on NYSE Euronext Lisbon at a price of €5.81/share.
• 31 May 2006 - Each old share is replaced by five new shares, i.e. a 5:1 stock split is done.