Lisbon, July 21, 2025 (Lusa) - Galp posted a profit of €565 million in the first half of the year, representing a 9% decrease compared to the same period last year, reflecting the concentration of maintenance shutdowns in the first quarter, the oil company said on Monday.
In the second quarter of the year, Galp’s adjusted net income rose 25% to €373 million, “supported by increased oil and natural gas production in Brazil and strong performance in product trading on international markets,” the company said.
In a statement to the Portuguese Securities Market Commission (CMVM), the oil company said that earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 16% in the first half to €1.5 billion, “given the more challenging macroeconomic conditions”.
Of this amount, around 80% came from international markets, with an emphasis on upstream (exploration) and trading activities, as well as exports of products from Portugal.
Between April and June, the oil company improved its results “in all business areas”, which offset “the fall in crude oil prices that penalised the financial performance of Upstream, traditionally the main driver of the company’s results”, it explained.
Galp announced that the improvements recorded in this quarter allowed it to revise upwards some of its operating (production) and financial projections for the rest of the year, despite the devaluation of the dollar.
In the second quarter, the company invested €190 million, with the main destination - a total of €81 million (43%) - being research and exploration in Brazil, mainly in the Bacalhau project, according to the market announcement.
The company invested around €74 million in Sines, “in the construction of a 100 megawatts electrolyser for the production of green hydrogen, one of the largest in Europe, and a new plant for the production of advanced biofuels (HVO/SAF), two projects that are expected to come on stream next year,” the company added.
The conversion and modernisation of the service station network, the expansion of the charging infrastructure for electric mobility - at the end of June, there were already 7,700 points, representing a 52% increase compared to the end of June 2024 - and the adoption of renewables absorbed around €30 million.
In the first half of the year, the total investment amounted to €484 million.
In the renewable energy sector, two new photovoltaic parks came into operation in Spain during the second quarter, adding 115 megawatts of installed capacity, which now totals 1.7 gigawatts.
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