Lisbon, Oct. 27, 2025 (Lusa) - Galp recorded a profit of €973 million in the first nine months of the year, 9% more than in the same period of 2024, with a “record” of €407 million in the third quarter (+53%).
In the accounts sent to the Portuguese Securities Market Commission (CMVM) today, Galp"s executive co-chairmen, Maria João Carioca and João Marques da Silva, emphasised that "Galp"s solid operational performance continued in the third quarter" consolidating a "solid financial position" which is "reassuring given the current macroeconomic sentiment".
Half of the results between July and September came from oil and gas production in Brazil, despite the impact of the devaluation of crude oil prices, which was "more than offset" by the international recovery of refining margins captured by procurement and commercial activities and the availability of the refining system, Galp pointed out.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) up to September fell 7% to €2.42 billion, while the figure for the third quarter was €911 million (+11%), almost 80% of which "came from international activities".
Total investment up to September totalled €716 million, although the net balance between invested amounts and proceeds from asset sales, especially in Angola and Mozambique, was positive by €93 million.
In the third quarter, Galp invested €273 million, two-thirds of which was invested in the construction of the green hydrogen and advanced low-carbon biofuel production units in Sines, the modernisation of the retail network and the expansion of the electric charging network and the capacity of photovoltaic production assets.
The rest, it pointed out, was invested in Brazil, especially in the Bacalhau project, which began producing oil in October.
The oil company emphasised that operational performance was decisive for the results, even though the "good performance of oil and natural gas exploration and production activities ("upstream") in the third quarter, reflected in the 2% increase in production compared to the same period in 2024, was impacted by the fall in oil prices on international markets, dropping 14% to €464 million.
Industrial and midstream activity (transport, storage and refining) achieved an Ebitda of €315 million, an increase of 91% on the same quarter last year, more than offsetting the fall in upstream results.
Refining benefited from the recovery in international margins, resulting in a 78% increase in export volumes from Sines compared to the same quarter last year.
Volumes of natural gas traded increased by 42%, with the start of LNG cargo deliveries by Venture Global LNG in the United States and the expansion of natural gas commercialisation in the Brazilian market.
Commercial activity recorded a 28% increase in operating results for the third quarter, to €119 million, with improvements in almost all segments, helped by a recovery in the Spanish market, and the expansion of the electric charging network, totalling more than 9,000 points in the Iberian Peninsula (+64%).
In renewable energies, Ebitda fell 35% in the third quarter to 16 million euros, due to pressurised solar energy prices.
The operational performance translated into “solid generation” of cash flow, allowing net debt to be reduced to €1.2 billion at the end of the period, Galp emphasised.
The co-chief executives emphasised that Galp is well positioned to exceed its current 2025 forecast for Ebitda and operating cash flow (OCF), which reached €753 million in the third quarter, an increase of 39% compared to the same period in 2024.
MPE/ADB // ADB.
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