Galp Q3 2025 Financial Results

Financial Performance

Galp reported strong financial results for Q3 2025, with a robust operating performance across its segments. The company reduced its net debt to €1.2 billion by the end of the period, supported by sound cash generation.

Segment Highlights

In Upstream, RCA Ebitda was €464 million, impacted by lower oil prices but offset by increased production in Brazil. Industrial & Midstream saw a YoY increase in RCA Ebitda to €315 million, benefiting from the Sines refining system and Midstream activities. The Commercial segment's RCA Ebitda rose 28% YoY to €119 million, driven by recovery in the Spanish market. Renewables faced challenges with RCA Ebitda at €16 million due to low solar prices in Iberia.

Cash Flow and Investments

Galp's adjusted operating cash flow was €753 million, with cash flow from operations at €783 million. Capex for the period was €212 million, focusing on low-carbon projects in Sines, the Bacalhau development in Brazil, and solar capacity in Iberia. Free cash flow reached €548 million.

Strategic Developments

The Bacalhau FPSO in Brazil commenced production, contributing to short-term cash flow growth. In Namibia, negotiations with preferred bidders are advancing, with an agreement expected by year-end.