- Full-year operating cash generation reached €2.2bn, with net debt at €1.3bn by year-end.
- Capex included €188m for low-carbon projects in Sines and Bacalhau development in Brazil.
- Free Cash Flow was €81m, with €116m dividends to non-controlling interests and €76m share buyback.
- A 4% increase in dividend per share to €0.64 is proposed, with a €250m buyback starting March 2026.
Financial Performance
In 2025, Galp achieved a full-year operating cash generation of €2.2 billion, maintaining stability despite a weaker Brent environment. The company's net debt stood at €1.3 billion by year-end, reflecting a solid financial position.
Quarterly Highlights
In Q4 2025, Galp's RCA Ebitda was €619 million, with contributions from Upstream, Midstream, and Commercial sectors. The Upstream segment generated €430 million, while Industrial & Midstream and Commercial sectors contributed €98 million and €103 million, respectively. Renewables added €15 million to the RCA Ebitda.
Investment and Cash Flow
Galp's net capex for the period was €188 million, focusing on low-carbon projects in Sines, Bacalhau development in Brazil, and solar and storage capacity in Iberia. Free Cash Flow reached €81 million, with €116 million paid in dividends to non-controlling interests and a €76 million share buyback.
Shareholder Returns
The Board of Directors proposed a 4% increase in dividend per share to €0.64 for the 2025 fiscal year, with a €250 million share buyback program set to commence in March 2026.
