GALP Energia SGPS SA

Latest Results (08.09.2025):

GALP Energia SGPS SA delivered strong financial results in the second quarter of 2025, demonstrating robust operating performance across all business segments despite a challenging macroeconomic and geopolitical environment. The company achieved significant cash generation, maintained a solid financial foundation, and upgraded its operating expectations for the year.

Operating Performance

GALP Energia SGPS SA reported an RCA EBITDA of €840 million, driven by increased production in upstream operations and strong trading performance in the Industrial & Midstream and Commercial segments. Renewables also saw a year-over-year EBITDA growth, supported by optimized revenue streams.

Net Debt

By the end of Q2 2025, net debt stood at €1.4 billion. This increase reflects the payment of dividends, investments in the buyback programme, and currency translation adjustments due to the US dollar depreciation against the Euro.

Cash Flow

The company's adjusted operating cash flow reached €713 million, while cash flow from operations was €627 million. These figures highlight GALP's ability to generate cash effectively, even as working capital dynamics shifted.

Capital Expenditures

Capital expenditures for the quarter totaled €182 million, primarily allocated to the Bacalhau development in Brazil and the construction of the Advanced Biofuels Unit and a 100 MW electrolyzer plant for green hydrogen production in Sines.

Guidance Update

GALP Energia SGPS SA has upgraded its financial guidance for 2025, increasing its Group EBITDA and operating cash flow expectations. Upstream production is now projected to be between 105–110 kboepd, reflecting strong production availability and planned maintenance activities.