Galp breaks record again with profits of €973 million up to September
The Portuguese oil company recorded its highest ever net profit in the first nine months of the year. It is "well positioned" to exceed its current targets for this year.
Galp Energia posted a profit of almost €1 billion between January and September. More specifically, in these nine months, the oil company achieved a net profit of €973 million, a new record for this specific period, representing a 9% increase over the same period last year.
In a note to investors, released through the Portuguese Securities Market Commission (CMVM), Galp’s dual leadership highlights that the company is “well positioned to exceed the current guidance for 2025, both in EBITDA and operating cash flow”.
“Galp’s solid operational momentum continued in the third quarter of 2025, sustaining robust cash generation and consolidating our solid financial position, a reassuring factor given the current macroeconomic sentiment”, wrote co-CEOs Maria João Carioca and João Marques da Silva.
Despite the growth in net income through September, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 7% year-on-year, totalling €2.42 billion. A decisive factor in this decline was the 24% drop in EBITDA in the upstream segment (oil exploration), explained by Galp as being due to the evolution of Brent prices and the impact of the depreciation of the dollar, despite a 2% improvement in oil production in Brazil.
In the industrial and midstream (refining) segment, Galp noted a slight drop in the amount of raw material processed due to “externalities” — including the historic “blackout” that affected the entire Iberian Peninsula on 28 April and “adverse weather conditions”, the company explains. Even so, EBITDA in this segment improved by 23% due to “supply and trading activities” that offset “the worse performance in refining”.
In the commercial segment, EBITDA improved by 20%, reflecting a 4% increase in sales of petroleum products with the recovery of the Spanish market, both in the consumer and business sectors. In natural gas, demand in the nine months to September eased, but Spanish consumers offset the business. The company also highlights the 9,000 electric car charging points in operation at the end of September, representing a 64% increase over last year.
Finally, in renewables, Galp suffered a 10% drop in EBITDA in this segment as a result of voluntary cuts in production and lower solar generation in the period, the company explains in the report released on Monday.
Between January and September, Galp invested €716 million, mainly in oil exploration and prospecting. The largest share of upstream investment was channelled into the Bacalhau field in Brazil and oil exploration in Namibia. On this last point, which has aroused considerable interest among investors, Galp’s co-CEOs point out that “negotiations are underway with a shortlist of preferred candidates, with discussions pointing to a value-generating partnership”.
Galp’s performance thus generated €1.143 billion in free cash flow, of which €548 million was in the third quarter alone, enabling it to reduce its net debt by 20% to €1.17 billion.
