ZAP
973 million euros between January and September this year: it is the highest net result ever. Bacalhau Project was essential.
A Galp registered a profit of 973 million euros in the first nine months of the year, 9% more than in the same period of 2024, with a record 407 million euros in the third quarter (+53%).
In the accounts sent today to the Securities Market Commission (CMVM), Galp’s executive co-presidents, Maria João Carioca and João Marques da Silva, highlighted that “Galp’s solid operational performance continued in the third quarter” consolidating a “solid financial position” that is “comforting given the current macroeconomic sentiment”.
Half of the results between July and September originated from the oil and gas production in Brazildespite the impact of the devaluation of crude oil prices, which was “more than offset” by the international recovery in refining margins captured by supply and commercial activities and the availability of the refining apparatus, Galp pointed out.
This number of 973 million of euros, between January and September, is the highest net result ever of the company, reinforces the .
But the result before interest, taxes, depreciation and amortization (Ebitda) until September fell 7% to 2.42 billion euros, while that of the third quarter was 911 million (+11%), of which almost 80% “originated in international activities”.
O investment total up to September was 716 million euros, although the net balance between the amounts invested and the proceeds from the sale of assets, particularly in Angola and Mozambique, was positive at 93 million.
In the third quarter, Galp invested 273 million euros, of which two thirds were invested in the construction, in Sines, of green hydrogen and advanced low-carbon biofuels production units, in the modernization of the store network and in the expansion of the electric charging network and the capacity of photovoltaic production assets.
The remainder, he pointed out, was applied to Brazil, especially in the project, which started oil production in October.
The oil company highlighted that the 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, evident in the 2% increase in production compared to the same period in 2024, was impacted by the fall in oil prices in international markets, falling 14% to 464 million euros.
Industrial activity and ‘midstream’ (transport, storage and refining) achieved an EBITDA of 315 million euros, an increase of 91% compared to the same quarter of the previous year, more than offsetting the decrease in upstream results.
Refining benefited from the recovery of international margins, allowing a 78% increase in export results from Sines compared to the same quarter of the previous year.
The volumes of natural gas transactions increased by 42%, with the start of deliveries of LNG cargoes by Venture Global LNG, in the United States and the expansion of natural gas sales in the Brazilian market.
A commercial activity recorded a 28% increase in operating results for the third quarter, to 119 million euros, with improvements in almost all segments, helped by a recovery in the Spanish market, and the expansion of the electric charging network, totaling more than 9,000 points in the Iberian Peninsula (+64%).
Nas renewable energy, Ebitda fell 35% in the third quarter, to 16 million euros, due to the context of pressured solar energy prices.
The operational performance translated into “a solid generation” of cash flow, allowing the net debt to be reduced to 1.2 billion euros at the end of the period, Galp highlighted.
The executive co-presidents highlighted that Galp is Well positioned to outperform its current forecast for 2025, both for Ebitda and operational cash flow (OCF), which reached 753 million euros in the third quarter, an increase of 39% compared to the same period in 2024.
The two Galp managers add that the negotiations in Namibia, “with a restricted list of preferred candidates, with discussions that point to a value-generating partnership”.
