1
October 27, 2025
3rd Quarter and Nine Months 2025
October 2025
Results Highlights
Galp's sound operating momentum continued into the third quarter of 2025, supporting robust cash generation and consolidating our solid financial position - reassuring when facing the current macroeconomic sentiment. Our performance year-to-date reinforces our confidence on deliverability and resilience. Galp is well positioned to surpass its current 2025 guidance for both Ebitda and OCF, and holds an estimated dividend breakeven under $40/bbl for 2026.
Execution remains strong: Bacalhau FPSO started production and will drive short-term free cash flow growth, whilst in Namibia negotiations with a shortlist of preferred bidders are advancing with discussions supportive of a value accretive partnership, with strong alignment on advancing with Mopane. Progress is well within Galp's timeline towards an agreement by year-end.
Maria João Carioca & João Marques da Silva, co-CEOs
Third quarter 2025
Galp delivered a strong set of results in the third quarter of 2025, sustaining a robust operating performance in Upstream whilst capturing the supportive downstream seasonal trends in refining and Commercial, despite facing a continued volatile macro environment. Operating performance translated into sound cash generation, enabling Galp to reduce net debt to €1.2 bn by the end of the period.
RCA Ebitda reached €911 m:
Upstream: RCA Ebitda was €464 m, lower YoY following the weaker oil price environment but partially offset by higher production levels in Brazil, reflecting the strong availability of the fleet as result of limited planned maintenance activities in the quarter and low impact from unplanned restrictions.
Industrial & Midstream: RCA Ebitda was €315 m, higher YoY, as the robust availability of the Sines refining system captured the supportive international cracks' environment, whilst complemented by a sound contribution from Midstream activities across natural gas and oil trading.
Commercial: RCA Ebitda was €119 m, up 28% YoY, supported by a recovery in the Spanish market, both in the B2C and B2B segments, and by Convenience & Customer Solutions contribution continued growth.
Renewables: RCA Ebitda was €16 m, lower YoY, mainly reflecting persistently pressured solar prices in Iberia and the deployment of a generation optimisation strategy.
Group RCA Ebit was €740 m, following Ebitda. RCA Net Income amounted to €407 m.
Galp's adjusted operating cash flow (OCF) was €753 m, reflecting the strong operating performance. Cash flow from operations (CFFO) reached €783 m, benefitting from a working capital release of €92 m, partially offset by inventory effects of €-61 m, which followed the evolution of commodities prices.
Capex in the period reflected a higher execution pace on the Industrial low-carbon projects in Sines, the deployment of the Bacalhau development in Brazil and solar capacity under construction in Iberia. Net capex was €212 m, including inflows from divestments in Commercial and from projects' reimbursements in Renewables.
FCF reached €548 m, while net debt was reduced to €1.2 bn after payment of dividends to non-controlling interests of
€31 m and the 2025 interim dividend of €229 m, with no share buyback executed during the period.
Nine months 2025
Galp's RCA Ebitda was €2,420 m, while OCF was €1,732 m, reflecting a robust operating performance under a more pressured macroeconomic and commodities' price context.
Net capex totalled an inflow of €93 m, mainly considering the divestment proceeds collected in the first quarter of the year related with the completion of the sale of Galp's stake in Mozambique Area 4 and the final earn-out collected from the disposal of upstream assets in Angola. Investments were mainly allocated to the deployment of Bacalhau in Brazil, the execution of the green H2and HVO/SAF projects in Sines' industrial complex and the construction of solar and storage capacity in Iberia.
FCF amounted to €1,143 m, with net debt sustained at €1.2 bn, considering dividends to non-controlling interests of
€123 m, dividends to shareholders of €480 m and share buyback execution of €174 m, while also reflecting the currency exchange effect on cash balances following the US dollar depreciation against the Euro.
2
3rd Quarter and Nine Months 2025
October 2025
Other highlights
Tupi re-determination in BM-S-11
Pursuant to the submission of the contractual re-determination of tract participations in the unitised Tupi field among partners of the BM-S-11 consortium to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), Galp retains 9.06% of the Tupi accumulation.
The rebalancing of participation interests in Tupi is estimated to lead to a net cash impact of c.€80 m in 1Q26, related to past revenues and costs.
€m (RCA, except otherwise stated)
Financial data
3Q24 | 2Q25 | 3Q25 | % Var. YoY | 9M24 | 9M25 | % Var. YoY | |
820 | 840 | 911 | 11% | RCA Ebitda | 2,609 | 2,420 | (7) % |
541 | 403 | 464 | (14)% | Upstream | 1,641 | 1,252 | (24)% |
165 | 320 | 315 | 91% | Industrial & Midstream | 695 | 854 | 23% |
92 | 101 | 119 | 28% | Commercial | 234 | 281 | 20% |
24 | 9 | 16 | (35)% | Renewables | 38 | 34 | (10)% |
(2) | 5 | (3) | 41% | Corporate & Others | - | (2) | n.m. |
621 | 662 | 740 | 19% | RCA Ebit | 2,041 | 1,900 | (7) % |
429 | 309 | 382 | (11)% | Upstream | 1,328 | 981 | (26) % |
133 | 293 | 283 | n.m. | Industrial & Midstream | 599 | 768 | 28 % |
59 | 69 | 84 | 42% | Commercial | 139 | 183 | 31 % |
11 | (6) | 2 | (86)% | Renewables | 2 | (7) | n.m. |
(11) | (2) | (11) | (3)% | Corporate & Others | (26) | (25) | (5) % |
266 | 373 | 407 | 53% | RCA Net income | 890 | 973 | 9 % |
11 | 19 | (101) | n.m. | Special items | 189 | 89 | (53) % |
(8) | (78) | (42) | n.m. | Inventory effect | (73) | (121) | 67 % |
269 | 315 | 264 | (2)% | IFRS Net income | 1,006 | 941 | (6) % |
540 | 713 | 753 | 39% | Adjusted operating cash flow (OCF) | 1,745 | 1,732 | (1) % |
475 | 627 | 783 | 65% | Cash flow from operations (CFFO) | 1,432 | 1,138 | (21) % |
(229) | (182) | (212) | (7)% | Net Capex | (290) | 93 | n.m. |
193 | 408 | 548 | n.m. | Free cash flow (FCF) | 1,032 | 1,143 | 11 % |
(2) | (2) | (31) | n.m. | Dividends paid to non-controlling interests | (97) | (123) | 27% |
(212) | (251) | (229) | 8% | Dividends paid to Galp shareholders | (419) | (480) | 15% |
(191) | (135) | - | n.m. | Share buybacks | (324) | (174) | (46)% |
1,471 | 1,415 | 1,170 | (20)% | Net debt | 1,471 | 1,170 | (20) % |
0.48x | 0.51x | 0.41x | (15)% | Net debt to RCA Ebitda1 | 0.48x | 0.41x | (15) % |
1Ratio considers the LTM Ebitda RCA (€2,866 m), which includes an adjustment for the impact from the application of IFRS 16 (€242 m).
3
Operational data
3rd Quarter and Nine Months 2025
October 2025
3Q24 | 2Q25 | 3Q25 | % Var. YoY | 9M24 | 9M25 | % Var. YoY |
112 | 113 | 115 | 2% Working interest production1 (kboepd) | 109 | 111 | 2% |
77.1 | 65.2 | 66.2 | (14)% Upstream oil realisations indicator (USD/bbl) | 79.0 | 67.8 | (14)% |
31.7 | 36.2 | 38.7 | 22% Upstream gas realisations indicator (USD/boe) | 33.2 | 37.8 | 14% |
22.4 | 21.1 | 22.7 | 1% Raw materials processed in refinery (mboe) | 68.4 | 65.4 | (4)% |
4.7 | 6.1 | 9.5 | n.m. Galp refining margin (USD/boe) | 8.1 | 7.1 | (12)% |
4.1 | 4.1 | 4.1 | n.m. Oil products supply2 (mton) | 12.1 | 11.7 | (3)% |
12.0 | 18.6 | 17.0 | 42% NG/LNG supply & trading volumes2 (TWh) | 34.8 | 48.4 | 39 % |
1.9 | 1.9 | 2.0 | 7% Oil Products - client sales (mton) | 5.3 | 5.5 | 4 % |
4.0 | 3.9 | 3.6 | (9)% Natural gas - client sales (TWh) | 12.0 | 12.2 | 2 % |
1.7 | 2.0 | 1.8 | 11% Electricity - client sales (TWh) | 5.1 | 5.8 | 13 % |
853 | 668 | 732 | (14)% Equity renewable power generation (GWh) | 2,036 | 1,780 | (13) % |
48 | 25 | 38 | (20)% Renewables' realised sale price (EUR/MWh) | 40 | 44 | 10 % |
1Reflects only Brazil's production following the divestment from Area 4 in Mozambique.
2Includes volumes sold to the Commercial segment.
Market indicators
3Q24 | 2Q25 | 3Q25 | % Var. YoY | 9M24 | 9M25 | % Var. YoY |
1.10 | 1.13 | 1.17 | 6% Exchange rate EUR:USD | 1.09 | 1.12 | 3% |
6.1 | 6.4 | 6.4 | 5% Exchange rate EUR:BRL | 5.7 | 6.3 | 11% |
80.3 | 67.9 | 69.1 | (14)% Dated Brent price (USD/bbl) | 82.8 | 70.9 | (14)% |
35.9 | 34.9 | 32.8 | (9)% Iberian MIBGAS natural gas price (EUR/MWh) | 31.7 | 38.2 | 20% |
35.3 | 35.4 | 32.4 | (8)% Dutch TTF natural gas price (EUR/MWh) | 31.4 | 38.3 | 22% |
40.4 | 37.2 | 34.5 | (15)% Japan/Korea Marker LNG price (EUR/MWh) | 35.0 | 38.6 | 10% |
118.3 | 137.5 | 194.3 | 64% Diesel 10 ppm CIF NWE Crack (USD/ton) | 160.6 | 158.6 | (1)% |
152.7 | 166.7 | 184.7 | 21% EuroBob NWE FOB BG Crack (USD/ton) | 184.4 | 158.3 | (14)% |
78.7 | 38.5 | 66.5 | (16)% Iberian power baseload price (EUR/MWh) | 52.4 | 63.4 | 21% |
52.6 | 17.2 | 32.5 | (38)% Iberian solar market price (EUR/MWh) | 35.2 | 33.0 | (6)% |
16.6 | 16.4 | 16.6 | n.m. Iberian oil market (mton) | 48.6 | 48.7 | n.m. |
78.4 | 83.4 | 83.8 | 7% Iberian natural gas market (TWh) | 252.6 | 268.6 | 6% |
Source: Platts for commodities prices; MIBGAS for Iberian natural gas price; APETRO and CORES for Iberian oil market; REN and Enagás for Iberian natural gas market; OMIE and REE for Iberian pool price and solar captured price.
4
5. Our Financial Performance
5
02. Business Segments€m (RCA, except otherwise stated; unit figures based on net entitlement production)
Upstream
3rd Quarter and Nine Months 2025
October 2025
3Q24
2Q25
3Q25
% Var. YoY
9M24
9M25
% Var. YoY
112
113
115
2%
Working interest production1 (kboepd)
109
111
2 %
99
98
98
(1)%
Oil production (kbpd)
96
96
n.m.
14
15
16
20%
Gas production (kboepd)
13
15
21%
Realisations indicators2
77.1
65.2
66.2
(14)%
Oil (USD/bbl)
79.0
67.8
(14) %
31.7
36.2
38.7
22%
Gas (USD/boe)
33.2
37.8
14 %
7.1
6.1
5.9
(17)%
Royalties (USD/boe)
7.3
6.2
(15) %
2.1
1.2
3.5
69%
Production costs (USD/boe)
2.1
2.5
17 %
11.6
10.6
9.2
(21)%
DD&A3 (USD/boe)
11.3
10.0
(11) %
541
(112)
403
(95)
464
(82)
(14)%
(27)%
RCA Ebitda
Depreciation, Amortisation, Impairments and
1,641
(313)
1,252
(271)
(24) %
(13) %
429
309
382
(11)%
Provisions
RCA Ebit
1,328
981
(26) %
456
308
235
(49)%
IFRS Ebit
1,590
976
(39) %
1Includes natural gas exported; excludes natural gas used or reinjected.
2Oil realisation indicator is estimated based on the differential to the average Brent price of the period when each of Galp's oil cargoes were negotiated, deducted from logistic costs associated with its delivery. Gas realisation indicator represents the revenues collected from the equity gas sold during the period net of all gas delivery and treatment costs.
3Includes abandonment provisions.
Third quarter 2025
Production was 115 kboepd, 2% higher YoY, reflecting the strong availability of the fleet with only one planned maintenance performed and limited unplanned restrictions. Natural gas accounted for 14% of production.
Oil realisations discount to average Brent was of $-3.0/bbl. Production costs were $3.5/boe on a net entitlement basis, or
YoY, mainly reflecting performance expenses relative to past turnarounds.
€32 m, higher
RCA Ebitda was €464 m, 14% lower YoY, following a lower oil price environment and the US dollar depreciation against the Euro, although supported by higher production and a slight reduction in in-transit volumes vs June-end. IFRS Ebitda considers special items of €-147 m, mostly related to the rebalancing of participation interests in the unitised Tupi field.
Amortisation, depreciation and provision charges (including right-of-use of assets) were €82 m, whilst unit DD&A was down YoY to $9.2/boe, reflecting an updated depletion ratio following the connection of new wells. IFRS 16 lease costs accounted for €32 m during the period.
RCA Ebit was €382 m and IFRS Ebit amounted to €235 m.
Nine months 2025
Production in Brazil was 111 kboepd, 2% higher YoY, reflecting high availabilities across the operating fleet, resulting from lower impacts from planned and unplanned stoppages. Natural gas accounted for 14% of production.
Oil realisations discount to average Brent was of $-2.9/bbl, whilst production costs were $2.5/boe on a net entitlement basis, or €66 m.
RCA Ebitda was €1,252 m, down YoY, mainly reflecting lower oil realisations following Brent and the depreciation of the US dollar against the Euro, which more than offset the stronger production in the period.
Amortisation, depreciation and provision charges (including right-of-use of assets) were €272 m, whilst unit DD&A was
$10.0/boe. IFRS 16 lease costs accounted for €96 m during the period.
RCA Ebit was €981 m. IFRS Ebit amounted to €976 m, considering special items related to the completion of Mozambique Area 4 stake sale and the re-determination of tract participations in the unitised Tupi field.
6
€m (RCA, except otherwise stated)
Industrial & Midstream
3rd Quarter and Nine Months 2025
October 2025
3Q24
2Q25
3Q25
% Var. YoY
9M24
9M25
% Var. YoY
22.4
21.1
22.7
1%
Raw materials processed (mboe)
68.4
65.4
(4)%
4.7
6.1
9.5
n.m.
Galp refining margin (USD/boe)
8.1
7.1
(13)%
2.7
2.7
3.2
16%
Refining cost (USD/boe)
2.3
3.0
26%
4.1
4.1
4.1
n.m.
Oil products supply1 (mton)
12.1
11.7
(3)%
12.0
18.6
17.0
42%
NG/LNG supply & trading volumes1 (TWh)
34.8
48.4
39%
6.3
13.1
11.8
88%
Trading (TWh)
15.7
32.0
n.m.
165
320
315
91%
RCA Ebitda
695
854
23%
(32)
(28)
(32)
n.m.
Depreciation, Amortisation, Impairments and Provisions
(96)
(86)
(10)%
133
293
283
n.m.
RCA Ebit
599
768
28%
129
175
218
68%
IFRS Ebit
529
579
9%
1Includes volumes sold to the Commercial segment.
Third quarter 2025
Raw materials processed reached 23 mboe, 1% up YoY, reflecting the robust operational availability of the Sines refining system during the period.
Galp's refining margin was $9.5/boe, up YoY, driven by the supportive light and middle-distillates international cracks environment. Refining costs were €61 m, or $3.2/boe in unit terms, higher YoY mainly reflecting registered demurrage costs associated with bad weather events in the first half of the year. Total supply of oil products was stable YoY at 4.1 mton.
Supply and trading volumes of natural gas and LNG reached 17.0 TWh, 42% higher YoY, reflecting the start in April of liftings from Venture Global LNG in the US under the sales and purchase agreement, but also the growing footprint in the Brazilian market.
RCA Ebitda was €315 m, higher YoY, reflecting the improved refining performance as well as the sustained Midstream contribution from trading activities across commodities.
whilst IFRS Ebit was €218 m.
RCA Ebit was €283 m,
Nine months 2025
Refining raw materials processed were 65 mboe, slightly down YoY, with externalities hindering the availability of the refining system during the first half of the year, namely the adverse weather conditions and the Iberian blackout in April.
Crude oil accounted for 88% of raw materials processed, of which 67% corresponded to medium and heavy crudes. On the refinery yields, middle distillates (diesel, bio-diesel and jet) accounted for 46% of production, light distillates (gasolines and naphtha) accounted for 27% and fuel oil for 16%, with consumption and losses representing 9%.
Galp's refining margin was $7.1/boe, 13% down YoY, reflecting a weaker refining macro environment during the first half of the year. Refining costs were €173 m, or $3.0/boe in unit terms.
Total supply of oil products decreased 3% YoY to 11.7 mton, following the lower raw materials processed. Exports accounted for 28% of volumes sold.
Supply and trading volumes of natural gas and LNG reached 48 TWh, up 39% YoY, following the start of liftings from Venture Global LNG in the US under the sales and purchase agreement and the growing footprint in the Brazilian market.
RCA Ebitda was €854 m, 23% higher YoY, driven by a higher Midstream contribution on the back of supply and trading activities across oil and gas, which more than offset a lower refining performance.
RCA Ebit was €768 m, whilst IFRS Ebit was €579 m, mostly reflecting an inventory effect of €-181 m.
7
€m (RCA, except otherwise stated)
(33)
(32)
(35)
4%
Depreciation, Amortisation, Impairments and Provisions
(95)
(98)
4%
59
47
69
75
84
92
42% RCA Ebit
95% IFRS Ebit
139
111
183
195
31%
76%
Commercial
3rd Quarter and Nine Months 2025
October 2025
3Q24
2Q25
3Q25
% Var. YoY
9M24
9M25
% Var. YoY
Commercial sales to clients
1.9
1.9
2.0
7%
Oil products (mton)
5.3
5.5
4%
4.0
3.9
3.6
(9)%
Natural Gas (TWh)
12.0
12.2
2%
1.7
2.0
1.8
11%
Electricity (TWh)
5.1
5.8
13%
92
101
119
28%
RCA Ebitda
234
281
20%
Third quarter 2025
Oil products' sales reached 2.0 mton, 7% higher YoY, mainly driven by a recovery in the Spanish market, particularly in the B2C and B2B distribution segments, as well as by better marketing performance in some African countries.
Natural gas sales were 3.6 TWh, 9% lower YoY, driven by a momentarily reduced economic activity from few B2B clients in Portugal. On the other hand, electricity sales were up 11% YoY to 1.8 TWh, following stronger sales in Spain and reflecting a growth in clients in Portugal's B2C segment.
RCA Ebitda was €119 m, 28% higher YoY, driven by the rebound in the Spanish B2B and B2C segments, as well as the increased contribution from the residential gas and power segment in Portugal. Convenience & Customer Solutions further increased its contribution, 20% up YoY, and represented 31% of divisional earnings.
RCA Ebit was €84 m, whilst IFRS Ebit was €92 m, with special items related to Guinea Bissau divestment completion.
Nine months 2025
Total oil product sales increased 4% YoY, to 5.5 mton, primarily reflecting a recovery in contributions from activities in Spain, in both B2C and B2B segments.
Natural gas sales were up 2%, to 12.2 TWh, as increased volumes in Spain more than offset a softer demand from industrial clients in Portugal. Electricity sales reached 5.8 TWh, a 13% increase YoY, driven by the higher number of clients in Iberia. The electric mobility business continued to ramp-up, with over 9,000 charging points in operation by September-end, a 64% increase YoY.
RCA Ebitda was €281 m, 20% higher YoY, mostly reflecting the recovery in Spain across market segments and a growing non-fuel offering within Convenience & Customer Solutions, which represented 36% of divisional Ebitda.
RCA Ebit was €183 m and IFRS Ebit was €195 m.
8
€m (RCA, except otherwise stated)
11
(6)
Provisions
2 (86)% RCA Ebit
2
(7)
n.m.
11
(6)
(17)
n.m. IFRS Ebit
2
(25)
n.m.
Renewables
3rd Quarter and Nine Months 2025
October 2025
3Q24 | 2Q25 | 3Q25 | % Var. YoY | 9M24 | 9M25 | % Var. YoY | |
853 | 668 | 732 | (14)% | Renewable power generation (GWh) | 2,036 | 1,780 | (13)% |
48 | 25 | 38 | (20)% | Galp realised sale price (EUR/MWh) | 38 | 40 | 6% |
24 (13) | 9 (15) | 16 (14) | (35)% 11% | RCA Ebitda Depreciation, Amortisation, Impairments & | 38 (36) | 34 (42) | (10)% 15% |
Third quarter 2025
Renewable energy generation reached 732 GWh, lower YoY despite increased installed capacity, reflecting the optimisation strategy of power generation activities through voluntary curtailments.
Realised sale price was €38/MWh, lower YoY, given a persistently pressured pricing environment in Iberia, although capturing a premium to the solar benchmark price as result of increased contribution from ancillary services.
RCA Ebitda was down YoY to €16 m, with a lower power price environment in Iberia and optimised power generation, although partially supported by the optimisation of revenue streams.
RCA Ebit was €2 m and IFRS Ebit was €-17 m, with special items related to the release of early stage projects.
Nine months 2025
Renewable installed capacity at the end of the period was 1.7 GW, after the start of operations of 115 MW in June. Energy generation amounted to 1,780 GWh, down 13% YoY, following increased optimisation through voluntary curtailments and lower irradiation during the period.
Realised sale price was €40/MWh, a premium to solar benchmark price of €33/MWh, driven by the continued revenue streams' optimisation through ancillary services.
RCA Ebitda was €34 m, lower YoY, as the marginally higher captured prices were more than offset by the lower generation in the period.
whilst IFRS Ebit was €-25 m, mostly considering the third quarter special items.
RCA Ebit was €-7 m,
9
5. Our Financial Performance
03. Financial Data€m (RCA, except otherwise stated)
269
315
264
(2) %
IFRS Net income - attributable to Galp Energia shareholders
1,006
941
(6) %
Income Statement
3rd Quarter and Nine Months 2025
October 2025
3Q24
2Q25
3Q25
% Var. YoY
9M24
9M25
% Var. YoY
5,610
5,026
5,098
(9) % Turnover
16,405
14,931
(9) %
(4,173)
(3,563)
(3,670)
(12) % Cost of goods sold
(11,924)
(10,798)
(9) %
(495)
(509)
(502)
1 % Supply & Services
(1,482)
(1,536)
4 %
(117)
(96)
(113)
(3) % Personnel costs
(339)
(325)
(4) %
(2)
(16)
98
n.m. Other operating revenues (expenses)
(56)
154
n.m.
(3)
(2)
-
n.m. Impairments on accounts receivable
6
(7)
n.m.
820
840
911
11 % RCA Ebitda
2,609
2,420
(7) %
837
729
687
(18) % IFRS Ebitda
2,806
2,232
(20) %
(199)
(177)
(171)
(14) % Depreciation, Amortisation, Impairments and Provisions
(567)
(520)
(8) %
621
662
740
19 % RCA Ebit
2,041
1,900
(7) %
633
547
516
(18) % IFRS Ebit
2,202
1,697
(23) %
4
(2)
10
n.m. Net income from associates
(6)
11
n.m.
(24)
(21)
(20)
(17) % Financial results
(45)
(54)
20 %
1
(3)
(4)
n.m. Net interests
17
(11)
n.m.
9
18
15
73 % Capitalised interest
42
45
7 %
(5)
(3)
(3)
(34) % Exchange gain (loss)
-
-
n.m.
(20)
(20)
(19)
(5) % Interest on leases (IFRS 16)
(59)
(59)
n.m.
(10)
(13)
(9)
(6) % Other financial charges/income
(45)
(29)
(35) %
600
639
730
22 % RCA Net income before taxes and non-controlling interests
1,990
1,856
(7) %
(285)
(222)
(276)
(3) % Taxes
(935)
(765)
(18) %
(148)
(92)
(97)
(35) % Taxes on oil and natural gas production1
(447)
(337)
(24) %
(50)
(44)
(47)
(5) % Non-controlling interests
(166)
(118)
(29) %
266
373
407
53 % RCA Net income
890
973
9 %
11
19
(101)
n.m. Special items
189
89
(53) %
277
392
306
11 % RC Net income - attributable to Galp Energia
1,078
1,062
(2) %
shareholders
(8)
(78)
(42)
n.m.
Inventory effect
(73)
(121)
67 %
1Includes taxes on oil and natural gas production, such as SPT payable in Brazil.
Third quarter 2025
RCA Ebitda was €911 m, reflecting a robust operating performance in Upstream, whilst capturing supportive downstream seasonal trends in refining and Commercial.
IFRS Ebitda amounted to €687 m, considering an inventory effect of €-61 m given the declining commodities' prices and special items of €-163 m, mostly related to the rebalancing of participation interests in the unitised Tupi field.
Group RCA Ebit was €740 m, after amortisation, depreciation and provision charges amounting to €171 m.
Financial Results were €-20 m. RCA taxes amounted to €276 m, reflecting the increased contribution weight of non-Upstream businesses. Non-controlling interests amounted to €47 m, mostly attributed to Sinopec's stake in Petrogal Brasil.
m, with special items €-101 m and inventory effects of €-42m.
RCA Net Income was €407 m. IFRS net income was €264
11
Nine months 2025
3rd Quarter and Nine Months 2025
October 2025
RCA Ebitda was €2,420 m, 7% down YoY, reflecting a sustained strong operating performance across divisions although under a more challenging macroeconomic and commodities' price backdrop.
Group RCA Ebit was €1,900 m, whilst financial results were €-54 m.
RCA taxes were €765 m, with an implicit tax rate of 41%, down YoY, reflecting downward revisions on provisions given the depreciation of the US dollar and the higher contribution weight of non-Upstream businesses.
Non-controlling interests were €118 m and are mostly attributed to Sinopec's stake in Petrogal Brasil and following Upstream segment earnings in Brazil.
RCA Net Income was €973 m. IFRS Net Income was €941 m, with an inventory effect of €-121 m and special items of
€89 m, related to divestment operations in Upstream Mozambique Area 4 and Commercial Guinea Bissau, as well as the re-determination of the unitised Tupi field.
Capital Expenditure
€m
3Q24 2Q25 3Q25 % Var. YoY
116 81 68 (41) % Upstream1
51 72 85 67% Industrial & Midstream
19 11 21 10% Commercial
48 23 49 4% Renewables
14 2 8 (43)% Others
248 190 232 (6)% Capex (economic)2
9M24 9M25 % Var. YoY
472 370 (22) %
140 200 43%
40 38 (6)%
93 95 1%
46 14 (70)%
792 716 (9)%
1Excludes any amounts related to the Mozambique Upstream assets.
2Capex figures based in change in assets during the period.
Third quarter 2025
Economic capex totalled €232 m during the quarter, with Industrial accounting for 37% and Upstream for 29%, after adjusting for the rebalancing of participation interests in the unitised Tupi field. Renewables accounted for 21%, with Commercial representing the remaining.
Industrial capex reflected the increased pace of construction of the low-carbon projects at Sines' industrial complex: the Advanced Biofuels Unit for HVO/SAF production and the 100 MW electrolyser plant for the production of green hydrogen, with the arrival on site of the first electrolyser module in September.
Investments in Upstream were mostly directed towards the development of the Bacalhau project in the Brazilian pre-salt, with the FPSO reaching first-oil in October.
Renewables investments mainly reflected construction of new solar capacity in Iberia.
Nine months 2025
Capex totalled €716 m, with Upstream and Industrial accounting for 52% and 28% of total investments, respectively, whilst Commercial and Renewables businesses represented the remaining.
Investments in Upstream were mostly directed to the deployment of Bacalhau in Brazil, the activities in Namibia's PEL 83 during the first quarter, and sustaining the units in production in BM-S-11, offshore Brazil.
Industrial capex was mostly allocated to the low-carbon projects in the Sines' industrial complex. Investments in Commercial were directed mainly towards the upgrade of the service stations network, whilst Renewables spending was directed to the deployment of additional solar and storage capacity in Iberia, with more than 400 MW currently under construction.
12
€m
Cash Flow
3rd Quarter and Nine Months 2025
October 2025
3Q24 2Q25
3Q25
9M24
9M25
820 840
911
RCA Ebitda
2,609
2,420
4 10
3
Dividends from associates
11
14
(284) (136)
(162)
Taxes paid
(874)
(703)
540 713
753
Adjusted operating cash flow1
1,745
1,732
- (4)
(1)
Special items
(9)
(6)
(12) (110)
(61)
Inventory effect
(110)
(174)
(53) 28
92
Changes in working capital
(195)
(413)
475 627
783
Cash flow from operations
1,432
1,138
(229) (182)
(212)
Net capex
(290)
93
- -
61
o.w. Divestments
584
930
(31) (16)
(3)
Net financial expenses
(47)
(28)
(21) (21)
(19)
IFRS 16 leases interest
(63)
(61)
193 408
548
Free cash flow
1,032
1,143
(2) (2)
(31)
Dividends paid to non-controlling interest2
(97)
(123)
(212) (251)
(229)
Dividends paid to Galp shareholders
(419)
(480)
(191) (135)
-
Share buybacks for capital reduction
(324)
(174)
(39) (34)
(48)
Reimbursement of IFRS 16 leases principal
(120)
(125)
(63) (175)
3
Others
(144)
(205)
(313) (189)
245
Change in net debt
(71)
37
1Considers adjustments to exclude contribution from Angolan and Mozambique upstream assets held for sale.
2Mainly dividends paid to Sinopec.
Third quarter 2025
Galp's OCF was €753 m, reflecting the strong operating performance in the quarter. CFFO reached €783 m, benefitting from a working capital release of €92 m although partially offset by inventory effects of €-61 m.
FCF amounted to €548 m, considering net capex of €212 m, which includes an inflow of €61 m attributable to past capex reimbursements in Renewables following the release of early stage projects and to Guinea Bissau divestment completion within the Commercial business.
At the end of the period, net debt decreased to €1.2 bn, after payment of dividends to non-controlling interests of €31 m and 2025 interim dividend of €229 m, with no share buyback executed during the period.
Nine months 2025
Galp's OCF was €1,732 m, reflecting the robust operating performance to date. CFFO reached €1,138 m, with an inventory effect of €-174 m and a €-413 m working capital build, largely related to the normalisation of balances from Upstream sold cargoes compared to 2024-end position.
Net capex totalled an inflow of €93 m, with year-to-date investments more than offset by the divestment proceeds collected in the first half of the year related with the sale of Galp's stake in Mozambique Area 4 and the final earn-out collected from the disposal of upstream assets in Angola, as well as the proceeds collected in the third quarter.
FCF amounted to €1,143 m, while net debt decreased €37 m compared to the 2024-end, reflecting the sound cash generation in a more challenging macro context. Dividends to non-controlling interests amounted to €123 m, dividends paid to shareholders to €480 m and €174 m were invested through share buybacks, while net debt also reflects the currency exchange effect on cash balances from the US dollar depreciation against the Euro.
13
€m
31 Dec. 2024
30 Jun. 2025
30 Sep. 2025
Var. vs
31 24
Dec. 20
Var. vs
30 25
Jun. 20
Financial Position
3rd Quarter and Nine Months 2025
October 2025
Net fixed assets
6,887
6,685
6,757
(130)
71
Right-of-use of assets (IFRS 16)
1,215
1,116
1,083
(132)
(32)
Working capital
332
829
737
405
(91)
Other assets/liabilities
(1,345)
(847)
(971)
374
(124)
Assets held for sale
1,171
38
-
(1,171)
(38)
Capital employed
8,260
7,821
7,606
(653)
(214)
Short term debt
367
619
507
140
(112)
Medium-Long term debt
3,125
3,025
3,074
(51)
49
Total debt
3,492
3,644
3,580
88
(64)
Cash and equivalents
2,285
2,229
2,410
125
181
Net debt
1,207
1,415
1,170
(37)
(245)
Leases (IFRS 16)
1,414
1,303
1,271
(144)
(32)
Equity
5,638
5,103
5,165
(473)
62
Equity, net debt and leases
8,260
7,821
7,606
(653)
(214)
By September 30, 2025, net fixed assets were €6.8 bn, including work-in-progress of €3.0 bn, mostly related to the
Upstream business. Against December 31, 2024, other assets / liabilities change mostly includes receivables related to
the pending earn-outs from Mozambique Area 4 stake divestment.
The Equity position evolution since the start of the year mostly reflects currency translation adjustments and dividends to
shareholders, offsetting the net income generated.
14
€m
Financial Debt
3rd Quarter and Nine Months 2025
October 2025
31 Dec. 2024
30 Jun. 2025
30 Sep. 2025
Cash and equivalents
2,285
2,229
2,410
Undrawn credit facilities
1,660
2,010
2,060
Bonds
2,225
2,075
1,776
Bank loans and overdrafts
1,268
1,569
1,804
Net debt
1,207
1,415
1,170
Leases (IFRS 16)
1,414
1,303
1,271
Net debt to RCA Ebitda1
0.40x
0.51x
0.41x
1Ratio considers the LTM Ebitda RCA (€2,866 m), which includes an adjustment for the impact from the application of IFRS 16 (€242 m).
m and Net debt to RCA Ebitda was 0.41x.
On September 30, 2025, net debt was €1,170
At the end of the period, cash and equivalents reached €2,410 m, whilst unused credit lines were €2,060 m, of which 81% were contractually guaranteed with maturity longer than one year. The average cost of funding for the period, including charges for credit lines, was 3.10%.
Debt maturity profile (€ m)
15
Reconciliation of IFRS and RCA Figures
3rd Quarter and Nine Months 2025
€m
Third Quarter
Ebitda Inventory RC Special RCA IFRS effect Ebitda items Ebitda
Nine Months
Ebitda Inventory RC Special RCA IFRS effect Ebitda items Ebitda
€m
Third Quarter
Nine Months
Ebit IFRS
Inventory effect
RC Ebit
Special items
RCA Ebit
Ebit Inventory IFRS effect
RC Ebit
Special items
RCA Ebit
687
61
748
163
911
Galp
2,232
174
2,407
13
2,420
317
-
317
147
464
Upstream
1,252
-
1,252
-
1,252
249
66
315
-
315
Industrial & Midstream
671
181
852
2
854
127
(5)
122
(3)
119
Commercial
297
(7)
290
(9)
281
(3)
-
(3)
19
16
Renewables
17
-
17
17
34
(3)
-
(3)
-
(3)
Others
(5)
-
(5)
3
(2)
516
61
577
163
740
Galp
1,697
174
1,872
28
1,900
235
-
235
147
382
Upstream
976
-
976
5
981
218
66
283
-
283
Industrial & Midstream
579
181
760
8
768
92
(5)
87
(3)
84
Commercial
195
(7)
188
(5)
183
(17)
-
(17)
19
2
Renewables
(25)
-
(25)
17
(7)
(11)
-
(11)
-
(11)
Others
(28)
-
(28)
3
(25)
October 2025
16
Special Items
3rd Quarter and Nine Months 2025
October 2025
€m
3Q24
2Q25
3Q25
9M24
9M25
(28) 1
163
Items impacting Ebitda
(307)
13
6 -
-
Power PPA Settlement
6
-
(6) 1
-
LNG vessel subchartering
(21)
2
- -
-
Angola farm-out gains
(138)
-
- -
-
Mozambique disposal gains/losses
-
(129)
- -
(3)
Guinea disposal gains/losses
-
(3)
- -
19
Renewables disposal gains/losses
-
19
- -
147
Tupi Redetermination
-
147
(29) -
-
Ebitda - Assets/liabilities held for sale
(179)
(23)
(1) -
-
Settlement of equipment rental agreements in Brazil
24
-
4
5
-
Items impacting non-cash costs
37
15
4
1
-
LNG vessel subchartering
13
6
-
4
-
DD&A-Assets/liabilities held for sale
24
9
17 (8)
52
Items impacting financial results
74
45
(4) -
-
Gains/losses on financial investments (Coral)
5
3
8 -
-
Gains/losses on financial investments (BBB)
8
1
- -
-
Mozambique disposal gains/losses
-
(18)
- -
39
Tupi Redetermination
-
39
10 (1)
1
Financial costs - Others
44
9
3 (8)
12
Mark-to-Market of derivatives
17
10
- 1
(1)
FX differences from natural gas derivatives
-
-
(6) (25)
(81)
Items impacting taxes
29
(149)
(2) 3
(4)
Taxes on special items
(14)
(4)
(3) (28)
(14)
BRL/USD FX impact on deferred taxes in Brazil
43
(81)
- -
(63)
Tupi Redetermination
-
(63)
1 8
(33)
Non-controlling interests
(22)
(13)
(11) (19)
101
Total special items
(189)
(89)
17
€m
Consolidated Income Statement
3rd Quarter and Nine Months 2025
October 2025
3Q24
2Q25
3Q25
9M24
9M25
5,480
4,889
4,974
Sales
16,052
14,532
130
137
124
Services rendered
353
399
47
40
123
Other operating income
407
479
5,657
5,066
5,221
Operating income
16,812
15,410
(4,143)
(3,669)
(3,859)
Inventories consumed and sold
(11,888)
(11,056)
(507)
(514)
(503)
Materials and services consumed
(1,554)
(1,551)
(117)
(96)
(113)
Personnel costs
(341)
(326)
(3)
(2)
-
Impairments on accounts receivable
6
(7)
(49)
(56)
(59)
Other operating costs
(229)
(238)
(4,820)
(4,337)
(4,534)
Operating costs
(14,006)
(13,178)
837
729
687
Ebitda
2,806
2,232
(202) (182)
(170)
Depreciation, Amortisation and Impairments
(604)
(534)
(1) -
(1)
Provisions
-
(1)
633 547
516
Ebit
2,202
1,697
- (3)
10
Net income from associates
(18)
24
(38) (12)
(72)
Financial results
(107)
(112)
36 25
23
Interest income
101
72
(35) (27)
(27)
Interest expenses
(84)
(84)
9 18
15
Capitalised interest
42
45
(33) (21)
(19)
Interest on leases (IFRS 16)
(101)
(69)
(5) (3)
(3)
Exchange gain (loss)
-
-
(3) 8
(12)
Mark-to-market of derivatives
(17)
(10)
(6) (12)
(48)
Other financial charges/income
(48)
(67)
596 531
454
Income before taxes
2,077
1,609
(269) (158)
(170)
Taxes1
(868)
(501)
(7) (7)
(6)
Energy sector contribution taxes2
(59)
(62)
320 367
278
Income before non-controlling interests
1,150
1,046
(51) (52)
(14)
Income attributable to non-controlling interests
(144)
(105)
269
315
264
Net income
1,006
941
1Includes SPT payable in Brazil.
2Includes €9 m, €16 m and €37 m related to CESE I, CESE II and FNEE, respectively, during 2025.
18
Consolidated Financial Position
€m
3rd Quarter and Nine Months 2025
October 2025
31 Dec. 2024 | 30 Jun. 2025 | 30 Sep. 2025 | |
Assets | |||
Tangible fixed assets | 6,195 | 6,068 | 6,117 |
Goodwill | 44 | 44 | 44 |
Other intangible fixed assets | 694 | 647 | 621 |
Rights-of-use of assets (IFRS 16) | 1,215 | 1,116 | 1,083 |
Investments in associates | 109 | 96 | 104 |
Receivables | 310 | 359 | 373 |
Deferred tax assets | 669 | 660 | 719 |
Financial investments | 69 | 40 | 47 |
Total non-current assets | 9,306 | 9,029 | 9,108 |
Inventories | 1,101 | 1,263 | 1,198 |
Trade receivables | 1,237 | 1,312 | 1,143 |
Other receivables | 837 | 949 | 797 |
Other financial assets | 150 | 576 | 548 |
Current income tax receivable | 106 | 104 | 50 |
Cash and equivalents | 2,285 | 2,229 | 2,410 |
Non-current assets held for sale | 1,794 | 44 | - |
Total current assets | 7,511 | 6,477 | 6,146 |
Total assets | 16,817 | 15,506 | 15,254 |
Equity | |||
Share capital | 753 | 753 | 753 |
Buybacks1 | (47) | (220) | (220) |
Share premium | - | - | - |
Reserves | 1,563 | 964 | 980 |
Retained earnings | 1,379 | 2,154 | 1,926 |
Net income | 1,040 | 677 | 941 |
Total equity attributable to equity holders of the parent | 4,689 | 4,328 | 4,380 |
Non-controlling interests | 950 | 775 | 785 |
Total equity | 5,638 | 5,103 | 5,165 |
Liabilities | |||
Bank loans and overdrafts | 1,051 | 1,548 | 1,796 |
Bonds | 2,075 | 1,477 | 1,277 |
Leases (IFRS 16) | 1,182 | 1,083 | 1,058 |
Other payables | 109 | 114 | 111 |
Retirement and other benefit obligations | 221 | 216 | 214 |
Deferred tax liabilities | 579 | 435 | 412 |
Other financial instruments | 102 | 99 | 82 |
Provisions | 1,497 | 1,471 | 1,482 |
Total non-current liabilities | 6,814 | 6,442 | 6,433 |
Bank loans and overdrafts | 217 | 20 | 8 |
Bonds | 150 | 598 | 499 |
Leases (IFRS 16) | 233 | 220 | 213 |
Trade payables | 945 | 1,065 | 812 |
Other payables | 1,755 | 1,754 | 1,785 |
Other financial instruments | 111 | 76 | 70 |
Income tax payable | 332 | 220 | 270 |
Liabilities related to non-current assets held for sale | 622 | 7 | - |
Total current liabilities | 4,365 | 3,961 | 3,656 |
Total liabilities | 11,179 | 10,403 | 10,089 |
Total equity and liabilities | 16,817 | 15,506 | 15,254 |
1Includes own shares purchases for share cancellation purposes and for the share-based remuneration plan as part of the Company's longterm incentives (LTIs).
19
3rd Quarter and Nine Months 2025
October 2025
04. Basis of Reporting20
Basis of Reporting
3rd Quarter and Nine Months 2025
October 2025
Galp's consolidated financial statements have been prepared in accordance with IFRS. The financial information in the consolidated income statement and in the consolidated financial position is reported for the quarters ended September 30 and December 31, 2024, June 30 and September 30, 2025.
Galp's financial statements are prepared in accordance with IFRS, and the cost of goods sold is valued at weighted-average cost. When goods and commodity prices fluctuate, the use of this valuation method may cause volatility in results through gains or losses in inventories, which do not reflect the Company's operating performance. This is called the inventory effect.
Other factors that may affect the Company's results, without being an indicator of its true performance, are set as special items.
For the purpose of evaluating Galp's operating performance, RCA profitability measures exclude special items and the inventory effect, the latter because the cost of goods sold and materials consumed has been calculated according to the Replacement Cost (RC) valuation method.
All mark-to-market swings related with derivatives are registered as special items (starting from January 1, 2023).
With regards to risks and uncertainties, please read Part II - C. III Internal control and risk management (page 24) of Corporate Governance Report 2024, here.
21
Chairman:
Paula Amorim
Vice-chairman and Lead Independent Director:
Adolfo Mesquita Nunes
Vice-chairman:
Maria João Carioca
Members:
João Diogo Marques da Silva Georgios Papadimitriou Ronald Doesburg
Rodrigo Vilanova Nuno Holbech Bastos Marta Amorim
Francisco Teixeira Rêgo Carlos Pinto
Jorge Seabra de Freitas Diogo Tavares
Rui Paulo Gonçalves Cristina Neves Fonseca Javier Cavada Camino Cláudia Almeida e Silva Fedra Ribeiro
Ana Zambelli
Accountant:
Cátia Cardoso
3rd Quarter and Nine Months 2025
October 2025
22
05. Interim Consolidated Financial StatementsIndex
3rd Quarter and Nine Months 2025
October 2025
Interim Condensed Consolidated Statement of Financial Position 25
Interim Condensed Consolidated Income Statement and Interim Condensed Consolidated 26
Statement of Comprehensive Income................................................................................................................
Interim Condensed Consolidated Statement of Changes in Equity 27
Interim Condensed Consolidated Statement of Cash Flows 28
Notes to the Interim Condensed Consolidated Financial Statements 29
Corporate information 29
Information about material accounting policies, judgments, estimates and changes 29
related to the condensed consolidated financial statements ....................................................................
Segment reporting 32
Tangible assets 34
Goodwill and intangible assets 35
Leases 35
Investments in associates and joint ventures 36
Inventories 37
Trade and other receivables 37
Other financial assets 38
Cash and cash equivalents 39
Financial debt 39
Trade payables and other payables 40
Taxes and other contributions 40
Post-employment benefits 41
Provisions, contingent assets and liabilities 42
Other financial instruments 43
Non-controlling interests 44
Revenue and income 45
Costs and expenses 45
Financial results 46
Related party transactions 46
Subsequent events 47
Approval of the financial statements 48
24
3rd Quarter and Nine Months 2025
October 2025
Interim Condensed Consolidated Statement of Financial Position
Galp Energia, SGPS, S.A.
Condensed Consolidated Statement of Financial Position as at 30 September 2025 and 31 December 2024
(Amounts stated in million Euros - €m)
Assets | Notes | September 2025 | December 2024 |
Non-current assets: | |||
Tangible assets | 4 | 6,117 | 6,194 |
Goodwill and intangible assets | 5 | 666 | 739 |
Right-of-use of assets | 6 | 1,083 | 1,215 |
Investments in associates and joint ventures | 7 | 104 | 109 |
Deferred tax assets | 14.1 | 719 | 669 |
Trade receivables | 9.1 | 28 | 0 |
Other receivables | 9.2 | 344 | 310 |
Other financial assets | 10 | 47 | 69 |
Total non-current assets: | 9,108 | 9,306 | |
Current assets: | |||
Inventories | 8 | 1,198 | 1,101 |
Other financial assets | 10 | 548 | 150 |
Trade receivables | 9.1 | 1,143 | 1,237 |
Other receivables | 9.2 | 797 | 837 |
Current income tax receivable | 14 | 50 | 106 |
Cash and cash equivalents | 11 | 2,410 | 2,285 |
Non-current assets classified as held for sale | 2.3 | 0 | 1,794 |
Total current assets: | 6,146 | 7,511 | |
Total assets: | 15,254 | 16,817 | |
Equity and Liabilities | Notes | September 2025 | December 2024 |
Equity: | |||
Share capital and share premium | 753 | 753 | |
Own shares | 2.5 | (220) | (47) |
Reserves | 980 | 1,563 | |
Retained earnings | 2,866 | 2,418 | |
Total equity attributable to shareholders: | 4,380 | 4,689 | |
Non-controlling interests | 18 | 785 | 950 |
Total equity: | 5,165 | 5,638 | |
Liabilities: | |||
Non-current liabilities: | |||
Financial debt | 12 | 3,074 | 3,125 |
Lease liabilities | 6 | 1,058 | 1,182 |
Other payables | 13 | 111 | 109 |
Post-employment and other employee benefit liabilities | 15 | 214 | 221 |
Deferred tax liabilities | 14.1 | 412 | 579 |
Other financial instruments | 17 | 82 | 102 |
Provisions | 16 | 1,482 | 1,497 |
Total non-current liabilities: | 6,433 | 6,814 | |
Current liabilities: | |||
Financial debt | 12 | 507 | 367 |
Lease liabilities | 6 | 213 | 233 |
Trade payables | 13 | 812 | 945 |
Other payables | 13 | 1,785 | 1,755 |
Other financial instruments | 17 | 70 | 111 |
Current income tax payable | 14 | 270 | 332 |
Liabilities directly associated with non-current assets classified as held for sale | 2.3 | 0 | 622 |
Total current liabilities: | 3,656 | 4,365 |
Total liabilities: | 10,089 | 11,179 |
Total equity and liabilities: | 15,254 | 16,817 |
The accompanying notes form an integral part of the condensed consolidated statement of financial position and should be read in conjunction.
25
3rd Quarter and Nine Months 2025
October 2025
Interim Condensed Consolidated Income Statement and Interim Condensed Consolidated Statement of Comprehensive Income
Galp Energia, SGPS, S.A.
Condensed Consolidated Income Statement and Condensed Consolidated Statement of Comprehensive Income for the nine-month periods ended 30 September 2025 and 30 September 2024
(Amounts stated in million Euros - €m)
Notes September 2025 September 2024 |
Sales | 19 | 14,532 | 16,052 |
Services rendered | 19 | 399 | 353 |
Other operating income | 19 | 479 | 407 |
Financial income | 21 | 77 | 105 |
Earnings from associates and joint ventures | 7/19 | 24 | (18) |
Total revenues and income: | 15,511 | 16,899 | |
Cost of sales | 20 | (11,056) | (11,888) |
Supplies and external services | 20 | (1,551) | (1,554) |
Employee costs | 20 | (326) | (341) |
Amortisation, depreciation and impairment losses on fixed assets | 20 | (534) | (604) |
Provisions and impairment losses on other receivables | 20 | (8) | 5 |
Other operating costs | 20 | (238) | (229) |
Financial expenses | 21 | (189) | (212) |
Total costs and expenses: | (13,902) | (14,822) | |
Profit/(Loss) before taxes and other contributions: | 1,609 | 2,077 | |
Taxes and SPT | 14.1 | (501) | (868) |
Energy sector extraordinary contribution | 14.2 | (62) | (59) |
Windfall tax | 14.2 | 0 | 0 |
Consolidated net income/(loss) for the year 1,046 1,150 | |||
Income/(Loss) attributable to: | |||
Galp Energia, SGPS, S.A. Shareholders | 941 | 1,006 | |
Non-controlling interests | 18 | 105 | 144 |
Basic Earnings per share (in Euros) | 1.27 | 1.32 |
Diluted Earnings per share (in Euros) | 1.27 | 1.32 |
Consolidated net income/(loss) for the year 1,046 1,150
Items which will not be recycled in the future through net income: | |||
Remeasurements | 0 | (6) | |
Income taxes related to remeasurements | 0 | 3 | |
Items which may be recycled in the future through net income: | |||
Currency translation adjustments | (729) | (226) | |
Hedging reserves | 17 | 53 | (48) |
Income taxes related to the above items | 14 | (17) | 16 |
Subtotal of other comprehensive income/(loss) (693) (261) | |||
Total Comprehensive income/(loss) for the year, attributable to: 353 889 | |||
Galp Energia, SGPS, S.A. Shareholders | 352 | 758 | |
Non-controlling interests | 1 | 131 | |
The accompanying notes form an integral part of the condensed consolidated income statement and condensed consolidated statement of comprehensive income and should be read in conjunction.
26
3rd Quarter and Nine Months 2025
October 2025
Interim Condensed Consolidated Statement of Changes in Equity
Galp Energia, SGPS, S.A.
Condensed Consolidated Statement of Changes in Equity for the nine-month periods ended 30 September 2025 and 30 September 2024
(Amounts stated in million Euros - €m)
Share capital s Own CTR(*) Hedging Re Other Retained Sub- NCI(**) Total hares Reserves serves earnings Total | |||||||||
Balance as at 1 January 2024 | 773 | 0 | (128) | 48 | 1,529 | 2,187 | 4,409 | 920 | 5,329 |
Consolidated net (loss) income for the year | 0 | 0 | 0 | 0 | 0 | 1,006 | 1,006 | 144 | 1,150 |
Reclassification CTR to net profit for the period | 0 | 0 | (138) | 0 | 0 | 138 | 0 | 0 | 0 |
Other gains and losses recognised in equity | 0 | 0 | (75) | (32) | 0 | (141) | (248) | (13) | (261) |
Comprehensive income for the year | 0 | 0 | (213) | (32) | 0 | 1,003 | 758 | 131 | 889 |
Dividends distributed | 0 | 0 | 0 | 0 | 0 | (419) | (419) | (121) | (540) |
Repurchase of shares | 0 | (373) | 0 | 0 | 373 | (373) | (373) | 0 | (373) |
Cancelling/Distribution of shares | 0 | 3 | 0 | 0 | 0 | (3) | 0 | 0 | 0 |
Long term incentives plan | 0 | 0 | 0 | 0 | (3) | 6 | 3 | 0 | 3 |
Cumulative income as at 30 September 2024 - CTR with Non current Asset classified as held for sale | 0 | 0 | 60 | 0 | 0 | 0 | 60 | 0 | 60 |
Cumulative loss at 30 September 2024 - Other CTR's | 0 | 0 | (401) | 0 | 0 | 0 | (401) | 0 | (401) |
Balance as at 30 September 2024 | 773 | (371) | (341) | 15 | 1,900 | 2,401 | 4,378 | 930 | 5,308 |
Balance as at 1 January 2025 | 753 | (47) | 6 | (22) | 1,579 | 2,418 | 4,689 | 950 | 5,638 |
Consolidated net (loss) income for the year | 0 | 0 | 0 | 0 | 0 | 941 | 941 | 105 | 1,046 |
Reclassification CTR to net profit for the period (***) | 0 | 0 | (96) | 0 | 0 | 96 | 0 | 0 | 0 |
Other gains and losses recognised in equity | 0 | 0 | (529) | 36 | 0 | (96) | (589) | (104) | (693) |
Comprehensive income for the year | 0 | 0 | (625) | 36 | 0 | 941 | 352 | 1 | 353 |
Dividends distributed | 0 | 0 | 0 | 0 | 0 | (480) | (480) | (166) | (645) |
Repurchase of shares | 0 | (182) | 0 | 0 | 0 | 0 | (182) | 0 | (182) |
Cancelling/Distribution of shares | 0 | 8 | 0 | 0 | 0 | (8) | 0 | 0 | 0 |
Increase/(Decrease) in reserves | 0 | 0 | 0 | 0 | 13 | (13) | 0 | 0 | 0 |
Long term incentives plan | 0 | 0 | 0 | 0 | (7) | 8 | 1 | 0 | 1 |
Cumulative income as at 30 September 2025 - CTR with Non current Asset classified as held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cumulative loss at 30 September 2025 - Other CTR's | 0 | 0 | (618) | 0 | 0 | 0 | (618) | 0 | (618) |
Balance as at 30 September 2025 | 753 | (220) | (618) | 14 | 1,585 | 2,866 | 4,380 | 785 | 5,165 |
The accompanying notes form an integral part of the condensed consolidated statement of changes in equity and should be read in conjunction.
(*) Currency Translation Reserves (**) Non-controlling Interests (***) Includes an adjustment of cumulative CTR at March 2025 gain that was recycled to net profit for the period (€96 m), regarding the sale of upstream assets of Mozambique (Note 2.3 and Note 19).
27
3rd Quarter and Nine Months 2025
October 2025
Interim Condensed Consolidated Statement of Cash Flows
Galp Energia, SGPS, S.A.
Condensed Consolidated Statement of Cash Flow for the nine-month periods ended 30 September 2025 and 30 September 2024
(Amounts stated in million Euros - €m)
Notes | September 2025 | September 2024 | |
Income/(Loss) before taxation for the period Adjustments for: | 1,609 | 2,077 | |
Amortisation, depreciation and impairment losses on fixed assets | 20 | 534 | 604 |
Provisions | 20 | 1 | 0 |
Adjustments to net realisable value of inventories | 20 | 1 | (19) |
Mark-to-market of derivatives | 17 | 10 | 17 |
Other financial costs/income | 21 | 102 | 89 |
Underlifting and/or Overlifting | 19/20 | (59) | 71 |
Share of profit/(loss) of joint ventures and associates | 7 | (24) | 18 |
Capital Gain on divestments | 2.3 | (114) | (137) |
Others | (85) | (201) | |
Increase/decrease in assets and liabilities: | |||
(Increase)/decrease in inventories | (98) | 388 | |
(Increase)/decrease in current receivables | 94 | (236) | |
(Decrease)/increase in current payables | (133) | (340) | |
(Increase)/decrease in other receivables, net | (37) | 172 | |
Dividends from associates | 14 | 11 | |
Taxes paid | 14 | (705) | (885) |
Own shares for LTI reflected in Equity (share based payment) | 2.5 | (8) | (49) |
Cash flow from operating activities | 1,103 | 1,579 | |
Capital expenditure in tangible and intangible assets | (779) | (861) | |
Investments in associates and joint ventures, net | (31) | (28) | |
Investments in subsidiaries | (5) | 0 | |
Other investment cash inflow/(outflows), net | (42) | (12) | |
Divestments | 2.3/9 | 935 | 405 |
Cash flow from investing activities | 77 | (496) | |
Loans obtained | 12 | 1,961 | 1,986 |
Loans repaid | 12 | (1,870) | (1,996) |
Interest paid | (26) | (46) | |
Leases paid | 6 | (126) | (136) |
Interest on leases paid | 6 | (68) | (101) |
Dividends paid to Galp shareholders | (480) | (419) | |
Dividends paid to non-controlling interests | 18 | (123) | (97) |
Acquisition of own stocks | 2.5 | (174) | (324) |
Cash flow from financing activities | (904) | (1,132) | |
(Decrease)/increase in cash and cash equivalents | 277 | (48) | |
Currency translation differences in cash and cash equivalents | (148) | (32) | |
Cash and cash equivalents at the beginning of the period | 11 | 2,279 | 2,071 |
Cash and cash equivalents at the end of the period | 11 | 2,408 | 1,990 |
The accompanying notes form an integral part of the condensed consolidated statement of changes in equity and should be read in conjunction.
28
3rd Quarter and Nine Months 2025
October 2025
Notes to the Interim Condensed Consolidated Financial Statements
Corporate information
Galp Energia SGPS, S.A. (the Company) has its Head Office in Lisbon, Portugal and its shares are listed on Euronext Lisbon.
Information about material accounting policies, judgments, estimates and changes related to the condensed consolidated financial statements
Basis of preparation
The interim condensed consolidated financial statements of Galp Energia SGPS, S.A. and its subsidiaries (collectively, the Group or Galp Group) for the nine-month period ended 30 September 2025 were prepared in accordance with IAS 34 -Interim Financial Reporting.
Galp Group has prepared its interim condensed consolidated financial statements on the basis that it will continue to operate as a going concern. The Board of Directors considers that there are no material uncertainties that may cast doubt over this assumption. The Board has formed a judgement that there is a reasonable expectation that Galp Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.
These interim condensed consolidated financial statements do not include all the information and disclosures required for annual financial statements and therefore should be read in conjunction with the consolidated financial statements of the Galp Group for the year ended as at 31 December 2024.
The interim condensed consolidated financial statements have been prepared in millions of Euros, except where expressly indicated otherwise. Because of rounding, the totals and sub-totals of tables may not be equal to the sum of the individual figures presented.
Key accounting estimates and judgements
The forecasting of future long-term oil and gas prices, refining margins and electricity prices represents a significant estimate. Future long-term oil and gas prices, refining margins and electricity prices assumptions were not subject to change during the first nine-months of 2025.
The Group performs its annual impairment test in December and when circumstances indicated that the carrying value may be impaired. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended 31 December 2024.
We have not identified impairment indicators during the first nine-month that would trigger an impairment analysis as at 30 September 2025.
Non-current assets held for sale
Mozambique Upstream
Following the announcement on May 22, 2024, Galp has successfully completed, on 27 March 2025, the sale of its upstream assets in Area 4 Mozambique to XRG P.J.S.C., a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C..
With completion, Galp collected a receivable of circa $881 m in 1Q25 recognised in cash flows from investing activities -Divestments, €815 m), encompassing the equity value of shares ($572,5 m), shareholder loans reimbursement and accumulated investments made since the transaction reference date of December 31, 2023 (locked box date).
As of 30 September 2025, the proceeds from the sale (excluding shareholder loans reimbursement and accumulated investments made since locked box date) amount to $1,039 m, which includes $572.5 m received at transaction closing date and $467 m related to additional contingent receivables related with the final investment decision (FID) of Coral North ($100 m) and Rovuma LNG ($400 m) (Note 10).
29
3rd Quarter and Nine Months 2025
October 2025
The capital gain was recognized in the amount of €147 m, of which €96 m related to the recycling of currency translation reserves (CTR) on disposal, that was accounted as "Other operating income" (€129 m) (Note 19) and as "Earnings from associates and joint ventures" (€18 m) (Note 7.1).
Upon the FID of the Coral North FLNG project, that took place on October 2, 2025, Galp confirms the respective contingent payment of $100 m, to be collected during 4Q25 (Note 23).
Guinea Bissau
During the third quarter, Galp has successfully completed the sale of its commercial assets in Guinea Bissau to Zener International Holding, S.A..
As at 30 September 2025, the proceeds from the sale amounts to €38 m, which includes €26 m received during 2025 (recognised in cash flows from investing activities - Divestments), plus €9 m received during 2024 and €3 m contingent receivable to be collected until 2026 (recognised in "Other receivables - Other accrued income" Note 9.2).
The capital gain was recognized in the amount of €3 m, that was accounted as "Other operating income" (Note 19).
During the nine-month period ended 30 September 2025, the assets previously classified under this caption were disposed of, as mentioned above. Accordingly, no assets, liabilities, or accumulated translation reserves in equity remain under this caption as of 30 September 2025.
Changes to the consolidated perimeter
During the nine-month period, Galp has entered into the following main transactions:
-
-
Sold
Guinea Bissau
Petromar - Sociedade de Abastecimentos Petrolíferos, Lda
-
-
Sold
Guinea Bissau
CLCGB - Companhia Logística de Combustíveis da Guiné-Bissau, SARL
Legal Entity
Country Transaction
Solar companies (2 companies)
Aurora Lith, S.A.
Brazil
Portugal
% Current
Share
Merger -
Liquidation -
Consolidation Method
Merged with Galp Energia Brasil
S.A. (the surviving entity)
-
Galp Rovuma, B.V., branch Mozambique
Mozambique
Sold
-
-
Coral South FLNG DMCC
United Arab Emirates
Sold
-
-
Rovuma LNG Investments (DIFC) LTD.
United Arab Emirates
Sold
-
-
Asis Projects Umbria, S.L.U.
Spain
Acquisition
100 %
Full consolidation
Petrogal Guiné Bissau, Lda
Guinea Bissau
Sold
-
-
Petrogás Guiné-Bissau - Importação, Armazenagem e Distribuição de Gás de Petróleo Liquefeito, Lda.
Guinea Bissau
Sold
-
-
Aero Serviços, SARL - Sociedade de Abastecimento de Serviços Aeroportuários, Lda.
Guinea Bissau
Sold
-
-
Navabuena Solar, S.L.U. *
Spain
Sold
-
-
LGA - Logística Global de Aviação, Lda Portugal Liquidation - -
PV XXI Suinthila, S.L.U. * Spain Sold - -
Portland Head Light, S.L.U. Spain Acquisition 100 % Full consolidation
Geo Alternativa, S.L. Spain Sold - -
Rovuma LNG, S.A. Mozambique Sold - -
Coral FLNG, S.A. Mozambique Sold - -
Galp Rovuma, B.V. Netherland Sold - -
* At transaction closing date, Galp received €38 m (recognised in cash flows from investing activities - Divestments) and recognized capital loss in the amount of €19 m as a result of the sale of Navabuena Solar, S.L.U. and PV XXI Suinthila, S.L.U. to ACS Cobra, previous owner (recognised in Other costs - Other operating costs).
Acquisition of own shares
Own equity instruments that are reacquired (own shares or treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group's own equity instruments.
30
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Galp Energia SGPS SA published this content on October 26, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 27, 2025 at 06:56 UTC.
