4Q25 Trading Update
The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the fourth quarter of 2025. All data referred to below is currently provisional and may differ from the final figures.
Galp's 4Q & FY25 results will be published on March 2, before the opening of Euronext Lisbon. On that day, the Company will hold an analysts' conference call at 11:00 (Lisbon/London time).
Working interest production (kboepd) | 110 | 115 | 113 | 2% | (1%) |
Oil (%) | 87% | 87% | 87% | - | - |
Upstream
Raw materials processed (mboe) | 22.3 | 22.7 | 9.9 | (56%) | (56%) |
Galp refining margin (USD/boe) | 5.2 | 9.5 | 6.9 | 32% | (27%) |
Oil products supply1(mton) | 3.9 | 4.1 | 3.0 | (21%) | (26%) |
NG/LNG supply & trading volumes1(TWh) | 11.8 | 17.0 | 18.1 | 54% | 6% |
Trading (TWh) | 5.7 | 11.8 | 12.1 | n.m. 2% | |
Industrial & Midstream
1 Includes volumes sold to the Commercial segment.
Oil products - client sales (mton) | 1.8 | 2.0 | 1.8 | (4%) | (11%) |
Natural gas sales - client sales (TWh) | 4.3 | 3.6 | 4.3 | (1%) | 18% |
Electricity - client sales (TWh) | 1.8 | 1.8 | 1.8 | 2% | (1%) |
Commercial
Renewable installed capacity1(GW) | 1.5 | 1.7 | 1.7 | 11% | - |
Renewable generation (GWh) | 346 | 732 | 356 | 3% | (51%) |
Galp realised sale price (EUR/MWh) | 71 | 38 | 50 | (30%) | 30% |
Renewables
1 Installed capacity at the end of the period.
4Q24 3Q25 4Q25 4Q25 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 4Q24 3Q25 Var. YoY Var. QoQ Var. YoY Var. QoQ Var. YoY Var. QoQ Var. YoY Var. QoQMarket Indicators
4Q25 4Q24 3Q25 Var. YoY Var. QoQExchange rate (EUR/USD) | 1.07 | 1.17 | 1.16 | 9% | (0%) |
Dated Brent price (USD/bbl) | 74.7 | 69.1 | 63.7 | (15%) | (8%) |
Dutch TTF natural gas price (EUR/MWh) | 42.8 | 32.4 | 30.0 | (30%) | (7%) |
Iberian MIBGAS natural gas price (EUR/MWh) | 43.5 | 32.8 | 29.7 | (32%) | (9%) |
Iberian power baseload price1(EUR/MWh) | 94.6 | 66.5 | 71.6 | (24%) | 8% |
Iberian solar market price2(EUR/MWh) | 73.9 | 32.5 | 44.9 | (39%) | 38% |
Source: Platts/MIBGAS/Bloomberg/OMIE/REE.
1 The Iberian power baseload price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE).
2 The solar price indicator is estimated based on pool prices on solar hours.
Galp Energia, SGPS, S.A.Investor Relations: João G. Pereira, Head Tommaso Fornaciari João Simões
Contacts:
Tel: +351 21 724 08 66
Fax: +351 21 724 29 65
Address: Avenida da Índia, 8 1349-065 Lisbon, Portugal
Website: https://www.galp.com/corp/en/investors Email: investor.relations@galp.com Reuters: GALP.LS
Bloomberg: GALP PL
This document may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements express future expectations that are based on management's expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Accordingly, neither Galp nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Galp to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections, and assumptions. These forward-looking statements may generally be identified by the use of the future, gerund or conditional tense or the use of terms and phrases such as "aim", "ambition", "anticipate", "believe", "consider", "could", "develop", "envision", "estimate", "expect", "goals", "intend", "may'', "objectives", "outlook", "plan", "potential", "probably", "project", "pursue", "risks", "schedule", "seek", "should", "target", "think", "will" or the negative of these terms and similar terminology. This document may include data and information provided by third parties, which are not publicly available. Such data and information should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by those third parties in writing. To the fullest extent permitted by law, those third parties accept no responsibility for your use of such data and information except as specified in a written agreement you may have entered into with those third parties for the provision of such data and information. Galp and its respective representatives, agents, employees or advisers do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this document to reflect any change in events, conditions or circumstances. This document does not constitute investment advice nor forms part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of Galp or any of its subsidiaries or affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction.
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Galp Energia SGPS SA published this content on February 02, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 02, 2026 at 17:07 UTC.
