Galp closed 2025 with a record adjusted net profit of 1,154 million, an increase of 20% compared to 961 million in 2024, the company announced this Monday, March 2, to the Securities Market Commission (CMVM).
The performance was supported by the growth of oil and gas production in Brazil and natural gas sourcing & trading activity, which helped offset the fall in the price of Brent and the devaluation of the dollar.
Adjusted EBITDA fell 8% to 3,039 million, mainly reflecting the reduction in average Brent prices (from 80.8 dollars per barrel in 2024 to 69.1 in 2025) and the depreciation of the dollar.
More than 80% of 2025 EBITDA came from international activities and more than half comes from upstream Brazilian.
In the fourth quarter, adjusted profit was 182 million euros — more than double the annual comparison — while quarterly EBITDA fell 10% to 619 million euros, impacted by the scheduled stoppage of the Sines refinery.
“In an adverse and volatile international context, we ensured a strong operational performance across all business areas, which reflects well the quality and resilience of our assets,” said Maria João Carioca, co-CEO and CFO of Galp.
The company also highlights the entry into production of a new field in Brazil in the fourth quarter, which increased average production to 113 thousand barrels of oil equivalent per day in the quarter (109 thousand barrels per day in 2024).
In the Industrial & Midstream segment, access to US LNG cargoes via contracts with Venture Global enabled a 48% increase in volumes sold in quarterly annual terms.
Comercial achieved a record result supported by the improvement in the Spanish market and revenues from services and convenience.
Renewables voluntarily limited production in the face of pressured solar prices and sought additional revenue from system services.
At another level, the company proposes a dividend per share of 0.64 euros (increasing 4%), already complemented by an interim dividend of 0.31 euros paid in August 2025, and a share buyback program of 250 million for cancellation, scheduled to begin in March 2026.
The group’s gross investment was 1.1 billion in 2025 (420 million in Portugal), with 173 million invested in solar parks and batteries.
Net debt rose to 1.3 billion, after payments to minorities and a completed buyback program of 78 million.
For 2026, Galp aims for an adjusted EBITDA above 2.6 billion euros, with Upstream contributing more than 1.5 billion, Industrial & Midstream above 700 million, Commercial more than 350 million and Renewables above 30 million euros.
The group also forecasts an operational EBITDA of over two billion and an organic capex of around one billion.
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