Galp Energia had a net profit of 973 million euros in the first nine months of this year. The value, which corresponds to an adjusted base (excluding the effects of variation in stocksamong other factors), was 9% above that achieved in the same period last year, and translates into a new record profit for Galp for the first nine months of the year.
In a statement to the Securities Market Commission (CMVM), Galp reveals that in the third quarter alone, adjusted profit was 407 million euros, a 53% increase year-on-year.
Considering the net result in accordance with IFRS accounting standards, third quarter profit fell 2%, to 264 million euros, while the gain from January to September fell 6%, to 941 million euros.
On an adjusted basis, EBITDA (earnings before interest, taxes, depreciation and amortization) in the third quarter rose 11%, to 911 million euros, but accumulated EBITDA in the first nine months fell 7%, to 2.42 billion euros.
Galp with record profit in the first nine months
Values in millions of euros, for the period from January to September
In the results release, the company explains that the record result for the third quarter (and the first nine months of the year) was supported by the international procurement and purchase and sale of natural gas activities, in addition to the refining business, through which Galp managed to “capture the international recovery of refining margins”. The export of products from Sines was relevant to boosting third quarter earnings.
Galp’s margin soared from $6.1 per barrel in the second quarter to $9.5 in the third quarter. However, considering the average values for the first nine months of the year, Galp’s margin fell slightly, from 8.1 to 7.1 dollars per barrel, between 2024 and 2025.
In the same statement, the company explains that access to liquefied natural gas (LNG) cargoes arising from long-term contracts with the United States (namely with the North American Venture Global) and the recovery of the refining business offset the drop in oil prices.
The business’s EBITDA upstream (oil production) in the first nine months of the year fell 24%, to 1.25 billion euros, but this impact was mitigated by the 23% increase in EBITDA in the industrial division (where refining is located), to 854 million euros, and, to a lesser extent, by the 20% growth in the commercial area, to 281 million.
The renewable energy division continues to have a small presence in Galp’s accounts, having generated an EBITDA of just 34 million euros until September (i.e. 1.4% of the group’s earnings), 10% less than last year.
In fact, Galp admits, in the results statement, that in the third quarter it opted for an “optimization strategy” of its solar production, resorting to “voluntary limitation of production”, to avoid generating photovoltaic electricity at times when wholesale market prices were very low (in long hours, including negative values).
Despite the weak performance of the renewables division, Galp management was satisfied with the overall results. “These results show the solidity of our investments and the ability to grow in different markets”, commented the financial administrator and executive co-president of Galp, Maria João Carioca, quoted in the company’s results statement.
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