Lisbon, Mar. 2, 2026 (Lusa) - Galp posted a record net profit of €1.15 billion in 2025, up 20% from the previous year, the company announced on Monday.
The performance was driven by oil and gas production in Brazil and natural gas trading, despite declines in oil and the dollar, and the scheduled maintenance shutdown of the Sines refinery.
"Galp achieved an adjusted net income of €1.15 billion in 2025, the highest ever, with increased oil and gas production in Brazil and natural gas supply & trading mitigating the combined effect of the devaluation of crude oil and the dollar, as well as the impact of a scheduled shutdown of the Sines refinery," the company said in a statement.
Net income under international accounting standards (IFRS), which reflects the company's accounting profit, increased by 8% year over year to €1.12 billion.
"The Replacement Cost Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for the year was €3.04 billion, a decrease of 8% compared to the previous year, reflecting the impact of the market context, with the decline in average Brent prices from $80.8 per barrel in 2024 to $69.1 in 2025," explains the oil company.
More than 80% of operating income came from international activities, and more than half was generated in Brazil.
“In an adverse and volatile international context, we ensured strong operating performance across all business areas, which clearly reflects the quality and resilience of our assets,” said Galp's co-executive president Maria João Carioca, quoted in the same statement.
“At the same time, we continue to rigorously execute our structural projects and partnerships that position Galp for future growth,” added the oil company's financial administrator.
In the Upstream sector, oil and gas exploration and production, Galp benefited from improved performance in its Brazilian operations and the start of production at the Bacalhau project in the last quarter of the year, which allowed average oil and natural gas production, which in 2024 stood at 109,000 barrels per day, to increase to 113,000 barrels in the fourth quarter of 2025.
In the Industrial & Midstream segment (refining, transportation, and storage of oil and gas), access to liquefied natural gas (LNG) cargoes from the US via long-term contracts with Venture Global enabled a 48% increase in natural gas volumes traded in year-on-year quarterly terms, and 43% year-on-year, limiting the effect of the maintenance shutdown at the Sines refinery.
In the other areas of operation, Galp reports record results in the Commercial segment, with improved conditions in the Spanish market and a stronger contribution from convenience products and services and energy solutions.
The Renewables segment reports that it “once again operated in a scenario of pressured solar energy prices, continuing its strategy of optimising generation activities through voluntary production limitation and additional revenue sources from the provision of network system services.”
In 2025, the company's total investment was €1.1 billion, down from €1.3 billion in 2024, due to lower capital requirements for upstream projects following the delivery of the Bacalhau project in Brazil.
In Portugal, investment totalled €420 million, down from €372 million in the previous year.
“The proceeds from the sale of assets in Mozambique and Angola resulted in a net investment of €95 million,” the company explains.
Net debt increased from the end of last year to €1.3 billion, following the payment of dividends to minority shareholders in group companies and the completion of a €78 million share buyback program.
SCR // SB
Lusa/Fim
