Galp Energia SGPS SA posted a 53% increase in adjusted net profit, reaching €407 million in the third quarter. The company benefited from improved refining margins and strong performance in its liquefied natural gas (LNG) operations, despite ongoing volatility in global oil prices.
Strong industrial performance and LNG imports underpin results
Galp’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €911 million, up 11% year-on-year. This growth was supported by the Sines refinery in southern Portugal and increased LNG imports, mainly from the United States. The industrial segment recorded an adjusted EBITDA of €315 million, up 91%, highlighting the resilience of the group’s integrated model amid price instability in the energy sector.
The company noted that this performance reflected a mix of operational improvements and more favourable market conditions in European refining, as fuel demand remains robust on the Iberian Peninsula.
Upstream under pressure, but financial balance improves
The exploration and production segment posted an adjusted EBITDA of €464 million, down 14% year-on-year due to declining crude prices. However, this decline was partially offset by higher production in Brazil, where Galp confirmed the start of a new offshore oil field with a potential output of up to 220,000 barrels per day.
Over the first nine months of the year, the group’s adjusted net profit reached €973 million, up 9% compared to 2024. Its net debt dropped to €1.17bn, from €1.41bn three months earlier, reflecting gradual deleveraging amid solid cash flow.
Favourable market momentum in the short term
Galp Energia continues to benefit from strong margins in European refining and sustained demand in the Iberian market. Analysts note that the reduction in debt and stable cash flows reinforce the company’s position amid evolving global energy markets dominated by fluctuations in oil and gas.
