“Galp started the year with a strong set of results, as we improved our operational performance and successfully captured the stronger macro conditions. OCF reached €638 m, a 43% increase YoY, although the extreme volatility and high commodity price environment pressured some of our downstream activities, as Galp does not immediately pass these higher prices on to our end clients. However, despite this and a further significant working capital build, our Net Debt/Ebitda fell below 1x.
We continue to deliver on our strategy to grow and thrive through the Energy Transition. We are executing on time and budget with our key Upstream growth projects, whilst progressing in the transformation of our downstream activities. Our renewable capacity in operation is already 1.2 GW, but we also doubled our total renewable energy funnel to 9.6 GW, which adds credibility to our 2025 target of having >4 GW operating. We are also steadily laying the foundations for our new low carbon energies endeavours, sanctioning a
2 MW green hydrogen pilot and selecting Setúbal as the location to build our lithium conversion unit. Galp has built an exciting growth funnel, which sets us apart.
During these unprecedented and challenging times, our heart goes out to the people of Ukraine. I am proud of the position taken by Galp to suspend deliveries from Russia and to provide money and resources to support the humanitarian efforts.”
Andy Brown, CEO