All the materials related with the results, including the video presentation from Galp’s executives, are available here.
2025 was a remarkable year for Galp, marked by consistently strong operational performance, disciplined project execution and meaningful portfolio developments that further strengthened our investment case. Full-year operating cash generation reached €2.2 bn, stable year-on-year despite a significantly weaker Brent environment and continued macroeconomic volatility, a clear reflection of the resilience and quality of our portfolio. This performance enabled us to maintain a solid financial position, with net debt at 0.5x, while continuing to deliver competitive shareholder returns.
In line with our distribution framework in place, the Board of Directors will propose a 4% increase in DPS and launch a €250 m share buyback, sustained year-on-year even under a more challenging macro context.
We look ahead to 2026 with continued ambition and disciplined execution. In Brazil, the ramp-up of Bacalhau will be a key growth driver. At the same time, the recently established partnership in Namibia and the ongoing discussions with Moeve in downstream further expand our opportunity set, as we continue to evolve and strengthen our equity story.
Maria João Carioca & João Marques da Silva, co-CEOs
Fourth quarter 2025
Galp delivered a robust operational and financial performance in the fourth quarter of 2025, with strong contributions from Upstream, Midstream and Commercial partially mitigating a less supportive macro environment and considering the large planned industrial turnaround in Sines refinery. Operating performance translated into solid cash generation, with net debt standing at €1.3 bn by the end of the period.
RCA Ebitda reached €619 m:
- Upstream: RCA Ebitda was €430 m, slightly lower YoY, following a weaker oil pricing environment and a weaker U.S. dollar against the Euro, mostly offset by sustained production levels in Brazil, reflecting high availabilities of the fleet and Bacalhau FPSO start-up in October.
- Industrial & Midstream: RCA Ebitda was €98 m, lower YoY, as the large planned turnaround performed in Sines refining system hindered refining contribution, although more than offset by a sustained Midstream performance across supply and trading of gas, oil and power.
- Commercial: RCA Ebitda was €103 m, up 43% YoY, supported by higher contributions in mobility, despite lower volumes in Iberia, and from B2B in Spain, as well as a growing Convenience and Customers Solutions performance.
- Renewables: RCA Ebitda was €15 m, up YoY, with marginally higher power generation offsetting a lower solar captured price, whilst also including an insurance compensation.
Group RCA Ebit was €475 m, following Ebitda. RCA Net Income amounted to €182 m.
Galp’s adjusted operating cash flow (OCF) was €447 m, reflecting the robust operating performance. Cash flow from operations (CFFO) reached €288 m, also accounting for a working capital build.
Capex in the period reflected an accelerated execution pace of Industrial low-carbon projects in Sines, the deployment of the Bacalhau development and the ongoing infill campaign in BM-S-11 in Brazil, as well as solar and storage capacity under construction in Iberia. Net capex was €188 m, also including inflows from divestments of €93 m, mainly related to the collected earn-out linked to the FID of Coral North FLNG, following the divestment from Area 4 in Mozambique.
Free Cash Flow (FCF) reached €81 m, while net debt increased to €1.3 bn after payment of dividends to non-controlling interests of €116 m and the share buyback programme completion of €76 m.
Full year 2025
Galp’s RCA Ebitda was €3,039 m, while OCF was €2,179 m, reflecting a strong operating performance under a volatile macroeconomic and commodities' price context.
Net capex totalled €95 m, with investments of €1,119 m largely offset by divestment proceeds mostly related to the completion of the sale of Galp's stake in Mozambique Area 4 and a subsequent earn-out linked to Coral North FID, as well as the final earn-out from the disposal of upstream assets in Angola. Investments were mainly allocated to the deployment of Bacalhau in Brazil, the execution of the green H2 and HVO/SAF projects in Sines industrial complex, and the construction of solar and storage capacity in Iberia.
FCF amounted to €1,224 m, with net debt up compared to year-end 2024, standing at €1.3 bn, after considering dividends to non-controlling interests of €239 m, dividends to shareholders of €480 m and share buyback execution of €250 m, while also reflecting the currency exchange effect on cash balances following sharp U.S. dollar depreciation against the Euro during the first half of 2025.
Shareholders distributions
Pursuant to the guidelines in place for distributions to shareholders, Galp's Board of Directors will propose to the Annual Shareholder Meeting a 4% increase in the dividend per share (DPS) to €0.64 relative to the 2025 fiscal year, with the first interim dividend of €0.31 per share already anticipated in August 2025. Dividend will be complemented with a share buyback program of €250 m for cancellation purposes, commencing in March 2026.
Short term outlook
Galp is providing key operating and financial guidance for the 2026 period, in accordance with its updated views and macro assumptions:
Financial Data
Conference call details
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