Galp profits up 25% in 2Q to €373 million

Galp Energy has posted profits of €373 million for the second quarter of 2025 compared to the same period last year.

The Portuguese petroleum company says the improved results from April and June, after starting off the year in the red, were down to “robust production levels of petroleum and gas in Brazil, international natural gas trading activity, and exports.

Galps’s EBITDA stood at €840 million, in line with the €849 million posted for the like-for-like period in 2024, with the company highlighting that the “improvement in results across all areas of the business compensated for the fall in crude prices that pummeled upstream financial performance, traditionally the main driver for results.”

Two weeks ago, in the habitual trading update, the group had reported a 20% fall on refining margin between April and June to US$6.1 per barrel (vs. US$ 7.7 like-for-like), reflecting the impact of the international situation in the energy sector.

In the first half of the year, given the “more challenging macroeconomic conditions”, the company’s profits decreased 9% to €565 million, while EBITDA fell 16% to €1.5Bn. Of this amount, about 80% originated in international markets, with emphasis on upstream (oil exploration and production), trading activities, and for exports of products from Portugal.