Galp Energia SGPS SA (OTCPK:GLPEF)

Q3 2025 Galp Energia SGPS SA Earnings Call Transcript

Oct 27, 2025 / 11:00AM GMT

Release Date Price: $19.12 (-0.71%)

Transcript

Key Points

Positve

Galp Energia SGPS SA (GLPEF) reported strong operating performance across its business segments, with upstream production in Brazil reaching 115,000 barrels per day, exceeding guidance.
The Bacalhau project reached first oil, marking a significant milestone that is expected to drive free cash flow growth in the coming years.
The company achieved record high quarterly EBITDA in its downstream businesses in Iberia, particularly in Refining and Commercial, surpassing pre-COVID levels.
Galp Energia SGPS SA (GLPEF) reduced its net debt to 0.4 times, reinforcing its financial position amidst commodity price volatility.
The company is confident in exceeding its group EBITDA and operating cash flow guidance for the full year, based on strong asset performance.

Negative

The macroeconomic environment remains volatile and challenging, which could impact future performance.
Despite strong results, the company is not upgrading its guidance, indicating potential caution about future quarters.
The ongoing bilateral discussions in Namibia are progressing, but the Mopane farm-down remains a critical aspect of Galp's equity story, with no detailed updates provided.
Galp Energia SGPS SA (GLPEF) faces heavy maintenance in its refining operations in Q4, which could negatively impact results.
The arbitration process with Mozambique over capital gains tax disputes remains unresolved, posing potential financial and operational risks.

Operator

Good morning, ladies and gentlemen. Welcome to Galp's third-quarter 2025 results presentation. I will now pass the floor to Joao Goncalves Pereira, Head of Investor Relations.

Joao Pereira;JoÃ;o Diogo Marques da Silva

Galp Energia SGPS SA - Head of Investor Relations;Galp Energia SGPS SA - Co-Chief Executive Officer & Executive Vice President Commercial of the Executive Committee, Member of the Board of Directors

Good morning, everyone, and welcome to Galp's third quarter of 2025 Q&A session. In the room with me, I have both our co-CEOs, Maria Joao Carioca and Joao Diogo da Silva, as well as the full executive team.

But before passing the mic for some quick opening remarks, let me start by our usual disclaimer. During today's session, we'll be making forward-looking statements that are based on our current estimates. Actual results could differ due to factors outlined in our cautionary statements within the published materials.

With this, Joao, would you like to say a few words?

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