Galp Energia SGPS (GALP) Q4 2025 TU earnings summary

Executive summary

• Upstream working interest production reached 113 kboepd in 4Q25, up 2% year-over-year but down 1% sequentially.

• Oil maintained an 87% share of upstream production, consistent with prior periods.

Financial highlights

• Galp refining margin was $6.9/boe in 4Q25, up 32% year-over-year but down 27% from 3Q25.

• Raw materials processed dropped 56% year-over-year and sequentially to 9.9 mboe.

• Oil products supply fell 21% year-over-year and 26% sequentially to 3.0 mton.

• NG/LNG supply & trading volumes rose 54% year-over-year and 6% sequentially to 18.1 TWh.

Outlook and guidance

• Management cautions that all data is provisional and subject to change in the final results.

• Forward-looking statements highlight exposure to market risks and uncertainties.