Strong Upstream Production in Brazil
Upstream production in Brazil continued elevated with 115,000 barrels per day, driven by high availabilities of the fleet during the quarter. Confidence in ending the year close to the upper end of the 150,000 to 110,000 guidance.
Bacalhau First Oil Milestone
Bacalhau reached first oil, a key project for Galp, expected to drive free cash flow growth in the coming years.
Record High Quarterly EBITDA in Iberia
In Iberia, record high quarter EBITDA posted in downstream businesses, particularly in refining and commercial.
Resilient Financial Position
Further reduced net debt to 0.4x, reinforcing financial position, with a 2026 dividend breakeven just below $40.
Strong Commercial Sector Performance
Commercial sector results above pre-COVID levels, with nonfuel and new business nearly at 30% of the full delivered value.