Galp results in the fourth quarter 2024 showcased resilience under a volatile macro environment, supported by robust Upstream and Industrial performance, whilst Midstream maintained its strong contribution. At the end of the year, Galp further solidified its financial position, with net debt at €1.2 bn, down compared to year-end 2023. 

Maria João Carioca & João Diogo Marques da Silva, co-CEOs:
“We close 2024 with another strong quarter, in a year of consistent delivery, at or above headline guidance across all business units. Ebitda reached €3.3 bn and OCF of €2.1 bn. Even after competitively rewarding our shareholders, we reduced net debt compared to 2023-end and further strengthened our financial position. These results not only depict 2024 as a year of strong execution for Galp, but also lay the foundations for future growth and value creation. In 2025 and 2026 we will continue to execute our key growth projects, the hallmark of Galp´s portfolio, combining a disciplined approach towards a low capital intensity plan. This basis provides us the confidence to propose to the next AGM a 15% DPS increase, to €0.62/share, and a buyback of €250 m. 

Our current governance is designed to ensure strategic continuity and execution focus. We have great People and the Board's support and together we look forward to deliver on Galp’s unique investment case in the year ahead.”

RCA Ebitda reached €688 m:

• Upstream: RCA Ebitda was €437 m, with production from Brazil down YoY and lower realisations given Brent evolution(1).
• Industrial & Midstream: RCA Ebitda was €182 m, higher YoY, supported by the high throughput levels of the refinery and a refining margin of $5.2/boe. Midstream activities maintained a stable contribution YoY.
• Commercial: RCA Ebitda was €72 m, higher YoY, following increased sales in oil products, gas and power in Iberia. Convenience and Energy Solutions represented c.30% of Ebitda.
• Renewables: RCA Ebitda was €9 m, with seasonally lower generation and following lower realised prices YoY, although reflecting a recovery compared to the rest of the year.

Group RCA Ebit was €347 m, with non-cash items including impairments of €143 m across business units, whilst RCA net income was €71 m. 

Galp’s adjusted operating cash flow (OCF) was €393 m, following the strong business performance. Cash flow from operations (CFFO) reached €917 m, €524 m above OCF,  mainly supported by a working capital release related to a decrease in receivables from Upstream sold cargoes and lower commodities prices. 

Investments in the period amounted to €500 m, mainly directed towards the execution of upstream projects, namely the Namibia appraisal campaign and Bacalhau, as well as Industrial low-carbon projects execution.

Net debt increased by €264 m, to €1.2 bn, after minorities of €69 m and share repurchases of €27 m related to the 2024 buyback programme execution.

Full year 2024

Galp’s RCA Ebitda was €3,297 m, while OCF was €2,138 m, reflecting a solid operating performance across business divisions in a weaker macro environment.

Net capex totalled €832 m, supported by the divestment proceeds collected related to the Angolan upstream assets during the period. Economic capex of €1,291 m mostly directed towards the exploration and appraisal campaigns in Namibia and upstream projects under development in Brazil, namely Bacalhau, as well as to industrial low carbon projects and renewables projects deployment.

FCF amounted to €1,335 m. Net debt at the end of the year was €1.2 bn, lower compared to the end of 2023 and considering distributions of €769 m, including €419 m of dividends paid to shareholders and €351 m in buybacks for share capital reduction, and €166 m to minority interests.

At the end of the period, Galp sustained a strong financial position, with net debt to RCA Ebitda at 0.4x.

Distributions to shareholders

Galp’s Board of Directors will propose to the Annual General Shareholders Meeting of 2025 a dividend per share increase of 15%, to €0.62 per share. Additionally, based on 2024 performance and maintaining the 1/3 of Operating Cash Flow headline, a €250 m share repurchase programme for share capital reduction purposes will be executed in 2025.

KeyFacts Energy: Galp Energia Brazil country profile