Galp does not comment on Lula's re-election, but defends fiscal stability

“ Não comments political or electoral results ", said today the executive co-president Maria João Carioca, during a telephone conference with analysts, one day after Lula da Silva's re-election for a fourth presidential term.

Asked about possible changes in the assessment of political, fiscal and regulatory risks in Brazil, taking into account Galp's exposure to that market, the person responsible stressed that the company has already gone through different political cycles in the country.

“ We continue to maintain an open dialogue with all relevant authorities, both in the context of the sector and with our partners,” he said.

Maria João Carioca also considered that Brazil is aware of the importance of investment for the development of its oil resources, defending the need for a predictable framework.

“Open dialogue on the importance of fiscal stability and clear rules for international investment is, of course, a differentiating factor, and this is what we seek to ensure,” he said.

The person responsible reiterated Galp's confidence in the Brazilian market, where the company concentrates much of its exploration and production of oil and gas.

“ We see our presence in that country from a long-term perspective,” he said, adding that Galp has positive relations with the authorities and is confident that Brazil will “continue to be an important growth engine” for the company.

The statements arise after Lula da Silva was re-elected on Sunday President of Brazil, defeating Senator Flávio Bolsonaro in the second round of presidential elections.

Brazil has a decisive weight in the results of Galp, which registered in the third quarter a production of oil and gas of 131,000 equivalent barrels per day, benefiting from the progressive increase in production in the field of Cod.

Galp announced today that there was a 68% increase in adjusted profit in the third quarter, to €682 million, driven by the growth of oil and gas production in Brazil, by exports and by the purchase and sale of oil and gas in international markets.

In the first nine months of the year, the net profit adjusted at replacement cost (CRC) amounted to EUR 1.49 billion, plus 54% more than in the same period of 2025, the company announced today.

From January to September, the result before interest, taxes, depreciations and amortisations (EBITDA) adjusted of the exploration and production activity increased 67%, to 2,092 million euros, also benefiting from the rise in international oil prices.