Galp Energia SGPS SA reported strong financial performance for the second quarter of 2025. The group achieved an Ebitda of 840 million euros, marking a 25% increase quarter-on-quarter. This growth was supported by strong operating performances across its business units. Upstream Ebitda rose to 403 million euros, despite a 10% decline in Brent prices and significant depreciation of the dollar. The company's portfolio maintained high cost efficiency with an operating breakeven below 20 dollars per barrel. Net debt was reported at 1.4 billion euros, reflecting capital expenditures and payments towards the final tranche of the 2024 dividend, as well as an accelerated share buyback. The net debt to Ebitda ratio stood at 0.5 times, indicating a robust financial position. Galp has upgraded its 2025 outlook, maintaining the Brent assumption at 70 dollars but revising its foreign exchange expectations due to the dollar's depreciation against the Euro. The company revised its full-year production guidance upward to a range of 105 to 110 thousand barrels, based on strong year-to-date performance. In the industrial and midstream segments, Ebitda is now projected to exceed 800 million euros in 2025, up from the original forecast of 500 million euros, due to the inclusion of LNG volumes from the Venture Global contract. Consequently, Galp has raised its overall Ebitda guidance to above 2.7 billion euros from above 2.5 billion euros, with an improved operating cash flow expectation of over 1.8 billion euros. Galp's refining activities experienced a slight impact due to a power outage in Iberia in late April but still benefited from the strength in middle distillates in June. The midstream trading performance was robust, especially in gas supply and trading, with the initiation of liftings from the Venture Global LNG project. Commercial activities performed strongly, reporting 101 million euros, a 28% increase year-on-year. In renewables, Galp optimised revenue streams and enhanced realised prices by bringing 115 megawatts from two new solar parks in Spain online, increasing its total installed capacity to 1.7 gigawatts.