Galp Energia Q3 Adj. EBITDA Below Expectations; Outlook Raised

Montag, 25.10.2021 07:55 von PLX

• (PLX AI) – Galp Energia Q3 adjusted EBITDA EUR 607 million vs. estimate EUR 642 million.
• • Q3 adjusted net income EUR 161 million vs. estimate EUR 160 million
• • GALP Energia Group RCA Ebitda is now expected to surpass EUR 2.3 billion for the year, up from more than EUR 2 billion previously
• • Upstream: RCA Ebitda expected at c.€2.0 bn, now assuming average Brent prices at c.$70/bbl, while also reflecting the working interest production adjustments
• • Commercial: RCA Ebitda estimated at c.€300 m, following a slower oil products demand recovery in Iberia
• • Industrial & Energy Management: RCA Ebitda expected at <€100 m, as the higher Industrial performance offset by lower contribution from the Energy Management
• • Renewables: Estimated pro-forma Ebitda (not consolidated) is expected at c.€60 m, following the higher power prices in Iberia