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Galp Beats On Q4 Rev/Earnings, Misses on adj-EBITDA; FY24 Seen Slower

ENERGY SECTOR


  • Q4 revenue and earnings look like a beat while adj-EBITDA appears to have missed by 7% (EUR ~36mn), largely reflecting the de-recognition of Angolan upstream assets and less favorable pricing.
  • FY RCA EBITDA (EUR 3.56bn), OCF (EUR 2.27bn) and Economic CapEx (EUR 1.05bn) all slightly below but broadly in line with targets of EUR >3.5bn EUR >2.3bn and EUR ~1.1bn respectively.
  • FY24 outlook roughly implies -13%, -12% and +16% changes in EBITDA, OCF and Net CapEx.
  • EBITDA leverage came in at 0.4x (in line with FY22, +0.1x from September).
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