Welcome, everyone, and thank you for joining us. Galp's positive momentum continued during the second quarter of 2025, delivering strong financial performance. Once again, operating a resilient, solid asset base has proved reassuring in the face of a volatile macro environment. Group EBITDA reached EUR 840 million in the quarter, 25% up Q on Q, underpinned by strong operating performances across our business units. Production stood at 113,000 barrels, reflecting a low concentration of planned maintenance activities and limited unplanned events, which elevated the fleet availability. Upstream, EBITDA reached EUR 403 million up Q on Q, despite Brent falling 10% and the dollar depreciating significantly. Our portfolio remained highly cost-efficient, with a remarkably low operating break-even at under $20 per barrel. Moving to industrial and midstream, again a robust contribution.
While refining activities were slightly impacted by the power outage in Iberia in late April, we still captured the middle distillate strength in June. Midstream trading performance was strong across commodities, especially gas supply and trading, as we started liftings from the Venture Global LNG project and delivered three cargoes during the quarter. Commercial followed seasonality and came in very strong at EUR 101 million, 28% up year on year. In renewables, we continued optimizing revenue streams, enhancing realized prices through ancillary services. In June, we brought online 115 megawatts from two new solar parks in Spain, bringing our total installed capacity to 1.7 gigawatts. Altogether, strong performance translated into sound operating cash flow. We saw some unwind from the working capital build from Q1, although partially offset by the dollar depreciation.
Net debt stood at EUR 1.4 billion, considering CapEx, and after paying the final trench on 2024 dividend and an accelerated buyback execution. With over 60% of our activity held in dollars, the change in net debt also reflects the expected currency translation adjustment. Overall, Galp maintained a strong financial position, with a net debt to EBITDA at 0.5 times. Looking ahead, we are upgrading our 2025 outlook. While keeping the Brent assumption unchanged at $70, we are revising our forex expectations, with the dollar depreciation against the euro weighing particularly on our upstream business. On production, considering the sound year-to-date performance, with about half the planned maintenance program completed, we're revising upwards our full-year production guidance to a range of 105,000-110,000 barrels. On refining, we expect full system availability during the third quarter, with margins now close to double-digit, whilst maintaining plans for a large maintenance in Q4.
On midstream, we are now incorporating the LNG volumes from the Venture Global contract, which were not in our initial guidance. Industrial and midstream EBITDA is now expected to exceed EUR 800 million in 2025, compared to the original EUR 500 million. Overall, following these operational improvements, we upgrade our EBITDA guidance to above EUR 2.7 billion, up from above EUR 2.5 billion, cascading into improved operating cash flow of over EUR 1.8 billion. We continue to see strong delivery ahead, as Galp leadership teams remain very focused on strategic execution. Which brings me to Namibia. Securing a strong partnership remains a priority and the next natural step for the asset. Our objectives remain very clear: to partner with an experienced operator, ensure a partnership based on solid grounds, and alignment on progressing with Mopane.
With this in mind, during most of Q2, we shared data with a selected list of potential partners and have now collected non-binding offers, all from highly credible players. Focus will now be on analyzing the offers at hand and defining a way forward. Progress so far leaves us confident on a partnership completion this year. Thank you again for joining us.