Galp Energia SGPS (GALP) Q3 2026 (Q&A) earnings summary

Executive summary

• Strong operating delivery lifted Q3 RCA EBITDA 67% YoY to €1,522m and 9M RCA EBITDA 54% to €3,737m; FY26 guidance was upgraded.

• Net debt was €1.4bn at September-end; strategy priorities remain Bacalhau, Namibia, Iberian downstream and renewables.

• Moeve discussions on a potential downstream combination ended without agreement; future partnerships remain subject to value discipline.

Financial highlights

• Q3 turnover was €7,692m, RCA EBITDA €1,522m, RCA EBIT €1,278m and RCA net income €682m, up 51%, 67%, 73% and 68% YoY, respectively.

• 9M turnover was €19,525m, RCA EBITDA €3,737m and RCA net income €1,494m, up 31%, 54% and 54% YoY, respectively.

• Q3 IFRS net income fell 24% to €201m, including €453m of special items and a €29m negative inventory effect; 9M IFRS net income fell 9% to €852m.

• 9M adjusted OCF was €3,013m, CFFO €2,514m and FCF €862m; working capital absorbed €478m.

Outlook and guidance

• FY26 RCA EBITDA guidance rose to ~€5bn from ~€4bn and OCF guidance to close to €3.9bn from ~€3bn; organic capex guidance remains ~€1bn.

• FY26 assumptions include Brent at $90/bbl, refining margin at ~$25/boe, Iberian PVB gas at €55/MWh, solar at €40/MWh, wind at €80/MWh and EUR/USD at 1.16.

• Bacalhau is expected to remain at plateau through 2027, at ~40,000 barrels on a working-interest basis; this was directional commentary, not formal production guidance.

• Refining margins were expected to remain double-digit into at least Q1 2027; the industrial business is expected to generate positive cash flow next year, with no major Sines turnaround planned for 2027.

• Venus FID discussions were constructive and nearing closure; EPC providers had been selected, with final talks continuing.