Galp Energia SGPS (GALP) Q3 2026 earnings summary

Executive summary

• 3Q26 RCA EBITDA reached €1,522m; net debt was €1.4bn and FY26 guidance was upgraded on strong operating delivery.

• Bacalhau ramp-up, expanded renewables and Iberian downstream positions supported portfolio momentum; Moeve combination talks ended without agreement.

Financial highlights

• 3Q26 turnover was €7,692m; RCA EBITDA €1,522m (+67% YoY), RCA EBIT €1,278m (+73%) and RCA net income €682m (+68%).

• 9M26 RCA EBITDA was €3,737m (+54% YoY), with RCA EBIT of €3,106m and RCA net income of €1,494m.

• IFRS net income attributable to shareholders was €201m in 3Q26 and €852m in 9M26; special items were -€453m and -€695m, largely from derivative mark-to-market effects.

Outlook and guidance

• FY26 RCA EBITDA guidance rose from ~€4bn to ~€5bn; adjusted OCF guidance increased from ~€3bn to ~€3.9bn, with organic capex maintained at ~€1bn.

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

• Strong 9M operating performance and updated macro expectations underpin the outlook; average EUR/USD assumption changed from 1.17 to 1.16.