Galp Energia SGPS (GALP) Q1 2026 TU earnings summary

Executive summary

• Working interest production rose 23% year-over-year and 14% sequentially to 129 kboepd, with oil maintaining an 87% share.

• Raw materials processed increased 89% sequentially to 18.7 mboe, though still down 14% year-over-year.

• Refining margin surged to $14.8/boe from $6.9/boe in the previous quarter.

Financial highlights

• Oil products supply volumes were stable year-over-year at 3.5 mton, up 16% sequentially.

• NG/LNG supply and trading volumes grew 42% year-over-year and 3% sequentially to 18.0 TWh.

• Electricity client sales increased 14% year-over-year and 25% sequentially to 2.3 TWh.

Outlook and guidance

• Forward-looking statements highlight exposure to market risks and uncertainties, with management expectations subject to change.