Galp Energia SGPS (GALP) Q2 2026 earnings summary

Executive summary

• Raised full year 2026 group EBITDA guidance to around EUR 4 billion, reflecting strong operational and financial performance amid volatile markets.

• Board proposes a 10% increase in 2026 dividend per share, raising DPS to EUR 0.70, reflecting confidence in outlook and portfolio developments.

• Strategic focus on portfolio rebalancing, renewables partnerships, and ongoing ramp-up of Bacalhau and Namibia projects.

• Operating cash flow guidance increased to around EUR 3 billion, supported by stronger upstream production and robust midstream contribution.

Financial highlights

• H1 2026 RCA EBITDA: €2,216m, up 47% YoY; RCA Net Income: €812m, up 44% YoY; IFRS Net Income: €651m.

• Group EBITDA for the quarter reached approximately EUR 1.3 billion, with operating cash flow at EUR 1.1 billion.

• Upstream EBITDA was EUR 700 million, with improved oil realizations mitigating higher transportation costs.

• CapEx for the quarter was EUR 496 million, including EUR 318 million for wind portfolio acquisition.

• H1 Capex: €696m, including €318m for acquisition of Iberian wind assets.

Outlook and guidance

• Upgraded FY 2026 guidance: RCA EBITDA ~€4bn (previously >€2.6bn), OCF ~€3bn, Brent assumption $80/bbl.

• Upstream production now expected at around 130,000 bpd for the year.

• Macro assumptions updated: Brent at $80/bbl and refining margins at $13/bbl.

• Board to propose a 10% dividend per share increase for 2026, raising DPS to EUR 0.70.

• Sensitivities: +$5/bbl Brent adds €90m EBITDA; +$5/boe refining margin adds €120m EBITDA.