Galp Energia SGPS (GALP) Q3 2026 TU earnings summary

Executive summary

• 3Q26 trading activity strengthened across upstream production, gas trading, commercial electricity sales and renewables; reported operating data are provisional and may change in final results.

• Market prices rose sharply YoY for gas and Iberian power, while Brent was higher YoY but lower QoQ.

Segment performance

• Upstream working-interest production was 131 kboepd, up 14% YoY and 3% QoQ; oil represented 90%, up 5% YoY and 2% QoQ.

• Industrial & Midstream raw materials processed were 22.2 mboe, down 2% YoY and QoQ; refining margin was $33.8/boe versus $9.5 in 3Q25 and $16.8 in 2Q26.

• Oil products supply was 4.1 mton, up 1% YoY and 7% QoQ; NG/LNG supply and trading volumes rose 26% YoY to 21.4 TWh, with trading up 33% to 15.8 TWh.

• Commercial oil products client sales were 2.0 mton, down 1% YoY and up 10% QoQ; natural gas sales rose 16% YoY to 4.2 TWh, while electricity sales rose 37% to 2.5 TWh.

• Renewable installed capacity reached 2.7 GW, up 64% YoY; renewable energy sold was 1,174 GWh, up 42% YoY and 32% QoQ.

Significant events and developments

• 3Q26 results are scheduled for October 26 before Euronext Lisbon opens, followed by an analyst call at 11:00 Lisbon/London time.

• Quarterly earnings consensus submissions are scheduled for October 12–16, with publication on October 19 afternoon.