Update on Galp and Moeve negotiations to combine downstream activities
Discussions with Moeve’s shareholders continue to progress constructively, with all parties remaining committed to move forward with a transaction that would create significant strategic and financial value. Given the scale of the proposed combination, a potential agreement is now targeted to be signed during the second half of 2026.
Galp’s focus remains ensuring that any transaction creates long-term value for all its stakeholders and provides the appropriate financial, governance and operational framework for the combined businesses.
The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the second quarter of 2026. All data referred to below is currently provisional and may differ from the final figures.
Galp’s 2Q26 results will be published on July 27, before the opening of Euronext Lisbon. On that day, the Company will hold an analysts’ conference call at 11:00 (Lisbon/London time).
Upstream
| |
|
| |
2Q25 |
1Q26 |
2Q26 |
Var. YoY |
Var. QoQ |
| Working interest production (kboepd) |
113 |
129 |
127 |
12% |
(2%) |
| Oil (%) |
86% |
87% |
88% |
- |
- |
Industrial & Midstream
| |
|
| |
2Q25 |
1Q26 |
2Q26 |
Var. YoY |
Var. QoQ |
| Raw materials processed (mboe) |
21.1 |
18.7 |
22.6 |
7% |
21% |
| Galp refining margin (USD/boe) |
6.1 |
14.8 |
16.8 |
n.m. |
14% |
| Oil products supply1 (mton) |
4.1 |
3.5 |
3.9 |
(5%) |
9% |
| NG/LNG supply & trading volumes1 (TWh) |
18.6 |
18.0 |
19.7 |
6% |
9% |
| Trading (TWh) |
13.1 |
12.7 |
13.8 |
6% |
9% |
1 Includes volumes sold to the Commercial segment.
Commercial
| |
|
| |
2Q25 |
1Q26 |
2Q26 |
Var. YoY |
Var. QoQ |
| Oil products - client sales (mton) |
1.9 |
1.7 |
1.8 |
(5%) |
7% |
| Natural gas sales - client sales (TWh) |
3.9 |
4.7 |
4.3 |
11% |
(8%) |
| Electricity - client sales (TWh) |
2.0 |
2.3 |
2.4 |
21% |
4% |
Renewables
| |
|
| |
2Q25 |
1Q26 |
2Q26 |
Var. YoY |
Var. QoQ |
| Renewable installed capacity1 (GW) |
1.7 |
1.7 |
2.3 |
39% |
39% |
| Renewable energy sold2 (GWh) |
792 |
471 |
888 |
12% |
89% |
| o.w. Wind (%) |
1% |
2% |
5% |
n.m. |
88% |
1 Installed capacity at the end of the period.
2 Indicator adjusted for a better representation of the operating performance. Represents renewable generation sold, including voluntary curtailments for ancillary services. Figures for 2025 have been restated accordingly.
Market Indicators
| |
|
| |
2Q25 |
1Q26 |
2Q26 |
Var. YoY |
Var. QoQ |
| Exchange rate (EUR/USD) |
1.13 |
1.17 |
1.16 |
3% |
(1%) |
| Dated Brent price (USD/bbl) |
67.9 |
81.1 |
103.8 |
53% |
28% |
| Dutch TTF natural gas price (EUR/MWh) |
35.4 |
39.5 |
45.6 |
29% |
16% |
| Iberian MIBGAS natural gas price (EUR/MWh) |
34.9 |
39.7 |
45.2 |
30% |
14% |
| Iberian power baseload price1 (EUR/MWh) |
38.5 |
44.2 |
55.4 |
44% |
25% |
| Iberian solar market price2 (EUR/MWh) |
17.3 |
22.6 |
19.5 |
13% |
(14%) |
| Iberian wind market price2 (EUR/MWh) |
37.8 |
39.2 |
59.1 |
56% |
51% |
Source: Platts/MIBGAS/Bloomberg/OMIE/REE.
1 The Iberian power baseload price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE).
2 The Iberian solar and wind market prices are based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE) and on the power generation published by the Electricity Network of Spain (REE).