Further to the announcement of January 8, 2026, regarding a non-binding agreement between Galp and Moeve's shareholders, Mubadala Investment Company and The Carlyle Group, and following extensive negotiations between the parties, no agreement has been reached.
Throughout the process, the parties remained committed to exploring the potential benefits arising from a combination of downstream activities, with the aim of establishing an enduring and value-accretive partnership.
Galp's downstream businesses remain strongly positioned, supported by a leading retail network in Portugal and a meaningful portfolio of energy transition projects in Sines, including one of the largest green hydrogen electrolyser projects in Europe, and an advanced biofuels unit.
This outcome does not impact Galp's existing operations nor its confidence in the standalone value-creation potential of its downstream portfolio. It also does not change Galp's conviction that industry consolidation can enhance competitiveness, scale and investment capacity. Therefore, Galp will remain committed to the ongoing transformation of its commercial and industrial activities to ensure their long-term competitiveness and sustainability.
Galp's investment case and capital allocation priorities remain unchanged, anchored in its unique Upstream portfolio with visible production growth and a strong financial position. Ongoing portfolio optimisation initiatives, supported by strategic partnerships across the value chain, will continue to create opportunities to unlock additional value through capital-efficient structures.
Paula Amorim, Chairperson of Galp:
"Following extensive negotiations and a strong commitment from all parties to explore the potential of this combination, and despite all the efforts, we have been unable to reach an agreement on an opportunity of significant potential to create a major European downstream player. While the strategic rationale underpinning the proposed transaction remains compelling, the parties were unable to achieve the necessary commercial alignment to support an enduring and value-accretive partnership.
Galp remains exceptionally well positioned, with one of the most attractive upstream growth profiles in the sector, strong industrial and commercial businesses, and a diversified portfolio encompassing renewable energy and significant trading activities.
This combination of businesses, together with a strong balance sheet and substantial cash generation capacity, provides Galp with a solid foundation to continue growing, investing and creating value.
Capital allocation discipline and long-term value creation will continue to guide our decisions. We remain convinced of the strategic rationale for downstream consolidation and the importance of strategic partnerships, built on strong alignment and a shared vision, as key drivers of competitiveness, business transformation and sustainable growth”.