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"Galp sustained its strong operational and financial momentum in the third quarter, with our high-quality asset base once again proving resilient and well positioned to capture value amid supportive, albeit volatile, market conditions. The strength of our operating performance over the first nine months of the year, together with a refined macro outlook for the coming months, reinforces our confidence for the remainder of 2026 and supports yet another upgrade to our full-year guidance.
Galp remains unwavering in its capital discipline. While discussions with Moeve regarding a potential combination of our downstream businesses have concluded without an agreement, Galp's strategic direction and investment proposition remain unchanged. Our portfolio continues to offer a distinctive combination of growth, resilience and optionality, supported by the ramp-up of Bacalhau in Brazil, continued de-risking in Namibia, strong downstream positions in Iberia and a now well diversified renewables platform. Underpinned by our robust financial position, strategic partnerships across the value chain will remain a core element of our approach to value creation, as we remain strongly positioned to deliver sustainable long-term value."
Maria João Carioca & João Marques da Silva, co-CEOs
Third quarter 2026
Galp delivered another robust set of results during the third quarter of 2026, reflective of a strong operational performance across all businesses while navigating an elevated, yet volatile, commodities prices environment stemming from the persistent geopolitical risk and disruptions along the global energy value chains. Operating delivery translated into strong cash generation, allowing investments to reinforce the portfolio and sustaining a solid financial position with net debt standing at €1.4 bn.
RCA Ebitda reached €1,522 m:
- Upstream: RCA Ebitda reached €708 m, increasing YoY, supported by higher production levels in Brazil following the continued ramp-up of the Bacalhau FPSO, as well as higher oil and gas realisations.
- Industrial & Midstream: RCA Ebitda was €639 m, up YoY, with the refining system capturing the elevated international oil products' cracks environment. Midstream trading activities delivered a sustained robust contribution despite accounting lag effects in oil supply pricing formulas.
- Commercial: RCA Ebitda reached €147 m, up 24% YoY, primarily driven by the stronger contribution from the Enterprise segment, particularly in Spain.
- Renewables: RCA Ebitda was €48 m, higher YoY, largely benefitting from the recently acquired wind portfolios in operation, with a more diversified platform capturing the supportive price environment in Iberia.
Group RCA Ebit amounted to €1,278 m, whilst RCA Net Income was €682 m.
Galp’s adjusted operating cash flow (OCF) was €1,223 m, reflecting the strong operating performance during the period. Cash flow from operations (CFFO) reached €911 m, also accounting for a working capital build of €-184 m and an inventory effect of €-49 m.
Capex totalled €646 m, primarily reflecting the €420 m acquisition of an operational wind portfolio in Spain, alongside organic investments mainly related with the deployment of the low carbon industrial projects in Sines, as well as Upstream developments such as infill and development activities in BM-S-11/11A and the ramp-up of Bacalhau in the Brazilian pre-salt.
Free cash flow (FCF) reached €271 m, whilst net debt remained broadly stable at €1.4 bn after the €253 m interim dividend related to the 2026 fiscal year and limited share buybacks executed during the period.
Nine months 2026
Galp’s RCA Ebitda was €3,737 m, while OCF amounted to €3,013 m, reflecting a robust operating performance in a volatile commodity price environment. CFFO reached €2,514 m, accounting for a working capital build of €-478 m largely driven by elevated oil products' prices.
Capex totalled €1,343 m, primarily reflecting the €738 m acquisition of two operational wind portfolios in Iberia, alongside the execution of the green hydrogen and HVO/SAF projects in the Sines industrial complex, infill and development activities in BM-S-11/11A and the development of the Bacalhau project in Brazil's pre-salt basin.
Free cash flow amounted to €862 m, supporting a strong financial position at the end of the period, with net debt to Ebitda improving to 0.35x from 0.5x at year-end 2025.
Short term outlook - guidance update
Financial Data
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