All the materials related with the results, including the video presentation from Galp’s executives, are available here.
Galp delivered a strong start to 2026, underpinned by the resilience of our asset base and by disciplined execution across all business units. This performance enabled us to maintain a strong financial position in a quarter marked by heightened market volatility and disruptions across the energy value chain.
Looking ahead, we are advancing preparations for our next exploration and appraisal campaign in Namibia, scheduled to begin later this year. In parallel, discussions with Moeve’s shareholders regarding the potential merger of our downstream positions continue to progress constructively, with an agreement still expected by mid‑year. As we execute several strategic developments, 2026 is shaping up to be an exciting year for Galp as we strengthen our portfolio and reinforce our long‑term investment proposition.
Maria João Carioca & João Marques da Silva, co-CEOs
First quarter 2026
Galp's first quarter performance reflected solid operational delivery in Upstream and Downstream businesses in the highly volatile macroeconomic context stemming from the increased geopolitical risk in the Middle East. Strong operating performance translated into sound cash generation, allowing the Company to maintain a solid financial position, with net debt unchanged at €1.3 bn.
RCA Ebitda reached €943 m:
- Upstream: RCA Ebitda was €685 m, driven by strong production in Brazil, reflecting limited net impact from planned turnarounds and the ramp-up from Bacalhau FPSO, as well as higher oil realisations following March's surge in Brent prices.
- Industrial & Midstream: RCA Ebitda was €198 m, lower YoY, with refining contribution supported by the increased international cracks in March and coupled with a sound trading performance across commodities, although partially hindered by accounting lag effects in oil supply pricing formulas.
- Commercial: RCA Ebitda was €84 m, up 37% YoY, mainly reflecting the continued improved market conditions of the B2B segment in Spain.
- Renewables: RCA Ebitda was €-2 m, lower YoY, with increased renewables energy sold hindered by a weak solar pricing environment in Iberia.
Group RCA Ebit was €773 m, following Ebitda. RCA Net Income reached €272 m.
Galp's adjusted operating cash flow (OCF) was €713 m, reflecting the strong operational delivery. Cash flow from operations (CFFO) reached €482 m, considering a working capital build of €-192 m and inventory effects of €-39 m, following the commodities' prices uplift.
Capex was primarily directed to the development of Bacalhau and the ongoing infill drilling campaign in Tupi, as well as the execution of the low‑carbon industrial projects in Sines and the continued deployment of storage capacity in Iberia.
FCF reached €47 m, while net debt at the end of the period was stable at €1.3 bn, with €46 m spent towards the execution of the ongoing 2026 share buyback programme commenced in March.
Financial Data
Conference call details
To access the analysts Q&A webcast, click here.
To access the analysts Q&A conference call, click here.
Dial-in numbers UK: +44 (0) 140 022 0156 or +44 (0) 808 175 1536 (U.K. toll free)
To listen the Q&A session, please register dial-in or enter your telephone number 10 minutes before the scheduled time to ensure your participation.