All the materials related with the results, including the video presentation from Galp’s executives, are available here.
Galp delivered another quarter of strong operational and financial performance, leveraging the quality of our assets and our people to capture market conditions. Robust cash generation during the first half of the year reinforces our confidence in the outlook for 2026, reflected in our upgraded guidance. This performance, combined with the confidence on the ongoing portfolio developments, also underpins our commitment to shareholder returns, with the Board of Directors to propose a 10% increase in the 2026 dividend per share at the next Annual General Meeting.
We remain keenly focused on executing our strategic priorities. We see strong alignment with Moeve's shareholders as discussions progress constructively, and we are taking clear steps to rebalance our renewables portfolio as we turn to opportunities to establish strategic partnerships. Looking ahead, Bacalhau ramp-up is ongoing and the partnership with TotalEnergies in Namibia is advancing, on track to commence our next exploration and appraisal campaign in Mopane during Q4.
Maria João Carioca & João Marques da Silva, co-CEOs
Second quarter 2026
Galp's second quarter performance reflected strong operational delivery in the volatile commodities price environment stemming from increased geopolitical risk in the Middle East, with repercussions on global energy markets during the period. In this context, Galp's solid asset base supported high operating cash generation and sustained a solid financial position with net debt at €1.38 bn.
RCA Ebitda reached €1,272 m:
- Upstream: RCA Ebitda reached €700 m, increasing YoY, driven by a stronger oil price environment and higher production, supported by the continued ramp-up of the Bacalhau FPSO and robust operational efficiency across the fleet in Brazil.
- Industrial & Midstream: RCA Ebitda was €458 m, higher YoY, driven by the high availability of the Sines refining system, which enabled the capture of stronger international product cracks, complemented by a sustained robust contribution from trading activities across commodities.
- Commercial: RCA Ebitda reached €113 m, up 12% YoY, supported by stronger B2B performance across Iberia and the continued recovery of the Spanish B2C business.
- Renewables: RCA Ebitda was €11 m, higher YoY, with higher volume and marginally higher solar prices offsetting lower ancillary services contribution, now fully consolidating the acquired wind portfolio from June.
Group RCA Ebit was €1,055 m, following Ebitda. RCA Net Income amounted to €540 m.
Galp’s adjusted operating cash flow (OCF) was €1,076 m, reflecting the strong operating performance. Cash flow from operations (CFFO) reached €1,121 m, benefitting from positive inventory effects of €146 m, partially offset by a working capital build of €101 m.
Capex reached €496 m during the period, primarily reflecting the €318 m acquisition of a Renewables portfolio of operational wind assets in Iberia, alongside organic investments in the execution of low-carbon industrial projects in Sines, the development of Bacalhau, and the ongoing infill drilling campaign in Tupi.
FCF reached €544 m, while net debt was mostly stable, after also considering, the final tranche of the dividend related to 2025 fiscal year in the amount of €240 m, and an accelerated buyback execution of €179 m during the period, as well as the consolidation of €79 m of net debt position from the wind portfolio acquisition.
First half 2026
Galp’s RCA Ebitda was €2,216 m, while OCF was €1,789 m, reflecting a robust operating performance under a volatile commodities' price environment.
Capex stood at €696 m, mainly considering the €318 m acquisition of the Renewables wind portfolio in Iberia, the execution of the green H2 and HVO/SAF projects in Sines' industrial complex, and the Tupi infill campaign and the deployment of the Bacalhau project in the Brazilian pre-salt.
Free cash flow amounted to €591 m, supporting a strong financial position by the end of the first half, with net debt to Ebitda improving to 0.4x.
Short term outlook - guidance update
Galp is updating its macroeconomic assumptions and revising its operational and financial guidance for the year:
Distributions to shareholders update
In recognition of the robust year-to-date performance, outlook for the remainder of 2026 and strong strategy execution, Galp’s Board of Directors will propose to the Annual General Shareholders Meeting of 2027 a dividend per share increase of 10% to €0.70 per share, with the first interim anticipation of €0.35 payable in August 2026.
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.