The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the first quarter of 2026. All data referred to below is currently provisional and may differ from the final figures.
Galp’s 1Q26 results will be published on April 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
| |
|
| |
1Q25 |
4Q25 |
1Q26 |
Var. YoY |
Var. QoQ |
| Working interest production (kboepd) |
105 |
113 |
129 |
23% |
14% |
| Oil (%) |
87% |
87% |
87% |
- |
- |
Industrial & Midstream
| |
|
| |
1Q25 |
4Q25 |
1Q26 |
Var. YoY |
Var. QoQ |
| Raw materials processed (mboe) |
21.7 |
9.9 |
18.7 |
(14%) |
89% |
| Galp refining margin (USD/boe) |
5.6 |
6.9 |
14.8 |
n.m. |
n.m. |
| Oil products supply1 (mton) |
3.6 |
3.0 |
3.5 |
(1%) |
16% |
| NG/LNG supply & trading volumes1 (TWh) |
12.6 |
17.4 |
18.0 |
42% |
3% |
| Trading (TWh) |
6.3 |
11.4 |
12.7 |
n.m. |
11% |
1 Includes volumes sold to the Commercial segment.
Commercial
| |
|
| |
1Q25 |
4Q25 |
1Q26 |
Var. YoY |
Var. QoQ |
| Oil products - client sales (mton) |
1.6 |
1.8 |
1.7 |
2% |
(5%) |
| Natural gas sales - client sales (TWh) |
4.7 |
4.3 |
4.7 |
1% |
11% |
| Electricity - client sales (TWh) |
2.0 |
1.8 |
2.3 |
14% |
25% |
Renewables
| |
|
| |
1Q25 |
4Q25 |
1Q26 |
Var. YoY |
Var. QoQ |
| Renewable installed capacity1 (GW) |
1.5 |
1.7 |
1.7 |
8% |
- |
| Renewable energy sold2 (GWh) |
390 |
428 |
471 |
21% |
10% |
| Galp realised sale price (EUR/MWh) |
71 |
43 |
23 |
(67%) |
(46%) |
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
| |
|
| |
1Q25 |
4Q25 |
1Q26 |
Var. YoY |
Var. QoQ |
| Exchange rate (EUR/USD) |
1.05 |
1.16 |
1.17 |
11% |
1% |
| Dated Brent price (USD/bbl) |
75.7 |
63.7 |
81.1 |
7% |
27% |
| Dutch TTF natural gas price (EUR/MWh) |
47.0 |
30.0 |
39.5 |
(16%) |
31% |
| Iberian MIBGAS natural gas price (EUR/MWh) |
46.8 |
29.7 |
39.7 |
(15%) |
33% |
| Iberian power baseload price1 (EUR/MWh) |
85.3 |
70.9 |
44.2 |
(48%) |
(38%) |
| Iberian solar market price2 (EUR/MWh) |
60.8 |
44.9 |
22.6 |
(63%) |
50% |
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 solar price indicator is estimated based on pool prices on solar hours.