Galp Energia SGPS (GALP) Q2 2026 TU earnings summary

Executive summary

• Constructive negotiations continue with Moeve to combine downstream activities, targeting an agreement in the second half of 2026.

• Focus remains on ensuring long-term value and robust governance for the combined business.

Financial highlights

• Upstream working interest production reached 127 kboepd in 2Q26, up 12% year-over-year but down 2% sequentially.

• Raw materials processed increased 7% year-over-year and 21% sequentially to 22.6 mboe.

• Galp refining margin rose to $16.8/boe, up 14% sequentially.

• Oil products supply was 3.9 mton, down 5% year-over-year but up 9% sequentially.

• NG/LNG supply & trading volumes grew 6% year-over-year and 9% sequentially to 19.7 TWh.

Segment performance

• Oil products client sales were 1.8 mton, down 5% year-over-year but up 7% sequentially.

• Natural gas client sales reached 4.3 TWh, up 11% year-over-year but down 8% sequentially.

• Electricity client sales increased 21% year-over-year and 4% sequentially to 2.4 TWh.

• Renewable installed capacity rose 39% year-over-year and sequentially to 2.3 GW.

• Renewable energy sold surged 12% year-over-year and 89% sequentially to 888 GWh.