Galp Energia SGPS SA's shares fell more than 3% on Monday after the company released its second‑quarter results.
The group posted net income of €540 million, surpassing the median analyst estimate of €489 million and the average estimate of €494 million compiled by Visible Alpha. Replacement‑cost‑adjusted (RCA) EBITDA for the quarter was €1.27 billion, slightly below the consensus forecast of €1.28 billion. The shortfall was driven by upstream EBITDA of €700 million, which missed expectations by roughly 6% due to a downward revaluation of under‑lifting positions at quarter‑end. By contrast, industrial and midstream EBITDA reached €458 million, beating forecasts by about 7% thanks to accounting lag effects in oil‑supply pricing formulas that added more than €50 million, while commercial EBITDA of €113 million exceeded expectations by roughly 10% on stronger B2B performance across Iberia and improvements in the Spanish consumer business.
The board proposed increasing the 2026 dividend per share by 10% to €0.70, with an interim dividend of €0.35 payable in August. The company also reaffirmed its 2026 guidance of approximately €4 billion RCA EBITDA and about €3 billion operating cash flow, which Jefferies said is broadly in line with consensus. Net debt rose €31 million quarter‑on‑quarter to €1.38 billion, reflecting cash outflows for the acquisition of a 361‑MW on‑shore wind portfolio in Spain from Acciona Energía for an enterprise value of €420 million, together with dividend payments of €240 million and share buybacks of €179 million. This acquisition follows an earlier purchase announced in April of a 351‑MW wind portfolio from Helia Funds. The two transactions raise Galp’s total installed renewable capacity to 2.7 GW, with wind assets accounting for roughly 30% of the portfolio.
Co‑CEOs Maria João Carioca and João Marques da Silva said the company sees strong alignment with Moeve’s shareholders, is rebalancing its renewables portfolio, continues the Bacalhau ramp‑up, and that the partnership with TotalEnergies in Namibia is progressing, with the next exploration and appraisal campaign in Mopane slated for Q4.