Galp Energia SGPS SA (GLPEF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to GALP's first quarter 2026 results presentation. I will now pass the floor to João Gonçalves Pereira, Head of Investor Relations. Good morning, everyone, and welcome to GALP's first quarter 2026 Q&A session. I'm joined today by our co-CEOs, Medeiros Van Carioca and João Marques da Silva, as well as the full executive team. But before passing the mic for some quick opening remarks, let me start with our usual disclaimer. During today's session, we'll be making four looking statements that are based on our current estimates. Actual results could differ due to factors outlined in our questionnaire statements within the published materials. Having said this, João, would you like to say a few words? Of course. Thank you, João, and good morning, everyone. GALP had a strong start to 2026. in a quarter marked by higher volatility and geopolitical tensions in the Middle East. GATT has no direct exposure to the region. Our operations are mainly Atlantic-based. Still, we are closely monitoring developments and the impact can be felt globally. Due to disruptions across parts of the value chain, our midstream team has actively managed crude and refined product supply. Well done. This allowed us to, so far, to secure a healthy position for GALP and for Portugal. In our commercial business, we have also reinforced campaigns and discount mechanisms to help our customers to manage the impact of higher fuel prices. And overall, during the quarter, we have continued to run our operations efficiently. In March, our upstream and industrial assets showed strong availability allowing us to benefit from higher commodity prices. Maria João, over to you. Thank you, João. Good morning, everyone. The quarter's solid operational performance that João...