Galp Energia SGPS SA (GLPEF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to GALP's second quarter 2026 results presentation. I will now pass the floor to Joao Goncalves Pereira, Head of Investor Relations. Good morning, everyone, and welcome to GALP's second quarter 2026 Q&A session. I'm joined today by our co-CEOs, Maria Joao 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 will be making forward-looking statements that are based on our current estimates. Actual results could differ due to factors outlined in our cautionary statements within the published materials. With this, Maria Joao, would you like to say a few words? Thank you, Joao, and good morning, everyone. During the second quarter, GAL continued to operate in what we know was a very highly volatile market environment. It is therefore rather reassuring to have a high quality asset base that allows us to capture market tailwinds, sustain our financial performance, and maintain net debt rather stable despite relevant cash outflows during the quarter. Acknowledging this continued market uncertainty, but also the strong operating performance in the first half of the year, we are updating our full yield The Board will propose a 10% increase to the 2026 dividend per share. This brings it to 70 cents. with the first advancement on this payment to take place in August. This reflects not only the strong results delivered so far in 2026, but also the board's confidence in the resilience and quality of Gallup's portfolio across the cycle. Testimony to this quality, our upstream portfolio continued to demonstrate outstanding performance. Legacy assets maintained very strong uptime levels, while the t...