Galp Energia, Sgps S.a. Class BEURONEXT: GALP

Trading Update 3Q26

· Issued by Galp Energia, Sgps S.a. Class B

Summary by 6ix

Galp released provisional operating, trading and market data for the third quarter of 2026. It will publish full third-quarter results on October 26, before the opening of Euronext Lisbon (the Lisbon stock exchange), and hold an analysts' conference call that day at 11:00 (Lisbon/London time).

Key details

  • Working interest production (Galp's share of output) was 131 thousand barrels of oil equivalent per day in the third quarter of 2026, compared with 115 in the third quarter of 2025 and 127 in the second quarter of 2026. Oil made up 90% of production.
  • The Galp refining margin (what Galp earns from refining crude oil into products) was USD 33.8 per barrel of oil equivalent in the third quarter of 2026, compared with USD 9.5 a year earlier and USD 16.8 in the second quarter of 2026.
  • Renewable installed capacity was 2.7 gigawatts (GW) at the end of the third quarter of 2026, compared with 1.7 GW a year earlier. Renewable energy sold was 1,174 gigawatt hours (GWh), compared with 826 GWh, with wind making up 19%.
  • Natural gas and liquefied natural gas supply and trading volumes were 21.4 terawatt hours (TWh) in the third quarter of 2026, compared with 17.0 TWh a year earlier. Electricity sales to clients in the Commercial segment were 2.5 TWh, compared with 1.8 TWh.
  • The Dated Brent oil price was USD 97.0 per barrel in the third quarter of 2026, compared with USD 69.1 a year earlier. The Iberian power baseload price, based on the Spanish power pool price, was EUR 121.9 per megawatt hour (MWh), compared with EUR 66.6.

What’s still pending

  • All figures are provisional and may differ from the final figures.

6ix wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/galp-energia-sgps-s-a-trading-update-3q26

Watch Galp Energia, Sgps S.a. Class B explain itGalp Energia SGPS SA (GLPEF) Q2 2026 Earnings Call · Replay · Jul 27

The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the third quarter of 2026. All data referred to below is currently provisional and may differ from the final figures.

Galp's 3Q26 results will be published on October 26, before the opening of Euronext Lisbon. On that day, the Company will hold an analysts' conference call at 11:00 (Lisbon/London time).

Upstream

3Q25 2Q26 3Q26 Var. YoY Var. QoQ
Working interest production (kboepd) 115 127 131 14% 3%
Oil (%) 86% 88% 90% - -

Industrial & Midstream

3Q25 2Q26 3Q26 Var. YoY Var. QoQ
Raw materials processed (mboe) 22.7 22.6 22.2 (2%) (2%)
Galp refining margin (USD/boe) 9.5 16.8 33.8 n.m. n.m.
Oil products supply1 (mton) 4.1 3.9 4.1 1% 7%
NG/LNG supply & trading volumes1 (TWh) 17.0 19.7 21.4 26% 9%
Trading (TWh) 11.8 13.8 15.8 33% 14%

1 Includes volumes sold to the Commercial segment.

Commercial

3Q25 2Q26 3Q26 Var. YoY Var. QoQ
Oil products - client sales (mton) 2.0 1.8 2.0 (1%) 10%
Natural gas sales - client sales (TWh) 3.6 4.3 4.2 16% (3%)
Electricity - client sales (TWh) 1.8 2.4 2.5 37% 6%

Renewables

3Q25 2Q26 3Q26 Var. YoY Var. QoQ
Renewable installed capacity1 (GW) 1.7 2.3 2.7 64% 18%
Renewable energy sold2 (GWh) 826 890 1,174 42% 32%
o.w. Wind (%) 1% 5% 19% n.m. n.m.

1 Installed capacity at the end of the period.
2 Indicator adjusted for a better representation of the operating performance. Represents renewable generation sold and remunerated, including ancillary services. Figures for 2025 have been restated accordingly.

Market Indicators

3Q25 2Q26 3Q26 Var. YoY Var. QoQ
Exchange rate (EUR/USD) 1.17 1.16 1.15 (2%) (1%)
Dated Brent price (USD/bbl) 69.1 103.8 97.0 40% (7%)
Dutch TTF natural gas price (EUR/MWh) 32.4 45.6 63.4 95% 39%
Iberian MIBGAS natural gas price (EUR/MWh) 32.8 45.2 64.7 97% 43%
Iberian power baseload price1 (EUR/MWh) 66.6 55.4 121.9 83% n.m.
Iberian solar market price2 (EUR/MWh) 33.1 19.5 56.4 70% n.m.
Iberian wind market price2 (EUR/MWh) 68.0 59.1 131.2 93% n.m.

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 Iberian solar and wind market prices are based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE) and on the power generation published by the Electricity Network of Spain (REE).

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