Galp (GALP.LS): Data Update: Updating our estimates following the 2Q26 trading update

Research evidence excerpt

Galp (GALP.LS): Data Update: Updating our estimates following the 2Q26 trading update

Equity Research

16 July 2026 | 8:41PM CEST

Galp (GALP.LS): Data Update: Updating our estimates following the

2Q26 trading update

Changes and implications Michele Della Vigna, CFA

+39(02)8022-2242 |

Galp released its 2Q26 trading statement on July 13th, with the company reporting michele.dellavigna@gs.com

Goldman Sachs Bank Europe SE - Milan

working interest production at 127 kboepd (-2% qoq, +12% yoy). In downstream, branch

the company reported a refining margin of US$16.8/boe for 2Q26 vs US$14.8/boe in Quentin Marbach

1Q26 with higher raw materials processed at 22.6 mboe (+21% qoq). Oil products +44(20)7774-7644quentin.marbach@gs.com|

supply was 3.9 mton (+9% qoq). Galp’s total NG/LNG supply & trading volumes were Goldman Sachs International

Yulia Bocharnikova19.7 TWh in 2Q26 (+9% qoq). +44(20)7051-6299 |

yulia.bocharnikova@gs.com

Following the 2Q26 trading update, we make adjustments to our quarterly estimates Goldman Sachs International

Anastasia Shalaeva(release due July 27) leading to a 2Q26E EPS broadly unchanged at €0.60 (from +971(4)214-9908 |

€0.59), with our E&P operating income estimate decreasing to €601mn from anastasia.shalaeva@gs.comGoldman Sachs International

€730mn (-€129mn, -18%), reflecting the softer production offset by a lower tax rate Will Chen

assumption (45% vs 52%). Our Industrial & Energy Management operating income +971(4)214-9942 | will.y.chen@gs.com Goldman Sachs International

estimate is unchanged at €350mn. Overall, our 2Q26 operating income estimate is

down 11% from €1,133mn to €1,004mn.

There is no change to our annual EPS estimates. We do not view these changes as

material, and there is no change to our investment view, rating or price target.