Galp Energia: 2Q & FY upgrade meet expectations...10% DPS bump ahead; 2H catalyst pipeline reinforced

Research evidence excerpt

Galp Energia: 2Q & FY upgrade meet expectations...10% DPS bump ahead; 2H catalyst pipeline reinforced

J P M O R G A N Europe Equity Research

27 July 2026

Galp Energia Overweight

GALP.LS, GALP PL

2Q & FY upgrade meet expectations...10% DPS bump Price (24 Jul 26):€20.03

ahead; 2H catalyst pipeline reinforced Price Target (Jun-27):€22.00

Our Take - Supportive (relative). 2Q EBITDA is broadly in line with consensus European Oil & Gas

ACwith cash conversion ahead of JPMe. FY financials and production are upgraded Matthew Lofting, CFA

as anticipated in our 2Q Tactical Views report; the re-mark is oil/refining MTM led, (44-20) 7134-6301

but also includes a minority underlying uplift for E&P/refining volume upgrades, matthew.lofting@jpmorgan.com

meeting our expectations. The added delta is an ahead of Street 10% bump in the Tianyu Wu

dividend (policy baseline: 4% pa) supported by a 0.4x ND/EBITDA balance sheet. (44-20) 3493-1281

Looking forward to 2H, Galp cites strong alignment with Moeve on a downstream tianyu.wu@jpmorgan.com

J.P. Morgan Securities plc

merger and the Namibia partnership with TotalEnergies advancing. This continues

to point to an active, non-oil price dependent catalyst pipeline to YE with a further Specialist Sales contact details:

opportunity now being pursuit of a strategic partnership in renewables leveraging

Ian Mitchell - Specialist Sales -

a 360MW Spain wind acquisition announced today. Overall we think the update European Energy

ought to offer modest relative support to the shares on a day when the leg down in (44-20) 7134-1356

oil prices will take the sector lower. ian.e.mitchell@jpmorgan.com

• Noteworthy Areas: 1) 2Q financials - Solid. Adj. EBITDA €1,272m (+1%

vs. consensus). Downstream strong: Industrial and Midstream €458m (+8%

vs.