Galp Energia (GALP.LS): 2Q26 Supported by Industrial and Midstream, Raises Guidance on Macro Tailwinds

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Galp Energia (GALP.LS): 2Q26 Supported by Industrial and Midstream, Raises Guidance on Macro Tailwinds

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27 Jul 2026 04:12:02 ET │ 12 pages

Galp Energia (GALP.LS)

2Q26 Supported by Industrial and Midstream, Raises Guidance on

Macro Tailwinds

CITI'S TAKE Neutral

Price (24 Jul 26 16:30) €20.03 Galp's 2Q26 EBITDA was in-line with market expectations. Similar to IOC

Target price €21.50 peers, 2Q was marked by strong performance in the industrial and

midstream. Meanwhile, the ramp-up of Bacalhau (Brazil) continues to Expected share price return 7.3%

support upstream performance. The balance sheet sits comfortably in the Expected dividend yield 3.3%

lower half of IOC peers and has enabled Galp to raise FY26 dividend Expected total return 10.6%

guidance +10% and execute on another renewables transaction, Market Cap €14,763M

announced this morning. The company raised its FY26E guidance to US$16,782M

incorporate macro tailwinds, however consensus is already there on

EBITDA expectations.

Kate O’SullivanAC2Q26 Summary — 2Q adjusted net income of €0.54B is 10% above company

issued consensus, whilst adjusted EBITDA of €1.3B is in-line. EBITDA rose 35% QoQ +44-20-7986-5704

driven by industrial and midstream, offset partially by upstream. Refining margin kate.osullivan@citi.com

rose 14% QoQ to $16.8/b and was supported by strong availability. 2Q production of Alastair R Syme

127 kboed was down marginally QoQ due to planned maintenance offsetting ramp- alastair.syme@citi.com

up from Bacalhau (15kboed in 2Q).

Oliver G Connor

Financial Framework — 2Q net debt is relatively flat QoQ despite outflows for the Tianhong Bi, CFA

dividend, buyback and the acquisition of the wind portfolio announced in April

(€0.32 B). 0.5x Net Debt/CFFO 2Q26 remains at the lower end of IOC peers. The