Galp Energia: Stay OW with 2H catalyst pipeline intact

研报英文原文证据摘录

Galp Energia: Stay OW with 2H catalyst pipeline intact

J P M O R G A N Europe Equity Research

27 July 2026

Galp Energia Overweight

GALP.LS, GALP PL

Stay OW with 2H catalyst pipeline intact Price (27 Jul 26):€19.38

Price Target (Jun-27):€22.00

While a leg down in O&G prices led the sector lower Monday, FY upgrades European Oil & Gas

ACalongside an in-line Galp 2Q met our underlying expectations. We came away from Matthew Lofting, CFA

the conf call continuing to believe the company possesses an attractive pipeline of (44-20) 7134-6301

milestones to YE. These are largely non-oil price dependent and therefore likely matthew.lofting@jpmorgan.com

to be most significant to relative price performance under de-escalatory macro Tianyu Wu

scenarios. While the divi was bumped 10% (above a baseline 4% CAGR policy) (44-20) 3493-1281

management refrained from pre-empting scope for successful restructuring to tianyu.wu@jpmorgan.com

J.P. Morgan Securities plc

unlock additional cash back. This needs to follow rather than pre-date delivery, but

alignment with Moeve on a prospective downstream merger seems well placed and Specialist Sales contact details:

the renewables business now offers additional optionality as management

Ian Mitchell - Specialist Sales -

evaluates the merits of partnerships to better leverage increased portfolio scale, European Energy

diversification (wind/solar). (44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

Key CC takeaways on 2H strategic milestones: 1) While target timing was Key Changes (FYE Dec)

revised to 2H from ‘around mid-year’ with the 2Q trading statement, downstream Prev Cur Δ

merger discussions with Moeve were positioned as advancing constructively, Adj. EPS - 26E (€) 1.81 2.12 16.8%

with all parties aligned.