Galp Q1 2026 Results

Financial performance

RCA EBITDA was €943m (Upstream €685m; Industrial & Midstream €198m; Commercial €84m; Renewables €-2m). Group RCA EBIT reached €773m and RCA net income was €272m. Upstream strength reflected higher production in Brazil and Bacalhau FPSO ramp‑up, with oil realisations supported by a March Brent price surge; Industrial & Midstream results were lower year‑on‑year despite stronger refining cracks in March and solid commodity trading, partly offset by accounting lag effects in oil supply pricing formulas. Commercial improved on B2B market conditions in Spain; Renewables were affected by weak solar prices in Iberia.

Cash flow & balance sheet

Adjusted operating cash flow was €713m and cash flow from operations €482m, after a working capital build of €-192m and inventory effects of €-39m. Free cash flow amounted to €47m. Net debt remained stable at €1.3bn, and €46m was spent under the 2026 share buyback programme.

Capital spending & operations

Capex focused on Bacalhau development, ongoing infill drilling in Tupi, low‑carbon industrial projects in Sines and the deployment of additional storage capacity in Iberia.

Corporate developments

An exploration and appraisal campaign in Namibia is planned to start later this year; discussions with Moeve shareholders on a potential downstream merger are progressing with an agreement still expected by mid‑year.