Galp 2Q26 results and guidance update
- Group RCA EBITDA for Q2 2026 was €1,272m.
- Net debt stood at €1.38bn at quarter end.
- Board will propose a 10% dividend increase to €0.70 per share, with a €0.35 interim payable in August 2026.
- Q2 capex of €496m included a €318m acquisition of an operational wind portfolio in Iberia.
Operational performance
Galp reported RCA EBITDA of €1,272m in Q2, supported by a volatile commodities backdrop. Upstream contributed €700m, driven by higher oil prices, increased production and the Bacalhau FPSO ramp‑up. Industrial & Midstream generated €458m on high Sines refinery availability and strong trading results. Commercial delivered €113m (+12% YoY) and Renewables €11m, reflecting higher volumes and full consolidation of the acquired wind portfolio from June.
Cash flow and earnings
Group RCA EBIT was €1,055m and RCA net income €540m. Adjusted operating cash flow for the quarter was €1,076m and cash flow from operations €1,121m, helped by positive inventory effects of €146m offset by a €101m working capital build. Free cash flow for Q2 reached €544m.
Capital allocation and balance sheet
Q2 capex totalled €496m, largely reflecting the €318m renewables acquisition and ongoing investments in Sines projects, Bacalhau development and the Tupi infill campaign. The period included an accelerated buyback of €179m and the final tranche of the 2025 dividend (€240m); consolidation of the wind portfolio added €79m of net debt.
H1 results and outlook
For H1, RCA EBITDA was €2,216m, OCF €1,789m, capex €696m and free cash flow €591m, with net debt to EBITDA improving to 0.4x. Management cites an upgraded guidance and ongoing portfolio actions; Bacalhau ramp‑up continues and the Mopane exploration/appraisal campaign in Namibia with TotalEnergies is on track to start in Q4.
Source: Galp