Galp 2Q26 trading update and Moeve downstream talks

M&A update

Discussions with Moeve’s shareholders are progressing constructively and all parties remain committed to a transaction combining downstream activities. Given the scale of the proposed combination, a potential agreement is now targeted to be signed during the second half of 2026. Galp says its focus is to ensure any transaction creates long‑term value and provides the appropriate financial, governance and operational framework for the combined businesses.

Operational and trading highlights — 2Q26 (provisional)

Upstream working interest production averaged 127 kboepd in 2Q26 (oil 88%), up 12% year‑on‑year and down 2% quarter‑on‑quarter. Industrial & Midstream: raw materials processed were 22.6 mboe and Galp’s refining margin was USD 16.8/boe; NG/LNG supply & trading volumes totalled 19.7 TWh and trading volumes were 13.8 TWh. Commercial: oil products client sales were 1.8 mton and natural gas client sales 4.3 TWh. Renewables: installed capacity reached 2.3 GW (up 39% YoY) and renewable energy sold was 888 GWh (up 12% YoY), with wind representing 5% of sold renewables.

Market context

Dated Brent averaged USD 103.8/bbl in 2Q26 (+53% YoY). Dutch TTF gas was EUR 45.6/MWh and the Iberian MIBGAS gas price EUR 45.2/MWh. Iberian power baseload was EUR 55.4/MWh. The EUR/USD exchange rate averaged 1.16 in the quarter.

Reporting

Galp’s 2Q26 results will be published on July 27 before the opening of Euronext Lisbon, with an analysts’ conference call at 11:00 (Lisbon/London time). All data presented are provisional and may differ from final figures.