Galp posts record Q3 profit, lifts 2026 EBITDA target

Galp reported a record third-quarter net profit of €682 million, up 68% from a year earlier, as higher oil prices and stronger refining margins boosted earnings at Portugal’s largest oil and gas company. The result beat the average analyst estimate of €634 million and matters for investors because the group also raised its full-year 2026 EBITDA target again.

In a statement published on Portugal’s securities market website, Galp said adjusted net profit was supported by record oil and natural gas production in Brazil, strong export performance and oil and gas trading in international markets. Third-quarter EBITDA rose 67% to €1.522 billion, above the average estimate of €1.474 billion.

For the first nine months of the year, net profit rose 54% to a record €1.494 billion, while EBITDA increased 54% to €3.737 billion. Galp said international refining margins averaged $22.1 per barrel over the nine-month period and $34 in the quarter, helped by high equipment availability at its Sines refinery, which operated close to full capacity during the quarter.

The company said oil production in Brazil reached 131,000 barrels a day as output ramped up at the Bacalhau field. Combined with a rise in the average Brent price to $93.9 per barrel from $70.9 a year earlier, that drove a 67% increase in upstream RCA EBITDA to €2 billion in the first nine months, accounting for more than half of Galp’s total EBITDA in the period.

Galp raised its 2026 EBITDA target to close to €5 billion, after previously upgrading it in July to €4 billion. The results were released shortly after the company said it had ended talks with Spain’s Moeve on a potential merger of their refining and distribution businesses without reaching an agreement, although Galp said its strategic direction and investment plans were unchanged.

Originally published at Eco.pt