Galp still open to deals after Moeve talks collapse

Galp remains an attractive consolidation target despite the collapse of merger talks with Spain’s Moeve, chair Paula Amorim said on Monday, arguing that the Portuguese energy group is still well placed for other combinations. The comments suggest Galp still sees strategic value in reshaping its downstream business even after the failed negotiations.

Amorim said the plan to combine refining and distribution operations with Moeve had “significant potential”, but the parties were unable to reach a commercial agreement. She also said the industrial logic of partnering in downstream while keeping Galp’s profitable oil exploration and production business under its own control remains “compelling”.

According to Amorim, Galp is “exceptionally well positioned”, with one of the sector’s most attractive upstream growth profiles, solid industrial and commercial operations, and a diversified portfolio spanning renewables and trading activities. She added that this mix of businesses, together with a strong balance sheet and substantial cash generation, gives Galp a solid base to keep growing, investing and creating value.

The comments came as Galp also reported a 68% year-on-year jump in third-quarter net profit to €682 million, driven by higher oil prices and stronger refining margins. That performance led the company to raise its 2026 EBITDA guidance to about €5 billion from about €4 billion.

Galp shares had risen 10.7% in the five sessions after the Moeve talks were announced on January 8, but moved sharply lower on Monday after the negotiations ended. The stock was down 9% during the session, which, if confirmed at the close, would mark its biggest one-day fall since December 9, 2025.

Originally published at Eco.pt