Galp profit rises 68% to €682 million in third quarter on Brazil output

Third-quarter profit rises 68%

Galp Energia reported adjusted net profit of €682 million for the third quarter of 2026, up 68% from €407 million in the same quarter of 2025 and above the €540 million it posted in the second quarter, according to figures sent to the Portuguese securities regulator CMVM. The company attributed the growth to higher output in Brazil, stronger exports of refined products and oil and gas trading on international markets. Adjusted EBITDA, measured at replacement cost, rose 67% in the quarter to €1,522 million. Under international accounting standards (IFRS), which reflect the effect of oil inventories, net profit fell 24% in the quarter to €201 million.

Q3 2025407

Q2 2026540

Q3 2026682

Q3 2025

407 € million

Q2 2026

540 € million

Q3 2026

682 € million

Data from the article text

Nine-month results and Brazil output

Over the first nine months of 2026, adjusted net profit reached €1,494 million, up 54% from €973 million a year earlier. IFRS net profit for the same period fell 9% to €852 million. Adjusted EBITDA for the nine months climbed 54% to €3,737 million. Oil output in Brazil reached a new high of 131,000 barrels per day, helped by the gradual ramp-up at the Bacalhau field. Brent averaged $93.9 per barrel in the nine months, compared with $70.9 in the same period of 2025, according to RTP.

Nine months 2025973

Nine months 20261,494

Nine months 2025

973 € million

Nine months 2026

1494 € million

Data from the article text

Where the profit came from

Exploration and production generated EBITDA of roughly €2,000 million in the first nine months, up 67% and more than half of the group total. The Industrial and Midstream unit, which covers refining and the trading of oil, gas and electricity on international markets, posted EBITDA of €1,300 million, a 52% increase. International activities accounted for 91% of Galp's EBITDA in the period. Exports from the industrial segment more than tripled to €640 million. Refining margins reached $22.1 per barrel over the nine months and $34 in the third quarter, with the Sines refinery running close to its maximum capacity during the quarter.

"The industrial investments made at the refinery strengthened its capacity to respond to demand and ensured supply of Portugal's diesel needs and 85% of its jet fuel needs." Galp's statement also said jet fuel imports for Portugal are secured through the end of 2026. The company said its trading teams responded to disruptions in global markets during the third quarter.

Moeve talks end and shares fall

Galp ended negotiations with the Spanish company Moeve on a possible combination of its refining and fuel marketing businesses because the two sides did not reach an agreement. The Sines refinery will remain fully within Galp for now. Shares in Galp fell 8.97% to €20.90 around 09:40 in Lisbon on Monday, 26 October 2026, while the PSI index was down 0.64% at 9,185.04 points. Other Portuguese stocks also fell, with NOS down 2.03%, while Mota-Engil and CTT rose more than 2%.

Galp raised its forecast for 2026 adjusted EBITDA from €4,000 million to €5,000 million, citing higher oil price estimates and stronger refining margins. Analysts and the market focused on the end of the Moeve talks, which had been aimed at combining parts of the two companies' downstream operations.