- Oil and gas production in Brazil, exports, and trading in the international market account for 91% of operating results up to the end of September. Export revenue tripled to €640 million in the same period.
- Investment of €960 million in decarbonization, including the acquisition of wind farms in Spain and green hydrogen and advanced biofuels (HVO/SAF) projects in Portugal.
The increase in oil and natural gas production in Brazil to a new record, the strong export performance, and oil and gas trading activities in international markets boosted Galp's adjusted net income (RCA) to €682 million in the 3rd quarter of 2026, and to €1.49 billion in the first nine months of the year.
Net income thus increased by 68% year-on-year in the third quarter, and by 54% in the first nine months. According to International Financial Reporting Standards (IFRS), net income fell by 24% year-on-year in the quarter, to €201 million, and by 9% in the first nine months, to €852 million.
'These results reflect a sustained growth strategy, the courage to invest at crucial moments, the quality of the assets we develop, and the discipline with which our teams execute complex projects over several years,' says Co-CEO Maria João Carioca. 'Galp’s results are built over years, not quarters. Although we currently benefit from market conditions in some segments, the indicators essentially reflect structural growth and transformation choices that Galp has been implementing in a disciplined manner for decades.'
Oil production in Brazil reached 131,000 barrels per day with the ramp-up of production from the Bacalhau field, where Galp has had its largest and most recent floating production unit (FPSO) in operation for a year, out of the 13 in which it participates in the deep waters of the Brazilian pre-salt layer.
This increase in production, coupled with a rise in the average price of Brent crude from $70.9 to $93.9 per barrel, was decisive in driving up the adjusted replacement cost (RCA) before interest, taxes, depreciation, and amortization (EBITDA) of the Upstream sector by 67% to €2 billion in the first nine months of the year compared to the same period last year.
This figure represented more than half of Galp's total EBITDA in the nine months to the end of September, which increased 54% year-on-year to €3.7 billion.
Results from abroad represent 91% of the total.
The Industrial & Midstream division recorded a 52% year-on-year increase in EBITDA for the first nine months, to €1.3 billion, representing 35% of Galp's total EBITDA. This unit includes refining activities, as well as the trading of gas, oil and electricity in international markets, and exports of refined products.
In total, operating results originating from international markets accounted for 91% of Galp's total EBITDA, with exports standing out, whose contribution more than tripled in the nine months to €640 million.
Galp benefited from the significant improvement in international refining margins, which stood at $22.1 per barrel over the nine months (and $34 in the quarter), due to the high availability of equipment at the Sines Refinery, which operated near its maximum capacity during the quarter.
The industrial investments made in the refinery have strengthened its capacity to meet demand and ensured the supply of Portugal's diesel needs and 85% of its jet fuel needs, the products that are traded at the highest premium.
During the quarter, Galp's trading teams actively responded to disruptions in global markets, already securing Portugal's aviation fuel import needs until the end of 2026, reinforcing Galp's contribution to the security of national energy supply.
Comercial 's results benefited primarily from the recovery in sales of petroleum products, natural gas, and electricity to the business segment in the Iberian Peninsula. In fuel sales, the increase in B2B sales, especially in Spain, offset the decline in consumption by individuals in Portugal and Africa. Comercial's EBITDA from the beginning of the year to the end of September increased by 22% to €344 million.
Renewables recorded positive growth in all its operational indicators, driven by the commissioning of new solar capacity and the contribution of two wind asset acquisitions in Spain in April and July. These operations increased Galp's installed capacity to 2.7 GW, with wind power now representing 19% of the total portfolio. EBITDA increased 67% year-on-year to €57 million over the nine months .
Focus of investment on decarbonization and in Brazil
Total investment between January 1 and September 30 reached €1.34 billion, an 87% increase compared to the same period of the previous year, driven mainly by the acquisition of two wind power asset portfolios in Spain, representing a combined investment of €738 million. Of the total investment made in these nine months, €960 million, or more than 70%, was directed towards decarbonization projects, including €184 million in the Sines Refinery, primarily for the development of low-carbon projects. Approximately €1.1 billion was invested in the Iberian Peninsula.
The Upstream division absorbed €277 million, primarily allocated to the development of the Bacalhau project, which already has four wells connected, and to the drilling of development wells in the Tupi field, both in the pre-salt layer of the Santos Basin in Brazil.
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Source: Galp
