Galp’s Q1 2026 results prompted a modestly positive market reaction (+2.3%), reflecting operational execution in challenging market conditions and solid contributions from Upstream, though management maintained a conservative outlook and refrained from raising guidance despite commodity tailwinds.

• Upstream delivered at the upper end of previously stated guidance (125,000–130,000 bpd), supported by Bacalhau ramp-up; third producer now connected but full plateau still expected later in 2026.
• Refining margins averaged $10–$12/bbl for the quarter, but have been subject to significant volatility; recent input cost inflation and margin compression flagged, especially in European operations.
• Net debt remained stable quarter-on-quarter, despite working capital impacts from higher commodity prices.
• Management continues to monitor geopolitical disruptions and price dislocations but highlighted stable operations and steady progress on Namibian exploration and Iberian downstream merger discussions.
• Despite higher energy prices, company leadership retained a conservative posture on full-year guidance and did not signal changes to shareholder distribution policy at this stage.