Galp Energia, SGPS, S.A. Q3 2026 Earnings Recap

Galp shares fell 11.1% after the results, despite the company raising full-year guidance. The transcript does not identify a specific earnings shortfall; the failed Mueve deal and higher upstream unit costs were potential concerns, while management said the cost increase was not a new normal.

Key Takeaways

• Full-year guidance was raised to around $5 billion of EBITDA and close to $3.9 billion of operating cash flow.
• Management said net debt remained broadly stable despite higher working-capital needs and the wind-portfolio acquisition.
• Upstream operating costs were $4.4 per barrel. Management attributed the step-up to seasonal maintenance and one-off Bacalhau ramp-up costs, not a new run rate.
• Discussions with Mueve ended without an agreement; management said it would pursue partnerships only on value-creating terms.
• Galp expects Bacalhau to be at plateau throughout 2027, contributing approximately 40,000 barrels on a working-interest basis.