Galp reported adjusted net income (RCA) of €682 million for the third quarter of 2026 and €1.49 billion for the first nine months. That is up 68% year on year for the quarter and 54% for the nine months. Galp credited record oil and gas production in Brazil, strong exports, and trading in international markets.
The IFRS picture runs the other way. Net income under International Financial Reporting Standards fell 24% year on year in the quarter, to €201 million, and 9% over the nine months, to €852 million.
Co-CEO Maria João Carioca said the results reflect "a sustained growth strategy" and the discipline of Galp's teams on complex, multiyear projects. She added: "Galp's results are built over years, not quarters." She acknowledged that Galp currently benefits from market conditions in some segments.
Upstream drives more than half of EBITDA
Oil production in Brazil reached 131,000 barrels per day as output ramped up at the Bacalhau field. Galp's newest and largest floating production unit (FPSO) has been running there for a year. Galp participates in 13 FPSOs in the Brazilian pre-salt layer.
The average Brent price rose from $70.9 to $93.9 per barrel. Together with higher volumes, that lifted Upstream adjusted EBITDA by 67% to €2 billion over the nine months. Upstream was more than half of Galp's total EBITDA, which rose 54% to €3.7 billion.
Refining margins and exports
Industrial & Midstream EBITDA rose 52% to €1.3 billion over the nine months, or 35% of the group total. The unit covers refining, trading of gas, oil and electricity in international markets, and exports of refined products.
International refining margins averaged $22.1 per barrel over the nine months and $34 in the quarter. Galp attributed this to high equipment availability at the Sines Refinery, which ran near maximum capacity during the quarter. Sines supplies Portugal's diesel needs and 85% of its jet fuel needs.
Export contribution more than tripled to €640 million over the nine months. International markets accounted for 91% of Galp's total EBITDA. During the quarter, Galp's trading teams responded to disruptions in global markets and secured Portugal's aviation fuel imports through the end of 2026.
Commercial and renewables
Commercial EBITDA rose 22% to €344 million over the nine months. Business-segment sales of petroleum products, natural gas and electricity recovered in the Iberian Peninsula. Higher B2B fuel sales, especially in Spain, offset lower consumption by individuals in Portugal and Africa.
Renewables EBITDA rose 67% to €57 million. New solar capacity came online, and Galp acquired two wind portfolios in Spain, in April and July. Installed capacity is now 2.7 GW, with wind at 19% of the portfolio.
Investment
Total investment from January 1 to September 30 was €1.34 billion, up 87% on the prior-year period. The two Spanish wind portfolios, together €738 million, were the main driver. Of the total, €960 million, more than 70%, went to decarbonization projects. That includes €184 million at the Sines Refinery, mainly for low-carbon projects. Approximately €1.1 billion was invested in the Iberian Peninsula.
Upstream took €277 million, mostly for the Bacalhau project, which has four wells connected, and for development drilling in the Tupi field. Both are in the pre-salt layer of the Santos Basin in Brazil.
| Metric (nine months to September) | Figure |
|---|---|
| Adjusted net income (RCA) | €1.49 billion, up 54% |
| IFRS net income | €852 million, down 9% |
| Total EBITDA | €3.7 billion, up 54% |
| Upstream EBITDA | €2 billion, up 67% |
| Industrial & Midstream EBITDA | €1.3 billion, up 52% |
| Total investment | €1.34 billion, up 87% |
