Galp's Q2 adjusted profit jumps 45% on Brazil output, refining margins

Galp Energia SGPS SA

27/07/2026 07:20

LISBON, July 27 (Reuters) - Portugal's Galp Energia GALP.LS on Monday posted a 45% jump in second-quarter adjusted net profit, beating expectations on higher oil output in Brazil, stronger crude prices and refining margins.
Galp said its adjusted net income rose to €540 million ($616 million) in the April-June period from €373 million a year ago, exceeding the €494 million consensus provided by the company.
It said the board of directors will propose a 10% increase in the 2026 dividend per share at the next AGM.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 52% year-on-year to €1.27 billion in the second quarter, Galp said.
EBITDA from crude production in Brazil's prolific offshore fields, Galp's main business, rose 73% to €700 million, which it said was driven by the start-up and ramp-up of the floating production, storage and offloading vessel at the Bacalhau field and higher average Brent prices. 
Galp's share of oil and gas production from its projects in Brazil rose 12% year-on-year to 127,000 barrels per day, while average Brent crude prices LCOc1 increased to $103.8 per barrel from $67.9 a year earlier. 
The company said its refining unit was the second-largest contributor to earning, with EBITDA rising 43% to €458 million in the quarter as refining margins jumped to $16.8 per barrel from $6.1 a year ago.
     
($1 = 0.8770 euros)

(Reporting by Sergio Goncalves; Editing by Kirsten Donovan)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net/))