Galp profits rise 68% as merger talks with Moeve collapse

Galp Energia Moeve refining margins Iberian Peninsula Sines refinery

Galp Energia reported a 68% increase in adjusted net profit for the third quarter, reaching 682 million euros. This growth was driven by record refining margins and higher oil prices amid Middle East tensions. The company also raised its 2026 adjusted EBITDA forecast to between 4 billion and 5 billion euros.

Despite the strong financial results, Galp shares fell over 10% on the Lisbon stock exchange following the announcement that negotiations with Spanish firm Moeve to merge downstream operations had ended without an agreement. The proposed deal would have combined refining, petrochemical, and fuel marketing businesses across the Iberian Peninsula.

Galp executives stated that while they are not actively seeking a new partner at this moment, they remain open to future strategic partnerships and consolidation opportunities. The company reaffirmed its commitment to its current investment priorities, including green hydrogen and advanced biofuels projects at the Sines refinery.

Entities

Carlyle Group · Galp · Galp Energia · Moeve · Mubadala Investment Company · Sines Refinery

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] The Sines refinery supplies over two-thirds of Portugal's diesel and aviation fuel consumption. jornaleconomico.sapo.pt
[● 2 SOURCES] Moeve is owned by Mubadala Investment Company and the Carlyle Group. jornaleconomico.sapo.pt
[○ 1 SOURCE] The proposed deal would have included the Sines refinery, as well as refineries in Huelva and Cadiz.
[○ 1 SOURCE] Galp and Moeve ended negotiations for a business combination without reaching an agreement.
[● 2 SOURCES] Galp is not currently active in the market for transactions but is prepared for potential future deals. jornaleconomico.sapo.pt
[○ 1 SOURCE] Galp is maintaining investment priorities in green hydrogen and advanced biofuels in Sines.