Galp reports 44% profit jump and eyes Angola return, refinery merger
Galp Energia announced that its net profit for the first half of 2026 reached €812 million, a 44 % rise from the same period a year earlier, while adjusted EBITDA climbed to €2.216 billion, up 47 % YoY. The increase was driven by higher oil output in Brazil, a 17 % rise in upstream production and strong Brent prices, which lifted upstream EBITDA by around 70 % and refined‑margin earnings.
The company said it is reviewing the possibility of returning to oil exploration and production in Angola, but no concrete decision has been taken. At the same time, Galp is negotiating a merger with Moeve that would combine the two firms’ refining, petrochemical and fuel‑marketing assets, with a target closing in the fourth quarter of 2026. Portuguese authorities are examining legal mechanisms to keep the Sines refinery in Portugal as part of the deal.
Entities: ABANCA · Elecnor · Galp Energia · Iberdrola · Ignacio Sánchez Galán · João Diogo Marques da Silva · Lisbon Stock Exchange · Maria João Carioca · Moeve · Sonangol
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Galp's adjusted EBITDA for the first half of 2026 was €2.216 billion, up 47 % from the same period in 2025. (first‑half 2026 EBITDA)
- [○ 1 SOURCE] Galp proposed a 10 % dividend increase to €0.70 per share, with an interim dividend of €0.35 payable in August 2026. (dividend proposal)
- [● 2 SOURCES] Elecnor reported an attributable net profit of €68.1 million for the first half of 2026, a 35.7 % increase year‑on‑year. (first‑half 2026 profit)
- [● 4 SOURCES] Iberdrola raised €5.336 billion in new sustainable financing in the first half of 2026, including €4.842 billion of green instruments. (sustainable financing)
- [● 2 SOURCES] Elecnor's first‑half 2026 EBITDA was €144 million, up 28 % from the same period in 2025. (first‑half 2026 EBITDA)
- [● 4 SOURCES] Iberdrola's total sustainable‑finance portfolio reached €71.152 billion by the end of the first half of 2026. (total sustainable financing)
- [○ 1 SOURCE] Abanca posted a first‑half 2026 net profit of €386 million, down 9.6 % year‑on‑year, while pretax profit rose 3.7 % to €501 million. (first‑half 2026 profit and pretax profit)
- [● 3 SOURCES] Galp Energia reported a first‑half 2026 net profit of €812 million, a 44 % increase year‑on‑year. (first‑half 2026 profit)
- [○ 1 SOURCE] Galp's adjusted EBITDA for the first half of 2026 was €2.216 billion, up 47 % year‑on‑year. (6584f8f2-b7ed...)
- [○ 1 SOURCE] Galp's second‑quarter adjusted net profit was €540 million, up 45 % year‑on‑year. (e806b0c2...)
- [○ 1 SOURCE] Galp is reviewing the possibility of returning to oil exploration and production in Angola, but no decision has been taken. (07f12998)
- [○ 1 SOURCE] The Portuguese government is reviewing legal mechanisms to ensure the Sines refinery remains in Portugal as part of the Moeve deal. (28f8e0a9)