Lisbon, July 27, 2026 (Lusa) - Portuguese energy company Galp is set to propose a 10% increase in its 2026 dividend, raising it to €0.70, and has revised its EBITDA and operating cash flow forecasts for this year upwards to €4 billion and €3 billion, respectively.
«The Board will propose a 10% increase in the dividend per share for 2026. This brings the amount to 70 cents,» said the oil company's co-CEO, Maria João Carioca, on Monday during a conference call with analysts, adding that the first interim payment will take place in August.
In addition, she announced an upward revision to the forecast earnings before interest, taxes, depreciation and amortisation (EBITDA) and operating cash flow for the current financial year, which now stand at €4 billion and €3 billion respectively, compared with the previously forecast €2.6 billion and €2 billion.
As she pointed out, these decisions «reflect not only the solid results achieved so far in 2026, but also the Board of Directors' confidence in the resilience and quality of Galp's portfolio throughout the cycle».
Contributing to this optimism is the trend in the price of a barrel of Brent crude, which in Galp's initial forecast for this year – prior to the outbreak of the conflict in the Middle East – was $60, but currently stands at $80 and, for the second half of the year, is projected at $70 per barrel.
Furthermore, Galp is now forecasting stronger oil production, estimated at around 130,000 barrels per day, and a «robust and sustained contribution from the refining segment», with margins rising to $13 per barrel – well above previous forecasts of $5.5 per barrel.
Regarding the merger agreement between Galp and Moeve for their refining and marketing businesses, which is expected to be finalised in the second half of this year, the Portuguese oil company merely stated that «discussions are progressing constructively», with «strong alignment» with the Spanish company's shareholders.
«It is a transaction designed to create long-term value, which in the short term will not be affected by refining margins,» explained Galp's co-CEO João Marques da Silva, adding that «discussions are progressing well», but that it is a «complex» operation.
«By bringing our downstream activities together, we believe the combined business will be better positioned to generate value, increase scale, strengthen competitiveness and consolidate its strategic position,» he said, emphasising that the company's focus is on ensuring that «any transaction is the most appropriate for Galp and its shareholders, delivering sustainable long-term value».
Looking ahead, Maria João Carioca highlighted that «the expansion of the Bacalhau project [in Brazil] is underway» and that «the partnership with TotalEnergies in Namibia is progressing», with everything «on track to commence the next exploration and appraisal campaign in Mopane during the fourth quarter».
With regard to renewables, Marques da Silva highlighted the acquisition of a new portfolio of 15 wind farms in Spain, announced today, as a «final step in the restructuring of Galp's renewable energy business», «transforming it into a stronger, higher-quality platform».
«The 361-megawatt portfolio, which is already fully operational, complements the acquisition we announced in April. This brings our total renewable energy capacity to 2.7 gigawatts, with wind power now accounting for around 30% of the mix, and increases our ‘pro forma' renewable energy EBITDA to around €110 million in 2026», he emphasised.
«With this acquisition, our renewable energy portfolio gains greater scale, a better balance between technologies and greater resilience. It also provides us with more flexibility and options as we assess future partnership opportunities and alternative ownership structures,» he added.
Galp announced today a 44% increase in profit to €812 million in the first half of the year compared with the same period last year, driven by higher oil production in Brazil and the average Brent crude price.
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Lusa
