The Portuguese oil company Galp recorded a net profit attributed of 852 million euros in the first nine months of 2026, which represents a 9% drop compared to the same period of the previous year, according to the company communicated this Monday.
The company has specified that the accumulated result until September was weighed down by a negative impact of extraordinary items of 695 million euros, mainly linked to the market price valuation of financial derivatives still pending settlement, in a context of strong increases in raw material prices.
In contrast, the result adjusted for replacement costs advanced 54% year-on-year until September, standing at 1.494 billion euros.
Galp's total revenues rose in the first nine months of the year to 19.525 billion euros, 31% more than a year earlier, while the gross operating result (Ebitda) soared 67%, to 3.723 billion euros.
In the third quarter, the net profit attributed of the Portuguese multinational reached 201 million euros, 24% less than between July and September 2025, after accounting for a negative impact of 453 million due to atypicals. However, the result adjusted for replacement costs of the quarter rebounded 68% year-on-year, to 682 million euros.
In that same period, Galp's billing rose 51% year-on-year, to 7.692 billion euros, and the net debt at the end of the quarter stood at 1.428 billion, 22% higher.
"Galp's results are built over years, not quarters. Although we currently benefit from market conditions in some segments, the indicators essentially reflect the structural options for growth and transformation that Galp has been executing in a disciplined manner over decades," said Galp's co-CEO, Maria João Carioca.
Break of the agreement with Moeve
"While the discussions with Moeve about a possible merger of our 'downstream' concluded without agreement, the strategic direction and investment proposal of Galp remain unchanged," the executive indicated.
"Thanks to our solid financial position, strategic alliances along the value chain will continue to be a central element of our approach to value creation, as we maintain a strong position to generate sustainable long-term value," she emphasized.