Galp posts €812 million adjusted first-half 2026 profit as Bacalhau start-up lifts output 17%
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Galp's sharply higher 1H26 adjusted earnings were driven by a 17% rise in Brazil output and a 28% YoY increase in average Brent to $92.30/bbl, underscoring supportive crude fundamentals and strong refining margins. Continued capex into wind assets and Sines green hydrogen/renewable fuels projects highlights an accelerating transition strategy but near-term results remain levered to upstream and refining profitability.
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Portugal’s Galp said its adjusted net income in the first half of 2026 rose to €812 million, helped by the start-up of Brazil’s Bacalhau field that lifted oil and gas production 17% year on year. The company also benefited from a 28% year-on-year jump in average Brent crude prices to $92.30 a barrel. Upstream contributed more than 60% of EBITDA, which topped €2.2 billion. Refining earnings were supported by historically high crack spreads.
