Galp revises upward forecasts for 2026 with higher estimates for oil and refining margins

Galp has raised its 2026 EBITDA forecast to €5 billion, reflecting higher oil prices and refining margins. The operational cash flow estimate also increased from €3 billion to €3.9 billion. The company expects an average Brent oil price of $90 per barrel and a refining margin of about $25 per barrel equivalent. This revision comes amid geopolitical tensions affecting energy supply. Galp reported a 68% rise in adjusted profit for Q3, driven by increased oil and gas production in Brazil and international trading operations. Additionally, negotiations with Moeve for a potential merger in refining were terminated without affecting current operations.