Galp Energia SGPS SA (GLPEY)
OTHER OTC:GLPEY
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Earnings Data
Report Date
Jul 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
0.24Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly constructive operational and financial picture: production delivered at the top end of guidance, balance sheet remained stable despite a material working capital build, Midstream and hedging positions provide visible cash-flow support for 2026, and strategic moves (Moeve, renewables, Namibia progress) offer medium-term upside. These positives are tempered by notable macro volatility, a short-term squeeze on refining margins (especially in Europe), a realized equity-crude discount (~$5/bbl), and remaining execution/timing uncertainties around Bacalhau ramp-up and Namibian developments. On balance, the company's delivery, financial resilience and clear sensitivities outweigh the current headwinds.Company Guidance
Upstream production at top end of guidance
Delivered at the very top end of 2026 guidance (125,000–130,000 bbl/d), with Brazil performing strongly and Bacalhau contributing to the outturn; Bacalhau ramp-up ongoing with plateau expected later in 2026.
Stable net debt despite working capital build
Net debt remained stable quarter-on-quarter despite an approximately €200 million working capital build, demonstrating balance-sheet resilience during a period of rising commodity prices.
Midstream strong outlook and contribution
Midstream guidance above €500 million for 2026; trading gas contributes ~70% of Midstream performance and a large portion of this is already locked for 2026 (~70%).
Refining availability and margin upside potential
Refineries operating with strong availability; average Refining margins since quarter were ~$10–$12/bbl (spiking into the $20s on some days). Management expects to operate at full availability in coming quarters to capture market conditions.
Hedging and risk management in place
Refining hedges in 2026: ~28 million barrels locked (~1/3 of throughput) at approximately $8/bbl. Venture LNG offtake hedged at ~70–75% for 2026. Hedging and risk limits are governed by Board-approved policies.
Commercial resilience and retail actions
Commercial/retail campaigns and discount mechanisms implemented to protect customers; observed March volume increases (notably in Spain). Non-fuel business accounts for ~22% of the Commercial segment, supporting resilience.
Renewables and portfolio diversification
Acquisition increases wind share to ~25% of generation mix, enhancing portfolio balance and optionality; management open to opportunistic renewables deals to diversify generation profile.
Strategic M&A progress (Moeve) and downstream consolidation
Discussions on the Moeve downstream merger evolving positively with a potential agreement expected by mid-year; structure expected to create self-funded, ring-fenced industrial vs retail businesses and to be value accretive.
Clear sensitivity metrics to navigate volatility
Management provided clear earnings sensitivities to guide planning: roughly $160 million of EBITDA (OCF) per $5/bbl change in Brent and ~$200 million per $5 change in Refining margin.
Upstream cash flow potential from Bacalhau
Management expects Bacalhau to deliver approximately €400 million of operating cash flow once at plateau; Bacalhau benefits from a 50/50 concession/PSC regime which implies a more benevolent tax profile vs some legacy assets.
GLPEY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GLPEY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 27, 2026 | $11.24 | $11.32 | +0.72% |
Mar 02, 2026 | $10.76 | $11.41 | +6.12% |
Oct 27, 2025 | $9.83 | $10.18 | +3.57% |
Jul 21, 2025 | $9.16 | $9.36 | +2.24% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Galp Energia SGPS SA (GLPEY) report earnings?
Galp Energia SGPS SA (GLPEY) is schdueled to report earning on Jul 27, 2026, Before Open (Confirmed).
What is Galp Energia SGPS SA (GLPEY) earnings time?
Galp Energia SGPS SA (GLPEY) earnings time is at Jul 27, 2026, Before Open (Confirmed).
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What is GLPEY EPS forecast?
Currently, no data Available