Berenberg updates forecasts as Galp Energia stock loses 2.09 percent

Published on 10/01/2026 at 16:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Galp lifted 2026 EBITDA guidance to EUR 4.00 billion in July. Galp Energia stock costs EUR 22.01 on October 1, 2026 after EUR 22.48, minus 2.09 percent.

Isometrisches 3D-Diagramm der Energie-Wertschöpfungskette von Bohrplattform bis Tankstelle — Galp Energia SGPS SA (PTGAL0AM0009) deckt die gesamte Energie-Wertschöpfungskette von Förderung bis Tankstelle ab, Illustration mit AI erstellt.

Galp Energia stock (ISIN PTGAL0AM0009) was trading at EUR 22.01 at Lang & Schwarz on October 1, 2026 at 4:37 p.m. CEST, down 2.09 percent from the prior close of EUR 22.48. On September 21, 2026, MarketScreener reported that Berenberg updated its Galp forecasts while keeping a Hold rating.

Refining supports the forecast reset

The Berenberg update followed Galp's second-quarter 2026 results and a stronger refining backdrop. The company entered the final quarter with a market value of EUR 16.5 billion as of October 1, 2026, giving the refining outlook a direct valuation implication.

In the second-quarter 2026 earnings call on July 27, 2026, Yahoo Finance reported that Galp set full-year 2026 EBITDA guidance at EUR 4.00 billion and operating cash flow guidance at EUR 3.00 billion. Management also proposed a 10.00 percent increase in the 2026 dividend per share to EUR 0.70.

Cash generation meets portfolio changes

The guidance matters because Galp is balancing operating momentum with investment across upstream, refining, and renewables. The same July 27, 2026 transcript stated that the company had reached 2.70 GW of renewable capacity and expected EUR 110.00 million of pro forma renewables EBITDA for 2026.

For the stock, the market is pricing a relatively narrow distance to the yearly peak. The October 1, 2026 primary-market range was EUR 13.96 to EUR 23.18, placing the Lang & Schwarz price 5.05 percent below the 52-week high. The comparison gives investors a clearer chart reference than the daily decline alone.

Next results date is October 26

MarketScreener lists October 26, 2026 as Galp's next earnings release and presentation date, while October 12, 2026 is listed for the third-quarter operating update. Those dates will test whether the EUR 4.00 billion EBITDA guidance remains supported by refining and upstream performance.

Galp Energia, SGPS, S.A. is listed on Euronext Lisbon under ticker GALP and operates in the integrated oil and gas industry. The further course of trading is shown by the continuously updated real-time quote of Galp Energia stock.