Earnings call transcript: Galp falls 10% after q3 2026 guidance boost

Galp reported strong third-quarter results but saw its stock price fall 9.67% to $20.65 after raising full-year guidance. The Portuguese energy company boosted its 2026 EBITDA outlook to around EUR 5 billion and its operating cash flow target to near EUR 3.9 billion. Commercial delivery hit a record level, with over 80% of volumes coming from outside Portugal and the convenience business accounting for about one-third of commercial delivery.

In upstream, Galp highlighted progress on the Bacalhau project in Brazil, which is expected to reach plateau production and support output through 2027, as well as progress in Namibia with an exploration and appraisal drilling campaign at Mopane. Despite the positive outlook, investors appear to be seeking more than updated guidance, leading to the sharp decline in Galp shares.