Galp shares fell 8.6% to €20.99 on October 26, 2026, after the energy company announced that negotiations over a potential combination of downstream activities with Moeve had ended without agreement. The decline came despite higher third-quarter profit and an increase in Galp’s full-year adjusted earnings outlook.

Galp shares retreat as downstream deal falls through

Galp’s announcement ending the Moeve negotiations follows a non-binding agreement disclosed on January 8, 2026, involving Galp and Moeve’s shareholders, Mubadala Investment Company and The Carlyle Group. The proposed transaction concerned downstream activities, rather than a combination of all the companies’ businesses.

Galp Chairperson Paula Amorim said the parties had been unable to achieve the commercial alignment needed for an enduring partnership. Although Galp continues to see a strategic case for downstream consolidation, the negotiations did not produce an agreement.

The company said the outcome does not affect its existing operations or change its investment case and capital allocation priorities. It plans to continue transforming its commercial and industrial activities and pursuing portfolio optimisation through strategic partnerships.

Higher profit and guidance provide a contrasting backdrop

Galp reported third-quarter net profit of €682 million, compared with €407 million a year earlier. It also raised its annual adjusted EBITDA forecast from €4 billion to approximately €5 billion, supported by higher oil and gas prices, stronger refining margins and increased hydrocarbon production.

The company increased its annual Brent crude price assumption from $80 to $90 per barrel and raised its refining-margin expectations. Those assumptions underpin management’s outlook; they are not realized full-year results.

Despite the October 26 decline, Galp’s stock remained up 44% year to date. The share-price move therefore contrasted with both the stronger quarterly profit and the higher annual forecast, without establishing a single cause for the selling.

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