Galp Energia's shares jumped over 6% after the Portuguese oil company reported fourth-quarter net income of €182 million, beating analyst expectations by 29%. The result came despite a 30% downgrade in consensus estimates over the past year, with group replacement-cost adjusted EBITDA reaching €619 million, a 2% beat versus consensus.

Operating cash flow of €447 million exceeded forecasts by 7%, while full-year cash generation hit €2.2 billion. Jefferies analysts maintained an "underperform" rating with a €12.20 price target, while RBC Capital Markets called the results "strong" and kept an "outperform" rating with an €18 target.

Upstream operations delivered €430 million in EBITDA, 9% above consensus, supported by production in Brazil and the Bacalhau FPSO start-up. However, industrial and midstream EBITDA missed estimates by 21% due to a major refinery turnaround. Galp guided 2026 EBITDA above €2.6 billion, below consensus expectations, and announced a €250 million share buyback program unchanged from 2025.