08:00 AM EDT, 07/16/2026 (MT Newswires) -- Berenberg updated its projections for Galp Energia (GALP.LS) as it took note of the delay in the Portuguese energy company's downstream merger agreement with Spanish peer Moeve. "Galp reported its Q2 2026 trading update on 13 July, highlighting a strong period from an operational point of view, although we think that this is largely reflected in consensus estimates. The company also indicated that the proposed downstream merger with Moeve is taking longer than initially expected and a firm deal should now be announced in H2," analysts wrote in a note published Wednesday. "Overall, we view the underlying performance as positive and expect guidance upgrades for FY 2026, but this is offset by the delay to the Moeve transaction." As such, the research firm raised its 2026 adjusted EPS estimate to 2.04 euros from 1.39 euros. Cash flow from operations and refining margin forecasts for the year were also increased. Meanwhile, Galp is expected to report a replacement cost adjusted EBITDA of 1.26 billion euros and an adjusted EPS of 0.79 euros for the second-quarter when it releases its results for the period on July 27. The hold rating on the stock and price target of 20 euros were both left unchanged.

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