Berenberg: Galp Energia's Terminated Downstream Merger Talks with Moeve Overshadow 'Solid' Q3 Results

01:17 PM EDT, 10/27/2026 (MT Newswires) -- Galp Energia's (GALP.LS) "solid" third-quarter results were overshadowed by the termination of its downstream merger talks with Spanish energy company Moeve, Berenberg said in a note published Tuesday. "Galp Energia (Galp) reported a solid set of Q3 results on 26 October, highlighting good operational performance across the group, beats versus consensus estimates and increased 2026 guidance supported by the strong macro backdrop. However, the shares closed down c11%, primarily in response to the proposed downstream merger with Moeve not proceeding with the companies being unable to reach commercial alignment," analysts wrote. The research firm made "limited" revisions to its near-term forecasts as it took into account the Portuguese energy group's results and updated guidance. The changes included higher EBITDA, EBIT and adjusted operating cash flow projections for 2026. In terms of share buybacks, Berenberg raised its 2027 expectations by 4% to 784 million euros. The hold recommendation on Galp's stock and price target of 22 euros remain unchanged.