Progress Amid Challenges

Galp is making progress in downstream activities, with constructive discussions ongoing with Moeve shareholders to unlock value and strengthen competitiveness. The company's renewable acquisitions have been at a higher valuation, raising questions about the expected equity IRR and the reliance on repowering for value creation. Overall, Galp's updated guidance reflects strong operational performance and favorable macro conditions, but challenges remain in terms of market volatility and export taxes.