Welcome, everyone, and thank you for joining us for Galp's half year 2026 results. We continue to operate in a highly volatile market environment, with Brent and refining margins moving well above the levels we assumed at the start of the year. Our operating performance has kept pace and , as a result, we're raising our full year 2026 group EBITDA guidance to around EUR 4 billion, up from the above EUR 2.6 billion previously.
Operating cash flow guidance moves in tandem to around EUR 3 billion. This includes a stronger upstream production, now expected at around 130,000 b p d, and a continued robust midstream contribution. As we incorporate updated macro assumptions for the full year, with Brent now assumed at $80/bbl and refining margins at $13/bbl . Turning to the quarter itself.
Upstream production came in at 127,000 bbl of oil equivalent per day, slightly lower quarter-on-quarter, as the more visible impact from planned maintenance was mostly offset by the continued ramp-up of Bacalhau, which remains on track with three producers connected and revealing exceptional well productivities. Upstream EBITDA was EUR 700 million, with improved oil realisations mitigating increased transportation costs, although partially hindered by downwards revaluations of underlying positions. In industrial and midstream, Sines operations returned to near full availability and captured the international products cracks with a realised refining margin of $16.80/bbl , while we see market volatility and high cracks environment persisting into July.
Midstream delivered another strong quarter, with EBITDA further supported by a partial reversal of the non-cash accounting lag effects that weighed on the first quarter. The segment rose its EBITDA to EUR 458 million. Commercial EBITDA reached EUR 113 million, up 12% year-on-year, reflecting the usual seasonal uplift, as well as improved market conditions across the Iberian B2B segments, which more than offsets the pressure demand environment. Renewables EBITDA was EUR 11 million, higher quarter-on-quarter, supported by higher solar resource and increased installed capacity, and already consolidating in June the wind portfolio acquired back in April.
At the group level, EBITDA reached approximately EUR 1.3 billion, and operating cash flow followed suit at EUR 1.1 billion. CapEx for the quarter was EUR 496 million, including the EUR 318 million cash out from the recent wind portfolio acquisition. The strong cash delivery allowed Galp to sustain its net debt, accommodating not only the renewables acquisition, but also shareholder distributions of EUR 240 million in dividends, and an accelerated buyback of EUR 179 million.
All in all, net debt remained rather stable at EUR 1.38 billion, with net debt to EBITDA slightly improving to 0.4x . In recognition of the strong year-to-date performance, outlook, and strategy execution, Galp's Board of Directors will propose to the annual general shareholders meeting of 2027 a dividend per share increase of 10%, raising 2026 DPS to EUR 0.70. This reflects the board's confidence in the resilience of our cash dividend base across the cycle, underpinned by the quality of our upstream asset base and the continued Bacalhau ramp-up. Let me now turn to strategy execution, as we've been very actively optimizing our portfolio.
We just announced the acquisition of a new wind portfolio in operation as we have been actively rebalancing our renewables business towards a higher quality, more diversified platform. After integrating these two wind portfolios, Galp will hold 2.7 GW of installed capacity, doubling our annual generation versus 2025, with wind now accounting for around 30% of the mix and strengthening the resilience of our earnings profile.
Consistent with the capital optimization initiatives being pursued across Galp's broader portfolio, this transaction strengthens Galp's strategic positioning and increases our flexibility to evaluate partnership opportunities towards optimized ownerships and financing structures under potential deconsolidation alternatives, while aiming to retain the optionality in our exposure to the growing Iberian power market.
On the downstream combination with Moeve, discussions continue to progress constructively. All parties remaining well aligned on the merits of the transaction. Now, given the scale of the transaction and the number of work streams still in progress, including extensive due diligence across multiple geographies, we now target a final agreement in the second half of the year.
Finally, on Namibia, I am pleased to report that our strategic partnership with TotalEnergies has secured all regulatory and governmental approvals. The parties are now progressing on the remaining Joint Venture documentation required for completion. In the meanwhile, we continue to progress the preparations for the next exploration and appraisal campaign at Mopane, targeting drilling during the fourth quarter.
In parallel, the PEL 56 partners continue to progress towards final investment decision on the Venus development. We remain closely aligned in support of the project's planned timeline. To summarize, a quarter of strong operational delivery, a meaningfully improved outlook, and continued progress across all our main strategic initiatives that are shaping Galp's differentiated equity story. Thank you so much for listening.