Galp Sees Rodrigo Vilanova Step Down From the Energy Management Vertical on Family Health Grounds — Executive Commission Shrinks to Five as Jorge Fernandez Vidal Joins the Non-Executive Bench

Galp Energia SGPS has confirmed the departure of Rodrigo Vilanova, the executive administrator who built and ran the group's Energy Management vertical — the trading-and-portfolio function that monetises Galp's upstream gas, refined-products and electricity positions across the Iberian and broader European desk. The announcement, filed with the Comissão do Mercado de Valores Mobiliários (CMVM, Portuguese Securities Commission) on 3 June 2026, points to family health reasons and a personal need to prioritise that responsibility over the operational demands of the role.

Vilanova joined Galp roughly five years ago to build out the Energy Management line — a unit that did not exist in its current form when the group's strategic pivot toward integrated energy-and-commodities trading was framed under the 2020 plan. The vertical has since become one of the load-bearing contributors to the group's volatility-buffered EBITDA, particularly through 2022's gas-price spikes and 2024's intermediated electricity volumes into the Iberian MIBEL. The internal characterisation of the platform inside Galp's most recent investor communications was as a function of "crescente importância estratégica" — growing strategic importance — to the group's commodities footprint.

The Comissão Executiva (Executive Commission) drops from six members to five with Vilanova's departure. Galp's corporate governance practice — anchored in the CMVM Código de Governo das Sociedades framework and the group's own Regulamento Interno — does not force an immediate replacement, and the remaining executives will absorb the Energy Management portfolio across the existing functional split during the rest of the current mandato (mandate). Paula Amorim, Chair of the Conselho de Administração and the de facto controlling-shareholder voice through the Amorim Energia stack, formally acknowledged Vilanova's role in establishing the Energy Management unit and respected his decision to prioritise family matters.

The Conselho de Administração simultaneously co-opted Jorge Fernandez Vidal as a non-executive member, slotting him into the seat that completes the current mandate (which ends in 2026). The non-executive appointment is a governance-balance move rather than a replacement of the Vilanova operational seat — under Portuguese SGPS practice and the CMVM corporate-governance code, the ratio of non-executive to executive directors carries weight for the recomendações on board independence, and the co-option keeps the board at its statutory complement.

For the equity story, the read-across is neutral-to-slightly-negative on near-term execution and neutral on strategy. Vilanova was not a face of the consumer business — the brand-and-mobility energy vertical — nor of the upstream Namibia exploration narrative that has carried the Galp valuation through the 2024-2026 reservoir-confirmation tape on the Orange Basin. The Energy Management book is more sensitive to continuity than the other operational verticals because trading desks rely heavily on individual relationships with counterparties, banks providing credit lines and clearing houses. The internal redistribution of responsibilities and the existing depth of the trading team should contain the risk, but investors will watch the upcoming Capital Markets Day for the post-Vilanova governance map.

Galp's shares closed Tuesday at €18.62 on the Euronext Lisbon, with the news landing after market close and before the Wednesday session opened against the backdrop of the CGTP greve geral. The group has a market capitalisation in the €14 billion range and remains a constituent of the PSI Geral and the PSI 20 indices.