Koninklijke Vopak N.V.

Latest Results (15.05.2026):

Koninklijke Vopak N.V. — Q1 2026: Vopak reported a strong start to 2026 with Q1 net profit (including exceptional items) of EUR 85 million and EPS of EUR 0.74. The company generated proportional operating free cash flow of EUR 224 million (EUR 1.96 per share) and reported a 91% occupancy rate. Vopak confirmed its FY 2026 outlook despite ongoing market and currency uncertainties and advanced material growth and energy-transition investments.

Key financial results

Q1 2026 consolidated revenues were EUR 333 million (Q1 2025: EUR 329m). Proportional revenues were EUR 479 million (stable vs prior year after reported translation and divestment impacts). Proportional EBITDA was EUR 295 million (Q1 2025: EUR 300m); excluding negative currency translation and divestment effects, proportional EBITDA rose ~4% year‑on‑year.

Cash flow and returns

Proportional operating free cash flow in Q1 2026 was EUR 224 million (EBITDA‑to‑cash conversion ~≥76%) and proportional operating free cash flow per share EUR 1.96. Proportional operating cash return edged down to 16.6% (from 16.8% in Q1 2025). Proportional leverage remained stable at 2.60x; total net debt : EBITDA was 2.50x.

Capital allocation & growth projects

Vopak continues to deploy capital to gas, industrial and energy‑transition infrastructure: around EUR 1.1–1.3 billion of growth commitments are under construction (notably Netherlands, India, Canada; also Brazil and Malaysia for energy transition). Proportional growth capex in Q1 was EUR 110 million; consolidated growth capex spent EUR 86 million. Several FIDs and commissioning milestones are progressing (Gate tank #4 ~90% complete, REEF Canada on budget, Europoort repurposing ~20k cbm to pyrolysis oil).

Shareholder returns

The company launched the first tranche of a multi‑year EUR 500 million share buyback program (first tranche EUR 100m) and had completed ~16% of that EUR 100m tranche by 17 April 2026. Vopak remains committed to capital returns within its allocation framework.

Exceptional items and headwinds

Q1 included an exceptional divestment loss of EUR 7 million related to the sale of HALPG (INR devaluation effects). Management said Q1 results were not materially impacted by the Middle East conflict but is monitoring geopolitical and FX risks that could affect future results.

Outlook

Vopak confirmed its FY 2026 outlook: proportional operating free cash flow (excl. exceptional items) expected around EUR 800 million; proportional EBITDA (excl. exceptional items) expected EUR 1,150–1,200 million. Outlook is unchanged but subject to ongoing market uncertainty and foreign exchange movements (company noted FY 2026 assumptions EUR/USD 1.15 and EUR/SGD 1.48).