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Vopak reported a strong start to 2026, delivering Q1 results that it said were not materially impacted by the Middle East conflict, while confirming its 2026 outlook amid ongoing market and currency uncertainties.
For Q1 2026, Vopak reported net profit (including exceptional items) of EUR 85 million and earnings per share (EPS) of EUR 0.74.
Proportional operating free cash flow in the quarter was EUR 224 million, translating into proportional operating free cash flow per share of EUR 1.96.
Vopak said demand for storage infrastructure services remained supported by a continued strong occupancy rate of 91%. Storage capacity at the end of the period was 35.6 million cbm, with proportional storage capacity at 20.5 million cbm. Subsidiary occupancy and proportional occupancy were both 91%.
Vopak reported revenues of EUR 333 million in Q1 2026, compared with EUR 329 million in Q1 2025, supported by healthy demand across geographies and markets. The company said revenues increased by 5% excluding negative currency translation effects of EUR 12 million, driven by growth project contributions and existing business growth.
It attributed stable performance to long-term contracts, with gas and industrial terminals delivering higher throughputs year-to-date. Oil terminals also saw strong activity, while demand for chemical storage services remained weak due to global chemical market conditions.
Vopak said proportional leverage remained stable at 2.60x at the end of Q1 2026 (Q4 2025: 2.60x), within its stated target range of 2.5x to 3.0x. The impact of assets under construction was around 0.61x.
Net debt to EBITDA was 2.50x at the end of Q1 2026 (Q4 2025: 2.45x).
The company also reported that the first tranche of its EUR 500 million multi-year share buyback program is progressing. The first EUR 100 million tranche was launched, with 16% completed as of 17 April 2026.
Vopak said deployment of capital toward gas and industrial infrastructure is progressing well, with EUR 1.1 billion growth commitments under construction primarily in the Netherlands, India and Canada.
For energy transition infrastructure, the company reported around EUR 200 million of growth commitments under construction, mainly located in Brazil and Malaysia.
In Q1 2026, Vopak said it took a final investment decision to repurpose capacity at its Europoort terminal in the Netherlands for the storage of pyrolysis oil, strengthening and further integrating its industrial partnership in the terminal.
Subject to ongoing market uncertainties and currency exchange movements, Vopak confirmed its outlook for 2026. The company said its first quarter results were not materially impacted by the Middle East conflict.
Vopak also stated it is monitoring the geopolitical conflict closely, adding that the safety and well-being of its teams in the region remains its highest priority.
Exceptional items in Q1 2026 consisted of a divestment loss of EUR 7 million following the sale of HALPG to AVTL, mainly related to INR currency devaluation losses incurred since Vopak acquired the terminal in May 2022.
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