Vopak reports strong start of the year and confirms 2026 outlook

The Netherlands, 22 April 2026 

Vopak reports strong start of the year and confirms 2026 outlook 

Key highlights Q1 2026 

Improve

• Net profit -including exceptional items- Q1 2026 of EUR 85 million and EPS of EUR 0.74
• Proportional operating free cash flow in Q1 2026 of EUR 224 million leading to a proportional operating free cash flow per share of EUR 1.96 
• First quarter results were not materially impacted by the Middle East conflict
• Subject to ongoing market uncertainties and currency exchange movements, we confirm our outlook for 2026
• First tranche of EUR 100 million, part of the multi-year share buyback program,  was launched and 16% had been completed up to 17 April 2026

Grow

• The deployment of capital towards gas and industrial infrastructure is progressing well, in total EUR 1.1 billion growth commitments are under construction primarily in the Netherlands, India and Canada

Accelerate

• In Q1 2026, we have taken a final investment decision to repurpose capacity at our Europoort terminal in the Netherlands for the storage of pyrolysis oil, strengthening and further integrating our industrial partnership in the terminal
• The deployment of capital towards energy transition infrastructure is progressing, in total EUR ~200 million growth commitments are under construction mainly located in Brazil and Malaysia 
  

 
CEO message
We had a strong start of the year, with occupancy rate at 91%. Building on our proven track record of strategic execution, we are well positioned to capture growth opportunities in gas and industrial infrastructure as well as infrastructure for the energy transition. We are closely monitoring the geopolitical conflict in the Middle East. Above all, the safety and well-being of our teams in the region remains our highest priority, and we have taken necessary measures to ensure their protection. Our first quarter results were not materially impacted by the conflict. We anticipate that our well-diversified portfolio provides the resilience to absorb the financial impact of the current situation within the range of our FY 2026 outlook. This is based on currently available information and is subject to change given the volatility of markets. We are well-positioned to achieve our ambition of investing EUR 4 billion by 2030, supporting our operating cash return range of 13% to 17%.

Financial Highlights for Q1 2026

IFRS Measures -including exceptional items- 

• Revenues of EUR 333 million in Q1 2026 (Q1 2025: EUR 329 million) supported by healthy demand for storage infrastructure services across different geographies and markets underpinned by a continued strong occupancy rate of 91%. Excluding negative currency translation effects of EUR 12 million, revenues increased by 5% driven by growth projects contribution and existing business growth. Supported by long-term contracts, gas and industrial terminals delivered a stable performance and achieved higher throughputs year-to-date. Oil terminals also saw strong activity, driven by high infrastructure demand across energy markets. Demand for chemical storage services continued to be weak, reflecting global chemical market conditions.
• Operating expenses consisting of personnel and other expenses increased to EUR 166 million in Q1 2026 (Q1 2025: EUR 160 million) mainly due to an exceptional loss on the divestment of Hindustan Aegis LPG (HALPG) of EUR 7 million.
• Cash flows from operating activities decreased to EUR 196 million in Q1 2026, compared to EUR 306 million in Q1 2025, largely driven by lower dividends received as well as timing effects of dividends declared.
• Consolidated operating capex decreased to EUR 40 million in Q1 2026 (Q1 2025: EUR 44 million).
• Consolidated growth capex spent in Q1 2026 was EUR 86 million (Q1 2025: EUR 94 million). The majority of the growth projects are in joint ventures and associates.
• Net profit attributable to holders of ordinary shares decreased to EUR 85 million in Q1 2026 compared to EUR 100 million in Q1 2025, largely driven by the exceptional divestment loss of HALPG and lower results from joint ventures and associates. 
• Earnings Per Share (EPS) for Q1 2026 was EUR 0.74 compared to EUR 0.85 in Q1 2025, reflecting lower net profit, though partially offset by a reduced number of shares driven by our share buyback programs.

Alternative performance measures -excluding exceptional items-¹

Financial KPIs

• Proportional revenues remained stable at EUR 479 million in Q1 2026 compared to EUR 488 million in Q1 2025 reflecting a resilient portfolio performance. Excluding negative currency translation effects of EUR 23 million and divestment impact of EUR 3 million proportional revenues increased by 4% year-on-year.
• Proportional EBITDA in Q1 2026 was at EUR 295 million (Q1 2025: EUR 300 million). The decrease was mainly driven by currency translation effects of EUR 15 million partially offset by growth contributions of EUR 9 million. Excluding negative currency translation effects and divestment impact, proportional EBITDA increased by 4% year-on-year.
• Proportional EBITDA margin increased to 58.4% (Q1 2025: 58.1%) driven by our resilient portfolio and supported by lower proportional operating expenses.
• Proportional operating capex was stable in Q1 2026 at EUR 47 million compared to EUR 48 million in Q1 2025.
• Proportional operating free cash flow in Q1 2026 was EUR 224 million (Q1 2025: EUR 228 million) resulting in an EBITDA-to-cash conversion of ~76% (Q1 2025: ~76%).
• Proportional operating cash return Q1 2026 decreased to 16.6% compared to 16.8% in Q1 2025 reflecting continued strong cash generation and broadly stable average capital employed.
• Proportional operating free cash flow per share increased to EUR 1.96 per share (Q1 2025: EUR 1.95) a 7% increase excluding currency translation effects and divestment impact.

Capital allocation

• Proportional leverage at the end of Q1 2026 was stable at 2.60x (Q4 2025: 2.60x) driven by increased investments in growth projects, in line with our ambition to stay within the range of 2.5-3.0x. The impact of assets under construction was around 0.61x at Q1 2026.
• Total net debt : EBITDA was 2.50x at the end of Q1 2026 (Q4 2025: 2.45x).
• Proportional growth capex in Q1 2026 was EUR 110 million (Q1 2025: EUR 117 million) reflecting key growth investments in our joint ventures in Canada, the Netherlands, India and the United States.
• The first tranche of our EUR 500 million multi-year share buyback program, announced on 25 February 2026, is progressing well. Since its start, 16% of the first EUR 100 million tranche has been completed by 17 April 2026. For progress on our share buyback program please visit our website.

Business KPIs

• Proportional occupancy in Q1 2026 decreased to 91.0% (Q1 2025: 91.7%) reflecting a continued strong demand for infrastructure services.

Exceptional items
In Q1 2026 consisted of divestment loss of EUR 7 million following the sale of HALPG to AVTL, mainly due to INR currency devaluation losses incurred since Vopak acquired the terminal in May 2022.

For more information please contact:
Vopak Press: Liesbeth Lans - Manager External Communication, e-mail: global.communication@vopak.com
Vopak Analysts and Investors: Fatjona Topciu - Head of Investor Relations, e-mail: investor.relations@vopak.com

The analysts’ presentation will be given via an on-demand audio webcast on Vopak’s corporate website, starting at 08:30 AM CEST on 22 April 2026.
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. The content of this report has not been audited or reviewed by an external auditor.

¹See Consolidated Financial Statements for reconciliation to the most directly comparable subtotal or total specified by IFRS Accounting Standards

Attachment

• Press Release Q1 2026