Royal Vopak has reported a solid start to 2026, posting first-quarter revenues of EUR 333 million and a net profit of EUR 85 million, as the global tank storage company confirmed its full-year outlook despite ongoing market uncertainties and currency headwinds.
Financial Performance
Vopak’s Q1 2026 results reflected healthy demand for storage infrastructure services across its global portfolio. Excluding negative currency translation effects of EUR 12 million, revenues grew 5 percent year-on-year, supported by contributions from growth projects and existing business expansion. Proportional revenues remained broadly stable at EUR 479 million, while proportional EBITDA came in at EUR 295 million, representing a margin of 58.4 percent, a slight improvement on the 58.1 percent recorded in Q1 2025.
Proportional operating free cash flow reached EUR 224 million in the quarter, translating to EUR 1.96 per share,a 7 percent increase when excluding currency translation effects and divestment impact. The company’s occupancy rate held firm at 91 percent across both subsidiary and proportional measures.
Net profit attributable to ordinary shareholders decreased to EUR 85 million from EUR 100 million in Q1 2025, largely due to an exceptional loss of EUR 7 million related to the divestment of Hindustan Aegis LPG (HALPG), driven primarily by Indian rupee currency devaluation losses accumulated since Vopak acquired the terminal in May 2022. Earnings per share for the quarter came in at EUR 0.74, compared to EUR 0.85 in the prior year period.
Growth Investments on Track
Vopak continued to deploy capital across its strategic growth priorities. A total of EUR 1.1 billion in growth commitments are currently under construction, focused primarily on gas and industrial infrastructure in the Netherlands, India, and Canada. A further EUR 200 million in energy transition infrastructure projects are underway, mainly in Brazil and Malaysia.
In Q1 2026, the company took a final investment decision to repurpose capacity at its Europoort terminal in the Netherlands for the storage of pyrolysis oil, further integrating an existing industrial partnership at the site.
Proportional growth capital expenditure for the quarter was EUR 110 million, reflecting investments across joint ventures in Canada, the Netherlands, India, and the United States.
Share Buyback and Capital Allocation
Vopak’s EUR 500 million multi-year share buyback programme, announced in February 2026, is progressing as planned. The first tranche of EUR 100 million was launched, and 16 percent had been completed as of April 17, 2026. Proportional leverage remained stable at 2.60x at the end of Q1 2026, in line with the company’s target range of 2.5 to 3.0x.
CEO Outlook
Vopak’s CEO noted that the company is closely monitoring the geopolitical situation in the Middle East, emphasising that the safety and well-being of teams in the region remains the highest priority. The company said its Q1 results were not materially impacted by the conflict and that its diversified portfolio provides sufficient resilience to absorb the financial impact within the range of its full-year 2026 outlook — subject to the volatility of current market conditions.
“We are well-positioned to achieve our ambition of investing EUR 4 billion by 2030, supporting our operating cash return range of 13 percent to 17 percent,” the CEO said.
For more information visit www.vopak.com
