Vopak Kicks Off 2026 with Robust Performance
Royal Vopak maintains a healthy occupancy rate of 91%, reflecting solid demand for its storage infrastructure. Proportional EBITDA rises 4.1% year-over-year to EUR 295 million, adjusted for currency effects and divestments.5958
CEO Dick Richelle highlights a strong start to the year. “We’ve had a strong start of the year. We saw a healthy demand for our services, which is reflected by our continuously high occupancy rate of 91%,” Richelle states.
Financial Highlights
Proportional revenues hold steady at EUR 479 million. Operating free cash flow reaches EUR 224 million, achieving a 76% conversion rate and 16.6% operating cash return. Leverage stands at 2.6x proportional, or 1.99x excluding assets under construction.58
Segment performance shows strength in chemicals and oil terminals, offsetting a slight dip in gas due to Middle East disruptions. CFO Michiel Gilsing notes, “These results highlight the strength of our well-diversified portfolio, particularly in times of increased uncertainty and volatility.”59
Growth Projects Advance
Construction progresses on key gas infrastructure in Canada, Colombia, India, and the Netherlands. Recent final investment decisions include repurposing capacity at Europoort for pyrolysis oil storage, operational in Q1 2027, and expanding Tarragona terminal in Spain by 25,000 cbm.58
Commissionings on track: fourth tank at Gate Terminal by end-Q3 2026, Reeve LPG in Canada nearing 90% completion. Since 2022, EUR 1.9 billion committed to growth, with EUR 775 million slated for 2026.
Navigating Geopolitical Challenges
Middle East conflict impacts 5% of EBITDA from terminals in Saudi Arabia and UAE, with Fujairah out of service for repairs. Richelle acknowledges, “The conflict in the Middle East introduces variables… that we are not insulated from.” Yet, diversification across regions and products mitigates risks.59
Asia & Middle East occupancy at 90%, Singapore at 95%, Netherlands 92%. China sees some pressure but industrial contracts remain solid.
2026 Outlook Unchanged
Company reaffirms full-year guidance: proportional EBITDA EUR 1.15-1.20 billion, operating free cash flow around EUR 800 million. Richelle affirms confidence: “Our focus on gas and industrial terminals is yielding positive results, and we remain confident in our ability to navigate current market challenges.”
Capital Returns and Analyst Views
Shareholder distributions target EUR 1.7 billion through 2030 via dividends and EUR 500 million buybacks. Analysts query Middle East ripple effects, China occupancy, and project timelines; management reports no major shifts, with growth and FX offsetting headwinds.
Kristof Samoy of KBC Securities asks about FIDs; Richelle confirms timelines intact. Thijs Berkelder of ODDO notes strong chemicals; Gilsing attributes to throughput and projects.
