Vopak reports strong first half 2026 results, increases FY 2026 outlook and announces EUR 0.72 interim dividend
The Netherlands, 30 July 2026
Vopak reports strong first half 2026 results, increases FY 2026 outlook and announces EUR 0.72 interim dividend
Key highlights
Improve
- Net profit -including exceptional items- Q2 2026 of EUR 101 million and EPS of EUR 0.89
- Proportional operating free cash flow in HY1 2026 of EUR 444 million leading to a proportional operating free cash flow per share of EUR 3.88
- Increased 2026 outlook range for proportional EBITDA to EUR 1,180 - 1,220 million and proportional operating free cash flow to around EUR 820 million
- Announced interim dividend of EUR 0.72, increasing the frequency of dividend payments to semi-annual
- First tranche of EUR 100 million, part of the multi-year share buyback program, is progressing well with 45% completed up to 24 July 2026
Grow
- The deployment of capital towards gas and industrial infrastructure is progressing well, in total EUR 1.7 billion growth commitments have been taken of which EUR 1.1 billion is currently under construction. The majority of projects currently under construction are expected to be commissioned by year-end 2027
- A conditional final investment decision has been taken to secure the continuation of EemsEnergyTerminal for the period 2028–2036
Accelerate
- The deployment of capital towards energy transition infrastructure is progressing, in total around EUR 650 million growth commitments have been taken of which around EUR 575 million is currently under construction
- Investment decision has been taken on two utility-scale battery energy storage projects in the Netherlands, allocating a total of EUR 371 million to BESS in Q2 2026
| Q2 2026 | Q1 2026 | Q2 2025 | In EUR millions | HY1 2026 | HY1 2025 | |
| IFRS Measures -including exceptional items- | ||||||
| 343.9 | 333.2 | 322.6 | Revenues | 677.1 | 651.5 | |
| 101.3 | 85.1 | 218.8 | Net profit / (loss) attributable to holders of ordinary shares | 186.4 | 318.6 | |
| 0.89 | 0.74 | 1.89 | Earnings per ordinary share (in EUR) | 1.63 | 2.74 | |
| 271.0 | 195.6 | 189.9 | Cash flows from operating activities (gross) | 466.6 | 495.8 | |
| - 86.1 | -88.8 | -159.1 | Cash flows from investing activities (including derivatives) | - 174.9 | -296.6 | |
| Alternative performance measures -excluding exceptional items- 1 | ||||||
| 489.9 | 479.1 | 493.7 | Proportional revenues | 969.0 | 982.1 | |
| 305.7 | 294.6 | 315.4 | Proportional group operating profit / (loss) before depreciation and amortization (EBITDA) | 600.3 | 615.3 | |
| 219.8 | 224.4 | 222.9 | Proportional operating free cash flow | 444.2 | 450.5 | |
| 101.3 | 92.1 | 117.1 | Net profit / (loss) attributable to holders of ordinary shares | 193.4 | 214.9 | |
| 0.89 | 0.80 | 1.01 | Earnings per ordinary share (in EUR) | 1.69 | 1.85 | |
| Business KPIs | ||||||
| 35.7 | 35.6 | 35.8 | Storage capacity end of period (in million cbm) | 35.7 | 35.8 | |
| 20.5 | 20.5 | 20.4 | Proportional storage capacity end of period (in million cbm) | 20.5 | 20.4 | |
| 91% | 91% | 91% | Subsidiary occupancy rate | 91% | 91% | |
| 91% | 91% | 91% | Proportional occupancy rate | 91% | 92% | |
| Financial KPIs 1 | ||||||
| 16.1% | 16.6% | 17.0% | Proportional operating cash return | 16.4% | 16.9% | |
| 15.3% | 15.5% | 15.2% | Proportional operating cash return (12 months rolling basis) | 15.3% | 15.2% | |
| 2,834.5 | 2,675.1 | 2,735.8 | Net interest-bearing debt | 2,834.5 | 2,735.8 | |
| 2.47 | 2.50 | 2.54 | Total net debt : EBITDA | 2.47 | 2.54 | |
| 1.92 | 1.96 | 1.93 | Proportional operating free cash flow per share (in EUR) | 3.88 | 3.88 | |
| 2.87 | 2.60 | 2.65 | Proportional leverage | 2.87 | 2.65 | |
| Sustainability performance 2 | ||||||
| Total Injury Rate (TIR), per 200,000 hours worked | 0.27 | 0.22 | ||||
| Lost-time Injury Rate (LTIR), per 200,000 hours worked | 0.12 | 0.12 | ||||
| Process Safety Event Rate (PSER), per 200,000 hours worked | 0.14 | 0.09 | ||||
| Total GHG emissions - Scope 1 & 2 (metric tons) | 79.1 | 92.8 | ||||
| Percentage women in senior management positions | 23.7% | 22.4% |
CEO message We continued to deliver strong performance driven by a healthy demand for our service, despite volatility in global energy and manufacturing markets. The diversification of our portfolio, across geographies and products, has again proven to be a structural strength, enabling us to meet our customers' evolving needs for energy security, affordability and sustainability. During the first six months of the year, we continued to execute our growth strategy, addressing the growing global need for critical energy storage infrastructure. In the Netherlands, we have taken a conditional final investment decision for the continuation of EemsEnergyTerminal. In addition, the construction of LNG and LPG capacity in the Netherlands, India and Canada is progressing well. The acquisition of Green Energy Storage (GES) and the subsequent FIDs for the Oosterhout (200 MW/800 MWh) and Veendam (150 MW/600 MWh) projects in the Netherlands mark a significant strategic step in the development of large-scale battery energy storage systems. Since 2022, we have now committed around EUR 2.3 billion to growth projects. The strong momentum in executing our growth strategy gives us the confidence to achieve our ambition of investing EUR 4 billion by 2030. On the back of strong operational performance and the anticipated contributions from our growth projects, we are raising the outlook for FY 2026. In addition, we announced the first interim dividend of EUR 0.72 per share, increasing the frequency of dividend payments to semi-annual.
Financial Highlights for HY1 2026 IFRS Measures -including exceptional items-
- Revenues of EUR 677 million in HY1 2026 (HY1 2025: EUR 652 million) were supported by healthy demand for storage infrastructure services across geographies and markets, underpinned by a continued strong occupancy rate of 91%. Excluding negative currency translation effects of EUR 10 million, revenues increased by 6%, driven by growth project 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 and Chemical terminals also saw strong activity, driven by high infrastructure demand across energy and manufacturing markets as well as commissioning of new capacity.
- Operating expenses consisting of personnel and other expenses decreased to EUR 321 million in HY1 2026 (HY1 2025: EUR 329 million), mainly driven by lower insurance expenses resulting from less claims in HY1 2026. An exceptional loss on the divestment of Hindustan Aegis LPG (HALPG) of EUR 7 million is reported under operating expenses.
- Cash flows from operating activities decreased to EUR 467 million in HY1 2026, down from EUR 496 million in HY1 2025, largely driven by lower realized value adjustments on derivative financial instruments. Excluding the impact of derivatives, underlying cash flow from operations improved year-on-year.
- Cash flow from investing activities for the first half of the year amounted to EUR 175 million (HY1 2025: EUR 297 million) driven by decreased capital expenditures, the repayment of around EUR 45 million shareholder loans by AVTL and EemsEnergyTerminal and the proceeds from divestment of HALPG of EUR 31 million.
- Consolidated operating capex decreased to EUR 92 million in HY1 2026 (HY1 2025: EUR 101 million).
- Consolidated growth capex spent in HY1 2026 was EUR 170 million (HY1 2025: EUR 189 million).
- Net profit attributable to holders of ordinary shares was EUR 186 million in HY1 2026 compared to EUR 319 million in HY1 2025. This decrease is largely driven by a dilution gain of EUR 111 million, as a result of the listing of our AVTL joint venture, a commercial resolution gain of EUR 22 million in 2025 and a divestment loss of EUR 7 million in Q1 2026 of HALPG.
- Earnings Per Share (EPS) for HY1 2026 was EUR 1.63 compared to EUR 2.74 in HY1 2025, reflecting lower net profit, partially offset by a reduced number of shares driven by our share buyback programs.
Alternative performance measures -excluding exceptional items-3 Financial KPIs
- Proportional revenues were EUR 969 million in HY1 2026 compared to EUR 982 million in HY1 2025, reflecting a resilient portfolio performance. The decrease was largely driven by a positive one-off item related to a commercial resolution of EUR 22 million reported in Q2 2025. Excluding this one-off effect, negative currency translation effects of EUR 24 million and divestment impact of EUR 5 million, proportional revenues increased by 4% year-on-year.
- Proportional EBITDA in HY1 2026 was at EUR 600 million (HY1 2025: EUR 615 million). The decrease was driven by a positive one-off item related to a commercial resolution of EUR 22 million reported in Q2 2025. Excluding this one-off effect, negative currency translation effects and divestment impact, proportional EBITDA increased by 5% year-on-year.
- Proportional EBITDA margin increased to 58.9% (HY1 2025: 58.7%) driven by our resilient portfolio and supported by lower proportional operating expenses.
- Proportional operating capex was stable in HY1 2026 at EUR 109 million compared to EUR 113 million in HY1 2025.
- Proportional operating free cash flow in HY1 2026 was EUR 444 million (HY1 2025: EUR 451 million) resulting in an EBITDA-to-cash conversion of ~74% (HY1 2025: ~73%). EBITDA-to-cash conversion over the last 12 months was ~70%.
- Proportional operating free cash flow per share remained stable at EUR 3.88 per share (HY1 2025: EUR 3.88), reflecting strong cash flow generation and benefits of the share buyback programs in 2025 and 2026, which were offset by negative currency translation effects and divestments.
- Proportional operating cash return (12 months rolling basis) in HY1 2026 was 15.3% compared to 15.2% in HY1 2025, reflecting continued strong cash generation and broadly stable average capital employed.
- Proportional operating cash return in HY1 2026 was 16.4% (HY1 2025: 16.9%).
Capital allocation
- Proportional leverage at the end of Q2 2026 was at 2.87x (Q1 2026: 2.60x) driven by increased investments in growth projects. Proportional leverage is in line with our ambition to stay within the range of 2.5x-3.0x. The impact of assets under construction was around 0.70x at Q2 2026.
- Total net debt : EBITDA ratio was 2.47x at the end of Q2 2026 (Q1 2026: 2.50x).
- Vopak will pay its first interim dividend of EUR 72 cent per share on 24 September 2026, increasing the frequency of dividend payments to semi-annual. This is in line with our progressive dividend policy, under which we intend to grow the dividend per share by 5% or more per year.
- Proportional growth capex in HY1 2026 was EUR 216 million (HY1 2025: EUR 299 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, 45% of the first EUR 100 million tranche has been completed by 24 July 2026. For progress on our share buyback program please visit our website.
Business KPIs
- Proportional occupancy rate in Q2 2026 was stable at 91% (Q1 2026: 91%) reflecting a continued strong demand for infrastructure services.
Exceptional items in HY1 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: Marta Tomczak - Manager Corporate Communications, 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 09:00 AM CEST on 30 July 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 Enclosure 2 of the Q2 2026 press release for reconcilliation to the most directly comparable subtotal or total specified by IFRS accounting standards 2Vopak has restated the reported sustainability KPIs for HY1 2025 as detailed in Annual Report 2025 3To supplement Vopak’s financial information presented in accordance with IFRS Accounting Standards, management periodically uses certain alternative performance measures to clarify and enhance understanding of past performance and future outlook. For further information please refer to page 9 of the Q2 2026 press release.
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