Vopak raises its 2026 targets and aims for up to €1.22 billion in EBITDA
The Dutch storage group now targets proportionate EBITDA of €1,200 to €1,220 million and approximately €840 million of proportionate operating free cash flow for fiscal year 2026. This upgrade follows a stronger third quarter than the cumulative nine-month figures.
2026 targets raised, underlying growth of 5% over nine months
On November 4, 2026, Vopak published its accounts for the first nine months and the third quarter. They are accompanied by an upgrade of its two annual targets: proportionate EBITDA (calculated pro rata to shareholdings, excluding exceptional items) and proportionate operating free cash flow.
For the first nine months, proportionate operating free cash flow reached €671 million, compared with €644 million a year earlier, i.e. €5.88 per share versus €5.56. According to the group, share buybacks in 2025 and 2026 account for 1.5 points of this per-share growth.
The published proportionate aggregates show little apparent progress: €1,473 million in revenue versus €1,449 million, and €906 million in EBITDA versus €902 million. Excluding currency effects, the impact of a disposal and a one-off commercial settlement of €22 million recorded in 2025, both indicators grew by 5% each.
The proportionate EBITDA margin is stable at 58.6%, at the same level as a year earlier. The third quarter on its own was more dynamic: proportionate EBITDA reached €306.1 million, versus €286.5 million a year earlier, and proportionate operating free cash flow reached €226.9 million, versus €193.1 million.
The conversion of EBITDA into cash stands at approximately 74%, compared with approximately 71%, thanks to lower proportionate operating capex (€167 million versus €176 million) and lower proportionate IFRS 16 lease payments. The proportionate occupancy rate remains at 91%.
The Chief Executive Officer commented on this revision as follows: “Supported by solid business performance and by the contribution of our growth projects, we are raising our outlook for fiscal year 2026.”
Reported profit down over nine months, stable excluding exceptional items
Under IFRS, revenue for the first nine months stood at €1,027 million, versus €973 million, an increase of 6% excluding negative currency effects of €2 million. Operating expenses were stable at €486 million versus €484 million, and include an exceptional loss of €7 million linked to the disposal of Hindustan Aegis LPG.
Net profit attributable to shareholders fell to €328 million from €407 million, and earnings per share went from €3.51 to €2.88. According to the group, this decline is largely due to two gains recorded in 2025: €111 million of dilution gains linked to the listing of the joint venture AVTL and €22 million from a commercial settlement.
Excluding exceptional items, net profit for the nine months was virtually stable, at €302.5 million versus €303.9 million, while earnings per share rose from €2.63 to €2.65. In the third quarter alone, reported net profit reached €141.7 million, versus €87.9 million, and earnings per share €1.25.
This quarter includes a dilution gain of €30 million, linked to the change in the stake in Chemtank from 22.00% to 19.77% and to the disposal of 10% of Sabtank in exchange for Chemtank shares. Excluding exceptional items, quarterly net profit came to €109.1 million, versus €89.0 million.
Gross operating cash flows declined to €739 million from €754 million, mainly due to smaller fair value adjustments realised on derivative instruments. Excluding derivatives, they increased according to the group. Consolidated operating capex fell to €146 million from €154 million, while consolidated growth capex rose to €313 million from €287 million.
Semi-annual dividend, share buybacks and projects under construction
The proportionate leverage ratio reached 2.95 times at the end of the third quarter, compared with 2.87 times three months earlier, due to higher investment in growth projects. It remains within the 2.5 to 3.0 times range targeted by the group, with assets under construction contributing approximately 0.80 times.
The total net debt to EBITDA ratio, for its part, fell to 2.42 times from 2.47 times. Proportionate growth capex, including joint ventures in Canada, the Netherlands and India, amounted to €406 million over nine months, compared with €447 million a year earlier.
On the shareholder side, Vopak paid a first interim dividend of €0.72 per share on September 24, 2026, thereby adopting a semi-annual distribution rhythm. Its dividend policy aims for an increase in dividend per share of at least 5% per year.
The multi-year share buyback programme of €500 million, announced on February 25, 2026, was 75% completed on its first €100 million tranche as of October 30, 2026. Since the beginning of 2024, the group has repurchased 12.1 million shares at an average price of €39.34.
In gas and industrial terminals, €1.7 billion has been committed since 2022, of which €790 million is already in service and €930 million is under construction. The fourth liquefied natural gas tank at the Gate terminal in the Netherlands adds 180,000 cubic metres of capacity, backed by a long-term take-or-pay contract.
In energy transition infrastructure, approximately €650 million has been committed, of which approximately €575 million is under construction. In Canada, the group obtained key regulatory approvals to extend the REEF terminal. In India, AVTL commissioned ammonia capacity at Pipavav and decided to expand the JNPA Mumbai and Kochi terminals.
