Vopak H1 2026 results: raises FY outlook and declares EUR 0.72 interim dividend

HY1 2026 results

Revenues were EUR 677 million and net profit attributable to holders of ordinary shares was EUR 186 million in HY1 2026 (IFRS, including exceptional items). On a proportional basis, revenues were EUR 969 million, proportional EBITDA EUR 600 million and proportional operating free cash flow EUR 444 million, equivalent to EUR 3.88 per share. Proportional EBITDA margin was 58.9% and EBITDA‑to‑cash conversion was ~74% for the half year.

Outlook and capital allocation

The company raised its FY2026 proportional EBITDA guidance to EUR 1,180–1,220 million and its proportional operating free cash flow guidance to around EUR 820 million. Vopak announced a first interim dividend of EUR 0.72 per share, payable 24 September 2026, and moved to semi‑annual dividend payments. The EUR 500 million multi‑year share buyback program has started: 45% of the first EUR 100 million tranche was completed by 24 July 2026.

Growth and energy transition

Growth commitments total EUR 1.7 billion for gas and industrial infrastructure, with EUR 1.1 billion under construction; most projects under construction are expected to be commissioned by year‑end 2027. A conditional FID secures continuation of EemsEnergyTerminal for 2028–2036. Around EUR 650 million of energy‑transition commitments have been taken, with ~EUR 575 million under construction, and EUR 371 million was allocated in Q2 2026 to two utility‑scale BESS projects in the Netherlands (Oosterhout and Veendam) following the acquisition of Green Energy Storage.

Financial position and KPIs

Proportional leverage was 2.87x at end Q2 2026 (in target range 2.5x–3.0x). Net interest‑bearing debt was EUR 2,834.5 million and total net debt:EBITDA was 2.47x. Occupancy remained strong at 91% and consolidated operating capex and growth capex were EUR 92 million and EUR 170 million respectively in HY1 2026.