Vopak raises FY 2026 outlook after strong YTD performance

Performance and outlook

Vopak reported strong YTD cash generation with proportional EBITDA of EUR 906 million and proportional operating free cash flow of EUR 671 million (EUR 5.88 per share). The company raised its FY 2026 guidance for proportional EBITDA to EUR 1,200–1,220 million and for proportional operating free cash flow to around EUR 840 million.

Financial metrics

Proportional revenues were EUR 1,473 million YTD Q3 2026 with a proportional EBITDA margin of 58.6%. EBITDA‑to‑cash conversion increased to ~74%. Proportional operating cash return (12‑month rolling) was 15.8%, proportional leverage stood at 2.95x and total net debt : EBITDA was 2.42x.

Capital allocation and returns

Proportional growth capex YTD Q3 2026 was EUR 406 million. Vopak distributed an inaugural interim dividend of EUR 0.72 per share on 24 September 2026, and the first tranche of a EUR 500 million multi‑year share buyback is progressing—75% of the initial EUR 100 million tranche was completed as of 30 October 2026. Since 2024 the company has repurchased 12.1 million shares at an average price of EUR 39.34.

Growth projects and infrastructure

Investment deployment continues: the company highlights commitments since 2022 (around EUR 2.4 billion overall; EUR 1.7 billion toward gas and industrial terminals), with EUR 790–855 million commissioned and EUR 930 million under construction. Recent milestones include commissioning a fourth LNG tank (180k cbm) at Gate terminal under a long‑term take‑or‑pay agreement, progress on the REEF expansion in Canada, and ammonia storage and handling capacity commissioned at AVTL’s Pipavav terminal. Energy transition infrastructure commitments total about EUR 650 million, with ~EUR 575 million under construction.