Koninklijke Vopak (VPK) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results with a 91% occupancy rate, robust demand, and resilient operational performance despite Middle East volatility.

• Proportional EBITDA reached EUR 295 million, up 4.2% year-over-year, adjusted for currency and divestments.

• Proportional operating free cash flow was EUR 224 million, with a 76% cash conversion rate and per-share value of EUR 1.96.

• Growth strategy execution continued with major projects in Canada, the Netherlands, Spain, and India.

• 2026 outlook reaffirmed, with strong underlying business expected to absorb market disruptions.

Financial highlights

• IFRS revenues for Q1 2026 were EUR 333 million, up from EUR 329 million in Q1 2025, supported by high occupancy.

• Proportional EBITDA margin stood at 58% in Q1 2026.

• Proportional operating free cash flow per share increased 7.1% year-over-year, driven by EBITDA growth and share buybacks.

• Proportional operating cash return was 16.6%, stable compared to 16.8% in Q1 2025.

• Net profit attributable to ordinary shareholders was EUR 85 million, down from EUR 100 million in Q1 2025 due to an exceptional divestment loss and lower JV results.

Outlook and guidance

• Full-year 2026 outlook reaffirmed: proportional operating free cash flow projected at around EUR 800 million and proportional EBITDA expected between EUR 1,150–1,200 million.

• Long-term ambition for proportional operating cash return remains at 13–17%.

• Guidance is subject to ongoing market uncertainties and currency fluctuations.

• Growth projects coming online in 2026 to support future performance.