Koninklijke Vopak (VPK) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with 91% occupancy and proportional EBITDA of EUR 600 million, up 5% year-over-year, driven by robust demand and new project contributions.

• Revenues for HY1 2026 increased 3.9% to EUR 677.1 million, with net profit at EUR 186.4 million, down from prior year due to one-off gains.

• Continued execution of growth strategy, including major investments in battery energy storage, gas, industrial, and terminal expansions.

• Interim dividend of EUR 0.72 per share announced, moving to semi-annual payments, and share buyback program 45% complete.

• Upgraded full-year 2026 outlook for EBITDA and operating free cash flow, reflecting strong operational performance and growth project contributions.

Financial highlights

• Proportional EBITDA reached EUR 600 million in H1 2026, up 5% year-over-year, with EBITDA margin at 59%.

• Proportional operating free cash flow was EUR 444 million (EUR 3.88 per share), with cash conversion at 74%.

• Operating cash return (12 months rolling) at 15.3%.

• Free cash flow yield stands at 12% for H1 2026.

• Net debt:EBITDA ratio at 2.47x; proportional leverage at 2.87x, within target range.

Outlook and guidance

• FY2026 proportional EBITDA outlook raised to EUR 1,180–1,220 million; operating free cash flow expected around EUR 820 million.

• Growth project contributions to EBITDA expected to reach EUR 45 million for the full year.

• Majority of EUR 1.1 billion in growth projects under construction to be commissioned by end 2027.

• Guidance assumes ongoing market volatility and geopolitical risks.

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