Vopak reports strong YTD performance, raises FY 2026 outlook

The Netherlands, 4 November 2026

Vopak reports strong YTD performance, raises FY 2026 outlook

Key highlights

Improve

• Net profit -including exceptional items- for Q3 2026 was EUR 142 million, driving an EPS of EUR 1.25
• Proportional operating free cash flow for YTD 2026 was EUR 671 million, representing EUR 5.88 per share
• Increased 2026 outlook range for proportional EBITDA to EUR 1,200 - 1,220 million and proportional operating free cash flow to around EUR 840 million
• Successfully distributed the inaugural interim dividend of EUR 0.72 per share on 24 September 2026
• Progressing well on the first EUR 100 million tranche of the multi-year share buyback program, with 75% completed as of 30 October 2026 

Grow

• Capital deployment towards gas and industrial terminals remains on track, with EUR 1.7 billion committed since 2022. EUR 790 million is commissioned and contributing to results, while EUR 930 million is under construction
• Commissioned the fourth liquified natural gas (LNG) storage tank at Gate terminal in the Netherlands, adding 180k cbm of storage capacity which is underpinned by a long-term take-or-pay agreement
• Continuing to advance the expansion project for additional capacity at our REEF terminal in Canada, having secured key regulatory permits
• AVTL has successfully commissioned ammonia storage and handling capacity at its Pipavav terminal, while taking final investment decisions to expand terminal infrastructure at the JNPA Mumbai and Kochi terminals

Accelerate

• The deployment of capital towards energy transition infrastructure is progressing well. We have committed around EUR 650 million, of which around EUR 575 million is currently under construction

CEO message
Vopak delivered an outstanding quarter, in which our well-diversified portfolio, robust customer demand, and strong contributions from our growth projects drove a record level of cash generation. As we navigate a volatile global landscape, we have demonstrated the ability to meet our customers' evolving needs regarding energy security, affordability, and sustainability. Our Strategic Investments in critical storage and handling infrastructure, such as the fourth LNG tank at the Gate terminal in Rotterdam, the REEF LPG export facility in Canada, and ongoing expansions in India, directly meet these demands while reinforcing our market leadership. Since 2022, we have committed around EUR 2.4 billion to growth projects, with EUR 855 million already commissioned and delivering returns in line with targeted investment multiples. Supported by strong business performance and contributions from growth projects, we are raising our outlook for FY 2026.

Financial Highlights for YTD 2026

IFRS Measures -including exceptional items-

• Revenues of EUR 1,027 million in YTD Q3 2026 (YTD Q3 2025: EUR 973 million) were supported by healthy demand for storage infrastructure services, underpinned by a continued strong occupancy rate of 91%. Excluding negative currency translation effects of EUR 2 million, revenues increased by 6%, driven by growth project contribution and existing business growth. Volatile market conditions resulted in differentiated performance across our network, dampening activity in some terminals, while driving stronger demand in others. 
• Operating expenses consisting of personnel and other expenses in YTD Q3 2026 were EUR 486 million and remained stable compared to YTD Q3 2025 (EUR 484 million). An exceptional loss on the divestment of Hindustan Aegis LPG (HALPG) of EUR 7 million is reported under operating expenses. 
• Cash flows from operating activities were EUR 739 million in YTD Q3 2026, compared to EUR 754 million in YTD Q3 2025, primarily driven by lower realized value adjustments on derivative financial instruments. Excluding the impact of derivatives, underlying cash flow from operations improved year-on-year.
  
• Consolidated operating capex decreased to EUR 146 million in YTD Q3 2026 (YTD Q3 2025: EUR 154 million).
• Consolidated growth capex spent in YTD Q3 2026 increased to EUR 313 million (YTD Q3 2025: EUR 287 million). 
• Net profit attributable to holders of ordinary shares was EUR 328 million in YTD Q3 2026 compared to EUR 407 million in YTD Q3 2025. This decrease is largely driven by a dilution gain of EUR 111 million, as a result of the listing of our AVTL joint venture and a commercial resolution gain of EUR 22 million in 2025.
• Earnings Per Share (EPS) for YTD Q3 2026 was EUR 2.88 compared to EUR 3.51 in YTD Q3 2025, primarily driven by the absence of the AVTL exceptional dilution gain recorded in 2025, partially offset by our share buyback programs. 

Alternative performance measures -excluding exceptional items-²

Financial KPIs

• Proportional revenues YTD Q3 2026 were EUR 1,473 million (YTD Q3 2025: EUR 1,449 million) supported by strong commercial performance and contributions from growth projects. Excluding negative currency translation effects of EUR 13 million, divestment impact of EUR 7 million, and a prior year one-off settlement of EUR 22 million related to a commercial resolution, proportional revenues increased by 5% year-on-year.
• Proportional EBITDA YTD Q3 2026 was EUR 906 million (YTD Q3 2025: EUR 902 million). Excluding negative currency translation effects, divestment impact and the prior year one-off settlement, proportional EBITDA increased by 5% year-on-year.
  
• Proportional EBITDA margin in YTD Q3 2026 was 58.6% and remained stable compared to YTD Q3 2025 (58.6%). 
  
• Proportional operating capex YTD Q3 2026 decreased to EUR 167 million compared to EUR 176 million in YTD Q3 2025.
  
• Proportional operating free cash flow in YTD Q3 2026 increased to EUR 671 million (YTD Q3 2025: EUR 644 million). Excluding currency translation effects and divestment impact, proportional operating free cash flow increased by 6% year-on-year. 
  
• Proportional operating free cash flow per share increased to EUR 5.88 per share in YTD Q3 2026 (YTD Q3 2025: EUR 5.56), with the 2025 and 2026 share buyback programs contributing 1.5 percentage points to growth.
  
• EBITDA-to-cash conversion increased to ~74% (YTD Q3 2025: ~71%), driven by a decrease in both proportional operating capex and proportional IFRS 16 leases. EBITDA-to-cash conversion over the last 12 months was ~72%.
  
• Proportional operating cash return (12 months rolling basis) in YTD Q3 2026 was 15.8%, reflecting continued strong cash generation offset by an increased average capital employed.
• Proportional operating cash return in YTD Q3 2026 was 16.4% (YTD Q3 2025: 16.2%). 

Capital allocation

• Proportional leverage at the end of Q3 2026 was at 2.95x (Q2 2026: 2.87x) driven by increased investments in growth projects. Proportional leverage is in line with our ambition to stay within the range of 2.5x-3.0x. The impact of assets under construction was around 0.80x at Q3 2026.
• Total Fina Elf net debt : EBITDA ratio was 2.42x at the end of Q3 2026 (Q2 2026: 2.47x).
• Vopak distributed the inaugural interim dividend of EUR 0.72 per share on 24 September 2026, increasing the frequency of dividend payments to semi-annual. This is in line with our Progressive dividend policy, under which we intend to grow the dividend per share by 5% or more per year.
• Proportional growth capex in YTD Q3 2026 was EUR 406 million (YTD Q3 2025: EUR 447 million) reflecting key growth investments in our joint ventures in Canada, the Netherlands and India.
• The first tranche of our EUR 500 million multi-year share buyback program, announced on 25 February 2026, is progressing well. Since its start, 75% of the first EUR 100 million tranche has been completed as of 30 October 2026. Since the beginning of 2024, Vopak has bought back 12.1 million shares at an average share price of EUR 39.34. For progress on our share buyback program please visit our website.

Business KPIs

• Proportional occupancy rate in YTD Q3 2026 was 91% (YTD Q2 2026: 91%) reflecting continued strong demand for infrastructure services. 

Exceptional items
in Q3 2026 consisted of:

• A dilution gain of EUR 30 million following change in ownership in Chemtank from 22.00% to 19.77% and disposal of 10% investment in Sabtank in exchange for Chemtank shares
• Other net gains of EUR 3 million mainly relating to true-up gains of restructuring provisions and earn out receivables
  

For more information please contact:
Vopak  Press: Marta Tomczak - Manager Corporate Communications, e-mail: global.communication@vopak.com
Vopak  Analysts and Investors: Fatjona Topciu - Head of Investor Relations, e-mail: investor.relations@vopak.com

The analysts’ presentation will be given via an on-demand audio webcast on Vopak ’s corporate website, starting at 10:00 AM CET on 4 November 2026.
This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. The content of this report has not been audited or reviewed by an external auditor. 

¹See Enclosure 3 of the Q3 2026 press release for reconcilliation to the most directly comparable subtotal or Total Fina Elf specified by IFRS accounting standards
²To supplement Vopak ’s financial information presented in accordance with IFRS Accounting Standards, management periodically uses certain alternative performance measures to clarify and enhance understanding of past performance and future outlook. For further information please refer to page 9 of the Q3 2026 press release.

Attachment

• Q3 2026 Press Release