Royal Vopak reported revenues of EUR 333 million for Q1 2026, up from EUR 329 million in the same period last year, with occupancy holding at 91% across its global terminal network. The Rotterdam-headquartered operator confirmed its full-year 2026 outlook unchanged, citing portfolio diversification as the primary buffer against ongoing Middle East supply chain disruption.
Vopak Q1 2026: Financial Performance
Proportional revenues — Vopak’s preferred measure excluding exceptional items and consolidation effects — came in at EUR 479 million, broadly stable against EUR 488 million in Q1 2025. Excluding negative currency translation effects of EUR 23 million and a EUR 3 million divestment impact, proportional revenues grew 4% year-on-year.
Proportional EBITDA reached EUR 295 million, with margin improving to 58.4% from 58.1% in Q1 2025. Proportional operating free cash flow was EUR 224 million, delivering an EBITDA-to-cash conversion rate of 76% — consistent with the prior year quarter. Net profit attributable to ordinary shareholders was EUR 85 million, down from EUR 100 million in Q1 2025, largely due to a EUR 7 million exceptional divestment loss on the sale of Hindustan Aegis LPG (HALPG) in India and lower results from joint ventures.
Vopak’s share buyback programme is progressing in parallel: 16% of the first EUR 100 million tranche had been completed by 17 April 2026, part of a EUR 500 million multi-year programme announced in February.
Middle East Conflict: Limited Q1 Impact, Outlook Held
Vopak directly addressed the ongoing Middle East conflict in its Q1 statement, confirming that first-quarter results were not materially impacted. The company cited geographic diversification across its terminal network — spanning Asia, the Netherlands, Singapore, the US and Canada — as the structural factor enabling it to absorb current market volatility.
Management confirmed the FY 2026 outlook unchanged: proportional operating free cash flow of around EUR 800 million and proportional EBITDA in the range of EUR 1,150–1,200 million. Currency assumptions have been revised slightly — EUR/USD moved to 1.15 from 1.17 previously, and EUR/SGD to 1.48 from 1.51 — reflecting broader market movements rather than operational deterioration.
EUR 1.1 Billion Under Construction Across Three Regions
Vopak’s capital deployment programme remains the most significant operational story in Vopak Q1 2026 reporting. Of the company’s EUR 4 billion proportional growth capex target to 2030, EUR 1.9 billion has already been committed, with EUR 1.1 billion currently under construction across the Netherlands, India and Canada.
In the Netherlands, construction of the fourth tank at the Gate terminal is approximately 90% complete and on track for commissioning by end of Q3 2026. At the Europoort terminal, Vopak took a final investment decision in Q1 2026 to repurpose around 20,000 cbm of capacity for pyrolysis oil storage — a long-term contracted energy transition play expected to become operational in Q1 2027.
In Canada, the REEF LNG terminal — a 50/50 joint venture with AltaGas — remains on budget for commissioning by year-end 2026, with 95,000 cbm of capacity and a subsequent throughput expansion targeted for H2 2027. In India, the AVTL joint venture closed its acquisition of a 75% stake in HALPG in January 2026, with Vopak’s proportional share in the Mumbai LPG terminal now standing at 31.7% via its AVTL shareholding. Commissioning of the 450,000 cbm AVTL JNPA terminal is targeted for Q3 2026.
Segment Performance: Gas and Oil Strong, Chemicals Weak
Gas and industrial terminals delivered stable performance in Q1 2026, supported by long-term contracts and higher throughputs year-to-date. Oil terminals saw strong activity, driven by infrastructure demand across energy markets. Chemical storage demand remained weak, reflecting continued softness in global chemical markets — a trend Vopak flagged but did not quantify further in its Q1 statement.
In the US, the Vopak Deer Park terminal on the Houston Ship Channel completed commissioning of the full 75,000 cbm storage expansion in Q1, with the capacity repurposed for vegetable oil under long-term contracts. In Spain, the Terquimsa terminal took a final investment decision to expand capacity by approximately 25,000 cbm, targeting operational status in H2 2027.
As the largest independent tank terminal operator globally, Vopak’s quarterly results are closely watched across the independent tank terminal sector. For a full overview of the company’s global network and strategy, see the Vopak terminals profile on Oil & Gas Storage News.
Vopak’s next financial disclosure is scheduled for 30 July 2026, when the company will publish its H1 2026 results. The Q3 2026 interim update follows on 4 November 2026. Full results and segment data are available via Vopak’s investor relations website.
What were Vopak’s Q1 2026 revenues?
Vopak reported IFRS revenues of EUR 333 million in Q1 2026, up from EUR 329 million in Q1 2025. On a proportional basis excluding exceptional items, revenues were EUR 479 million, broadly stable year-on-year and up 4% excluding currency and divestment effects.
What is Vopak’s occupancy rate in Q1 2026?
Vopak’s subsidiary occupancy rate was 91% in Q1 2026, unchanged from Q1 2025. The proportional occupancy rate was also 91%, down marginally from 91.7% in Q1 2025, reflecting continued strong demand for infrastructure services across the network.
Has the Middle East conflict affected Vopak’s 2026 outlook?
Vopak confirmed in its Q1 2026 results that the conflict did not materially impact first-quarter performance. The company maintained its full-year 2026 outlook unchanged — proportional operating free cash flow of around EUR 800 million and proportional EBITDA of EUR 1,150–1,200 million — citing its geographically diversified portfolio as a structural buffer.
What major construction projects does Vopak have underway in 2026?
Vopak has EUR 1.1 billion of growth commitments under construction across three primary regions. Key projects include the Gate terminal fourth tank in the Netherlands (Q3 2026 commissioning), the REEF LNG terminal in Canada (year-end 2026), and the AVTL JNPA Mumbai LPG terminal in India (Q3 2026). The Europoort pyrolysis oil repurposing project targets Q1 2027.
When does Vopak report its next financial results?
Vopak’s H1 2026 results are scheduled for publication on 30 July 2026. The Q3 2026 interim update will follow on 4 November 2026. Results and investor materials are published on Vopak’s corporate website.