Vopak Lifts 2026 EBITDA Forecast on Strong First-Half Revenue Growth

Netherlands-based energy storage company Vopak (AS:VOPA) raised its full-year 2026 earnings outlook after posting a 4% increase in revenue for the first six months of the year. The company cited consistent demand for storage infrastructure and stable occupancy rates as key drivers for its solid performance.

First-Half Performance

Vopak reported revenue of €677.10 million for the first half of 2026. The company said growth was supported by both new projects and existing operations, with higher throughput volumes from long-term contracts in its gas and industrial terminals.

Key financial results for the period include:

• EBITDA: €600.30 million
• Net Profit: €186.40 million
• Earnings Per Share (EPS): €1.63

The company maintained a high occupancy rate of 91% during the period. Vopak noted that net profit and EPS declined compared to the first half of 2025, attributing the drop to one-time items in the prior-year period and a loss from a divestment. Operating expenses decreased, primarily due to lower insurance costs.

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Upgraded Outlook and Shareholder Returns

Based on its strong first-half results, Vopak lifted its guidance for the full year. The company now expects proportional EBITDA to be in the range of €1,180 million to €1,220 million.

Additionally, Vopak anticipates generating proportional operating free cash flow of approximately €820 million for the full year 2026. In a move that may appeal to income-focused investors, the company announced an interim dividend of €0.72 per share and confirmed its transition to a semi-annual dividend payment schedule.

Strategic Context

Looking ahead, Vopak stated that the majority of its growth projects currently under construction are on track to become operational by the end of 2027. This pipeline of new assets is expected to contribute to future revenue and cash flow generation, underpinning the company's long-term growth strategy.