Storage terminal operator Vopak has raised its financial outlook for 2026 after reporting first-half results supported by strong terminal demand and growth project contributions.
The company reported a second-quarter net profit, including exceptional items, of €101 million ($116 million), down from €218.8 million in the corresponding period of 2025. First-half net profit totalled €186.4 million, compared with €318.6 million a year earlier.
According to the company, the decline was mainly due to a €111 million dilution gain recognised during the first half of 2025.
Revenue for the first six months of 2026 increased to €677.1 million from €651.5 million in the previous corresponding period, supported by healthy demand across its terminal network and an occupancy rate of 91 per cent.
Operational cash flow declined to €467 million from €496 million, primarily because of lower realised value adjustments on derivative financial instruments.
Based on its operational performance and contributions from growth projects, Vopak raised its full-year 2026 guidance for proportional EBITDA to between €1.18 billion and €1.22 billion.
The company also stated that proportional operating free cash flow is expected to reach around €820 million for the full year, following first-half operating free cash flow of €444.2 million.
The company stated that it has committed €1.7 billion to gas and industrial infrastructure projects, with €1.1 billion currently under construction and expected to be commissioned by the end of 2027.
During the second quarter, Vopak also took a conditional final investment decision to support the continuation of the Eems Energy Terminal from 2028 to 2036 and allocated €371 million to two utility-scale battery energy storage projects in the Netherlands.
