Terminal operator Vopak reported a net profit of €85.1 million ($91.1 million) for the first quarter of 2026. This result decreased from the €99.8 million recorded during the same period in 2025.
Revenues for the quarter reached €333.2 million compared to €328.9 million in the previous year. The company stated this performance was supported by healthy demand for storage infrastructure services and a subsidiary occupancy rate of 91 per cent.
Excluding negative currency translation effects of €12 million, revenues increased by five per cent. These gains were driven by contributions from new growth projects and expansion in existing business lines.
Gas and industrial terminals delivered a stable performance and achieved higher throughputs during the period. Oil terminals also experienced strong activity due to high infrastructure demand across energy markets.
The company reported that demand for chemical storage services continued to be weak. It attributed this trend to prevailing global chemical market conditions.
Operating expenses rose to €166 million in the first quarter of 2026 from €160 million in 2025. This increase was primarily caused by an exceptional loss of €7 million on the divestment of Hindustan Aegis LPG.
Vopak confirmed its outlook for 2026 remains subject to ongoing market uncertainties and currency exchange movements. It reported that first quarter results were not materially impacted by the ongoing conflict in the Middle East.
The company is progressing with capital deployment toward gas and industrial infrastructure, with €1.1 billion in growth commitments under construction. These projects are mainly located in the Netherlands, India, and Canada.
A final investment decision was reached to repurpose capacity at the Europoort terminal in the Netherlands for pyrolysis oil storage. Vopak said this move strengthens its industrial partnership at the terminal.
The company has roughly €200 million in growth commitments for infrastructure under construction in Brazil and Malaysia. It is working toward a goal of investing €4 billion by 2030.
“Our first quarter results were not materially impacted by the conflict,” Chief Executive Officer Dick Richelle stated. The company reported that proportional operating free cash flow for the period was €224.4 million.
