Koninklijke Vopak N.V., a Dutch storage operator, lifted its 2026 cash flow target after proportional free cash flow rose in the first nine months, signaling stronger cash generation despite lower reported profit.
The company now expects about €840 million in proportional operating free cash flow, up from its previous forecast of about €820 million. It also raised the bottom of its 2026 proportional EBITDA range to €1.20 billion from €1.18 billion, leaving the upper end at €1.22 billion. Vopak had raised both targets in July. The forecasts exclude exceptional items, assume no major change in market conditions and remain subject to currency movements.
For the nine months through September, proportional operating free cash flow increased to €671.1 million from €643.6 million a year earlier. Proportional EBITDA reached €906.4 million, compared with €901.8 million. Vopak uses proportional figures to reflect its economic interest in businesses, including joint ventures; those measures are separate from reported accounting results. Storage occupancy averaged 91% for the nine-month period, matching a year earlier, while third-quarter occupancy was 90%.
Reported net profit attributable to ordinary shareholders fell to €328.1 million from €406.5 million. Vopak linked much of the decline to two gains in 2025: €111 million associated with the listing of its Aegis Vopak Terminals Ltd. (AVTL) joint venture and €22 million from a commercial resolution. Nine-month revenue rose to €1.03 billion from €973.1 million.
Third-quarter revenue increased to €349.7 million from €321.6 million, and reported net profit rose to €141.7 million from €87.9 million. The latest quarter included a €30 million dilution gain involving a reduction in Vopak’s Chemtank stake from 22% to 19.77% and the exchange of its 10% Sabtank interest for Chemtank shares.
Vopak has earmarked roughly €2.4 billion for growth projects since 2022, with €855 million tied to projects already commissioned. A fourth liquefied natural gas tank at Rotterdam’s Gate terminal started operating Oct. 1, after the reporting period, adding 180,000 cubic meters of storage under a long-term take-or-pay agreement. Gasunie said the decision to add the tank was partly a response to the 2022 energy crisis.
Vopak paid an interim dividend of €0.72 per share on Sept. 24. By Oct. 30, it had executed three-quarters of the opening €100 million installment in a multiyear share buyback plan totaling €500 million. The company’s financial calendar lists Feb. 17, 2027, for its annual results.
