Royal Vopak Holds FY2026 Guidance Amid Conflict

Royal Vopak reported Q1 2026 proportionate EBITDA of €294.6 million, a 2% decline but above the €286 million consensus estimate.
The company reaffirmed FY2026 EBITDA guidance of €1.15‑€1.20 bn despite reduced oil flows in Fujairah and lower Saudi terminal activity from the conflict.
Occupancy fell 100 bps to 91%; capacity at 20.5 mn m³; EBITDA margin rose 30 bps to 58.4% and EBITDA grew 4% after FX impact.
Vopak targets €1.7 bn cash returns by FY2030, >5% dividend growth and up to €500 m buyback, supported by €1.3 bn growth‑project spend.