Vopak 3Q25 results and outlook underpin resilience of the business model
Vopak once more confirmed with an in line operating performance. Proportional EBITDA (excl. exceptionals) of €287m in line with €291m company compiled CSS and a tad below €294m KBC est. The full year EBITDA outlook bandwidth was maintained. Occupancy rates are holding up well at 90%. This is a slight drop vs. last quarter but reflects timing of contract renewals. 3Q25 OCR of 14.7% is flattish vs. 2Q25 reflecting seasonal timing of capex phasing. Amidst all tariff related uncertainty and unfavourable FX dynamics the report underlines the defensiveness of the business model. Occupancy is holding up well and in the mean time large investments in Gas/Industrial terminals are being taken and properly executed, boding well for 2027 EBITDA growth. Valuation is attractive with normalized FCF yields close to 10%. We reiterate our Buy and € 50 TP.Royal Vopak is a holding company. Via its subsidiaries, Co. acts as a tank storage provider for the oil and chemical industry. Co. operates a network of terminals located at locations along trade routes. Co. also provides a range of additional services, from loading and unloading a range of transport modalities to heating, cooling, blending and customs formalities. The customers Co. serves range from global to local clients and include national and global producers, governments, distributors and traders of liquid and gaseous bulk products. Co.'s customers are active in the production, trading and marketing of oil products, chemicals, gases, biofuels, edible oils and liquefied natural gas.
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