Vopak First look: Solid 1Q26 performance, EBITDA26 outlook maintained
Vopak reported better than expected 1Q26 numbers with proportional EBITDA of €295m vs. our €276m and consensus of €286m. So far the company foresees no material financial impact at group level stemming from the Iran conflict. The proportional EBITDA and free operating CF outlook for 2026 were maintained. Occupancy rates held up well at 91% vs. 92% last quarter. 1Q26 update confirms our appraisal of Vopak as an attractively priced, defensive grower. We reiterate our Buy rating and €56 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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