Dutch tank storage group Vopak has posted a marginal increase in core earnings for the first quarter, supported by contributions from growth projects across key international markets.
Proportional EBITDA (earnings before interest, taxes, depreciation and amortisation) rose 0.7% to €300 million (approximately $341.7 million) for the three months ending 31 March, up slightly from €297.8 million in the same period last year.
The earnings growth was driven by the commissioning of new capacity in China and India, while ongoing expansions in Brazil, Thailand and Oman are expected to bolster future profitability.
In a strategic move last month, Vopak doubled its planned investment in the gas and industrial sectors, pledging an additional €1 billion through to 2030. The company also revised its capital expenditure forecast for 2025, now targeting €600 million, narrowing the previous range of €500–600 million.
Vopak confirmed its full-year outlook, although it acknowledged that global macroeconomic volatility — including uncertainty around trade tariffs — could present challenges, albeit with limited short-term impact expected.
Exchange rate: 1 USD = 0.8779 EUR