Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — FY2025 Earnings Presentation
45 slides from Royal Vopak Nv's earnings presentation, Feb 25, 2026
Slide 1: FY2025
FY2025.~
Slide 2: Forward-looking statement
Forward-looking statement Any statement, presentation or other information contained herein that relates to future events, goals or conditions is, or should be considered, a forward-looking statement. Although Vopak believes these forward-looking statements are reasonable, based on the information a
Slide 3: Dick Richelle, CEO
Dick Richelle CEO Vopak FY 2025 Analyst presentation 3
Slide 4: 2025 Highlights
2025 Highlights Distributing value Delivering results Executing growth to shareholders • Resilient portfolio performance: leading to 91% • Good progress on the construction of critical gas • EUR ~1.7 billion shareholder distributions program occupancy, supported by strong energy markets infrastructu
Slide 5: Accelerating Growth Build
Delivering results Strengthening Build Accelerating the foundation and deliver Growth 2027 – 2030 2025 – 2026 2022 – 2024 • EUR 700+ million divestments, investing • On track towards EUR 4 billion investment • Expected contribution of major growth over EUR 1 billion1 in growth projects ambition by 2
Slide 6: Delivering on our strategy in 2025
Delivering results Delivering on our strategy in 2025 Improve Grow Accelerate the performance of our portfolio our base in gas & industrial terminals towards energy transition infrastructure Operating Free Record financial results from Investing in capacity in the Cash Flow1 €823 mln a well-diversif
Slide 7: Our sustainability performance
Delivering results Our sustainability performance Safety performance Emissions Diversity Personal & process safety Scope 1 & 2 CO2 in metric tons1 Women in senior management TIR PSER -48% 0.25 375 22% 22% 0.23 20% 20% 0.21 0.16 225 197 0.11 0.11 0.09 0.08 2022 2023 2024 2025 2021 2024 2025 2022 2023
Slide 8: Resilient portfolio delivering strong results
Delivering results Resilient portfolio delivering strong results Proportional EBITDA 2025 in EUR million change vs 2024 – adjusted for divestment impact -7.7% (EUR -23.3 million) +15.0% (EUR +33.6 million) -4.6% (EUR -13.3 million) +1.9% (EUR +8.9 million) +7.6% (EUR +9.5 million) +1.3% (EUR +15.4 m
Slide 9: Delivering our growth strategy today and beyond
Executing growth Delivering our growth strategy today and beyond Well on track to invest ~EUR 4 billion in gas, industrial and energy transition infrastructure by 2030 ~EUR 1.9 billion Proportional investment commitments taken since 2022, of which ~EUR 550 million committed in 2025 Committed investm
Slide 10: Expanding our capacity in 2025
Executing growth Expanding our capacity in 2025 In China, FIDs were taken to expand industrial capacity at Caojing and Haiteng In the Netherlands, good progress terminals is made on the construction of the 4th tank at the GATE terminal, an FID was taken to build a new jetty strengthening market lead
Slide 11: Future growth driven by gas and industrial infrastructure projects
Executing growth Future growth driven by gas and industrial infrastructure projects Major growth projects coming into operation in the upcoming years Commissioning Commission Commissioning multiple expansions a 4th tank and 272k cbm biofuels delivered in India Transition towards long-term, stable ne
Slide 12: Continued strong momentum
Executing growth Continued strong momentum Long term Business performance ambition Continue the momentum in delivering results Market indicators OCR Updated from above 13% Annual range of 13-17% Healthy demand for storage infrastructure Growth ambition Growth contribution Proportional growth capex b
Slide 13: Turning our vision into value
Turning our vision into value Robust demand in Resilient business Shareholder focus a unique position model with tangible growth • Resilient portfolio following active portfolio • Continued strong performance driven by • EUR 1.2 billion distributed to shareholders management and attractive investmen
Slide 14: Michiel Gilsing, CFO
Michiel Gilsing CFO Vopak FY 2025 Analyst presentation 14
Slide 15: Record results from a resilient portfolio
Record results from a resilient portfolio Distributing value Delivering results Executing growth to shareholders • Operating cash return of 15.6%, • EUR 553 million committed investments1 • Dividend per share of EUR 1.80 proposed for FY EBITDA-to-cash conversion of ~70% in 2025, in line with our lon
Slide 16: FY 2025 financial highlights
FY 2025 financial highlights Prop. Operating cash return Prop. Operating free cash flow 15.6% € 823 mln 15.1% in 2024 EUR 806 mln in 2024 Increased cash generation, with Strong cash generation, leading to average capital employed decreasing an EBITDA cash generation of ~70% slightly compared to 2024
Slide 17: Strong performance from a resilient portfolio
Strong performance from a resilient portfolio Proportional EBITDA In EUR millions EBITDA performance Growth Existing network Excluding exceptional items 1,184 1,170 0 2 2 2 5 • Proportional EBITDA increased 22 33 4.3% by 4.3% YoY, excluding FX and 1,135 20 divestment 2 • Strong contribution from gro
Slide 18: Significant improvement of business performance
Significant improvement of business performance EBITDA Margin1 EBITDA-to-Cash conversion2 Operating cash return (OCR)3 ~2 p.p. improvement since 2021 ~15 p.p. improvement since 2021 5.4 p.p. improvement since 2021 15.1% 15.6% 14.0% 58% 70% 69% 69% 11.4% 57% 10.2% 56% 56% 64% 795 806 823 684 +49% 54%
Slide 19: Driving stronger cash flow
Driving stronger cash flow Operating free cash flow per share on a proportional basis - EUR Profitability + Cash conversion + EUR 184 million increase in EBITDA has 7.13 been the primary driver of our growth in cash 0.56 flow per share since 2021 0.10 0.79 0.49 +62% 1.96 The reduction of operating c
Slide 20: Strong cash generation on the holding level
Strong cash generation on the holding level Consolidated free cash flow generation In EUR millions – IFRS Consolidated Statement of Cash Flows Cash flow IFRS consolidated statement +2% 948 967 • Strong results from our joint ventures 218 and associates, dividend upstreaming remains healthy at 104%1
Slide 21: Disciplined capital allocation framework
Disciplined capital allocation framework 1 We maintain a robust balance sheet by preserving a healthy proportional leverage ratio 2 We distribute shareholder value through a progressive dividend policy aiming to increase dividend per share by 5% or more 3 We invest in attractive and accretive growth
Slide 22: Strengthening our balance sheet
Strengthening our balance sheet Proportional leverage1 end of period Proportional leverage Interest rate composition 3.5 Proportional leverage includes Vopak’s economic 3.20 3.16 share of debt in the joint ventures adjusted for IFRS 16 ~0.20 ~0.15 impact 2.5% 3.0 Floating rate2 2.67 2.60 2.45 2.5 ~0
Slide 23: EUR ~1.7 billion shareholder distributions program
EUR ~1.7 billion shareholder distributions program In line with our disciplined capital allocation priorities and our strong commitment to distribute value to our shareholders Cash Dividend Share buyback Shareholder distributions In EUR millions Reinforced progressive policy Multi-year program +50%
Slide 24: Growth strategy supporting increased OCR ambition
Growth strategy supporting increased OCR ambition Ambition to invest ~EUR 4 billion proportional by 2030 to grow our base in gas and industrial terminals and to accelerate the energy transition Operating Cash return ~650 mln ~1.3 bln ~2.1 bln EUR ~4 billion Proportional growth capex Commissioned Com
Slide 25: Delivery of results following strategy execution
Delivery of results following strategy execution 2021 2025 Change Long-term ambition Results Results Revenues (EUR million) 1,665 1,916 +15% EBITDA (EUR million) 1,000 1,184 +18% Financial Performance1 Operating capex (EUR million) 355 256 -28% Operating free cash flow (EUR million) 553 823 +49% EBI
Slide 26: Exposure to currency movements
Exposure to currency movements Currency translation risk Proportional EBITDA Proportional EBITDA split by currency1 Sensitivity to currency volatility 16% USD 31% Change of 0.10 in FX effects the proportional 9% EBITDA with EUR 32 million on an annual basis 16% SGD Change of 0.10 in FX effects the p
Slide 27: Outlook drivers for FY 2026
Outlook drivers for FY 2026 Proportional EBITDA guidance – FY 2026 In EUR millions Proportional operating free cash flow in FY 2026 of around EUR 800 million 1,150 – 1,200 1,200 (+5%) 1,184 Focus on operating free cash ~20 flow as a driver of value and distribution ~25 1,150 (+1%) ~1,140 1,140 (+0%)
Slide 28: Outlook
Outlook Proportional operating free For FY 2026 is expected to be around EUR 800 million cash flow FY 2026 Short-term Proportional EBITDA For FY 2026 is expected to be in the range of EUR 1,150 – 1,200 million Operating cash return Maintain an operating cash return of between 13 and 17% Commitment t
Slide 29: Strong results from a resilient portfolio
Strong results from a resilient portfolio Distributing value Delivering results Executing growth to shareholders • Successful step change in our cash-generation, • Strong momentum in executing growth strategy • Increasing the dividend per share by 12.5%, proportional operating free cash flow per sha
Slide 30: Vopak FY 2025 Results Appendix
Vopak FY 2025 Results Appendix Vopak FY 2025 Analyst presentation 30
Slide 31: Overview of capital allocation
Overview of capital allocation Capital allocation multi-year overview Total capital allocated between FY 21-25 – EUR millions, consolidated figures % of available cash Net debt 183 342 Taxes paid 468 Net financing cost JV dividends 1,001 300 IFRS 16 leases We distribute shareholder value Disposals &
Slide 32: Overview of cash generation
Overview of cash generation Proportional EBITDA Proportional Operating free cash flow JV dividend upstream In EUR million In EUR million As % of JV & Associates net income 107% 110% 104% 1,154 1,170 1,184 795 806 823 82% 72% 1,068 1,000 684 42% 47% 47% 553 46% 42% 52% 55% 42% 57% 65% 224 231 195 213
Slide 33: Dividend track record
Dividend track record 1.80 1.60 1.50 +50% 1.30 1.20 1.25 1.15 1.05 1.05 1.10 1.00 0.88 0.90 0.90 0.80 0.70 0.63 0.55 0.48 0.38 0.30 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividends paid per share Vopak FY 2025 Analyst presentation 33
Slide 34: Well-diversified infrastructure portfolio
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 96 96 94 94 94 93 91 90 89 86 82 82 80 81 82 88.2 80.5 80.8 84.9 85.7 85.9 61.6 69.3 63.3 61.0 23.5 28.0 28.2 25.8 28.6 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024 2025 2025 2025 2025 202
Slide 35: Asia & Middle East developments
Asia & Middle East developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million 0.8 Q4 2025 1.8 91 90 89 86 96 108.8 12.9 million cbm 89.2 94.1 82.8 89.8 Subsidiaries Joint ventures & associates Operatorships 10.3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3
Slide 36: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q4 2025 82 82 80 81 82 0.6 3.4 million cbm 40.4 41.5 38.6 39.2 37.8 Subsidiaries Joint ventures & associates 2.8 Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024
Slide 37: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q4 2025 96 125.3 129.2 128.5 134.6 121.6 1.4 94 94 94 93 7.8 million cbm Subsidiaries Joint ventures & associates 6.4 Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024 2
Slide 38: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q4 2025 94 94 94 93 94 52.4 51.4 51.9 50.4 49.3 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024 2025 202
Slide 39: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q4 2025 97 94 93 94 95 89.3 87.8 2.8 million cbm 83.7 80.9 82.7 0.9 Subsidiaries 1.9 Joint ventures & associates Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2024 2025
Slide 40: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q4 2025 91 80.9 0.5 89 90 89 88 77.8 75.4 74.0 78.5 3.4 million cbm 0.5 Subsidiaries 2.4 Joint ventures & associates Operatorships Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q
Slide 41: JVs & associates developments
JVs & associates developments Result JVs and associates Result JVs & Associates Result JVs & Associates Result JVs & Associates In EUR million Asia & Middle East China & North Asia Netherlands In EUR million In EUR million In EUR million 76.4 58.2 47.5 12.7 8.9 50.1 46.4 10.7 11.9 11.0 10.6 6.9 7.1
Slide 42: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 800 750 700 600 500 400 300 250 200 133 234 66 68 78 100 158 163 185 64 106 110 114 93 75 93 109 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asian PP US
Slide 43: Alternative performance measures
Alternative performance measures To supplement Vopak’s financial information presented in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), management periodically uses certain alternative performance measures (APMs), as such term is define
Slide 44: Glossary (I)
Glossary (I) Average proportional capital employed • Acquisition of investment in subsidiaries including goodwill, joint Events for which a threshold of EUR 10 million is applied: Is defined as proportional total assets excluding assets and current ventures and associates and other equity investment
Slide 45: Glossary (II)
Glossary (II) Operating capex Proportional leverage Proportional investment and financial commitment Operating capex is defined as sustaining and service capex plus IT Proportional leverage is calculated as proportional net interest- Proportional investment and financial commitment is defined as the