Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2025 Earnings Presentation
40 slides from Royal Vopak Nv's earnings presentation, Apr 23, 2025
Slide 1: Q1 2025 Analyst presentation
Q1 2025 Analyst presentation We help the world flow forward 23 April 2025
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: Vopak Q1 2025 Results
Dick Richelle CEO Vopak Q1 2025 Results Vopak Q1 2025 Analyst presentation 3
Slide 4: Shifting gears towards 2030
Shifting gears towards 2030 Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure >13% EUR 2 billion EUR 1 billion Operating cash return ambition Additional EUR 1 billion growth Reconfirming EUR 1 billion gr
Slide 5: Strong start of the year: Q1 2025 highlights
Strong start of the year: Q1 2025 highlights >13% EUR 2 billion EUR 1 billion Operating cash return Growth capex by 2030 Growth capex by 2030 Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure Strong perf
Slide 6: Well-diversified portfolio driving stable performance
Well-diversified portfolio driving stable performance Proportional EBITDA Q1 2025 in EUR million % change vs Q1 2024 – adjusted for divestment impact +4.5% +0.9% +1.0% 123 30 +12.2% -8.3% 72 300 62 73 Gas Industrial Chemicals Oil Other Total • Lower proportional • Strong contribution of • Stable con
Slide 7: Well-diversified portfolio in terms of geography, products and contracts
Well-diversified portfolio in terms of geography, products and contracts Geographical diversification Product diversification Commercial diversification In proportional EBITDA Proportional average capital employed Based on original contract duration 8% 12% 15% 12% ~25% 29% ~30% 11% 20% 21% ~20% 30%
Slide 8: Resilient portfolio in uncertain times
Resilient portfolio in uncertain times Limited short-term direct impact Our business model is structured around long-term take-or-pay contracts with a solid customer base Security of supply Serving our customers with infrastructure in the right locations to cater for rebalancing trade-flows and secu
Slide 9: Delivering our growth strategy today and beyond
Delivering our growth strategy today and beyond Delivering on projects… … and committed for more 209 EUR million 1.2 EUR billion Total committed investments to grow in gas, industrial Of newly announced investments during and energy transition infrastructure since 2022 the first quarter of 2025 Lock
Slide 10: Delivering growth projects
Delivering growth projects 287k cbm Expansions delivering attractive returns New capacity being commissioned • Industrial expansion in China and two expansions in India for the storage of liquid products during the first quarter • Brownfield expansions at 4-6x investment multiples, benefiting from s
Slide 11: Expanding our industrial footprint in Thailand
Expanding our industrial footprint in Thailand Investment EUR 130 million In the Map Ta Phut region Established Long-term Attractive footprint contract cash return Expanding current 15-year ethane storage and Attractive operating cash terminal with 160k cbm handling agreement return upon completion,
Slide 12: Investments in energy transition infrastructure in Brazil and the Netherlands
Investments in energy transition infrastructure in Brazil and the Netherlands Low carbon fuels & feedstocks Battery Energy Storage Partnering with OQ in Oman Strengthening leading position in Santos, Brazil, Second battery energy storage project in the Capturing opportunities in industrial and energ
Slide 13: Shifting gears towards 2030
Shifting gears towards 2030 Unique expert in storing and handling bulk liquid products Please change the picture...I like in general quite a lot the pictures from the AR with the from to and arrows, maybe that inspires, otherwise just a different one.. Strong Resilient Executing growth results portf
Slide 14: Michiel Gilsing, CFO: Q1 2025 Results
Michiel Gilsing CFO Q1 2025 Results Vopak Q1 2025 Analyst presentation 14
Slide 15: Strong results from a resilient portfolio
Strong results from a resilient portfolio Strong results Resilient portfolio Shareholder focus Strong results in Q1 2025, with Diversified portfolio well-positioned to Investing in attractive growth opportunities healthy occupancy and increased cater for uncertainty and volatility in the and returni
Slide 16: Solid performance of the portfolio
Solid performance of the portfolio Occupancy rate Proportional EBITDA On a proportional basis Excluding exceptional items -1 p.p. +1% 93% 92% 92% 93% 92% 298 302 294 300 277 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 • Solid proportional occupancy levels, reflect
Slide 17: Continued focus on cash generation
Continued focus on cash generation Operating cash return Operating free cash flow on a proportional basis, per share +7% -0.2 p.p. 1.95 1.83 1.80 17.0% 16.4% 16.8% 1.70 15.1% 1.36 11.8% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 • Strong operating cash return ref
Slide 18: Delivering on performance improvement
Delivering on performance improvement Proportional EBITDA Q1 2025 In EUR million EBITDA performance Excluding exceptional items Growth Existing network 1 1 • Strong contribution from growth 8 6 projects by newly 301 1 3 5 1 300 commissioned capacity 298 4 • Stable performance from our Asian business
Slide 19: Strong cash flow generation supporting capital allocation policy
Strong cash flow generation supporting capital allocation policy Cash flow Q1 2025 in EUR million Cash flow performance % of CFFO gross +10% • Strong cash flow from operations driven by 15% business performance 303 276 15% 44 259 4% • Stable dividend upstreaming 44 31% from joint ventures 181 11 153
Slide 20: Strong balance sheet with ample flexibility to fund attractive growth
Strong balance sheet with ample flexibility to fund attractive growth Proportional leverage Currency composition of debt end of period As a % of interest-bearing debt 3.5 3.20 3.16 Temporarily flexibility to USD fund attractive growth 13% 3.0 EUR 2.67 Proportional leverage 2.45 2.55 range ambition O
Slide 21: Further improving our well-spread debt maturity profile
Further improving our well-spread debt maturity profile Debt issuance of EUR 560 million equivalent 9x Oversubscription Underpinning our ongoing access to • USD 325 million Notes (USD 100 million Subordinated) at a 5.7% weighted average fixed interest rate relevant capital markets • EUR 260 million
Slide 22: Exposure to currency and interest rate movements
Exposure to currency and interest rate movements Interest rate composition Currency translation risk Proportional EBITDA As a % of interest-bearing debt Proportional EBITDA split by currency1 Sensitivity to currency volatility 3.4% 19% USD Floating rate2 ~20% Change of 0.10 in FX effects the EBITDA
Slide 23: Driving factors for confirming FY 2025 outlook
Driving factors for confirming FY 2025 outlook Market indicators Growth contribution Strong start of the year, with firm demand for storage Capturing growth opportunities and delivering on projects infrastructure Business performance Currency translation Continue the momentum in improving financial
Slide 24: Confirming FY 2025 outlook
Confirming FY 2025 outlook Proportional EBITDA For FY 2025 is expected to be in the range of EUR 1,150 – 1,200 million Short-term Proportional growth capex For FY 2025 is expected to be around EUR 600 million Proportional operating capex For FY 2025 is expected to be around EUR 300 million Operating
Slide 25: Disciplined capital allocation framework
Disciplined capital allocation framework 1 We maintain a robust balance sheet 1 2 by preserving a healthy proportional leverage ratio1 2.5x - 3.0x €1.60 FY 2024 Proportional Leverage Dividend per share 2 We distribute shareholder value (proposed) by a progressive dividend policy 3 4 We invest in att
Slide 26: Strong results from a resilient portfolio
Strong results from a resilient portfolio Strong results Resilient portfolio Shareholder focus Strong results in Q1 2025, with Diversified portfolio well-positioned to Investing in attractive growth opportunities healthy occupancy and increased cater for uncertainty and volatility in the and returni
Slide 27: Vopak Q1 2025 Results Appendix
Vopak Q1 2025 Results Appendix Vopak Q1 2025 Analyst presentation 27
Slide 28: Well-diversified infrastructure portfolio Business Units
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 93 94 95 96 94 91 91 91 91 90 87 83 81 82 82 57.5 56.3 58.3 54.5 54.8 46.5 39.3 33.3 29.2 36.4 18.1 17.7 14.6 14.2 18.0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 202
Slide 29: Asia & Middle East developments
Asia & Middle East developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million 0.8 Q1 2025 1.8 91 91 91 91 90 19.6 19.9 19.4 19.2 19.9 12.6 million cbm Subsidiaries Joint ventures & associates Operatorships 10.0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024
Slide 30: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2025 87 83 82 82 0.7 81 3.7 million cbm 12.8 11.3 11.7 10.6 9.6 Subsidiaries Joint ventures & associates 3.0 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2
Slide 31: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2025 96 82.6 81.9 84.5 84.6 82.6 1.4 93 94 95 94 7.7 million cbm Subsidiaries Joint ventures & associates 6.3 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 20
Slide 32: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2025 93 95 93 94 94 72.0 73.0 72.7 74.2 72.8 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025
Slide 33: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2025 95 95 97 97 94 63.7 62.0 0.8 2.7 million cbm 58.0 58.0 57.6 Subsidiaries 1.9 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2
Slide 34: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Revenues* In million cbm In percent In EUR million Q1 2025 92 81.0 80.9 0.5 90 91 91 89 79.1 78.7 79.3 3.3 million cbm 0.5 Subsidiaries 2.3 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024
Slide 35: 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 67.7 55.3 60.1 58.2 11.3 33.7 12.3 12.7 10.0 10.6 41.1 26.2 11
Slide 36: Stable cash flow generation across the portfolio
Stable cash flow generation across the portfolio Proportional EBITDA Proportional Operating Cash Flow JV dividend upstream In EUR million In EUR million As % of JV & Associates net income 110% 1,154 1,170 795 806 1,068 107% 961 1,000 684 42% 186 42% 47% 558 553 52% 55% 166 42% 42% 57% 82% 60% 65% 22
Slide 37: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million1 1,200 1,100 1,000 900 800 700 700 600 500 400 300 300 138 200 269 254 72 100 169 163 69 115 117 96 75 123 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2040 RCF headroom RCF VTS Subordinated loans Asian PP US PP 1 Not re
Slide 38: 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 39: 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 40: Glossary (II)
Glossary (II) Proportional Divided by 12-month rolling proportional EBITDA, excluding: Storage capacity Proportional is defined as the economic interest Vopak has in a joint • IFRS 16 adjustments in operating expenses for former operating Storage capacity at the end of the period consists of 100% ca