Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q1 2026 Earnings Presentation
36 slides from Royal Vopak Nv's earnings presentation, Apr 22, 2026
Slide 1: We help the world flow forward
Analyst presentation Q1 2026 We help the world flow forward
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 Q1 2026 Analyst Presentation 3
Slide 4: 2026 Q1 Highlights
2026 Q1 Highlights Delivering results Executing growth Outlook • Resilient portfolio performance: leading to • Good progress on the construction of critical gas • Confirming FY 2026 outlook, subject to ongoing 91% occupancy, supported by strong demand for infrastructure in Canada, Colombia, India an
Slide 5: Market dynamics in volatile times
Market dynamics in volatile times Severe disruption of the supply chain • Middle East conflict has caused historic supply-side shock across global energy and manufacturing markets • Trade flows rebalancing is underway; replacement volumes are insufficient to offset losses while flows through Strait
Slide 6: Current assessment on Middle East conflict impact on Vopak
Current assessment on Middle East conflict impact on Vopak Exposure to the region Direct impact Indirect impact • We own and operate four storage terminals • Impact on our terminal infrastructure leading • While our infrastructure facilitates the rebalancing across the Middle East, located in Saudi
Slide 7: Diversified portfolio underpinned by increasing share of long-term contracts
Diversified portfolio underpinned by increasing share of long-term contracts Product diversification Geographical diversification Contract duration % of proportional revenues % of proportional revenues % revenues from contracts with >3 years duration ~70% ~18% ~17% ~27% ~36% ~8% ~50% ~19% ~11% ~20%
Slide 8: Resilient portfolio delivering strong results
Resilient portfolio delivering strong results Proportional EBITDA Q1 2026 in EUR million change vs Q1 2025 – adjusted for FX and divestment impact -1.5% (EUR -1.1 million) +2.3% (EUR +1.4 million) +6.7% (EUR +4.8 million) +4.8% (EUR +5.9 million) -2.4% (EUR +0.7 million) +4.2% (EUR +11.7 million) 29
Slide 9: Expanding our capacity
Expanding our capacity Commissioned repurposed Expanding capacity Repurposing capacity capacity In the USA, Deer Park terminal completed the In Spain, Terquimsa terminal has taken a Final In the Netherlands, we have taken a final investment commissioning of the total 75K cbm of which 28K cbm Investm
Slide 10: Future growth driven by gas and industrial infrastructure projects
Future growth driven by gas and industrial infrastructure projects Major growth projects coming into operation in the upcoming years Commissioning Commissioning Commission a 4th tank and 272k cbm capacity multiple expansions delivered in India Transition towards long-term, stable new Jetty at for bi
Slide 11: Well-positioned towards our long-term ambitions
Well-positioned towards our long-term ambitions Long-term Business performance ambition Continue delivering strong results OCR 13-17% Annual range Market indicators Healthy demand for storage infrastructure Growth ambition Proportional growth capex by 2030 ~ EUR 4 billion Growth contribution Shareho
Slide 12: Michiel Gilsing, CFO
Michiel Gilsing CFO Vopak Q1 2026 Analyst Presentation 12
Slide 13: Strong results from a resilient portfolio
Strong results from a resilient portfolio Delivering results Resilient portfolio Shareholder focus Strong start of the year, Diversified portfolio Investing in attractive growth with healthy occupancy and well-positioned to cater for increased opportunities while returning value to increased cash ge
Slide 14: Q1 2026 financial highlights
Q1 2026 financial highlights Prop. Operating cash return Prop. Operating free cash flow 16.6% € 224 mln 16.8% in Q1 2025 EUR 228 mln in Q1 2025 Stable cash generation, with average On an autonomous basis1, prop. capital employed decreasing slightly Operating free cash flow per share compared to Q1 2
Slide 15: 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 300 295 • Proportional EBITDA increased 15 2 1 2 4 3 by 4.2% YoY, excluding FX and 9 1 4.2% 283 divestment 2 • Growth contributions primarily drive
Slide 16: Improving cash generation per share
Improving cash generation per share Operating free cash flow per share on a proportional basis - EUR Adjusted for FX impact and divestments, our 1.95 1.96 proportional operating free cash flow per 0.11 1.83 +7.1% share increased by 7.1% vs. Q1 2025 0.01 Increase primarily driven by autonomous1 impro
Slide 17: Balance sheet strength
Balance sheet strength 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 2.60 2.45 2.5 ~0.40
Slide 18: 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 19: Confirmed FY 2026 outlook
Confirmed FY 2026 outlook Business performance FY 2026 Strong autonomous performance of the business Operating free cash flow Growth contribution On a proportional basis ~800 EUR million New projects coming on stream during 2026 EBITDA 1,150-1,200 Increased volatility On a proportional basis EUR mil
Slide 20: Strong results from a resilient portfolio
Strong results from a resilient portfolio Delivering results Resilient portfolio Shareholder focus Strong start of the year, Diversified portfolio Investing in attractive growth with healthy occupancy and well-positioned to cater for increased opportunities while returning value to increased cash ge
Slide 21: Vopak Q1 2026 Results Appendix
Vopak Q1 2026 Results Appendix Vopak Q1 2026 Analyst Presentation 21
Slide 22: 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 23: 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 24: Dividend track record
Dividend track record 24 years track record of paying a dividend to our +9.5% CAGR shareholders 1.80 1.60 1.50 12.5% dividend per share increase +4.2%CAGR 1.30 proposed for FY 2025 1.25 1.20 1.15 1.10 1.05 1.05 1.00 0.88 0.90 0.90 +13.4% CAGR 0.80 Strong commitment to distributing 0.70 0.63 value to
Slide 25: Well-diversified infrastructure portfolio
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 96 94 94 94 93 92 90 89 90 86 82 80 81 82 80 88.2 80.8 84.9 85.7 85.9 85.3 69.3 63.3 61.0 61.2 28.0 28.2 25.8 28.6 27.6 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2025 2025 2025 2026 202
Slide 26: 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 Q1 2026 1.8 90 89 86 96 90 108.8 12.9 million cbm 94.1 82.8 89.8 87.4 Subsidiaries Joint ventures & associates Operatorships 10.3 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4
Slide 27: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q1 2026 82 80 81 82 80 0.6 3.4 million cbm 41.5 38.6 39.2 38.4 37.8 Subsidiaries Joint ventures & associates 2.8 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025
Slide 28: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q1 2026 94 94 94 129.2 128.5 134.6 121.6 133.2 1.4 93 92 7.8 million cbm Subsidiaries Joint ventures & associates 6.4 Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2
Slide 29: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q1 2026 94 94 93 94 95 51.4 51.9 50.4 49.3 51.4 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2025 202
Slide 30: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q1 2026 94 93 94 95 94 87.8 83.7 80.9 82.7 81.9 0.9 2.9 million cbm Subsidiaries 2.0 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2025
Slide 31: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q1 2026 90 90 81.2 0.5 89 89 88 77.8 75.4 74.0 78.5 3.4 million cbm 0.5 Subsidiaries 2.4 Joint ventures & associates Operatorships Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q
Slide 32: 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 8.3 50.1 46.4 52.7 11.9 11.0 10.6 11.2
Slide 33: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 800 700 850 600 500 400 300 135 150 200 240 68 69 79 100 161 163 187 65 109 112 115 94 75 94 109 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asian PP US
Slide 34: 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 35: 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 36: 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