Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — HY1 2026 Earnings Presentation
46 slides from Royal Vopak Nv's earnings presentation, Jul 30, 2026
Slide 1: We help the world flow forward
Analyst presentation HY1 2026 We help the world flow forward
Slide 2: Dick Richelle, CEO
Dick Richelle CEO Vopak HY1 2026 Analyst Presentation 2
Slide 3: 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 4: Improve, Grow, Accelerate
Improve Grow Accelerate the performance of our portfolio our base in gas & industrial terminals towards energy transition infrastructure 13-17% EUR 2.6 billion EUR 1.4 billion Operating cash return ambition proportional growth capex by 2030 proportional growth capex by 2030 Vopak HY1 2026 Analyst Pr
Slide 5: HY1 2026 Highlights
HY1 2026 Highlights Outlook and shareholder Delivering results Executing growth distribution • Resilient portfolio performance leading to • In the Netherlands, secured the continuation of • Increasing FY 2026 outlook for EBITDA and operating 91% occupancy, supported by strong demand for EemsEnergyTe
Slide 6: Resilient portfolio delivering strong results
Resilient portfolio delivering strong results Proportional EBITDA Strong performance across the portfolio with In EUR millions improving performance across all terminal types 615 Continued volatility in global energy and 17 600 manufacturing markets 3 595 2 8 22 11 Gas and industrial terminals deliv
Slide 7: Addressing key themes in energy markets
Addressing key themes in energy markets Security Affordability Sustainability Gate LNG terminal, the Netherlands REEF LPG terminal, Canada Battery Storage, the Netherlands Battery storage supports grid resilience We provide the infrastructure that enables our customers to address these evolving need
Slide 8: Investing in battery energy storage
Investing in battery energy storage Why Invest? What is our role? Why Vopak? Battery storage is vital to secure power grid We execute a develop-own-operate Our core capabilities provide a competitive resilience as the share of renewables strategy for utility-scale batteries connected edge in the BES
Slide 9: Accelerating BESS development
Accelerating BESS development Proportional investment EUR 371 million Acquiring Green Energy Storage and investing in two projects in the Netherlands with a combined capacity of 350MW expected to be commissioned in 2028 Green Energy Long-term Attractive cash Storage commitments return Access to a pr
Slide 10: Developments in our global network
Developments in our global network In the Netherlands, securing the continuation of EemsEnergyTerminal for the period 2028–2036. Construction of the 4th tank at the Gate LNG terminal is ~97% complete. In Canada, the construction of the REEF LPG terminal is progressing well, with onshore infrastructu
Slide 11: Delivering our growth strategy today and beyond
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 2.3 billion Proportional investment commitments taken since 2022, of which ~EUR 425 million committed in 2026 Committed investments1 EUR ~1.7 bi
Slide 12: 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 13: Michiel Gilsing, CFO
Michiel Gilsing CFO Vopak HY1 2026 Analyst Presentation 13
Slide 14: Strong results from a resilient portfolio
Strong results from a resilient portfolio Delivering results Investing in attractive growth Shareholder focus Strong performance driven by a Executing our growth strategy, Returning value to shareholders through healthy demand for our service, investing in critical energy storage share buyback progr
Slide 15: Financial highlights
Financial highlights Prop. Operating cash return Prop. Operating free cash flow (12 months rolling basis) 15.3% € 444 mln 15.2% in HY1 2025 EUR 451 mln in HY1 2025 Slightly increased operating cash Prop. Operating free cash flow per return reflecting continued strong share of EUR 3.88, stable year-o
Slide 16: Strong results across a diversified portfolio
Strong results across a diversified portfolio Proportional EBITDA EBITDA drivers In EUR millions – excluding exceptional items • Proportional EBITDA increased by 5% Growth Existing network excluding FX, divestment impact and the 615 positive one-off recorded in Q2 2025 17 19 600 595 • Significant co
Slide 17: Continued strong cash generation
Continued strong cash generation Proportional free cash flow generation In EUR millions Cash flow drivers year-on-year development • Proportional EBITDA decreased by 2.4% compared to HY1 2025, driven by FX, divestments and a -2.4% positive one-off recorded in Q2 2025 600 • Decrease in EBITDA was par
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: 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 2.6% 2.87 3.0 Floating rate2 2.67 2.60 2.45 ~0.70 2.5
Slide 20: Increasing our dividend payment frequency
Increasing our dividend payment frequency Dividend per share Amounts relating to the fiscal year for which they are distributed 1.80 Introduction of an interim dividend payment, +9.5% p.a. increasing the distribution frequency to 1.60 bi-annual payments 1.50 1.25 1.30 Our 2026 dividend payment, with
Slide 21: Strong momentum executing growth strategy
Strong momentum executing growth strategy Committed capex since CMD 2022 Timeline of project commissioning in EUR millions Based on FID’s taken at present < 7x EBITDA < 8x EBITDA 2,339 21 227 FY 2026: EUR ~300 million 658 e.g. Gate 4th tank, AVTL projects 395 63 303 EUR 1.7 bln FY 2027: EUR ~650 mil
Slide 22: Increased FY 2026 outlook
Increased FY 2026 outlook 2026 outlook Business performance Updated Prior Strong autonomous performance of the business Operating free cash flow Growth contribution On a proportional basis ~820 EUR million ~800 EUR million New projects being commissioned during 2026 EBITDA 1,180 - 1,220 1,150 - 1,20
Slide 23: Strong results from a resilient portfolio
Strong results from a resilient portfolio Delivering results Investing in attractive growth Shareholder focus Strong performance driven by a Executing our growth strategy, Returning value to shareholders through healthy demand for our service, investing in critical energy storage share buyback progr
Slide 24: Vopak Q2 2026 Results Appendix
Vopak Q2 2026 Results Appendix Vopak HY1 2026 Analyst Presentation 24
Slide 25: Overview of cash generation
Overview of cash generation Proportional figures – EUR million 2021 2022 2023 2024 2025 Total operating income 1,800 1,962 2,059 2,049 2,045 Operating expenses -800 -894 -905 -879 -861 EBITDA 1,000 1,068 1,154 1,170 1,184 Operating Capex -355 -315 -290 -265 -256 IFRS 16 leases -92 -69 -69 -99 -105 O
Slide 26: 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 27: 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 1,001 235 IFRS 16 leases We distribute shareholder value Disposals &
Slide 28: Overview of dividend payments
Overview of dividend payments Dividends paid per share in EUR +9.5% CAGR 1.80 1.60 1.50 1.30 +4.2%CAGR 1.25 1.20 1.15 1.10 1.05 1.05 1.00 0.88 0.90 0.90 0.80 +13.4% CAGR 0.70 0.63 0.55 0.48 0.38 0.30 0.25 0.25 0.25 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 29: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 800 670 700 600 500 400 300 330 136 200 241 68 69 79 100 161 163 188 109 113 116 94 75 94 108 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asian PP US PP
Slide 30: Cash flow modeling
Cash flow modeling Vopak HY1 2026 Analyst Presentation 30
Slide 31: EBITDA
EBITDA 6.8% 8.1% 4.1% 1.4% 1.2% Proportional OFCF calculation (FY 2025): 1,154 1,170 1,184 1,068 Proportional EBITDA 1,183.6 1,000 +18% Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 Proportional operating free cash flow 823.3 2021 2022 2023 2024 2025 YoY EBITDA gro
Slide 32: Operating capex
Operating capex 6.6% 5.2% 5.1% 5.0% 4.8% Proportional OFCF calculation (FY 2025): 355 315 Proportional EBITDA 1,183.6 290 -28% 265 256 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 Proportional operating free cash flow 823.3 2021 2022 2023 2024 2025 % of capital em
Slide 33: IFRS 16 leases
IFRS 16 leases Lease Receivable Lease Liability Proportional OFCF calculation (FY 2025): 2022 2023 2024 2025 Proportional EBITDA 1,183.6 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 -68 -70 Proportional operating free cash flow 823.3 -100 -105 • For Vopak, lease l
Slide 34: IFRS 16 leases
IFRS 16 leases Indicative accounting treatment of a contract that qualifies as a finance lease Customer payment Interest income Other operating income (+/+) EBITDA Principal repayment Finance lease receivable (+/+) IFRS 16 leases • When we sign long-term, dedicated infrastructure contracts, IFRS 16
Slide 35: BU segmentation
BU segmentation Vopak HY1 2026 Analyst Presentation 35
Slide 36: Well-diversified infrastructure portfolio Business Units
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 96 94 94 93 92 93 89 90 88 86 83 80 81 82 80 88.2 84.9 85.7 85.9 85.3 90.8 63.3 61.0 61.2 61.7 28.2 25.8 28.6 27.6 28.1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2026 2026 202
Slide 37: 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 Q2 2026 1.8 89 86 96 90 88 108.8 12.9 million cbm 82.8 89.8 87.4 84.7 Subsidiaries Joint ventures & associates Operatorships 10.3 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1
Slide 38: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q2 2026 80 81 82 80 83 0.7 3.5 million cbm 38.6 37.8 39.2 38.4 38.6 Subsidiaries Joint ventures & associates 2.8 Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025
Slide 39: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q2 2026 94 94 128.5 134.6 133.2 136.4 1.4 93 92 93 121.6 7.9 million cbm Subsidiaries Joint ventures & associates 6.5 Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2
Slide 40: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q2 2026 94 93 94 95 93 51.9 50.4 49.3 51.4 50.8 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2025 202
Slide 41: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q2 2026 93 94 95 94 94 83.7 82.7 84.4 80.9 81.9 0.9 2.8 million cbm Subsidiaries 1.9 Joint ventures & associates Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2025
Slide 42: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q2 2026 90 90 90 89.4 0.5 89 88 78.5 81.2 3.4 million cbm 75.4 74.0 0.5 Subsidiaries 2.4 Joint ventures & associates Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q
Slide 43: 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 47.5 11.9 11.7 50.1 52.7 53.5 11.0 10.6 11.2 11.1 46.4 8.
Slide 44: 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 45: 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 46: Glossary (II)
Glossary (II) Operating capex Proportional investment and financial commitment • Proportional Capital employed is defined as proportional total Operating capex is defined as sustaining and service capex plus IT Proportional investment and financial commitment is defined as the assets excluding asset