Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — FY2025 Earnings Presentation
31 slides from Royal Vopak Nv's earnings presentation, Mar 18, 2026
Slide 1: Roadshow presentation
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Slide 2: Vopak at a glance
Vopak at a glance Business model We provide safe and efficient infrastructure solutions and services for storing We provide access to storage capacity, primarily through contracted storage fees bulk liquids and gases through our global network of strategically located terminals. Our world-class netw
Slide 3: 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 3
Slide 4: Strengthening the foundation, Build, Accelerating Growth
Strengthening Build Accelerating the foundation and deliver Growth 2022 – 2024 2025 – 2026 2027 – 2030 Portfolio transition Ramping up growth investments Materializing growth • EUR ~750 million divestment proceeds • Well on track to invest EUR 4 billion growth • Expected contribution of major growth
Slide 5: Four years of strategy execution: increased cash generation, enhanced stability
Four years of strategy execution: increased cash generation, enhanced stability Increased cash generation Increased contract duration Increased diversification in EUR millions As a % of proportional revenues As a % of proportional revenues Operating cash return 15.6% 10.2% ~33% ~37% ~60% 5.399 ~70%
Slide 6: Investment proposition
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Slide 7: Highly resilient business, tangible levers for growth, creating shareholder value
Highly resilient business Focused on creating Tangible levers for growth with strong cash generation value for our shareholders EUR 270 million free cash flow increase EUR 4 billion investment ambition EUR 1.7 billion shareholder distribution program +49% since 2021 through year-end 2030 through yea
Slide 8: Delivering predictable and growing revenues
Delivering predictable and growing revenues Revenue stability Proportional occupancy Proportional Revenues In EUR millions • ~80% of our revenue is generated through storage fees, ~70% structured as long-term, take-or-pay contracts ~60% • ~70% of our contracts exceed 3 years in duration 93% and have
Slide 9: Commissioning-driven growth: strong pipeline of assets under construction
Commissioning-driven growth: strong pipeline of assets under construction Investing ~EUR 4 billion in gas, Commissioning Commission Commissioning multiple expansions industrial and energy transition a 4th tank and 272k cbm biofuels new Jetty at delivered in India infrastructure by 20301 GATE termina
Slide 10: Converting our revenue momentum into strong free cash flow growth
Converting our revenue momentum into strong free cash flow growth 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% 58% 14.0% 69% 69% 70% 11.4% 57% 10.2% 56% 56% 64% 795 80
Slide 11: Disciplined capital allocation framework
Disciplined capital allocation framework 1 We maintain a robust balance sheet proportional leverage range ambition of between 2.5-3.0x 2 We distribute a progressive dividend aiming to increase dividend per share by 5% or more 3 We invest in attractive and accretive growth ambition to invest EUR 4 bi
Slide 12: Distributing EUR 1.7 billion to shareholders through year-end 2030
Distributing EUR 1.7 billion to shareholders trough year-end 2030 Cash Dividend Share buyback Shareholder distributions In EUR millions Reinforced progressive policy Multi-year program 5% or more EUR 500 mln 1.50 1.60 1.80 DPS growth annual ambition Share buyback ambition through year end 20302 1.25
Slide 13: Combining strong performance with disciplined capital allocation
Combining strong performance with disciplined capital allocation 2021 2025 Change Long-term ambition EV/EBITDA EV/OFCF Results Results 13.8 EBITDA (EUR million) 1,000 1,184 +18% Operating capex (EUR million) 355 256 -28% 8.7 Financial Operating free cash flow (EUR million) 553 823 +49% performance1
Slide 14: Highly resilient business with strong cash generation, tangible levers for growth
Highly resilient business Focused on creating Tangible levers for growth with strong cash generation value for our shareholders Revenues underpinned by long-term, Increased demand for our services Rewarding shareholders today while inflation-protected contracts, ensuring due to energy security / ind
Slide 15: FY 2025 highlights
FY 2025 highlights 15 15
Slide 16: 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 17: Delivering on our strategy in 2025
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-diversified portfolio EUR m
Slide 18: Our sustainability performance
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 2024 2025 • Person
Slide 19: Resilient portfolio delivering strong 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 million) 1,184 485 1
Slide 20: Expanding our capacity in 2025
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 leadership in LNG bun
Slide 21: Continued strong momentum
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 by 2030 ~ EUR 4 bi
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: ME" Vopak
ME" Vopak 31