Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Non-Deal Roadshow (June 2026)
24 slides from Royal Vopak Nv's roadshow presentation, June 2026
Slide 1: We help the world flow forward
Roadshow Presentation – June 2026 We help the world flow forward
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: Highly resilient business, tangible growth levers, 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 5: 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 6: Commissioning growth: strong pipeline of assets under construction
Commissioning 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 terminal in fe
Slide 7: 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 8: 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 9: Distributing EUR 1.7 billion to shareholders through year-end 2030
Distributing EUR 1.7 billion to shareholders through 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 1.2
Slide 10: 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 11: 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 12: Q1 2026 highlights
Q1 2026 highlights 12 12
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: ME" Vopak
ME" Vopak 24