Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Q3 2025 Earnings Presentation
54 slides from Royal Vopak Nv's earnings presentation, Nov 11, 2025
Slide 1: Roadshow Presentation Q3 2025
Roadshow Presentation Q3 2025 We help the world flow forward
Slide 2: Vopak at a glance
Portfolio Vopak at a glance Royal Vopak as an independent tank storage company, we store and handle liquid Product diversification chemicals, gases and oil products, including LNG, biofuels and ammonia. As a % of proportional capital employed - FY2024 Vopak was founded in 1616 and is headquartered i
Slide 3: Investment proposition
Investment proposition Generating growing and predictable free cash flow, to create value for our shareholders Highly resilient business Strong cash generation Attractive shareholder distributions EUR 253 million revenue increase EUR 253 million cash flow increase EUR 10.09 total shareholder distrib
Slide 4: Delivering predictable and growing revenues
Investment proposition Delivering predictable and growing revenues Proportional occupancy rate Stability Ability to maintain high occupancy of our storage capacity 94% 5% 88% 93% 10% 84% 88% ~80% of revenue is on a fixed contractual basis, take-or-pay % of contracts exceeding 3 years in duration ~70
Slide 5: Track-record of strong margins through disciplined cost management
Investment proposition Track-record of strong margins through disciplined cost management Managing cost Proportional operating expenses Long term track-record of effectively managing cost In EUR millions Proportional EBITDA margin Revenues increased 15% offsetting cost increase, resulting in strong
Slide 6: Optimizing cash conversion through active portfolio management
Investment proposition Optimizing cash conversion through active portfolio management Rationalizing Cash conversion Operating cash return Divesting mature, high-maintenance, Significant increase in the amount of free Leading to significant increase in the cash assets with low free cash flow generati
Slide 7: Our disciplined capital allocation framework
Investment proposition Our disciplined capital allocation framework 1 We maintain a robust balance sheet by preserving a healthy proportional leverage ratio 2 We distribute shareholder value by a progressive dividend policy 3 We invest in attractive and accretive growth by focused investments that s
Slide 8: Maintaining a healthy balance sheet
Investment proposition Maintaining a healthy balance sheet Proportional leverage1 end of period Proportional leverage Proportional leverage includes Vopak’s economic share of debt in 3.5 3.20 the joint ventures adjusted for IFRS 16 impact 3.16 ~0.20 ~0.15 3.0 2.67 2.56 2.45 2.5 ~0.40 ~0.25 ~0.44 2.5
Slide 9: Creating value for our shareholders
Investment proposition Creating value for our shareholders Payout ratio - % of prop. operating free cashflow Dividends 24% A well-established track record of reliable and consistent 19% dividend growth throughout economic cycles Dividend yield1 10Y Average Well-supported by increased cash flow gener
Slide 10: Clear growth strategy
Investment proposition Clear growth strategy Ambition to invest EUR 4 billion proportional by 2030 to grow our base in gas and industrial terminals and to accelerate the energy transition Commissioned Committed - under construction Remaining investment ambition Gas and Industrial terminals Label 472
Slide 11: Disciplined investments driving future stability and growth of cash flow
Investment proposition Disciplined investments driving future stability and growth of cash flow Capital employed per terminal type Increased resilience & growth As a % of total proportional capital employed Improved diversification of the portfolio, secured by long(er)-term contracts and driven by h
Slide 12: Why invest?
Investment proposition Why invest? Attractive valuation despite strong performance Track record of shareholder value creation Delivering growth driving returns Dividends paid Proportional growth capex On a per share basis - EUR In EUR millions Prop. EV/OFCF1 13.8 +33% 1.60 9.1 1.20 ~700 7.6 2021 202
Slide 13: Aegis-Vopak Terminals Limited (AVTL)
Aegis-Vopak Terminals Limited (AVTL) Roadshow presentation Q3 13
Slide 14: Growth in India driven by strong fundamentals
AVTL Growth in India driven by strong fundamentals #1 Largest Indian third-party owner and operator of tank storage terminals for LPG and liquid products Kandla Pipavav Well-connected Infrastructure for marine, rail, road and pipeline to best support our customers Mumbai Haldia Customer base Diversi
Slide 15: Investing in the fast-growing Indian market
AVTL Investing in the fast-growing Indian market Expansions at existing locations Announced expansions of in total 349k cbm across Mangalore +44k cbm Mumbai +450k cbm Haldia +50k cbm existing locations, including Haldia, Mangalore, Pipavav 2011 Entering the Indian Mumbai +102k cbm Pipavav +52k cbm m
Slide 16: Results Q3 2025
Results Q3 2025 Roadshow presentation Q3 16
Slide 17: Delivering on our strategy
Results Q3 2025 Delivering on our strategy Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure OCR of 16.2% YTD EUR 1.6 bln committed investments since 2022 EUR 256 mln committed investments since 2022 Str
Slide 18: Resilient portfolio delivering stable results in uncertain business environment
Results Q3 2025 Resilient portfolio delivering stable results in uncertain business environment Proportional EBITDA YTD 2025 in EUR million change vs YTD 2024 – adjusted for divestment impact -9.8% (EUR 23 million) +15.7% (EUR 27 million) -3.7% (EUR 10 million) +4.2% (EUR 15 million) -1.1% (EUR 1 mi
Slide 19: Delivering our growth strategy today and beyond
Results Q3 2025 Delivering our growth strategy today and beyond Ramping up growth investments… …on track to reach our ambition Proportional growth capex In EUR millions EUR 1.9 billion Proportional investment commitments taken since +79% 2022, of which EUR 502 million year to date 2025 ~700 Well on
Slide 20: Stable performance from a resilient portfolio
Results Q3 2025 Stable performance from a resilient portfolio Proportional EBITDA YTD 2025 In EUR million EBITDA performance Growth Existing network Excluding exceptional items 4 902 894 18 6 1 2 0 • Excluding FX and divestment 18 3.2% impact, proportional EBITDA 17 2 874 increased by 3.2% YoY • Str
Slide 21: Strong cash generation from the portfolio
Results Q3 2025 Strong cash generation from the portfolio EBITDA margin 1 EBITDA converted to cash 2 Operating cash return 58.4% 58.6% 72.5% 71.4% 16.2% 16.2% 1,433 1,449 4.3% 894 902 5.56 5.33 637 638 168 176 78 82 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD Proportional revenues (EUR mil
Slide 22: Cash generation on the holding level supporting capital allocation policy
Results Q3 2025 Cash generation on the holding level supporting capital allocation policy Consolidated cash generation and allocation Cash flow In EUR millions – IFRS Consolidated Statement of Cash Flows IFRS consolidated statement % of available cash flow • Continued strong cash flow from +2% opera
Slide 23: Confirming FY 2025 outlook
Results Q3 2025 Confirming FY 2025 outlook Proportional EBITDA For FY 2025 is expected to be in the range of EUR 1,170 – 1,200 million Short-term Proportional growth capex For FY 2025 is expected to be around EUR 700 million Proportional operating capex For FY 2025 is expected to be below EUR 300 mi
Slide 24: Business model
Business model Roadshow presentation Q3 24
Slide 25: Why our services are valuable
Business model Why our services are valuable Capability Independence Adaptability Strong operational and commercial As an independent service provider, we Our terminals enable customers to adapt capabilities in multiple products and don't own the products, guaranteeing our to changing market conditi
Slide 26: Vopak's role in the value chain
Business model Vopak’s role in the value chain Roadshow presentation Q3 26
Slide 27: Our business model
Business model Our business model ~80% of revenue is on a fixed contractual basis Contracts are structured on a take-or-pay basis ~70% of contracts exceed 3 year in duration Contracted revenues Contract duration as a % of revenues as a % of proportional revenues 12% < 1 year ~20% Variable 20% 1-3 ye
Slide 28: Large and diversified set of customers and partners
Business model Large and diversified set of customers and partners Strategic Network effect Ensuring growth 1000+ +25% With existing and Customers around the globe new customers… of our customer base store their products in more than 1 location globally … in existing and 10 new locations… Key accoun
Slide 29: Gas
Business model Gas 100% of Netherlands LNG demand fulfilled by Gate and Eemshaven Energy terminals Allows for ~8 bln CBM of additional gas supply to the Converting LNG Netherlands back to its gaseous state EemsEnergyTerminal, The Netherlands Roadshow presentation Q3 29
Slide 30: Industrial
Business model Industrial Serving a world-scale flexible feed steam cracker project 33 storage tanks with total capacity of 560k cbm 4 berths with maximum of 14.4 meter draught Huizhou, China Roadshow presentation Q3 30
Slide 31: Chemical
Business model Chemical Situated at the main shipping route for bulk liquid chemicals Import, export and distribution of 2 berths with chemicals maximum of 10.5 meter draught 49 storage tanks with total capacity of 130k cbm Merak, Indonesia Roadshow presentation Q3 31
Slide 32: Oil
Business model Oil 22 berths with maximum of 22 meter draught 99 storage tanks with total capacity of 3.8 mln cbm Well-connected to Industrial activity Europoort, The Netherlands Roadshow presentation Q3 32
Slide 33: Growth strategy
Growth strategy Roadshow presentation Q3 33
Slide 34: Shifting gears towards 2030
Growth Strategy Shifting gears towards 2030 Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure >13% EUR ~2.6 billion EUR ~1.4 billion Operating cash return ambition proportional growth capex by 2030 propo
Slide 35: Vopak's strategic roadmap to improve, grow and accelerate towards 2030 and beyond
Growth Strategy Vopak’s strategic roadmap to improve, grow and accelerate towards 2030 and beyond 2022 – 2024 2025 – 2027 2028 – 2030 & beyond Shifting gears Shifting gears Shifting gears Refocus and improve Build and deliver returns Deliver and accelerate • Active portfolio Cash return target • Con
Slide 36: Ample opportunities to grow our network of gas and energy terminals around the globe
Growth Strategy Ample opportunities to grow our network of gas and energy terminals around the globe Growth prospects +40% Growth of traded LNG volume towards 20301 +45% Growth of LNG liquefaction capacity towards 20301 +2% CAGR of liquid energy trade flows towards 20301 Increased Energy Trade Decre
Slide 37: Robust demand in East of Suez driving expansion opportunities in industrial terminals
Growth Strategy Robust demand in East of Suez driving expansion opportunities in industrial terminals Europe Footprint Strong current footprint in the key growth regions North like China and Asia, limited exposure to mature America -1% markets that have limited growth prospects China Middle-East +2%
Slide 38: Growing our base in gas and industrial terminals
Growth Strategy Growing our base in gas and industrial terminals EUR ~2.6 bln Proportional investment ambition Established Long-term Attractive footprint contracts cash return Current footprint of 19 Characterized by Strong operating cash gas terminals, and 18 long-term take-or-pay return of ~16% fo
Slide 39: Focused investments in energy transition infrastructure
Growth Strategy Focused investments in energy transition infrastructure EUR ~1.4 bln Proportional investment ambition Low carbon fuels & Ammonia as H2 Liquid CO2 Battery Energy Storage feedstocks carrier Roadshow presentation Q3 39
Slide 40: Right to win to develop gas, industrial and energy transition infrastructure
Growth strategy Right to win to develop gas, industrial and energy transition infrastructure Grow Accelerate Track-record of execution Developing capability Low carbon fuels Ammonia as Battery energy Industrial and Gas Liquid CO2 storage & feedstocks H2 carrier Capability Strategic locations Financi
Slide 41: Future growth driven by gas, industrial and energy transition infrastructure projects
Growth Strategy Future growth driven by gas, industrial and energy transition infrastructure projects Major growth projects coming into operation in the upcoming years Commissioning Commission Commissioning of multiple expansions a 4th tank at expansion at delivered in India GATE terminal Transition
Slide 42: Investing EUR ~4 Billion towards 2030
Growth Strategy Investing EUR ~4 Billon towards 2030 Attractive proposition Growth market Portfolio diversification Our investments in Gas and Industrial terminals, as Our investments in Gas and Industrial terminals, as well Enhanced portfolio diversification, decreasing well as energy transition in
Slide 43: Capital allocation
Capital allocation Roadshow presentation Q3 43
Slide 44: Disciplined capital allocation framework
Capital allocation Disciplined capital allocation framework 1 We maintain a robust balance sheet by preserving a healthy proportional leverage ratio1 2 We distribute shareholder value by a progressive dividend policy 3 We invest in attractive and accretive growth by focused investments that support
Slide 45: Execution of capital allocation policy
Capital allocation Execution of capital allocation policy Capital allocation multi-year overview Total capital allocated between FY21-24 – EUR millions 221 We maintain a robust balance sheet 917 494 by preserving a healthy proportional leverage ratio 1,094 We distribute shareholder value by a progre
Slide 46: Growth investments and strategic divestments leading to strong cash flow generation
Capital allocation Growth investments and strategic divestments leading to strong cash flow generation Rationalized portfolio Proportional operating cashflow Increased operating cash return Divesting older, high-maintenance, assets In EUR millions with low cash generation % change since 2021 Operati
Slide 47: Operations & sustainability
Operations & sustainability Roadshow presentation Q3 47
Slide 48: Our global operations
Operations & Sustainability Our global operations Storage and supporting infrastructure… ~35.8 mln ~500 cbm storage capacity Industrial connections ~5,500 ~400 Storage tanks Jetties & Berths …handling large numbers of different modalities ~4 mln ~750k Barrels per day Trucks per year ~30k ~29k Vessel
Slide 49: Strong safety performance driving value to all stakeholders
Operations & Sustainability Strong safety performance driving value to all stakeholders Safety performance Balanced approach to sustainability Personal & process safety Safety performance improving 0.25 0.25 Best-in-class over the last years driving value to all stakeholders 0.21 0.16 of GHG (scope
Slide 50: Safety performance driving value to all stakeholders
Operations & Sustainability Safety performance driving value to all stakeholders Personal safety Personal safety benchmark Total Injury Rate (TIR) by OSHA1 Latest available data Making sure everyone goes home 0.7 safely at the end of the day 0.6 Oil major customers 0.15 0.5 1 injury with 500 people
Slide 51: Asset management performance
Operations & Sustainability Asset management performance Maintenance cash-out as part of replacement value In %1 6% 5% Underperforming • A balanced approach to maintenance spend based on 4% short-term availability and long-term asset integrity Well-run 3% Vopak 2% • Improved performance and outperfo
Slide 52: Optimized rented capacity, reduced out-of-service capacity and improved customer satisfaction
Operations & Sustainability Optimized rented capacity, reduced out-of-service capacity and improved customer satisfaction Proportional occupancy rate increased Out of service capacity decreased Net promotor score increased In % In % “World-class”, 8 out of 100% 93% 6% 100 10 promotes Vopak 80 80% 5%
Slide 53: On track to deliver our target to reduce GHG emissions
Operations & Sustainability On track to deliver our target to reduce GHG emissions GHG emissions over time Four focus areas In metric tons of CO2 equivalents -43% 367,559 306,503 253,679 GHG reduction for all existing Procurement of green electricity terminals, leading to 43% reduction across the gl
Slide 54: Thank you
Thank you www.vopak.com Royal Vopak HQ Westerlaan 10 3016 CK - Rotterdam The Netherlands 54