Slide 1: Q3 2025 Analyst presentation
Q3 2025 Analyst presentation We help the world flow forward 5 November 2025
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 – Vopak Q3 2025 Results
Dick Richelle CEO Vopak Q3 2025 Results Vopak Q3 2025 Analyst presentation 3
Slide 4: Shifting gears towards 2030
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 proportional growth c
Slide 5: Delivering on our strategy
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 Strong performance
Slide 6: Resilient portfolio delivering stable results in uncertain business environment
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 million) +0.9% (EU
Slide 7: Investing to improve portfolio performance
Investing to improve portfolio performance Expanding current footprint Divestment of terminal Investing to reduce emissions In South Africa, at our Lesedi terminal, 40k cbm were In Spain, Vopak Terquimsa, a joint venture in which In the Netherlands, at the Vlissingen terminal, an commissioned for cl
Slide 8: Delivering our growth strategy today and beyond
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 track to invest
Slide 9: EUR 188 million investment commitments during the third quarter
EUR 188 million investment commitments during the third quarter Caojing in China, FID was taken Haiteng in China, FID was REEF in Canada, FID was to build and operate pipelines taken to expand industrial taken to increase throughput connecting an industrial capacity by 90k cbm capacity. Vopak share
Slide 10: Good progress on LPG export facility in Canada
Good progress on LPG export facility in Canada Future LPG Construction work progressing well and on budget, on track for Optimization for export capacity scheduled in-service date year-end 2026 Optimization for additional LPG expansions additional export capacity Phase I - 95k cbm storage including
Slide 11: Investing in our LNG terminal in Colombia
Investing in our LNG terminal in Colombia Proportional investment EUR 25 million Increasing regasification capacity at our LNG-import terminal SPEC Established Long-term Diversified to footprint commitment new customers Expanding current Sent-out capacity will Diversifying SPEC regasification capaci
Slide 12: Future growth driven by gas, industrial and energy transition infrastructure projects
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 towards long-te
Slide 13: Shifting gears towards 2030
Shifting gears towards 2030 Unique expert in storing and handling bulk liquid products Please change the picture...I like in general quite a lot the pictures from the AR with the from to and arrows, maybe that inspires, otherwise just a different one.. Strong Delivering Confirming results growth out
Slide 14: Michiel Gilsing, CFO – Q3 2025 Results
Michiel Gilsing CFO Q3 2025 Results Vopak Q3 2025 Analyst presentation 14
Slide 15: Strong results from a resilient portfolio
Strong results from a resilient portfolio Strong results Resilient portfolio Shareholder focus Healthy occupancy leading to proportional Diversified portfolio offsetting uncertainty Creating value for shareholders with a operating free cash flow per share growth of and volatility in the market while
Slide 16: Q3 2025 key messages
Q3 2025 key messages Prop. Occupancy Prop. Revenues 90.3% € 467 mln 91.3% in Q2 2025 EUR 494 mln in Q2 2025 Continued high demand for our Decrease primarily driven by one-off services, temporary decrease driven in Q2. On an autonomous1 basis, by timing of contract renewals lower occupancy was offset
Slide 17: Excluding currency translation effects, strong YTD performance of the portfolio
Excluding currency translation effects, strong YTD performance of the portfolio Currency translation risk Proportional EBITDA Proportional EBITDA Proportional EBITDA split by currency1 Sensitivity to currency volatility On a constant currency basis2 – In EUR millions USD 19% Change of 0.10 in FX eff
Slide 18: Stable performance from a resilient portfolio
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 • Strong contribution
Slide 19: Strong cash generation from the portfolio
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 millions) Proportio
Slide 20: Cash generation on the holding level supporting capital allocation policy
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% operations despite lo
Slide 21: 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 by a progressive dividend policy 3 We invest in attractive and accretive growth by focused investments that support portfolio operating
Slide 22: Maintaining a healthy balance sheet
Maintaining a healthy 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 3.4% 3.0 Floating rate2 2.67 2.56 2.45 2.
Slide 23: Creating value for shareholders
Creating value for shareholders Shareholder distributions Progressive dividend On a per share basis - EUR In May, we distributed a dividend of EUR 1.60 per share, marking our 23rd consecutive year of annual dividend distribution, demonstrating our commitment to delivering consistent shareholder retu
Slide 24: Clear growth strategy
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 Proportional growth capex in EUR millions Gas and Industrial
Slide 25: Investing EUR million in the fast-growing Indian market
Investing Investing EUR EUR 113 113 million million in in the the fast-growing fast-growing Indian Indian market market Capacity expansion AVTL investing EUR 170 million (EUR 71 million Vopak share) in a greenfield terminal in the JPNA port in Mumbai +132k cbm AVTL proposes to acquire a 75% equity s
Slide 26: Confirming FY 2025 outlook
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 million Operating
Slide 27: Strong results from a resilient portfolio
Strong results from a resilient portfolio Strong results Resilient portfolio Shareholder focus Healthy occupancy leading to proportional Diversified portfolio offsetting uncertainty Creating value for shareholders with a operating free cash flow per share growth of and volatility in the market while
Slide 28: Vopak Q3 2025 Results Appendix
Vopak Q3 2025 Results Appendix Vopak Q3 2025 Analyst presentation 28
Slide 29: Well-diversified infrastructure portfolio
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 95 96 94 94 94 91 91 90 89 86 81 82 82 80 81 88.2 83.8 80.5 80.8 84.9 85.7 72.2 61.6 69.3 63.3 23.7 23.5 28.0 28.2 25.8 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2024 2025 2025 2025 202
Slide 30: 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 Q3 2025 1.8 91 91 90 89 86 108.8 12.9 million cbm 96.4 89.2 94.1 82.8 Subsidiaries Joint ventures & associates Operatorships 10.3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2
Slide 31: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q3 2025 81 82 82 80 81 0.7 3.7 million cbm 40.4 41.5 38.6 35.8 37.8 Subsidiaries Joint ventures & associates 3.0 Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024
Slide 32: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q3 2025 96 129.2 125.3 129.2 128.5 134.6 1.4 95 94 94 94 7.8 million cbm Subsidiaries Joint ventures & associates 6.4 Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2
Slide 33: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q3 2025 93 94 94 94 93 51.0 52.4 51.4 51.9 50.4 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2024 202
Slide 34: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q3 2025 97 97 94 93 94 89.3 87.8 2.7 million cbm 80.5 83.7 80.9 0.8 Subsidiaries 1.9 Joint ventures & associates Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2024
Slide 35: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q3 2025 91 91 80.9 0.5 89 90 89 79.1 77.8 75.4 74.0 3.3 million cbm 0.5 Subsidiaries 2.3 Joint ventures & associates Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q
Slide 36: 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 60.1 58.2 47.5 12.7 10.6 50.1 10.7 10.7 11.9 11.0 8.9 41.
Slide 37: Stable cash flow generation across the portfolio
Stable cash flow generation across the portfolio Proportional EBITDA Proportional Operating free cash flow JV dividend upstream In EUR million In EUR million As % of JV & Associates net income 107% 110% 112% 1,154 1,170 795 806 82% 1,068 72% 1,000 684 902 644 42% 47% 553 42% 52% 55% 42% 48% 57% 55%
Slide 38: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 800 750 700 600 500 400 300 250 132 200 235 67 68 78 100 158 163 185 64 107 110 114 93 75 93 115 0 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asia
Slide 39: 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 40: 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 41: 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