Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — Non-Deal Roadshow (April 2025)
51 slides from Royal Vopak Nv's roadshow presentation, Apr 9, 2025
Slide 1: Roadshow presentation HY1 2025
Roadshow presentation HY1 2025 We help the world flow forward
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: Vopak at a glance
Portfolio Vopak at a glance Royal Vopak as an independent tank storage company, we store and handle Geographical diversification liquid chemicals, gases and oil products, including LNG, biofuels and ammonia As a % of total proportional EBITDA - FY2024 worldwide. We own and operate specialized facili
Slide 4: Investment proposition
Investment proposition Investment proposition Generating stable, growing, and predictable free cash flow, to create value for our shareholders Cash-focused business model Increasing portfolio returns Focus on shareholder value EBITDA converted to free cash flow Operating cash return 1.60 15.1% 14.0%
Slide 5: Strong business performance delivering reliable growth through all cycles
Investment proposition Strong business performance delivering reliable growth through all cycles Proportional EBITDA (In EUR million) Proportional occupancy rate Predictable cash flows 92% 94% 93% ~80% of revenue is on a fixed contractual basis, take-or-pay 88% 90% 90% 88% 91% 88% 84% 84% Long-term
Slide 6: Track record of value creation through disciplined portfolio management
Track record of value creation trough disciplined 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 generation cash flow we
Slide 7: 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 commitment Gas and Industrial terminals Label 4
Slide 8: Significant shareholder value creation
Investment proposition Significant shareholder value creation 14.3x Dividends paid Shares outstanding Proportional leverage On a per share basis - EUR In millions End of period 9.6x EV/OFCF2 +33% 7.9x -8% -17% 6.6x EV/EBITDA2 1.60 125.7 115.3 3.20 9.71 1.20 2.65 9.20 8.52 7.97 6.69 2021 2025 2021 20
Slide 9: Vopak 2030: A world-class terminal portfolio
Investment proposition Vopak 2030: A world-class terminal portfolio delivering growth, unrivalled performance and value creation Proportional capital employed Operating cash return In EUR millions Allocated EUR ~4 bln of proportional growth capex at an attractive operating cash return >13% Increased
Slide 10: Results HY1 2025
Results HY1 2025 Vopak HY1 2025 roadshow presentation 10
Slide 11: Strong first half of the year: HY1 2025 highlights
Results HY1 2025 Strong first half of the year: HY1 2025 highlights Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure Strong performance with increased proportional Good progress of construction of REEF
Slide 12: Resilient portfolio delivering stable results in uncertain business environment
Results HY1 2025 Resilient portfolio delivering stable results in uncertain business environment Proportional EBITDA HY1 2025 in EUR million change vs HY1 2024 – adjusted for divestment impact +2.8% (EUR 17 million) -10.5% (EUR 17 million) +30.7% (EUR 34 million) -3.0% (EUR 4 million) +5.1% (EUR 12
Slide 13: Stable performance from a resilient portfolio
Results HY1 2025 Stable performance from a resilient portfolio Proportional EBITDA HY1 2025 EBITDA performance Excluding exceptional items In EUR million Growth Existing network • Stable performance across 3 5 2 3 615 business units 1 23 599 6 592 • Strong contribution from the 8 1 Asia & Middle Eas
Slide 14: Strong cash flow generation supporting capital allocation policy
Results HY1 2025 Strong cash flow generation supporting capital allocation policy Cash flow HY1 2025 in EUR million In EUR millions – IFRS Consolidated Statement of Cash Flows % of available cash flow • Continued strong cash flow from operations, slightly down on a year-on-year basis mainly 118 due
Slide 15: Increasing our outlook on the back of strong autonomous performance
Results HY1 2025 Increasing our outlook on the back of strong autonomous performance Proportional EBITDA guidance – FY25 In EUR millions • Our FY 2025 proportional 1,150 – 1,200 1,170 – 1,200 EBITDA outlook has been +5% increased to a range of EUR 1,170 – 1,200 million, +3% ~30 • The increase is pri
Slide 16: Raising FY 2025 outlook
Results HY1 2025 Raising 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 mill
Slide 17: Business model
Business model Vopak HY1 2025 roadshow presentation 17
Slide 18: 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 19: Vopak's role in the value chain
Vopak’s role in the value chain Vopak HY1 2025 roadshow presentation 19
Slide 20: 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 21: 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 10 … in existing and 1 location globally new locations… Key accoun
Slide 22: 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 Vopak HY1 2025 roadshow presentation 22
Slide 23: 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 Vopak HY1 2025 roadshow presentation 23
Slide 24: 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 Vopak HY1 2025 roadshow presentation 24
Slide 25: 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 Vopak HY1 2025 roadshow presentation 25
Slide 26: Growth strategy
Growth strategy Vopak HY1 2025 roadshow presentation 26
Slide 27: Strategic priorities
Growth Strategy Strategic priorities Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure >13% EUR 2 billion EUR 1 billion Operating cash return ambition Equivalent to EUR ~2.6 billion Equivalent to EUR ~1.
Slide 28: 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 29: Ample opportunities to grow our network of gas and energy terminals
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 30: 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 31: Clear growth strategy
Growth strategy Clear growth strategy Ambition to invest EUR 4 bln proportional by 2030 to grow our base in gas and industrial terminals and to accelerate the energy transition Commissioned Committed - under construction Remaining investment commitment Gas and Industrial terminals Label 472 945 ~1.2
Slide 32: 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 33: 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 Vopak HY1 2025 roadshow presentation 33
Slide 34: 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 35: 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 36: 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 37: Capital allocation
Capital allocation Vopak HY1 2025 roadshow presentation 37
Slide 38: 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 39: 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 40: Maintaining a healthy balance sheet
Capital allocation Maintaining a healthy balance sheet Proportional leverage1 end of period 3.20 3.5 Temporarily flexibility to Proportional leverage Proportional leverage includes Vopak’s economic share of debt in 3.16 fund attractive growth the joint ventures adjusted for IFRS 16 impact 3.0 2.67 2
Slide 41: Investing in attractive and accretive growth
Capital allocation Investing in attractive and accretive growth Proportional growth investments Ambition to invest EUR 4 bln by 2030 to grow our base in gas and in EUR millions industrial terminals and to accelerate the energy transition ~700 391 349 299 FY22 FY23 FY24 FY25 E Vopak HY1 2025 roadshow
Slide 42: 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 43: Creating value for shareholders
Capital allocation 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 consiste
Slide 44: Operations & sustainability
Operations & sustainability Vopak HY1 2025 roadshow presentation 44
Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: Thank you
Thank you www.vopak.com Royal Vopak HQ Westerlaan 10 3016 CK - Rotterdam The Netherlands 51