Royal Vopak Nv · EURONEXT:VPK
Royal Vopak Nv — H1 2025 Earnings Presentation
44 slides from Royal Vopak Nv's earnings presentation, Jul 30, 2025
Slide 1: HY1 2025 Analyst presentation
HY1 2025 Analyst presentation We help the world flow forward 30 July 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: HY1 2025 Results
Dick Richelle CEO Vopak HY1 2025 Results Vopak HY1 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 billion EUR 1 billion Operating cash return ambition Equivalent to EUR ~2.6 billion Equivalent to EUR ~1.4 billion
Slide 5: Strong first half of the year: HY1 2025 highlights
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 LPG Investment de
Slide 6: Resilient portfolio delivering stable results in uncertain business environment
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 million) -13.2% (
Slide 7: Delivering on our sustainability goals
Delivering on our sustainability goals Safety performance Emissions Diversity Personal & process safety Scope 1 & 2 CO2 in 1,000 mt Women in senior management TIR PSER +2 p.p. -14% 0.22 111 22% 95 20% 0.15 0.09 0.07 HY1 2024 HY1 2025 HY1 2024 HY1 2025 HY1 2024 HY1 2025 • Personal safety performance
Slide 8: Delivering our growth strategy today and beyond
Delivering our growth strategy today and beyond Investments for growth… …and committed for more 299 EUR million 1.7 EUR billion Proportional committed investments to grow in gas, Proportional growth capex spent in HY1 2025 industrial and energy transition infrastructure since 2022, of which EUR 314
Slide 9: Executing growth strategy by commissioning capacity around the world
Executing growth strategy by commissioning capacity around the world 526 EUR million Of investments since 2022 commissioned Vlaardingen in the Caojing in China, expanded Huizhou in China, Netherlands, commissioned and commissioned 110k greenfield industrial repurposed capacity for low- cbm of indust
Slide 10: Creating value in the fast-growing Indian market
Creating value in the fast-growing Indian market Addition of two terminals Mangalore +44k cbm Commissioning of 260k cbm LPG Expansions at existing locations capacity in Mangalore and Pipavav Announced expansions of in total 349k cbm across existing locations, including Haldia, Mumbai +102k cbm Annou
Slide 11: Delivering growth projects in West-Canada
Delivering growth projects in West-Canada Good progress on REEF… …with potential for future growth… …and expanding at RIPET terminal Future LPG export capacity Optimization for • Construction work progressing well and on additional LPG expansions • Expanding RIPET terminal for additional budget Opti
Slide 12: Accelerating the energy transition in Malaysia
Accelerating the energy transition in Malaysia Proportional investment EUR 72 million Expanding biofuel storage capacity at our PT2SB industrial terminal, to support biofuels feedstocks and products storage Established Long-term Cash return footprint contract Expanding current Long-term industrial S
Slide 13: Accelerating towards infrastructure for the energy transition in HY1 2025
Accelerating towards infrastructure for the energy transition in HY1 2025 Ammonia import in Belgium Ammonia import in Japan Low carbon fuels & feedstocks Vopak Energy Park Antwerp in Belgium entered A joint development agreement was signed with Strengthening leading position in Santos, Brazil, the F
Slide 14: 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 15: 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 Increasing Delivering results outlook gr
Slide 16: Michiel Gilsing, CFO: HY1 2025 Results
Michiel Gilsing CFO HY1 2025 Results Vopak HY1 2025 Analyst presentation 16
Slide 17: Strong results from a resilient portfolio
Strong results from a resilient portfolio Strong results Resilient portfolio Shareholder focus Healthy occupancy of 92%, increased Diversified portfolio offsetting uncertainty Creating value for shareholders with a proportional EBITDA by 3% and continue and volatility in the market, leading to an co
Slide 18: Strong performance of the portfolio
Strong performance of the portfolio Occupancy rate Proportional EBITDA On a proportional basis Excluding exceptional items +3% 91% 92% 92% 615 599 586 1 43 543 598 HY1 2023 HY1 2024 HY1 2025 HY1 2023 HY1 2024 HY1 2025 Divestment impact • Solid proportional occupancy levels, reflecting the continued
Slide 19: Continued focus on cash generation
Continued focus on cash generation Operating cash return Operating free cash flow on a proportional basis, per share +7% 3.88 16.7% 16.9% 3.63 14.6% 3.31 HY1 2023 HY1 2024 HY1 2025 HY1 2023 HY1 2024 HY1 2025 • Strong operating cash return reflecting solid business performance • Strong cash flow gene
Slide 20: Stable performance from a resilient portfolio
Stable performance from a resilient portfolio Proportional EBITDA HY1 2025 EBITDA performance Excluding exceptional items In EUR million Growth Existing network • Stable performance across 3 615 business units 5 1 2 3 23 599 6 592 • Strong contribution from the 8 1 Asia & Middle East business unit,
Slide 21: Strong cash flow generation supporting capital allocation policy
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 to an increase in
Slide 22: 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 23: Maintaining a healthy balance sheet
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 2.65 Proportional le
Slide 24: 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 25: Investing in attractive and accretive growth
Investing in attractive and accretive growth Proportional growth investments Growth Proportional growth Proportional growth Investment in EUR millions investments commitments since 2022 capex ambition multiple ~700 Gas and EUR ~ EUR 2.6 Industrial 5-7x ~1.4 bln bln 391 349 299 Repurposing current as
Slide 26: AVTL IPO in India unlocking substantial returns on invested capital
AVTL IPO in India unlocking substantial returns on invested capital Investment AVTL IPO Unlocking value EUR 186 mln 10.75% EUR ~26 mln Initial investment in AVTL JV 1 New equity shares pursuant to the IPO EBITDA contribution of AVTL in Vopak’s proportional EBITDA in FY 2024 EUR 143 mln EUR ~290 mln
Slide 27: Exposure to currency and interest rate movements
Exposure to currency and interest rate movements Interest rate composition Currency translation risk Proportional EBITDA As a % of interest-bearing debt Proportional EBITDA split by currency1 Sensitivity to currency volatility 3.4% 19% USD Floating rate2 ~20% Change of 0.10 in FX effects the proport
Slide 28: Increasing our outlook on the back of strong autonomous performance
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 primarily driven ~30
Slide 29: Raising FY 2025 outlook
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 million Operating cas
Slide 30: Strong results from a resilient portfolio
Strong results from a resilient portfolio Strong results Resilient portfolio Shareholder focus Healthy occupancy of 92%, increased Diversified portfolio offsetting uncertainty Creating value for shareholders with a proportional EBITDA by 3% year on year, and and volatility in the market, leading to
Slide 31: Vopak HY1 2025 Results Appendix
Vopak HY1 2025 Results Appendix Vopak HY1 2025 Analyst presentation 31
Slide 32: Well-diversified infrastructure portfolio
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 94 95 96 94 94 91 91 91 90 89 83 81 82 82 80 88.2 81.9 83.8 80.5 80.8 84.9 69.2 72.2 61.6 69.3 26.1 23.7 23.5 28.0 28.2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2024 2024 2024 2025 2025 202
Slide 33: 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 HY1 2025 1.8 91 91 91 90 89 108.8 12.7 million cbm 93.1 96.4 89.2 94.1 Subsidiaries Joint ventures & associates Operatorships 10.1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1
Slide 34: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million HY1 2025 83 81 82 82 80 0.7 3.7 million cbm 40.4 41.5 38.6 36.5 35.8 Subsidiaries Joint ventures & associates 3.0 Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 202
Slide 35: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million HY1 2025 96 127.4 129.2 125.3 129.2 128.5 1.4 94 95 94 94 7.8 million cbm Subsidiaries Joint ventures & associates 6.4 Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2024
Slide 36: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million HY1 2025 95 93 94 94 94 51.2 51.0 52.4 51.4 51.9 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2024 2024 20
Slide 37: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million HY1 2025 95 97 97 94 93 89.3 87.8 2.7 million cbm 80.6 80.5 83.7 0.8 Subsidiaries 1.9 Joint ventures & associates Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2024 2024
Slide 38: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million HY1 2025 91 91 80.9 0.5 90 89 90 80.0 79.1 77.8 75.4 3.3 million cbm 0.5 Subsidiaries 2.3 Joint ventures & associates Operatorships Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1
Slide 39: 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 67.7 10.6 60.1 58.2 47.5 12.3 12.7 10.0 10.7 10.7 11.9 8.
Slide 40: Stable cash flow generation across the portfolio
Stable cash flow generation across the portfolio Proportional EBITDA Proportional Operating Cash Flow JV dividend upstream In EUR million In EUR million As % of JV & Associates net income 123% 107% 110% 1,154 1,170 795 806 82% 1,068 72% 1,000 684 42% 47% 553 42% 52% 55% 42% 615 57% 451 65% 224 49% 5
Slide 41: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 800 750 700 600 500 400 300 250 134 200 235 67 68 78 100 158 163 185 64 107 110 114 93 75 93 118 0 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asia
Slide 42: 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 43: 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 44: Glossary (II)
Glossary (II) LTIR Proportional leverage Lost Time Injury Rate, Own workforce and Value Chain Workers (per Proportional leverage is calculated as proportional net interest- PSER 200,000 hours worked) bearing debt adjusted for: Process Safety Event rate, Own Workforce and Value Chain Workers • Deriva