Royal Vopak Nv · EURONEXT:VPK

Royal Vopak Nv — Investor Day (March 2025)

72 slides from Royal Vopak Nv's investor day presentation, Mar 13, 2025

  1. Slide 1: Capital Markets Day 2025

    Capital Markets Day 2025 We help the world flow forward 13 March 2025

  2. 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

  3. Slide 3: Our program for today

    Our program for today Thursday 13 March New York, US Dick Richelle – CEO 09:00 – 09:30 Shifting gears towards 2030 Michiel Gilsing – CFO 09:30 – 10:00 Cash focus driving growth ambitions 10:00 – 10:30 Q&A 10:30 – 11:00 Break Maarten Smeets 11:00 – 11:30 Business development capabilities to shift gea

  4. Slide 4: Dick Richelle: Shifting gears towards 2030

    Dick Richelle CEO Shifting gears towards 2030 Vopak Capital Markets Day 2025 4

  5. Slide 5: Shifting gears towards 2030

    Shifting gears towards 2030 Unique expert in storing and handling bulk liquid products, that is… 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.. Executing Best-in-class Capable strat

  6. Slide 6: 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 Additional EUR 1 billion growth Reconfirming EUR 1 billion gr

  7. Slide 7: Vopak's strategic roadmap to improve, grow and accelerate towards 2030 and beyond

    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 • Contribution from m

  8. Slide 8: We deliver on our strategy

    Executing strategy We deliver on our strategy Improve Grow Accelerate Our financial & sustainability performance Our base in industrial & gas terminals Towards energy transition infrastructure Total investment Proportional EBITDA 1.2 EUR bln. +17% 1.4 EUR bln. Committed proportional investment 105 E

  9. Slide 9: Key highlights on strategy execution by active portfolio management

    Executing strategy Key highlights on strategy execution by active portfolio management Redeveloping Expansion for Growing capacity for gas land in Antwerp, a 4th tank at Commissioned and chemicals and Belgium GATE terminal, repurposed exploring options to fund in the capacity in Los growth via a loc

  10. Slide 10: Strong safety performance driving value to all stakeholders

    Executing strategy 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 1 & 2) co

  11. Slide 11: Well-diversified portfolio in terms of geography, products and contracts

    Best-in-class growth platform Well-diversified portfolio in terms of geography, products and contracts Geographical diversification Product diversification Commercial diversification In proportional EBITDA Proportional average capital employed Based on original contract duration 8% 12% 15% 12% ~25%

  12. Slide 12: Diversification drives portfolio resilience

    Best-in-class growth platform Diversification drives portfolio resilience Facing global disruptions Geographical A portfolio that has withstood major disruptions like COVID-19, trade route bottlenecks and geopolitical tensions around the diversification globe Showing increased occupancy Despite disr

  13. Slide 13: Strong macro and industry tailwinds

    Best-in-class growth platform Strong macro and industry tailwinds Global trends and …and end-markets driving increased macro-economic factors… demand for infrastructure solutions Economic & population growth Manufacturing growth 3% GDP CAGR towards 2030 3% CAGR global base chemical demand until 2030

  14. Slide 14: Ample opportunities to grow our network of gas terminals around the globe

    Best-in-class growth platform Ample opportunities to grow our network of gas terminals around the globe Growth prospects 4% CAGR in LPG market from 2010 to 2040 8% CAGR in LNG market from 2010 to 2040 Origination Strong track record on origination in greenfield gas projects, supported by local prese

  15. Slide 15: Robust demand in East of Suez driving expansion opportunities in industrial terminals

    Best-in-class growth platform 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 M

  16. Slide 16: Grow in gas and industrial terminals

    Best-in-class growth platform Grow in gas and industrial terminals Additional EUR 1 billion Established Long-term Attractive footprint contracts cash return Strong operating cash Current footprint of 18 Characterized by return of ~16% for gas REEF terminal will unlock direct gas terminals, and 18 lo

  17. Slide 17: Focused investments in energy transition infrastructure

    Best-in-class growth platform Focused investments in energy transition infrastructure Reconfirmed EUR 1 billion Low carbon fuels & Ammonia as H2 Liquid CO2 Battery Energy Storage feedstocks carrier Vopak Capital Markets Day 2025 17

  18. Slide 18: Strong capabilities to deliver

    Capable to win Strong capabilities to deliver Capabilities that deliver strong operational as well as commercial results and a track record in executing growth projects Network of terminals that is established and well-performing at strategic locations Financial strength to fund attractive growth of

  19. Slide 19: Right to win to develop gas, industrial and energy transition infrastructure

    Capable to win 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 Financia

  20. Slide 20: Vopak 2030: A world-class terminal portfolio delivering growth, unrivalled performance and value creation

    Vopak 2030: A world-class terminal portfolio delivering growth, unrivalled performance and value creation Growth commitments Operating Cash Return Well-diversified portfolio Shareholder returns Capital employed per terminal type As a % of proportional average capital employed 100 98 100% ~5-10% ~25%

  21. Slide 21: 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 Additional EUR 1 billion growth Reconfirming EUR 1 billion gr

  22. Slide 22: Shifting gears towards 2030

    Shifting gears towards 2030 Unique expert in storing and handling bulk liquid products, that is… 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.. Executing Best-in-class Capable strat

  23. Slide 23: Michiel Gilsing: Cash focus driving growth ambitions

    Michiel Gilsing CFO Cash focus driving growth ambitions Vopak Capital Markets Day 2025 23

  24. Slide 24: Cash focus driving growth ambitions and attractive shareholder returns

    Cash focus driving growth ambitions and attractive shareholder returns Proven execution Significant growth Strong shareholder focus Strong track record in strategy Well-positioned to benefit Progressive dividend policy execution, leading to solid results from global trends and share buyback programs

  25. Slide 25: Strategy execution achievements

    Proven execution Strategy execution achievements Strong execution delivered enhanced cash generation and attractive shareholder returns Improve Grow Accelerate Resilient financial performance Well-diversified global portfolio addressing Unlocking new opportunities with energy security, sustainabilit

  26. Slide 26: Active portfolio management

    Proven execution Active portfolio management Rationalizing Investing Optimizing EUR 634 mln 4-8x +46% Proceeds from divesting activities EBITDA multiples associated with Proportional operating free since 2021 the committed growth capex cash flow increase since 2021 EUR 520 mln EUR 445 mln -25% Avera

  27. Slide 27: Impact of portfolio transition

    Proven execution Impact of portfolio transition Proportional Free Cash Flow Proportional operating cash return (OCR) In EUR millions Proportional operating cash flow divided by average proportional capital employed 806 125 75 553 38 15 Ambition announced 12% in 2023 10% Ambition announced 15.1% in C

  28. Slide 28: Stable high margins, underpinned by long-term, inflation-protected contracts

    Proven execution Stable high margins, underpinned by long-term, inflation-protected contracts EBITDA Margin Contract duration Inflation protection As a % of proportional revenue As a % of proportional revenue As a % of proportional revenue < 1 year 12% 12% ~30% 0-50% inflation coverage 1-3 years 28%

  29. Slide 29: Volatility factors in existing business future

    Proven execution Volatility factors in existing business future Market demand Revenue 93% ~20% Strong occupancy performance, with some The rate of our portfolio average annual upward potential due to reduced out of contract renewal, historically strong revenue service capacity. Market dynamics may r

  30. Slide 30: Improving performance per share

    Proven execution Improving performance per share Proportional operating free cash Earnings per share (EPS) Dividend per share (DPS) flow per share excluding exceptional items Dividend payout ratio +52% +40% +28% 6.69 3.29 3.34 1.60 6.34 1.50 5.46 1.25 1.30 2.38 2.35 4.41 53% 55% 46% 48% 2021 2022 20

  31. Slide 31: Positioned for growth

    Significant growth Positioned for growth Solid financial foundation Proven project execution Attractive opportunities • Continued focus on cash-flow generation • Strong operational capabilities to develop and • Significant pipeline of pre-FID investments meeting operate complex infrastructure projec

  32. Slide 32: Growing our base in industrial and gas terminals

    Significant growth Growing our base in industrial and gas terminals Growth in gas terminals Industrial expansions Additional EUR 1 billion Investment commitment by 2030 • Terminals provide security of supply of • Supporting our customers in key energy and feedstocks industrial clusters around the wo

  33. Slide 33: Accelerating towards energy transition infrastructure investments

    Significant growth Accelerating towards energy transition infrastructure investments Gate terminal, the Netherlands Reconfirming EUR 1 billion Repurpose existing capacity Energy transition infrastructure Investment commitment by 2030 • 30-40% of oil hub capacity expected to be • Selective and focuse

  34. Slide 34: Disciplined investments driving returns

    Significant growth Disciplined investments driving returns Growth Investment Capex investments multiple1 allocation Operating Cash return Gas and ~ EUR 2 bln Industrial 5-7x Total capex ambition of which EUR 1 bln already committed >13% >12% Repurposing current assets 4-6x >10% ~ EUR 1 bln Reconfirm

  35. Slide 35: Growth ambitions supported by strong cash flow from our portfolio

    Significant growth Growth ambitions supported by strong cash flow from our portfolio Proportional Operating Cash Flow JV dividend upstream Growth capex ambition In EUR million As % of JV & Associates net income In EUR million ~4,000 806 110% 795 684 107% 3,000 186 ~2,600 553 52% 55% 57% 82% 2,000 65

  36. Slide 36: Strong balance sheet with ample flexibility to fund attractive growth

    Significant growth Strong balance sheet with ample flexibility to fund attractive growth Proportional leverage end of period 3.5 3.20 3.5 Temporarily flexibility to Proportional leverage 3.16 Proportional leverage includes Vopak’s economic share of debt in fund attractive growth the joint ventures a

  37. Slide 37: Unlocking value and funding growth in India

    Significant growth Unlocking value and funding growth in India 2022 Together with Aegis we created the largest independent tank storage operator in India Kandla 1.5 mln cbm Pipavav Existing capacity in 6 ports, strategically located along the Indian coast Mumbai Haldia Unlocking value AVTL has reach

  38. Slide 38: Disciplined capital allocation framework

    Significant growth Disciplined capital allocation framework 1 We maintain a robust balance sheet 1 2 by preserving a healthy proportional leverage ratio1 2.5x - 3.0x €1.60 FY 2024 Proportional Leverage Dividend per share 2 We distribute shareholder value (proposed) by a progressive dividend policy 3

  39. Slide 39: Creating value for shareholders

    Shareholder focus Creating value for shareholders Progressive shareholder returns In EUR millions Proposed 484 289 Track record of progressive dividends Substantial increase in shareholder returns in the last 3 years EUR 189 million dividend & EUR 100 million share buyback 163 Declared over 2024, to

  40. Slide 40: Vopak 2030: A world-class terminal portfolio delivering growth, unrivalled performance and value creation

    Vopak 2030: A world-class terminal portfolio delivering growth, unrivalled performance and value creation Growth commitments Operating Cash Return Well-diversified portfolio Shareholder returns Capital employed per terminal type As a % of proportional average capital employed 100 98 100% ~5-10% ~25%

  41. Slide 41: Cash focus driving growth ambitions and attractive shareholder returns

    Cash focus driving growth ambitions and attractive shareholder returns Proven execution Significant growth Strong shareholder focus Strong track record in strategy Well-positioned to benefit Progressive dividend policy execution, leading to solid results from global trends and share buyback programs

  42. Slide 42: Maarten Smeets: Business development capabilities

    Maarten Smeets EVP Global Business Development Business development capabilities to shift gears towards 2030 Vopak Capital Markets Day 2025 42

  43. Slide 43: Business development capabilities

    Business development capabilities Origination of strategic locations, robust customer partnerships, and commercial expertise Strategic locations Customer base diversification Deal making 77 terminals at 50 ports in 23 countries, 1000+ customers storing more than 250 Our proven commercial track recor

  44. Slide 44: Expanding in existing locations along key trade lanes, while originating locations of the future

    Strategic locations Expanding in existing locations along key trade lanes, while originating locations of the future Originating new locations Market research and business intelligence ensures spotting the right locations which will play an essential role in the future Growth in existing locations A

  45. Slide 45: Capabilities to originate and develop new locations

    Strategic locations Capabilities to originate and develop new locations China Growth in gas and industrial Accelerate towards energy New industrial terminal location in terminals transition infrastructure 2024, reaching 18 total industrial • Greenfield opportunities at new ports for • Enable new val

  46. Slide 46: Right location set us up for further growth

    Strategic locations Right location set us up for further growth 100% Growth in gas and industrial Accelerate towards energy Of Netherlands LNG demand terminals transition infrastructure fulfilled by Gate and Eemshaven • LNG import expansion in Europe and • Repurposing oil terminals to serve the Ener

  47. Slide 47: Ever evolving end-markets require multiple solutions to cater for the energy transition

    Strategic locations Ever evolving end-markets require multiple solutions to cater for the energy transition Leading position in key … facilitating the … leading to more demand marine bunkering locations … decarbonization of shipping … for infrastructure ~37% In Fujairah Transition to IMO 2020 low-Su

  48. Slide 48: Large and diversified set of customers and partners

    Customer base 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 account

  49. Slide 49: Deal making resulting in the right risk return

    Deal making Deal making resulting in the right risk return What we do How we get it done Commercial conditions of today’s business Future proof commercial capabilities, are applicable to new markets facilitating capturing new opportunities energy transition infrastructure in ammonia, CO2 and other l

  50. Slide 50: Acquiring and redeveloping land in the port of Antwerp

    Deal making Acquiring and redeveloping land in the port of Antwerp Identification and origination • Acquired land in 2023 from a trading customer with old refinery • Engaged with port authorities and partners to redevelop Partner and customers • Demolished old refinery and started soil remediation •

  51. Slide 51: Applying our capabilities to new products

    Deal making Applying our capabilities to new products • First steps in battery energy storage • Ongoing electrification and increasing imbalance in the energy grid • Developing capabilities to store electrons Returns Investment size Funding Long-term contracts with Full-size battery energy Projects

  52. Slide 52: Business development capabilities

    Business development capabilities Origination of strategic locations, robust customer partnerships, and commercial expertise Strategic locations Customer base diversification Deal making 77 terminals at 50 ports in 23 countries, 1000+ customers storing more than 250 Our proven commercial track recor

  53. Slide 53: Jan Bert Schutrops: Global operations capabilities

    Jan Bert Schutrops EVP Global Operations & Customer Care Global operations capabilities to shift gears towards 2030 Vopak Capital Markets Day 2025 53

  54. Slide 54: Strong track record based on solid capabilities, key for a successful execution of our strategy

    Strong track record based on solid capabilities, key for a successful execution of our strategy Performance strengthened Achieved through the “Vopak way” Positioned for future success On safety, sustaining capex, out-of-service 10 strongly interrelated ingredients based on Being the partner of choic

  55. Slide 55: Snapshot of our operations around the globe

    Snapshot of our operations around the globe Storage and supporting infrastructure 35.4 ~5,500 ~500 ~400 Million cbm Storage tanks Industrial pipeline Jetties & berths storage capacity connections Handling large numbers of different modalities ~4 mln. ~750,000 ~30,000 ~29,000 Barrels per day Trucks p

  56. Slide 56: Safety performance driving value to all stakeholders

    Performance strengthened 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 Vop

  57. Slide 57: Asset management performance

    Performance strengthened 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 outperformi

  58. Slide 58: Optimized rented capacity, reduced out-of-service capacity and improved customer satisfaction

    Performance strengthened 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% 80

  59. Slide 59: On track to deliver our target to reduce GHG emissions

    Performance strengthened 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 globe

  60. Slide 60: The Vopak way – our sustainable competitive advantage delivering results

    Positioned for success “The Vopak way” – our sustainable competitive advantage delivering results ~80 Global Standards • 10 key interrelated ingredients Data, Analytics & AI ~40 Technical Specifications • Based on many years of experience and learning of thousands of experts Integrated KPI framework

  61. Slide 61: Strong track record based on solid capabilities, key for a successful execution of our strategy

    Strong track record based on solid capabilities, key for a successful execution of our strategy Performance strengthened Achieved through the “Vopak way” Positioned for future success On safety, sustaining capex, out-of-service 10 strongly interrelated ingredients based on Being the partner of choic

  62. Slide 62: Maria Ciliberti: Performance and growth in North America

    Maria Ciliberti President US & Canada Performance and growth in North America Vopak Capital Markets Day 2025 62

  63. Slide 63: Performance and growth in North America

    Performance and growth in North America Improved performance Strong strategy execution Well-positioned for the future Focus on cash generation to ~15% operating cash Significant investment commitments of ~EUR 500 Ample possibility to further grow at our existing return, strong operational performanc

  64. Slide 64: Well-diversified network across the USA & Canada

    Strategy execution Well-diversified network across the USA & Canada Covering highly strategic locations Prince Rupert, Canada • Asian end-markets • Very Large Gas Carrier access RIPET (96k cbm) Mississippi River inlet Deer Park (1.3 mln cbm) REEF (UC) • Serving the Mid-West Exolum Houston (46k cbm)

  65. Slide 65: Delivered on our strategy to improve, grow and accelerate

    Strategy execution Delivered on our strategy to improve, grow and accelerate Improve Grow Accelerate EUR mln. EUR mln. EUR mln. 184 Proportional EBITDA, improved by 29% since 2021 ~500 Committed investment North America in gas and industrial infrastructure 39 Committed proportional investments since

  66. Slide 66: Active portfolio management towards gas and industrial

    Strategy execution Active portfolio management towards gas and industrial Repurposing Deer Park Delivered projects in industrial and gas terminals, and new energies by repurposing and the first battery investment VIIA acquisition Corpus Christi Battery storage Divestment proceeds of EUR 214 million

  67. Slide 67: Investing in vegetable oil infrastructure to address market demand

    Strategy execution Investing in vegetable oil infrastructure to address market demand Strategic investment New capacity Attractive opportunities Repurpose 75K cbm EUR 58 mln Repurposing capacity for vegetable oil, 28K cbm repurposed, approximately 47K cbm new Total investment, proactively addressing

  68. Slide 68: Developing a large-scale LPG export terminal in Western-Canada

    Well-positioned Developing a large-scale LPG export terminal in Western-Canada Strategic investment Proven project execution Attractive opportunities Shortest route 95K cbm EUR 462 mln Shortest transit time to Asian demand markets, Initial LPG storage capacity, with ample space Vopak share of invest

  69. Slide 69: Creating connections with our VIIA terminals

    Well-positioned Creating connections with our VIIA terminals Three industrial connected terminals with a total of 737k cbm capacity Multiple projects ongoing to reactivate additional capacity, connect with additional modalities and pipelines Land available for further expansions and optimization of

  70. Slide 70: Adapting to changing markets by investing in energy transition infrastructure

    Well-positioned Adapting to changing markets by investing in energy transition infrastructure Deer Park Los Angeles Battery Energy Storage Texas • Capacity for conventional oil repurposed • 10 MWh system operational, separate for sustainable aviation fuel and renewable 20 MW system to become operati

  71. Slide 71: Performance and growth in North America

    Performance and growth in North America Improved performance Strong strategy execution Well-positioned for the future Focus on cash generation to ~15% operating cash Significant investment commitments of ~EUR 500 Ample possibility to further grow at our existing return, strong operational performanc

  72. Slide 72: www.vopak.com

    www.vopak.com Royal Vopak HQ Westerlaan 10 3016 CK - Rotterdam The Netherlands 72

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