Page 1

Press Release Interim Update Q1 2021 Rotterdam , the Netherlands , 21 April 2021 in EUR millions Revenues Q1 2021 Q4 2020 Q1 2020 300.1 303.7 296.9 Results -excluding exceptional items- Group operating profit before depreciation and amortization ( EBITDA ) 200.4 188.8 200.2 Group operating profit ( EBIT ) 121.3 108.6 127.0 Net profit attributable to holders of ordinary shares 73.1 56.8 82.7 Earnings per ordinary share ( in EUR ) 0.58 0.46 0.65 Results -including exceptional items- Group operating profit before depreciation and amortization ( EBITDA ) 200.4 159.8 198.5 Group operating profit ( EBIT ) 121.3 79.6 125.3 Net profit attributable to holders of ordinary shares Earnings per ordinary share ( in EUR ) 73.1 24.0 81.0 0.58 0.20 0.64 Cash flows from operating activities ( gross ) 124.0 268.8 142.7 Cash flows from investing activities ( including derivatives ) - 138.6 - 317.5 29.8 Additional performance measures Proportional EBITDA -excluding exceptional items- Proportional occupancy rate Storage capacity end of period ( in million cbm ) Subsidiary occupancy rate Return on capital employed ( ROCE ) Average capital employed Net interest - bearing debt Senior net debt EBITDA ( for debt covenant ) 245.6 244.4 241.0 89 % 91 % 86 % 35.7 35.6 34.3 88 % 90 % 84 % 10.3 % 11.0 % 11.5 % 4,478.3 4,184.0 4,252.0 2,723.6 2,589.4 2,321.9 2.60 2.52 2.65 Vopak Highlights for Q1 2021 -excluding exceptional items- : EBITDA of EUR 200 million ( Q1 2020 : EUR 200 million ) . Adjusted for negative currency translation effects , EBITDA grew by EUR 10 million ( 5 % ) reflecting new contributions from growth projects and negative impact from tight chemical markets as a result of amongst others the Texas winter storm . • Proportional occupancy rate of 89 % ( Q1 2020 : 86 % ) reflected improved demand compared to the same period last year . • Cost efficiency measures are tracking well and the cost level for Q1 2021 amounted to EUR 149 million ( Q1 2020 : EUR 153 million ) including cost for new growth projects and business development efforts . ⚫ EBIT of EUR 121 million ( Q1 2020 : EUR 127 million ) . • Return on capital employed ( ROCE ) of 10.3 % ( Q1 2020 : 11.5 % ) . • Net profit attributable to holders of ordinary shares of EUR 73 million ( Q1 2020 : EUR 83 million ) , resulting in earnings per ordinary share ( EPS ) of EUR 0.58 ( Q1 2020 : EUR 0.65 ) . • Vopak's senior net debt to EBITDA ratio is 2.60 at the end of Q1 2021 , within the target range . Portfolio items : • At the end of the first quarter of 2021 , Vopak started operations of the Vopak Moda Houston terminal ( US Gulf Coast ) and initial capacity expansions were delivered in Mexico and the Netherlands . • In the second quarter of 2021 , the greenfield industrial terminal in Qinzhou , China , with an initial capacity of 290,000 cbm is expected to start operations . • After ten years of continuous , safe and successful LNG operations , Gate terminal in Rotterdam , the Netherlands , will start its major maintenance turnaround to ensure the best in class service for its customers . The maintenance work is scheduled to last for approximately 1 month starting 15 June 2021 .