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AVTL IPO in India We help the world flow forward 2 June 2025
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Forward-looking statement 2 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 available to Vopak on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on these forward-looking statements. Vopak’s outlook does not represent a forecast or any expectation of future results or financial performance. The actual future results, timing and scope of a forward-looking statement may vary subject to (amongst others) changes in laws and regulations including international treaties, political and foreign exchange developments, technical and/or operational capabilities and developments, environmental and physical risks, (energy) resources reasonably available for our operations, developments regarding the potential capital raising, exceptional income and expense items, changes in the overall economy and market in which we operate, including actions of competitors, preferences of customers, society and/or the overall mixture of services we provide and products we store and handle. Vopak does not undertake to publicly update or revise any of these forward-looking statements. All numbers in this presentation are excluding exceptional items, unless otherwise stated. To supplement Vopak’s financial information presented in accordance with IFRS, management periodically uses certain alternative performance measures to clarify and enhance understanding of past performance and future outlook. For further information please refer to the press release. Successful IPO of AVTL in India
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Successful IPO of AVTL in India 3 Michiel Gilsing CFO Successful IPO of AVTL in India
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Strategic network Successful IPO of AVTL in India 4 Value creationGrowth prospects Solid market fundamentals resulting in significant growth potential Market leader with a strategic infrastructure portfolio Committed to maximize value creation for Vopak shareholders Successful IPO of AVTL in India
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5 Strategic network of terminals Ports along the west and east- coast of India 1.7mln cbm Of storage capacity for liquid products IPO crystalizes shareholder value Use of proceeds Repayment of external debt and funding future growth EUR 2.7bln Implied equity valuation of the joint venture Crystalizing value through AVTL’s strategic terminal network in India Promising growth prospects Added by announced growth commitments since 2022 ~590k cbm EUR 121mln Proportional growth commitments since 2022 6 Sources: Red Herring Prospectus AVTL, Vopak press releases Successful IPO of AVTL in India
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6 Kandla Pipavav Kochi Haldia Mumbai Mangalore Creating connections in India LPG capacity Liquid products capacity Well-connected Infrastructure for marine, rail, road and pipeline to best support our customers #1 Largest Indian third-party owner and operator of tank storage terminals for LPG and liquid products Customer base Diversified customer base with over 400 customers including national oil marketing companies Source: Red Herring Prospectus AVTL Successful IPO of AVTL in India
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Creating value in the fast-growing Indian market 7 2011 2025 2011 Entering the Indian market with the acquisition of Kandla terminal 2025 Publicly listing AVTL and further growing in key growth market 2022 2023 2024 Primary equity issue Private placement of EUR 88 million for 3.4% AVTL joint venture Successfully collaborated with Aegis, having a strong local presence. We established the joint venture AVTL, India's largest independent storage provider Addition of two terminals Acquisition of Kandla terminal Mangalore +44k cbm IPO of AVTL 10.75% new equity issue, with EUR 290 million proceeds on AVTL level Expansions at existing locations Announced expansions of in total 349k cbm across existing locations, including Haldia, Mangalore, Pipavav Mumbai +102k cbm Successful IPO of AVTL in India
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8 IPO crystallizing substantial returns on invested capital EUR 186 mln Initial investment in AVTL JV 1 Vopak invested capital EUR 121 mln Proportional growth commitments since 2022 42.23% Vopak share in AVTL after IPO AVTL IPO 10.75% New equity shares pursuant to the IPO EUR ~290 mln Proceeds on AVTL level EUR 2.7 bln Implied market value of AVTL at IPO price level Crystalizing value EUR ~26 mln EBITDA contribution of AVTL in Vopak’s proportional EBITDA in FY 2024 EUR ~110 mln Exceptional dilution gain book profit for Vopak to be recorded in Q2 2025 Use of proceeds Repayment of external debt and fund future growth 1. As per Vopak 2022 Annual Report, page 244 Source: Red Herring Prospectus AVTL Successful IPO of AVTL in India
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Excited for future growth in India driven by strong market fundamentals 9 6.5% Forecasted real GDP growth in India in 2025 10.9% CAGR of LPG imports in India during fiscal years 2014-24 Growing demand Macro-trends drive significant demand for storage infrastructure Successful IPO of AVTL in IndiaSource: Red Herring Prospectus AVTL
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Crystalizing value to Vopak shareholders 10 Market leader with a strategic infrastructure portfolio in a fast-growing market Committed to maximize value creation for Vopak shareholders Solid market fundamentals resulting in significant growth potential Successful IPO of AVTL in India Strategic network Value creationGrowth prospects
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