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Forward-looking statement Vopak FY 2025 Analyst presentation 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 appendix disclosure and FY 2025 results press release.
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Dick Richelle CEO 3Vopak FY 2025 Analyst presentation
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4 2025 Highlights Vopak FY 2025 Analyst presentation Delivering results Distributing value to shareholders • Good progress on the construction of critical gas infrastructure in Canada, Colombia, India and the Netherlands • EUR ~1.9 billion committed investments since 2022, well-positioned to achieve our ambition of investing EUR 4 billion by 2030 • Investments in gas and industrial reinforcing the long-term, stable returns of the portfolio • EUR ~1.7 billion shareholder distributions program through year-end 2030 consisting of: 1. Enhanced dividend policy, dividend per share annual increase of 5% or more, in semi- annual payments 2. Share buyback program1 of up to EUR 500 million through year-end 2030 • Resilient portfolio performance: leading to 91% occupancy, supported by strong energy markets • Record level: EBITDA of EUR 1,184 million in 2025 • Optimized portfolio: divested 3 terminals, established a footprint in Oman, and completed the IPO of AVTL in India Executing growth 1. For the full details of the multi year share buyback program please refer to FY 2025 press release.
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5 2022 – 2024 2025 – 2026 2027 – 2030 Strengthening the foundation Vopak FY 2025 Analyst presentation Build and deliver Accelerating Growth Whilst consistently focused on distributing value to our shareholders EUR 1.2 billion shareholder distributions 2021-20252 ~EUR 1.7 billion shareholder distributions program through year-end 2030 (+37%)3 • EUR 700+ million divestments, investing over EUR 1 billion1 in growth projects • Portfolio transition towards gas and industrial infrastructure, enhancing stability of results • Increasing operating cash return from 10.2% to 15.1% • Expected contribution of major growth projects • Continued investment in attractive grow opportunities • Disciplined investments in energy transition infrastructure, in line with our return ambition 1. 1. Sum of proportional growth capex as reported for the period 2022 -2024 2. 2. The inclusion of 2021, despite not being part of the indicated timeline, standardizes the duration of the comparison perio ds. 3. 3. Calculated as the difference in (expected) average shareholder distributions between the period 2026 -2030 and 2021-2025. Delivering results • On track towards EUR 4 billion investment ambition by 2030 • Construction of major projects, expected to be delivered on time and on budget • Continued progress on cash generation, OCR long-term ambition increased to an annual range of 13-17%
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Delivering on our strategy in 2025 6 Improve the performance of our portfolio Grow our base in gas & industrial terminals Accelerate towards energy transition infrastructure Vopak FY 2025 Analyst presentation 823 EUR mln Shareholder distributions program EUR mln 1. Operating free cash flow and Operating cash return refer to proportional metrics 402 EUR mln Delivering results Operating cash return1 Resilient portfolio leading OCR ambition increase in the range of 13-17% 15.6% Investing in new capacity in Thailand and commissioning capacity in China Industrial capacity Investing in capacity in the Netherlands, Colombia Canada and India Gas capacity Successful IPO of AVTLIndia 402 EUR mln Slower progress than expected in CO2 and Ammonia as H2 carrier Other energy transition infrastructure Early stages of developmentBattery energy storage Investing in capacity in the Netherlands and MalaysiaLow carbon fuelsOperating Free Cash Flow1 Record financial results from a well-diversified portfolio Increase distributions to shareholders via enhanced dividend policy and share buyback program €823 mln €1.7 bln
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Our sustainability performance 7 Emissions Scope 1 & 2 CO2 in metric tons1 • Achieved 48% CO2 reduction in 2025 compared to baseline year 2021 • Continued investments to reduce emissions, by further electrification and acquiring more green electricity Safety performance Personal & process safety • Personal safety performance slightly decreased to 0.23 compared to 0.21 in 2024 • Consistently low process safety event rate • While these metrics demonstrate best-in-class performance, they fall short of our ultimate safety ambitions Diversity Women in senior management • Firm company-wide diversity targets focused on gender, regional origin and competencies • Stable compared previous year, continued focus required 375 225 197 2021 2024 2025 -48% 0.25 0.16 0.21 0.23 0.11 0.09 0.08 0.11 2022 2023 2024 2025 20% 20% 22% 22% 2022 2023 2024 2025 TIR PSER 1. Based on revised operational boundaries, further details can be found in 2025 Annual Report Sustainability Notes Vopak FY 2025 Analyst presentation Delivering results
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Resilient portfolio delivering strong results 8 278 1,184 258 278 485 115 -7.7% (EUR -23.3 million) +15.0% (EUR +33.6 million) -4.6% (EUR -13.3 million) +1.9% (EUR +8.9 million) +1.3% (EUR +15.4 million) change vs 2024 – adjusted for divestment impact Proportional EBITDA 2025 in EUR million • LNG markets remained well supplied while global LPG trade was marginally higher than 2024 • Lower EBITDA resulting from a positive one-off in 2024, planned out-of- service capacity and temporary challenges at EemsEnergyTerminal • Amid the uncertainty in the macro environment throughput levels remained broadly stable • Growth driven by commissioned projects and a one-off following a commercial resolution in Q2 2025 • Continued weak chemical markets for our customers, further amplified by imposed trade tariffs • Lower EBITDA contribution driven by declined occupancy and lower throughputs • The global oil market remains robust with demand forecast continuing to increase • Strong performance driven by increased throughputs, higher rates and contract indexation Gas Industrial Chemicals Oil Other Total • Strong proportional EBITDA, increasing to EUR 1,184 million with a 58% EBITDA margin • Increased operating cash return of 15.6% (2024: 15.1%) +7.6% (EUR +9.5 million) Vopak FY 2025 Analyst presentation Delivering results • Other refers to HQ, Global IT, and other overhead cost • Driven mainly by lower personnel expenses, reflecting the global office reorganization
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Vopak FY 2025 Analyst presentation 9 Delivering our growth strategy today and beyond ~550 mln Committed investments Overview of progression since 2022 ~1.4 billion FY 2024 Start 2022 Proportional investment commitments taken since 2022, of which ~EUR 550 million committed in 2025 ~EUR 1.9 billion Well on track to invest ~EUR 4 billion in gas, industrial and energy transition infrastructure by 2030 Executing growth ~1.9 billion FY 2025 ~4 billion FY 2030 1. Investment commitments – on a proportional basis – taken since our capital markets day in 2022
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Expanding our capacity in 2025 Vopak FY 2025 Analyst presentation 10 In West Canada, good progress on construction of REEF, new investment was approved to increase Phase I throughput capacity, EUR 34 million Vopak share In Brazil, FID was taken for a EUR 68 million capacity expansion to serve the fast-growing low-carbon fuels and ethanol markets AccelerateGrow In China, FIDs were taken to expand industrial capacity at Caojing and Haiteng terminals In Thailand, FID was taken for 160k cbm ethane storage expansion, EUR 130 million Vopak share In Colombia, FID was taken to increase regasification capacity at our LNG-import terminal SPEC by 33%, EUR 25 million Vopak share In the Netherlands, good progress is made on the construction of the 4th tank at the GATE terminal, an FID was taken to build a new jetty strengthening market leadership in LNG bunkering in Rotterdam In Malaysia, FID was taken for the expansion of biofuel feedstocks capacity, linked to a biorefinery, EUR 72 million Vopak share In India, AVTL has taken multiple FIDs to expand capacity across the country in LPG and ammonia infrastructure Executing growth
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Commissioning a large-scale LPG export facility in Western Canada Commissioning a 4th tank and new Jetty at GATE terminal in the Netherlands Commissioning 272k cbm biofuels feedstocks In Malaysia Commissioning expansion in low carbon fuels and feedstocks in Alemoa, Brazil 2026 2027 2029 Commissioning storage and handling of ethane capacity at Thai Tank Terminal Transition towards long-term, stable returns in industrial and gas terminals ~40% of EBITDA generated from gas and industrial infrastructure in 2025 ~70% of revenues generated from contracts longer than 3 years in 2025 compared to ~60% in 2021 Major growth projects coming into operation in the upcoming years Future growth driven by gas and industrial infrastructure projects 11 Commission multiple expansions delivered in India with capacity for LPG, chemicals and ammonia Vopak FY 2025 Analyst presentation Executing growth EUR ~775 mln expected commissioning by year-end 2026 EUR ~325 mln expected commissioning during 2027-2028 EUR ~650 mln Comissioned 2022-2025 EUR ~175 mln expected commissioning’s in 2029 and beyond Expected commissioning’s are based on FIDs taken at present. Amounts may change over time due to new FIDs taken.
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12 Vopak FY 2025 Analyst presentation OCR Updated from above 13% Long term ambition Annual range of 13-17% Continued strong momentum Executing growth Growth contribution Capturing growth opportunities and delivering on projects Business performance Continue the momentum in delivering results Market indicators Healthy demand for storage infrastructure Growth ambition Proportional growth capex by 2030 ~ EUR 4 billion
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13Vopak FY 2025 Analyst presentation Robust demand in a unique position Resilient business model with tangible growth Shareholder focus Turning our vision into value • Continued strong performance driven by portfolio shift towards long-term contracts with high level of visibility on cash flows • EUR 1.3 billion investment commitments taken under construction • Ambition to invest ~EUR 4 billion through 2030 to grow our base in gas and industrial terminals and energy transition infrastructure • EUR 1.2 billion distributed to shareholders since 2021 • 50% increase in the dividend per share since 2021 • Around EUR 1.7 billion shareholder distributions program through year-end 2030 • Resilient portfolio following active portfolio management and attractive investments in gas and industrial • Robust energy demand growth in emerging and developing economies through 2030 • Our strategic locations provide a critical link in global supply chains
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Michiel Gilsing CFO 14Vopak FY 2025 Analyst presentation
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15 Record results from a resilient portfolio Vopak FY 2025 Analyst presentation Delivering results Executing growth Distributing value to shareholders • Operating cash return of 15.6%, EBITDA-to-cash conversion of ~70% • Proportional operating free cash flow per share of EUR 7.13, 7% increase YoY • EPS of EUR 5.23 increased by 68% year-on-year, driven by higher net profit and a lower number of shares • EUR 553 million committed investments1 in 2025, in line with our long-term ambition • EUR ~650 million investments already commissioned and contributing to results • Proportional leverage decreased to 2.60x, a testament of our strong balance sheet and funding capabilities • Dividend per share of EUR 1.80 proposed for FY 2025 – 12.5% increase compared to last year • 50% increase in dividend per share since 2021 • Share buyback program of up to EUR 500 million through year-end 2030 1. Refers to FIDs taken during 2025
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FY 2025 financial highlights 16 Prop. Occupancy Prop. EBITDA 91.4% 92.5% in 2024 EUR 1,170 mln in 2024 € 1,184 mln On an autonomous basis1, prop. EBITDA increased by 4.3% due to continued strong performance in oil and industrial terminals Slightly decreased while still reflecting a strong market demand for our infrastructure Vopak FY 2025 Analyst presentation Prop. Operating free cash flow € 823 mln EUR 806 mln in 2024 Strong cash generation, leading to an EBITDA cash generation of ~70% Prop. Operating cash return 15.6% 15.1% in 2024 Increased cash generation, with average capital employed decreasing slightly compared to 2024 1. Autonomous performance is excluding the impact of foreign currency developments and divestments
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Strong performance from a resilient portfolio • Proportional EBITDA increased by 4.3% YoY , excluding FX and divestment • Strong contribution from growth projects in China and the Netherlands • Asia & Middle East business unit performance, driven by a one-off following from the result of a commercial resolution EBITDA performance Excluding exceptional items 33 20 22 FX-effect 2 Divestments1 2025Other BU’s3 5 USA & Canada 2 Singapore 2 Netherlands 2 China & North Asia 1,170 1,135 1,184 0 Asia & Middle East Growth contributions22024 4.3% 1. Driven by divestment of chemical distribution terminal, Lanshan & dilution of AVTL 2. Primarily driven by contributions from the Huizhou and Caojing terminals in China, and the Vlaardingen and GATE terminals in the Netherlands. This growth was partially offset by project cost developments in Belgium and Canada 3. Other consisting of amongst other corporate and ventures entities Growth Existing network 17Vopak FY 2025 Analyst presentation Proportional EBITDA In EUR millions
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10.2% 11.4% 14.0% 15.1% 15.6% Significant improvement of business performance 553 684 795 806 823 2021 2022 2023 2024 2025 +49% Proportional operating free cash flow (EUR mln) Vopak FY 2025 Analyst presentation 1. Refers to the proportional EBITDA margin, which is equal to the proportional EBITDA, excluding exceptional items, divided by the proportional net sales (proportional revenues + proportional other operating income) 2. EBITDA-to-cash conversion is calculated by dividing the proportional operating free cash flow (definition in glossary) by the proportional EBITDA, excluding exceptional items 3. Operating cash return (OCR) is calculated by dividing the proportional operating free cash flow (definition in glossary) b y the proportional average capital employed Strong contributions from growth projects and effective cost control driving resilient business performance EBITDA Margin1 Disciplined and active portfolio management as well as lower operating capex driving EBITDA-to-cash conversion improvement EBITDA-to-Cash conversion2 Operating free cash flow improved by 49% while capital employed remained stabled Operating cash return (OCR)3 OCR 18 56% 54% 56% 57% 58% 2021 2022 2023 2024 2025 55% 64% 69% 69% 70% 2021 2022 2023 2024 2025 ~2 p.p. improvement since 2021 ~15 p.p. improvement since 2021 5.4 p.p. improvement since 2021
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Vopak FY 2025 Analyst presentation 1.96 0.49 0.79 0.56 2021 Revenues1 Operating expenses Operating capex 0.10 IFRS 16 leases SBB 2025 4.41 7.13 +62% Operating free cash flow per share on a proportional basis - EUR Profitability + Cash conversion + EUR 184 million increase in EBITDA has been the primary driver of our growth in cash flow per share since 2021 The reduction of operating capex by 28% compared to 2021 has significantly contributed to free cash flow per share growth Reduction of share count by ~8% since 2021, following EUR 400 million of share buyback programs Driving stronger cash flow 1. Including proportional revenues and proportional other income 19
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Consolidated free cash flow generation In EUR millions – IFRS Consolidated Statement of Cash Flows • Strong results from our joint ventures and associates, dividend upstreaming remains healthy at 104%1 of the JV Net Income • On a consolidated basis, operating free cash flow increased by 5% compared to 2024, primarily driven by a reduction in operating capex • Consolidated levered free cash flow decreased slightly compared to 2024, driven by higher taxes paid and increased financing cost 247 240 691 506 701 727 58 81 CFFO gross 2024 CFFO gross 2025 218 Operating Capex IFRS 16 leases Operating FCF Taxes paid 104 Financing cost Consolidated Levered FCF 948 967 +2% Joint Venture Dividends Cash flow IFRS consolidated statement 20Vopak FY 2025 Analyst presentation Strong cash generation on the holding level 1. More information about the upstreaming of dividends from our joint ventures and associates can be found in the appendix.
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21 We distribute shareholder value through a progressive dividend policy aiming to increase dividend per share by 5% or more We maintain a robust balance sheet by preserving a healthy proportional leverage ratio We invest in attractive and accretive growth by focused investments that support portfolio operating cash return annual range of between 13 and 17% Disciplined capital allocation framework We deliver additional shareholder value Through a multi-year share buyback program of EUR 500 million through year-end 2030 1 2 3 4 21 Vopak FY 2025 Analyst presentation
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Strengthening our balance sheet 2.5-3.0x Proportional leverage range ambition that we target as a long-term and stable indicator of the balance sheet Proportional leverage Proportional leverage includes Vopak’s economic share of debt in the joint ventures adjusted for IFRS 16 impact 3.0-3.5x To facilitate the development of growth opportunities that enhance cash return, Vopak's proportional leverage may temporarily fluctuate between 3.0x and 3.5x during the construction period which can last 2-3 years Proportional leverage1 end of period 1. For reconciliation of the proportional leverage see Vopak FY 2025 press release 2. Based on the weighted average of floating and fixed interest-bearing debt 22 4.3% Fixed rate2 2.5% Floating rate2 Assets under construction Operating assets 3.00 3.01 2.20 2.27 2.06 ~0.20 2021 ~0.15 2022 ~0.25 2023 ~0.40 2024 ~0.54 2025 3.5 3.0 2.5 3.20 3.16 2.45 2.67 2.60 ~20% ~80% Interest rate composition Vopak FY 2025 Analyst presentation
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1. A dividend per share of EUR 1.20 was paid in 2021. The proposed dividend per share for 2025, which is paid in 2026, is EUR 1 .80 2. For the full details of the SBB program, please refer to the FY 2025 press release 23Vopak FY 2025 Analyst presentation EUR ~1.7 billion shareholder distributions program In line with our disciplined capital allocation priorities and our strong commitment to distribute value to our shareholders Cash Dividend Reinforced progressive policy Share buyback Multi-year program 5% or more DPS growth annual ambition Semi-Annual Payment frequency EUR 1.80 Dividend per share over 2025 (+12.5% YoY) EUR 500 mln Share buyback ambition through year end 20302 EUR 100 mln First tranche expected to be executing over next 12 months2 151 157 163 184 185 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e 2030e 484 285 Shareholder distributions In EUR millions 1.20 1.25 1.30 1.50 1.60 1.80 +50% Dividend per share (EUR) 50% Dividend per share increase since 20211 Dividend (EUR mln) Share buyback (EUR mln) Expected total shareholder distributions
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EUR ~4 billion Proportional growth capex Ambition to invest ~EUR 4 billion proportional by 2030 to grow our base in gas and industrial terminals and to accelerate the energy transition Growth strategy supporting increased OCR ambition ~2.1 bln~1.3 bln~650 mln Commissioned Committed - under construction Remaining investment ambition 24Vopak FY 2025 Analyst presentation Operating Cash return >10% 2022 announced ambition >12% 2023 announced ambition >13% 2025 announced ambition 13%-17% New 2026 and beyond ambition EUR ~650 million of growth projects have been commissioned and are contributing to the results EUR ~1.3 billion of growth projects are under construction, contributing to results once operational Investments at attractive multiples of 5-7x EBITDA for gas and industrial and 4-8x EBITDA for energy transition infrastructure
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Delivery of results following strategy execution 25 2021 Results 2025 Results Change Long-term ambition Financial Performance1 Revenues (EUR million) 1,665 1,916 +15% EBITDA (EUR million) 1,000 1,184 +18% Operating capex (EUR million) 355 256 -28% Operating free cash flow (EUR million) 553 823 +49% Profitability and Cash generation1 EBITDA-to-cash conversion (%) 55% 70% +15 p.p. EBITDA margin (%) 56% 58% +2 p.p. Operating Cash return (%) 10.2% 15.6% +5.4 p.p. 13 - 17% Operating free cash flow per share (EUR) 4.41 7.13 +62% Capital allocation Leverage1 3.2x 2.6x -0.6x 2.5 - 3.0x2 Dividend per share (EUR) 1.20 (paid) 1.80 (proposed) +50% 5% or more annual growth Growth capex1 (EUR million) 316 596 +89% EUR 4 billion by 2030 Shares outstanding (In million) 125.7 115.3 -8% EUR 500 million SBB Vopak FY 2025 Analyst presentation 1. Proportional figures as reported 2. To facilitate the development of growth opportunities that enhance cash return, Vopak's proportional leverage may temporar ily fluctuate between 3.0x and 3.5x during the construction period which can last 2 -3 years
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Exposure to currency movements 26Vopak HY1 2025 Analyst presentation 31% 28% 16% 9% 16% USD EUR SGD CNY Other Currency translation risk Proportional EBITDA split by currency1 Proportional EBITDA Sensitivity to currency volatility USD Change of 0.10 in FX effects the proportional EBITDA with EUR 32 million on an annual basis SGD Change of 0.10 in FX effects the proportional EBITDA with EUR 13 million on an annual basis CNY Change of 1.00 in FX effects the proportional EBITDA with EUR 13 million on an annual basis 1. Based on FY2025 Proportional EBITDA 26Vopak FY 2025 Analyst presentation
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27 Proportional EBITDA guidance – FY 2026 In EUR millions 2025 ~20 Negative currency translation effect1 ~25 One-off and divestments impact 2025 Rebased FY 2026 outlook 1,184 ~1,140 1,150 – 1,200 1,200 (+5%) Vopak FY 2025 Analyst presentation Outlook drivers for FY 2026 Organic growth of proportional EBITDA driven by business performance Currency translation and one-off impact influencing the year-on-year trend Focus on operating free cash flow as a driver of value and distribution Proportional operating free cash flow in FY 2026 of around EUR 800 million 1,150 (+1%) 1,140 (+0%) 1. Negative currency translation effect calculated as the difference between Average FX rates of 2025 and assumptions rates f or Outlook 2026. For full details please refer to the FY 2025 press release
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Outlook 28 FY 2026 Short-term Long-term Proportional EBITDA Proportional operating free cash flow For FY 2026 is expected to be in the range of EUR 1,150 – 1,200 million For FY 2026 is expected to be around EUR 800 million Operating cash return Maintain an operating cash return of between 13 and 17% Proportional growth capex Commitment to invest EUR 4 billion proportional growth capex in industrial, gas and energy transition infrastructure by 2030 of which EUR 1.9 billion has already been committed Proportional Leverage Ambition to keep a ratio of 2.5 - 3.0x which includes Vopak’s economic share of debt in the joint ventures adjusted for IFRS 16 impact Vopak FY 2025 Analyst presentation Shareholder distributions Shareholder distributions program of around EUR 1.7 billion through year-end 2030, consisting of progressive cash dividends in semi-annual payments and a multi-year share buyback program of up to EUR 500 million.
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29 Strong results from a resilient portfolio Vopak FY 2025 Analyst presentation Delivering results Executing growth Distributing value to shareholders • Successful step change in our cash-generation, proportional operating free cash flow per share increased by 62% since 2021 • Operating cash return improved for 4 straight years from 10.2% to 15.6% leading to increased long-term ambition: annual range of 13-17% • Strong momentum in executing growth strategy • On track to achieve our long-term ambition of investing EUR 4 billion by 2030 • Increasing the dividend per share by 12.5%, introducing semi-annual payments • Announced shareholder distributions program of around EUR 1.7 billion through year-end 2030
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Vopak FY 2025 Results Appendix Vopak FY 2025 Analyst presentation 30
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Vopak Capital Markets Day 2025 31 Total capital allocated between FY 21-25 – EUR millions, consolidated figures Capital allocation multi-year overview 3,470 3,211 979 1,312 1,024 400 300 183 468 342 Cash inflow Available cash Dividend 1,546 Growth SBB 241 Others & Net cash 1,001 Overview of capital allocation We distribute shareholder value by a progressive dividend policy We invest in attractive and accretive growth by focused investments that support portfolio operating cash return range of 13-17% We deliver additional shareholder value by yearly evaluation of share buyback program 31 Operating Capex Net financing cost Taxes paid CFFO JV dividends Vopak FY 2025 Analyst presentation Disposals & repayments Net debt IFRS 16 leases 32% 48% 12% % of available cash
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Overview of cash generation 32 42% 58% 2021 42% 58% 2022 42% 58% 2023 47% 53% 2024 47% 53% 2025 1,000 1,068 1,154 1,170 1,184 Prop. EBITDA Joint Ventures Prop. EBITDA Subsidiaries 65% 35% 2021 57% 43% 2022 52% 48% 2023 55% 45% 2024 46% 54% 2025 553 684 795 806 823 Prop. Operating free cash Flow JV & Associates Prop. Operating free cash flow Subsidiaries 186 195 213 224 231 2021 2022 2023 2024 2025 Net income JV’s & Associates excl. exceptional items Proportional EBITDA In EUR million Proportional Operating free cash flow In EUR million JV dividend upstream As % of JV & Associates net income 72% 107% 82% 110% 104% Actual received upstreamed dividend % Vopak FY 2025 Analyst presentation
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Dividend track record 33 0.30 0.38 0.48 0.55 0.63 0.70 0.80 0.88 0.90 0.90 1.00 1.05 1.05 1.10 1.15 1.20 1.25 1.30 1.50 1.60 1.80 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 +50% Dividends paid per share Vopak FY 2025 Analyst presentation
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Well-diversified infrastructure portfolio Business Units 34 Asia & Middle East 61.6 69.3 88.2 63.3 61.0 91 90 89 86 96 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 23.5 28.0 28.2 25.8 28.6 82 82 80 81 82 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 USA & Canada China & North Asia Proportional occupancy rate (in percent) Singapore 39.8 38.1 41.8 37.2 35.6 94 94 94 93 94 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 80.5 80.8 84.9 85.7 85.9 96 94 94 94 93 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Netherlands 46.5 47.7 42.0 41.5 43.4 97 94 93 94 95 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBITDA (in EUR million) 48.7 57.7 55.4 51.4 48.6 91 89 90 89 88 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Other Business Units Vopak FY 2025 Analyst presentation
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Asia & Middle East developments 35 Proportional occupancy rate In percent 89.2 94.1 108.8 82.8 89.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 91 90 89 86 96 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 61.6 69.3 88.2 63.3 61.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBIT* In EUR million 37.4 44.9 65.7 40.6 38.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 27 Terminals (8 countries) Storage capacity In million cbm 0.8 10.3 1.8 Subsidiaries Joint ventures & associates Operatorships Q4 2025 12.9 million cbm * Excluding company-wide allocations Vopak FY 2025 Analyst presentation
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China & North Asia developments 36 Proportional occupancy rate In percent 82 82 80 81 82 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 23.5 28.0 28.2 25.8 28.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBIT* In EUR million 8 Terminals (2 countries) Storage capacity In million cbm 0.6 2.8 Subsidiaries Joint ventures & associates Operatorships Q4 2025 3.4 million cbm 40.4 41.5 38.6 37.8 39.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 15.5 19.8 19.0 17.3 20.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 * Excluding company-wide allocations Vopak FY 2025 Analyst presentation
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Netherlands developments 37 Proportional occupancy rate In percent 125.3 129.2 128.5 134.6 121.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 96 94 94 94 93 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 80.5 80.8 84.9 85.7 85.9 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBIT* In EUR million 41.7 40.8 44.7 43.5 44.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 8 Terminals (1 country) Storage capacity In million cbm 6.4 1.4 Subsidiaries Joint ventures & associates Operatorships Q4 2025 7.8 million cbm * Excluding company-wide allocations Vopak FY 2025 Analyst presentation
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Singapore developments 38 Proportional occupancy rate In percent 52.4 51.4 51.9 50.4 49.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 94 94 94 93 94 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 39.8 38.1 41.8 37.2 35.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBIT* In EUR million 29.6 27.8 31.8 27.8 26.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 5 Terminals (1 country) 3.3 1.5 Subsidiaries Joint ventures & associates Operatorships Q4 2025 4.8 million cbm Storage capacity In million cbm * Excluding company-wide allocations Vopak FY 2025 Analyst presentation
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USA & Canada developments 39 Proportional occupancy rate In percent 89.3 87.8 83.7 80.9 82.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 97 94 93 94 95 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 46.5 47.7 42.0 41.5 43.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBIT* In EUR million 29.0 30.4 27.7 25.8 26.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 9 Terminals (2 countries) 1.9 0.9 Subsidiaries Joint ventures & associates Operatorships Q4 2025 2.8 million cbm Storage capacity In million cbm * Excluding company-wide allocations Vopak FY 2025 Analyst presentation
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Other business units developments 40 Proportional occupancy rate In percent 80.9 77.8 75.4 74.0 78.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 91 89 90 89 88 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 48.7 57.7 55.4 51.4 48.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Proportional EBIT* In EUR million 28.3 38.2 36.0 31.7 27.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 17 Terminals (6 countries) Storage capacity In million cbm 2.4 0.5 0.5 Subsidiaries Joint ventures & associates Operatorships Q4 2025 3.4 million cbm * Excluding company-wide allocations Vopak FY 2025 Analyst presentation
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JVs & associates developments 41 Result JVs and associates In EUR million Result JVs & Associates USA & Canada In EUR million Result JVs & Associates Singapore In EUR million Result JVs & Associates China & North Asia In EUR million Result JVs & Associates Other Business Units In EUR million 41.1 58.2 76.4 50.1 46.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2.5 4.8 2.2 2.7 0.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.4 0.2 0.3 0.1 0.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 10.7 12.7 11.9 11.0 10.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6.9 8.9 7.1 7.2 5.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 3.9 7.2 6.2 6.1 5.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Result JVs & Associates Asia & Middle East In EUR million 17.5 23.2 47.5 22.0 24.9 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Result JVs & Associates Netherlands In EUR million Vopak FY 2025 Analyst presentation
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Well-spread maturity profile 42 234 106 158 110 114 93 163 185 75 93 109 78 133 250 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 64 2026 2027 66 2028 750 2029 2030 2031 2032 2033 2034 2035 2036 2040 68 RCF headroom RCF VTS Subordinated loans Asian PP US PP Debt repayment schedule In EUR million
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Alternative performance measures 43 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 defined by the European Securities and Markets Authority (ESMA), to clarify and enhance understanding of past performance and future outlook. APMs are financial measures of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The APMs presented exclude certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these APMs provide investors with additional insight into the company's ongoing business performance. These APMs should not be considered in isolation or as a substitute for the related IFRS measures. In this presentation Vopak provides alternative performance measures, including EBITDA -excluding exceptional items-, net profit / (loss) attributable to holders of ordinary shares -excluding exceptional items-, EPS -excluding exceptional items-, proportional revenues -excluding exceptional items-, proportional EBITDA - excluding exceptional items-, proportional operating cash return, net interest- bearing debt, Total net debt, Total net debt : EBITDA, Senior net debt : EBITDA, proportional operating free cash flow. Reconciliations of each of these APMs to the most directly comparable subtotal or total specified by IFRS Accounting Standards for this quarter and prior periods are included in the enclosures. (Consolidated) growth capex, (consolidated) operating capex, consolidated investment and financial commitment, proportional leverage, proportional investment and financial commitment have been defined in the Glossary. 43Vopak FY 2025 Analyst presentation
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Glossary (I) 44 Average proportional capital employed Is defined as proportional total assets excluding assets and current liabilities not related to operational activities, excluding IFRS 16 lessee (gross lease payment). The average historical investment is based on the quarter-end balances in the measurement period relevant to the quarter concerned Capex Capital expenditure Capital employed Total assets less current liabilities, excluding assets and current liabilities not related to operational activities Cbm Cubic meter Consolidated growth capex Consolidated investment and financial commitment is defined as the expected investment amount at the moment of FID reflecting Vopak’s share of the total investment since June 2022 and any related (un)recognized commitments undertaken for specific investments in: • Property, plant and equipment (subsidiaries); plus • (Acquisition of investment in) subsidiaries including goodwill, joint ventures and associates and other equity investments; plus • Loans granted to joint ventures and associates Consolidated investment and financial commitment Consolidated investment and financial commitment is defined as the expected cash flows at the moment of FID related to a project for which FID has been taken since June 2022 and any related (un)recognized commitments undertaken for investments in: • Property, plant and equipment (subsidiaries); plus • Acquisition of investment in subsidiaries including goodwill, joint ventures and associates and other equity investments; plus • Loans granted to joint ventures and associates EBIT - Earnings Before Interest and Tax Net income, before income taxes, and before net finance costs. This performance measure is used by the company to evaluate the operating performance of its operating entities EBITDA - Earnings Before Interest, Tax, Depreciation and Amortization Net income, before income taxes, before net finance cost, and before amortization and depreciation expenses. EBITDA is a rough accounting approximate of gross cash flows generated. This measure is used by the company to evaluate the financial performance of its operating entities EPS Earnings Per Share Exceptional items Exceptional items are non-recurring gains and losses resulting from incidental events, which are not representative of the underlying business activities and operating performance of the Vopak group, and are resulting from: Events for which no threshold is applied: • Acquisitions and (partial) divestments, as well as any post- transaction results related to these events (including related hedge results, results caused by changes of the accounting classification of investments in other entities, results from classification as ‘held for sale’ or ‘discontinued operation’, contingent and deferred considerations, and related transaction costs); • Impairments and reversal of impairments on individual Cash Generating Units (CGU), a Group of Assets (not being one CGU), Business Development Projects and/or Goodwill Events for which a threshold of EUR 10 million is applied: • Legal, insurance, damage, antitrust, and environmental cases, including related reimbursements; • Financial liabilities in relation to financial guarantees provided; • Restructurings and integrations of businesses; • Impairments and reversals of impairments at the individual asset- level FEED Front End Engineering Design FID Final Investment Decision IFRS International Financial Reporting Standards as adopted by the European Union Net interest-bearing debt Net interest-bearing debt is defined as: • Interest-bearing loans (current and non-current portion); plus • Short-term borrowings; plus • Bank overdrafts; minus • Cash and cash equivalents • Lease liabilities LNG Liquefied Natural Gas LPG Liquefied Petroleum Gas Vopak FY 2025 Analyst presentation
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Glossary (II) 45 Operating capex Operating capex is defined as sustaining and service capex plus IT capex Own workforce Own employees and specific contingent workers working for Vopak’s subsidiaries Proportional Proportional is defined as the economic interest Vopak has in a joint venture, associate or subsidiary. The proportional interest is determined by multiplying the relevant measure by the Vopak economic rights (in majority of cases determined by the legal ownership percentage) Proportional EBITDA-to-cash conversion Proportional EBITDA-to-cash conversion is calculated by dividing the Proportional Operating free cashflow by the Proportional EBITDA (Proportional) occupancy rate (Proportional) occupancy is calculated by dividing the average (proportional) CBM rented by the average (proportional) storage capacity Proportional out-of-service capacity Capacity that is currently out-of-service due to maintenance and inspection programs Proportional growth capex Proportional growth capex is defined as Consolidated growth capex adjusted for: • Investments in property, plant and equipment (joint ventures and associates); minus • Investments in joint ventures and associates; minus • Loans granted to joint ventures and associates Proportional leverage Proportional leverage is calculated as proportional net interest- bearing debt adjusted for: • Derivative financial instruments (currency); minus • IFRS 16 Adjustment in lease liabilities for former operating leases; plus • Deferred consideration acquisition; minus • Cash equivalent included in HFS assets; plus • Restricted Cash Divided by 12-month rolling proportional EBITDA, excluding: • IFRS 16 adjustments in operating expenses for former operating leases; plus • Exceptional items, net; plus • Divestments adjustment Proportional operating cash return Proportional Operating Cash Return is defined as proportional operating free cash flow divided by average proportional capital employed: • Proportional operating free cash flow is defined as proportional EBITDA minus IFRS 16 lessee (depreciation/interest) minus proportional operating capex. From 2022, onwards IFRS 16 lessor (gross customer receipts minus interest income) has been adjusted; • Proportional operating capex is defined as sustaining and service capex plus IT capex; • Proportional operating free cash flow is pre-tax, excludes growth capex, derivative movements and working capital movements; • Proportional Capital employed is defined as proportional total assets excluding assets and current liabilities not related to operational activities, excluding IFRS 16 lessee (gross lease payment) Proportional investment and financial commitment Proportional investment and financial commitment is defined as the expected investment amount at the moment of FID reflecting Vopak’s share of the total investment since June 2022 and any related (un)recognized commitments undertaken of specific investments in: • Property, plant and equipment (subsidiaries, joint ventures and associates); plus • Acquisition of investment in subsidiaries including goodwill and other equity investments Storage capacity Storage capacity at the end of the period consists of 100% capacity including subsidiaries, joint ventures, associates and operatorships, including currently out-of-service capacity due to maintenance and inspection programs. Total net debt for ratio calculation Total net debt for ratio calculation is defined in Vopak’s debt covenants and can be calculated by adjusting Net interest-bearing debt for the following: • Derivative financial instruments (currency); minus • IFRS 16 Adjustment in lease liabilities for former operating leases; plus • Credit replacement guarantees; plus • Deferred consideration acquisition; minus • Cash equivalent included in HFS assets; plus • Restricted Cash Vopak FY 2025 Analyst presentation