Slides
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Analyst presentation Q3 2026 We help the world flow forward
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Dick Richelle CEO 2Vopak Q3 2026 Analyst Presentation
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Forward-looking statement Vopak Q3 2026 Analyst Presentation 3 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 Q3 2026 results press release.
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4 Q3 2026 Highlights Delivering results Outlook and shareholder distribution • In the Netherlands, commissioned the 4th tank at our Gate terminal • In Canada, advancing the Optimization II project for additional capacity at our REEF terminal • In India, commissioned 52k cbm of ammonia storage capacity at Pipavav terminal and taken FIDs to expand capacity • Increasing FY 2026 outlook for proportional EBITDA and proportional operating free cash flow, subject to ongoing market uncertainties and currency exchange movements • Interim dividend of EUR 0.72 paid in September, increasing dividend payment frequency to semi-annual • 75% of the first EUR 100 million share buyback tranche has been completed by 30 October 2026 • Resilient portfolio performance with 91% proportional occupancy YTD • Proportional EBITDA of EUR 906 million in YTD 2026, increased by 5% year-on-year1 • Proportional operating free cash flow of EUR 671 million YTD 2026, increased by 6% year-on-year2 Executing growth Vopak Q3 2026 Analyst Presentation 1. Excluding negative currency translation effects, divestment impact and the prior year EUR 22 million one -off settlement related to a commercial resolution 2. Excluding negative currency translation effects and divestment impact
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Resilient portfolio delivering strong results 208 906 175 214 391 82 Gas Industrial Chemicals Oil Other1 Total +0% +0% +5% +6% -10% Proportional EBITDA YTD 2026 In EUR millions – excluding exceptional items YoY development – excluding FX and divestments 5Vopak Q3 2026 Analyst Presentation 1. Other refers to HQ, Global IT and other support costs 2. Excluding negative currency translation effects, divestment impact and the prior year EUR 22 million one -off settlement related to a commercial resolution Excluding FX, divestments and the EUR 22 million one-off settlement related to a commercial resolution Proportional EBITDA EUR 906 mln +5% Continued strong performance of oil hubs, supported by improved pricing, despite marginally lower occupancy Gas and industrial terminals delivered a stable performance with high occupancy rates Improved performance of chemical terminals, driven by spot deals and newly commissioned capacity in the US The improvement in 'Other' was primarily driven by lower claims at the captive insurer 2
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6 Vopak Q3 2026 Analyst Presentation Impact of the Middle East conflict Direct exposure • We own and operate four storage terminals across the Middle East, located in Saudi Arabia and the UAE • Reduced activity and customer utilization in our Middle East terminals ~5% Proportional EBITDA Indirect exposure • Constrained product availability and price volatility are driving a differentiated performance across our network • Strong performance at select terminals was partially offset by softer activity elsewhere • Diversification of our portfolio, across geographies and products, again proves to be a structural strength • Demonstrated the ability to meet our customers' evolving needs regarding energy security, affordability, and sustainability
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Gate LNG The Netherlands Providing Europe with the flexibility to import LNG, replacing the reliance on single-source pipeline imports REEF LPG Canada Leveraging a geographic advantage, ensures LPG can be delivered more affordably to countries East of Suez AVTL India Enabling India's transition to cleaner fuels by building essential storage infrastructure for products such as LPG and ammonia Battery Storage The Netherlands Enabling the ongoing electrification of the energy mix and securing the long-term resilience of power grids Security Supply diversification & import resilience Affordability Optimized logistics & price-advantaged routes Sustainability Transition fuels & system electrification 7Vopak Q3 2026 Analyst Presentation Addressing key themes in energy markets We provide the infrastructure that enables our customers to address evolving needs for energy security, affordability and sustainability
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Commissioning of 4th tank at Gate 8 Vopak Q3 2026 Analyst Presentation August 2023 FID taken for 4th tank September 2023 Start of construction 4th tank October 2026 Commissioning of 4th tank Adding 180k cbm LNG storage capacity / 4 bcma regasification capacity, contributing to Europe’s energy supply security Proportional investment of EUR ~175 million, with accretive cash return from commissioning Long-term cash flow visibility via take-or-pay agreements
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Delivering our growth strategy 1. Investment commitments – on a proportional basis – taken since our capital markets day in 2022 Investing ~EUR 4 billion in gas, industrial and energy transition infrastructure by 2030 EUR 2.4 billion investment commitments taken1 Of which EUR 451 million committed in 2026 Of which EUR 1.5 billion is under construction and will be commissioned in the coming years AVTL, India Greenfield terminal in JNPA Mumbai and multiple expansion projects Commissioned through year-end 2027 – EUR 790 million total REEF, Canada Greenfield LPG export terminal and expanding capacity (Optimization I) Chemtank, KSA Expanding capacity by 44k cbm to support industrial customers Alemoa, Brazil Expanding capacity by 66k cbm for storage of low carbon fuels and feedstocks Caojing & Haiteng, China Multiple projects to expand industrial terminal capacity RIPET, Canada Methanol removal project ensuring LPG has the right specification for Asian market 9Vopak Q3 2026 Analyst Presentation
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10 Operating cash return Annual range Long-term ambition 13-17% Well-positioned towards our long-term ambitions Growth contribution Capturing growth opportunities and delivering projects Business performance Continue delivering strong results Market indicators Healthy demand for storage infrastructure Growth ambition Proportional growth capex by 2030 ~ EUR 4 billion Shareholder distributions Multi-year SBB and progressive dividend ~ EUR 1.7 billion Vopak Q3 2026 Analyst Presentation
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Michiel Gilsing CFO 11Vopak Q3 2026 Analyst Presentation
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12 Strong results from a resilient portfolio Delivering results Investing in attractive growth Shareholder focus Strong performance driven by healthy demand for our service, despite volatility in global energy and manufacturing markets Executing our growth strategy, investing in critical storage infrastructure that meets our return requirements Returning value to shareholders through share buyback programs and progressive dividend policy, first interim dividend paid in September Vopak Q3 2026 Analyst Presentation
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13Vopak Q3 2026 Analyst Presentation 894 902 906 2024 YTD 2025 YTD 2026 YTD EBITDA In EUR millions Financial highlights All figures are on a proportional basis 648 644 671 2024 YTD 2025 YTD 2026 YTD Operating free cash flow In EUR millions 15.3% 15.1% 15.8% 2024 Q3 2025 Q3 2026 Q3 Operating cash return 12-month rolling basis 92% 91% 91% 2024 YTD 2025 YTD 2026 YTD Occupancy
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Reflecting the EUR 22 million one-off gain recorded in Q2 2025 9 26 35 14 13 FX-effect 6 Divestments1 Growth contributions Asia & Middle East YTD 2026Other BU’s2USA & Canada 1 Singapore 2 NetherlandsChina & North Asia 2 902 887 906 2025 YTD Proportional EBITDA In EUR millions 14 Strong results driven by a diversified portfolio 1. Driven by divestment of HALPG terminal in India and Ulsan in Korea 2. Other BU's consisting of amongst other Global functions, other Business Units and venture entities 3. Excluding negative currency translation effects, divestment impact and the prior year EUR 22 million one -off settlement related to a commercial resolution Vopak Q3 2026 Analyst Presentation EBITDA development • Proportional EBITDA increased by 5% • Significant contribution from the commissioning of growth projects • Performance in the Netherlands primarily driven by strong oil markets • Performance of Other BU’s primarily driven by strong performance in South Africa Growth Existing network 3
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Proportional free cash flow generation In EUR millions 906 671 486 167 68 87 98 EBITDA YTD 2026 Operating Capex IFRS 16 leases OFCF1 Tax Financing cost2 FCF3 15 Continued strong cash generation 1. OFCF (Operating Free Cash Flow): EBITDA – Operating Capex – IFRS 16 lease payments 2. Excluding the costs that are included in IFRS 16 leases line 3. FCF (Free Cash Flow): OFCF – taxes – financing costs 4. Calculated as the extrapolated figure of FCF divided by the market cap as per 30 September 2026 -5.0% -17.1% -8.0% +4.2% YoY development Vopak Q3 2026 Analyst Presentation ~12% FCF yield4 Cash flow development • Record level of OFCF1 in Q3 2026 • EBITDA-to-cash conversion increased to 74% YTD, reflecting lower operating capex and IFRS 16 leases • Excluding negative currency translation and divestment impact, OFCF1 increased by 6% • Additionally, excluding EUR 22 million one-off recorded in Q2 2025, OFCF1 increased by 10% • 12% FCF yield4 is supporting robust shareholder distributions alongside increased growth investments +4.3% +6.8% +0.5%
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0.06 0.08 0.12 0.08 2025 YTD Revenues1 0.02 Expenses Operating capex IFRS 16 Leases SBB 2026 YTD 5.56 5.88 Proportional operating free cash flow Per share - EUR Significant growth of cash flow per share 1. Including proportional revenues and proportional other income 2. Reduction of basic weighted average shares outstanding 16 3.49 4.10 4.91 5.33 2021 YTD 2022 YTD 2023 YTD 2024 YTD Sustained growth with operating free cash flow per share up 6% year-on-year Operating free cash flow per share increased 68% compared to Q3 YTD 2021, driven by strong autonomous performance, contribution of growth projects and optimized portfolio 1.4% reduction of share count2 year-on-year, following ongoing share buyback program Vopak Q3 2026 Analyst Presentation +68%
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Balance sheet strength 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 Q3 2026 press release 2. Based on the weighted average of floating and fixed interest-bearing debt 17 4.4% Fixed rate2 2.8% Floating rate2 Assets under construction Operating assets 3.00 3.01 2.20 2.27 2.06 2.15 2021 ~0.15 2022 ~0.25 2023 ~0.40 2024 ~0.54 2025 ~0.80 Q3 2026 3.5 3.0 2.5 3.20 3.16 2.45 2.67 2.60 2.95~0.20 ~20% ~80% Interest rate composition Vopak Q3 2026 Analyst Presentation
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18 1,354 1,508 303 395 227 855 Gas Industrial 63 Other BESS1 LCFF2 21 Other Total 2,363 Committed capex since CMD 2022 in EUR millions Strong momentum executing growth strategy EUR ~2.4 billion committed to growth projects, well on track to reach ambition of EUR 4 billion through 2030 Vopak Q3 2026 Analyst Presentation 1. Battery energy storage systems (BESS) 2. Low carbon fuels and feedstocks (LCFF) EUR ~1.5 billion of assets under construction of which around EUR 790 million is expected to be commissioned through 2027 Commissioned Under construction Accelerate Grow Timeline of project commissioning Based on FID’s taken at present < 7x EBITDA < 8x EBITDA EUR 1.5 bln Assets under construction Q4 2026 & FY 2027: EUR ~790 million e.g. REEF, AVTL projects , Chemtank expansion FY 2028 & beyond: EUR ~715 million e.g. BESS projects, Thai tank expansion
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19 Operating free cash flow On a proportional basis Updated ~840 EUR million Growth contribution New projects being commissioned during 2026 Business performance Strong autonomous performance of the business EBITDA On a proportional basis 1,200 - 1,220 EUR millionResilient portfolio Enabling us to meet evolving needs for energy security, affordability and sustainability Increased FY 2026 outlook Vopak Q3 2026 Analyst Presentation Prior ~820 EUR million 1,180 - 1,220 EUR million 2026 outlook
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20 Strong results from a resilient portfolio Delivering results Investing in attractive growth Shareholder focus Strong performance driven by healthy demand for our service, despite volatility in global energy and manufacturing markets Executing our growth strategy, investing in critical storage infrastructure that meets our return requirements Returning value to shareholders through share buyback programs and progressive dividend policy, first interim dividend paid in September Vopak Q3 2026 Analyst Presentation
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Vopak Q3 2026 Results Appendix 21Vopak Q3 2026 Analyst Presentation
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22 Overview of cash generation Proportional figures – EUR million1 2021 2022 2023 2024 2025 YTD 2026 Total operating income 1,800 1,962 2,059 2,049 2,045 1,547 Operating expenses -800 -894 -905 -879 -861 -641 EBITDA 1,000 1,068 1,154 1,170 1,184 906 Operating Capex -355 -315 -290 -265 -256 -167 IFRS 16 leases -92 -69 -69 -99 -105 -68 Operating free cash flow 553 684 795 806 823 671 Operating free cash flow / share 4.41 5.46 6.34 6.69 7.13 5.88 Finance cost2 -109 -136 -147 -117 -128 -98 Taxes -106 -137 -105 -123 -95 -87 Free cash flow 338 411 543 566 600 486 Free cash flow / share 2.70 3.28 4.33 4.70 5.20 4.26 Vopak Q3 2026 Analyst Presentation 1. Except for operating free cash flow / share and free cash flow / share , which are in EUR 2. Excluding costs included in IFRS 16 leases line
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Overview of cash generation 23 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 Q3 2026 Analyst Presentation
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Vopak Capital Markets Day 2025 24 Total capital allocated between FY 21-25 – EUR millions, consolidated figures Capital allocation multi-year overview 3,470 3,276 979 1,312 1,024 400 235 183 468 342 1,001 Cash inflow Available cash Dividend 1,546 Growth SBB 306 Others & Net cash 5,633 2,357 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 24 Operating Capex Net financing cost Taxes paid CFFO JV dividends Disposals & repayments Net debt IFRS 16 leases 31% 47% 12% % of available cash Vopak Q3 2026 Analyst Presentation
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Overview of dividend payments 25 0.25 0.25 0.25 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 0.72 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 +13.4% CAGR +4.2%CAGR +9.5% CAGR Strong commitment to distributing value to our shareholders via progressive dividend policy, aiming to increase the dividend per share by 5% or more per year Dividends paid per share in EUR Vopak Q3 2026 Analyst Presentation InterimFinal
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Well-spread maturity profile 26 243 110 162 113 116 94 163 188 75 94 112 69 69 79 138 500 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 2026 2027 2028 500 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asian PP US PP Debt repayment schedule In EUR million Vopak Q3 2026 Analyst Presentation
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27 BU segmentation Vopak Q3 2026 Analyst Presentation
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Well-diversified infrastructure portfolio Business Units 28 Asia & Middle East 63.3 61.0 61.2 61.7 61.8 86 96 90 88 85 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 25.8 28.6 27.6 28.1 26.3 81 82 80 83 79 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 USA & Canada China & North Asia Proportional occupancy rate (in percent) Singapore 37.2 35.6 38.7 38.8 40.5 93 94 95 93 92 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 85.7 85.9 85.3 90.8 94.6 94 93 92 93 95 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Netherlands 41.5 43.4 43.9 43.5 45.8 94 95 94 94 95 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBITDA (in EUR million) 51.4 48.6 56.9 61.2 60.5 89 88 90 90 90 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Other Business Units Vopak Q3 2026 Analyst Presentation
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Asia & Middle East developments 29 Proportional occupancy rate In percent 82.8 89.8 87.4 84.7 86.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 86 96 90 88 85 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional revenue In EUR million Proportional EBITDA* In EUR million 63.3 61.0 61.2 61.7 61.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBIT* In EUR million 40.6 38.5 38.1 38.3 38.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 28 Terminals (8 countries) Storage capacity In million cbm 0.8 12.2 Subsidiaries Joint ventures & associates Q3 2026 13.0 million cbm * Excluding company-wide allocations Vopak Q3 2026 Analyst Presentation
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China & North Asia developments 30 Proportional occupancy rate In percent 81 82 80 83 79 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional revenue In EUR million Proportional EBITDA* In EUR million 25.8 28.6 27.6 28.1 26.3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBIT* In EUR million 9 Terminals (2 countries) Storage capacity In million cbm 0.7 2.8 Subsidiaries Joint ventures & associates Operatorships Q3 2026 3.5 million cbm 37.8 39.2 38.4 38.6 37.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 17.3 20.0 18.9 19.2 17.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 * Excluding company-wide allocations Vopak Q3 2026 Analyst Presentation
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Netherlands developments 31 Proportional occupancy rate In percent 134.6 121.6 133.2 136.4 142.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 94 93 92 93 95 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional Revenue In EUR million Proportional EBITDA* In EUR million 85.7 85.9 85.3 90.8 94.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBIT* In EUR million 43.5 44.1 38.8 46.0 53.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 8 Terminals (1 country) Storage capacity In million cbm 6.5 1.4 Subsidiaries Joint ventures & associates Operatorships Q3 2026 7.9 million cbm * Excluding company-wide allocations Vopak Q3 2026 Analyst Presentation
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Singapore developments 32 Proportional occupancy rate In percent 50.4 49.3 51.4 50.8 52.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 93 94 95 93 92 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional revenue In EUR million Proportional EBITDA* In EUR million 37.2 35.6 38.7 38.8 40.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBIT* In EUR million 27.8 26.2 29.6 29.7 31.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 5 Terminals (1 country) 3.3 1.5 Subsidiaries Joint ventures & associates Operatorships Q3 2026 4.8 million cbm Storage capacity In million cbm * Excluding company-wide allocations Vopak Q3 2026 Analyst Presentation
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USA & Canada developments 33 Proportional occupancy rate In percent 80.9 82.7 81.9 84.4 90.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 94 95 94 94 95 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional revenue In EUR million Proportional EBITDA* In EUR million 41.5 43.4 43.9 43.5 45.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBIT* In EUR million 25.8 26.6 28.9 29.7 29.1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 9 Terminals (2 countries) 1.9 0.9 Subsidiaries Joint ventures & associates Operatorships Q3 2026 2.8 million cbm Storage capacity In million cbm * Excluding company-wide allocations Vopak Q3 2026 Analyst Presentation
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Other business units developments 34 Proportional occupancy rate In percent 74.0 78.5 81.2 89.4 89.1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 89 88 90 90 90 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional revenue In EUR million Proportional EBITDA* In EUR million 51.4 48.6 56.9 61.2 60.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Proportional EBIT* In EUR million 31.7 27.8 36.0 40.2 39.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 17 Terminals (6 countries) Storage capacity In million cbm 2.4 0.5 0.5 Subsidiaries Joint ventures & associates Operatorships Q3 2026 3.4 million cbm * Excluding company-wide allocations Vopak Q3 2026 Analyst Presentation
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JVs & associates developments 35 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 50.1 46.4 52.7 53.5 64.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2.7 0.4 2.9 2.0 9.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.1 0.2 0.2 0.1 0.1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 11.0 10.6 11.2 11.1 11.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 7.2 5.4 8.3 11.7 14.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 6.1 5.0 7.1 6.0 7.1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Result JVs & Associates Asia & Middle East In EUR million 22.0 24.9 22.0 22.1 21.5 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Result JVs & Associates Netherlands In EUR million Vopak Q3 2026 Analyst Presentation
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36 Cash flow modeling Vopak Q3 2026 Analyst Presentation
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37 EBITDA Proportional OFCF calculation (FY 2025): Proportional EBITDA 1,183.6 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 Proportional operating free cash flow 823.3 • Despite significant divestment during the 2021-2025 period, proportional EBITDA development remained positive • Total operating income increased by 13.6% while operating expenses increased by 7.7%, leading to an EBITDA margin increase of 2.4 p.p. (55.5% to 57.9%) • Driven by the contribution of commissioned growth projects and positive pricing developments • Ambition to invest EUR 4 billion through 2030 to grow our base in Gas and Industrial terminals and accelerate the development of energy transition infrastructure • EUR 1.5 billion of assets under construction which will have a significant EBITDA contribution once operational • Deployment of capital at Capex-to-EBITDA multiples between 4-8x 1,000 1,068 1,154 1,170 1,184 2021 2022 2023 2024 2025 +18% 4.1% 6.8% 8.1% 1.4% 1.2% YoY EBITDA growth Vopak Q3 2026 Analyst Presentation
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38 Operating capex Proportional OFCF calculation (FY 2025): Proportional operating free cash flow 823.3 • Since 2021, operating capex has decreased both in absolute terms (-28%) and as a percentage of capital employed (-1.8 p.p.) • Vopak strategically rationalized its portfolio, leading to more than 15 divestments, generating total proceeds of approximately EUR 750 million • The divested assets often had low contribution to the operating free cash due to a high level of operating capex • Divestment proceeds were primarily reinvested in greenfield projects, decreasing the average asset age of the portfolio and, consequently, operating capex 355 315 290 265 256 2021 2022 2023 2024 2025 -28% 6.6% 5.2% 5.1% 5.0% 4.8% % of capital employed Vopak Q3 2026 Analyst Presentation Proportional EBITDA 1,183.6 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7
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39 IFRS 16 leases Proportional OFCF calculation (FY 2025): Proportional operating free cash flow 823.3 2022 2023 2024 2025 -69 -69 -99 -105 Lease Receivable Lease Liability • For Vopak, lease liability consist mostly of a large portfolio of long-term land leases, which also includes leases for waterfront areas and jetties • With the acquisition of EemsEnergyTerminal in 2023, the right-of-use assets increased due to the FSRU lease • Vopak applies lessor accounting when it acts as the lessor by providing an asset to a customer under a contract that qualifies as a finance lease • Going forward, the REEF terminal in Western-Canada will be qualified as a financial lease, positively impacting the IFRS 16 line Vopak Q3 2026 Analyst Presentation Proportional EBITDA 1,183.6 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7
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40 Customer payment Indicative accounting treatment of a contract that qualifies as a finance lease Interest income Other operating income Principal repayment Finance lease receivable • When we sign long-term, dedicated infrastructure contracts, IFRS 16 views them not as service agreements, but as finance leases • In this case, we do not record the physical terminal as an owned asset on our balance sheet, we present the asset as a finance lease receivable • The received payments are classified as a mix of interest income and principal repayment, only interest income is recognized as part of EBITDA • Over time, an increasing share of the payment will be classified as principal repayment decreasing the EBITDA contribution • The operating free cash flow contribution remains the same as the principal repayment is added in the IFRS 16 leases line (+/+) EBITDA (+/+) IFRS 16 leases IFRS 16 leases Vopak Q3 2026 Analyst Presentation
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Alternative performance measures 41 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, proportional operating cash return (12 months rolling basis), 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. 41 Vopak Q3 2026 Analyst Presentation
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Glossary (I) 42 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 Q3 2026 Analyst Presentation
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Glossary (II) 43 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 EBITDA margin Proportional EBITDA margin is calculated by dividing the proportional EBITDA by proportional revenues (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 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 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 operating cash return (12 months rolling basis) Proportional Operating Cash Return where the proportional operating free cash flow is determined on the basis of the 12 months preceding the reporting period and the Proportional Capital employed is calculated based on a 12 months average 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 Q3 2026 Analyst Presentation