Koninklijke Vopak N.V.: Vopak reports strong Q1 2025 results, commissioning capacity in existing locations

The Netherlands, 23 April 2025

Vopak reports strong Q1 2025 results, commissioning capacity in existing locations

Key highlights Q1 2025

Improve

• Net profit -including exceptional items- Q1 2025 of EUR 100 million and EPS of EUR 0.85
• Proportional EBITDA -excluding exceptional items¹- increased in Q1 2025 by EUR 23 million to EUR 300 million
• Agreements were signed for a new debt issuance of around EUR 560 million equivalent, improving Vopak's debt maturity profile and financial flexibility

Grow

• Expanding our Thai Tank Terminal by 160k cbm for the storage and handling of ethane, underpinned by a long-term customer commitment
• Commissioned capacity of brownfield expansions on four existing terminals in China, India and Belgium

Accelerate

• Expanding our global capacity by 66k cbm in low carbon fuels and feedstocks for EUR 68 million in our terminal Alemoa, Brazil
• Entered into an exclusive partnership framework agreement with OQ for future development of industrial and energy transition terminal infrastructure in the Special Economic Zone at Duqm (SEZAD) in Oman
• Developing battery energy storage infrastructure with the acquisition of 100% share in a battery development company in the Netherlands

In EUR millions	Q1 2025	Q4 2024	Q1 2024
IFRS Measures -including exceptional items-
Revenues	328.9	336.9	328.2
Net profit / (loss) attributable to holders of ordinary shares	99.8	63.9	105.8
Earnings per ordinary share (in EUR)	0.85	0.56	0.85
Cash flows from operating activities (gross)	305.9	210.2	278.8
Cash flows from investing activities (including derivatives)	- 137.5	-120.0	-111.1
Alternative performance measures -excluding exceptional items- 1
Proportional revenues	488.4	485.0	477.9
Proportional group operating profit / (loss) before depreciation and amortization (EBITDA)	299.9	276.7	297.8
Group operating profit / (loss) before depreciation and amortization (EBITDA)	236.2	214.2	235.0
Net profit / (loss) attributable to holders of ordinary shares	97.8	79.0	105.8
Earnings per ordinary share (in EUR)	0.84	0.67	0.85
Business KPIs
Storage capacity end of period (in million cbm)	35.6	35.4	34.8
Proportional storage capacity end of period (in million cbm)	20.4	20.4	20.2
Subsidiary occupancy rate	91%	93%	92%
Proportional occupancy rate	92%	93%	93%
Financial KPIs 1
Proportional operating cash return	16.8%	11.8%	17.0%
Net interest-bearing debt	2,524.7	2,672.0	2,223.4
Total net debt: EBITDA	2.21	2.35	1.76
Proportional operating cash flow per share (in EUR)	1.95	1.36	1.83
Proportional leverage	2.55	2.67	2.36

CEO message
"We had a strong start to the year, with solid Q1 2025 results. Building on our proven track record of strategic execution, we are well positioned to capture growth opportunities in gas and industrial infrastructure as well as infrastructure for the energy transition. We confirm our outlook for 2025, subject to currency exchange movements and market uncertainty. As announced in our strategy update in March 2025, we see market opportunities to invest an additional EUR 1 billion in gas and industrial terminals by 2030, reaching a total of EUR 2 billion and EUR 1 billion in energy transition infrastructure. We are solidifying our global leading position with an industrial terminal expansion for gas in Thailand, announced earlier this year. We are partnering with OQ in Oman, aiming to unlock future growth opportunities in industrial and energy terminal infrastructure and sustainable energy transition facilities in the port of Duqm. Across the markets we operate in there is uncertainty on trade tariffs, while the situation continues to evolve and is dynamic, we currently foresee limited direct impact on Vopak in the short-term. We have a well-diversified portfolio of terminals in terms of locations, products and contract duration."

Financial Highlights for Q1 2025

IFRS Measures -including exceptional items-

• Revenues remained stable year-on-year with EUR 329 million in Q1 2025 (Q1 2024: EUR 328 million) as the demand for storage infrastructure was solid across different geographies and markets.
• Operating expenses consisting of personnel and other expenses were EUR 160 million in Q1 2025 (Q1 2024: EUR 155 million). Costs increased by EUR 5 million, mainly due to increased personnel expenses which were partially offset by lower energy and utility costs.
• Cash flows from operating activities increased by EUR 27 million to EUR 306 million compared to EUR 279 million in Q1 2024. The increase in cash flow is primarily driven by a working capital decrease of EUR 24 million in Q1 2025.
• Net profit attributable to holders of ordinary shares was EUR 100 million in Q1 2025 compared to EUR 106 million in Q1 2024. Stable operating performance was partly offset by an increase in net finance costs. Earnings Per Share (EPS) for Q1 2025 was EUR 0.85 unchanged compared to Q1 2024.
• 2025 share buyback program of up to EUR 100 million announced on 19 February 2025, is progressing well. Since its start, around 49% of the program has been executed by 17 April 2025. For progress on our share buyback program please visit our website.

Alternative performance measures -excluding exceptional items-²

• Proportional revenues increased to EUR 488 million (Q1 2024: EUR 478 million). Mainly driven by contributions from growth projects and year-on-year positive currency translation effects of EUR 6 million. This was partly offset by the reduced available capacity for rent in Europoort, the Netherlands, the temporary impact of capacity being repurposed in Vlaardingen, the Netherlands and challenging market conditions in Veracruz, Mexico.
• Proportional EBITDA increased to EUR 300 million (Q1 2024: EUR 298 million). This was mainly driven by growth project contributions, partly offset by reduced available capacity for rent and the temporary effect of repurposing existing capacity in the Netherlands. Compared to Q4 2024, proportional EBITDA increased by EUR 23 million, primarily driven by negative one-offs of EUR 20 million in Q4 2024.
• Proportional EBITDA margin Q1 2025 was 58% (Q1 2024: 60%).
• EBITDA was EUR 236 million (Q1 2024: EUR 235 million), driven by contributions from growth projects and positive currency effects. Compared to Q4 2024 (EUR 214 million), EBITDA increased mainly due to negative one-off items in Q4 of EUR 20 million.
• Proportional growth capex in Q1 2025 was EUR 117 million (Q1 2024: EUR 83 million). Consolidated growth capex in Q1 2025 was EUR 94 million (Q1 2024: EUR 64 million) both reflecting growth investments in Canada, the Netherlands, Belgium and the United States.
• Proportional operating capex increased to EUR 48 million compared to EUR 47 million in Q1 2024. Operating capex was EUR 44 million (Q1 2024: EUR 40 million), higher than the same period last year, mainly due to higher maintenance costs in the Netherlands.
• Proportional operating cash flow in Q1 2025 was EUR 228 million (Q1 2024: EUR 228 million) supported by strong EBITDA performance. Proportional operating cash flow per share in Q1 2025 increased to EUR 1.95 per share (Q1 2024: EUR 1.83) reflecting strong cash flow generation and benefits of the share buyback program in 2024.

Business KPI

• Proportional occupancy rate at the end of Q1 2025 was 92% (Q1 2024: 93%) and slightly decreased compared to Q4 2024 (93%), reflecting the weak spot market in Zhangjiagang, China and challenging market conditions in Veracruz, Mexico as previously mentioned.

Financial KPIs

• Proportional operating cash return Q1 2025 remained stable at 16.8% compared to 17.0% in Q1 2024. The decrease was mainly due to a higher average capital employed.
• Proportional leverage in Q1 2025 was 2.55x compared to 2.67x in Q4 2024, in line with our ambition to stay in the range of 2.5-3.0x. Total net debt: EBITDA ratio was 2.21x at the end of Q1 2025 (Q4 2024: 2.35x).

Exceptional item in Q1 2025

• True up of earn out receivable relating to settlement of the acquisition of the EemsEnergyTerminal joint venture in the Netherlands resulting in an exceptional gain of EUR 2 million.

¹ See Enclosure 2 of the press release for reconciliation to the most directly comparable subtotal or total specified by IFRS Accounting Standards
² 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 page 7.

For more information please contact:

Vopak Press: Liesbeth Lans - Manager External Communication, e-mail: [e-mail]

Vopak Analysts and Investors: Fatjona Topciu - Head of Investor Relations, e-mail: [e-mail]

The analysts' presentation will be given via an on-demand audio webcast on Vopak's corporate website, starting at 08:30 AM CEST on 23 April 2025.

This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. The content of this report has not been audited or reviewed by an external auditor.