Royal Vopak NV · EURONEXT:VPK
Royal Vopak NV — Q3 2026 Earnings Presentation
43 slides from Royal Vopak NV's earnings presentation, Nov 4, 2026
Slide 1: Analyst presentation Q3 2026
Analyst presentation Q3 2026 We help the world flow forward
Slide 2: Dick Richelle, CEO
Dick Richelle CEO Vopak Q3 2026 Analyst Presentation 2
Slide 3: Forward-looking statement
Forward-looking statement 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 a
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights Outlook and shareholder Delivering results Executing growth distribution • Resilient portfolio performance with • In the Netherlands, commissioned the 4th tank at • Increasing FY 2026 outlook for proportional EBITDA 91% proportional occupancy YTD our Gate terminal and proportional
Slide 5: Resilient portfolio delivering strong results
Resilient portfolio delivering strong results Proportional EBITDA Proportional EBITDA YTD 2026 2 In EUR millions – excluding exceptional items EUR 906 mln +5% YoY development – excluding FX and divestments +6% -10% Continued strong performance of oil hubs, supported by improved pricing, despite 82 9
Slide 6: Impact of the Middle East conflict
Impact of the Middle East conflict Direct exposure • We own and operate four storage terminals across the ~5% Middle East, located in Saudi Arabia and the UAE Proportional EBITDA • Reduced activity and customer utilization in our Middle East terminals Indirect exposure • Constrained product availabi
Slide 7: Addressing key themes in energy markets
Addressing key themes in energy markets Security Affordability Sustainability Supply diversification & import resilience Optimized logistics & price-advantaged routes Transition fuels & system electrification Gate LNG REEF LPG AVTL Battery Storage The Netherlands Canada India The Netherlands Providi
Slide 8: Commissioning of 4th tank at Gate
Commissioning of 4th tank at Gate August 2023 September 2023 October 2026 FID taken for 4th tank Start of construction 4th tank Commissioning of 4th tank Adding 180k cbm LNG storage capacity / 4 bcma regasification capacity, contributing to Europe’s energy supply security Proportional investment of
Slide 9: Delivering our growth strategy
Delivering our growth strategy Commissioned through year-end 2027 – EUR 790 million total 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 AVTL, India REEF, Canada Caojing
Slide 10: Well-positioned towards our long-term ambitions
Well-positioned towards our long-term ambitions Long-term Business performance ambition Continue delivering strong results Operating cash return 13-17% Annual range Market indicators Healthy demand for storage infrastructure Growth ambition Proportional growth capex by 2030 ~ EUR 4 billion Growth co
Slide 11: Michiel Gilsing, CFO
Michiel Gilsing CFO Vopak Q3 2026 Analyst Presentation 11
Slide 12: Strong results from a resilient portfolio
Strong results from a resilient portfolio Delivering results Investing in attractive growth Shareholder focus Strong performance driven by Executing our growth strategy, Returning value to shareholders through healthy demand for our service, investing in critical storage share buyback programs and p
Slide 13: Financial highlights
Financial highlights EBITDA Operating free cash flow In EUR millions In EUR millions 894 902 906 648 671 644 2024 2025 2026 2024 2025 2026 YTD YTD YTD YTD YTD YTD Operating cash return Occupancy 12-month rolling basis 15.8% 92% 91% 91% 15.3% 15.1% 2024 2025 2026 2024 2025 2026 Q3 Q3 Q3 YTD YTD YTD A
Slide 14: Strong results driven by a diversified portfolio
Strong results driven by a diversified portfolio Proportional EBITDA In EUR millions EBITDA development Growth Existing network 3 • Proportional EBITDA increased by 5% 906 902 9 26 13 • Significant contribution from the 35 1 6 887 2 commissioning of growth projects 14 2 • Performance in the Netherla
Slide 15: Continued strong cash generation
Continued strong cash generation Proportional free cash flow generation In EUR millions Cash flow development YoY development +0.5% • Record level of OFCF1 in Q3 2026 906 • EBITDA-to-cash conversion increased to 74% YTD, reflecting lower operating capex and IFRS 16 leases 167 +4.3% 68 671 • Excludin
Slide 16: Significant growth of cash flow per share
Significant growth of cash flow per share Proportional operating free cash flow Per share - EUR +68% Sustained growth with operating free cash flow per share up 6% year-on-year 5.88 0.08 1.4% reduction of share count2 year-on-year, 0.12 following ongoing share buyback program 0.08 5.56 0.06 0.02 5.3
Slide 17: Balance sheet strength
Balance sheet strength Proportional leverage1 end of period Proportional leverage Interest rate composition 3.5 Proportional leverage includes Vopak’s economic 3.20 3.16 share of debt in the joint ventures adjusted for IFRS 16 ~0.20 ~0.15 2.95 impact 2.8% 3.0 Floating rate2 2.67 2.60 2.45 ~0.80 2.5
Slide 18: Strong momentum executing growth strategy
Strong momentum executing growth strategy Committed capex since CMD 2022 Timeline of project commissioning in EUR millions Based on FID’s taken at present < 7x EBITDA < 8x EBITDA 2,363 21 227 Q4 2026 & FY 2027: EUR ~790 million 855 e.g. REEF, AVTL projects , Chemtank expansion 395 63 303 EUR 1.5 bln
Slide 19: Increased FY 2026 outlook
Increased FY 2026 outlook 2026 outlook Business performance Updated Prior Strong autonomous performance of the business Operating free cash flow Growth contribution On a proportional basis ~840 EUR million ~820 EUR million New projects being commissioned during 2026 EBITDA 1,200 - 1,220 1,180 - 1,22
Slide 20: Strong results from a resilient portfolio
Strong results from a resilient portfolio Delivering results Investing in attractive growth Shareholder focus Strong performance driven by Executing our growth strategy, Returning value to shareholders through healthy demand for our service, investing in critical storage share buyback programs and p
Slide 21: Vopak Q3 2026 Results Appendix
Vopak Q3 2026 Results Appendix Vopak Q3 2026 Analyst Presentation 21
Slide 22: Overview of cash generation
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
Slide 23: Overview of cash generation
Overview of cash generation Proportional EBITDA Proportional Operating free cash flow JV dividend upstream In EUR million In EUR million As % of JV & Associates net income 107% 110% 104% 1,154 1,170 1,184 795 806 823 82% 72% 1,068 1,000 684 42% 47% 47% 553 46% 42% 52% 55% 42% 57% 65% 224 231 195 213
Slide 24: Overview of capital allocation
Overview of capital allocation Capital allocation multi-year overview Total capital allocated between FY 21-25 – EUR millions, consolidated figures % of available cash 5,633 2,357 Net debt 183 342 Taxes paid 468 Net financing cost JV dividends 1,001 235 IFRS 16 leases We distribute shareholder value
Slide 25: Overview of dividend payments
Overview of dividend payments Dividends paid per share in EUR +9.5% CAGR 1.80 Final Interim 1.60 1.50 1.25 1.30 +4.2%CAGR 1.20 1.05 1.05 1.10 1.15 1.00 0.88 0.90 0.90 +13.4% CAGR 0.80 0.70 0.63 0.55 0.48 0.38 0.25 0.25 0.25 0.30 0.72 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 26: Well-spread maturity profile
Well-spread maturity profile Debt repayment schedule In EUR million 1,200 1,100 1,000 900 500 800 700 600 500 400 500 300 138 200 243 69 69 79 100 162 163 188 110 113 116 94 75 94 112 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2040 RCF headroom RCF VTS Subordinated loans Asian PP US PP
Slide 27: BU segmentation
BU segmentation Vopak Q3 2026 Analyst Presentation 27
Slide 28: Well-diversified infrastructure portfolio Business Units
Well-diversified infrastructure portfolio Business Units Asia & Middle East China & North Asia Netherlands 96 94 93 92 93 95 90 88 86 85 83 81 82 80 79 85.7 85.9 85.3 90.8 94.6 63.3 61.0 61.2 61.7 61.8 25.8 28.6 27.6 28.1 26.3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 202
Slide 29: Asia & Middle East developments
Asia & Middle East developments Storage capacity Proportional occupancy rate Proportional revenue In million cbm In percent In EUR million 0.8 Q3 2026 86 96 90 88 82.8 89.8 87.4 84.7 86.5 13.0 million cbm 85 Subsidiaries Joint ventures & associates 12.2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2
Slide 30: China & North Asia developments
China & North Asia developments Storage capacity Proportional occupancy rate Proportional revenue In million cbm In percent In EUR million Q3 2026 81 82 80 83 79 0.7 3.5 million cbm 37.8 39.2 38.4 38.6 37.7 Subsidiaries Joint ventures & associates 2.8 Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025
Slide 31: Netherlands developments
Netherlands developments Storage capacity Proportional occupancy rate Proportional Revenue In million cbm In percent In EUR million Q3 2026 95 134.6 133.2 136.4 142.0 1.4 94 93 92 93 121.6 7.9 million cbm Subsidiaries Joint ventures & associates 6.5 Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025 2
Slide 32: Singapore developments
Singapore developments Storage capacity Proportional occupancy rate Proportional revenue In million cbm In percent In EUR million Q3 2026 93 94 95 93 92 50.4 51.4 50.8 52.7 49.3 1.5 4.8 million cbm Subsidiaries 3.3 Joint ventures & associates Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025 2025 202
Slide 33: USA & Canada developments
USA & Canada developments Storage capacity Proportional occupancy rate Proportional revenue In million cbm In percent In EUR million Q3 2026 94 95 94 94 95 90.2 2.8 million cbm 80.9 82.7 81.9 84.4 0.9 Subsidiaries 1.9 Joint ventures & associates Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2025 2025
Slide 34: Other business units developments
Other business units developments Storage capacity Proportional occupancy rate Proportional revenue In million cbm In percent In EUR million Q3 2026 90 90 90 89.4 89.1 0.5 89 88 78.5 81.2 3.4 million cbm 74.0 0.5 Subsidiaries 2.4 Joint ventures & associates Operatorships Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q
Slide 35: JVs & associates developments
JVs & associates developments Result JVs and associates Result JVs & Associates Result JVs & Associates Result JVs & Associates In EUR million Asia & Middle East China & North Asia Netherlands In EUR million In EUR million In EUR million 64.7 50.1 52.7 53.5 14.6 46.4 22.0 24.9 22.0 22.1 11.0 10.6 11
Slide 36: Cash flow modeling
Cash flow modeling Vopak Q3 2026 Analyst Presentation 36
Slide 37: EBITDA
EBITDA 6.8% 8.1% 4.1% 1.4% 1.2% Proportional OFCF calculation (FY 2025): 1,154 1,170 1,184 1,068 Proportional EBITDA 1,183.6 1,000 +18% Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 Proportional operating free cash flow 823.3 2021 2022 2023 2024 2025 YoY EBITDA gro
Slide 38: Operating capex
Operating capex 6.6% 5.2% 5.1% 5.0% 4.8% Proportional OFCF calculation (FY 2025): 355 315 Proportional EBITDA 1,183.6 290 -28% 265 256 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 Proportional operating free cash flow 823.3 2021 2022 2023 2024 2025 % of capital em
Slide 39: IFRS 16 leases
IFRS 16 leases Lease Receivable Lease Liability Proportional OFCF calculation (FY 2025): 2022 2023 2024 2025 Proportional EBITDA 1,183.6 Proportional operating capex (-/-) 255.6 Proportional IFRS 16 leases (-/-) 104.7 -69 -69 Proportional operating free cash flow 823.3 -99 -105 • For Vopak, lease li
Slide 40: IFRS 16 leases
IFRS 16 leases Indicative accounting treatment of a contract that qualifies as a finance lease Customer payment Interest income Other operating income (+/+) EBITDA Principal repayment Finance lease receivable (+/+) IFRS 16 leases • When we sign long-term, dedicated infrastructure contracts, IFRS 16
Slide 41: Alternative performance measures
Alternative performance measures 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 define
Slide 42: Glossary (I)
Glossary (I) Average proportional capital employed • Acquisition of investment in subsidiaries including goodwill, joint Events for which a threshold of EUR 10 million is applied: Is defined as proportional total assets excluding assets and current ventures and associates and other equity investment
Slide 43: Glossary (II)
Glossary (II) Operating capex Proportional investment and financial commitment • Proportional Capital employed is defined as proportional total Operating capex is defined as sustaining and service capex plus IT Proportional investment and financial commitment is defined as the assets excluding asset