Koninklijke Vopak (VPK) Investor presentation summary

Business overview and portfolio

• Operates 75 terminals in 50 ports across 21 countries, storing bulk liquids and gases for energy and manufacturing markets.

• Revenue is highly diversified by geography and product, with over 1,000 customers and 250+ products stored.

• Majority of revenues come from long-term, inflation-protected, take-or-pay contracts, with ~70% of contracts exceeding 3 years.

Strategic execution and growth

• Achieved a 49% increase in free cash flow since 2021, with a 62% growth in free cash flow per share.

• Investing EUR 4 billion in growth capex by 2030, focusing on gas, industrial, and energy transition infrastructure.

• EUR 1.9 billion in investment commitments since 2022, with EUR 650 million commissioned and EUR 1.3 billion under construction.

• Portfolio optimization includes divesting non-core assets and expanding in key markets like Oman, India, and Brazil.

Financial performance and shareholder returns

• Record EBITDA of EUR 1,184 million in 2025, with a 58% EBITDA margin and 15.6% operating cash return.

• Operating free cash flow reached EUR 823 million in 2025, up from EUR 553 million in 2021.

• Progressive dividend policy targets 5%+ annual growth, with EUR 1.80 per share in 2025 (50% increase since 2021).

• Shareholder distributions program of EUR 1.7 billion through 2030, including up to EUR 500 million in share buybacks.