Koninklijke Vopak (VPK) investor relations material

Executive summary

• Achieved record financial results in 2025, with proportional EBITDA of EUR 1.184 billion and strong operating free cash flow, supported by robust energy markets, high occupancy rates (91–91.4%), and portfolio optimization through divestments and new projects, including Oman and the AVTL IPO in India.

• Announced a shareholder distribution program of EUR 1.7 billion through 2030, featuring a progressive dividend policy (5%+ annual growth) and a multi-year share buyback up to EUR 500 million.

• Strategic growth investments progressing, with EUR 1.9 billion committed since 2022 and EUR 650 million commissioned, focusing on gas, industrial terminals, and energy transition infrastructure.

• Continued execution of the Improve, Grow, and Accelerate strategy, with significant progress on gas infrastructure projects in Canada, Colombia, India, and the Netherlands.

• Net profit for FY 2025 rose 61% to EUR 604 million, with EPS up 68% to EUR 5.23, driven by operational performance and exceptional items.

Financial highlights

• Proportional EBITDA reached EUR 1.184 billion, up 4.3% year-over-year, with a 58% EBITDA margin and 70% EBITDA-to-cash conversion.

• Operating free cash flow rose to EUR 823 million, with per-share growth to EUR 7.13 and operating cash return improving to 15.6%.

• Earnings per share increased by 68% to EUR 5.23, driven by higher net income and a lower share count.

• Dividend per share proposed at EUR 1.80 for FY 2025, a 12.5% increase year-over-year and 50% higher than 2021.

• Net interest-bearing debt at year-end was EUR 2,699.9 million, with a net debt/EBITDA ratio of 2.45x.

Outlook and guidance

• FY 2026 proportional EBITDA expected between EUR 1.15 billion and EUR 1.2 billion; operating free cash flow guidance is around EUR 800 million.

• Long-term operating cash return ambition raised to 13–17%, with EUR 4 billion growth CapEx planned through 2030 and EUR 1.9 billion already committed.

• Dividend per share to grow by 5% or more annually, with interim and final dividends starting 2026.

• Multi-year share buyback program of up to EUR 500 million through 2030, with the first EUR 100 million tranche starting February 2026.

• Negative FX impact of EUR 20 million expected in 2026.