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Koninklijke Vopak (VPK) investor relations material
Koninklijke Vopak Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong proportional EBITDA of EUR 902 million YTD 2025, up 1% year-over-year, with EPS rising 37% to EUR 3.51 and operating free cash flow per share up 4.3% to EUR 5.56.
Net profit including exceptional items rose 30% year-to-date Q3 2025 to EUR 407 million, supported by resilient portfolio performance and share buybacks.
Maintained a high proportional occupancy rate of 91% year-to-date, reflecting healthy demand across the portfolio.
Confirmed full-year proportional EBITDA outlook of EUR 1.17 billion–EUR 1.2 billion, despite negative currency translation impacts.
Continued progress on strategic pillars and major investments in gas, industrial, and energy transition infrastructure, with EUR 1.9 billion of EUR 4 billion capex program already committed.
Financial highlights
Proportional revenues for Q3 2025 were EUR 467 million; EBITDA in Q3 was EUR 287 million, with operating free cash flow at EUR 193 million.
Revenues remained stable at EUR 973 million YTD Q3 2025, with proportional revenues rising to EUR 1,449 million.
EBITDA margin YTD 2025 was 58.6%, with a stable operating cash return of 16.2%.
Cash flow from operations increased 2% year-on-year; consolidated operating free cash flow was EUR 557 million (EUR 4.82 per share).
Returned EUR 324 million to shareholders YTD 2025, with share buyback programs and dividend distributions resulting in an average shareholder yield of 8.1% for 2024–2025.
Outlook and guidance
Full-year 2025 proportional EBITDA guidance reaffirmed at EUR 1.17–1.2 billion, offsetting up to EUR 30 million in negative currency effects.
Proportional operating CapEx expected below EUR 300 million; proportional growth CapEx around EUR 700 million for 2025.
Long-term ambition to invest EUR 4 billion in growth CapEx by 2030, focusing on industrial, gas, and energy transition infrastructure.
Operating cash return for the full year expected to be in line with the prior year, averaging around 15%.
Targeting a proportional leverage ratio of 2.5–3.0x.
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