Royal Vopak has reported a strong financial and operational performance for the first nine months of 2025, demonstrating the continued strength and resilience of its global portfolio.

Key Highlights

Improve

Net profit including exceptional items increased 30 percent year-to-date (YTD) Q3 2025 to EUR 407 million, supported by higher operational performance and the dilution gain from the listing of AVTL.

Earnings per share (EPS) rose 37 percent year-on-year to EUR 3.51, reflecting the higher net profit and the impact of completed share buyback programs in 2024 and 2025.

Proportional EBITDA excluding exceptional items reached EUR 902 million, up 1 percent year-on-year, successfully absorbing a negative currency impact of EUR 18 million.

Proportional operating free cash flow per share increased 4 percent year-on-year to EUR 5.56, driven by strong cash generation and the benefits of reduced share count following share buybacks.

The company confirmed its full-year 2025 outlook, supported by the continued strong and diversified portfolio performance that offsets negative currency translation effects.

Grow

Vopak continues to deliver on its strategic growth agenda through disciplined investments across key global markets:

Canada: EUR 34 million investment to expand throughput capacity at the REEF LPG terminal, addressing high export demand.

China: Expansion of industrial capacity at Caojing and Haiteng terminals, reinforcing Vopak’s leading industrial infrastructure position.

Colombia: EUR 25 million investment to expand LNG regasification capacity at the SPEC terminal.

India: AVTL announced the decision to develop a new greenfield LPG terminal at JPNA port in Mumbai and proposed the acquisition of 75 percent of Hindustan Aegis LPG Ltd.

Since June 2022, Vopak has committed 60 percent of its proportional EUR 2.6 billion growth allocation to gas and industrial terminal projects, underscoring progress toward a future-ready infrastructure portfolio.

Accelerate

Vopak and OQ signed a joint venture agreement in Oman to develop and operate energy storage and terminal infrastructure in Duqm, a key strategic energy hub supporting the region’s energy transition.

CEO Statement

“We continued to execute our strategy and are reporting strong results year-to-date,” said Dick Richelle, CEO of Royal Vopak. “Demand for our services remained strong, resulting in an increased proportional EBITDA compared to the same period last year. The operating cash return of 16.2 percent year-to-date led to a 4 percent increase in proportional operating free cash flow per share to EUR 5.56.”

“Our focus remains on delivering key growth projects currently under construction. The LPG export terminal in Western Canada is progressing well, and we are investing further in increasing its throughput capacity. In the Netherlands and Colombia, we are advancing LNG infrastructure expansions, while the newly announced projects in India and China, and our joint venture in Oman, highlight our strong position in these growth markets.”

“The resilience of our business performance is allowing us to absorb negative currency impacts and confidently confirm our full-year outlook.”

Financial Highlights YTD Q3 2025
IFRS Measures (Including Exceptional Items)

  • Revenues remained stable at EUR 973 million (YTD Q3 2024: EUR 979 million), supported by strong demand and a robust occupancy rate of 91 percent. Excluding EUR 18 million negative currency translation, revenues increased 1.2 percent, driven by growth projects and solid performance at existing assets.
  • Operating expenses were EUR 484 million, slightly below last year (YTD Q3 2024: EUR 486 million), with lower costs from favourable currency effects offsetting higher development and maintenance expenses.
  • Cash flow from operating activities rose EUR 17 million to EUR 754 million, supported by strong business cash generation and foreign currency hedge settlements.
  • Net profit attributable to ordinary shareholders increased EUR 95 million to EUR 407 million, mainly due to a EUR 113 million dilution gain from the listing of AVTL.
  • Earnings per share increased to EUR 3.51 (YTD Q3 2024: EUR 2.56), reflecting higher profitability and reduced shares outstanding.

 

Alternative Performance Measures (Excluding Exceptional Items)

  • Proportional revenues rose to EUR 1,449 million (YTD Q3 2024: EUR 1,433 million), driven by growth projects and a EUR 22 million one-off commercial gain in Asia & Middle East, partly offset by negative currency translation of EUR 27 million and weaker chemical markets.
  • Proportional EBITDA increased to EUR 902 million (YTD Q3 2024: EUR 894 million), up 2.9 percent excluding currency impacts, supported by project growth and the Q2 one-off.
  • Proportional EBITDA margin improved slightly to 58.6 percent (YTD Q3 2024: 58.4 percent), reflecting solid cost discipline.
  • Proportional growth capex rose to EUR 447 million (YTD Q3 2024: EUR 291 million), with significant investments in Canada, the Netherlands, India, and the US
  • Proportional operating free cash flow remained strong at EUR 644 million (YTD Q3 2024: EUR 648 million), with free cash flow per share increasing 4 percent to EUR 5.56.

 

Business and Financial KPIs

  • Occupancy rate: 91 percent (YTD Q3 2024: 92 percent), reflecting continued strong customer demand.
  • Out-of-service capacity: 2 percent, maintained at low levels.
  • Operating cash return: 16.2 percent, stable year-on-year.
  • Proportional leverage: decreased to 2.56x (Q2 2025: 2.65x), remaining well within the company’s target range of 2.5x–3.0x.
  • Net debt-to-EBITDA: 2.49x (Q2 2025: 2.54x).

 

Exceptional Items in Q3 2025

  • EUR 1 million divestment gain from the sale of the Barcelona Terminal (Vopak Terquimsa).
  • EUR 1 million increase in dilution gain related to the listing of AVTL, bringing the total to EUR 113 million.
  • Organisational integration and restructuring charges of EUR 3 million in Q3 and EUR 12 million year-to-date.

 

Outlook

Vopak reconfirms its full-year 2025 outlook, underpinned by strong operational performance, disciplined capital allocation, and ongoing execution of strategic growth initiatives. The company remains focused on enhancing portfolio resilience, delivering on key projects, and advancing investments in gas, industrial, and new energy infrastructure.

For more information visit www.vopak.com

5th November 2025