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Vopak reports strong HY1 2025 results driven by a resilient portfolio and is increasing FY 2025 outlook

Written by Customer Service on . Posted in Public Companies.

The Netherlands, 30 July 2025

Vopak reports strong HY1 2025 results driven by a resilient portfolio and is increasing FY 2025 outlook 

Key highlights HY1 2025

Improve

  • Net profit -including exceptional items- in HY1 2025 of EUR 319 million and EPS of EUR 2.74, increased by 58% year-on-year
  • Proportional EBITDA -excluding exceptional items1– in HY1 2025 of EUR 615 million an increase of 3% year-on-year
  • Successful listing of our joint venture AVTL in India, generated a EUR 111 million exceptional gain
  • Successfully completed share buyback program of EUR 100 million in July
  • Increasing FY 2025 outlook driven by resilient portfolio performance, offsetting negative currency translation effects

Grow

  • Construction of LPG terminal in Canada progressing well, and expanding RIPET terminal infrastructure
  • AVTL is developing the first independent ammonia storage terminal in India 
  • Commissioned multiple expansions in India, totalling 260k cbm of LPG capacity in Mangalore and Pipavav

Accelerate

  • Investment decision taken at PT2SB terminal in Malaysia to expand capacity by 272k cbm to store biofuels
  • Entering FEED phase of an ammonia terminal at our Vopak Energy Park Antwerp
  • Signed joint development agreement with IHI corporation to establish a joint venture for the development and operation of an ammonia terminal in Japan
Q2 2025Q1 2025Q2 2024In EUR millionsHY1 2025HY1 2024
      
   IFRS Measures -including exceptional items-  
322.6328.9325.5Revenues651.5653.7
218.899.8106.7Net profit / (loss) attributable to holders of ordinary shares318.6212.5
1.890.850.88Earnings per ordinary share (in EUR)2.741.73
      
189.9305.9239.1Cash flows from operating activities (gross)495.8517.9
      – 159.1-137.5-153.2Cash flows from investing activities (including derivatives)    – 296.6-264.3
      
   Alternative performance measures -excluding exceptional items- 1  
493.7488.4475.5Proportional revenues982.1953.4
315.4299.9301.6Proportional group operating profit / (loss) before depreciation and amortization (EBITDA)615.3599.4
      
254.8236.2252.1Group operating profit / (loss) before depreciation and amortization (EBITDA)491.0487.1
117.197.8120.8Net profit / (loss) attributable to holders of ordinary shares214.9226.6
1.010.840.99Earnings per ordinary share (in EUR)1.851.84
      
   Business KPIs  
35.835.634.7Storage capacity end of period (in million cbm)35.834.7
20.420.420.1Proportional storage capacity end of period (in million cbm)20.420.1
      
91%91%92%Subsidiary occupancy rate91%92%
91%92%92%Proportional occupancy rate92%92%
      
   Financial KPIs 1  
17.0%16.8%16.4%Proportional operating cash return16.9%16.7%
2,735.82,524.72,571.6Net interest-bearing debt2,735.82,571.6
2.542.212.28Total net debt : EBITDA2.542.28
1.931.951.80Proportional operating free cash flow per share (in EUR)3.883.63
2.652.552.67Proportional leverage2.652.67
      
   Sustainability performance 2  
   Total Injury Rate (TIR), per 200,000 hours worked0.220.15
   Lost-time Injury Rate (LTIR), per 200,000 hours worked0.120.11
   Process Safety Event Rate (PSER), per 200,000 hours worked0.090.07
   Total GHG emissions – Scope 1 & 2 (metric tons)94.7111.3
   Percentage women in senior management positions22.4%20.0%

CEO message

“In the first half of 2025, the financial performance of our global network was strong as we continued to benefit from the resilience of our portfolio, and we achieved important milestones in our strategy execution. In India, our joint venture AVTL is now publicly listed, which is unlocking its value and providing funds for future growth such as the recently announced development of India’s first independent ammonia terminal. Capacity expansions in India, with LPG capacity commissioned in multiple locations underscores the need for our infrastructure in a growing market. Our network shows resilience amongst global tensions and geopolitical uncertainties. We are well-positioned to capture further growth, and see ample opportunities to develop gas, industrial and energy transition infrastructure. This gives us momentum for the remainder of the year, leading to an improved outlook for full year 2025 offsetting approximately EUR 30 million of negative currency translation effects for the year.” 

Financial Highlights for HY1 2025

IFRS Measures -including exceptional items- 

  • Revenues remained stable year-on-year at EUR 652 million in HY1 2025 (HY1 2024: EUR 654 million) supported by healthy demand for storage infrastructure across different geographies and markets despite negative currency effects of EUR 7 million. During HY1 2025 gas and industrial terminals, underpinned by long-term contracts, showed stable performance and higher throughputs. Energy markets, served by oil terminals, experienced strong demand for infrastructure. Demand for chemical storage continued to be weak. 
  • Operating expenses consisting of personnel and other expenses were EUR 329 million in HY1 2025 (HY1 2024: EUR 325 million). Costs increased by EUR 4 million due to higher personnel expenses partially offset by lower energy and utilities expenditures and mainly positive currency translation effects of EUR 3 million.
  • Cash flows from operating activities was EUR 496 million HY1 2025, compared to EUR 518 million in HY1 2024. The decrease in cash flows was primarily driven by lower dividends received from joint ventures and associates.
  • Net profit attributable to holders of ordinary shares was EUR 319 million in HY1 2025 compared to EUR 213 million in HY1 2024. A dilution gain of EUR 111 million reported in Other operating income as a result of the listing of our AVTL joint venture was mainly driving the year-on-year increase. Earnings Per Share (EPS) for HY1 2025 was EUR 2.74 compared to EUR 1.73 in HY1 2024, reflecting higher net profit and a lower number of shares following the cancellation of shares after the completion of the share buy back program of 2024. 
  • 2025 share buyback program of up to EUR 100 million announced on 19 February 2025, was completed on 28 July 2025. A total of 2,551,949 ordinary shares, 2.17% of the company’s outstanding shares, were repurchased, at an average price of EUR 39.19 per share. For details on our share buyback program please visit our website. 

Alternative performance measures -excluding exceptional items-3

  • Proportional revenues increased to EUR 982 million (HY1 2024: EUR 953 million) reflecting a resilient portfolio performance. Mainly driven by solid contributions from growth projects and a positive one-off item related to a commercial resolution of EUR 22 million reported in the Asia & Middle East business unit. This was partly offset by negative currency translation effects year-on-year of EUR 9 million and the reduced available capacity for rent in the Netherlands.
  • Proportional EBITDA increased to EUR 615 million (HY1 2024: EUR 599 million). The increase was mainly driven by growth contributions and a positive one-off item of EUR 22 million. This was partially offset by negative currency translation effects of EUR 6 million year-on-year and EUR 15 million compared to Q1 2025.
  • Proportional EBITDA margin HY1 2025 was 58.7% (HY1 2024: 58.9%) driven by our resilient portfolio and supported by flat costs developments.
  • EBITDA was EUR 491 million (HY1 2024: EUR 487 million), driven by the one-off item and strong business performance, partly off-set by negative currency translation effect of EUR 5 million and higher expenses. Compared to Q1 2025 (EUR 236 million), EBITDA increased mainly due to a positive one-off item of EUR 22 million in Q2 2025 (EUR 255 million), partially off-set by negative currency translation effects of EUR 10 million.
  • Proportional growth capex in HY1 2025 was EUR 299 million (HY1 2024: EUR 231 million). Consolidated growth capex spent in HY1 2025 was EUR 189 million (HY1 2024: EUR 189 million) both reflecting growth investments in Canada, the Netherlands, Belgium and the United States.
  • Proportional operating capex increased to EUR 113 million compared to EUR 104 million in HY1 2024. Consolidated operating capex was EUR 101 million (HY1 2024: EUR 92 million), higher than the same period last year, both increases are mainly due to higher maintenance costs in the Netherlands
  • Proportional operating free cash flow in HY1 2025 was EUR 451 million (HY1 2024: EUR 447 million) supported by strong EBITDA performance. Proportional operating free cash flow per share in HY1 2025 increased by 7% to EUR 3.88 per share (HY1 2024: EUR 3.63) reflecting strong cash flow generation and benefits of the share buyback program in 2024, resulting in less shares.

Business KPI

  • Proportional occupancy rate in HY1 2025 remained at stable high levels of 92% (HY1 2024: 92%) reflection of a continued strong demand for infrastructure services.

Financial KPI

  • Proportional operating cash return HY1 2025 increased to 16.9% compared to 16.7% in HY1 2024. The increase was mainly due to higher operating free cash flow and a lower average capital employed as a result of currency translation effects.
  • Proportional leverage at the end of Q2 2025 was 2.65x compared to 2.55x at the end of Q1 2025 in line with our ambition to stay in the range of 2.5-3.0x. Total net debt : EBITDA ratio was 2.54x at the end of Q2 2025 (Q1 2025: 2.21x).

Exceptional items in Q2 2025:

  • Successful primary rights issue and listing of AVTL at the National Stock Exchange of India Limited and BSE Limited, where the rights issue reduced Vopak’s shareholding from 47.31% to 42.23% and generated a net dilution gain of EUR 111 million reported in the Asia & Middle East business unit. 
  • Organizational integration and restructuring charges incurred of EUR 8 million for changes in the management structure to drive efficiency improvements across the organization in line with Vopak’s strategic goals. These charges have been incurred in the Netherlands business unit and Global functions and corporate activities segment. The full costs associated with the organizational changes in 2025 are estimated to exceed the exceptional item threshold of EUR 10 million.
  • Other individually minor charges related to strategic review of the Vopak Ventures portfolio of EUR 1 million incurred in the Global functions and corporate activities segment.

For more information please contact:

Vopak Press: Liesbeth Lans – Manager External Communication, e-mail: global.communication@vopak.com

Vopak Analysts and Investors: Fatjona Topciu – Head of Investor Relations, e-mail: investor.relations@vopak.com

The analysts’ presentation will be given via an on-demand audio webcast on Vopak’s corporate website, starting at 09:00 AM CEST on 30 July 2025.

This press release contains inside information as meant in clause 7 of the Market Abuse Regulation. The content of this report has not been audited or reviewed by an external auditor.

 

1 See Enclosure 2 of the press release for reconciliation to the most directly comparable subtotal or total specified by IFRS Accounting Standards 
2 Vopak has restated the reported sustainability KPIs for HY1 2024 as detailed in Annual Report 2024 
3 To supplement Vopak’s financial information presented in accordance with IFRS, management periodically uses certain alternative performance measures to clarify and enhance understanding of past performance and future outlook. For further information please refer to page 7 of the press release. 

 

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