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Vopak reports record financial results for 2025 and announces shareholder distributions program of around EUR 1.7 billion through year-end 2030

Koninklijke Vopak N.V.

Wed, February 25, 2026 at 3:00 PM GMT+9 11 min read

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VPK.AS

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Koninklijke Vopak N.V.

**The Netherlands, 25 February 2026 **

**Vopak reports record financial results for 2025 and announces shareholder distributions program of around EUR 1.7 billion through year-end 2030

Key highlights

**

Improve

Net profit -including exceptional items- FY 2025 increased by 61% to EUR 604 million and EPS of EUR 5.23 increased by 68% year-on-year

Proportional operating free cash flow in FY 2025 increased to EUR 823 million leading to a record proportional operating free cash flow per share of EUR 7.13 per share, 7% increase year-on-year

Proposed dividend for FY 2025 of EUR 1.80 per share, 12.5% increase year-on-year

Well-positioned to achieve our ambition of investing EUR 4 billion by 2030, supporting our operating cash return range of 13% to 17%

Shareholder distributions program of around EUR 1.7 billion through year-end 2030, consisting of an annual increase of 5% or more in the dividend per share, and a multi-year share buyback program of up to EUR 500 million

Grow

In Q4 2025, we took FID on a project to further expand gas infrastructure at Gate terminal in the Netherlands with an additional jetty to strengthen its market leadership in LNG bunkering in Rotterdam

The deployment of capital towards gas and industrial infrastructure is progressing well, in total EUR 1.1 billion growth commitments are under construction in the Netherlands, Colombia, India and Canada

Accelerate

The deployment of capital towards energy transition infrastructure is progressing, in total EUR ~200 million growth commitments are under construction in the Netherlands and Malaysia  

**CEO message

**2025 was a year of disciplined strategy execution and sustained momentum for Vopak. Demand for our services remained strong resulting in a proportional occupancy rate of 91%, a record high proportional EBITDA and a record proportional operating free cash flow. On safety, which is our first priority, we maintained steady performance in both personal and process safety. During 2025, we continued to execute on our growth strategy, addressing the growing global need for critical storage infrastructure in gas, industrial and energy transition. We made good progress on the expansions of our gas infrastructure in Canada, Colombia, India and the Netherlands and on industrial expansions in China, USA and Thailand. Since 2022 we have now committed around EUR 1.9 billion to growth projects, of which around EUR 650 million has been commissioned already and is positively contributing to our results. The strong momentum in executing our growth strategy gives us the confidence that we are well-positioned to achieve our ambition of investing EUR 4 billion by 2030. Following our continuously improving cash generation, we are raising our long-term annual operating cash return target to a range of 13–17%. In line with our disciplined capital allocation priorities, we are announcing a shareholder distributions program of around EUR 1.7 billion through year-end 2030. This includes an annual increase of 5% or more in our dividend per share, with semi-annual payments, and a multi-year share buyback program of up to EUR 500 million. As we look ahead, we remain focused on creating and delivering value through critical infrastructure solutions that support the world’s evolving needs.

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Financial Highlights for FY 2025

**IFRS Measures -including exceptional items- **

**Revenues** at EUR 1,299 million in 2025 (2024: EUR 1,316 million) supported by healthy demand for storage infrastructure across different geographies and markets underpinned by a continued strong occupancy rate of 91%. Excluding negative currency translation effects of EUR 32 million revenues increased by 1.2% driven by growth projects contribution and existing business growth. Supported by long-term contracts, gas and industrial terminals delivered a stable performance and achieved higher throughputs year-to-date. Oil terminals also saw strong activity, driven by high infrastructure demand across energy markets. Demand for chemical storage services continued to be weak, reflecting global chemical market conditions.

**Operating expenses** consisting of personnel and other expenses were EUR 673 million in 2025 (2024: EUR 662 million). Adjusted for positive currency translation effects of EUR 15 million, costs increased by EUR 26 million year-on-year, driven by higher development costs for new projects,  and maintenance expenses and restructuring charges.

**Cash flows from operating activities** increased by EUR 19 million to EUR 967 million in 2025, compared to EUR 948 million in 2024. The cash flow generation of the business was strong, further enhanced by the settlement of foreign currency hedging, partly offset by movements in working capital.  

**Consolidated operating capex** decreased to EUR 219 million in 2025 (2024: EUR 232 million).  

**Consolidated growth capex** spent in 2025 was EUR 411 million (2024: EUR 305 million). The majority of the growth projects are in joint ventures and associates.  

**Net profit attributable to holders of ordinary shares** increased by EUR 228 million to EUR 604 million in 2025 compared to EUR 376 million in 2024. A dilution gain of EUR 113 million reported in Other operating income as a result of the listing of our AVTL joint venture and an impairment reversal of EUR 181 million in cash-generating unit Europoort were the main drivers of the year-on-year increase.  

**Earnings Per Share (EPS)** for 2025 was EUR 5.23 compared to EUR 3.12 in 2024, reflecting higher net profit and a lower number of shares following the cancellation of shares after the completion of the share buyback programs of 2024 and 2025.  

Alternative performance measures -excluding exceptional items-1

Financial KPIs

**Proportional revenues** remained stable at EUR 1,916 million in 2025 compared to EUR 1,918 in 2024 reflecting a resilient portfolio performance. Excluding negative currency translation effects of EUR 51 million and divestment impact of EUR 3 million proportional revenues increased by 2.8% year-on-year. Growth projects and a EUR 22 million positive one-off commercial resolution in Q2 in the Asia & Middle East business unit drove the positive result in 2025.

**Proportional EBITDA** in 2025 increased to EUR 1,184 million (2024: EUR 1,170 million). The increase was mainly driven by growth contributions of EUR 20 million and a positive one-off item of EUR 22 million in Q2 2025. Excluding the negative currency translation effects of EUR 33 million year-on-year, proportional EBITDA increased by 4.1% compared to 2024.

**Proportional EBITDA** **margin** increased to 58% (2024: 57%) driven by our resilient portfolio and supported by lower proportional operating expenses.

**Proportional operating capex** was lower in 2025  EUR 256 million compared to EUR 265 million in 2024 mainly due to the positive impact of the currency translation. Excluding the currency impact the proportional operating capex was broadly in the same level as 2024.

**Proportional operating free cash flow** in 2025 was EUR 823 million (2024: EUR 806 million) resulting in an EBITDA-to-cash conversion of ~70% (2024: ~69%).

**Proportional operating cash return** FY 2025 increased to 15.6% compared to 15.1% FY 2024 reflecting strong cash generation of the business and further supported by a lower average capital employed as a result of currency translation effects.

**Proportional operating free cash flow per share** increased by 6.6% to EUR 7.13 per share (2024: EUR 6.69) reflecting strong cash flow generation and benefits of the share buyback programs in 2024 and 2025, resulting in less shares.

**Proportional operating free cash flow after Net finance costs and Income tax** for FY 2025 increased to EUR 551 million compared to EUR 518 million in FY 2024.

Capital allocation

**Proportional leverage** at the end of 2025 decreased to 2.60x (2024: 2.67x) despite increased investments in growth projects, in line with our ambition to stay within the range of 2.5-3.0x. The impact of assets under construction was around 0.5x at FY 2025. Total net debt : EBITDA ratio was 2.45x at the end of 2025 (FY 2024: 2.35x).

**Total net debt : EBITDA** ratio was 2.45x at the end of 2025 (FY 2024: 2.35x).  

In 2025, we distributed EUR 185 million in **dividends to holders of ordinary shares** representing a dividend per ordinary share of EUR 1.60.  

**Proportional growth capex** in 2025 increased to EUR 596 million (2024: EUR 391 million) reflecting key growth investments in our joint ventures in Canada, the Netherlands, India and the United States. The lower than expected spend for 2025 is mainly related to timing related factors.  

In 2025, we completed a EUR 100 million **share buyback program** during the year. 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.  

Business KPIs

**Proportional occupancy** rate in 2025 decreased to 91.4% (2024: 92.5%) reflecting a continued strong demand for infrastructure services. The occupancy in Q4 2025 improved to 92.4% from 90.3% in Q3 2025.

**Exceptional items

**In FY 2025 amounted to EUR 177 million of which EUR 74 million occurred in Q4 2025. The main items of Q4 2025 consisted of:

EUR 181 million reversal of impairment charges for cash-generating unit Europoort in the Netherlands reflecting more favorable short-to-medium-term market conditions and strong cash inflow projections  

EUR 38 million impairment and related charges for Banyan terminal in Singapore following challenging market conditions impacting our customers' petrochemical refinery activities in the region  

EUR 15 million divestment loss following the sale of Vopak Terminal Korea Ltd  

Organizational integration and restructuring charges incurred of EUR 5 million in the quarter and EUR 17 million year-to-date  

Other with a total of EUR 16 million consisting of a write-off of certain assets under construction and impairment of a loan following the strategic review of the Vopak Ventures portfolio  

Tax charge on the above exceptional items (except for Vopak Terminal Korea Ltd divestment loss) of EUR 33 million  

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 CET on 25 February 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.

1See Consolidated Financial Statements for reconciliation to the most directly comparable subtotal or total specified by IFRS Accounting Standards 2GHG emissions are based on revised operational criteria and disclosed restatements, adjusted to ensure like-for-like comparability, disclosed as an Alternative Performance Measure in Vopak Annual Report 2025

Attachment

FY 2025 Press Release

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