Vopak reports strong Q1 2024 results and increases FY 2024 outlook

The Netherlands, 24 April 2024

Vopak reports strong Q1 2024 results and increases FY 2024 outlook

Key highlights Q1 2024

Improve

• Increased net profit -including exceptional items¹- in Q1 2024 to EUR 106 million, an improvement of 3% year-on-year, driven by favorable storage demand across different geographies and markets
• Increased proportional EBITDA -excluding exceptional items¹- in Q1 2024 to EUR 298 million, an improvement of 9% year-on-year when adjusted for divestment impacts of EUR 21 million
• Further strengthened balance sheet, good progress on share buyback program
• Increased FY 2024 outlook for proportional EBITDA and EBITDA

Grow

• Strengthened our leading position in India with the acquisition of a new terminal in Mangalore
• Good progress in developing a greenfield LPG-export terminal project in Western-Canada

Accelerate

• Commissioned repurposed infrastructure in Singapore for low-carbon transportation fuels, good progress in repurposing existing capacity in Alemoa, Brazil and Vlaardingen, the Netherlands

In EUR millions	Q1 2024	Q4 2023	Q1 2023
IFRS Measures -including exceptional items-
Revenues	328.2	352.8	361.8
Net profit / (loss) attributable to holders of ordinary shares	105.8	87.4	103.1
Earnings per ordinary share (in EUR)	0.85	0.69	0.82
Cash flows from operating activities (gross)	278.8	219.7	227.0
Cash flows from investing activities (including derivatives)	-111.1	247.4	-103.1
Alternative performance measures -excluding exceptional items- 1,2
Group operating profit / (loss) before depreciation and amortization (EBITDA)	235.0	228.8	249.0
Net profit / (loss) attributable to holders of ordinary shares	105.8	109.0	103.1
Earnings per ordinary share (in EUR)	0.85	0.87	0.82
Proportional revenues	477.9	494.1	486.1
Proportional group operating profit / (Loss) before depreciation and amortization (EBITDA)	297.8	282.3	294.1
Business KPIs
Storage capacity end of period (in million cbm)	34.8	35.2	36.6
Proportional storage capacity end of period (in million cbm)	20.2	20.6	22.1
Subsidiary occupancy rate	92%	91%	92%
Proportional occupancy rate	93%	91%	92%
Financial KPIs 2
Proportional operating cash return	17.0%	12.8%	15.4%
Net interest-bearing debt	2,223.4	2,286.4	2,946.5
Total net debt : EBITDA	1.76	1.99	2.69

¹ No exceptional items were recorded in Q1 2024 and Q1 2023