Vopak reports strong Q1 2025 results, commissioning capacity in existing locations

Core Insights - Vopak reported strong Q1 2025 results with a net profit of EUR 100 million and earnings per share (EPS) of EUR 0.85, maintaining stable performance year-on-year [2][7] - The company is expanding its capacity and investing in growth projects, including a significant expansion in Thailand and partnerships in Oman [2][3] Financial Performance - Revenues for Q1 2025 were EUR 328.9 million, slightly up from EUR 328.2 million in Q1 2024 [1][7] - Proportional revenues increased to EUR 488.4 million, driven by growth projects and positive currency effects [1][7] - Proportional EBITDA rose to EUR 299.9 million, reflecting contributions from growth projects [1][7] - Cash flows from operating activities increased to EUR 305.9 million, up from EUR 278.8 million in Q1 2024 [1][7] Operational Highlights - Storage capacity at the end of Q1 2025 was 35.6 million cubic meters, an increase from 34.8 million cubic meters in Q1 2024 [1][6] - The subsidiary occupancy rate was 91%, slightly down from 92% in Q1 2024, attributed to weak market conditions in specific regions [1][6] - Proportional operating cash return remained stable at 16.8% compared to 17.0% in Q1 2024 [1][13] Strategic Developments - Vopak signed agreements for a new debt issuance of around EUR 560 million, enhancing its financial flexibility [2] - The company is planning to invest an additional EUR 1 billion in gas and industrial terminals by 2030, aiming for a total of EUR 2 billion [3] - Vopak is developing battery energy storage infrastructure through the acquisition of a battery development company in the Netherlands [2]