Core Insights - Vopak reported strong financial performance for YTD Q3 2025, with net profit increasing by 30% to EUR 407 million and earnings per share (EPS) rising by 37% year-on-year to EUR 3.51 [4][7][8] - The company confirmed its full-year 2025 outlook, driven by a resilient portfolio performance that offsets negative currency translation effects [4][6][7] Financial Performance - Revenues for YTD Q3 2025 were stable at EUR 973 million, slightly down from EUR 979 million in YTD Q3 2024, with a 1.2% increase when excluding negative currency impacts [7][14] - Proportional EBITDA for YTD Q3 2025 increased to EUR 902 million, up from EUR 894 million in the previous year, reflecting a 2.9% increase when adjusted for currency effects [4][14] - Cash flows from operating activities rose to EUR 754 million, compared to EUR 737 million in YTD Q3 2024, indicating strong cash flow generation [7][14] Operational Highlights - The company is investing in expanding throughput capacity at its REEF LPG terminal in Canada and increasing LNG regasification capacity at SPEC terminal in Colombia, with investments of EUR 34 million and EUR 25 million respectively [4][6] - Vopak's proportional occupancy rate remained high at 91%, reflecting strong demand for infrastructure services [7][14] - Proportional growth capital expenditures (capex) increased to EUR 447 million in YTD Q3 2025, up from EUR 291 million in the previous year, indicating a focus on key growth investments [4][14] Strategic Developments - A joint venture agreement was signed with OQ in Oman to develop energy storage and terminal infrastructure in Duqm, highlighting Vopak's strategic expansion into growth markets [3][6] - The company announced plans to build a greenfield gas terminal in Mumbai, India, and proposed to acquire 75% of Hindustan Aegis LPG Ltd, further strengthening its position in the gas and industrial terminal sectors [4][6]