Vopak sees stable 2025 profit on strong demand for storage infrastructure (updated)

Koninklijke Vopak NV

19/02/2025 08:28

(Recasts with outlook, adds details on Q4 result in paragraphs
5-6)
    By Alban Kacher and Anna Peverieri
       Feb 19 (Reuters) - Dutch tank storage company Vopak
 VOPA.AS  said on Wednesday it expected its 2025 core profit to
remain broadly at last year's level, supported by strong demand
for infrastructure services across most of its business areas.
    Vopak, which operates terminals and storage facilities for
fuels and chemicals worldwide, expects its proportional earnings
before interest, taxes, depreciation and amortisation (EBITDA)
to land between 1.15 billion to 1.20 billion euros this year.
    The proportional EBITDA rose 9% to 1.17 billion euros ($1.22
billion) in 2024, in line with its earlier guidance.
    "Gas terminals performance showed firm throughput levels,
backed by growing energy demand and energy security
considerations around the globe," Vopak said in a press release.
    However, negative one-off effects caused its proportional
EBITDA to fall by 17 million euros in the fourth quarter
compared to the third, affected by persistent technical issues
at one of its LNG terminals in the Netherlands.
    Vopak also flagged a negative market outlook for imports of
clean petroleum products into Mexico due to changes in local
legislation in the second half of 2024. That resulted in an
additional impairment of 58.2 million euros in the fourth
quarter.
    The group's annual sales rose 4% to 1.32 billion euros, just
below analysts' average forecast of 1.33 billion euros in an
LSEG poll. 
    Vopak also said it would launch a share buyback programme of
up to 100 million euros on Thursday, to run until the end of
2025, and propose a dividend of 1.60 euros per share, citing
strong cash generation.
($1 = 0.9561 euros)

 (Reporting by Alban Kacher and Anna Peverieri in Gdansk;
Editing by Milla Nissi)
 ((alban.kacher@thomsonreuters.com; +48 58 769 65 87;))