AEGIS VOPAK TERMINALS LIMITED

I nv e s t o r P re s e n t a t i o n – J u n e 2 0 2 5
Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aegis Vopak Terminals Limited (the
“Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment
whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed
information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company
makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness,
fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the
information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly
excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that
are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are
subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are
not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in
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expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market
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forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in
this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections

2
Table of Contents

1 Company Overview

2 Fundamental Value Driver

3 Growth Strategy

4 FY25 Financial Performance

3
Overview

Aegis Vopak AVTL

Joint Venture Overview of Business Capital Structure
Terminals Limited Operations
Strengths Segments Evolution
(“AVTL”) Overview Overview
 Aegis Vopak Terminals Limited (“AVTL”) Overview

Company Overview AVTL’s Geographical Footprint Across Major Ports in India

▪ Largest Indian third-party liquid and gas storage tank terminal owner and operator1
▪ Offers secure storage and associated infrastructure for products including petroleum, Upcoming
chemicals, lubricants, vegetable oil and LPG (propane and butane) Existing Facility Facility4
▪ Operates in 2 segments: Liquid (Rev split %: 54.36%2) and Gas (Rev split %: 45.64%2)
- Upcoming storage facility for Ammonia, expected to be operational by FY26 6 2
▪ AVTL is a Joint Venture between: Ports Tank Terminals
- Aegis Logistics (50.10% stake): Listed Indian conglomerate providing sourcing,
storage, distribution & third-party logistics services in oil, gas, and chemicals1
- Royal Vopak (47.31% stake): Listed company headquartered in the Netherlands and is
among the world’s leading tank storage companies with 400+ years of experience1 20
Tank Terminals
Products and Infrastructure Kandla
8 Terminals
Haldia
▪ AVTL can store and handle 30+ chemicals of various categories and classes; 10+ products
in edible and non-edible oil category; and LPG
Pipavav
2 Terminals
3 Terminals 130.0k MT
- Tanks have a designed life of ~40 years 1.7 mn Static Capacity
for Gas
▪ Connectivity infrastructure: cbm JNPA
1 Terminal
- Tanks are connected via pipelines to jetty, ship loading and unloading infrastructure Liquid Storage
- Multimodal evacuation infrastructure through road, rail and pipeline Capacity
Mangalore
AVTL Shareholders 3 Terminals

Kochi
70.8k MT 3 Terminals
Static Capacity
India Netherlands
for Gas
Market Cap1,3 US$ 3.36 bn US$ 5.20 bn
Year of Exp.1 50+ 400+
MSCI ESG Rating AA AAA

Notes: (1) Source: CRISIL Report (2) For FY25; (3) As of FY25; (4) Includes upcoming capacities across multiple ports 5
Joint Venture Strengths

India's leading integrated oil, gas & chemical Vopak is the world’s leading independent tank
logistics company and importers of LPG storage company, storing oil, chemicals,
amongst private players gases, biofuels and edible oils

Benefits from Global technical Services customers across Potential Leverage industry leading Proven project
co-branding terminals expertise for handling various categories, diversification into best practices of promoters execution capability
in India of oil, gas, chemicals including OMCs, MNCs, storage of new gases for ESG and health / safety
and new products specialty chemical and renewables standards
companies and traders

6
AVTL Operational Overview

Port / Jetty

Transfer of Liquid / Gas from jetty to

AVTL Tanks via self-owned pipelines

AVTL Terminals

Multimodal Evacuation
Infrastructure from AVTL Terminals
Rail Road through road, rail and pipeline Pipeline Rail Road

Liquids Gas

Customer Facility /
Bulk & Industrial Autogas Bottling Plants Commercial & Domestic
Factory

7
 Snapshot of Business Segments

Existing Capacity2 Financial Presence

Liquids
1.7 mn cbm FY25 Revenue FY25 EBITDA 20 Terminals across 6 Ports
Liquid Storage Capacity INR 3,447.28 mn INR 2363.18 mn Kandla, Haldia, Pipavav, Navi Mumbai
(Petroleum, lubricants chemicals, and
% mix – 55.50% Margin: 68.55% Mangalore & Kochi
vegetable oil)

Gas FY25 Revenue FY25 EBITDA

70,800 MT 2 Terminals across 2 Ports
Static Capacity INR 2,763.54 mn INR 2453.55 mn Kandla and Pipavav
(LPG) % mix – 44.50% Margin: 88.78%
1.59 mn MT
FY25 Gas Throughput

Notes: (1) Source: CRISIL Report; (2) As of FY25 8

Fundamental Value Driver
 Fundamental Value Driver

India’s Largest Third-Party Owner and Operator of Tank Storage Terminals1 with Strategically
A Located Necklace of Terminals across the Indian Coast2

B Track Record of Consistently Expanding Capabilities and Well-Equipped Storage Infrastructure

C Strong Financial Metrics with a Growing Margin Profile and Return Metrics

D Successfully Built Relationships with Diversified Customer Base

E Backed by Established Promoters and Supported by a Strong Management Team

F Attractive Market Opportunity across Chemicals, LPG and Ammonia2

Notes: (1) For Liquids and LPG; (2) Source: CRISIL Report
10
 India’s Largest Third-Party Owner and Operator of Tank Storage Terminals with
Strategically Located Necklace of Terminals
Kandla
Overview 952k cbm 48k MT

Chemicals, gas (LPG) and veg oils

▪ India’s largest third-party owner and operator of tank

storage terminals for LPG and liquid products in terms of Pipavav
storage capacity 117k cbm 23k MT + 48k MT

Chemicals, gas (LPG) and veg oils

Ports Regions Catered

Mumbai (JNPA)
Liquids
102k cbm

New location for liquid products

Kandla GJ, RJ, NCR, PJ, HR, HP, MP

Haldia WB, BH, North-east India, Nepal

Haldia
Pipavav GJ, RJ, NCR, PJ, HR, HP, MP 227k cbm

Chemicals and veg oils

Mangalore KN

Mangalore
Kochi KR
206k cbm 82k MT
Kochi
Gas Petroleum, gas (LPG) and chemical products
83k cbm
Petroleum products
Kandla GJ, RJ, NCR, PJ, HR, HP, MP

Pipavav GJ, RJ, NCR, PJ, HR, HP, MP Liquid products capacity Gas capacity Newly added locations Recently Added
Capacities

Source: CRISIL report; GJ – Gujarat, NCR – National Capital Region, PJ – Punjab, HR – Haryana, MP – Madhya Pradesh; WB – West Bengal, BH – Bihar, RJ – Rajasthan, KN – Karnataka, HP – Himachal Pradesh, KR – Kerela 11
 Track Record of Consistently Expanding Capabilities (1/3)

• Announcement • Connection • Acquired 500,000 • Acquired 25,000 • Acquired Ruchi • Expansion • Expansion • Completed 9.4
of JV between permits to LPG cbm liquid sq meters plot Terminal at Kochi completed in completed in km cross-country
Aegis Logistics pipelines grids terminal from with 23 Liquid Kandla and Kochi Kandla and Kochi LPG pipeline at
and Royal Vopak secured for local player in storage tanks in Liquid Terminals Liquid Terminals Kandla to
Kandla Terminal Kandla Kandla • Acquired Nadella • Acquired Nadella connect into
Terminal at Terminal at JLPL
Mangaluru Mangaluru • Mangalore &
Pipavav
cryogenic
commissioned
Jul-21 Apr-22 Jun-22 Apr-23 Sep-23 Mar-24 Jul-24 Jun-25

Mar-22 May-22 Jan-23 Jun-23 Feb-24 Jun-24 Mar-25

• Transfer of Konkan • Transfer of CRL • Connection permits • Expansion • Announcement of • Completed 9.4 • Mangalore liquid
Storage (Kochi) from Terminal from to LPG pipelines completed at Haldia capex at JNPA km cross-country capacity added
Aegis Logistics to Vopak1 to AVTL grids secured for Liquids Terminal • Commissioned 2 LPG pipeline at and JNPT liquid
AVTL Pipavav Terminal propylene rated Kandla to connect capacity added
• Commissioning of Spheres at Pipavav into JLPL
Kandla LPG
Cryogenic Terminal

JLPL – Jamnagar Loni Pipeline; Notes: (1) Vopak refers to Vopak (India) B.V., Vopak Asia Pte Ltd and Vopak Asia Pacific B.V. 12
 Track Record of Consistently Expanding Capabilities (2/3)

Liquid Capacity Expansion

AVTL is the largest multi-port independent player providing liquid bulk
Liquid Capacity terminalling services1
(in ‘000 cbm)
176 1,673
74
808 1,497 102

JNPA would cater to the Maharashtra, Hyderabad, Silvassa and Gujarat1

952
748
952

Expansion at New Mangaluru and Pipavav to address the growing

134 15 demand for LPG and Liquid Storage Infrastructure
44
66 83
556 16
51
83 227
138
51
227 117
176
117 193
117 Handled coastal movement of liquids along with import and exports
75 119 102
Pre JV Capex Acquisitions Capacity as of Additions post Current
Capacities Dec-24 Dec-24 Capacity
(Nov-21)

Notes: (1) Source: CRISIL Report 13

 Track Record of Consistently Expanding Capabilities (3/3)

LPG Static Capacity Ramp-up

LPG Capacity
(in ‘000 MT) 3.0x Among multi-location third party players in LPG port terminalling
business, AVTL has one of the highest ‘design throughput turns’ of
130 201
~84.75x1 (as of December 31, 2024)
Kandla
Pipavav 48 48

Mangalore
Expansion at Mangalore intended to augment market share in India’s
static storage capacity to address the growing demand for LPG1

71
82

Expansion in Pipavav to benefit from the new VLGC compliant LPG

4 71
67 Berth expected to be commissioned by 2025 and the operations of Rail
4
Gantry at the port1

48
48 82

19 23 Availability of connectivity of our LPG storage facilities to Jamnagar-

Loni Pipeline & Kandla-Gorakhpur Pipeline, as well as Pipavav terminal
Pre JV Capacities Capex Capacity as of Additions post Current Capacity existing c`onnectivity through rail
(Nov-21) Dec-24 Dec-24

Notes: (1) As per CRISIL Report 14

 Track Record of Consistently Expanding Capabilities – Select Case Studies
Turnaround in operations at Pipavav post-acquisition Expansion through brownfield and inorganic routes at Kandla

2010-12 Entry into Pipavav Terminal 2014-15 Kandla Terminal: Greenfield Project
2,700
MT ▪ Acquired Pipavav terminal with 2 spheres with aggregate capacity of 2,700 MT ▪ Aegis Logistics announced setting-up liquid and gas facility
▪ Aegis Logistics commenced setting up of bulk liquid and gas storage terminals ▪ Awarded approximately 20 acres of land by port authorities

5,400 2014-15 First Expansion 2017-20 Commissioning of Liquid Terminal

MT ~138k
▪ Constructed 4 spheres with an aggregate capacity of approximately 5,400 MT ▪ Awarded an additional approximate 8 acres of land by port authorities
cbm
▪ Operationalized liquid terminal with a capacity of 116,620 cbm ▪ Commissioned liquid terminal of 137,900 cbm
~117k
cbm 2020-22 Commissioning of LPG Terminal
2016-17 Second Expansion
▪ Constructed 6 spheres with an effective capacity of 9,900 MT 48k ▪ 48,000 MT LPG terminal construction completed and commissioned
9,900 ▪ Added 8 truck loading bays MT ▪ Terminal transferred to the Company effective May 20, 2022 pursuant to “Aegis
MT Kandla Business Transfer Agreement”
2020-21 Rail Gantry Commissioning
2022-23 Inorganic Expansion
▪ Built rail gantry for longer reach
▪ Secured permits for LPG pipeline to connect with a national OMC's LPG terminal and
▪ Expand beyond serving a 500 km radius to reach North India 775k gain access to rail gantry
cbm
▪ Acquired 225,000 cbm liquid tank terminal owned by Vopak as part of the JV
2022-24 Third Expansion ▪ Acquired 500,000 cbm liquid terminal owned by Friends Group
▪ Terminal transferred to the Company effective May 20, 2022 pursuant to “Aegis
Pipavav Business Transfer Agreement” and “Aegis Pipavav second Business Transfer 2023-24 Infrastructure Expansion
3,700 Agreement” ▪ Built 9.4 km cross-country pipeline to link with the Jamnagar-Loni pipeline
MT ▪ Constructed 2 spheres of 1,850 MT each; capacity reached 22,000+ MT ▪ Acquired 25,000 sq meters plot with 23 liquid storage tanks
▪ Built a 24-carousel automated LPG bottling plant ▪ Built LPG bottling plant

> 2025 Future Growth > 2025 Future Growth

▪ Expansion in Pipavav to benefit from the new VLGC compliant LPG berth expected to ▪ Allotment of approximately 7-acre plot for setting up liquid storage tanks
commission by 20251

~23k ~117k 48k 952k

MT2 cbm2 MT2 cbm2
LPG Liquid
Notes: (1) As per CRISIL Report; (2) Capacity as of FY25 15
 Connectivity to Multiple Gas Evacuation Modes

Focus on Kandla - Gorakhpur Pipeline

States Covered by
Kandla Gorakhpur
Rail Connectivity in West Pipeline Lucknow
Gorakhpur
Kanpur
Palanpur To
Unnao
Delhi Jhansi
Mahesana Loni Kandla
Allahabad
Mithi Varanasi
Kandla Ahmedabad Rohar Gandhinaga
Ujjain
Gorakhpur r
Bhopal
Ahmedabad
IPS
Surendranagar Bharuch Viramgram Koyali Indor
Kandla Pipavav Refinery
e
Pipavav Surat Dahej

Port railway line • Kandla - Gorakhpur Pipeline1

Existing Freight Corridor Jamnagar
Dedicated Freight Corridor (DFC)To o Three leading Indian OMCs are constructing world’s longest LPG pipeline - 2,805 km long
Mumbai o Pipeline will be capable to transport 25%+ of India’s total LPG demand (8.25 MMTPA)
Pipavav
▪ AVTL Pipavav Terminal o Sources LPG from Kandla, Pipavav and Dahej terminals

One of the five port-based LPG terminal in India o Traverses Gujarat, Madhya Pradesh & Uttar Pradesh; to connect 40+ LPG bottling plants
- JNPA Chakan Cherlapally
with rail siding capabilities (Uran) • Jamnagar - Loni Pipeline
- Terminal is connected to Western DFC at Pune o 1,427-km-long pipeline operated by GAIL (India) Limited; starts in Gujarat and ends in Uttar
Mehsana and Ahmedabad Pradesh, passing through Rajasthan, Haryana and Delhi

- Further connects to the existing routes of o Capacity of 3.3 MMTPA; sources LPG from Jamnagar, Vadinar & Kandla
Existing Pipeline
northern and central railways Upcoming • Mangaluru - Hassan - Cherlapally Pipeline
Pipeline
▪ AVTL Kandla Terminal o Originates from Mangaluru and terminates at Mysuru; passes through multiple districts
Mangaluru Hassan
- Terminal is connected to Western DFC which o Feeds LPG to Bottling Plants at Mysuru and Yediyur
Bangalore
further connects to existing routes Mysuru o Hassan – Cherlapally: Capacity augmentation of existing pipeline which feeds into bottling
plants at Anantpur and Cherlapally
- Used for dispatching vegetable oils
• Uran - Chakan Pipeline
▪ Other AVTL Facilities
o Operates from Raigad to Chakan and passes through Raigad and Pune districts
- JNPA will be connected to northern hinterland
o Feeds into bottling plants at Chakan (HPCL & IOCL) & Shikrapur (BPCL)
via Western DFC with its full commissioning.
Source: CRISIL Report; (1) Under construction with phased commissioning by 2025 16
 Successfully Built Relationships with Diversified Customer Base

Indian OMCs
National Oil Marketing Companies
Indian OMCs

Relationship of >15 years Relationship of >5 years

Indian
Indian OMCs
Corporates

Relationship of >10 years Relationship of 5-10 years Relationship of <5 years

MNCs

Relationship of >5 years Relationship of <5 years

Source: Company Information; Note: No. of years of relationship indicates the relationship with Aegis Logistics 17
 Backed by Established Promoters…

Strategic Positioning in the LPG Ecosystem of Aegis Logistics Multiple Benefits of Vopak Parentage to AVTL

Access to Global Customers Relationships

AVTL owns &
operates LPG
LPG storage
Sourcing Import Port Storage terminals
Tankers Technical Know-How to Store New Products

Multi-modal evacuation
infrastructure including
40% pipelines, rail and road
Joint Venture
Innovative Business Models
60%

Industrial Terminals Gas Hubs Exports

Bulk & Bottling Commercial

Autogas
Industrial Plants & Domestic

Overall Scale and Reach1

140+ 31 290+ 500+ 400+

Bulk LPG
Autogas Retail Bottling Packed
23 77 250+ 1,000+
Supply Industrial Jetties &
Outlets Plants Distributors Countries Terminals2 Products Customers
Connections Berths

Source: Company Information; Notes: (1) As of 31 December 2024; (2) Including AVTL Terminals 18
 …and Supported by a Strong Board of Directors…

Aegis L Representation Vopak Representation Independent Directors

25+ 10+ 25+ 33+

Raj Chandaria1 Deepak Dalvi2 Kanwaljit S Lars Johansson4
Chairman and Non-Executive Nagpal3 Independent
Managing Director Director8 Independent Director
Director

22+ 30+ 33+ 19+

Murad Moledina5 Wilfred Lim6 Raj Kishore Uma Mandavgane
Non-Executive Non-Executive Singh Independent
Director7 Director8 Independent Director
Director

Years of Total Experience

Notes: (1) Raj Kapurchand Chandaria; (2) Deepak Ganjanan Dalvi; (3) Kanwaljit Singh Sudarshan Nagpal; (4) Lars Erik Mikael Johansson; (5) Murad Mohammed Husein Moledina (6) Wilfred Lim Swee Guan; (7) Nominee of Aegis Logistics Limited; (8)
Nominee of Vopak India BV
19
 …and Management Team

34+
Sudhir Malhotra1
President

31+ 40+ 25+

Prakash Hiranandani2 Sukumar Nandi Rathin Sarkar
Chief Commercial Officer Senior Vice-President Vice-President
(Liquid Business) (Operations West) (Operations East)

29+ 29+ 20+

Priju Thomas Sudhish Pandey Manoj Sharma
Vice-President (Gas Vice-President (Business Chief Financial Officer
Business) Development) and Assistant Vice-
President

28+ 17+ 6+
Girish Gurkhe3 Rahul Priyadarshi Priyanka Vaidya4
Vice-President (HR and Vice-President (Legal) Company Secretary and
Administration) Compliance Officer

Years of Total Experience

Notes: (1) Sudhir Omprakash Malhotra; (2) Prakash Lachmichand Hiranandani; (3) Girish Bhagoji Gurkhe (4) Priyanka Sunil Vaidya 20
 Attractive Market Opportunity - Liquids

Robust Growth in Bulk Chemicals Trade Overall Liquid Bulk Trade Mix Across India
India Bulk Chemicals Trade (MMT) Key Clusters

Port Locations
CAGR: ~3.0% 18.0 – 19.0
15.8 15.7

Kandla

Pipavav Haldia
Mumbai
FY19 FY24 FY29E
South-East1
Mangaluru
Growth to be Driven by Demand from Multiple End-Industries
Kochi

Dyes Pigments Polymers Specialty Manufacturing

Cluster Demand as a % of
Key Clusters AVTL Presence
Overall Demand
Favorable Government Initiatives
Gujarat Kandla Port, Pipavav Port 39%
▪ Initiatives such as ‘Make in India’ to benefit end-use industries Mumbai JNPA 17%
▪ Petroleum, Chemical & Petrochemical Investment regions (PCPIRs) for East Haldia Port 12%
large scale projects through PPPs
South-East1 - 14%
▪ Technology Upgradation Fund (TUF) to aid new technology in chemicals Others Kochi Port, Mangalore Port 18%

▪ 100% FDI under automatic route for foreign investors in chemicals space Total 100 %

Source: CRISIL Report; (1) Includes multiple ports such as Chennai, Tuticorin, Vizag, etc. 21
 Attractive Market Opportunity - LPG

Rise in Domestic …will be met by imports, given relatively static

Key Growth Drivers for LPG
LPG Consumption… domestic LPG production1…
Domestic LPG Consumption (in mn Domestic LPG Production (in mn LPG Imports (in mn MT) i Lower Carbon Emission and a Cleaner Fuel
MT) MT) CAGR 7.0%
CAGR 4.5% KG CO2 / mn metric BTU
12.9 12.8 12.8 26.0
36.0 – 37.0 93.8
12.2 93.2
29.7 18.5 73.2 74.1 75.1
26.3 52.9 62.9
12.1 14.8
18.0
12.2 8.3
Natural Gas Propane Kerosene Diesel Furnace Oil Coal Wood
2.4
ii Key Advantages
FY09 FY15 FY20 FY24 FY29E 2020 2021 2022 2023 2024 FY09 FY15 FY20 FY24 FY29E
▪ Ease of storage and transportation: Can be stored and
transported in liquid form at moderate temperatures through
India is expected to witness strong industrial LPG demand; similar to China story cylinders
▪ Low Maintenance: Appliances using LPG require less
Current Level of India – 29.7 MT
71.6 maintenance & sophistication rendering LPG as more cost effective

2011-2021 CAGR: 11.2% 61.8 64.0 ▪ Stable Prices: LPG is more reliable as its prices are less volatile
57.7 than gas and crude oil derivatives
54.5
50.5
44.3 iii Government Support to Promote Domestic LPG Adoption
40.3
33.0 2011-2021 CAGR: 17.8% 33.2 35.4
28.4 ▪ Launched in 2016, PMUY sought to provide free LPG connections to
24.7 25.0 26.2
23.3 20.9 22.3 below poverty line (“BPL”) households, especially women
14.8 ▪ From Oct-23, govt. continued targeted subsidy of INR 300 ($3.6) per
8.6 8.6 9.9 11.3
7.9 14.2 kg cylinder for 12 refills per annum
▪ Select state governments also provide subsidy to non-PMUY
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 consumers

China LPG Demand China LPG Non-Household Demand - Maharashtra government is providing three cylinders free per
annum

Source: CRISIL Report; Notes: (1) Sum of import and domestic production will be higher than domestic consumption given industrial use of LPG is separate 22
 Attractive Market Opportunity - Ammonia

Imports of ammonia will help meet the increasing demand-supply DAP fertilizer plants near ports are major consumption hubs for
deficit… ammonia imports2
Supply Demand Imports

3.3
2.3
2.3 2.7 22.3
18.3 19.1
17.3 17.2
15.0 14.5 16.0

Kandla –
FY17 FY19 FY22 FY29E IFFCO
Kandla Dahej –
Sikka – Hindalco and Sanjana Haldia Haldia – IRC
…Which is attributed to …Secularly spread across GSFC Agrochem
JNPA Paradip – IFFCO and
fertilizer plants1… Indian Peninsula1 Pipavav PPL

Others
Vizag – CIL
2.0%
Kakinada – CIL
East
28.0% West
37.6%
Mangaluru
Mangaluru – MCFL Ennore – CIL

DAP Plants
Kochi Kochi – FACT
Tuticorin – Greenstar AVTL Terminal
fertilizer and CIL Presence
98.0% 34.4%
Fertilizer South

Source: CRISIL Report; (1) As of 31 December 2024; (2) AVTL can construct ammonia plants in where they have existing presence through liquid terminals; DAP - Diammonium Phosphate 23
Growth Strategy
Growth Strategy

Strategically Expand our Network of Terminals at Existing Locations

✓ By expanding its capacities, AVTL aims to increase the market share, positioning it for sustained growth
✓ Leverage economies of scale and synergies with current operations with the ability to manage newer products

Enter New Locations

✓ Evaluating opportunities to enter into emerging ports across India
✓ New ports would be prominent in managing flows of liquids, gases and energy transition products like ammonia, hydrogen, etc.

Establish Industrial Terminals

✓ Build storage infrastructure which is connected to multiple production units in a manufacturing cluster
✓ Leverage Vopak’s global experience to build and operate such Industrial Terminals

Invest in Capabilities to Address Alternative Energies

✓ Build capacities for feedstock and ammonia terminals
✓ Repurposing existing terminals and building new infrastructure for new products
✓ Promoters have a track record of successfully building and operating global infrastructure for cleaner fuels

Inorganic Growth Opportunities

✓ Will evaluate acquisition opportunities which offers expansion potential at existing locations and entry into newer locations
✓ Intend to leverage the experience of our past acquisitions to execute our strategic objectives
25
Growth Levers

Gateway Access To India (GATI – Speed)

Currently the company has 22 working sites 225 acres developed across port land in 6 Ports

Facilities Commissioned /
Land Under Development Multi Modal Evacuation
Completed During The Entry Into New Energy
During 2025-26 Under Development
Year 2024-25 and Till Date

Mangalore Liquid Storage Terminal: Pipavav Cryogenic Ammonia Kandla: 47,500 sq metres Kandla Jamnagar Loni Pipeline
75,230 cbm Storage Terminal: 36,000 MT under JNPA – 2nd Plot: 121,000 sq Kandla KGPL
development
JNPA Liquid Storage Terminal: metres Kandla Rail gantry
101,900 cbm Mangalore: 76,000 sq metres Pipavav KGPL
Mangalore Cryogenic LPG Storage Kochi: 15,200 sq metres
Terminal: 82,000 MT static capacity Mangalore Rail gantry
Pipavav: 25,500 sq metres
Pipavav Cryogenic LPG Storage
Terminal: 48,000 MT static capacity
(completed and under
commissioning)
Kandla Liquid Storage Terminal:
54,322 cbm capacity refurbished
/upgraded

26
Annual Performance
 Strong Financial Metrics with a Growing Margin Profile and Return Metrics

Key Financial Metrics1 - Annual Performance

Revenue (INR mn) and Revenue Growth Operating EBITDA (INR mn) and Operating EBITDA Margin

587 bps 293 bps

64.9% 70.8% 73.7%
+33%
6,210.8 4,576.9
5,617.6 3,975.4

3,533.3 2,293.0

FY23 FY24 FY25 FY23 FY24 FY25

PAT (INR mn) and PAT Margin1

448 bps
-0.0% 15.2% 19.7%

1,272.3
865.4

-0.8
FY23 FY24 FY25
Notes: (1) PAT Margin is calculated as PAT over Total Income (including Other Income) 28
Profit and Loss Statement

INR mn FY22 FY23 FY24 FY25

Revenue from Operations - 3,533.32 5,617.61 6,210.2

Revenue from Liquid - 2,419.73 3,564.58 3,447.28

Revenue from Gas - 1,113.59 2,053.03 2,763.54

Operating Expenses 5.75 1,240.30 1,642.24 1,633.90

Employee benefit expenses - 305.37 437.97 436.77

Other expenses 5.75 934.93 1,204.27 1,197.13

EBITDA (5.75) 2,293.02 3,975.37 4,576.92

% margin n.m. 64.90% 70.77% 73.69%

Depreciation and amortization - 912.02 1,139.91 1,262.42

Other Income 0.03 26.59 83.60 262.28

EBIT (5.72) 1,407.59 2,919.06 3,576.79

% margin n.m. 39.84% 51.96% 57.59%

Finance cost 5.20 1,381.62 1,708.88 1,926.65

PBT (10.92) 25.97 1,210.18 1,650.14

Tax expense - 26.72 344.74 377.84

PAT (10.92) (0.75) 865.44 1,272.30

% margin n.m. (0.02%) 15.41% 20.49%

29
 Balance Sheet

INR mn FY22 FY23 FY24 FY25 INR mn FY22 FY23 FY24 FY25
Equity 18.89 9,530.91 9,971.65 19,197.95 Non-current assets 930.92 33,017.30 41,555.78 52,977.83

Equity share capital1 6.10 11.00 11.00 9,888.43

Property, plants and equipment 195.30 30,166.95 34,769.24 45,865.49
Reserve and surplus 12.79 9,519.91 9,960.65 9,309.53
Intangible assets (excl. goodwill) - 0.35 0.47 0.41
Non-current liabilities 984.38 24,007.73 33,130.06 39,040.73
Goodwill - 135.79 135.79 135.79
Long-term borrowings 981.00 17,451.68 25,864.17 23,531.03
Capital work-in-progress 84.90 1,523.83 530.84 1,570.92
Lease liabilities 0.52 5,799.88 6,314.07 14,114.26
Deferred tax assets 0.15 23.00 - -
Long-term provisions 2.86 36.91 56.88 54.43

Deferred tax liabilities - 719.26 894.94 1,341.01 Other financial assets3 6.24 110.39 67.24 217.60

Current liabilities 22.29 1,276.18 2,132.30 2,986.76 Other non-current assets 644.33 1,057.29 6,052.20 5,187.62

Borrowings - - - 1,310.66 Current assets 94.64 1,797.52 3,678.23 8,247.61

Lease liabilities 0.06 486.91 551.22 1,137.85

Inventories 1.91 79.80 60.26 93.10
Trade payables2 3.39 271.13 142.63 108.80
Trade receivables 19.77 699.05 1,314.08 1,194.83
Other financial liabilities 15.47 335.80 983.72 236.46
Cash and cash equivalents 68.60 229.03 1,055.71 5,916.72
Other current liabilities 2.61 142.70 264.69 147.10
Bank balance other than above 0.22 8.21 8.04 6.29
Short term provisions 0.76 39.64 30.54 44.70
Other financial assets 0.02 246.46 361.01 402.02
Current tax liabilities (net) - - 159.50 1.19

Total liabilities 1,006.67 25,283.91 35,262.36 42,027.49 Other current assets 4.12 534.97 879.13 634.65

Total equity and liabilities 1,025.56 34,814.82 45,234.01 61,225.44 Total assets 1,025.56 34,814.82 45,234.01 61,225.44

Notes: (1) Includes instruments entirely equity in nature; (2) Trade Payables include both MSME and Non-MSME dues; (3) Including Income Tax Assets (Net) 30
 Cash Flow Statement (1/2)
FY22 FY23 FY24 FY25
Cash flow from operating activities
Profit before tax (10.92) 25.97 1,210.17 1,650.14
Adjustments for:
Depreciation and amortisation - 912.02 1,139.90 1,262.42
Finance costs 5.20 1,381.62 1,708.89 1,926.65
Interest income (0.03) (17.61) (24.18) (224.73)
Provision for doubtful debts - 0.92 -
Provision for doubtful debts written back - - (0.54) -
Sundry credit balances written back - - - (4.42)
Bad debts written off - 8.75 - -
Loss/ (profit) on sale of property, plant and equipment - - (0.23) 0.54

Actuarial (loss)/ gain recognised in other comprehensive income - 6.49 0.78 (5.35)

Operating profit before working capital changes (5.75) 2,318.16 4,034.79 4,605.24

Adjustments for changes in working capital:

Inventories - (12.51) 29.02 (3.72)
Trade receivables - (460.26) (527.00) 171.97
Non-current assets 0.00 (546.72) 382.20 (133.19)
Current assets (0.98) 274.36 (225.85) 482.53
Other current financial assets (0.02) (66.10) (150.68) 20.38
Other non-current financial assets - (51.53) (6.28) (5.00)
Other bank balances 10.50 37.29 0.17 1.75
Trade payables 0.43 158.53 (132.36) (31.60)
Current provisions - 25.41 (9.11) 14.16
Non-current provisions - (20.39) 19.97 (2.45)
Other current financial liabilities - (9.11) - (2.08)
Other current liabilities 0.83 128.11 37.97 (118.58)
Cash generated from operations 5.01 1,775.24 3,452.85 4,999.40
Income tax paid - (50.38) (80.76) (217.65)
Net cash generated from operating activities (A) 5.01 1,724.86 3,372.08 4,781.75
31
 Cash Flow Statement (2/2)

FY22 FY23 FY24 FY25

Cash flow from investing activities
Purchase of property, plant and equipment including capital advances (643.67) (1,788.97) (6,708.19) (1,278.32)
Purchase of intangible assets - (0.36) (0.24) (0.06)
Proceeds from sale of property, plant and equipment - - 1.17 0.44
Purchase of non-current investments in subsidiary companies (279.35) (1,999.21) - -
Payment of business acquisitions from related parties - (12,200.00) (1,245.57) (2,700.26)
Payment of business acquisitions from others - (1,882.25) (640.00) -
Interest received 0.03 14.66 18.04 195.66
Net cash (used in) investing activities (B) (922.99) (17,856.13) (8,574.79) (3,782.55)

Cash flow from financing activities

Proceeds from non-current borrowings from banks - 9,660.73 583.61 10,611.10
Repayment of non-current borrowings from banks - (500.00) - (109.43)
Process from non-current borrowings from related parties 981.00 1,276.10 8,229.00 -
Repayment of non-current borrowings from related parties - (3,650.00) (360.00) (11,542.13)
Lease liability paid - (476.95) (591.27) (1,039.24)
Proceeds from Issue of equity shares 4.60 10,983.45 - 8,000
Proceeds from Issue of preference shares 1.00 - - -
Share Issue expenses (0.25) - - -
Dividend paid - - (328.62) -
Interest paid (0.01) (1,001.63) (1,503.33) (2,058.51)
Net cash (used in)/ generated from financing activities (C) 986.34 16,291.70 6,029.39 3.861.80
Net (decrease)/ increase in cash and cash equivalents (A+ B+ C) 68.36 160.43 826.68 4,861.00
Cash and cash equivalents as at the beginning of the period/ year 0.24 68.60 229.03 1,055.72

Cash and cash equivalents as at the end of the period/ year 68.60 229.03 1,055.71 5,916.72

32
 Sustainable Business Practices Adopted by Promoters

Commitment to Health and Safety Security for All Stakeholders Comprehensive Safety Training Environmental Stewardship

• Pre-installation risk assessment • Perimeter manning and • Audits and Reviews • Plantation drives
• Intensive safety measures surveillance • Fire Protection system • Energy efficient LED lights
(gas monitor, firefighting • Security Plan • Emergency response plan • Rainwater harvesting
systems) • Security Patrols • Work Permit System & • Waste handling and treatment
• Pipeline overpressure protection • CCTV Coverage Guidelines
• First aid facility • Safe Working Procedures
• Safe working environment

MSCI ESG Rating AA ESG Rating AAA

Sustainalytics ESG Risk Rating Score 38.6 ESG Risk Rating Score 25.1

Source: Rating reports 33

 MUFG Intime India Private Limited- IR
Aegis Vopak Terminals Limited (A part of MUFG Corporate Markets, a division of
MUFG Pension & Market Services)
CIN: U63030GJ2013PLC075304

Ms. Payal Dave Mr. Irfan Raeen

Mr. Murad Moledina, Director
+91 9819916314 +91 9773778669
murad@aegisindia.com
Payal.dave@in.mpms.mufg.com irfan.raeen@in.mpms.mufg.com 34