APSEZ agreed to acquire 100% of Evos B.V. in a deal valued at €2.56 billion on an enterprise-value basis, adding European fuel-storage terminals. APSEZ put its pro forma net-debt-to-EBITDA ratio at 2.76 times.
Evos operates eight terminals in five European countries, with combined storage capacity of 6.3 million cubic meters. APSEZ said Evos handled 37 million metric tonnes in calendar 2025, generating €392 million in revenue and €219 million in earnings before interest, taxes, depreciation and amortization (EBITDA), a 56% margin. Average commercial occupancy was 99%.
The facilities handle gasoline, gasoil, marine and jet fuels, as well as biofuels, bioethanol, methanol and sustainable aviation fuel. APSEZ said the terminals serve major energy and industrial markets, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean. A substantial share of Evos’ revenue comes through take-or-pay contracts and terms linked to consumer prices, the company said.
APSEZ estimates the deal would put its pro forma net-debt-to-EBITDA ratio at 2.76 times, using APSEZ’s FY26 and Evos’ calendar 2025 financials. It expects the ratio to fall to about 2.5 times by FY27. APSEZ said MUFG has committed as much as €2.8 billion in financing. The filing lists €1.184 billion in equity consideration, subject to adjustments at closing.
APSEZ Whole-time Director and CEO Ashwani Gupta said Evos’ return on capital employed (RoCE) is 7% and the company aims to bring it into double digits during its Ambition 2031 period. Near-term plans include improving tank utilization, turnaround times and operating efficiency, while shifting toward higher-value fuel flows. APSEZ does not expect near-term capital spending at Evos to increase capacity.
NDTV Profit reported Nov. 6 that Emkay Global expects the deal to add to earnings per share and forecast double-digit RoCE by FY30. The outlet said JM Financial sees a largely neutral near-term earnings impact, while Jefferies expects double-digit RoCE within two to three years.
The deal still requires regulatory approvals and works council consultation. APSEZ’s filing sets an indicative completion window of 15 months from Nov. 5.
