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India's Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire Dutch liquid-storage operator Evos for an enterprise value of €2.56 billion, approximately $2.88 billion, in a transaction announced November 5, 2026. The agreement would give Adani control of eight storage terminals across the Netherlands, Belgium, Germany, Spain and Malta, representing 6.3 million cubic metres of capacity, 452 storage tanks and 63 ship and barge berths. Evos handled 37 million tonnes of liquid cargo in 2025 and generated €219 million in EBITDA, with a reported 99% average commercial occupancy rate. The transaction would make Adani a major participant in Europe's petroleum, chemical and alternative-fuel storage infrastructure, but ownership has not yet transferred: regulatory approvals and employee works-council consultations remain outstanding.
€2.56 Billion.
Eight Terminals.
One European Energy Network.
Across eight tank terminals in five European countries
Reported portfolio average, not necessarily physical tank fill
56% margin on €392 million in annual revenue
Eight Terminals at Europe's Energy Crossroads
The assets connect tankers and inland barges with pipelines, industrial customers, airports and fuel distribution markets. Filter the locations to compare Northwest European and Mediterranean capacity.
Evos Acquisition Economics: What Could Improve the Return?
Stress-test the €2.56bn enterprise valuation against contracted occupancy, tariff repricing, value-added terminal services, debt cost and an illustrative five-year upgrade program.
Includes hypothetical operating improvements above reported 2025 EBITDA.
Reported EBITDA Versus Scenario
Discounted modeled incremental EBITDA less the hypothetical upfront upgrade investment. Excludes tax, working capital, maintenance differences and financing effects. This is not the €2.56bn purchase's NPV.
Borrowing Cost Sensitivity
Hold the modeled acquisition borrowing constant. These are hypothetical financing costs, not an assertion that all of MUFG's €2.8bn commitments will be drawn.
Discounted Incremental Earnings Schedule
A year-by-year illustration of the additional EBITDA generated by the modeled operating improvement. Cumulative discounted value starts after deducting the one-time hypothetical upgrade investment.
| Year | Incremental EBITDA | Discount factor | Discounted EBITDA | Cumulative NPV |
|---|
Glossary and methodology: 12 important terms
- Enterprise value
- Equity value plus net debt and debt-like adjustments, representing a transaction-level value of the operating business.
- Equity value
- Value attributed to shares being purchased, subject to agreement and closing adjustments.
- EBITDA
- Earnings before interest, tax, depreciation and amortization, not net profit or distributable cash.
- EV/EBITDA
- Enterprise value divided by annual EBITDA, a valuation multiple that ignores differences in capital expenditure and financing.
- Commercial occupancy
- Percentage of storage capacity commercially contracted or otherwise occupied under the operator's reported measure, not necessarily physical fill.
- Take-or-pay
- A contract structure requiring payment for agreed capacity or service even when actual use is below a specified commitment.
- CPI indexation
- Contract pricing linked to a consumer-price measure under agreed terms.
- Incremental EBITDA margin
- Share of modeled additional revenue assumed to reach EBITDA, rather than the historical portfolio margin.
- Capacity turnover
- Number of inventory cycles through storage, which requires density, working-capacity and throughput definitions for meaningful measurement.
- Financing interest
- Cost of the amount actually assumed borrowed; the acquisition's financing commitments are not automatically debt drawn.
- Discount rate
- Annual rate used to convert future modeled benefits to present value.
- Net present value
- Discounted future benefits less modeled upfront investment, here limited to an incremental terminal improvement program.
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