TINC publishes outstanding results for extended financial year 2022-2023 (18
months)



Antwerp, March 6, 2024, 7h00 CET Regulated information



Manu Vandenbulcke, CEO:

"With a net result of € 50.9 million or € 1.40 per share for the past extended 18-month financial year, TINC is
once again achieving outstanding results. This reflects the strong performance of our 4 investment segments.
The realised gains on the sale of the stake in the business service center Bioversneller and on the partnership of
Dutch fiber company GlasDraad BV with Glaspoort are illustrative of the value creation potential within our
diversified portfolio. With € 171.5 million in new commitments and € 117.4 million effectively invested, this is our
strongest investment year ever. Based on this excellent result, TINC proposes a gross distribution to its
shareholders of € 0.84 per share."



Philip Maeyaert, Chairman Supervisory Board:

"These results validate our motto "creating sustainable value by investing in the infrastructure for the world of
tomorrow" Indeed, our investments in future-oriented infrastructure create tangible and sustainable value - for
society as well as for our shareholders. For the seventh year in a row, TINC succeeds in increasing its
distribution to shareholders. This underlines our ability to achieve financial success with a positive impact on
the future through thoughtful investments."

Highlights

▪ The portfolio result for the extended 18-month financial year (from July 1, 2022 to December 31,
2023) is € 61.5 million (or a portfolio return of 9.88% on an annualized basis). This includes the € 9.5
million realised gain on the sale of participations. This results in a net profit of € 50.9 million or € 1.40
per share;

▪ Total cash receipts from the portfolio over the past financial year amount to € 126.0 million
(including the € 60.1 million proceeds from the sale of participations);

▪ Shareholders' equity amounts to € 494.6 million or € 13.60 per share (€ 463.6 million or € 12.75 per
share at June 30, 2022), and this after deducting the distribution to shareholders (€ 19.6 million or €
0.54 per share) in October 2022;

▪ The investment portfolio includes 28 participations in Belgium, France, Ireland and the Netherlands
with a fair value (FV) of € 468.4 million (+ 12.7% compared to June 30, 2022). This portfolio is valued
using a weighted average discount rate of 8.10% (7.81% at June 30, 2022);




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 1
▪ TINC realised two divestments during the financial year (full sale of the stake in Bioversneller NV (B)
and partial sale of the stake in GlasDraad BV (NL)), and invested in four new participations: Yally (B),
active in the energy efficiency renovation and rental of residential real estate, the Obelisc business
center (B), 2 operational fiber networks of NGE Fibre (FR) and a public-private partnership (PPP) for 6
higher education buildings (IRE);

▪ During the financial year, TINC committed € 171.5 million for investments in new and existing
participations;

▪ TINC further effectively invested € 117.4 million under both current and new investment
commitments. This concerns investments in the new participations Yally (B), Obelisc (B), Higher
Education Buildings (IRE), NGE Fibre (FR) and in the existing participations Storm (B), Windfarm
Kroningswind (NL), Zelfstroom (NL), Social Housing Ireland (IRE), Garage Park (NL), GlasDraad (NL) and
Datacenter United (B);

▪ The outstanding contractual investment commitments amount to €112.2 million at the end of the
financial year. The combination of the current participations and the outstanding contractual
investment commitments allows the portfolio of TINC to grow over time to approximately € 580
million;

▪ The net cash position amounts to € 27.4 million at the end of the financial year. TINC also has € 150
million of contractual credit lines. In addition, TINC has developed a framework for attracting
sustainable debt financing under various forms (Sustainable Finance Framework);

▪ Shortly after year-end, TINC committed € 30 million to participate in a financing provided to Storm
Group (B), a developer and operator of renewable energy. This amount will be invested during 2024;

▪ TINC proposes a gross distribution of € 0.84 per share for the current extended financial year. The
distribution, subject to approval by the general meeting, will take place in May 2024;

▪ In June 2023, the Supervisory Board welcomed Mrs. Martine De Rouck as a director nominated by
Belfius to replace Mrs. Katja Willems;

▪ The annual report as of December 31, 2023 is available on the website of TINC (www.tincinvest.com)
along with the documents for the extraordinary general meeting of April 11, 2024 (as of March 8
a.m.).




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 2
Increase of the distribution to shareholders supported by strong results

For the past extended financial year of eighteen months, TINC can again report strong results, despite operating
in a world full of challenges such as persistent inflation, high interest rates, volatile power prices and geopolitical
uncertainty. The diversification of the portfolio with participations across segments and countries – each with
its different dynamics – undoubtedly supports the robust nature of the overall portfolio.

Over the extended financial year, the participations of TINC generated an outstanding portfolio result of € 61.5
million, which amounts to an annualised portfolio return of 9.88%. The strong operational performance of the
participations across the four segments and the realised gains through active portfolio management contributed
to this excellent figure.

This results in a net profit of € 50.9 million or € 1.40 per share. Based on this outstanding annual result, TINC is
proposing a distribution to its shareholders of € 0.84 per share, which is an increase in the distribution for the
seventh year in succession. The distribution amounts to an annualised pre-tax yield of 4.77% on the closing share
price at the end of the financial year. This distribution is entirely covered by cash flows received by TINC from
its investment portfolio.



Strongest investment year ever

The investment policy of TINC is embedded in four key societal trends: the transition to a low-carbon society,
the upgrading of public infrastructure, increasing digitalisation, and the growing focus on health and well-being.
For TINC, these trends provide the framework for investments in four segments: Public Infrastructure, Energy
Infrastructure, Digital Infrastructure, and Selective Real Estate.

TINC experienced its strongest investment activity ever with € 171.5 million in new investment commitments.
This includes additional commitments to six existing participations (Zelfstroom, Storm, Datacenter United,
windfarm Kroningswind, GlasDraad, Social Housing Ireland) and to four new participations (Yally, the business
service center Obelisc, the PPP Higher Education Buildings and NGE Fibre fiber networks). These new investment
commitments are spread nicely over the four segments, and they also illustrate the geographical ambitions of
TINC. TINC has, for example, scaled up its presence in Ireland by acquiring a 100% stake in the Irish Higher
Education Buildings PPP and made its first investment in France by taking a participation in the fiber networks
of NGE Fibre. These new commitments further underline the ambition of TINC to seek profitable growth and
portfolio diversification.

TINC also effectively invested € 117.4 million in existing and new participations under contractual investment
commitments.

At the end of the financial year, TINC still has € 112.2 million in contractual investment commitments
outstanding, which are projected to be effectively invested over the 2024-2027 period. Of this total amount of
€ 112.2 million in outstanding contractual investments, € 35.7 million relates to the Public Infrastructure
segment, € 23.6 million to the Energy Infrastructure segment, € 9.9 million to the Digital Infrastructure segment,
and € 43 million to the Selective Real Estate segment.




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 3
Investment portfolio continues to grow

At the end of the financial year, the investment portfolio includes twenty-eight participations, a net increase by
three participations.

The fair value of the investment portfolio increases with € 52.9 million to € 468.4 million at the end of the
financial year. This 12.7% increase compared to the previous financial year is the net result of investments in
existing and new participations (€ 117.4 million), repayments from and divestments of participations (€ 69.5
million) and an increase in the fair value of the portfolio (€ 3.4 million). The fair value of the portfolio is evenly
spread over the four segments, with 33% in Public Infrastructure, 27% Energy Infrastructure, 21% Digital
Infrastructure and 19% Selective Real Estate.

The fair value of the investment portfolio is calculated by applying a discount rate to the future cash flows from
each individual participation. The weighted average discount rate was 8.10% at the end of the financial year,
compared to 7.81% at the end of the previous financial year. The increase is the net result of several changes.
One of these changes was the increase of the applicable discount rate for specific participations, such as onshore
windfarms. Also, active portfolio management such as the divestment of a number of participations led to
changes to the composition of the investment portfolio. The market interest rate further increased slightly
during the financial year. TINC has seen interest in high-quality infrastructure remain strong, which largely
compensates for any potential upwards pressure on the discount rates due to rising interest rates.

TINC received € 126,0 million in cash flows from its investment portfolio. This includes regular dividends and
interests, but also the proceeds from the divestment of the stake in Bioversneller NV (€ 20.1 million) and from
the partial divestment of its stake in Dutch fiber company GlasDraad (€ 40,0 million). Both these divestments
delivered a significant realised gain for TINC. These transactions support the valuation parameters that TINC
applies and render cash available for new investment opportunities.

Through the combination of the current participations and the outstanding contractual investment
commitments, the investment portfolio of TINC will grow over time to approximately € 580 million.

Contractual investment commitments more than covered by available funding

TINC has € 27.4 million of cash at the end of the financial year and is available for the outstanding contractual
investment commitments and for general investment purposes.

TINC has access to various sources of financing for its investment commitments. On top of the available cash,
this comprises cash flows from its investment portfolio, including proceeds from the sale of participations, and
the use of debt financing. The debt financing options include drawdowns under available bank credit facilities
and the possible bond issues, facilitated by the Sustainable Finance Framework. This framework is implemented
with the specific objective of attracting debt funding for sustainable investments within the segments in which
TINC operates.

TINC is debt-free and has access to € 150 million in undrawn contractual credit facilities with banks.

The combination of € 27.4 million in cash and € 150 million in available credit facilities means that TINC has
access to € 177.4 million of available funding at the end of the financial year.




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 4
Sustainable investing and long-term vision are self-evident

As an investor in the infrastructure for the world of tomorrow, TINC holds a clear long-term vision that is
inextricably linked to a focus on societal relevance and sustainability. TINC is committed to contributing to
building a low-carbon, healthy, connected, safe and prosperous society through its investment policy and
participations. This vision is embedded in the sustainability strategy of TINC for purposes of identifying new
opportunities and managing its participations.



Supervisory Board

In June 2023, the mandate of Mrs. Katja Willems as non-executive board member came to an end. We would
like to thank her for her contribution to foster the development of TINC, and we are pleased to welcome Mrs.
Martine De Rouck as non-executive board member. The Supervisory Board is an independent and diverse body
that currently consists of eight members.




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 5
Key figures

1. Audited consolidated statement of comprehensive income


Period: December 31, 2023 June 30, 2022
(€) Notes 18 months 12 months
Operating income 11 83.214.652 39.819.732
Interes t i ncome 11.745.044 8.622.572
Di vi dend i ncome 35.634.123 11.239.840
Ga i n on di s pos a l of i nves tments 9.523.933 -

Unrea l i s ed ga i ns on i nves tments 25.104.519 19.435.515

Revenue 1.207.033 521.806
Operating expenses (-) 11 (32.390.358) (14.233.888)
Unrea l i s ed l os s es on i nves tments (21.707.323) (9.376.128)
Sel l i ng, Genera l & Admi ni s tra tive Expens es (10.323.753) (4.709.641)
Depreci a tion a nd a mortiza tions (5.606) (3.663)
Other opera ting expens es (353.676) (144.455)
Operating result, profit (loss) 50.824.294 25.585.844
Finance income 12 973.666 196.020
Finance costs (-) 12 (406.430) (175.887)
Result before tax, profit (loss) 51.391.530 25.605.977
Tax expenses (-) 13 (492.516) (632.465)
Total Consolidated income 50.899.013 24.973.512
Total other comprensive income - -
Total comprehensive income 50.899.013 24.973.512


Earnings per share (€)
1. Basic earnings per share (*) 14 1,40 0,69
2. Diluted earnings per share (**) 14 1,40 0,69
Weighted average number of ordinary shares 36.363.637 36.363.637
(*) Calculated on the basis of the weighted average number of ordinary shares: 36.363.637 (31/12/2023) en 36.363.637 (30/06/2022)
(**) Assumed that all stock options warrants which were in the money as at the end of the period would be exercised. The Company
has no options / warrants outstanding throughout the reporting period.




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 6
2. Audited consolidated balance sheet


Period ending at: December 31, 2023 June 30, 2022
(€) Notes 18 months 12 months
I. NON-CURRENT ASSETS 468.483.322 415.860.071
Intangi bl e a s s ets 7.434 13.040

Inves tments a t fa i r va l ue through profi t a nd l os s 16 468.356.669 415.436.602

Deferred taxes 13 119.219 410.430
II. CURRENT ASSETS 28.923.078 48.779.322
Tra de a nd other recei va bl es 17 1.558.508 343.515
Ca s h a nd s hort-term depos i ts 18,4 27.364.570 48.435.807
Other current a s s ets - -
TOTAL ASSETS 497.406.399 464.639.394




Period ending at: December 31, 2023 June 30, 2022
(€) Notes 18 months 12 months
I. EQUITY 3,19 494.595.854 463.624.416
Is s ued ca pi tal 135.450.590 151.814.227
Sha re premi um 174.688.537 174.688.537
Res erves 86.194.900 30.424.719
Retai ned ea rni ngs 98.261.827 106.696.933
II. LIABILITIES 2.810.546 1.014.978
A. Non-current liabilities - -


B. Current liabilities 2.810.546 1.014.978
Fi na nci a l l i a bi l i ties - -
Tra de a nd other pa ya bl es 20 2.776.098 718.351
Income tax pa ya bl es (0) 264.559
Other l i a bi l i ties 34.448 32.069
TOTAL EQUITY AND LIABILITIES 497.406.399 464.639.394




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 7
3. Audited consolidated statement of changes in equity

Financial Year 2022 - 2023
Retained
Notes Issued capital Share premium Reserves Equity
1.1.3. earnings
June 30, 2022 2 151.814.227 174.688.537 30.424.719 106.696.933 463.624.416

Tota l comprehens i ve i ncome 1 - - - 50.899.013 50.899.013

Ca pi ta l Increa s e - - - - -
Di s tri buti on towa rds
15 (16.363.637) - (3.272.727) - (19.636.364)
s ha rehol ders
Other cha nges - - 59.042.908 (59.334.119) (291.211)
December 31, 2023 135.450.590 174.688.537 86.194.900 98.261.827 494.595.854


The following table shows, for comparison purposes, the changes in equity from the previous financial year.

Financial year 2021-2022

Retained
Notes Issued capital Share premium Reserves Equity
earnings
June 30, 2021 2 168.177.863 174.688.537 (6.522.108) 121.518.827 457.863.119

Tota l comprehens i ve i ncome 1 - - - 24.973.512 24.973.512

Ca pi ta l Increa s e - - - - -
Di s tri buti on towa rds
15 (16.363.637) - (2.545.455) - (18.909.091)
s ha rehol ders
Other cha nges - - 39.492.282 (39.795.406) (303.125)
June 30, 2022 151.814.227 174.688.537 30.424.719 106.696.933 463.624.416




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 8
4. Audited consolidated statement of cash flows



Period ending at: December 31, 2023 June 30, 2022
(€) Notes 18 months 12 months


Cash at beginning of period 48.435.807 60.256.857


Cash Flow from Financing Activities (19.636.364) (18.909.091)
Proceeds from ca pi tal i ncrea s e - -
Proceeds from borrowi ngs - -
Repa yment of borrowi ngs - -
Interes t pa i d - -
Di s tri bution to s ha rehol ders (19.636.364) (18.909.091)
Other ca s h fl ow from fi na nci ng a ctivi ties - -
Cash Flow from Investing Activities 8.722.457 11.986.672
Inves tments (117.443.610) (23.951.493)
Repa yment of i nves tments 79.002.285 15.552.131
Interes t recei ved 10.404.573 8.331.436
Di vi dend recei ved 35.222.909 11.448.990
Other ca s h fl ow from i nves ting a ctivi ties 1.536.299 605.608
Cash Flow from Operational Activities (10.157.330) (4.898.631)
Ma na gement Fee (7.845.899) (5.283.195)
Expens es (1.955.608) (516.239)
Recovered VAT 694.177 788.779
Ta xes pa i d (1.050.000) 112.025
Cash at end of period 18 27.364.570 48.435.807




Contact:
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 – manu.vandenbulcke@tincinvest.com

Filip Audenaert, CFO TINC
T +32 3 290 21 73 – filip.audenaert@tincinvest.com




About TINC

TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for the world of
tomorrow. TINC participates in companies that are active in the realization and operation of infrastructure and holds a
diversified portfolio of participations in focus areas such as public infrastructure, energy infrastructure, digital infrastructure
and selective real estate in Belgium, France, Ireland and the Netherlands.
For more information, please visit: www.tincinvest.com




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 9