TINC invests in sustainable water management with a participation in
Azulatis (B), Farys also joins


Antwerp-Brussels-Ghent 29 April 2024, 17:30 CET

TINC, the infrastructure investor listed on Euronext Brussels, is taking a stake in Azulatis, a company
specialised in industrial water management. Azulatis has been an independent subsidiary of De
Watergroep since 1 January 2023. Public water company Farys will also join as a third shareholder,
contributing its industrial water business.

Azulatis is the market leader in Flanders for the implementation (design, construction, financing and
maintenance) of tailor-made water projects under the form of a Water-as-a-Service (WaaS) model.
Companies with high water consumption often do not see water management as their primary task.
They therefore turn to water specialists to unburden them and optimise their water management, for
instance through wastewater reuse. In the meantime, Azulatis serves some 50 customers in various
sectors such as food, chemicals, agriculture, retail and logistics, healthcare and industrial production.

Azulatis is a spin-off of the industrial branch of Flemish public water company De Watergroep. Prior
to the participation by TINC, public water company Farys also contributes its industrial water business
in Azulatis, joining the capital on an equal footing. The investment by TINC will strengthen Azulatis'
financial capacity, allowing it to expand its activities and accelerate its capacity for innovation.


TINC invests circa €8 million and acquires a 33.33% stake in Azulatis. The investment is funded from
available cash and will contribute immediately to the result of TINC. The transaction remains subject
to approval by the Competition Authorities.


"With this participation, TINC invests in the future of water management, a sector that is evolving
rapidly as water becomes an increasingly precious commodity due to population growth,
environmental pollution and climate change. Innovation in this sector is therefore crucial. The circular
model in which wastewater is reused is just one of many possibilities. TINC is therefore very pleased to
support this initiative." - Manu Vandenbulcke, CEO TINC



TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 1
"The water economy is in full development, and Azulatis is well placed to be a pioneer in the transition
to a climate-proof water system for Flanders, contributing to the Blue Deal in which water
management is looked at radically differently. Thanks to the partnership with TINC, Azulatis gains
additional financial strength and expertise to respond flexibly and efficiently to the demands of its
industrial customers, and Azulatis can develop new techniques in terms of circular industrial water." -
Hans Goossens, CEO De Watergroep

"This cooperation opens the potential to quickly, purposefully and effectively meet the challenges and
opportunities in terms of sustainable water management in industrial activities. Each time situation-
specific, creative and innovative, and both economically and ecologically sound for all stakeholders." -
Marleen Porto-Carrero, CEO Farys



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.

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 The Water Group

The Water Group is an autonomous Flemish water company offering products and services across the entire water chain.
We make water to measure. Today, for the generation of tomorrow. Through a network of more than 34,600 kilometres of
water pipes, we sustainably supply drinking water to 177 municipalities spread across West and East Flanders, Flemish
Brabant and Limburg. In this way, we serve over 3.3 million customers and hundreds of companies. As an integrated water
company, the Water Group also offers innovative customised water solutions for companies and is a partner for municipal
wastewater and rainwater management.

Contact

Kathleen De Schepper, director Market and Relationship Management, corporate spokesperson
kathleen.de.schepper@dewatergroep.be, mobile phone 0499 58 34 80



About Farys

The intermunicipal partnership Farys provides services in the public domain for cities and municipalities. The contracting
association ensures the drinking water supply of private persons and companies in East and West Flanders and Flemish
Brabant. Thanks to an extensive transport and storage infrastructure, Farys enhances security of supply outside its own
distribution area. The company also supports local collection and transport of wastewater to supra-municipal sanitation


TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 2
facilities. Finally, based on its broad technical and project expertise, Farys offers a range of services in the field of
construction, renovation, maintenance and operation of local sports and recreation facilities.

Contact

Tom Devos, adjunct algemeen directeur
tom.devos@farys.be




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