Strong interim results and new investments for TINC


Antwerp, September 11, 2024, 7h00 CET Regulated information



Manu Vandenbulcke, CEO:

“We are pleased with the achievements of the first half year. Not only does TINC achieve once again strong
results with a net result of €18.0 million or €0.50 per share for the first six months, but with €50 million of new
investment commitments we contribute further to the much needed infrastructure of tomorrow’s world. Based
on this interim result, TINC intends to distribute to its shareholders a gross distribution of €0.58 per share for the
current financial year and this after approval by the general meeting in May 2025. This is, annualised, an increase
of 3.6% compared to the distribution relating to the previous financial year.”



Philip Maeyaert, Chairman of the Supervisory Board:

“The societal need for quality infrastructure remains high, and this offers opportunities for a specialised investor
like TINC. TINC is looking forward to further implementing its stated growth ambition, as already shown and
realised in the first half year. This is possible thanks to its experienced team and strong balance sheet.”


Key points

▪ The portfolio result for the first six months of the current financial year (ending 31 December 2024) amounts
to €21.9 million (or an annualised portfolio return of 9.4%). This results in a net profit of €18.0 million or
€0.50 per share;

▪ Total cash receipts from the portfolio during the reporting period amount to €23.1 million;

▪ Shareholders’ equity amounts to €482.0 million or €13.26 per share (€494.6 million or €13.60 per share on
31 December 2023), and this after deducting the distribution to shareholders (€30.5 million or €0.84 per
share) in May 2024;

▪ The investment portfolio includes 31 participations in Belgium, France, Ireland and the Netherlands with a
fair value (FV) of €489.0 million (+ 4.4% compared to 31 December 2023). This portfolio is valued using a
weighted average discount rate of 8.09 % (8.10 % at 31 December 2023);

▪ During the reporting period, TINC committed €50.2 million for investments in 3 new participations. This
includes a €30 million funding commitment to Storm Group (B), a €7.4 million commitment for a 33% stake
in the water company Azulatis (B) and a €12.8 million commitment for a 50% stake in the PPP project "Hortus
Conclusus" (B), a new prison in Antwerp;




TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 1
▪ TINC further effectively invested €21.8 million under both existing and new investment commitments. This
includes investments in the new participation Storm Group (B) and in the existing participations NGE Fibre
(FR), Garagepark (NL), GlasDraad (NL) and Yally (B);


▪ The outstanding contractual investment commitments amount to €133.6 million at the end of the reporting
period. The combination of the current participations and the outstanding contractual investment
commitments allows the portfolio of TINC to grow over time to approximately €625 million;

▪ The net debt position amounts to €7.6 million at the end of the reporting period. TINC has € 150 million of
contracted bank credit lines of which € 8.0 million are drawn down at 30 June 2024. In addition, TINC has a
framework for attracting sustainable debt financing under various forms (Sustainable Finance Framework);

▪ TINC intends to propose a gross distribution of €0.58 per share for the current financial year ending 31
December 2024. The distribution, subject to approval by the general meeting, will take place in May 2025;

▪ In June, the mandate as director of Mr Philip Maeyaert and Ms Helga van Peer ended at TINC Manager NV,
statutory director of TINC NV. Mr Maeyaert was reappointed as independent director and chairman of the
supervisory board until 2027. The supervisory board now has 7 members of which 3 are independent
directors;

▪ After balance sheet date (1) TINC received full repayment of the outstanding financing to Northwind NV as
a result of which this participation is no longer part of TINC's investment portfolio, and (2) the investment in
the PPP Hortus Conclusus was formally completed after obtaining all necessary approvals;

▪ The interim report as at 30 June 2024 is available on the website of TINC (www.tincinvest.com).




TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 2
Key figures

1. Interim Consolidated Income Statement



Period ending at: June 30, 2024 30 juni 2023

(€) Notes 6 months 6 months
unaudited unaudited
Operating income 11 34.694.289 25.241.924
Interes t i ncome 3.807.851 3.822.641
Di vi dend i ncome 19.136.056 11.421.718
Ga i n on di s pos a l of i nves tments - 5.320.054
Unrea l i s ed ga i ns on i nves tments 11.455.212 4.357.230
Revenue 295.171 320.282
Operating expenses (-) 11 (16.481.257) (10.217.124)
Unrea l i s ed l os s es on i nves tments (12.796.909) (6.122.505)
Sel l i ng, Genera l & Admi ni s tra tive Expens es (3.528.903) (3.925.966)
Depreci a tions a nd a mortiza tions (1.853) (1.848)
Other opera ting expens es (153.592) (166.805)
Operating result, profit (loss) 18.213.032 15.024.801
Finance income 12 435.769 238.620
Finance costs (-) 12 (516.057) (126.579)
Result before tax, profit (loss) 18.132.744 15.136.841
Tax expenses (-) 13 (122.748) (2.550)
Total Consolidated income 18.009.996 15.134.291
Total other comprensive income - -
Total comprehensive income 18.009.996 15.134.291


Earnings per share (€)
1. Basic earnings per share (*) 14 0,50 0,42
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). 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 | 3
2. Interim Consolidated Balance Sheet



Period ending at: June 30, 2024 December 31, 2023
(€) Notes unaudited audited
I. NON-CURRENT ASSETS 489.061.146 468.483.322
Intangbi bl e a s s ets 5.580 7.434

Inves tments a t fa i r va l ue through profi t a nd l os s 10 488.966.152 468.356.669

Deferred taxes 89.414 119.219
II. CURRENT ASSETS 2.036.251 28.923.078
Tra de a nd other recei va bl es 1.607.285 1.558.508
Ca s h a nd s hort-term depos i ts 4 428.966 27.364.570
Other current a s s ets - -
TOTAL ASSETS 491.097.397 497.406.399




Period ending at: June 30, 2024 December 31, 2023
(€) Notes unaudited audited
I. EQUITY 3 482.030.590 494.595.854
Is s ued ca pi tal 113.268.771 135.450.590
Sha re premi um 174.688.537 174.688.537
Res erves 100.082.312 86.194.900
Retai ned ea rni ngs 93.990.970 98.261.827
II. LIABILITIES 9.066.807 2.810.546
A. Non-current liabilities - -


B. Current liabilities 9.066.807 2.810.546
Fi na nci a l l i a bi l i ties 11 8.000.000 -
Tra de a nd other pa ya bl es 911.629 2.776.098
Income tax pa ya bl es - -
Other l i a bi l i ties 155.178 34.448
TOTAL EQUITY AND LIABILITIES 491.097.397 497.406.399




TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 4
3. Interim Consolidated Statement of Changes in Equity


June 30, 2024

Share Retained
Notes Issued capital Reserves Equity
premium earnings

December 31, 2023 (audited) 2 135.450.590 174.688.537 86.194.900 98.261.827 494.595.854

Tota l comprehens i ve i ncome 1 - - - 18.009.996 18.009.996

Ca pi ta l Increa s e - - - - -
Di s tri buti on towa rds s ha rehol ders 15 (22.181.819) - (8.363.637) - (30.545.455)
Other cha nges - - 22.251.049 (22.280.853) (29.805)
June 30, 2024 (unaudited) 113.268.771 174.688.537 100.082.312 93.990.970 482.030.590



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

Financial year 2022 - 2023


Share Retained
Notes Issued capital Reserves Equity
premium earnings

June 30, 2022 (audited) 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 s ha rehol ders 15 (16.363.637) - (3.272.727) - (19.636.364)
Other cha nges - - 59.042.908 (59.334.119) (291.211)
December 31, 2023 (audited) 135.450.590 174.688.537 86.194.900 98.261.827 494.595.854




TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 5
4. Interim Consolidated Statement of Cash Flows


Period ending at: June 30, 2024 30 juni 2023
(€) Notes 6 months 6 months
unaudited unaudited


Cash at beginning of period 27.364.570 33.544.780


Cash Flow from Financing Activities (22.652.246) -
Proceeds from ca pi tal i ncrea s e - -
Proceeds from borrowi ngs 28.000.000 -
Repa yment of borrowi ngs (20.000.000) -
Interes t pa i d (106.791) -
Di s tri bution to s ha rehol ders (30.545.455) -
Other ca s h fl ow from fi na nci ng a ctivi ties - -
Cash Flow from Investing Activities 1.299.963 8.054.481
Inves tments (21.794.345) (50.182.679)
Repa yment of i nves tments 1.414.432 47.438.089
Interes t recei ved 5.114.525 3.347.051
Di vi dend recei ved 16.487.709 7.239.561
Other ca s h fl ow from i nves ting a ctivi ties 77.641 212.459
Cash Flow from Operational Activities (5.583.321) (2.704.408)
Ma na gement Fee (5.823.332) (2.348.357)
Opera tiona l expens es (448.772) (1.050.227)
Recovered VAT 688.784 694.177
Ta xes pa i d - -
Cash at end of period 428.966 38.894.854




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.




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