TINC completes investment in sustainable water
management company Azulatis (B)

Antwerp-Brussels-Deerlijk June 30, 2025, 7:00 CET


In the spring of 2024, TINC, the infrastructure investor listed on Euronext Brussels, announced an
investment in Azulatis, a company specializing in industrial water management. This investment was
subject to customary conditions precedent including approval by the Belgian Competition Authority.
The transaction has now obtained all necessary approvals allowing the proposed joining of forces with
Azulatis to proceed. TINC acquires a 49% stake alongside current shareholder De Watergroep.



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 entire water
management, for instance through wastewater reuse. In the meantime, Azulatis serves some 50
customers in various sectors such as food and beverages, chemicals, agriculture, retail and logistics,
healthcare and industrial production.

Azulatis grew out of the spin-off of the industrial branch of the Flemish water company De
Watergroep. The investment of TINC will strengthen Azulatis' financial strength, allowing it to further
expand its activities and accelerate its innovation capacity.

Azulatis is a spin-off of the industrial branch of Flemish public water company De Watergroep. The
investment by TINC will strengthen Azulatis' financial capacity, allowing it to expand its activities and
accelerate its capacity for innovation.

TINC invests circa €11 million for a 49% stake. The investment is funded from available cash and will
contribute immediately to the result of TINC.

"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,


TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - www.tincinvest.com Page | 2
environmental pollution and climate change. Innovation in this sector is therefore crucial. The circular
model in which wastewater is reused is only one of many possibilities. TINC is therefore pleased to
support Azulatis in a market with growth and consolidation opportunities." - Manu Vandenbulcke, CEO
TINC.

"The water economy is in full development, and Azulatis is well placed to play a pioneering role in the
transition to a climate-proof water system for Belgium, the Netherlands and France, contributing to
the Blue Deal in which water management is looked at radically differently. Thanks to the collaboration
with TINC, Azulatis obtains additional financial resources and expertise to respond flexibly and
vigorously to the demands of its industrial customers and can develop new techniques regarding
circular industrial water." - Hans Goossens, director general De Watergroep.

"We are delighted to get an additional investor for Azulatis on board with TINC. Their financial
investment confirms their confidence in our business plan and represents a clear milestone in the
further growth of our company. Their conviction and investment will enable Azulatis to accelerate the
realisation of our customer-centric mission. Working with the companies as a long-term partner, we
are building a complete water management system ready for current and future challenges. This is
done through a cost-effective integration of circular and economic management of water."- Ann De
Bal, CEO Azulatis.



About TINC

TINC is a listed investment company that creates sustainable value by investing in the infrastructure for the world of
tomorrow. TINC invests in companies active in building and operating infrastructure and holds a diversified portfolio of
investments in focus areas such as public infrastructure, energy infrastructure, digital infrastructure and social infrastructure
in Belgium, France, Ireland and the Netherlands. Visit our website for more information: 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

De Watergroep is an autonomous Flemish water company offering products and services across the entire water chain, with
the mission: 'We provide sustainable water. Today, and for the generations of tomorrow.'
Via a network of more than 34.800 kilometers of water pipes De Watergroep supplies drinking water in a sustainable manner
to 16 7 municipalities spread over West and East Flanders, Flemish Brabant and Limburg. In this way we serve 3.4 million
customers and hundreds of companies. The integrated water company is through Riopact partner for municipal wastewater
and stormwater management. Subsidiary Azulatis offers innovative water-tailored solutions for companies.

Contact
Kathleen De Schepper, Director Market and Relationship Management, corporate spokesperson
M +32 499 58 34 80 - kathleen.de.schepper@dewatergroep.be




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