TINC publishes strong interim results and is well on track to double its
investment portfolio with the proceeds of the recent rights issue fully
invested


Antwerp, 10 September 2025, 7:00 a.m. CET Regulated information


Manu Vandenbulcke, CEO:

"Over the past six months, we have taken major steps towards realizing the growth strategy of TINC. € 160 million
of investments during the reporting period in new and existing participations contribute significantly to the
diversification of the portfolio from predominantly project infrastructure into higher yielding corporate
infrastructure. This strong investment momentum means that the € 113 million proceeds of the recent June 2025
rights issue are already fully invested and that TINC is well on track to double its investment portfolio. The € 34
million net debt position at the end of the reporting period reflects the strategic shift towards an optimized
allocation of balance sheet capacity. This supports the equity return and value proposition for the TINC
shareholder. Based on these results, TINC intends to distribute to its shareholders a gross distribution of € 0.59
per share for the current financial year and this after approval by the general meeting in May 2026." - Manu
Vandenbulcke, CEO



Philip Maeyaert, Chairman of the Supervisory Board:

"TINC continues to pursue its growth path with conviction. The past six months showed a strong investment
momentum, driven by a clear long-term vision. The recent successful capital increase of € 113 million is testimony
to the confidence of our shareholders and provides TINC with the necessary financial resources to realise its
ambitions. We will continue to invest in future-oriented infrastructure with attention for societal relevance and
sustainable value creation." - Philip Maeyaert, Chairman of the Supervisory Board



Key points

▪ The portfolio result for the first six months of the current financial year (ending 31 December 2025) is € 24.5
million (or an annualised portfolio return of 9.58%). This results in a net profit of € 18.4 million or € 0.50 per
share (on a weighted basis);

▪ The total cash receipts from the portfolio amount to € 46.4 million;

▪ Shareholders’ equity amounts to € 615.3 million (€ 506.4 million on 31 December 2025) or € 12.69 per share
(€ 13.93 per share on 31 December 2024) after deduction of the € 21.1 million (or € 0.58 per share)
shareholder distribution in May 2025 and the effect of the June 2025 rights issue;

▪ TINC successfully completed a capital increase of approximately € 113 million in June 2025. This involved
the issue of 12,121,212 new shares, bringing the total number of shares to 48,848,489 on 30 June 2025. The
proceeds from the capital increase were already fully used to support the strategic growth ambition to
double the investment portfolio;
TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - Page | 1
▪ The investment portfolio includes 32 participations in Belgium, France, Ireland and the Netherlands with a
fair value (FV) of € 649.3 million (+26.8% compared to 31 December 2024). This portfolio is valued based on
a weighted average discount rate of 8.73% (8.40% on 31 December 2024);

▪ During the reporting period, TINC committed € 64.9 million to new and additional investments. This
includes a € 61.3 million investment commitment to the new participation Mufasa, a battery energy storage
system (BESS) in Vlissingen (NL), and a € 3.6 million increase in its existing commitment to Azulatis;

▪ TINC effectively invested € 159.1 million under both current and new investment commitments. This
includes investments in the new participation Mufasa (NL) and in the existing participations Storm Group (B),
Datacenter United (B), Azulatis (B), Yally NV (B), Garagepark (NL) and GlasDraad (NL);

▪ Taking into account the € 110.8 million of outstanding contracted investment commitments at the end of
the reporting period, TINC is well on track to double its investment portfolio to € 1 billion;

▪ The net debt position amounts to € 33.8 million at the end of the reporting period. TINC has a € 200 million
revolving credit facility, of which € 34 million is drawn down on 30 June 2025. In addition, TINC has
developed a framework for attracting sustainable debt financing in various forms (Sustainable Finance
Framework);

▪ TINC targets a gross distribution to its shareholders of € 0.59 per share for the current financial year ending
31 December 2025. Subject to approval by the general meeting, the distribution will be paid in May 2026;

▪ The interim report as at 30 June 2025 is available on the TINC website (www.tincinvest.com).




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

1. Audited consolidated statement of comprehensive income




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




TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - Page | 4
3. Audited consolidated changes in equity




TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - Page | 5
4. Audited consolidated cash flow table




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 social infrastructure 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



TINC NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 73 - Page | 6