TINC publishes excellent results with a record investment year as the basis for future profit growth

TINC publishes excellent results with a record investment year as the basis for future profit growth

Antwerp, 11 March 2026, 7:00 a.m. CET Regulated information

"We have made major steps during the past financial year towards realizing the growth strategy of TINC. € 225 million of new investments contribute significantly to the diversification of the portfolio from predominantly project infrastructure into higher yielding corporate infrastructure (core+). The full amount of the June 2025 capital increase is invested, and the fair value of the investment portfolio grows significantly by 39% to € 713 million. Also the expected profitability of the portfolio increases, the weighted average discount rate grows from 8,40 % to 9,19%. The combination of the strong growth of the portfolio, the increase of the expected profitability and a strategic shift towards an optimized allocation of balance sheet capacity – net debt amounts to € 76 million – result from 2026 onwards in a higher return and higher profit for the TINC shareholders. Based on these excellent results and the strong cashflows for TINC from its portfolio companies, we propose with confidence and for the 9th year in a row an increase of the shareholder distribution to € 0,59 per share."— Manu Vandenbulcke, CEO

"The societal needs for future-oriented infrastructure is as strong as ever. TINC contributes with a clear long-term investment vision that ties financial performance to societal relevancy. This means that our investment portfolio is very well positioned to perform robustly, also in times of geopolitical turbulency. The recent successful capital increase and the support of the reference shareholder Infravest is testimony to the confidence of our shareholders in our strategy."– Philip Maeyaert, Chairman of the Supervisory Board

Key points

• The portfolio result for the past financial year (ending 31 December 2025) is €51.4 million, or a portfolio return of 10.03%. This return exceeds the weighted average discount rate of 8.40% that applied at the beginning of the previous financial year;
• The net profit amounts to €40.6 million or €0.84 per share;
• Total cash receipts from the portfolio amount to €75.8 million;
• Shareholders’ equity amounts to €637.5 million or €13.15 per share (€506.4 million or €13.93 per share on 31 December 2024). This includes the proceeds from the capital increase in June 2025 of €113 million and is net of the distribution to shareholders in May 2025 of €21.1 million or €0.58 per share. The return on equity amounts to 8.11% over the past financial year;
• TINC successfully completed a capital increase of €113 million in June 2025. This involved the issue of 12,121,212 new shares, bringing the total number of shares to 48,484,848 on 31 December 2025. The proceeds from the capital increase have already been fully used to support the strategic growth ambition to double the investment portfolio;
• The investment portfolio includes 33 participations in Belgium, France, Ireland and the Netherlands with a fair value (FV) of €713.2 million (a record growth of +39.3% compared to 31 December 2024). This portfolio is valued based on a weighted average discount rate of 9.19% (8.40% on 31 December 2024);
• TINC made €123.7 million of investment commitments during the financial year to two new participations (Dutch battery storage project Project Mufasa and the car park operator Interparking) and two existing participations (Azulatis and GlasDraad);
• TINC effectively invested €225.6 million under both current and new investment commitments. This includes investments in two new participations (Interparking and Project Mufasa) and in existing participations Azulatis (B), Datacenter United (B), Garagepark (NL), GlasDraad (NL), Storm Group (B), Storm Wind Belgium (B) and Yally (B);
• Outstanding contractual investment commitments amount to €103.1 million at the end of the financial year. Through the combination of the current participations and the €103.0 million of outstanding contractual investment commitments, the investment portfolio of TINC will grow to approximately €816 million;
• The net debt position amounts to €76.0 million at the end of the financial year. TINC has a €200 million revolving credit facility, of which €77.8 million is drawn down on 31 December 2025. In addition, TINC has developed a framework for attracting sustainable debt financing in various forms (Sustainable Finance Framework);
• TINC proposes a gross shareholder distribution of €0.59 per share for the past financial year ending on 31 December 2025. The proposed distribution consists of a combination of a dividend and a capital reduction. The proposed dividend amount will be equal to €0.17 per share (or 28.8% of the distribution), that of the capital reduction will be €0.42 per share (or 71.2% of the total amount distributed). The distribution, subject to approval by the general meeting, will take place in May 2026. This is the ninth consecutive year that the shareholder distribution is increased;
• After obtaining all the necessary approvals, the strategic repositioning of the reference shareholder of TINC took effect in March 2025. At the end of the financial year, Infravest – a partnership between Gimv, WorxInvest and Belfius – holds a 25.25% stake in TINC;
• In March 2025, the mandate of Mr Peter Vermeiren as board member ended. We would like to thank Peter for his contribution to the development and growth of TINC. At the same time, the Supervisory Board welcomed Mr Filip Dierckx and Mr Nils De Bremaeker as board members on the recommendation of Infravest;
• The annual report as at 31 December 2025 is available on the TINC website (www.tincinvest.com).

Diversified investing leads again to excellent annual results

TINC presents once again strong results. The diversification of the portfolio with participations across different segments and countries – each with its different dynamics – undoubtedly strengthens the robust nature of the overall portfolio.

With €51.4 million, TINC obtains an excellent portfolio result translating into a portfolio return of 10%.

The net profit over the past financial year amounts to €40.6 million or €0.84 per share.

Increase in the shareholder distribution for the ninth year in a row

TINC is proposing a shareholder distribution of €0.59 per share, an increase of 1.7% compared to last year’s shareholder distribution. This is the ninth year in a row that TINC increases the shareholder distribution. The distribution represents a gross return of 5.58% on the closing share price at the end of the financial year. This shareholder distribution amounts to 70.4% of the net profit of the year and is fully covered by cash flows that TINC receives from its investment portfolio.

Record investment year with €225.6 million of effective investments and €123.7 million of new commitments

The investment policy of TINC is embedded in four major societal trends: the transition to a low-carbon society, the need to upgrade public infrastructure, increasing digitisation 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 Social Infrastructure.

With €225.6 million of effective investments under existing and new investment commitments, 2025 symbolizes a year of strong growth. TINC invested not only in two new participations (the Dutch battery storage project Project Mufasa and the car park operator Interparking), but also in seven existing participations (Azulatis, Datacenter United, Garagepark, GlasDraad, Storm Group, Storm Wind Belgium and Yally).

During the financial year, TINC enterred into new investment commitments for a total amount of €123.7 million. This includes additional commitments to existing participations (GlasDraad and Azulatis) and commitments to two new participations (Project Mufasa and Interparking).

These investment commitments shape the ambition to aim for profitable growth and further diversification of the portfolio.

33 participations with a fair value of €713.2 million

At the end of this strong investment year, the investment portfolio now includes 33 participations. The fair value of the investment portfolio increases by €201.2 million to €713.2 million. This 39.3% increase compared to the previous financial year is the net result of investments in existing and new participations (€225.6 million), repayments from and divestments of participations (€47.7 million) and an increase in the fair value of the portfolio (€23.8 million).

The fair value of the portfolio is evenly spread over the four segments, with 20% Public Infrastructure, 26% Energy Infrastructure, 25% Digital Infrastructure and 29% Social Infrastructure.

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 amounts to 9.19% at the end of the financial year, compared to 8.40% at the end of the financial year. The increase is the result of changes in the composition of the investment portfolio and reflects the increased share of investments in corporate infrastructure.

TINC received €75.8 million in cash flows from its investment portfolio. This includes predominantly dividends and interest, capital repayments by participations and the proceeds from the partial sale of the interest in Datacenter United.

TINC is on track to double its portfolio to €1 billion

At the end of the financial year, TINC still has €103.1 million of contractual investment commitments outstanding, which are projected to be effectively invested over the 2026-2028 period. Of this total amount, €65.5 million relates to the Public Infrastructure segment, €21.7 million to the Energy Infrastructure segment, €8.3 million to the Digital Infrastructure segment and €7.5 million to the Social Infrastructure segment.

Through the combination of the current participations and the €103.1 million of outstanding contractual investment commitments, the investment portfolio of TINC will evolve to approximately €816 million. TINC is therefore well on track to double the value of its portfolio to €1 billion.

€113 million in funding raised through successful capital increase

In June 2025, TINC strengthened its capital by €113 million by issuing 12,121,212 new shares. This capital increase took the form of a rights issue, providing all existing TINC shareholders with the opportunity to participate. Following this fourth capital increase since its IPO in 2015, TINC has raised in total approximately €500 million on Euronext Brussels. The proceeds from the capital increase were already fully invested in future￾oriented infrastructure.

Investment commitments are covered by a €200.0 million revolving credit facility

TINC uses cash flows from its investment portfolio – including the proceeds of asset disposals, proceeds from capital increases– and debt funding in order to meet its investment commitments. TINC has contracted a €200.0 million revolving credit facility which is available to meet outstanding investment commitments and for general investment purposes. At the end of the financial year, €122.2 million remains available. The net debt position of TINC amounts to €76,0 million at the end of the financial year.

TINC also has a 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.

Strategic reorganization of the reference shareholder

After obtaining all the regulatory approvals, the strategic reorganization of the reference shareholder of TINC took effect in March 2025. At the end of the financial year, Infravest – a partnership between Gimv, WorxInvest and Belfius – holds a 25.25% stake in TINC. This reorganization strengthens the support of the reference shareholder of TINC.

Supervisory Board

The Supervisory Board is an independent and diverse body that consists of eight members at the end of the financial year.

In March 2025, the mandate of Mr Peter Vermeiren as board member was terminated. We would like to thank Peter for his contribution to foster the development and growth of TINC. At the same time, the Supervisory Board welcomed Mr Filip Dierckx and Mr Nils De Bremaeker as board member on the recommendation of Infravest.

Sustainable investing and long-term vision are self-evident

As an investor in the infrastructure for the world of tomorrow, TINC adopts an explicit long-term vision that is inextricably linked to a focus on societal relevance and sustainability. TINC is committed to contributing to 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.

Key figures

1. Audited consolidated statement of comprehensive income

2. Audited consolidated balance sheet

3. Audited consolidated changes in equity

4. Audited consolidated cash flow table

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 social infrastructure estate in Belgium, France, Ireland and the Netherlands.

For more information, please visit www.tincinvest.com.