Tinc Nv · EURONEXT:TINC
Tinc Nv — Investor Presentation (June 2025)
56 slides from Tinc Nv's investor presentation, June 2025
Slide 1: Investor Presentation June 2025
Investor Presentation June 2025
Slide 2: Disclaimer
Disclaimer You must read the following before continuing NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (OR TO US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED), AUSTRALIA, CANADA
Slide 3: Creating sustainable value by investing in the infrastructure for the world of tomorrow
CREATING SUSTAINABLE VALUE BY INVESTING IN THE INFRASTRUCTURE FOR THE WORLD OF TOMORROW 3
Slide 4: About TINC
About TINC INVESTMENT INFRASTRUCTURE LISTED ON COMPANY EURONEXT BRUSSELS 32 760 MILLION PORTFOLIO ACTIVE IN BELGIUM, PORTFOLIO FAIR VALUE THE NETHERLANDS, COMPANIES (including commitments) FRANCE AND IRELAND 4 Unless indicated otherwise, the financial information in this slide has been presented as
Slide 5: TINC is inspired by significant societal trends
TINC is inspired by significant societal trends Low-carbon world Digitisation Building Back Better Care and wellbeing 5
Slide 6: TINC invests in four segments
TINC invests in four segments Public Energy Digital Social Infrastructure Infrastructure Infrastructure Infrastructure 6
Slide 7: Project and Corporate Infrastructure
Project and Corporate Infrastructure Project Infrastructure Corporate Infrastructure Capital intensive Capital intensive Value creation Combining robust cash flow Value creation through through recurring profile infrastructure projects… recurring cash flows cash flows and growth Defined growth Focus
Slide 8: Investment portfolio
Investment portfolio Public Infrastructure 1 A15 Maasvlakte-Vaanplein 23 % 2 Brabo I 3 Higher Education Buildings 4 Hortus Conclusus 5 L’Hourgnette 6 Prinses Beatrixsluis 15 9 7 Social Housing Ireland 22 26 4 2 8 SPI,R0 18 31 27% 11 17 9 Via A11 14 29 10- Via R4 Gent 25 10 16 20 8 Energy 30 Infrastr
Slide 9: Diversification of the portfolio
Diversification of the portfolio Fair value per segment Fair value per type Fair value per country 4% 20% 27% Total Total 41% 35% Total € 616 € 616 € 616 million 59% million million 57% 30% 23% 4% Energy Infrastructure Public Infrastructure Corporate Project Belgium France the Netherlands Ireland Di
Slide 10: Investments in numbers since IPO
Investments in numbers since IPO 800 741 700 680 600 598 500 475 400 300 200 100 0 jun 2016 jun 2017 jun 2018 jun 2019 jun 2020 jun 2021 jun 2022 dec 2023 dec 2024 mar 2025 Cumulative investments Cumulative commitments 10 Unless indicated otherwise, the financial information in this slide has been p
Slide 11: Investments in numbers 1Q2025
Investments in numbers 1Q2025 NEW INVESTMENT COMMITMENTS IN 1Q2025 61 (in million €) EFFECTIVE INVESTMENTS IN 5 PORTFOLIO COMPANIES in 1Q2025 123 (in million €) OUTSTANDING INVESTMENT COMMITMENTS AT 31/03/2025 143 (in million €) Total 2025 2026 2027 2028 (in m€) 143.2 56.8 51.9 17.4 17.0 Total Publi
Slide 12: Recent Investments
Recent Investments 12
Slide 13: Hortus Conclusus
NEW IN 2024 Hortus Conclusus • Public private partnership (PPP) • Prison in Antwerp • € 13 million commitment 13
Slide 14: SPI.R0
NEW IN 2024 SPI.R0 • Public private partnership (PPP) • conversion of the R0xA201 traffic interchange to Brussels Airport • € 17 million commitment 14
Slide 15: Storm
NEW IN 2024 Storm • Additional investment in Energy Infrastructure • € 30 million commitment 15
Slide 16: Mufasa
NEW IN 2025 Mufasa • Investment in BESS (Battery Energy Storage System) in Vlissingen • 350 MW capacity • € 61 million commitment 16
Slide 17: Datacenter United
NEW IN 2024 Datacenter data centres United • Partial sale to a strategic partner • Acquisition of Proximus datacenters • € 67 million commitment • Finalised in February 2025 17
Slide 18: Azulatis
NEW IN 2024 Azulatis • Industrial water management • Water-as-a-service • Partnering with De Watergroep • € 8 million commitment * Subject to final approval by competition authorities 18
Slide 19: Financial Update
Financial Update 19
Slide 20: Balance sheet
Balance sheet Period ending at December 31, 2024 March 31, 2025 (in ‘000 €) Fair value (FV) of the portfolio companies 512,070 616,237 Cash/(Debt) (6,010) (101,295) Other 363 (558) Net asset value (NAV) 506,422 514,384 Net asset value per share (€) 13.93 14.15 Weighted average discount rate 8.40% 8.
Slide 21: Result
Result Period ending at December 31, 2024 March 31, 2025 (in ‘000 €) 12 months 3 months Portfolio result: profit (loss) 50,748 10,892 Operating result: profit (loss) 43,987 8,586 Net result of the year: profit (loss) 42,491 7,962 Net result per share 1.17 0.22 8.58% Net result on NAV 21 Unless indic
Slide 22: Cash receipts
Cash receipts 44,820 29,813 Cash receipts (in ‘000€) 31/12/2024 31/03/2025 Public Infrastructure Energy Infrastructure Digital Infrastructure Social Infrastructure 22 Unless indicated otherwise, the financial information in this slide has been presented as at 31 March 2025.
Slide 23: Track record
Track record 23
Slide 24: Since IPO, TINC has more than quadrupled its NAV, including distributions
Since IPO, TINC has more than quadrupled its NAV, including shareholder distributions 600,000 180,000 514M 160,000 500,000 140,000 130,830 130,830 400,000 120,000 100,284 100,000 300,000 80,648 80,000 61,739 200,000 150M 60,000 43,193 40,000 29,557 100,000 16,193 20,000 6,375 0 - 30/06/2015 Jun 16 (
Slide 25: Track record of historical portfolio returns exceeding discount rates
Track record of historical portfolio returns exceeding discount rates 9.9% 12% Average portfolio return * 10% 8% Return 6% ** 4% 2% 0% Jun 16 (18m) Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Dec 23 (18m) Dec 24 Portfolio return Discount rate 25 Unless indicated otherwise, the financial information in
Slide 26: Track record of growing shareholder distributions
Trackrecord of growing shareholder distributions • Distribution has increased for eight consecutive years • Increase of distribution of 24% since IPO • €131m distributed to shareholders since IPO* *Excluding May 2025 distribution 1 0.84 +24% 1 1 0.58 1 0.51 0.52 0.53 0.48 0.49 0.50 1 0.47 0 0 0 0 0
Slide 27: Track record of value creation
Track record of value creation NAV + cumulative distribution per share since IPO (in €) 20 18,50 18 4.35 16 + 68% 14 12 11.00 + 29% 10 8 14.15 6 4 2 0 Jun 15 Mar 25 NAV per share Cumulative distribution 27 Unless indicated otherwise, the financial information in this slide has been presented as at 3
Slide 28: ELEVATION 2030
ELEVATION 2030 28
Slide 29: Target to double the portfolio to > €1bn
Target to double the portfolio to > €1bn €1bn Fair Elevation Value Project Investments Corporate Investments €500m Public Energy Digital Social Fair Infrastructure Infrastructure Infrastructure Infrastructure Value Inspired by megatrends Building Back Care and Decarbonization Digitization Better wel
Slide 30: Enhancing the competitive edge and average portfolio return of TINC
Enhancing the competitive edge and average portfolio return of TINC Rebalancing the Increasing the portfolio towards average ticket size corporate growth • From an investor in infrastructure projects • Ability to invest larger tickets will enhance towards corporate investments in the pricing power a
Slide 31: Enhancing capital allocation
Enhancing capital allocation €104m drawn per Mar25 800,000 700,000 €200m RCF 600,000 500,000 Net cash 400,000 300,000 200,000 100,000 - 30/06/2015 Jun 16 (18m) Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Dec 23 (18m) Dec 24 Mar 25 Equity Portfolio Fair Value RCF available Debt drawndown 31 Unless indi
Slide 32: Mix of equity, debt, operational cash flows and syndication
Mix of equity, debt, operational cash flows and syndication Source of funds Use of funds Active portfolio management Funding existing commitments Combination of RCF and LT DCM instruments Striking power for new Rights issue in investments June 2025 Equity raising Debt financing Operational cash flow
Slide 33: New shareholder structure
New shareholder structure Infravest 100% Free-float (Public) TDP 78% 22% 100% TINC Statutory Manager Director 33
Slide 34: Transaction Details
Transaction Details 34
Slide 35: Transaction summary – offering details
Transaction summary – offering details Offering ▪ Up to ca. € 113.2 million represented by 12,121,212 new shares size Offering ▪ Subscription ratio: 1 new share per 3 rights (one right per existing share) terms ▪ Subscription price: € 9.34 per new share Offering ▪ Subscription period: 5 June 2025 –
Slide 36: Timetable
Timetable Detachment of Start of the rights End of the rights Listing of the new coupon no. 22 after Scrips private subscription period subscription period shares on Euronext closing of Euronext placement (and rights trading) (and rights trading) Brussels Brussels Jun Jun Jun Jun Jun 4 5 17 18 20 (1
Slide 37: Why invest in TINC?
Why invest in TINC? 37
Slide 38: Why invest in TINC
Sustainable societal trends Provision of essential services Growth prospects Diversification Accessible Track record of growth and profitability Stable distribution policy GIMV, WorxInvest & Belfius as reference shareholders 38
Slide 39: Creating sustainable value by investing in the infrastructure for the world of tomorrow
CREATING SUSTAINABLE VALUE BY INVESTING IN THE INFRASTRUCTURE FOR THE WORLD OF TOMORROW 39
Slide 40: Appendix
Appendix Strictly Confidential 40
Slide 41: Key figures
Key figures Key figures (in thousands of €) June 2020 June 2021 June 2022 Dec 2023* Dec 2024 Market capitalisation 469,091 454,545 478,545 427,273 400,727 800 Equity (NAV) 445,697 457,863 463,624 494,596 506,422 700 680 600 Fair value (FV) of the portfolio 340,317 396,890 415,437 468,357 512,070 500
Slide 42: Participations
Public Infrastructure Participations A15 Maasvlakte-Vaanplein Brabo I A15 Maasvlakte-Vaanplein is a public-private partnership for the construction, financing, and long-term Brabo 1 is a public-private partnership set up for the construction, financing, and long-term maintenance (DBFM) of roadworks
Slide 43: Participations
Public Infrastructure Participations L’Hourgnette Higher Education Buildings L’Hourgnette is a public-private partnership for the construction, financing, and long-term Higher Education Buildings is a public-private partnership created for the development, financing, and maintenance (DBFM) of a dete
Slide 44: Participations
Public Infrastructure Participations Princess Beatrix Lock Social Housing Ireland The Princess Beatrix Lock is a public-private partnership for the construction, financing, and long-term Social Housing Ireland is a public-private partnership for the construction, financing, and long-term maintenance
Slide 45: Participations
Public Infrastructure Participations Via A11 Via R4 Ghent Via A11 is a public-private partnership for the construction, financing, and long-term maintenance Via R4 Ghent is a public-private partnership for the closure, financing, redevelopment, and long-term (DBFM) of a 12-kilometre motorway link to
Slide 46: Participations
Energy Infrastructure Participations Kroningswind Zelfstroom Kroningswind is an onshore windfarm on the island of Goeree-Overflakkee in South Holland, located Zelfstroom operates a portfolio of solar power systems installed on residential rooftops in the on farmland between the towns of Stellendam a
Slide 47: Participations
Energy Infrastructure Participations Berlare Wind Kreekraksluis Berlare Wind is an onshore windfarm in the municipality of Berlare in Belgium, The windfarm is made Kreekraksluis windfarm is an onshore windfarm on and near the Kreekraksluizen locks in the Scheldt- up of four Enercon E-82 2,3MW wind t
Slide 48: Participations
Energy Infrastructure Participations Lowtide Nobelwind Lowtide is made up of 23 solar power plants in Flanders with a total generation capacity Nobelwind is an offshore windfarm located 46km off the Belgian coast, The windfarm consists of 6,7 MWp, The power is mostly used by local industrial custome
Slide 49: Participations
Energy Infrastructure Participations Solar Finance Storm Wind Ireland Solar Finance consists of 48 solar power plants in Flanders with a total generation capacity Storm Wind Ireland is an onshore windfarm in County Offaly, Ireland, The windfarm has four turbines of 18,9 MWp, The power is mostly used
Slide 50: Participations
Energy Infrastructure Participations Storm Wind Belgium Sunroof Storm Wind Belgium is a portfolio of onshore windfarms in Belgium, The portfolio consists of Sunroof consists of 19 solar power generation facilities (17 in Flanders and 2 in Wallonia) with a total 56 turbines with a total capacity of a
Slide 51: NGE Fibre
Digital Infrastructure Participation NGE Fibre NGE Fibre is a bundle of operational fibre optic network concessions located in France’s Grand Est region, near the Belgian border, They form part of France’s ‘Plan Très Haut Débit’ investment programme, which aims to roll out super-fast internet access
Slide 52: GlasDraad
Digital Infrastructure Participation GlasDraad GlasDraad was founded in 2017 on the initiative of TINC to provide residents and businesses in rural parts of the Netherlands access to a super-fast, reliable, and affordable fibre optic network, GlasDraad creates network connections based on actual dem
Slide 53: Participations
Social Infrastructure Participations Yally Obelisc In September 2022, TINC launched Yally, an initiative to buy existing residential properties in and around Right in the heart of Belgium’s largest biotech cluster in Ghent stands Obelisc, a state-of-the-art major Belgian cities, make them more energ
Slide 54: Participations
Social Infrastructure Participations De Haan Vakantiehuizen Eemplein car park De Haan Vakantiehuizen owns 347 holiday homes at the Center Parcs holiday park in De Haan, The Eemplein car park is located in the Dutch city of Amersfoort and has 625 underground parking spaces, The plaza above it has a c
Slide 55: Participations
Social Infrastructure Participations Réseau Abilis GaragePark Réseau Abilis comprises a growing network of specialised residences that provide life-long residential care to Headquartered in Blaricum (NL), GaragePark develops and operates innovative multifunctional storage and people with special nee
Slide 56: TINC Karel Oomsstraat 37 2018 Antwerpen
TINC Karel Oomsstraat 37 2018 Antwerpen 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 Icon Description automatically generated