Annual report

Annual Report

CREATING SUSTAINABLE VALUE BY INVESTING IN THE INFRASTRUCTURE FOR THE WORLD OF TOMORROW

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Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Contents

Public

Infrastructure

19

Energy

Infrastructure

33

Digital

Infrastructure

48

Social

Infrastructure

58

3 TINC 2025 Annual Report

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Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Key figures

638

Equity (NAV)

(in millions of €)

Equity per share

€13.15

Net result

41

(in millions of €)

Net result per share

€0.84 713

Fair value (FV) portfolio

(in millions of €)

Weighted average discount rate

9.19%

Portfolio result

51

(in millions of €)

Portfolio return

10.03%

4 TINC 2025 Annual Report

Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Results as of December 31, 2025 (12 months)

Fair value per segment Fair value per type Fair value per country

138

207

20%

29%

€ 713

milion

Total

26%

25%

188

180

€713

million

Total

52%

48%

3% 3%

344

370

35%

€713

million

Total

59%

Public Infrastructure Energy Infrastructure

Digital Infrastructure Social Infrastructure

Corporate Infrastructure Project Infrastructure

Belgium the Netherlands France Ireland

Growth of the portfolio (FV)

(in millions of €)

Portfolio return

(as a %)

900

816

12

10.7%

10.8%

750 103

713

600

512

468

450

397

415

300

150 0

10

9.9%

10.0%

9.2%

8

7.6%

7.7% 7,8%

8.1%

8.4%

6

4

2

0

June 2021

June 2022

December 2023 (18m)

December 2024

December 2025

June 2021

June 2022

December 2023 (18m)

December 2024

December 2025

5 TINC 2025 Annual Report

Contractual investment commitments

Portfolio return Weighted average discount rate

Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Results as of December 31, 2025 (12 months)

NAV and cumulative gross distribution per share since IPO

(in €)

Growth distribution per share (gross) since IPO

(in euro cents)

20

1.6

54%

92%

56%

67%

93%

61%

79%

60%

50%

70%

15 15.04

15.72

2.97

17.11

3.51

18.28

4.35

18.08

4.93

1.4

1.2

1.17

1.0

0.86

0.87

0.85

0.84

0.8

0.74

0.69

0.6

0.52

0.55

0.84

0.58

0.59

0.4

0.47

0.48

0.49

0.50

0.51

0.52

0.54

1.40

12.87 13.59 14.20

2.45

11

10 11

11.57

11.57

12.14

0.47

11.67

0.95

11.92

1.44

12.15

1.94

12.26

12.59

12.75

13.60

13.93

13.15

5

0.2

0

June 2015

June 2016

June 2017

June 2018

June 2019

June 2020

June 2021

June 2022

Dec 2023 (18m)

Dec 2024

Dec 2025*

0.0

June 2016

June 2017

June 2018

June 2019

June 2020

June 2021

June 2022

Dec 2023 (18m)

Dec 2024

Dec 2025

(proposed distribution)

NAV per share Cumulative distribution

* Decrease due to increased number of shares as a result of the capital increase in June 2025 (36,636,363 as at 31/12/2024 and 48,484,849 as at 31/12/2025)

Distribution per share Net result per share Payout ratio

Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Results as of December 31, 2025 (12 months)

Key figures (in thousands of €) June 2021 June 2022 Dec 2023

(18m)

Dec 2024 Dec 2025

900

701

804

800

700

600

500

400

300

200

100

0

May 2015

Jun 2021

Jun 2022

Jun 2023*

Dec 2024

Dec 2025

Cumulative investments since IPO (in m€)

Cumulative commitments since IPO (in m€)

700 200

NAV per share

12.59

12.75

13.60

13.93

13.15

Net result per share

0.85

0.69

1.40

1.17

0.84

Net result per share (weighted)

0.85

0.69

1.40

1.17

0.95

Distribution per share

0.52

0.54

0.84

0.58

0.59**

Payout ratio

60.86%

78.63%

60.00%

49.64%

70.43%

Share price at the end of the period

12.50

13.16

11.75

11.02

10.58

Gross return on distribution relative to share price

4.16%

4.10%

4.77%

5.26%

5.58%

Gross return on equity (NAV)

6.89%

5.39%

7.27%

8.58%

8.11%

600

500

400

300

62

200 100

0

458

June 2021

81

June 2022

100

Dec 2023*

Dec 2024

638

131

152

Dec 2025

150

100

50

0

* Weighted average number of shares as per 31/12/2025 is 42.839.353

** Proposed distribution

Cumulative distribution since IPO (in m€) Equity (NAV)(in m€)

* Over a financial year of 18 months

Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Dear shareholder,

We are proud to present the annual report of TINC for the financial year 2025, a year of outstanding results in which our growth objective took shape.

These results validate our motto: 'creating sustainable value by investing in the infrastructure for the world of tomorrow'. Indeed, our investments in forward looking infrastructure create tangible and sustainable value - for society as well as for our shareholders. For the ninth year in a row, TINC succeeds in increasing the distribution to its shareholders.

This highlights our ability to achieve financial success through thoughtful investments with a positive impact on the future.

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).

Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Foreword

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 strongly 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 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.

Key figures

Highlights TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Foreword

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

We thank our shareholders for their trust and look forward with confidence. Our robust portfolio and extensive financing capabilities provide a solid basis to continue the growth trajectory of TINC.

Philip Maeyaert

Chair of the Supervisory Board

Manu Vandenbulcke

CEO

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Key figures Highlights

TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Highlights

Successful completion of strategic partnership for Datacenter United and acquisition of Proximus data centres (B)

February 2025

General meeting of TINC followed by €21.1 million distribution to shareholders

May 2025

€61 million investment in the largest battery storage project in The Netherlands, Mufasa (NL)

February 2025

TINC welcomes Infravest,

a strategic alliance between Gimv, WorxInvest and Belfius, as a partner for further growth

March 2025

Growth ambitions of TINC supported by €113 million capital increase

June 2025

Key figures Highlights

TINC at a glance Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Highlights

Datacenter United secures

€120 million in debt financing for its growth plans

September 2025

Completion and commissioning of Higher Education Buildings (PPP in Ireland)

December 2025

€11 million investment in sustainable water management company Azulatis (B)

June 2025

TINC acquires a €50 million stake in Interparking

December 2025

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Key figures

Highlights

TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

About TINC

Social themes

• Low-carbon world

• Digitisation

• Building Back Better

• Care and Well-being

Segments

Public Infrastructure Energy Infrastructure Digital Infrastructure Social Infrastructure

Types

Project Infrastructure Corporate Infrastructure

TINC participates in companies that realise and operate infrastructure. TINC aims to create sustainable value by investing in the infrastructure for the world of tomorrow.

Founded in 2007, TINC has been listed on Euronext Brussels since 12 May 2015. As a listed investment company, TINC has a platform for the further financing of its growth. This platform is accessible to both private and institutional investors, and allows them to invest in capital-intensive infrastructure in

a liquid, transparent, and diversified way.

TINC is currently active in Belgium, the Netherlands, Ireland and France, and aims for further geographical expansion into other European regions, preferably through established and proven partnerships with industrial, operational, and

financial partners.

Key figures

Highlights

TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

TINC at a glance

TINC is inspired by significant societal trends

Low-carbon world

Digitisation

Building Back Better

Care and Well-being

Key figures

Highlights

TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

TINC at a glance

TINC invests in four segments

See page 58

See page 48

See page 33

See page19

Social

Infrastructure

Digital

Infrastructure

Energy

Infrastructure

Public

Infrastructure

Key figures

Highlights

TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

TINC at a glance

TINC invests in project and corporate infrastructure

Project

Infrastructure

Capital-intensive activities

Value creation from recurring cash receipts

Defined in time, growth perspectives and financial commitments

Finite lifespan with no or limited upside potential

Combining

the cash flows from infrastructure projects ...

... with the growth profile of corporate infrastructure

Corporate Infrastructure

Capital-intensive activities

Value creation from recurring cash receipts and growth

Focus on growth, organically or

via acquisitions

Growth potential

Key figures

Highlights

TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

TINC at a glance

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

Key figures

TINC at a glance

Highlights

TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public

20%

15

9

27

14

18

26 10 30

4 32 2

23

11 17

16

20

33 8

31

3

7

19

5

29

24

25

1

28

6

21

22

13

12

Participations

33 +2

With a fair value of

713 +201.2

(in millions of €)

Investment portfolio

Infrastructure

1. A15 Maasvlakte-Vaanplein

2. Brabo I

3. Higher Education Buildings

4. Hortus Conclusus

5. L'Hourgnette

6. Prinses Beatrixsluis

7. Social Housing Ireland

8. SPI.R0

9. Via A11

10. Via R4 Gent

    Energy

    Infrastructure

11. Berlare Wind

12. Kreekraksluis

13. Kroningswind

14. Lowtide/Hightide

15. Nobelwind

16. Solar Finance

17. Storm Group

18. Storm Wind België

19. Storm Wind Ierland

20. Sunroof

21. Zelfstroom

22. Mufasa +

    Digital

    Infrastructure

23. Datacenter United

24. GlasDraad

25. NGE Fibre

    Social

    Infrastructure

26. Azulatis

27. De Haan Vakantiehuizen

28. Eemplein

29. Garagepark

30. Obelisc

31. Réseau Abilis

32. Yally

33. Interparking +

26%

25%

29%

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Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

19 TINC 2025 Annual Report

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Key figures

Share of the total investment portfolio (FV)

20%

Public Infrastructure Other

Number of participations

(in millions of €)

10

Fair value (FV)

138

Weighted average discount rate

7.69%

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

TINC invests in public infrastructure for the future such as roads, locks, public transport, social housing, and detention centres that form the backbone of a well-functioning, inclusive, and modern society.

Investments in public infrastructure generally take the form of a participation in a public-private partnership (PPP), through which a consortium of industrial and financial partners designs, builds, and finances public infrastructure. This infrastructure is then maintained by the consortium for a fixed contractual period, during which it is made available to a public partner for a fee. At the end of the contract, the infrastructure is transferred to the public partner.

All projects are public-private partnerships based on availability fees, usually under a DBFM or a DBFMO contract (Design, Build, Finance, and Maintain (and Operate)). This is an integrated contract form where the contractor is not only responsible for the financing, design, and construction of an asset, but also for its maintenance. All aspects of a project, from design to maintenance, are combined and allocated to a single party, which ensures more efficient project execution.

During the term of the contract, TINC receives a fixed fee for its PPP participations from public authorities in return for making the infrastructure available. This fee is not linked to the level of actual use, but covers the operating costs incurred for the maintenance of the infrastructure and the associated

finance costs. Financing comes in the form of both debt capital from lenders and equity capital provided by TINC. This equity contribution is an essential part of the PPP structure. TINC thus enables its partners to focus on the design, realisation and maintenance of these projects.

Categories within Public Infrastructure

Mobility Education

Accommodation

United Nations Sustainable Development Goals

TINC holds the public infrastructure for the complete life cycle from development and design, during construction, and through to maintenance and operation. It cooperates with local and international contractors in realising and maintaining these projects.

To date, TINC has contributed to the development of over €3 billion of vital public infrastructure through the PPP structure.

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Growth potential

Public Infrastructure will inevitably evolve in today's complex and challenging society. Flexible, effective and inclusive forms of education, or safe and

efficient mobility are only a few examples. Public authorities are faced with significant investment needs and these offer attractive growth opportunities for TINC.

To this end, TINC closely monitors developments concerning public tenders and public-private financing, in cooperation with its partners.

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Participations

Netherlands

Higher Education Buildings

University buildings

Prinses Beatrixsluis

Lock: Lek Canal near Utrecht

Ierland

A15 Maasvlakte Vaanplein

Motorway: Rotterdam South ring road

Belgium

Hortus Conclusus

Prison: Antwerp

VIA A11

Motorway: past Zeebrugge

Social Housing Ireland

Social Housing: Dublin

Project Brabo I

Tram line: Antwerp

SPI.R0

Motorway: Brussels

L'Hourgnette

Prison: Marche-en-Famenne

VIA R4 GENT

Motorway: southern Ghent ring road

Corporate Infrastructuur Project Infrastructuur

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Key developments

General

The participations showed a good operational performance during the reporting period. Performance discounts and penalties charged by public authorities remained minimal at 0.3% of total revenue and were in its entirety contractually passed on to subcontractors.

The majority of participations within the Public Infrastructure has obtained their availability certificate and are therefore fully operational, with the exception of participations SPI.R0 (B) and Hortus Conclusus (B). These two participations are currently in various stages of construction.

Higher Education Buildings (IPR)

TINC invested in spring 2023 in the Irish DBFM PPP Higher Education Buildings project which aims to realize 6 new higher education buildings across Ireland. This is an investment commitment of

€42 million for TINC for a 100% participation. The project with

a value of €250 million will receive an availability fee as soon as the buildings are in operational use. The construction phase was fully completed by 31 December 2025 and the facilities have been made available. In the meantime, the buildings will be gradually put into use for teaching and research activities.

TINC has already invested €6 million in the project. The balance of the commitment (€36 million) will be invested in 2026, one year after the scheduled commissioning.

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Hortus Conclusus (B)

In September 2024, TINC acquired an equity interest in the consortium Hortus Conclusus of the contractors Jan De Nul and EEG. Hortus Conclusus is responsible for executing a DBFM PPP project that aims to realize a new

detention complex for 440 detainees in Antwerp. This PPP project with a value of €200 million runs for 25 years and will receive availability fees paid by the Belgian Federal Government.

Construction works started in November 2023 with availability scheduled for 2026.

TINC has committed to invest around €13 million for an indirect participation of 50% in the project company. The actual investment by TINC will occur in 2027.

SPI.R0 (B)

In October 2024, TINC acquired an equity interest in SPI.R0, a consortium of the contractors Jan De Nul and Willemen. SPI.R0 is responsible for executing a DBFM PPP project for the redevelopment and maintenance of the Brussels Airport interchange on the Brussels Ring motorway. This PPP project with

a value of €350 million has an operational term of 30 years and will receive availability fees from the Flemish Roads and Traffic Agency.

Construction works started in October 2024, with availability scheduled for 2028.

TINC has committed to invest around €17 million for an indirect participation of 45% in the project company. The actual investment by TINC will occur in 2028 once the infrastructure is available for use.

Key figures of the financial year

The Public Infrastructure segment includes ten participations with a fair value of €138.4 million.

At the end of the financial year, the total amount of outstanding investment commitments in the Public Infrastructure segment amounts to €65,5 million.

The portfolio result of the segment Public Infrastructure amounts to

€10.5 million (a portfolio return of 7.4%). The cash receipts stand at €12.9 million.

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Financial key figures for the segment

75.3

Weighted average debt ratio

%

31 December 2024: 75.7%

Basic valuation assumptions

Weighted average remaining maturity of debt1

17.0

(in years)

31 December 2024: 19.3

1 Repaid in full over the term of theinfrastructure at a fixed rate of interest

Weighted average remaining contract life

19.6

(in years)

31 December 2024: 20.6

Inflation

2%

Weighted average discount rate

148

143

138

Fair value in '000 €

133

128

7,859

(7,299)

Discount rate

+/- 0.5%

1,799

(2,038 )

Inflation

-/+ 0.5%

Valuation sensitivity analysis

138,439

7.69

%

Long-term cash flows - Public Infrastructure

Indicative annual cash flows to TINC (in millions of €) as at 31/12/2025

30

25

20

15

10

5 0

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Participations

A15 Maasvlakte-Vaanplein

A15 Maasvlakte-Vaanplein is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of roadworks to improve traffic flows and road safety on a 37-kilometre stretch

of the A15 motorway south of Rotterdam that runs to and from the port. The project is a PPP based on an availability contract with a total construction cost of approximately €750 million. The public party in the partnership is Rijkswaterstaat, the Dutch executive agency for Infrastructure and Water Management. Construction was carried out by a consortium of construction companies that included Ballast Nedam, Strukton, and Strabag. The infrastructure was completed and taken into operation in 2016. The 20-year maintenance period runs until 2036.

Brabo I

Brabo 1 is a public-private partnership set up for the construction, financing, and long-term maintenance (DBFM) of light rail infrastructure in the eastern part of Antwerp (extensions to Wijnegem and Mortsel/Boechout) and a maintenance depot in Wijnegem. The project provides a fast light rail link between Antwerp city centre and the more remote municipalities around the city. It enables e.g. a fast connection between the shopping centre in Wijnegem and Antwerp city centre. With a total construction cost of around €125 million, the project was developed by a consortium of construction companies that included Besix, Frateur-De-Pourcq, and Willemen and has been operational since 2012. A fee will be paid to the project over a period of 35 years (until 2047) for providing the infrastructure to De Lijn public transport operator and Flanders' Roads and Traffic Agency.

24

Stake

%

Stake

52

%

Key figures

Highlights TINC at a glance

Segments

Results

TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Participations

Higher Education Buildings

Higher Education Buildings is a public-private partnership created for the development, financing, and long-term maintenance (DBFM) of new university buildings at six locations in Ireland. With a total budget of €250 million, this project will deliver roughly 38,000m² of new space on campuses to accommodate 5,000 additional students.

The project is handled by a consortium made up of Irish construction group JJ Rhatigan & Company and Sodexo, with the latter taking care of maintenance and facilities services. This 25-year project, that will run until 2050, will become available later this year.

The 25-year project, which will run until 2050, will be operational in 2025.

Hortus Conclusus

Hortus Conclusus is a public-private partnership for the realisation, financing and long-term maintenance (DBFM) of a prison for 440 detainees in Antwerp. The project is a PPP based on an availability contract with a total realisation value of approximately €200 million. The public counterparty is the Regie der Gebouwen. It will be realised by a consortium of the contractors Jan De Nul and EEG. The project will be operational mid-2026 and has a duration of 25 years (until 2051).

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50

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Highlights TINC at a glance

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TINC share

Corporate governance Sustainability Financial statements

Public Infrastructure

Participations

L'Hourgnette

L'Hourgnette is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of a detention centre for 300 detainees in the Belgian town of Marche-en-Famenne. L'Hourgnette is responsible for providing the infrastructure and various support services, for which it receives an availability fee from the Belgian Federal Government Property Agency.

L'Hourgnette has engaged a consortium of contractors that includes Eiffage and Sodexo to operate the infrastructure and provide the support services. The project with a total construction cost of around €60 million has been operational since 2013 and will run for 25 years (until 2038).

Princess Beatrix Lock

The Princess Beatrix Lock is a public-private partnership for the construction, financing, and long-term maintenance (DBFM) of the Netherlands' largest inland navigation lock. Located in the Lek Canal, the most important waterway connection between the ports of Rotterdam and Amsterdam, the lock is used by around 50,000 vessels per year.

The project is a PPP based on an availability contract with a total nominal value of approximately

€178 million. The public party in the partnership is Rijkswaterstaat, the Dutch executive agency for Infrastructure and Water Management. Construction was handled by a consortium of construction companies that includes Besix, Jan De Nul, Heijmans Infra, and Martens & Van Oord Aannemingsbedrijf. The infrastructure was completed and taken into operation in 2016. The 30-year maintenance period runs until 2046.

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Stake

40.63%