{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "TIN": "http://tincinvest.com/2024-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://tincinvest.com/2024-12-31/5493008FE9JCTSEEPD19-2024-12-31.xsd" ] }, "facts": { "f0__s1__3__5": { "value": "7795253.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__5": { "value": "11745044.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__6": { "value": "20989812.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__6": { "value": "35634123.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__7": { "value": "2508500.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:GainsOnDisposalsOfInvestments", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__7": { "value": "9523933.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:GainsOnDisposalsOfInvestments", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__8": { "value": "39075133.0", "decimals": 0, "dimensions": { "concept": "TIN:GainsRecognisedInProfitOrLossFairValueMeasurementAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__8": { "value": "25104519.0", "decimals": 0, "dimensions": { "concept": "TIN:GainsRecognisedInProfitOrLossFairValueMeasurementAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__9": { "value": "1407980.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherRevenue", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__9": { "value": "1207033.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherRevenue", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__10": { "value": "71776678.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__10": { "value": "83214652.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__11": { "value": "21028418.0", "decimals": 0, "dimensions": { "concept": "TIN:LossesRecognisedInProfitOrLossFairValueMeasurementAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__11": { "value": "21707323.0", "decimals": 0, "dimensions": { "concept": "TIN:LossesRecognisedInProfitOrLossFairValueMeasurementAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__12": { "value": "50748260.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__12": { "value": "61507330.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__13": { "value": "6505970.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__13": { "value": "10323753.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__14": { "value": "3727.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__14": { "value": "5606.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__15": { "value": "251433.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__15": { "value": "353676.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__16": { "value": "6761130.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__16": { "value": "10683035.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__17": { "value": "43987130.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__17": { "value": "50824294.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__18": { "value": "62552.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__18": { "value": "973666.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__19": { "value": "1242989.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__19": { "value": "406430.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__20": { "value": "42806692.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__20": { "value": "51391530.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__21": { "value": "315633.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__21": { "value": "492516.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__22": { "value": "42491060.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__22": { "value": "50899013.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__25": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__25": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__26": { "value": "42491060.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__4__26": { "value": "50899013.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s1__3__29": { "value": "1.17", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s1__4__29": { "value": "1.4", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s1__3__30": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s1__4__30": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s1__3__31": { "value": "36363637.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f0__s1__4__31": { "value": "36363637.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "f0__s2__3__5": { "value": "512073740.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__5": { "value": "468483322.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__6": { "value": "3706.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__6": { "value": "7434.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__7": { "value": "512070034.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__7": { "value": "468356669.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__8": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__8": { "value": "119219.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__11": { "value": "2583745.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__11": { "value": "28923078.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__12": { "value": "1694134.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__12": { "value": "1558508.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__13": { "value": "889611.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__13": { "value": "27364570.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__14": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__14": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__17": { "value": "514657485.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__17": { "value": "497406399.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__20": { "value": "506422240.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__20": { "value": "494595854.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__21": { "value": "113268771.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__21": { "value": "135450590.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__22": { "value": "174688537.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__22": { "value": "174688537.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__23": { "value": "104933808.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__23": { "value": "86194900.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__24": { "value": "113531123.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__24": { "value": "98261827.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__27": { "value": "8235246.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__27": { "value": "2810546.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__30": { "value": "0.0", "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__30": { "value": "0.0", "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__33": { "value": "8235246.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__33": { "value": "2810546.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__34": { "value": "6900000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__34": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__35": { "value": "1030165.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__35": { "value": "2776098.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__36": { "value": "0.0", "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__36": { "value": "0.0", "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__37": { "value": "305080.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__37": { "value": "34448.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__3__40": { "value": "514657485.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s2__4__40": { "value": "497406399.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__5": { "value": "135450590.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__5": { "value": "174688537.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__5": { "value": "86194900.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__5": { "value": "98261827.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__5": { "value": "494595854.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__6": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__6": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__6": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__6": { "value": "42491060.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__6": { "value": "42491060.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__7": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__7": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__7": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__7": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__7": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__8": { "value": "22181819.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__8": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__8": { "value": "8363637.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__8": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__8": { "value": "30545455.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__9": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__9": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__9": { "value": "119219.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__9": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__9": { "value": "119219.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__10": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__10": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__10": { "value": "27221764.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__10": { "value": "-27221764.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__10": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__11": { "value": "-22181819.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__11": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__11": { "value": "18738909.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__11": { "value": "15269296.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__11": { "value": "11826386.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__12": { "value": "113268771.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__12": { "value": "174688537.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__12": { "value": "104933808.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__12": { "value": "113531123.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__12": { "value": "506422240.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__18": { "value": "151814227.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__18": { "value": "174688537.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__18": { "value": "30424719.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__18": { "value": "106696933.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__18": { "value": "463624416.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__19": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__19": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__19": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__19": { "value": "50899013.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__19": { "value": "50899013.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__20": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__20": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__20": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__20": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__20": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__21": { "value": "16363637.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__21": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__21": { "value": "3272727.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__21": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__21": { "value": "19636364.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__22": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__22": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__22": { "value": "291211.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__22": { "value": "0.0", "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__22": { "value": "291211.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__23": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__23": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__23": { "value": "59334119.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__23": { "value": "-59334119.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__23": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__24": { "value": "-16363637.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__24": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__24": { "value": "55770181.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__24": { "value": "-8435106.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__24": { "value": "30971438.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ChangesInEquity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s3__3__25": { "value": "135450590.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f0__s3__4__25": { "value": "174688537.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f0__s3__5__25": { "value": "86194900.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f0__s3__6__25": { "value": "98261827.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f0__s3__7__25": { "value": "494595854.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__5": { "value": "27364570.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__5": { "value": "48435807.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__8": { "value": "-23852999.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__8": { "value": "-19636364.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__9": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__9": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__10": { "value": "88900000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__10": { "value": "0.0", "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__11": { "value": "82000000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__11": { "value": "0.0", "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__12": { "value": "207544.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__12": { "value": "0.0", "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__13": { "value": "30545455.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__13": { "value": "19636364.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__14": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__14": { "value": "0.0", "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__17": { "value": "6433502.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__17": { "value": "8722457.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__18": { "value": "37785006.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__18": { "value": "117443610.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__19": { "value": "16430416.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__19": { "value": "79002285.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__20": { "value": "8732993.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__20": { "value": "10404573.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__21": { "value": "18276383.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__21": { "value": "35222909.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__22": { "value": "778716.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__22": { "value": "1536299.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__25": { "value": "-9055462.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__25": { "value": "-10157330.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__26": { "value": "8741695.0", "decimals": 0, "dimensions": { "concept": "TIN:ManagementFeesPaidClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__26": { "value": "7845899.0", "decimals": 0, "dimensions": { "concept": "TIN:ManagementFeesPaidClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__27": { "value": "1002552.0", "decimals": 0, "dimensions": { "concept": "TIN:PaymentsForOperatingExpenseClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__27": { "value": "1955608.0", "decimals": 0, "dimensions": { "concept": "TIN:PaymentsForOperatingExpenseClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__28": { "value": "688784.0", "decimals": 0, "dimensions": { "concept": "TIN:ReceiptsFromVatRefundsClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__28": { "value": "694177.0", "decimals": 0, "dimensions": { "concept": "TIN:ReceiptsFromVatRefundsClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__29": { "value": "0.0", "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__29": { "value": "1050000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2022-06-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__3__32": { "value": "889611.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s4__4__32": { "value": "27364570.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s6__6__14": { "value": "

5\tCorporate information

The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ended December 31, 2024 were approved for publication by resolution of the Statutory Director on March 10, 2025. TINC s a limited liability company incorporated and domiciled in Belgium whose shares are publicly traded. Its registered office is located at Karel Oomsstraat 37, 2018 Antwerp, Belgium

TINC is an investment company that takes interest in participations active in the realisation and operation of infrastructure.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__15": { "value": "

5\tCorporate information

The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ended December 31, 2024 were approved for publication by resolution of the Statutory Director on March 10, 2025. TINC s a limited liability company incorporated and domiciled in Belgium whose shares are publicly traded. Its registered office is located at Karel Oomsstraat 37, 2018 Antwerp, Belgium

TINC is an investment company that takes interest in participations active in the realisation and operation of infrastructure.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__16": { "value": "5\tCorporate information The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ended December 31, 2024 were approved for publication by resolution of the Statutory Director on March 10, 2025. TINC s a limited liability company incorporated and domiciled in Belgium whose shares are publicly traded. Its registered office is located at Karel Oomsstraat 37, 2018 Antwerp, BelgiumTINC is an investment company that takes interest in participations active in the realisation and operation of infrastructure.", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__17": { "value": "5\tCorporate information The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ended December 31, 2024 were approved for publication by resolution of the Statutory Director on March 10, 2025. TINC s a limited liability company incorporated and domiciled in Belgium whose shares are publicly traded. Its registered office is located at Karel Oomsstraat 37, 2018 Antwerp, BelgiumTINC is an investment company that takes interest in participations active in the realisation and operation of infrastructure.", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonForUsingLongerOrShorterReportingPeriod", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__5": { "value": "TINC ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__6": { "value": "s a ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__7": { "value": "Belgium ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__8": { "value": "Belgium ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__9": { "value": "Karel Oomsstraat 37, 2018 Antwerp, Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__10": { "value": "Karel Oomsstraat 37, 2018 Antwerp, Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__11": { "value": "TINC is an investment company that takes interest in participations active in the realisation and operation of infrastructure.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__18": { "value": "

6\tBasis of preparation

The consolidated financial statements of TINC have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union.

In preparing the consolidated financial statements, TINC continues to apply IFRS 10 (Consolidated Financial Statements) for investment entities as TINC continues to meet the definition of an investment entity. TINC measures all participations at their fair value through profit and loss (FVPL) in accordance with IFRS 9 (Financial Instruments).

The financial statements have been prepared on a historical cost basis, except for investments at fair value through profit or loss (FVPL). The consolidated financial statements are presented in euro, the functional currency of TINC, and all values are rounded to the nearest euro, except where stated otherwise. TINC presents its balance sheet in order of non-current and current assets and liabilities.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__19": { "value": "

6\tBasis of preparation

The consolidated financial statements of TINC have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union.

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__20": { "value": "

6\tBasis of preparation

The consolidated financial statements of TINC have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union.

In preparing the consolidated financial statements, TINC continues to apply IFRS 10 (Consolidated Financial Statements) for investment entities as TINC continues to meet the definition of an investment entity. TINC measures all participations at their fair value through profit and loss (FVPL) in accordance with IFRS 9 (Financial Instruments).

The financial statements have been prepared on a historical cost basis, except for investments at fair value through profit or loss (FVPL). The consolidated financial statements are presented in euro, the functional currency of TINC, and all values are rounded to the nearest euro, except where stated otherwise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__21": { "value": "

7\tValuation rules

a) Consolidation principles

Investment entities (Amendment to IFRS 10, IFRS 12 and IAS 27)

Upon first-time adoption of IFRS as approved by the European Union, TINC considered the application of the amendments to IFRS 10 (Consolidated Financial Statements), IFRS 12 (Disclosure of Interests in Other Entities) and IAS 27 (Consolidated and Separate Financial Statements) regarding investment entities (the \u201cAmendments\u201d) and concluded that TINC meets the definition of an investment entity as defined within IFRS 10. For the financial year ending December 31, 2024, this continues to be the case.

Under IFRS 10, an investment entity is an entity that:

Obtains funds from one or more investors to perform investment services for such investor(s);

Commits to its investor(s) to realize capital gains on or other returns from participations or a combination of both (business objective);

Values and assesses the performance of virtually all of its participations based on their fair value.

When assessing whether an entity meets the definition of an investment entity, it should consider whether it has the following typical characteristics of an investment entity:

It has more than one investment;

It has more than one investor;

It has investors who are not related parties of the entity;

It has ownership interests in the form of equity or similar interests.

TINC has adopted the Amendments since the financial year ended December 31, 2014 as a result of an assessment based on the following facts:

TINC holds an investment portfolio consisting of multiple participations;

The strategy of TINC is to invest in companies active in infrastructure with the sole purpose of earning revenues from participations and not to realize revenues derived from a development, production or marketing activity. Revenues from providing management services and/or strategic advice to these companies do not represent a separate substantial business activity and represent only a small proportion of the total revenue of TINC;

TINC does not intend to hold its participations indefinitely; essentially, most of the participations of TINC are of a self-liquidating nature whereby the cash flows from the participations received over the life of the underlying Infrastructure assets not only cover the proceeds of the participation but also represent the repayment of the participation itself, resulting in the participations having a low or no residual value.

The latter is the case with respect to all DBFM/PPS participations (where the infrastructure will return to the public government at the end of the project\u2019s life) and also for the energy participations (where the infrastructure will revert to the landowner at the end of the project\u2019s life or will be removed) and to a large extent for the Digital Infrastructure and Social Infrastructure participations.

In addition, with respect to the last two segments (Digital Infrastructure and Social Infrastructure), and specifically where it concerns participations with a more business-like organization and approach (i.e. not a pure project finance approach) and which have other shareholders in addition to TINC, TINC enters into agreements with these co-shareholders (often with a shorter-term approach to the participation in question) which generally also include agreements regarding the transfer of the financial instruments of the participation and a possible exit, common or otherwise. This can be very specific, e.g. with a time provision, or left more open as a function of circumstances and internal or market dynamics.

As a result, TINC, as an investment entity, values all of its investments (including subsidiaries thereof that it controls and joint ventures) at fair value through profit and loss (FVPL) in accordance with IFRS 9 Financial Instruments.

Fair value is calculated by discounting the future cash flows related to each of the participations of TINC, and generated by the companies in which TINC participates, at an appropriate discount rate. The discount rates used are based on market discount rates for similar assets, adjusted by an appropriate premium or discount to reflect specific risks.

See below (\u201cFinancial Fixed Assets\u201d) for more information around valuation.

b) Financing costs

Borrowing costs are recognized in the income statement as incurred.

c) Financial fixed assets

TINC, as an investment entity under IFRS 10, measures all investments (including its controlled subsidiaries and joint ventures and associates) at their fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

The fair value of participations is determined semi-annually. The definition of fair value under IFRS 13 is: \u201cThe price that would be received to sell an asset or paid to transfer a liability in a regular transaction between market participants at the valuation date.\u201d In the absence of an active market for the financial instruments in which TINC invests, proprietary valuation models are used for its participations. TINC follows the International Private Equity and Venture Capital Valuation Guidelines. The valuation methods are applied consistently from period to period unless a change would result in a better estimate of fair value.

All current purchases and sales of financial fixed assets are recognized on transaction date. A current purchase or sale of a financial fixed asset requires delivery of the asset within the time frame generally accepted in the market as a result of regulation or commercial practice.

The fair value or \u2018Fair Value\u2019 (\u2018FV\u2019) of the investments are recognized under the item \u2018Investments at fair value through profit or loss\u2019. In the case of a recent investment, initially the transaction value is used as fair value, with transaction costs recorded separately in the income statement.

Changes in fair value are recognized in the income statement as unrealized gain or loss.

When a participation is sold, the gain or loss on the sale \u2013 calculated as the difference between the selling price after any selling costs to be borne by TINC and the fair value on the balance sheet at the beginning of the financial year \u2013 is recognized as a realized gain or loss in the income statement.

When TINC grants a loan to a company without participating in the capital, this loan is also valued at fair value and included in the item \u2018Investments at fair value through profit or loss\u2019.

TINC uses the following hierarchy in determining and disclosing the fair value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3:methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

All of the participations of TINC are classified as Level 3 assets in the fair value hierarchy.

Methodology

Investments in infrastructure are usually characterized by good visibility on future cash flows. This is because of the presence of long-term agreements, a regulated framework and/or the strategic position of the infrastructure. Because of this high visibility on future cash flows, the Discounted Cash Flow method (DCF method) is applied for the periodic valuation for most participations. This involves identifying future long-term cash flows for each participation, such as revenues, costs, investments, and repayments of debt financing. In this way, the expected long-term cash flows that TINC will receive from the participation are also determined in relation to the investment of TINC, including the participation in the equity of a participation and shareholder loans or loans to a participation.

The expected long-term future cash flows related to the participations of TINC are discounted per participation at a market-based discount rate. This is how the fair value of each participation in TINC is determined. The market-based discount rate depends on the risk profile of the participation on the one hand and the investment instruments at TINC on the other. The profile of a company active in infrastructure is determined, among other things, by the possible fluctuations in revenues and costs, the presence and robustness of long-term contracts and the quality of the counterparties thereto, and the refinancing risk of debt financing. Recent transactions between market participants can provide an indication of a market-based discount rate.

At each periodic valuation update, the expected long-term cash flows per participation, and linked to this the expected long-term cash flows related to the investment instruments at TINC, are updated, among others using recent financial figures and updated assumptions. The discount rate per participation is also reviewed periodically and adjusted if necessary.

For some participations a different valuation methodology may be applied, temporarily or otherwise, to determine the fair value of the participation at TINC for specific reasons. Where applicable, this is mentioned in the notes to the Financial Fixed Assets.

Single unit of account

In case of an investment in the equity of a portfolio company, where investments are made in both share capital and shareholder loans of the portfolio company, all expected future cash flows related to both investment instruments together are discounted at a market-based discount rate. As TINC is an investment company as defined by IFRS 10, it measures its shareholder loans at fair value through profit or loss in accordance with IFRS 9. Interests on shareholder loans are thus recognized under interests received, on the one hand, and changes in fair value, including capitalized interests, on the other hand. Moreover, TINC considers the investment in the share capital and in the shareholder loan of a portfolio company as a \u2018single unit of account\u2019, as both investment instruments are inextricably linked. Decisions on the acquisition and disposal of both instruments are not taken independently and both instruments have the same risk profile.

Process

The valuation process, like the preparation of the financial statements of TINC, is observed by the finance function at TDP NV (see p. 99) under the direction of the responsible member of the Executive Board and under the supervision of the Audit Committee.

The starting point is the financial models prepared for each participation, which contain a detailed projection of the expected cash flows based on underlying assumptions. These financial models are typically subject to a model audit by an independent party at the inception of the investment. During the lifetime of the infrastructure, at each closing of TINC, the financial models are brought in line with recent developments that would occur in the underlying assumptions

(due to market evolutions or evolutions at the participation itself). The valuation is then done using the DCF method based on a discount rate.

The results for each reporting period are discussed with the members of the Audit Committee. The Audit Committee then reports to the Supervisory Board, which ultimately finalizes the financial statements based on the valuations.

d) Other non-current and current assets

Other non-current and current assets are measured at amortized cost.

e) Profit Tax

Current taxes are based on the results of TINC and are calculated according to local tax rules.

Deferred taxes are recorded using the liability method for all temporary differences between the tax base of assets and liabilities and their carrying values for financial reporting purposes.

Deferred tax assets are recorded for deductible temporary differences.

A deferred tax asset is recognized for tax losses and tax credits to the extent that it is probable that future taxable profit will be available against which the tax losses and tax credits can be utilized.

f) Cash and cash equivalents

Cash and cash equivalents are cash, bank deposits and liquid assets. These include all cash held in cash or on bank deposit. Accordingly, these productsare shown at face value.

g) Provisions

Provisions are recognized when TINC has a present obligation (legal or constructive) as a result of past events, when it is probable that an outflow of resources embodying economic benefits will be required to settle the

obligation and when a reliable estimate of the amount of the obligation can be made. If TINC expects a reimbursement of an amount that has been provided for, the reimbursement is not recorded as an asset until the reimbursement is virtually certain.

h) Financial obligations

Interest-bearing loans and borrowings are initially measured at fair value. Subsequently, loans and borrowings are measured at amortized cost using the effective interest method

i) Dividends

Dividends are recognized on the date on which TINC receives the rights to their payment. Dividends are presented gross, excluding non-recoverable taxes. The latter are presented separately in the income statement.

j) Earnings per share

TINC calculates both basic and diluted earnings per share in accordance with IAS 33. Basic earnings per share is calculated based on the weighted average number of shares outstanding during the financial year. Diluted earnings per share is calculated according to the average number of shares outstanding during the financial year plus the dilutive effect of warrants and stock options (if any) outstanding during the financial year

k) Costs associated with the issuance or acquisition of its own shares

TINC typically incurs several costs when issuing or acquiring its equity instruments. Those costs may include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisors, printing costs and stamp duties. For Belgian tax purposes, certain transaction costs related to the issuance or acquisition of equity instruments may be capitalized and amortized over a period of time, as permitted by Belgian Generally Accepted Accounting Principles (BE GAAP). This difference in accounting treatment between IFRS and BE GAAP creates a temporary difference, resulting in a deferred tax asset.

As the underlying transaction relates to equity, the deferred tax asset arising from this temporary difference is recognized in equity.

Other costs related to public offerings of equity instruments (such as road shows and other marketing initiatives) are expensed.

l) Operating segments

Operating segments are reported consistently with internal reporting to the chief operating decision-maker, being the Supervisory Board. The Supervisory Board is responsible for allocating resources and assessing the results of the operating segments. Currently there are 4 segments, Public Infrastructure, Energy Infrastructure, Digital Infrastructure and Social Infrastructure.

New Standards, interpretations and amendments applied by TINC at December 31, 2024

New and amended Standards and Interpretations adopted by TINC

TINC has adopted during the current financial year all new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, as endorsed by the European Union and effective for the financial year starting on January 1, 2024. TINC has not applied any new IFRS guidance that is not yet effective as of December 31, 2024.

The following new and revised Standards and Interpretations issued by theIASB and the IFRIC, as endorsed by the European Union, are effective for the current financial year:

Amendments to IAS 1: Presentation of financial statements for classification of short- or long-term debt (issued January 2020)

Amendments to IFRS 16: Leases clarify how a seller-leasee should measure a lease liability arising from a sale and leaseback transaction (issued Sept. 2022)

Amendments to IAS 1: Presentation of financial statements regarding classification of loans with covenants (issued October 2022)

Amendments relating to disclosures for IAS 7: Statement of Cash Flows and IFRS 7: Financial Instruments Related to Supplier Financing Arrangements (issued May 2023)

The adoption of these new Standards, Interpretations and Amendments did not result in significant changes in the accounting policies of TINC.

Standards and interpretations issued but not yet effective for the current financial year

TINC has elected not to early adopt the following new Standards, Interpretations and Amendments, which have been issued by the IASB and the IFRIC but which were not yet mandatory by December 31, 2024 and/or not yet endorsed by the European Union by December 31, 2024, and whose impact could be relevant:

Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability (issued August 2023)

Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments (issued May 2024)*

New standard IFRS 19: Subsidiaries without public accountability: disclosures (issued May 2024)*

New standard IFRS 18: Presentation and disclosures in financial statements (issued April 2024)*

Amendments to IFRS 9 and IFRS 7: Renewable electricity contracts (issued December 2024)*

The above new and revised Standards and Interpretations, which have not been applied in these financial statements, are not expected to have a material impact on subsequent periods, except with respect to IFRS 18 for which TINC is currently analyzing the potential impact.

*Not yet endorsed by the European Union as of December 31, 2024

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__22": { "value": "

a) Consolidation principles

Investment entities (Amendment to IFRS 10, IFRS 12 and IAS 27)

Upon first-time adoption of IFRS as approved by the European Union, TINC considered the application of the amendments to IFRS 10 (Consolidated Financial Statements), IFRS 12 (Disclosure of Interests in Other Entities) and IAS 27 (Consolidated and Separate Financial Statements) regarding investment entities (the \u201cAmendments\u201d) and concluded that TINC meets the definition of an investment entity as defined within IFRS 10. For the financial year ending December 31, 2024, this continues to be the case.

Under IFRS 10, an investment entity is an entity that:

Obtains funds from one or more investors to perform investment services for such investor(s);

Commits to its investor(s) to realize capital gains on or other returns from participations or a combination of both (business objective);

Values and assesses the performance of virtually all of its participations based on their fair value.

When assessing whether an entity meets the definition of an investment entity, it should consider whether it has the following typical characteristics of an investment entity:

It has more than one investment;

It has more than one investor;

It has investors who are not related parties of the entity;

It has ownership interests in the form of equity or similar interests.

TINC has adopted the Amendments since the financial year ended December 31, 2014 as a result of an assessment based on the following facts:

TINC holds an investment portfolio consisting of multiple participations;

The strategy of TINC is to invest in companies active in infrastructure with the sole purpose of earning revenues from participations and not to realize revenues derived from a development, production or marketing activity. Revenues from providing management services and/or strategic advice to these companies do not represent a separate substantial business activity and represent only a small proportion of the total revenue of TINC;

TINC does not intend to hold its participations indefinitely; essentially, most of the participations of TINC are of a self-liquidating nature whereby the cash flows from the participations received over the life of the underlying Infrastructure assets not only cover the proceeds of the participation but also represent the repayment of the participation itself, resulting in the participations having a low or no residual value.

The latter is the case with respect to all DBFM/PPS participations (where the infrastructure will return to the public government at the end of the project\u2019s life) and also for the energy participations (where the infrastructure will revert to the landowner at the end of the project\u2019s life or will be removed) and to a large extent for the Digital Infrastructure and Social Infrastructure participations.

In addition, with respect to the last two segments (Digital Infrastructure and Social Infrastructure), and specifically where it concerns participations with a more business-like organization and approach (i.e. not a pure project finance approach) and which have other shareholders in addition to TINC, TINC enters into agreements with these co-shareholders (often with a shorter-term approach to the participation in question) which generally also include agreements regarding the transfer of the financial instruments of the participation and a possible exit, common or otherwise. This can be very specific, e.g. with a time provision, or left more open as a function of circumstances and internal or market dynamics.

As a result, TINC, as an investment entity, values all of its investments (including subsidiaries thereof that it controls and joint ventures) at fair value through profit and loss (FVPL) in accordance with IFRS 9 Financial Instruments.

Fair value is calculated by discounting the future cash flows related to each of the participations of TINC, and generated by the companies in which TINC participates, at an appropriate discount rate. The discount rates used are based on market discount rates for similar assets, adjusted by an appropriate premium or discount to reflect specific risks.

See below (\u201cFinancial Fixed Assets\u201d) for more information around valuation.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__23": { "value": "

b) Financing costs

Borrowing costs are recognized in the income statement as incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__24": { "value": "

b) Financing costs

Borrowing costs are recognized in the income statement as incurred.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "

c) Financial fixed assets

TINC, as an investment entity under IFRS 10, measures all investments (including its controlled subsidiaries and joint ventures and associates) at their fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

The fair value of participations is determined semi-annually. The definition of fair value under IFRS 13 is: \u201cThe price that would be received to sell an asset or paid to transfer a liability in a regular transaction between market participants at the valuation date.\u201d In the absence of an active market for the financial instruments in which TINC invests, proprietary valuation models are used for its participations. TINC follows the International Private Equity and Venture Capital Valuation Guidelines. The valuation methods are applied consistently from period to period unless a change would result in a better estimate of fair value.

All current purchases and sales of financial fixed assets are recognized on transaction date. A current purchase or sale of a financial fixed asset requires delivery of the asset within the time frame generally accepted in the market as a result of regulation or commercial practice.

The fair value or \u2018Fair Value\u2019 (\u2018FV\u2019) of the investments are recognized under the item \u2018Investments at fair value through profit or loss\u2019. In the case of a recent investment, initially the transaction value is used as fair value, with transaction costs recorded separately in the income statement.

Changes in fair value are recognized in the income statement as unrealized gain or loss.

When a participation is sold, the gain or loss on the sale \u2013 calculated as the difference between the selling price after any selling costs to be borne by TINC and the fair value on the balance sheet at the beginning of the financial year \u2013 is recognized as a realized gain or loss in the income statement.

When TINC grants a loan to a company without participating in the capital, this loan is also valued at fair value and included in the item \u2018Investments at fair value through profit or loss\u2019.

TINC uses the following hierarchy in determining and disclosing the fair value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3:methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

All of the participations of TINC are classified as Level 3 assets in the fair value hierarchy.

Methodology

Investments in infrastructure are usually characterized by good visibility on future cash flows. This is because of the presence of long-term agreements, a regulated framework and/or the strategic position of the infrastructure. Because of this high visibility on future cash flows, the Discounted Cash Flow method (DCF method) is applied for the periodic valuation for most participations. This involves identifying future long-term cash flows for each participation, such as revenues, costs, investments, and repayments of debt financing. In this way, the expected long-term cash flows that TINC will receive from the participation are also determined in relation to the investment of TINC, including the participation in the equity of a participation and shareholder loans or loans to a participation.

The expected long-term future cash flows related to the participations of TINC are discounted per participation at a market-based discount rate. This is how the fair value of each participation in TINC is determined. The market-based discount rate depends on the risk profile of the participation on the one hand and the investment instruments at TINC on the other. The profile of a company active in infrastructure is determined, among other things, by the possible fluctuations in revenues and costs, the presence and robustness of long-term contracts and the quality of the counterparties thereto, and the refinancing risk of debt financing. Recent transactions between market participants can provide an indication of a market-based discount rate.

At each periodic valuation update, the expected long-term cash flows per participation, and linked to this the expected long-term cash flows related to the investment instruments at TINC, are updated, among others using recent financial figures and updated assumptions. The discount rate per participation is also reviewed periodically and adjusted if necessary.

For some participations a different valuation methodology may be applied, temporarily or otherwise, to determine the fair value of the participation at TINC for specific reasons. Where applicable, this is mentioned in the notes to the Financial Fixed Assets.

Single unit of account

In case of an investment in the equity of a portfolio company, where investments are made in both share capital and shareholder loans of the portfolio company, all expected future cash flows related to both investment instruments together are discounted at a market-based discount rate. As TINC is an investment company as defined by IFRS 10, it measures its shareholder loans at fair value through profit or loss in accordance with IFRS 9. Interests on shareholder loans are thus recognized under interests received, on the one hand, and changes in fair value, including capitalized interests, on the other hand. Moreover, TINC considers the investment in the share capital and in the shareholder loan of a portfolio company as a \u2018single unit of account\u2019, as both investment instruments are inextricably linked. Decisions on the acquisition and disposal of both instruments are not taken independently and both instruments have the same risk profile.

Process

The valuation process, like the preparation of the financial statements of TINC, is observed by the finance function at TDP NV (see p. 99) under the direction of the responsible member of the Executive Board and under the supervision of the Audit Committee.

The starting point is the financial models prepared for each participation, which contain a detailed projection of the expected cash flows based on underlying assumptions. These financial models are typically subject to a model audit by an independent party at the inception of the investment. During the lifetime of the infrastructure, at each closing of TINC, the financial models are brought in line with recent developments that would occur in the underlying assumptions

(due to market evolutions or evolutions at the participation itself). The valuation is then done using the DCF method based on a discount rate.

The results for each reporting period are discussed with the members of the Audit Committee. The Audit Committee then reports to the Supervisory Board, which ultimately finalizes the financial statements based on the valuations.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__26-1": { "value": "

c) Financial fixed assets

TINC, as an investment entity under IFRS 10, measures all investments (including its controlled subsidiaries and joint ventures and associates) at their fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

The fair value of participations is determined semi-annually. The definition of fair value under IFRS 13 is: \u201cThe price that would be received to sell an asset or paid to transfer a liability in a regular transaction between market participants at the valuation date.\u201d In the absence of an active market for the financial instruments in which TINC invests, proprietary valuation models are used for its participations. TINC follows the International Private Equity and Venture Capital Valuation Guidelines. The valuation methods are applied consistently from period to period unless a change would result in a better estimate of fair value.

All current purchases and sales of financial fixed assets are recognized on transaction date. A current purchase or sale of a financial fixed asset requires delivery of the asset within the time frame generally accepted in the market as a result of regulation or commercial practice.

The fair value or \u2018Fair Value\u2019 (\u2018FV\u2019) of the investments are recognized under the item \u2018Investments at fair value through profit or loss\u2019. In the case of a recent investment, initially the transaction value is used as fair value, with transaction costs recorded separately in the income statement.

Changes in fair value are recognized in the income statement as unrealized gain or loss.

When a participation is sold, the gain or loss on the sale \u2013 calculated as the difference between the selling price after any selling costs to be borne by TINC and the fair value on the balance sheet at the beginning of the financial year \u2013 is recognized as a realized gain or loss in the income statement.

When TINC grants a loan to a company without participating in the capital, this loan is also valued at fair value and included in the item \u2018Investments at fair value through profit or loss\u2019.

TINC uses the following hierarchy in determining and disclosing the fair value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3:methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

All of the participations of TINC are classified as Level 3 assets in the fair value hierarchy.

Methodology

Investments in infrastructure are usually characterized by good visibility on future cash flows. This is because of the presence of long-term agreements, a regulated framework and/or the strategic position of the infrastructure. Because of this high visibility on future cash flows, the Discounted Cash Flow method (DCF method) is applied for the periodic valuation for most participations. This involves identifying future long-term cash flows for each participation, such as revenues, costs, investments, and repayments of debt financing. In this way, the expected long-term cash flows that TINC will receive from the participation are also determined in relation to the investment of TINC, including the participation in the equity of a participation and shareholder loans or loans to a participation.

The expected long-term future cash flows related to the participations of TINC are discounted per participation at a market-based discount rate. This is how the fair value of each participation in TINC is determined. The market-based discount rate depends on the risk profile of the participation on the one hand and the investment instruments at TINC on the other. The profile of a company active in infrastructure is determined, among other things, by the possible fluctuations in revenues and costs, the presence and robustness of long-term contracts and the quality of the counterparties thereto, and the refinancing risk of debt financing. Recent transactions between market participants can provide an indication of a market-based discount rate.

At each periodic valuation update, the expected long-term cash flows per participation, and linked to this the expected long-term cash flows related to the investment instruments at TINC, are updated, among others using recent financial figures and updated assumptions. The discount rate per participation is also reviewed periodically and adjusted if necessary.

For some participations a different valuation methodology may be applied, temporarily or otherwise, to determine the fair value of the participation at TINC for specific reasons. Where applicable, this is mentioned in the notes to the Financial Fixed Assets.

Single unit of account

In case of an investment in the equity of a portfolio company, where investments are made in both share capital and shareholder loans of the portfolio company, all expected future cash flows related to both investment instruments together are discounted at a market-based discount rate. As TINC is an investment company as defined by IFRS 10, it measures its shareholder loans at fair value through profit or loss in accordance with IFRS 9. Interests on shareholder loans are thus recognized under interests received, on the one hand, and changes in fair value, including capitalized interests, on the other hand. Moreover, TINC considers the investment in the share capital and in the shareholder loan of a portfolio company as a \u2018single unit of account\u2019, as both investment instruments are inextricably linked. Decisions on the acquisition and disposal of both instruments are not taken independently and both instruments have the same risk profile.

Process

The valuation process, like the preparation of the financial statements of TINC, is observed by the finance function at TDP NV (see p. 99) under the direction of the responsible member of the Executive Board and under the supervision of the Audit Committee.

The starting point is the financial models prepared for each participation, which contain a detailed projection of the expected cash flows based on underlying assumptions. These financial models are typically subject to a model audit by an independent party at the inception of the investment. During the lifetime of the infrastructure, at each closing of TINC, the financial models are brought in line with recent developments that would occur in the underlying assumptions

(due to market evolutions or evolutions at the participation itself). The valuation is then done using the DCF method based on a discount rate.

The results for each reporting period are discussed with the members of the Audit Committee. The Audit Committee then reports to the Supervisory Board, which ultimately finalizes the financial statements based on the valuations.

f) Cash and cash equivalents

Cash and cash equivalents are cash, bank deposits and liquid assets. These include all cash held in cash or on bank deposit. Accordingly, these productsare shown at face value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__28-1": { "value": "

c) Financial fixed assets

TINC, as an investment entity under IFRS 10, measures all investments (including its controlled subsidiaries and joint ventures and associates) at their fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

The fair value of participations is determined semi-annually. The definition of fair value under IFRS 13 is: \u201cThe price that would be received to sell an asset or paid to transfer a liability in a regular transaction between market participants at the valuation date.\u201d In the absence of an active market for the financial instruments in which TINC invests, proprietary valuation models are used for its participations. TINC follows the International Private Equity and Venture Capital Valuation Guidelines. The valuation methods are applied consistently from period to period unless a change would result in a better estimate of fair value.

All current purchases and sales of financial fixed assets are recognized on transaction date. A current purchase or sale of a financial fixed asset requires delivery of the asset within the time frame generally accepted in the market as a result of regulation or commercial practice.

The fair value or \u2018Fair Value\u2019 (\u2018FV\u2019) of the investments are recognized under the item \u2018Investments at fair value through profit or loss\u2019. In the case of a recent investment, initially the transaction value is used as fair value, with transaction costs recorded separately in the income statement.

Changes in fair value are recognized in the income statement as unrealized gain or loss.

When a participation is sold, the gain or loss on the sale \u2013 calculated as the difference between the selling price after any selling costs to be borne by TINC and the fair value on the balance sheet at the beginning of the financial year \u2013 is recognized as a realized gain or loss in the income statement.

When TINC grants a loan to a company without participating in the capital, this loan is also valued at fair value and included in the item \u2018Investments at fair value through profit or loss\u2019.

TINC uses the following hierarchy in determining and disclosing the fair value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3:methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

All of the participations of TINC are classified as Level 3 assets in the fair value hierarchy.

Methodology

Investments in infrastructure are usually characterized by good visibility on future cash flows. This is because of the presence of long-term agreements, a regulated framework and/or the strategic position of the infrastructure. Because of this high visibility on future cash flows, the Discounted Cash Flow method (DCF method) is applied for the periodic valuation for most participations. This involves identifying future long-term cash flows for each participation, such as revenues, costs, investments, and repayments of debt financing. In this way, the expected long-term cash flows that TINC will receive from the participation are also determined in relation to the investment of TINC, including the participation in the equity of a participation and shareholder loans or loans to a participation.

The expected long-term future cash flows related to the participations of TINC are discounted per participation at a market-based discount rate. This is how the fair value of each participation in TINC is determined. The market-based discount rate depends on the risk profile of the participation on the one hand and the investment instruments at TINC on the other. The profile of a company active in infrastructure is determined, among other things, by the possible fluctuations in revenues and costs, the presence and robustness of long-term contracts and the quality of the counterparties thereto, and the refinancing risk of debt financing. Recent transactions between market participants can provide an indication of a market-based discount rate.

At each periodic valuation update, the expected long-term cash flows per participation, and linked to this the expected long-term cash flows related to the investment instruments at TINC, are updated, among others using recent financial figures and updated assumptions. The discount rate per participation is also reviewed periodically and adjusted if necessary.

For some participations a different valuation methodology may be applied, temporarily or otherwise, to determine the fair value of the participation at TINC for specific reasons. Where applicable, this is mentioned in the notes to the Financial Fixed Assets.

Single unit of account

In case of an investment in the equity of a portfolio company, where investments are made in both share capital and shareholder loans of the portfolio company, all expected future cash flows related to both investment instruments together are discounted at a market-based discount rate. As TINC is an investment company as defined by IFRS 10, it measures its shareholder loans at fair value through profit or loss in accordance with IFRS 9. Interests on shareholder loans are thus recognized under interests received, on the one hand, and changes in fair value, including capitalized interests, on the other hand. Moreover, TINC considers the investment in the share capital and in the shareholder loan of a portfolio company as a \u2018single unit of account\u2019, as both investment instruments are inextricably linked. Decisions on the acquisition and disposal of both instruments are not taken independently and both instruments have the same risk profile.

Process

The valuation process, like the preparation of the financial statements of TINC, is observed by the finance function at TDP NV (see p. 99) under the direction of the responsible member of the Executive Board and under the supervision of the Audit Committee.

The starting point is the financial models prepared for each participation, which contain a detailed projection of the expected cash flows based on underlying assumptions. These financial models are typically subject to a model audit by an independent party at the inception of the investment. During the lifetime of the infrastructure, at each closing of TINC, the financial models are brought in line with recent developments that would occur in the underlying assumptions

(due to market evolutions or evolutions at the participation itself). The valuation is then done using the DCF method based on a discount rate.

The results for each reporting period are discussed with the members of the Audit Committee. The Audit Committee then reports to the Supervisory Board, which ultimately finalizes the financial statements based on the valuations.

f) Cash and cash equivalents

Cash and cash equivalents are cash, bank deposits and liquid assets. These include all cash held in cash or on bank deposit. Accordingly, these productsare shown at face value.

h) Financial obligations

Interest-bearing loans and borrowings are initially measured at fair value. Subsequently, loans and borrowings are measured at amortized cost using the effective interest method

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "

c) Financial fixed assets

TINC, as an investment entity under IFRS 10, measures all investments (including its controlled subsidiaries and joint ventures and associates) at their fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

The fair value of participations is determined semi-annually. The definition of fair value under IFRS 13 is: \u201cThe price that would be received to sell an asset or paid to transfer a liability in a regular transaction between market participants at the valuation date.\u201d In the absence of an active market for the financial instruments in which TINC invests, proprietary valuation models are used for its participations. TINC follows the International Private Equity and Venture Capital Valuation Guidelines. The valuation methods are applied consistently from period to period unless a change would result in a better estimate of fair value.

All current purchases and sales of financial fixed assets are recognized on transaction date. A current purchase or sale of a financial fixed asset requires delivery of the asset within the time frame generally accepted in the market as a result of regulation or commercial practice.

The fair value or \u2018Fair Value\u2019 (\u2018FV\u2019) of the investments are recognized under the item \u2018Investments at fair value through profit or loss\u2019. In the case of a recent investment, initially the transaction value is used as fair value, with transaction costs recorded separately in the income statement.

Changes in fair value are recognized in the income statement as unrealized gain or loss.

When a participation is sold, the gain or loss on the sale \u2013 calculated as the difference between the selling price after any selling costs to be borne by TINC and the fair value on the balance sheet at the beginning of the financial year \u2013 is recognized as a realized gain or loss in the income statement.

When TINC grants a loan to a company without participating in the capital, this loan is also valued at fair value and included in the item \u2018Investments at fair value through profit or loss\u2019.

TINC uses the following hierarchy in determining and disclosing the fair value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3:methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

All of the participations of TINC are classified as Level 3 assets in the fair value hierarchy.

Methodology

Investments in infrastructure are usually characterized by good visibility on future cash flows. This is because of the presence of long-term agreements, a regulated framework and/or the strategic position of the infrastructure. Because of this high visibility on future cash flows, the Discounted Cash Flow method (DCF method) is applied for the periodic valuation for most participations. This involves identifying future long-term cash flows for each participation, such as revenues, costs, investments, and repayments of debt financing. In this way, the expected long-term cash flows that TINC will receive from the participation are also determined in relation to the investment of TINC, including the participation in the equity of a participation and shareholder loans or loans to a participation.

The expected long-term future cash flows related to the participations of TINC are discounted per participation at a market-based discount rate. This is how the fair value of each participation in TINC is determined. The market-based discount rate depends on the risk profile of the participation on the one hand and the investment instruments at TINC on the other. The profile of a company active in infrastructure is determined, among other things, by the possible fluctuations in revenues and costs, the presence and robustness of long-term contracts and the quality of the counterparties thereto, and the refinancing risk of debt financing. Recent transactions between market participants can provide an indication of a market-based discount rate.

At each periodic valuation update, the expected long-term cash flows per participation, and linked to this the expected long-term cash flows related to the investment instruments at TINC, are updated, among others using recent financial figures and updated assumptions. The discount rate per participation is also reviewed periodically and adjusted if necessary.

For some participations a different valuation methodology may be applied, temporarily or otherwise, to determine the fair value of the participation at TINC for specific reasons. Where applicable, this is mentioned in the notes to the Financial Fixed Assets.

Single unit of account

In case of an investment in the equity of a portfolio company, where investments are made in both share capital and shareholder loans of the portfolio company, all expected future cash flows related to both investment instruments together are discounted at a market-based discount rate. As TINC is an investment company as defined by IFRS 10, it measures its shareholder loans at fair value through profit or loss in accordance with IFRS 9. Interests on shareholder loans are thus recognized under interests received, on the one hand, and changes in fair value, including capitalized interests, on the other hand. Moreover, TINC considers the investment in the share capital and in the shareholder loan of a portfolio company as a \u2018single unit of account\u2019, as both investment instruments are inextricably linked. Decisions on the acquisition and disposal of both instruments are not taken independently and both instruments have the same risk profile.

Process

The valuation process, like the preparation of the financial statements of TINC, is observed by the finance function at TDP NV (see p. 99) under the direction of the responsible member of the Executive Board and under the supervision of the Audit Committee.

The starting point is the financial models prepared for each participation, which contain a detailed projection of the expected cash flows based on underlying assumptions. These financial models are typically subject to a model audit by an independent party at the inception of the investment. During the lifetime of the infrastructure, at each closing of TINC, the financial models are brought in line with recent developments that would occur in the underlying assumptions

(due to market evolutions or evolutions at the participation itself). The valuation is then done using the DCF method based on a discount rate.

The results for each reporting period are discussed with the members of the Audit Committee. The Audit Committee then reports to the Supervisory Board, which ultimately finalizes the financial statements based on the valuations.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__27": { "value": "

TINC uses the following hierarchy in determining and disclosing the fair value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3:methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

All of the participations of TINC are classified as Level 3 assets in the fair value hierarchy.

Methodology

Investments in infrastructure are usually characterized by good visibility on future cash flows. This is because of the presence of long-term agreements, a regulated framework and/or the strategic position of the infrastructure. Because of this high visibility on future cash flows, the Discounted Cash Flow method (DCF method) is applied for the periodic valuation for most participations. This involves identifying future long-term cash flows for each participation, such as revenues, costs, investments, and repayments of debt financing. In this way, the expected long-term cash flows that TINC will receive from the participation are also determined in relation to the investment of TINC, including the participation in the equity of a participation and shareholder loans or loans to a participation.

The expected long-term future cash flows related to the participations of TINC are discounted per participation at a market-based discount rate. This is how the fair value of each participation in TINC is determined. The market-based discount rate depends on the risk profile of the participation on the one hand and the investment instruments at TINC on the other. The profile of a company active in infrastructure is determined, among other things, by the possible fluctuations in revenues and costs, the presence and robustness of long-term contracts and the quality of the counterparties thereto, and the refinancing risk of debt financing. Recent transactions between market participants can provide an indication of a market-based discount rate.

At each periodic valuation update, the expected long-term cash flows per participation, and linked to this the expected long-term cash flows related to the investment instruments at TINC, are updated, among others using recent financial figures and updated assumptions. The discount rate per participation is also reviewed periodically and adjusted if necessary.

For some participations a different valuation methodology may be applied, temporarily or otherwise, to determine the fair value of the participation at TINC for specific reasons. Where applicable, this is mentioned in the notes to the Financial Fixed Assets.

Single unit of account

In case of an investment in the equity of a portfolio company, where investments are made in both share capital and shareholder loans of the portfolio company, all expected future cash flows related to both investment instruments together are discounted at a market-based discount rate. As TINC is an investment company as defined by IFRS 10, it measures its shareholder loans at fair value through profit or loss in accordance with IFRS 9. Interests on shareholder loans are thus recognized under interests received, on the one hand, and changes in fair value, including capitalized interests, on the other hand. Moreover, TINC considers the investment in the share capital and in the shareholder loan of a portfolio company as a \u2018single unit of account\u2019, as both investment instruments are inextricably linked. Decisions on the acquisition and disposal of both instruments are not taken independently and both instruments have the same risk profile.

Process

The valuation process, like the preparation of the financial statements of TINC, is observed by the finance function at TDP NV (see p. 99) under the direction of the responsible member of the Executive Board and under the supervision of the Audit Committee.

The starting point is the financial models prepared for each participation, which contain a detailed projection of the expected cash flows based on underlying assumptions. These financial models are typically subject to a model audit by an independent party at the inception of the investment. During the lifetime of the infrastructure, at each closing of TINC, the financial models are brought in line with recent developments that would occur in the underlying assumptions

(due to market evolutions or evolutions at the participation itself). The valuation is then done using the DCF method based on a discount rate.

The results for each reporting period are discussed with the members of the Audit Committee. The Audit Committee then reports to the Supervisory Board, which ultimately finalizes the financial statements based on the valuations.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__12": { "value": "TDP NV ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__30": { "value": "

d) Other non-current and current assets

Other non-current and current assets are measured at amortized cost.

", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__31": { "value": "

e) Profit Tax

Current taxes are based on the results of TINC and are calculated according to local tax rules.

Deferred taxes are recorded using the liability method for all temporary differences between the tax base of assets and liabilities and their carrying values for financial reporting purposes.

Deferred tax assets are recorded for deductible temporary differences.

A deferred tax asset is recognized for tax losses and tax credits to the extent that it is probable that future taxable profit will be available against which the tax losses and tax credits can be utilized.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__32": { "value": "

e) Profit Tax

Current taxes are based on the results of TINC and are calculated according to local tax rules.

Deferred taxes are recorded using the liability method for all temporary differences between the tax base of assets and liabilities and their carrying values for financial reporting purposes.

Deferred tax assets are recorded for deductible temporary differences.

A deferred tax asset is recognized for tax losses and tax credits to the extent that it is probable that future taxable profit will be available against which the tax losses and tax credits can be utilized.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__34": { "value": "

f) Cash and cash equivalents

Cash and cash equivalents are cash, bank deposits and liquid assets. These include all cash held in cash or on bank deposit. Accordingly, these productsare shown at face value.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__36": { "value": "

g) Provisions

Provisions are recognized when TINC has a present obligation (legal or constructive) as a result of past events, when it is probable that an outflow of resources embodying economic benefits will be required to settle the

obligation and when a reliable estimate of the amount of the obligation can be made. If TINC expects a reimbursement of an amount that has been provided for, the reimbursement is not recorded as an asset until the reimbursement is virtually certain.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__38": { "value": "

h) Financial obligations

Interest-bearing loans and borrowings are initially measured at fair value. Subsequently, loans and borrowings are measured at amortized cost using the effective interest method

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "

h) Financial obligations

Interest-bearing loans and borrowings are initially measured at fair value. Subsequently, loans and borrowings are measured at amortized cost using the effective interest method

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__40": { "value": "

i) Dividends

Dividends are recognized on the date on which TINC receives the rights to their payment. Dividends are presented gross, excluding non-recoverable taxes. The latter are presented separately in the income statement.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__41": { "value": "

j) Earnings per share

TINC calculates both basic and diluted earnings per share in accordance with IAS 33. Basic earnings per share is calculated based on the weighted average number of shares outstanding during the financial year. Diluted earnings per share is calculated according to the average number of shares outstanding during the financial year plus the dilutive effect of warrants and stock options (if any) outstanding during the financial year

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__42": { "value": "

k) Costs associated with the issuance or acquisition of its own shares

TINC typically incurs several costs when issuing or acquiring its equity instruments. Those costs may include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisors, printing costs and stamp duties. For Belgian tax purposes, certain transaction costs related to the issuance or acquisition of equity instruments may be capitalized and amortized over a period of time, as permitted by Belgian Generally Accepted Accounting Principles (BE GAAP). This difference in accounting treatment between IFRS and BE GAAP creates a temporary difference, resulting in a deferred tax asset.

As the underlying transaction relates to equity, the deferred tax asset arising from this temporary difference is recognized in equity.

Other costs related to public offerings of equity instruments (such as road shows and other marketing initiatives) are expensed.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__43": { "value": "

k) Costs associated with the issuance or acquisition of its own shares

TINC typically incurs several costs when issuing or acquiring its equity instruments. Those costs may include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisors, printing costs and stamp duties. For Belgian tax purposes, certain transaction costs related to the issuance or acquisition of equity instruments may be capitalized and amortized over a period of time, as permitted by Belgian Generally Accepted Accounting Principles (BE GAAP). This difference in accounting treatment between IFRS and BE GAAP creates a temporary difference, resulting in a deferred tax asset.

As the underlying transaction relates to equity, the deferred tax asset arising from this temporary difference is recognized in equity.

Other costs related to public offerings of equity instruments (such as road shows and other marketing initiatives) are expensed.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__44": { "value": "

l) Operating segments

Operating segments are reported consistently with internal reporting to the chief operating decision-maker, being the Supervisory Board. The Supervisory Board is responsible for allocating resources and assessing the results of the operating segments. Currently there are 4 segments, Public Infrastructure, Energy Infrastructure, Digital Infrastructure and Social Infrastructure.

New Standards, interpretations and amendments applied by TINC at December 31, 2024

New and amended Standards and Interpretations adopted by TINC

TINC has adopted during the current financial year all new and revised Standards and Interpretations issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, as endorsed by the European Union and effective for the financial year starting on January 1, 2024. TINC has not applied any new IFRS guidance that is not yet effective as of December 31, 2024.

The following new and revised Standards and Interpretations issued by theIASB and the IFRIC, as endorsed by the European Union, are effective for the current financial year:

Amendments to IAS 1: Presentation of financial statements for classification of short- or long-term debt (issued January 2020)

Amendments to IFRS 16: Leases clarify how a seller-leasee should measure a lease liability arising from a sale and leaseback transaction (issued Sept. 2022)

Amendments to IAS 1: Presentation of financial statements regarding classification of loans with covenants (issued October 2022)

Amendments relating to disclosures for IAS 7: Statement of Cash Flows and IFRS 7: Financial Instruments Related to Supplier Financing Arrangements (issued May 2023)

The adoption of these new Standards, Interpretations and Amendments did not result in significant changes in the accounting policies of TINC.

Standards and interpretations issued but not yet effective for the current financial year

TINC has elected not to early adopt the following new Standards, Interpretations and Amendments, which have been issued by the IASB and the IFRIC but which were not yet mandatory by December 31, 2024 and/or not yet endorsed by the European Union by December 31, 2024, and whose impact could be relevant:

Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability (issued August 2023)

Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments (issued May 2024)*

New standard IFRS 19: Subsidiaries without public accountability: disclosures (issued May 2024)*

New standard IFRS 18: Presentation and disclosures in financial statements (issued April 2024)*

Amendments to IFRS 9 and IFRS 7: Renewable electricity contracts (issued December 2024)*

The above new and revised Standards and Interpretations, which have not been applied in these financial statements, are not expected to have a material impact on subsequent periods, except with respect to IFRS 18 for which TINC is currently analyzing the potential impact.

*Not yet endorsed by the European Union as of December 31, 2024

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__45": { "value": "

8\tKey judgments and assessments

The preparation of consolidated financial statements involves making estimates and assumptions that affect financial statement amounts.

The significant judgments relate primarily to:

Determination of the degree of control and influence exercised by TINC over a participation (Note 10);

The investment in the share capital and shareholder loan of a participation as a unit of account (Note 17).Details of judgements can be found in accounting policy c.

The significant estimates mainly relate to:

The determination of the fair value of shares in participations and receivables of participations measured at fair value through profit or loss (Note 17).

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__46": { "value": "

8\tKey judgments and assessments

The preparation of consolidated financial statements involves making estimates and assumptions that affect financial statement amounts.

The significant judgments relate primarily to:

Determination of the degree of control and influence exercised by TINC over a participation (Note 10);

The investment in the share capital and shareholder loan of a participation as a unit of account (Note 17).Details of judgements can be found in accounting policy c.

The significant estimates mainly relate to:

The determination of the fair value of shares in participations and receivables of participations measured at fair value through profit or loss (Note 17).

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__47-1": { "value": "

9\tOverview of participations

Portfolio company

Country

Type

Project Infrastructure/ Corporate Infrastructure

Stake

Change compared to December 31, 2023

Status

Public Infrastructure

A15 Maasvlakte-Vaanplein

NL

Equity (+SHL)

Project Infrastructure

24.00%

0.00%

Operational

Social Housing Ireland

IRE

Equity

Project Infrastructure

100.00%

0.00%

Operational

Higher Education Buildings

IRE

Equity

Project Infrastructure

100.00%

0.00%

In realisation

Hortus Conclusus

BE

Equity

Project Infrastructure

50.00%

50.00%

In realisation

L\u2019Hourgnette

BE

Equity (+SHL)

Project Infrastructure

81.00%

0.00%

Operational

SPI.R0

BE

Equity

Project Infrastructure

45.00%

45.00%

In realisation

Princess Beatrix Lock

NL

Equity (+SHL)

Project Infrastructure

40.63%

0.00%

Operational

Brabo I

BE

Equity (+SHL)

Project Infrastructure

52.00%

0.00%

Operational

Via A11

BE

Equity (+SHL)

Project Infrastructure

39.06%

0.00%

Operational

Via R4 Ghent

BE

Equity (+SHL)

Project Infrastructure

74.99%

0.00%

Operational

Energy Infrastructure

Berlare Wind

BE

Equity

Project Infrastructure

49.00%

0.00%

Operational

Kroningswind

NL

Equity

Project Infrastructure

100.00%

0.00%

Operational

Lowtide

BE

Equity (+SHL)

Project Infrastructure

100.00%

0.00%

Operational

Nobelwind

BE

Loan

Project Infrastructure

n.a.

n.a.

Operational

Solar Finance

BE

Equity (+SHL)

Project Infrastructure

87.43%

0.00%

Operational

Storm Wind Ireland

IE

Equity

Project Infrastructure

95.60%

0.00%

Operational

Storm Wind Belgium

BE

Equity (+SHL)

Project Infrastructure

39.47% - 45%

0.00%

Oper. / In Real.

Storm Group

BE

Loan

Corporate Infrastructure

n.a.

0.00%

Oper. / In Real.

Kreekraksluis

NL

Equity (+SHL)

Project Infrastructure

43.65%

0.00%

Operational

Sunroof

BE

Equity

Project Infrastructure

50.00%

0.00%

Operational

Zelfstroom Invest

NL

Equity

Project Infrastructure

90.00%

0.00%

Oper. / In Real.

*SHL: shareholder loan

Portfolio company

Country

Type

Project Infrastructure/ Corporate Infrastructure

Stake

Change compared to December 31, 2023

Status

Digital Infrastructure

Glasdraad

NL

Equity

Corporate Infrastructure

50.01%

0.00%

Oper. / In Real.

Datacenter United

BE

Equity

Corporate Infrastructure

75.00%

0.00%

Operational

NGE Fibre

FR

Equity

Project Infrastructure

7.26%

0.00%

Operational

Social Infrastructure

De Haan Vakantiehuizen

BE

Equity

Project Infrastructure

12.50%

0.00%

Operational

R\u00e9seau Abilis

BE

Equity

Corporate Infrastructure

67.50%

0.00%

Operational

Eemplein

NL

Equity (+SHL)

Project Infrastructure

100.00%

0.00%

Operational

Yally

BE

Equity

Corporate Infrastructure

66.67%

0.00%

Oper. / In Real.

Obelisc

BE

Equity (+SHL)

Project Infrastructure

50.00%

0.00%

Operational

Garagepark

NL

Equity

Project Infrastructure

62.50%

0.00%

Oper. / In Real.

*AHL: aandeelhouderslening

Azulatis is not yet included in the figures as it is not a participation as per 31/12/2024 yet.

Northwind is no longer included in the table because the loan was fully repaid in the last financial year.

Key assessments and judgments

The calculation of the fair value of the participations of TINC is based on:

The expected future cash flows to TINC generated by the participations within the portfolio;

The discount rate applied to expected future cash flows to TINC.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__48": { "value": "

10\tAffiliated companies

Non-consolidated subsidiaries

This statement includes unconsolidated subsidiaries, as defined in IFRS 10.*

Non-consolidated subsidiary

City/country

% participation

Change vs. previous year

% voting rights

Change vs. previous year

Comhar Housing Holdings Limited

Dublin, Ierland

100%

-

100%

-

Comhar Housing Limited

Dublin, Ierland

100%

-

100%

-

DG Infra+ Parkinvest BV

s-Gravenhaege, Nederland

100%

-

100%

-

Eemplein Parkeergarage BV

s-Gravenhaege, Nederland

100%

-

100%

-

Kroningswind Holding BV

Den Haag, Nederland

100%

-

100%

-

Kroningswind BV

Den Haag, Nederland

100%

-

100%

-

Lowtide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Hightide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Silvius NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Fil de Verre

Rueil-Malmaison, France

100%

-

100%

-

*An entity controlled by TINC, i.e. an investee company in which TINC is exposed, or in which TINC has rights, to variable returns from its involvement in the investee company and has the ability to influence this return through its influence over the investee company.\t

Non-consolidated participations with joint control

This summary includes holdings over which TINC has joint control, as defined in IFRS 11.*

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

A-Lanes A15 Holding BV

Nieuwegein, Nederland

Shared decision-making rights

24.00%

-

24.00%

-

Brabo I

Antwerpen, Belgi\u00eb

Shared decision-making rights

52.00%

-

52.00%

-

DCU Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

75.00%

-

75.00%

-

De Haan Vakantiehuizen NV

Sint-Lambrechts-Woluwe, Belgi\u00eb

Shared decision-making rights

12.50%

-

12.50%

-

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

G.P. Invest BV

Den Haag, Nederland

Shared decision-making rights

62.50%

-

62.50%

-

GlasDraad BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

50.00%

-

Hortus Conclusus NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

L'Hourgnette NV

Sint-Gillis, Belgi\u00eb

Shared decision-making rights

81.00%

-

81.00%

-

Obelisc NV

Zwijnaarde, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

SPI.R0 Holdco NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

SAS Invest BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

-

50.00%

-

Solar Finance NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

87.43%

-

87.43%

-

Storm Holding 4 NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

95.60%

-

95.60%

-

Storm Holding 5 NV

Shared decision-making rights

45.00%

-

45.00%

-

Sunroof BV

Antwerpen, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

T&D Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

67.50%

-

67.50%

-

Via Brugge NV

Aalst, Belgi\u00eb

Shared decision-making rights

64.37%

-

64.37%

-

Via A11 NV

Aalst, Belgi\u00eb

Shared decision-making rights

39.05%

-

39.05%

-

Via R4-Gent NV

Brussel, Belgi\u00eb

Shared decision-making rights

74.99%

-

74.99%

-

Windpark Kreekraksluis Holding BV

s-Gravenhaege, Nederland

Shared decision-making rights

43.65%

-

43.65%

-

Yally NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

66.67%

-

66.67%

-

Zelfstroom Invest BV

s-Hertogenbosch, Nederland

Shared decision-making rights

90.00%

-

90.00%

-

*Two or more investors jointly control a participation when they must act together to direct the relevant activities. Because no investor can direct the activities without the cooperation of the others, in such cases no investor individually controls the investee company.\t

A summary of contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in Note 24: Off-balance sheet commitments.

Restrictions

TINC receives payments and distributions from its participations in the form of dividends, interest and fees, and in the form of repayments of capital and repayments of shareholder loans and loans.

Restrictions may apply to the ability of participations to make payments or distributions to TINC. These restrictions may result from general corporate law provisions on distributions, or from agreements contained in financing agreements. Restrictions on distributions may also result from working capital or investment needs of the participations. TINC takes these possible restrictions into account in its projections of future cash flows that form the basis for valuing its participations. Specific yet unidentified events may lead to additional restrictions on payments or distributions and are not yet included in the current projection of future cash flows. A change in valuation rules, practices or guidelines relevant to TINC or its participations may also reduce or delay future cash flows to TINC.

As of December 31, 2024, there are no additional material constraints.

Segment reporting

TINC reports its investment activities according to four segments. Management reporting also follows this structure in accordance with the requirements under IFRS 8. There are no transactions between segments.

The four segments concern:

Public Infrastructure: This includes the following participations: A15 Maasvlakte-Vaanplein, L\u2019hourgnette, Princess Beatrix Lock, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4-Ghent, SPI.R0, Hortus Conclusus and Via A11

Energy Infrastructure:This includes the following participations: Berlare Wind, Kroningswind, Lowtide/Hightide, Nobelwind, Solar Finance, Storm Wind Belgium, Storm Wind Ireland, Storm Group, Kreekraksluis, Sunroof and

Zelfstroom. Within this segment, a distinction is also made between equity investments and loan investments.

Digital Infrastructure: This includes the following participations: GlasDraad BV, Datacenter United and NGE Fibre

Social Infrastructure: This includes the following participations: R\u00e9seau Abilis, Eemplein, De Haan Vakantiehuizen, Garagepark, Obelisc and Yally.

An overview of the evolution of the fair value of the portfolio by segment can be found in Note 17.

The portfolio of TINC can be divided into project infrastructure and corporate infrastructure.

Project infrastructure is characterized by the following features:

Capital-intensive activities

Fixed in time, growth and financial commitments

Value creation from recurring cash receipts

Finite life with no or limited upside potential

Corporate infrastructure is characterized by the following features:

Capital-intensive activities

Focus on growth, organic or through acquisitions

Value creation from recurring cash receipts and growth

Growth potential

The table above on page 130 lists for each participation whether it is project or corporate infrastructure, respectively.

Evolution over financial year 2024 by segment

Period ending at December 31, 2024 (audited)

(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

5,705,333

1,755,551

(88,000)

422,369

-

7,795,253

Dividend income

3,913,692

14,404,871

-

2,671,250

-

20,989,812

Gain on disposal of investments

-

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

(5,655,658)

(12,909,623)

26,448,820

10,163,175

-

18,046,715

Revenue

901,807

388,173

37,500

80,500

-

1,407,980

Portfolio result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

-

50,748,260

Selling, General & Administrative Expenses

-

-

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

-

-

(3,727)

(3,727)

Other operating expenses

-

-

-

-

(251,433)

(251,433)

Operational result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

(6,761,130)

43,987,130

Financial result (-)

-

-

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

-

-

(315,633)

(315,633)

Total consolidated income

4,865,173

3,638,973

28,906,820

13,337,294

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

140,827,743

121,813,911

133,201,670

116,226,710

2,587,451

514,657,485

Equity and Liabilities

-

-

-

-

514,657,485

514,657,485

Other segment information

Cashflow

18,592,474

18,680,177

4,067,931

3,479,568

-

44,820,150

Cash-income

12,318,259

12,787,675

2,546,000

3,246,301

-

30,898,234

Repayments and divestments

6,274,215

5,892,502

1,521,931

233,268

-

13,921,916

Evolution over financial year 2022-2023 by segment

Period ending at December 31, 2023 (audited)(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

8,461,371

2,854,922

88,000

340,751

-

11,745,044

Dividend income

4,685,781

18,964,591

325,000

11,658,750

-

35,634,123

Gain on disposal of investments

5,320,054

4,203,879

-

9,523,933

Unrealised gains (losses) on investments

90,665

(1,920,084)

9,436,029

(4,209,414)

-

3,397,196

Revenue

520,287

520,246

56,250

110,250

-

1,207,033

Portfolio result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

-

61,507,330

Selling, General & Administrative Expenses

-

-

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

-

-

(5,606)

(5,606)

Other operating expenses

-

-

-

-

(353,676)

(353,676)

Operational result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

(10,683,035)

50,824,294

Financial result (-)

-

-

-

-

567,235

567,235

Tax expenses (-)

-

-

-

-

(492,516)

(492,516)

Total consolidated income

13,758,104

20,419,675

15,225,334

12,104,216

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

154,493,544

124,355,120

98,415,427

91,092,577

29,049,731

497,406,399

Equity and Liabilities

-

-

-

-

497,406,399

497,406,399

Other segment information

Cashflow

14,608,742

39,008,332

40,013,953

32,399,737

-

126,030,764

Cash-income

11,957,652

22,717,549

5,380,054

16,497,091

-

56,552,346

Repayments and divestments

2,651,090

16,290,783

34,633,899

15,902,646

-

69,478,418

Evolution over financial year 2024 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

5,927,278

1,955,975

-

(88,000)

7,795,253

Dividend income

11,867,764

3,346,423

5,775,626

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

15,884,609

2,686,817

(1,732,175)

1,207,464

18,046,715

Revenue

448,569

182,724

776,687

-

1,407,980

Portfolio result, profit (loss)

34,128,220

10,680,438

4,820,137

1,119,464

50,748,260

Selling, General & Administrative Expenses

(6,505,970)

-

-

-

(6,505,970)

Depreciations and amortizations

(3,727)

-

-

-

(3,727)

Other operating expenses

(251,433)

-

-

-

(251,433)

Operational result, profit (loss)

27,367,090

10,680,438

4,820,137

1,119,464

43,987,130

Financial result (-)

(1,180,437)

-

-

-

(1,180,437)

Tax expenses (-)

(315,633)

-

-

-

(315,633)

Total consolidated income

25,871,020

10,680,438

4,820,137

1,119,464

42,491,060

Assets, Equity and Liabilites

Assets

304,597,268

162,320,516

23,454,316

24,285,385

514,657,485

Equity and Liabilities

514,657,485

-

-

-

514,657,485

Other segment information

Cashflow

24,653,643

11,222,707

7,421,869

1,521,931

44,820,150

Cash-income

14,654,306

9,616,519

6,627,409

-

30,898,234

Repayments and divestments

9,999,337

1,606,188

794,460

1,521,931

13,921,916

Evolution over financial year 2022-2023 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

8,970,388

2,686,656

-

88,000

11,745,044

Dividend income

10,071,131

23,898,461

1,664,530

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

-

9,523,933

Unrealised gains (losses) on investments

8,992,659

2,585,402

(8,180,865)

-

3,397,196

Revenue

573,892

294,492

338,650

-

1,207,033

Portfolio result, profit (loss)

32,811,949

34,785,066

(6,177,685)

88,000

61,507,330

Selling, General & Administrative Expenses

(10,323,753)

-

-

-

(10,323,753)

Depreciations and amortizations

(5,606)

-

-

-

(5,606)

Other operating expenses

(353,676)

-

-

-

(353,676)

Operational result, profit (loss)

22,128,914

34,785,066

(6,177,685)

88,000

50,824,294

Financial result (-)

567,235

-

-

-

567,235

Tax expenses (-)

(492,516)

-

-

-

(492,516)

Total consolidated income

22,203,632

34,785,066

(6,177,685)

88,000

50,899,013

Assets, Equity and Liabilites

Assets

296,863,471

150,398,880

26,056,047

24,088,001

497,406,399

Equity and Liabilities

497,406,399

-

-

-

497,406,399

Other segment information

Cashflow

56,311,665

65,845,581

3,873,518

-

126,030,764

Cash-income

24,071,886

30,556,932

1,923,528

-

56,552,346

Repayments and divestments

32,239,779

35,288,649

1,949,990

-

69,478,418

Evolution over financial year 2024 by infrastructure type

Period ending at December 31, 2024 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

7,293,169

502,083

-

7,795,253

Dividend income

18,627,312

2,362,500

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

2,508,500

Unrealised gains (losses) on investments

(12,518,418)

30,565,132

-

18,046,715

Revenue

1,360,480

47,500

-

1,407,980

Portfolio result, profit (loss)

14,762,544

35,985,716

-

50,748,260

Selling, General & Administrative Expenses

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

(3,727)

(3,727)

Other operating expenses

-

-

(251,433)

(251,433)

Operational result, profit (loss)

14,762,544

35,985,716

(6,761,130)

43,987,130

Financial result (-)

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

(315,633)

(315,633)

Total consolidated income

14,762,544

35,985,716

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

316,073,812

195,996,221

2,587,452

514,657,485

Equity and Liabilities

-

-

514,657,485

514,657,485

Other segment information

Cashflow

39,901,650

4,918,500

-

44,820,150

Cash-income

25,979,734

4,918,500

-

30,898,234

Repayments and divestments

13,921,916

-

-

13,921,916

Evolution over financial year 222-2023 by infrastructure type

Period ending at December 31, 2023 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

11,745,044

-

-

11,745,044

Dividend income

35,309,123

325,000

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

9,523,933

Unrealised gains (losses) on investments

(7,934,281)

11,331,477

-

3,397,196

Revenue

1,135,783

71,250

-

1,207,033

Portfolio result, profit (loss)

44,459,549

17,047,781

-

61,507,330

Selling, General & Administrative Expenses

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

(5,606)

(5,606)

Other operating expenses

-

-

(353,676)

(353,676)

Operational result, profit (loss)

44,459,549

17,047,781

(10,683,035)

50,824,294

Financial result (-)

-

-

567,235

567,235

Tax expenses (-)

-

-

(492,516)

(492,516)

Total consolidated income

44,459,549

17,047,781

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

336,685,164

131,671,504

29,049,731

497,406,399

Equity and Liabilities

-

-

497,406,399

497,406,399

Other segment information

Cashflow

86,006,811

40,023,953

-

126,030,764

Cash-income

51,162,291

5,390,054

-

56,552,346

Repayments and divestments

34,844,519

34,633,899

-

69,478,418

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__49": { "value": "

10\tAffiliated companies

Non-consolidated subsidiaries

This statement includes unconsolidated subsidiaries, as defined in IFRS 10.*

Non-consolidated subsidiary

City/country

% participation

Change vs. previous year

% voting rights

Change vs. previous year

Comhar Housing Holdings Limited

Dublin, Ierland

100%

-

100%

-

Comhar Housing Limited

Dublin, Ierland

100%

-

100%

-

DG Infra+ Parkinvest BV

s-Gravenhaege, Nederland

100%

-

100%

-

Eemplein Parkeergarage BV

s-Gravenhaege, Nederland

100%

-

100%

-

Kroningswind Holding BV

Den Haag, Nederland

100%

-

100%

-

Kroningswind BV

Den Haag, Nederland

100%

-

100%

-

Lowtide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Hightide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Silvius NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Fil de Verre

Rueil-Malmaison, France

100%

-

100%

-

*An entity controlled by TINC, i.e. an investee company in which TINC is exposed, or in which TINC has rights, to variable returns from its involvement in the investee company and has the ability to influence this return through its influence over the investee company.\t

Non-consolidated participations with joint control

This summary includes holdings over which TINC has joint control, as defined in IFRS 11.*

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

A-Lanes A15 Holding BV

Nieuwegein, Nederland

Shared decision-making rights

24.00%

-

24.00%

-

Brabo I

Antwerpen, Belgi\u00eb

Shared decision-making rights

52.00%

-

52.00%

-

DCU Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

75.00%

-

75.00%

-

De Haan Vakantiehuizen NV

Sint-Lambrechts-Woluwe, Belgi\u00eb

Shared decision-making rights

12.50%

-

12.50%

-

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

G.P. Invest BV

Den Haag, Nederland

Shared decision-making rights

62.50%

-

62.50%

-

GlasDraad BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

50.00%

-

Hortus Conclusus NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

L'Hourgnette NV

Sint-Gillis, Belgi\u00eb

Shared decision-making rights

81.00%

-

81.00%

-

Obelisc NV

Zwijnaarde, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

SPI.R0 Holdco NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

SAS Invest BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

-

50.00%

-

Solar Finance NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

87.43%

-

87.43%

-

Storm Holding 4 NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

95.60%

-

95.60%

-

Storm Holding 5 NV

Shared decision-making rights

45.00%

-

45.00%

-

Sunroof BV

Antwerpen, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

T&D Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

67.50%

-

67.50%

-

Via Brugge NV

Aalst, Belgi\u00eb

Shared decision-making rights

64.37%

-

64.37%

-

Via A11 NV

Aalst, Belgi\u00eb

Shared decision-making rights

39.05%

-

39.05%

-

Via R4-Gent NV

Brussel, Belgi\u00eb

Shared decision-making rights

74.99%

-

74.99%

-

Windpark Kreekraksluis Holding BV

s-Gravenhaege, Nederland

Shared decision-making rights

43.65%

-

43.65%

-

Yally NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

66.67%

-

66.67%

-

Zelfstroom Invest BV

s-Hertogenbosch, Nederland

Shared decision-making rights

90.00%

-

90.00%

-

*Two or more investors jointly control a participation when they must act together to direct the relevant activities. Because no investor can direct the activities without the cooperation of the others, in such cases no investor individually controls the investee company.\t

A summary of contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in Note 24: Off-balance sheet commitments.

Restrictions

TINC receives payments and distributions from its participations in the form of dividends, interest and fees, and in the form of repayments of capital and repayments of shareholder loans and loans.

Restrictions may apply to the ability of participations to make payments or distributions to TINC. These restrictions may result from general corporate law provisions on distributions, or from agreements contained in financing agreements. Restrictions on distributions may also result from working capital or investment needs of the participations. TINC takes these possible restrictions into account in its projections of future cash flows that form the basis for valuing its participations. Specific yet unidentified events may lead to additional restrictions on payments or distributions and are not yet included in the current projection of future cash flows. A change in valuation rules, practices or guidelines relevant to TINC or its participations may also reduce or delay future cash flows to TINC.

As of December 31, 2024, there are no additional material constraints.

Segment reporting

TINC reports its investment activities according to four segments. Management reporting also follows this structure in accordance with the requirements under IFRS 8. There are no transactions between segments.

The four segments concern:

Public Infrastructure: This includes the following participations: A15 Maasvlakte-Vaanplein, L\u2019hourgnette, Princess Beatrix Lock, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4-Ghent, SPI.R0, Hortus Conclusus and Via A11

Energy Infrastructure:This includes the following participations: Berlare Wind, Kroningswind, Lowtide/Hightide, Nobelwind, Solar Finance, Storm Wind Belgium, Storm Wind Ireland, Storm Group, Kreekraksluis, Sunroof and

Zelfstroom. Within this segment, a distinction is also made between equity investments and loan investments.

Digital Infrastructure: This includes the following participations: GlasDraad BV, Datacenter United and NGE Fibre

Social Infrastructure: This includes the following participations: R\u00e9seau Abilis, Eemplein, De Haan Vakantiehuizen, Garagepark, Obelisc and Yally.

An overview of the evolution of the fair value of the portfolio by segment can be found in Note 17.

The portfolio of TINC can be divided into project infrastructure and corporate infrastructure.

Project infrastructure is characterized by the following features:

Capital-intensive activities

Fixed in time, growth and financial commitments

Value creation from recurring cash receipts

Finite life with no or limited upside potential

Corporate infrastructure is characterized by the following features:

Capital-intensive activities

Focus on growth, organic or through acquisitions

Value creation from recurring cash receipts and growth

Growth potential

The table above on page 130 lists for each participation whether it is project or corporate infrastructure, respectively.

Evolution over financial year 2024 by segment

Period ending at December 31, 2024 (audited)

(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

5,705,333

1,755,551

(88,000)

422,369

-

7,795,253

Dividend income

3,913,692

14,404,871

-

2,671,250

-

20,989,812

Gain on disposal of investments

-

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

(5,655,658)

(12,909,623)

26,448,820

10,163,175

-

18,046,715

Revenue

901,807

388,173

37,500

80,500

-

1,407,980

Portfolio result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

-

50,748,260

Selling, General & Administrative Expenses

-

-

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

-

-

(3,727)

(3,727)

Other operating expenses

-

-

-

-

(251,433)

(251,433)

Operational result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

(6,761,130)

43,987,130

Financial result (-)

-

-

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

-

-

(315,633)

(315,633)

Total consolidated income

4,865,173

3,638,973

28,906,820

13,337,294

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

140,827,743

121,813,911

133,201,670

116,226,710

2,587,451

514,657,485

Equity and Liabilities

-

-

-

-

514,657,485

514,657,485

Other segment information

Cashflow

18,592,474

18,680,177

4,067,931

3,479,568

-

44,820,150

Cash-income

12,318,259

12,787,675

2,546,000

3,246,301

-

30,898,234

Repayments and divestments

6,274,215

5,892,502

1,521,931

233,268

-

13,921,916

Evolution over financial year 2022-2023 by segment

Period ending at December 31, 2023 (audited)(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

8,461,371

2,854,922

88,000

340,751

-

11,745,044

Dividend income

4,685,781

18,964,591

325,000

11,658,750

-

35,634,123

Gain on disposal of investments

5,320,054

4,203,879

-

9,523,933

Unrealised gains (losses) on investments

90,665

(1,920,084)

9,436,029

(4,209,414)

-

3,397,196

Revenue

520,287

520,246

56,250

110,250

-

1,207,033

Portfolio result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

-

61,507,330

Selling, General & Administrative Expenses

-

-

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

-

-

(5,606)

(5,606)

Other operating expenses

-

-

-

-

(353,676)

(353,676)

Operational result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

(10,683,035)

50,824,294

Financial result (-)

-

-

-

-

567,235

567,235

Tax expenses (-)

-

-

-

-

(492,516)

(492,516)

Total consolidated income

13,758,104

20,419,675

15,225,334

12,104,216

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

154,493,544

124,355,120

98,415,427

91,092,577

29,049,731

497,406,399

Equity and Liabilities

-

-

-

-

497,406,399

497,406,399

Other segment information

Cashflow

14,608,742

39,008,332

40,013,953

32,399,737

-

126,030,764

Cash-income

11,957,652

22,717,549

5,380,054

16,497,091

-

56,552,346

Repayments and divestments

2,651,090

16,290,783

34,633,899

15,902,646

-

69,478,418

Evolution over financial year 2024 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

5,927,278

1,955,975

-

(88,000)

7,795,253

Dividend income

11,867,764

3,346,423

5,775,626

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

15,884,609

2,686,817

(1,732,175)

1,207,464

18,046,715

Revenue

448,569

182,724

776,687

-

1,407,980

Portfolio result, profit (loss)

34,128,220

10,680,438

4,820,137

1,119,464

50,748,260

Selling, General & Administrative Expenses

(6,505,970)

-

-

-

(6,505,970)

Depreciations and amortizations

(3,727)

-

-

-

(3,727)

Other operating expenses

(251,433)

-

-

-

(251,433)

Operational result, profit (loss)

27,367,090

10,680,438

4,820,137

1,119,464

43,987,130

Financial result (-)

(1,180,437)

-

-

-

(1,180,437)

Tax expenses (-)

(315,633)

-

-

-

(315,633)

Total consolidated income

25,871,020

10,680,438

4,820,137

1,119,464

42,491,060

Assets, Equity and Liabilites

Assets

304,597,268

162,320,516

23,454,316

24,285,385

514,657,485

Equity and Liabilities

514,657,485

-

-

-

514,657,485

Other segment information

Cashflow

24,653,643

11,222,707

7,421,869

1,521,931

44,820,150

Cash-income

14,654,306

9,616,519

6,627,409

-

30,898,234

Repayments and divestments

9,999,337

1,606,188

794,460

1,521,931

13,921,916

Evolution over financial year 2022-2023 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

8,970,388

2,686,656

-

88,000

11,745,044

Dividend income

10,071,131

23,898,461

1,664,530

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

-

9,523,933

Unrealised gains (losses) on investments

8,992,659

2,585,402

(8,180,865)

-

3,397,196

Revenue

573,892

294,492

338,650

-

1,207,033

Portfolio result, profit (loss)

32,811,949

34,785,066

(6,177,685)

88,000

61,507,330

Selling, General & Administrative Expenses

(10,323,753)

-

-

-

(10,323,753)

Depreciations and amortizations

(5,606)

-

-

-

(5,606)

Other operating expenses

(353,676)

-

-

-

(353,676)

Operational result, profit (loss)

22,128,914

34,785,066

(6,177,685)

88,000

50,824,294

Financial result (-)

567,235

-

-

-

567,235

Tax expenses (-)

(492,516)

-

-

-

(492,516)

Total consolidated income

22,203,632

34,785,066

(6,177,685)

88,000

50,899,013

Assets, Equity and Liabilites

Assets

296,863,471

150,398,880

26,056,047

24,088,001

497,406,399

Equity and Liabilities

497,406,399

-

-

-

497,406,399

Other segment information

Cashflow

56,311,665

65,845,581

3,873,518

-

126,030,764

Cash-income

24,071,886

30,556,932

1,923,528

-

56,552,346

Repayments and divestments

32,239,779

35,288,649

1,949,990

-

69,478,418

Evolution over financial year 2024 by infrastructure type

Period ending at December 31, 2024 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

7,293,169

502,083

-

7,795,253

Dividend income

18,627,312

2,362,500

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

2,508,500

Unrealised gains (losses) on investments

(12,518,418)

30,565,132

-

18,046,715

Revenue

1,360,480

47,500

-

1,407,980

Portfolio result, profit (loss)

14,762,544

35,985,716

-

50,748,260

Selling, General & Administrative Expenses

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

(3,727)

(3,727)

Other operating expenses

-

-

(251,433)

(251,433)

Operational result, profit (loss)

14,762,544

35,985,716

(6,761,130)

43,987,130

Financial result (-)

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

(315,633)

(315,633)

Total consolidated income

14,762,544

35,985,716

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

316,073,812

195,996,221

2,587,452

514,657,485

Equity and Liabilities

-

-

514,657,485

514,657,485

Other segment information

Cashflow

39,901,650

4,918,500

-

44,820,150

Cash-income

25,979,734

4,918,500

-

30,898,234

Repayments and divestments

13,921,916

-

-

13,921,916

Evolution over financial year 222-2023 by infrastructure type

Period ending at December 31, 2023 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

11,745,044

-

-

11,745,044

Dividend income

35,309,123

325,000

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

9,523,933

Unrealised gains (losses) on investments

(7,934,281)

11,331,477

-

3,397,196

Revenue

1,135,783

71,250

-

1,207,033

Portfolio result, profit (loss)

44,459,549

17,047,781

-

61,507,330

Selling, General & Administrative Expenses

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

(5,606)

(5,606)

Other operating expenses

-

-

(353,676)

(353,676)

Operational result, profit (loss)

44,459,549

17,047,781

(10,683,035)

50,824,294

Financial result (-)

-

-

567,235

567,235

Tax expenses (-)

-

-

(492,516)

(492,516)

Total consolidated income

44,459,549

17,047,781

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

336,685,164

131,671,504

29,049,731

497,406,399

Equity and Liabilities

-

-

497,406,399

497,406,399

Other segment information

Cashflow

86,006,811

40,023,953

-

126,030,764

Cash-income

51,162,291

5,390,054

-

56,552,346

Repayments and divestments

34,844,519

34,633,899

-

69,478,418

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__50": { "value": "

10\tAffiliated companies

Non-consolidated subsidiaries

This statement includes unconsolidated subsidiaries, as defined in IFRS 10.*

Non-consolidated subsidiary

City/country

% participation

Change vs. previous year

% voting rights

Change vs. previous year

Comhar Housing Holdings Limited

Dublin, Ierland

100%

-

100%

-

Comhar Housing Limited

Dublin, Ierland

100%

-

100%

-

DG Infra+ Parkinvest BV

s-Gravenhaege, Nederland

100%

-

100%

-

Eemplein Parkeergarage BV

s-Gravenhaege, Nederland

100%

-

100%

-

Kroningswind Holding BV

Den Haag, Nederland

100%

-

100%

-

Kroningswind BV

Den Haag, Nederland

100%

-

100%

-

Lowtide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Hightide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Silvius NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Fil de Verre

Rueil-Malmaison, France

100%

-

100%

-

*An entity controlled by TINC, i.e. an investee company in which TINC is exposed, or in which TINC has rights, to variable returns from its involvement in the investee company and has the ability to influence this return through its influence over the investee company.\t

Non-consolidated participations with joint control

This summary includes holdings over which TINC has joint control, as defined in IFRS 11.*

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

A-Lanes A15 Holding BV

Nieuwegein, Nederland

Shared decision-making rights

24.00%

-

24.00%

-

Brabo I

Antwerpen, Belgi\u00eb

Shared decision-making rights

52.00%

-

52.00%

-

DCU Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

75.00%

-

75.00%

-

De Haan Vakantiehuizen NV

Sint-Lambrechts-Woluwe, Belgi\u00eb

Shared decision-making rights

12.50%

-

12.50%

-

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

G.P. Invest BV

Den Haag, Nederland

Shared decision-making rights

62.50%

-

62.50%

-

GlasDraad BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

50.00%

-

Hortus Conclusus NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

L'Hourgnette NV

Sint-Gillis, Belgi\u00eb

Shared decision-making rights

81.00%

-

81.00%

-

Obelisc NV

Zwijnaarde, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

SPI.R0 Holdco NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

SAS Invest BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

-

50.00%

-

Solar Finance NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

87.43%

-

87.43%

-

Storm Holding 4 NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

95.60%

-

95.60%

-

Storm Holding 5 NV

Shared decision-making rights

45.00%

-

45.00%

-

Sunroof BV

Antwerpen, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

T&D Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

67.50%

-

67.50%

-

Via Brugge NV

Aalst, Belgi\u00eb

Shared decision-making rights

64.37%

-

64.37%

-

Via A11 NV

Aalst, Belgi\u00eb

Shared decision-making rights

39.05%

-

39.05%

-

Via R4-Gent NV

Brussel, Belgi\u00eb

Shared decision-making rights

74.99%

-

74.99%

-

Windpark Kreekraksluis Holding BV

s-Gravenhaege, Nederland

Shared decision-making rights

43.65%

-

43.65%

-

Yally NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

66.67%

-

66.67%

-

Zelfstroom Invest BV

s-Hertogenbosch, Nederland

Shared decision-making rights

90.00%

-

90.00%

-

*Two or more investors jointly control a participation when they must act together to direct the relevant activities. Because no investor can direct the activities without the cooperation of the others, in such cases no investor individually controls the investee company.\t

A summary of contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in Note 24: Off-balance sheet commitments.

Restrictions

TINC receives payments and distributions from its participations in the form of dividends, interest and fees, and in the form of repayments of capital and repayments of shareholder loans and loans.

Restrictions may apply to the ability of participations to make payments or distributions to TINC. These restrictions may result from general corporate law provisions on distributions, or from agreements contained in financing agreements. Restrictions on distributions may also result from working capital or investment needs of the participations. TINC takes these possible restrictions into account in its projections of future cash flows that form the basis for valuing its participations. Specific yet unidentified events may lead to additional restrictions on payments or distributions and are not yet included in the current projection of future cash flows. A change in valuation rules, practices or guidelines relevant to TINC or its participations may also reduce or delay future cash flows to TINC.

As of December 31, 2024, there are no additional material constraints.

Segment reporting

TINC reports its investment activities according to four segments. Management reporting also follows this structure in accordance with the requirements under IFRS 8. There are no transactions between segments.

The four segments concern:

Public Infrastructure: This includes the following participations: A15 Maasvlakte-Vaanplein, L\u2019hourgnette, Princess Beatrix Lock, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4-Ghent, SPI.R0, Hortus Conclusus and Via A11

Energy Infrastructure:This includes the following participations: Berlare Wind, Kroningswind, Lowtide/Hightide, Nobelwind, Solar Finance, Storm Wind Belgium, Storm Wind Ireland, Storm Group, Kreekraksluis, Sunroof and

Zelfstroom. Within this segment, a distinction is also made between equity investments and loan investments.

Digital Infrastructure: This includes the following participations: GlasDraad BV, Datacenter United and NGE Fibre

Social Infrastructure: This includes the following participations: R\u00e9seau Abilis, Eemplein, De Haan Vakantiehuizen, Garagepark, Obelisc and Yally.

An overview of the evolution of the fair value of the portfolio by segment can be found in Note 17.

The portfolio of TINC can be divided into project infrastructure and corporate infrastructure.

Project infrastructure is characterized by the following features:

Capital-intensive activities

Fixed in time, growth and financial commitments

Value creation from recurring cash receipts

Finite life with no or limited upside potential

Corporate infrastructure is characterized by the following features:

Capital-intensive activities

Focus on growth, organic or through acquisitions

Value creation from recurring cash receipts and growth

Growth potential

The table above on page 130 lists for each participation whether it is project or corporate infrastructure, respectively.

Evolution over financial year 2024 by segment

Period ending at December 31, 2024 (audited)

(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

5,705,333

1,755,551

(88,000)

422,369

-

7,795,253

Dividend income

3,913,692

14,404,871

-

2,671,250

-

20,989,812

Gain on disposal of investments

-

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

(5,655,658)

(12,909,623)

26,448,820

10,163,175

-

18,046,715

Revenue

901,807

388,173

37,500

80,500

-

1,407,980

Portfolio result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

-

50,748,260

Selling, General & Administrative Expenses

-

-

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

-

-

(3,727)

(3,727)

Other operating expenses

-

-

-

-

(251,433)

(251,433)

Operational result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

(6,761,130)

43,987,130

Financial result (-)

-

-

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

-

-

(315,633)

(315,633)

Total consolidated income

4,865,173

3,638,973

28,906,820

13,337,294

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

140,827,743

121,813,911

133,201,670

116,226,710

2,587,451

514,657,485

Equity and Liabilities

-

-

-

-

514,657,485

514,657,485

Other segment information

Cashflow

18,592,474

18,680,177

4,067,931

3,479,568

-

44,820,150

Cash-income

12,318,259

12,787,675

2,546,000

3,246,301

-

30,898,234

Repayments and divestments

6,274,215

5,892,502

1,521,931

233,268

-

13,921,916

Evolution over financial year 2022-2023 by segment

Period ending at December 31, 2023 (audited)(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

8,461,371

2,854,922

88,000

340,751

-

11,745,044

Dividend income

4,685,781

18,964,591

325,000

11,658,750

-

35,634,123

Gain on disposal of investments

5,320,054

4,203,879

-

9,523,933

Unrealised gains (losses) on investments

90,665

(1,920,084)

9,436,029

(4,209,414)

-

3,397,196

Revenue

520,287

520,246

56,250

110,250

-

1,207,033

Portfolio result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

-

61,507,330

Selling, General & Administrative Expenses

-

-

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

-

-

(5,606)

(5,606)

Other operating expenses

-

-

-

-

(353,676)

(353,676)

Operational result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

(10,683,035)

50,824,294

Financial result (-)

-

-

-

-

567,235

567,235

Tax expenses (-)

-

-

-

-

(492,516)

(492,516)

Total consolidated income

13,758,104

20,419,675

15,225,334

12,104,216

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

154,493,544

124,355,120

98,415,427

91,092,577

29,049,731

497,406,399

Equity and Liabilities

-

-

-

-

497,406,399

497,406,399

Other segment information

Cashflow

14,608,742

39,008,332

40,013,953

32,399,737

-

126,030,764

Cash-income

11,957,652

22,717,549

5,380,054

16,497,091

-

56,552,346

Repayments and divestments

2,651,090

16,290,783

34,633,899

15,902,646

-

69,478,418

Evolution over financial year 2024 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

5,927,278

1,955,975

-

(88,000)

7,795,253

Dividend income

11,867,764

3,346,423

5,775,626

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

15,884,609

2,686,817

(1,732,175)

1,207,464

18,046,715

Revenue

448,569

182,724

776,687

-

1,407,980

Portfolio result, profit (loss)

34,128,220

10,680,438

4,820,137

1,119,464

50,748,260

Selling, General & Administrative Expenses

(6,505,970)

-

-

-

(6,505,970)

Depreciations and amortizations

(3,727)

-

-

-

(3,727)

Other operating expenses

(251,433)

-

-

-

(251,433)

Operational result, profit (loss)

27,367,090

10,680,438

4,820,137

1,119,464

43,987,130

Financial result (-)

(1,180,437)

-

-

-

(1,180,437)

Tax expenses (-)

(315,633)

-

-

-

(315,633)

Total consolidated income

25,871,020

10,680,438

4,820,137

1,119,464

42,491,060

Assets, Equity and Liabilites

Assets

304,597,268

162,320,516

23,454,316

24,285,385

514,657,485

Equity and Liabilities

514,657,485

-

-

-

514,657,485

Other segment information

Cashflow

24,653,643

11,222,707

7,421,869

1,521,931

44,820,150

Cash-income

14,654,306

9,616,519

6,627,409

-

30,898,234

Repayments and divestments

9,999,337

1,606,188

794,460

1,521,931

13,921,916

Evolution over financial year 2022-2023 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

8,970,388

2,686,656

-

88,000

11,745,044

Dividend income

10,071,131

23,898,461

1,664,530

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

-

9,523,933

Unrealised gains (losses) on investments

8,992,659

2,585,402

(8,180,865)

-

3,397,196

Revenue

573,892

294,492

338,650

-

1,207,033

Portfolio result, profit (loss)

32,811,949

34,785,066

(6,177,685)

88,000

61,507,330

Selling, General & Administrative Expenses

(10,323,753)

-

-

-

(10,323,753)

Depreciations and amortizations

(5,606)

-

-

-

(5,606)

Other operating expenses

(353,676)

-

-

-

(353,676)

Operational result, profit (loss)

22,128,914

34,785,066

(6,177,685)

88,000

50,824,294

Financial result (-)

567,235

-

-

-

567,235

Tax expenses (-)

(492,516)

-

-

-

(492,516)

Total consolidated income

22,203,632

34,785,066

(6,177,685)

88,000

50,899,013

Assets, Equity and Liabilites

Assets

296,863,471

150,398,880

26,056,047

24,088,001

497,406,399

Equity and Liabilities

497,406,399

-

-

-

497,406,399

Other segment information

Cashflow

56,311,665

65,845,581

3,873,518

-

126,030,764

Cash-income

24,071,886

30,556,932

1,923,528

-

56,552,346

Repayments and divestments

32,239,779

35,288,649

1,949,990

-

69,478,418

Evolution over financial year 2024 by infrastructure type

Period ending at December 31, 2024 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

7,293,169

502,083

-

7,795,253

Dividend income

18,627,312

2,362,500

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

2,508,500

Unrealised gains (losses) on investments

(12,518,418)

30,565,132

-

18,046,715

Revenue

1,360,480

47,500

-

1,407,980

Portfolio result, profit (loss)

14,762,544

35,985,716

-

50,748,260

Selling, General & Administrative Expenses

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

(3,727)

(3,727)

Other operating expenses

-

-

(251,433)

(251,433)

Operational result, profit (loss)

14,762,544

35,985,716

(6,761,130)

43,987,130

Financial result (-)

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

(315,633)

(315,633)

Total consolidated income

14,762,544

35,985,716

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

316,073,812

195,996,221

2,587,452

514,657,485

Equity and Liabilities

-

-

514,657,485

514,657,485

Other segment information

Cashflow

39,901,650

4,918,500

-

44,820,150

Cash-income

25,979,734

4,918,500

-

30,898,234

Repayments and divestments

13,921,916

-

-

13,921,916

Evolution over financial year 222-2023 by infrastructure type

Period ending at December 31, 2023 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

11,745,044

-

-

11,745,044

Dividend income

35,309,123

325,000

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

9,523,933

Unrealised gains (losses) on investments

(7,934,281)

11,331,477

-

3,397,196

Revenue

1,135,783

71,250

-

1,207,033

Portfolio result, profit (loss)

44,459,549

17,047,781

-

61,507,330

Selling, General & Administrative Expenses

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

(5,606)

(5,606)

Other operating expenses

-

-

(353,676)

(353,676)

Operational result, profit (loss)

44,459,549

17,047,781

(10,683,035)

50,824,294

Financial result (-)

-

-

567,235

567,235

Tax expenses (-)

-

-

(492,516)

(492,516)

Total consolidated income

44,459,549

17,047,781

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

336,685,164

131,671,504

29,049,731

497,406,399

Equity and Liabilities

-

-

497,406,399

497,406,399

Other segment information

Cashflow

86,006,811

40,023,953

-

126,030,764

Cash-income

51,162,291

5,390,054

-

56,552,346

Repayments and divestments

34,844,519

34,633,899

-

69,478,418

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__51": { "value": "

10\tAffiliated companies

Non-consolidated subsidiaries

This statement includes unconsolidated subsidiaries, as defined in IFRS 10.*

Non-consolidated subsidiary

City/country

% participation

Change vs. previous year

% voting rights

Change vs. previous year

Comhar Housing Holdings Limited

Dublin, Ierland

100%

-

100%

-

Comhar Housing Limited

Dublin, Ierland

100%

-

100%

-

DG Infra+ Parkinvest BV

s-Gravenhaege, Nederland

100%

-

100%

-

Eemplein Parkeergarage BV

s-Gravenhaege, Nederland

100%

-

100%

-

Kroningswind Holding BV

Den Haag, Nederland

100%

-

100%

-

Kroningswind BV

Den Haag, Nederland

100%

-

100%

-

Lowtide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Hightide NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Silvius NV

Antwerpen, Belgi\u00eb

100%

-

100%

-

Fil de Verre

Rueil-Malmaison, France

100%

-

100%

-

*An entity controlled by TINC, i.e. an investee company in which TINC is exposed, or in which TINC has rights, to variable returns from its involvement in the investee company and has the ability to influence this return through its influence over the investee company.\t

Non-consolidated participations with joint control

This summary includes holdings over which TINC has joint control, as defined in IFRS 11.*

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

A-Lanes A15 Holding BV

Nieuwegein, Nederland

Shared decision-making rights

24.00%

-

24.00%

-

Brabo I

Antwerpen, Belgi\u00eb

Shared decision-making rights

52.00%

-

52.00%

-

DCU Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

75.00%

-

75.00%

-

De Haan Vakantiehuizen NV

Sint-Lambrechts-Woluwe, Belgi\u00eb

Shared decision-making rights

12.50%

-

12.50%

-

Non-consolidated participations

City/country

Nature of the relationship

% participation

Change vs.

previous year

% voting rights

Change vs.

previous year

G.P. Invest BV

Den Haag, Nederland

Shared decision-making rights

62.50%

-

62.50%

-

GlasDraad BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

50.00%

-

Hortus Conclusus NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

L'Hourgnette NV

Sint-Gillis, Belgi\u00eb

Shared decision-making rights

81.00%

-

81.00%

-

Obelisc NV

Zwijnaarde, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

SPI.R0 Holdco NV

Aalst, Belgi\u00eb

Shared decision-making rights

50.00%

50.00%

50.00%

50.00%

SAS Invest BV

s-Gravenhaege, Nederland

Shared decision-making rights

50.00%

-

50.00%

-

Solar Finance NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

87.43%

-

87.43%

-

Storm Holding 4 NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

95.60%

-

95.60%

-

Storm Holding 5 NV

Shared decision-making rights

45.00%

-

45.00%

-

Sunroof BV

Antwerpen, Belgi\u00eb

Shared decision-making rights

50.00%

-

50.00%

-

T&D Invest NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

67.50%

-

67.50%

-

Via Brugge NV

Aalst, Belgi\u00eb

Shared decision-making rights

64.37%

-

64.37%

-

Via A11 NV

Aalst, Belgi\u00eb

Shared decision-making rights

39.05%

-

39.05%

-

Via R4-Gent NV

Brussel, Belgi\u00eb

Shared decision-making rights

74.99%

-

74.99%

-

Windpark Kreekraksluis Holding BV

s-Gravenhaege, Nederland

Shared decision-making rights

43.65%

-

43.65%

-

Yally NV

Antwerpen, Belgi\u00eb

Shared decision-making rights

66.67%

-

66.67%

-

Zelfstroom Invest BV

s-Hertogenbosch, Nederland

Shared decision-making rights

90.00%

-

90.00%

-

*Two or more investors jointly control a participation when they must act together to direct the relevant activities. Because no investor can direct the activities without the cooperation of the others, in such cases no investor individually controls the investee company.\t

A summary of contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in Note 24: Off-balance sheet commitments.

Restrictions

TINC receives payments and distributions from its participations in the form of dividends, interest and fees, and in the form of repayments of capital and repayments of shareholder loans and loans.

Restrictions may apply to the ability of participations to make payments or distributions to TINC. These restrictions may result from general corporate law provisions on distributions, or from agreements contained in financing agreements. Restrictions on distributions may also result from working capital or investment needs of the participations. TINC takes these possible restrictions into account in its projections of future cash flows that form the basis for valuing its participations. Specific yet unidentified events may lead to additional restrictions on payments or distributions and are not yet included in the current projection of future cash flows. A change in valuation rules, practices or guidelines relevant to TINC or its participations may also reduce or delay future cash flows to TINC.

As of December 31, 2024, there are no additional material constraints.

Segment reporting

TINC reports its investment activities according to four segments. Management reporting also follows this structure in accordance with the requirements under IFRS 8. There are no transactions between segments.

The four segments concern:

Public Infrastructure: This includes the following participations: A15 Maasvlakte-Vaanplein, L\u2019hourgnette, Princess Beatrix Lock, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4-Ghent, SPI.R0, Hortus Conclusus and Via A11

Energy Infrastructure:This includes the following participations: Berlare Wind, Kroningswind, Lowtide/Hightide, Nobelwind, Solar Finance, Storm Wind Belgium, Storm Wind Ireland, Storm Group, Kreekraksluis, Sunroof and

Zelfstroom. Within this segment, a distinction is also made between equity investments and loan investments.

Digital Infrastructure: This includes the following participations: GlasDraad BV, Datacenter United and NGE Fibre

Social Infrastructure: This includes the following participations: R\u00e9seau Abilis, Eemplein, De Haan Vakantiehuizen, Garagepark, Obelisc and Yally.

An overview of the evolution of the fair value of the portfolio by segment can be found in Note 17.

The portfolio of TINC can be divided into project infrastructure and corporate infrastructure.

Project infrastructure is characterized by the following features:

Capital-intensive activities

Fixed in time, growth and financial commitments

Value creation from recurring cash receipts

Finite life with no or limited upside potential

Corporate infrastructure is characterized by the following features:

Capital-intensive activities

Focus on growth, organic or through acquisitions

Value creation from recurring cash receipts and growth

Growth potential

The table above on page 130 lists for each participation whether it is project or corporate infrastructure, respectively.

Evolution over financial year 2024 by segment

Period ending at December 31, 2024 (audited)

(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

5,705,333

1,755,551

(88,000)

422,369

-

7,795,253

Dividend income

3,913,692

14,404,871

-

2,671,250

-

20,989,812

Gain on disposal of investments

-

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

(5,655,658)

(12,909,623)

26,448,820

10,163,175

-

18,046,715

Revenue

901,807

388,173

37,500

80,500

-

1,407,980

Portfolio result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

-

50,748,260

Selling, General & Administrative Expenses

-

-

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

-

-

(3,727)

(3,727)

Other operating expenses

-

-

-

-

(251,433)

(251,433)

Operational result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

(6,761,130)

43,987,130

Financial result (-)

-

-

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

-

-

(315,633)

(315,633)

Total consolidated income

4,865,173

3,638,973

28,906,820

13,337,294

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

140,827,743

121,813,911

133,201,670

116,226,710

2,587,451

514,657,485

Equity and Liabilities

-

-

-

-

514,657,485

514,657,485

Other segment information

Cashflow

18,592,474

18,680,177

4,067,931

3,479,568

-

44,820,150

Cash-income

12,318,259

12,787,675

2,546,000

3,246,301

-

30,898,234

Repayments and divestments

6,274,215

5,892,502

1,521,931

233,268

-

13,921,916

Evolution over financial year 2022-2023 by segment

Period ending at December 31, 2023 (audited)(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

8,461,371

2,854,922

88,000

340,751

-

11,745,044

Dividend income

4,685,781

18,964,591

325,000

11,658,750

-

35,634,123

Gain on disposal of investments

5,320,054

4,203,879

-

9,523,933

Unrealised gains (losses) on investments

90,665

(1,920,084)

9,436,029

(4,209,414)

-

3,397,196

Revenue

520,287

520,246

56,250

110,250

-

1,207,033

Portfolio result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

-

61,507,330

Selling, General & Administrative Expenses

-

-

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

-

-

(5,606)

(5,606)

Other operating expenses

-

-

-

-

(353,676)

(353,676)

Operational result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

(10,683,035)

50,824,294

Financial result (-)

-

-

-

-

567,235

567,235

Tax expenses (-)

-

-

-

-

(492,516)

(492,516)

Total consolidated income

13,758,104

20,419,675

15,225,334

12,104,216

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

154,493,544

124,355,120

98,415,427

91,092,577

29,049,731

497,406,399

Equity and Liabilities

-

-

-

-

497,406,399

497,406,399

Other segment information

Cashflow

14,608,742

39,008,332

40,013,953

32,399,737

-

126,030,764

Cash-income

11,957,652

22,717,549

5,380,054

16,497,091

-

56,552,346

Repayments and divestments

2,651,090

16,290,783

34,633,899

15,902,646

-

69,478,418

Evolution over financial year 2024 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

5,927,278

1,955,975

-

(88,000)

7,795,253

Dividend income

11,867,764

3,346,423

5,775,626

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

15,884,609

2,686,817

(1,732,175)

1,207,464

18,046,715

Revenue

448,569

182,724

776,687

-

1,407,980

Portfolio result, profit (loss)

34,128,220

10,680,438

4,820,137

1,119,464

50,748,260

Selling, General & Administrative Expenses

(6,505,970)

-

-

-

(6,505,970)

Depreciations and amortizations

(3,727)

-

-

-

(3,727)

Other operating expenses

(251,433)

-

-

-

(251,433)

Operational result, profit (loss)

27,367,090

10,680,438

4,820,137

1,119,464

43,987,130

Financial result (-)

(1,180,437)

-

-

-

(1,180,437)

Tax expenses (-)

(315,633)

-

-

-

(315,633)

Total consolidated income

25,871,020

10,680,438

4,820,137

1,119,464

42,491,060

Assets, Equity and Liabilites

Assets

304,597,268

162,320,516

23,454,316

24,285,385

514,657,485

Equity and Liabilities

514,657,485

-

-

-

514,657,485

Other segment information

Cashflow

24,653,643

11,222,707

7,421,869

1,521,931

44,820,150

Cash-income

14,654,306

9,616,519

6,627,409

-

30,898,234

Repayments and divestments

9,999,337

1,606,188

794,460

1,521,931

13,921,916

Evolution over financial year 2022-2023 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

8,970,388

2,686,656

-

88,000

11,745,044

Dividend income

10,071,131

23,898,461

1,664,530

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

-

9,523,933

Unrealised gains (losses) on investments

8,992,659

2,585,402

(8,180,865)

-

3,397,196

Revenue

573,892

294,492

338,650

-

1,207,033

Portfolio result, profit (loss)

32,811,949

34,785,066

(6,177,685)

88,000

61,507,330

Selling, General & Administrative Expenses

(10,323,753)

-

-

-

(10,323,753)

Depreciations and amortizations

(5,606)

-

-

-

(5,606)

Other operating expenses

(353,676)

-

-

-

(353,676)

Operational result, profit (loss)

22,128,914

34,785,066

(6,177,685)

88,000

50,824,294

Financial result (-)

567,235

-

-

-

567,235

Tax expenses (-)

(492,516)

-

-

-

(492,516)

Total consolidated income

22,203,632

34,785,066

(6,177,685)

88,000

50,899,013

Assets, Equity and Liabilites

Assets

296,863,471

150,398,880

26,056,047

24,088,001

497,406,399

Equity and Liabilities

497,406,399

-

-

-

497,406,399

Other segment information

Cashflow

56,311,665

65,845,581

3,873,518

-

126,030,764

Cash-income

24,071,886

30,556,932

1,923,528

-

56,552,346

Repayments and divestments

32,239,779

35,288,649

1,949,990

-

69,478,418

Evolution over financial year 2024 by infrastructure type

Period ending at December 31, 2024 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

7,293,169

502,083

-

7,795,253

Dividend income

18,627,312

2,362,500

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

2,508,500

Unrealised gains (losses) on investments

(12,518,418)

30,565,132

-

18,046,715

Revenue

1,360,480

47,500

-

1,407,980

Portfolio result, profit (loss)

14,762,544

35,985,716

-

50,748,260

Selling, General & Administrative Expenses

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

(3,727)

(3,727)

Other operating expenses

-

-

(251,433)

(251,433)

Operational result, profit (loss)

14,762,544

35,985,716

(6,761,130)

43,987,130

Financial result (-)

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

(315,633)

(315,633)

Total consolidated income

14,762,544

35,985,716

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

316,073,812

195,996,221

2,587,452

514,657,485

Equity and Liabilities

-

-

514,657,485

514,657,485

Other segment information

Cashflow

39,901,650

4,918,500

-

44,820,150

Cash-income

25,979,734

4,918,500

-

30,898,234

Repayments and divestments

13,921,916

-

-

13,921,916

Evolution over financial year 222-2023 by infrastructure type

Period ending at December 31, 2023 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

11,745,044

-

-

11,745,044

Dividend income

35,309,123

325,000

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

9,523,933

Unrealised gains (losses) on investments

(7,934,281)

11,331,477

-

3,397,196

Revenue

1,135,783

71,250

-

1,207,033

Portfolio result, profit (loss)

44,459,549

17,047,781

-

61,507,330

Selling, General & Administrative Expenses

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

(5,606)

(5,606)

Other operating expenses

-

-

(353,676)

(353,676)

Operational result, profit (loss)

44,459,549

17,047,781

(10,683,035)

50,824,294

Financial result (-)

-

-

567,235

567,235

Tax expenses (-)

-

-

(492,516)

(492,516)

Total consolidated income

44,459,549

17,047,781

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

336,685,164

131,671,504

29,049,731

497,406,399

Equity and Liabilities

-

-

497,406,399

497,406,399

Other segment information

Cashflow

86,006,811

40,023,953

-

126,030,764

Cash-income

51,162,291

5,390,054

-

56,552,346

Repayments and divestments

34,844,519

34,633,899

-

69,478,418

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__52": { "value": "

Segment reporting

TINC reports its investment activities according to four segments. Management reporting also follows this structure in accordance with the requirements under IFRS 8. There are no transactions between segments.

The four segments concern:

Public Infrastructure: This includes the following participations: A15 Maasvlakte-Vaanplein, L\u2019hourgnette, Princess Beatrix Lock, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4-Ghent, SPI.R0, Hortus Conclusus and Via A11

Energy Infrastructure:This includes the following participations: Berlare Wind, Kroningswind, Lowtide/Hightide, Nobelwind, Solar Finance, Storm Wind Belgium, Storm Wind Ireland, Storm Group, Kreekraksluis, Sunroof and

Zelfstroom. Within this segment, a distinction is also made between equity investments and loan investments.

Digital Infrastructure: This includes the following participations: GlasDraad BV, Datacenter United and NGE Fibre

Social Infrastructure: This includes the following participations: R\u00e9seau Abilis, Eemplein, De Haan Vakantiehuizen, Garagepark, Obelisc and Yally.

An overview of the evolution of the fair value of the portfolio by segment can be found in Note 17.

The portfolio of TINC can be divided into project infrastructure and corporate infrastructure.

Project infrastructure is characterized by the following features:

Capital-intensive activities

Fixed in time, growth and financial commitments

Value creation from recurring cash receipts

Finite life with no or limited upside potential

Corporate infrastructure is characterized by the following features:

Capital-intensive activities

Focus on growth, organic or through acquisitions

Value creation from recurring cash receipts and growth

Growth potential

The table above on page 130 lists for each participation whether it is project or corporate infrastructure, respectively.

Evolution over financial year 2024 by segment

Period ending at December 31, 2024 (audited)

(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

5,705,333

1,755,551

(88,000)

422,369

-

7,795,253

Dividend income

3,913,692

14,404,871

-

2,671,250

-

20,989,812

Gain on disposal of investments

-

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

(5,655,658)

(12,909,623)

26,448,820

10,163,175

-

18,046,715

Revenue

901,807

388,173

37,500

80,500

-

1,407,980

Portfolio result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

-

50,748,260

Selling, General & Administrative Expenses

-

-

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

-

-

(3,727)

(3,727)

Other operating expenses

-

-

-

-

(251,433)

(251,433)

Operational result, profit (loss)

4,865,173

3,638,973

28,906,820

13,337,294

(6,761,130)

43,987,130

Financial result (-)

-

-

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

-

-

(315,633)

(315,633)

Total consolidated income

4,865,173

3,638,973

28,906,820

13,337,294

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

140,827,743

121,813,911

133,201,670

116,226,710

2,587,451

514,657,485

Equity and Liabilities

-

-

-

-

514,657,485

514,657,485

Other segment information

Cashflow

18,592,474

18,680,177

4,067,931

3,479,568

-

44,820,150

Cash-income

12,318,259

12,787,675

2,546,000

3,246,301

-

30,898,234

Repayments and divestments

6,274,215

5,892,502

1,521,931

233,268

-

13,921,916

Evolution over financial year 2022-2023 by segment

Period ending at December 31, 2023 (audited)(\u20ac)

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Business services & general

Total

Interest income

8,461,371

2,854,922

88,000

340,751

-

11,745,044

Dividend income

4,685,781

18,964,591

325,000

11,658,750

-

35,634,123

Gain on disposal of investments

5,320,054

4,203,879

-

9,523,933

Unrealised gains (losses) on investments

90,665

(1,920,084)

9,436,029

(4,209,414)

-

3,397,196

Revenue

520,287

520,246

56,250

110,250

-

1,207,033

Portfolio result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

-

61,507,330

Selling, General & Administrative Expenses

-

-

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

-

-

(5,606)

(5,606)

Other operating expenses

-

-

-

-

(353,676)

(353,676)

Operational result, profit (loss)

13,758,104

20,419,675

15,225,334

12,104,216

(10,683,035)

50,824,294

Financial result (-)

-

-

-

-

567,235

567,235

Tax expenses (-)

-

-

-

-

(492,516)

(492,516)

Total consolidated income

13,758,104

20,419,675

15,225,334

12,104,216

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

154,493,544

124,355,120

98,415,427

91,092,577

29,049,731

497,406,399

Equity and Liabilities

-

-

-

-

497,406,399

497,406,399

Other segment information

Cashflow

14,608,742

39,008,332

40,013,953

32,399,737

-

126,030,764

Cash-income

11,957,652

22,717,549

5,380,054

16,497,091

-

56,552,346

Repayments and divestments

2,651,090

16,290,783

34,633,899

15,902,646

-

69,478,418

Evolution over financial year 2024 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

5,927,278

1,955,975

-

(88,000)

7,795,253

Dividend income

11,867,764

3,346,423

5,775,626

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

-

2,508,500

Unrealised gains (losses) on investments

15,884,609

2,686,817

(1,732,175)

1,207,464

18,046,715

Revenue

448,569

182,724

776,687

-

1,407,980

Portfolio result, profit (loss)

34,128,220

10,680,438

4,820,137

1,119,464

50,748,260

Selling, General & Administrative Expenses

(6,505,970)

-

-

-

(6,505,970)

Depreciations and amortizations

(3,727)

-

-

-

(3,727)

Other operating expenses

(251,433)

-

-

-

(251,433)

Operational result, profit (loss)

27,367,090

10,680,438

4,820,137

1,119,464

43,987,130

Financial result (-)

(1,180,437)

-

-

-

(1,180,437)

Tax expenses (-)

(315,633)

-

-

-

(315,633)

Total consolidated income

25,871,020

10,680,438

4,820,137

1,119,464

42,491,060

Assets, Equity and Liabilites

Assets

304,597,268

162,320,516

23,454,316

24,285,385

514,657,485

Equity and Liabilities

514,657,485

-

-

-

514,657,485

Other segment information

Cashflow

24,653,643

11,222,707

7,421,869

1,521,931

44,820,150

Cash-income

14,654,306

9,616,519

6,627,409

-

30,898,234

Repayments and divestments

9,999,337

1,606,188

794,460

1,521,931

13,921,916

Evolution over financial year 2022-2023 by geographic location

Period ending at December 31, 2023 (audited)

(\u20ac)

Belgium

the Netherlands

Ireland

France

Total

Interest income

8,970,388

2,686,656

-

88,000

11,745,044

Dividend income

10,071,131

23,898,461

1,664,530

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

-

9,523,933

Unrealised gains (losses) on investments

8,992,659

2,585,402

(8,180,865)

-

3,397,196

Revenue

573,892

294,492

338,650

-

1,207,033

Portfolio result, profit (loss)

32,811,949

34,785,066

(6,177,685)

88,000

61,507,330

Selling, General & Administrative Expenses

(10,323,753)

-

-

-

(10,323,753)

Depreciations and amortizations

(5,606)

-

-

-

(5,606)

Other operating expenses

(353,676)

-

-

-

(353,676)

Operational result, profit (loss)

22,128,914

34,785,066

(6,177,685)

88,000

50,824,294

Financial result (-)

567,235

-

-

-

567,235

Tax expenses (-)

(492,516)

-

-

-

(492,516)

Total consolidated income

22,203,632

34,785,066

(6,177,685)

88,000

50,899,013

Assets, Equity and Liabilites

Assets

296,863,471

150,398,880

26,056,047

24,088,001

497,406,399

Equity and Liabilities

497,406,399

-

-

-

497,406,399

Other segment information

Cashflow

56,311,665

65,845,581

3,873,518

-

126,030,764

Cash-income

24,071,886

30,556,932

1,923,528

-

56,552,346

Repayments and divestments

32,239,779

35,288,649

1,949,990

-

69,478,418

Evolution over financial year 2024 by infrastructure type

Period ending at December 31, 2024 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

7,293,169

502,083

-

7,795,253

Dividend income

18,627,312

2,362,500

-

20,989,812

Gain on disposal of investments

-

2,508,500

-

2,508,500

Unrealised gains (losses) on investments

(12,518,418)

30,565,132

-

18,046,715

Revenue

1,360,480

47,500

-

1,407,980

Portfolio result, profit (loss)

14,762,544

35,985,716

-

50,748,260

Selling, General & Administrative Expenses

-

-

(6,505,970)

(6,505,970)

Depreciations and amortizations

-

-

(3,727)

(3,727)

Other operating expenses

-

-

(251,433)

(251,433)

Operational result, profit (loss)

14,762,544

35,985,716

(6,761,130)

43,987,130

Financial result (-)

-

-

(1,180,437)

(1,180,437)

Tax expenses (-)

-

-

(315,633)

(315,633)

Total consolidated income

14,762,544

35,985,716

(8,257,200)

42,491,060

Assets, Equity and Liabilites

Assets

316,073,812

195,996,221

2,587,452

514,657,485

Equity and Liabilities

-

-

514,657,485

514,657,485

Other segment information

Cashflow

39,901,650

4,918,500

-

44,820,150

Cash-income

25,979,734

4,918,500

-

30,898,234

Repayments and divestments

13,921,916

-

-

13,921,916

Evolution over financial year 222-2023 by infrastructure type

Period ending at December 31, 2023 (audited)

(\u20ac)

Project Infrastructure

Corporate Infrastructure

Business Services & General

Total

Interest income

11,745,044

-

-

11,745,044

Dividend income

35,309,123

325,000

-

35,634,123

Gain on disposal of investments

4,203,879

5,320,054

-

9,523,933

Unrealised gains (losses) on investments

(7,934,281)

11,331,477

-

3,397,196

Revenue

1,135,783

71,250

-

1,207,033

Portfolio result, profit (loss)

44,459,549

17,047,781

-

61,507,330

Selling, General & Administrative Expenses

-

-

(10,323,753)

(10,323,753)

Depreciations and amortizations

-

-

(5,606)

(5,606)

Other operating expenses

-

-

(353,676)

(353,676)

Operational result, profit (loss)

44,459,549

17,047,781

(10,683,035)

50,824,294

Financial result (-)

-

-

567,235

567,235

Tax expenses (-)

-

-

(492,516)

(492,516)

Total consolidated income

44,459,549

17,047,781

(10,608,316)

50,899,013

Assets, Equity and Liabilites

Assets

336,685,164

131,671,504

29,049,731

497,406,399

Equity and Liabilities

-

-

497,406,399

497,406,399

Other segment information

Cashflow

86,006,811

40,023,953

-

126,030,764

Cash-income

51,162,291

5,390,054

-

56,552,346

Repayments and divestments

34,844,519

34,633,899

-

69,478,418

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__53": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__54": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__55": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__56-1": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

12\tOperating costs

Services and miscellaneous goods

Services and miscellaneous goods amounted to \u20ac6,505,970 for the past financial year. This is a decrease of \u20ac3,817,784 compared to the previous financial year which covered 18 months

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Remuneration to TDP

(4,698,607)

(5,836,439)

Remuneration to sole director TINC Manager NV

(1,038,694)

(2,525,934)

Other expenses

(768,668)

(1,961,380)

TOTAL

1

(6,505,970)

(10,323,753)

The cost of services and miscellaneous goods includes the following items:

Remuneration for services provided by TDP NV amounting to \u20ac4,698,608. This breaks down into \u20ac4,570,544 in fixed and variable remuneration for investment services and \u20ac 128,064 in remuneration for administrative services. These fees amounted to \u20ac5,836,439 during the previous financial year covering 18 months;

\u20ac1,038,694 remuneration for the sole director TINC Manager NV. This statutory remuneration is calculated as 4% of the net profit before deducting the director\u2019s remuneration, and before taxes, and excluding variations in the fair value of financial assets and liabilities. This remuneration amounted to \u20ac2,525,934 for the previous financial year. The decrease is explained by the fact that the previous financial year was an extended financial year of18 months and there a higher net income in the previous financial year due to the capital gain realized on the sale of the interest in Bioversneller and partial sale of the interest in GlasDraad;

\u20ac768,668 other operating expenses. This item includes various costs such as legal and consulting fees. The decrease is mainly explained by the fact that the previous financial year covered 18 months.

An explanation of the fees for TDP and TINC Manager NV can be found on page 90 in the Corporate Governance section.

Other operating expenses

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Taxes and operating expenses

1

(251,433)

(353,676)

TOTAL

(251,433)

(353,676)

Other operating expenses amount to \u20ac251,433 and mainly include non-deductible VAT in the amount of \u20ac245,743

The cost ratio for the current financial year calculated on an annual basis and excluding one-time transaction costs is 1.34%

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__57-1": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

12\tOperating costs

Services and miscellaneous goods

Services and miscellaneous goods amounted to \u20ac6,505,970 for the past financial year. This is a decrease of \u20ac3,817,784 compared to the previous financial year which covered 18 months

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Remuneration to TDP

(4,698,607)

(5,836,439)

Remuneration to sole director TINC Manager NV

(1,038,694)

(2,525,934)

Other expenses

(768,668)

(1,961,380)

TOTAL

1

(6,505,970)

(10,323,753)

The cost of services and miscellaneous goods includes the following items:

Remuneration for services provided by TDP NV amounting to \u20ac4,698,608. This breaks down into \u20ac4,570,544 in fixed and variable remuneration for investment services and \u20ac 128,064 in remuneration for administrative services. These fees amounted to \u20ac5,836,439 during the previous financial year covering 18 months;

\u20ac1,038,694 remuneration for the sole director TINC Manager NV. This statutory remuneration is calculated as 4% of the net profit before deducting the director\u2019s remuneration, and before taxes, and excluding variations in the fair value of financial assets and liabilities. This remuneration amounted to \u20ac2,525,934 for the previous financial year. The decrease is explained by the fact that the previous financial year was an extended financial year of18 months and there a higher net income in the previous financial year due to the capital gain realized on the sale of the interest in Bioversneller and partial sale of the interest in GlasDraad;

\u20ac768,668 other operating expenses. This item includes various costs such as legal and consulting fees. The decrease is mainly explained by the fact that the previous financial year covered 18 months.

An explanation of the fees for TDP and TINC Manager NV can be found on page 90 in the Corporate Governance section.

Other operating expenses

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Taxes and operating expenses

1

(251,433)

(353,676)

TOTAL

(251,433)

(353,676)

Other operating expenses amount to \u20ac251,433 and mainly include non-deductible VAT in the amount of \u20ac245,743

The cost ratio for the current financial year calculated on an annual basis and excluding one-time transaction costs is 1.34%

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__58": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__59-1": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

12\tOperating costs

Services and miscellaneous goods

Services and miscellaneous goods amounted to \u20ac6,505,970 for the past financial year. This is a decrease of \u20ac3,817,784 compared to the previous financial year which covered 18 months

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Remuneration to TDP

(4,698,607)

(5,836,439)

Remuneration to sole director TINC Manager NV

(1,038,694)

(2,525,934)

Other expenses

(768,668)

(1,961,380)

TOTAL

1

(6,505,970)

(10,323,753)

The cost of services and miscellaneous goods includes the following items:

Remuneration for services provided by TDP NV amounting to \u20ac4,698,608. This breaks down into \u20ac4,570,544 in fixed and variable remuneration for investment services and \u20ac 128,064 in remuneration for administrative services. These fees amounted to \u20ac5,836,439 during the previous financial year covering 18 months;

\u20ac1,038,694 remuneration for the sole director TINC Manager NV. This statutory remuneration is calculated as 4% of the net profit before deducting the director\u2019s remuneration, and before taxes, and excluding variations in the fair value of financial assets and liabilities. This remuneration amounted to \u20ac2,525,934 for the previous financial year. The decrease is explained by the fact that the previous financial year was an extended financial year of18 months and there a higher net income in the previous financial year due to the capital gain realized on the sale of the interest in Bioversneller and partial sale of the interest in GlasDraad;

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__60-1": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

12\tOperating costs

Services and miscellaneous goods

Services and miscellaneous goods amounted to \u20ac6,505,970 for the past financial year. This is a decrease of \u20ac3,817,784 compared to the previous financial year which covered 18 months

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Remuneration to TDP

(4,698,607)

(5,836,439)

Remuneration to sole director TINC Manager NV

(1,038,694)

(2,525,934)

Other expenses

(768,668)

(1,961,380)

TOTAL

1

(6,505,970)

(10,323,753)

The cost of services and miscellaneous goods includes the following items:

Remuneration for services provided by TDP NV amounting to \u20ac4,698,608. This breaks down into \u20ac4,570,544 in fixed and variable remuneration for investment services and \u20ac 128,064 in remuneration for administrative services. These fees amounted to \u20ac5,836,439 during the previous financial year covering 18 months;

\u20ac1,038,694 remuneration for the sole director TINC Manager NV. This statutory remuneration is calculated as 4% of the net profit before deducting the director\u2019s remuneration, and before taxes, and excluding variations in the fair value of financial assets and liabilities. This remuneration amounted to \u20ac2,525,934 for the previous financial year. The decrease is explained by the fact that the previous financial year was an extended financial year of18 months and there a higher net income in the previous financial year due to the capital gain realized on the sale of the interest in Bioversneller and partial sale of the interest in GlasDraad;

26\tRelated parties

Amounts owed by related parties

(\u20ac)

Non-consolidatedsubsidiaries

Non-consolidated participations with joint control

Other related parties

Total

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

I. Financial assets

11,189,154

38,256,869

68,715,300

70,506,734

14,704,202

6,102,564

94,608,656

114,866,167

1. Financials assets - subordinated loans

10,041,591

37,961,018

64,670,559

67,102,551

14,202,119

5,911,516

88,914,268

110,975,085

2. Financial assets - subordinated loans - ST

1,147,564

295,851

4,044,741

3,404,183

502,083

191,048

5,694,388

3,891,082

3. Financal assets - other

-

-

-

-

-

-

II. Amounts owed by related parties

-

-

-

-

-

-

-

-

1. Financial liabilities

-

-

-

-

-

-

-

-

2. Trade and other payables

-

-

-

-

-

-

-

-

III. Transactions with related parties

5,123,950

26,854,615

24,171,231

20,904,703

6,635,166

9,231,967

35,930,347

56,948,573

1. Management compensation TDP

-

-

-

-

4,698,607

5,836,439

4,698,607

5,836,439

2. Management compensation TINC Manager

-

-

-

-

1,038,694

2,525,934

1,038,694

2,525,934

3. Dividends, interest & fees

5,123,950

26,854,615

24,171,231

20,904,703

897,864

826,883

30,193,045

48,586,200

For more information regarding transactions with related parties, we refer to the Corporate Governance chapter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__61-1": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

13\tFinancial result for the financial year to December 31, 2024

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Finance income

1

62,552

973,666

Finance costs

1

(1,242,989)

(406,430)

TOTAL

(1,180,437)

567,235

The financial result was \u20ac1,180,437, an increase in costs over the previous financial year.

Finance income mainly relates to income related to investing of cash under the form of term deposits on the balance sheet. Financial income amounted to \u20ac62,552, a decrease of \u20ac911,114.

Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac1,242,989, an increase of \u20ac836,559. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2024, \u20ac6,900,000 has been drawn down under a bank credit line of \u20ac200,000,000.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__62-1": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

13\tFinancial result for the financial year to December 31, 2024

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Finance income

1

62,552

973,666

Finance costs

1

(1,242,989)

(406,430)

TOTAL

(1,180,437)

567,235

The financial result was \u20ac1,180,437, an increase in costs over the previous financial year.

Finance income mainly relates to income related to investing of cash under the form of term deposits on the balance sheet. Financial income amounted to \u20ac62,552, a decrease of \u20ac911,114.

Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac1,242,989, an increase of \u20ac836,559. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2024, \u20ac6,900,000 has been drawn down under a bank credit line of \u20ac200,000,000.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__63": { "value": "

11\tPortfolio result

The portfolio result can be defined as the total of a) interest, dividends, fees b) realized gains minus realized losses on realization of investments and c) unrealized gains minus unrealized losses from financial fixed assets. The net unrealized result represents the change in value of the portfolio during the past financial year without taking into account investments in new or existing participations or repayments from participations. This change in value is the sum of the individual changes in value per participation and is the result of updated discount rates and updated generic and specific assumptions that form the basis for the expected cash flows from the participations, also taking into account changes in the time value of these cash flows.

The tables below show the various components of the portfolio result.

Portfolio result

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest income, dividend income and revenu

1

30,193,045

48,586,200

Realised gains (losses) on financial assets

1

2,508,500

9,523,933

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

1

18,046,715

3,397,196

TOTAL

50,748,260

61,507,330

The total portfolio result was \u20ac50,748,260 (or a portfolio yield of 10.84%), a decrease of \u20ac10,759,070 compared to the previous financial year that covered 18 months. This portfolio result is the net result of several elements:

The overall good operational performance of the participations in the portfolio, which translates in strong cash flows to TINC

The positive impact of the announced partial disposal of the participation in Datacenter United. A further explanation can be found on page 145

The change of the weighted average discount rate of 8.10% to 8.4%. This is predominantly the the result of applying a more granular approach to the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

Added value on realization of investments

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Realised gains on financial assets

1

2,508,500

9,523,933

Realised losses on financial assets

-

-

TOTAL

2,508,500

9,523,933

The realized gain on financial assets relates to a repayment of the earlier partial sale of the GlasDraad participation. The realized gain in the previous financial year related to the sale of the interest in Bioversneller and the partial sale of the interest in GlasDraad.

Other comprehensive income from financial assets measured at fair value through profit or loss

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__64": { "value": "

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__65": { "value": "

Interests, dividends and fees

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest Income

1

7,795,253

11,745,044

Dividend Income

1

20,989,812

35,634,123

Fees

1

1,407,980

1,207,033

TOTAL

30,193,045

48,586,200

The sum of interest, dividends and fees from participations during the past financial year amounts to \u20ac30,193,045. This is a decrease of \u20ac18,393,156 compared to the previous financial year. This decrease is largely due to the extended financial year 2022-2023 which included 18 months.

Dividends received amounted to \u20ac20,989,812, a decrease of \u20ac14,644,310 compared to the previous financial year covering 18 months. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received as a result of higher power prices in the past.

Interest income amounted to \u20ac7,795,253, down \u20ac3,949,791 from the previous financial year covering 18 months. Interest income includes (i) capitalized interest included in the fair value of participations and (ii) interest either received in cash or scheduled to be received in cash shortly after the end of the last financial year.

The fees amounted to \u20ac1,407,980, an increase over the previous financial year. This sum consists of fees from participations including mandate fees or fees from transactions. TINC received a number of specific additional fees from a number of participations because of a number of guarantees it provides. In addition, the subordinated loan to Northwind was repaid early in August 2024, which resulted in an additional fee.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__66-1": { "value": "

Unrealised gains and losses on financial assets at fair value, and on loans in investee companies

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Unrealised gains on financial assets

1

39,075,133

25,104,519

Unrealised losses on financial assets

1

(21,028,418)

(21,707,323)

TOTAL

18,046,715

3,397,196

The net unrealized result (unrealized income minus unrealized expenses) is \u20ac18,046,715 for the past financial year. This consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

17\tFinancial fixed assets

The fair value or Fair Value (\u201cFV\u201d) of the investment portfolio evolved between the beginning and end of the last financial year as follows:

Period ending at:

(\u20ac)

December 31, 2024

audited

December 31, 2023

audited

Opening balance

468,356,669

415,436,602

+ Investments

37,785,261

117,443,610

- Repayments from investments

(13,921,916)

(69,478,352)

+/- Unrealised gains and losses

18,046,714

3,397,196

+/- Other

1,803,306

1,557,613

Closing balance*

512,070,034

468,356,669

Net unrealised gains/losses recorded through P&L over the period

18,046,715

3,397,196

*Including shareholder loans for a nominal amount outstanding of: \u20ac94.608.656 (31/12/2024) and \u20ac108.763.602 (31/12/2023)

At December 31, 2024, the portfolio FV amounts to \u20ac512,070,034.

During the past financial year, \u20ac37,785,261 was invested in existing and new participations: Storm Group, Hortus Conclusus, SPI.R0, GlasDraad, NGE Fibre, De Haan Vakantiehuizen, Garagepark and Yally.

Over the past financial year, TINC received \u20ac13,921,916 as part of repayments of invested capital from the following participations: Berlare Wind, Kreekraksluis, Nobelwind, Northwind (full repayment of subordinated loan), Storm Wind Belgium, Zelfstroom, A15 Maasvlakte-Vaanplein, Brabo 1, L\u2019Hourgnette, Social Housing Ireland, Via A11, Via R4 Ghent, NGE Fibre and Obelisc.

The net unrealized increase in fair value of \u20ac18,046,715 over the past financial year consists of \u20ac39,075,133 unrealized income and \u20ac21,028,418 unrealized expenses.

The remaining amount of \u20ac1,803,306 represents an increase in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.

Fair value hierarchy

TINC uses the following hierarchy in determining and disclosing the fair market value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3: methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

Assets measured at fair value

December 31, 2024 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

512,070,034

512,070,034

December 31, 2023 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

468,356,669

468,356,669

All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except SPI.R0, Hortus Conclusus and Yally are valued using a discounted cash flow model, whereby the expected future cash

flows of the participations that benefit TINC are discounted at a market-based discount rate. This valuation technique was consistently used for all investments. For SPI.R0 and Hortus Conclusus, the transaction price is considered the fair value.

The fair value of the participation in Yally is determined by the value of Yally\u2019s real estate portfolio on the one hand, and the net sum of the other balance sheet items on the asset and liability sides of the consolidated group on the other hand, taking into account the percentage of shares held by TINC in Yally. To determine the value of Yally\u2019s real estate, the average of two valuation techniques is taken.

The fair value of Datacenter United at the end of the past financial year is based on the transaction price established at the time of the signing of the partial sale of Datacenter United. An adjusted business plan was drawn up as a result of this transaction, including adjusted future expected cash flows to TINC. Taking into account the transaction prices and the adjusted expected future cash flows to TINC, an adjusted discount rate has been determined. Therefore, this participation remains classified as a Level 3 asset in the fair value hierarchy.

Classification of investments

TINC defines the following categories of investments:

Public Infrastructure (Equity + SHL), including the following participations: A15 Maasvlakte-Vaanplein, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4 Ghent, L\u2019Hourgnette, Hortus Conclusus, SPI.R0, Princess Beatrix Lock and Via A11.

Energy Infrastructure (Equity + SHL), within this segment a distinction is made between investments in equity and investments in loans. Equity investments include the following participations: Storm Wind Belgium, Berlare Wind, Kroningswind, Lowtide, Solar Finance, Windpark Kreekraksluis, Storm Wind Ireland, Sunroof and Zelfstroom. In addition, TINC invests via loans Storm Group and Nobelwind.

Digital Infrastructure (Equity + SHL), including the following participations: GlasDraad, Datacenter United and NGE Fibre.

Social Infrastructure (Equity + SHL), including the following participations: De Haan Vakantiehuizen, Eemplein, R\u00e9seau Abilis, Garagepark, Obelisc and Yally.

Key assessments and judgments

The calculation of the fair value of the participations of TINC is based on:

The expected future cash flows to TINC generated by the participations within the portfolio;

The discount rate applied to expected future cash flows to TINC.

Cash flows

The expected future cash flows to TINC are calculated on the basis of a specific and detailed financial model per participation. Each financial model reflects all expected future revenues and costs over the lifetime of the underlying infrastructure. The expected future cash flows to TINC are then the net cash flows from the participations of TINC after payment of all operating costs and debt obligations within the participations. Debt obligations at participation level are typically fixed for the entire duration of the underlying infrastructure, without refinancing risk. Interest on debt obligations is typically fixed, via hedging, for the entire duration of the financing, to avoid that future cash flows for TINC would be affected by rising interest rates.

Over the past period, TINC received \u20ac44.820.150 cash flows in the form of dividends, interests, fees, realized gains, repayments and divestments of capital and loans. These cash flows underpin the distribution policy of TINC.

The expected future revenues and costs of each participation are based on the specific business model of the particular participation.

The business model of participation in Public Infrastructureis usually based on a DBFM agreement between a contracting government and the project company in which various private partners (construction companies, financiers and investors) join forces. \u2018DBFM\u2019 stands for \u2018Design, Build, Finance and Maintain\u2019 and summarizes the responsibilities of the private partners in the project company. Under the DBFM agreement, the contracting authority periodically pays an availability fee to the project company throughout the life of the project, provided the infrastructure is actually available according to the terms of the agreement.

In case of unavailability of the infrastructure, the contracting authority applies penalty points or discounts on the fee, which are contractually passed on to the relevant subcontractors or operational partners responsible for long-term maintenance obligations. Participations in Public Infrastructure have a maximum life of 20 to 35 years, corresponding to the term of the DBFM agreement. At the end of the project duration, the infrastructure is transferred to the contracting authority or public partner free of charge.

The projected significant increase in cash flows to the shareholder at the end of the life (as shown in the attached graph) is the result of the project company\u2019s obligation to use available cash to first fully repay debt financing before significant distributions to the shareholder are possible.

The business model of the participations in Energy Infrastructureis based primarily on the sale of renewable power produced by onshore or offshore wind farms and solar farms.

The economic life of these participations depends on the technology used and the land or land rights available to the project company to build and operate its infrastructure. Upon expiration of these rights, the infrastructure must be removed or transferred to the owner of the land (or, where applicable, the roof owner). Although in practice an extension of these rights can be negotiated, TINC generally applies a life of 20 to 25 years for participations in Energy

Infrastructure. During this period, the availability of the facilities is guaranteed by availability guarantees from suppliers and manufacturers.

Project companies\u2019 revenues are determined by the amount of power produced and the price received per unit of electricity. Power production depends on the amount of wind and solar, and plant availability. The revenue per unit of power production is a combination of the market power price and any revenue from support measures. The market power price is the price in effect at the time of production. Since production is uncertain because of dependence on wind and solar, a discount is usually applied to the effectively received power price to cover the cost of keeping the power grid in balance.

Support income depends on various government mechanisms and varies by country and technology. The amount of support is usually variable over time and is higher when the market price is lower and lower when the market price is higher. This amount of support is set so that the total amount (market price and support combined) per unit of power generation remains approximately the same over the life of the support measures under normal market conditions. Support measures usually have a duration of 10, 15, or 20 years, depending on the country or region and when the installation is realized, while the effective lifetime of a wind or solar farm is longer. At the end of the support measures, the project company receives the market power price for the power produced. The risk of power price fluctuations after the subsidy period is not hedged.

The participations in Energy Infrastructureuse debt financing that is fully repaid within the period of the applicable support measures.

The business models within the Digital Infrastructuresegment differ by participation as explained individually below.

Datacenter United (DCU) offers high-quality colocation data center services in Belgium, with nine of its own data centers spread across Flanders and Brussels.

DCU leases secure server racks where customers can place their servers. Its infrastructure guarantees high availability, good connectivity via fiber optic networks and power supply. DCU\u2019s revenues come from fees paid by a diversified customer base for the use of server space.

Glasdraad owns and operates fiber optic networks in mainly rural areas in the Netherlands. These networks provide FTTH connections to residential and professional customers. These networks are accessible to multiple Internet service providers who offer their services to end users. GlasDraad receives fees from both these providers and end users. The company grows by developing new networks, based on demand from residents, in cooperation with KPN, which has been a co-owner through Glaspoort since 2023.

NGE Fibre owns and operates some operational fiber network concessions in the Grand Est region of France. The networks are operated as open networks, with revenues derived primarily from the long-term rental or lease of the network to various network operators seeking to expand their network capacity.

The business model within the Social Infrastructuresegment differ by participation as explained individually below.

Yally buys, renovates and rents homes in Flemish cities to individuals. Yally strives for energy-efficient and future-proof homes and aims to reduce housing costs through smart technology and digitalization. Income comes from indexed rental income.

Obelisc is the owner and operator of an advanced business center, strategically located in the heart of Belgium\u2019s largest biotech cluster in Ghent. The center offers 7,500 m\u00b2 of fully modular laboratory and office space, available for both medium and long-term leasing. These facilities are ideal for biotech and pharmaceutical companies, including renowned companies such as Johnson & Johnson. Income comes from indexed rental income.

De Haan Vakantiehuizen owns 347 vacation homes on the Belgian coast in De Haan, located on a 333-hectare domain that includes a large tropical water park and various leisure activities. This domain is managed, maintained and operated by Pierre & Vacances under the Center Parks label. De Haan Vakantiehuizen receives indexed rental income for this on the basis of a long-term agreement.

Parking garage Eemplein is an underground parking garage in Amersfoort, the Netherlands, with 625 parking spaces. The upper Eemplein has several stores, offices and a cinema. Several residential apartments are located nearby. The revenue of the parking garage comes from short-term parking, parking tickets offered by commercial parties to their customers, and subscriptions for residents and businesses.

R\u00e9seau Abilis is a network of specialized care residences in Belgium (Wallonia and Brussels), France and the Netherlands, providing care to approximately 1,100 people with mental disabilities. About 800 full-time employees are responsible for the lifelong residential care of residents, who reside in residences ranging from single-person apartments to larger residential units, and this depending on their degree of autonomy. The income of R\u00e9seau Abilis consists of fees funded by public authorities, and mainly French authorities, since the majority of residents are from France. Fee levels are determined according to the specific needs of each resident. TINC fully owns the network\u2019s healthcare infrastructure and also holds a minority stake in the healthcare operator. The income generated by the care infrastructure is indexed rental income based on a long-term lease agreement with the care provider.

Garagepark manages parks in the Netherlands that offer innovative and well-secured space for storage and workspace to individuals and entrepreneurs. Garagepark develops and realizes these parks itself and continues to do so. TINC invests in the portfolio of parks developed and managed by Garagepark. The income of these parks consists of indexed rents paid by the users of the storage spaces.

Azulatis is a Belgian company that focuses on the design, construction, financing, management and operation of tailor-made installations for the supply of conditioned water to various industrial companies. This business model falls under the Water-As-A-Service (WaaS) model. Azulatis owns about 50 existing plants at various industrial companies with which it has long-term agreements for the supply of conditioned water. Azulatis\u2019 revenue comes from fees paid by its industrial customers based on long-term agreements.

Assumptions regarding the four segments Public Infrastructure, Energy Infrastructure, Digital Infrastructure and Social Infrastructure

The expected cash flows within each of the participations in the four segments are based on long-term contracts, a regulated environment and/or a strategic position, which is inherent to infrastructure

In determining the estimated future cash flows as a function of the valuation of the participations, the following assumptions, among others, are used:

If revenues are based on long-term contracts, then figures from the contracts are used. In other cases, historical figures, trends and management estimates are used.

Operating costs (e.g., maintenance) are largely underpinned by long-term contracts with third parties.

The assumed inflation rate taken into account in the evolution of the inflation-related income and expenses of TINC, and of the portfolio participations, is assumed, where relevant, to be 3.0% in 2024 and 2.0% thereafter.

Interest rates on debt financing of participations are (largely) hedged for the expected life of the infrastructure.

Inflation is a significant input for almost all participations with significant estimation uncertainty. Therefore, further in this note the sensitivity of this parameter to the portfolio fair value is presented.

Assumptions specific to participations in Energy Infrastructure

As indicated above when describing the business model of the participations in Energy Infrastructure, the amount of power generation on the one hand and the amount received per unit of power generation on the other are significant inputs to the valuation of these participations with significant estimation uncertainty. Further in this note, the sensitivity of these parameters to the fair value of the portfolio is presented.

The estimated future power production (wind and solar) is based on historical production figures, where available, and on the other hand on independent studies that estimate the expected amount of wind and solar and associated production volume on a probability scale. The expected future production results in a FLH (Full Load Hours) of 2,355 MWh/MW (compared to an annual expected production figure of 2,430 MWh/ MW on December 31, 2023) for the entire energy portfolio, calculated as an average of the estimated future production weighted by the production capacity of each stake. The current 12-month estimate of 2,355 MWh/MW is in line with the portfolio-level P50 probability scenario. The P50 probability scenario corresponds to an estimated production (depending on future irradiation or wind power) that will actually be realized with a 50% probability. For participations in onshore wind farms, this estimate corresponds to long-term wind speeds at 100 meters above ground between 5.6 m/s and 7.3 m/s, depending on the location of the site. For solar power participations, this estimate corresponds to an average irradiance of 1,214 kWh/m2.

The expected future power prices per MWh are based on the terms set forth in various contracted power purchase agreements (PPAs), on prices that are locked in, on estimates based on future market prices to the extent available, and on projections from leading advisors. The chart above shows the expected average power price before inflation and after profile and imbalance risk that the power participations expect to receive net per MWh produced and does not take into account any subsidy amount (see below). The profile risk arises from the fluctuating nature of renewable energy in which periods of high production can mean a drop in the price of energy. The imbalance discount reflects the fact that power production from solar and wind is not closely predictable. This discount is compensation to the buyer of the power for its responsibility to keep the power grid in \u201cbalance\u201d or equilibrium at all times. Both discounts are a markdown on the power price deducted by the buyers of the power produced.

In addition to the selling price of power production, renewable energy producers can also benefit from support measures in Belgium (Flanders & Wallonia), the Netherlands and Ireland. The support manifests itself in green certificates or GSC (Flanders, Wallonia), revenues from SDE subsidy regimes (the Netherlands) or in a guaranteed REFIT price (Ireland):

The support mechanism in Flandersallows renewable energy producers to benefit from green certificates. Each MWh produced entitles to a fraction (up to a maximum of 1) of a green certificate, depending on the specific support mechanism related to the renewable energy installation. In most cases, the fraction of green certificates obtained depends, among other things, on the electricity price in the market, and is lower the higher this market price is. The green certificates can be traded in the market or sold to the grid operator for a guaranteed minimum price for a period of 10, 15 or 20 years, depending on the support mechanism.

- For participations in solar energy in Flanders, green certificate price levels range from \u20ac65 to \u20ac450 per green certificate, depending on the year of construction and technology. The installations in the participations of TINC receive an expected weighted average price of \u20ac322, weighted by the capacity of the installations.

- For participations in onshore wind farms in Flanders, prices range from \u20ac90 to \u20ac93 per green certificate, with a weighted average of \u20ac92 weighted by capacity.

The current support mechanism in Walloniaallows renewable energy producers to benefit from green certificates. The number of GSC received per MWh produced depends on three additional factors: the kCO2, the rho and the ceiling. The kCO2is a ratio that indicates the amount of CO2saved. The rho is a factor that is modulated every 3 years according to the evolution of the ENDEX forward market. Finally, a maximum of 3 certificates can be granted per MWh produced, the ceiling. The price per GSC is \u20ac65/MWh and is multiplied by a kECO. This kECO is granted at the time of the grant application and is fixed for the entire duration of the grant.

The support mechanism in the Netherlandsallows renewable energy producers to benefit from the \u201cSubsidie Duurzame Energie\u201d or \u201cSDE\u201d if the market price is between a minimum (floor) and maximum (cap) level. It is granted by the Dutch government for a period of 15 years, and limited to a set maximum production level. The SDE support linked to the operational Dutch onshore wind farm Kreekraksluis amounts to a maximum of \u20ac67/MWh for 1,760 full load hours (70,400 MWh) (FLH) per year during a period of 15 years. For the Dutch wind farm Kroningswind, the SDE support amounts to a maximum of \u20ac37/MWh for 2,712 full load hours (216,387 MWh).

The support mechanism in Irelandallows renewable energy producers to benefit from a system based on an Irish government minimum guaranteed price or \u2018Renewable Energy Feed-in Tariff (REFIT)\u2019 price per MWh produced and which includes the market price. It is granted for a period of 15 years from the commissioning of the plants. The REFIT price for the Meenwaun onshore wind farm in portfolio is currently approximately \u20ac93 per MWh and is indexed

annually based on the consumer price index in Ireland. The electricity produced is sold in the market. If the selling price in the market is lower than the REFIT price, the government pays the producer the difference between the selling price and the REFIT price. This guarantees to the producer that it will receive the predetermined price. If the price in the market is higher than the REFIT price, only the market price is received.

Assumptions specifically regarding participations within Public Infrastructure, Digital Infrastructure and Social Infrastructure

The business models of the participations in each of these segments are different from one another, so there are no additional significant inputs, other than inflation and discount rates (see below), that are the same across different participations as a function of the valuation of each of these participations, and thus introduce estimation uncertainty.

Future cash flows Public Infrastructure and Energy Infrastructure

The graphs below provide an indicative overview of the sum of cash flows TINC expects to receive from its participations in the Public Infrastructure and Energy Infrastructure segments over the expected finite life of the infrastructure, calculated at December 31, 2024 and December 31, 2023. These charts do not take into account participations at transaction value such as SPI.R0 and Hortus Conclusus, the subordinated loan to Storm Group, and contracted off-balance sheet investment commitments with respect to both existing participations and contracted new participations, nor any other possible new additional investment.

Participation discount rates

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 was 8.40% at the end of the financial year, compared to 8.10% at the end of the previous financial year. This increase is the result of changes to the composition of the investment portfolio, and the application of a more granular approach in the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

The table below summarizes the weighted average discount rates applicable to the four segments as at December 31, 2024, compared to the figures as of December 31, 2023. The minimum discount rate applied to our portfolio is 7.00% and the maximum discount rate applied to our portfolio is 10.35%.

Period ending at:

December 31, 2024

(audited)

December 31, 2023

(audited)

Public Infrastructure

7.70%

7.00%

Energy Infrastructure

8.18%

8.90%

Digital Infrastructure

9.27%

8.91%

Social Infrastructure

8.53%

8.18%

Average discount rate

8.40%

8.10%

Since discount rates are important inputs in determining the fair value of participations and involve estimates, the sensitivity of these inputs to the fair value of the portfolio is presented further in this note.

Fair value (FV) of investments

The tables below show the fair value (FV) of the portfolio classified by type of infrastructure at Dec. 31, 2024 and Dec. 31, 2023.

Fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

140,827,743

107,109,709

133,201,669

116,226,710

497,365,831

Weighted average discount rate

7.70%

8.28%

9.27%

8.53%

8.43%

Investments in loans

-

14,704,202

-

-

14,704,202

Weighted average discount rate

-

7.44%

-

-

7.44%

Fair value with changes processed through profit and loss

140,827,743

121,813,911

133,201,670

116,226,710

512,070,034

Weighted average discount rate

7.70%

8.18%

9.27%

8.53%

8.40%

(*) Including shareholder loans for a nominal amount outstanding of:

59,925,535

13,806,702

660,000

6,014,300

80,406,537

Loans for a nominal outstanding amount of:

-

14,202,119

-

-

-

Fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

154,493,544

118,252,556

98,415,427

91,092,577

462,254,105

Weighted average discount rate

7.00%

8.94%

8.91%

8.18%

8.10%

Investments in loans

-

6,102,564

-

-

6,102,564

Weighted average discount rate

-

6.77%

-

-

6.77%

Fair value with changes processed through profit and loss

154,493,544

124,355,121

98,415,427

91,092,577

468,356,669

Weighted average discount rate

7.00%

8.90%

8.91%

8.18%

8.10%

(*) Including shareholder loans for a nominal amount outstanding of:

67,202,718

10,493,135

24,748,000

6,319,750

108,763,602

Loans for a nominal outstanding amount of:

-

6,023,954

-

-

-

Evolution of the fair value of the portfolio

The tables below show the evolution of the portfolio\u2019s fair value over the past reporting periods by type of infrastructure and by investment instrument:

Evolution fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments

Opening balance December 31, 2023

154,493,544

118,252,631

98,415,427

91,092,577

462,254,179

+ Investments

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in equity

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in shareholder loans

-

-

-

-

-

- Repayments and exits

(6,274,215)

(1,761,715)

(1,521,931)

(233,268)

(9,791,129)

- Repayment and exits of equity

(794,460)

(1,123,318)

(1,521,931)

-

(3,439,710)

- Repayment and exits of shareholder loans

(5,479,755)

(638,397)

-

(233,268)

(6,351,420)

+/- Unrealised gains and losses

(5,655,658)

(12,831,012)

26,448,819

10,163,175

18,125,325

+/- Unrealised gains

1,114,631

1,348,506

26,448,819

10,163,175

39,075,132

+/- Unrealised losses

(6,770,289)

(14,179,518)

-

-

(20,949,807)

+/- Other

(1,797,428)

3,449,881

(88,000)

(72,182)

1,492,271

Closing balance December 31, 2024

140,827,743

107,109,785

133,201,669

116,226,710

497,365,907

Investments in loans

Opening balance December 31, 2023

-

6,102,490

-

-

6,102,490

+ Investments

-

12,500,000

-

-

12,500,000

- Repayments and exits

-

(4,130,787)

-

-

(4,130,787)

+/- Unrealised gains and losses

-

(78,611)

-

-

(78,611)

+/- Unrealised gains

-

-

-

-

-

+/- Unrealised losses

-

(78,611)

-

-

(78,611)

+/- Other

-

311,035

-

-

311,035

Closing balance December 31, 2024

-

14,704,128

-

-

14,704,128

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Portfolio

Opening balance December 31, 2023

154,493,544

124,355,120

98,415,427

91,092,577

468,356,669

+ Investments

61,500

12,500,000

9,947,353

15,276,408

37,785,261

+ Investments in equity

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in shareholder loans

-

-

-

-

-

+ Investments in loans

-

12,500,000

-

-

12,500,000

- Repayments and exits

(6,274,215)

(5,892,502)

(1,521,931)

(233,268)

(13,921,916)

- Repayment and exits of equity

(794,460)

(1,123,318)

(1,521,931)

-

(3,439,710)

- Repayment and exits of shareholder loans

(5,479,755)

(638,397)

-

(233,268)

(6,351,420)

- Repayment and exits of loans

-

(4,130,787)

-

-

(4,130,787)

+/- Unrealised gains and losses

(5,655,658)

(12,909,623)

26,448,819

10,163,175

18,046,714

+/- Unrealised gains

1,114,631

1,348,506

26,448,819

10,163,175

39,075,132

+/- Unrealised losses

(6,770,289)

(14,258,129)

-

-

(21,028,418)

+/- Other

(1,797,428)

3,760,916

(88,000)

(72,182)

1,803,306

Closing balance December 31, 2024

140,827,743

121,813,911

133,201,669

116,226,710

512,070,034

The fair value of the portfolio increased by \u20ac43,713,365 to \u20ac512,070,034 at December 31, 2024, an increase of 9.33% compared to December 31, 2023. This increase is the result of investments in the amount of \u20ac37,785,261 on the one hand and repayments in the amount of \u20ac13,921,916 on the other. The net unrealized increase in fair value of \u20ac18,046,714 over the period consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

The remaining amount of \u20ac1,803,306 represents an increase in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.

Evolution fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments

Opening balance June 30, 2022

133,043,372

109,668,450

86,580,631

78,696,298

407,988,752

+ Investments

22,300,799

25,827,574

36,623,415

32,691,822

117,443,610

+ Investments in equity

22,300,799

25,827,573

36,623,415

28,458,555

113,210,342

+ Investments in shareholder loans

-

-

-

4,233,268

4,233,268

- Repayments and exits

(2,651,090)

(15,007,709)

(34,633,899)

(15,902,646)

(68,195,344)

- Repayment and exits of equity

(768,793)

(867,480)

(34,633,899)

(15,902,646)

(52,172,818)

- Repayment and exits of shareholder loans

(1,882,297)

(14,140,229)

-

-

(16,022,526)

+/- Unrealised gains and losses

90,665

(1,900,410)

9,436,029

(4,209,414)

3,416,870

+/- Unrealised gains

5,816,278

6,293,655

9,436,029

2,579,626

24,125,589

+/- Unrealised losses

(5,725,613)

(8,194,065)

-

(6,789,040)

(20,708,718)

+/- Other

1,709,798

(335,275)

409,250

(183,460)

1,600,313

Closing balance December 31, 2023

154,493,544

118,252,631

98,415,427

91,092,577

462,254,179

Investments in loans

Opening balance June 30, 2022

-

7,447,851

-

-

7,447,851

+ Investments

-

-

-

-

-

- Repayments and exits

-

(1,283,008)

-

-

(1,283,008)

+/- Unrealised gains and losses

-

(19,653)

-

-

(19,653)

+/- Unrealised gains

-

-

-

-

-

+/- Unrealised losses

-

(19,653)

-

-

(19,653)

+/- Other

-

(42,700)

-

-

(42,700)

Closing balance December 31, 2023

-

6,102,490

-

-

6,102,490

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Portfolio

Opening balance June 30, 2022

133,043,372

117,116,301

86,580,631

78,696,298

415,436,602

+ Investments

22,300,799

25,827,574

36,623,415

32,691,822

117,443,610

+ Investments in equity

22,300,799

25,827,573

36,623,415

28,458,555

113,210,342

+ Investments in shareholder loans

-

-

-

4,233,268

4,233,268

+ Investments in loans

-

-

-

-

-

- Repayments and exits

(2,651,090)

(16,290,717)

(34,633,899)

(15,902,646)

(69,478,352)

- Repayment and exits of equity

(768,793)

(867,480)

(34,633,899)

(15,902,646)

(52,172,818)

- Repayment and exits of shareholder loans

(1,882,297)

(14,140,229)

-

-

(16,022,526)

- Repayment and exits of loans

-

(1,283,008)

-

-

(1,283,008)

+/- Unrealised gains and losses

90,665

(1,920,063)

9,436,029

(4,209,436)

3,397,196

+/- Unrealised gains

5,816,278

6,293,655

9,436,029

2,579,626

24,125,589

+/- Unrealised losses

(5,725,613)

(8,213,717)

-

(6,789,040)

(20,728,371)

+/- Other

1,709,798

(377,975)

409,250

(183,460)

1,557,613

Closing balance December 31, 2023

154,493,544

124,355,120

98,415,427

91,092,577

468,356,669

Sensitivity to assumptions at the portfolio level/ by segment

The following graph shows the sensitivity of the portfolio\u2019s fair value to changes in energy prices, energy production, inflation and discount rates. This analysis shows the sensitivity of fair value to a particular criterion, all other variables remaining the same. Indeed, these sensitivities are assumed to be independent of each other. Combined sensitivities are not shown here

Portfolio concentration

Top 5 participations (in %)

The five largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Datacenter United and Kroningswind. Together, these investments represent a nominal value of 248,175,055 euros, representing 48% of the total fair value of the portfolio at December 31, 2024, as shown above.

Top 10 participations (in %)

The ten largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Datacenter United, Kroningswind, Brabo 1, Yally, NGE Fibre, A15 Maasvlakte-Vaanplein and Solar Finance. Collectively, these investments represent a nominal value of \u20ac364,350,308, representing 71% of the total fair value of the portfolio as of December 31, 2024, as shown above.

At December 31, 2024, the participation in GlasDraad represents more than 10% of the fair value of the portfolio.

\"\"

Sensitivity FV December 31, 2023

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Total

Discount rate

Discount rate: -0,5%

\u25b2 7,943,875

\u25b2\t3,595,925

\u25b2 7,475,302

\u25b2 3,987,990

\u25b2 23,003,092

Discount rate: +0,5%

\u25bc 7,356,859

\u25bc 3,370,817

\u25bc 6,989,902

\u25bc 3,681,316

\u25bc 21,398,894

Inflation

Inflation: -0,5%

\u25bc 2,627,317

\u25bc 2,151,526

\u25bc 1,145,431

\u25bc 3,061,923

\u25bc 8,986,196

Inflation: +0,5%

\u25b2 2,588,899

\u25b2 2,426,296

\u25b2 2,189,528

\u25b2 3,155,464

\u25b2 10,360,187

Energy prices

Energy prices: -10%

-

\u25bc 9,323,441

-

-

\u25bc 9,323,441

Energy prices: +10%

-

\u25b2 12,125,321

-

-

\u25b2 12,125,321

Energy production

Energy production: P90

-

\u25bc 24,606,676

-

-

\u25bc 24,606,676

Energy production: P10

-

\u25b2 25,832,968

-

-

\u25b2 25,832,968

Positive \u25b2Negative \u25bc

If over the full lifetime of the energy participations, power production corresponds to a P90 scenario on the probability scale, the fair value of the energy participations decreases by \u20ac24,606,676. If, over the full lifetime, power production corresponds to a P10 scenario on the probability scale, the fair value of the energy participations increases by \u20ac25,832,968.

If during the full lifetime of the energy participations the power price is 10% lower than the current projected power prices, the fair value of the energy participations decreases by \u20ac9,323,441. If during the entire lifetime of the energy participations the power price is 10% higher than the current projected power price, the fair value of the energy participations increases by \u20ac12,125,321.

Note that these calculations take into account possible changes in support income a function of changing power prices (higher support amounts when power prices are low and lower support amounts when power prices are high).

If, over the full lifetime of each of the participations, inflation exceeds the assumed inflation rate of 2% by 0.5%, then the fair value of the portfolio increases by \u20ac10,360,187. If inflation is 0.5% lower than the assumed inflation rate of 2% throughout the lifetime of each of the participations, then the fair value of the portfolio decreases by \u20ac8,986,196.

If for the calculation of the fair value of the participations, a discount rate 0.5% higher than in the basic assumption is used in each case, the fair value of the portfolio decreases by \u20ac21,398,894. When using a discount rate that is 0.5% lower, the fair value of the portfolio increases by \u20ac23,003,092.

Additional information regarding subordinated loans in the investment portfolio

Situation as per December 31, 2024 (audited)

Duration

<1 year

1 - 5 year

> 5 year

Total

2,677,007

19,917,503

72,014,146

94,608,656

Applied interest rate

Variable rate

Fixed rate

Total

-

94,608,656

94,608,656

Average interest rate

8,53%

Situation as per December 31, 2023 (audited)

Duration

<1 year

1 - 5 year

> 5 year

Total

8,673,512

20,092,038

86,100,617

114,866,167

Applied interest rate

Variable rate

Fixed rate

Total

-

114,866,167

114,866,167

Average interest rate

8,51%

All subordinated loans outstanding at December 31, 2024 are at fixed interest rates. They consist of both shareholder loans and ordinary loans where TINC does not participate in the participation. At December 31, 2024, the item subordinated loans amounts to EUR 94,608,656. The difference with December 31, 2023 is due to the full repayment of the subordinated loan of Northwind and the transfer of the amount invested in the participation NGE Fibre from a subordinated loan to equity

Interest payments and principal repayments on subordinated loans are usually subject to conditions imposed by the senior debt financiers. Interest payments on subordinated loans are made periodically. If the interest cannot be paid, it is capitalized and thus added to the principal. Repayments of shareholder loans are typically flexible. However, there is an obligation, if applicable, to repay the shareholder loan before the end of the expected life of the infrastructure. Repayments of subordinated loans that are not shareholder loans follow a fixed periodic repayment schedule. If this schedule cannot be followed, overdue repayments should be made as soon as possible. The agreed final maturity date of such a loan is typically several years earlier than the expected life of the infrastructure in the company that issued it.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__67": { "value": "

12\tOperating costs

Services and miscellaneous goods

Services and miscellaneous goods amounted to \u20ac6,505,970 for the past financial year. This is a decrease of \u20ac3,817,784 compared to the previous financial year which covered 18 months

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Remuneration to TDP

(4,698,607)

(5,836,439)

Remuneration to sole director TINC Manager NV

(1,038,694)

(2,525,934)

Other expenses

(768,668)

(1,961,380)

TOTAL

1

(6,505,970)

(10,323,753)

The cost of services and miscellaneous goods includes the following items:

Remuneration for services provided by TDP NV amounting to \u20ac4,698,608. This breaks down into \u20ac4,570,544 in fixed and variable remuneration for investment services and \u20ac 128,064 in remuneration for administrative services. These fees amounted to \u20ac5,836,439 during the previous financial year covering 18 months;

\u20ac1,038,694 remuneration for the sole director TINC Manager NV. This statutory remuneration is calculated as 4% of the net profit before deducting the director\u2019s remuneration, and before taxes, and excluding variations in the fair value of financial assets and liabilities. This remuneration amounted to \u20ac2,525,934 for the previous financial year. The decrease is explained by the fact that the previous financial year was an extended financial year of18 months and there a higher net income in the previous financial year due to the capital gain realized on the sale of the interest in Bioversneller and partial sale of the interest in GlasDraad;

\u20ac768,668 other operating expenses. This item includes various costs such as legal and consulting fees. The decrease is mainly explained by the fact that the previous financial year covered 18 months.

An explanation of the fees for TDP and TINC Manager NV can be found on page 90 in the Corporate Governance section.

Other operating expenses

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Taxes and operating expenses

1

(251,433)

(353,676)

TOTAL

(251,433)

(353,676)

Other operating expenses amount to \u20ac251,433 and mainly include non-deductible VAT in the amount of \u20ac245,743

The cost ratio for the current financial year calculated on an annual basis and excluding one-time transaction costs is 1.34%

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__72": { "value": "

Services and miscellaneous goods

Services and miscellaneous goods amounted to \u20ac6,505,970 for the past financial year. This is a decrease of \u20ac3,817,784 compared to the previous financial year which covered 18 months

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Remuneration to TDP

(4,698,607)

(5,836,439)

Remuneration to sole director TINC Manager NV

(1,038,694)

(2,525,934)

Other expenses

(768,668)

(1,961,380)

TOTAL

1

(6,505,970)

(10,323,753)

The cost of services and miscellaneous goods includes the following items:

Remuneration for services provided by TDP NV amounting to \u20ac4,698,608. This breaks down into \u20ac4,570,544 in fixed and variable remuneration for investment services and \u20ac 128,064 in remuneration for administrative services. These fees amounted to \u20ac5,836,439 during the previous financial year covering 18 months;

\u20ac1,038,694 remuneration for the sole director TINC Manager NV. This statutory remuneration is calculated as 4% of the net profit before deducting the director\u2019s remuneration, and before taxes, and excluding variations in the fair value of financial assets and liabilities. This remuneration amounted to \u20ac2,525,934 for the previous financial year. The decrease is explained by the fact that the previous financial year was an extended financial year of18 months and there a higher net income in the previous financial year due to the capital gain realized on the sale of the interest in Bioversneller and partial sale of the interest in GlasDraad;

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__13": { "value": "TDP NV ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__73": { "value": "

13\tFinancial result for the financial year to December 31, 2024

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Finance income

1

62,552

973,666

Finance costs

1

(1,242,989)

(406,430)

TOTAL

(1,180,437)

567,235

The financial result was \u20ac1,180,437, an increase in costs over the previous financial year.

Finance income mainly relates to income related to investing of cash under the form of term deposits on the balance sheet. Financial income amounted to \u20ac62,552, a decrease of \u20ac911,114.

Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac1,242,989, an increase of \u20ac836,559. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2024, \u20ac6,900,000 has been drawn down under a bank credit line of \u20ac200,000,000.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__74": { "value": "

13\tFinancial result for the financial year to December 31, 2024

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Finance income

1

62,552

973,666

Finance costs

1

(1,242,989)

(406,430)

TOTAL

(1,180,437)

567,235

The financial result was \u20ac1,180,437, an increase in costs over the previous financial year.

Finance income mainly relates to income related to investing of cash under the form of term deposits on the balance sheet. Financial income amounted to \u20ac62,552, a decrease of \u20ac911,114.

Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac1,242,989, an increase of \u20ac836,559. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2024, \u20ac6,900,000 has been drawn down under a bank credit line of \u20ac200,000,000.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__75": { "value": "

13\tFinancial result for the financial year to December 31, 2024

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Finance income

1

62,552

973,666

Finance costs

1

(1,242,989)

(406,430)

TOTAL

(1,180,437)

567,235

The financial result was \u20ac1,180,437, an increase in costs over the previous financial year.

Finance income mainly relates to income related to investing of cash under the form of term deposits on the balance sheet. Financial income amounted to \u20ac62,552, a decrease of \u20ac911,114.

Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac1,242,989, an increase of \u20ac836,559. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2024, \u20ac6,900,000 has been drawn down under a bank credit line of \u20ac200,000,000.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__78": { "value": "

14\tIncome taxes for the financial year to December 31, 2024

The basis for calculating the tax base is the BGAAP pre-tax result. The table below therefore first calculates the BGAAP pre-tax result, starting from the IFRS pre-tax result. Tax-exempt income is then deducted from the BGAAP pre-tax result, in an amount of \u20ac1,262,530 effective tax base.

Reconciliation of the income taxes with the result before tax

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Result before tax, profit (loss) (IFRS)

42,806,692

51,391,530

(Un)realised gains / losses on investments

(17,878,028)

11,978,083

Depreciations and impairments on costs relating to the capital increase, IMVA and MAV

(476,876)

(1,164,916)

Result before tax BGAAP

24,451,788

62,204,697

Non-deductible expenses

305

5,294

Capital gain on shares

-

(24,080,171)

Reversal of depreciation on shares

-

(829,382)

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Taxable moratorium interest

-

(5,000)

Exempt gifts

(23,189,562)

(35,325,373)

Definitively taxed income deduction

-

-

Notional Interest deduction (NID)

-

-

Compensation tax losses of the past

-

-

Taxable base against normal tax rate

1,262,530

1,970,066

Effective income tax rate

25.00%

25.00%

Against local statutory income tax rate

315,633

492,516

Increase for insufficient prepayment

-

-

Valuation deferred tax asset related to tax losses carried forward

-

-

Use of tax losses carried forward

-

-

Remeasurement of deferred tax asset

-

-

(Increase)/Decrease deferred tax asset related to tax losses carried forward

-

-

Taxes

1

315,633

492,516

Effective tax rate

0.74%

0.96%

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Tax charge

Current income tax charge

315,633

492,516

Adjustment in respect of current income tax of previous periods

-

-

Deferred tax

Related to temporary differences

-

-

Deferred tax on tax losses carried forward

-

-

Taxes

315,633

492,516

Movement schedule of the deferred taxes

Period ending at:

(\u20ac)

Notes

2024

12 months

2023

18 months

Deferred taxes beginning of period (per December 31, 2023)

119,219

410,430

Increase/(decrease) value TLCF

0

-

Increase/(decrease) deferred taxes

(119,219)

(291,211)

Deferred taxes end of period (per December 31, 2024)

2

-

119,219

During the past financial year, the following income of TINC was tax-exempt income:

Unrealized income of \u20ac17,878,028 resulting from the revaluations of financial fixed assets. These revaluations are exempt from tax as long as the underlying asset is not realized;

Depreciation and amortization for an amount of \u20ac476,876;

The deduction of definitively taxed income, related to dividends, in the amount of \u20ac23,189,562.

After applying the statutory income tax rate of \u20ac25% on the \u20ac1,262,530 effectively taxable basis, this results in an amount of corporate taxes payable by TINC of \u20ac315,633.

The deferred tax asset on the IFRS balance sheet decreased from \u20ac119,219 to \u20ac0. The deferred tax assets were the result of amortization in BGAAP of some capitalized costs related to past capital increases.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__79": { "value": "

14\tIncome taxes for the financial year to December 31, 2024

The basis for calculating the tax base is the BGAAP pre-tax result. The table below therefore first calculates the BGAAP pre-tax result, starting from the IFRS pre-tax result. Tax-exempt income is then deducted from the BGAAP pre-tax result, in an amount of \u20ac1,262,530 effective tax base.

Reconciliation of the income taxes with the result before tax

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Result before tax, profit (loss) (IFRS)

42,806,692

51,391,530

(Un)realised gains / losses on investments

(17,878,028)

11,978,083

Depreciations and impairments on costs relating to the capital increase, IMVA and MAV

(476,876)

(1,164,916)

Result before tax BGAAP

24,451,788

62,204,697

Non-deductible expenses

305

5,294

Capital gain on shares

-

(24,080,171)

Reversal of depreciation on shares

-

(829,382)

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Taxable moratorium interest

-

(5,000)

Exempt gifts

(23,189,562)

(35,325,373)

Definitively taxed income deduction

-

-

Notional Interest deduction (NID)

-

-

Compensation tax losses of the past

-

-

Taxable base against normal tax rate

1,262,530

1,970,066

Effective income tax rate

25.00%

25.00%

Against local statutory income tax rate

315,633

492,516

Increase for insufficient prepayment

-

-

Valuation deferred tax asset related to tax losses carried forward

-

-

Use of tax losses carried forward

-

-

Remeasurement of deferred tax asset

-

-

(Increase)/Decrease deferred tax asset related to tax losses carried forward

-

-

Taxes

1

315,633

492,516

Effective tax rate

0.74%

0.96%

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Tax charge

Current income tax charge

315,633

492,516

Adjustment in respect of current income tax of previous periods

-

-

Deferred tax

Related to temporary differences

-

-

Deferred tax on tax losses carried forward

-

-

Taxes

315,633

492,516

Movement schedule of the deferred taxes

Period ending at:

(\u20ac)

Notes

2024

12 months

2023

18 months

Deferred taxes beginning of period (per December 31, 2023)

119,219

410,430

Increase/(decrease) value TLCF

0

-

Increase/(decrease) deferred taxes

(119,219)

(291,211)

Deferred taxes end of period (per December 31, 2024)

2

-

119,219

During the past financial year, the following income of TINC was tax-exempt income:

Unrealized income of \u20ac17,878,028 resulting from the revaluations of financial fixed assets. These revaluations are exempt from tax as long as the underlying asset is not realized;

Depreciation and amortization for an amount of \u20ac476,876;

The deduction of definitively taxed income, related to dividends, in the amount of \u20ac23,189,562.

After applying the statutory income tax rate of \u20ac25% on the \u20ac1,262,530 effectively taxable basis, this results in an amount of corporate taxes payable by TINC of \u20ac315,633.

The deferred tax asset on the IFRS balance sheet decreased from \u20ac119,219 to \u20ac0. The deferred tax assets were the result of amortization in BGAAP of some capitalized costs related to past capital increases.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__80-1": { "value": "

15\tEarnings per share

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Net profit attributable to ordinary shares

1

42,491,060

50,899,013

Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share

36,363,637

36,363,637

Effect of dilution

-

-

Share options

-

-

Redeemable preference shares

-

-

Weighted average number of ordinary shares (excluding treasury shares) adjusted for the effect of dilution

36,363,637

36,363,637

Earnings per share

1.17

1.40

Earnings per share with effect of dilution

1.17

1.40

23\tInformation per share

Period ending at:

(\u20ac)

Notes

December 31, 2024

(audited)

December 31, 2023

(audited)

Number of outstanding shares

36,363,637

36,363,637

Net Asset Value (NAV)

506,422,240

494,595,854

NAV per share

13,93

13,60

Fair Market Value (FMV)

512,070,034

468,356,669

FMV per share

14,08

12,88

Net debt

-6,010,389

27,364,570

Net debt per share

-0,17

0,75

Deferred taxes

0

119,219

Deferred taxes per share

0,00

0,00

Other amounts receivable & payable

362,595

(1,252,038)

Other amounts receivable & payable per share

0,01

-0,03

Net profit/(Loss)

42,491,060

50,899,013

Net profit per share*

1,17

1,40

*Based on total outstanding share at the end of the period

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__81": { "value": "

16\tPaid and proposed distributions to shareholders

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Paid Dividends

1

Closing dividend : (total value)

30,545,455

19,636,364

Closing dividend : (value per share)

0,84

0,54

Proposed Distribution

Distribution / Dividend: total value

21,090,909

30,545,455

Distribution / Dividend: value per share

0,58

0,84

Capital reduction

0,4000

0,6100

Dividend

0,1800

0,2300

Number of shares

36,363,637

36,363,637

A distribution of \u20ac0.58per share is proposed to shareholders in May 2025. The proposed distribution will take the form of a combination of a dividend and a capital reduction. The proposed amount of the dividend will be equal to \u20ac0.18per share (or 31.0% of the distribution), that of the capital reduction to \u20ac0.40 per share (or 69.0% of the total amount distributed). The capital reduction requires a decision of the extraordinary general meeting with a quorum and special majority.

The total proposed distribution is \u20ac21,090,909, consisting of a dividend of \u20ac6,545,455 and a capital reduction of \u20ac14,545,455. This is a payout ratio of 49.64% against net income.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__85-1": { "value": "

16\tPaid and proposed distributions to shareholders

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Paid Dividends

1

Closing dividend : (total value)

30,545,455

19,636,364

Closing dividend : (value per share)

0,84

0,54

Proposed Distribution

Distribution / Dividend: total value

21,090,909

30,545,455

Distribution / Dividend: value per share

0,58

0,84

Capital reduction

0,4000

0,6100

Dividend

0,1800

0,2300

Number of shares

36,363,637

36,363,637

A distribution of \u20ac0.58per share is proposed to shareholders in May 2025. The proposed distribution will take the form of a combination of a dividend and a capital reduction. The proposed amount of the dividend will be equal to \u20ac0.18per share (or 31.0% of the distribution), that of the capital reduction to \u20ac0.40 per share (or 69.0% of the total amount distributed). The capital reduction requires a decision of the extraordinary general meeting with a quorum and special majority.

The total proposed distribution is \u20ac21,090,909, consisting of a dividend of \u20ac6,545,455 and a capital reduction of \u20ac14,545,455. This is a payout ratio of 49.64% against net income.

18\tTrade receivables and other receivables

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Trade receivables

18,184

70,475

Tax receivable, other than income tax

1,675,862

1,346,762

Other receivables

89

141,272

Total

2

1,694,134

1,558,508

Trade receivables for the financial year ending December 31, 2024 amount to \u20ac1,694,134. The carrying amount of trade and other receivables at amortized cost approximates fair value due to their short-term nature.

19\tCash and deposits

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Short term bank deposits

25,982

6,028,308

Cash

863,628

21,336,261

Total

2,4

889,611

27,364,570

Cash and deposits include all liquid funds, freely withdrawable, held in cash or on bank deposit. During the past financial year, the cash position decreased by \u20ac26,474,959 as a result of \u20ac23,852,999 cash outflows related to financing activities composed of the distribution to shareholders for \u20ac30,545,455, the drawdown of the credit line of \u20ac6,900,000 and the costs associated with the credit line for \u20ac207,544. In addition, there is \u20ac6,433,502 net cash inflows related to investing activities and \u20ac9,055,462 net cash outflows related to operating expenses.

22\tTrade and other payables

At December 31, 2024, trade and other payables amounted to \u20ac1,030,165. The main item herein consists of the remuneration to TINC Manager in the amount of \u20ac1,040,054. The carrying amount of trade and other payables at amortized cost approximates fair value due to their short-term nature.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__83": { "value": "0.58", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s6__6__84": { "value": "0.18", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s6__6__82": { "value": "21090909.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s6__6__86": { "value": "

17\tFinancial fixed assets

The fair value or Fair Value (\u201cFV\u201d) of the investment portfolio evolved between the beginning and end of the last financial year as follows:

Period ending at:

(\u20ac)

December 31, 2024

audited

December 31, 2023

audited

Opening balance

468,356,669

415,436,602

+ Investments

37,785,261

117,443,610

- Repayments from investments

(13,921,916)

(69,478,352)

+/- Unrealised gains and losses

18,046,714

3,397,196

+/- Other

1,803,306

1,557,613

Closing balance*

512,070,034

468,356,669

Net unrealised gains/losses recorded through P&L over the period

18,046,715

3,397,196

*Including shareholder loans for a nominal amount outstanding of: \u20ac94.608.656 (31/12/2024) and \u20ac108.763.602 (31/12/2023)

At December 31, 2024, the portfolio FV amounts to \u20ac512,070,034.

During the past financial year, \u20ac37,785,261 was invested in existing and new participations: Storm Group, Hortus Conclusus, SPI.R0, GlasDraad, NGE Fibre, De Haan Vakantiehuizen, Garagepark and Yally.

Over the past financial year, TINC received \u20ac13,921,916 as part of repayments of invested capital from the following participations: Berlare Wind, Kreekraksluis, Nobelwind, Northwind (full repayment of subordinated loan), Storm Wind Belgium, Zelfstroom, A15 Maasvlakte-Vaanplein, Brabo 1, L\u2019Hourgnette, Social Housing Ireland, Via A11, Via R4 Ghent, NGE Fibre and Obelisc.

The net unrealized increase in fair value of \u20ac18,046,715 over the past financial year consists of \u20ac39,075,133 unrealized income and \u20ac21,028,418 unrealized expenses.

The remaining amount of \u20ac1,803,306 represents an increase in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.

Fair value hierarchy

TINC uses the following hierarchy in determining and disclosing the fair market value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3: methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

Assets measured at fair value

December 31, 2024 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

512,070,034

512,070,034

December 31, 2023 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

468,356,669

468,356,669

All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except SPI.R0, Hortus Conclusus and Yally are valued using a discounted cash flow model, whereby the expected future cash

flows of the participations that benefit TINC are discounted at a market-based discount rate. This valuation technique was consistently used for all investments. For SPI.R0 and Hortus Conclusus, the transaction price is considered the fair value.

The fair value of the participation in Yally is determined by the value of Yally\u2019s real estate portfolio on the one hand, and the net sum of the other balance sheet items on the asset and liability sides of the consolidated group on the other hand, taking into account the percentage of shares held by TINC in Yally. To determine the value of Yally\u2019s real estate, the average of two valuation techniques is taken.

The fair value of Datacenter United at the end of the past financial year is based on the transaction price established at the time of the signing of the partial sale of Datacenter United. An adjusted business plan was drawn up as a result of this transaction, including adjusted future expected cash flows to TINC. Taking into account the transaction prices and the adjusted expected future cash flows to TINC, an adjusted discount rate has been determined. Therefore, this participation remains classified as a Level 3 asset in the fair value hierarchy.

Classification of investments

TINC defines the following categories of investments:

Public Infrastructure (Equity + SHL), including the following participations: A15 Maasvlakte-Vaanplein, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4 Ghent, L\u2019Hourgnette, Hortus Conclusus, SPI.R0, Princess Beatrix Lock and Via A11.

Energy Infrastructure (Equity + SHL), within this segment a distinction is made between investments in equity and investments in loans. Equity investments include the following participations: Storm Wind Belgium, Berlare Wind, Kroningswind, Lowtide, Solar Finance, Windpark Kreekraksluis, Storm Wind Ireland, Sunroof and Zelfstroom. In addition, TINC invests via loans Storm Group and Nobelwind.

Digital Infrastructure (Equity + SHL), including the following participations: GlasDraad, Datacenter United and NGE Fibre.

Social Infrastructure (Equity + SHL), including the following participations: De Haan Vakantiehuizen, Eemplein, R\u00e9seau Abilis, Garagepark, Obelisc and Yally.

Key assessments and judgments

The calculation of the fair value of the participations of TINC is based on:

The expected future cash flows to TINC generated by the participations within the portfolio;

The discount rate applied to expected future cash flows to TINC.

Cash flows

The expected future cash flows to TINC are calculated on the basis of a specific and detailed financial model per participation. Each financial model reflects all expected future revenues and costs over the lifetime of the underlying infrastructure. The expected future cash flows to TINC are then the net cash flows from the participations of TINC after payment of all operating costs and debt obligations within the participations. Debt obligations at participation level are typically fixed for the entire duration of the underlying infrastructure, without refinancing risk. Interest on debt obligations is typically fixed, via hedging, for the entire duration of the financing, to avoid that future cash flows for TINC would be affected by rising interest rates.

Over the past period, TINC received \u20ac44.820.150 cash flows in the form of dividends, interests, fees, realized gains, repayments and divestments of capital and loans. These cash flows underpin the distribution policy of TINC.

The expected future revenues and costs of each participation are based on the specific business model of the particular participation.

The business model of participation in Public Infrastructureis usually based on a DBFM agreement between a contracting government and the project company in which various private partners (construction companies, financiers and investors) join forces. \u2018DBFM\u2019 stands for \u2018Design, Build, Finance and Maintain\u2019 and summarizes the responsibilities of the private partners in the project company. Under the DBFM agreement, the contracting authority periodically pays an availability fee to the project company throughout the life of the project, provided the infrastructure is actually available according to the terms of the agreement.

In case of unavailability of the infrastructure, the contracting authority applies penalty points or discounts on the fee, which are contractually passed on to the relevant subcontractors or operational partners responsible for long-term maintenance obligations. Participations in Public Infrastructure have a maximum life of 20 to 35 years, corresponding to the term of the DBFM agreement. At the end of the project duration, the infrastructure is transferred to the contracting authority or public partner free of charge.

The projected significant increase in cash flows to the shareholder at the end of the life (as shown in the attached graph) is the result of the project company\u2019s obligation to use available cash to first fully repay debt financing before significant distributions to the shareholder are possible.

The business model of the participations in Energy Infrastructureis based primarily on the sale of renewable power produced by onshore or offshore wind farms and solar farms.

The economic life of these participations depends on the technology used and the land or land rights available to the project company to build and operate its infrastructure. Upon expiration of these rights, the infrastructure must be removed or transferred to the owner of the land (or, where applicable, the roof owner). Although in practice an extension of these rights can be negotiated, TINC generally applies a life of 20 to 25 years for participations in Energy

Infrastructure. During this period, the availability of the facilities is guaranteed by availability guarantees from suppliers and manufacturers.

Project companies\u2019 revenues are determined by the amount of power produced and the price received per unit of electricity. Power production depends on the amount of wind and solar, and plant availability. The revenue per unit of power production is a combination of the market power price and any revenue from support measures. The market power price is the price in effect at the time of production. Since production is uncertain because of dependence on wind and solar, a discount is usually applied to the effectively received power price to cover the cost of keeping the power grid in balance.

Support income depends on various government mechanisms and varies by country and technology. The amount of support is usually variable over time and is higher when the market price is lower and lower when the market price is higher. This amount of support is set so that the total amount (market price and support combined) per unit of power generation remains approximately the same over the life of the support measures under normal market conditions. Support measures usually have a duration of 10, 15, or 20 years, depending on the country or region and when the installation is realized, while the effective lifetime of a wind or solar farm is longer. At the end of the support measures, the project company receives the market power price for the power produced. The risk of power price fluctuations after the subsidy period is not hedged.

The participations in Energy Infrastructureuse debt financing that is fully repaid within the period of the applicable support measures.

The business models within the Digital Infrastructuresegment differ by participation as explained individually below.

Datacenter United (DCU) offers high-quality colocation data center services in Belgium, with nine of its own data centers spread across Flanders and Brussels.

DCU leases secure server racks where customers can place their servers. Its infrastructure guarantees high availability, good connectivity via fiber optic networks and power supply. DCU\u2019s revenues come from fees paid by a diversified customer base for the use of server space.

Glasdraad owns and operates fiber optic networks in mainly rural areas in the Netherlands. These networks provide FTTH connections to residential and professional customers. These networks are accessible to multiple Internet service providers who offer their services to end users. GlasDraad receives fees from both these providers and end users. The company grows by developing new networks, based on demand from residents, in cooperation with KPN, which has been a co-owner through Glaspoort since 2023.

NGE Fibre owns and operates some operational fiber network concessions in the Grand Est region of France. The networks are operated as open networks, with revenues derived primarily from the long-term rental or lease of the network to various network operators seeking to expand their network capacity.

The business model within the Social Infrastructuresegment differ by participation as explained individually below.

Yally buys, renovates and rents homes in Flemish cities to individuals. Yally strives for energy-efficient and future-proof homes and aims to reduce housing costs through smart technology and digitalization. Income comes from indexed rental income.

Obelisc is the owner and operator of an advanced business center, strategically located in the heart of Belgium\u2019s largest biotech cluster in Ghent. The center offers 7,500 m\u00b2 of fully modular laboratory and office space, available for both medium and long-term leasing. These facilities are ideal for biotech and pharmaceutical companies, including renowned companies such as Johnson & Johnson. Income comes from indexed rental income.

De Haan Vakantiehuizen owns 347 vacation homes on the Belgian coast in De Haan, located on a 333-hectare domain that includes a large tropical water park and various leisure activities. This domain is managed, maintained and operated by Pierre & Vacances under the Center Parks label. De Haan Vakantiehuizen receives indexed rental income for this on the basis of a long-term agreement.

Parking garage Eemplein is an underground parking garage in Amersfoort, the Netherlands, with 625 parking spaces. The upper Eemplein has several stores, offices and a cinema. Several residential apartments are located nearby. The revenue of the parking garage comes from short-term parking, parking tickets offered by commercial parties to their customers, and subscriptions for residents and businesses.

R\u00e9seau Abilis is a network of specialized care residences in Belgium (Wallonia and Brussels), France and the Netherlands, providing care to approximately 1,100 people with mental disabilities. About 800 full-time employees are responsible for the lifelong residential care of residents, who reside in residences ranging from single-person apartments to larger residential units, and this depending on their degree of autonomy. The income of R\u00e9seau Abilis consists of fees funded by public authorities, and mainly French authorities, since the majority of residents are from France. Fee levels are determined according to the specific needs of each resident. TINC fully owns the network\u2019s healthcare infrastructure and also holds a minority stake in the healthcare operator. The income generated by the care infrastructure is indexed rental income based on a long-term lease agreement with the care provider.

Garagepark manages parks in the Netherlands that offer innovative and well-secured space for storage and workspace to individuals and entrepreneurs. Garagepark develops and realizes these parks itself and continues to do so. TINC invests in the portfolio of parks developed and managed by Garagepark. The income of these parks consists of indexed rents paid by the users of the storage spaces.

Azulatis is a Belgian company that focuses on the design, construction, financing, management and operation of tailor-made installations for the supply of conditioned water to various industrial companies. This business model falls under the Water-As-A-Service (WaaS) model. Azulatis owns about 50 existing plants at various industrial companies with which it has long-term agreements for the supply of conditioned water. Azulatis\u2019 revenue comes from fees paid by its industrial customers based on long-term agreements.

Assumptions regarding the four segments Public Infrastructure, Energy Infrastructure, Digital Infrastructure and Social Infrastructure

The expected cash flows within each of the participations in the four segments are based on long-term contracts, a regulated environment and/or a strategic position, which is inherent to infrastructure

In determining the estimated future cash flows as a function of the valuation of the participations, the following assumptions, among others, are used:

If revenues are based on long-term contracts, then figures from the contracts are used. In other cases, historical figures, trends and management estimates are used.

Operating costs (e.g., maintenance) are largely underpinned by long-term contracts with third parties.

The assumed inflation rate taken into account in the evolution of the inflation-related income and expenses of TINC, and of the portfolio participations, is assumed, where relevant, to be 3.0% in 2024 and 2.0% thereafter.

Interest rates on debt financing of participations are (largely) hedged for the expected life of the infrastructure.

Inflation is a significant input for almost all participations with significant estimation uncertainty. Therefore, further in this note the sensitivity of this parameter to the portfolio fair value is presented.

Assumptions specific to participations in Energy Infrastructure

As indicated above when describing the business model of the participations in Energy Infrastructure, the amount of power generation on the one hand and the amount received per unit of power generation on the other are significant inputs to the valuation of these participations with significant estimation uncertainty. Further in this note, the sensitivity of these parameters to the fair value of the portfolio is presented.

The estimated future power production (wind and solar) is based on historical production figures, where available, and on the other hand on independent studies that estimate the expected amount of wind and solar and associated production volume on a probability scale. The expected future production results in a FLH (Full Load Hours) of 2,355 MWh/MW (compared to an annual expected production figure of 2,430 MWh/ MW on December 31, 2023) for the entire energy portfolio, calculated as an average of the estimated future production weighted by the production capacity of each stake. The current 12-month estimate of 2,355 MWh/MW is in line with the portfolio-level P50 probability scenario. The P50 probability scenario corresponds to an estimated production (depending on future irradiation or wind power) that will actually be realized with a 50% probability. For participations in onshore wind farms, this estimate corresponds to long-term wind speeds at 100 meters above ground between 5.6 m/s and 7.3 m/s, depending on the location of the site. For solar power participations, this estimate corresponds to an average irradiance of 1,214 kWh/m2.

The expected future power prices per MWh are based on the terms set forth in various contracted power purchase agreements (PPAs), on prices that are locked in, on estimates based on future market prices to the extent available, and on projections from leading advisors. The chart above shows the expected average power price before inflation and after profile and imbalance risk that the power participations expect to receive net per MWh produced and does not take into account any subsidy amount (see below). The profile risk arises from the fluctuating nature of renewable energy in which periods of high production can mean a drop in the price of energy. The imbalance discount reflects the fact that power production from solar and wind is not closely predictable. This discount is compensation to the buyer of the power for its responsibility to keep the power grid in \u201cbalance\u201d or equilibrium at all times. Both discounts are a markdown on the power price deducted by the buyers of the power produced.

In addition to the selling price of power production, renewable energy producers can also benefit from support measures in Belgium (Flanders & Wallonia), the Netherlands and Ireland. The support manifests itself in green certificates or GSC (Flanders, Wallonia), revenues from SDE subsidy regimes (the Netherlands) or in a guaranteed REFIT price (Ireland):

The support mechanism in Flandersallows renewable energy producers to benefit from green certificates. Each MWh produced entitles to a fraction (up to a maximum of 1) of a green certificate, depending on the specific support mechanism related to the renewable energy installation. In most cases, the fraction of green certificates obtained depends, among other things, on the electricity price in the market, and is lower the higher this market price is. The green certificates can be traded in the market or sold to the grid operator for a guaranteed minimum price for a period of 10, 15 or 20 years, depending on the support mechanism.

- For participations in solar energy in Flanders, green certificate price levels range from \u20ac65 to \u20ac450 per green certificate, depending on the year of construction and technology. The installations in the participations of TINC receive an expected weighted average price of \u20ac322, weighted by the capacity of the installations.

- For participations in onshore wind farms in Flanders, prices range from \u20ac90 to \u20ac93 per green certificate, with a weighted average of \u20ac92 weighted by capacity.

The current support mechanism in Walloniaallows renewable energy producers to benefit from green certificates. The number of GSC received per MWh produced depends on three additional factors: the kCO2, the rho and the ceiling. The kCO2is a ratio that indicates the amount of CO2saved. The rho is a factor that is modulated every 3 years according to the evolution of the ENDEX forward market. Finally, a maximum of 3 certificates can be granted per MWh produced, the ceiling. The price per GSC is \u20ac65/MWh and is multiplied by a kECO. This kECO is granted at the time of the grant application and is fixed for the entire duration of the grant.

The support mechanism in the Netherlandsallows renewable energy producers to benefit from the \u201cSubsidie Duurzame Energie\u201d or \u201cSDE\u201d if the market price is between a minimum (floor) and maximum (cap) level. It is granted by the Dutch government for a period of 15 years, and limited to a set maximum production level. The SDE support linked to the operational Dutch onshore wind farm Kreekraksluis amounts to a maximum of \u20ac67/MWh for 1,760 full load hours (70,400 MWh) (FLH) per year during a period of 15 years. For the Dutch wind farm Kroningswind, the SDE support amounts to a maximum of \u20ac37/MWh for 2,712 full load hours (216,387 MWh).

The support mechanism in Irelandallows renewable energy producers to benefit from a system based on an Irish government minimum guaranteed price or \u2018Renewable Energy Feed-in Tariff (REFIT)\u2019 price per MWh produced and which includes the market price. It is granted for a period of 15 years from the commissioning of the plants. The REFIT price for the Meenwaun onshore wind farm in portfolio is currently approximately \u20ac93 per MWh and is indexed

annually based on the consumer price index in Ireland. The electricity produced is sold in the market. If the selling price in the market is lower than the REFIT price, the government pays the producer the difference between the selling price and the REFIT price. This guarantees to the producer that it will receive the predetermined price. If the price in the market is higher than the REFIT price, only the market price is received.

Assumptions specifically regarding participations within Public Infrastructure, Digital Infrastructure and Social Infrastructure

The business models of the participations in each of these segments are different from one another, so there are no additional significant inputs, other than inflation and discount rates (see below), that are the same across different participations as a function of the valuation of each of these participations, and thus introduce estimation uncertainty.

Future cash flows Public Infrastructure and Energy Infrastructure

The graphs below provide an indicative overview of the sum of cash flows TINC expects to receive from its participations in the Public Infrastructure and Energy Infrastructure segments over the expected finite life of the infrastructure, calculated at December 31, 2024 and December 31, 2023. These charts do not take into account participations at transaction value such as SPI.R0 and Hortus Conclusus, the subordinated loan to Storm Group, and contracted off-balance sheet investment commitments with respect to both existing participations and contracted new participations, nor any other possible new additional investment.

Participation discount rates

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 was 8.40% at the end of the financial year, compared to 8.10% at the end of the previous financial year. This increase is the result of changes to the composition of the investment portfolio, and the application of a more granular approach in the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

The table below summarizes the weighted average discount rates applicable to the four segments as at December 31, 2024, compared to the figures as of December 31, 2023. The minimum discount rate applied to our portfolio is 7.00% and the maximum discount rate applied to our portfolio is 10.35%.

Period ending at:

December 31, 2024

(audited)

December 31, 2023

(audited)

Public Infrastructure

7.70%

7.00%

Energy Infrastructure

8.18%

8.90%

Digital Infrastructure

9.27%

8.91%

Social Infrastructure

8.53%

8.18%

Average discount rate

8.40%

8.10%

Since discount rates are important inputs in determining the fair value of participations and involve estimates, the sensitivity of these inputs to the fair value of the portfolio is presented further in this note.

Fair value (FV) of investments

The tables below show the fair value (FV) of the portfolio classified by type of infrastructure at Dec. 31, 2024 and Dec. 31, 2023.

Fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

140,827,743

107,109,709

133,201,669

116,226,710

497,365,831

Weighted average discount rate

7.70%

8.28%

9.27%

8.53%

8.43%

Investments in loans

-

14,704,202

-

-

14,704,202

Weighted average discount rate

-

7.44%

-

-

7.44%

Fair value with changes processed through profit and loss

140,827,743

121,813,911

133,201,670

116,226,710

512,070,034

Weighted average discount rate

7.70%

8.18%

9.27%

8.53%

8.40%

(*) Including shareholder loans for a nominal amount outstanding of:

59,925,535

13,806,702

660,000

6,014,300

80,406,537

Loans for a nominal outstanding amount of:

-

14,202,119

-

-

-

Fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

154,493,544

118,252,556

98,415,427

91,092,577

462,254,105

Weighted average discount rate

7.00%

8.94%

8.91%

8.18%

8.10%

Investments in loans

-

6,102,564

-

-

6,102,564

Weighted average discount rate

-

6.77%

-

-

6.77%

Fair value with changes processed through profit and loss

154,493,544

124,355,121

98,415,427

91,092,577

468,356,669

Weighted average discount rate

7.00%

8.90%

8.91%

8.18%

8.10%

(*) Including shareholder loans for a nominal amount outstanding of:

67,202,718

10,493,135

24,748,000

6,319,750

108,763,602

Loans for a nominal outstanding amount of:

-

6,023,954

-

-

-

Evolution of the fair value of the portfolio

The tables below show the evolution of the portfolio\u2019s fair value over the past reporting periods by type of infrastructure and by investment instrument:

Evolution fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments

Opening balance December 31, 2023

154,493,544

118,252,631

98,415,427

91,092,577

462,254,179

+ Investments

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in equity

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in shareholder loans

-

-

-

-

-

- Repayments and exits

(6,274,215)

(1,761,715)

(1,521,931)

(233,268)

(9,791,129)

- Repayment and exits of equity

(794,460)

(1,123,318)

(1,521,931)

-

(3,439,710)

- Repayment and exits of shareholder loans

(5,479,755)

(638,397)

-

(233,268)

(6,351,420)

+/- Unrealised gains and losses

(5,655,658)

(12,831,012)

26,448,819

10,163,175

18,125,325

+/- Unrealised gains

1,114,631

1,348,506

26,448,819

10,163,175

39,075,132

+/- Unrealised losses

(6,770,289)

(14,179,518)

-

-

(20,949,807)

+/- Other

(1,797,428)

3,449,881

(88,000)

(72,182)

1,492,271

Closing balance December 31, 2024

140,827,743

107,109,785

133,201,669

116,226,710

497,365,907

Investments in loans

Opening balance December 31, 2023

-

6,102,490

-

-

6,102,490

+ Investments

-

12,500,000

-

-

12,500,000

- Repayments and exits

-

(4,130,787)

-

-

(4,130,787)

+/- Unrealised gains and losses

-

(78,611)

-

-

(78,611)

+/- Unrealised gains

-

-

-

-

-

+/- Unrealised losses

-

(78,611)

-

-

(78,611)

+/- Other

-

311,035

-

-

311,035

Closing balance December 31, 2024

-

14,704,128

-

-

14,704,128

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Portfolio

Opening balance December 31, 2023

154,493,544

124,355,120

98,415,427

91,092,577

468,356,669

+ Investments

61,500

12,500,000

9,947,353

15,276,408

37,785,261

+ Investments in equity

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in shareholder loans

-

-

-

-

-

+ Investments in loans

-

12,500,000

-

-

12,500,000

- Repayments and exits

(6,274,215)

(5,892,502)

(1,521,931)

(233,268)

(13,921,916)

- Repayment and exits of equity

(794,460)

(1,123,318)

(1,521,931)

-

(3,439,710)

- Repayment and exits of shareholder loans

(5,479,755)

(638,397)

-

(233,268)

(6,351,420)

- Repayment and exits of loans

-

(4,130,787)

-

-

(4,130,787)

+/- Unrealised gains and losses

(5,655,658)

(12,909,623)

26,448,819

10,163,175

18,046,714

+/- Unrealised gains

1,114,631

1,348,506

26,448,819

10,163,175

39,075,132

+/- Unrealised losses

(6,770,289)

(14,258,129)

-

-

(21,028,418)

+/- Other

(1,797,428)

3,760,916

(88,000)

(72,182)

1,803,306

Closing balance December 31, 2024

140,827,743

121,813,911

133,201,669

116,226,710

512,070,034

The fair value of the portfolio increased by \u20ac43,713,365 to \u20ac512,070,034 at December 31, 2024, an increase of 9.33% compared to December 31, 2023. This increase is the result of investments in the amount of \u20ac37,785,261 on the one hand and repayments in the amount of \u20ac13,921,916 on the other. The net unrealized increase in fair value of \u20ac18,046,714 over the period consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

The remaining amount of \u20ac1,803,306 represents an increase in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.

Evolution fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments

Opening balance June 30, 2022

133,043,372

109,668,450

86,580,631

78,696,298

407,988,752

+ Investments

22,300,799

25,827,574

36,623,415

32,691,822

117,443,610

+ Investments in equity

22,300,799

25,827,573

36,623,415

28,458,555

113,210,342

+ Investments in shareholder loans

-

-

-

4,233,268

4,233,268

- Repayments and exits

(2,651,090)

(15,007,709)

(34,633,899)

(15,902,646)

(68,195,344)

- Repayment and exits of equity

(768,793)

(867,480)

(34,633,899)

(15,902,646)

(52,172,818)

- Repayment and exits of shareholder loans

(1,882,297)

(14,140,229)

-

-

(16,022,526)

+/- Unrealised gains and losses

90,665

(1,900,410)

9,436,029

(4,209,414)

3,416,870

+/- Unrealised gains

5,816,278

6,293,655

9,436,029

2,579,626

24,125,589

+/- Unrealised losses

(5,725,613)

(8,194,065)

-

(6,789,040)

(20,708,718)

+/- Other

1,709,798

(335,275)

409,250

(183,460)

1,600,313

Closing balance December 31, 2023

154,493,544

118,252,631

98,415,427

91,092,577

462,254,179

Investments in loans

Opening balance June 30, 2022

-

7,447,851

-

-

7,447,851

+ Investments

-

-

-

-

-

- Repayments and exits

-

(1,283,008)

-

-

(1,283,008)

+/- Unrealised gains and losses

-

(19,653)

-

-

(19,653)

+/- Unrealised gains

-

-

-

-

-

+/- Unrealised losses

-

(19,653)

-

-

(19,653)

+/- Other

-

(42,700)

-

-

(42,700)

Closing balance December 31, 2023

-

6,102,490

-

-

6,102,490

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Portfolio

Opening balance June 30, 2022

133,043,372

117,116,301

86,580,631

78,696,298

415,436,602

+ Investments

22,300,799

25,827,574

36,623,415

32,691,822

117,443,610

+ Investments in equity

22,300,799

25,827,573

36,623,415

28,458,555

113,210,342

+ Investments in shareholder loans

-

-

-

4,233,268

4,233,268

+ Investments in loans

-

-

-

-

-

- Repayments and exits

(2,651,090)

(16,290,717)

(34,633,899)

(15,902,646)

(69,478,352)

- Repayment and exits of equity

(768,793)

(867,480)

(34,633,899)

(15,902,646)

(52,172,818)

- Repayment and exits of shareholder loans

(1,882,297)

(14,140,229)

-

-

(16,022,526)

- Repayment and exits of loans

-

(1,283,008)

-

-

(1,283,008)

+/- Unrealised gains and losses

90,665

(1,920,063)

9,436,029

(4,209,436)

3,397,196

+/- Unrealised gains

5,816,278

6,293,655

9,436,029

2,579,626

24,125,589

+/- Unrealised losses

(5,725,613)

(8,213,717)

-

(6,789,040)

(20,728,371)

+/- Other

1,709,798

(377,975)

409,250

(183,460)

1,557,613

Closing balance December 31, 2023

154,493,544

124,355,120

98,415,427

91,092,577

468,356,669

Sensitivity to assumptions at the portfolio level/ by segment

The following graph shows the sensitivity of the portfolio\u2019s fair value to changes in energy prices, energy production, inflation and discount rates. This analysis shows the sensitivity of fair value to a particular criterion, all other variables remaining the same. Indeed, these sensitivities are assumed to be independent of each other. Combined sensitivities are not shown here

Portfolio concentration

Top 5 participations (in %)

The five largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Datacenter United and Kroningswind. Together, these investments represent a nominal value of 248,175,055 euros, representing 48% of the total fair value of the portfolio at December 31, 2024, as shown above.

Top 10 participations (in %)

The ten largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Datacenter United, Kroningswind, Brabo 1, Yally, NGE Fibre, A15 Maasvlakte-Vaanplein and Solar Finance. Collectively, these investments represent a nominal value of \u20ac364,350,308, representing 71% of the total fair value of the portfolio as of December 31, 2024, as shown above.

At December 31, 2024, the participation in GlasDraad represents more than 10% of the fair value of the portfolio.

\"\"

Sensitivity FV December 31, 2023

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Total

Discount rate

Discount rate: -0,5%

\u25b2 7,943,875

\u25b2\t3,595,925

\u25b2 7,475,302

\u25b2 3,987,990

\u25b2 23,003,092

Discount rate: +0,5%

\u25bc 7,356,859

\u25bc 3,370,817

\u25bc 6,989,902

\u25bc 3,681,316

\u25bc 21,398,894

Inflation

Inflation: -0,5%

\u25bc 2,627,317

\u25bc 2,151,526

\u25bc 1,145,431

\u25bc 3,061,923

\u25bc 8,986,196

Inflation: +0,5%

\u25b2 2,588,899

\u25b2 2,426,296

\u25b2 2,189,528

\u25b2 3,155,464

\u25b2 10,360,187

Energy prices

Energy prices: -10%

-

\u25bc 9,323,441

-

-

\u25bc 9,323,441

Energy prices: +10%

-

\u25b2 12,125,321

-

-

\u25b2 12,125,321

Energy production

Energy production: P90

-

\u25bc 24,606,676

-

-

\u25bc 24,606,676

Energy production: P10

-

\u25b2 25,832,968

-

-

\u25b2 25,832,968

Positive \u25b2Negative \u25bc

If over the full lifetime of the energy participations, power production corresponds to a P90 scenario on the probability scale, the fair value of the energy participations decreases by \u20ac24,606,676. If, over the full lifetime, power production corresponds to a P10 scenario on the probability scale, the fair value of the energy participations increases by \u20ac25,832,968.

If during the full lifetime of the energy participations the power price is 10% lower than the current projected power prices, the fair value of the energy participations decreases by \u20ac9,323,441. If during the entire lifetime of the energy participations the power price is 10% higher than the current projected power price, the fair value of the energy participations increases by \u20ac12,125,321.

Note that these calculations take into account possible changes in support income a function of changing power prices (higher support amounts when power prices are low and lower support amounts when power prices are high).

If, over the full lifetime of each of the participations, inflation exceeds the assumed inflation rate of 2% by 0.5%, then the fair value of the portfolio increases by \u20ac10,360,187. If inflation is 0.5% lower than the assumed inflation rate of 2% throughout the lifetime of each of the participations, then the fair value of the portfolio decreases by \u20ac8,986,196.

If for the calculation of the fair value of the participations, a discount rate 0.5% higher than in the basic assumption is used in each case, the fair value of the portfolio decreases by \u20ac21,398,894. When using a discount rate that is 0.5% lower, the fair value of the portfolio increases by \u20ac23,003,092.

Additional information regarding subordinated loans in the investment portfolio

Situation as per December 31, 2024 (audited)

Duration

<1 year

1 - 5 year

> 5 year

Total

2,677,007

19,917,503

72,014,146

94,608,656

Applied interest rate

Variable rate

Fixed rate

Total

-

94,608,656

94,608,656

Average interest rate

8,53%

Situation as per December 31, 2023 (audited)

Duration

<1 year

1 - 5 year

> 5 year

Total

8,673,512

20,092,038

86,100,617

114,866,167

Applied interest rate

Variable rate

Fixed rate

Total

-

114,866,167

114,866,167

Average interest rate

8,51%

All subordinated loans outstanding at December 31, 2024 are at fixed interest rates. They consist of both shareholder loans and ordinary loans where TINC does not participate in the participation. At December 31, 2024, the item subordinated loans amounts to EUR 94,608,656. The difference with December 31, 2023 is due to the full repayment of the subordinated loan of Northwind and the transfer of the amount invested in the participation NGE Fibre from a subordinated loan to equity

Interest payments and principal repayments on subordinated loans are usually subject to conditions imposed by the senior debt financiers. Interest payments on subordinated loans are made periodically. If the interest cannot be paid, it is capitalized and thus added to the principal. Repayments of shareholder loans are typically flexible. However, there is an obligation, if applicable, to repay the shareholder loan before the end of the expected life of the infrastructure. Repayments of subordinated loans that are not shareholder loans follow a fixed periodic repayment schedule. If this schedule cannot be followed, overdue repayments should be made as soon as possible. The agreed final maturity date of such a loan is typically several years earlier than the expected life of the infrastructure in the company that issued it.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__88": { "value": "

17\tFinancial fixed assets

The fair value or Fair Value (\u201cFV\u201d) of the investment portfolio evolved between the beginning and end of the last financial year as follows:

Period ending at:

(\u20ac)

December 31, 2024

audited

December 31, 2023

audited

Opening balance

468,356,669

415,436,602

+ Investments

37,785,261

117,443,610

- Repayments from investments

(13,921,916)

(69,478,352)

+/- Unrealised gains and losses

18,046,714

3,397,196

+/- Other

1,803,306

1,557,613

Closing balance*

512,070,034

468,356,669

Net unrealised gains/losses recorded through P&L over the period

18,046,715

3,397,196

*Including shareholder loans for a nominal amount outstanding of: \u20ac94.608.656 (31/12/2024) and \u20ac108.763.602 (31/12/2023)

At December 31, 2024, the portfolio FV amounts to \u20ac512,070,034.

During the past financial year, \u20ac37,785,261 was invested in existing and new participations: Storm Group, Hortus Conclusus, SPI.R0, GlasDraad, NGE Fibre, De Haan Vakantiehuizen, Garagepark and Yally.

Over the past financial year, TINC received \u20ac13,921,916 as part of repayments of invested capital from the following participations: Berlare Wind, Kreekraksluis, Nobelwind, Northwind (full repayment of subordinated loan), Storm Wind Belgium, Zelfstroom, A15 Maasvlakte-Vaanplein, Brabo 1, L\u2019Hourgnette, Social Housing Ireland, Via A11, Via R4 Ghent, NGE Fibre and Obelisc.

The net unrealized increase in fair value of \u20ac18,046,715 over the past financial year consists of \u20ac39,075,133 unrealized income and \u20ac21,028,418 unrealized expenses.

The remaining amount of \u20ac1,803,306 represents an increase in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.

Fair value hierarchy

TINC uses the following hierarchy in determining and disclosing the fair market value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3: methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

Assets measured at fair value

December 31, 2024 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

512,070,034

512,070,034

December 31, 2023 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

468,356,669

468,356,669

All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except SPI.R0, Hortus Conclusus and Yally are valued using a discounted cash flow model, whereby the expected future cash

flows of the participations that benefit TINC are discounted at a market-based discount rate. This valuation technique was consistently used for all investments. For SPI.R0 and Hortus Conclusus, the transaction price is considered the fair value.

The fair value of the participation in Yally is determined by the value of Yally\u2019s real estate portfolio on the one hand, and the net sum of the other balance sheet items on the asset and liability sides of the consolidated group on the other hand, taking into account the percentage of shares held by TINC in Yally. To determine the value of Yally\u2019s real estate, the average of two valuation techniques is taken.

The fair value of Datacenter United at the end of the past financial year is based on the transaction price established at the time of the signing of the partial sale of Datacenter United. An adjusted business plan was drawn up as a result of this transaction, including adjusted future expected cash flows to TINC. Taking into account the transaction prices and the adjusted expected future cash flows to TINC, an adjusted discount rate has been determined. Therefore, this participation remains classified as a Level 3 asset in the fair value hierarchy.

Classification of investments

TINC defines the following categories of investments:

Public Infrastructure (Equity + SHL), including the following participations: A15 Maasvlakte-Vaanplein, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4 Ghent, L\u2019Hourgnette, Hortus Conclusus, SPI.R0, Princess Beatrix Lock and Via A11.

Energy Infrastructure (Equity + SHL), within this segment a distinction is made between investments in equity and investments in loans. Equity investments include the following participations: Storm Wind Belgium, Berlare Wind, Kroningswind, Lowtide, Solar Finance, Windpark Kreekraksluis, Storm Wind Ireland, Sunroof and Zelfstroom. In addition, TINC invests via loans Storm Group and Nobelwind.

Digital Infrastructure (Equity + SHL), including the following participations: GlasDraad, Datacenter United and NGE Fibre.

Social Infrastructure (Equity + SHL), including the following participations: De Haan Vakantiehuizen, Eemplein, R\u00e9seau Abilis, Garagepark, Obelisc and Yally.

Key assessments and judgments

The calculation of the fair value of the participations of TINC is based on:

The expected future cash flows to TINC generated by the participations within the portfolio;

The discount rate applied to expected future cash flows to TINC.

Cash flows

The expected future cash flows to TINC are calculated on the basis of a specific and detailed financial model per participation. Each financial model reflects all expected future revenues and costs over the lifetime of the underlying infrastructure. The expected future cash flows to TINC are then the net cash flows from the participations of TINC after payment of all operating costs and debt obligations within the participations. Debt obligations at participation level are typically fixed for the entire duration of the underlying infrastructure, without refinancing risk. Interest on debt obligations is typically fixed, via hedging, for the entire duration of the financing, to avoid that future cash flows for TINC would be affected by rising interest rates.

Over the past period, TINC received \u20ac44.820.150 cash flows in the form of dividends, interests, fees, realized gains, repayments and divestments of capital and loans. These cash flows underpin the distribution policy of TINC.

The expected future revenues and costs of each participation are based on the specific business model of the particular participation.

The business model of participation in Public Infrastructureis usually based on a DBFM agreement between a contracting government and the project company in which various private partners (construction companies, financiers and investors) join forces. \u2018DBFM\u2019 stands for \u2018Design, Build, Finance and Maintain\u2019 and summarizes the responsibilities of the private partners in the project company. Under the DBFM agreement, the contracting authority periodically pays an availability fee to the project company throughout the life of the project, provided the infrastructure is actually available according to the terms of the agreement.

In case of unavailability of the infrastructure, the contracting authority applies penalty points or discounts on the fee, which are contractually passed on to the relevant subcontractors or operational partners responsible for long-term maintenance obligations. Participations in Public Infrastructure have a maximum life of 20 to 35 years, corresponding to the term of the DBFM agreement. At the end of the project duration, the infrastructure is transferred to the contracting authority or public partner free of charge.

The projected significant increase in cash flows to the shareholder at the end of the life (as shown in the attached graph) is the result of the project company\u2019s obligation to use available cash to first fully repay debt financing before significant distributions to the shareholder are possible.

The business model of the participations in Energy Infrastructureis based primarily on the sale of renewable power produced by onshore or offshore wind farms and solar farms.

The economic life of these participations depends on the technology used and the land or land rights available to the project company to build and operate its infrastructure. Upon expiration of these rights, the infrastructure must be removed or transferred to the owner of the land (or, where applicable, the roof owner). Although in practice an extension of these rights can be negotiated, TINC generally applies a life of 20 to 25 years for participations in Energy

Infrastructure. During this period, the availability of the facilities is guaranteed by availability guarantees from suppliers and manufacturers.

Project companies\u2019 revenues are determined by the amount of power produced and the price received per unit of electricity. Power production depends on the amount of wind and solar, and plant availability. The revenue per unit of power production is a combination of the market power price and any revenue from support measures. The market power price is the price in effect at the time of production. Since production is uncertain because of dependence on wind and solar, a discount is usually applied to the effectively received power price to cover the cost of keeping the power grid in balance.

Support income depends on various government mechanisms and varies by country and technology. The amount of support is usually variable over time and is higher when the market price is lower and lower when the market price is higher. This amount of support is set so that the total amount (market price and support combined) per unit of power generation remains approximately the same over the life of the support measures under normal market conditions. Support measures usually have a duration of 10, 15, or 20 years, depending on the country or region and when the installation is realized, while the effective lifetime of a wind or solar farm is longer. At the end of the support measures, the project company receives the market power price for the power produced. The risk of power price fluctuations after the subsidy period is not hedged.

The participations in Energy Infrastructureuse debt financing that is fully repaid within the period of the applicable support measures.

The business models within the Digital Infrastructuresegment differ by participation as explained individually below.

Datacenter United (DCU) offers high-quality colocation data center services in Belgium, with nine of its own data centers spread across Flanders and Brussels.

DCU leases secure server racks where customers can place their servers. Its infrastructure guarantees high availability, good connectivity via fiber optic networks and power supply. DCU\u2019s revenues come from fees paid by a diversified customer base for the use of server space.

Glasdraad owns and operates fiber optic networks in mainly rural areas in the Netherlands. These networks provide FTTH connections to residential and professional customers. These networks are accessible to multiple Internet service providers who offer their services to end users. GlasDraad receives fees from both these providers and end users. The company grows by developing new networks, based on demand from residents, in cooperation with KPN, which has been a co-owner through Glaspoort since 2023.

NGE Fibre owns and operates some operational fiber network concessions in the Grand Est region of France. The networks are operated as open networks, with revenues derived primarily from the long-term rental or lease of the network to various network operators seeking to expand their network capacity.

The business model within the Social Infrastructuresegment differ by participation as explained individually below.

Yally buys, renovates and rents homes in Flemish cities to individuals. Yally strives for energy-efficient and future-proof homes and aims to reduce housing costs through smart technology and digitalization. Income comes from indexed rental income.

Obelisc is the owner and operator of an advanced business center, strategically located in the heart of Belgium\u2019s largest biotech cluster in Ghent. The center offers 7,500 m\u00b2 of fully modular laboratory and office space, available for both medium and long-term leasing. These facilities are ideal for biotech and pharmaceutical companies, including renowned companies such as Johnson & Johnson. Income comes from indexed rental income.

De Haan Vakantiehuizen owns 347 vacation homes on the Belgian coast in De Haan, located on a 333-hectare domain that includes a large tropical water park and various leisure activities. This domain is managed, maintained and operated by Pierre & Vacances under the Center Parks label. De Haan Vakantiehuizen receives indexed rental income for this on the basis of a long-term agreement.

Parking garage Eemplein is an underground parking garage in Amersfoort, the Netherlands, with 625 parking spaces. The upper Eemplein has several stores, offices and a cinema. Several residential apartments are located nearby. The revenue of the parking garage comes from short-term parking, parking tickets offered by commercial parties to their customers, and subscriptions for residents and businesses.

R\u00e9seau Abilis is a network of specialized care residences in Belgium (Wallonia and Brussels), France and the Netherlands, providing care to approximately 1,100 people with mental disabilities. About 800 full-time employees are responsible for the lifelong residential care of residents, who reside in residences ranging from single-person apartments to larger residential units, and this depending on their degree of autonomy. The income of R\u00e9seau Abilis consists of fees funded by public authorities, and mainly French authorities, since the majority of residents are from France. Fee levels are determined according to the specific needs of each resident. TINC fully owns the network\u2019s healthcare infrastructure and also holds a minority stake in the healthcare operator. The income generated by the care infrastructure is indexed rental income based on a long-term lease agreement with the care provider.

Garagepark manages parks in the Netherlands that offer innovative and well-secured space for storage and workspace to individuals and entrepreneurs. Garagepark develops and realizes these parks itself and continues to do so. TINC invests in the portfolio of parks developed and managed by Garagepark. The income of these parks consists of indexed rents paid by the users of the storage spaces.

Azulatis is a Belgian company that focuses on the design, construction, financing, management and operation of tailor-made installations for the supply of conditioned water to various industrial companies. This business model falls under the Water-As-A-Service (WaaS) model. Azulatis owns about 50 existing plants at various industrial companies with which it has long-term agreements for the supply of conditioned water. Azulatis\u2019 revenue comes from fees paid by its industrial customers based on long-term agreements.

Assumptions regarding the four segments Public Infrastructure, Energy Infrastructure, Digital Infrastructure and Social Infrastructure

The expected cash flows within each of the participations in the four segments are based on long-term contracts, a regulated environment and/or a strategic position, which is inherent to infrastructure

In determining the estimated future cash flows as a function of the valuation of the participations, the following assumptions, among others, are used:

If revenues are based on long-term contracts, then figures from the contracts are used. In other cases, historical figures, trends and management estimates are used.

Operating costs (e.g., maintenance) are largely underpinned by long-term contracts with third parties.

The assumed inflation rate taken into account in the evolution of the inflation-related income and expenses of TINC, and of the portfolio participations, is assumed, where relevant, to be 3.0% in 2024 and 2.0% thereafter.

Interest rates on debt financing of participations are (largely) hedged for the expected life of the infrastructure.

Inflation is a significant input for almost all participations with significant estimation uncertainty. Therefore, further in this note the sensitivity of this parameter to the portfolio fair value is presented.

Assumptions specific to participations in Energy Infrastructure

As indicated above when describing the business model of the participations in Energy Infrastructure, the amount of power generation on the one hand and the amount received per unit of power generation on the other are significant inputs to the valuation of these participations with significant estimation uncertainty. Further in this note, the sensitivity of these parameters to the fair value of the portfolio is presented.

The estimated future power production (wind and solar) is based on historical production figures, where available, and on the other hand on independent studies that estimate the expected amount of wind and solar and associated production volume on a probability scale. The expected future production results in a FLH (Full Load Hours) of 2,355 MWh/MW (compared to an annual expected production figure of 2,430 MWh/ MW on December 31, 2023) for the entire energy portfolio, calculated as an average of the estimated future production weighted by the production capacity of each stake. The current 12-month estimate of 2,355 MWh/MW is in line with the portfolio-level P50 probability scenario. The P50 probability scenario corresponds to an estimated production (depending on future irradiation or wind power) that will actually be realized with a 50% probability. For participations in onshore wind farms, this estimate corresponds to long-term wind speeds at 100 meters above ground between 5.6 m/s and 7.3 m/s, depending on the location of the site. For solar power participations, this estimate corresponds to an average irradiance of 1,214 kWh/m2.

The expected future power prices per MWh are based on the terms set forth in various contracted power purchase agreements (PPAs), on prices that are locked in, on estimates based on future market prices to the extent available, and on projections from leading advisors. The chart above shows the expected average power price before inflation and after profile and imbalance risk that the power participations expect to receive net per MWh produced and does not take into account any subsidy amount (see below). The profile risk arises from the fluctuating nature of renewable energy in which periods of high production can mean a drop in the price of energy. The imbalance discount reflects the fact that power production from solar and wind is not closely predictable. This discount is compensation to the buyer of the power for its responsibility to keep the power grid in \u201cbalance\u201d or equilibrium at all times. Both discounts are a markdown on the power price deducted by the buyers of the power produced.

In addition to the selling price of power production, renewable energy producers can also benefit from support measures in Belgium (Flanders & Wallonia), the Netherlands and Ireland. The support manifests itself in green certificates or GSC (Flanders, Wallonia), revenues from SDE subsidy regimes (the Netherlands) or in a guaranteed REFIT price (Ireland):

The support mechanism in Flandersallows renewable energy producers to benefit from green certificates. Each MWh produced entitles to a fraction (up to a maximum of 1) of a green certificate, depending on the specific support mechanism related to the renewable energy installation. In most cases, the fraction of green certificates obtained depends, among other things, on the electricity price in the market, and is lower the higher this market price is. The green certificates can be traded in the market or sold to the grid operator for a guaranteed minimum price for a period of 10, 15 or 20 years, depending on the support mechanism.

- For participations in solar energy in Flanders, green certificate price levels range from \u20ac65 to \u20ac450 per green certificate, depending on the year of construction and technology. The installations in the participations of TINC receive an expected weighted average price of \u20ac322, weighted by the capacity of the installations.

- For participations in onshore wind farms in Flanders, prices range from \u20ac90 to \u20ac93 per green certificate, with a weighted average of \u20ac92 weighted by capacity.

The current support mechanism in Walloniaallows renewable energy producers to benefit from green certificates. The number of GSC received per MWh produced depends on three additional factors: the kCO2, the rho and the ceiling. The kCO2is a ratio that indicates the amount of CO2saved. The rho is a factor that is modulated every 3 years according to the evolution of the ENDEX forward market. Finally, a maximum of 3 certificates can be granted per MWh produced, the ceiling. The price per GSC is \u20ac65/MWh and is multiplied by a kECO. This kECO is granted at the time of the grant application and is fixed for the entire duration of the grant.

The support mechanism in the Netherlandsallows renewable energy producers to benefit from the \u201cSubsidie Duurzame Energie\u201d or \u201cSDE\u201d if the market price is between a minimum (floor) and maximum (cap) level. It is granted by the Dutch government for a period of 15 years, and limited to a set maximum production level. The SDE support linked to the operational Dutch onshore wind farm Kreekraksluis amounts to a maximum of \u20ac67/MWh for 1,760 full load hours (70,400 MWh) (FLH) per year during a period of 15 years. For the Dutch wind farm Kroningswind, the SDE support amounts to a maximum of \u20ac37/MWh for 2,712 full load hours (216,387 MWh).

The support mechanism in Irelandallows renewable energy producers to benefit from a system based on an Irish government minimum guaranteed price or \u2018Renewable Energy Feed-in Tariff (REFIT)\u2019 price per MWh produced and which includes the market price. It is granted for a period of 15 years from the commissioning of the plants. The REFIT price for the Meenwaun onshore wind farm in portfolio is currently approximately \u20ac93 per MWh and is indexed

annually based on the consumer price index in Ireland. The electricity produced is sold in the market. If the selling price in the market is lower than the REFIT price, the government pays the producer the difference between the selling price and the REFIT price. This guarantees to the producer that it will receive the predetermined price. If the price in the market is higher than the REFIT price, only the market price is received.

Assumptions specifically regarding participations within Public Infrastructure, Digital Infrastructure and Social Infrastructure

The business models of the participations in each of these segments are different from one another, so there are no additional significant inputs, other than inflation and discount rates (see below), that are the same across different participations as a function of the valuation of each of these participations, and thus introduce estimation uncertainty.

Future cash flows Public Infrastructure and Energy Infrastructure

The graphs below provide an indicative overview of the sum of cash flows TINC expects to receive from its participations in the Public Infrastructure and Energy Infrastructure segments over the expected finite life of the infrastructure, calculated at December 31, 2024 and December 31, 2023. These charts do not take into account participations at transaction value such as SPI.R0 and Hortus Conclusus, the subordinated loan to Storm Group, and contracted off-balance sheet investment commitments with respect to both existing participations and contracted new participations, nor any other possible new additional investment.

Participation discount rates

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 was 8.40% at the end of the financial year, compared to 8.10% at the end of the previous financial year. This increase is the result of changes to the composition of the investment portfolio, and the application of a more granular approach in the public infrastructure and energy infrastructure segments. In particular, the increased volatility of power prices and the reduced risk of a potential subsidy cut in respect of the Flemish solar farms are considered in respect of the energy participations.

The table below summarizes the weighted average discount rates applicable to the four segments as at December 31, 2024, compared to the figures as of December 31, 2023. The minimum discount rate applied to our portfolio is 7.00% and the maximum discount rate applied to our portfolio is 10.35%.

Period ending at:

December 31, 2024

(audited)

December 31, 2023

(audited)

Public Infrastructure

7.70%

7.00%

Energy Infrastructure

8.18%

8.90%

Digital Infrastructure

9.27%

8.91%

Social Infrastructure

8.53%

8.18%

Average discount rate

8.40%

8.10%

Since discount rates are important inputs in determining the fair value of participations and involve estimates, the sensitivity of these inputs to the fair value of the portfolio is presented further in this note.

Fair value (FV) of investments

The tables below show the fair value (FV) of the portfolio classified by type of infrastructure at Dec. 31, 2024 and Dec. 31, 2023.

Fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

140,827,743

107,109,709

133,201,669

116,226,710

497,365,831

Weighted average discount rate

7.70%

8.28%

9.27%

8.53%

8.43%

Investments in loans

-

14,704,202

-

-

14,704,202

Weighted average discount rate

-

7.44%

-

-

7.44%

Fair value with changes processed through profit and loss

140,827,743

121,813,911

133,201,670

116,226,710

512,070,034

Weighted average discount rate

7.70%

8.18%

9.27%

8.53%

8.40%

(*) Including shareholder loans for a nominal amount outstanding of:

59,925,535

13,806,702

660,000

6,014,300

80,406,537

Loans for a nominal outstanding amount of:

-

14,202,119

-

-

-

Fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

154,493,544

118,252,556

98,415,427

91,092,577

462,254,105

Weighted average discount rate

7.00%

8.94%

8.91%

8.18%

8.10%

Investments in loans

-

6,102,564

-

-

6,102,564

Weighted average discount rate

-

6.77%

-

-

6.77%

Fair value with changes processed through profit and loss

154,493,544

124,355,121

98,415,427

91,092,577

468,356,669

Weighted average discount rate

7.00%

8.90%

8.91%

8.18%

8.10%

(*) Including shareholder loans for a nominal amount outstanding of:

67,202,718

10,493,135

24,748,000

6,319,750

108,763,602

Loans for a nominal outstanding amount of:

-

6,023,954

-

-

-

Evolution of the fair value of the portfolio

The tables below show the evolution of the portfolio\u2019s fair value over the past reporting periods by type of infrastructure and by investment instrument:

Evolution fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments

Opening balance December 31, 2023

154,493,544

118,252,631

98,415,427

91,092,577

462,254,179

+ Investments

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in equity

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in shareholder loans

-

-

-

-

-

- Repayments and exits

(6,274,215)

(1,761,715)

(1,521,931)

(233,268)

(9,791,129)

- Repayment and exits of equity

(794,460)

(1,123,318)

(1,521,931)

-

(3,439,710)

- Repayment and exits of shareholder loans

(5,479,755)

(638,397)

-

(233,268)

(6,351,420)

+/- Unrealised gains and losses

(5,655,658)

(12,831,012)

26,448,819

10,163,175

18,125,325

+/- Unrealised gains

1,114,631

1,348,506

26,448,819

10,163,175

39,075,132

+/- Unrealised losses

(6,770,289)

(14,179,518)

-

-

(20,949,807)

+/- Other

(1,797,428)

3,449,881

(88,000)

(72,182)

1,492,271

Closing balance December 31, 2024

140,827,743

107,109,785

133,201,669

116,226,710

497,365,907

Investments in loans

Opening balance December 31, 2023

-

6,102,490

-

-

6,102,490

+ Investments

-

12,500,000

-

-

12,500,000

- Repayments and exits

-

(4,130,787)

-

-

(4,130,787)

+/- Unrealised gains and losses

-

(78,611)

-

-

(78,611)

+/- Unrealised gains

-

-

-

-

-

+/- Unrealised losses

-

(78,611)

-

-

(78,611)

+/- Other

-

311,035

-

-

311,035

Closing balance December 31, 2024

-

14,704,128

-

-

14,704,128

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Portfolio

Opening balance December 31, 2023

154,493,544

124,355,120

98,415,427

91,092,577

468,356,669

+ Investments

61,500

12,500,000

9,947,353

15,276,408

37,785,261

+ Investments in equity

61,500

-

9,947,353

15,276,408

25,285,261

+ Investments in shareholder loans

-

-

-

-

-

+ Investments in loans

-

12,500,000

-

-

12,500,000

- Repayments and exits

(6,274,215)

(5,892,502)

(1,521,931)

(233,268)

(13,921,916)

- Repayment and exits of equity

(794,460)

(1,123,318)

(1,521,931)

-

(3,439,710)

- Repayment and exits of shareholder loans

(5,479,755)

(638,397)

-

(233,268)

(6,351,420)

- Repayment and exits of loans

-

(4,130,787)

-

-

(4,130,787)

+/- Unrealised gains and losses

(5,655,658)

(12,909,623)

26,448,819

10,163,175

18,046,714

+/- Unrealised gains

1,114,631

1,348,506

26,448,819

10,163,175

39,075,132

+/- Unrealised losses

(6,770,289)

(14,258,129)

-

-

(21,028,418)

+/- Other

(1,797,428)

3,760,916

(88,000)

(72,182)

1,803,306

Closing balance December 31, 2024

140,827,743

121,813,911

133,201,669

116,226,710

512,070,034

The fair value of the portfolio increased by \u20ac43,713,365 to \u20ac512,070,034 at December 31, 2024, an increase of 9.33% compared to December 31, 2023. This increase is the result of investments in the amount of \u20ac37,785,261 on the one hand and repayments in the amount of \u20ac13,921,916 on the other. The net unrealized increase in fair value of \u20ac18,046,714 over the period consists of \u20ac39,075,133 of unrealized income and \u20ac21,028,418 of unrealized expenses.

The remaining amount of \u20ac1,803,306 represents an increase in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.

Evolution fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments

Opening balance June 30, 2022

133,043,372

109,668,450

86,580,631

78,696,298

407,988,752

+ Investments

22,300,799

25,827,574

36,623,415

32,691,822

117,443,610

+ Investments in equity

22,300,799

25,827,573

36,623,415

28,458,555

113,210,342

+ Investments in shareholder loans

-

-

-

4,233,268

4,233,268

- Repayments and exits

(2,651,090)

(15,007,709)

(34,633,899)

(15,902,646)

(68,195,344)

- Repayment and exits of equity

(768,793)

(867,480)

(34,633,899)

(15,902,646)

(52,172,818)

- Repayment and exits of shareholder loans

(1,882,297)

(14,140,229)

-

-

(16,022,526)

+/- Unrealised gains and losses

90,665

(1,900,410)

9,436,029

(4,209,414)

3,416,870

+/- Unrealised gains

5,816,278

6,293,655

9,436,029

2,579,626

24,125,589

+/- Unrealised losses

(5,725,613)

(8,194,065)

-

(6,789,040)

(20,708,718)

+/- Other

1,709,798

(335,275)

409,250

(183,460)

1,600,313

Closing balance December 31, 2023

154,493,544

118,252,631

98,415,427

91,092,577

462,254,179

Investments in loans

Opening balance June 30, 2022

-

7,447,851

-

-

7,447,851

+ Investments

-

-

-

-

-

- Repayments and exits

-

(1,283,008)

-

-

(1,283,008)

+/- Unrealised gains and losses

-

(19,653)

-

-

(19,653)

+/- Unrealised gains

-

-

-

-

-

+/- Unrealised losses

-

(19,653)

-

-

(19,653)

+/- Other

-

(42,700)

-

-

(42,700)

Closing balance December 31, 2023

-

6,102,490

-

-

6,102,490

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Portfolio

Opening balance June 30, 2022

133,043,372

117,116,301

86,580,631

78,696,298

415,436,602

+ Investments

22,300,799

25,827,574

36,623,415

32,691,822

117,443,610

+ Investments in equity

22,300,799

25,827,573

36,623,415

28,458,555

113,210,342

+ Investments in shareholder loans

-

-

-

4,233,268

4,233,268

+ Investments in loans

-

-

-

-

-

- Repayments and exits

(2,651,090)

(16,290,717)

(34,633,899)

(15,902,646)

(69,478,352)

- Repayment and exits of equity

(768,793)

(867,480)

(34,633,899)

(15,902,646)

(52,172,818)

- Repayment and exits of shareholder loans

(1,882,297)

(14,140,229)

-

-

(16,022,526)

- Repayment and exits of loans

-

(1,283,008)

-

-

(1,283,008)

+/- Unrealised gains and losses

90,665

(1,920,063)

9,436,029

(4,209,436)

3,397,196

+/- Unrealised gains

5,816,278

6,293,655

9,436,029

2,579,626

24,125,589

+/- Unrealised losses

(5,725,613)

(8,213,717)

-

(6,789,040)

(20,728,371)

+/- Other

1,709,798

(377,975)

409,250

(183,460)

1,557,613

Closing balance December 31, 2023

154,493,544

124,355,120

98,415,427

91,092,577

468,356,669

Sensitivity to assumptions at the portfolio level/ by segment

The following graph shows the sensitivity of the portfolio\u2019s fair value to changes in energy prices, energy production, inflation and discount rates. This analysis shows the sensitivity of fair value to a particular criterion, all other variables remaining the same. Indeed, these sensitivities are assumed to be independent of each other. Combined sensitivities are not shown here

Portfolio concentration

Top 5 participations (in %)

The five largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Datacenter United and Kroningswind. Together, these investments represent a nominal value of 248,175,055 euros, representing 48% of the total fair value of the portfolio at December 31, 2024, as shown above.

Top 10 participations (in %)

The ten largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Datacenter United, Kroningswind, Brabo 1, Yally, NGE Fibre, A15 Maasvlakte-Vaanplein and Solar Finance. Collectively, these investments represent a nominal value of \u20ac364,350,308, representing 71% of the total fair value of the portfolio as of December 31, 2024, as shown above.

At December 31, 2024, the participation in GlasDraad represents more than 10% of the fair value of the portfolio.

\"\"

Sensitivity FV December 31, 2023

Public Infrastructure

Energy Infrastructure

Digital Infrastructure

Social Infrastructure

Total

Discount rate

Discount rate: -0,5%

\u25b2 7,943,875

\u25b2\t3,595,925

\u25b2 7,475,302

\u25b2 3,987,990

\u25b2 23,003,092

Discount rate: +0,5%

\u25bc 7,356,859

\u25bc 3,370,817

\u25bc 6,989,902

\u25bc 3,681,316

\u25bc 21,398,894

Inflation

Inflation: -0,5%

\u25bc 2,627,317

\u25bc 2,151,526

\u25bc 1,145,431

\u25bc 3,061,923

\u25bc 8,986,196

Inflation: +0,5%

\u25b2 2,588,899

\u25b2 2,426,296

\u25b2 2,189,528

\u25b2 3,155,464

\u25b2 10,360,187

Energy prices

Energy prices: -10%

-

\u25bc 9,323,441

-

-

\u25bc 9,323,441

Energy prices: +10%

-

\u25b2 12,125,321

-

-

\u25b2 12,125,321

Energy production

Energy production: P90

-

\u25bc 24,606,676

-

-

\u25bc 24,606,676

Energy production: P10

-

\u25b2 25,832,968

-

-

\u25b2 25,832,968

Positive \u25b2Negative \u25bc

If over the full lifetime of the energy participations, power production corresponds to a P90 scenario on the probability scale, the fair value of the energy participations decreases by \u20ac24,606,676. If, over the full lifetime, power production corresponds to a P10 scenario on the probability scale, the fair value of the energy participations increases by \u20ac25,832,968.

If during the full lifetime of the energy participations the power price is 10% lower than the current projected power prices, the fair value of the energy participations decreases by \u20ac9,323,441. If during the entire lifetime of the energy participations the power price is 10% higher than the current projected power price, the fair value of the energy participations increases by \u20ac12,125,321.

Note that these calculations take into account possible changes in support income a function of changing power prices (higher support amounts when power prices are low and lower support amounts when power prices are high).

If, over the full lifetime of each of the participations, inflation exceeds the assumed inflation rate of 2% by 0.5%, then the fair value of the portfolio increases by \u20ac10,360,187. If inflation is 0.5% lower than the assumed inflation rate of 2% throughout the lifetime of each of the participations, then the fair value of the portfolio decreases by \u20ac8,986,196.

If for the calculation of the fair value of the participations, a discount rate 0.5% higher than in the basic assumption is used in each case, the fair value of the portfolio decreases by \u20ac21,398,894. When using a discount rate that is 0.5% lower, the fair value of the portfolio increases by \u20ac23,003,092.

Additional information regarding subordinated loans in the investment portfolio

Situation as per December 31, 2024 (audited)

Duration

<1 year

1 - 5 year

> 5 year

Total

2,677,007

19,917,503

72,014,146

94,608,656

Applied interest rate

Variable rate

Fixed rate

Total

-

94,608,656

94,608,656

Average interest rate

8,53%

Situation as per December 31, 2023 (audited)

Duration

<1 year

1 - 5 year

> 5 year

Total

8,673,512

20,092,038

86,100,617

114,866,167

Applied interest rate

Variable rate

Fixed rate

Total

-

114,866,167

114,866,167

Average interest rate

8,51%

All subordinated loans outstanding at December 31, 2024 are at fixed interest rates. They consist of both shareholder loans and ordinary loans where TINC does not participate in the participation. At December 31, 2024, the item subordinated loans amounts to EUR 94,608,656. The difference with December 31, 2023 is due to the full repayment of the subordinated loan of Northwind and the transfer of the amount invested in the participation NGE Fibre from a subordinated loan to equity

Interest payments and principal repayments on subordinated loans are usually subject to conditions imposed by the senior debt financiers. Interest payments on subordinated loans are made periodically. If the interest cannot be paid, it is capitalized and thus added to the principal. Repayments of shareholder loans are typically flexible. However, there is an obligation, if applicable, to repay the shareholder loan before the end of the expected life of the infrastructure. Repayments of subordinated loans that are not shareholder loans follow a fixed periodic repayment schedule. If this schedule cannot be followed, overdue repayments should be made as soon as possible. The agreed final maturity date of such a loan is typically several years earlier than the expected life of the infrastructure in the company that issued it.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__89-1": { "value": "

Fair value hierarchy

TINC uses the following hierarchy in determining and disclosing the fair market value of financial instruments, by valuation method used.

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other methods where all variables have a significant effect on the recognized fair value and are directly or indirectly observable;

Level 3: methods using variables that have a significant effect on the recognized fair value, but are not based on observable market data.

Assets measured at fair value

December 31, 2024 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

512,070,034

512,070,034

December 31, 2023 (audited)

Level 1

Level 2

Level 3

Totaal

Investment portfolio

-

-

468,356,669

468,356,669

All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except SPI.R0, Hortus Conclusus and Yally are valued using a discounted cash flow model, whereby the expected future cash

flows of the participations that benefit TINC are discounted at a market-based discount rate. This valuation technique was consistently used for all investments. For SPI.R0 and Hortus Conclusus, the transaction price is considered the fair value.

The fair value of the participation in Yally is determined by the value of Yally\u2019s real estate portfolio on the one hand, and the net sum of the other balance sheet items on the asset and liability sides of the consolidated group on the other hand, taking into account the percentage of shares held by TINC in Yally. To determine the value of Yally\u2019s real estate, the average of two valuation techniques is taken.

The fair value of Datacenter United at the end of the past financial year is based on the transaction price established at the time of the signing of the partial sale of Datacenter United. An adjusted business plan was drawn up as a result of this transaction, including adjusted future expected cash flows to TINC. Taking into account the transaction prices and the adjusted expected future cash flows to TINC, an adjusted discount rate has been determined. Therefore, this participation remains classified as a Level 3 asset in the fair value hierarchy.

Key assessments and judgments

The calculation of the fair value of the participations of TINC is based on:

The expected future cash flows to TINC generated by the participations within the portfolio;

The discount rate applied to expected future cash flows to TINC.

Fair value (FV) of investments

The tables below show the fair value (FV) of the portfolio classified by type of infrastructure at Dec. 31, 2024 and Dec. 31, 2023.

Fair value at December 31, 2024 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

140,827,743

107,109,709

133,201,669

116,226,710

497,365,831

Weighted average discount rate

7.70%

8.28%

9.27%

8.53%

8.43%

Investments in loans

-

14,704,202

-

-

14,704,202

Weighted average discount rate

-

7.44%

-

-

7.44%

Fair value with changes processed through profit and loss

140,827,743

121,813,911

133,201,670

116,226,710

512,070,034

Weighted average discount rate

7.70%

8.18%

9.27%

8.53%

8.40%

(*) Including shareholder loans for a nominal amount outstanding of:

59,925,535

13,806,702

660,000

6,014,300

80,406,537

Loans for a nominal outstanding amount of:

-

14,202,119

-

-

-

Fair value at December 31, 2023 (audited)

(\u20ac)

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

Total

Equity investments (*)

154,493,544

118,252,556

98,415,427

91,092,577

462,254,105

Weighted average discount rate

7.00%

8.94%

8.91%

8.18%

8.10%

Investments in loans

-

6,102,564

-

-

6,102,564

Weighted average discount rate

-

6.77%

-

-

6.77%

Fair value with changes processed through profit and loss

154,493,544

124,355,121

98,415,427

91,092,577

468,356,669

Weighted average discount rate

7.00%

8.90%

8.91%

8.18%

8.10%

(*) Including shareholder loans for a nominal amount outstanding of:

67,202,718

10,493,135

24,748,000

6,319,750

108,763,602

Loans for a nominal outstanding amount of:

-

6,023,954

-

-

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__93": { "value": "

18\tTrade receivables and other receivables

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Trade receivables

18,184

70,475

Tax receivable, other than income tax

1,675,862

1,346,762

Other receivables

89

141,272

Total

2

1,694,134

1,558,508

Trade receivables for the financial year ending December 31, 2024 amount to \u20ac1,694,134. The carrying amount of trade and other receivables at amortized cost approximates fair value due to their short-term nature.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__95": { "value": "

19\tCash and deposits

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Short term bank deposits

25,982

6,028,308

Cash

863,628

21,336,261

Total

2,4

889,611

27,364,570

Cash and deposits include all liquid funds, freely withdrawable, held in cash or on bank deposit. During the past financial year, the cash position decreased by \u20ac26,474,959 as a result of \u20ac23,852,999 cash outflows related to financing activities composed of the distribution to shareholders for \u20ac30,545,455, the drawdown of the credit line of \u20ac6,900,000 and the costs associated with the credit line for \u20ac207,544. In addition, there is \u20ac6,433,502 net cash inflows related to investing activities and \u20ac9,055,462 net cash outflows related to operating expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__96": { "value": "

19\tCash and deposits

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Short term bank deposits

25,982

6,028,308

Cash

863,628

21,336,261

Total

2,4

889,611

27,364,570

Cash and deposits include all liquid funds, freely withdrawable, held in cash or on bank deposit. During the past financial year, the cash position decreased by \u20ac26,474,959 as a result of \u20ac23,852,999 cash outflows related to financing activities composed of the distribution to shareholders for \u20ac30,545,455, the drawdown of the credit line of \u20ac6,900,000 and the costs associated with the credit line for \u20ac207,544. In addition, there is \u20ac6,433,502 net cash inflows related to investing activities and \u20ac9,055,462 net cash outflows related to operating expenses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__98": { "value": "

20\tOutstanding capital & reserves

Number

Amount

Statutory capital and reserves

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Shares authorised

36,363,637

36,363,637

113,268,771

135,450,590

Shares issued and fully paid at the beginning of the period

36,363,637

36,363,637

135,450,590

151,814,227

Change

0

0

-22,181,819

-16,363,637

Shares issued and fully paid at the end of the period

36,363,637

36,363,637

113,268,771

135,450,590

Op December 31, 2024 bedroeg het aantal volgestorte aandelen 36.363.637. Er vonden geen wijzigingen plaats ten opzichte van het vorige boekjaar. De afname van het uitstaand kapitaal ten belope van 22.181.819 is het gevolg van de kapitaalvermindering als onderdeel van de uitkering tijdens het afgelopen boekjaar. De aandelen hebben geen nominale waarde.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__99": { "value": "

20\tOutstanding capital & reserves

Number

Amount

Statutory capital and reserves

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Shares authorised

36,363,637

36,363,637

113,268,771

135,450,590

Shares issued and fully paid at the beginning of the period

36,363,637

36,363,637

135,450,590

151,814,227

Change

0

0

-22,181,819

-16,363,637

Shares issued and fully paid at the end of the period

36,363,637

36,363,637

113,268,771

135,450,590

Op December 31, 2024 bedroeg het aantal volgestorte aandelen 36.363.637. Er vonden geen wijzigingen plaats ten opzichte van het vorige boekjaar. De afname van het uitstaand kapitaal ten belope van 22.181.819 is het gevolg van de kapitaalvermindering als onderdeel van de uitkering tijdens het afgelopen boekjaar. De aandelen hebben geen nominale waarde.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__100": { "value": "

20\tOutstanding capital & reserves

Number

Amount

Statutory capital and reserves

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Shares authorised

36,363,637

36,363,637

113,268,771

135,450,590

Shares issued and fully paid at the beginning of the period

36,363,637

36,363,637

135,450,590

151,814,227

Change

0

0

-22,181,819

-16,363,637

Shares issued and fully paid at the end of the period

36,363,637

36,363,637

113,268,771

135,450,590

Op December 31, 2024 bedroeg het aantal volgestorte aandelen 36.363.637. Er vonden geen wijzigingen plaats ten opzichte van het vorige boekjaar. De afname van het uitstaand kapitaal ten belope van 22.181.819 is het gevolg van de kapitaalvermindering als onderdeel van de uitkering tijdens het afgelopen boekjaar. De aandelen hebben geen nominale waarde.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__101": { "value": "

21\tFinancial obligations

Period ending at:

(\u20ac)

Notes

December 31, 2024

12 months

December 31, 2023

18 months

Interest-bearing liabilities and loans

6,900,000

0

Other loans

0

0

Total

6,900,000

0

TINC has \u20ac200,000,000 of contracted bank credit lines at December 31, 2024 of which \u20ac6,900,000 is drawn down at December 31, 2024. At December 31, 2024, all covenants have been met. The carrying amount of the loan is held at amortized cost. The interest margin on the line of credit is 125 basis points. This book value reflects the market value.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__102": { "value": "

22\tTrade and other payables

At December 31, 2024, trade and other payables amounted to \u20ac1,030,165. The main item herein consists of the remuneration to TINC Manager in the amount of \u20ac1,040,054. The carrying amount of trade and other payables at amortized cost approximates fair value due to their short-term nature.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__105": { "value": "

24\tOff-balance sheet obligations

Period ending at:

(\u20ac)

December 31, 2024

(audited)

December 31, 2023

(audited)

1. Cash commitments to portfolio companies

197,556,760

112,233,518

2. Cash commitments to contracted participa-tions

7,395,794

-

Total

204,952,554

112,233,518

1. Cash commitments equity

144,645,142

112,233,518

2. Cash commitments shareholder loans

42,807,412

-

3. Cash commitments loans

17,500,000

-

Total

204,952,554

112,233,518

(\u20ac) Total

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

204,952,554

65,530,742

30,269,248

73,300,000

35,852,565

(\u20ac) Total

2025

2026

2027

2028

204,952,554

117,421,812

56,703,496

13,803,917

17,023,329

Commitments of TINC to new and existing participations and related financing obligations of TINC will be invested in accordance with the contractual terms.

Commitments to contracted participations increased by \u20ac92,719,036 during the past financial year. This increase is due to investments in the past financial year of \u20ac37,785,006 in new and existing investments, new commitments of \u20ac141,273,040 in new and existing investments, and a decrease in the commitment in Zelfstroom. Outstanding investment commitments relate to the following participations: Higher Education Buildings, Hortus Conclusus, SPI.R0, Storm Wind Belgium, Storm Group, Datacenter United, GlasDraad, Garagepark, Yally and Azulatis. The tables above show when and for which segments the investment commitments are realized.

Commitments to contracted participations include investment commitments for the future acquisition of additional participations already contracted.

At December 31, 2024, the total amount of investment commitments is \u20ac204,952,554, composed of \u20ac144,645,142 equity, \u20ac42,807,412 shareholder loans and \u20ac17,500,00 loans.

TINC \u20ac200,000,000 of contractual bank credit lines at December 31, 2024. At December 31, 2024, \u20ac6,900,000 has been drawn down. .

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__106": { "value": "

24\tOff-balance sheet obligations

Period ending at:

(\u20ac)

December 31, 2024

(audited)

December 31, 2023

(audited)

1. Cash commitments to portfolio companies

197,556,760

112,233,518

2. Cash commitments to contracted participa-tions

7,395,794

-

Total

204,952,554

112,233,518

1. Cash commitments equity

144,645,142

112,233,518

2. Cash commitments shareholder loans

42,807,412

-

3. Cash commitments loans

17,500,000

-

Total

204,952,554

112,233,518

(\u20ac) Total

Public

Infrastructure

Energy Infrastructure

Digital

Infrastructure

Social

Infrastructure

204,952,554

65,530,742

30,269,248

73,300,000

35,852,565

(\u20ac) Total

2025

2026

2027

2028

204,952,554

117,421,812

56,703,496

13,803,917

17,023,329

Commitments of TINC to new and existing participations and related financing obligations of TINC will be invested in accordance with the contractual terms.

Commitments to contracted participations increased by \u20ac92,719,036 during the past financial year. This increase is due to investments in the past financial year of \u20ac37,785,006 in new and existing investments, new commitments of \u20ac141,273,040 in new and existing investments, and a decrease in the commitment in Zelfstroom. Outstanding investment commitments relate to the following participations: Higher Education Buildings, Hortus Conclusus, SPI.R0, Storm Wind Belgium, Storm Group, Datacenter United, GlasDraad, Garagepark, Yally and Azulatis. The tables above show when and for which segments the investment commitments are realized.

Commitments to contracted participations include investment commitments for the future acquisition of additional participations already contracted.

At December 31, 2024, the total amount of investment commitments is \u20ac204,952,554, composed of \u20ac144,645,142 equity, \u20ac42,807,412 shareholder loans and \u20ac17,500,00 loans.

TINC \u20ac200,000,000 of contractual bank credit lines at December 31, 2024. At December 31, 2024, \u20ac6,900,000 has been drawn down. .

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__107": { "value": "

25\tFinancial risk hedging objectives and policies

Introduction

In carrying out its operations as an investment company, TINC is subject to risks both at the level of TINC itself and at the level of the participations in which TINC invests.

Within the framework developed by the Supervisory Board, at the proposal of the Management Board and on the advice of the Audit Committee, the Management Board is responsible for risk management, covering internal control and compliance with laws and regulations. Risks are managed through a process of continuous identification, assessment, evaluation and mitigation. The Management Board reports to the Supervisory Board at least once a year on the general and financial risks and the management and control systems.

The risk factors described below are limited to those risks that TINC considers material and specific to TINC and its participations because they could have an adverse effect on the activities, financial condition, the operating results, the reputation and the prospects of TINC and/or its participations, on the ability of TINC to finance its investment obligations and consequently also on the share price.

General risks

Inflation risk

Although a large number of participations see their income increase with rising prices, a sustained inflationary environment can weigh on the cost structure and consequently on the results of both TINC and the participations.

Geopolitical risk

TINC has no participations with infrastructure located in areas currently experiencing war, persistent violence or political unrest. Geopolitical events and tensions can nevertheless have an impact on the stability of the financial

markets or the economic system and on the availability of debt and/or capital instruments for TINC to finance its investment commitments.

At the level of TINC

Strategic risk

Adequate opportunities to create value for TINC by investing in infrastructure companies that can generate cash flows, realize them and distribute them to TINC, may not be sufficiently present, or may be present but in an insufficiently diversified manner, under unattractive conditions, or may be limited or prevented by macroeconomic and cyclical conditions, changing regulations or political developments. The growth of TINC depends in part on its ability to manage the future expansion of its portfolio of participations and to identify, select and execute attractive investment opportunities in an appropriate manner in accordance with the strategy of TINC.

The availability of future investment opportunities depends in part on market conditions, and therefore there can be no assurance that TINC will be able to identify and execute a sufficient number of future investment opportunities to allow TINC to expand its portfolio.

Further growth of TINC and its portfolio is also expected to place additional demands on management, support, accounting and financial control and other resources and would entail a number of related risks, including the potential disruption of ongoing activities and distraction of management and increased operational costs at the level of TINC.

Financial risks

TINC has contractually committed to a number of financial commitments with regard to existing and future participations. These include commitments to invest additional funds in existing participations, as well as commitments to acquire new participations at a later date.

If the financial resources of TINC prove insufficient to finance such commitments and further growth, TINC will have to raise additional financing, in the form of an issue of new shares or debt instruments or in the form of a credit facility (or a combination). There is no guarantee that such options will always be available on acceptable terms.

Financing needs can also be addressed by selling the more liquid participations in the portfolio. However, the majority of the participations held by TINC include interests in participations that are not publicly or freely tradable and that are often subject to restrictions on transfer (e.g. approval of the transfer by other parties) and that therefore may have to be realized at a value lower than the value attributed to such investments.

TINC holds cash reserves in bank accounts at various financial institutions. The systems of the relevant financial institutions could be affected by external circumstances, including disruptions in the IT systems or cyber-attacks. Similar risks related to financial institutions apply to the participations of TINC.

TINC makes investment decisions based on estimates and/or forecasts of investment cash flows generated by the participations, including assumptions about the amount and timing of costs over the lifetime of the relevant participations (which can be up to 35 years). Such estimates, projections and forecasts may be based, at least in part, on large and detailed financial models, and there is always a risk that errors will be made in the assumptions, calculations or methodologies used in such models, or that the relevant hypothetical parameters will differ from actual results.

Sustainability risks

TINC is exposed to sustainability-related risks both as a responsible company and as a sustainable investor. This applies primarily with regard to its investment portfolio (see below). The non-compliance of TINC with increasingly stringent sustainability regulations can lead to legal sanctions, higher operational costs and stricter supervision. Furthermore, stakeholders\u2019 unfulfilled sustainability expectations (including not (fully) meeting standards and ESG scores and sustainability criteria) can damage confidence in TINC and its reputation.

Regulatory risk

TINC invests in participations that are active in highly regulated sectors such as energy, public-private partnerships, specialized residential care and research and development in the life sciences industry. Changes in applicable laws, regulations or government policies, including currently applicable tax laws, tax regimes (such as applicable tax rates, the use of tax loss carryforwards, the deduction of interest expenses, the taxation of dividends received and the taxation of capital gains on shares) and/or the (direct or indirect) tax status of TINC or a participation, accounting practices and accounting standards, can have a (negative) impact on TINC or (the cash flows generated from) a specific participation. Governments could also try to renegotiate existing contracts.

Governance and management

TINC has the legal form of a public limited company with a sole Statutory Director appointed in the articles of association as its management model. The mandate of the Statutory Director can only be terminated, without its consent, by (i) the general meeting of shareholders, in accordance with the requirements for amending the articles of association, for valid reasons, or (ii) a court order on a request for good cause by a special proxy appointed by shareholders participation voting shares representing at least 3% of the share capital of TINC. The above-mentioned governance model allows the Statutory Director to exercise a controlling influence on decision-making. Consequently, the influence of other holders of shares in TINC will be limited.

TINC is largely dependent on TDP NV for its investment activities and the management of its investment portfolio, to whom the responsibility for providing investment and administrative services has been entrusted. The loss of TDP or significant changes in the management or team of employees can have a (temporary) negative impact.

There are no arrangements with the main shareholders of TINC regarding investment opportunities offered, so it is possible that the main shareholders themselves pursue such investment opportunities. Notwithstanding the foregoing, certain principles regarding the allocation of investment opportunities were agreed upon in a partnership agreement between TINC and TDP NV (as further described elsewhere in the Annual Report 2024).

IT and cybersecurity risk

TINC is dependent on third parties for the management of its IT systems (hardware, software, network, storage systems). Human error, natural disasters or disruptions to the IT systems can compromise the confidentiality, availability and integrity of data. Furthermore, TINC could fall victim to cyber-attacks on the integrity of the systems and data (computer viruses, malware, phishing), causing the IT systems to malfunction, making data unavailable and/or allowing unauthorized access to the data.

Similar IT-related risks apply to the participations of TINC.

Risk associated with the stock market listing

As a company listed on Euronext Brussels, TINC is subject to regulations regarding information requirements, transparency reporting, takeover bids, corporate governance and insider trading. Compliance or non-compliance with these regulations can lead to legal sanctions, higher operational costs and stricter supervision, which can have an impact on the share price. In addition, volatility in the financial markets can impact the value of TINC shares. Although TINC strives to systematically create long-term shareholder value, price fluctuations may occur in the shorter term.

At the level of the participations in the portfolio

Financial risks

TINC often holds investments in participations in the form of subordinated loans (in combination with equity investments or on a stand-alone basis), which have a lower ranking than the other debts of those participations. In the event of liquidity problems at a participation, there is a risk that subordinated loans will not be repaid (in time), as they are only repaid after all other debt obligations have been met.

TINC relies on various counterparties for the success of its investments in Participations, such as financial and operational partners (including subcontractors, public legal entities, customers who generate demand risk, financial institutions and insurers, and external infrastructure users). These counterparties may be unable to meet their contractual obligations, face credit-specific risks from a variety of circumstances such as default, impairment or insolvency, or may require replacement over time. Such events may result in unexpected costs, (non-recoverable) surcharges, limited financial liability amounts, losses or a reduction in expected income for the participations.

Participations often have borrowed money from external creditors. Breaches of financial covenants by participations could lead to a suspension of payments to TINC and could grant the relevant creditors certain administrative and enforcement rights over the participations.

Changes in applicable interest rates may also increase the cost of debt financing for the participations and consequently affect the valuation and profitability of the participations.

In investments in public infrastructure (DBFM/PPS), the counterparties are usually public legal entities that can enjoy (limited) immunity from execution, which means their goods cannot be seized, which can have an impact on the expected income for the participations.

Regulatory risk

A significant portion of the participations is active in a regulated environment (for example energy infrastructure, public-private partnerships and healthcare) and benefits from support schemes (for example green energy certificates). Infrastructure is also subject to specific regulations such as health, safety and environmental rules, tax and accounting rules.

Care institutions such as specialized residences for persons with special needs are subject to specific legal frameworks and risks. The rates charged are regulated, so changes in social and benefit policies can have a negative impact.

Any (future and/or retroactive) change, revocation, withdrawal, tightening or stricter enforcement of the aforementioned regulations, policies and support schemes (including energy support systems) may have an impact on income or may entail additional capital expenditure or operating costs (particularly since certain tariffs are regulated), and may therefore affect the expected income from the participations.

Certain portfolio activities also require specific permits and licenses. It is possible that required permits and licenses are not granted, not extended, suspended or revoked by the relevant authorities.

Climate and sustainability risks

Similar climate- and sustainability-related risks as described above for TINC apply to the participations of TINC. Climate change and environmental, social and governance risks that are inaccurately assessed and cannot or will not be mitigated can pose a material risk to certain portfolio companies in terms of the physical integrity, reputation and operational continuity of their business model. This can have financial consequences, such as higher operational costs and insurance risks, lead to reputational damage and consequently have a negative impact on the valuations of these companies. Physical risks vary from short-term effects due to extreme weather conditions (e.g. damage to assets,

disruption of energy production) to long-term effects such as scarcity of raw materials and rising energy costs.

The development, construction and operation of infrastructure can cause disruption and inconvenience, such as noise, dust, vibrations, traffic congestion and other (environmental) effects that can affect local residents and businesses. Such events can lead to complaints, opposition and/or legal claims from local communities, regulatory authorities or other stakeholders. Increased regulatory oversight, public opposition and/or legal action could result in project delays, increased construction and operating costs, changes in construction methods, additional risk mitigation measures and/or suspension or termination of certain activities.

Operational, technical and commercial risks

It is possible that the infrastructure is not available or is insufficiently availableor produces what could have a negative impact on the valuation of the participations and the cash flows to TINC.

The participations rely to a significant extent on suppliers and subcontractors for their operations, who are carefully selected based on their experience, quality of work, solvency, etc. It is possible that such subcontractors do not or cannot fulfill their obligations for various reasons. Several participations could have called on the same such subcontractor(s). The liability of such subcontractors may be subject to financial limits that do not compensate the actual damage, which can lead to losses for the participations involved. Where possible, the necessary insurance is taken out to cover business interruptions, for example, but it is possible that this is not sufficient.

In the healthcare sector, there is a risk of difficulties arising with regard to maintaining an appropriate quality of service and recruiting and retaining expert healthcare personnel, which could have a negative impact on the image and growth prospects of the healthcare institution or on the cost structure.

TINC holds interests in participations that are active in renewable energy, such as solar energy, on-shore and offshore wind farms and energy storage systems. The power production of solar installations and wind farms depends, among other things, on the intensity of the sun and the wind speed, which can fluctuate over time. Such fluctuations will have an impact on the income from the participations and consequently on the cash flows to TINC.

Once operational and during the lifespan of a participation, it cannot be ruled out that the infrastructure or certain components will show defects and will not be (fully) available, requiring replacement or a major refurbishing. Although the responsibility for this lies largely with the parties that the participations rely on for the realization and maintenance of the infrastructure, it is possible that these parties do not solve certain technical problems for technical, organizational or financial reasons, which can negatively affect the results of the participations.

The portfolio contains participations whose earnings model depends on demand from customers and care recipients or where the earnings model is subject to evolutions in pricing (e.g. electricity prices). There will always be a risk that the degree of use of the infrastructure and thus the revenues from such participations will be different than expected.

TINC has acquired interests and may acquire interests in participations with infrastructure or assets in a development or construction phase. TINC may provide financing for these participations from the early development phase, while the cash flows from these participations usually only come in at a later stage when the infrastructure is operational. Associated risks include potential cost overruns and delays in completion (many of which are often caused by factors over which TINC has no direct control), development costs incurred for design and research, with no guarantee that the development will reach completion.

When TINC considers investing in infrastructure development, it will make certain estimates of the economic, market and other conditions, including estimates of the (operational and other) costs and the (potential) value of the infrastructure. These estimates may prove to be incorrect.

Contracts for investments in public infrastructure (DBFM/PPS) often require the infrastructure to be in a predetermined condition at the end of its lifespan, and the actual costs of meeting this obligation are often difficult to calculate or predict. If the risk of complying with the requirement to return the infrastructure in the agreed condition lies with the participant, the associated costs may be higher than expected. Even if this risk has been passed on to subcontractors, there is a risk that the subcontractor will not fulfill the required obligations.

In investments in public infrastructure (DBFM/PPS), contracts generally give the relevant counterparty from the public sector the right to terminate the agreement under certain circumstances. If this happens, it may be that (the lack of) a financial settlement does not meet the predetermined return or affects the invested amount. This is the case, for example, in certain scenarios (e.g. war or terrorist acts) where only the nominal value of the equity is compensated.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__108": { "value": "

25\tFinancial risk hedging objectives and policies

Introduction

In carrying out its operations as an investment company, TINC is subject to risks both at the level of TINC itself and at the level of the participations in which TINC invests.

Within the framework developed by the Supervisory Board, at the proposal of the Management Board and on the advice of the Audit Committee, the Management Board is responsible for risk management, covering internal control and compliance with laws and regulations. Risks are managed through a process of continuous identification, assessment, evaluation and mitigation. The Management Board reports to the Supervisory Board at least once a year on the general and financial risks and the management and control systems.

The risk factors described below are limited to those risks that TINC considers material and specific to TINC and its participations because they could have an adverse effect on the activities, financial condition, the operating results, the reputation and the prospects of TINC and/or its participations, on the ability of TINC to finance its investment obligations and consequently also on the share price.

General risks

Inflation risk

Although a large number of participations see their income increase with rising prices, a sustained inflationary environment can weigh on the cost structure and consequently on the results of both TINC and the participations.

Geopolitical risk

TINC has no participations with infrastructure located in areas currently experiencing war, persistent violence or political unrest. Geopolitical events and tensions can nevertheless have an impact on the stability of the financial

markets or the economic system and on the availability of debt and/or capital instruments for TINC to finance its investment commitments.

At the level of TINC

Strategic risk

Adequate opportunities to create value for TINC by investing in infrastructure companies that can generate cash flows, realize them and distribute them to TINC, may not be sufficiently present, or may be present but in an insufficiently diversified manner, under unattractive conditions, or may be limited or prevented by macroeconomic and cyclical conditions, changing regulations or political developments. The growth of TINC depends in part on its ability to manage the future expansion of its portfolio of participations and to identify, select and execute attractive investment opportunities in an appropriate manner in accordance with the strategy of TINC.

The availability of future investment opportunities depends in part on market conditions, and therefore there can be no assurance that TINC will be able to identify and execute a sufficient number of future investment opportunities to allow TINC to expand its portfolio.

Further growth of TINC and its portfolio is also expected to place additional demands on management, support, accounting and financial control and other resources and would entail a number of related risks, including the potential disruption of ongoing activities and distraction of management and increased operational costs at the level of TINC.

Financial risks

TINC has contractually committed to a number of financial commitments with regard to existing and future participations. These include commitments to invest additional funds in existing participations, as well as commitments to acquire new participations at a later date.

If the financial resources of TINC prove insufficient to finance such commitments and further growth, TINC will have to raise additional financing, in the form of an issue of new shares or debt instruments or in the form of a credit facility (or a combination). There is no guarantee that such options will always be available on acceptable terms.

Financing needs can also be addressed by selling the more liquid participations in the portfolio. However, the majority of the participations held by TINC include interests in participations that are not publicly or freely tradable and that are often subject to restrictions on transfer (e.g. approval of the transfer by other parties) and that therefore may have to be realized at a value lower than the value attributed to such investments.

TINC holds cash reserves in bank accounts at various financial institutions. The systems of the relevant financial institutions could be affected by external circumstances, including disruptions in the IT systems or cyber-attacks. Similar risks related to financial institutions apply to the participations of TINC.

TINC makes investment decisions based on estimates and/or forecasts of investment cash flows generated by the participations, including assumptions about the amount and timing of costs over the lifetime of the relevant participations (which can be up to 35 years). Such estimates, projections and forecasts may be based, at least in part, on large and detailed financial models, and there is always a risk that errors will be made in the assumptions, calculations or methodologies used in such models, or that the relevant hypothetical parameters will differ from actual results.

Sustainability risks

TINC is exposed to sustainability-related risks both as a responsible company and as a sustainable investor. This applies primarily with regard to its investment portfolio (see below). The non-compliance of TINC with increasingly stringent sustainability regulations can lead to legal sanctions, higher operational costs and stricter supervision. Furthermore, stakeholders\u2019 unfulfilled sustainability expectations (including not (fully) meeting standards and ESG scores and sustainability criteria) can damage confidence in TINC and its reputation.

Regulatory risk

TINC invests in participations that are active in highly regulated sectors such as energy, public-private partnerships, specialized residential care and research and development in the life sciences industry. Changes in applicable laws, regulations or government policies, including currently applicable tax laws, tax regimes (such as applicable tax rates, the use of tax loss carryforwards, the deduction of interest expenses, the taxation of dividends received and the taxation of capital gains on shares) and/or the (direct or indirect) tax status of TINC or a participation, accounting practices and accounting standards, can have a (negative) impact on TINC or (the cash flows generated from) a specific participation. Governments could also try to renegotiate existing contracts.

Governance and management

TINC has the legal form of a public limited company with a sole Statutory Director appointed in the articles of association as its management model. The mandate of the Statutory Director can only be terminated, without its consent, by (i) the general meeting of shareholders, in accordance with the requirements for amending the articles of association, for valid reasons, or (ii) a court order on a request for good cause by a special proxy appointed by shareholders participation voting shares representing at least 3% of the share capital of TINC. The above-mentioned governance model allows the Statutory Director to exercise a controlling influence on decision-making. Consequently, the influence of other holders of shares in TINC will be limited.

TINC is largely dependent on TDP NV for its investment activities and the management of its investment portfolio, to whom the responsibility for providing investment and administrative services has been entrusted. The loss of TDP or significant changes in the management or team of employees can have a (temporary) negative impact.

There are no arrangements with the main shareholders of TINC regarding investment opportunities offered, so it is possible that the main shareholders themselves pursue such investment opportunities. Notwithstanding the foregoing, certain principles regarding the allocation of investment opportunities were agreed upon in a partnership agreement between TINC and TDP NV (as further described elsewhere in the Annual Report 2024).

IT and cybersecurity risk

TINC is dependent on third parties for the management of its IT systems (hardware, software, network, storage systems). Human error, natural disasters or disruptions to the IT systems can compromise the confidentiality, availability and integrity of data. Furthermore, TINC could fall victim to cyber-attacks on the integrity of the systems and data (computer viruses, malware, phishing), causing the IT systems to malfunction, making data unavailable and/or allowing unauthorized access to the data.

Similar IT-related risks apply to the participations of TINC.

Risk associated with the stock market listing

As a company listed on Euronext Brussels, TINC is subject to regulations regarding information requirements, transparency reporting, takeover bids, corporate governance and insider trading. Compliance or non-compliance with these regulations can lead to legal sanctions, higher operational costs and stricter supervision, which can have an impact on the share price. In addition, volatility in the financial markets can impact the value of TINC shares. Although TINC strives to systematically create long-term shareholder value, price fluctuations may occur in the shorter term.

At the level of the participations in the portfolio

Financial risks

TINC often holds investments in participations in the form of subordinated loans (in combination with equity investments or on a stand-alone basis), which have a lower ranking than the other debts of those participations. In the event of liquidity problems at a participation, there is a risk that subordinated loans will not be repaid (in time), as they are only repaid after all other debt obligations have been met.

TINC relies on various counterparties for the success of its investments in Participations, such as financial and operational partners (including subcontractors, public legal entities, customers who generate demand risk, financial institutions and insurers, and external infrastructure users). These counterparties may be unable to meet their contractual obligations, face credit-specific risks from a variety of circumstances such as default, impairment or insolvency, or may require replacement over time. Such events may result in unexpected costs, (non-recoverable) surcharges, limited financial liability amounts, losses or a reduction in expected income for the participations.

Participations often have borrowed money from external creditors. Breaches of financial covenants by participations could lead to a suspension of payments to TINC and could grant the relevant creditors certain administrative and enforcement rights over the participations.

Changes in applicable interest rates may also increase the cost of debt financing for the participations and consequently affect the valuation and profitability of the participations.

In investments in public infrastructure (DBFM/PPS), the counterparties are usually public legal entities that can enjoy (limited) immunity from execution, which means their goods cannot be seized, which can have an impact on the expected income for the participations.

Regulatory risk

A significant portion of the participations is active in a regulated environment (for example energy infrastructure, public-private partnerships and healthcare) and benefits from support schemes (for example green energy certificates). Infrastructure is also subject to specific regulations such as health, safety and environmental rules, tax and accounting rules.

Care institutions such as specialized residences for persons with special needs are subject to specific legal frameworks and risks. The rates charged are regulated, so changes in social and benefit policies can have a negative impact.

Any (future and/or retroactive) change, revocation, withdrawal, tightening or stricter enforcement of the aforementioned regulations, policies and support schemes (including energy support systems) may have an impact on income or may entail additional capital expenditure or operating costs (particularly since certain tariffs are regulated), and may therefore affect the expected income from the participations.

Certain portfolio activities also require specific permits and licenses. It is possible that required permits and licenses are not granted, not extended, suspended or revoked by the relevant authorities.

Climate and sustainability risks

Similar climate- and sustainability-related risks as described above for TINC apply to the participations of TINC. Climate change and environmental, social and governance risks that are inaccurately assessed and cannot or will not be mitigated can pose a material risk to certain portfolio companies in terms of the physical integrity, reputation and operational continuity of their business model. This can have financial consequences, such as higher operational costs and insurance risks, lead to reputational damage and consequently have a negative impact on the valuations of these companies. Physical risks vary from short-term effects due to extreme weather conditions (e.g. damage to assets,

disruption of energy production) to long-term effects such as scarcity of raw materials and rising energy costs.

The development, construction and operation of infrastructure can cause disruption and inconvenience, such as noise, dust, vibrations, traffic congestion and other (environmental) effects that can affect local residents and businesses. Such events can lead to complaints, opposition and/or legal claims from local communities, regulatory authorities or other stakeholders. Increased regulatory oversight, public opposition and/or legal action could result in project delays, increased construction and operating costs, changes in construction methods, additional risk mitigation measures and/or suspension or termination of certain activities.

Operational, technical and commercial risks

It is possible that the infrastructure is not available or is insufficiently availableor produces what could have a negative impact on the valuation of the participations and the cash flows to TINC.

The participations rely to a significant extent on suppliers and subcontractors for their operations, who are carefully selected based on their experience, quality of work, solvency, etc. It is possible that such subcontractors do not or cannot fulfill their obligations for various reasons. Several participations could have called on the same such subcontractor(s). The liability of such subcontractors may be subject to financial limits that do not compensate the actual damage, which can lead to losses for the participations involved. Where possible, the necessary insurance is taken out to cover business interruptions, for example, but it is possible that this is not sufficient.

In the healthcare sector, there is a risk of difficulties arising with regard to maintaining an appropriate quality of service and recruiting and retaining expert healthcare personnel, which could have a negative impact on the image and growth prospects of the healthcare institution or on the cost structure.

TINC holds interests in participations that are active in renewable energy, such as solar energy, on-shore and offshore wind farms and energy storage systems. The power production of solar installations and wind farms depends, among other things, on the intensity of the sun and the wind speed, which can fluctuate over time. Such fluctuations will have an impact on the income from the participations and consequently on the cash flows to TINC.

Once operational and during the lifespan of a participation, it cannot be ruled out that the infrastructure or certain components will show defects and will not be (fully) available, requiring replacement or a major refurbishing. Although the responsibility for this lies largely with the parties that the participations rely on for the realization and maintenance of the infrastructure, it is possible that these parties do not solve certain technical problems for technical, organizational or financial reasons, which can negatively affect the results of the participations.

The portfolio contains participations whose earnings model depends on demand from customers and care recipients or where the earnings model is subject to evolutions in pricing (e.g. electricity prices). There will always be a risk that the degree of use of the infrastructure and thus the revenues from such participations will be different than expected.

TINC has acquired interests and may acquire interests in participations with infrastructure or assets in a development or construction phase. TINC may provide financing for these participations from the early development phase, while the cash flows from these participations usually only come in at a later stage when the infrastructure is operational. Associated risks include potential cost overruns and delays in completion (many of which are often caused by factors over which TINC has no direct control), development costs incurred for design and research, with no guarantee that the development will reach completion.

When TINC considers investing in infrastructure development, it will make certain estimates of the economic, market and other conditions, including estimates of the (operational and other) costs and the (potential) value of the infrastructure. These estimates may prove to be incorrect.

Contracts for investments in public infrastructure (DBFM/PPS) often require the infrastructure to be in a predetermined condition at the end of its lifespan, and the actual costs of meeting this obligation are often difficult to calculate or predict. If the risk of complying with the requirement to return the infrastructure in the agreed condition lies with the participant, the associated costs may be higher than expected. Even if this risk has been passed on to subcontractors, there is a risk that the subcontractor will not fulfill the required obligations.

In investments in public infrastructure (DBFM/PPS), contracts generally give the relevant counterparty from the public sector the right to terminate the agreement under certain circumstances. If this happens, it may be that (the lack of) a financial settlement does not meet the predetermined return or affects the invested amount. This is the case, for example, in certain scenarios (e.g. war or terrorist acts) where only the nominal value of the equity is compensated.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__109": { "value": "

25\tFinancial risk hedging objectives and policies

Introduction

In carrying out its operations as an investment company, TINC is subject to risks both at the level of TINC itself and at the level of the participations in which TINC invests.

Within the framework developed by the Supervisory Board, at the proposal of the Management Board and on the advice of the Audit Committee, the Management Board is responsible for risk management, covering internal control and compliance with laws and regulations. Risks are managed through a process of continuous identification, assessment, evaluation and mitigation. The Management Board reports to the Supervisory Board at least once a year on the general and financial risks and the management and control systems.

The risk factors described below are limited to those risks that TINC considers material and specific to TINC and its participations because they could have an adverse effect on the activities, financial condition, the operating results, the reputation and the prospects of TINC and/or its participations, on the ability of TINC to finance its investment obligations and consequently also on the share price.

General risks

Inflation risk

Although a large number of participations see their income increase with rising prices, a sustained inflationary environment can weigh on the cost structure and consequently on the results of both TINC and the participations.

Geopolitical risk

TINC has no participations with infrastructure located in areas currently experiencing war, persistent violence or political unrest. Geopolitical events and tensions can nevertheless have an impact on the stability of the financial

markets or the economic system and on the availability of debt and/or capital instruments for TINC to finance its investment commitments.

At the level of TINC

Strategic risk

Adequate opportunities to create value for TINC by investing in infrastructure companies that can generate cash flows, realize them and distribute them to TINC, may not be sufficiently present, or may be present but in an insufficiently diversified manner, under unattractive conditions, or may be limited or prevented by macroeconomic and cyclical conditions, changing regulations or political developments. The growth of TINC depends in part on its ability to manage the future expansion of its portfolio of participations and to identify, select and execute attractive investment opportunities in an appropriate manner in accordance with the strategy of TINC.

The availability of future investment opportunities depends in part on market conditions, and therefore there can be no assurance that TINC will be able to identify and execute a sufficient number of future investment opportunities to allow TINC to expand its portfolio.

Further growth of TINC and its portfolio is also expected to place additional demands on management, support, accounting and financial control and other resources and would entail a number of related risks, including the potential disruption of ongoing activities and distraction of management and increased operational costs at the level of TINC.

Financial risks

TINC has contractually committed to a number of financial commitments with regard to existing and future participations. These include commitments to invest additional funds in existing participations, as well as commitments to acquire new participations at a later date.

If the financial resources of TINC prove insufficient to finance such commitments and further growth, TINC will have to raise additional financing, in the form of an issue of new shares or debt instruments or in the form of a credit facility (or a combination). There is no guarantee that such options will always be available on acceptable terms.

Financing needs can also be addressed by selling the more liquid participations in the portfolio. However, the majority of the participations held by TINC include interests in participations that are not publicly or freely tradable and that are often subject to restrictions on transfer (e.g. approval of the transfer by other parties) and that therefore may have to be realized at a value lower than the value attributed to such investments.

TINC holds cash reserves in bank accounts at various financial institutions. The systems of the relevant financial institutions could be affected by external circumstances, including disruptions in the IT systems or cyber-attacks. Similar risks related to financial institutions apply to the participations of TINC.

TINC makes investment decisions based on estimates and/or forecasts of investment cash flows generated by the participations, including assumptions about the amount and timing of costs over the lifetime of the relevant participations (which can be up to 35 years). Such estimates, projections and forecasts may be based, at least in part, on large and detailed financial models, and there is always a risk that errors will be made in the assumptions, calculations or methodologies used in such models, or that the relevant hypothetical parameters will differ from actual results.

Sustainability risks

TINC is exposed to sustainability-related risks both as a responsible company and as a sustainable investor. This applies primarily with regard to its investment portfolio (see below). The non-compliance of TINC with increasingly stringent sustainability regulations can lead to legal sanctions, higher operational costs and stricter supervision. Furthermore, stakeholders\u2019 unfulfilled sustainability expectations (including not (fully) meeting standards and ESG scores and sustainability criteria) can damage confidence in TINC and its reputation.

Regulatory risk

TINC invests in participations that are active in highly regulated sectors such as energy, public-private partnerships, specialized residential care and research and development in the life sciences industry. Changes in applicable laws, regulations or government policies, including currently applicable tax laws, tax regimes (such as applicable tax rates, the use of tax loss carryforwards, the deduction of interest expenses, the taxation of dividends received and the taxation of capital gains on shares) and/or the (direct or indirect) tax status of TINC or a participation, accounting practices and accounting standards, can have a (negative) impact on TINC or (the cash flows generated from) a specific participation. Governments could also try to renegotiate existing contracts.

Governance and management

TINC has the legal form of a public limited company with a sole Statutory Director appointed in the articles of association as its management model. The mandate of the Statutory Director can only be terminated, without its consent, by (i) the general meeting of shareholders, in accordance with the requirements for amending the articles of association, for valid reasons, or (ii) a court order on a request for good cause by a special proxy appointed by shareholders participation voting shares representing at least 3% of the share capital of TINC. The above-mentioned governance model allows the Statutory Director to exercise a controlling influence on decision-making. Consequently, the influence of other holders of shares in TINC will be limited.

TINC is largely dependent on TDP NV for its investment activities and the management of its investment portfolio, to whom the responsibility for providing investment and administrative services has been entrusted. The loss of TDP or significant changes in the management or team of employees can have a (temporary) negative impact.

There are no arrangements with the main shareholders of TINC regarding investment opportunities offered, so it is possible that the main shareholders themselves pursue such investment opportunities. Notwithstanding the foregoing, certain principles regarding the allocation of investment opportunities were agreed upon in a partnership agreement between TINC and TDP NV (as further described elsewhere in the Annual Report 2024).

IT and cybersecurity risk

TINC is dependent on third parties for the management of its IT systems (hardware, software, network, storage systems). Human error, natural disasters or disruptions to the IT systems can compromise the confidentiality, availability and integrity of data. Furthermore, TINC could fall victim to cyber-attacks on the integrity of the systems and data (computer viruses, malware, phishing), causing the IT systems to malfunction, making data unavailable and/or allowing unauthorized access to the data.

Similar IT-related risks apply to the participations of TINC.

Risk associated with the stock market listing

As a company listed on Euronext Brussels, TINC is subject to regulations regarding information requirements, transparency reporting, takeover bids, corporate governance and insider trading. Compliance or non-compliance with these regulations can lead to legal sanctions, higher operational costs and stricter supervision, which can have an impact on the share price. In addition, volatility in the financial markets can impact the value of TINC shares. Although TINC strives to systematically create long-term shareholder value, price fluctuations may occur in the shorter term.

At the level of the participations in the portfolio

Financial risks

TINC often holds investments in participations in the form of subordinated loans (in combination with equity investments or on a stand-alone basis), which have a lower ranking than the other debts of those participations. In the event of liquidity problems at a participation, there is a risk that subordinated loans will not be repaid (in time), as they are only repaid after all other debt obligations have been met.

TINC relies on various counterparties for the success of its investments in Participations, such as financial and operational partners (including subcontractors, public legal entities, customers who generate demand risk, financial institutions and insurers, and external infrastructure users). These counterparties may be unable to meet their contractual obligations, face credit-specific risks from a variety of circumstances such as default, impairment or insolvency, or may require replacement over time. Such events may result in unexpected costs, (non-recoverable) surcharges, limited financial liability amounts, losses or a reduction in expected income for the participations.

Participations often have borrowed money from external creditors. Breaches of financial covenants by participations could lead to a suspension of payments to TINC and could grant the relevant creditors certain administrative and enforcement rights over the participations.

Changes in applicable interest rates may also increase the cost of debt financing for the participations and consequently affect the valuation and profitability of the participations.

In investments in public infrastructure (DBFM/PPS), the counterparties are usually public legal entities that can enjoy (limited) immunity from execution, which means their goods cannot be seized, which can have an impact on the expected income for the participations.

Regulatory risk

A significant portion of the participations is active in a regulated environment (for example energy infrastructure, public-private partnerships and healthcare) and benefits from support schemes (for example green energy certificates). Infrastructure is also subject to specific regulations such as health, safety and environmental rules, tax and accounting rules.

Care institutions such as specialized residences for persons with special needs are subject to specific legal frameworks and risks. The rates charged are regulated, so changes in social and benefit policies can have a negative impact.

Any (future and/or retroactive) change, revocation, withdrawal, tightening or stricter enforcement of the aforementioned regulations, policies and support schemes (including energy support systems) may have an impact on income or may entail additional capital expenditure or operating costs (particularly since certain tariffs are regulated), and may therefore affect the expected income from the participations.

Certain portfolio activities also require specific permits and licenses. It is possible that required permits and licenses are not granted, not extended, suspended or revoked by the relevant authorities.

Climate and sustainability risks

Similar climate- and sustainability-related risks as described above for TINC apply to the participations of TINC. Climate change and environmental, social and governance risks that are inaccurately assessed and cannot or will not be mitigated can pose a material risk to certain portfolio companies in terms of the physical integrity, reputation and operational continuity of their business model. This can have financial consequences, such as higher operational costs and insurance risks, lead to reputational damage and consequently have a negative impact on the valuations of these companies. Physical risks vary from short-term effects due to extreme weather conditions (e.g. damage to assets,

disruption of energy production) to long-term effects such as scarcity of raw materials and rising energy costs.

The development, construction and operation of infrastructure can cause disruption and inconvenience, such as noise, dust, vibrations, traffic congestion and other (environmental) effects that can affect local residents and businesses. Such events can lead to complaints, opposition and/or legal claims from local communities, regulatory authorities or other stakeholders. Increased regulatory oversight, public opposition and/or legal action could result in project delays, increased construction and operating costs, changes in construction methods, additional risk mitigation measures and/or suspension or termination of certain activities.

Operational, technical and commercial risks

It is possible that the infrastructure is not available or is insufficiently availableor produces what could have a negative impact on the valuation of the participations and the cash flows to TINC.

The participations rely to a significant extent on suppliers and subcontractors for their operations, who are carefully selected based on their experience, quality of work, solvency, etc. It is possible that such subcontractors do not or cannot fulfill their obligations for various reasons. Several participations could have called on the same such subcontractor(s). The liability of such subcontractors may be subject to financial limits that do not compensate the actual damage, which can lead to losses for the participations involved. Where possible, the necessary insurance is taken out to cover business interruptions, for example, but it is possible that this is not sufficient.

In the healthcare sector, there is a risk of difficulties arising with regard to maintaining an appropriate quality of service and recruiting and retaining expert healthcare personnel, which could have a negative impact on the image and growth prospects of the healthcare institution or on the cost structure.

TINC holds interests in participations that are active in renewable energy, such as solar energy, on-shore and offshore wind farms and energy storage systems. The power production of solar installations and wind farms depends, among other things, on the intensity of the sun and the wind speed, which can fluctuate over time. Such fluctuations will have an impact on the income from the participations and consequently on the cash flows to TINC.

Once operational and during the lifespan of a participation, it cannot be ruled out that the infrastructure or certain components will show defects and will not be (fully) available, requiring replacement or a major refurbishing. Although the responsibility for this lies largely with the parties that the participations rely on for the realization and maintenance of the infrastructure, it is possible that these parties do not solve certain technical problems for technical, organizational or financial reasons, which can negatively affect the results of the participations.

The portfolio contains participations whose earnings model depends on demand from customers and care recipients or where the earnings model is subject to evolutions in pricing (e.g. electricity prices). There will always be a risk that the degree of use of the infrastructure and thus the revenues from such participations will be different than expected.

TINC has acquired interests and may acquire interests in participations with infrastructure or assets in a development or construction phase. TINC may provide financing for these participations from the early development phase, while the cash flows from these participations usually only come in at a later stage when the infrastructure is operational. Associated risks include potential cost overruns and delays in completion (many of which are often caused by factors over which TINC has no direct control), development costs incurred for design and research, with no guarantee that the development will reach completion.

When TINC considers investing in infrastructure development, it will make certain estimates of the economic, market and other conditions, including estimates of the (operational and other) costs and the (potential) value of the infrastructure. These estimates may prove to be incorrect.

Contracts for investments in public infrastructure (DBFM/PPS) often require the infrastructure to be in a predetermined condition at the end of its lifespan, and the actual costs of meeting this obligation are often difficult to calculate or predict. If the risk of complying with the requirement to return the infrastructure in the agreed condition lies with the participant, the associated costs may be higher than expected. Even if this risk has been passed on to subcontractors, there is a risk that the subcontractor will not fulfill the required obligations.

In investments in public infrastructure (DBFM/PPS), contracts generally give the relevant counterparty from the public sector the right to terminate the agreement under certain circumstances. If this happens, it may be that (the lack of) a financial settlement does not meet the predetermined return or affects the invested amount. This is the case, for example, in certain scenarios (e.g. war or terrorist acts) where only the nominal value of the equity is compensated.

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__110": { "value": "

Financial risks

TINC has contractually committed to a number of financial commitments with regard to existing and future participations. These include commitments to invest additional funds in existing participations, as well as commitments to acquire new participations at a later date.

If the financial resources of TINC prove insufficient to finance such commitments and further growth, TINC will have to raise additional financing, in the form of an issue of new shares or debt instruments or in the form of a credit facility (or a combination). There is no guarantee that such options will always be available on acceptable terms.

Financing needs can also be addressed by selling the more liquid participations in the portfolio. However, the majority of the participations held by TINC include interests in participations that are not publicly or freely tradable and that are often subject to restrictions on transfer (e.g. approval of the transfer by other parties) and that therefore may have to be realized at a value lower than the value attributed to such investments.

TINC holds cash reserves in bank accounts at various financial institutions. The systems of the relevant financial institutions could be affected by external circumstances, including disruptions in the IT systems or cyber-attacks. Similar risks related to financial institutions apply to the participations of TINC.

TINC makes investment decisions based on estimates and/or forecasts of investment cash flows generated by the participations, including assumptions about the amount and timing of costs over the lifetime of the relevant participations (which can be up to 35 years). Such estimates, projections and forecasts may be based, at least in part, on large and detailed financial models, and there is always a risk that errors will be made in the assumptions, calculations or methodologies used in such models, or that the relevant hypothetical parameters will differ from actual results.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__111": { "value": "

26\tRelated parties

Amounts owed by related parties

(\u20ac)

Non-consolidatedsubsidiaries

Non-consolidated participations with joint control

Other related parties

Total

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

I. Financial assets

11,189,154

38,256,869

68,715,300

70,506,734

14,704,202

6,102,564

94,608,656

114,866,167

1. Financials assets - subordinated loans

10,041,591

37,961,018

64,670,559

67,102,551

14,202,119

5,911,516

88,914,268

110,975,085

2. Financial assets - subordinated loans - ST

1,147,564

295,851

4,044,741

3,404,183

502,083

191,048

5,694,388

3,891,082

3. Financal assets - other

-

-

-

-

-

-

II. Amounts owed by related parties

-

-

-

-

-

-

-

-

1. Financial liabilities

-

-

-

-

-

-

-

-

2. Trade and other payables

-

-

-

-

-

-

-

-

III. Transactions with related parties

5,123,950

26,854,615

24,171,231

20,904,703

6,635,166

9,231,967

35,930,347

56,948,573

1. Management compensation TDP

-

-

-

-

4,698,607

5,836,439

4,698,607

5,836,439

2. Management compensation TINC Manager

-

-

-

-

1,038,694

2,525,934

1,038,694

2,525,934

3. Dividends, interest & fees

5,123,950

26,854,615

24,171,231

20,904,703

897,864

826,883

30,193,045

48,586,200

For more information regarding transactions with related parties, we refer to the Corporate Governance chapter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s6__6__113": { "value": "

27\tEvents after the end of the financial year

On February 17, 2025, TINC announced a \u20ac61 million investment in Project Mufasa, one of the largest battery storage systems (BESS) in the EU. The project will be realized at the North Sea Port Vlissingen, a major hub for renewable energy in the Netherlands. It replaces a former coal-fired power plant with access to TenneT\u2019s high-voltage grid, and represents an important step forward in supporting the transition to renewable energy in the Netherlands by strengthening its critical energy infrastructure. TINC is investing \u20ac61 million in Project Mufasa for a preferred equity stake of 36.67%. The investment is financed by TINC under its \u20ac200 million bank credit facility.

On February 28, 2025, the partial sale of a stake in Datacenter United and the acquisition of Proximus\u2019 Belgian data centers announced in October 2024 was completed. The financial impact of the transaction was reflected in the annual results published as of December 31, 2024. The combination of the proceeds of partial sale and the additional capital investment in Datacenter United to finance the acquisition of the Proximus data centers results in a net investment of approximately \u20ac45 million for TINC. TINC financed this investment under its \u20ac200 million bank credit facility.

On March 10, 2025, the approval of the strategic joining of forces between Gimv, WorxInvest and Belfius as partners for the further growth of TINC was announced. On September 19, 2024, an agreement was announced whereby WorxInvest would acquire half of Gimv NV\u2019s stake in Infravest NV. Infravest NV - incorporated as a 100% subsidiary of Gimv - is the largest shareholder of TINC NV with a 21.32% stake and is also the indirect shareholder of TINC Manager NV, the statutory director of TINC NV. As part of this transaction Gimv NV and Belfius Bank NV would also contribute their respective stakes in TDP NV, the joint venture set up by Gimv and Belfius to develop and manage a wide range of infrastructure projects, to Infravest NV. The entire transaction was subject to customary conditions precedent including approval by the relevant authorities.

In the meantime, all approvals have been obtained and as from March 10, 2025, the strategic joining of forces can start. WorxInvest and Gimv each now hold a 40.8% stake in Infravest NV, and Belfius also joins as a minority shareholder with a 18.4% stake. Following this transaction, Mr. Filip Dierckx and Mr. Nils de Bremaeker join the supervisory board of TINC Manager NV, statutory director of TINC NV, nominated by Infravest NV. The mandate of Mr. Peter Vermeiren ends. The Supervisory Board wishes to express its gratitude to Peter who has contributed to the TINC story from the very beginning. From now on the Supervisory Board has 8 members including three independent directors including Mr. Philip Maeyaert, independent chairman.

Abridged statutory Financial Statements

Income statement

Period ending at:

(\u20ac)

December 31, 2024

12 months

December 31, 2023

18 months

INCOME

32,932,783

74,469,419

Income from financial fixed assets

28,953,752

47,379,167

Dividend income

20,991,222

35,634,123

Interest income

7,962,530

11,745,044

Income from current assets

879,144

973,172

Other financial income

1

494

Turnover

591,387

1,207,033

Other operating income

-

-

Write-back of write-downs on financial fixed assets

-

829,382

Capital gains on the disposal of financial fixed assets

2,508,500

24,080,171

EXPENSES

(8,796,628)

(12,757,238)

Other financial expenses

(1,242,989)

(421,852)

Services and other goods

(6,505,970)

(10,323,753)

Other operating expenses

(251,433)

(348,594)

Depriciations and write-downs on formation expenses, IFA and TFA

(480,604)

(1,170,522)

Write downs on

-

-

Financial fixed assets

-

-

Tax Expense

(315,633)

(492,516)

Profit/loss for the financial year

24,136,155

61,712,180

Balans

Period ending at:

(\u20ac)

December 31, 2024

12 months

December 31, 2023

18 months

FIXED ASSETS

424,849,496

401,298,069

Intangible assets

3,706

484,310

Affiliated enterprises

351,830,455

246,791,010

Shares

281,420,317

246,791,010

Amounts receivable

70,410,138

100,123,161

Enterprises linked by participating interests

58,813,216

43,126,275

Shares

54,511,205

43,126,275

Amounts receivable

4,302,011

4,940,408

Other financial fixed assets

14,202,119

5,832,905

Shares

-

-

Amounts receivable

14,202,119

5,832,905

CURRENT ASSETS

8,278,133

32,814,160

Amounts receivable within one year

7,352,016

5,288,318

Trade debtors

65,294

106,475

Other amounts receivable

7,286,722

5,181,843

Cash Investments

25,982

6,028,308

Cash at bank and in hand

863,628

21,336,261

Deferred charges and accrued income

36,506

161,272

Total assets

433,127,629

434,112,228

Period ending at:

(\u20ac)

December 31, 2024

12 months

December 31, 2023

18 months

Equity

424,892,383

431,301,683

Capital

113,268,771

135,450,590

Share premium account

174,688,537

174,688,537

Reserves

116,935,075

101,162,556

Profit carried forward

20,000,000

20,000,000

LIABILITIES

8,235,246

2,810,546

Financial debts

6,900,000

-

Trade debtors

1,180,662

2,776,098

Suppliers

1,180,662

2,776,098

Taxes, payroll and related obligations

-

-

Taxes

-

-

Dividend current period

-

-

Accrued charges and deferred income

154,583

34,448

Total liabilities

433,127,629

434,112,228

Responsible publisher

TINC NV

Karel Oomsstraat 37

2018 Antwerpen

Belgi\u00eb

T +32 3 290 21 73

Investor.relations@tincinvest.com

Concept, editing and coordination

www.cfreport.com

Homepage of reporting entity

https://www.tincinvest.com/nl-be/the-infrastructure-company/

LEI code of reporting entity

5493008FE9JCTSEEPD19

Name of reporting entity or other means of identifica-tion

TINC

Domicile of entity

Belgium

Legal form of entity

NV

Country of incorporation

Belgium

Address of entity\u2019s registered office

Karel Oomsstraat 37, 2018 Antwerpen

Principal place of business

Belgium \u2013 the Netherlands \u2013 Ireland

Description of nature of entity\u2019s operations and princi-pal activities

Investment company

Name of parent entity

TDP NV

Name of ultimate parent of group

TDP NV

Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period

No change

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }