5\tCorporate information
The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ending December 31, 2025 were approved for publication by resolution of the Statutory Director on March 9, 2026. TINC is alimited 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 interests in participations active in the realisation and operation of infrastructure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__13": { "value": "5\tCorporate information
The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ending December 31, 2025 were approved for publication by resolution of the Statutory Director on March 9, 2026. TINC is alimited 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 interests in participations active in the realisation and operation of infrastructure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__14": { "value": "5\tCorporate information The consolidated financial statements of TINC NV (hereinafter \u201cTINC\u201d) for the 12-month financial year ending December 31, 2025 were approved for publication by resolution of the Statutory Director on March 9, 2026. TINC is alimited 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 interests in participations active in the realisation and operation of infrastructure.", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__5": { "value": "TINC ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__6": { "value": "s a", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__7": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__8": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__9": { "value": "Karel Oomsstraat 37, 2018 Antwerp, Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__10": { "value": "Karel Oomsstraat 37, 2018 Antwerp, Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__11": { "value": "TINC is an investment company that takes interests in participations active in the realisation and operation of infrastructure.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__15": { "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 with changes in value recognized in the income statement 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__16": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__17": { "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 with changes in value recognized in the income statement 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__18": { "value": "7\tValuation rules (IFRS)
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 12-month financial year ending December 31, 2025, 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 a 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 (\u2018Financial Fixed Assets\u2019) 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 provit or loss in accordance with IFRS 9 Financial Instruments.
The fair value of the 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 Fair Value (\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 of 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 future cash flows per participation, and linked to this, the expected long-term future 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 the 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. 93) 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 products are 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 liabilities
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, 2025
New and amended Standards and Interpretations addopted by TINC
TINC has addopted 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, 2025. TINC has not applied any new IFRS guidance that is not yet effective as of December 31, 2025.
The following new and revised Standards and Interpretations issued by the IASB and the IFRIC, as endorsed by the European Union, are effective for the current financial year:
Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of Convertibility (issued in August 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, 2025 and/or not yet endorsed by the European Union by December 31, 2025, and whose impact could be relevant:
Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments (issued in May 2024)
New standard IFRS 19: Subsidiaries without public accountability: disclosures (issued in May 2024)*
Amendments to IFRS 19: Subsidiaries without public accountability: disclosures (issued in August 2025)*
New standard IFRS 18: Presentation and disclosures in the financial statements (issued April 2024)
Amendments to IFRS 9 and IFRS 7: Renewable Electricity Contracts (issued December 2024)
Annual Improvements \u2013 Volume 11 (issued July 2024)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Translation to a Presentation Currency of a Hyperinflationary Economy (issued November 2025)*
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 (applicable from 1 January 2027), for which TINC is currently analyzing the potential impact.
*Not yet endorsed by the European Union by December 31, 2025
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 12-month financial year ending December 31, 2025, 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 a 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 (\u2018Financial Fixed Assets\u2019) for more information around valuation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20": { "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 provit or loss in accordance with IFRS 9 Financial Instruments.
The fair value of the 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 Fair Value (\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 of 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 future cash flows per participation, and linked to this, the expected long-term future 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 the 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. 93) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__21-1": { "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 provit or loss in accordance with IFRS 9 Financial Instruments.
The fair value of the 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 Fair Value (\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 of 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 future cash flows per participation, and linked to this, the expected long-term future 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 the 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. 93) 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 products are shown at face value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__23-1": { "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 provit or loss in accordance with IFRS 9 Financial Instruments.
The fair value of the 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 Fair Value (\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 of 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 future cash flows per participation, and linked to this, the expected long-term future 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 the 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. 93) 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 products are shown at face value.
h) Financial liabilities
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__24": { "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 provit or loss in accordance with IFRS 9 Financial Instruments.
The fair value of the 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 Fair Value (\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 of 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 future cash flows per participation, and linked to this, the expected long-term future 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 the 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. 93) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__22": { "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 of 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 future cash flows per participation, and linked to this, the expected long-term future 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 the 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. 93) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "d) Other non-current and current assets
Other non-current and current assets are measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "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 products are shown at face value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__33": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__34": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__35": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__36": { "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, 2025
New and amended Standards and Interpretations addopted by TINC
TINC has addopted 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, 2025. TINC has not applied any new IFRS guidance that is not yet effective as of December 31, 2025.
The following new and revised Standards and Interpretations issued by the IASB and the IFRIC, as endorsed by the European Union, are effective for the current financial year:
Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of Convertibility (issued in August 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, 2025 and/or not yet endorsed by the European Union by December 31, 2025, and whose impact could be relevant:
Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments (issued in May 2024)
New standard IFRS 19: Subsidiaries without public accountability: disclosures (issued in May 2024)*
Amendments to IFRS 19: Subsidiaries without public accountability: disclosures (issued in August 2025)*
New standard IFRS 18: Presentation and disclosures in the financial statements (issued April 2024)
Amendments to IFRS 9 and IFRS 7: Renewable Electricity Contracts (issued December 2024)
Annual Improvements \u2013 Volume 11 (issued July 2024)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Translation to a Presentation Currency of a Hyperinflationary Economy (issued November 2025)*
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 (applicable from 1 January 2027), for which TINC is currently analyzing the potential impact.
*Not yet endorsed by the European Union by December 31, 2025
8\tKey judgements and assessments
The preparation of consolidated financial statements involves making estimates and assumptions that affect financial statement amounts.
The significant judgements 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).
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).
8\tKey judgements and assessments
The preparation of consolidated financial statements involves making estimates and assumptions that affect financial statement amounts.
The significant judgements 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).
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).
9\tOverview of participations
Financial investments of TINC
TINC is an investment company with 33 participating interests.
Portfolio company | Country | Type | Project Infrastructure/ Corporate Infrastructure | Stake | Change compared to December 31. 2024 | 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% | 0.00% | In realisation |
L\u2019Hourgnette | BE | Equity (+SHL) | Project Infrastructure | 81.00% | 0.00% | Operational |
SPI.R0 | BE | Equity | Project Infrastructure | 45.00% | 0.00% | 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 | IRE | 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. |
*SHL: Shareholder loan
Portfolio company | Country | Type | Project Infrastructure/ Corporate Infrastructure | Stake | Change compared to December 31. 2024 | Status |
Kreekraksluis | NL | Equity (+SHL) | Project Infrastructure | 43.65% | 0.00% | Operational |
Sunroof | BE | Equity | Project Infrastructure | 50.00% | 0.00% | Operational |
Mufasa | NL | Equity | Project Infrastructure | 36.67% | 36.67% | In realisation |
Zelfstroom Invest | NL | Equity | Project Infrastructure | 90.00% | 0.00% | Oper. / In Real. |
Digital Infrastructure | ||||||
Glasdraad | NL | Equity | Corporate Infrastructure | 50.01% | 0.00% | Oper. / In Real. |
Datacenter United | BE | Equity (+SHL) | Corporate Infrastructure | 47.50% | -27.50% | Operational |
NGE Fibre | FR | Equity | Project Infrastructure | 7.26% | 0.00% | Operational |
Social Infrastructure | ||||||
Azulatis | BE | Equity | Corporate Infrastructure | 49.00% | 49.00% | Operational |
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 |
Interparking | BE | Equity | Corporate Infrastructure | 2.03% | 2.03% | 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. |
*SHL: shareholder loan
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, Ireland | 100% | - | 100% | - |
Comhar Housing Limited | Dublin, Ireland | 100% | - | 100% | - |
DG Infra+ Parkinvest BV | The Hague, the Netherlands | 100% | - | 100% | - |
Eemplein Parkeergarage BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind Holding BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind BV | The Hague, the Netherlands | 100% | - | 100% | - |
Lowtide NV | Antwerp, Belgium | 100% | - | 100% | - |
Hightide NV | Antwerp, Belgium | 100% | - | 100% | - |
Silvius NV | Antwerp, Belgium | 100% | - | 100% | - |
Simba Invest | Antwerp, Belgium | 100% | 100% | 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 subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
A-Lanes A15 Holding BV | Nieuwegein, the Netherlands | Shared decision-making rights | 24.00% | - | 24.00% | - |
Azulatis NV | Deerlijk, Belgium | Shared decision-making rights | 49.00% | 49.00% | 49.00% | 49.00% |
Brabo I | Antwerp, Belgium | Shared decision-making rights | 52.00% | - | 52.00% | - |
Non-consolidated subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
DCU Invest NV | Antwerp, Belgium | Shared decision-making rights | 75.00% | - | 75.00% | - |
De Haan Vakantiehuizen NV | Sint-Lambrechts Woluve, Belgium | Shared decision-making rights | 12.50% | - | 12.50% | - |
G.P. Invest BV | The Hague, the Netherlands | Shared decision-making rights | 62.50% | - | 62.50% | - |
GlasDraad BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | 50.00% | - | |
Hortus Conclusus NV | Aalst, Belgium | Shared decision-making rights | 50.00% | 50.00% | 50.00% | 50.00% |
L'Hourgnette NV | Sint-Gillis, Belgium | Shared decision-making rights | 81.00% | - | 81.00% | - |
De Ruyter Energy Holding BV | Amsterdam, the Netherlands | Shared decision-making rights | 36.67% | 36.67% | 36.67% | 36.67% |
Obelisc NV | Zwijnaarde, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SPI.R0 Holdco NV | Aalst, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SAS Invest BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | - | 50.00% | - |
Solar Finance NV | Antwerp, Belgium | Shared decision-making rights | 87.43% | - | 87.43% | - |
Storm Holding 4 NV | Antwerp, Belgium | Shared decision-making rights | 95.60% | - | 95.60% | - |
Storm Holding 5 NV | Antwerp, Belgium | Shared decision-making rights | 45.00% | - | 45.00% | - |
Sunroof BV | Antwerp, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
T&D Invest NV | Antwerp, Belgium | Shared decision-making rights | 67.50% | - | 67.50% | - |
Via Brugge NV | Aalst, Belgium | Shared decision-making rights | 64.37% | - | 64.37% | - |
Via A11 NV | Aalst, Belgium | Shared decision-making rights | 39.05% | - | 39.05% | - |
Via R4-Gent NV | Brussel, Belgium | Shared decision-making rights | 74.99% | - | 74.99% | - |
Windpark Kreekraksluis Holding BV | The Hague, The Netherlands | Shared decision-making rights | 43.65% | - | 43.65% | - |
Yally NV | Antwerp, Belgium | Shared decision-making rights | 66.67% | - | 66.67% | - |
Zelfstroom Invest BV | s-Hertogenbosch, The Netherlands | 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 |
An overview of the contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in note 23: 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 company 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 the 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. 2025. 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. Prinses Beatrixsluis. Brabo I. Social Housing Ireland. Higher Education Buildings. Via R4-Gent. 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.
Mufasa 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. Azulatis. Interparking 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 129 lists for each participation whether it is project or corporate infrastructure. respectively.
Evolution over financial year 2025 by segment Period ending at December 31, 2025 (audited) (\u20ac) | Public infrastructure | Energy infrastructure | Digital infrastructure | Social Infrastructure | Business Services & General | Total |
Interest income | 5,106,826 | 3,088,188 | 870,622 | 379,902 | - | 9,445,537 |
Dividend income | 6,030,123 | 7,762,023 | 417,973 | 2,333,750 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - | - |
Unrealised gains (losses) on investments | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | - | 23,807,904 |
Revenue | 917,367 | 305,684 | 245,764 | 90,500 | - | 1,559,316 |
Portfolio result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | - | - | 352 | 352 |
Total consolidated income | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||||
Assets | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 3,576,567 | 716,800,639 |
Equity and Liabilities | - | - | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||||
Cashflow | 12,854,573 | 11,380,084 | 45,979,798 | 5,547,639 | - | 75,762,094 |
Cash-income | 11,584,243 | 10,668,849 | 2,979,535 | 2,847,639 | - | 28,080,265 |
Repayments and divestments | 1,270,330 | 711,235 | 43,000,264 | 2,700,000 | - | 47,681,828 |
Evolution over financial year 2024 by segment Period ending at December 31, 2024 (\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 2025 by geographic location Period ending at December 31, 2025 (audited) (\u20ac) | Belgium | the Netherlands | Ireland | France | Total |
Interest income | 7,736,350 | 1,709,187 | - | - | 9,445,537 |
Dividend income | 11,073,685 | 2,409,703 | 2,642,508 | 417,973 | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - |
Unrealised gains (losses) on investments | 3,646,810 | 19,888,705 | (1,091,367) | 1,363,756 | 23,807,904 |
Revenue | 784,209 | 157,537 | 617,570 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,241,054 | 24,165,132 | 2,168,711 | 1,781,729 | 51,356,626 |
Selling, General & Administrative Expenses | (7,438,569) | - | - | - | (7,438,569) |
Depreciations and amortizations | (3,404) | - | - | - | (3,404) |
Other operating expenses | (634,028) | - | - | - | (634,028) |
Operational result, profit (loss) | 15,165,052 | 24,165,132 | 2,168,711 | 1,781,729 | 43,280,625 |
Financial result (-) | (2,663,825) | - | - | - | (2,663,825) |
Tax expenses (-) | 352 | - | - | - | 352 |
Total consolidated income | 12,501,580 | 24,165,132 | 2,168,711 | 1,781,729 | 40,617,152 |
Assets, Equity and Liabilites | |||||
Assets | 426,325,498 | 247,728,379 | 21,847,621 | 20,899,141 | 716,800,639 |
Equity and Liabilities | 716,800,639 | - | - | - | 716,800,639 |
Other segment information | |||||
Cashflow | 61,139,502 | 5,679,213 | 3,775,406 | 5,167,973 | 75,762,094 |
Cash-income | 20,104,800 | 4,297,414 | 3,260,078 | 417,973 | 28,080,265 |
Repayments and divestments | 41,034,702 | 1,381,798 | 515,328 | 4,750,000 | 47,681,828 |
Evolution over the financial year 2024 by geographic location Period ending at December 31, 2024 (\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 2025 by infrastructure type Period ending at December 31, 2025 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | Business Services & General | Total |
Interest income | 6,467,392 | 2,978,144 | - | 9,445,537 |
Dividend income | 14,518,870 | 2,025,000 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - |
Unrealised gains (losses) on investments | 1,340,792 | 22,467,112 | - | 23,807,904 |
Revenue | 1,293,551 | 265,764 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,620,605 | 27,736,021 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 23,620,605 | 27,736,021 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | 352 | 352 |
Total consolidated income | 23,620,605 | 27,736,021 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||
Assets | 369,580,877 | 343,643,196 | 3,576,566 | 716,800,639 |
Equity and Liabilities | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||
Cashflow | 32,905,269 | 42,856,825 | - | 75,762,094 |
Cash-income | 23,473,704 | 4,606,562 | - | 28,080,265 |
Repayments and divestments | 9,431,565 | 38,250,264 | - | 47,681,828 |
Evolution over financial year 2024 by infrastructure type Period ending at December 31, 2024 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | 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 |
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, Ireland | 100% | - | 100% | - |
Comhar Housing Limited | Dublin, Ireland | 100% | - | 100% | - |
DG Infra+ Parkinvest BV | The Hague, the Netherlands | 100% | - | 100% | - |
Eemplein Parkeergarage BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind Holding BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind BV | The Hague, the Netherlands | 100% | - | 100% | - |
Lowtide NV | Antwerp, Belgium | 100% | - | 100% | - |
Hightide NV | Antwerp, Belgium | 100% | - | 100% | - |
Silvius NV | Antwerp, Belgium | 100% | - | 100% | - |
Simba Invest | Antwerp, Belgium | 100% | 100% | 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 subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
A-Lanes A15 Holding BV | Nieuwegein, the Netherlands | Shared decision-making rights | 24.00% | - | 24.00% | - |
Azulatis NV | Deerlijk, Belgium | Shared decision-making rights | 49.00% | 49.00% | 49.00% | 49.00% |
Brabo I | Antwerp, Belgium | Shared decision-making rights | 52.00% | - | 52.00% | - |
Non-consolidated subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
DCU Invest NV | Antwerp, Belgium | Shared decision-making rights | 75.00% | - | 75.00% | - |
De Haan Vakantiehuizen NV | Sint-Lambrechts Woluve, Belgium | Shared decision-making rights | 12.50% | - | 12.50% | - |
G.P. Invest BV | The Hague, the Netherlands | Shared decision-making rights | 62.50% | - | 62.50% | - |
GlasDraad BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | 50.00% | - | |
Hortus Conclusus NV | Aalst, Belgium | Shared decision-making rights | 50.00% | 50.00% | 50.00% | 50.00% |
L'Hourgnette NV | Sint-Gillis, Belgium | Shared decision-making rights | 81.00% | - | 81.00% | - |
De Ruyter Energy Holding BV | Amsterdam, the Netherlands | Shared decision-making rights | 36.67% | 36.67% | 36.67% | 36.67% |
Obelisc NV | Zwijnaarde, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SPI.R0 Holdco NV | Aalst, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SAS Invest BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | - | 50.00% | - |
Solar Finance NV | Antwerp, Belgium | Shared decision-making rights | 87.43% | - | 87.43% | - |
Storm Holding 4 NV | Antwerp, Belgium | Shared decision-making rights | 95.60% | - | 95.60% | - |
Storm Holding 5 NV | Antwerp, Belgium | Shared decision-making rights | 45.00% | - | 45.00% | - |
Sunroof BV | Antwerp, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
T&D Invest NV | Antwerp, Belgium | Shared decision-making rights | 67.50% | - | 67.50% | - |
Via Brugge NV | Aalst, Belgium | Shared decision-making rights | 64.37% | - | 64.37% | - |
Via A11 NV | Aalst, Belgium | Shared decision-making rights | 39.05% | - | 39.05% | - |
Via R4-Gent NV | Brussel, Belgium | Shared decision-making rights | 74.99% | - | 74.99% | - |
Windpark Kreekraksluis Holding BV | The Hague, The Netherlands | Shared decision-making rights | 43.65% | - | 43.65% | - |
Yally NV | Antwerp, Belgium | Shared decision-making rights | 66.67% | - | 66.67% | - |
Zelfstroom Invest BV | s-Hertogenbosch, The Netherlands | 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 |
An overview of the contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in note 23: 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 company 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 the 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. 2025. 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. Prinses Beatrixsluis. Brabo I. Social Housing Ireland. Higher Education Buildings. Via R4-Gent. 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.
Mufasa 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. Azulatis. Interparking 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 129 lists for each participation whether it is project or corporate infrastructure. respectively.
Evolution over financial year 2025 by segment Period ending at December 31, 2025 (audited) (\u20ac) | Public infrastructure | Energy infrastructure | Digital infrastructure | Social Infrastructure | Business Services & General | Total |
Interest income | 5,106,826 | 3,088,188 | 870,622 | 379,902 | - | 9,445,537 |
Dividend income | 6,030,123 | 7,762,023 | 417,973 | 2,333,750 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - | - |
Unrealised gains (losses) on investments | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | - | 23,807,904 |
Revenue | 917,367 | 305,684 | 245,764 | 90,500 | - | 1,559,316 |
Portfolio result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | - | - | 352 | 352 |
Total consolidated income | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||||
Assets | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 3,576,567 | 716,800,639 |
Equity and Liabilities | - | - | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||||
Cashflow | 12,854,573 | 11,380,084 | 45,979,798 | 5,547,639 | - | 75,762,094 |
Cash-income | 11,584,243 | 10,668,849 | 2,979,535 | 2,847,639 | - | 28,080,265 |
Repayments and divestments | 1,270,330 | 711,235 | 43,000,264 | 2,700,000 | - | 47,681,828 |
Evolution over financial year 2024 by segment Period ending at December 31, 2024 (\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 2025 by geographic location Period ending at December 31, 2025 (audited) (\u20ac) | Belgium | the Netherlands | Ireland | France | Total |
Interest income | 7,736,350 | 1,709,187 | - | - | 9,445,537 |
Dividend income | 11,073,685 | 2,409,703 | 2,642,508 | 417,973 | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - |
Unrealised gains (losses) on investments | 3,646,810 | 19,888,705 | (1,091,367) | 1,363,756 | 23,807,904 |
Revenue | 784,209 | 157,537 | 617,570 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,241,054 | 24,165,132 | 2,168,711 | 1,781,729 | 51,356,626 |
Selling, General & Administrative Expenses | (7,438,569) | - | - | - | (7,438,569) |
Depreciations and amortizations | (3,404) | - | - | - | (3,404) |
Other operating expenses | (634,028) | - | - | - | (634,028) |
Operational result, profit (loss) | 15,165,052 | 24,165,132 | 2,168,711 | 1,781,729 | 43,280,625 |
Financial result (-) | (2,663,825) | - | - | - | (2,663,825) |
Tax expenses (-) | 352 | - | - | - | 352 |
Total consolidated income | 12,501,580 | 24,165,132 | 2,168,711 | 1,781,729 | 40,617,152 |
Assets, Equity and Liabilites | |||||
Assets | 426,325,498 | 247,728,379 | 21,847,621 | 20,899,141 | 716,800,639 |
Equity and Liabilities | 716,800,639 | - | - | - | 716,800,639 |
Other segment information | |||||
Cashflow | 61,139,502 | 5,679,213 | 3,775,406 | 5,167,973 | 75,762,094 |
Cash-income | 20,104,800 | 4,297,414 | 3,260,078 | 417,973 | 28,080,265 |
Repayments and divestments | 41,034,702 | 1,381,798 | 515,328 | 4,750,000 | 47,681,828 |
Evolution over the financial year 2024 by geographic location Period ending at December 31, 2024 (\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 2025 by infrastructure type Period ending at December 31, 2025 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | Business Services & General | Total |
Interest income | 6,467,392 | 2,978,144 | - | 9,445,537 |
Dividend income | 14,518,870 | 2,025,000 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - |
Unrealised gains (losses) on investments | 1,340,792 | 22,467,112 | - | 23,807,904 |
Revenue | 1,293,551 | 265,764 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,620,605 | 27,736,021 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 23,620,605 | 27,736,021 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | 352 | 352 |
Total consolidated income | 23,620,605 | 27,736,021 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||
Assets | 369,580,877 | 343,643,196 | 3,576,566 | 716,800,639 |
Equity and Liabilities | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||
Cashflow | 32,905,269 | 42,856,825 | - | 75,762,094 |
Cash-income | 23,473,704 | 4,606,562 | - | 28,080,265 |
Repayments and divestments | 9,431,565 | 38,250,264 | - | 47,681,828 |
Evolution over financial year 2024 by infrastructure type Period ending at December 31, 2024 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | 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 |
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, Ireland | 100% | - | 100% | - |
Comhar Housing Limited | Dublin, Ireland | 100% | - | 100% | - |
DG Infra+ Parkinvest BV | The Hague, the Netherlands | 100% | - | 100% | - |
Eemplein Parkeergarage BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind Holding BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind BV | The Hague, the Netherlands | 100% | - | 100% | - |
Lowtide NV | Antwerp, Belgium | 100% | - | 100% | - |
Hightide NV | Antwerp, Belgium | 100% | - | 100% | - |
Silvius NV | Antwerp, Belgium | 100% | - | 100% | - |
Simba Invest | Antwerp, Belgium | 100% | 100% | 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 subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
A-Lanes A15 Holding BV | Nieuwegein, the Netherlands | Shared decision-making rights | 24.00% | - | 24.00% | - |
Azulatis NV | Deerlijk, Belgium | Shared decision-making rights | 49.00% | 49.00% | 49.00% | 49.00% |
Brabo I | Antwerp, Belgium | Shared decision-making rights | 52.00% | - | 52.00% | - |
Non-consolidated subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
DCU Invest NV | Antwerp, Belgium | Shared decision-making rights | 75.00% | - | 75.00% | - |
De Haan Vakantiehuizen NV | Sint-Lambrechts Woluve, Belgium | Shared decision-making rights | 12.50% | - | 12.50% | - |
G.P. Invest BV | The Hague, the Netherlands | Shared decision-making rights | 62.50% | - | 62.50% | - |
GlasDraad BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | 50.00% | - | |
Hortus Conclusus NV | Aalst, Belgium | Shared decision-making rights | 50.00% | 50.00% | 50.00% | 50.00% |
L'Hourgnette NV | Sint-Gillis, Belgium | Shared decision-making rights | 81.00% | - | 81.00% | - |
De Ruyter Energy Holding BV | Amsterdam, the Netherlands | Shared decision-making rights | 36.67% | 36.67% | 36.67% | 36.67% |
Obelisc NV | Zwijnaarde, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SPI.R0 Holdco NV | Aalst, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SAS Invest BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | - | 50.00% | - |
Solar Finance NV | Antwerp, Belgium | Shared decision-making rights | 87.43% | - | 87.43% | - |
Storm Holding 4 NV | Antwerp, Belgium | Shared decision-making rights | 95.60% | - | 95.60% | - |
Storm Holding 5 NV | Antwerp, Belgium | Shared decision-making rights | 45.00% | - | 45.00% | - |
Sunroof BV | Antwerp, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
T&D Invest NV | Antwerp, Belgium | Shared decision-making rights | 67.50% | - | 67.50% | - |
Via Brugge NV | Aalst, Belgium | Shared decision-making rights | 64.37% | - | 64.37% | - |
Via A11 NV | Aalst, Belgium | Shared decision-making rights | 39.05% | - | 39.05% | - |
Via R4-Gent NV | Brussel, Belgium | Shared decision-making rights | 74.99% | - | 74.99% | - |
Windpark Kreekraksluis Holding BV | The Hague, The Netherlands | Shared decision-making rights | 43.65% | - | 43.65% | - |
Yally NV | Antwerp, Belgium | Shared decision-making rights | 66.67% | - | 66.67% | - |
Zelfstroom Invest BV | s-Hertogenbosch, The Netherlands | 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 |
An overview of the contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in note 23: 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 company 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 the 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. 2025. 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. Prinses Beatrixsluis. Brabo I. Social Housing Ireland. Higher Education Buildings. Via R4-Gent. 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.
Mufasa 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. Azulatis. Interparking 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 129 lists for each participation whether it is project or corporate infrastructure. respectively.
Evolution over financial year 2025 by segment Period ending at December 31, 2025 (audited) (\u20ac) | Public infrastructure | Energy infrastructure | Digital infrastructure | Social Infrastructure | Business Services & General | Total |
Interest income | 5,106,826 | 3,088,188 | 870,622 | 379,902 | - | 9,445,537 |
Dividend income | 6,030,123 | 7,762,023 | 417,973 | 2,333,750 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - | - |
Unrealised gains (losses) on investments | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | - | 23,807,904 |
Revenue | 917,367 | 305,684 | 245,764 | 90,500 | - | 1,559,316 |
Portfolio result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | - | - | 352 | 352 |
Total consolidated income | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||||
Assets | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 3,576,567 | 716,800,639 |
Equity and Liabilities | - | - | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||||
Cashflow | 12,854,573 | 11,380,084 | 45,979,798 | 5,547,639 | - | 75,762,094 |
Cash-income | 11,584,243 | 10,668,849 | 2,979,535 | 2,847,639 | - | 28,080,265 |
Repayments and divestments | 1,270,330 | 711,235 | 43,000,264 | 2,700,000 | - | 47,681,828 |
Evolution over financial year 2024 by segment Period ending at December 31, 2024 (\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 2025 by geographic location Period ending at December 31, 2025 (audited) (\u20ac) | Belgium | the Netherlands | Ireland | France | Total |
Interest income | 7,736,350 | 1,709,187 | - | - | 9,445,537 |
Dividend income | 11,073,685 | 2,409,703 | 2,642,508 | 417,973 | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - |
Unrealised gains (losses) on investments | 3,646,810 | 19,888,705 | (1,091,367) | 1,363,756 | 23,807,904 |
Revenue | 784,209 | 157,537 | 617,570 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,241,054 | 24,165,132 | 2,168,711 | 1,781,729 | 51,356,626 |
Selling, General & Administrative Expenses | (7,438,569) | - | - | - | (7,438,569) |
Depreciations and amortizations | (3,404) | - | - | - | (3,404) |
Other operating expenses | (634,028) | - | - | - | (634,028) |
Operational result, profit (loss) | 15,165,052 | 24,165,132 | 2,168,711 | 1,781,729 | 43,280,625 |
Financial result (-) | (2,663,825) | - | - | - | (2,663,825) |
Tax expenses (-) | 352 | - | - | - | 352 |
Total consolidated income | 12,501,580 | 24,165,132 | 2,168,711 | 1,781,729 | 40,617,152 |
Assets, Equity and Liabilites | |||||
Assets | 426,325,498 | 247,728,379 | 21,847,621 | 20,899,141 | 716,800,639 |
Equity and Liabilities | 716,800,639 | - | - | - | 716,800,639 |
Other segment information | |||||
Cashflow | 61,139,502 | 5,679,213 | 3,775,406 | 5,167,973 | 75,762,094 |
Cash-income | 20,104,800 | 4,297,414 | 3,260,078 | 417,973 | 28,080,265 |
Repayments and divestments | 41,034,702 | 1,381,798 | 515,328 | 4,750,000 | 47,681,828 |
Evolution over the financial year 2024 by geographic location Period ending at December 31, 2024 (\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 2025 by infrastructure type Period ending at December 31, 2025 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | Business Services & General | Total |
Interest income | 6,467,392 | 2,978,144 | - | 9,445,537 |
Dividend income | 14,518,870 | 2,025,000 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - |
Unrealised gains (losses) on investments | 1,340,792 | 22,467,112 | - | 23,807,904 |
Revenue | 1,293,551 | 265,764 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,620,605 | 27,736,021 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 23,620,605 | 27,736,021 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | 352 | 352 |
Total consolidated income | 23,620,605 | 27,736,021 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||
Assets | 369,580,877 | 343,643,196 | 3,576,566 | 716,800,639 |
Equity and Liabilities | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||
Cashflow | 32,905,269 | 42,856,825 | - | 75,762,094 |
Cash-income | 23,473,704 | 4,606,562 | - | 28,080,265 |
Repayments and divestments | 9,431,565 | 38,250,264 | - | 47,681,828 |
Evolution over financial year 2024 by infrastructure type Period ending at December 31, 2024 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | 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 |
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, Ireland | 100% | - | 100% | - |
Comhar Housing Limited | Dublin, Ireland | 100% | - | 100% | - |
DG Infra+ Parkinvest BV | The Hague, the Netherlands | 100% | - | 100% | - |
Eemplein Parkeergarage BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind Holding BV | The Hague, the Netherlands | 100% | - | 100% | - |
Kroningswind BV | The Hague, the Netherlands | 100% | - | 100% | - |
Lowtide NV | Antwerp, Belgium | 100% | - | 100% | - |
Hightide NV | Antwerp, Belgium | 100% | - | 100% | - |
Silvius NV | Antwerp, Belgium | 100% | - | 100% | - |
Simba Invest | Antwerp, Belgium | 100% | 100% | 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 subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
A-Lanes A15 Holding BV | Nieuwegein, the Netherlands | Shared decision-making rights | 24.00% | - | 24.00% | - |
Azulatis NV | Deerlijk, Belgium | Shared decision-making rights | 49.00% | 49.00% | 49.00% | 49.00% |
Brabo I | Antwerp, Belgium | Shared decision-making rights | 52.00% | - | 52.00% | - |
Non-consolidated subsidiary | City/country | Nature of the relationship | % participation | Change vs. previous year | % voting rights | Change vs. previous year |
DCU Invest NV | Antwerp, Belgium | Shared decision-making rights | 75.00% | - | 75.00% | - |
De Haan Vakantiehuizen NV | Sint-Lambrechts Woluve, Belgium | Shared decision-making rights | 12.50% | - | 12.50% | - |
G.P. Invest BV | The Hague, the Netherlands | Shared decision-making rights | 62.50% | - | 62.50% | - |
GlasDraad BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | 50.00% | - | |
Hortus Conclusus NV | Aalst, Belgium | Shared decision-making rights | 50.00% | 50.00% | 50.00% | 50.00% |
L'Hourgnette NV | Sint-Gillis, Belgium | Shared decision-making rights | 81.00% | - | 81.00% | - |
De Ruyter Energy Holding BV | Amsterdam, the Netherlands | Shared decision-making rights | 36.67% | 36.67% | 36.67% | 36.67% |
Obelisc NV | Zwijnaarde, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SPI.R0 Holdco NV | Aalst, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
SAS Invest BV | The Hague, the Netherlands | Shared decision-making rights | 50.00% | - | 50.00% | - |
Solar Finance NV | Antwerp, Belgium | Shared decision-making rights | 87.43% | - | 87.43% | - |
Storm Holding 4 NV | Antwerp, Belgium | Shared decision-making rights | 95.60% | - | 95.60% | - |
Storm Holding 5 NV | Antwerp, Belgium | Shared decision-making rights | 45.00% | - | 45.00% | - |
Sunroof BV | Antwerp, Belgium | Shared decision-making rights | 50.00% | - | 50.00% | - |
T&D Invest NV | Antwerp, Belgium | Shared decision-making rights | 67.50% | - | 67.50% | - |
Via Brugge NV | Aalst, Belgium | Shared decision-making rights | 64.37% | - | 64.37% | - |
Via A11 NV | Aalst, Belgium | Shared decision-making rights | 39.05% | - | 39.05% | - |
Via R4-Gent NV | Brussel, Belgium | Shared decision-making rights | 74.99% | - | 74.99% | - |
Windpark Kreekraksluis Holding BV | The Hague, The Netherlands | Shared decision-making rights | 43.65% | - | 43.65% | - |
Yally NV | Antwerp, Belgium | Shared decision-making rights | 66.67% | - | 66.67% | - |
Zelfstroom Invest BV | s-Hertogenbosch, The Netherlands | 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 |
An overview of the contractual obligations or current investment commitments to provide financial or other support to its subsidiaries and associates is provided in note 23: 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 company 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 the 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. 2025. 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. Prinses Beatrixsluis. Brabo I. Social Housing Ireland. Higher Education Buildings. Via R4-Gent. 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.
Mufasa 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. Azulatis. Interparking 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 129 lists for each participation whether it is project or corporate infrastructure. respectively.
Evolution over financial year 2025 by segment Period ending at December 31, 2025 (audited) (\u20ac) | Public infrastructure | Energy infrastructure | Digital infrastructure | Social Infrastructure | Business Services & General | Total |
Interest income | 5,106,826 | 3,088,188 | 870,622 | 379,902 | - | 9,445,537 |
Dividend income | 6,030,123 | 7,762,023 | 417,973 | 2,333,750 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - | - |
Unrealised gains (losses) on investments | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | - | 23,807,904 |
Revenue | 917,367 | 305,684 | 245,764 | 90,500 | - | 1,559,316 |
Portfolio result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | - | - | 352 | 352 |
Total consolidated income | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||||
Assets | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 3,576,567 | 716,800,639 |
Equity and Liabilities | - | - | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||||
Cashflow | 12,854,573 | 11,380,084 | 45,979,798 | 5,547,639 | - | 75,762,094 |
Cash-income | 11,584,243 | 10,668,849 | 2,979,535 | 2,847,639 | - | 28,080,265 |
Repayments and divestments | 1,270,330 | 711,235 | 43,000,264 | 2,700,000 | - | 47,681,828 |
Evolution over financial year 2024 by segment Period ending at December 31, 2024 (\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 2025 by geographic location Period ending at December 31, 2025 (audited) (\u20ac) | Belgium | the Netherlands | Ireland | France | Total |
Interest income | 7,736,350 | 1,709,187 | - | - | 9,445,537 |
Dividend income | 11,073,685 | 2,409,703 | 2,642,508 | 417,973 | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - |
Unrealised gains (losses) on investments | 3,646,810 | 19,888,705 | (1,091,367) | 1,363,756 | 23,807,904 |
Revenue | 784,209 | 157,537 | 617,570 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,241,054 | 24,165,132 | 2,168,711 | 1,781,729 | 51,356,626 |
Selling, General & Administrative Expenses | (7,438,569) | - | - | - | (7,438,569) |
Depreciations and amortizations | (3,404) | - | - | - | (3,404) |
Other operating expenses | (634,028) | - | - | - | (634,028) |
Operational result, profit (loss) | 15,165,052 | 24,165,132 | 2,168,711 | 1,781,729 | 43,280,625 |
Financial result (-) | (2,663,825) | - | - | - | (2,663,825) |
Tax expenses (-) | 352 | - | - | - | 352 |
Total consolidated income | 12,501,580 | 24,165,132 | 2,168,711 | 1,781,729 | 40,617,152 |
Assets, Equity and Liabilites | |||||
Assets | 426,325,498 | 247,728,379 | 21,847,621 | 20,899,141 | 716,800,639 |
Equity and Liabilities | 716,800,639 | - | - | - | 716,800,639 |
Other segment information | |||||
Cashflow | 61,139,502 | 5,679,213 | 3,775,406 | 5,167,973 | 75,762,094 |
Cash-income | 20,104,800 | 4,297,414 | 3,260,078 | 417,973 | 28,080,265 |
Repayments and divestments | 41,034,702 | 1,381,798 | 515,328 | 4,750,000 | 47,681,828 |
Evolution over the financial year 2024 by geographic location Period ending at December 31, 2024 (\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 2025 by infrastructure type Period ending at December 31, 2025 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | Business Services & General | Total |
Interest income | 6,467,392 | 2,978,144 | - | 9,445,537 |
Dividend income | 14,518,870 | 2,025,000 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - |
Unrealised gains (losses) on investments | 1,340,792 | 22,467,112 | - | 23,807,904 |
Revenue | 1,293,551 | 265,764 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,620,605 | 27,736,021 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 23,620,605 | 27,736,021 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | 352 | 352 |
Total consolidated income | 23,620,605 | 27,736,021 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||
Assets | 369,580,877 | 343,643,196 | 3,576,566 | 716,800,639 |
Equity and Liabilities | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||
Cashflow | 32,905,269 | 42,856,825 | - | 75,762,094 |
Cash-income | 23,473,704 | 4,606,562 | - | 28,080,265 |
Repayments and divestments | 9,431,565 | 38,250,264 | - | 47,681,828 |
Evolution over financial year 2024 by infrastructure type Period ending at December 31, 2024 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | 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 |
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. Prinses Beatrixsluis. Brabo I. Social Housing Ireland. Higher Education Buildings. Via R4-Gent. 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.
Mufasa 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. Azulatis. Interparking 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 129 lists for each participation whether it is project or corporate infrastructure. respectively.
Evolution over financial year 2025 by segment Period ending at December 31, 2025 (audited) (\u20ac) | Public infrastructure | Energy infrastructure | Digital infrastructure | Social Infrastructure | Business Services & General | Total |
Interest income | 5,106,826 | 3,088,188 | 870,622 | 379,902 | - | 9,445,537 |
Dividend income | 6,030,123 | 7,762,023 | 417,973 | 2,333,750 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - | - |
Unrealised gains (losses) on investments | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | - | 23,807,904 |
Revenue | 917,367 | 305,684 | 245,764 | 90,500 | - | 1,559,316 |
Portfolio result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | - | - | 352 | 352 |
Total consolidated income | 10,465,422 | 7,402,662 | 19,596,422 | 13,892,120 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||||
Assets | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 3,576,567 | 716,800,639 |
Equity and Liabilities | - | - | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||||
Cashflow | 12,854,573 | 11,380,084 | 45,979,798 | 5,547,639 | - | 75,762,094 |
Cash-income | 11,584,243 | 10,668,849 | 2,979,535 | 2,847,639 | - | 28,080,265 |
Repayments and divestments | 1,270,330 | 711,235 | 43,000,264 | 2,700,000 | - | 47,681,828 |
Evolution over financial year 2024 by segment Period ending at December 31, 2024 (\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 2025 by geographic location Period ending at December 31, 2025 (audited) (\u20ac) | Belgium | the Netherlands | Ireland | France | Total |
Interest income | 7,736,350 | 1,709,187 | - | - | 9,445,537 |
Dividend income | 11,073,685 | 2,409,703 | 2,642,508 | 417,973 | 16,543,870 |
Gain on disposal of investments | - | - | - | - | - |
Unrealised gains (losses) on investments | 3,646,810 | 19,888,705 | (1,091,367) | 1,363,756 | 23,807,904 |
Revenue | 784,209 | 157,537 | 617,570 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,241,054 | 24,165,132 | 2,168,711 | 1,781,729 | 51,356,626 |
Selling, General & Administrative Expenses | (7,438,569) | - | - | - | (7,438,569) |
Depreciations and amortizations | (3,404) | - | - | - | (3,404) |
Other operating expenses | (634,028) | - | - | - | (634,028) |
Operational result, profit (loss) | 15,165,052 | 24,165,132 | 2,168,711 | 1,781,729 | 43,280,625 |
Financial result (-) | (2,663,825) | - | - | - | (2,663,825) |
Tax expenses (-) | 352 | - | - | - | 352 |
Total consolidated income | 12,501,580 | 24,165,132 | 2,168,711 | 1,781,729 | 40,617,152 |
Assets, Equity and Liabilites | |||||
Assets | 426,325,498 | 247,728,379 | 21,847,621 | 20,899,141 | 716,800,639 |
Equity and Liabilities | 716,800,639 | - | - | - | 716,800,639 |
Other segment information | |||||
Cashflow | 61,139,502 | 5,679,213 | 3,775,406 | 5,167,973 | 75,762,094 |
Cash-income | 20,104,800 | 4,297,414 | 3,260,078 | 417,973 | 28,080,265 |
Repayments and divestments | 41,034,702 | 1,381,798 | 515,328 | 4,750,000 | 47,681,828 |
Evolution over the financial year 2024 by geographic location Period ending at December 31, 2024 (\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 2025 by infrastructure type Period ending at December 31, 2025 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | Business Services & General | Total |
Interest income | 6,467,392 | 2,978,144 | - | 9,445,537 |
Dividend income | 14,518,870 | 2,025,000 | - | 16,543,870 |
Gain on disposal of investments | - | - | - | - |
Unrealised gains (losses) on investments | 1,340,792 | 22,467,112 | - | 23,807,904 |
Revenue | 1,293,551 | 265,764 | - | 1,559,316 |
Portfolio result, profit (loss) | 23,620,605 | 27,736,021 | - | 51,356,626 |
Selling, General & Administrative Expenses | - | - | (7,438,569) | (7,438,569) |
Depreciations and amortizations | - | - | (3,404) | (3,404) |
Other operating expenses | - | - | (634,028) | (634,028) |
Operational result, profit (loss) | 23,620,605 | 27,736,021 | (8,076,001) | 43,280,625 |
Financial result (-) | - | - | (2,663,825) | (2,663,825) |
Tax expenses (-) | - | - | 352 | 352 |
Total consolidated income | 23,620,605 | 27,736,021 | (10,739,474) | 40,617,152 |
Assets, Equity and Liabilites | ||||
Assets | 369,580,877 | 343,643,196 | 3,576,566 | 716,800,639 |
Equity and Liabilities | - | - | 716,800,639 | 716,800,639 |
Other segment information | ||||
Cashflow | 32,905,269 | 42,856,825 | - | 75,762,094 |
Cash-income | 23,473,704 | 4,606,562 | - | 28,080,265 |
Repayments and divestments | 9,431,565 | 38,250,264 | - | 47,681,828 |
Evolution over financial year 2024 by infrastructure type Period ending at December 31, 2024 (audited) (\u20ac) | Project infrastructuur | Corporate infrastructuur | 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 |
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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__46": { "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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__47": { "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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__48-1": { "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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
12\tOperating costs
Services and miscellaneous goods
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Remuneration to TDP | (5,671,107) | \u00a0(4,698,607) | |
Remuneration to sole director TINC Manager NV | (1,109,705) | \u00a0(1,038,694) | |
Other expenses | (657,757) | \u00a0(768,668) | |
TOTAL | 1 | (7,438,569) | \u00a0(6,505,970) |
Services and miscellaneous goods includes the following items:
Remuneration for services provided by TDP NV amounting to \u20ac5,671,107. This breaks down into \u20ac5,539,260 in fixed and variable remuneration for investment services and \u20ac131,847 in remuneration for administrative services. These fees amounted to \u20ac4,698,607 during the previous financial year.
\u20ac1,109,705 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 \u20ac1,038,694 for the previous financial year;
\u20ac657,757 other operating expenses. This item includes various costs such as legal and consulting fees.
An explanation of the fees for TDP and TINC Manager NV can be found on page 96 in the Corporate Governance section.
Other operating expenses
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Taxes and operating expenses | 1 | (634,028) | \u00a0(251,433) |
TOTAL | (634,028) | \u00a0(251,433) |
Other operating expenses amount to \u20ac634,028 and mainly include non-deductible VAT in the amount of \u20ac631,297.
The cost ratio for the current financial year calculated on an annual basis and excluding one-time transaction costs, is 1.27%.
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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
12\tOperating costs
Services and miscellaneous goods
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Remuneration to TDP | (5,671,107) | \u00a0(4,698,607) | |
Remuneration to sole director TINC Manager NV | (1,109,705) | \u00a0(1,038,694) | |
Other expenses | (657,757) | \u00a0(768,668) | |
TOTAL | 1 | (7,438,569) | \u00a0(6,505,970) |
Services and miscellaneous goods includes the following items:
Remuneration for services provided by TDP NV amounting to \u20ac5,671,107. This breaks down into \u20ac5,539,260 in fixed and variable remuneration for investment services and \u20ac131,847 in remuneration for administrative services. These fees amounted to \u20ac4,698,607 during the previous financial year.
\u20ac1,109,705 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 \u20ac1,038,694 for the previous financial year;
\u20ac657,757 other operating expenses. This item includes various costs such as legal and consulting fees.
An explanation of the fees for TDP and TINC Manager NV can be found on page 96 in the Corporate Governance section.
Other operating expenses
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Taxes and operating expenses | 1 | (634,028) | \u00a0(251,433) |
TOTAL | (634,028) | \u00a0(251,433) |
Other operating expenses amount to \u20ac634,028 and mainly include non-deductible VAT in the amount of \u20ac631,297.
The cost ratio for the current financial year calculated on an annual basis and excluding one-time transaction costs, is 1.27%.
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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__51-1": { "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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
12\tOperating costs
Services and miscellaneous goods
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Remuneration to TDP | (5,671,107) | \u00a0(4,698,607) | |
Remuneration to sole director TINC Manager NV | (1,109,705) | \u00a0(1,038,694) | |
Other expenses | (657,757) | \u00a0(768,668) | |
TOTAL | 1 | (7,438,569) | \u00a0(6,505,970) |
Services and miscellaneous goods includes the following items:
Remuneration for services provided by TDP NV amounting to \u20ac5,671,107. This breaks down into \u20ac5,539,260 in fixed and variable remuneration for investment services and \u20ac131,847 in remuneration for administrative services. These fees amounted to \u20ac4,698,607 during the previous financial year.
\u20ac1,109,705 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 \u20ac1,038,694 for the previous financial year;
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__52-1": { "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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
12\tOperating costs
Services and miscellaneous goods
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Remuneration to TDP | (5,671,107) | \u00a0(4,698,607) | |
Remuneration to sole director TINC Manager NV | (1,109,705) | \u00a0(1,038,694) | |
Other expenses | (657,757) | \u00a0(768,668) | |
TOTAL | 1 | (7,438,569) | \u00a0(6,505,970) |
Services and miscellaneous goods includes the following items:
Remuneration for services provided by TDP NV amounting to \u20ac5,671,107. This breaks down into \u20ac5,539,260 in fixed and variable remuneration for investment services and \u20ac131,847 in remuneration for administrative services. These fees amounted to \u20ac4,698,607 during the previous financial year.
\u20ac1,109,705 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 \u20ac1,038,694 for the previous financial year;
26\tRelated parties
Amounts owed by related parties (\u20ac) | Non-consolidatedsubsidiaries | Non-consolidated participations with joint control | Other related parties | Total | ||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
I. Financial assets | 10,778,253 | 11,189,154 | 75,045,604 | 68,715,300 | 34,111,476 | 14,704,202 | 119,935,332 | 94,608,656 |
1. Financials assets - subordinated loans | 10,041,591 | 10,041,591 | 72,421,221 | 64,670,559 | 31,501,869 | 14,202,119 | 113,964,681 | 88,914,268 |
2. Financial assets - subordinated loans - ST | 736,662 | 1,147,564 | 2,624,383 | 4,044,741 | 2,609,606 | 502,083 | 5,970,651 | 5,694,388 |
3. Financal assets - other | - | \u00a0-\u00a0 \u00a0 | - | \u00a0-\u00a0 \u00a0 | - | \u00a0-\u00a0 \u00a0 | - | \u00a0-\u00a0 \u00a0 |
II. Amounts owed by related parties | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 |
1. Financial liabilities | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 |
2. Trade and other payables | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 |
III. Transactions with related parties | 5,628,987 | 5,123,950 | 19,703,605 | 24,171,231 | 8,996,941 | 6,635,166 | 34,329,534 | 35,930,347 |
1. Management compensation TDP | - | - | - | - | 5,671,107 | 4,698,607 | 5,671,107 | 4,698,607 |
2. Management compensation TINC Manager | - | - | - | - | 1,109,705 | 1,038,694 | 1,109,705 | 1,038,694 |
3. Dividends, interest & fees | 5,628,987 | 5,123,950 | 19,703,605 | 24,171,231 | 2,216,129 | 897,864 | 27,548,722 | 30,193,045 |
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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
13\tFinancial result for the financial year to December 31, 2025
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Finance income | 1 | 26,149 | \u00a062,552\u00a0 |
Finance costs | 1 | (2,689,975) | \u00a0(1,242,989) |
TOTAL | (2,663,825) | \u00a0(1,180,437) |
The financial result was \u20ac2,663,825, 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 \u20ac26,149, a decrease of \u20ac36,403.
Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac2,689,975, an increase of \u20ac1,446,986. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2025, \u20ac77,800,000 has been drawn down under a bank credit line of \u20ac200,000,000
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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
13\tFinancial result for the financial year to December 31, 2025
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Finance income | 1 | 26,149 | \u00a062,552\u00a0 |
Finance costs | 1 | (2,689,975) | \u00a0(1,242,989) |
TOTAL | (2,663,825) | \u00a0(1,180,437) |
The financial result was \u20ac2,663,825, 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 \u20ac26,149, a decrease of \u20ac36,403.
Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac2,689,975, an increase of \u20ac1,446,986. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2025, \u20ac77,800,000 has been drawn down under a bank credit line of \u20ac200,000,000
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.
Portefeuilleresultaat
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest income, dividend income and revenue | 1 | 27,548,722 | \u00a030,193,045\u00a0 |
Realised gains (losses) on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Unrealised gains and losses on financial assets at fair value, and on loans in investee companies | 1 | 23,807,904 | \u00a018,046,715\u00a0 |
TOTAL | 51,356,626 | \u00a050,748,260\u00a0 |
The total portfolio result was \u20ac51,356,626 (or a portfolio yield of 10.03%), an increase of \u20ac608,366 compared to the previous financial year ending on December 31, 2024.
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 change of the weighted average discount rate of 8.40% to 9.19%. This is predominantly the result of investments in corporate infrastructure, which typically involve a higher discount rate.
Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
Added value on the realization of investments
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Realised gains on financial assets | 1 | - | \u00a02,508,500\u00a0 |
Realised losses on financial assets | - | \u00a0-\u00a0 \u00a0 | |
TOTAL | - | \u00a02,508,500\u00a0 |
No realized gains were recorded in the financial year ending December 31, 2025. The gains from financial assets in the previous year was a subsequent payment following the partial sale of the interest in GlasDraad.
Note that the realized gains on the partial sale of the interest in Datacenter United are included in the portfolio result for FY 2024, in the form of unrealized gains, as the transaction was only closed in the first half of FY 2025. Upon closing in the first half of FY 2025, the proceeds from the partial sale were considered as a repayment from financial assets.
Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__56": { "value": "Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__57": { "value": "Interest, dividends and revenues
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest Income | 1 | 9,445,537 | \u00a07,795,253\u00a0 |
Dividend Income | 1 | 16,543,870 | \u00a020,989,812\u00a0 |
Revenue | 1 | 1,559,316 | \u00a01,407,980\u00a0 |
TOTAL | 27,548,722 | \u00a030,193,045\u00a0 |
The sum of interest, dividends and revenues from participations during the past financial year amounts to \u20ac27,548,722. This is a decrease of \u20ac2,644,323 compared to the previous financial year.
Dividends received amounted to \u20ac16,543,870, a decrease of \u20ac4,445,943 compared to the previous financial year. In addition to the regular receipts of dividends within the participations of TINC, higher dividends were received a
s a result of higher power prices in the past.
Interest income amounted to \u20ac9,445,537, up \u20ac1,650,284 from the previous financial year. 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 revenues amounted to \u20ac1,559,316, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__58-1": { "value": "Unrealized gains and losses on financial assets at fair value with the change in value recognized in the income statement
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Unrealised gains on financial assets | 1 | 37,428,811 | \u00a039,075,133\u00a0 |
Unrealised losses on financial assets | 1 | (13,620,908) | \u00a0(21,028,418) |
TOTAL | 23,807,904 | \u00a018,046,715\u00a0 |
The net unrealized result (unrealized income minus unrealized expenses) is \u20ac23,807,904 for the past financial year. This consists of \u20ac37,428,811 of unrealized income and \u20ac13,620,908 of unrealized expenses.
17\tFinancial fixed assets
The fair value or Fair Value (\u2018FV\u2019) of the investment portfolio evolved between the beginning and end of the last financial year as follows:
Period ending at: (\u20ac) | December 31, 2025 audited | December 31, 2024 audited |
Opening balance | 512,070,034 | \u00a0468,356,669\u00a0 |
+ Investments | 225,559,375 | \u00a037,785,261\u00a0 |
- Repayments from investments | (47,681,828) | \u00a0(13,921,916) |
+/- Unrealised gains and losses | 23,807,904 | \u00a018,046,714\u00a0 |
+/- Other | (531,411) | \u00a01,803,306\u00a0 |
Closing balance* | 713,224,072 | \u00a0512,070,034\u00a0 |
Net unrealised gains/losses recorded through P&L over the period | 23,807,904 | \u00a018,046,715\u00a0 |
*Including shareholder loans for a nominal amount outstanding of: \u20ac119,935,332 (31/12/2025) and \u20ac94,608,656 (31/12/2024).
At December 31, 2025, the portfolio FV amounts to \u20ac713,224,072.
During the past financial year, \u20ac225,559,375 was invested in existing and new participations: Storm Group, Garagepark, Mufasa, Storm Wind Belgium, Datacenter United, GlasDraad, Interparking and Yally.
During the past financial year, TINC received \u20ac47,681,828 as part of repayments of invested capital from the following participations: Berlare Wind, Nobelwind, Storm Wind Belgium, A15 Maasvlakte-Vaanplein, L\u2019Hourgnette, Social Housing Ireland, Via A11, Via R4 Gent, Datacenter United, NGE Fibre, Parkeergarage Eemplein and Obelisc.
The net unrealized increase in fair value of \u20ac23,807,904 over the past financial year consists of \u20ac37,428,811 unrealized income and \u20ac13,620,908 in unrealized expenses.
The remaining amount of \u20ac531,411 represents a decrease in the outstanding amount of the 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, 2025 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 713,224,072 | 713,224,072 |
December 31, 2024 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 512,070,034 | 512,070,034 |
All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except Azulatis, Interparking 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 Azulatis and Interparking, 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.
Classification of investments
TINC defines the following categories of investments:
Public Infrastructure (Equity + AHL), including the following participations: A15 Maasvlakte-Vaanplein, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4 Ghent, L\u2019Hourgnette, Hortus Conclusus, SPI.R0, Prinses Beatrixsluis and Via A11
Energy Infrastructure (Equity + AHL), 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, Mufasa and Zelfstroom. In addition, TINC invests via loans in Storm Group and Nobelwind.
Digital Infrastructure (Equity + AHL), including the following participations: GlasDraad, Datacenter United and NGE Fibre.
Social Infrastructure (Equity + AHL), including the following participations: De Haan Holiday Homes, Eemplein, R\u00e9seau Abilis, Garagepark, Obelisc, Azulatis, Interparking and Yally.
Key assessments and judgements
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. The 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 \u20ac 75,762,094 cash flows in the form of dividends, interest, 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 Infrastructure is 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 entire 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 parks.
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 Infrastructure use debt financing that is fully repaid within the period of the applicable support measures.
Project Mufasa is a large-scale battery energy storage system (BESS) in
Vlissingen that absorbs peaks and troughs in electricity demand by temporarily
storing energy and later feeding it back into the grid. Profitability is based on
market revenues from the Dutch energy market, with price volatility, grid
congestion and possible changes in regulations being the main market risks.
The business models within the Digital Infrastructure segment 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 digitization. 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 of 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 come from fees paid by its industrial customers based on long-term agreements.
Interparking, headquartered in Belgium, is a leading player in the European parking sector. The company is active in 16 countries and operates more than 2,000 car parks with nearly 800,000 parking spaces.
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 of 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 2.0% in 2025 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
These assumptions apply to the following participations: Berlare Wind, Kreekraksluis, Kroningswind, Lowtide, Solar Finance, Storm Wind Belgium, Storm Ireland and Sunroof.
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 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 2,365 MWh/MW (compared to an annual expected production figure of 2,083 MWh/ MW on December 31, 2025) 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 2,365 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 on the next page 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 power for its responsibility to keep the power grid in \u2018balance\u2019 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.
-\tFor participations in onshore wind farms in Flanders, prices range from \u20ac90 to \u20ac93 per green certificate, with a weighted average of \u20ac93 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 \u20ac 65/MWh and is multiplied by a kECO. This kECO is granted at the time of the grant appli-cation and is fixed for the entire duration of the grant.
The support mechanism in the Netherlandsallows renewable energy producers to benefit from the \u2018Subsidie Duurzame Energie\u2019 or \u2018SDE\u2019 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 \u20ac 67/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 \u20ac 37/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 \u20ac 93 per MWh and is indexed annually based on the consumer price index in Ireland. The power 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 the 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, 2025 and December 31, 2024. These charts do not take into account participations at transaction value such as SPI.R0, Hortus Conclusus, Mufasa, 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 9.19% at the end of the financial year, compared to 8.40% at the end of the previous financial year. This increase is the result of changes to the composition of the investment portfolio.
The table below summarizes the weighted average discount rates applicable to the four segments as at December 31, 2025, compared to the figures as of December 31, 2024. The minimum discount rate applied to our portfolio is 7.00% and the maximum discount rate applied to our portfolio is 12,00%.
Period ending at: | December 31, 2025 (audited) | December 31, 2024 (audited) |
Public Infrastructure | 7.69% | 7.70% |
Energy Infrastructure | 10.03% | 8.18% |
Digital Infrastructure | 9.76% | 9.27% |
Social Infrastructure | 8.84% | 8.53% |
Average discount rate | 9.19% | 8.40% |
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, 2025 and Dec. 31, 2024.
Fair value at December 31, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments (*) | 138,438,724 | 153,544,963 | 180,118,295 | 207,010,615 | 679,112,596 |
Weighted average discount rate | 7.69% | 9.65% | 9.76% | 8.84% | 9.05% |
Investments in loans | - | 34,111,476 | - | - | 34,111,476 |
Weighted average discount rate | - | 11,78% | - | - | 11,78% |
Fair value with changes processed through profit and loss | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,072 |
Weighted average discount rate | 7.69% | 10.03% | 9.76% | 8.84% | 9.19% |
(*) Including shareholder loans for a nominal amount outstanding of: | 59,640,738 | 13,894,162 | 10,277,750 | 4,620,813 | 88,433,463 |
Loans for a nominal outstanding amount of: | - | 31,501,869 | - | - | - |
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 | - | - | - |
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, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments | |||||
Opening balance December 31, 2024 | 140,827,743 | 107,109,785 | 133,201,669 | 116,226,710 | 497,365,907 |
+ Investments | - | 52,319,950 | 73,300,001 | 82,439,424 | 208,059,375 |
+ Investments in equity | - | 52,319,950 | 44,800,001 | 82,439,424 | 179,559,375 |
+ Investments in shareholder loans | - | - | 28,500,000 | - | 28,500,000 |
- Repayments and exits | (1,270,330) | (510,986) | (43,000,264) | (2,700,000) | (47,481,579) |
- Repayment and exits of equity | (515,328) | (111,400) | (24,755,514) | (1,350,000) | (26,732,241) |
- Repayment and exits of shareholder loans | (755,002) | (399,586) | (18,244,750) | (1,350,000) | (20,749,338) |
+/- Unrealised gains and losses | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | 23,807,904 |
+/- Unrealised gains | 671,780 | 7,607,001 | 18,062,063 | 11,087,968 | 37,428,812 |
+/- Unrealised losses | (2,260,674) | (11,360,234) | - | - | (13,620,908) |
+/- Other | 470,205 | (1,620,478) | (1,445,175) | (43,487) | (2,638,934) |
Closing balance December 31, 2025 | 138,438,724 | 153,545,039 | 180,118,295 | 207,010,615 | 679,112,672 |
Investments in loans | |||||
Opening balance December 31, 2024 | - | 14,704,128 | - | - | 14,704,128 |
+ Investments | - | 17,500,000 | - | - | 17,500,000 |
- Repayments and exits | - | (200,249) | - | - | (200,249) |
+/- Unrealised gains and losses | - | - | - | - | - |
+/- Unrealised gains | - | - | - | - | - |
+/- Unrealised losses | - | - | - | - | - |
+/- Other | - | 2,107,523 | - | - | 2,107,523 |
Closing balance December 31, 2025 | - | 34,111,401 | - | - | 34,111,401 |
Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total | |
Portfolio | |||||
Opening balance December 31, 2024 | 140,827,743 | 121,813,911 | 133,201,669 | 116,226,710 | 512,070,034 |
+ Investments | - | 69,819,950 | 73,300,001 | 82,439,424 | 225,559,375 |
+ Investments in equity | - | 52,319,950 | 44,800,001 | 82,439,424 | 179,559,375 |
+ Investments in shareholder loans | - | - | 28,500,000 | - | 28,500,000 |
+ Investments in loans | - | 17,500,000 | - | - | 17,500,000 |
- Repayments and exits | (1,270,330) | (711,235) | (43,000,264) | (2,700,000) | (47,681,828) |
- Repayment and exits of equity | (515,328) | (111,400) | (24,755,514) | (1,350,000) | (26,732,241) |
- Repayment and exits of shareholder loans | (755,002) | (399,586) | (18,244,750) | (1,350,000) | (20,749,338) |
- Repayment and exits of loans | - | (200,249) | - | - | (200,249) |
+/- Unrealised gains and losses | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | 23,807,904 |
+/- Unrealised gains | 671,780 | 7,607,001 | 18,062,063 | 11,087,968 | 37,428,812 |
+/- Unrealised losses | (2,260,674) | (11,360,234) | - | - | (13,620,908) |
+/- Other | 470,205 | 487,045 | (1,445,175) | (43,487) | (531,411) |
Closing balance December 31, 2025 | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,073 |
Evolution fair value at December 31, 2024 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments | |||||
Opening balance June 30, 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 June 30, 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 June 30, 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 \u20ac201,154,039 to \u20ac713,224,073 at December 31, 2025, an increase of 39.28% compared to December 31, 2024.
This increase is the result of investments in the amount of \u20ac 225,559,375 on the one hand and repayments in the amount of \u20ac47,681,828 on the other. The net unrealized increase in fair value of \u20ac23,807,904 over the period consists of \u20ac37,428,812 of unrealized income and \u20ac13,620,908 of unrealized expenses.
The remaining amount of \u20ac531,411 represents a decrease in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.
Portfolio concentration based on fair value
Top 5 participations (in %)
The five largest participations within the portfolio of TINC are: GlasDraad, Mufasa, R\u00e9seau Abilis, Datacenter United and Interparking. Together, these investments represent a fair value of \u20ac 319,082,321 representing 45% of the total fair value of the portfolio at December 31, 2025, as shown above.
Top 10 participations (in %)
The ten largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Mufasa, Datacenter United, Kroningswind, Brabo 1, Yally, Storm Group and Interparking. Collectively, these investments represent a fair value of \u20ac 515,474,306, representing 72% of the total fair value of the portfolio as of December 31, 2025, as shown above.
At December 31, 2025, the participation in GlasDraad and Datacenter United each represent more than 10% of the fair value of the portfolio.
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.
Sensitivity FV December 31, 2025 | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Discount rate | |||||
Discount rate: -0.5% | \u25b2 7,858,594 | \u25b2 5,131,761 | \u25b2 5,307,398 | \u25b2 4,603,943 | \u25b2 22,901,697 |
Discount rate: +0.5% | \u25bc 7,299,420 | \u25bc 4,732,387 | \u25bc 5,107,405 | \u25bc 4,295,892 | \u25bc 21,435,103 |
Inflation | |||||
Inflation: -0.5% | \u25bc 2,037,889 | \u25bc 2,653,004 | \u25bc 1,990,595 | \u25bc 2,411,395 | \u25bc 9,092,883 |
Inflation: +0.5% | \u25b2 1,798,518 | \u25b2 2,684,310 | \u25b2 3,230,201 | \u25b2 2,542,527 | \u25b2 10,255,557 |
Energy prices | |||||
Energy prices: -10% | - | \u25bc 7,781,758 | - | - | \u25bc 7,781,758 |
Energy prices: +10% | - | \u25b2 11,845,886 | - | - | \u25b2 11,845,886 |
Energy production | |||||
Energy production: P90 | - | \u25bc 21,719,737 | - | - | \u25bc 21,719,737 |
Energy production: P10 | - | \u25b2 21,719,737 | - | - | \u25b2 21,719,737 |
Positief \u25b2Negatief \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 \u20ac21,719,737. 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 \u20ac21,719,737.
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 \u20ac7,781,758. If, during the full 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 \u20ac11,845,886. Note that these calculations take into account possible changes in support income of changing power prices (higher support amounts when power prices are low and lower support amounts when power prices are high).
The sensitivities of the power price and energy production apply to the following participations: Berlare Wind, Kreekraksluis, Kroningswind, Lowtide, Solar Finance, Storm Wind Belgium, Storm Ireland and Sunroof.
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 \u20ac10,255,557. 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 \u20ac9,092,883.
If for the calculation of the fair value of the participations, a discount rate is 0.5% higher than in the basic assumption is used in each case, the fair value of the portfolio decreases by \u20ac21,435,103. When using a discount rate that is 0.5% lower, the fair value of the portfolio increases by \u20ac22,901,697.
Additional information regarding subordinated loans in the investment portfolio
Situation as per December 31, 2025 (audited) | ||||
Duration | <1 year | 1 - 5 year | > 5 year | Total |
38,637,526 | 28,789,255 | 52,508,551 | 119,935,332 | |
Applied interest rate | Variable rate | Fixed rate | Total | |
- | 119,935,332 | 119,935,332 | ||
Average interest rate | 9.07% | |||
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% |
All subordinated loans outstanding at December 31, 2025 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, 2025, the item subordinated loans amounts to \u20ac 119,935,332. The difference with December 31, 2024 is mainly due to the further effective investment of the commitment for a subordinated loan in Storm Group.
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.
12\tOperating costs
Services and miscellaneous goods
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Remuneration to TDP | (5,671,107) | \u00a0(4,698,607) | |
Remuneration to sole director TINC Manager NV | (1,109,705) | \u00a0(1,038,694) | |
Other expenses | (657,757) | \u00a0(768,668) | |
TOTAL | 1 | (7,438,569) | \u00a0(6,505,970) |
Services and miscellaneous goods includes the following items:
Remuneration for services provided by TDP NV amounting to \u20ac5,671,107. This breaks down into \u20ac5,539,260 in fixed and variable remuneration for investment services and \u20ac131,847 in remuneration for administrative services. These fees amounted to \u20ac4,698,607 during the previous financial year.
\u20ac1,109,705 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 \u20ac1,038,694 for the previous financial year;
\u20ac657,757 other operating expenses. This item includes various costs such as legal and consulting fees.
An explanation of the fees for TDP and TINC Manager NV can be found on page 96 in the Corporate Governance section.
Other operating expenses
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Taxes and operating expenses | 1 | (634,028) | \u00a0(251,433) |
TOTAL | (634,028) | \u00a0(251,433) |
Other operating expenses amount to \u20ac634,028 and mainly include non-deductible VAT in the amount of \u20ac631,297.
The cost ratio for the current financial year calculated on an annual basis and excluding one-time transaction costs, is 1.27%.
Services and miscellaneous goods
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Remuneration to TDP | (5,671,107) | \u00a0(4,698,607) | |
Remuneration to sole director TINC Manager NV | (1,109,705) | \u00a0(1,038,694) | |
Other expenses | (657,757) | \u00a0(768,668) | |
TOTAL | 1 | (7,438,569) | \u00a0(6,505,970) |
Services and miscellaneous goods includes the following items:
Remuneration for services provided by TDP NV amounting to \u20ac5,671,107. This breaks down into \u20ac5,539,260 in fixed and variable remuneration for investment services and \u20ac131,847 in remuneration for administrative services. These fees amounted to \u20ac4,698,607 during the previous financial year.
\u20ac1,109,705 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 \u20ac1,038,694 for the previous financial year;
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__65": { "value": "13\tFinancial result for the financial year to December 31, 2025
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Finance income | 1 | 26,149 | \u00a062,552\u00a0 |
Finance costs | 1 | (2,689,975) | \u00a0(1,242,989) |
TOTAL | (2,663,825) | \u00a0(1,180,437) |
The financial result was \u20ac2,663,825, 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 \u20ac26,149, a decrease of \u20ac36,403.
Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac2,689,975, an increase of \u20ac1,446,986. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2025, \u20ac77,800,000 has been drawn down under a bank credit line of \u20ac200,000,000
13\tFinancial result for the financial year to December 31, 2025
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Finance income | 1 | 26,149 | \u00a062,552\u00a0 |
Finance costs | 1 | (2,689,975) | \u00a0(1,242,989) |
TOTAL | (2,663,825) | \u00a0(1,180,437) |
The financial result was \u20ac2,663,825, 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 \u20ac26,149, a decrease of \u20ac36,403.
Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac2,689,975, an increase of \u20ac1,446,986. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2025, \u20ac77,800,000 has been drawn down under a bank credit line of \u20ac200,000,000
13\tFinancial result for the financial year to December 31, 2025
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Finance income | 1 | 26,149 | \u00a062,552\u00a0 |
Finance costs | 1 | (2,689,975) | \u00a0(1,242,989) |
TOTAL | (2,663,825) | \u00a0(1,180,437) |
The financial result was \u20ac2,663,825, 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 \u20ac26,149, a decrease of \u20ac36,403.
Financial expenses include interest on loans and other bank charges at the level of TINC. The financial charges amount to \u20ac2,689,975, an increase of \u20ac1,446,986. This increase is primarily explained by the interest costs associated with having a bank credit line available. At December 31, 2025, \u20ac77,800,000 has been drawn down under a bank credit line of \u20ac200,000,000
14\tIncome taxes for the financial year to December 31, 2025
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 \u20ac352.
Reconciliation of the income taxes with the result before tax
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
(Un)realised gains / losses on investments | 40,616,799 | \u00a042,806,692\u00a0 | |
Depreciations and impairments on costs relating to the capital increase, IMVA and MAV | (13,983,887) | \u00a0(17,878,028) | |
Result before tax BGAAP | (227,218) | \u00a0(476,876) | |
Non-deductible expenses | 26,405,694 | \u00a024,451,788\u00a0 | |
Capital gain on shares | 1,115 | \u00a0305\u00a0 | |
Reversal of depreciation on shares | (10,940,442) | \u00a0-\u00a0 \u00a0 | |
Taxable moratorium interest | - | \u00a0-\u00a0 \u00a0 | |
Exempt gifts | - | \u00a0-\u00a0 \u00a0 | |
Definitively taxed income deduction | (15,466,719) | \u00a0(23,189,562) | |
Notional Interest deduction (NID) | - | \u00a0-\u00a0 \u00a0 | |
Compensation tax losses of the past | - | \u00a0-\u00a0 \u00a0 | |
Taxable base against normal tax rate | - | \u00a01,262,530\u00a0 |
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Effective income tax rate | 25.00% | 25.00% | |
Against local statutory income tax rate | - | \u00a0315.633\u00a0 | |
Increase for insufficient prepayment | - | - | |
Regularisatie belastingen | (352) | - | |
Te verrekenen roerende voorheffing | - | \u00a0-\u00a0 \u00a0 | |
Valuation deferred tax asset related to tax losses carried forward | - | \u00a0-\u00a0 \u00a0 | |
Use of tax losses carried forward | - | - | |
Remeasurement of deferred tax asset | - | \u00a0-\u00a0 \u00a0 | |
(Increase)/Decrease deferred tax asset related to tax losses carried forward | - | \u00a0-\u00a0 \u00a0 | |
Taxes | 1 | (352) | \u00a0315.633\u00a0 |
Effective tax rate | 0.00% | 0.74% |
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Tax charge | |||
Current income tax charge | (352) | \u00a0315,633\u00a0 | |
Adjustment in respect of current income tax of previous periods | - | \u00a0-\u00a0 \u00a0 | |
Deferred tax | |||
Related to temporary differences | - | \u00a0-\u00a0 \u00a0 | |
Deferred tax on tax losses carried forward | - | \u00a0-\u00a0 \u00a0 | |
Taxes | (352) | \u00a0315,633\u00a0 |
Movement schedule of the deferred taxes
Period ending at: (\u20ac) | Notes | 2025 12 months | 2024 12 months |
Deferred taxes beginning of period (per December 31, 2023) | - | \u00a0119,219\u00a0 | |
Increase/(decrease) value TLCF | 531,631 | - | |
Increase/(decrease) deferred taxes | (56,804) | \u00a0(119,219) | |
Deferred taxes end of period (per December 31, 2024) | 2 | 474,827 | \u00a0-\u00a0 \u00a0 |
During the past financial year, the following income of TINC was tax-exempt income:
Unrealized income of \u20ac13,983,887 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 \u20ac227,218;
The deduction of capital gains on shares for an amount of \u20ac10,940,442;
The deduction of definitively taxed income, related to dividends, in the amount of \u20ac15,466,719.
After applying the statutory income tax rate of 25% to the \u20ac0 million effective taxable basis and a tax adjustment of \u20ac 52, this results in an amount of a corporate tax refund of \u20ac352 to be claimed by TINC.
The deferred tax asset on the IFRS balance sheet amounts to \u20ac474,827. The deferred tax asset were the result of amortization in BGAAP of some capitalized costs related to the capital increase in June 2025.
14\tIncome taxes for the financial year to December 31, 2025
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 \u20ac352.
Reconciliation of the income taxes with the result before tax
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
(Un)realised gains / losses on investments | 40,616,799 | \u00a042,806,692\u00a0 | |
Depreciations and impairments on costs relating to the capital increase, IMVA and MAV | (13,983,887) | \u00a0(17,878,028) | |
Result before tax BGAAP | (227,218) | \u00a0(476,876) | |
Non-deductible expenses | 26,405,694 | \u00a024,451,788\u00a0 | |
Capital gain on shares | 1,115 | \u00a0305\u00a0 | |
Reversal of depreciation on shares | (10,940,442) | \u00a0-\u00a0 \u00a0 | |
Taxable moratorium interest | - | \u00a0-\u00a0 \u00a0 | |
Exempt gifts | - | \u00a0-\u00a0 \u00a0 | |
Definitively taxed income deduction | (15,466,719) | \u00a0(23,189,562) | |
Notional Interest deduction (NID) | - | \u00a0-\u00a0 \u00a0 | |
Compensation tax losses of the past | - | \u00a0-\u00a0 \u00a0 | |
Taxable base against normal tax rate | - | \u00a01,262,530\u00a0 |
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Effective income tax rate | 25.00% | 25.00% | |
Against local statutory income tax rate | - | \u00a0315.633\u00a0 | |
Increase for insufficient prepayment | - | - | |
Regularisatie belastingen | (352) | - | |
Te verrekenen roerende voorheffing | - | \u00a0-\u00a0 \u00a0 | |
Valuation deferred tax asset related to tax losses carried forward | - | \u00a0-\u00a0 \u00a0 | |
Use of tax losses carried forward | - | - | |
Remeasurement of deferred tax asset | - | \u00a0-\u00a0 \u00a0 | |
(Increase)/Decrease deferred tax asset related to tax losses carried forward | - | \u00a0-\u00a0 \u00a0 | |
Taxes | 1 | (352) | \u00a0315.633\u00a0 |
Effective tax rate | 0.00% | 0.74% |
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Tax charge | |||
Current income tax charge | (352) | \u00a0315,633\u00a0 | |
Adjustment in respect of current income tax of previous periods | - | \u00a0-\u00a0 \u00a0 | |
Deferred tax | |||
Related to temporary differences | - | \u00a0-\u00a0 \u00a0 | |
Deferred tax on tax losses carried forward | - | \u00a0-\u00a0 \u00a0 | |
Taxes | (352) | \u00a0315,633\u00a0 |
Movement schedule of the deferred taxes
Period ending at: (\u20ac) | Notes | 2025 12 months | 2024 12 months |
Deferred taxes beginning of period (per December 31, 2023) | - | \u00a0119,219\u00a0 | |
Increase/(decrease) value TLCF | 531,631 | - | |
Increase/(decrease) deferred taxes | (56,804) | \u00a0(119,219) | |
Deferred taxes end of period (per December 31, 2024) | 2 | 474,827 | \u00a0-\u00a0 \u00a0 |
During the past financial year, the following income of TINC was tax-exempt income:
Unrealized income of \u20ac13,983,887 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 \u20ac227,218;
The deduction of capital gains on shares for an amount of \u20ac10,940,442;
The deduction of definitively taxed income, related to dividends, in the amount of \u20ac15,466,719.
After applying the statutory income tax rate of 25% to the \u20ac0 million effective taxable basis and a tax adjustment of \u20ac 52, this results in an amount of a corporate tax refund of \u20ac352 to be claimed by TINC.
The deferred tax asset on the IFRS balance sheet amounts to \u20ac474,827. The deferred tax asset were the result of amortization in BGAAP of some capitalized costs related to the capital increase in June 2025.
15\tEarnings per share
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Net result attributable to ordinary shares | 1 | 40,617,152 | \u00a042,491,060\u00a0 |
Weighted average number of ordinary shares for basic earnings per share | 42,839,353 | \u00a036,363,637\u00a0 | |
Effect of dilution | - | \u00a0-\u00a0 \u00a0 | |
Share options | - | \u00a0-\u00a0 \u00a0 | |
Redeemable preference shares | - | \u00a0-\u00a0 \u00a0 | |
Weighted average number of ordinary shares adjusted for the effect of dilution | 42,839,353 | \u00a036,363,637\u00a0 | |
Earnings per share* | 0.84 | 1.17 | |
Earnings per share (weighted) | 0.95 | 1.17 |
*Based on the number of outstanding shares at the end of the financial year (48,484,849)
23\tInformation per share
Period ending at: (\u20ac) | Notes | December 31, 2025 audited | December 31, 2024audited |
Number of outstanding shares | 48.484.849 | 36.363.637 | |
Net Asset Value (NAV) | 637.508.904 | \u00a0506.422.240\u00a0 | |
NAV per share | 13,15 | \u00a013,93\u00a0 | |
Fair Market Value (FMV) | 713.224.072 | 512.070.034 | |
FMV per share | 14,71 | 14,08 | |
Net debt | (75.999.317) | (6.010.389) | |
Net debt per share | (1,57) | (0,17) | |
Deferred taxes | 474.827 | 0 | |
Deferred taxes per share | 0,01 | 0 | |
Other amounts receivable & payable | (190.678) | \u00a0362.595\u00a0 | |
Other amounts receivable & payable per share | 0,00 | 0,01 | |
Net profit/(Loss) | 40.617.152 | 42.491.060 | |
Net profit per share | 0.84 | 1.17 | |
Net profit per share (weighted) | 0.95 | 1.17 |
16\tPaid and proposed distributions to shareholders
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Paid Dividends | 1 | ||
Closing dividend : (total value) | 21,090,909 | \u00a030,545,455\u00a0 | |
Closing dividend : (value per share) | 0,58 | \u00a00,84\u00a0 | |
Proposed Distribution | |||
Distribution / Dividend: total value | 28,606,061 | \u00a021,090,909\u00a0 | |
Distribution / Dividend: value per share | 0.59 | \u00a00.58\u00a0 | |
Capital reduction | 0.4200 | \u00a00.4000\u00a0 | |
Dividend | 0.1700 | \u00a00.1800\u00a0 | |
Number of shares | 48,484,849 | \u00a036,363,637\u00a0 |
A distribution of \u20ac0.59per share is proposed to shareholders in May 2026. 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 \u20ac0.17per share (or 28.8% of the distribution), that of the capital reduction to \u20ac0.42 per share (or 71.2% 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 \u20ac28,606,061, consisting of a dividend of \u20ac8,242,424 and a capital reduction of \u20ac20,363,637. This is a payout ratio of 70.43% against net income.
16\tPaid and proposed distributions to shareholders
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Paid Dividends | 1 | ||
Closing dividend : (total value) | 21,090,909 | \u00a030,545,455\u00a0 | |
Closing dividend : (value per share) | 0,58 | \u00a00,84\u00a0 | |
Proposed Distribution | |||
Distribution / Dividend: total value | 28,606,061 | \u00a021,090,909\u00a0 | |
Distribution / Dividend: value per share | 0.59 | \u00a00.58\u00a0 | |
Capital reduction | 0.4200 | \u00a00.4000\u00a0 | |
Dividend | 0.1700 | \u00a00.1800\u00a0 | |
Number of shares | 48,484,849 | \u00a036,363,637\u00a0 |
A distribution of \u20ac0.59per share is proposed to shareholders in May 2026. 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 \u20ac0.17per share (or 28.8% of the distribution), that of the capital reduction to \u20ac0.42 per share (or 71.2% 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 \u20ac28,606,061, consisting of a dividend of \u20ac8,242,424 and a capital reduction of \u20ac20,363,637. This is a payout ratio of 70.43% against net income.
18\tTrade receivables and other receivables
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Trade receivables | 40,441 | \u00a018,184\u00a0 | |
Tax receivable, other than income tax | 1,260,313 | \u00a01,675,862\u00a0 | |
Other receivables | - | \u00a089\u00a0 | |
Total | 2 | 1,300,754 | \u00a01,694,134\u00a0 |
Trade receivables for the financial year ending December 31, 2025 amount to \u20ac1,300,754. 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, 2025 12 months | December 31, 202412 months |
Short term bank deposits | 26,217 | \u00a025,982\u00a0 | |
Cash | 1,774,466 | \u00a0863,628\u00a0 | |
Total | 2,4 | 1,800,683 | \u00a0889,611\u00a0 |
Cash and deposits include all liquid funds, freely withdrawable, held in cash or on bank deposit. During the past financial year, the cash position increased by \u20ac911,072 as a result of \u20ac158,370,393 cash inflows related to financing activities composed of the proceeds from the net capital increase of \u20ac111,085,595, the distribution to shareholders of \u20ac21,090,910, the additional drawdown of the credit line of \u20ac70,900,000 and the costs associated with the credit line for \u20ac2,524,293. In addition, there is \u20ac148,544,699 net cash outflows related to investing activities and \u20ac8,914,622 net cash outflows related to operating expenses.
22\tTrade and other payables
At December 31, 2025, trade and other payables amounted to \u20ac1,183,453. The main item herein consists of the remuneration to TINC Manager in the amount of \u20ac1,109,705. The carrying amount of trade and other payables at amortized cost approximates fair value due to their short-term nature.
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The fair value or Fair Value (\u2018FV\u2019) of the investment portfolio evolved between the beginning and end of the last financial year as follows:
Period ending at: (\u20ac) | December 31, 2025 audited | December 31, 2024 audited |
Opening balance | 512,070,034 | \u00a0468,356,669\u00a0 |
+ Investments | 225,559,375 | \u00a037,785,261\u00a0 |
- Repayments from investments | (47,681,828) | \u00a0(13,921,916) |
+/- Unrealised gains and losses | 23,807,904 | \u00a018,046,714\u00a0 |
+/- Other | (531,411) | \u00a01,803,306\u00a0 |
Closing balance* | 713,224,072 | \u00a0512,070,034\u00a0 |
Net unrealised gains/losses recorded through P&L over the period | 23,807,904 | \u00a018,046,715\u00a0 |
*Including shareholder loans for a nominal amount outstanding of: \u20ac119,935,332 (31/12/2025) and \u20ac94,608,656 (31/12/2024).
At December 31, 2025, the portfolio FV amounts to \u20ac713,224,072.
During the past financial year, \u20ac225,559,375 was invested in existing and new participations: Storm Group, Garagepark, Mufasa, Storm Wind Belgium, Datacenter United, GlasDraad, Interparking and Yally.
During the past financial year, TINC received \u20ac47,681,828 as part of repayments of invested capital from the following participations: Berlare Wind, Nobelwind, Storm Wind Belgium, A15 Maasvlakte-Vaanplein, L\u2019Hourgnette, Social Housing Ireland, Via A11, Via R4 Gent, Datacenter United, NGE Fibre, Parkeergarage Eemplein and Obelisc.
The net unrealized increase in fair value of \u20ac23,807,904 over the past financial year consists of \u20ac37,428,811 unrealized income and \u20ac13,620,908 in unrealized expenses.
The remaining amount of \u20ac531,411 represents a decrease in the outstanding amount of the 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, 2025 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 713,224,072 | 713,224,072 |
December 31, 2024 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 512,070,034 | 512,070,034 |
All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except Azulatis, Interparking 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 Azulatis and Interparking, 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.
Classification of investments
TINC defines the following categories of investments:
Public Infrastructure (Equity + AHL), including the following participations: A15 Maasvlakte-Vaanplein, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4 Ghent, L\u2019Hourgnette, Hortus Conclusus, SPI.R0, Prinses Beatrixsluis and Via A11
Energy Infrastructure (Equity + AHL), 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, Mufasa and Zelfstroom. In addition, TINC invests via loans in Storm Group and Nobelwind.
Digital Infrastructure (Equity + AHL), including the following participations: GlasDraad, Datacenter United and NGE Fibre.
Social Infrastructure (Equity + AHL), including the following participations: De Haan Holiday Homes, Eemplein, R\u00e9seau Abilis, Garagepark, Obelisc, Azulatis, Interparking and Yally.
Key assessments and judgements
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. The 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 \u20ac 75,762,094 cash flows in the form of dividends, interest, 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 Infrastructure is 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 entire 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 parks.
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 Infrastructure use debt financing that is fully repaid within the period of the applicable support measures.
Project Mufasa is a large-scale battery energy storage system (BESS) in
Vlissingen that absorbs peaks and troughs in electricity demand by temporarily
storing energy and later feeding it back into the grid. Profitability is based on
market revenues from the Dutch energy market, with price volatility, grid
congestion and possible changes in regulations being the main market risks.
The business models within the Digital Infrastructure segment 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 digitization. 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 of 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 come from fees paid by its industrial customers based on long-term agreements.
Interparking, headquartered in Belgium, is a leading player in the European parking sector. The company is active in 16 countries and operates more than 2,000 car parks with nearly 800,000 parking spaces.
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 of 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 2.0% in 2025 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
These assumptions apply to the following participations: Berlare Wind, Kreekraksluis, Kroningswind, Lowtide, Solar Finance, Storm Wind Belgium, Storm Ireland and Sunroof.
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 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 2,365 MWh/MW (compared to an annual expected production figure of 2,083 MWh/ MW on December 31, 2025) 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 2,365 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 on the next page 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 power for its responsibility to keep the power grid in \u2018balance\u2019 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.
-\tFor participations in onshore wind farms in Flanders, prices range from \u20ac90 to \u20ac93 per green certificate, with a weighted average of \u20ac93 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 \u20ac 65/MWh and is multiplied by a kECO. This kECO is granted at the time of the grant appli-cation and is fixed for the entire duration of the grant.
The support mechanism in the Netherlandsallows renewable energy producers to benefit from the \u2018Subsidie Duurzame Energie\u2019 or \u2018SDE\u2019 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 \u20ac 67/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 \u20ac 37/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 \u20ac 93 per MWh and is indexed annually based on the consumer price index in Ireland. The power 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 the 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, 2025 and December 31, 2024. These charts do not take into account participations at transaction value such as SPI.R0, Hortus Conclusus, Mufasa, 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 9.19% at the end of the financial year, compared to 8.40% at the end of the previous financial year. This increase is the result of changes to the composition of the investment portfolio.
The table below summarizes the weighted average discount rates applicable to the four segments as at December 31, 2025, compared to the figures as of December 31, 2024. The minimum discount rate applied to our portfolio is 7.00% and the maximum discount rate applied to our portfolio is 12,00%.
Period ending at: | December 31, 2025 (audited) | December 31, 2024 (audited) |
Public Infrastructure | 7.69% | 7.70% |
Energy Infrastructure | 10.03% | 8.18% |
Digital Infrastructure | 9.76% | 9.27% |
Social Infrastructure | 8.84% | 8.53% |
Average discount rate | 9.19% | 8.40% |
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, 2025 and Dec. 31, 2024.
Fair value at December 31, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments (*) | 138,438,724 | 153,544,963 | 180,118,295 | 207,010,615 | 679,112,596 |
Weighted average discount rate | 7.69% | 9.65% | 9.76% | 8.84% | 9.05% |
Investments in loans | - | 34,111,476 | - | - | 34,111,476 |
Weighted average discount rate | - | 11,78% | - | - | 11,78% |
Fair value with changes processed through profit and loss | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,072 |
Weighted average discount rate | 7.69% | 10.03% | 9.76% | 8.84% | 9.19% |
(*) Including shareholder loans for a nominal amount outstanding of: | 59,640,738 | 13,894,162 | 10,277,750 | 4,620,813 | 88,433,463 |
Loans for a nominal outstanding amount of: | - | 31,501,869 | - | - | - |
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 | - | - | - |
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, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments | |||||
Opening balance December 31, 2024 | 140,827,743 | 107,109,785 | 133,201,669 | 116,226,710 | 497,365,907 |
+ Investments | - | 52,319,950 | 73,300,001 | 82,439,424 | 208,059,375 |
+ Investments in equity | - | 52,319,950 | 44,800,001 | 82,439,424 | 179,559,375 |
+ Investments in shareholder loans | - | - | 28,500,000 | - | 28,500,000 |
- Repayments and exits | (1,270,330) | (510,986) | (43,000,264) | (2,700,000) | (47,481,579) |
- Repayment and exits of equity | (515,328) | (111,400) | (24,755,514) | (1,350,000) | (26,732,241) |
- Repayment and exits of shareholder loans | (755,002) | (399,586) | (18,244,750) | (1,350,000) | (20,749,338) |
+/- Unrealised gains and losses | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | 23,807,904 |
+/- Unrealised gains | 671,780 | 7,607,001 | 18,062,063 | 11,087,968 | 37,428,812 |
+/- Unrealised losses | (2,260,674) | (11,360,234) | - | - | (13,620,908) |
+/- Other | 470,205 | (1,620,478) | (1,445,175) | (43,487) | (2,638,934) |
Closing balance December 31, 2025 | 138,438,724 | 153,545,039 | 180,118,295 | 207,010,615 | 679,112,672 |
Investments in loans | |||||
Opening balance December 31, 2024 | - | 14,704,128 | - | - | 14,704,128 |
+ Investments | - | 17,500,000 | - | - | 17,500,000 |
- Repayments and exits | - | (200,249) | - | - | (200,249) |
+/- Unrealised gains and losses | - | - | - | - | - |
+/- Unrealised gains | - | - | - | - | - |
+/- Unrealised losses | - | - | - | - | - |
+/- Other | - | 2,107,523 | - | - | 2,107,523 |
Closing balance December 31, 2025 | - | 34,111,401 | - | - | 34,111,401 |
Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total | |
Portfolio | |||||
Opening balance December 31, 2024 | 140,827,743 | 121,813,911 | 133,201,669 | 116,226,710 | 512,070,034 |
+ Investments | - | 69,819,950 | 73,300,001 | 82,439,424 | 225,559,375 |
+ Investments in equity | - | 52,319,950 | 44,800,001 | 82,439,424 | 179,559,375 |
+ Investments in shareholder loans | - | - | 28,500,000 | - | 28,500,000 |
+ Investments in loans | - | 17,500,000 | - | - | 17,500,000 |
- Repayments and exits | (1,270,330) | (711,235) | (43,000,264) | (2,700,000) | (47,681,828) |
- Repayment and exits of equity | (515,328) | (111,400) | (24,755,514) | (1,350,000) | (26,732,241) |
- Repayment and exits of shareholder loans | (755,002) | (399,586) | (18,244,750) | (1,350,000) | (20,749,338) |
- Repayment and exits of loans | - | (200,249) | - | - | (200,249) |
+/- Unrealised gains and losses | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | 23,807,904 |
+/- Unrealised gains | 671,780 | 7,607,001 | 18,062,063 | 11,087,968 | 37,428,812 |
+/- Unrealised losses | (2,260,674) | (11,360,234) | - | - | (13,620,908) |
+/- Other | 470,205 | 487,045 | (1,445,175) | (43,487) | (531,411) |
Closing balance December 31, 2025 | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,073 |
Evolution fair value at December 31, 2024 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments | |||||
Opening balance June 30, 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 June 30, 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 June 30, 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 \u20ac201,154,039 to \u20ac713,224,073 at December 31, 2025, an increase of 39.28% compared to December 31, 2024.
This increase is the result of investments in the amount of \u20ac 225,559,375 on the one hand and repayments in the amount of \u20ac47,681,828 on the other. The net unrealized increase in fair value of \u20ac23,807,904 over the period consists of \u20ac37,428,812 of unrealized income and \u20ac13,620,908 of unrealized expenses.
The remaining amount of \u20ac531,411 represents a decrease in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.
Portfolio concentration based on fair value
Top 5 participations (in %)
The five largest participations within the portfolio of TINC are: GlasDraad, Mufasa, R\u00e9seau Abilis, Datacenter United and Interparking. Together, these investments represent a fair value of \u20ac 319,082,321 representing 45% of the total fair value of the portfolio at December 31, 2025, as shown above.
Top 10 participations (in %)
The ten largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Mufasa, Datacenter United, Kroningswind, Brabo 1, Yally, Storm Group and Interparking. Collectively, these investments represent a fair value of \u20ac 515,474,306, representing 72% of the total fair value of the portfolio as of December 31, 2025, as shown above.
At December 31, 2025, the participation in GlasDraad and Datacenter United each represent more than 10% of the fair value of the portfolio.
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.
Sensitivity FV December 31, 2025 | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Discount rate | |||||
Discount rate: -0.5% | \u25b2 7,858,594 | \u25b2 5,131,761 | \u25b2 5,307,398 | \u25b2 4,603,943 | \u25b2 22,901,697 |
Discount rate: +0.5% | \u25bc 7,299,420 | \u25bc 4,732,387 | \u25bc 5,107,405 | \u25bc 4,295,892 | \u25bc 21,435,103 |
Inflation | |||||
Inflation: -0.5% | \u25bc 2,037,889 | \u25bc 2,653,004 | \u25bc 1,990,595 | \u25bc 2,411,395 | \u25bc 9,092,883 |
Inflation: +0.5% | \u25b2 1,798,518 | \u25b2 2,684,310 | \u25b2 3,230,201 | \u25b2 2,542,527 | \u25b2 10,255,557 |
Energy prices | |||||
Energy prices: -10% | - | \u25bc 7,781,758 | - | - | \u25bc 7,781,758 |
Energy prices: +10% | - | \u25b2 11,845,886 | - | - | \u25b2 11,845,886 |
Energy production | |||||
Energy production: P90 | - | \u25bc 21,719,737 | - | - | \u25bc 21,719,737 |
Energy production: P10 | - | \u25b2 21,719,737 | - | - | \u25b2 21,719,737 |
Positief \u25b2Negatief \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 \u20ac21,719,737. 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 \u20ac21,719,737.
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 \u20ac7,781,758. If, during the full 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 \u20ac11,845,886. Note that these calculations take into account possible changes in support income of changing power prices (higher support amounts when power prices are low and lower support amounts when power prices are high).
The sensitivities of the power price and energy production apply to the following participations: Berlare Wind, Kreekraksluis, Kroningswind, Lowtide, Solar Finance, Storm Wind Belgium, Storm Ireland and Sunroof.
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 \u20ac10,255,557. 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 \u20ac9,092,883.
If for the calculation of the fair value of the participations, a discount rate is 0.5% higher than in the basic assumption is used in each case, the fair value of the portfolio decreases by \u20ac21,435,103. When using a discount rate that is 0.5% lower, the fair value of the portfolio increases by \u20ac22,901,697.
Additional information regarding subordinated loans in the investment portfolio
Situation as per December 31, 2025 (audited) | ||||
Duration | <1 year | 1 - 5 year | > 5 year | Total |
38,637,526 | 28,789,255 | 52,508,551 | 119,935,332 | |
Applied interest rate | Variable rate | Fixed rate | Total | |
- | 119,935,332 | 119,935,332 | ||
Average interest rate | 9.07% | |||
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% |
All subordinated loans outstanding at December 31, 2025 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, 2025, the item subordinated loans amounts to \u20ac 119,935,332. The difference with December 31, 2024 is mainly due to the further effective investment of the commitment for a subordinated loan in Storm Group.
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.
17\tFinancial fixed assets
The fair value or Fair Value (\u2018FV\u2019) of the investment portfolio evolved between the beginning and end of the last financial year as follows:
Period ending at: (\u20ac) | December 31, 2025 audited | December 31, 2024 audited |
Opening balance | 512,070,034 | \u00a0468,356,669\u00a0 |
+ Investments | 225,559,375 | \u00a037,785,261\u00a0 |
- Repayments from investments | (47,681,828) | \u00a0(13,921,916) |
+/- Unrealised gains and losses | 23,807,904 | \u00a018,046,714\u00a0 |
+/- Other | (531,411) | \u00a01,803,306\u00a0 |
Closing balance* | 713,224,072 | \u00a0512,070,034\u00a0 |
Net unrealised gains/losses recorded through P&L over the period | 23,807,904 | \u00a018,046,715\u00a0 |
*Including shareholder loans for a nominal amount outstanding of: \u20ac119,935,332 (31/12/2025) and \u20ac94,608,656 (31/12/2024).
At December 31, 2025, the portfolio FV amounts to \u20ac713,224,072.
During the past financial year, \u20ac225,559,375 was invested in existing and new participations: Storm Group, Garagepark, Mufasa, Storm Wind Belgium, Datacenter United, GlasDraad, Interparking and Yally.
During the past financial year, TINC received \u20ac47,681,828 as part of repayments of invested capital from the following participations: Berlare Wind, Nobelwind, Storm Wind Belgium, A15 Maasvlakte-Vaanplein, L\u2019Hourgnette, Social Housing Ireland, Via A11, Via R4 Gent, Datacenter United, NGE Fibre, Parkeergarage Eemplein and Obelisc.
The net unrealized increase in fair value of \u20ac23,807,904 over the past financial year consists of \u20ac37,428,811 unrealized income and \u20ac13,620,908 in unrealized expenses.
The remaining amount of \u20ac531,411 represents a decrease in the outstanding amount of the 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, 2025 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 713,224,072 | 713,224,072 |
December 31, 2024 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 512,070,034 | 512,070,034 |
All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except Azulatis, Interparking 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 Azulatis and Interparking, 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.
Classification of investments
TINC defines the following categories of investments:
Public Infrastructure (Equity + AHL), including the following participations: A15 Maasvlakte-Vaanplein, Brabo I, Social Housing Ireland, Higher Education Buildings, Via R4 Ghent, L\u2019Hourgnette, Hortus Conclusus, SPI.R0, Prinses Beatrixsluis and Via A11
Energy Infrastructure (Equity + AHL), 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, Mufasa and Zelfstroom. In addition, TINC invests via loans in Storm Group and Nobelwind.
Digital Infrastructure (Equity + AHL), including the following participations: GlasDraad, Datacenter United and NGE Fibre.
Social Infrastructure (Equity + AHL), including the following participations: De Haan Holiday Homes, Eemplein, R\u00e9seau Abilis, Garagepark, Obelisc, Azulatis, Interparking and Yally.
Key assessments and judgements
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. The 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 \u20ac 75,762,094 cash flows in the form of dividends, interest, 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 Infrastructure is 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 entire 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 parks.
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 Infrastructure use debt financing that is fully repaid within the period of the applicable support measures.
Project Mufasa is a large-scale battery energy storage system (BESS) in
Vlissingen that absorbs peaks and troughs in electricity demand by temporarily
storing energy and later feeding it back into the grid. Profitability is based on
market revenues from the Dutch energy market, with price volatility, grid
congestion and possible changes in regulations being the main market risks.
The business models within the Digital Infrastructure segment 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 digitization. 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 of 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 come from fees paid by its industrial customers based on long-term agreements.
Interparking, headquartered in Belgium, is a leading player in the European parking sector. The company is active in 16 countries and operates more than 2,000 car parks with nearly 800,000 parking spaces.
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 of 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 2.0% in 2025 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
These assumptions apply to the following participations: Berlare Wind, Kreekraksluis, Kroningswind, Lowtide, Solar Finance, Storm Wind Belgium, Storm Ireland and Sunroof.
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 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 2,365 MWh/MW (compared to an annual expected production figure of 2,083 MWh/ MW on December 31, 2025) 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 2,365 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 on the next page 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 power for its responsibility to keep the power grid in \u2018balance\u2019 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.
-\tFor participations in onshore wind farms in Flanders, prices range from \u20ac90 to \u20ac93 per green certificate, with a weighted average of \u20ac93 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 \u20ac 65/MWh and is multiplied by a kECO. This kECO is granted at the time of the grant appli-cation and is fixed for the entire duration of the grant.
The support mechanism in the Netherlandsallows renewable energy producers to benefit from the \u2018Subsidie Duurzame Energie\u2019 or \u2018SDE\u2019 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 \u20ac 67/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 \u20ac 37/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 \u20ac 93 per MWh and is indexed annually based on the consumer price index in Ireland. The power 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 the 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, 2025 and December 31, 2024. These charts do not take into account participations at transaction value such as SPI.R0, Hortus Conclusus, Mufasa, 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 9.19% at the end of the financial year, compared to 8.40% at the end of the previous financial year. This increase is the result of changes to the composition of the investment portfolio.
The table below summarizes the weighted average discount rates applicable to the four segments as at December 31, 2025, compared to the figures as of December 31, 2024. The minimum discount rate applied to our portfolio is 7.00% and the maximum discount rate applied to our portfolio is 12,00%.
Period ending at: | December 31, 2025 (audited) | December 31, 2024 (audited) |
Public Infrastructure | 7.69% | 7.70% |
Energy Infrastructure | 10.03% | 8.18% |
Digital Infrastructure | 9.76% | 9.27% |
Social Infrastructure | 8.84% | 8.53% |
Average discount rate | 9.19% | 8.40% |
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, 2025 and Dec. 31, 2024.
Fair value at December 31, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments (*) | 138,438,724 | 153,544,963 | 180,118,295 | 207,010,615 | 679,112,596 |
Weighted average discount rate | 7.69% | 9.65% | 9.76% | 8.84% | 9.05% |
Investments in loans | - | 34,111,476 | - | - | 34,111,476 |
Weighted average discount rate | - | 11,78% | - | - | 11,78% |
Fair value with changes processed through profit and loss | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,072 |
Weighted average discount rate | 7.69% | 10.03% | 9.76% | 8.84% | 9.19% |
(*) Including shareholder loans for a nominal amount outstanding of: | 59,640,738 | 13,894,162 | 10,277,750 | 4,620,813 | 88,433,463 |
Loans for a nominal outstanding amount of: | - | 31,501,869 | - | - | - |
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 | - | - | - |
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, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments | |||||
Opening balance December 31, 2024 | 140,827,743 | 107,109,785 | 133,201,669 | 116,226,710 | 497,365,907 |
+ Investments | - | 52,319,950 | 73,300,001 | 82,439,424 | 208,059,375 |
+ Investments in equity | - | 52,319,950 | 44,800,001 | 82,439,424 | 179,559,375 |
+ Investments in shareholder loans | - | - | 28,500,000 | - | 28,500,000 |
- Repayments and exits | (1,270,330) | (510,986) | (43,000,264) | (2,700,000) | (47,481,579) |
- Repayment and exits of equity | (515,328) | (111,400) | (24,755,514) | (1,350,000) | (26,732,241) |
- Repayment and exits of shareholder loans | (755,002) | (399,586) | (18,244,750) | (1,350,000) | (20,749,338) |
+/- Unrealised gains and losses | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | 23,807,904 |
+/- Unrealised gains | 671,780 | 7,607,001 | 18,062,063 | 11,087,968 | 37,428,812 |
+/- Unrealised losses | (2,260,674) | (11,360,234) | - | - | (13,620,908) |
+/- Other | 470,205 | (1,620,478) | (1,445,175) | (43,487) | (2,638,934) |
Closing balance December 31, 2025 | 138,438,724 | 153,545,039 | 180,118,295 | 207,010,615 | 679,112,672 |
Investments in loans | |||||
Opening balance December 31, 2024 | - | 14,704,128 | - | - | 14,704,128 |
+ Investments | - | 17,500,000 | - | - | 17,500,000 |
- Repayments and exits | - | (200,249) | - | - | (200,249) |
+/- Unrealised gains and losses | - | - | - | - | - |
+/- Unrealised gains | - | - | - | - | - |
+/- Unrealised losses | - | - | - | - | - |
+/- Other | - | 2,107,523 | - | - | 2,107,523 |
Closing balance December 31, 2025 | - | 34,111,401 | - | - | 34,111,401 |
Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total | |
Portfolio | |||||
Opening balance December 31, 2024 | 140,827,743 | 121,813,911 | 133,201,669 | 116,226,710 | 512,070,034 |
+ Investments | - | 69,819,950 | 73,300,001 | 82,439,424 | 225,559,375 |
+ Investments in equity | - | 52,319,950 | 44,800,001 | 82,439,424 | 179,559,375 |
+ Investments in shareholder loans | - | - | 28,500,000 | - | 28,500,000 |
+ Investments in loans | - | 17,500,000 | - | - | 17,500,000 |
- Repayments and exits | (1,270,330) | (711,235) | (43,000,264) | (2,700,000) | (47,681,828) |
- Repayment and exits of equity | (515,328) | (111,400) | (24,755,514) | (1,350,000) | (26,732,241) |
- Repayment and exits of shareholder loans | (755,002) | (399,586) | (18,244,750) | (1,350,000) | (20,749,338) |
- Repayment and exits of loans | - | (200,249) | - | - | (200,249) |
+/- Unrealised gains and losses | (1,588,894) | (3,753,232) | 18,062,063 | 11,087,968 | 23,807,904 |
+/- Unrealised gains | 671,780 | 7,607,001 | 18,062,063 | 11,087,968 | 37,428,812 |
+/- Unrealised losses | (2,260,674) | (11,360,234) | - | - | (13,620,908) |
+/- Other | 470,205 | 487,045 | (1,445,175) | (43,487) | (531,411) |
Closing balance December 31, 2025 | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,073 |
Evolution fair value at December 31, 2024 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments | |||||
Opening balance June 30, 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 June 30, 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 June 30, 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 \u20ac201,154,039 to \u20ac713,224,073 at December 31, 2025, an increase of 39.28% compared to December 31, 2024.
This increase is the result of investments in the amount of \u20ac 225,559,375 on the one hand and repayments in the amount of \u20ac47,681,828 on the other. The net unrealized increase in fair value of \u20ac23,807,904 over the period consists of \u20ac37,428,812 of unrealized income and \u20ac13,620,908 of unrealized expenses.
The remaining amount of \u20ac531,411 represents a decrease in the outstanding amount of portfolio income already acquired at the end of the reporting period but not yet received.
Portfolio concentration based on fair value
Top 5 participations (in %)
The five largest participations within the portfolio of TINC are: GlasDraad, Mufasa, R\u00e9seau Abilis, Datacenter United and Interparking. Together, these investments represent a fair value of \u20ac 319,082,321 representing 45% of the total fair value of the portfolio at December 31, 2025, as shown above.
Top 10 participations (in %)
The ten largest participations within the portfolio of TINC are: GlasDraad, Via A11, R\u00e9seau Abilis, Mufasa, Datacenter United, Kroningswind, Brabo 1, Yally, Storm Group and Interparking. Collectively, these investments represent a fair value of \u20ac 515,474,306, representing 72% of the total fair value of the portfolio as of December 31, 2025, as shown above.
At December 31, 2025, the participation in GlasDraad and Datacenter United each represent more than 10% of the fair value of the portfolio.
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.
Sensitivity FV December 31, 2025 | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Discount rate | |||||
Discount rate: -0.5% | \u25b2 7,858,594 | \u25b2 5,131,761 | \u25b2 5,307,398 | \u25b2 4,603,943 | \u25b2 22,901,697 |
Discount rate: +0.5% | \u25bc 7,299,420 | \u25bc 4,732,387 | \u25bc 5,107,405 | \u25bc 4,295,892 | \u25bc 21,435,103 |
Inflation | |||||
Inflation: -0.5% | \u25bc 2,037,889 | \u25bc 2,653,004 | \u25bc 1,990,595 | \u25bc 2,411,395 | \u25bc 9,092,883 |
Inflation: +0.5% | \u25b2 1,798,518 | \u25b2 2,684,310 | \u25b2 3,230,201 | \u25b2 2,542,527 | \u25b2 10,255,557 |
Energy prices | |||||
Energy prices: -10% | - | \u25bc 7,781,758 | - | - | \u25bc 7,781,758 |
Energy prices: +10% | - | \u25b2 11,845,886 | - | - | \u25b2 11,845,886 |
Energy production | |||||
Energy production: P90 | - | \u25bc 21,719,737 | - | - | \u25bc 21,719,737 |
Energy production: P10 | - | \u25b2 21,719,737 | - | - | \u25b2 21,719,737 |
Positief \u25b2Negatief \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 \u20ac21,719,737. 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 \u20ac21,719,737.
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 \u20ac7,781,758. If, during the full 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 \u20ac11,845,886. Note that these calculations take into account possible changes in support income of changing power prices (higher support amounts when power prices are low and lower support amounts when power prices are high).
The sensitivities of the power price and energy production apply to the following participations: Berlare Wind, Kreekraksluis, Kroningswind, Lowtide, Solar Finance, Storm Wind Belgium, Storm Ireland and Sunroof.
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 \u20ac10,255,557. 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 \u20ac9,092,883.
If for the calculation of the fair value of the participations, a discount rate is 0.5% higher than in the basic assumption is used in each case, the fair value of the portfolio decreases by \u20ac21,435,103. When using a discount rate that is 0.5% lower, the fair value of the portfolio increases by \u20ac22,901,697.
Additional information regarding subordinated loans in the investment portfolio
Situation as per December 31, 2025 (audited) | ||||
Duration | <1 year | 1 - 5 year | > 5 year | Total |
38,637,526 | 28,789,255 | 52,508,551 | 119,935,332 | |
Applied interest rate | Variable rate | Fixed rate | Total | |
- | 119,935,332 | 119,935,332 | ||
Average interest rate | 9.07% | |||
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% |
All subordinated loans outstanding at December 31, 2025 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, 2025, the item subordinated loans amounts to \u20ac 119,935,332. The difference with December 31, 2024 is mainly due to the further effective investment of the commitment for a subordinated loan in Storm Group.
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.
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, 2025 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 713,224,072 | 713,224,072 |
December 31, 2024 (audited) | ||||
Level 1 | Level 2 | Level 3 | Total | |
Investment portfolio | - | - | 512,070,034 | 512,070,034 |
All participations of TINC are classified as Level 3 assets in the fair value hierarchy. All participations, except Azulatis, Interparking 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 Azulatis and Interparking, 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.
Key assessments and judgements
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, 2025 and Dec. 31, 2024.
Fair value at December 31, 2025 (audited) (\u20ac) | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure | Total |
Equity investments (*) | 138,438,724 | 153,544,963 | 180,118,295 | 207,010,615 | 679,112,596 |
Weighted average discount rate | 7.69% | 9.65% | 9.76% | 8.84% | 9.05% |
Investments in loans | - | 34,111,476 | - | - | 34,111,476 |
Weighted average discount rate | - | 11,78% | - | - | 11,78% |
Fair value with changes processed through profit and loss | 138,438,724 | 187,656,439 | 180,118,295 | 207,010,615 | 713,224,072 |
Weighted average discount rate | 7.69% | 10.03% | 9.76% | 8.84% | 9.19% |
(*) Including shareholder loans for a nominal amount outstanding of: | 59,640,738 | 13,894,162 | 10,277,750 | 4,620,813 | 88,433,463 |
Loans for a nominal outstanding amount of: | - | 31,501,869 | - | - | - |
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 | - | - | - |
Key assessments and judgements
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__85": { "value": "18\tTrade receivables and other receivables
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Trade receivables | 40,441 | \u00a018,184\u00a0 | |
Tax receivable, other than income tax | 1,260,313 | \u00a01,675,862\u00a0 | |
Other receivables | - | \u00a089\u00a0 | |
Total | 2 | 1,300,754 | \u00a01,694,134\u00a0 |
Trade receivables for the financial year ending December 31, 2025 amount to \u20ac1,300,754. 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, 2025 12 months | December 31, 202412 months |
Short term bank deposits | 26,217 | \u00a025,982\u00a0 | |
Cash | 1,774,466 | \u00a0863,628\u00a0 | |
Total | 2,4 | 1,800,683 | \u00a0889,611\u00a0 |
Cash and deposits include all liquid funds, freely withdrawable, held in cash or on bank deposit. During the past financial year, the cash position increased by \u20ac911,072 as a result of \u20ac158,370,393 cash inflows related to financing activities composed of the proceeds from the net capital increase of \u20ac111,085,595, the distribution to shareholders of \u20ac21,090,910, the additional drawdown of the credit line of \u20ac70,900,000 and the costs associated with the credit line for \u20ac2,524,293. In addition, there is \u20ac148,544,699 net cash outflows related to investing activities and \u20ac8,914,622 net cash outflows related to operating expenses.
19\tCash and deposits
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Short term bank deposits | 26,217 | \u00a025,982\u00a0 | |
Cash | 1,774,466 | \u00a0863,628\u00a0 | |
Total | 2,4 | 1,800,683 | \u00a0889,611\u00a0 |
Cash and deposits include all liquid funds, freely withdrawable, held in cash or on bank deposit. During the past financial year, the cash position increased by \u20ac911,072 as a result of \u20ac158,370,393 cash inflows related to financing activities composed of the proceeds from the net capital increase of \u20ac111,085,595, the distribution to shareholders of \u20ac21,090,910, the additional drawdown of the credit line of \u20ac70,900,000 and the costs associated with the credit line for \u20ac2,524,293. In addition, there is \u20ac148,544,699 net cash outflows related to investing activities and \u20ac8,914,622 net cash outflows related to operating expenses.
20\tOutstanding capital & reserves
Number | Amount | |||
Statutory capital and reserves | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
Shares authorised | 48,484,849 | 36,363,637 | 131,571,801 | 113,268,771 |
Shares issued and fully paid at the beginning of the period | 36,363,637 | 36,363,637 | 113,268,771 | 135,450,590 |
Change | 12,121,212 | 0 | 18,303,030 | (22,181,819) |
Shares issued and fully paid at the end of the period | 48,484,849 | 36,363,637 | 131,571,801 | 113,268,771 |
At December 31, 2025, the number of fully paid shares amounted to 48,484,849. The increase compared to the previous financial year is the result of the capital increase in June 2025. A total of 12,121,212 shares were issued. The increase in outstanding capital of 18,303,030 is the net result of the capital increase in June 2025 and the capital reduction as part of the distribution during the past financial year. The shares have no nominal value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__91": { "value": "20\tOutstanding capital & reserves
Number | Amount | |||
Statutory capital and reserves | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
Shares authorised | 48,484,849 | 36,363,637 | 131,571,801 | 113,268,771 |
Shares issued and fully paid at the beginning of the period | 36,363,637 | 36,363,637 | 113,268,771 | 135,450,590 |
Change | 12,121,212 | 0 | 18,303,030 | (22,181,819) |
Shares issued and fully paid at the end of the period | 48,484,849 | 36,363,637 | 131,571,801 | 113,268,771 |
At December 31, 2025, the number of fully paid shares amounted to 48,484,849. The increase compared to the previous financial year is the result of the capital increase in June 2025. A total of 12,121,212 shares were issued. The increase in outstanding capital of 18,303,030 is the net result of the capital increase in June 2025 and the capital reduction as part of the distribution during the past financial year. The shares have no nominal value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__92": { "value": "20\tOutstanding capital & reserves
Number | Amount | |||
Statutory capital and reserves | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 |
Shares authorised | 48,484,849 | 36,363,637 | 131,571,801 | 113,268,771 |
Shares issued and fully paid at the beginning of the period | 36,363,637 | 36,363,637 | 113,268,771 | 135,450,590 |
Change | 12,121,212 | 0 | 18,303,030 | (22,181,819) |
Shares issued and fully paid at the end of the period | 48,484,849 | 36,363,637 | 131,571,801 | 113,268,771 |
At December 31, 2025, the number of fully paid shares amounted to 48,484,849. The increase compared to the previous financial year is the result of the capital increase in June 2025. A total of 12,121,212 shares were issued. The increase in outstanding capital of 18,303,030 is the net result of the capital increase in June 2025 and the capital reduction as part of the distribution during the past financial year. The shares have no nominal value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__93": { "value": "21\tFinancial obligations
Period ending at: (\u20ac) | Notes | December 31, 2025 12 months | December 31, 202412 months |
Interest-bearing liabilities and loans | 77,800,000 | 6,900,000 | |
Other loans | 0 | 0 | |
Total | 77,800,000 | 6,900,000 |
TINC has \u20ac200,000,000 of contracted bank credit lines at December 31, 2025 of which \u20ac77,800,000 is drawn down at December 31, 2025. At December 31, 2025, all covenants have been met. The carrying amount of the loan is held at amortized cost. The interest margin on the credit line is 125 basis points. This book value reflects the market value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__94-1": { "value": "22\tTrade and other payables
At December 31, 2025, trade and other payables amounted to \u20ac1,183,453. The main item herein consists of the remuneration to TINC Manager in the amount of \u20ac1,109,705. The carrying amount of trade and other payables at amortized cost approximates fair value due to their short-term nature.
23\tInformation per share
Period ending at: (\u20ac) | Notes | December 31, 2025 audited | December 31, 2024audited |
Number of outstanding shares | 48.484.849 | 36.363.637 | |
Net Asset Value (NAV) | 637.508.904 | \u00a0506.422.240\u00a0 | |
NAV per share | 13,15 | \u00a013,93\u00a0 | |
Fair Market Value (FMV) | 713.224.072 | 512.070.034 | |
FMV per share | 14,71 | 14,08 | |
Net debt | (75.999.317) | (6.010.389) | |
Net debt per share | (1,57) | (0,17) | |
Deferred taxes | 474.827 | 0 | |
Deferred taxes per share | 0,01 | 0 | |
Other amounts receivable & payable | (190.678) | \u00a0362.595\u00a0 | |
Other amounts receivable & payable per share | 0,00 | 0,01 | |
Net profit/(Loss) | 40.617.152 | 42.491.060 | |
Net profit per share | 0.84 | 1.17 | |
Net profit per share (weighted) | 0.95 | 1.17 |
24\tOff-balance sheet obligations
Period ending at: (\u20ac) | December 31, 2025 audited | December 31, 2024audited | ||
1. Cash commitments to portfolio companies | 103,060,495 | \u00a0197,556,760\u00a0 | ||
2. Cash commitments to contracted participations | - | \u00a07,395,794\u00a0 | ||
Total | 103,060,495 | 204,952,554 | ||
1. Cash commitments equity | 60,253,082 | \u00a0144,645,142\u00a0 | ||
2. Cash commitments shareholder loans | 42,807,412 | \u00a042,807,412\u00a0 | ||
3. Cash commitments loans | - | \u00a017,500,000\u00a0 | ||
Total | 103,060,495 | 204,952,554 | ||
(\u20ac) Total | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure |
103,060,495 | 65,530,743 | 21,749,298 | 8,250,000 | 7,530,454 |
(\u20ac) Total | 2026 | 2027 | 2028 | 2029 |
103,060,495 | 70,805,582 | 15,231,583 | 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 decreased by \u20ac101,892,059 during the past financial year. This decrease is due to a total amount of investments in the past financial year of \u20ac225,559,375 in new and existing investments, combined with new commitments of \u20ac123,667,313 in new and existing investments.
The outstanding investment commitments relate to the following participations: Higher Education Buildings, Hortus Conclusus, SPI.R0, Storm Wind Belgium, GlasDraad, Garagepark, Mufasa and Yally. The tables above show when and for which segments the investment commitments are rrealized.
Commitments to contracted participations include investment commitments for the future acquisition of additional participations already contracted.
At December 31, 2025, the total amount of investment commitments is \u20ac103,060,495, composed of \u20ac60,253,082 equity and \u20ac42,807,412 shareholder loans.
TINC has \u20ac200,000,000 of contractual bank credit lines at December 31, 2025. At December 31, 2025, \u20ac77,800,000 has been drawn down.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__99": { "value": "24\tOff-balance sheet obligations
Period ending at: (\u20ac) | December 31, 2025 audited | December 31, 2024audited | ||
1. Cash commitments to portfolio companies | 103,060,495 | \u00a0197,556,760\u00a0 | ||
2. Cash commitments to contracted participations | - | \u00a07,395,794\u00a0 | ||
Total | 103,060,495 | 204,952,554 | ||
1. Cash commitments equity | 60,253,082 | \u00a0144,645,142\u00a0 | ||
2. Cash commitments shareholder loans | 42,807,412 | \u00a042,807,412\u00a0 | ||
3. Cash commitments loans | - | \u00a017,500,000\u00a0 | ||
Total | 103,060,495 | 204,952,554 | ||
(\u20ac) Total | Public Infrastructure | Energy Infrastructure | Digital Infrastructure | Social Infrastructure |
103,060,495 | 65,530,743 | 21,749,298 | 8,250,000 | 7,530,454 |
(\u20ac) Total | 2026 | 2027 | 2028 | 2029 |
103,060,495 | 70,805,582 | 15,231,583 | 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 decreased by \u20ac101,892,059 during the past financial year. This decrease is due to a total amount of investments in the past financial year of \u20ac225,559,375 in new and existing investments, combined with new commitments of \u20ac123,667,313 in new and existing investments.
The outstanding investment commitments relate to the following participations: Higher Education Buildings, Hortus Conclusus, SPI.R0, Storm Wind Belgium, GlasDraad, Garagepark, Mufasa and Yally. The tables above show when and for which segments the investment commitments are rrealized.
Commitments to contracted participations include investment commitments for the future acquisition of additional participations already contracted.
At December 31, 2025, the total amount of investment commitments is \u20ac103,060,495, composed of \u20ac60,253,082 equity and \u20ac42,807,412 shareholder loans.
TINC has \u20ac200,000,000 of contractual bank credit lines at December 31, 2025. At December 31, 2025, \u20ac77,800,000 has been drawn down.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__100": { "value": "25\tFinancial risk hedging objectives for 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, 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 traded 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 system 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
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, 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 2025).
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.
Risks 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 on 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 benefit from support schemes (for example green 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 licences. It is possible that the 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 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 insufficiently available or 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 solvency, etc.
It is possible that such subcontractors do not or cannot fulfil their obligations for various reasons. Several participations could have called on the same 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 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) unavailable, 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. power 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.
25\tFinancial risk hedging objectives for 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, 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 traded 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 system 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
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, 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 2025).
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.
Risks 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 on 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 benefit from support schemes (for example green 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 licences. It is possible that the 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 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 insufficiently available or 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 solvency, etc.
It is possible that such subcontractors do not or cannot fulfil their obligations for various reasons. Several participations could have called on the same 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 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) unavailable, 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. power 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.
25\tFinancial risk hedging objectives for 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, 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 traded 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 system 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
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, 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 2025).
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.
Risks 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 on 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 benefit from support schemes (for example green 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 licences. It is possible that the 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 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 insufficiently available or 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 solvency, etc.
It is possible that such subcontractors do not or cannot fulfil their obligations for various reasons. Several participations could have called on the same 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 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) unavailable, 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. power 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.
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 traded 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 system 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493008FE9JCTSEEPD19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__104": { "value": "26\tRelated parties
Amounts owed by related parties (\u20ac) | Non-consolidatedsubsidiaries | Non-consolidated participations with joint control | Other related parties | Total | ||||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
I. Financial assets | 10,778,253 | 11,189,154 | 75,045,604 | 68,715,300 | 34,111,476 | 14,704,202 | 119,935,332 | 94,608,656 |
1. Financials assets - subordinated loans | 10,041,591 | 10,041,591 | 72,421,221 | 64,670,559 | 31,501,869 | 14,202,119 | 113,964,681 | 88,914,268 |
2. Financial assets - subordinated loans - ST | 736,662 | 1,147,564 | 2,624,383 | 4,044,741 | 2,609,606 | 502,083 | 5,970,651 | 5,694,388 |
3. Financal assets - other | - | \u00a0-\u00a0 \u00a0 | - | \u00a0-\u00a0 \u00a0 | - | \u00a0-\u00a0 \u00a0 | - | \u00a0-\u00a0 \u00a0 |
II. Amounts owed by related parties | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 |
1. Financial liabilities | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 |
2. Trade and other payables | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 | - | \u00a0-\u00a0 |
III. Transactions with related parties | 5,628,987 | 5,123,950 | 19,703,605 | 24,171,231 | 8,996,941 | 6,635,166 | 34,329,534 | 35,930,347 |
1. Management compensation TDP | - | - | - | - | 5,671,107 | 4,698,607 | 5,671,107 | 4,698,607 |
2. Management compensation TINC Manager | - | - | - | - | 1,109,705 | 1,038,694 | 1,109,705 | 1,038,694 |
3. Dividends, interest & fees | 5,628,987 | 5,123,950 | 19,703,605 | 24,171,231 | 2,216,129 | 897,864 | 27,548,722 | 30,193,045 |
27\tEvents after the end of the financial year
TINC has reached an agreement to sell its stake in Zelfstroom. The sale is expected to be completed in the first quarter of 2026. This sale will have no impact on the valuation of the Zelfstroom participation as at December 31, 2025. The cash proceeds from the sale amount to \u20ac4.9 million.
Abridged statutory Financial Statements
Income statement
Period ending at: (\u20ac) | December 31, 2025 12 months | December 31, 2024 12 months |
Income | 38,772,102 | 32,932,783 |
Income from financial fixed assets | 25,989,407 | 28,953,752 |
Dividend income | 16,543,870 | 20,991,222 |
Interest income | 9,445,537 | 7,962,530 |
Income from current assets | 1,046,151 | 879,144 |
Other financial income | - | 1 |
Turnover | 796,103 | 591,387 |
Other operating income | - | - |
Write-back of write-downs on financial fixed assets | - | - |
On financial fixed assets | - | - |
Capital gains on the disposal of financial fixed assets | 10,940,442 | 2,508,500 |
On financial fixed assets | 10,940,442 | 2,508,500 |
EXPENSES | (12,366,056) | (8,796,628) |
Other financial expenses | (2,946,763) | (1,242,989) |
Services and other goods | (8,554,995) | (6,505,970) |
Other operating expenses | (634,028) | (251,433) |
Depriciations and write-downs on formation expenses, IFA and TFA | (230,622) | (480,604) |
Write downs on | - | - |
Financial fixed assets | - | - |
Tax Expense | 352 | (315,633) |
Profit/loss for the financial year | 26,406,047 | 24,136,155 |
Balans
Period ending at: (\u20ac) | December 31, 2025 12 months | December 31, 2024 12 months |
FIXED ASSETS | 613,639,286 | 424,849,496 |
Intangible assets | 1,899,610 | 3,706 |
Affiliated enterprises | 580,237,807 | 410,643,671 |
Shares | 497,774,996 | 335,931,522 |
Amounts receivable | 82,462,811 | 74,712,149 |
Enterprises linked by participating interests | 0 | 0 |
Shares | 0 | 0 |
Amounts receivable | 0 | 0 |
Other financial fixed assets | 31,501,869 | 14,202,119 |
Shares | 0 | 0 |
Amounts receivable | 31,501,869 | 14,202,119 |
CURRENT ASSETS | 9,081,366 | 8,278,133 |
Amounts receivable within one year | 7,173,585 | 7,352,016 |
Trade debtors | 107,116 | 65,294 |
Other amounts receivable | 7,066,469 | 7,286,722 |
Cash Investments | 26,217 | 25,982 |
Cash at bank and in hand | 1,774,466 | 863,628 |
Deferred charges and accrued income | 107,099 | 36,506 |
Total assets | 622,720,653 | 433,127,629 |
Period ending at: (\u20ac) | December 31, 2025 12 months | December 31, 2024 12 months |
Equity | 543,419,640 | 424,892,383 |
Capital | 131,571,801 | 113,268,771 |
Share premium account | 255,052,172 | 174,688,537 |
Reserves | 136,795,667 | 116,935,075 |
Profit carried forward | 20,000,000 | 20,000,000 |
LIABILITIES | 79,301,013 | 8,235,246 |
Financial debts | 77,800,000 | 6,900,000 |
Trade debtors | 1,183,453 | 1,180,662 |
Suppliers | 1,183,453 | 1,180,662 |
Taxes, payroll and related obligations | 0 | 0 |
Taxes | 0 | 0 |
Dividend curretn period | 0 | 0 |
Accrued charges and deferred income | 317,560 | 154,583 |
Total liabilities | 622,720,653 | 433,127,629 |
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
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 identification | TINC |
Domicile of entity | Belgium |
Legal form of entity | NV |
Country of incorporation | Belgium |
Address of entity\u2019s registered office | Karel Oomsstraat 37, 2018 Antwerp |
Principal place of business | Belgium \u2013 the Netherlands \u2013 Ireland |
Description of nature of entity\u2019s operations and principal 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 |