"We have made major steps during the past financial year towards realizing the growth strategy of TINC. € 225 million of new investments contribute significantly to the diversification of the portfolio from predominantly project infrastructure into higher yielding corporate infrastructure (core+). The full amount of the June 2025 capital increase is invested, and the fair value of the investment portfolio grows significantly by 39% to € 713 million. Also the expected profitability of the portfolio increases, the weighted average discount rate grows from 8,40 % to 9,19%. The combination of the strong growth of the portfolio, the increase of the expected profitability and a strategic shift towards an optimized allocation of balance sheet capacity – net debt amounts to € 76 million – result from 2026 onwards in a higher return and higher profit for the TINC shareholders. Based on these excellent results and the strong cashflows for TINC from its portfolio companies, we propose with confidence and for the 9th year in a row an increase of the shareholder distribution to € 0,59 per share.”— Manu Vandenbulcke, CEO
“The societal needs for future-oriented infrastructure is as strong as ever. TINC contributes with a clear long-term investment vision that ties financial performance to societal relevancy. This means that our investment portfolio is very well positioned to perform robustly, also in times of geopolitical turbulency. The recent successful capital increase and the support of the reference shareholder Infravest is testimony to the confidence of our shareholders in our strategy.”– Philip Maeyaert, Chairman of the Supervisory Board
Key points
- The portfolio result for the past financial year (ending 31 December 2025) is €51.4 million, or a portfolio return of 10.03%. This return exceeds the weighted average discount rate of 8.40% that applied at the beginning of the previous financial year;
- The net profit amounts to €40.6 million or €0.84 per share;
- Total cash receipts from the portfolio amount to €75.8 million;
- Shareholders’ equity amounts to €637.5 million or €13.15 per share (€506.4 million or €13.93 per share on 31 December 2024). This includes the proceeds from the capital increase in June 2025 of €113 million and is net of the distribution to shareholders in May 2025 of €21.1 million or €0.58 per share. The return on equity amounts to 8.11% over the past financial year;
- TINC successfully completed a capital increase of €113 million in June 2025. This involved the issue of 12,121,212 new shares, bringing the total number of shares to 48,484,848 on 31 December 2025. The proceeds from the capital increase have already been fully used to support the strategic growth ambition to double the investment portfolio;
- The investment portfolio includes 33 participations in Belgium, France, Ireland and the Netherlands with a fair value (FV) of €713.2 million (a record growth of +39.3% compared to 31 December 2024). This portfolio is valued based on a weighted average discount rate of 9.19% (8.40% on 31 December 2024);
- TINC made €123.7 million of investment commitments during the financial year to two new participations (Dutch battery storage project Project Mufasa and the car park operator Interparking) and two existing participations (Azulatis and GlasDraad);
- TINC effectively invested €225.6 million under both current and new investment commitments. This includes investments in two new participations (Interparking and Project Mufasa) and in existing participations Azulatis (B), Datacenter United (B), Garagepark (NL), GlasDraad (NL), Storm Group (B), Storm Wind Belgium (B) and Yally (B);
- Outstanding contractual investment commitments amount to €103.1 million at the end of the financial year. Through the combination of the current participations and the €103.0 million of outstanding contractual investment commitments, the investment portfolio of TINC will grow to approximately €816 million;
- The net debt position amounts to €76.0 million at the end of the financial year. TINC has a €200 million revolving credit facility, of which €77.8 million is drawn down on 31 December 2025. In addition, TINC has developed a framework for attracting sustainable debt financing in various forms (Sustainable Finance Framework);
- TINC proposes a gross shareholder distribution of €0.59 per share for the past financial year ending on 31 December 2025. The proposed distribution consists of a combination of a dividend and a capital reduction. The proposed dividend amount will be equal to €0.17 per share (or 28.8% of the distribution), that of the capital reduction will be €0.42 per share (or 71.2% of the total amount distributed). The distribution, subject to approval by the general meeting, will take place in May 2026. This is the ninth consecutive year that the shareholder distribution is increased;
- After obtaining all the necessary approvals, the strategic repositioning of the reference shareholder of TINC took effect in March 2025. At the end of the financial year, Infravest – a partnership between Gimv, WorxInvest and Belfius – holds a 25.25% stake in TINC;
- In March 2025, the mandate of Mr Peter Vermeiren as board member ended. We would like to thank Peter for his contribution to the development and growth of TINC. At the same time, the Supervisory Board welcomed Mr Filip Dierckx and Mr Nils De Bremaeker as board members on the recommendation of Infravest;
- The annual report as at 31 December 2025 is available on the TINC website (www.tincinvest.com).
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