Manu Vandenbulcke, CEO:
"We are very pleased with this robust result. The overall strong operational and financial performance of our portfolio translated into a portfolio result of €50.7 million and a net profit of €42.5 million, or €1.17 per share. This result demonstrates that investing strategically in a wider portfolio scope with participations in corporate infrastructure is rewarding. This was illustrated last year by the ground-breaking growth spurt of our portfolio company Datacenter United. After another solid investment year, TINC now has €205 million of contractual investment commitments outstanding, growing the portfolio to around €700 million over time. These results allow us to confidently propose a distribution to shareholders of €0.58 per share for the past financial year." - Manu Vandenbulcke, CEO
Philip Maeyaert, chairman of the Supervisory Board:
"The past year was again characterized by a solid investment rhythm contributing to the diversification and value creation of the portfolio of TINC. Since the IPO, the portfolio has more than quadrupled in size. The societal need for investments in infrastructure remains high, so our ambition is now to double the portfolio. This of course requires additional investment resources. TINC is therefore preparing a potential capital increase." - Philip Maeyaert, Chairman of the Supervisory Board
Key points
- The portfolio result for the past financial year (ending December 31, 2024) is € 50.7 million (or a portfolio return of 10.84%). This results in a net profit of € 42.5 million or € 1.17 per share;
- Total cash receipts from the portfolio amount to € 44.8 million;
- Shareholders' equity amounts to € 506.4 million or € 13.93 per share (€ 494.6 million or € 13.60 per share at December 31, 2023), after deduction of the shareholder distribution in May 2024 for € 30.5 million or € 0.84 per share;
- The investment portfolio includes 31 participations in Belgium, France, Ireland and the Netherlands with a fair value (FV) of € 512.1 million (+ 9.3% compared to Dec. 31, 2023). This portfolio is valued based on a weighted average discount rate of 8.40% (8.10% at Dec. 31, 2023);
- During the financial year, TINC committed € 141.3 million for investments in four new and three existing participations;
- TINC further effectively invested € 37.8 million under both current and new investment commitments. This relates to investments in the new participation Storm Group (B) and in the existing participations NGE Fibre (FR), Garagepark (NL), GlasDraad (NL) and Yally (B);
- The outstanding contractual investment commitments amount to € 205.0 million at the end of the financial year. The combination of the current participations and the outstanding contractual investment commitments allow the portfolio of TINC to grow over time to approximately € 700 million;
- The net debt position amounts to € 6.0 million at the end of the financial year. TINC has a € 200 million revolving credit facility of which at € 6.9 million is drawn down at December 31, 2024. In addition, TINC has developed a framework for attracting sustainable debt financing under various forms (Sustainable Finance Framework);
- TINC proposes a gross distribution to its shareholders of €0.58 per share for the current financial year ending December 31, 2024. The proposed distribution consists of a combination of a dividend and a capital reduction. The proposed amount of the dividend will be equal to € 0.18 per share (or 31.0% of the distribution), that of the capital reduction to € 0.40 per share (or 69.0% of the total amount distributed). The distribution, subject to approval by the general meeting, will take place in May 2025;
- In June, 2024 the mandate as director of Mr. Philip Maeyaert and Ms. Helga van Peer ended with TINC Manager NV, statutory director of TINC NV. Mr. Maeyaert was reappointed as independent director and chairman of the supervisory board until 2027. At the end of the financial year, has the Supervisory Board now 7 members of which are 3 independent directors;
- The following events occurred after the balance sheet date:
- On February 17, 2025, TINC announced an investment of €61 million in Project Mufasa, one of the largest battery storage systems (BESS) in the Netherlands. The investment will be financed by TINC under its € 200 million revolving credit facility;
- On February 28, 2025, the in October 2024 announced partial sale of a stake in Datacenter United and the acquisition of the Belgian data centers of Proximus was completed. The financial impact of the transaction is reflected in the annual results published as of December 31, 2024. The combination of the proceeds of the partial sale and the additional capital investment in Datacenter United to finance the acquisition of the Proximus data centers results in a net investment of approximately €45 million for TINC. TINC financed this investment under its € 200 million revolving credit facility;
- On March 10, 2025 TINC announced the completion of the strategic cooperation between Gimv, WorxInvest and Belfius as partners for the further growth of TINC. Hereby acquires WorxInvest half of the interest of Gimv NV in Infravest NV. Infravest NV – incorporated as a 100 % subsidiary of Gimv - is with 21,32 % the largest shareholder of TINC NV and is also the indirect shareholder of TINC Manager NV, de statutory director of TINC NV. As part of this transaction, Gimv NV and Belfius NV would also contribute their respective interest in TDP NV, the joint venture incorporated by Gimv and Belfius to develop and manage a wide variety of infrastructure assets, in Infravest NV. All regulatory consents have now been obtained, allowing for the strategic cooperation to start. Going forward, WorxInvest and Gimv will each hold a 40,8 % interest in Infravest NV, with Belfius holding a minority interest of 18,4 %. Following the transaction, Mr. Filip Dierckx and Mr. Nils de Bremaeker will join the supervisory board of TINC Manager NV, the statutory director of TINC NV, by nomination of Infravest NV. Themandate of Mr. Peter Vermeiren as member of the supervisory board terminates. The supervisory board wishes to extend its gratefulness to Peter for his long-term contribution from the early conception to the current success of TINC. Going forward, the supervisory board will consist of 8 members amongst which three independent directors including Mr. Philip Maeyaert, independent chairman.
- TINC is preparing a potential capital increase to support its strategic growth ambition of doubling its portfolio. In addition to its traditional investments in infrastructure projects, TINC will focus on broadening its portfolio with investments in corporate infrastructure, and on realizing economies of scale by deploying on average larger investment amounts. This will enhance shareholder value;
- The annual report as of December 31, 2024 is available on TINC's website (www.tincinvest.com).
| Name | Date | Download |
| Annexe |