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TABLE OF CONTENTS

Company profile 2

ACTIVITY REPORT 2021 4

2021 highlights 5

Letter to the shareholders 8

Machines & Technologies segment 10

Picanol 11

Proferro 13

PsiControl 14

Agro segment 15

Crop Vitality 16

Tessenderlo Kerley International 17

NovaSource 19

Bio-valorization segment 20

PB Leiner 21

Akiolis 22

Industrial Solutions segment 24

DYKA Group 25

Kuhlmann Europe 26

Moleko 27

T-Power segment 28

T-Power 29

CORPORATE GOVERNANCE STATEMENT 2021 30

FINANCIAL REPORT 2021 46

Consolidated financial statements 47

Statement on the true and fair view of the consolidated financial 114 statement and the fair overview of the management report

Auditor's report 115

Statutory financial report 120

Financial glossary 123

Alternative performance measures 124

The statement of non-financial information is included in a separate sustainability report and this is published on the company's website. This se parate report constitutes the declaration of non-financial information of the group and meets the requirements of art. 3:6, § 4, and art. 3:32, § 2, of the Companies Code.

Disclaimer

This document may contain forward-looking statements. Such statements reflect the views of management regarding future events at the date of this document. Furthermore, they involve known and unknown risks, uncertainties and other factors that may cause actual results to be different from any results, performance or achievements expressed or implied by such forward-looking statements. Picanol Group provides the information in this document as at the date of publication and, subject to applicable legislation, does not undertake any obligation to update, clarify or correct any forward-looking statements contained in it in light of new information, future events or otherwise. Picanol Group disclaims any liability for statements made or published by third parties (including any employees who are not explicitly mandated by Picanol Group) and, subject to applicable legislation, does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other document it issues.

COMPANY PROFILE

Picanol Group is a diversified industrial group and it is active worldwide in the fields of mechanical engineering, agriculture, food, energy, water management, the efficient (re)use of natural resources and other industrial markets with a focus on water. The group's products are used in a variety of applications, industrial and consumer markets.

Picanol Group has approximately 7,000 employees worldwide and is listed on Euronext Brussels (PIC) via Picanol nv. Picanol Group was founded in 1936. Since 2013, Picanol Group has also had a reference interest in Tessenderlo Group (Euronext: TESB), and since 2019, Tessenderlo Group has been fully consolidated in the results.

Picanol Group in 2021:

Consolidated turnover:

2,741.7 million EUR

Number of employees:

7,000

Euronext Brussels:

PIC

Web:

www.picanolgroup.com

Picanol Group's activities are divided into five business segments:

The segment Machines & Technologies

includes the activities Weaving Machines (Picanol), the foundry

and mechanical finishing (Proferro) and the development and

production of electronics (PsiControl).

The Agro segment combines our activities in the production, trading and marketing of crop nutrition (liquid crop fertilizers and potassium sulfate fertilizers based on sulfur) as well as crop protection products. The Agro segment includes the Crop Vitality™, Tessenderlo Kerley International and NovaSource® business units.

Our activities in animal by-product processing are combined in the

Bio-valorization segment. This consists of PB Leiner (the production, trading and sales of gelatins and collagen peptides) and Akiolis (the rendering, production and sales of proteins and fats).

The Industrial Solutions segment includes products, systems and solutions for the processing and treatment of water, including flocculation and precipitation. The Industrial Solutions segment includes DYKA Group (with DYKA, JDP and BT Nyloplast), Kuhlmann

Europe and moleko™.

The T-Power segment includes the activities of Tessenderlo Group regarding the generation of electricity, in particular, the 425 MW

CCGT power plant (Combined Cycle Gas Turbine) of T-Power.

Picanol Group - 2021 annual report | 4

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Picanol NV published this content on 06 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 April 2022 06:31:00 UTC.