Picanol Group: upward revision of 2021 outlook as a result of impact of Tessenderlo Group’s Agro segment

PRESS RELEASE

Regulated information

Ieper, November 22, 2021 - 5:40 pm CET

PICANOL GROUP: UPWARD REVISION OF 2021 OUTLOOK AS A RESULT OF IMPACT OF TESSENDERLO GROUP'S AGRO SEGMENT

Picanol Group (Euronext: PIC) anticipates the Adjusted EBITDA for 2021 to be approximately 15% higher than the 2020 Adjusted EBITDA (361.7 million EUR). The previous outlook projected the 2021 Adjusted EBITDA to be approximately 10% higher than the 2020 Adjusted EBITDA.

Tessenderlo Group (Euronext: TESB) anticipates the Adjusted EBITDA for 2021 to be approximately 10% higher than the 2020 Adjusted EBITDA (314.6 million EUR). The previous outlook projected the 2021 Adjusted EBITDA to be in line with the 2020 Adjusted EBITDA. This revised outlook for the 2021 financial year reflects the continued favorable market conditions in the Agro segment.

Picanol Group will announce its full results for 2021 on March 24, 2022.

About Picanol Group

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. The group's products are used in a variety of applications, industrial and consumer markets. Picanol Group realized a consolidated turnover of 2.2 billion EUR in 2020. Picanol Group has approximately 7,000 employees worldwide and it is listed on Euronext Brussels (PIC) via Picanol nv.

For further information please contact:

Frederic Dryhoel, at [phone] or by e-mail:[e-mail].

This press release is also available on the Picanol Group corporate website:

www.picanolgroup.com.

The Dutch version of this press release is to be considered as the reference.

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 press release 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 this press release 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 press release it issues.

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