Tessenderlo : Annual report Friday, April 8, 2022

PB

Table of contents
Company profile	3
ACTIVITY REPORT
2021 highlights	6
Message from the CEO and the Chairman to the shareholders	9
Key figures at a glance	12
Our Agro segment	16
Our Bio-valorization segment	21
Our Industrial So165lutions segment	25
Our T-Power segment	29
Information for shareholders	31
MANAGEMENT REPORT
Business progress	34
Risk analysis	36
Corporate governance statement	42
SUSTAINABILITY REPORT
Sustainability and CSR at Tessenderlo Group	63
Materiality analysis	67
Governance of CSR	69
Sustainable Development Goals of the United Nations	70
Our employees	73
Our planet	85
Our community	99
KPIs	102
GRI index	107
FINANCIAL REPORT
Consolidated financial statements	110
Statement on the true and fair view of the consolidated financial
statements and the fair overview of the management report	189
Statutory auditor's report	190
Statutory financial report	197
Financial glossary	200
Alternative performance measures	202
Tessenderlo Group 2021 annual report |2

Company profile

With a history that dates back to 1919, Tessenderlo Group has evolved over recent years from a chemical company into a diversified industrial group that focuses on agriculture, valorizing bio-residuals, energy, and providing industrial solutions with a focus on water.

With more than 4,800 people working at over one hundred locations across the globe, Tessenderlo Group is a leader in most of its markets. We primarily serve customers in agriculture, food, industry, construction and health and consumer goods end markets.

Tessenderlo Group's activities are subdivided into four operating segments:

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.

Tessenderlo Group is marketing its products and services worldwide, with branches all over the world, through its four segments.

Agro

Crop Vitality | NovaSource: 12 production plants and 1 scheduled for construction, and more than 100 terminals (US).

Tessenderlo Kerley International: production plants in Belgium (1), France (1), Turkey (1), and 1 scheduled for construction (the Netherlands), and 10 terminals in Europe and Mexico.

Bio-valorization

PB Leiner: 3 production plants in Europe (Belgium, Germany, UK), 1 in China and 3 in the Americas (US, Argentina, Brazil).

Akiolis (France): 3 production plants, 28 collection centers (C1/C2 categories) and 8 production plants, 20 collection centers (C3 category & food grade) and 1 production plant (Violleau).

Industrial Solutions

DYKA Group: 8 production plants (2 in the Netherlands, 1 in Belgium, 2 in France, 1 in Germany, 1 in Poland and 1 in Hungary) and more than 70 branches in Europe.

Kuhlmann Europe: 4 production plants (2 in Belgium, 1 in France and 1 in Switzerland). moleko: 3 production plants (US).

T-Power

T-Power: 1 production plant (Belgium).

Tessenderlo Group realized a consolidated turnover of 2.1 billion EUR in 2021. The company is listed on Euronext Brussels and is part of the Next 150 and BEL Mid indices. Financial news sources: Bloomberg: TESB BB - Reuters: TesB.BR - Datastream: B:Tes.

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. Tessenderlo 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 this document in light of new information, future events or otherwise. Tessenderlo Group disclaims any liability for statements made or published by third parties (including any employees who are not explicitly mandated by Tessenderlo 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.