Deceuninck Full-Year Report 2022

Consolidated sales in 2022 increased to a new record level of € 974.1m, up 16.2% from € 838.1m in 2021, with
price increases to compensate for higher raw material prices and for cost inflation as the main driver. The Adj. EBITDA increased to a new record as well. For the first time in the history of the company, an Adj. EBITDA of more than one hundred million euro, more specifically € 102.3m (vs € 97.7m in 2021), was achieved.

The Adj. EBITDA-margin in 2022 was 10.5%, which is 1.2 percentage point lower than in 2021 (11.7%). Price increases have offset higher production costs including raw material costs, labour and energy. Higher fixed costs
due to inflation and higher provisions for doubtful debtors however impacted overall profitability. In Europe, the Adj. EBITDA-margin was additionally impacted by efficiency losses and higher logistics costs, mainly caused by costs
for the transition to the new platform. In North America however, the Adj. EBITDA-margin recovered, despite
very low volumes, reflecting manufacturing efficiency improvements helped by a lower turnover of blue-collar workers.