Ackermans & van Haaren NV

Earnings Release • Nov 23, 2021

1 Trading update third quarter 2021

TRADING UPDATE THIRD QUARTER 2021

PRESS RELEASE ANTWERP, NOVEMBER 23, 2021, 7.00

Regulated information within the meaning of the Royal Decree of November 14, 2007

AvH STILL ON COURSE FOR RECORD RESULT OVER THE FULL YEAR 2021

This trading update gives an overview of the main developments at Ackermans & van Haaren and its main participations since the half-yearly report that was published at the end of August 2021.

• General situation of Ackermans & van Haaren as of September 30, 2021 and outlook

After the strong first half of 2021, Ackermans & van Haaren (AvH) had already announced that it was on course for record results over the full year. The group went on to report excellent results in the third quarter of 2021 as well, which means that this outlook remains fully valid.

Although in the third quarter of last year the economy gradually began to recover from the health crisis and its figures therefore provide a better basis for comparison, AvH realised markedly better results in most of its activities in the third quarter of 2021. This does not mean that all the consequences of the health crisis have been wiped out: for many entities of the AvH group, the logistical problems facing society as a whole - particularly in the international movement of people and goods - remain a challenge, as are the increasing prices of commodities and services. On the whole, however, the companies of the group have so far not only stood their ground, but have also been able to consolidate their position for the future. The order backlog of DEME is at a record high and confirms DEME's privileged position to be able to respond to the rapid internationalisation of offshore wind as a sustainable energy source. Delen Private Bank and Bank Van Breda have never managed more assets for their clients than now. At the same time, the market price for the sustainable palm oil that SIPEF produces is at an all-time high.

AvH stepped up its investments in Asia in the third quarter of 2021. Additional investments were made in Medikabazaar, India's leading B2B market place for the sale of medical supplies. AvH is one of its biggest shareholders with a total participation of more than 10%. In addition, a first payment has been made into the specialist investment fund HealthQuad II, which focuses on healthcare investments in India and of which AvH is the anchor investor. The Venturi investment fund, which is directed from Singapore by Nicholas Cator and Frédéric de Mévius, has also completed its first investment. In order to follow up on these (and future) investments in Asia, AvH has recently hired a first investment manager in Singapore and will open a local office there in the next few weeks. AvH maintained its pace of investment in the third quarter closer to home too, such as in Biotalys and SIPEF.

The positive net cash position of 74.5 million euros as at September 30, 2021, supplemented with confirmed credit lines of more than 280 million euros and above all with the substantial reserves available at several levels throughout the AvH group, allows AvH to ambitiously consider new investment projects in Belgium and abroad.

• Cash position

As was already mentioned above, AvH (including subholdings) had a net cash position of 74.5 million euros at the end of September 2021, compared to 88.6 million euros at the end of June 2021. This position consisted at the end of September of 48.3 million euros in cash investments and 25.9 million euros in cash and cash equivalents and shortterm deposits. The rest is made up of treasury shares and short-term debts in the form of commercial paper.

AvH owned 328,750 treasury shares as of September 30, 2021 (compared to 344,750 shares at June 30, 2021) to hedge present and future stock option plan obligations. To this number are 7,830 treasury shares to be added resulting from acquisitions and disposals within the framework of the AvH stock liquidity agreement.

MARINE ENGINEERING & CONTRACTING

DEME

DEME (AvH 62.1%) realised a turnover over the first nine months of 2021 of 1,730.8 million euros, a 3% increase compared to 1,680.1 million euros over the same period last year.

(€ million)	3Q21	3Q20
Dredging	818.0	677.8
Offshore	568.3	717.1
Infra	185.4	152.2
Other	159.1	133.0
Total	1,730.8	1,680.1

With a turnover of 818.0 million euros over the first nine months of 2021, DEME reported a solid turnover increase in its Dredging segment (+21%) compared to the previous year. This trend continued apace in the third quarter of 2021 with the large-scale works in Abu Qir in Egypt and the successful new campaign in Sabetta in northern Russia. In combination with works being carried out a.o. in Belgium (coast and Scheldt), Germany (Elbe), Poland (Swinousjcie-Szczecin) and on the other continents, this results in an improved utilisation rate of the dredging fleet.

At DEME Offshore, the turnover decreased by 148.8 million euros (-21%), although this is for the most part the result of a lower procurement turnover compared to last year, whereby DEME Offshore charges the materials it purchases as EPC contractor on to its customers. During the past few weeks, DEME Offshore has added some very substantial contracts to its order backlog, thereby confirming its privileged position to respond to the rapid growth in the demand for sustainable and renewable energy. DEME Offshore had already acquired a leading position in the construction of offshore wind farms in Europe, and is now well placed to turn this experience to good account in the emerging North American and Asian markets.

In the third quarter, DEME Offshore successfully installed the last of the 165 monopile foundations on the Hornsea Two project. In the coming months, the installation of the 165 turbines with a capacity of 8 MW each will be completed. Hornsea Two is the world's largest offshore wind farm to date. Once the wind farm is finished in 2022, it will generate more than 1.4 GW of clean energy for British households. In August, DEME Offshore installed the first offshore substation on the Saint-Nazaire offshore wind farm in France.

Saint-Nazaire (480 MW), which should be operational in 2022, is the first commercial offshore wind farm to be installed in French waters. The foundation works are now at the halfway stage.

The turnover of DEME Infra is primarily realised on the three major infrastructure projects in progress in the Netherlands (the new Terneuzen Lock, the RijnlandRoute and the Blankenburg Connection). In the coming years, DEME Infra will realise most of its turnover on the works for the Oosterweel link around Antwerp and on the Fehmarnbelt project between Germany and Denmark. As far as DEME Infra is concerned, however, both these projects are still in the start-up phase.

DEME's order backlog remains at an all-time high of 4,830 million euros as of the end of September 2021, compared to 4,737 million euros at the end of June 2021 and 4,500 million euros at year-end 2020. DEME Offshore was awarded the contract for the installation of offshore wind turbine foundations for the Vineyard Wind 1 project in the United States. Besides the installation of turbines, which was announced earlier this year, DEME will also handle the transport and installation of the monopile foundations, transition pieces and erosion protection for the wind turbine foundations, as well as the foundation and platform for the offshore electrical substation.

A number of contracts (worth a total of 324 million euros) that are still awaiting financial close are not yet included in this order backlog. The works in Taiwan (preferred bidder) and on the Right Bank of the Oosterweel Link are not included either.

At the beginning of November 2021, DEME Offshore landed the Balance of Plant project of Dominion Energy for the construction of the Coastal Virginia Offshore Wind Farm. This contract for the largest offshore wind farm of the United States is worth 1.1 billion USD for DEME. The BoP contract encompasses the transport and installation of 176 monopile foundations with transition pieces, three offshore substations, erosion protection and the procurement and installation of subsea export and infield cable systems. DEME Offshore will oversee all offshore installation works for the foundations, substations, infield cables and part of the export cables. For the realisation of this project, DEME Offshore has entered into a consortium with Prysmian, world leader in subsea power cable systems.

At the beginning of August, DEME took delivery of the 'Spartacus', the world's most powerful and innovative cutter suction dredger, and successfully deployed it on the works in Abu Qir (Egypt). The 'Orion' and the 'Green Jade' are still under construction and are expected to be delivered in the first quarter of 2022 and in 2023 respectively. Moreover, the 'Sea Installer', a DP2 jack-up installation vessel of DEME Offshore, will be getting a major crane upgrade. The hoisting capacity will be increased from 900 tonnes to 1,600 tonnes, which will enable the ship to install next-generation wind turbines. The crane of the 'Sea Challenger' will also be upgraded in order to maintain the leadership position in the installation of wind turbines.

Excluding the effects of IFRS 16, DEME invested a total of 228.1 million euros over the first nine months of the year.

Along with the increased working capital requirement in the third quarter, the investments account for the increase in net financial debt to 674.2 million euros as of September 30. In this way, DEME maintains a very solid financial structure, and the debt position is expected to have decreased again by year-end 2021, even with a total expected level of investment of around 300 million euros.

In September, DEME Concessions announced that, together with Qair and Aspiravi through the consortium Thistle Wind Partners (TWP), it will participate at the Scottish offshore wind leasing round of Crown Estate Scotland. TWP wants to help accelerate the energy transition in Scotland.

As was announced earlier, DEME Offshore (49%) and Penta-Ocean Construction (51%) set up a new joint venture, Japan Offshore Marine (JOM), at the beginning of November. Through JOM, the two partners are dedicated to building a pioneering position on the fast-growing Japanese offshore wind market. The DP2 jack-up installation vessel 'Sea Challenger' will be transferred and reflagged to Japan. After the upgrade mentioned above, the 'Sea Challenger' can be deployed on the first round of large offshore wind farms in Japan, which is expected in 2025.

DEME projects a high level of activity in the fourth quarter as well, so that both turnover and net profit are expected to evolve towards their 2019 levels, without however equalling these figures just yet.

CFE (EXCL. DEME, RENT-A-PORT, GREEN OFFSHORE)

Within the CFE group (AvH 62.1%), CFE Contracting reported a turnover of 760.2 million euros over the first nine months of the year, an increase of 15.8% compared to Q3 2020 (656.7 million euros) and of 3.5% compared to Q3 2019 (734.3 million euros). This turnover increase is primarily attributable to CFE Polska, VMA, BPC and MO-BIX. Construction activity in Flanders, however, showed a decrease in turnover.

The order book of CFE Contracting amounted to 1,469.5 million euros as of September 30, 2021, a slight decrease compared to year-end 2020 (1,492.6 million euros). Both BPC and MBG won several major contracts in the last few months, but the extensive refurbishment of the Kanal - Centre Pompidou museum in Brussels, among other projects, is not yet included in the order book.

CFE Contracting expects its turnover and net result for 2021 to come close to the figures of 2019.

In the Real Estate Development division, BPI concluded the sale of Ernest 11, an office building of 5,000 m² in Liège. In the Brussels Region, planning permission was obtained in the summer for the PURE and SERENITY projects. The demolition of the existing buildings is in progress, and marketing has begun. Sales of the residential programmes in Luxembourg are going well. In Poland, BPI is making preparations for the construction and marketing of a 13,000 m² residential project in Gdynia, near Gdansk. The total real estate portfolio amounted to 207 million euros as of September 30, 2021, compared to 192 million euros at year-end 2020.

BPI expects its net result for 2021 to be slightly above that of 2020, thanks to the persistent demand for new apartments that meet high standards in terms of sustainability.

GREEN OFFSHORE

Green Offshore (AvH 81.05%) officially inaugurated the SeaMade offshore wind farm (Green Offshore 8.75%) at the end of October. SeaMade has a capacity of 487 MW and became operational at the end of 2020. The 58 wind turbines generate an annual 1.8 TWh of renewable energy, enough to supply power to 500,000 Belgian households and to reduce CO2 emissions by nearly 700,000 tonnes per year. In this way, SeaMade makes an important contribution to the Belgian objectives as regards the development of renewable energy. Green Offshore also has a 12.5% stake in the Rentel offshore wind farm (309 MW).

DEME, too, holds stakes in the Belgian offshore wind farms SeaMade, Rentel and C-Power through its wholly-owned subsidiary DEME Concessions. If all these interests are transitively aggregated, AvH accounts for a production capacity of 155 MW renewable energy generated in Belgium.

PRIVATE BANKING

Delen Private Bank (AvH 78.75%) and Bank Van Breda (AvH 78.75%) continued the strong performance of the first six months of the year, and realised an increase of the total client assets to 60.8 billion euros as of September 30, 2021, compared to 59.8 billion euros at June 30, 2021 and 54.1 billion euros at December 31, 2020.

At Delen Private Bank, the assets under management on a consolidated basis (Delen Private Bank, JM Finn) amounted to 51.3 billion euros at the end of September 2021, compared to 50.6 billion euros at the end of June 2021 and 45.1 billion euros at the end of December 2020. Of those assets, 85% is managed under discretionary mandates. This increase of the assets under management by 14% is attributable to a persistently strong gross inflow of 4.0 billion euros and to the favourable market trend in Belgium, the Netherlands and the United Kingdom, as well as to a positive exchange rate effect at JM Finn.

Bank Van Breda also reported a strong performance with a 12% increase in the total assets entrusted by clients to 20.1 billion euros as of the end of September 2021, compared to 19.6 billion euros at June 30, 2021 and 17.9 billion euros at year-end 2020. Those entrusted assets consist of 13.8 billion euros off-balance sheet products and 6.3 billion euros client deposits. The loan portfolio amounted to 5.6 billion euros.

Total client assets (€ million) 3Q21 2020 Delen Private Bank 51,325 45,116 Delen Private Bank 38,123 33,771 Oyens & Van Eeghen(1) 1,080 JM Finn 13,202 11,345 Bank Van Breda Off-balance sheet products 13,776 11,948 Client deposits 6,281 5,907

859

AuM at Delen(1) -10,612 -8,873 Delen and Van Breda combined (100%) 60,770 54,098

(1) Already included in AuM Delen Private Bank

REAL ESTATE & SENIOR CARE

NEXTENSA

On July 19, 2021, the extraordinary general meeting of Leasinvest approved the proposal to become an integrated real estate group by a business combination with Extensa. The merger of the two real estate players creates a unique market position through the combination of recurring rental income from real estate investments with the capital gain potential of development activities that prioritise authenticity and sustainability. It was also decided to relinquish the REIT status and to convert the company into a public limited company. The name change of the new group to Nextensa will be submitted to the shareholders at the extraordinary general meeting of November 29, 2021.

In the context of this transaction, AvH contributed 100% of the shares of Extensa and LREM to Leasinvest. The contributions represent a joint value of 293.4 million euros and were contributed in exchange for the issue of 4,075,458 new Leasinvest shares to Ackermans & van Haaren. As a consequence, AvH owns 58.5% of the capital of Leasinvest subsequent to the transaction. Leasinvest now has a total of 10,002,102 shares, resulting in a market capitalisation of 726 million euros at November 19, 2021.

Following the contribution in kind of Extensa Group, the results as of September 30, 2021 consist of the nine-month income statement of Leasinvest and the three-month income statement of Extensa. This change in the consolidation scope makes a comparison with the previous year difficult. The net profit of the new group amounted to 35.7 million euros as of September 30, 2021.

Nextensa's investment portfolio amounted to 1.4 billion euros at the end of the third quarter of 2021. This consolidated real estate portfolio comprises 28 sites (including project developments) with a total lettable area of 518,719 m². The real estate portfolio is geographically spread across the Grand Duchy of Luxembourg (45%), Belgium (42%) and Austria (13%) and comprises 51% offices, 39% retail and 10% other premises. Also the historic buildings on the Tour & Taxis site in Brussels are treated as investment property, with the rental income contributing to the result.

The net rental income increased from 45.7 million euros at September 30, 2020 to 47.7 million euros at September 30, 2021. This is the result of a like-for-like rental growth of 5%, due in large measure to the smaller impact of COVID-19 in the first nine months of 2021 versus 2020, combined with a positive contribution of 1.9 million euros in rental income from Extensa's investment portfolio. On the other hand, there is the negative impact of the sale of the Esch 25 buildings in December 2020 and of Brixton Logistics in February 2021.

The overall occupancy rate decreased to 89%, due mainly to the low take-up rate of the retail space in the Gare Maritime as a result of COVID-19. The occupancy rate of the former Leasinvest portfolio remained stable at 92%. The rental yield (based on fair value) was 5.19% (compared to 5.63% at year-end 2020).

The residential development projects Park Lane Phase I and Park Lane Phase II on Tour & Taxis are progressing well. For Phase I, 295 of the 319 apartments have already been sold. For Phase II, the marketing of 346 apartments is scheduled to start at the beginning of 2022, since all permits were obtained in September this year.

On the Cloche d'Or development site in Luxembourg, the fully let office buildings Banca and Kockelscheuer will be delivered and sold during the fourth quarter of 2021. At the same time, the apartments (which had already been sold) on Ilôt D Sud are currently being completed, the last units on Ilôt D Nord are being sold, while the marketing of Ilôt D5-D10 is in full progress.

At the end of September 2021, the shareholders' equity (group share) amounted to 761 million euros (end of December 2020: 487 million euros).

ANIMA

The results of Anima (AvH 92.5%) continued in 2021 to be negatively impacted by the health crisis. After the vaccination campaign, which for the elderly unfolded for the most part during the first quarter of the year, occupancy rates in the group's residential care centres recovered to some extent. Occupancy rates, however, were more heavily impacted for the 259 service flats operated by Anima.

Although vaccination levels among Anima residents are now very high, Anima is supportive of a mandatory vaccination of care staff to foster a living environment that is as safe as possible for all its residents.

As of September 30, 2021, Anima had 2,514 beds in operation (compared to 2,539 at December 31, 2020), of which 2,125 nursing home beds, 130 convalescence beds and 259 service flats, spread over 23 care centres (9 in Flanders, 7 in Brussels, 7 in Wallonia).

ENERGY & RESOURCES

SIPEF

SIPEF (AvH 35.12%) realised an increase of its total group production of RSPO compliant, certified 'segregated' sustainable palm oil by 18% to 291,668 tonnes (Q3 2020: 247,027 tonnes), in line with the trend in the first half of the year. The increase is the result of very favourable weather conditions, that were conducive to palm growth and fruit development of all oil palm operations in Indonesia and Papua New Guinea. These conditions also led to higher oil extraction ratios, which averaged 23.9%, which is 0.5% higher than at the end of September 2020.

In the first nine months of 2021, the palm oil market experienced a very stable environment with exceptionally high prices averaging 1,143 USD/tonne CIF Rotterdam. In July, Indonesia reduced the maximum export levy from 255 USD to 175 USD, which has a favourable impact on the net profitability of the Indonesian palm oil operations in the second half of the year.

The expansion in South Sumatra continued steadily. In Musi Rawas, SIPEF received a positive response from the "Roundtable on Sustainable Palm Oil" (RSPO) in May and August for the development of three additional concessions, under the conditions of the "New Planting Procedures". These concessions of 8,594 hectares acquired in 2018 will allow SIPEF to carry out additional plantings, thus optimising future profitability. Of the previously approved concessions, 524 additional hectares were compensated in the first nine months. 734 additional hectares were prepared for planting or planted, to reach a total of 14,748 cultivated hectares. On the Dendymarker plantations, 7,114 hectares have been replanted, while 1,012 hectares were prepared for replanting.

SIPEF expects a decrease in palm oil production growth rates in the fourth quarter of 2021. Nevertheless, the predicted growth in annual production of more than 10% will be largely exceeded, barring exceptional weather effects. Until October 21, 2021 (date of SIPEF's trading update), 88% of the expected palm oil volumes have been sold at an average price of 1,057 USD CIF Rotterdam equivalent, including premiums for sustainability and origin. Combining strongly growing production volumes with unprecedented high palm oil prices, the recurring annual results of SIPEF, excluding the 11 million USD capital gain on the sale of PT Melania, should be around USD 80 million USD.

AvH slightly increased its shareholding to 35.12% during the third quarter.

AvH & GROWTH CAPITAL

Agidens (AvH 84.98%, incl. indirect participation through AXE Investments) reported strong results, partly thanks to the Life Sciences segment. The sale of the Agidens Infra Automation (AIA) division to Van den Berg, a subsidiary of BESIX Group, is fully finalised. This transaction not only strengthens AIA's market position, but also enables Agidens, through an increased focus and investments, to grow further into a European player in the process automation market.

EMG (AvH 22.5%) successfully completed a series of major assignments at large international sporting events in the summer months of 2021. At the Olympic Games in Tokyo, the European Football Championship, the World Cycling Championship in Belgium and in the Tour de France, EMG's teams played a prominent role in the recording and editing of the TV footage. Such assignments aided the recovery of the turnover, which had decreased sharply in 2020 as a result of cancellations due to COVID. Profitability has also recovered as a result, with the new management team led by CEO Shaun Gregory now focusing on the further growth and positioning of EMG in the world of audiovisual services, which is characterised by rapid technological and commercial developments.

The activities of Manuchar (AvH 30%) are prospering in 2021. In a world where a command of logistics and knowledge of buying and supplying products have become even more important, Manuchar manages to make its mark by its wide geographical distribution network and expertise in sourcing and its maritime logistics that have been developed over many years.

Mediahuis (AvH 13.5%) and the German Aachener Verlagsgesellschaft (AVG) are engaged in far-reaching negotiations on a possible acquisition of AVG by Mediahuis. In the event of a successful conclusion, Mediahuis will become the main shareholder (70%) of AVG's subsidiary Medienhaus Aachen, publisher of Aachener Zeitung and Aachener Nachrichten. This potential acquisition fits in with the European growth plans of Mediahuis, and should enable the group to expand its geographical footprint towards the German-Dutch border region (Euregion).

Van Moer Logistics (AvH 21.7%) brought its first dual fuel hydrogen truck into use at the end of October. This truck can mix in hydrogen as fuel for its converted diesel engine in order to reduce diesel consumption. Furthermore, with this new technology CO2 emissions can be reduced by 80%. After a one-year trial period, it will be decided how to roll out this technology to the entire fleet of 500 trucks.

• Non-consolidated participations

Biotalys is listed on Euronext Brussels as of July 2, 2021 and is included in the Bel Small index as of September 20, 2021. Raising 52.8 million euros worth of new capital via an Initial Public Offering (IPO) allows the company to maximise the potential of its ground-breaking platform and product pipeline. In the context of the IPO, AvH invested an additional 4 million euros in Biotalys, which brings its participation to 13.04% (11.85% fully diluted). At the end of October, Biotalys also announced that it will receive nearly 6 million USD worth of long-term funding from the Bill & Melinda Gates Foundation to develop new organic solutions for cowpeas and other legumes. In accordance with AvH's accounting principles for non-consolidated financial fixed assets, the Biotalys participation will from now on be valued at stock market price. In mid-November, the company reported favourable results of independent field trials carried out by public institutions in the United States with its first biofungicide Evoca™ in the cultivation of grapes and strawberries.

AvH has subscribed to the Series C financing round (75 million USD or 64 million euros) of Medikabazaar, together with HealthQuad and other current shareholders. CREAEGIS and CDC Group took part as new investors. This investment will be used to strengthen Medikabazaar's digital capabilities, expand its distribution network, and accelerate its international expansion. With an investment of 10 million euros, AvH increases its direct participation in Medikabazaar from 5.4% to 8.7%; AvH will have a beneficial interest of 11.1%, taking into account its participation in the HealthQuad I fund (AvH 36.3%) and the HealthQuad II fund (AvH 22.1%).

MRM Health (AvH 17.2%) received approval from the Federal Agency for Medicines and Health Products at the end of September to start a Phase 1b/2a trial with MH002, an innovative new type of therapy based on the intestinal microbiome, in patients with mild to moderate ulcerative colitis (UC). This milestone is the start of a period of clinical development.

ACKERMANS & VAN HAAREN

Ackermans & van Haaren positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world.

Ackermans & van Haaren is a diversified group operating in 4 core sectors: Marine Engineering & Contracting (DEME, one of the largest dredging companies in the world - CFE, a construction group with headquarters in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium, and asset manager JM Finn in the UK - Bank Van Breda, niche bank for entrepreneurs and the liberal professions in Belgium), Real Estate & Senior Care (Nextensa, a listed integrated real estate group), and Energy & Resources (SIPEF, an agro-industrial group in tropical agriculture).

At an economic level, the AvH group represented in 2020 a turnover of 5.0 billion euros and employed 22,331 people through its share in the participations. AvH is listed on Euronext Brussels and is included in the BEL20 index and the European DJ Stoxx 600 index.

• Website

All press releases issued by AvH and its most important group companies as well as the 'Investor Presentation' can also be consulted on the AvH website: www.avh.be. Anyone who is interested to receive the press releases via email has to register to this website.

• Financial calendar

February 28, 2022	Annual results 2021
May 19, 2022	Interim statement Q1 2022
August 31, 2022	Half-year results 2022
November 23, 2022	Interim statement Q3 2022

• Contact

For further information please contact:

Jan Suykens CEO - Chairman executive committe - Tel. +32.3.897.92.36

Tom Bamelis CFO - Member executive committe - Tel. +32.3.897.92.42

e-mail: dirsec@avh.be

Ackermans & van Haaren NV Begijnenvest 113 2000 Antwerp Tel. +32 3 231 87 70 info@avh.be www.avh.be