. Revenue increased by 13% to a record EUR 129.9 million, compared to EUR 115.3 million in Q1 2021, driven by the Industrial Groups
• Stable added value margin of 49.0% (Q1 2021: 49.1%) despite the upward pressure on raw material prices
• Normalized EBITDA of EUR 16.8 million, 4% higher than in Q1 2021 (EUR 16.1 million)
• Normalized net profit before amortization increased by 19% to EUR 7.6 million (Q1 2021: EUR 6.4 million)
• Closed new EUR 175 million financing arrangement, including EUR 102.5 million credit facilities and EUR 72.5 million in Schuldschein private placement loans
• Strong financial position with leverage ratio of 2.4 (Q1 2021: 2.3) and solvency of 45.3% (Q1
2021: 46.8%)
Key figures
Reported (in EUR million) Q1 2022 Q1 2021 delta
Revenue 129.9 115.3 13%
EBITDA 14.7 16.3 -9%
EBITA 9.3 10.0 -7%
Net profit 5.1 5.9 -13%
EBITDA as a % of revenue 11.3% 14.1%
EBITA as a % of revenue 7.2% 8.7%
Return on invested capital1 (12 months rolling) 12.9% 9.9%

Normalized (in EUR million)2 Q1 2022 Q1 2021 delta
Revenue 129.9 115.3 13%
EBITDA 16.8 16.1 4%
EBITA 11.4 9.8 16%
Net profit before amortization 7.6 6.4 19%
EBITDA as a % of revenue 12.9% 14.0%
EBITA as a % of revenue 8.8% 8.5%
Return on invested capital1 (12 months rolling) 15.9% 11.6%

1 Invested capital excluding intangibles arising from acquisitions.
2 Normalized in Q1 2022: EUR 2.1 million (EUR 1.6 million after tax) restructuring costs and income.
Normalized in Q1 2021: EUR 0.2 million (EUR 0.2 million after tax) restructuring costs and EUR -0.4 million (EUR -0.4 million after tax) tax claim receipt.

Joep van Beurden, Kendrion CEO:
“We delivered a strong first quarter under difficult economic circumstances. Group revenue grew by 13%
compared to a strong Q1 2021, reaching a record level of EUR 129.9 million. On a normalized basis we
grew our EBITDA by 4% and net profit before amortization by 19%. I am proud of this achievement given
the combination of macroeconomic uncertainty, supply chain volatility, high inflation, and restrictive COVID
measures affecting our operations in China.
While this year started with a certain degree of optimism, the Russia -Ukraine conflict, and the ongoing
impact of the COVID pandemic, particularly in China, have caused economic uncertainty and volatility.
As a global company, focus ed on delivering smart actuator products that support the broad energy
transition towards cleaner forms of energy, we benefited from the continued strong demand for products
related to energy transition, especially in the Industrial Groups . Here, our revenue increased by 28%
compared to a year ago. Automotive revenue was flat.
Demand for industrial brakes continues to be strong in all segments and across all regions, driven by the
accelerating electrification. In Industrial Actuators and Controls our business development efforts in recent
years are beginning to pay off. Demand for new products such as rotary locks for industrial washing
machines and inductive heating for industrial baking is increasing. Recently acquired electronics and
embedded systems specialists 3T performed well, and we have started recruiting software and electronics
engineers for our Automotive Group. To accommodate anticipated FTE growth at 3T, we are opening an
office at the High-Tech Campus in Eindhoven per 1 July 2022.
In Automotive, the market continues to be difficult, driven by ongoing semiconductor shortages, demand
volatility and high inflation in raw materials. European car production declined with 18% year-over-year.
Despite these challenges, we protected our added-value margin and delivered revenues in line with Q1
2021.
The growth opportunity for products supporting the global push towards electrification and cleaner energy
is not affected by the current economic situation. We expect this energy transition to continue to drive
business opportunities in all three Business Groups. While we believe that the economic environment will
remain unpredictable for the foreseeable future , we reiterate our medium-term financial targets: 5%
organic growth between 2019 and 2025, an EBITDA of at least 15% in 2025 and an ROIC of at least 25%
in 2025.”
Progress on strategy
Over the years, product development decisions and acquisitions have transformed Kendrion into a global
and innovative company , fo cused on the delivery of actuator products that support the move from oil,
natural gas, and coal towards cleaner forms of energy. Kendrion operates in three Business Groups:
Industrial Brakes (IB), Industrial Actuators and Controls (IAC) and Automotive Group (AG). IB and AG, as
well as China, focus on organic growth. In IAC, the emphasis lies on profitability and cash generation.
At the start of 2022, the COVID pandemic appeared to be entering a more predictable phase. Lockdowns
eased and consumer demand increased. Demand for our industrial products was strong and a backlog in the production of passenger cars seemed to promise a potential upturn in automotive. Reality turned out to be different as the Russia-Ukraine conflict and COVID outbreaks in China caused additional economic uncertainty. Despite these challenges, Kendrion delivered good results thanks to a continued strong demand for our industrial products, especially those related to the energy transition.
The construction of our new 28,000 m² manufacturing facility in Suzhou’s renowned Industrial Park in China has been delayed due to new COVID outbreaks. We expect to start production in the new facility early in 2023.

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tijd 10.28
Kendrion EIR 18,14 +52ct vol. 1.160