Rotterdam, November 9, 2021 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for the first nine months 2021:
. Sales: USD 3,421.9 million, 31.5% higher than USD 2,602.4 million in the first nine months of 2020.
The 31.5% sales increase reflects a 28.7% volume increase, 3.3% positive currency impact, a 0.4% increase from acquisitions and a 0.9% decrease from divestments.

Volume increased in all areas.
North America accounted for 52% of sales, Europe 39%, and Asia, Latin America and
Australia each 3%. Window Coverings were 94% and Architectural Products 6% of sales.
. Earnings before interest, tax, depreciation and amortization – EBITDA:
USD 646.0 million, compared with USD 368.1 million in the first nine months of 2020.
. Income from Operations (before other income/expense):
USD 527.3 million, compared with USD 252.1 million in the first nine months of 2020.
Results in local currencies were higher in all areas.
. Other income/expense: USD 16.3 million negative compared with USD 133.0 million
negative in the first nine months of 2020. The 2021 charges relate to the adjustment to
the future purchase prices of interests in partially owned companies (USD 19.4 million),
partly offset by a gain on a divestment (USD 3.1 million). The 2020 charges were
USD 48.0 million for reorganization expenses mainly in Europe and North America and
USD 85.0 million for adjustments to the future purchase prices of interests in partially
owned companies.
. Profit before Tax: USD 509.8 million, compared with USD 113.3 million in the first nine
months of 2020.
. Total Net Profit: USD 390.3 million (per share EUR 9.39), compared with USD 66.4 million in the first nine months of 2020 (per share EUR 1.69).
Capital expenditures were USD 67.8 million compared with USD 44.7 million in the first nine months of 2020, while depreciation was USD 100.1 million compared with USD 98.6 million in the same period last year. For the full year capital expenditures are expected to be
approximately USD 100 million and depreciation USD 130 million.
Operating cash flow: USD 385.4 million compared with USD 306.4 million in the first nine months of 2020.
Shareholder’s equity was USD 2,280.3 million compared with USD 1,925.4 million at the end of 2020, reflecting the first nine months results decreased by a negative exchange translation.

RONAE (Return before interest/net assets employed) was 29.0% compared with 13.1% in
the first nine months of 2020.
Q3 2021
Q3 Sales: USD 1,178.3 million, 13.0% higher than USD 1,042.6 million in the same period of
2020. The increase reflects a 11.6% volume increase, a 2.0% positive currency impact, a 0.4%
increase from acquisitions and a 1.0% decrease from divestments. Third quarter organic sales
were higher in all areas, except in Asia where sales were level.
Q3 Earnings before interest, tax, depreciation and amortization – EBITDA:
USD 214.6 million, 5.4% higher than USD 203.6 million in Q3 2020.
Q3 Income from Operations (before other income/expense): USD 174.4 million, 6.9% higher
than USD 163.2 million in Q3 2020. Results in local currencies were better in all areas, except in
Europe and Australia where results were level.
Other income/expense: USD 6.4 million negative compared with USD 88.5 million negative in
Q3 2020. The 2021 charges relate to the adjustment to the future purchase prices of interests in
partially owned companies (USD 9.5 million), partly offset by a gain on a divestment (USD 3.1
million). The 2020 charges were USD 3.5 million for reorganization expenses mainly in Europe
and North America and USD 85.0 million for adjustments to the future purchase prices of
interests in partially owned companies.
Q3 Profit before Tax: USD 166.5 million, compared with USD 74.0 million in Q3 2020.
Q3 Total Net Profit: USD 127.8 million (per share EUR 3.12), compared with USD 37.9 million
in Q3 2020 (per share EUR 0.95).
First nine months 2021 by Region
Europe
European sales were USD 1,341 million, 29% higher than USD 1,040 million in the same period
last year. This reflects a 24% volume increase, a 6% positive currency impact, a 1% increase
from acquisitions and a 2% decrease from divestments.
North America
North American sales increased by 35% to USD 1,759 million, which reflects higher volume.

Latin America
Latin American sales were USD 92 million, 26% higher than USD 73 million in the same period last year. The sales increase reflects higher volume.
Asia
Asian sales increased by 28% to USD 114 million. The higher sales reflect a volume increase of 24% and a 4% positive currency impact.
Australia
Australian sales were USD 116 million, 23% higher than USD 94 million in the same period last year. The sales increase reflects a 13% volume increase and a 10% positive currency impact.

RONAE (Return before interest/net assets employed) was 29.0% compared with 13.1% in
the first nine months of 2020.
Q3 2021
Q3 Sales: USD 1,178.3 million, 13.0% higher than USD 1,042.6 million in the same period of
2020. The increase reflects a 11.6% volume increase, a 2.0% positive currency impact, a 0.4%
increase from acquisitions and a 1.0% decrease from divestments. Third quarter organic sales
were higher in all areas, except in Asia where sales were level.
Q3 Earnings before interest, tax, depreciation and amortization – EBITDA:
USD 214.6 million, 5.4% higher than USD 203.6 million in Q3 2020.
Q3 Income from Operations (before other income/expense): USD 174.4 million, 6.9% higher
than USD 163.2 million in Q3 2020. Results in local currencies were better in all areas, except in
Europe and Australia where results were level.
Other income/expense: USD 6.4 million negative compared with USD 88.5 million negative in Q3 2020. The 2021 charges relate to the adjustment to the future purchase prices of interests in partially owned companies (USD 9.5 million), partly offset by a gain on a divestment (USD 3.1
million). The 2020 charges were USD 3.5 million for reorganization expenses mainly in Europe and North America and USD 85.0 million for adjustments to the future purchase prices of interests in partially owned companies.
Q3 Profit before Tax: USD 166.5 million, compared with USD 74.0 million in Q3 2020.
Q3 Total Net Profit: USD 127.8 million (per share EUR 3.12), compared with USD 37.9 million in Q3 2020 (per share EUR 0.95).

First nine months 2021 by Region
Europe
European sales were USD 1,341 million, 29% higher than USD 1,040 million in the same period
last year. This reflects a 24% volume increase, a 6% positive currency impact, a 1% increase
from acquisitions and a 2% decrease from divestments.

North America
North American sales increased by 35% to USD 1,759 million, which reflects higher volume.

Latin America
Latin American sales were USD 92 million, 26% higher than USD 73 million in the same period last year. The sales increase reflects higher volume.

Asia
Asian sales increased by 28% to USD 114 million. The higher sales reflect a volume increase of
24% and a 4% positive currency impact.

Australia
Australian sales were USD 116 million, 23% higher than USD 94 million in the same period last year. The sales increase reflects a 13% volume increase and a 10% positive currency impact.

The outlook is positive but there remain uncertainties as to when the pattern of consumer discretionary spending will normalize, the development of COVID-19, the impact of supply chain disruptions, and inflation on interest rates and the economies.
Hunter Douglas is in a strong position in terms of its brands, products, distribution and finances.