#1Caverion Building Performance Investor Presentation June 2021#22 Investor Presentation June 2021 Agenda 1. Business and strategy overview 2. Sustainability targets and offering 3. Reaching updated financial targets through strategy execution 4. Group development 5. Guidance and dividend Caverion Building Performance#3Caverion Building Performance 1. Business and strategy overview#44 Investor Presentation June 2021 Caverion at a glance We enable performance and people's wellbeing in smart and sustainable built environments 238 locations in 11 countries >30,000 properties under our service >10,000 properties digitally monitored 15,000 employees Sweden 20% Finland 19% Germany 17% Norway 15% Industry 13% Austria 9% Denmark 4% Other 3% Industry 34% Real Estate Users 23% Public Sector 16% General Contractors 16% Real Estate Investors and Developers 12% Revenue EUR 2.2 billion Customer segments Work safety (LTIFR) 4.2 Listed on Nasdaq Helsinki Head office in Finland 45 73 16 19 12 53 Caverion Building Performance 2 2020 figures#55 Investor Presentation June 2021 Fit for Growth strategy 660 C PURPOSE We enable performance and people's wellbeing in smart and sustainable built environments VISION First choice in digitalising environments MUST-WINS Excellent customer experience 囡 Sustainable solutions A Top performance 888 Winning team at every level KEY THEMES FOUNDATION Building Performance culture and values Safety | Quality Digitalisation and sustainability Caverion Building Performance#66 Investor Presentation June 2021 Focus on profitable growth and constant productivity improvement while increasing interaction with customers Good progress in strategy > The critical phase of turnaround is behind us. > We are on a good track to deliver increasing profits and strong cash flow going forward. > We have continued to invest in organic growth, e.g. in our digital platform, remote center capabilities, sustainability offering, sales, brand - as well as M&A. > We have started to see an increased interest towards those parts of our lifecycle offering that help customers make their operations more sustainable. Focus will remain on efficiency improvement > Significant potential still in pricing, productivity and procurement > Data enabled efficiency > Transforming our operating model Caverton Caverion Caverion Building Performance Sources of future growth for Caverion 14 Advisory & Outcome based Solutions Digital Solutions Smart Technologies Long-term customer partnerships#77 Investor Presentation June 2021 Caverion Caverion's Building Performance offering gaining ground Building Performance By making built environments smart and sustainable, we enable performance and people's well-being Build Efficiency business (~3/4 of revenue) Design & Build Technical installation + Maintain Technical maintenance Small service projects ++ Partner · Solution business (~1/4 of revenue) Smart Performance agreements . Facility management Outsourcing Life-cycle solutions +++ Advisory services Digital solutions Smart technologies Energy efficiency ++++ Meeting increasing regulatory requirements from governments + = Our estimate of market growth#8Caverion Building Performance 2. Sustainability targets and offering#99 Investor Presentation June 2021 Caverion Building Performance Economic Climate Change downturn Corona#10Major need for building renovation in Europe - Major opportunity for Caverion EU target net 55% emission reduction by 2030, major renovation/energy efficiency investment wave expected 40% of EU's final energy is consumed in buildings 36% of the energy- related emissions (GHG) come from buildings in the EU 60% EU target to reduce building GHG emissions by 2030 75% of buildings in the EU are energy- inefficient#1111 Investor Presentation June 2021 By 2030... Our positive GHG handprint is 10x greater than our own GHG سو Caverion Building Performance footprint* *Scope 1-2#1212 Investor Presentation June 2021 Caverion's sustainability focus areas and targets By 2030, our positive GHG handprint is 10x greater than our own GHG footprint Focus areas Lifecycle Services Efficient Utilisation & Cost Effici Energy, Material & Environment Efficiency Safety Smart & Green Technologies New & Differen Caverion People & Culture Risk Management Digital Solutions & know-how Value Value Chain Management Caverion Building Performance 2020 2025 level level Our business makes sustainable impact Our GHG footprint is defined and measured Our offering has a defined GHG handprint GHG handprint / footprint (Scope 1-2) 66% 100% 100% E >1x 5x We care for our employees Accident frequency rate: LTIFR 4.2 <2 S Share of female employees % 11% 15% We ensure efficient and high-quality implementation of sustainability Supplier Code of Conduct sign-off rate (%) 63% >90% % of employees trained in sustainability 50% 100% G % of tenders that include sustainability criteria 0% 100%#1313 Investor Presentation June 2021 Caverion Caverion's solutions along the lifecycle create clear sustainable impact EU's and national stimulus packages expected to be directed to green growth and digitalisation Direct sustainability impact through: › Lifecycle engagement via outcome-based contracts, EPC etc > Solution projects with smart tech, e.g. refrigeration, security, automation; upgrades and modernisations Digital, data-driven, analytics focused integrated solutions Our customers Building Performance Stimulus packages and legislation are in all our countries supporting sustainable investments. Caverion expects stimulus packages to increase demand also in Caverion's areas of operation as of H2/2021. Examples: › EU EUR 750bn recovery fund stimulus package > EPBD directive › Advisory services, e.g. Smart readiness indicator, energy advice, sourcing of subsidies > Digital services, e.g. remote center, analytics (SmartView) Financing solutions, e.g. PPP, XaaS and leasing solutions Traditional project & service business and technical discipline expertise EU F-gas regulation > EU taxonomy#14We are committing to science based environmental targets and other initiatives Current development > Committing to science based environmental targets > Aligning with EU taxonomy and considering TCFD recommendations SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION TCFD > Considering KPI's with SASB recommendations for our sector SUSTAINABILITY ACCOUNTING SASB STANDARDS BOARD Annual reporting > Complied in the sustainability report GRI › EU non- financial reporting › Signatory of the UN Global Compact and UN SDG's in 2020 › Nasdaq ESG Transparency partner UNG GLOBAL ESG TRAN COMPACT ARENCY Nasdaq PARTNER Caverion Building Perton Latest ratings (score) > ESG Risk rating: Low risk (4/2020) > A (12/2020) > C (NP) SUSTAINALYTICS MSCI ESG RATINGS CCC B BB BBB ISS ESG AA AAA > D (2020) +CDP DRIVING SUSTAINABLE ECONOMIES#1515 Investor Presentation June 2021 UN Global Compact - for reaching a better world 1 NO POVERTY 2 NO HUNGER 3 GOOD HEALTH QUALITY EDUCATION 7 RENEWABLE ENERGY 8 > In 2021, Caverion joined UN Global Compact - the world's largest corporate sustainability initiative. > We are committed to aligning our operations and strategies with 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption. 13 Caverion Building Performance SUSTAINABLE DEVELOPMENT GOALS Caverion supports the Sustainable Development Goals CLIMATE ACTION SSS GOOD JOBS AND ECONOMIC GROWTH M 14 LIFE BELOW WATER Caverion Building Performance сл 5 GENDER EQUALITY 6 CLEAN WATER AND SANITATION 9 INNOVATION AND INFRASTRUCTURE 10 REDUCED INEQUALITIES 11 SUSTAINABLE CITIES AND COMMUNITIES 15 LIFE ON LAND 16 PEACE AND JUSTICE PARTNERSHIPS 17 FOR THE GOALS 12 RESPONSIBLE CONSUMPTION QO THE GLOBAL GOALS For Sustainable Development#16averion Cera verion Caverion Caverion Building Performance Building 3. Reaching updated financial targets through strategy execution#1717 Investor Presentation June 2021 Financial targets and results so far Caverion Building Performance Cash conversion >100% 2020: 158.5% Q1/2021: 137.4% Profitability (Adjusted EBITA-%) > 5.5% 2020: 2.8% Q1/2021: 3.2% Leverage (Net debt/EBITDA) <2.5x 2020: -0.2x Q1/2021:-0.5× Growth Organic growth > 4% p.a. 2020: Services growth 8.7% in local currencies, share of Services 63.3% (Q1/2021: 65.4%)#1818 Investor Presentation June 2021 Summary of Caverion's strategic Must-Wins 囡 A 888 Excellent Customer Experience Sustainable Solutions Top Performance at Every Level Winning Team Strategy execution > Professional sales management > Service culture > Drive increased customer loyalty > Roll out sustainable solutions and digital services > Boost profitable growth in smart technologies & FM > Roll out Caverion brand story and new offering > Drive selectivity and productivity strategy in Projects > Service performance management > Project performance management > Transformation in procurement > Fixed cost performance management > M&A excellence > Building Performance culture > Right people in right places > Professional growth Caverion Building performance#1919 Investor Presentation June 2021 Fit for Growth journey 2016-2020 Shift in business mix and turnaround in profitability progressing Group revenue EUR million Caverion Building Performance 2,364 2,276 2,204 2,123 2,155 Adjusted EBITDA, EUR million Adjusted EBITDA margin, % 120.4 116.5 1,234 1,067 790 991 848 5.7% 5.4% 1,131 1,209 1,213 1,275 1,365 53.4 25.8 15.6 2.4% 2016 2017 2018 2019 2020 0.7% 1.1% Services Projects 2016 2017 2018 2019 2020 Services share:* * 47.8% 53.1% 55.0% Change in reporting of business unit revenue in 2018 60.0% 63.3% Note! 2016: EBITDA excl. restructuring costs; 2017-2020: Adjusted EBITDA. The same figures have been used for the presentation of the respective margins. Comparative figures for 2018 (or prior periods) have not been restated according to IFRS 16.#2020 Investor Presentation June 2021 Fit for Growth journey: Cash flow back to target level Substantial cash release from working capital. FY 2020 cash conversion 158.5% Working capital EUR million -32.3 -30.8 -54.6 -100.9 Caverion Building Performance Operating cash flow before financial and tax items EUR million +180.0 EURM → 157.6 143.7 21.6 -8.7 -129.0 EURM -160.4 -22.4 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 * 2019 figures according to IFRS16#21Caverion Building Performance 4. Group development Clear profitability improvement in Q1 - Positive start to 2021#2222 Investor Presentation June 2021 Caverion Operating environment Q1/2021 The corona pandemic continued to affect operations, early signs of improvement in Services Services (65.4% of Group revenue) > The demand environment remained stable and comparable to the previous quarters. Revenue breakdown Q1/2021 (Q1/2020) Building Performance > > Early signs of increased investment activity among Caverion's customers Certain annual industrial shutdowns in Finland postponed from last year will take place in Q2/2021. Projects (34.6% of Group revenue) > The pandemic continued to impact productivity to a certain extent, and market demand remained on a lower level. The demand for new construction projects on a lower level, however less for renovation construction. > Pricing environment remained still tight. > Stimulus packages did not yet impact general demand during the quarter. 65.4% (63.3%) 34.6% (36.7%) Services Projects#2323 Investor Presentation June 2021 Order backlog development Caverion Group order backlog decreased by 8.0% year-on-year, but growth in Services and from YE-2020 > Order backlog increased by 1.1% from the end of the previous quarter. > Order backlog decreased by 8.0% year- on-year to EUR 1,626.7 (1,768.3) million at the end of March. > At comparable exchange rates the order backlog decreased by 10.2% year-on-year. > Order backlog increased by 0.7% in Services year-on-year, while it decreased by 17.4% in Projects. Building Performance Order backlog, EUR million Q2 Q3 Q4 Q1 1,768 1,627 1,609 16 17 18 19 20 21 16 17 18 19 20 21 16 17 18 19 20 21 16 17 18 19 20#24NPS 24 Investor Presentation June 2021 2016 2017 2018 2019 2021 Caverion Building Performance > Extremely strong progress in customer satisfaction in 2021 > NPS improved in all divisions > Best response rate ever > Very good scores in overall satisfaction > Customers value particularly Caverion's service attitude, business understanding, competence and safety#2525 Investor Presentation June 2021 Revenue development Q1/2021 revenue still impacted by corona, but there are early signs of pick-up in Services Group revenue, EUR million Caverion Building Performance 2020: 2,154.9 2021 579.3 541.6 518.5 515.5 515.3 Q1 Q2 Q3 Q4 Q1 Revenue breakdown by division, EUR million -9% +3% 111101 -1% +9% -18% -20% -19% -5% 99 103 94 89 88 86 68 56 48 39 25 21 15 14 Sweden Finland Germany Norway Industry Austria Denmark Other countries 1-3/2020 1-3/2021 > Q1/21 revenue EUR 515.3 (541.6) million, down by 4.9% from the previous year, -6.0% in local currencies. > Organic growth: -5.4 % > Business unit revenue: > Services -1.8% > Projects -10.2% > (-3.1% and -11.1% in locals) > Revenue increased in Finland and Norway, while it decreased in other divisions.#2626 Investor Presentation June 2021 Caverion Building Performance Profitability development Clear profitability improvement > Q1/2021 Adjusted EBITA improved to EUR 16.4 (12.1) million, or 3.2% (2.2%) of revenue. > The restructurings completed in Q4/2020 had a positive impact on the cost base. > Both Services and Projects and all divisions except Finland and Austria improved their profitability. > Especially divisions Industry, Germany, Norway and Sweden progressed well. > Q1/2021 EBITA: EUR 15.1 (10.0) million, or 2.9% (1.8%) of revenue. > No large-scale project write-downs Adjusted EBITA margin, % 2021 Adjusted EBITA, EUR million 2020: 60.6 (2.8%) 12.1 21.2 22.5 4.1 3.9 16.4 3.2 2.2 0.9 4.8 Q1 Q2 Q3 00 40 Q4 00 Q1 EBITA, EUR million EBITA margin, % 2020:42.4 (2.0%) 2021 17.7 15.1 3.4 10.0 2.9 8.4 1.8 6.3 1.6 1.1 Adjusted EBITA = EBITA before items affecting comparability (IAC) Q1 00 22 Q2 Q3 Q4 00 Q1#2727 Investor Presentation June 2021 Caverion Building Performance Cash flow development Cash flow was again strong > In Q1/2021, operating cash flow before financial and tax items: EUR 40.6 (56.1) million > Cash conversion (LTM): 137.4 (162.4)% Operating cash flow before financial and tax items, EUR million 56.1 48.2 2020: 157.6 2021 81.3 40.6 > Above financial target level (>100%) Q1/20 Q2/20 > Free cash flow: EUR 28.9 (46.0) million Free cash flow, EUR million 2020: 137.3 > Capex: EUR 4.3 (8.3) million > IT investments: EUR 2.2 (2.8m) > Other investments incl. acquisitions: EUR 2.0 (5.5m) 46.0 45.0 -28.0 Q3/20 Q4/20 Q1/21 76.9 2021 28.9 Free cash flow = Operating cash flow before financial and tax items - Taxes paid - Net cash used in investing activities (net, including acquisitions and disposals). -30.5 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21#2828 Investor Presentation June 2021 Caverion Building Performance Working capital, EUR million % of sales, (LTM) -2% -3% -6% -7% -4% -7% -8% Working capital development Clear improvement in working capital year-on-year > Working capital improvement continued > Working capital of EUR -176.0 (-127.3) million at the end of March > Actions completed in recent years: > Tight weekly follow up of invoicing and receivables > Negotiating improved payment terms in purchases and projects > Focus on resolving old risk projects > Invoicing related KPIs and competitions at various levels of the organisation, centralised management of invoicing -41.4 -60.4 -94.5 -127.3 -161.3 ויווי -160.4 -176.0 Q1/18 Q1/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21#2929 Investor Presentation June 2021 Low leverage and strong liquidity Caverion Building Performance 98 2.9x 64 47 78 55 50 42 1.8x 27 25 1.4x 10 7 1.1x 1.1x 1.1x 10 0.8x 0.7x 0.8x 0.2x 0.2x 0.1x -0.2x -0.5x -11 -27 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Net debt excl. lease liabilities (EURM) Net debt (excl. lease liabilities) /EBITDA (12m) Gross debt to net debt on 31 March 2021 (EURm) excluding lease liabilities 135 3 166 -27 Long-term borrowings Short-term borrowings Cash and cash equivalents Net debt Financial covenant Net debt/EBITDA > Net debt/EBITDA Q1/2021: -0.5x (1.1x) according to confirmed calculation principles with lending parties. > The covenant level shall not exceed 3.5x. > The confirmed calculation principles exclude the effects of the IFRS 16 standard and contain certain other adjustments. Strong liquidity position and high amount of undrawn credit facilities > > Cash and cash equivalents of EURm 166.2 (113.2) In addition, undrawn revolving credit facilities of EUR 100.0m and undrawn overdraft facilities of EUR 19.0m > Firing power for M&A#3030 Investor Presentation June 2021 Caverion Building Performance Debt maturity structure Positive development in net debt due to strong cash flow Debt maturity structure on 31 March 2021 EUR million Lease liabilities Existing debt RCF (undrawn) 100 128 3 3 3 2 30.2 32.6 22.8 14.1 18.5 2021 2022 2023 2024 7.2 2025 2026-> > Net debt incl. lease liabilities: EURM 98.0 (142.8) > Down by EURM 44.8 > Net debt excl. lease liabilities: EURm -27.4 (11.8) > Down by EURm 39.2 > Bank loan facilities mature in February 2023 > Term loan EUR 50m > Unutilised RCF EUR 100m > EUR 75m senior unsecured 4-year bond matures in March 2023. › EUR 35.0m hybrid bond has first call date in May 2023.#31Caverion Building Performance 5. Guidance and dividend#3232 Investor Presentation June 2021 Guidance and dividends Guidance for 2021 > In 2021, Caverion Group's adjusted EBITA (2020: EUR 60.6 million) will grow compared to 2020. Dividend > The Annual General Meeting held on 24 March 2021 decided that a dividend of EUR 0.10 per share and an extraordinary dividend of EUR 0.10 per share, in total EUR 0.20 per share were paid for the year 2020. The payment date was 7 April 2021. Caverion#33Investor Present Why invest in Caverion? Caverion Building Performance 1. Well-positioned in sustainability and digitalisation to drive profitable growth 2. A leading market position and a diversified customer base with a high retention rate 3. Solid order backlog with an increasing share of services 4. Performance management culture with focus on cash flow and working capital 5. Strong liquidity position#34C Building Performance#3535 Investor Presentation June 2021 Caverion Building Performance Key figures EUR million 1-3/21 1-3/20 Change 1-12/20 Order backlog 1,626.7 1,768.3 -8.0% 1,609.1 Revenue 515.3 541.6 -4.9% 2,154.9 Adjusted EBITDA 29.4 26.3 12.0% 116.5 Adjusted EBITDA margin, % 5.7 4.8 5.4 EBITDA 28.1 24.1 16.7 % 99.4 EBITDA margin, % 5.5 4.4 4.6 Adjusted EBITA 16.4 12.1 35.1 % 60.6 Adjusted EBITA margin, % 3.2 2.2 2.8 EBITA 15.1 10.0 51.3% 42.4 EBITA margin, % 2.9 1.8 2.0 Operating profit 11.0 6.5 69.6% 27.2 Operating profit margin, % 2.1 1.2 1.3 Earnings per share, undiluted, EUR 0.05 0.01 534.0% 0.05 Operating cash flow before financial and tax items 40.6 56.1 -27.7 % 157.6 Cash conversion (LTM), % 137.4 162.4 158.5 Working capital -176.0 -127.3 -38.3 % -160.4 Interest-bearing net debt Net debt/EBITDA* Gearing, % 98.0 142.8 -31.4 % 118.6 -0.5 1.1 -0.2 55.2 62.3 60.4 Equity ratio, % 17.2 22.0 18.9 Personnel, end of period 14,892 16,010 -7.0% 15,163 * Based on calculation principles confirmed with the lending parties.#3636 Investor Presentation June 2021 Directly registered shareholders on 31 May 2021 Caverion Building Performance Largest shareholders Shares, pcs % of shares Change after 4/2021, pcs 1 Herlin Antti 20,504,392 14.8 0 Sector distribution (5/2021) 2 Fennogens Investments SA (Ehrnrooth family) 3 Varma Mutual Pension Insurance Company 14,169,850 10.2 0 9,728,407 7.00 0 4 Mandatum companies 5,737,047 4.1 24,340 Nominee reg. and non-Finnish 31.9% (Apr. 30: 31.0%) 5 Ilmarinen Mutual Pension Insurance Company 3,950,954 2.8 0 6 Säästöpankki funds 3,673,953 2.6 0 Households 18.0% (18.9%) 7 Elo Mutual Pension Insurance Company 3,481,001 2.5 0 8 Caverion Oyj 9 The State Pension Fund 2,624,140 1.9 0 2,050,000 1.5 0 General government 14.3% (14.4%) 10 Nordea funds 1,896,582 1.4 92,847 26,296 11 Brotherus Ilkka 1,803,765 1.3 0 owners Financial and insurance 12 Aktia funds 1,370,000 1.0 0 13 Kaleva Mutual Insurance Company 969,025 0.7 0 14 Ari Lehtoranta 917,051 0.7 0 15 OP funds 519,404 0.6 268,800 corporations 8.9% (8.7%) Non-profit institutions 3.1% (3.1%) 16 Sinituote Oy 772,400 0.6 0 17 Fondita funds 18 Veritas Pension Insurance Company Ltd. 19 Foundation for Economic Education 20 Mikael Koivurinta Jan 490,000 0.4 0 554,764 0.3 -120,967 Non-financial corporations and housing corporations 23.8% (23.9%) 300,000 0.2 0 283,546 0.2 0 20 largest, total 76,061,301 54.8 Source: Investis All shares 138,920,092 100.0#3737 Investor Presentation June 2021 Caverion Building Performance Board of Directors re-elected by the AGM on 24 March 2021 Mats Paulsson Chairman Markus Ehrnrooth Vice Chairman Jussi Aho Board member Joachim Hallengren Board member Jasmin Soravia Board member Thomas Hinnerskov Board member Kristina Jahn Board member#3838 Investor Presentation June 2021 Introducing Jacob Götzsche > Born 1967, Danish citizen > M.Sc. (Business Economics and Auditing) > state-authorized public accountant, FSR-Danish Auditors Primary working experience > ISS World Services A/S: > Executive Vice President and Chief Executive Officer, Europe, 2019-2020 Executive Vice President and Regional Chief Executive Officer, Continental Europe, 2018-2019 > > Regional Chief Executive Officer, Central Europe, 2010-2018 > > Regional Chief Operating Officer / Region Director, Central Europe, 2006-2010 International Business Director, 2004-2006 > M&A Director, Senior Vice President, 2002-2004 > > Head of Corporate Finance & Controlling/Head of Finance, 2000-2002 International Business Controller, 1999 > PricewaterhouseCoopers, Auditor, 1994- 1999 Caverion Building Performance#3939 Investor Presentation June 2021 Caverion Group Management Board as of 9 August 2021 Caverion Building Performance Caverion Group Jacob Götzsche Austria Norway Finland & Baltics Manfred Simmet Knut Gaaserud Ville Tamminen Germany (interim) Manfred Simmet Industry Sweden Denmark Elina Engman Uno Lundberg Carsten Sørensen Services, Sustainability & Smart City Solutions Thomas Hietto Projects Michael Kaiser Finance and IT Martti Ala-Härkönen Legal & Compliance Anne Viitala Human Resources & Safety Minna Schrey-Hyppänen Strategy, Marketing, Comms, Supply Operations & Russia Kari Sundbäck