#1Caverion Building Performance Investor Presentation September 2022#22 Investor Presentation September 2022 Agenda 1. Business and strategy overview 2. Sustainability targets and offering 3. Reaching financial targets through strategy execution 4. Group development 5. Guidance and dividend policy Caverion Building Performance#3Caverion Building Performance 1. Business and strategy overview#44 Investor Presentation September 2022 Caverion at a glance We enable performance and people's wellbeing in smart and sustainable built environments 225 locations in 10 countries >30,000 properties under our service >10,000 properties digitally monitored >14,000 employees Sweden 20% Finland 19% Germany 17% Norway 16% Industry 12% Austria 9% Denmark 4% Other 3% Industry, 33% Real Estate Users, 25% Public Sector, 16% General Contractors, 14% Revenue EUR 2.1 billion Customer segments Listed on Nasdaq Helsinki Head office in Finland Real Estate Investors and Developers 13% MSCI ESG Rating: A 66% share of service sales 11 19 71 53 Caverion Building Performance 14 2021 figures#55 Investor Presentation September 2022 The wide scope of our business differentiates us Caverion Building Performance b Buildings & Infrastructure F Industry Efficiency Solutions Advisory, Engineering & Digital Managed Services Smart disciplines Base disciplines h-h M-n#6Efficiency Solutions Business types 6 Investor Presentation September 2022 Growth in all businesses and divisions, with focus on the higher end of the value chain Targeting organic growth fuelled by disciplined M&A Caverion Building Performance Revenue split Advisory, Engineering & Digital Managed Services Smart disciplines Base disciplines 2025 2021 Ŏ O Solutions business portion growing Services >2/3 of revenue#77 Investor Presentation September 2022 Our strategy for sustainable growth in 2022-2025 OUR DIFFERENTATION We create sustainable impact for every customer with the solutions we design and deliver, reliably and transparently every time. OUR BUSINESS FOCUS Adding value through Advisory, Engineering and Digital Services along the lifecycle Outstanding installation and maintenance throughout our regions and disciplines People OUR WINNING CAPABILITIES Customer-centric solutions Segment expertise and commercial excellence Operational excellence in the field The best experts in the right places OUR STRATEGIC THEMES Digitalisation Sustainability Customer experience#88 Investor Presentation September 2022 Our strategic themes underpinning our growth People The most attractive employer > Focusing on attracting > and growing the right people Empowering Building Performance culture > Leading people and performance with passion and care OUR STRATEGIC THEMES Sustainability Digitalisation More valuable solutions to our customers > We have own digital products and capabilities core to delivery or giving us a competitive edge We digitalise our processes to empower people to serve customers reliably and transparently Sustainable value for our stakeholders We maximise our positive handprint by advising our customers We comply with requirements supported by meaningful reporting and supplier collaboration Customer experience The best customer experience > We stay true to our purpose and our promise of Building Performance in every interaction > Customer experience is a priority in every business decision#9Actions driving our sustainable growth 9 Investor Presentation September 2022 H Caverion Building Performance Focus on both revenue growth and margin uplift Growth actions > Move higher up in the value chain (Managed Services and Advisory, Engineering and Digital) > Invest in competences and expand the business platform (organic and M&A) > Grow recurring digital solutions and services 丹 Margin uplift actions > Scale and leverage (operating and financial) > Improve scalability, efficiency and productivity > Procurement, buying power > IT and digital transformation > Sharing common expertise efficiently#1010 Investor Presentation September 2022 We have a diversified customer base with a high retention rate Constant progress in customer satisfaction in recent years Loyalty 93% customers are willing to work with Caverion also in the future Net Promoter Score Caverion Building Performance Less dependency on economic cycles through various customer groups in private and public sectors Industry, 33% Real Estate Users, 25% Public Sector, 16% 2016 2017 2018 2019 2021 2022 Revenue share Satisfaction 91% customers are satisfied with Caverion (CSAT) Top 5 Performance areas 1. Service attitude & respectfulness 2. Competence 3. Easy to get in touch with 4. Work safety -7% of revenue 5. Listening to customer needs from Top 3 customers General Contractors, 14% Real Estate Investors and Developers 13% ~14% of revenue from Top 10 customers High customer retention rate#1111 Investor Presentation September 2022 Leading positions in key markets Strong competence in all business areas #2-3 #4 > Caverion has a strong market position and is ranked among the top-5 players in the building solutions market in most of its operating countries measured by revenue. > The market is overall still very fragmented in countries where Caverion operates. > Caverion is the largest company in its market in Finland and among the two or three largest companies in Austria and Norway and the fourth largest company in Sweden in its market. > In Germany and Denmark, Caverion is among the top-10 players in the market. > Additionally, the Company is one of the leading industrial solutions companies in Finland. The largest industrial client segments are the forest and bioproducts industry and the energy sector. > Exit from Russian market at the end of 2021 Top 10 * Source of market sizes: the company's estimate based on public information from third parties and management calculation) Top 10 #2-3 #1 Caverion Building Performance#1212 Investor Presentation September 2022 We have a strong position in a fragmented market Caverion has a strong competence in all these businesses Industrial Services Technical installation & maintenance Managed Services Caverion Building Performance Advisory, Engineering & Digital QUANT VEO >bravida Assemblin enersense VVIAFIN SPIE 2 BILFINGER Service GK - for et bedre miljø INSTALCO ROM Technik für Mensch & Umwelt STRABAG PROPERTY AND FACILITY SERVICES EQUANS APLEONA I&T RAMBOLL EQUANS REJLERS SWECO * ANDRITZ ✓ COOR ARC SPIE ISS WISAG Caverion Building Performance Caverion estimate of overall market growth 3% p.a. ALTEN Granlund + many local players and potential new entrants (construction, soft FM and Design & Engineering companies)#13Caverion Building Performance 2. Sustainability targets and offering#1414 Investor Presentation September 2022 Caverion Building sustainable performance towards a carbon-positive future Building Performance We have a strong position in environment and climate protection PERFORMANCE WE ENABLE PERE Social Environment I AND PEOPLE'S WELLBEING Towards a carbon-positive future Sustainable economic value Governance Environmental IN SMART AND SUSTAINABLE BUILT ENVIRONMENTS 3 GOOD HEALTH AND WELL-BEING CENDERR FQUALETY DECENT WORK AND INDUSTRY, INNOWATION SUSTAINABLE CITIES CLIMATE ECONOMIC GROWTH AND INFRASTRUCTURE AND COMMUNITIES ACTION Social Our people are key to our success EU Taxonomy KPI's 2021 EUR million 2,139.5 80.7 76.4 3.1% 13.8% 33.0% 96.9% 86.2% 67.0% SUSTAINABLE DEVELOPMENT GOALS Governance Ethical operating culture Revenue Eligible, % Capital expenditure Operating expenses Non-eligible, % related to day-to-day servicing of assets of property, plant and equipment People Digitalisation Sustainability Customer experience#15Major 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#1616 Investor Presentation September 2022 By 2030... Caverion Building Performance Our positive GHG handprint is 10x greater greater than our own GHG footprint* P fi *Scope 1-2 m#17GOOD HEALTH AND WELL-BEING GENDER EQUALITY DECENT WORK AND INDUSTRY. INNOVATION ECONOMIC GROWTH AND INFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES 13 CLIMATE ACTION Caverion sustainability strategy focus areas & targets by 2025 Caring for our people We provide our people a safe and sustainable environment with diversity, equity and inclusion, backed up by training and processes. > Lost Time Injury Frequency Rate (LTIFR) <2 > Our employees trained in sustainability > Share of female employees 15% WE ENABLE PERFORMANCE AND PEOPLE'S I Social WELLBEING Governance Sustainable economic value Caverion Building Performance Ensuring sustainable value chain operations We comply with legal requirements and Caverion policies supported by meaningful reporting and supplier engagement. > Supplier Code of Conduct sign-off rate >90% > Our tender requests include sustainability criteria Increasing our handprint We maximize our positive handprint with a directed effort on identifying and developing smart sustainable offerings, designs and solutions to advise our customers. > 5 times carbon handprint over footprint (Scope 1-2) › Our offering has a defined carbon handprint Environmental IN SMART AND SUSTAINABLE BUILT ENVIRONMENTS Decreasing our footprint We develop detailed targets and emission reduction plans for our footprint while engaging our suppliers and customers to reduce the emissions throughout our value chain. > Total carbon footprint defined and measured#18Clear progress in sustainability target achievement Sustainability targets Our business makes sustainable impact 2019 2021 2025 Baseline Actual Target Total carbon footprint defined and measured, % 66% 80% 100% Share of offerings with a defined carbon 20% 100% E handprint, % Carbon handprint over footprint >1x >2x 5x (Scope 1-2) We care for our employees Lost Time Injury Frequency Rate (LTIFR) <2 5.3 4.0 <2 Employees trained in sustainability, % 50% 89% 100% S Share of female employees, % 11% 11% 15% We ensure efficient and high-quality implementation of sustainability Supplier Code of Conduct sign-off rate, % 55% 66% >90% Share of tender requests including G 100% sustainability criteria, % Caverion Building Performance By 2030, our positive carbon handprint is 10x greater than our own carbon footprint#1919 Investor Presentation September 2022 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 www. 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 in 2022. Examples: > EU EUR 800bn recovery fund stimulus package > EPBD directive EU F-gas regulation > 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 taxonomy#20Sustainability trend is growing stronger - Caverion expects stimulus packages to increase demand in 2022 EU's "Fit for 55" climate package > A set of proposals to make EU's climate, energy, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels EU's "Renovation Wave" strategy > Objective to at least double the annual energy renovation rate of residential and non-residential buildings by 2030 -> expected to result in 35 million building units renovated EU's "Energy Performance of Buildings Directive" (EPBD) > Requires all new buildings from 2021 to be nearly zero-energy buildings (NZEB) in the EU Major opportunities for Caverion: > Increasing energy efficiency of buildings > Electrification of transport infrastructure > Use of renewable energy technologies > Green industrial transition towards clean technologies#21We 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 > In 2021, Caverion joined UN Global Compact STAINABI COUNTING SASB STANDARDS BOARD 3 € 16 17 O S K Y Annual reporting > Complied in the sustainability report GRI › EU non- financial reporting > Signatory of the UN Global Compact and UN SDG's in 2020 8 THERALDOALS › Nasdaq ESG Transparency partner UN GLOBAL ESG TRAN COMPACT Nasdaq . RENCY PARTNER Caverion Building Performance. Latest ratings (score) > Gold rating by EcoVadis; top 5% in the industry and top 8% of all companies > ESG Risk rating: Low risk (7/2021) > A (12/2021) > C (NP) › C (2021) GOLD 2022 ecovadis Sustainability Rating SUSTAINALYTICS MSCI ESG RATINGS CCC BBB AA AAA ISS ESG CDP DRIVING SUSTAINABLE ECONOMIES#22averion Caverion Caverion Caverion Building Performance Building 3. Reaching financial targets through strategy execution#2323 Investor Presentation September 2022 Our updated financial targets until the end of 2025 Actual Actual Mid-term financial targets until the end of 2025 1-6/2022 2021 Cash conversion (LTM) Profitability Organic revenue growth M&A revenue growth Debt leverage Operating cash flow before financial and tax items / EBITDA > 100% 81.3% 91.2% Adjusted EBITA > 5.5% of revenue 3.6% 4.1% 4.11 3-4% p.a. over the strategy period 3.6% -2.0% 2-3% p.a. over the strategy period Net debt/LTM Adjusted EBITDA < 2.5x 1.0% -0.2% 1.5x 1.0x Dividend policy Distribute at least 50% of the result for the year after taxes, however, taking leverage level into account 100% * 100%* *Calculated as Dividend per earnings (%). The Annual General Meeting approved the proposal of the Board of Directors according to which a dividend of EUR 0.17 per share was paid from the distributable funds of the company for the financial year 2021. The dividend was paid on 6 April 2022. Caverion Building Performance#2424 Investor Presentation September 2022 Targeting sustainable profitable growth Sustainable growth actions projected to take us to the next level of profitability Illustrative Caverion Building Performance 2.8% 4.1% 2021 EBITA-% Restructuring Costs and other adjustments 2021 Adjusted EBITA-% IT and digital transformation Growth in Base and Smart Disciplines Growth in Managed Services and Advisory, Eng. and Digital M&A and 2025 target >5.5% Fixed cost dilution other actions Adjusted EBITA-% Target#2525 Investor Presentation September 2022 Our shift in business mix and turnaround in profitability is progressing well Group revenue EUR million Caverion Building Performance * Services Projects 2,276 2,204 2,123 2,155 2,139 2,184 740 1,067 991 790 737 848 Adjusted EBITA, EUR million Adjusted EBITA margin, % 91.8 87.7 4.2% 67.2 4.1% 60.6 3.2% 46.8 2.8% 2.1% 1,365 1,402 1,444 1,209 1,213 1,275 2017 2018 2019 2020 2021 Services share of Group revenue: Q2/2022 LTM 2018 2019 2020 2021 Q2/2022 LTM 53.1% 55.0% 60.0% 63.3% 65.5% 66.1% Change in reporting of business unit revenue in 2018 The same figures have been used for the presentation of the respective margins. Comparative figures for 2018 have not been restated according to IFRS 16. Adjusted EBITA = EBITA before items affecting comparability (IAC)#2626 Investor Presentation September 2022 Our performance management mindset with focus on cash flow generation and working capital management are bearing fruit Caverion Building Performance Working capital EUR million -30.8 -54.6 -100.9 -106.5 Operating cash flow before financial and tax items EUR million -8.7 21.6 157.6 143.7 103.8 96.3 -144.7 -160.4 2017 2018 2019 2020 2021 Q2/2022 2017 2018 2019 2020 2021 Q2/2022 LTM As of 2019 figures according to IFRS16 Operating cash flow before financial and tax items = adjusted results for the period + change in working capital#27Tangible progress in each division Services improving across our portfolio, Projects developing in right direction Illustrative performance by division 27 Investor Presentation September 2022 Status (Q3/2019, previous CMD) Caverion Building Performance Finland Sweden Norway Denmark Germany Austria Overall FIT status (Q1/2022) > > Industry > Comment Strong performance continued in both Projects and Services Performance improving y-o-y, Projects turning positive Still on an improving trend Fit actions continued and adding more critical mass and competences like DI-Teknik % of revenue in 2021 19% 20% 16% 4% Solid development. Fit actions in Projects bringing positive results, still room for improvement 17% Continued stable profit generation Profitable Services and Projects 9% 12%#2828 Investor Presentation September 2022 Personnel expenses, materials and supplies, external services and other costs have all been cut to improve performance Caverion Building Performance Other operating expenses Costs related to materials and supplies External services EUR million 1 Productivity Personnel expenses 289 276 328 230 225 216 218 2 Scale 648 638 571 524 529 524 556 451 433 425 411 410 398 409 989 3 Efficiency 940 893 869 903 890 885 2016 2017 2018 2019 2020 2021 Q2/2022 LTM Opex as % of Group revenue: 4 Procurement 100.6% 100.5% 100.6% 95.8% 95.9% 94.8% 94.7%#291 Select projects based on profitability, cash flow and ability to support growth in services 29 Investor Presentation September 2022 Caverion Building Performance The turnaround of our Projects business has been successful, with strong focus on selectivity, governance and performance management Our turnaround actions, started in 2017 Project business now on a healthy base Roles & organisation Key project roles and responsibilities with competent people in key delivery roles 888 2 Implement Projects Performance Management 3 Improve project management competences and develop resource planning 4 Manage project portfolio and business mix, climb up in the value chain Processes, governance & performance management Common process and governance of end-to-end project process compliance, including early warning indicators. Project follow-up steering and monthly reporting consistently with common KPI's F#3030 Investor Presentation September 2022 Project write-downs in major risk projects under control Caverion Building Performance > In 2021, Caverion critically assessed its final remaining major risk project at the end of the year > The write-downs from this major risk project amounted to EUR 4.0 million in 2021 > The project is now handed over to the customer, however final discussions between the parties are still ongoing Major risk projects include only one risk project in Germany in 2019-Q2/2022. In 2018, major risk projects included three completed Large Projects from Industrial Solutions. Write-downs in major risk projects, EUR million Number of major risk projects 27.1 3 9.3 17.1 12.8 1 - 1 4.0 0.0 2017 2018 2019 2020 2021 Q2/2022#3131 Investor Presentation September 2022 There are major opportunities in all of our main markets The fragmented competition landscape gives us freedom to operate > Even with our strong market position, there is considerable room to grow our market size > Despite consolidation over recent years, there are still multiple big and small players present in all our markets The combination of our presence in Nordics and in Central Europe gives us a competitive edge > We are uniquely positioned to serve our customers with a combined Nordic/Central European scope Caverion Building Performance 2021 Market size in services and projects, € bn 15 10 Nordics 28 24 Services Projects Germany, Austria Caverion market share in 2021 Nordics Germany, Austria > German market size is almost double that of our other operating countries combined Source of market sizes: Company's estimate based on public information from third parties (Lünendonk, Frost & Sullivan and Euroconstruct) and management calculation Services 7% 1% Projects 3% 1%#3232 Investor Presentation September 2022 Caverion Building Performance We continue being active in M&A Majority of closed cases are proactively sought by us Revenue acquired, €m (Total: 312) 184.2 Employees in acquired companies (Total: 2,617) 1,697 16.0 16.0 3.2 92.3 52 110 10 748 2018 2019 2020 2021 2022* 2018 2019 2020 2021 2022* # of acquired 1 7 9 1 4 1 7 9 companies # of acquired companies * Until 1 September 2022 Revenue, Єm: Employees: HUURRE VALUE-ADDED REFRIGERATION 50.6 271 maint inducated B & Automation partner DI-Teknik 130.1 27.8 1,414 185 PORREAL 32.8 380#3333 Investor Presentation September 2022 We continue to invest in capabilities and core competencies Caverion Building Performance Wind Controller > Acquisition of the shares of the Finnish service company Wind Controller, the leading technical consultant and service provider for the Finnish wind power industry. > Its customer base includes turbine suppliers and wind farm owners, operators and developers. > Closed on 2 May 2022 WICO > WT-Service Oy Acquisition of the Finnish industrial service specialist WT-Service Oy. The company provides industrial maintenance, installation and project services in the Vaasa region, Finland. > Closed on 11 May 2022 Finland WT SERVICE Finland PORREAL Group > Acquisition of PORREAL Group offering technical and soft facility services in Austria. Closed on 2 August 2022 PORREAL Austria Revenue: Employees: EUR 5.1m 40 EUR 1.7m 17 EUR 32.8m 380#34Caverion Building Performance 4. Group development#3535 Investor Presentation September 2022 Operating environment H1/2022 Further growth in Services, despite Ukraine crisis and sick leaves Services 66.2% (65.1%) of Group revenue > In Services, the market demand and general investment activity remained positive. Caverion has continued to see a general increasing interest for services supporting sustainability. > There has also been increasing interest towards long-term and large-scale service agreements. Projects 33.8% (34.9%) of Group revenue > In Projects, the market demand remained stable during the first half of 2022. > The market was impacted by increases in material prices, delays in decision-making and supply chain as well as uncertainty in the business environment. THE HE ALLE 田田 鬥#3636 Investor Presentation September 2022 Drop in sentiment indicators in H1/2022 Economic sentiment indicators impacted by geopolitical tensions due to the Ukraine crisis ECONOMIC SENTIMENT INDICATOR (2013 - 06/2022) Caverion Building Performance CONSTRUCTION CONFIDENCE INDICATOR (2013 - 06/2022) 150 125 100- MA 75 50 50 2013 2014 2015 2016 -Finland Sweden Sources: European Commission, June 2022 2017 2018 -Germany 2019 2020 Denmark 2021 2022 -Austria 150 125 100 A 75 50 2013 2014 -Finland 2015 Sweden 2016 2017 -Germany 2018 2019 Denmark 2020 2021 2022 -Austria#3737 Investor Presentation September 2022 Order backlog development Order backlog increased by 6.6% year-on-year, growth both in Services and Projects > Order backlog increased by 6.6% year- on-year to EUR 1,907.9 (1,789.0) million at the end of June. > At comparable exchange rates the order backlog increased by 7.7% from the end of June 2021. > Order backlog increased by 4.3% in Services and by 9.8% in Projects. Order backlog, EUR million Q1 Q2 1,952 1,908 1,789 Caverion Building Performance Q3 Q4 19 20 21 22 19 20 21 22 19 20 21 19 20 21#3838 Investor Presentation September 2022 Revenue development Q2/2022 revenue up by 5.9% supported by organic growth especially in Services Group revenue, EUR million Caverion Building Performance 2021: 2,139.5 585.3 515.3 545.1 493.7 528.1 Q1 Q2 Q3 Revenue development in 1-6/2022, EUR million H1/2022: 1,105.1 (1,060.4) 577.0 Q4 Q1 10 Q2 +3.6% +1.0% 1,060.4 1,105.1 38.4 -4.1 10.4 -0.4% 1-6 2021 Organic Currency Acquisitions and divestments 1-6 2022 > Q2/22 revenue: EUR 577.0 (545.1) million, up by +5.9% (+6.5% in locals). Organic growth: +4.7%. > H1/22 revenue: EUR 1,105.1 (1,060.4) million, up by +4.2% (+4.6% in locals). Organic growth +3.6%.#3939 Investor Presentation September 2022 Revenue development Q2/2022 revenue up by 5.9% supported by organic growth especially in Services Revenue breakdown by business unit in 1-6/2022, EUR million Services EUR 732.1m Projects EUR 373.1m 66.2% (65.1%) Revenue breakdown by division, EUR million +5% +3% +3% -3% 33.8% (34.9%) +7% +20% +21% -22% 211221 202 208 181 186 185 180 127 136 103 86 40 48 29 23 Sweden Finland Germany Norway Industry Austria Denmark Other countries 1-6/2021 1-6/2022 Caverion Building Performance › Business unit revenues: > Q2/22: Services +7.7% (+8.3% locals; +5.9% organic); Projects +2.5% (+3.1% locals; +2.5% organic) > By division, growth in Austria, Denmark, Germany, Finland, Industry and Sweden in Q2/22#4040 Investor Presentation September 2022 Caverion Building Performance Profitability development Adjusted EBITA improved in Q2/2022 compared to the previous year > Q2/2022: Adjusted EBITA improved by 16.0% to EUR 22.9 (19.7) million > Adjusted EBITA margin: 4.0% (3.6%) > Both Services and Projects improved their performance. > Q2/2022 EBITA: EUR 21.4 (18.0) million, up by 18.6% > EBITA margin: 3.7% (3.3%) > Impacted by one-offs: transaction costs related to acquisitions and divestments of EUR 1.5 million > H1/2022: Adjusted EBITA up by 11.6% to EUR 40.3 (36.1) million and EBITA up by 9.8% to EUR 36.4 (33.1) million > Adjusted EBITA margin 3.6% (3.4%) and EBITA margin 3.3% (3.1%) Adjusted EBITA = EBITA before items affecting comparability (IAC) Adjusted EBITA, EUR million 2021:87.7 (4.1%) Adjusted EBITA margin, % H1/2022: 40.3 (3.6%) 5.1 4.4 4.0 3.6 3.2 30.1 3.3 21.5 22.9 19.7 16.4 17.4 Q1 Q2 Q3 Q4 Q1 Q2 EBITA, EUR million EBITA margin, % 2021:59.4 (2.8%) 3.6 H1/2022: 36.4 (3.3%) 3.7 3.3 2.9 2.8 21.4 18.0 17.7 15.1 15.0 1.5 8.6 Q1 Q2 Q3 Q4 Q1 Q2#4141 Investor Presentation September 2022 Caverion Building Performance Cash flow development Cash conversion at 81.3% in H1/2022 > Operating cash flow was EUR 29.7 (37.2) million in H1/22 and cash conversion (LTM) 81.3% (80.3%). > Change in working capital of EUR -28.0m (-18.3m). > H1/2022 cash flow was negatively impacted by the payment of EUR 8.8 million for civil claims relating to the German anti-trust matter. The respective cost was reported in items affecting comparability in 2021. Operating cash flow before financial and tax items, EUR million 40.6 2021: 103.8 76.7 -3.4 -10.1 H1/2022: 29.7 39.1 -9.3 > Free cash flow: EUR -13.0 (21.5) million > Capex 2021: EUR 38.0 (7.1) million IT investments: EUR 4.6m (4.1m) > Other investments incl. acquisitions: EUR 33.4m (3.0m) Free cash flow = Operating cash flow before financial and tax items - Taxes paid - Net cash used in investing activities (net, including acquisitions and disposals). Q3/21 Q4/21 Q1/22 Q2/22 Q1/21 Q2/21 Free cash flow, EUR million 2021: 67.2 28.9 -7.3 -19.2 H1/2022: -13.0 64.9 29.1 -42.2 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22#4242 Investor Presentation September 2022 Working capital development Working capital was at a level of -5% of sales (LTM) > The Group's working capital amounted to EUR -106.5 (-139.9) million at the end of June. > Working capital was impacted by projects being in a cash-consuming phase. > Trade and POC receivables increased to EUR 560.1 (518.4) million and other current receivables to EUR 29.4 (26.9) million. > Advances received increased to EUR 248.4 (237.9) million. Other current liabilities decreased to EUR 262.5 (278.1) million and trade and POC payables increased to EUR 203.1 (185.9) million. Caverion Building Performance Working capital, EUR million % of sales, (LTM) -8% -6% -5% -7% -7% -5% -101.7 -139.9 -144.7 -158.2 -176.0 -106.5 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22#4343 Investor Presentation September 2022 Caverion Building Performance Debt maturity structure Net debt impacted by investments in the acquisitions and dividend payment Debt maturity structure on 30 June 2022 EUR million Lease liabilities Existing debt RCF (undrawn) 100 76 7 52 2 3 39.2 22.7 26.6 16.0 22.4 11.0 2022 2023 2024 2025 2026 2027-> > On February issued new EUR 75m senior unsecured bond has a maturity of five years, maturing in February 2027, with a fixed annual interest rate of 2.75%. > The old, partially redeemed, bond matures in March 2023 (EUR 3.5m nominal value remaining). > Credit facilities (EUR 50m term loan and EUR 100m revolving credit facility) mature on 15 January 2025, with two one-year extension options (maturity 3+1+1). > EUR 35m hybrid bond has first call date in May 2023. > Interest-bearing net debt incl. lease liabilities: EUR 215.4m (147.3m). > Interest-bearing net debt excl. lease liabilities: EUR 77.5m (23.7m).#4444 Investor Presentation September 2022 Low leverage level Net debt and leverage 215 > 185 147 141 126 98 1.5x 1.4x 1.1x 1.0x 0.9x 0.8x Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Net debt incl. lease liabilities (EURM) Net debt / Adjusted EBITDA (LTM) Gross debt to net debt on 30 June 2022 (EURm) excluding lease liabilities 133 3 59 Caverion Building Performance Net debt/Adjusted EBITDA Q2/2022: 1.5x (1.1x). Group's target limit is less than 2.5x. > Caverion's external loans are subject to a financial covenant based on the ratio of the Group's net debt to EBITDA according to the calculation principles confirmed with the lending parties. Caverion is in compliance with the quarterly monitored financial covenant. > 78 > Long-term borrowings Short-term borrowings Cash and cash equivalents Net debt Cash and cash equivalents of EUR 58.7m (113.7m). In addition, undrawn revolving credit facilities of EUR 100.0m and undrawn overdraft facilities of EUR 19.0m.#45Caverion Building Performance 5. Guidance and dividend policy#4646 Investor Presentation September 2022 Guidance and dividends Guidance for 2022 > In 2022, Caverion Group's revenue (2021: EUR 2,139.5 million) and adjusted EBITA (2021: EUR 87.7 million) will grow compared to 2021. Dividend > The Annual General Meeting held on 28 March 2022 decided that a dividend of EUR 0.17 per share was paid for the year 2021. The payment date was 6 April 2022. on Caverion#4747 Investor Presentation September 2022 Capital allocation policy to achieve sustainable growth Illustrative Investment capacity created through: > Sustainable growth > Margin uplift > Improved scalability, efficiency and productivity including procurement optimisation > Strong cash conversion Caverion Building Performance Capital allocation policy Organic investments Investments in organic growth, including digitalisation and offering development Dividends Dividend policy: Payout ratio of at least 50% of the result for the year after taxes, however, taking leverage level into account M&A M&A in selected growth areas and complementary capabilities#4848 Investor Presentation September 2022 Why invest in Caverion? Caverion Building Performance 1. 2. 3. Well-positioned to drive sustainable profitable growth A leading position in a huge market supported by megatrends A large range of sustainable solutions with a clear differentiation offered to a diversified customer base 4. Strong team to execute on strategy and capture untapped potential 5. Solid order backlog with an increasing share of services and recurring work 6. Performance management culture with focus on cash flow, working capital and strong liquidity#49C Building Performance#5050 Investor Presentation September 2022 Key figures EUR million Caverion Building Performance 4-6/22 4-6/21 Change Revenue 577.0 545.1 5.9% 1-6/22 1,105.1 1-6/21 Change 1-12/21 1,060.4 4.2% Organic growth, % 4.7 3.3 3.6 -1.1 2,139.5 -2.0 Adjusted EBITDA 37.3 33.2 12.4% 68.1 62.6 8.8% 142.1 Adjusted EBITDA margin, % 6.5 6.1 6.2 5.9 6.6 EBITDA 35.8 31.5 13.8% 64.3 59.6 7.9% 113.8 EBITDA margin, % 6.2 5.8 5.8 5.6 5.3 Adjusted EBITA 22.9 19.7 16.0% 40.3 36.1 11.6% 87.7 Adjusted EBITA margin, % 4.0 3.6 3.6 3.4 4.1 EBITA 21.4 18.0 18.6% 36.4 33.1 9.8% 59.4 EBITA margin, % 3.7 3.3 3.3 3.1 2.8 Operating profit 17.5 13.9 26.0% 28.9 24.9 16.0% 43.5 Operating profit margin, % 3.0 2.5 2.6 2.3 2.0 Earnings per share, undiluted, EUR 0.09 0.06 39.1% 0.13 0.11 19.2% 0.17 Operating cash flow before financial and tax items -9.3 -3.4 -176.7% 29.7 37.2 -20.1% 103.8 Order backlog 1,907.9 1,789.0 6.6% 1,863.8 Cash conversion (LTM), % 81.3 80.3 91.2 Working capital -106.5 -139.9 23.8% -144.7 Interest-bearing net debt Net debt/Adjusted EBITDA Gearing, % Equity ratio, % Number of personnel at the end of the period 215.4 1.5 147.3 46.3% 140.7 1.1 1.0 111.3 79.9 69.8 18.6 18,1 19,0 14,612 14,958 -2.3% 14,298#5151 Investor Presentation September 2022 Directly registered shareholders on 31 August 2022 Caverion Building Performance Largest shareholders Shares, pcs % of shares Change after 6/2022, pcs 1 Herlin Antti 21,054,392 15.2 0 2 Fennogens Investments SA (Ehrnrooth family) 3 Varma Mutual Pension Insurance Company 14,169,850 10.2 0 9,035,780 6.5 0 4 Mandatum companies 6,366,955 4.6 130,284 Sector distribution (8/2022) Nominee reg. and non-Finnish 29.4% (Jun: 29.7%) 5 Ilmarinen Mutual Pension Insurance Company 4,162,955 3.0 560,000 6 Säästöpankki funds 3,716,562 2.7 0 Households 20.0% (20.0%) 7 Elo Mutual Pension Insurance Company 2,565,640 1.8 0 8 Caverion Oyj 9 The State Pension Fund 10 Brotherus Ilkka 11 OP funds 12 Nordea funds 13 Aktia funds 14 S-Bank funds 2,447,447 1.8 0 2,050,000 1.5 0 General government 13.6% (13.2%) 1,803,765 1.3 0 1,599,935 1.2 118,835 30,193 owners 1,458,550 1.0 -280,879 1,250,000 0.9 0 1,003,814 0.7 79,084 15 Kaleva Mutual Insurance Company 969,025 0.7 0 Financial and insurance corporations 9.2% (9.2%) Non-profit institutions 4.0% (4.0%) 16 Sinituote Oy 772,400 0.6 0 17 Veritas Pension Insurance Company Ltd. 742,651 0.5 0 18 Lehtoranta Ari Tapio 356,891 0.3 0 Non-financial corporations and housing corporations 23.8% (23.9%) 19 Haapalainen Marko Juhani 355,000 0.3 20,000 20 Finska Läkaresällskapet rf 331,800 0.2 0 Source: Investis, as presented on Caverion website. 20 largest, total 76,213,412 54.9 All shares 138,920,092 100.0#5252 Investor Presentation September 2022 Caverion Building Performance Board of Directors re-elected by the AGM on 28 March 2022 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#5353 Investor Presentation September 2022 Caverion Group Management Board President & CEO Jacob Götzsche Finance, IA, M&A and IT Mikko Kettunen Human Resources & Safety Minna Schrey-Hyppänen Services, Solutions, Digital and Sustainability Kari Sundbäck Projects Michael Kaiser International customers and Commercial development Reinhard Poglitsch Legal & Compliance Anne Viitala Austria Denmark Finland & Baltics Germany Manfred Simmet Carsten Sørensen Manfred Simmet Ville Tamminen Caverion Building Performance Industry Elina Engman Norway Knut Gaaserud Sweden Uno Lundberg