Tieto Corporation. 26 October Tanja Lounevirta Head of IR

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1 Tieto Corporation 26 October 215 Tanja Lounevirta Head of IR

2 Financial facts Customer sales in 214: EUR million EBIT margin excl. one-off items *) : 9.9% Sales by Service Line Tieto s market position: Market leader in Finland Among top 3 in Sweden Among top 7 in Norway Managed Services 34% Consulting and System Integration 25% Industry Products 26% Product Development Services 15% Sales by industry group Financial Services 22% EBIT by Service Line *) Manufacturing, Retail and Logistics 2% Public, Healthcare and Welfare 27% Telecom, Media and Energy 16% Product Development Services 15% Managed Services 23% Consulting and System Integration 23% Industry Products 42% Product Development Services, 13% *) Excluding capital gains, impairments and restructuring costs 2

3 Key ratios MEUR Net sales, EUR million % MEUR % EBIT excl. one-off items, % 2 Cash flow % of net sales MEUR Capital expenditure % of net sales % Net debt / EBITDA

4 Financial objectives 1% EBIT margin **) by 216 1% 5% 6.4% 6.4% 4.2% 5.4% 7.6% 3.5% 8.8% 9.9% 5.3% 4.% Target 216 Aim to increase dividends annually in absolute terms (minimum 5% of net result) Net debt / EBITDA 1.5 as an upper limit in the long run **) Reported % 3% 25% 2% 15% 1% 5% % EBIT margin excl. one-off items EBIT margin +39% +8% Dividend, EUR million Payout ratio, % % +7% Additional dividend, EUR million *excluding additional dividend +14% Net Debt/EBITDA +48% * -.4 4

5 Market opportunity

6 In 215, IT market relevant for us expected to grow by 2% Sluggish growth in Finland IT market affected by economic outlook Tieto expects the Nordic IT services market to grow by around 2% in 215 Positive outlook in the Swedish economy Finnish economy remains sluggish IT services market strongest in Sweden Long-term growth (CAGR ) in cloud services around 3% market size still small 5% 4% 3% 2% 1% % -1% GDP growth, % e 216e Service Project services Application management Demand and economic cycles More volatile Less volatile short-term -2% Finland Sweden Norway Nordic region Infrastructure outsourcing Less volatile, even positive impact during downturn Source: Nordea Markets, Economic Outlook, September 215 6

7 Emerging services continue to drive growth IT services market development Tieto s business mix 2 5% (CAGR) Emerging services Over 2% (CAGR) Growth businesses Customer Experience Management Industrial Internet Lifecare Cloud 22% growth* In 1 9/215 sales close to EUR 19 million 2% of IT services sales Traditional services Over -5% (CAGR) Other IT services and products, e.g. Consulting and system integration Industry-specific software In 1 9/215 sales close to EUR 32 million 33% of IT services sales 5% growth* Expected market growth of emerging services (CAGR): CEM ~2% Industrial Internet ~5% Lifecare >4% Cloud ~3% Traditional services Infrastructure services Application management In 1 9/215, sales around EUR 445 million 47% of IT services sales -5% decline* 7 *) Growth in local currencies

8 Well positioned to become the preferred digitalization partner Customer Expercience Management Focus shifting from offering development to project deliveries Full solution framework, incl. 3 rd party alliances, for FS and Retail completed Strong sales pipeline and number of customers doubled New co-creation and innovation concepts Annual sales 214: over EUR 2 million Growth (YTD): over 2% Industrial Internet Solution productization near completion M2M in a box, Real Time Factory, Vital (fleet maintenance management), esense (HCW) References include TeliaSonera, Valmet, a number of HCW clients in Norway and Sweden Going forward, focus on gaining market share In 215, investments anticipated to amount to EUR 3 million, cash flow negative Lifecare Good growth continued in Q3 Strong development in Sweden and Norway New application launches continue Annual sales 214: EUR 16 million Growth (YTD): 6% Cloud services Currently around 17% of Managed Services sales New launches - enhanced cloud portfolio with the latest launches very competitive Tieto Enterprise Cloud Orchestrator (TECO) Database as a Service moves Oracle databases to the cloud Annual sales 214: around EUR 5 million Growth (YTD): 75% 8

9 Tieto acquires Software Innovation to accelerate its role as the leading digitalization advisor in the Nordic countries Strengthens Tieto s position as the preferred partner for digitalization in the Nordic countries Extends our scalable software-based businesses Strengthens our presence especially in Norway Expected to be value accretive and adds to growth potential in both Software Innovation s and Tieto customer base Software Innovation Leading software company in the Enterprise Content Management (ECM) business in the Nordic countries 214 sales EUR 41 million and operating margin (EBIT) 12.5% Employees: Approx % of revenue in Norway, ~12% in Denmark and ~12% in Sweden 9 ECM market Nordic market around EUR 35 million - the public sector represents over 5% 5 8% annual growth rate one of the fastest growing software market segments Existing Tieto market share of around 7% to some 2%

10 Strategy execution

11 The strategy (212) continues to build competitiveness Strategy Choices Preferred business and IT transformation partner for enterprises and the public sector Leading full lifecycle IT services player in the Nordics extending to Eastern Europe PDS global leadership in selected segments Ambition 216 Nordic market leadership in IT services Consistent growth above market average Sustainable 1% EBIT Industries Services Markets Reinforcing industry expertise Building on our long customer relationships and customer core process understanding Expanding to provide full lifecycle IT services Investments in Consulting and System Integration capabilities Focusing on markets where we can be in TOP 3 Enterprises and the public sector in the Nordics as a current core market, building on our strengths in Finland and Sweden Product Development pursues global opportunities 11

12 Accelerating growth in focus Expand markets Execute the structure and efficiency 214 Reorienting for growth Accelerate growth portfolio Expand proven growth businesses beyond the Nordics New growth areas, e.g. industry-specific software products Accelerate customer renewal through digitalization Scale growth businesses CEM, Industrial Internet, MS cloud, industry-specific software products Accelerate modernization in Application Management and Infrastructure services Build the foundation 12

13 Focus on profitable growth High-growth offerings TSR Total Shareholder Return Growth Profit improvement Cloud Application and infra modernization Selected industry products New customers and markets Cost structure Business mix Quality Offshoring and automation Healthy operative cash flow Up by 118% Median for the reference group, comprising selected IT services companies: up by 83% Steady performance In progress, potential Cash flow Attractive dividend yield Optimal capital structure 13

14 Value creation

15 Our investments are focused on growth bets, cloud services and modernization Profitdrivers Competitive cost structure Improved productivity and utilization rate ambition Business mix More focused operations Restructuring of non-profitable businesses Full lifecycle IT services More integrated and efficient use of assets and capabilities Quality Less downtime and project overruns Offshoring Managed services automation

16 Key drivers Bridge to achieve the 1% EBIT margin 1% 8.8% 213 EBIT excl. one-off items Industry Products CSI MS PDS 216 EBIT excl. oneoff items Annual restructuring on average 216 Industry Products Software suite Scalability of global products CSI AM modernization Business mix incl. CEM Quality Managed Services Cloud Automation Improved productivity PDS Global delivery Expanding customer base Salary inflation around 3%: annual impact of around EUR 25 million Offshoring gradually increasing: 1%-point increase in offshoring = EUR 5 million impact on cost base 16

17 Ambition by Service Line Managed Services Consulting and System Integration Tieto target profitability 216 Tieto target profitability Average market growth 213 Average market growth Industry Products Tieto target profitability Product Development Services Tieto target profitability Average market growth 213 Average market growth 17

18 Offshoring gradually increasing Offshore rate at 46% Employees % 2 Personnel Offshore % Personnel 4% 3%6% 5% 14% 14% % Onshore Czech India Latvia Poland China Other offshore 4 2 1%-point increase in offshoring = EUR 5 million impact on cost base Poland Czech Republic China India Primary expertise of each centre Czech Managed Services India CSI & Industry Products China Product Development Services Poland Product Development Services 18

19 Q3 215 key figures Net sales EUR 335 (346) million, -3.2%, organic growth in local currency -.6% Currency EUR -8 million In IT services, organic growth in local currencies 5.1% EBIT EBIT EUR 41.4 (-3.9) million, 12.4% (-1.1%) EUR 3.3 million restructuring costs EUR 6.1 million capital gains EBIT excluding one-off items* EUR 38.6 (41.3) million, 11.5% (11.9%) EBIT excluding one-off items* in IT services 36.8 (36.8) million, 12.% (12.5%) Order backlog Order backlog EUR (1 558) million Total Contract Value EUR 49 (395) million Book-to-bill 1.46 (1.14) Earnings per share EPS EUR.4 (-.17) EPS EUR.38 (.43), excluding one-off items* MEUR % Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net of divestement and acquisitions Customer sales adjusted EBIT, % excluding one-off items* *) Excluding capital gains, impairments and restructuring costs

20 Managed Services Customer sales Q3 EUR 122 (121) million, up by 1% Organic growth in local currencies 2%, comparable growth 1%** EBIT EBIT EUR 16.7 (11.) million, 13.7% (9.) EBIT excluding one-off items* EUR 16.8 (11.1) million, 13.8% (9.1) Q3 highlights MEUR % Cloud services Q3 sales up by 45% vs 214, representing 17% of MS sales Automation drives performance improvement Tieto Enerprise Cloud Orchestrator (TECO) and Database as a Service launched Savings related to automation programme to contribute to performance also in Q Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net of divestement and acquisitions Customer sales adjusted EBIT, % excluding one-off items* 2 *) Excluding capital gains, impairments and restructuring costs **) Joint venture business transfer to Tieto 2

21 Consulting and System Integration Customer sales Q3 EUR 88 (84) million, up by 5% Organic growth in local currencies 7% EBIT EBIT EUR 4.4 (7.2) million, 5.% (8.6) EBIT excluding one-off items* EUR 5.3 (9.7) million, 5.9% (11.6) Q3 highlights Investing in emerging services and AM industrialization driving temporary lower profitability Continued investments in new services and competences, e.g. CEM and Industry Consulting In-advance offshore recruitments for ADM while savings related to redundancies to materialize in 216 Strong demand in industry consulting and ERP-based solutions while reduced revenues in traditional application management Topline growth supported by add-on sales, partly lower-margin billing-through Q4 performance expected to be close to 214 level MEUR Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net of divestement and acquisitions Customer sales adjusted EBIT, % excluding one-off items* % 14 *) Excluding capital gains, impairments and restructuring costs

22 Industry Products Customer sales Q3 EUR 96 (91) million, up by 6% Organic growth in local currencies 8% EBIT EBIT EUR 24. (2.3) million, 24.9% (22.4) EBIT excluding one-off items* EUR 18. (2.2) million, 18.7% (22.3) Q3 highlights MEUR % Strong organic growth in Financial Services and Lifecare, 13% and 8% respectively Software Innovations added sales by EUR 3 million while marginal EBIT impact Demand in oil & gas and forest remained weak Profitability affected by offering development and currencies Investments in offering development, mainly in Lifecare and Industrial Internet, up by EUR 2 million Q3 ended with good order backlog, Q4 profitability expected to be seasonally strong Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net of divestement and acquisitions Customer sales adjusted EBIT, % excluding one-off items* 1 5 *) Excluding capital gains, impairments and restructuring costs 22

23 Product Development Services Customer sales Q3 EUR 29 (51) million, down by 43% Organic growth in local currencies -37% EBIT EBIT EUR.6 (-37.4) million, 2.1% (-73.) EBIT excluding one-off items* EUR 1.8 (4.6) million, 6.2% (8.9) Q3 highlights Combined s ales for current large customers remained at the 214 level Growth in semiconductor segment Accelerated demand in telecom cloud network function virtualization new wins Healthy cost structure for the existing business Q3 typically seasonally weaker Normalized operating margin expected to level to a range below 1% MEUR Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net of divestement and acquisitions Customer sales adjusted EBIT, % excluding one-off items* % *) Excluding capital gains, impairments and restructuring costs 23

24 Performance drivers 215 Performance drivers in IT services H1 Impact on profitability 1) Q3 Impact on profitability 1) Q4 Impact on profitability 1) Sales growth Increase in offering development Costs for new hires in growth businesses MS automation programme investments Cost savings in MS and CSI Currency fluctuations n/a 1) Illustrative, in comparison with the previous year 24

25 Capital structure addressed dividends increasing while maintaining flexibility to invest in growth Dividend EUR 1. (.9) per share, up by 11% An additional dividend of EUR.3 due to strong cash flow and targeted capital structure Dividend yield of 6%, or close to 5% excluding additional dividend Dividend/share, EUR *) Additional dividend of EUR.3.3* Net debt/ebitda to be maintained below 1.5 in the long run Strong balance sheet offers strategic flexibility for growth, incl. M&A Net debt/ebitda.2 Dividends and growth investments, including M&A

26 Tieto s ambition in 216 Strong dividend payer Total Shareholder Return growth above industry average Growth above market average driven by high-growth offerings compensating for gradual legacy decline EBIT margin of 1% achieved, driven by profitable growth, business mix change and competitive cost structure 26

27

28 Appendix

29 Top 1 customers Q3 215 City of Stockholm Ericsson IF Insurance Kesko Nordea OP-Pohjola Group S-Group Region Skåne TeliaSonera UPM-Kymmene 29

30 Sales by Service Line IT services PDS not included Financial Services Public, Healthcare and Welfare 34% 45% Managed Services CSI 38% 38% Managed Services CSI 21% Industry Producuts 24% Industry Products Manufacturing, Retail and Logistics Telecom, Media and Energy 1% 19% 42% 48% Managed Services CSI 38% Managed Services CSI Industry Products 43% Industry Products 3

31 Sales by Industry Group IT services PDS not included 23% 8% 29% 4% Industry Products Financial Services Public, Healthcare & Welfare Manufacturing, Retail & Logistics Telecom, Media & Energy 26% 18% CSI Financial Services Public, Healthcare & Welfare 31% 9% 3% Managed Services Financial Services Public, Healthcare & Welfare Manufacturing, Retail & Logistics 31% 25% Manufacturing, Retail & Logistics Telecom, Media & Energy 3% Telecom, Media & Energy 31

32 Sales by Service Line 15% 26% 25% 34% Tieto Managed Services Consulting and System Integration Industry Products Product Development Services 2% 4% Sweden Managed Services Consulting and System Integration 1% Finland 15% Managed Services 38% Consulting and System Integration 25% 15% Industry Products Product Development Services 37% Industry Products Product Development Services 32

33 Sales by Industry Group 15% 16% 27% 22% 2% Tieto Financial Services Manufacturing, Retail and Logistics Public, Healthcare and Welfare Telecom, Media and Energy Product Development Services 2% 21% Sweden Financial Services Manufacturing, Retail and Logistics 1% 9% 22% Finland Financial Services Manufacturing, Retail and Logistics 13% 36% 1% Public, Healthcare and Welfare Telecom, Media and Energy Product Development Services Public, Healthcare and Welfare 27% 32% Telecom, Media and Energy Product Development Services 33

34 Sales by Industry Tieto 15% 3% 4% 9% 16% 11% 11% 11% 5% 6% 9% Insurance Banking Forest Manufacturing Retail and Logistics Healthcare and Welfare Public Sector Telecom and Media Oil and Gas Energy utilities PDS 34

35 All information in this material is for informational purposes only. The opinions and viewpoints regarding, inter alia, the future of the company and markets are of Tieto and may not actually materialize. This information should not be construed as an investment recommendation or investment advice. All information expressed herein is subject to change without notice. Neither Tieto nor its officers nor employees shall have any liability for any loss sustained by anyone who has relied on the information provided. All information in this material is for informational purposes only. The opinions and viewpoints regarding, inter alia, the future of the company and markets are of Tieto and may not actually materialize. This information should not be construed as an investment recommendation or investment advice. All information expressed herein is subject to change without notice. Neither Tieto nor its officers nor employees shall have any liability for any loss sustained by anyone who has relied on the information provided.

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