Investor Presentation Q3 2020

Creating digital advantage for businesses and society

Investor presentation

Sensitivity: Internal Outline

• Value proposition, strategy and market

• Merger and integration status

• Q3 in brief

• Performance drivers and guidance 2020

• Why invest in TietoEVRY?

• Appendix

2 Sensitivity: Internal Value proposition, strategy and market Digital advantage for businesses and societies

Bringing Global capabilities to the Nordics in Digital Consulting and Cloud & Infrastructure Services

Scaling the Nordic mindset globally in Industry Software, The market leader Financial Services and Product Development Services in Digital Services in Norway, Sweden and Finland

Serving customers Investments in technology 24 000 in over and services more than professionals Estonia, Latvia, Lithuania countries million* per year globally 90 worldwide EUR 120 *incl. capital expenditure Ukraine India and operational costs Poland Turnover of More than Czech Republic China approximately 10 000 EUR customers 3 billion

4 Our value proposition & strategy

We are the backbone of the Nordic society, transforming businesses with expertise, technology and data, to harness the biggest opportunities of our time

Services focus Nordic International

Digital Consulting • Drive competitiveness of Nordic enterprises and public sector

Cloud & Infra • Accelerate digital consulting and cloud services to realize customers digital Industry-specific agenda software • Industry Software and Financial Services Financial Services leading international expansion Solutions • PDS expands its global customer base Product Development Services (PDS) across industries

Global capabilities and ecosystems

Note: Other businesses in the portfolio include a) local businesses in Austria, Latvia, Lithuania, Estonia, Russia and b) non-Nordic customers served from India and Ukraine, with own go-to-market Merger enables higher value creation

Build advanced digital consulting capabilities and practices at scale

Lead multi-cloud services for Nordic enterprises and public sector Competitiveness

Expand competitive software portfolio internationally, especially financial services Scale and profitability

Consolidate global capabilities, ecosystems and investments Attractive shareholder returns

Build on deep customer knowledge and common value foundation of Openness, Trust and Diversity 7 Our five service lines (adopted as per Q2 2020) Bringing global capabilities to the Nordics Revenue 2019

Consulting , system integration, managed application International operations Product 4 % Digital services across customer experience management, Development Services Consulting Digital Consulting 25 % business applications, analytics, cloud advisory and cloud 5 % native development Financial Services Solution 15 % €2.951m Managed cloud, security and end-user services, including Cloud & Infra cloud migration advisory and transformation Industry Software 17 %

Cloud and Infra Industry specific Software, SaaS solutions including related 34 % Industry Software professional services for Public sector, (Case management, Healthcare, Welfare, Education), Industrial (Oil & gas, Adj*. EBIT 2019 Manufacturing, Utilities) and Data platform services Product International operations Development 7.6% Services; 10.1% Digital Consulting; Software, SaaS, platform based BPO and related 11.9% Financial Services professional services for core processes and functions for Financial Financial Services industry - Core banking, Payments incl Services Solutions Solution; Cards, Credit and wealth management 13.6% €341.7m / 11.6% Product Cloud and Advanced software R&D services across Telecom, Infra; 11.2% Development Automotive, Consumer Electronics industries Industry Services Software; 14.6%

*Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability 8

Covid-19 implications

Future of work Industry analysts For TietoEVRY Negative profit continuously being estimate -3% to impact in Q3 appr. impact fully developed – -7% decline in IT -4% and Q4 mitigated through employee safety market due to expected to be at short term savings and productivity Covid-19 similar level stable 9

IT market outlook

New digital services, business Covid-19 expected to have negative continuity and cost optimization impact on IT market in 2020 continue to be a driver for Industry analysts market growth investments estimates range from --3% to -7% 10

Resilient business mix across economic cycles

• Primarily short-term contracts while relationships with customers are Digital consulting – long most impacted • Application services with long-term agreements represent approximately 40% of the consulting revenue

Product development • Primarily short-term contracts, while relationships with customers are Business mix well services – impacted long. resilient with appr. 2% less than digital • Stability due to our role in key customers core development negative revenue impact consulting roadmaps in Q2 due to Covid-19

Infrastructure services • Primarily long-term commitments of 3-5 years – impacted slightly • Fluctuations in demand in some services in the short term, e.g. Estimated 2-5% negative more than industry increase in network capacity while some onsite installations full-year revenue impact software postponed due to Covid-19 in 2020 Industry software, incl. Financial Services • Primarily long-term contractual periods up to 5-7 years with customer Solutions – least relationships lasting much longer impacted

Delivering critical services to society - sales to public, health, welfare and financial service sector > 55% 11

Merger and integration update 12

Integration progressing with high engagement

Integration focus area Current status

Integrated structure • Integrated businesses and functions globally and leadership • Establishing integrated structures for Financial Services as planned

Common processes • Common system implementation (e.g. HR, CRM) progressing and systems • High change management effort to utilize common systems

Integrated go-to-market • Progress with integrated value proposition to the market and service portfolio • Active customer engagement and deal closures

Employee engagement • High engagement levels across the company continues and cultural integration • Code-of-conduct, culture code and diversity principles defined

Synergy planning and • Progress on track to deliver upgraded EUR 100 million synergies realization • EUR 70-80 million run rate executed by 2020

Q2 status Q3 status 13

Merger efficiency realization on track to achieve EUR 100 million, with EUR 70-80 million executed by end of 2020

• Target merger efficiencies unchanged at EUR 100 EUR 100 million merger efficiencies achieved within three years million, with merger efficiency run-rate of EUR 70-80 Merger efficiency run-rate at end of year (EUR million) million executed by end of 2020

120 • Q3 result supported by EUR 11 million, full-year profit 5-10 100 contribution EUR 25-30 million 100 15-20 70-80 • Consultations for restructuring of 550 FTEs initiated in 80 September, with the aim of finalizing potential 60 termination agreements during Q4 40 • Total estimated one-time integration costs reduced to EUR 110-120 million (previously EUR 120-140 million) 20

• One-time integration costs for 2020 estimated to be 0 EUR 80-85 million, with EUR 75 million realized year-to- 2020 2021 2022 Total * date EUR 110-120 million of one-time integration cost expected in 2020-2022

*) Q3 includes provisions for restructuring consultations initiated in September 2020 14 Estimated impact by 2022

Efficiency area Examples of main efficiency levers Estimated efficiency

• Consolidate managerial, sales and administrative roles Services and go-to- • Adopt proven global delivery model and common processes EUR 30-40 million market • Rationalize offering portfolio • Capture scale in combined investments

• Consolidate managerial and administrative roles • Harmonize applications and processes Support functions EUR 20-30 million • Optimize use of shared service centers • Capture scale in combined investments

• Improve commercial terms due to increased volumes External costs • Consolidate supplier base and phase out duplicate products and services EUR 20-30 million including facilities • Consolidate facilities in common locations + Infrastructure • Consolidation of infrastructure platforms and partnerships partnerships Further potential in addition to EUR 75 million • Combined growth opportunity especially in Digital Consulting, Cloud & Infra Revenue synergies and Financial Services Solutions 15

Financial performance Multi-year performance improvement

CUSTOMER EXPERIENCE / NPS REVENUE GROWTH DIVIDEND/SHARE, EUR 1700 1,5 1600 0,20 1,3 0,20 1500 0,25 0,22 1,1 1400 1 600 1 614 1 543 1 460 1 493 1,20 1,25 1,27 1300 0,9 1,10 1,15

1200 0,7 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Net Sales, EUR million Base dividend

EMPLOYEE ENGAGEMENT SCORE ADJUSTED* EBIT 250 NET CASH FLOW FROM OPERATIONS 190 48 200 * 180 170 150 160 188 100 150 182 174 168 151 140 161 133 151 152 50 97 130 120 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

*Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability Adjusted EBIT, EUR million Net cash flow from operations, EUR million 16 * IFRS 16 2019 impact 17

TietoEVRY Q319 Q320 -7% Revenue Business highlights Adj. EBIT ** • Revenue EUR 644 million, organic growth* -4.3% • Reported growth -7%, currency impact EUR -16 million 693 644 Adj. EBIT %** • Adjusted EBIT EUR 90.2 (91.2) million, 14.0% (13.2) • Currency impact EUR -3 million 14.0% 13.2% • Reported EBIT EUR 28.6 (67.6) million, 4.4% (9.7) • One-time items of EUR 61.5 million as planned

• Covid-19 impact appr. -4% on revenue 91 90 • Profitability improvement driven by synergy contribution and strong performance in Industry Software

• Backlog healthy at EUR 3.2 billion, in line with last year’s level * Adjusted for currency effects, acquisitions and divestments • Strong operative cash flow of EUR 108 million **Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability Guidance and performance drivers 19

Performance drivers – Q4 2020

• Q3 revenue impact appr. -4%, Q4 impact at a similar level Covid-19 impact • Profit impact being mitigated through active cost saving measures

• Estimated full-year synergies EUR 25-30 million, of which EUR 11 million Accelerated synergies in Q3 • Anticipated year-end synergy run-rate EUR 70-80 million

• Estimated negative impact on Q4 revenue ~EUR 14 million Consistent Negative FX impact • Estimated full-year impact ~EUR 80 million on revenue and ~EUR 13 performance million on adjusted EBIT improvement

• Backlog in support of Q4 revenue ambition Other operational • Cloud & Infra revenue and profitability temporarily impacted due to lost drivers customers (2019) and incremental costs in IBM related quality improvement and process harmonization (as announced in May) 20

Guidance 2020 reinstated

TietoEVRY expects its comparable full-year adjusted* operating profit (EBIT) to increase from the previous year's level (Tieto's and EVRY's adjusted operating profit combined amounted to a total of EUR 341.7 million in 2019).

*) Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability Why invest in TietoEVRY? Key investment highlights - merger elevating performance potential

Clear market leader in a Attractive and resilient Continued profit Strong cash flow growing dynamic Nordic business mix – supports improvement generation allowing IT market – growth performance ambition – cost synergies of EUR attractive dividend policy, potential especially with across economic cycles 100 million bring deleveraging and international software attractive profit expansion flexibility for investment businesses opportunities

Appendix Operating model and group leadership Group structure and leadership

International Product Development Finland, Satu Kiiskinen Services (PDS)

Sweden, Karin Schreil Tom Leskinen

Country teams Norway, Christian Pedersen

Service lines Digital Cloud & Industry Financial and PDS Consulting Infra Software Services

Digital Consulting Cloud & Infra Industry Software Financial Services Thomas Nordås Johan Torstensson Christian Segersven Christian Segersven

Integration Officer, Malin Fors-Skjæveland

CFO, Tomi Hyryläinen HR, Trond Vinje Operations, Ari Järvelä Strategy, Kishore Ghadiyaram Group functions and CEO CEO, Kimmo Alkio

26 Group structure and leadership

Managing Partner Managing Partner Managing Partner Head of Digital Head of Head of Industry Software Norway Sweden Finland Consulting Cloud & Infra and Financial Services Christian Pedersen Karin Schreil Satu Kiiskinen Thomas Nordås Johan Torstensson Christian Segersven

CEO Kimmo Alkio

Head of PDS Integration Officer Head of Operations Head of HR Head of Strategy CFO Tom Leskinen Malin Fors-Skjæveland Ari Järvelä Trond Vinje Kishore Tomi Hyryläinen Ghadiyaram

27 28

Q3 financial performance 29

• Covid-19 impact appr. -4% on revenue 91 90 • Profitability improvement driven by synergy contribution and strong performance in Industry Software

Digital Consulting Q319 Q320 -12% Revenue Business highlights Adj. EBIT ** • Revenue EUR 143 million, organic growth* -8.9% Adj. EBIT %** • Adjusted EBIT EUR 21.1 (18.5) million, 14.7% (11.4)

• Several new agreements won during the quarter 163 143 • Covid-19 impact appr. -7% on revenues and expected to remain at similar level for Q4 14.7% • Revenue level temporarily impacted by integration and project 11.4% portfolio quality improvement with focus on profit

• Profitability development driven by continuous efficiency 21 improvement and mitigation of Covid-19 19

• Returning to growth mode as Covid-19 situation improves and integration proceeds * Adjusted for currency effects, acquisitions and divestments

**Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability

2020: Integrating diverse services and capabilities with continued efficiency drive 31

Cloud & Infra Q319 Q320 -10% Revenue Business highlights Adj. EBIT ** • Revenue EUR 220 million, organic growth* -8.6%

• Adjusted EBIT EUR 23.9 (36.0) million, 10.9% (14.7) Adj. EBIT %** • Covid-19 impact appr. -1% on revenue – anticipated to increase in 245 220 Q4 as impacting add-on volumes

• Revenue decline impacted by 14.7% • High comparative Q3’19 due to large transition projects and 10.9% exceptional revenue items – impact appr. 3% • Lost customers during 2019 due to quality issues with earlier partnership – impact appr. 5%

• IBM transition completed, quality improvement and process harmonization under way – automation and productivity gains to 36 follow 24

• Temporarily lower profitability until summer 2021 due to volume development and incremental costs in IBM related quality * Adjusted for currency effects, acquisitions and divestments improvement and process harmonization – as announced earlier **Adjusted for amortization of acquisition-related intangible assets, restructuring costs, • Future growth supported by recent new customer wins and large capital gains/losses, goodwill impairment charges and other items affecting comparability renewals

2020: Reshaping service delivery model, technology backbone, drive automation and efficiency 32

Industry Software Q319 Q320 -3% Revenue Business highlights Adj. EBIT ** • Revenue EUR 115 million, organic growth* -1.4% Adj. EBIT %** • Adjusted EBIT EUR 25.0 (19.5) million, 21.7% (16.4) 119 115 • Covid-19 impact appr. -3%, primarily in industrial sector

• Healthy growth in solutions for Welfare and Public continues, up by 17% and 7%, respectively 21.7% 16.4% • Public 360 solution gaining 75% annual SaaS volume growth driving enhanced scale and quality 20 25 • Profit improvement driven by systematic transformation of global software R&D practices

• SmartUtilities' end-of-life progressing as planned * Adjusted for currency effects, acquisitions and divestments

**Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability

2020: Integrating software business and R&D practices, building selective domain expertise and SaaS business models 33

Financial Services Solutions Q319 Q320 -2% Revenue Business highlights Adj. EBIT ** • Revenue EUR 101 million, organic growth* 3.1% Adj. EBIT %** • Adjusted EBIT EUR 15.4 (15.7) million, 15.2% (15.2) 103 101 • Covid-19 impact appr. -3%

• Organic growth driven especially by Cards services 15.2% 15.2% • Profitability remained strong while investment level maintained at a higher level to support delivery of won new business 16 15

* Adjusted for currency effects, acquisitions and divestments

**Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability

2020: Integrating software and utility models, drive common software R&D practices and accelerate growth businesses 34

Product Development Services Q319 Q320 -3% Revenue Business highlights Adj. EBIT ** • Revenue EUR 33 million, organic growth* -4.0% Adj. EBIT %** • Adjusted EBIT EUR 4.1 (3.1) million, 12.3% (9.0)

• Covid-19 impact appr. -6% mostly affecting the automotive 34 33 industry

• High market activity and pipeline development with higher 12.3% demand in 5G Radio and 5G Core expertise 9.0%

• Increased profitability driven by effective cost base management 3 4

* Adjusted for currency effects, acquisitions and divestments

**Adjusted for amortization of acquisition-related intangible assets, restructuring costs, capital gains/losses, goodwill impairment charges and other items affecting comparability

2020: Building new markets, expand customer base and continue driving operational efficiency 35 Estimated impact by 2022

Efficiency area Examples of main efficiency levers Estimated efficiency