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Investor Newsletter Investor Newsletter May 24, 2021 Raute Corporation – Interim report January 1–March 31, 2021 • The Group’s first-quarter net sales, EUR 24.8 million (MEUR 23.8), increased 4% on the comparison period. • Operating profit amounted to EUR -2.5 million (MEUR -3.0), up 17%. The result before taxes was EUR -2.5 million (MEUR -2.9). • Earnings per share were EUR -0.58 (EUR -0.52), and diluted earnings per share EUR -0.58 (EUR -0.52). • Order intake, at EUR 30 million (MEUR 25), was at a reasonable level. The order book at the end of the reporting period stood at EUR 98 million (MEUR 92). • Raute’s net sales are expected to grow in 2021 and operating profit to improve from 2020. Tapani Kiiski, President and CEO: Better days ahead In the first quarter of 2021, our net sales were only slightly high- er than they were in the comparison period. Although the result improved somewhat in relation to net sales, it was nevertheless negative. As we predicted, the timing of our confirmed order book did not increase net sales in the first quarter in a way that would have boosted our result to an acceptable level. The travel restrictions imposed due to the coronavirus pandemic continue to hinder the implementation of installation supervision and commissioning and maintenance services. However, the re- moval of these restrictions bit by bit as vaccinations progress is creating optimism that business activities will gradually begin to normalize this year. At the same time, I am pleased with the abil- ities demonstrated by our customers and our personnel to con- tinue working using remote connections. The lessons learned will improve both our ability to serve our customers and our flexibility also in the future. Demand picked up in several market areas in the first quarter. Our first-quarter order intake, at EUR 30 million, was at least at a rea- sonable level, especially considering that no large mill-scale orders were received during the period. I am pleased that mid-sized line orders and modernization orders were at a good level. For the first time in a while, North America was our largest market area in delivery times. Our operational organization is addressing these terms of order intake. The order intake for technology services was challenges, and I believe that we will find solutions to this situation also at a good level. together with our partners. A large order of nearly EUR 55 million that we received from Rus- The pandemic’s impact on the development of our markets has sia in early October 2020 puts our order book on a solid footing been in line with our predictions. Accordingly, we will continue to for this year. With the orders we have now received, our already invest in our stated strategic priorities, the emerging markets and strong order book grew, which strengthens our outlook for the rest the development of our technology services business and digitali- of the year. At our main production facility in Lahti, we have been zation. Our strong financial position and market position, as well as able to operate at near-normal capacity throughout the pandem- our long-standing customer relationships are important competi- ic. Of course, the various precautionary measures are hindering tive advantages and enablers of this type of long-term work. development projects in particular. Of our operating areas, China is the only one where activity has returned to a somewhat normal Our outlook for 2021 remains unchanged, and we expect our net level. Our facility there was operating normally and our customers’ sales to grow and our operating result to improve from last year. projects continued to move forward. Travel to China is still restrict- ed due to the pandemic. This hinders the collaboration of Raute’s Please read the entire interim report at our website at experts from different locations in implementing projects in China, www.raute.com. as well as in sales and development projects. At our North Amer- ican facilities, the operating restrictions are currently being lifted A recording of the briefing (in Finnish only) of interim report is thanks to the coronavirus vaccinations. available at www.raute.com/Sijoittajat/Tuloskeskus. The raw material market is now heating up, which is creating un- certainty. There is pressure to raise the prices of raw materials and Raute’s Half-year financial report (January 1–June components, not to mention uncertainty in their availability and 30, 2021) will be published on Friday, July 23, 2021. Raute received orders worth approxi- mately EUR 30 million to Lithuania (Stock exchange release on May 12, 2021) Raute Corporation has received orders worth approximately EUR 30 million from VMG Group to Lithuania. The orders consist of pro- duction machinery for a complete LVL process. The machines will be delivered to VMG’s coming LVL mill in Akmene, Lithuania. The ordered machinery and equipment will be delivered during Q1- Q3/2022 and production on the new lines will be started during Q3/2022. The equipment will be engineered and produced mainly in Raute’s main unit in Lahti, Finland and in the company’s partner network. The grading and quality control equipment will be deliv- ered by Raute’s units Kajaani, Finland and Pullman, Washington, USA. VMG, https://vmg.eu/en, is a Lithuania based private group of companies who produces various wood products in some 25 points of operation mostly in Lithuania and Belarus. VMG employs some 4500 people. The VMG Group and Raute have a long-lasting co-operation. The most recent deliveries include a peeling line to VMG’s plant in Mogilev, Belarus. Raute’s strong expertise, leading technology and good references in the entire production processes of LVL can be seen in the wide scope of orders received by Raute. The present new order has no impact on Raute’s outlook for 2021. © Stora Enso Raute’s net sales are expected to grow in 2021 and operating profit to improve from 2020. RxEvent – Raute’s very first virtual event saw daylight on May 11-12, 2021 The pandemic has impacted and transformed our lives in many showroom collected over 600 visitors during the official event ways. Despite the challenges, it has also allowed us to think about days. In total, we had visitors from 38 different countries. and explore different ways of communicating, including digitally. We at Raute have embraced this digital breakthrough and used this Overall, RxEvent proved that virtual events with a meaningful and as a chance to stay connected with each other and to unite our in- high-quality program are a great and inspiring way to meet our dustry. When LIGNA, the biggest fair of the industry, was cancelled, customers digitally. We have learned a lot and we can say that this it was clear we wanted to create our own virtual event. And that is was only a glimpse of the full potential virtual events can offer. how RxEvent got started. If you are interested, our showroom is still open for a visit: After six months of planning and production work, RxEvent took https://www.rauterx.com/ place on May 11-12, 2021. The program was built around keynotes and panel discussions about the hottest trends of our industry, and Raute Expert presentations. Keynote speakers were Professor Anne Toppinen, Professor Pekka Heikkinen, and Futurist Elina Hiltunen. As a cherry on the top was our virtual showroom presenting a vi- sion of a future data-driven veneer, plywood, or LVL mill. The show- room highlights Raute technologies, concepts, and solutions that lead the way to future value creation. Preliminary numbers show us that RxEvent was a successful proj- ect. Targeted 300 and more people followed the program and the Raute is a technology and service company that operates worldwide. Raute’s customers are companies operating in the wood products indus- try that manufacture veneer, plywood, LVL (Laminated Veneer Lumber) and sawn timber. Its technology offering covers the entire production process for veneer, plywood and LVL and special measurement equipment for sawn timber. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute’s full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernizations. Raute’s head office is located in Lahti, Finland. The com- pany’s other production plants are located in Kajaani, Finland, the Vancouver area of Canada, the Shanghai area of China and in Pullman, Washington, USA. Raute’s net sales in 2020 were EUR 115.0 million. The Group’s headcount at the end of 2020 was 751. More information about the company can be found at www.raute.com..
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