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YIT Roadshow Feb March 2019

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YIT Roadshow Feb March 2019 TRIPLA PROJECT HELSINKI, FINLAND Roadshow presentation June 2019 Contents 1 YIT in a nutshell 2 YIT’s strategy 2019-2021 3 Group development in Q1/2019 4 Segment reviews 5 Financial position and key ratios 6 Outlook and guidance 7 Appendices All 2018 figures are pro forma, please see slide 29 for additional information. Figures in brackets refer to comparison period unless otherwise stated. KONEPAJA AREA DEVELOPMENT PROJECT 2 Roadshow presentation, June 2019 HELSINKI, FINLAND 1 YIT in a nutshell 3 Roadshow presentation, June 2019 TRIPLA PROJECT HELSINKI, FINLAND YIT in brief Geographic revenue split, 2018 February 1, 2018 10,000 FINLAND Paving 70% of total revenue o YIT and Lemminkäinen merged employees N of personnel: 5,034 Infrastructure projects Business premises SCANDINAVIA 9% of total revenue RUSSIA Partnership No of personnel: 757 3.8 billion 11 9% of total revenue properties o EUR, pro forma operating countries N of personnel: 1,740 revenue for 2018 Housing ILLUSTRATIVE REVENUE PER BUSINESS AND SEGMENT IN 2018*, % BALTIC COUNTRIES CEE COUNTRIES 8% of total revenue 4% of total revenue No of personnel: 1,249 Tender- Paving No of personnel: 290 based Urban 19% Housing FIN & 27% development CEE 49% 30% Infrastructure projects 16% Housing Russia 7% Non-cyclical Business premises and businesses Partnership properties 24% 28% * Illustrative estimates do not take into account for example Group figures so the illustrative 4 Roadshow presentation, June 2019 information should not be viewed as pro forma information. We offer the whole package INFRA- HOUSING FINLAND HOUSING BUSINESS PARTNERSHIP STRUCTURE AND CEE RUSSIA PREMISES PAVING PROPERTIES PROJECTS Revenue: 1.2 bn€ Revenue: 300 M€ Revenue: 1 bn€ Revenue: 600 M€ Revenue: 700 M€ Equity investments/ Adjusted operating Adjusted operating Adjusted operating Adjusted operating Adjusted operating commitments: 164 M€ profit: 103 M€ profit: -33 M€ profit: 68 M€ profit: -8 M€ profit: 3 M€ Adjusted operating profit: 27 M€ Development and Development and Tailored office, retail, Transportation Paving, production of construction of construction of logistics, production, infrastructure, mineral aggregates, Financing and partial apartments and entire apartments and entire health and care industrial construction, stabilisation, crushing, ownership of projects living areas, living living areas, living premises, renovation water supply and water-proofing, road together with partners services, for services, for services power plants, maintenance consumers and consumers and excavation and Ownership of investors investors reinforcement works project in: Business premises, Mainly self-developed Mainly self-developed Self-developed and Contracting Contracting Housing Finland and but also contracting but also contracting contracting CEE, Infrastructure projects Revenue, adjusted operating profit are pro forma figures for 2018. 5 Roadshow presentation, June 2019 Equity investments and investment commitments are actual figures as at December 31, 2018. The merger of YIT and Lemminkäinen, February 1st 2018 Merger rationale • Target to become a leader in urban development Strong platform for • More balanced business portfolio 1 (housing, business premises, infrastructure projects, growth paving and partnership properties) • Wider geographical presence in several economic regions Synergies and • Good references and wide pool of professional people 2 improved • Potential for profitability improvement competitiveness • Wider opportunities for specialisation and scale Improved financial • Counter cyclicality of businesses and geographies 3 position and reduced • Lower financing costs risk profile • Lower dependency on investment demand Enhanced investment • Significant market value, good liquidity of the share 4 • Balanced and improved risk profile case • Growing dividend expectation 6 Roadshow presentation, June 2019 Reasons to invest - Good outlook for 2019 1 Strong order backlog ~EUR 4.6 billion • Diverse portfolio of businesses, over 60% of pro forma revenue in 2018 from non-housing segments 2 Potential for result improvement • Synergy impact expected to be 45-50M€ by the end of 2020 • Three underperforming segments in 2018 – actions taken starting to show improvement • Recognition of the remaining 38.75% of Mall Of Tripla’s revenue and EBIT (total value 600M€) as well as fair valuation, rental income and potential capital gains Wide plot portfolio (4 million sqm) and large project pipeline 3 (EUR 4 billion) 4 Strong market position in all main markets 7 Roadshow presentation, June 2019 2 YIT’s strategy 2019‒2021 8 Roadshow presentation, June 2019 PURJEENTEKIJÄNKUJA APARTMENT BUILDING PROJECT LAUTTASAARI, HELSINKI, FINLAND Megatrends driving growth and productivity URBANISATION DIGITALISATION SUSTAINABILITY • Urban development • Customer experience • Circular and sharing economy • Public transportation connections • Higher productivity • Resource efficiency • Complex projects • Utilisation of data • Re-vitalisation of urban areas 9 Roadshow presentation, June 2019 YIT Strategy 2019–2021 – Performance through cycles Profitable and financially stable YIT STRATEGIC PRIORITIESSTRATEGIC PRIORITIES CORNERSTONESCORNERSTONES OF OF SUCCESSSUCCESS TOP PERFORMANCE • Synergies EUR 40–50 million URBAN DEVELOPMENT • Focus on productivity improvement Focus in self-developed, longer Sustainable urban CAPITAL EFFICIENCY value chain and negotiation based development projects • Leaner operating model in Russia • Annual free cashflow EUR +150 million NON-CYCLICAL BUSINESSES SUCCESS WITH CUSTOMERS AND PARTNERS PARTNERSHIP PAVING • Improving customer experience and NPS PROPERTIES • Deeper partnerships, higher value, more speed Annual EBIT EUR >100 million from NON-CYCLICAL OFFERING: non-cyclical businesses from 2019 on SERVICES, RENOVATION, PAVING, OWNERSHIP HAPPY PEOPLE • Common culture, open and involving way to lead • Most preferred employer in the field 10 Roadshow presentation, June 2019 YIT Strategy 2019–2021 – Performance through cycles Profitable and financially stable YIT STRATEGIC PRIORITIESSTRATEGIC PRIORITIES CORNERSTONESCORNERSTONES OF OF SUCCESSSUCCESS URBAN DEVELOPMENT 2018 TOP PERFORMANCE Revenue EUR 1,855 million EUR 19 million of realised synergies Adjusted EBIT EUR 146 million during 2018 Sustainable urban CAPITAL EFFICIENCY NON-CYCLICAL BUSINESSES 2018 development Capital employed EUR 319 million in Revenue EUR 921 million Russia on 12/2018 (397) Adjusted EBIT EUR 35 million SUCCESS WITH CUSTOMERS AND PARTNERS PARTNERSHIP PAVING 52% Net Promoter Score in 2018 PROPERTIES TENDER-BASED CONTRACTING 2018 NON-CYCLICAL OFFERING: SERVICES, RENOVATION, PAVING, OWNERSHIP HAPPY PEOPLE Revenue EUR 1,037 million Adjusted EBIT EUR -21 million Exit rate (own request) 3.8% in 2018 11 Roadshow presentation, June 2019 Examples of urban development projects ONGOING PROJECTS FUTURE PROJECTS PLANNED PROJECTS TRIPLA HELSINKI HIGH RISE CAMPUS MARIA GARDEN HELSINKI HELSINKI, FINLAND HELSINKI, FINLAND HELSINKI, FINLAND HELSINKI, FINLAND 1.4BN€ 500 + 500M€ 300M€ 2014-2020 2021-2028 2021-2024 KEILANIEMENRANTA JOKERI LIGHT RAIL JOKERIKORTTELI ISTROPOLIS AREA ESPOO, FINLAND HELSINKI, FINLAND HELSINKI, FINLAND DEVELOPMENT 800M€ 300M€ BRATISLAVA, 2018-2023 2019-2022 SLOVAKIA 12 Roadshow presentation, June 2019 Strategic financial targets 2019–2021 Financial target Long-term target level ROCE-% >12% Gearing 30–50% Dividend per share Growing annually 13 Roadshow presentation, June 2019 Implementation by strategic development programmes GREEN GROWTH Value from sustainability • Sustainability-driven growth CUSTOMER FOCUS and profit Sales and customer excellence • During 2019: Clarify current impact and ambition level • Revenue growth among PERFORMANCE private customers Ensure synergies and improve • Improved NPS productivity • Improved project margins • Synergies 40–50Me • Implementation of GRIP Impact management system • Clearly shorter lead times, segment-level targets COMPANY CULTURE 1–3 years 2–5 years 4–10 years 14 Roadshow presentation, June 2019 KEY ELEMENTS OF YIT CULTURE VALUES RESPECT COOPERATION CREATIVITY PASSION • We care about our customers • We are open and share • We trust and build • We aim high with quality, and personnel knowledge a positive spirit expertise and results • We look for environmentally • We involve and partner • We empower people to • We work ethically and keep sustainable solutions to succeed innovate and challenge our promises LEADERSHIP PRINCIPLES • Act as one YIT team • Welcome change and new ideas • Celebrate success and learn from • Lead by example • Be available, listen and ask mistakes MANAGEMENT PHILOSOPHY • Management By Key Results, MBKR 15 Roadshow presentation, June 2019 TOGETHER WE CAN DO IT. 3 Group development in Q1/2019 16 Roadshow presentation, June 2019 KEILANIEMI DEVELOPMENT PROJECT ESPOO, FINLAND Q1 in brief Paving’s and Synergies Good cash Housing realised flow Strong order Russia’s faster than considering backlog result estimated seasonality improvements +19.6 25 -3 4,556 EUR million EUR million realised EUR million EUR million order combined adjusted operating cumulative synergies by operating cash flow backlog on 31 March profit improvement the end of Q1/2019 after investments (31 Dec 18: 4,434) (-153) 17 Roadshow presentation, June 2019 Positive development in key figures ADJUSTED OPERATING PROFIT, EUR million, % REVENUE PER SEGMENT, EUR million ORDER BACKLOG PER SEGMENT, EUR million 99.6 5,068 4,991 1,269 4,641 4,434 4,556 979 53.8 909 7.8% 5.5% 24.4 702 602 2.7% -4.4% -7.2%
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