Investor Presentation

June 2021 2 Investor Presentation June 2021 Agenda

1. Business and strategy overview

2. Sustainability targets and offering

3. Reaching updated financial targets through strategy execution

4. Group development

5. Guidance and dividend 1. Business and strategy overview 4 Investor Presentation June 2021 Caverion at a glance We enable performance and people’s wellbeing in smart and sustainable built environments 238 locations in 11 Sweden 20% countries Finland 19% Germany 17% New >30,000 Norway 15% Revenue image properties under 53 our service Industry 13% EUR 2.2 Austria 9% billion Denmark 4% 45 Other 3% >10,000 73 properties digitally Industry 2 34% 2 monitored Real Estate Users 4 23% 8 Public Sector Customer 16% New 15,000 General Contractors segments 4 image employees 16% Real Estate Investors and Developers 12% 19 16

Work safety Listed on Nasdaq Head office in (LTIFR) 4.2 Helsinki Finland 12 2020 figures 5 Investor Presentation June 2021 Fit for Growth strategy

PURPOSE VISION We enable performance and people’s wellbeing in smart and First choice in digitalising environments sustainable built environments

MUST-WINS

Excellent customer Sustainable Top performance Winning team experience solutions at every level

FOUNDATION KEY THEMES Building Performance culture and values Digitalisation and sustainability Safety | Quality 6 Investor Presentation June 2021 Focus on profitable growth and constant productivity improvement while increasing interaction with customers Good progress in strategy .The critical phase of turnaround is behind us ﴿ We are on a good track to deliver increasing profits ﴿ and strong cash flow going forward. We have continued to invest in organic growth, e.g. in ﴿ our digital platform, remote center capabilities, sustainability offering, sales, brand − as well as M&A. We have started to see an increased interest ﴿ towards those parts of our lifecycle offering that help customers make their operations more sustainable. Focus will remain on efficiency improvement Significant potential still in pricing, productivity and ﴿ procurement Data enabled efficiency ﴿ Transforming our operating model ﴿ 7 Investor Presentation June 2021 Caverion’s Building Performance offering gaining ground By making built environments smart and sustainable, we enable performance and people’s well-being

Efficiency business (~3/4 of revenue) Solution business (~1/4 of revenue)

Build Maintain Partner Smart

• Design & Build • Technical maintenance • Performance agreements • Advisory services • Technical installation • Small service projects • Facility management • Digital solutions • Outsourcing • Smart technologies • Life-cycle solutions • Energy efficiency

+ ++ +++ ++++

+ = Our estimate of market growth Meeting increasing regulatory requirements from governments 2. Sustainability targets and offering 9 Investor Presentation June 2021

Climate Economic Change downturn Corona Major 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

36% of the energy- 75% of buildings in the related emissions EU are energy- (GHG) come from inefficient buildings in the EU

40% of EU’s final energy 60% is consumed in EU target to reduce buildings building GHG emissions by 2030 11 Investor Presentation June 2021 By 2030… Our positive GHG handprint is 10x greater than our own GHG footprint*

*Scope 1-2 12 Investor Presentation June 2021 Caverion’s sustainability focus areas and targets By 2030, our positive GHG handprint is 10x greater than our own GHG footprint 2020 2025 Focus areas level level Our business makes sustainable impact Our GHG footprint is defined and measured 66% 100% Our offering has a defined GHG handprint - 100% E GHG handprint / footprint (Scope 1-2) >1x 5x

We care for our employees Accident frequency rate: LTIFR 4.2 <2 Share of female employees % 11% 15% S

We ensure efficient and high-quality implementation of sustainability Supplier Code of Conduct sign-off rate (%) 63% >90% % of employees trained in sustainability 50% 100% G % of tenders that include sustainability criteria 0% 100% 13 Investor Presentation June 2021 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: Digital, data-driven, analytics Stimulus packages and legislation focused integrated solutions are in all our countries supporting sustainable Lifecycle engagement via outcome-based ﴿ contracts, EPC etc investments. Caverion expects stimulus packages to increase demand also in Caverion’s areas of operation as of H2/2021. .Solution projects with smart tech, e.g ﴿ refrigeration, security, automation; upgrades and modernisations Examples: EU EUR 750bn recovery fund stimulus ﴿ package Advisory services, e.g. Smart readiness ﴿ indicator, energy advice, sourcing of subsidies ﴿ EPBD directive EU F-gas regulation ﴿ EU taxonomy ﴿ 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 We are committing to science based environmental targets and other initiatives

Current development Annual reporting Latest ratings (score)

Committing to science based ﴿ Complied in the ﴿ ESG Risk rating: Low risk ﴿ environmental targets sustainability report (4/2020)

-Aligning with EU taxonomy ﴿ EU non ﴿ (and considering TCFD financial reporting ﴿ A (12/2020 recommendations

(Considering KPI’s ﴿ Signatory of the UN ﴿ C (NP ﴿ with SASB recommendations Global Compact and for our sector UN SDG’s in 2020

(D (2020 ﴿ Nasdaq ESG ﴿ Transparency partner 15 Investor Presentation June 2021 UN Global Compact − for reaching a better world

– In 2021, Caverion joined UN Global Compact ﴿ the world’s largest corporate sustainability initiative. We are committed to aligning our operations ﴿ and strategies with 10 universally accepted principles in the areas of human rights, labour, environment and anti-corruption. 3. Reaching updated financial targets through strategy execution 17 Investor Presentation June 2021 Financial targets and results so far

Cash conversion Profitability Leverage Growth (Adjusted EBITA-%) (Net debt/EBITDA) Organic growth >100% > 5.5% < 2.5x > 4% p.a. 2020: 158.5% 2020: 2.8% 2020: -0.2x 2020: Services growth 8.7% Q1/2021: 137.4% Q1/2021: 3.2% Q1/2021:-0.5x in local currencies, share of Services 63.3% (Q1/2021: 65.4%) 18 Investor Presentation June 2021 Summary of Caverion’s strategic Must-Wins

Strategy execution Professional sales management ﴿ Excellent Customer Experience ﴿ Service culture Drive increased customer loyalty ﴿

Roll out sustainable solutions and digital services ﴿ Boost profitable growth in smart technologies & FM ﴿ Sustainable Solutions ﴿ Roll out Caverion brand story and new offering Drive selectivity and productivity strategy in Projects ﴿ Service performance management ﴿ Project performance management ﴿ Top Performance at Every Level ﴿ Transformation in procurement Fixed cost performance management ﴿ M&A excellence ﴿ Building Performance culture ﴿ Winning Team ﴿ Right people in right places Professional growth ﴿ 19 Investor Presentation June 2021 Fit for Growth journey 2016-2020 Shift in business mix and turnaround in profitability progressing

Group revenue EUR million 2,364 2,276 2,204 2,123 2,155 Adjusted EBITDA, EUR million Adjusted EBITDA margin, % 120.4 116.5 1,234 1,067 991 848 790

5.7% 5.4%

1,365 53.4 1,131 1,209 1,213 1,275 25.8 15.6 2.4% 2016 2017 2018 2019 2020 0.7% 1.1% Services Projects 2016 2017 2018 2019 2020 Services share:* Note! 2016: EBITDA excl. restructuring costs; 2017-2020: Adjusted EBITDA. 47.8% 53.1% 55.0% 60.0% 63.3% The same figures have been used for the presentation of the respective margins. Comparative figures for 2018 (or prior periods) have not been * Change in reporting of business unit revenue in 2018 restated according to IFRS 16. 20 Investor Presentation June 2021 Fit for Growth journey: Cash flow back to target level Substantial cash release from working capital. FY 2020 cash conversion 158.5%

Working capital Operating cash flow before financial and tax items EUR million EUR million

+180.0 EURm 157.6 143.7

-32.3 -30.8 -54.6 21.6 -100.9

-8.7 -129.0 EURm -160.4 -22.4 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

* 2019 figures according to IFRS16 4. Group development Clear profitability improvement in Q1 – Positive start to 2021 22 Investor Presentation June 2021 Operating environment Q1/2021 The corona pandemic continued to affect operations, early signs of improvement in Services

Services (65.4% of Group revenue) Revenue breakdown Q1/2021 (Q1/2020) The demand environment remained stable and comparable to the previous ﴿ quarters. Early signs of increased investment activity among Caverion’s customers ﴿

Certain annual industrial shutdowns in Finland postponed from last year will 65.4% ﴿ (63.3%) take place in Q2/2021.

34.6% Projects (34.6% of Group revenue) (36.7%) The pandemic continued to impact productivity to a certain extent, and market ﴿ demand remained on a lower level. The demand for new construction projects on a lower level, however less for renovation construction. Pricing environment remained still tight. Services Projects ﴿ .Stimulus packages did not yet impact general demand during the quarter ﴿ 23 Investor Presentation June 2021 Order backlog development Group order backlog decreased by 8.0% year-on-year, but growth in Services and from YE-2020

Order backlog increased by 1.1% from ﴿ Order backlog, EUR million the end of the previous quarter. Q1 Q2 Q3 Q4

Order backlog decreased by 8.0% year- 1,768 ﴿ 1,627 on-year to EUR 1,626.7 (1,768.3) million 1,609 at the end of March. At comparable exchange rates the order ﴿ backlog decreased by 10.2% year-on-year. Order backlog increased by 0.7% in ﴿ Services year-on-year, while it decreased by 17.4% in Projects.

16 17 18 19 20 21 16 17 18 19 20 21 16 17 18 19 20 21 16 17 18 19 20 Investor 24 Presentation June 2021

Extremely strong progress in ﴿ customer satisfaction in 2021 NPS improved in all divisions ﴿ Best response rate ever ﴿ Very good scores in overall ﴿ satisfaction Customers value particularly ﴿ Caverion’s service attitude, business understanding, competence and safety 25 Investor Presentation June 2021 Revenue development Q1/2021 revenue still impacted by corona, but there are early signs of pick-up in Services

Group revenue, EUR million

(Q1/21 revenue EUR 515.3 (541.6 ﴿ 2021 2,154.9 :2020 million, down by 4.9% from the 541.6 579.3 previous year, -6.0% in local 518.5 515.5 515.3 currencies.

% Organic growth: -5.4 ﴿ Q1 Q2 Q3 Q4 Q1

:Revenue breakdown by division, EUR million ﴿ Business unit revenue

Services -1.8% ﴿ -5% -19% -20% -18% +9% -1% +3% -9%

Projects -10.2% ﴿ 111 101 99 103 89 88 86 94 (and -11.1% in locals -3.1%) ﴿ 68 56 48 39 25 21 Revenue increased in Finland and ﴿ 14 15 Norway, while it decreased in other Sweden Finland Germany Norway Industry Austria Denmark Other countries divisions. 1-3/2020 1-3/2021 26 Investor Presentation June 2021 Profitability development Clear profitability improvement

Adjusted EBITA, EUR million Adjusted EBITA margin, % Q1/2021 Adjusted EBITA improved to EUR 2020: 60.6 (2.8%) 2021 ﴿ 16.4 (12.1) million, or 3.2% (2.2%) of revenue. 21.2 22.5 4.1 3.9 16.4 The restructurings completed in Q4/2020 12.1 ﴿ 3.2 had a positive impact on the cost base. 2.2 Both Services and Projects and all 0.9 ﴿ divisions except Finland and Austria 4.8 improved their profitability. Q1 Q2 Q3 Q4 Q1 ,Especially divisions Industry, Germany ﴿ Norway and Sweden progressed well. EBITA, EUR million EBITA margin, % 2020: 42.4 (2.0%) 2021

Q1/2021 EBITA: EUR 15.1 (10.0) million, or 17.7 ﴿ 2.9% (1.8%) of revenue. 15.1 10.0 3.4 No large-scale project write-downs 8.4 2.9 ﴿ 1.8 1.6 6.3 1.1

Q1 Q2 Q3 Q4 Q1 Adjusted EBITA = EBITA before items affecting comparability (IAC) 27 Investor Presentation June 2021 Cash flow development Cash flow was again strong

In Q1/2021, operating cash flow Operating cash flow before financial and tax items, EUR million ﴿ before financial and tax items: 2020: 157.6 2021 EUR 40.6 (56.1) million 81.3 56.1 48.2 40.6 Cash conversion (LTM): 137.4 ﴿ (162.4)% (Above financial target level (>100% ﴿ -28.0 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 (Free cash flow: EUR 28.9 (46.0 ﴿ million Free cash flow, EUR million 2020: 137.3 2021

Capex: EUR 4.3 (8.3) million 76.9 ﴿ IT investments: EUR 2.2 (2.8m) 46.0 45.0 ﴿ Other investments incl. acquisitions: 28.9 ﴿ EUR 2.0 (5.5m)

Free cash flow = Operating cash flow before financial and tax items – Taxes paid – Net cash used in investing activities (net, -30.5 including acquisitions and disposals). Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 28 Investor Presentation June 2021 Working capital development Clear improvement in working capital year-on-year

(Working capital improvement continued Working capital, EUR million % of sales, (LTM ﴿ (Working capital of EUR -176.0 (-127.3 ﴿ million at the end of March -2% -3% -6% -7% -4% -7% -8%

Actions completed in recent years: -41.4 ﴿ -60.4 Tight weekly follow up of invoicing and -94.5 ﴿ receivables -127.3 -161.3 -160.4 Negotiating improved payment terms in -176.0 ﴿ purchases and projects Focus on resolving old risk projects ﴿ Invoicing related KPIs and competitions at ﴿ various levels of the organisation, centralised management of invoicing

Q1/18 Q1/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 29 Investor Presentation June 2021 Low leverage and strong liquidity

3.0x 2.9x 98 47 78 2.5x Financial covenant Net debt/EBITDA 70 64 50 42 55 2.0x 1.8x 25 1.5x ﴿ Net debt/EBITDA Q1/2021: -0.5x (1.1x) according to 27 1.4x 10 1.1x 7 1.1x 1.1x 10 1.0x 0.8x 20 0.7x 0.8x 0.5x confirmed calculation principles with lending parties. 0.2x 0.2x 0.1x 0.0x

-0.2x -0.5x .-0.5x ﴿ The covenant level shall not exceed 3.5x -30 -11 -1.0x The confirmed calculation principles exclude the ﴿ -27 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Net debt excl. lease liabilities (EURm) Net debt (excl. lease liabilities) /EBITDA (12m) effects of the IFRS 16 standard and contain certain other adjustments.

Gross debt to net debt on 31 March 2021 (EURm) excluding lease liabilities 3 Strong liquidity position and high amount of undrawn credit facilities

(Cash and cash equivalents of EURm 166.2 (113.2 ﴿ 166 135 In addition, undrawn revolving credit facilities of EUR ﴿ -27 100.0m and undrawn overdraft facilities of EUR 19.0m

Long-term Short-term Cash and cash Net debt ﴿ Firing power for M&A borrowings borrowings equivalents 30 Investor Presentation June 2021 Debt maturity structure Positive development in net debt due to strong cash flow

Debt maturity structure on 31 March 2021 (EUR millionDebt maturity structure, EUR million ﴿ Net debt incl. lease liabilities: EURm 98.0 (142.8 Down by EURm 44.8 ﴿ Lease liabilities Existing debt RCF (undrawn) (Net debt excl. lease liabilities : EURm -27.4 (11.8 ﴿ Down by EURm 39.2 ﴿

Bank loan facilities mature in February 2023 ﴿ 100 Term loan EUR 50m ﴿ Unutilised RCF EUR 100m ﴿ 128 EUR 75m senior unsecured 4-year bond matures ﴿ 3 3 in March 2023. 3 2 30.2 32.6 22.8 14.1 18.5 EUR 35.0m hybrid bond has first call date in May ﴿ 7.2 2021 2022 2023 2024 2025 2026-> 2023. 5. Guidance and dividend 32 Investor Presentation June 2021 Guidance and dividends

Guidance for 2021 In 2021, Caverion Group’s adjusted EBITA ﴿ (2020: EUR 60.6 million) will grow compared to 2020.

Dividend The Annual General Meeting held on 24 ﴿ March 2021 decided that a dividend of EUR 0.10 per share and an extraordinary dividend of EUR 0.10 per share, in total EUR 0.20 per share were paid for the year 2020. The payment date was 7 April 2021. Investor Presentation 33 June 2021 Why invest in Caverion?

1. Well-positioned in sustainability and digitalisation to drive profitable growth 2. A leading market position and a diversified customer base with a high retention rate 3. Solid order backlog with an increasing share of services 4. Performance management culture with focus on cash flow and working capital 5. Strong liquidity position

35 Investor Presentation June 2021 Key figures EUR million 1-3/21 1-3/20 Change 1-12/20 Order backlog 1,626.7 1,768.3 -8.0 % 1,609.1 Revenue 515.3 541.6 -4.9 % 2,154.9 Adjusted EBITDA 29.4 26.3 12.0 % 116.5 Adjusted EBITDA margin, % 5.7 4.8 5.4 EBITDA 28.1 24.1 16.7 % 99.4 EBITDA margin, % 5.5 4.4 4.6 Adjusted EBITA 16.4 12.1 35.1 % 60.6 Adjusted EBITA margin, % 3.2 2.2 2.8 EBITA 15.1 10.0 51.3 % 42.4 EBITA margin, % 2.9 1.8 2.0 Operating profit 11.0 6.5 69.6 % 27.2 Operating profit margin, % 2.1 1.2 1.3 Earnings per share, undiluted, EUR 0.05 0.01 534.0 % 0.05 Operating cash flow before financial and tax items 40.6 56.1 -27.7 % 157.6 Cash conversion (LTM), % 137.4 162.4 158.5 Working capital -176.0 -127.3 -38.3 % -160.4 Interest-bearing net debt 98.0 142.8 -31.4 % 118.6 Net debt/EBITDA* -0.5 1.1 -0.2 Gearing, % 55.2 62.3 60.4 Equity ratio, % 17.2 22.0 18.9 Personnel, end of period 14,892 16,010 -7.0 % 15,163 * Based on calculation principles confirmed with the lending parties. 36 Investor Presentation June 2021 Directly registered shareholders on 31 May 2021

% of Largest shareholders Shares, pcs Change after shares 4/2021, pcs 1 Herlin Antti 20,504,392 14.8 0 Sector distribution (5/2021) 2 Fennogens Investments SA (Ehrnrooth family) 14,169,850 10.2 0 3 Varma Mutual Pension Insurance Company 9,728,407 7.00 0 Nominee reg. and non-Finnish 4 Mandatum companies 5,737,047 4.1 24,340 31.9% (Apr. 30: 31.0%) 5 Ilmarinen Mutual Pension Insurance Company 3,950,954 2.8 0 6 Säästöpankki funds 3,673,953 2.6 0 Households 18.0% (18.9%) 7 Elo Mutual Pension Insurance Company 3,481,001 2.5 0 8 Caverion Oyj 2,624,140 1.9 0 9 General government The State Pension Fund 2,050,000 1.5 0 14.3% (14.4%) 10 Nordea funds 1,896,582 1.4 92,847 26,296 11 Brotherus Ilkka 1,803,765 1.3 0 owners Financial and insurance 12 Aktia funds 1,370,000 1.0 0 corporations 8.9% (8.7%) 13 Kaleva Mutual Insurance Company 969,025 0.7 0 14 Ari Lehtoranta 917,051 0.7 0 Non-profit institutions 15 OP funds 519,404 0.6 268,800 3.1% (3.1%) 16 Sinituote Oy 772,400 0.6 0 17 Fondita funds 490,000 0.4 0 Non-financial corporations and 18 housing corporations Veritas Pension Insurance Company Ltd. 554,764 0.3 -120,967 23.8% (23.9%) 19 Foundation for Economic Education 300,000 0.2 0 20 Mikael Koivurinta Jan 283,546 0.2 0 20 largest, total 76,061,301 54.8 Source: Investis All shares 138,920,092 100.0 37 Investor Presentation June 2021 Board of Directors re-elected by the AGM on 24 March 2021

Mats Paulsson Markus Ehrnrooth Jussi Aho Chairman Vice Chairman Board member

Joachim Hallengren Thomas Hinnerskov Kristina Jahn Board member Board member Board member

Jasmin Soravia Board member 38 Investor Presentation June 2021 Introducing Jacob Götzsche

Born 1967, Danish citizen ﴿ (M.Sc. (Business Economics and Auditing ﴿ state-authorized public accountant, FSR-Danish ﴿ Auditors

Primary working experience :ISS World Services A/S ﴿ Executive Vice President and Chief Executive Officer, Europe, 2019-2020 ﴿ Executive Vice President and Regional Chief Executive Officer, Continental ﴿ Europe, 2018-2019 Regional Chief Executive Officer, Central Europe, 2010-2018 ﴿ Regional Chief Operating Officer / Region Director, Central Europe, 2006-2010 ﴿ International Business Director, 2004-2006 ﴿ M&A Director, Senior Vice President, 2002-2004 ﴿ Head of Corporate Finance & Controlling/Head of Finance, 2000-2002 ﴿ International Business Controller, 1999 ﴿ PricewaterhouseCoopers, Auditor, 1994- ﴿ 1999 39 Investor Presentation June 2021 Caverion Group Management Board as of 9 August 2021

Caverion Group Austria Norway Finland & Germany Industry Sweden Denmark Jacob Götzsche Baltics (interim) Manfred Knut Ville Manfred Elina Uno Carsten Simmet Gaaserud Tamminen Simmet Engman Lundberg Sørensen Services, Sustainability & Smart City Solutions Thomas Hietto

Projects Michael Kaiser

Finance and IT Martti Ala-Härkönen

Legal & Compliance Anne Viitala

Human Resources & Safety Minna Schrey-Hyppänen

Strategy, Marketing , Comms, Supply Operations & Russia Kari Sundbäck