Financial Statements Bulletin January–December 2015

Fredrik Strand, President and CEO Antti Heinola, CFO

January 27, 2016

Contents o Group development o Cash flow and working capital o Financing o Market outlook and guidance for 2016 Summary of 2015

Order backlog Earnings per share

° Order backlog grew by 10% ° Earnings per share increase compared to the previous year significantly by 69% and and was EUR 1,461.4 million. amounted to 0.37 EUR per share in January−December. ° At comparable exchange rates the order backlog increased by 11% from the end of December 2014.

Revenue EBITDA Working capital and operating cash flow ° Revenue was EUR 2,443 ° EBITDA grew significantly by million in January−December, 36% from the previous year ° Working capital amounted to an increase of 4 percent at and amounted to EUR 91.5 EUR -13.6 (-19.3) million. previous year’s exchange million in January−December. rates. ° Operating cash flow before

° EBITDA for Q4 was in line with financial and tax items ° Revenue for Q4 was in line with the previous year and was EUR 85.8 (113.5) million. the previous year and amounted to EUR 34.0 million. amounted to EUR 667.8 million.

Caverion 3 Financial Statements Bulletin 1-12/2015 Key figures

EUR million 10−12/15 10−12/14 Change 1−12/15 1−12/14 Change Order backlog 1,461.4 1,323.6 1,461.4 1,323.6

Revenue 667.8 660.2 2,443.0 2,406.6

EBITDA 34.0 34.3 91.5 67.5

EBITDA margin, % 5.1 5.2 3.7 2.8

Earnings per share, basic, EUR 0.17 0.16 0.37 0.22

Working capital -13.6 -19.3 -13.6 -19.3 Operating cash flow before 83.1 100.0 85.8 113.5 financial and tax items Interest-bearing net debt 29.8 50.2 29.8 50.2

Personnel, average for the period 17,427 17,410 17,321 17,490

Caverion 4 Financial Statements Bulletin 1-12/2015 Strong order backlog development in 2015

° The order backlog continued to Order backlog increase reflecting the growth EUR million targets in Large Projects and Managed Services. Q1 Q2 Q3 Q4

+7% +10% +4% +3% ° Order backlog grew by 10% 1 477 1 461 compared to the previous year 1 392 1 393 (by 11% at comparable exchange rates).

Comparative figures are carve-out figures for the periods before the effective date of the partial demerger (June 30, 2013).,

Caverion 5 Financial Statements Bulletin 1-12/2015 Group revenue up from the previous year

Group revenue ° Revenue was EUR 2,443 million in January−December, an EUR million increase of 4 percent at previous 1−12/14: 2,407 1−12/15: 2,443 year’s exchange rates. 660 668 638 591 588 ° In , technical installation 567 563 574 and maintenance is impacted by the general economic environment. ° Revenue -6% with comparable 1−3/14 4−6/14 7−9/14 10−12/14 1−3/15 4−6/15 7−9/15 10−12/15 exchange rates during 2015 ° Exit of one large services contract now fully visible.

Revenue breakdown by country Revenue by business area EUR million 1−12/2015 Service and (1%) (5%) (6%) (-13%) maintenance 597 604 521 547 526 53% 496 458 401 (1−12/2014: (8%) (10%) (11%) 54%) 136 147 139 127 71 78 Projects 47% (46%) Norway Other countries 1−12/14 1−12/15

Caverion 6 Financial Statements Bulletin 1-12/2015 Service and maintenance: activity level remained stable

o The technical maintenance market was stable overall. Service and maintenance revenue Service and maintenance o In Norway, technical revenue, EUR million maintenance was impacted by % of total Group slowdown in the oil industry. revenue 1−12/14: 1−12/15: o General interest in managed 1,297 (54%) 1,291 (53%) services and life cycle solutions increasing.

350 340 350 323 319 305 311 290

55% 54% 54% 55% 53% 53% 51% 52%

1−3/14 4−6/14 7−9/14 10−12/14 1−3/15 4−6/15 7−9/15 10−12/15

Caverion 7 Financial Statements Bulletin 1-12/2015 Several multi-million projects announced in Q4

° In general good development with new clients and contracts. Project business Project business revenue revenue, EUR million ° A tough pricing environment % of total Group revenue prevailed but Caverion was able to maintain its price levels with focus on quality and execution. 1−12/14: 1−12/15: ° In Norway and Austria there have 1,110 (46%) 1,152 (47 %) been postponements in new investments. 310 318 298 284 268 270 262 253

49% 45% 46% 46% 47% 45% 47% 48%

Caverion 8 Financial Statements Bulletin 1-12/2015

Profitability on track to reach financial target

EBITDA, EUR million EBITDA margin, % o EBITDA grew significantly by 36% from the previous year and 1−12/14: 67.5 (2.8%) 1−12/15: 91.5 (3.7%) amounted to EUR 91.5 million in January−December. 34,3 34,0 o EBITDA negatively affected by certain project losses in 22,0 21,5 5,2 21,3 5,1 Norway and Germany, 3,8 14,2 3,4 3,7 restructuring expenses in 9,6 2,1 Finland and legal expenses 2,5 in Germany. 1,6 0,4 o Investments in common 1−3/14 4−6/14 7−9/14 10−12/14 1−3/15 4−6/15 7−9/15 10−12/15 processes also reflected in operational expenses

o EBITDA for Q4 was in line with EBITDA, EUR million (rolling 12m) the previous year and amounted to EUR 34.0 million. 92,0 91,8 91,5

71,1 67,5 72,1 60,3 58,4

1−3/14 4−6/14 7−9/14 10−12/14 1−3/15 4−6/15 7−9/15 10−12/15

Caverion 9 Financial Statements Bulletin 1-12/2015 Examples of orders received in October-December 2015

Söderhamn ° Contract value: over EUR 29 municipality, Sweden million ° Service areas: Managed Services Caverion performs Managed ° Technical disciplines: Heating Services for Söderhamn and sanitation, Ventilation and air municipality. This is the largest conditioning, Cooling, Electricity, Energy Performance Contracting Information and communication (EPC) project implemented by services, Security and safety and Caverion in the Nordic countries. Automation Söderhamn ° Lifespan: Caverion is responsible For the client, EPC service for the maintenance of the guarantees energy savings by buildings and their configuration optimising the buildings and their management until 2019 and performance over time. The guarantees the energy savings project covers the majority of the for 10 years. public buildings in the ° Client: Söderhamn municipality municipality. and housing company Faxeholmen AB ° Size: 430,000 m²

Söderhamn

Caverion 10 Financial Statements Bulletin 1-12/2015 Examples of orders received in October-December 2015

Hospital and office ° Contract value: over EUR 7 building in Tampere, million for the building systems Finland delivery, for the cleanroom not disclosed Caverion signed contracts for total ° Service areas: Design and technical solutions and cleanroom Engineering, Project Execution, facilities for the old Tampella linen Project Management factory in Tampere which is to be renovated into a hospital and ° Technical disciplines: Heating office premises. and sanitation, Ventilation and air Aihio Arkkitehdit Oy conditioning, Cooling, Electricity, The cleanroom facility delivery for Information and communication the operating theatres is based on services, Security and safety and prefabricated CleanPlus® Automation elements, developed by Caverion. ° Lifespan: Renovation work at the hospital will be completed by By combining our Swedish summer 2016 and, for the rest of cleanroom know-how and our the premises, by autumn 2016. project management in Finland we ° Client: Skanska and for the can bring our best expertise to this cleanrooms KOY Koskitammi demanding project. ° Size: 16,000 m²

Caverion 11 Financial Statements Bulletin 1-12/2015 Examples of orders received in October-December 2015

Rocket Tower, Berlin, SMV Bauprojektsteuerung Deutsche Telekom Germany Ingenieurgesellschaft mbH headquarters, Bonn, Germany

Caverion delivers a large project Caverion designs and deliver a for the former GSW high-rises in total technical solution for the Berlin, Germany. The building renovation of Deutsche Telekom systems will be renewed in headquarters. To create an optimal conjunction with an extensive indoor climate at any time of the renovation of the high-rises. day, Caverion will install its Caverion, together with proprietary multifunction AVACS UNDKRAUSS Baugesellschaft sails to the ceilings of the office mbH Berlin, is acting as a spaces. technical general contractor. Deutsche Telekom AG ° Contract value: ~ EUR 20 million ° Contract value: not disclosed ° Service areas: Design & ° Service areas: Project Engineering and Project Execution Execution ° Technical disciplines: Ventilation ° Technical disciplines: Heating and air-conditioning, Cooling, and sanitation, Ventilation and air-conditioning, Cooling, Heating and Fire protection Electricity and Automation. ° Lifespan: The work is expected ° Lifespan: The work is expected to be finished by July 2016. to be finished by April 2017. ° Size: 22,000 m² ° Client: Deutsche Telekom

Caverion 12 Financial Statements Bulletin 1-12/2015 Examples of orders received in October-December 2015

Metsä Wood sawmills in Metsä Wood Hydrogen production unit, Lappeenranta and Renko, Porvoo, Finland Finland Caverion delivers a contract to Caverion has signed a Managed supply process piping and Services agreement with Metsä industrial installations for a new Wood for sawmills in hydrogen production unit. Lappeenranta and Renko. Caverion will prefabricate and Caverion will manage and execute install equipment for the new process-related maintenance on hydrogen reformer and complete the sites. In connection with the equipment and steel installations. partnership, 24 people from Metsä Prefabricated parts are made at Wood's Renko and Lappeenranta Caverion's own workshops in sawmills’ maintenance will be Ylivieska and Leppävirta. transferred to Caverion Suomi Oy. Contract value: not disclosed ° Contract value: not disclosed Lifespan: until May 2016 ° Lifespan: February 2016 – until Client: Linde Engineering further notice ° Client: Metsä Wood, which is part of Metsä Group

Caverion 13 Financial Statements Bulletin 1-12/2015 17,399 employees at the end of December

During the period we Employees by country continued to develop one at the end of winning Caverion team: December 2015 ° Actively utilizing the feedback of the employee engagement survey ° Talent, succession and organisational management ° Leadership development

Group-wide effort to develop a Caverion way Finland 26% of working and mindset: Sweden 22% ° Work safety and well-being of Norway 17% all employees as a constant priority Germany 14% ° Code of conduct to guide Denmark 6% behaviors of all employees in every day collaboration Austria 4% Other countries 11%

Caverion 14 Financial Statements Bulletin 1-12/2015 Cash flow and working capital Firm grip on managing working capital Financial target: negative working capital

Working capital Working capital, EUR million Working capital has been Working capital to sales, stabilised on negative level % (LTM) Continued focus on 120 invoicing process 100 5% 4% 64

46 3% 49 49 36 2% 2% 2% 8 1%

0% -13 -14 -19 -1% -1% -1%

6/13 9/13 12/13 3/14 6/14 9/14 12/14 3/15 6/15 9/15 12/15

Comparative figures are carve-out figures for the periods before the effective date of the partial demerger (June 30, 2013).,

Caverion 16 Financial Statements Bulletin 1-12/2015 Cash flow in line with EBITDA

Operating cash flow before financial and tax items Development and investment EUR million o Continuous development and investment in technologies, Rolling 12 months 134,4 132,2 processes and competences o Capex investments (including 108,5 114,8 113,5 105,4 102,8 acquisitions) of EUR 26.9 101,3 100,0 million in January-December, 90,1 85,8 mainly relating to IT and the 83,1 development of common business processes.

20,5 9,8 4,1 1,8

-11,1 -8,9

10−12/13 1−3/14 4−6/14 7−9/14 10−12/14 1−3/15 4−6/15 7−9/15 10−12/15

Comparative figures are carve-out figures for the periods before the effective date of the partial demerger (June 30, 2013).,

Caverion 17 Financial Statements Bulletin 1-12/2015 Financing Strong cash position enabled voluntary debt-repayment

Debt maturity EUR million

23 23 22 20

10

2016 2017 2018 2019 2020+

Loan portfolio Interest rate type (after hedges)* o Loan portfolio total: Banks 92% EUR 97.9 million Fixed o interest Strong cash position Insurance 100% enabled voluntary companies 6% repayment of gross debt Floating by EUR 34 million in 2015 Others 2% interest 0% o Average interest rate after hedges: 1.32%

* Interest rates are hedged against interest rate rise.

Caverion 19 Financial Statements Bulletin 1-12/2015 Liquidity reserves amount to EUR 187 million

Net debt, EUR million Net debt/EBITDA, Rolling 12 Months o Net debt remains in Q4 2014 level 194 190

143 3,3x 3,4x 132 o Strong cash position 104 102 enabled voluntary 86 85 2,4x 2,3x repayment of gross debt 50 50 30 1,5x by EUR 20 million 0.3x 1,2x 1,1x 0,9x 0,7x 0,7x Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15

Gross debt to net debt Liquidity reserve EUR 187 million EUR million EUR million

Unused credit facilities 23 119 68 75 Cash and cash 30 68 equivalents Long-term borrowings Short-term Cash and cash Net debt borrowings equivalents

Caverion 20 Financial Statements Bulletin 1-12/2015 Market outlook and guidance Market outlook for Caverion’s business in 2016

Technical installation Large projects Managed services

and maintenance o o Positive signs in tendering Need for new services and the o Markets expected to remain activity. demand for life cycle solutions are stable. o In certain industries (nuclear in expected to increase. o o Requirements for increased Germany and Sweden, mining in Customers’ focus on their core energy efficiency, better indoor Sweden and oil in Norway) less operations opens opportunities in conditions and tightening investments resulting in project outsourced operation and environmental legislation support postponements or cancellations. maintenance mainly for public market development. o Demand for design & build of authorities, industries and utilities. o In Norway general economy total technical solutions expected impacted by slowdown in the oil to develop favourably. industry.

Overall changes in the operating environment due to growing uncertainty over the general macroeconomic development and mounting geopolitical tensions may lead to some expected cautiousness in project start-ups and service demand.

Caverion 22 Financial Statements Bulletin 1-12/2015 Guidance for 2016

Revenue

Caverion estimates that the Group’s revenue for 2016 will grow from the previous year (2015: EUR 2,443 million).

EBITDA

Caverion estimates that the Group’s EBITDA for 2016 will grow significantly from the previous year (2015: EUR 91.5 million).

Caverion 23 Financial Statements Bulletin 1-12/2015 Dividend policy and earnings per share

Dividend pay-out at least 50 per cent The Board of Directors proposes a dividend of of the net profit EUR 0.28 per share, for the period. representing 75 percent of the Group´s net profit for 2015.

Earnings per share Dividend per share, EUR Dividend pay-out ratio, % ° Earnings per share increased significantly by 69% and 100% 75% amounted to 0.37 euros per 78% share in January−December. 0,28 0,22 0,22

2013 2014 2015

Caverion 24 Financial Statements Bulletin 1-12/2015

Additional slides 30,594 shareholders on December 31, 2015

Largest shareholders Owners by category by Change after Change after Shares, % of share shares owned September 2015, September pcs Capital pcs 2015, % 1. StructorMajor S.A. shareholders on June 28,201317,840,000 14.20 0 0.00

2. Herlin Antti and the companies controlled by him 13,850,180 11.03 440,000 3.28 Nominee registered and non-Finnish 3.21 3. Ilmarinen Mutual Pension Insurance Company 4,030,000 0 0.00 holders 34.6% (September 30, 2015: 4. Fondita funds 3,542,000 2.82 0 0.00 35.2%) Households 2,898,567 2.31 -227,877 -7.29 5. Nordea funds 19.0% (19.0%) 6. Varma Mutual Pension Insurance Company 2,864,393 2.28 0 0.00 General government 7. Danske Invest funds 2,475,958 1.97 66,220 2.75 10.2% (9.7%) 8. OP funds 2,191,166 1.74 73,111 3.45 Financial and insurance corporations 2,119,468 1.69 775,000 57.64 9. Elo Pension Company 13.8% (14.3%) 10. The State Pension Fund 1,850,000 1.47 0 0.00 Non-profit institutions 11. SEB Investment Funds 1,608,584 1.28 -9,856 -0.61 5.7% (5.4%) 12. Aktia funds 1,510,854 1.20 -534,000 -26.11 Non-financial corporations and housing 13. Evli funds 1,347,936 1.07 86,592 6.87 corporations 14. Brotherus Ilkka 1,048,265 0.83 0 0.00 16.8% (16.4%) 757,446 0.60 0 0.00 30,594 15. Etera Mutual Pension Insurance Company owners 731,052 0.58 10,000 1.39 16. Säästöpankki funds (September 30, 17. Odin funds 557,549 0.44 31,238 5.94 2015: 30,416) 18. Caverion Oyj 512,091 0.41 630 0.12

19. Alfred Berg Finland 461,242 0.37 -37,513 -7.52 20. Föreningen Konstsamfundet rf 423,002 0.34 0 0.00 20 largest, total 62,619,753 49.86 All shares 125,596,092 100.00

Caverion 27 Financial Statements Bulletin 1-12/2015