Tieto Corporation · OMXHEX:TIETO
Tieto — Investor Presentation (August 2026)
77 slides from Tieto's investor presentation, August 2026
Slide 1: Tieto Investor Presentation
Tieto Investor Presentation August 2026
Slide 2: Investment highlights
Investment highlights 1 Leading position in resilient Nordic markets 2 Focused software mix with high recurring revenue 3 Clear path to margin expansion 4 Scalable growth through selective European expansion 5 Strong positioning to benefit from AI transformation Investor presentation 2
Slide 3: Tieto in brief
Tieto in brief Investor presentation 3
Slide 4: Leading software and digital consulting company with a strong Nordic heritage
Leading software and digital consulting company with a strong Nordic heritage and global capabilities 13 000 professionals globally Global delivery centres Customers deliveries Thousands The Nordics of customers Serving customers worldwide Annual revenue ⁓ € 1.9 billion Investor presentation 4
Slide 5: Strong foundation
Strong foundation Deep customer • Leading market position in the Nordics • Long-term relationships relationships • Diversified client base • Focused international client base Distinctive • Leading software assets and defined industry focus capabilities • Broad competence to drive AI projects to busi
Slide 6: Our businesses
Our businesses Industry verticals Care providers Banks Niche industries Technology consulting Healthcare and social Financial services Portfolio of niche • Consulting partner care software software software and data solving complex tech • Digital solutions that • Helping banks platforms challenges w
Slide 7: Tieto in numbers
Tieto in numbers Revenue Adjusted operating profit (EBITA) 2025 2025 14 % 13 % 32 % 13 % 21 % € € 1,852 million 42 % 257 million 31 % 34 % Tech Consulting Banktech Caretech Indtech Tech Consulting Banktech Caretech Indtech Investor presentation 7
Slide 8: Resilient businesses with high recurring revenues
Resilient businesses with high recurring revenues Tech Consulting Banktech Caretech Indtech Cyclicality High Medium Low Medium Pricing structure Majority time and material Mainly volume/ Mainly monthly Mainly volume/transaction transaction based and subscription fees for based and monthly monthly su
Slide 9: Trusted by leading brands in the Nordics and globally
Trusted by leading brands in the Nordics and globally Investor presentation 9
Slide 10: Advancing in sustainability
Advancing in sustainability Achievements in 2025 Our focus Rating A in Climate category on Carbon Disclosure Project (CDP) Science Based Targets initiative (SBTi) validated Tieto’s new long- Climate term ambitions and net-zero in full action Social value chain by 2040 impact Tieto India recognized a
Slide 11: Group Executive Team
Group Executive Team Ari Järvelä Mario Blazevic Bent Philipps Johan Enger Nygaard Jussi Tokola Tieto Caretech Tieto Banktech Tieto Indtech Tieto Tech Consulting General Counsel, Managing Director Managing Director Interim Managing Director Interim Managing Director Head of Group Legal and Compliance
Slide 12: Largest shareholders
Largest shareholders # Owner Capital 1 Silchester International Investors LLP 12.6% 2 Solidium Oy 11.1% 3 Incentive AS 4.7% 4 BlackRock 4.5% 5 Vanguard 3.7% 6 Dimensional Fund Advisors 2.8% 7 JPMorgan Asset Management 2.7% 8 Ilmarinen Mutual Pension Insurance Company 2.4% 9 Elo Mutual Pension Insura
Slide 13: Strategy and financial targets
Strategy and financial targets Investor presentation 13
Slide 14: Tieto strategy – execution through 4 strategic priorities
Tieto strategy – execution through 4 strategic priorities Our strategy We execute through Our success is measured for 2026-2028 4 strategic priorities by our financial targets Become European software and technology consulting market leader within selected 01 Customer first Growth (CAGR 2027-2028) >
Slide 15: Customer first
Customer first From product-driven Targets – growth through Actions – sharpen to customer-centricity stronger customer relationships our commercial focus Improved customer Strengthen client ownership satisfaction and • Key account structure • New governance model loyalty • Roles and responsibilities
Slide 16: Simplified core
Simplified core • Focused software and Industry verticals Care providers Banks Niche industries services supplier • Simplify operations and structure Tech Consulting Caretech Banktech Indtech • Focus on core • Grow Nordic • Leverage • Optimize portfolio verticals and healthcare software Nordic posit
Slide 17: Selective expansion
Selective expansion Nordic Grow faster From strong Nordic roots to than market broader European growth Strengthen market leadership in core Nordic markets Europe >€500 million 03 Total Contract Value from Europe by 2028 • Selected software products • Spain, Portugal, Germany, Switzerland, Austria, U
Slide 18: Competitive cost base
Competitive cost base Leaner and more 130 competitive cost base • Reduce SG&A • Adjust delivery capacity • Consolidate supplier base • Reduce purchasing volumes • Rationalize and right-size facilities million 04 run-rate savings by end of 2026 Investor presentation 18
Slide 19: Solid progress in execution of strategic priorities
Solid progress in execution of 4 strategic priorities 01 Customer 02 Simplified 03 Selective 04 Competitive first core expansion cost base ▪ Long–term contracts secured ▪ Divestment of Bekk Consulting ▪ Tieto Iberia established to drive ▪ Run-rate savings of €115m closed expansion in the Iberian mar
Slide 20: AI reshaping our industry – Tieto well positioned to capture the AI opportunities
AI reshaping our industry – Tieto well positioned to capture the AI opportunities WHO WINS IN AN AI-DRIVEN MARKET? OUR COMPETITIVE EDGE AT TIETO Vendors with Tieto has a strong Tangible AI advancements • Vertical software foundation to scale AI • AI tooling embedded in all • Business-critical data •
Slide 21: AI creating value across Tieto's businesses
AI creating value across Tieto's businesses Tech Consulting Banktech Caretech Indtech AI capability AI-powered software AI-powered anti-money AI-assisted documentation AI-powered financial engineering laundering automation Platform AI Engineering Services AML Solution Lifecare Smart Notes Eye-share
Slide 22: We measure our success by realistic and achievable financial targets
>5% We measure our Growth1) success by realistic and achievable financial (CAGR 2027–2028) targets >16% Profitability2) 60-80% Dividend distribution of net profit <2 x Net debt/ EBITDA 1) Revenue growth, mainly organic 2) Adj. EBITA in 2028 22
Slide 23: Profitable growth is driven by rigorous execution
Profitable growth is driven by rigorous execution – 2026 to be a year of execution and transition Revenue Profit Adj. EBITA CAGR >5% >16% Cost optimization Year of programme execution & transition €257 m €1.9 bn 2025 End of 2026 Nordic core Selective Tech 2028 2025 End of 2026 Growth Productivity 20
Slide 24: Each business with clear plans to deliver improved financial performance
Each business with clear plans to deliver improved financial performance Financial targets Tech Consulting Banktech Caretech Indtech Growth1) CAGR 2027-2028 >3% >6% >7% >6% Adjusted EBITA2) 2028 >12% >18% >28% >17% 1) Mainly organic growth, adjusted for FX 2) Adjustment items include restructuring c
Slide 25: Our capital allocation principles enable growth focus while delivering shareholder returns
Our capital allocation principles enable growth focus while delivering attractive shareholder returns 01 Invest in With excess capital organic growth 02 Dividend 60-80% Share buybacks of net profit Extraordinary dividends 03 Deleveraging to <2x net debt/EBITDA 25
Slide 26: Tieto Tech Consulting
Tieto Tech Consulting Investor presentation 26
Slide 27: Tieto Tech Consulting
Tieto Tech Consulting Global digital engineering expertise with Nordic heritage Nordics 2160 Baltics 220 Western Europe 320 Eastern China USA Europe 800 80 3400 India 1080 Markets (GTM) LATAM 130 Competence Centers Investor presentation 27
Slide 28: World-class digital engineering services
World-class digital engineering services Digital Product, Service & Applications development Human centric Design-led engineering and Customer experience Data driven and Intelligent business Data and AI Data and AI strategy, Data management & Platforms, Analytics, Data & AI Engineering Cloud and Adv
Slide 29: Industry knowledge expertise
Industry knowledge expertise Healthcare Financial Services Telecommunications Automotive Manufacturing Photo placeholder Public Energy & Utilities Agriculture CPG & Retail Transportation Investor presentation 29
Slide 30: Tieto Tech Consulting in figures
Tieto Tech Consulting in figures Revenue, €m Adj. EBITA, €m Personnel, end of period Revenue composition 13.8% 13.4% 9 618 8 989 8 831 849 851 837 12.0% 11.9% 7 675 789 117 114 100 94 a 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Offshore Onshore International Finland Sweden Norway F
Slide 31: We are executing a change in three key areas to improve performance
We are executing a Customer Focus on strategic change in three key centricity customers areas to improve performance Service mix Prioritize high growth areas as part of IT services Operational Simplification of organization to improve efficiency decision making and SG&A Investor presentation 31
Slide 32: Clear targets to improve customer centricity, service mix and efficiency
Clear targets to improve customer centricity, service mix and efficiency 60 Customer Focus on strategic • Industry focus on Banking, Healthcare, Public and Telecom customers centricity and prospects • Strengthen key account management and increase hunting sales +15% • Expand in AI, cloud and data •
Slide 33: Our strategic choices set the course for growth
Our strategic choices set the course for growth Revenue Profit Adj. EBITA CAGR >3% Year of execution & Cost optimization transition >12% €789m programme €94m 2025 End of 2026 Strategic Service 2028 2025 End of 2026 Growth Productivity 2028 customers mix Investor presentation 33
Slide 34: We have a clear path to improve growth and profitability
We have a clear path to improve growth and profitability >3% 01 Improved customer Growth centricity and service mix to accelerate growth 02 AI, cloud and data are creating new >12% opportunities Profitability 03 Focus on internal efficiency to improve profitability Investor presentation 34
Slide 35: Tieto Banktech
Tieto Banktech Investor presentation 35
Slide 36: We are positioned at the sweet spot of banking digitalization
We are positioned at the sweet spot of banking digitalization Banking revenue Key capabilities 2025 Proven track-record for driving 15% 25% digital bank transformations savings and payments investments 24% 68% 78% recurring revenue BaaP software* € 586 software suite 10% 35% 400+ million loans and c
Slide 37: Tieto Banktech in figures
Tieto Banktech in figures Revenue, €m Adj. EBITA, €m Personnel, end of period Software business revenue streams 17.3% 586 3 454 3 509 3 296 580 14.2% 3 139 Share of recurring revenue 571 12.1% 12.4% 78%, comprised mainly of 567 maintenance, as-a-Service 101 and application 81 72 management (part of
Slide 38: Our Nordic market leader position sets a solid foundation for future growth
Our Nordic market leader position sets a solid foundation for future growth Unique position Nordic growth strategy Ambition > 1 bn • Deeply rooted trust Increase • Grow at or above share-of-wallet by: € market >5% relationship with Nordic banks • Up-selling Nordic order backlog • Maintaining • Prove
Slide 39: Selected SaaS solutions well suited for European roll-out
Selected SaaS solutions with proven Nordic success are well suited for of European roll-out Expansion in UK, Spain, Germany, Austria, Switzerland Card, Payment , Financial Crime Prevention, ATM Flexible go-to-market model with local sales Our highly competitive solutions fit for market Home market w
Slide 40: Transitioning to a pure play standardised and scalable SaaS portfolio
Transitioning to a pure play standardised and scalable SaaS portfolio Portfolio mix Growth levers Drivers 70% 80% 87% Scalable SaaS Core banking modernization and customer migrations Payments and cards solutions from 4 to 1 platform Legacy solutions to be phased out 30% Sunsetting highly customized
Slide 41: Clear path to margin expansion and profitable growth
Clear path to margin expansion and profitable growth Revenue Profit Adj. EBITA CAGR >6% Year of execution Cost optimization >18% & transition programme €586m €101m 2025 End of 2026 Nordic core Selective 2028 2025 End of 2026 Growth Productivity 2028 international expansion Investor presentation 41
Slide 42: Our performance is best-in-class with consistent development
Our performance is best-in-class with consistent development Strategic growth levers Business enablers 2025 2028 € 15 € 18 Increased market Product and platform Addressable market share in the Nordics investments bn bn 78% 80% Recurring revenue 53% 65% Selective market Flexible SaaS expansion go-to-
Slide 43: We have a tangible route to achieve improved growth and solid profitability
We have a tangible route to achieve improved growth and solid profitability >6% 01 We are leading Nordic banking digitalization Growth 02 Our proven Nordic success is the foundation of European roll-out >18% Profitability 03 We access a €18 billion market in selected European countries Investor pres
Slide 44: Tieto Caretech
Tieto Caretech Investor presentation 44
Slide 45: Market leading care software in the Nordics
Healthcare Social care Data, AI and Analytics Laboratory Healthcare software Social Care software Advanced analytics Laboratory software covering the full value covering the case and AI-based software covering the production Market leading process, automation chain of primary and management and care
Slide 46: Leading with technology: the open and modular Lifecare software portfolio
Leading with technology: the open and modular Lifecare software portfolio Caretech revenue Key differentiators Go-to-market offerings 2025 Interoperability 86% Nordic care core “best of suite” of Caretech revenue 233 Flexibility Data-driven care € “AI enablement” • Comprehensive software portfolio m
Slide 47: Tieto Caretech in figures
Tieto Caretech in figures Revenue, €m Adj. EBITA, €m Personnel, Software business end of period revenue streams 31.1% 30.1% 29.5% 231 233 231 233 27.4% 1 480 1 557 1 553 1 516 Share of recurring revenue 74%, comprised mainly of maintenance, as-a-Service 73 70 and application management 68 64 (part o
Slide 48: Secured Nordic leadership – accelerating growth with best-of-suite solutions
Secured Nordic leadership – accelerating growth with best-of-suite solutions Secured position Growth areas #1 16 21 • Nordics as a leader1) • Increase share of in the future of care wallet in Finland of • We are central to building • Gain market share Nordic healthcare in health and social new wellb
Slide 49: Entering Europe with Lifecare – leveraging partnerships for growth
Entering Europe with Core Nordic market Lifecare – leveraging Selective expansion partnerships for growth Focus on markets where Selected markets national reforms drive demand for interoperability • High need of EHR modernization Offer modern, data-driven and • National focus on modular clinical cor
Slide 50: Transforming our portfolio for higher performance and scale
Transforming our portfolio for higher performance and scale Portfolio mix Growth levers Drivers 86% 90% 89% Nordics Above market best of suite growth European Expansion clinical core to selected European markets Non-core Discontinuing 14% products 7% mostly during 2025-2026 8% 4% 2025 2026 End of ye
Slide 51: Growth is fuelled by our Lifecare expansion
Growth is fuelled by our Lifecare expansion Revenue Profit CAGR Adj. EBITA >7% Cost >28% optimization programme Year of execution & €64m transition €233m 2025 End of 2026 Nordic core Selective 2028 2025 End of 2026 Growth Productivity 2028 international expansion Investor presentation 51
Slide 52: Our performance is best-in-class with consistent development
Our performance is best-in-class with consistent development Strategic growth levers Business enablers 2025 2028 650 3,650 Increased market Product Addressable € € market share in the Nordics and platform m m with best of suite investments 74% 78% Recurring revenue 4% 15% Selected expansion Partner-
Slide 53: We have a tangible route to achieve improved growth and solid profitability
We have a tangible route to achieve improved growth and solid profitability >7% 01 We have technological leadership with our open and modular Growth Lifecare software portfolio 02 Our position in the Nordics offers us strong add-on >28% sales opportunities Profitability 03 Through partners, we acces
Slide 54: Tieto Indtech
Tieto Indtech Investor presentation 54
Slide 55: Our business consists of distinct products with strong position
Our business consists of 6 distinct products with strong position Multichannel & BIX Messaging, invoicing, logistics 20% market share in Sweden and Norway in the Nordics… Public 360° Case management for public sector 20% market share Nordics 89% TIPS Production system for paper industry #1 standard
Slide 56: Tieto Indtech in figures
Tieto Indtech in figures Revenue, €m Adj. EBITA, €m Personnel, end of period Software business revenue streams 16.9% 16.5% 1 682 1 644 1 593 15.0% 14.9% Share of recurring revenue 273 263 264 270 1 402 80%, comprised mainly of maintenance, as-a-Service 46 and application management 43 39 40 (part of
Slide 57: We have identified clear steps to improve our financial performance
We have identified clear steps to improve our financial performance Growth, % Profitability, % -15% +15% -20% +40% Spread of Portfolio Spread of Portfolio product units average Target product units average Target Identified growth products Total Contract Value & book-to-bill SG&A costs Product turna
Slide 58: Steps towards a stronger portfolio of Software products
Steps towards a stronger portfolio of Software products Strategic assets Application of growth lever 2025 2028 5.9 7.9 Strong Activate Nordic Addressable € € products customer base market bn bn 80% 84% Recurring revenue 68% 72% Strong Focused niche SaaS customer base expansion 7% 7% Investments1) St
Slide 59: Strengthening our growth and profitability
Strengthening our growth and profitability Revenue Profit CAGR Adj. EBITA >6% Cost Year of optimization >17% programme execution & transition €270m €40m 2025 End of 2026 Nordic core Selective 2028 2025 End of 2026 Growth Productivity international 2028 expansion Investor presentation 59
Slide 60: We are set to deliver consistent results as a leading software business
We are set to deliver consistent results as a leading software business >6% 01 We have a strong Growth position in the Nordics with 8 distinct products 02 We will grow through 3 winning >17% products Profitability 03 We have modernized our product portfolio and shifting focus to AI capabilities Capi
Slide 61: Latest financial results: Q2'26
Latest financial results: Q2’26 Investor presentation 61
Slide 62: Q2: Strong profitability demonstrates resilience in a weak market
Q2: Strong profitability demonstrates resilience in a weak market Organic growth • Organic growth of -5%, mainly • Edlevo and HR & Payroll -5% reflecting weaker consulting divestment completed – new market demand €90m share buyback programme launched • Adjusted EBITA improved by 5.5 pp. to 14.9%, dr
Slide 63: Tieto Group Q2 key figures
Tieto Group Q2 key figures Revenue, EUR million Organic growth1 Adjusted operating profit (EBITA)2, EUR million 427 -5% 63 / 14.9% (463) (-4%) (44 / 9.4%) Net debt/EBITDA Order backlog1 Cash flow from operating activities3, EUR million 1.0 -4% 21 (n/a) year-on-year (51) 1) Adjusted for currency effe
Slide 64: Tieto Tech Consulting
Tieto Tech Consulting Organic growth Strong profitability – transformation accelerating -6% • Growth impacted by further • Accelerating the competence (-7%) €172m (203) deterioration in market demand shift C • Profitability supported by – 1,500 consultants enrolled in improved utilization and Micros
Slide 65: Tieto Banktech
Tieto Banktech Organic growth Improved profitability and solid order backlog -6% • Strong growth in BaaP • Solid order backlog providing (-1%) €139m (141) following deepening strong momentum for H2 and customer relationships beyond • Growth impacted by legacy contract run-off (-6 pp.) and Adj. EBITA
Slide 66: Tieto Caretech
Tieto Caretech Organic growth Continued strong performance - European expansion progressing -2% • Continued solid performance • European expansion (-3%) €57m (58) of the modern software progressing: 2 new customers portfolio, particularly in Social in DACH region Care Sweden • Growth impacted by leg
Slide 67: Tieto Indtech
Tieto Indtech Organic growth Strong profitability driven by cost optimization 0% • Continued solid growth in • Divestment of Edlevo and HR (-1%) €65m (67) Eye-Share and Public360 & Payroll completed • Growth impacted by weak performance in Pulp, Paper & Fibre and our volume-based Adj. EBITA business
Slide 68: Improved profitability in all Businesses – New €90m share buyback programme launched
Improved profitability in all Businesses – New €90m share buyback programme launched Q2’26 Q2’25 ▪ Organic growth -5% Revenue and growth Revenue 427 463 - Continued weak market demand in Tech Consulting Organic growth, % -5 -4 - Negative 2pp impact from legacy contract run-off in Banktech and Acquis
Slide 69: New €90m share buyback programme launched
New €90m share buyback programme launched New €90m share buyback programme Status of the ongoing €150m share ▪ Share purchases to begin after completion buyback programme of the €150m programme ▪ Represents approx. 5% of all shares with €109m / 73% the current share price ▪ As of 17 July 2026, 5.8 m
Slide 70: Q2 operating cash flow of €21m – leverage well below target
Q2 operating cash flow of €21m – leverage well below target Free cash flow1 (€m) ▪ Cash flow from operations €21m (51) – underlying Operating cash flow (€m) improvement YoY approx. €3m/16% Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 - Supported by improved profitability 217 202 - Seasonal net working capital incr
Slide 71: Cost optimization programme on track to deliver €130m
Cost optimization programme on track to deliver €130m – with €115m run rate realized by end of Q2 €130m cost optimization programme ▪ Cost optimization target to deliver €130m run 35 130 rate savings by end of 2026 ▪ Execution on track with €115m run rate 95 executed by end of Q2’26 (€105m in Q1’26)
Slide 72: Personnel reductions continued - attrition at very low level
Personnel reductions continued - attrition at very low level ▪ LTM attrition at 7.3%, reflecting continued soft market 8.0 7.5 7.8 7.6 environment Attrition 7.3 % last twelve ▪ Cost optimization continued – net reduction of ~520 months (voluntary) FTEs during the quarter Q2’25 Q3’25 Q4’25 Q1’26 Q2’2
Slide 73: Outlook remarks – Q3'26
Outlook remarks – Q3’26 • Tieto Tech Consulting: Impacted by continued weak market demand Growth – growth expected to be slightly below Q2 level • Tieto Banktech: Order backlog supporting growth, impacted by ending of a significant (margin-dilutive) mainframe contract -4 pp. and SB1 comparison effec
Slide 74: Q3 profitability outlook
Q3 profitability outlook Business Q3’25 Profitability outlook adj. EBITA % Tech Consulting 13.1% Below Q3’25 level Banktech 28.1% Below Q3’25 level Caretech 31.7% At Q3’25 level Indtech 18.9% At or Above Q3’25 level 74
Slide 75: Full-year guidance for 2026 updated on 17 July
Full-year guidance for 2026 updated on 17 July Organic growth EBITA Adj. -5 to -3% (previous -2 to 0%) 14.8 – 15.8% (unchanged) ▪ Growth guidance updated due to weaker-than-expected market ▪ Profitability outlook for 2026 is maintained demand ▪ The company has continued to execute its cost optimizat
Slide 76: 2026 revenue growth dynamics – Tech Consulting H2 outlook has weakened
2026 revenue growth dynamics – Tech Consulting H2 outlook has weakened Q1 Q2 Q3 Q4 Positive growth Tech Consulting momentum Neutral growth Market softness expected to persist for the year momentum Growth Banktech headwind Legacy run-off -5 pp. Legacy run-off -6 pp. SB1 comparison effect -14 pp. Lega
Slide 77: Focused execution in the year of transformation – building momentum towards 2028
Focused execution in the year of transformation – building momentum towards 2028 2026 KEY PRIORITIES • Building the workforce of the future • Strengthen client relationships • Selective international expansion • Leverage strategic partnerships • Continue simplification activities • Finalize the cost