Slide 1: Gofore's Capital Markets Day
Gofore’s Capital Markets Day A growing and profitable digital transformation consultancy o> GOFORE
Slide 2: Disclaimer
Disclaimer This presentation includes forward looking statements which involve risks and uncertainty factors. These statements are not based on historical facts but relate to the company’s future activities and performance. They include statements about future strategies and anticipated benefits of
Slide 3: Gofore CMD - Our speakers today
GOFORE CMD - OUR SPEAKERS TODAY Mikael Nylund CEO Riikka Vilminko-Heikkinen Director, Sales & Customer Value Juhana Huotarinen CEO, Rebase Consulting Ville Hurnonen Director, Mergers & Acquisitions Sanna Hildén Director, People Operations Teppo Talvinko CFO Jussi-Pekka Erkkola VP, eCommerce & Digita
Slide 4: Agenda
Agenda 9:30 10:10 10:40 11:00 1:10 11:30 11:50 12:00 12:10 Strategy update highlights People-driven growth Q&A with Rebase Consulting Break Strategic industry focus Q&A with Elisa M&A strategy Delivering shareholder value Summary & Q&A Mikael Nylund Sanna Hildén Juhana Huotarinen Riikka Vilminko-Hei
Slide 5: Pioneering an Ethical Digital World
GOFORE Pioneering an Ethical Digital Mikael Nylund
Slide 6: The core about Gofore
THE CORE ABOUT GOFORE 1,500 GOFOREANS GOFORE 150 MEUR REVENUE 2022 ‘3 20 YEARS IN BUSINESS 18 LOCATIONS IN EUROPE
Slide 7: Strategy update highlights
STRATEGY UPDATE HIGHLIGHTS Our key messages today A very strong foundation and track record to build on * Steady and profitable growth for 15+ years * Outperforming strategic goals set in 2020 Updated strategy builds on existing strengths and sharpens strategic choices ° Focus on Digital Society and
Slide 8: Strategy update highlights: growing and profitable
STRATEGY UPDATE HIGHLIGHTS Growing & profitable : Net sales growth @——___ CAGR 2018 - 2022: 31% —_____» @ 3) Oren gow emundo ec Q Oentine! b © Devecta 155.9 Stuer Planet mangodesign 104.5 leadin 50.6 5 2018 2019 2020 2021 LTM pro forma 2) : 2 ane @ | @"™ S EBITA-% i Note: 2013-2018 figures presented
Slide 9: Outperforming targets set in 2020
= STRATEGY UPDATE HIGHLIGHTS G £%0Z QWo Outperforming targets set in 2020 KEY GROWTH LEVERS QO crowth in Finland @ international growth © Disciplined M&A ° ~1N® Growing portfolio Increasing presence 2020 targets 20% 10% of large customers in outside Finland, reaching >10% total annual growth annual
Slide 10: Gofore as an investment
GOFORE AS AN INVESTMENT GOFORE Large and growing digital transformation market Superior offering for digital societies and intelligent industry People-centric culture driving talent attraction and retention Strong customer satisfaction with growing and resilient long-term strategic relationships Pro
Slide 11: Market
MARKET Large and growing global digital transformation market +€3.4tn €1.6tn Investments in DX technology, Customer including experience Steps forward in automation, and journey at cloud computing, intelligence and Western J the centre of digital platforms, operational Europe c.25% ——~\ Y growth rob
Slide 12: Offering
OFFERING Superior offering for Digital Society & Intelligent Industry ' & A F CONSULTING CHANGE SERVICE & BUSINESS DESIGN AGILE DEVELOPMENT CLOUD SERVICES, DATA ANALYTICS &Al QUALITY ASSURANCE
Slide 13: People
PEOPLE People-first culture driving talent attraction and retention 1,297 Strong eNPS above Strong culture drives sector average individual and group Purpose performance 43 Gh 30 Skillset . ayo Inorganic Productivity &38 growth NORDIC PEER BENCHMARK” G Sd 62 Organic growth 2013 OVERALL EMPLOYEES, PE
Slide 14: Customers
CUSTOMERS Growing strategic relationships and a resilient customer base Strong NPS above sector average : Growing and resilient customer base 43 Increase in the number of customers billing >€1m p.a. 37 Returning customers’ share of revenue?) Public sector share of revenue®) with typically 4+ year co
Slide 15: Mergers & Acquisitions
MERGERS & ACQUISITIONS Proven track record of value-creative M&A MBA Track 2017-2022 Value Creation + 4 8 % Post-acquisition sales growth p.a.1) MANGO DESIGN 2017 2018 2020 » 2021 a) Expanded position in Central Europe SILVER QENTINEL PLANET FINLAND SOLINOR EMUNDO LEADIN DEVECTO Strengthened capabil
Slide 16: Growth and profitability
GROWTH AND PROFITABILITY Outstanding growth and profitability track record 2017 — LTM Q3 2022 Sales CAGR 40% 35% ° Globant>eg —¢ Kanes’ 30% GOFORE BNalnl> « 25% 7 enetcompany 20% thoughtworks” —_, Knowit by 9 BIL@T”*: _ 15% q p 4) ° . ao tieto Ey . 10% a Sve 3) al FAC ' . ; SOLTEQ *thOy cy . (8)% -
Slide 17: Gofore
GOFORE
Slide 18: Updated long-term financial targets
FINANCE Updated long-term financial targets Gofore’s organic growth has been exceeding both the IT services market overall as well as the company’s own targets. 25% minimum annual growth in net sales. At least 15% organic annual growth 15% Profitability of adjusted EBITA 40% Dividends at least of an
Slide 19: Build on success
Build on success in Digital Society Challenge in Intelligent Industry GROWTH AVENUES 2023 2024) 2025 2026 FUTURE OF WORK INDUSTRY APPROACH 2023 - 2024 GROWTH STRATEGY SUSTAINABILITY INTERNATIONAL iw FOCUS THEMES, Renew by M&A Pioneering an ethical digital world 2027 The most significant digital tran
Slide 20: Industry Approach
Industry Approach
Slide 21: Future of Work
FUTURE OF WORK INTERNATIONAL — WITH A FOCUS ON DACH INDUSTRY APPROACH Gofore is perceived as a desired community for making positive impact and professional growth within focus areas across Europe. OBJECTIVES SUSTAINABILITY Digital Society and Intelligent Industry customers and partners recognise us
Slide 22: Future of Work
FUTURE OF WORK INTERNATIONAL — WITH A FOCUS ON DACH INDUSTRY APPROACH Gofore is perceived as a desired community for making positive impact and professional growth within focus areas across Europe. OBJECTIVES 2027 SUSTAINABILITY Digital Society and Intelligent Industry customers and partners recogni
Slide 23: Future of Work
FUTURE OF WORK INTERNATIONAL — WITH A FOCUS ON DACH INDUSTRY APPROACH Gofore is perceived as a desired community for making positive impact and professional growth within focus areas across Europe. OBJECTIVES 2027 SUSTAINABILITY Digital Society and Intelligent Industry customers and partners recogni
Slide 24: Sustainability at Gofore
STRATEGY FOCUS THEMES Sustainability at Gofore We want to be Footprint an example of a * Committed to carbon neutrality - offsetting all company that scope 1 and 2 emissions combines successful since 2021 . . - Target is to be carbon neutral in business with own operations by 2030 without overarchin
Slide 25: Big potential in handprint
STRATEGY FOCUS THEMES Big potential in handprint Sustainability transformation is a growing business opportunity for Gofore By 2027, 50% of key customer projects could be related to sustainability Green & Digital shift > INTELLIGENT INDUSTRY * Demand for digital solutions that support and enhance th
Slide 26: The Gofore Impact Foundation
STRATEGY FOCUS THEMES The Gofore Impact Foundation Gofore is planning to start a foundation called Gofore Impact, to promote ethical digital change. a ié th \@ * Main purpose of the planned foundation would be to support the positive impacts of digitalisation, such as democracy and equality developm
Slide 27: International strategy
STRATEGY FOCUS THEMES International strategy Business & customers Delivery/supply chain & people M&A Home market Finland Germany / DACH Other Core market — continued growth + Leader in Digital Society * Strong customer portfolio in Intelligent Industry Core international market — invest in growth *
Slide 28: Digital Gofore - platform for future growth
STRATEGY EXECUTION Digital Gofore - platform for future growth CUSTOMER EXPERIENCE Data-driven customer management PEOPLE Personalized services and effective resourcing ACQUISITIONS Smooth integration PARTNER NETWORK Ecosystem for agile resourcing & capacity management DIGITAL GOFORE uts off manual
Slide 29: Three avenues to growth
STRATEGIC GROWTH AVENUES. Three avenues to growth Continue successful add-ons to renew offering and customer portfolio ) Renew by M & A Increase share of wallet & build on z local presence in (e Leverage leading position in Finnish market DACH Build on Challenge in Digital Intelligent Society Indust
Slide 30: Gofore
GOFORE
Slide 31: People-driven growth in 2021-22
ACHIEVEMENTS People-driven growth in 2021-22 Strong brand and reputation driving talent attraction » Best employer reputation among Finnish Recruitment Oo listed companies 10/2022" (The Reputation & a ) 8 Wp Trust survey by T-Media) ° O of all 2022 hires came through internal recommendations vs. 25%
Slide 32: The challenge ahead
THE CHALLENGE AHEAD The big questions When pioneering the future of work: How to attract What are and retain the the long-term right talent? implications of the new ways of working for individuals and organisations? How to make smartly targeted investments when responding to the increasing diversity
Slide 33: Our people strategy
G OUR PEOPLE STRATEGY One to customers, We provide a trusting, caring and inspiring community for individual for Goforeans people to work in and with Embrace and nurture diverse cultures in building our international community and expert-employer-client relationships Offering individual value to peo
Slide 34: The building blocks of engagement
THE BUILDING BLOCKS OF ENGAGEMENT Pioneering a people-centric worklife with good results 9% Unexpected leavers 2021 2022 Decreasing attrition rate 60 TARGET —s 8 43 40 wy, 30 ; [ ie) Q1 2022 Q4 2022 Improved employee experience (eNPS) in Gofore Group 10,000 Downloads of Gofore’s collective agreement
Slide 35: Our ethical world
OUR ETHICAL WORLD Fair, diverse and equal 41 Average age of Goforeansin 2022 85 % Feel they are equally appreciated 91% Feel they can be their authentic self at Gofore Average salary development -22 en we +2,4% Ns +1,0% SS In 12/22 women’s average salary was 99% of the average men’s salary (98% EOY
Slide 36: The employment shift
THE EMPLOYMENT SHIFT Succeeding with diversifying expert-employer relationships Platform companies offer more freedom and responsibility * Independent subsidiaries Rebase and Sleek offer a salary model based on personal invoicing * Stronger growth* than other units; Rebase +50%, Sleek +60% (Gofore o
Slide 37: The extended family
= THE EXTENDED FAMILY G Partners an increasingly important part of our growth platform +» The form of employment is not defining nor - We partner with companies, hubs, freelancers delimiting our offering or customer experience and technology partners for a mutually beneficial - An ecosystem approach
Slide 38: Shared success
SHARED SUCCESS Sharing ownership of success boosts competitive compensation Local salary settlement? based on company growth & profitability Varied salary models based on company and individual success Option to choose personal invoicing-based model) full freelancer deal Gofore’s salary settlement i
Slide 39: People-centric & data-driven
PEOPLE-CENTRIC & DATA-DRIVEN Digital tools for matching inspiration, customer value and learning Our Hohto platform drives meaningful work, development and customer value Company wide view on all projects © cornet Q 20 © ons Matching development a 25 “ plans and right talent with project needs “ * “
Slide 40: How we succeed
HOW WE SUCCEED The future of work Prioritising our people is a proven principle of Gofore’s strategy. We will continue with it and stay relevant in the fast changing talent market. How we succeed Yr ' * Continue with putting our people in the center : a * Enable meaningful work in a supporting commu
Slide 41: Alternative work & employment models
ALTERNATIVE WORK & EMPLOYMENT MODELS Entrepreneurial Group companies Gofore has two entrepreneurial subsidiaries: - Rebase Consulting (2020) - Sleek (2022) JUHANA HUOTARINEN CEO, Rebase Consulting * Business model: network of independent digitalisation experts work via group companies for Gofore’s c
Slide 42: Gofore
GOFORE
Slide 43: Long-term relationships with focused customer base
INDUSTRY FOCUS & CUSTOMER STRATEGY Long-term relationships with focused customer base * The size of our customers has grown * Long customer relationships ° Large projects with broad impact * Deeper partnership ° Excellent customer satisfaction, NPS 43 (benchmark 37) and overall satisfaction 4,1 - Ex
Slide 44: Diverse, growing customer base
INDUSTRY FOCUS & CUSTOMER STRATEGY Diverse, growing customer base DiGI- JA VAESTOTIETO- VIRASTO ‘OPETUSHALLITUS csc UTBILONINGSSTYRELSEN CO wm ¢ Finnish Institute of Occupational Health DB OH Tampere T ketia-keskus DigiFinland Kela’ VERO AA EDP park ADD © TTT] LAHITAPIOLA Metso:Outotec VOITH Axacco
Slide 45: Strong public sector and quickly growing private sector
INDUSTRY FOCUS & CUSTOMER STRATEGY Strong Public Sector and quickly growing Private Sector Public sector Private sector * Extensive public sector customer portfolio ° Established player among private and one of the leading players among public sector customers and solid account sector customers port
Slide 46: Digital Society and Intelligent Industry as growth avenues
INDUSTRY FOCUS & CUSTOMER STRATEGY Digital Society and Intelligent Industry as Growth Avenues Gofore has succeeded Where we want to be by 2027: in building long-term, - Gofore works around focus industries, with strategic partnerships Digital society and Intelligent industry being . . equally strong
Slide 47: Our strategic industries
= INDUSTRY FOCUS & CUSTOMER STRATEGY G Our strategic industries aimo park Metso:Outotec | PONSSE Digital Society is about The Intelligent industry Axacco the services, synergies and is harnessing technology to become © dependencies between authorities more efficient, sustainable, productive koje enn
Slide 48: Steps on our growth journey
Steps on our growth journey Increasing share in Intelligent industry and Digital Society * Scaling business: Bigger customers, trusted partner, more responsibility for our customers’ success, international business * Sales, engaging customers: More service oriented, new models to monetize. Ability t
Slide 49: Equipped to deliver industry specific substance
DIGITAL SOCIETY & INTELLIGENT INDUSTRY OFFERING Equipped to deliver industry specific substance Through deeper customer relationships & focused insights gathering, we hone our existing competences and capabilities to fulfill the needs of industry-specific digital transformation challenges CONSULTING
Slide 50: Strategic industries: Digital Society
STRATEGIC INDUSTRIES a Digital Society — Leverage leading —s.strugeivsie In digital transformati of businesses (16th/27) and osition in Finnish market Digital Public Services (atn/37) p (DESI, 2022 Report) Gofore has systematically * Strong customer portfolio creates a lot of potential for growth fo
Slide 51: Digital Society offering
DIGITAL SOCIETY OFFERING FROM CUSTOMER NEED TO CAPABILITIES Inclusivity and Anticipatory Foundations of Democracy, ethical thinking services digital society trust and safety ¢ End-user as #1 priority * Data analytics & Al + Infrastructure for enabling + Building a trustworthy, in services design for
Slide 52: Customer case: Cloud services for Iceland
CUSTOMER CASE Cloud services for Iceland & | eee Gofore helps Iceland to adopt and expand public cloud usage within their public administration organisations. The Icelandic government aims to make digital services the main means of communication between its agencies and the Icelandic people, as it c
Slide 53: Strategic industries: Intelligent Industry
= STRATEGIC INDUSTRIES G Intelligent Industry — Increase share of wallet & build on local presence in DACH By continuously renewing + We continue to work towards becoming a strategic long-term partner vale with industry leading customers both in Finland and DACH-area/Europe. our capabilities and off
Slide 54: Intelligent Industry offering
New digital business Digital tech drives the transformation of value chains New business models +Digital & ecosystem strategies +Business & Service Design (e.g. Servitisation) * Operating models and business architecture *Process definition and transformation (Agile, SaFe, Scrum) INTELLIGENT INDUSTR
Slide 55: Case: Ponsse
CUSTOMER CASE Case: Ponsse One of the world’s leading manufacturers of forest machines with customer-oriented operations guided by the wishes and needs of forest machine entrepreneurs We operate together with e.g.: ° Machine control system development * Business supporting backend solutions » User i
Slide 56: Mobile development with Elisa
CUSTOMER CASE Mobile development with Elisa Long-time collaboration and a common goal to move digitalization forward About Elisa » Market leader in mobile and fixed network services in Finland * Sustainable solutions for over 2.8 million consumers * Employs over 5,300 professionals internationally i
Slide 57: Mergers & Acquisitions
GOFORE Mergers & Acquisitions Ville Hurnonen
Slide 58: M&A timeline 2017-2022
MERGERS & ACQUISITIONS G v 8 + ; M&A timeline 2017-2022 7? eb ee acquired net sales acquisition Paid v €~ arp € ~68 million in Considerations Devecto 1/2022 completed Intelligent Industry offering by providing expertise Solinor Leadin 4/2017 Silver Planet 2/2019 Qentinel Finland in embedded state-of
Slide 59: M&A strategy
MERGERS & ACQUISITIONS M&A strategy Mergers & Acquisitions can support our Digital Society and Intelligent Industry approach with specific targets We want to pursue M&A beside organic growth - Big customers need a wider selection of services - Current growth rate can be maintained with M&A - The rec
Slide 60: M&A principles
MERGERS & ACQUISITIONS M&A principles Gofore is an excellent M&A platform, due to our company culture and integration philosophy Growth and profitability will follow when our people feel good and are motivated - We welcome every company, especially the people in a unique way - We don't force all acq
Slide 61: Growth platform supporting M&A integration
MERGERS & ACQUISITIONS Growth platform supporting M&A integration Integration of Cultural customer portfolios integration and cross-selling and learning Platform integration GOFORE GROWTH PLATFORM * Scalable and evolving - Awide digitalisation offering for the customer » Data-driven + advanced digit
Slide 62: Gofore
GOFORE
Slide 63: We create significant shareholder value
7) SHAREHOLDER VALUE £%0Z GWo We create significant shareholder value Cumulative total shareholder return over time GOFORE RETURN SINCE 2020 Total Per Annum +217% +47% +<31% +9% Peer median” +23% +7% ~~ OMX Helsinki?) Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-2
Slide 64: Great organic growth momentum
SHAREHOLDER VALUE Great organic growth momentum Year-on-year net sales growth = Organic growth Net sales growth 43.0% 34.0% 33.0% 29.0% 40.0% 40.0% 47.0% GROWTH TARGET: A 13.0% Organic Growth >15% Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022 Q3/2022 oz AWO
Slide 65: Significant traction in increasing profitability
SHAREHOLDER VALUE Significant traction in increasing profitability * Customer pricing and salary development in a good balance Rolling LTM Adjusted EBITA . a in devel t * Improving efficiency through TENS EMSC EN increased billing rate and lean non-client facing organization ADIEBITA 15% 14.7% 9 14.
Slide 66: Continuously improving earnings and dividends
SHAREHOLDER VALUE Continuously improving earnings and dividends Earnings per share and dividend payout ratio 0.61 0.49 * Continuous increase in EPS “ * Dividend per share CAGR of +18% in 2019-2021 0.28 * Continue to distribute a minimum 40% : of net profit in dividends + Ambition to continuously gro
Slide 67: Solid financial situation
FINANCE Solid financial situation * Cash generative business fuels organic growth * Strong balance sheet with a net cash position * Cash flow surplus allocation - Strong balance sheet - Disciplined M&A - Dividend growth We want to Maintain qa Solid balance sheet MEUR (unless stated otherwise) 30 Sep
Slide 68: December 2022 Highlights
December 2022 Highlights A fine ending to an excellent year. * December net sales were 13.9 (9.7) million euros Full-year net sales 149.9 million euros, up 43% from FY2021, / | 5 % LTM net sales 155.9 million euros O A record number of experts recruited in 2022, 377 people, up 76% Fulkyear net sales
Slide 69: Updated long-term financial targets
FINANCE Updated long-term financial targets Gofore’s organic growth has for long been exceeding both the IT services market overall as well as the company’s own targets. 25% minimum annual growth in net sales. At least 15% organic annual growth. 15% Profitability of adjusted EBITA £20Z GWO
Slide 70: Wrap-up & Q&A
GOFORE Wrap-up & Q&A Mikael Nylund
Slide 71: 2023 Focus
2023 Focus We go into 2023 with good momentum. There is uncertainty in the macro- economic environment, potentially impacting individual customers and their ability and willing- ness to invest in digital development * Keep good momentum from 2022 going - Maintain agility to react to possible changes
Slide 72: Examples of outcomes (2027)
Examples of outcomes (2027) • More positive impact with 50% of key customer projects related to sustainability transformation • Greater role in our customers’ success. A more integrated, comprehensive service offering in key customers, resulting in greater share of wallet • More international reach
Slide 73: Strategy update highlights
STRATEGY UPDATE HIGHLIGHTS Our key messages today A very strong foundation and track record to build on * Steady and profitable growth for 15+ years * Outperforming strategic goals set in 2020 Updated strategy builds on existing strengths and sharpens strategic choices ° Focus on Digital Society and
Slide 74: Pioneering an ethical digital world
Pioneering an ethical digital worl Bonus CMD material @ Gofore.com/en/invest Keep in touch: investorrelations@gofore.com G (e) F (e) R E