JONAS GUSTAVSSON, CEOSTEFAN JOHANSSON, CFO

MAY 15, 2019

Interim reportJANUARY – MARCH 2019

Agenda

— Overall performance

— The Combined Group

— Market and highlights

— Financials

— Divisional performance

— Strategy execution

— Summary

Stable performance and integration in line with plan

+28.5%JAN – MAR 2019

Net Sales: SEK 4,389 million (3,415)

EBITA*: SEK 390 million (325)

EBITA-margin*: 8.9% (9.5)

+20.0%

— Solid start of 2019

— Strong organic growth of 8.0 percent (0.5)

— Overall good demand, although indications on slower demandin the automotive segment

*Excl Items affecting comparability

Successful acquisitionand integration ofPöyry

Acquistion of Pöyry completed

Two successful rights issues

Integration according to plan

Annual run-rate cost synergies after Q1 SEK 25 million

Strong organic growth

Stable earnings

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A leading engineering, design and advisory company

75%Net Sales in the Nordic Region

18%Net Sales in Europe outside Nordics

50Country presence

16%Fixed price projects

50%Project delivery

34%Service delivery

21%

13%

10%

17%

6%

5%

14%

2%3%

3%6% Infrastructure

Real Estate

Automotive & Vehicle

Energy and Power

Manufacturing Industry

Life Science, Food & Pharma

Process Industry

Telecom and ICT

Defence

Management Consulting

Other

1) ÅF estimate of the combined company2) EUR/SEK: 10.3090 (ECB September 30, 2018)

ÅF PöyryNet sales

Sep 2018 LTM1,2

- AB Volvo

- BillerudKorsnäs

- Ericsson

- FMV

- North Negros Biopower

- Scania

- Trafikverket

- Vattenfall

- Verbund

- Volvo Cars

Strong customer base

ÅF Pöyry’s ten largest customers 2018

Market development

Favourable market across the majority of ÅF Pöyry’s sectors

Disruptive trends drives the need for solutions and new competence for many customers

The infrastructure market was favourable, with high demand for technology solutions within buildings

Stable demand from industrial customers regarding services and projects with 5G, electrification and automation as drivers

Indications on slower demand in the automotive segment

The process industry showed strong growth, especially in Europe

Continued demand on large-scale energy projects in Southeast Asia

Large transformations within process industries and energy segment causes continued high demand for advisory services

Example of projects

— Supporting the Swedish Transport Administration to

develop tender documentation for design and- build

contracts, and deliver construction monitoring services

for two sections of Hallsberg – Degerön, a part of the

Bergslagen freight corridor

— Completing the delivery of the first robotised assembly

line in Northern Europe to Alelion, a supplier of energy

storage solutions for material handling and industrial

vehicles

— Several orders in hydropower, including technical

consulting services for a new installation in Laos

— Assignments for owner’s engineering services for a

biomass plant in France

Net sales: SEK 4,389 million (3,415)

Total growth: 28.5% (4.6)

Organic growth: 8.0% (0.5)

Adjusted/underlying organic growth: 7.5% (2.1)

Strong organic growth

Q1 2019

COMMENTS

- Net sales increased by 28.5% compared to the corresponding period in previous year

- Strong organic growth of 8.0% (0.5) in the quarter

- Focus on closing the acquisition of Pöyry

- Integration proceeds according to plan with good business momentum

NET SALES, MSEK

Pöyry was consolidated in ÅF Pöyry as of 28 February 2019

Slow start affecting EBITA margin

Q1 2019*

EBITA increased to SEK 390 million (325)

EBITA margin was 8.9% (9.5)

EBITA, MSEK

excl. items affecting comparability

COMMENTS

- Slow start affected the profitability in the quarter

- Items affecting comparability totalled 63 MSEK and relate to transaction and integration costs for the acquisition of Pöyry

Pöyry was consolidated in ÅF Pöyry as of 28 February 2019.

*excl Items affecting comparability

The Combined Group

The numbers are presented as if the consolidation of ÅF Pöyry took place on 1 January 2018

ÅF PÖYRY GROUP Q1 2019 Q1 2018

ÅF Pöyry Combined ÅF Pöyry Combined

Net sales, SEK M 3 842 1 581 5 523 3 415 1 349 4 765

Growth % 13.8

Adj EBITA, SEK M 342 126 467 325 91 416

Adj EBITA % 8.9 7.9 8.6 9.5 6.7 8.7

COMMENTS

- Net sales was higher than last year for both entities

- EBITA, excluding items affecting comparability, was in line with last year for ÅF Pöyry and significantly higher for Pöyry

Net debt development*Net debt development exluding IFRS 16 impact, BSEK

3,5

7,1

4,94,8

1,2

2,8

0,6

Cash flow from

operations

0,3

Net Debt 31.12.2018

Acquisitions Direct share

issuance

Repayment of Hybrid

bond

Net debt 31.3.201

9

0,3

Share issuance 04/2019

Proposed dividend

31.3. Net debt

including share

issuance and dividend

Mainly Pöyry acquisition

3,7Net Debt/EBITDA

(RL12M incl. Pöyry)

2,6Net Debt/EBITDA

(RL12M incl. Pöyry)

2,5Net Debt/EBITDA

(RL12M excl. Pöyry)

*as if Pöyry was consolidated from 1 January 2018

Management Consulting

Process Industries

New division structure

Malin Frenning

Infrastructure

Nicholas Oksanen

ÅF Pöyry

Energy

Richard Pinnock

Industrial and Digital Solutions

Net salesQ1, 2019

Approx. share of net

sales

SEK 1,781m

~40%

SEK 569m

~13%

SEK 400m

~9%

SEK 1,611m

~36%

SEK 73m

~2%

Robert Larsson Martin à Porta

Divisions

Organic growth, Q1

201911.0% 1.2%3.5%5.3% -

Q1 2019

Infrastructure

KEY RATIOSJan – Mar

2019Jan – Mar

2018Jan – Dec

2018

Net sales, SEK M 1 781 1 456 5 935

EBITA, SEK M 179 165 638

EBITA % 10.1 11.4 10.8

Average FTEs1 5 026 4 253 4 426

Total growth, % 22.3 10.8 16.1

of which organicgrowth, %

11.0 3.6 10.2

of which adjusted/ underlying organic growth, %

10.0 5.4 10.6

1) FTEs Q1 2019 include ÅF employees plus one month of Pöyry.

The numbers are presented as if the consolidation of Pöyry took place on 1 January 2018. Net sales for the combined division amounted to SEK 2,027 million (1,792), an increase of 13.1 percent. The adjusted EBITA margin was 9.7 percent (10.4) for the first quarter.

COMBINEDOPERATIONS

Q1 2019 Q1 2018

ÅF Pöyry Total ÅF Pöyry Total

Net sales, SEK M 1 656 371 2 027 1 456 336 1 792

Adj EBITA, SEK M 170 27 197 165 22 187

Adj EBITA % 10.2 7.3 9.7 11.4 6.5 10.4

– Solid first quarter and good growth, however margin affected by slow start in the period

– Positive development within buildings - continues to contribute to growth and profitability

– Capacity to take on large, multidisciplinary, end-to-end projects continues to be a success factor as an increasing number of customers prefers a single point of contact

Q1 2019

Industrial & Digital Solutions

KEY RATIOSJan – Mar

2019Jan – Mar

2018Jan – Dec

2018

Net sales, SEK M 1 611 1 471 5 876

EBITA, SEK M 143 137 528

EBITA % 8.9 9.3 9.0

Average FTEs1 3 977 3 681 3 873

Total growth, % 9.5 - -

of which organicgrowth, %

5.3 - -

of which adjusted/ underlying organic growth, %

4.9 - -

The historical figures above are adjusted based on the organisational changes implemented in the firstquarter 2019, where Industry Division and Digital Solutions Division were merged. Comparative figuresfor growth in 2018 are not available due to the fact that 2017 numbers have not been adjusted for the reorganisation.

1) FTEs Q1 2019 include ÅF employees plus one month of Pöyry.

The numbers are presented as if the consolidation of Pöyry took place on 1 January 2018.

COMBINEDOPERATIONS

Q1 2019 Q1 2018

ÅF Pöyry Total ÅF Pöyry Total

Net sales, SEK M 1 611 - 1 611 1 471 - 1 471

Adj EBITA, SEK M 143 - 143 137 - 137

Adj EBITA % 8.9 - 8.9 9.3 - 9.3

- Stable demand from industrial customers regarding services and projects with 5G, electrification and automation as drivers

- Indications on slower demand in the automotive segment

- Market activity within the manufacturing industry continues to be high, although investment decision process is somewhat extended

Q1 2019

Process Industries

KEY RATIOSJan – Mar

2019Jan – Mar

2018Jan – Dec

2018

Net sales, SEK M 400 187 717

EBITA, SEK M 44 18 88

EBITA % 10.9 9.9 12.3

Average FTEs1 1 336 599 598

Total growth, % 114.2 - -

of which organicgrowth, %

3.5 - -

of which adjusted/ underlying organic growth, %

3.2 - -

The historical figures above are adjusted based on the organisational changes implemented in the firstquarter 2019, when the Process industries Division was created. Comparative figures for growth in 2018 are not available due to the fact that 2017 numbers have not been adjusted for the reorganisation.

1) FTEs Q1 2019 include ÅF employees plus one month of Pöyry.

The numbers are presented as if the consolidation of Pöyry took place on 1 January 2018. Net sales in the combined division increased to SEK 795 million (751), an increase of 5.9 percent. EBITA increased by 16.4 percent to SEK 91 million (78). The EBITA margin was 11.5 percent (10.5). The improvements in EBITA and EBITA margins are mainly attributable to continued overall performance improvements in the ”Pöyry units” combined with good development of the business in Germany.

COMBINEDOPERATIONS

Q1 2019 Q1 2018

ÅF Pöyry Total ÅF Pöyry Total

Net sales, SEK M 194 601 795 187 564 751

Adj EBITA, SEK M 21 70 91 18 60 78

Adj EBITA % 11.1 11.6 11.5 9.9 10.7 10.5

– Strong demand in mining and metals, especially in the Nordics

– Digitalisation and sustainability remains high on the agenda in all process industry sectors

– Substitution of plastics and other fossil-based materials creates new markets and demand for the whole sector

Q1 2019

Energy

KEY RATIOSJan – Mar

2019Jan – Mar

2018Jan – Dec

2018

Net sales, SEK M 569 361 1 580

EBITA, SEK M 33 14 71

EBITA % 5.9 3.9 4.5

Average FTEs1 1 448 1 007 1 012

Total growth, % 57.7 -2.6 5.8

of which organicgrowth, %

1.2 -2.2 0.8

of which adjusted/ underlying organic growth, %

1.3 -0.2 1.0

1) FTEs Q1 2019 include ÅF employees plus one month of Pöyry.

The numbers are presented as if the consolidation of Pöyry took place on 1 January 2018. Net sales in the combined division amounted to SEK 851 million (644), an increase of 32 percent. The increase is mainly attributable to a large project won by the former Pöyry Group in Q2 2018. The improved EBITA is attributable to that specific project combined with improved margins in hydropower, thermal and nuclearassignments.

COMBINEDOPERATIONS

Q1 2019 Q1 2018

ÅF Pöyry Total ÅF Pöyry Total

Net sales, SEK M 416 434 851 361 283 644

Adj EBITA, SEK M 23 34 57 14 18 32

Adj EBITA % 5.5 7.8 6.7 3.9 6.5 5.0

– Requirement to transition to sustainable, renewable energy generation, which addresses the areas of energy efficiency, reliability and cost of electricity supply

– Increasing demand for renewable energy sources and digitalisation are main drivers

– Existing power plants are being refurbished in order to prolong their life span

Q1 2019

Management Consulting

KEY RATIOSJan – Mar

2019Jan – Mar

2018Jan – Dec

2018

Net sales, SEK M 73 - -

EBITA, SEK M 13 - -

EBITA % 18.5 - -

Average FTEs1 114 - -

Total growth, % - - -

of which organicgrowth, %

- - -

of which adjusted/ underlying organic growth, %

- - -

Comparative figures for growth in 2019 and 2018 are not available due to the fact that this division is formed entirely by Pöyry.

Numbers are presented as if the consolidation of Pöyry took place on 1 January. Net sales amounted to SEK 190 million (170) during the quarter. The EBITA margin has developed positively and was 13.0 percent (12.6). The strongest improvement has been generated from the European Energy consultingbusiness.

COMBINEDOPERATIONS

Q1 2019 Q1 2018

ÅF Pöyry Total ÅF Pöyry Total

Net sales, SEK M - 190 190 - 170 170

Adj EBITA, SEK M - 25 25 - 21 21

Adj EBITA % - 13.0 13.0 - 12.6 12.6

– Core markets remained stable

– Solid transaction volume across all sectors and requirement to meet the Paris decarbonisation targets along with the impact of digitalisation

– Ongoing transition of the energy sector is a key driver

Continued focus on employer branding

Our employees are our most essential asset. We are one of Sweden’s most popular employers among young professionals and scientific researchers. Our ambition is to attract, develop and retain the best talents in the world, wherever we meet them.

YOUNG PROFESSIONALS

1. Ikea

2. Volvo Cars

3. Google

4. ÅF

SCIENTIFIC RESEARCHERS

1. ÅF

— ABB

— Astra Zeneca

Strategy execution

GROWTH

International expansioninto leading positions

Geographical expansion in core countries

International growthin selected niches

Expansion in international investment projects

VALUE CREATION

Business model shiftto deliver higher value

Increase share of projects and solutions

Cross ÅF solutions to meetglobal growth drivers

Invest in and develop concepts and selected products

Optimisation of professional services

OPERATIONS

Operational excellence

Simplified and focused organisation

Adjusted financial steering

Optimised pricing

and sourcing

Ethical commitment

PEOPLE

Best in classpeople practices

Leadership development

People engagement

and development

Employer branding

Recruitment and onboarding

Diversity and inclusion

• SEK 25 million as an annual run-rate achieved in the first quarter 2019

• Main part of cost synergies executed 2019, calculated as an annual run rate

• Lower general and administrative costs

• Office and operating structure efficiency improvements

• Information system efficiency improvements

• Operational synergies (MGM-delayering and Sales)

• Win of projects based on competence, size and footprint – all divisions

• Cross-sales, Finland-Sweden - all divisions and capabilities

• Focused growth in Forrest, Mining, Petrochemicals & Bio economy – size and scale

• Growth of infrastructure business in Finland –maximize leverage from strong Swedish platform and competencies

• Win of infrastructure projects Switzerland and leverage Europe-business

• Digitalization projects and service in Finland and across all divisions

COST SYNERGIES REVENUE SYNERGIES

Committed cost synergies of >180 MSEK and substantial revenue synergies

Financial targets

Growth• Annual growth of 10% The target includes add-on

acquisitions. Larger platform acquisitions will also be made

Profitability• An EBITA margin of 10 percent (excluding items

affecting comparability) over a business cycle

Dividend policy

• The Board of Directors has adopted a dividend policy according to which the dividend corresponds to approximately 50 percent of consolidated profit after tax excluding capital gains

Net debt• Net debt in relation to EBITDA of 2.5x

(excl IFRS 16 Leases)

ÅF Pöyry - a strong plattform to drive continued long term value creation

Summary

— Solid start of 2019

— Strong organic growth of 8.0 percent (0.5)

— Stable profit and margin

— Overall continued good demand, although indications on slower demand in the automotive segment

— Stable performance and integration in line with plan

SEK M Comments

Net Debt as of Dec 31, 2018 3,455

Cash flow from operating activities -292

Capex 42

Acquisitions and Earn Outs 4,846

IFRS - Leases -

Directed share issue -1,210

Repayment of hybrid bond 326

Other -22

Net Debt as of Mar 31, 2019 7,144

Net Debt/EBITDA rolling 12 months 5.2

Cash flow and Net debt (excl. IFRS 16 – Leases)CASH FLOW FROM OPERATIONS GENERATED SEK M 292 (221) IN Q1 2019

SEK M Comments

Net Debt as of Dec 31, 2018 3,455

Cash flow from operating activities -292

Capex 42

Acquisitions and Earn Outs 4,846

IFRS - Leases 2,680

Directed share issue -1,210

Repayment of hybrid bond 326

Other -22

Net Debt as of Mar 31, 2019 9,824

Net Debt/EBITDA rolling 12 months 6.6

Cash flow and Net debt (incl. IFRS 16 – Leases)CASH FLOW FROM OPERATIONS GENERATED SEK M 292 (221) IN Q1 2019