Slides
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YIT’s Capital Markets Update Deep dive on data center growth opportunity Sanomatalo, Helsinki September 24, 2026
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Today’s agenda Agenda Speaker Start time Opening Essi Nikitin 09.30 Why is the data center opportunity attractive and long-lasting? Heikki Vuorenmaa 09.35 Why is YIT well positioned to win in the market? Aleksi Laine 09.55 What could success mean financially for YIT? Erkka Repo 10.20 Q&A Heikki Vuorenmaa Aleksi Laine Erkka Repo 10.35 1 2 3 4 5
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YIT is delivering the strategy announced in 2024, with data centers representing a significant growth opportunity 2024 Strategy Strategy launched for 2025-2029 including priorities and financial targets Progress delivered Strengthening resilience, driving targeted growth, aiming at industry-leading profitability Next growth chapter Data center opportunity
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With you today Heikki Vuorenmaa President and CEO Erkka Repo CFO Essi Nikitin VP Investor Relations Aleksi Laine EVP Infrastructure
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Heikki Vuorenmaa President and CEO Tomorrow well built
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YIT – European builder of thriving societies With a solid financial foundation, we serve consumers, businesses, and public sector partners through our four focused business segments in seven European markets. Residential Finland Infrastructure 332 282 657 481 Revenue €m, rolling 12 months (excluding other segment) Residential CEE Finland Estonia Latvia Lithuania Poland Czechia Slovakia Building Construction EUR 1.8 billion REVENUE, LTM Q2/2026 EUR 60 million ADJUSTED EBIT, LTM Q2/2026 PERSONS 4 thousand EMPLOYED, in the YIT Group
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Tomorrow well built has been our commitment from day one 2020s–2030s Resilience and sustainable urban living 2010s–2020s Digitalization, sustainability, and green transition 1950s–1970s Industrialization and post- war reconstruction 1980s–2000s Urbanization and modern city-building Early 1900s–1950s The foundations of modern society We will enable the next phase of sustainable, digital, human-centric urban environments We contributed to decarbonization of cities and industries We supported Finland’s transition from an agrarian to an industrial society We created new forms of urban living, working and mobility We enabled industrialization and urban living
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We are delivering the strategy announced at our Capital Markets Day in 2024 Generate targeted growth and resilience This is what we announced in 2024 Deliver industry-leading productivity and financial performance Elevate customer and employee experience Performance highlights ✓ Doubled Residential CEE production volume since Q4/24 1 ✓ 6 consecutive quarters of Infrastructure growth (YoY) ✓ c. €200m positive 24-month operating cash flow after investments 2 ✓ Residential CEE has become YIT's primary profit engine ✓ Building Construction profitability continues to improve ✓ CEE residential project lead times reduced by 22% since 2021 3 ✓ Customer NPS strong at 53 and improving eNPS at 37 ✓ Work safety improving by ~10% 4 ✓ Continued to be the #1 construction industry employer for engineering students in Finland 1 Under construction end of period total Q4/24 vs. Q2/26 2 24-months between Q2/24-Q2/26 3 Gross-area-weighted average residential project lead time in CEE decreased from 19.2 months in 2021 to 15.0 months in 2025. Co mparison should be viewed in the context of differing project completion levels across countries, as shell -and-core projects are typically delivered faster than fully finished residential developments. 4 Combined lost time injury frequency (cLTIF) 12 month rolling decrease of 9.4% Q4/24 vs Q2/26
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We continue to benefit from 4 megatrends – Data centers are in our focus today DIGITALIZATION & AI Digital transformation boosts productivity Digitalization transform construction processes and improve customer value. Global digitalization fuels an unprecedented demand for data centers and the energy systems that power them. European data center investment is accelerating fast, growing by 12-17% CAGR in 2026-20302 Today’s focus 1 World Bank, United Nations 2 The European Data Centre Association’s (EUDCA), 2025 . 3 NATO, 2025 4 European Commission – European Green Deal Investment Plan (EGDIP), 2020
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Global data center demand is surging, and Finland is capturing a disproportionate share of European growth Finland stands out as Europe's most attractive deployment market Identified capacity (Europe) 2 GW, as of September 2026 Norway United Kingdom Germany Spain Italy France Ireland Sweden Iceland Portugal Netherlands Belgium Turkey Switzerland Denmark Finland 1.8 1.4 1.4 1.4 1.2 1.0 0.3 0.3 0.2 0.2 0.2 0.0 0.0 0.0 0.0 2.9 Europe is attractive but somewhat constrained Strong digital demand Data & AI sovereigntyDrivers Power availability Grid & labor constraintsConstraints European growth remains strong, but below global potential as supply cannot keep pace with demand 1 Analysis utilizes DC Byte data and is calibrated using a range of industry & market sources 2 NBM database extract, with data reflecting records extracted on 8 Sept 2026. Information is sourced from third -party submissions and public filings. Results should be interpreted as indicative and may not capture all relevant activities. Global data center demand is accelerating with 14-22% CAGR Europe DC CAGR ‘26-’30 consensus estimates1 12-17% Global DC CAGR ‘26-’30 consensus estimates1 14-22% Strong growth largely driven by AI, cloud, and digitalization Consensus based on CBRE | Savills | JLL | Omdia | Goldman Sachs | UBS | Morgan Stanley | McKinsey | KPMG | Allianz | S&P | DNC | BCG | IEA | DC Byte | Turner & Townsend
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Four structural advantages position Finland as Europe's leading destination for large-scale data center investments Clean and competitive electricity What investors require Why Finland stands out Robust infrastructure Climate and location Secure and predictable society Finland’s electricity is predominantly CO₂-free, with strong availability and a solid pipeline of future capacity Reliable electricity transmission grid, high availability of grid connections, strong telecommunications, and opportunities to utilize waste heat in district heating networks Cool climate to support energy-efficient cooling; ample land and former industrial sites suitable for data center development Stable operating and investment environment Four structural advantages make Finland a preferred data center destination Source: FDCA and EK Finnish Data Center Market Study and Impact Assessment Report by Ramboll
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Finland's announced and potential pipeline represents a very significant long-term investment opportunity Operational capacity as of 2025 368 MW Announced & planned new capacity until 2029 4.9 GW Fingrid connection agreements 5.0 GW Fingrid connection agreements, MW, 08/26 ~5,000 MW Excluding Google’s major €13bn announcement in 09/09/2026 Growth of Finnish datacenter capacity 1 MW, cumulative, 2025 – 2029E Expected additional capacity under planning and evaluation Expected additional capacity based on final investment decisions, partly under construction Existing capacity in 2025 1 Source: EK Data dashboard – Green investments in Finland (as of September,16,2026), Potential of the Data Center Industry, FDCA 368 MW 368 MW 2,533 MW 2,361 MW 2025 2029 5,262 MW >10x
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Finland’s data center pipeline supports an estimated €13-15bn of construction investments through 2029 1 Addressable spend for the construction industry, YIT estimate 2 Includes direct jobs of the operation of the data center Based on Ramboll impact modelling. Projected Construction investment 1 Cumulative 2026-2029 €13-15bn Direct employment impact Construction phase ~25k construction FTEs p.a. Operations phase ~7k permanent FTEs p.a. 2 District heating Utilizes waste heat, reduces emissions, & supports local networks Municipal benefits Generates tax revenue, property tax base, and public services funding Regional / local impact
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YIT’s local presence and execution expertise help global investors navigate these risks Several factors may influence the timing and speed of data center investment realization Power & infrastructure → Grid capacity & reliability → Power availability & grid build-out pace → Availability and link to high-speed data cable infrastructure Market demand & policy → Demand for data center capacity → Political and regulatory environment Delivery & site readiness → Labor availability and material cost volatility → Land availability
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The data center investment wave is here, and YIT is already building it Finland is ideally placed to capture accelerating data center investment wave Finland ranks #1 among Europe’s most attractive data center deployment markets Finland's data center pipeline represents up to €15bn of opportunity to construction industry by 2029 YIT is #1 in data center construction in Finland Proven delivery capabilities, strong references and integrated execution using the partnership model together with our customers and subcontractors enable YIT to capture Finland’s data center growth and turn it into long-term profitable growth Data centers are catalysts for broader infrastructure investments Each new campus creates additional demand for power generation, grid connections, heat recovery and supporting regional infrastructure These investments create sustained construction demand well beyond the data center itself, expanding YIT’s addressable opportunity
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Aleksi Laine EVP Infrastructure Trust is built on delivery
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Data centers require interdependent systems to deliver reliable performance 24/7 Power infrastructure Cooling infrastructure IT infrastructure Building systems Controls & monitoring As data centers become larger and more complex, integrated delivery capabilities become increasingly valuable Data centers are becoming larger and more complex Integration is becoming a key differentiator as success depends on seamless coordination and delivery Project value is realized only when all systems perform as one Power & generation zone Cooling & climate zone Data hall zone Operations & control zone Heat recovery & district heating zone
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The data center opportunity is increasingly concentrated around a manageable set of strategic customers Hyperscalers & AI owner- operators Colocation operators Neo-cloud Examples of operating companies in FIN Role Own and operate large AI/cloud campuses Build and operate multi-tenant capacity Own / operate GPU datacenters optimized solely for AI loads Current market share split 1 ~35% across 3 investors ~50% across 5 investors ~15% across 1 investor Projected outlook Very strong growth Strong growth Very strong growth YIT presence YIT serves all strategic datacenter customer types 1 Data centers currently under construction in Finland, YIT estimate Project developers Project developers act as ecosystem enablers, unlocking future demand across all three strategic customer groups
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Large data center campuses are delivered in repeatable phases, creating years of recurring construction demand Repeatable phased delivery Campuses are typically delivered in sequential phases of 40-80 MW, with each phase requiring around 12-18 months to complete Multi-year revenue visibility The phased expansion model creates recurring construction demand and long- term project visibility as campuses are built out over multiple years Phase 1 Phase 2 Phase 3 Initial development First 40-80 MW online Campus infrastructure established Campus expansion Additional 40-80 MW phases Delivered every 12-18 months Full campus, built over time Multiple phases to create e.g., a 500+ MW hyperscale campus 40-80 MW 12-18 months 40-80 MW Per phase, 12-18 months each 500+ MW Campus built over 5-8 years
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YIT’s integrated delivery across the data center lifecycle creates customer value through faster delivery and lower cost Project development Civil & infrastructure Building MEP installation 1 Commissioning ICT fit-out What’s included Feasibility, permitting, and design Site preparation, roads, and utilities Core & shell and fit out Electrical, cooling, and plumbing systems Testing, integration, and handover Servers, racks, and networking Impact on DC investment (illustrative) Not included in construction cost YIT capability #1 Dedicated project development service team #2 Second largest infrastructure construction company in Finland, with own machinery #1 Largest construction company in Finland Strong In-house MEP team Only Finnish contractor to commission a major data center site Outside YIT scope 1 Share of overall costs can vary depending whether the project is CFCI (Contractor Furnished, Contractor Installed) or OFCI (Owner Furnished, Contractor Installed)
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Managing complex interfaces Multiple contractors, equipment suppliers and stakeholders must work seamlessly together Integrated delivery across building, MEP and infrastructure Delivering at scale Campuses are delivered in multiple large phases over several years Proven experience from large infrastructure and industrial projects Maintaining schedule certainty Delays directly impact customer revenue generation Strong execution discipline and project controls Achieving operational readiness Success is determined through testing and commissioning, not construction completion Significant experience in highly regulated and technically demanding environments Maintaining local knowledge & expertise Enables faster go-to-market and higher likelihood of successful lobbying Significant experience in knowledge of local stakeholders, contractors, and municipal decision-makers YIT’s capabilities are closely aligned with the requirements of leading data center customers YIT proven delivery capabilities YIT provides high reliability and performance for the most demanding global data center customers Trusted partner for mission-critical delivery Data center requirement YIT advantageWhy it matters
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YIT has already established a strong position with ~30% market share and is scaling capacity for future growth 5% Competitor 9 6% Competitor 8 6% Competitor 7 7% Competitor 6 7% Competitor 5 7% Competitor 4 11% Competitor 3 11% Competitor 2 12% Competitor 1 28% ~1000 MW Estimated current data center market share Capacity under construction by MW, YIT estimate 1,2 1 Data centers currently under construction in Finland, YIT estimate 2 Capacity is not comparable to total announced campus capacity, which includes future development phases not yet under const ruction Core & shell contractor Full scope contractor YIT Competitor 9 YIT’s target state Growing capacity based on market demand YIT’s current capacity 6 simultaneous data center campus project teams YIT’s current operations 3 dedicated campus project teams YIT's building capacity for the next phase of growth
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One successful delivery can expand into a long-term customer relationship spanning multiple phases and scopes From first project to long-term partnership Deliver Repeat Expand Replicate Partner New campuses multiply the opportunity Long-term partnership provides access to compounding pipeline Broader scope increases contract value Value engineering enhances project economics Initial project value First project Establish trust and delivery Additional phase Repeat and unlock value engineering Broader scope Expand delivery responsibility Partnership Enable future opportunities New campus Replicate with the same customer Increasing customer lifetime value
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Our proven track record and repeat assignments demonstrate YIT's ability to deliver complex data center projects First project Additional phase Broader scope New site / campus Deliver Repeat Expand Replicate Long-term partnership Partner Successful delivery and commissioning of the first 15,000 m² data center complex XTX Data center 1 Kajaani, Finland 1 First data center complex Deliver General contractor for the third shell-and-core assignment XTX Data center 3 Kajaani, Finland 3 Third data center facility Responsible for second data center facility, with additional scope XTX Data center 2 Kajaani, Finland 2 Second data center facility Repeat & Expand Repeat & Expand Execution establishes trust Successful delivery of the first complex demonstrates YIT’s ability to deliver Trust creates repeat business Second complex demonstrates customer confidence and expanded scope Multiple projects deepen the relationship Third complex reinforces our reliability and long- term partnership potential for future opportunities
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Trusted by leading customers, ready for the growth Leading position in a rapidly growing market ~30% share of active data center construction in Finland Trusted by leading data center customers Repeat assignments across multiple campuses Ready to scale with demand Capacity expansion according to customer demand Ability to deliver multiple campuses in parallel Value engineering enhances project economics in repeat phases Proven delivery in complex projects Infrastructure, buildings, MEP and commissioning in one model Successfully commissioned one of Finland’s first large-scale data centers Ability to deliver complex projects on schedule
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Erkka Repo CFO The next growth chapter is being built today
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Data centers are already a proven and growing business for YIT with over €200m revenue in the past 12 months (LTM) 2 11 31 59 106 141 201 Q4/24 LTM Q2/25 LTM Q3/25 LTM Q4/25 LTM Q1/26 LTM Q2/26 LTM Q1/25 LTM Q3/25-Q2/26 DC revenue €201m DC construction experience with projects in Finland and Sweden +10 years # of active data center sites as of 09/2026 5 Data center business volume Q4/24-Q2/26 LTM, €m Data center revenue
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Foundations built for data center revenue exponential growth Contracting segments revenue split Q4/24-Q2/26 LTM, €bn Q4/24 LTM 0.2 (17%) Q2/26 LTM Growth based on order book Growth based on 2029 target 1.1 1.2 Data center revenue (50-50 split between Infrastructure and Building Construction) Other infrastructure & building construction revenue >0.5 ~1.0 >2x >2x Other infrastructure & building construction not depicted here Data center contracting exceeds our strategic adjusted EBIT margin target for contracting segments with negative capital employed
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YIT combines rigorous execution with strong governance to deliver predictable outcomes Typical characteristics of large-scale data center projects International customers Schedule-critical delivery Large contract values YIT guardrails to deliver complex projects with predictable outcomes Selective screening Contract governance Financial disciplineDelivery governance International contract models, reporting standards and governance requirements Delays can directly affect customers’ capacity deployment Substantial invoicing volumes require strong commercial and working capital discipline Disciplined project selection criteria International contract expertise, including FIDIC Proven ability to deliver complex projects on schedule, including successful commissioning of large-scale data center Negative working capital and consistently low project margin deviations support profitable, low-risk growth
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Data centers offer strong growth in all scenarios, reaching €1.0bn revenue in the base case by 2029 YIT data center revenue scenarios 2029 Low case ~€0.7bn 2029 revenue Base case ~€1.0bn 2029 revenue High case ~€1.3bn 2029 revenue Expected power availability Expected investment activity Normal delivery conditions Faster than expected power availability Strong investment activity Capacity build-up Slower power & grid expansion Lower investment pace Delivery constraints
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Updated financial targets Growth ≥10% Net sales CAGR Operative performance ≥7% Adjusted EBIT margin Capital efficiency ≥15% ROCE Segment targets Residential Finland Residential CEE Building Construction Infrastructure Growth Increase market share ≥15% CAGR ≥6% CAGR previous target ≥4% ≥15% CAGR previous target ≥10% Adjusted EBIT margin ≥10% ≥15% ≥6% ≥6% Capital efficiency (ROCE) >20% >25% Negative capital employed Negative capital employed Previous target ≥5%
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Our growth profile is expected to be dominated by data center construction in the coming years 0.7 1.1 2024 Residential CEE growth ~1.0 Data center growth Growth driven by other megatrends 2029 1.8 >3.0 Residential FI growth Residential CEE and FIN Contracting segments YIT Group ILLUSTRATIVE revenue path going forward FY2024-FY2029, €bn1 Energy transition Defense 1 Starting from the beginning of 2026, YIT supplements its statutory financial reporting, in accordance with IFRS, with segme nt reporting using the percentage of completion revenue recognition method for all operations. Comparative figures for segment reporting are present ed from year 2025 onwards only. Comparative figures for 2024 have not been restated. Market recovery provides further upside
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YIT is building Finland's next decade of growth
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Q&A
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This presentation has been prepared by, and the information contained herein (unless otherwise indicated) has been provided by YIT Corporation (the “Company”). By attending the meeting or event where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its respective affiliates, advisors or representatives nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Each person must rely on their own examination and analysis of the Company and the transactions discussed in this presentation, including the merits and risks involved. This presentation includes “forward-looking statements”. These statements contain the words "anticipate", “will”, "believe", "intend", "estimate", "expect" and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. Neither the Company nor any other person undertakes any obligation to review or confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 35 Disclaimer 35
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