Redefining Smartness in Cities

Sitowise's growth is supported by megatrends such as urbanization, renovation backlog, sustainability, digitalization and security. The increased complexity in construction, growth in terms of technological content, disruption of transportation, tighter and more multidimensional regulation, green transition, emphasis on sustainability and a focus on the lifespan impacts of the built environment are increasing the demand for Sitowise's services. The changing operating environment requires new ways of working and investing in sustainable business. Rapid changes require experts with a clear future view. Experts who are ready to understand the needs of society and of the client as well as to develop new solutions for them.

Sitowise's vision Redefining Smartness in Cities grows out of the need to understand these large, globally disruptive changes and their impact on the business and expertise needs in the future. With our vision we voice our ambition to be the pioneer and partner whose expertise brings added value in the middle of this continuous change to our various stakeholders and the society.

On the cover: LINNEA, Head of Marketing & Communications, Sweden SIMON, Team Leader, Structural Building Design

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

SITOWISE IN BRIEF IV
CEO's review	V
Highlights 2024	VII
Strategy and value creation	VIII
Financial key figures	XI

THE REPORT OF THE BOARD OF DIRECTORS	1
Sustainability statements	18
General information	21
Environmental information	39
Social information	58
Governance information	73
FINANCIAL AND ALTERNATIVE PERFORMANCE MEASURES	84
FINANCIAL STATEMENTS 87

CONSOLIDATED FINANCIAL STATEMENTS IFRS 88
Consolidated statement of comprehensive income 88
Consolidated statement of financial position	89
Consolidated cash flow statement	90
Statement of changes in consolidated equity	91

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 92 1 General information 92 1.1 Accounting policies 92 1.2 Translation of items denominated in foreign currencies 92 1.3 Key decisions made by the management requiring discretion and main uncertainty factors relating to estimates 93 2 Operating profit 93 2.1 Segment reporting 93 2.2 Net sales 93 2.3 Other operating income 95 2.4 Materials and services 95 2.5 Employee benefits 95 2.6 Other operating expenses 96 2.7 Depreciation, amortization, and impairment 96 2.8 Earnings per share 96

3 Operational assets and liabilities 97 3.1 Business combinations 97 3.2 Goodwill and intangible assets 98 3.3 Tangible assets 100 3.4 Trade and other receivables 102 3.5 Provisions 103 3.6 Accounts payable and other liabilities 103 4 Financial items and capital structure 104 4.1 Financial income and expenses 104 4.2 Financial assets and liabilities 104 4.3 Shareholders' equity 106 5 Financial and capital risks 109 5.1 Management of financial risks 109 5.2 Management of capital risks 110 6 Other notes 111 6.1 Group structure 111 6.2 Income taxes 112 6.3 Related party transactions 113 6.4 Guarantees and contingent liabilities 115 6.5 Disputes and litigation 115 6.6 Major events after the closing date 115 PARENT COMPANY'S FINANCIAL STATEMENTS 116 Sitowise Group Plc: Income statement (FAS) 116 Sitowise Group Plc: Balance sheet (FAS) 116 Sitowise Group Plc: Cash flow statement (FAS) 117 Sitowise Group Plc: Notes to the financial statements (FAS) 118 SIGNATURES OF THE BOARD OF DIRECTORS AND AUDITOR'S NOTES 121 Board of Directors' proposal for the distribution of profit 121 Signatures to the financial statements and Board of Directors' report 121 AUDITING AND ASSURANCE 122 Auditor's Report 122 Assurance Report on the Sustainability Report 125

This is voluntary published pdf report, so it does not fulfil the disclosure obligation pursuant to Section 7:5§ of the Securities Markets Act.

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Sitowise in brief

Sitowise is a Nordic expert in the built environment and forestry with strong focus on digital. We provide design and consulting knowhow and digital solutions to enable more sustainable environment and smarter urban development as well as smooth transportation.

Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in Finland and in Sweden in four business areas that are Infra, Buildings, Digital Solutions and Sweden. Global megatrends drive huge changes that require a re-evaluation of the smartness in the built environment – therefore we have set our vision to be Redefining Smartness in Cities.

The Group's net sales were EUR 193 million in 2024 and the company employs more than 2,000 experts. Sitowise Group Plc is listed on Nasdaq Helsinki under the trading symbol SITOWS.

experts proprietary SaaS products

In Sweden, operations also have the ISO 45001 Occupational Health and Safety System certification.

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

CEO's review

Mixed market environment continued

Sitowise's market environment in 2024 remained mixed, presenting both challenges and growth opportunities . At the beginning of the year, we – along with the other market participants – anticipated a broader recovery in the construction market in the second half of 2024 and an overall improvement in the economic situation . However, these expectations proved to be overly optimistic . The delay in the construction market recovery was particularly evident in our Buildings and Sweden business areas, which experienced low volumes and workloads especially in structural engineering, which is closely linked to new construction, throughout the year . The general economic downturn and budget pressures in the public sector continued to impact a large part of our business, resulting in budget constraints for both private and public sector customers, prioritization of investments, and intense price competition . At the same time, there were areas of strong growth in the market . The increasing demand for services related to the green transition, security and digitalization of the built environment provided growth opportunities, especially in the Infrastructure and Digital Solutions business areas . Demand for our digital products remained strong throughout the year .

Infra and Digital Solution delivered strong performance

The year turned out to be successful in our Infra and Digital Solutions businesses which delivered above target level profitability despite some market headwinds . The Infra business was particularly successful in several important tenders, including various tram and rail projects such as the program alliance for Helsinki's light rail projects . In the Digital Solutions business, key successes included the growth of the digital product business (SaaS) to approximately one-third of the business area's net sales, as well as increasing market share and improving profitability in a generally weak Finnish IT market .

Challenges in the Buildings and Sweden business areas

The year was challenging for the Buildings and Sweden business areas . After the summer, we launched a separate "Building for the Future" program to improve profitability especially in these areas . As part of this program, we adjusted operations and personnel numbers to better match the prevailing market situation and order book . The structural reforms implemented in these businesses were difficult but necessary to create a more solid foundation for future success when the market finally picks up . Towards the end of the year, we already saw some positive developments: the Buildings business experienced a stronger last quarter in construction management and renovation services, and in Sweden, sales improved in building services engineering and infrastructure design .

Financially a tough year

At the Group level, we didn't achieve the financial guidance set for 2024 . Sitowise's net sales decreased after several years of growth, and due to the continued challenging market situation and the issues encountered in our business, net sales were 8 .5 percent lower than the previous year, totaling 192 .9 million euros . Our adjusted EBITA margin was 5 .0 percent, clearly below our expectations at the beginning of the year . Despite the weak profitability and the acquisitions made, our cash flow from operational activities remained stable at 21 .5 million .

Measures taken to support long-term growth

Throughout the year, we focused on building an active sales culture and developing project management skills throughout the organization . Adopting new mindsets and working methods requires the commitment of all our experts, and I am pleased with how well they are embracing the ongoing change . The new CRM and ERP systems introduced in Finland at the end of 2023 have been important enablers in this transformation, although there is still room for improvement in leveraging their benefits .

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

We also leveraged AI-based solutions to enhance our daily work . The Sitowise AI Center of Excellence, a network of our own AI experts, completed 16 AI Proof of Concept projects and introduced two proprietary AI tools, Saga AI and the bidding tool BidBox, to our employees . As a result, our company now has a broader and more active user base for AI .

Growth in new client segments and product business

To ensure our future competitiveness, we expanded our service offering and client base in areas with opportunities for profitable growth and strong links to sustainable business and society . In Finland, we seek growth particularly in sustainability services, energy, industry, security and product business . Overall in 2024, we already grew at double-digit rate in these areas . To support this growth, we also completed three carefully selected acquisitions . At the end of the year, we decided to diversify our service offerings in Sweden to grow our business and increase its resilience . We are seeking growth particularly in infrastructure, project management, and sustainability .

We strengthened our position as a provider of smart, sustainable digital products based on geospatial data . During the year, we introduced three new products to the market: Planect, a digital tool for assessing climate impacts in zoning projects; a Land Mass Management solution for improved material efficiency and emission reduction; and an Energy Efficiency Mapping solution that compiles energy-related information of buildings from different sources into an updated situational picture . All three products were developed in close collaboration with clients .

The product business remains a high priority for us . In December, we announced our aim to double our Digital Solutions business in Finland and Sweden to a total of approximately 70 million euros by 2030, with about half of this coming from the product business . We also aim to internationalize the product business in the medium-term . In 2024, we already started exploring internationalization opportunities for the Smartlas product, which offers intelligent map layers, especially for the forest industry .

Innovativeness, sustainability and efficiency as cornerstones

I firmly believe that our work can renew our industry and make our society more sustainable, and our vision of Redefining Smartness in Cities encapsulates our goal . At the core of our strategy are three pillars: The Most Innovative, The Most Sustainable, and The Most Efficient . Through our expertise we can create smart solutions and services to address our clients' challenges and transform our industry . We aim to lead the way to a sustainable future by focusing on client work, future business opportunities, and our own operations . We will continue to engage in discussions with our stakeholders and the wider community about the demands of a more sustainable future, as we have done through our Smart City Talks events . We will optimize our operations and processes to enable our experts to focus on client work and deliver the best results for our clients .

Looking ahead

The construction market is generally expected to improve in the second half of 2025, but the likelihood of a new construction recovery moving to 2026 has increased substantially . The market environment in the Infra and Digital Solutions business areas is expected to remain variable, offering also several opportunities for profitable growth .

Our clear priority in 2025 is to improve our profitability . I expect the operational development implemented throughout the organization and the structural reforms carried out in Sweden and the Buildings business to have a positive impact on Sitowise in the future . We are focusing on growth and expanding our customer base in our selected growth segments, as well as improving our operational efficiency . Our future-oriented strategy drives us forward, and I am confident that we can deliver attractive long-term shareholder value .

I warmly thank Sitowise's employees for their persistence amidst the challenging market environment and for achieving many important goals last year . I also thank all our customers, shareholders, and other partners for their trust and good cooperation .

Heikki Haasmaa CEO

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Sitowise strategy 2025

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Strategy and value creation

Sitowise's strategy for the years 2023–2025 targets continued sustainable profitable growth and value creation for Sitowise's clients, other stakeholders, and society. Growth is sought in several future-oriented areas, including renewable energy, circular economy, biodiversity, security, smart life-cycle management of buildings and digital services. Our strategy focuses on innovations, sustainability and efficiency - building on the following three strategic pillars:

The Most Innovative

In our strategy we set an ambitious goal to be the most innovative player in our industry. We want to lead the way in the ongoing transformation and challenging operating environment, while at the same time renewing the practices and business models of the entire industry. To achieve this goal, our strategy emphasizes creating a culture of innovation to enable commercial success, especially the development of scalable SaaS (Software as a service) throughout the life cycle of the built environment, and enriching design environments and processes with new solutions.

The Most Sustainable

As an expert company, Sitowise understands its role as a developer of sustainable business and as a sparring partner for its clients' sustainability. Through hundreds of major projects and company's digital solutions, Sitowise's sustainability handprint is widely visible in society.

We truly believe we can make an impact and want to lead the way to sustainable future by understanding our clients existing and emerging needs and by solving them. In more concrete terms, sustainability will be an integral part of our expertise and all client projects. We will grow our data-based strategic sustainability services and will develop own operations as sustainable as possible.

The Most Efficient

The third pillar of our strategy is efficiency. We seek the best practices to develop smooth and efficient operating models so that our experts can focus on client work and provide the best value for them. Priorities include developing a customer-centric sales culture, pricing expertise, diligent project work, and strengthening data and analytics capabilities, especially in terms of artificial intelligence and generative AI, to optimize expert work and workflows.

Our progress in strategy execution in 2024 is described in the Report of the Board of Directors on page XX.

Our experts are the cornerstone of value creation

At Sitowise, value creation is first and foremost rooted in our over 2,000 employees' expertise. Our other intangible assets, such as strong, long-term client relationships, data, our innovation-driven culture and AI capabilities, advanced technologies and digital products, and Sitowise brand and product brands, also contribute to our success. Upholding high standards, we maintain ISO certifications for quality, environmental responsibility, information security, and occupational safety. Our investment in optimized processes, like the Voima digital environment, and employees' skills, for example via the

AI Center of Excellence, support us in value creation. At Sitowise, we are dedicated to delivering tangible value to all

our stakeholders. Through our integrated approach, we pave the way for smarter, more sustainable cities and other living environments, ensuring that each stakeholder group—employees, customers, partners, shareholders and financiers as well as the society—benefits from our growth and success.

Our value creation process is described further on page 10.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information
Environmental Information
Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Making our work possible

Personnel

• More than 2,000 skilled Sitowise employees

Intellectual capital

The Smart City Company brand
Products and services
The Smart City Lab innovation culture
Digital data
Clients and partner networks

Management system certifications

ISO 9001 Quality Management System certificate
ISO 14001 Environmental Management System certificate
ISO 27001 Information Security Management System certificate (in Finland)
ISO 45001 Health and Safety Management Systems certificate (in Sweden)

Processes and technologies

Voima digital platform
The Smart City Lab innovation platform
Sitowise AI Center of excellence (artificial intelligence expert network)
Economic resources
Equity EUR 115.3 million
Non-equity capital EUR 151.8 million

Energy consumption

• Electricity and heat consumption at offices 1,326 MWh

Purpose and values guiding our operations

OUR PURPOSE › Empowering passionate experts to solve complex challenges.

OUR VALUES ›

We understand our clients We work as one team We trust each other We are open We are brave

Business operations and their share of Sitowise's total net sales

Infrastructure 35% • Buildings 30% • Digital Solutions 15%
Sweden 20%

Services for

Built environment
Transport and mobility
Forest and natural resources segment
Energy and Industry
Security
Sustainability

Added value and social impacts

Clients

Thousands of client projects
Setting sustainability targets for 79% of projects by using our Sustainability Tool

Personnel

Personnel expenses and other personnel-related
expenses EUR 137.8 million including salaries, training and occupational health services

Shareholders

Sitowise's goal is to increase the company's shareholder value in the long-term.
The company's dividend policy is to pay annually a dividend corresponding to 30–50 percent of net profit to its shareholders.

Active role in discussing sustainability

The Smart City Talks events
Katastrofin ainekset ("A recipe for disaster") podcast in Finnish combining audio drama and expert insights on climate crisis

Investing in future experts

Vision for Competence
Dialogue with higher education institutions
Thesis pool
NextGen competence development program
Target: Students comprise 10% of our personnel

Taxes and investments

Investments EUR 7.4 million
No income taxes paid for 2024

Emissions

• Carbon footprint 5,820 t CO2-eq

Creating value and wellbeing for the society

Board of Directors' Report and Consolidated Financial Statements 2024

Financial key figures

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Profitability Cash flow from operating activities, before financial items and taxes, meur 31.5 5.0 21.5 22.8 22.7 23.9 0 0 0 10 20 5 200 30 0 0 ¹⁰ ⁵ 10 ¹⁵ 12.9 5.0 2020 2021 2022 2023 2024 20.6 21.1 20.4 17.0 9.6 2020 2021 2022 2023 2024

Buildings Infra

2.6

3.0

1.4

3 4

Share of recurring revenue from

Group net sales, %

¹¹⁵ 2.6 151 162 181 164 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 100

Adjusted EBITA, meur Adjusted EBITA margin, %

11.8

10.0

Number of personnel at year-end

8.1

The Report of the Board of Directors

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

THE REPORT OF THE BOARD OF DIRECTORS

BUSINESS MODEL

Sitowise is a leading technical consulting company in the built environment and forestry with a strong focus on digitality. Its over 2,000 experts design and develop solutions to make daily life safe and convenient for everyone living in the built environment, using different types of infrastructure or managing built environment or forest assets. Value creation for clients and other stakeholders is based on the strong expertise and industry knowledge of Sitowise employees. Sitowise has four business areas, whose wide service offerings, growing product portfolio and broad client bases bring resilience over economic cycles.

Key intangible resources and their connection to value creation

Sitowise focuses particularly on design and consulting services related to building and infrastructure construction, various digital solutions for the built environment, and digital products utilizing geographic information. As a company offering expertise-based services, the most important resource in Sitowise's business is the knowledge and skills of its experts, which enable the production of services and solutions for customers. The expertise of the Sitowise employees is supported in various ways within the company, and the Smart City Lab innovation culture and processes developed for the innovation activities are key factors in developing new value-added services for customers. The company's services and solutions meet a wide range of needs across different industries. Sitowise's customer base is diverse, including both public and private sector clients. The largest customer groups are the municipal sector, state organizations, construction companies, housing companies, real estate companies and real estate investors, as well as operators in the forestry, energy and industrial sectors.

Sitowise has extensive digital data on the built environment, acquired from both authorities and other public entities as well as private entities. Digital data – both in Sitowise's possession and publicly available – forms the basis for Sitowise's product and service offerings and the development of new products and services. The value of digital products is mainly determined by what happens inside them and what kind of functionalities they offer, as well as the machine learning models associated with the products and the company's AI architecture. Sitowise delivers its products and services to customers, for example, by integrating its services into customers' business processes, through contract customer interfaces, through ordered online services, and through open online services that do not require separate subscription agreements. Sitowise has a strong track record of developing and bringing new products and services to market. Sitowise can use and transmit the same information multiple times and include information in various services offered to different customers.

Other intangible assets include Sitowise's 'The Smart City Company' brand, which supports the company's recognition and differentiation from competitors, digital product brand names, as well as the company's extensive customer and partner networks, through which Sitowise gains information on industry changes, developments, and collaboration opportunities.

Business areas

The services of the Infrastructure business area (Infra) cover a wide range of urban development needs in diverse areas: infrastructure, transport and mobility, urban development, environment and water, as well as infrastructure project management. Urbanization supports the investment needs of municipalities and cities, and the business area's most significant client segment is the public sector, which accounts for approximately 70 percent of net sales. In the private sector, key clients include construction companies and industrial and energy sector companies.

The Buildings business area offers building design, specialist services, and consulting services for residential and commercial properties, as well as for the needs of the public buildings, healthcare sector, energy and industry, for example. Sitowise acts as a partner in both new construction and renovation projects as well as in lifecycle maintenance of the buildings. The business area has distinctive design expertise in areas such as structural engineering, building services engineering (BSE), acoustics design, and fire safety planning as well as construction management services.

The Digital Solutions business area (Digi) focuses on smart geospatial solutions for the built environment, mobility, and forest and natural resources sector, as well as consulting services that support these fields. These services cover client-driven information system development, proprietary product solutions, analytics, information management and visualization, and consulting services.

In Sweden, Sitowise provides services in buildings, infrastructure, and digital solutions. The Sweden business area's services include structural engineering, building services engineering, infrastructure design and from the beginning of 2025, also project management and sustainability services. The business area targets growth especially in the last three categories which currently represent a smaller part in the Swedish operations compared to structural engineering and building services engineering. In 2024, the business area also included digital solutions for infrastructure maintenance planning, reporting and support for municipalities in Sweden (Infracontrol).

Board of Directors' Report and Consolidated Financial Statements 2024

					2023–2024,
2024	2023	2022	2021	2020	%
192.9	210.9	204.4	179.3	160.1	-8.5%
9.6	17.0	20.4	21.1	20.6	-43.8%
5.0%	8.1%	10.0%	11.8%	12.9%
7.4	15.1	16.1	18.5	19.5	-50.9%
2.5	11.7	13.2	16.4	18.3	-78.9%
-2.7	5.5	7.9	7.9	12.7	-148.8%
21.5	23.9	22.7	22.8	31.5	-10.1%
52.6	55.3	56.6	30.9	56.6	-5.0%
5.0x	3.0x	2.6x	1.4x	2.6x	65.0%
43.2%	42.9%	41.6%	46.0%	30.2%
-0.08	0.16	0.22	0.22	9.69	-148.0%
2,097	2,211	2,151	1,969	1,823	-5.2%

MARKET ENVIRONMENT IN 2024

KEY FIGURES

In recent years, weak general economic outlook and high interest rates have slowed growth in Finland and Sweden and affected Sitowise's customers' decision-making, especially in the private sector and most notably in housing construction projects. Additionally, the general economic situation has had a slowing effect on large-scale public sector investments, and central banks' interest rate cuts have been implemented more slowly and at lower levels than expected, which has delayed the improvement of the construction market.

Sitowise's market environment in 2024 was indeed twofold, divided into areas of weaker and stronger demand. The strong demand for services related to the green transition, security, and the digitalization of the built environment among both private and public sector customers offered growth opportunities, especially in the Infra and Digital Solutions business areas. The demand for technical consulting services in the municipal sector was relatively stable throughout the year in the infra sector, while the level of state investment was historically low. Public sector budget pressures and the prioritization of investments weighed on the demand for digital solutions throughout the year, except for the product business, where demand was good throughout the year.

In the Building business, the past year turned out to be even more challenging than anticipated at the beginning of 2024. The weak economic cycle in the construction markets continued, and the expected turnaround in the second half of the year did not materialize. The impact was also partly visible in the Infra business. In Sweden, business also suffered from the challenges in the construction markets, as the new production of commercial buildings remained at a low level throughout the year.

Price pressures and competition remained tight in all business areas.

STRATEGY IMPLEMENTATION

Sitowise's strategy for the years 2023–2025 targets continued sustainable profitable growth and value creation for Sitowise's clients, other stakeholders, and society. The company's vision is Redefining smartness in cities. Growth is sought in several future-oriented areas, including renewable energy, circular economy, biodiversity, security, smart life-cycle management of buildings and digital services.

Progress under the strategic pillars

Change

Under the "The most innovative" strategic pillar, Sitowise aims to build scalable SaaS business, improve design environments and promote the company's innovation culture.

The company progressed well in new product development, introducing three new products to the markets. In May, the company launched Planect, a digital tool developed with clients to assess climate impacts in zoning projects. The tool aligns with the lowcarbon construction requirements of the new Finnish construction law effective in 2025, and allows for assessments in six sectors: pre-construction, infrastructure and public areas, soil and vegetation carbon stocks, buildings and yards, transport, and energy. At the end of 2024, Planect was already utilized by 18 Finnish cities and municipalities, and the focus was increasingly on sales to selected target groups and development of new features based on customer feedback.

In the second half of the year, two other products advanced to Minimum Viable Product (MVP) stage through customer validation. The first, a Land Mass Management solution built on top of the Louhi geospatial platform, facilitates land mass management with advanced information flow and enabling data-driven operational control to improve material efficiency and to reduce of emissions. The second, an Energy Efficiency Mapping solution automatically compiles energyrelated information of buildings from different sources into an updated situational picture, helping for example to identify cost-effective energy efficiency measures and speed up the preliminary study phase. At the end of the year, the focus for these new products was on active sales.

For the previously released Smartlas product, which offers intelligent map layers especially for the forest industry sectors, internationalization opportunities were assessed, and pilots were launched in selected markets, under the joint strategic development project with Ponsse Plc. Also for Planect, the first customer discussions for new markets outside Finland were held, based on which a roadmap for internationalization was created.

During the year, Sitowise strengthened its data and analytics capabilities to enhance design environments and processes with new solutions, and optimized expert work and workflows using generative AI. At the beginning of 2024, Sitowise established its own AI Center of Excellence to support the development of new intelligent services and internal capabilities. The core team of the center includes 15 experts in various AI technologies. During the year, 16 AI Proof of Concept

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report projects were implemented for various use cases, and two new AI tools developed for Sitowise's use were introduced to Sitowise employees.

Sitowise continued to strengthen its innovation culture, including through an annual innovation competition aimed at identifying AI application areas that increase work efficiency, productivity, and meaningfulness. Out of nearly 60 proposals, the winning service was selected, which supports project resource monitoring, improves financial management, and reduces internal work, freeing up time for billable work.

Under the "The Most Sustainable" pillar, Sitowise aims to pave the way for a sustainable future by focusing on future business opportunities and responsibility in customer projects and its own operations.

Sitowise has identified renewable energy, climate change mitigation, biodiversity and adaptation, and the circular economy as focus areas where it aims to grow data-driven sustainability services. In 2024, revenue from new sustainability services grew by over 60 percent to 13 million euros. This figure includes revenue from new sustainability services launched since 2023 and does not include for example environmental impact assessments typical for Infra business. The new sustainable products introduced in 2024 are described above under "The Most Innovative".

Sitowise expanded its sustainability offering and expertise through acquisitions discussed below under "Acquisitions". In the final quarter of 2024, the company also decided to start offering sustainability consulting in its Swedish business from 2025 onward.

In December, Sitowise's Board of Directors approved the company's climate program. The program includes new climate targets, climate change risk assessment, and a transition plan until 2030, replacing the group's previous carbon neutrality goal. Sitowise is committed to the international Science Based Targets initiative and submitted the new climate targets for evaluation during 2024. Once approved by a third party, they will be published. Another focus area during 2024 was preparing comprehensive sustainability reporting according to ESRS requirements.

Sitowise aims to increase its stakeholders' understanding of the sustainability dimensions of its business. During the year, Sitowise arranged several The Smart City Talks webinars focused on various sustainability topics and published a new podcast to enhance understanding of the significant transformations caused by climate change and how Sitowise experts help to prepare for and mitigate these impacts through their work.

Under the "The Most Efficient" strategic pillar, Sitowise focused on developing smooth and efficient operating models that enable experts to concentrate on client work. Priorities included enhancing sales culture, pricing expertise, precise project execution, and utilizing AI to optimize expert work and workflows. Sitowise's IT and service platform development continued at a more conventional level following the successful implementation of new ERP and CRM systems in Finland in the last quarter of 2023.

Throughout the year, Sitowise sought further efficiencies and benefits from enhanced data and analytics capabilities, as discussed under "The Most Innovative" pillar. More targeted efficiency and customer-centric improvements were also implemented in the Buildings and Sweden business areas as part of the Building for the Future program. Actions taken to improve the commercial mindset and sales culture resulted in increased tendering volumes and significant double-digit organic growth in the group's strategic focus areas, including sustainability services, energy, industry, security, and product business. Furthermore, continuous efforts to develop and implement best practices throughout the organization (Smartest Ways to Work) continued.

Acquisitions

In 2024, Sitowise completed three acquisitions that strengthened its expertise and market position, particularly in sustainability and energy-related services, and expanded the company's customer base:

In January, Sitowise acquired the expert operations of Ahlman Group Oy, which provides nature and environmental services. The company has offered a variety of nature surveys, especially for energy infrastructure projects.
In April, Sitowise acquired the business of KM Project Oy, which provides technical services for transport fuel distributors.
In September, Sitowise acquired LandPro Oy, which specializes in land acquisition tasks for infrastructure projects, solar and wind power projects, and environmental impact assessment and permit procedures for sea-area projects.

Following the acquisitions, 27 experts joined Sitowise. Furthermore, in February Sitowise acquired the minority shares (49%) of Routa Systems Oy. After the acquisition Sitowise Group owns all shares of Routa Systems Oy.

Progress in strategic KPIs

Sitowise's target is to grow its recurring revenue to represent 10 percent of its net sales and to double its sustainability service revenue from its 2022 level of approximately EUR 5 million by the end of 2025.

By the end of 2024, the share of recurring revenue increased from 6 % of the Group's net sales in 2023 to 7% in 2024, driven by growth in the Digital Solutions SaaS/product net sales. Sustainability services revenue increased from EUR 8 million in 2023 to EUR 13 million in 2024, exceeding the original target clearly. The growth was driven by the generally good demand environment for various sustainability services, and the acquisitions made in 2023 and 2024.

THE GROUP'S ORDER BOOK

In 2024, order intake was down by 9.1 percent from the 2023. This was impacted especially by the decline in the Buildings and Sweden business areas' order intakes.

The Group's order book was down by 8.0 percent in 2024 and totaled 151 (164) million euros. Some 12.2 million euros of the projects in the order book are on hold, majority of them relating to Buildings business. A significant postponement of project starts may have a detrimental effect on the group's profitability, if the resources reserved for the projects cannot be reallocated to other projects.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

THE GROUP'S NET SALES AND PROFITABILITY

Net sales
EUR million	2024	2023	Change, %
Infra	68.3	65.6	4.2%
Buildings	57.4	70.8	-18.9%
Digi	28.1	30.0	-6.3%
Sweden	39.1	44.5	-12.3%
Total	192.9	210.9	-8.5%

EUR million 2024 2023 Change, % EBITA, adjusted 9.6 17.0 -43.8% % of net sales 5.0% 8.1% EBITA 7.4 15.1 -50.9% Operating profit 2.5 11.7 -78.9% Result before taxes -3.4 7.1 -147.3% Result for the period -2.7 5.5 -148.8% Earnings per share (EPS), EUR -0.08 0.16 -148.0%

Profitability

EUR million	31 Dec 2024 31 Dec 2023		Change, %
Cash and cash equivalents	17.5	15.6	11.9%
Interest bearing debt, total	70.0	70.9	-1.3%
Interest bearing debt, current	1.0	1.0	0.0%
Interest bearing debt, non current	69.0	69.9	-1.3%
Equity ratio, %	43.2%	42.9%
Net debt	52.6	55.3	-5.0%
Net debt / EBITDA, adjusted	5.0x	3.0x	65.0%
Gearing, %	45.6%	46.3%

Adjusted organic growth by business area

%	2024	2023
Infra	-0.1%	9.2%
Buildings	-18.9%	-12.4%
Digi	-6.5%	14.5%
Sweden	-8.4%	5.2%
Total	-10.1%	0.7%

Adjusted organic growth in net sales is calculated by excluding acquisitions and divestments adjusted by the number of working days and exchange rate impact.

The Group's net sales decreased by 8.5 percent (-8.4 percent in constant currency) year-on-year. The Infra business area's net sales continued to grow while net sales in other business areas declined clearly. Organic growth was negative at -10.1 (+0.7) percent.

In 2024, there was one more working day in Finland and the same number of working days in Sweden than in the comparison year. The net sales decline was driven by the challenging market conditions, which led to inadequate workloads especially in the Buildings and Sweden business areas, the generally low utilization rate, tight pricing and increased time used for tendering work. Project related adjustments in certain projects that had been halted and appeared unlikely to be continued and project overruns further impacted the Buildings and Sweden net sales.

In Digital Solutions the merger of Bitcomp Oy with Sitowise Oy in the first quarter and the related integration activities also impacted utilization. The exchange rate between the Swedish krona and the euro had no significant impact on reported net sales development.

Adjusted EBITA decreased by 43.8 percent to 9.6 (17.0) million euros, with a margin of 5.0 percent (8.1 percent). The decline was mainly due to weak performance in the Sweden and Buildings business areas during the year. Continuing cost and wage inflation combined with the tight pricing environment and low utilization rate clearly impacted profitability too. Items affecting comparability were EUR -2.1 (-1.9) million, mostly due to restructurings and personnel reductions during the year.

Lower EBITA resulted in a decline in operating profit, which totaled 2.5 (11.7) million euros. In addition to lower adjusted EBITA, the difference was due to goodwill impairment losses related to Sitowise's previous Latvian subsidiary DWG and an intangible asset from a recent acquisition, amortizations of IT development costs related to the new ERP system implemented at the end of 2023 as well as restructuring costs from personnel reductions in Sweden and Buildings, reported in items affecting comparability. Both the result before taxes and the result for the period decreased due to lower operating profit. Financial expenses were higher than the comparison period, mainly due to increased interest rates on Sitowise's financing.

FINANCIAL POSITION AND CASH FLOWS

Equity attributable to owners of the parent company was EUR 115.3 (119.3) million at the end of December. Sitowise's liquidity remained good throughout the financial year of 2024.

Net debt was slightly lower due to the higher cash position yearon-year. Net debt/EBITDA increased, and it was mainly influenced by the clear decrease in rolling twelve-month EBITDA from the level in the 2023. Gearing decreased and came in at 45.6 (46.3) percent at the end of the quarter.

Sitowise has a financing agreement signed with its financiers in 2021 and further extended in February 2023. The agreement is valid until March 2026. The company actively manages its solvency and maintains active dialogue with its financiers. Sitowise has agreed with its financiers on a temporary amendment to the covenant levels. At the end of the financial year, Sitowise negotiated with its financiers about the extension of the financing agreement expiring in March 2026 and future covenant levels.

Cash flow from operating activities before financial items and taxes was EUR 21.5 (23.9) million in 2024. The decline was due to clearly weaker result of the year but was partly mitigated by lower working capital levels.

Cash flow from investing activities totaled EUR -7.4 (-5.4) million in January-December and it was impacted by Ahlman Group and KM Project business acquisitions, the acquisition of Landpro Oy shares and the purchase of minority shares in Routa Systems Oy. In 2023, Sitowise acquired two companies, Infrasuunnittelu Oy and Positive Impact Oy.

In 2024, cash flow from financing totaled EUR -7.2 (-10.9) million. The comparison year cash flow from financing included the payment of dividends in the second quarter, unlike in 2024.

The consolidated balance sheet total at the end of December was EUR 267.1 (278.4) million. Goodwill in the balance sheet amounted to EUR 158.6 (158.0) million. No indications of impairment have been identified in impairment testing.

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

INVESTMENTS IN RESEARCH AND DEVELOPMENT (R&D)

The technical consulting industry is undergoing a major transformation due to the climate crisis, digitalization, and global uncertainty. Sitowise is committed to developing solutions for the industry through The Smart City Lab, its innovation platform and R&D community. Sitowise invests in the development of its design operations, new products and product launches, and artificial intelligence development to be an attractive player in the market and to ensure profitable growth. Development efforts are directed at both processes and product business, with the aim of generating new sustainable business, monitoring market changes, and supporting the development of Sitowise's innovation culture.

Investments are made in the development of Sitowise's consulting business and AI capabilities as part of daily work. The latter is coordinated by the AI Center of Excellence, which was established in the company in early 2024 and is a network of Sitowise's artificial intelligence experts.

In the innovation and development of new products, Sitowise's Smart City Lab and AI Center of Excellence play key roles. New products are mainly implemented with client funding and/or with the help of various innovation supports such as Business Finland's driver funding. For new products, the focus is strongly on sustainability. In 2024, Sitowise spent 0.1 million euros on external purchases supporting innovation activities and received an additional 0.5 million euros in external funding for R&D activities.

Sitowise's progress in innovation activities, product development, and the utilization of artificial intelligence is described in more detail under the heading 'Strategy Implementation' below.

2024 BUSINESS REVIEWS

In 2024, all business areas were affected by the positive calendar effect of +1 working day in Finland and +0.5 working days in Sweden compared to the previous year

Infra

In 2024, net sales from the Infra business area was up by 4.2 percent and amounted to 68.3 (65.6) million euros. The business area accounted for 35 (31) percent of the Group's consolidated net sales.

In 2024, the Infra business area continued to outpace the general infra market growth in Finland, driven by both acquisitions and organic growth in high-demand areas such as services related to the green transition. The number of full-time employees increased by 6.8 percent. However, growth was adversely impacted by slowing demand for traditional infrastructure planning, intense price competition, and a lower utilization rate year-on-year.

The wider infra market was divided into weaker and stronger segments throughout the year. The demand for energy and environmental projects related to the green transition remained at a good level. The demand for municipal infrastructure design was at a reasonable level, with the exception of the demand for road and infrastructure construction for new residential areas, and constituted a significant part of the tender backlog. However, the level of state investment was historically low, and no new large state-funded projects related to core infrastructure were brought to the market during 2024. The public sector budgetary deficit and the prevailing interest rate levels were reflected in intense price competition.

The Infra business sought growth from the energy, industrial, and security sectors, as well as from environmental and sustainability services, where it could benefit from high investment activity and increasing market share. Determined sales efforts and expertise accumulated through acquisitions positively contributed to winning various biodiversity and energy-related projects, such as the battery chemical manufacturer Terrafame's dam inspection project in the Kainuu region in North-Eastern Finland and the zoning consultancy for the Finnish state-owned land and water area manager Metsähallitus' Ebba offshore wind power project. Sitowise also secured major rail projects wins during the year, including drawing up the general plan for the new Airport line connecting Helsinki Airport to long-distance train traffic, designing the western section of the Vantaa light rail in collaboration with alliance partner Ramboll, and participating in the alliance selected for the development phase of the Helsinki urban development and tramway Program Alliance in the coming years. Furthermore, Sitowise won several frame agreements, the most significant of which were with the Cities of Helsinki and Espoo. At the end of the year, Infra's order book was overall at a good level.

Sitowise completed three acquisitions in 2024. They were all related to the Infra business and are discussed in more detail under the heading "Strategy Execution." Also, the organization of the Infra business area was reformed in the third quarter to better support future growth by creating a new unit for environmental and sustainability business, which has grown significantly in recent years.

Sitowise expects the infrastructure consulting market to remain mixed in the coming months and is cautious about the timing of the market recovery. Traditional infra business is post-cyclical in nature, and due to the prevailing market environment and the public sector deficit, public sector investment budgets for 2025 are expected to be very modest. At the same time, the demand for services related to the green transition, environment, and security is expected to remain at a good level. Infra's growth is supported by acquisitions made in 2023–2024, Sitowise's strong market position and its broad range of expertise in multidisciplinary projects. The possibility to create new business and products like Planect together with Sitowise's Digital Solutions business area and the group's AI experts creates new opportunities also in longer term.

Buildings

Net sales from the Buildings business area were down by 18.9 percent in 2024 and amounted to 57.4 (70.8) million euros. This corresponds to approximately 30 (34) percent of the Group's consolidated net sales. This decrease was caused by the difficult market situation, which led to a decline in the number of full-time employees by 18.5 percent from 2023.

The downturn in the Finnish construction market challenged the business throughout the year. The almost complete halt of new housing construction had a severe adverse impact especially on the structural design. The market was predominantly driven by small projects, and the generally low demand levels, overcapacity in the industry, and tight competition made the year difficult for the entire Buildings business. The anticipated construction market recovery was continuously postponed, requiring additional adjustment measures throughout the year and delaying the full realization of the positive effects aimed for with them.

After the summer, the "Building for the future" program was launched to improve the competitiveness and profitability of the business. Specific measures under the program included continuing temporary layoffs on a wider scale, some permanent personnel reductions, reorganizing Building's support services, and continuing proactive sales in target segments. Furthermore, the focus was on diligent project management, and as part of this, the Buildings business area had a detailed review of projects put on hold during the

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report fourth quarter and cleared the order backlog of projects that will not continue. The profitability of the Building business area was further weakened by project related adjustments in certain projects that had been halted and appeared unlikely to be completed, and certain project overruns.

In the Buildings tendering pipeline, there was a slight increase in public sector construction and industrial projects, including several data center-related projects. Thanks to its determined focus on new growth segments, Sitowise won several new clients during the year. Among the new projects secured within energy and industry were the development of energy and battery solutions for various properties as part of Innovestor's Energy Storage Initiative, and a new industrial project for a new industry client utilizing an EPCM (Engineering, Procurement, and Construction Management) delivery model. Key public sector wins included the design for fixed hospital furniture for Meilahti Tower Hospital in Helsinki over the next 10 years, the structural engineering and fire design for an extensive school campus block project in Tikkurila, Vantaa, and the multidisciplinary design and planning related to the Tampere rail yard. The company also secured important construction management frame agreements, including one with the City of Helsinki. Overall, the hard market was visible in order intake volumes and values, leading to a clearly lower Buildings order book at year-end compared to the previous year.

Sitowise expects the coming months to be challenging for the Buildings business due to generally low tendering volumes and overcapacity in the industry and will continue temporary layoffs with required scale also in the first quarter of 2025 to drive higher utilization and profitability improvements. The focus is strongly on active sales efforts and increasingly on segments with long-term demand, such as industry and energy, public buildings (e.g. healthcare and school buildings), and security-critical services. Areas of potential growth also include commercial and logistics buildings, automation, and digital solutions. Renovation market is less volatile than new construction related sectors, offering interesting business opportunities even during this challenging economic period.

Sitowise considers the timing of the construction market recovery to be highly uncertain. The likelihood of the recovery of new housing construction being postponed to 2026 has increased significantly. The medium- and long-term outlook for the Building business remains good e.g. due to the increasing amount of renovation debt and the requirements arising from EU regulations and Finland's new

Construction Act, such as those related to CO2 emissions, energy efficiency, and information management.

Digital Solutions

Net sales in the Digital Solutions business area decreased by 6.3 percent from the strong comparison period and were EUR 28.1 (30.0) million. Without the change in pass-through invoicing that came into effect in October 2023, net sales would have declined by 3.9 percent. The business area accounted for approximately 15 (14) percent of the Group's consolidated net sales. The number of full-time employees was down by 3.3 percent from 2023.

In 2024, the net sales growth was slowed by budget pressures in the public sector, leading to the postponement of larger investment decisions. Private sector demand and investment budgets stabilized to low levels after a decline in the beginning of 2024, except in the renewable energy sector, where - along with municipalities investments in digital solutions were still at a good level throughout the year. Price competition was tight, especially in larger and public sector tenders due to market overcapacity.

The demand environment for the product business remained favorable and Sitowise's Product ARR (Annual Recurring Revenue) developed well. SaaS products represented approximately 30 percent of the business area's net sales in 2024. High demand continued for SaaS products like the Louhi GIS platform, infrastructure asset management solution Routa, and Smartlas, which offers AI-based intelligent maps for various industries. In the municipal sector, increasing focus on sustainability, security and efficiency drove demand for both consulting and SaaS solutions Louhi, Smartlas and Routa. In the private sector the packaged value modules for renewable energy and industrial asset management combining Louhi and Smartlas gained traction. The forestry sector saw a healthier demand environment than the overall market, with particularly high demand for detailed environmental and nature information at the end of the year.

The business area defended its prices through selective project choices that emphasize quality, systematically implementing price increases in long-term projects, and increasingly directing sales towards the private sector and product business. Additionally, the combination of Sitowise's SaaS and project business allowed for flexible resource utilization, positively impacting utilization rates and enabling new product development in collaboration with clients.

In the first quarter of 2024, the merger of Bitcomp Oy into Sitowise Oy and the integration of its operations into the Digital Solutions business were successfully completed.

The order book for Digital Solutions was at a good level at yearend. Key wins during the year included a five-year extension for the National build environment information system Ryhti's next development phase with Solita, selection by Traficom as a consultant for a C-ITS deployment study, a new frame agreement with the Finnish Meteorological Institute for IT consulting with Siili Solutions, and being chosen as the supplier for the state-owned forestry company Metsähallitus' new 'Forest Roads' information system. Additionally, the Louhi service was selected to support the planning of the West Railway between Helsinki and Turku, and Sitowise secured continuation orders for existing long-term projects.

During the first quarter, Sitowise and Ponsse, a forest machine manufacturer, initiated a significant cooperation program to explore the potential of artificial intelligence for smarter planning and optimization of loggings. The initiativeis part of Ponsse's Veturi funding from Business Finland. Additionally, the development work for the DataMust project, which started in 2023, continued. DataMust is part of Nokia's Veturi program, aiming to accelerate carbon neutrality, develop secure solutions, and optimize energy consumption in the built environment.

Sitowise expects the market environment for Digital Solutions to be twofold in the coming months. The public sector faces strong budget pressure, which is likely to be reflected in the 2025 project volumes. Demand in the public sector is driven mainly by the renovation debt of old IT systems and the need to digitize and streamline operations. In the private sector, demand is anticipated to remain good among energy and industry clients and strong in the forestry sector. However, the recovery of the private sector requires an improvement in the general economic situation in Finland. The weak economic cycle is less visible in the product business, presenting an opportunity to create a market by Sitowise's own efforts.

The medium- and long-term outlook for Digital Solutions remains positive. The combination of modern IT capabilities, geospatial intelligence, and Sitowise's expertise in smart cities and forest asset management enables differentiation, and sales efforts and systematic client relationship management are expected to positively impact the business area.

Sitowise announced new growth goals for the Digital Solutions business in December. The target is to double its Digital Solutions

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report business in Finland and Sweden to a total of approximately 70 million euros by 2030 by seeking significant growth through SaaS and products business, by way of internationalization of its product business gradually, and by targeting growth in line with markets in project business and consulting. As a first step in internationalizing its product business, Sitowise's subsidiaries Infracontrol AB (Sweden) and Infracontrol Portugal Lda transfer under the Digital Solutions business from 1 January 2025.

Sweden

Net sales from the Group's operations in Sweden declined by 12.3 percent when reported in euros (-8.7 percent in constant exchange rates), amounting to 39.1 (44.5) million euros. This represents approximately 20 (21) percent of the Group's consolidated net sales. The decline in net sales was primarily driven by weak market conditions, a reduction in the number of full-time employees by 4.1 percent from 2023, and low utilization rates in certain parts of the business.

Year 2024 turned out to be difficult in the Sweden business area. While the local infra market continued to be supported by sizable investments in infrastructure projects by Swedish public and private sector players, the market environment offered few tailwinds for construction related business, which represents approximately 80 percent of Sitowise's business in Sweden. Demand for services targeting the Swedish housing market, such as structural design and element design, was low throughout the year. Furthermore, the low sales activity in late 2023 and the postponement of larger client projects resulted in an insufficient workload, leading to a low utilization rate. Continued wage and cost inflation added further pressure, as cost increases could not be fully transferred into prices.

In the second half of the year, Sitowise focused on improving profitability under the "Building for the Future" program. This included adjusting the number of personnel down by roughly 10 percent, affecting both billable and administrative employees, to better match the personnel resourcing and current workload. Sitowise also streamlined local operations into a nationwide business model from a more region-focused model. The company made some project related adjustments in certain project overruns. The personnel adjustments resulted in sizable restructuring costs especially in the third quarter.

Throughout the year, the business area focused on more proactive sales, and Sitowise's tendering activity increased. Sitowise won several projects related to prefab and building design and secured several smaller, short-term assignments, especially in the life science sector. Furthermore, Sitowise successfully extended the range of deliveries to AstraZeneca by winning a contract for multidisciplinary design, and Infracontrol signed an agreement with the municipality of Norrköping for implementation of Infracontrol online for infrastructure and traffic monitoring. Demand for Infracontrol's digital solutions for infrastructure and traffic monitoring intended for municipalities remained strong, although price competition was intense in this area as well. The order book in Sweden at the end of the year was clearly down from the comparison year.

The focus will remain on actions to improve profitability in Sweden, in line with the "Building for the Future" program. The priority is to further enhance client and sales activity, including fostering a strong sales culture, proactive sales, pricing excellence, and diligent project management.

Another key focus is to grow Sitowise's business in areas with immediate growth opportunities, such as infrastructure, project management, and sustainability services. These areas currently represent a smaller part in Sitowise's Swedish operations compared to structural engineering and building services engineering (BSE). They also form new business lines in the new nationwide organization in Sweden adopted in the fourth quarter. Additional benefits are expected from the new sales model introduced in the fourth quarter.

The market environment is expected to remain challenging in structural engineering, and the likelihood of the recovery of new commercial buildings construction being postponed to 2026 has increased significantly. Meanwhile, demand for building services engineering and infrastructure is showing signs of a gradual pickup. Short-term growth opportunities are also seen in the life science sector and in security-related and sustainability services. The medium- and long-term prospects in Sweden remain positive, thanks to megatrends driving growth in technical consulting, among other factors.

Sitowise's subsidiaries Infracontrol AB (Sweden) and Infracontrol Portugal Lda transfer under the Digital Solutions business operationally and in Group reporting from 1 January 2025.

PERSONNEL AND MANAGEMENT

Personnel

	2024	2023	Change, %
Number of personnel, average	2,097	2,211	-5.2%
Number of personnel, at the end of the period	2,038	2,143	-4.9%

FTE per Business Area

	2024	2023	Change, %
Infra	603	565	6.8%
Buildings	605	742	-18.5%
Digi	246	254	-3.3%
Sweden	335	350	-4.1%
Group Functions	65	63	3.2%
Group total	1,854	1,974	-6.1%

The average number of personnel in the Group during the financial period was 2,097 (2,211). At the end of the financial period, the Group had 2,038 employees (2,143). The number of full-time equivalent employees (FTEs) decreased during the year too mainly due to the personnel adjustment measures taken in the Building and Swedish business areas. In the Building business, the number of personnel was adjusted through layoffs throughout the year, and in addition, some permanent personnel reductions were also made at the end of the year. In the Swedish business, adjustment measures led to a reduction of about 35 people in the second half of the year. Key drivers of FTE growth in Infra were the acquisitions made in 2024 and the strong growth of sustainability services.

In line with the decline in the number of personnel, personnel expenses decreased by 5.1 percent in 2024 to EUR 131,1 (138.4) million.

The average age of Sitowise's employees was 41 (40) years. At the end of 2024, students accounted for 7 (10) percent of the Group's personnel. The decline in the share of students has been significantly influenced by the downturn in the construction market and the decrease in recruitment, especially in the Housing business area. Women accounted for 35 (34) percent of the Group's employees. Of all employees, 81 (84) percent responded to the annual

personnel survey. The main indexes measured in the survey are

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report Overall index (Average of all questions on a scale 1-5) which was 3.78 (3.87) and eNPS (Employee Net Promoter Score) which was 1 (18).

Changes in the Group Management Team

Daniel Doeser started on 1 May 2024, as the Executive Vice President, Sweden, and as a member of Sitowise's Group Management Team. Jonas Larsson, who had been leading the Swedish operations since 2021, left the position on April 30, 2024.

AUDITOR

The company's auditor in 2024 was the audit firm KPMG Oy Ab. The principal auditor was APA Kim Järvi.

GROUP STRUCTURE

At the end of the financial period, the Sitowise Group consisted of the parent company Sitowise Group Plc and the following companies:

Wholly owned by Sitowise Group Plc: Sitowise Oy, which is the company's main operational subsidiary in Finland, and foreign subsidiaries: Sitowise Sverige AB, Infracontrol AB and its wholly owned subsidiaries Infracontrol Espana SL, Infracontrol Portugal Lda and Infracontrol Danmark ApS;
Sitowise Oy's Finnish subsidiary LandPro Oy (100%), whose shares were acquired on 25 September 2024, and whose merger into Sitowise Oy is pending, with the planned date of the merger being 30 April 2025.

During the financial period, the wholly-owned subsidiaries of Sitowise Oy, Bitcomp Oy (which Sitowise Oy acquired in June 2022) and Infrasuunnittelu Oy (which Sitowise Oy acquired in May 2023), were merged into Sitowise Oy on 29 February 2024, Positive Impact Finland Oy (which Sitowise Oy acquired in November 2023) merged into Sitowise Oy on 31 May 2024, Sitowise Consulting Oü was dissolved during the financial period and removed from the business register on 14 August 2024, and Routa Systems Oy merged into Sitowise Oy on 31 August 2024. Sitowise Oy sold shares of AS DWG to the company's other shareholders, reducing its ownership from 55 percent to 25 percent on 20 November 2024. After the change, AS DWG will be presented as an associated company of Sitowise.

CORPORATE GOVERNANCE

Shareholders' Nomination Board

Sitowise released the composition of the Shareholders' Nomination Board on 13 September 2024. The members for this term are:

Jan Hummel, Paradigm Capital Value Fund SICAV,
Juhana Kallio, Intera Partners Oy,
Stian Runde, Protector Forsikring ASA, and
Eero Heliövaara, Chair of Sitowise Board of Directors

Representatives of the three largest shareholders are elected annually to Sitowise's Shareholders' Nomination Board. The company's three largest shareholders, according to the situation on the first business day of September, are each entitled to nominate one member. The Board also includes the chairman of the company's board of directors as an expert member. The Shareholders' Nomination Committee elects a chairman from among its members. Jan Hummel has served as chairman during this term.

The Nomination Board prepares proposals for the election and remuneration of the members of the Board of Directors to the Annual General Meeting. The Nomination Board submitted its proposals for the 2025 Annual General Meeting to the company's Board of Directors within the deadline set out in the rules of procedure, i.e. by 1 February 2025. The charter of the Nomination Board is available on the company's website.

Authorizations of the Board of Directors

The Annual General Meeting has on 4 April 2024 (AGM) authorized the Board of Directors to decide on the repurchase of the Company's own shares and to decide on the issuance of shares as well as the issuance of special rights entitling to shares referred to in chapter 10 section 1 of the Companies Act. The authorizations are effective until the beginning of the next Annual General Meeting, however no longer than until 30 June 2025.

The AGM authorized the Board of Directors to decide on the repurchase of the Company's own shares as follows:

• The number of own shares to be repurchased shall not exceed 3,500,000 shares in total, which corresponds to approximately 9.8 per cent of all the shares in the Company. The Company together with its subsidiaries cannot at any moment own more than 10 per cent of all the shares in the Company. Own shares can be

repurchased only using the unrestricted equity of the Company at a price formed in public trading on the date of the repurchase or otherwise at a price formed on the market. The Board of Directors decides on all other matters related to the repurchase of own shares, and among other things derivates can be used in the repurchase. Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase).

The AGM authorized the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares referred to in chapter 10 section 1 of the Companies Act as follows:

• The number of shares to be issued based on this authorization shall not exceed 3,500,000 shares, which corresponds to approximately 9.8 per cent of all the shares in the Company. The authorization covers both the issuance of new shares as well as the transfer of treasury shares held by the Company. The Board of Directors decides on all other conditions of the issuance of shares and of special rights entitling to shares. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization may be used, among other things, to finance and carry out acquisitions or other corporate transactions, to engagement, in incentive systems, in order to develop the Company's capital structure, to broaden the Company's ownership base, and for other purposes as determined by the Company's Board of Directors.

CORPORATE GOVERNANCE STATEMENT AND REMUNERATION REPORT

Sitowise's Corporate Governance Statement for 2024 and Remuneration report for 2024 will be published together with the Report of the Board of Directors and Financial Statements during week 11 in 2025.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

SHARES AND SHAREHOLDERS

Share capital and treasury shares

At the end of the financial period, Sitowise Group Plc's share capital was EUR 80,000.

The company has one class of shares. Each share entitles the holder to one vote and an equal dividend.

During 2024, the number of shares issued increased by 179,738 new shares to 35,845,665 shares. Sitowise Group Plc's Board of Directors decided on an issuance of 48,675 own shares held by Sitowise and 179,738 new shares in a directed share issue in connection with the acquisition of business assets from Ahlman Group Oy in January. Therefore, the number of treasury shares declined by

48,675 shares in January, and after the share issue, Sitowise Group Plc does not hold own shares.

For the key terms and conditions of the share issue, see www.sitowise.com/investors/stock-exchange-releases.

	31 Dec 2024	31 Dec 2023
Registered share capital, EUR thousand	80	80
Registered total number of shares	35,845,665	35,665,927
Treasury shares	0	48,675

Shareholders

At the end of the financial period on 31 December 2024, the number of registered shareholders was 5,626 (6,601). The ten largest shareholders entered in the book-entry register maintained by Euroclear Finland Oy owned a total of 29.0 (29.3) percent of the company's shares. Nominee-registered shareholders accounted for 39.0 (37.7) percent of the company's shares.

The table below lists the ten largest shareholders on 31 December 2024 based on the Monitor service* provided by the Swedish company Modular Finance AB:

		2024	2023	2022	2021
Earnings per share (EPS)	EUR	-0.08	0.16	0.22	0.22
Equity per share (BPS)	EUR	3,22	3.35	3.27	3.25
Dividend per share	EUR	0.00*	0.00	0.10	0.10
Dividend/earnings ratio	%	0.00*	0.00	45.45	45.45
Effective dividend yield	%	0.00*	0.00	1.95	1.24
Price/earnings ratio (P/E)		-40.3x	20.2x	23.4x	36.6x
Share price development
Volume weighted average share price	EUR	2.62	3.76	5.24	8.46
Lowest share price	EUR	2.23	2.70	3.89	7.33
Highest share price	EUR	3.29	5.14	8.22	10.05
Share price on December 31	EUR	3.05	3.18	5.14	8.05
Market value of shares on December 31	EUR million	109.3	113.4	183.3	285.1
Trading volume	Million shares	8.0	5.2	6.1	19.0
Trading value	EUR million	21.0	19.7	32.0	157.1

	Major shareholders	Number of shares	% of shares
1	Paradigm Capital AG	5,385,642	15.02%
	2 Intera Partners Oy	5,121,573	14.29%
	3 Protector Forsikring ASA	2,454,047	6.85%
	4 Evli Fund Management	1,663,003	4.64%
	5 Handelsbanken Fonder	1,537,079	4.29%
	6 Ilmarinen Mutual Pension Insurance Company	1,071,500	2.99%
	7 SEB Investment Management	879,760	2.45%
	8 Varma Mutual Pension Insurance Company	635,000	1.77%
	9 Kimmo Anttalainen	397,488	1.11%
	10 Sp-Fund Management	374,000	1.04%
	10 largest in total	19,519,092	54.45%
	Total number of shares	35,845,665

Data may be incomplete for both the number of shares and shareholders. It is not possible for the company to verify the accuracy or timeliness of the information. The company is not responsible for the information supplied by the service provider, which is given only as additional information. The company's shareholder register is available from Euroclear, and the company additionally publishes any flagging notifications it receives as stock exchange releases.

*) Board of Directors' proposal to the Annual General Meeting.

For the weighted average adjusted number of shares during the financial period and the adjusted number of shares at the end of the financial period, see Note 4.3 to the financial statements.

Board of Directors' Report and Consolidated Financial Statements 2024

Ownership structure by sector on 31 December 2024

Number of shares % of shares Ownership distribution 31 December 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Sector	Number of shares	% of shares		Shareholders	% of shareholders	Shares	% of shares
Households	10,021,183	27.96%	1-100	1,984	35.3%	116,878	0.3%
Financial and insurance institutions	7,774,493	21.69%	101-500	2,567	45.6%	504,578	1.4%
Public sector	2,117,982	5.91%	501-1,000	419	7.4%	324,042	0.9%
Businesses	1,722,812	4.81%	1,001- 5,000	368	6.5%	763,727	2.1%
Foreign	158,662	0.44%	5,001-10,000	107	1.9%	813,900	2.3%
Nonprofit organizations	75,676	0.21%	10,001- 50,000	101	1.8%	2,164,393	6.0%
Total	21,870,808	61.01%	50,001 - 100,000	39	0.7%	2,596,615	7.2%
Nominee-registered	13,974,857	38.99%	100,001 -500,000	34	0.6%	6,529,782	18.2%
All shares, total	35,845,665	100.00%	500,001 -	7	0.1%	22,031,750	61.5%
Source: Data is based on shareholder register maintained by Euroclear Finland Oy.		In total	5,626	100.0%	35,845,665	100.0%
			Nominee-registered	9

Source: Data is based on shareholder register maintained by Euroclear Finland Oy.

Ownership by segment 31 Dec 2024 Ownership by country 31 Dec 2024

Households	Finland
Financial and insurance institutions	Germany
Public sector	Sweden
Businesses	Norway
Nonprofit organizations	Other
Nominee-registered and direct foreign shareholding

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial

statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Shareholding by the Board of Directors and the Group Management Team on 31 December 2024

Board of Directors

Position	shares	% of shares
Chairman	111,208	0.31%
Deputy Chairman	0	0.00%
Board member	5,500	0.02%
Board member	70,000	0.20%
Board member	0	0.00%
Board member	3,000	0.01%
Board member	5,500	0.02%
		0.54%
		Number of 195,208

1 Including both shares held by Heliövaara personally and shares held by Heliocabala Oy, which he controls 2 Including both shares held by Piispanen personally and shares held by Fit Advice Oy, which she controls 3 Board member since 4 April 2024.

Group Management Team

Person	Position	Number of shares	% of shares
Heikki Haasmaa	CEO	70,000	0.20%
Daniel Doeser1	EVP, Sweden	0	0.00%
Taija Lehtola	EVP, Human Resources	18,000	0.05%
Hanna Masala	EVP, CFO	20,000	0.06%
Jannis Mikkola	EVP, Infrastructure	356,740	1.00%
Timo Räikkönen	EVP, Buildings	12,600	0.04%
Turo Tinkanen	EVP, Information Technology	52,000	0.15%
Minttu Vilander	EVP, Sustainability, Brand and Communications	19,200	0.05%
Anna Wäck	EVP, Digital Solutions	7,500	0.02%
Total		556,040	1.55%

The company's management was granted stock options in the spring of 2021 and during the 2022 and 2023 financial periods. The table in section 6.3.4 of the notes to the financial statements lists the options held by the CEO and the members of the Group's Management Team. The Board members hold no options.

Shareholders' agreements

The Board of Directors of Sitowise Group Plc is not aware of any agreements concerning the ownership of the company's shares and the use of their voting rights.

Flagging notifications

Sitowise Group Oyj received several flagging notifications in 2024 regarding changes in the ownership stakes of its major shareholders:

July 11, 2024: Lannebo Fonder AB's ownership fell below 5.00%. • July 31, 2024: Handelsbanken Fonder AB's ownership fell below
5.00%. • August 13, 2024: Protector Forsikring ASA's ownership rose above 5.00%.
September 10, 2024: Paradigm Capital Value Fund SICAV's ownership rose above 15.00%.

Additionally, Sitowise received a total of 28 flagging notifications in the second half of the year, indicating that Morgan Stanley's indirect ownership of Sitowise Group Oyj's shares and votes either exceeded or fell below the 5.00% or 10.00% flagging threshold due to stock lending agreements or through financial instruments. According to the latest notification (November 22, 2024), Morgan Stanley's total ownership fell below the 5.00% flagging threshold.

Share-based incentive plans

On 13 March 2024, the Board of Directors of Sitowise Group Plc resolved to establish new share-based long-term incentive plans covering the years 2024–2026. Within the Performance Share Plan 2024-2026, the participants have the opportunity to earn Sitowise shares and cash as a long-term incentive reward, if the performance targets set by the Board of Directors for the plan are achieved. The Board also resolved on a restricted share plan (Restricted Share Plan 2024-2026), which is intended as a supplementary share-based longterm incentive plan. The purpose of these plans is to incentivize the participants to work for increased shareholder value in the long-term, to commit them to achieving Sitowise's strategic goals and to increase retention.

At the end of the financial period, Sitowise Group Plc had also two performance-based, long-term incentive plans in place that had been established in 2023: Performance Share Plan 2023-2025 and Restricted Share Plan 2023-2025. The company also had in place a long-term option program established in 2021. The Board of Directors resolved further on 13 March 2024 on amendments to the terms of the Performance Share Plan 2023-2025 and Option Plan 2021. For further information about the amendments see www.sitowise.com/ investors/stock-exchange-releases.

All incentive plans are further described at www.sitowise.com/ investors/governance/remuneration.

1 Started as EVP, Sweden on 1 May 2024

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)
Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

ASSESSMENT OF RISKS AND UNCERTAINTIES

The significant risks and uncertainties related to the Sitowise Group's business include operational, strategic, financial and ESG risks, to which the Group's financial performance is exposed. The Group's risk assessment is based on an annual survey that was conducted again during the financial year 2024, and its results have been discussed in the Group's Board of Directors, management team as well as business areas. The Sitowise Group's risk management process and responsibilities are described on the Group's website (www.sitowise.com).

Strategic risks	Risk description	Risk management
Market risks	Uncertainty created by changes in the global economy and market conditions poses a risk to Sitowise's business. Rapid cyclical fluctuations in the economy, lengthened economic downturn, and reduction in the use of public funds or a diversion of such funds away from the built environment may contribute to market stagnation. Still weak macro-economic outlook and current interest rates slow down growth in both Finland and Sweden and impact the short-term decision-making of Sitowise's clients especially in the private sector and most of all in residential building projects. The general economic environment also has an impact on public sector investments. A continued decline in economic activity or a delay in market recovery may impact Sitowise's clients' business prospects leading to, for example, a decrease or postponement of investments and clients' projects or to clients' payment difficulties.	Sitowise is actively monitoring the economic and market developments so that it can react to changes in its business environment. Constant and focused development actions, such as increased sales focus, establishment of strategic client segment teams and further diversification of the client base, are utilized to safeguard the company from rapid market changes.
Technology related risks	Failure to anticipate or utilize technological development trends and tap into new innovations, for example through successful commercialization of new smart services and inability to grow ARR's (annual recurring revenue's) share of business may impede the company's ability to execute its strategy effectively. New technological developments, like AI, may also require the company to develop its operating models, and adapt its pricing and project management models.	Innovativeness is one of the three strategic pillars of Sitowise's strategy, with the aim of developing and engaging Sitowise's employees and partners to innovate smart solutions accelerating the industry transition. Focus is put on fostering and evolving the company's innovation culture and improving the coordination of internal development opportunities through different tools and processes. Sitowise has built a network of technology and artificial intelligence experts through which development work is coordinated, and efforts are made to widely adopt new technologies throughout the company.
Integration risks related to acquisitions	Successful integration of acquisitions is a key element of the Sitowise Group's growth strategy, and Sitowise is therefore exposed to risks related to the integration process, which can lead to additional costs, failure to implement synergies, and loss of growth opportunities.	The company has a well-established integration process which is based on its past experiences from a vast number of previous transactions. Careful planning of the integration and ensuring good cultural fit already before the acquisition and key personnel engagement are also key parts of transaction processes.
Customer risks	The Sitowise Group's largest customer groups are the public sector, construction companies and housing companies. Loss of a customer accounting for a larger portion of net sales could have a significant financial impact. Even though procurement from larger public customers is not always centralized but rather an outcome of numerous procurement procedures, problems in one service may be reflected in the purchases of other services.	Sitowise has a diversified client base, and the risk related to the dependency on individual clients or client segments is aimed to be mitigated by further diversification of the company's client base by attracting new client from new client sectors. During the past years, Sitowise Group has also strengthened its sales resources by introducing a new sales model and organization. Also, a CRM system supports client work.
Risks related to execution of long-term goals related to M&A	The Sitowise Group's growth according to the long-term financial targets is partly based on corporate acquisitions, and the planned growth may not materialize if for example suitable acquisition targets are not available, Sitowise's investment possibilities are limited, transactions cannot be made at an economically justified valuation level or acquisitions involve liabilities that cannot be factored into the purchase price, or the targets set for the acquisitions are not reached in the integration of the acquired companies.	Sitowise actively reviews and manages its M&A pipeline and focuses on targets which support the company's goals and strategy and fit the company's financial situation and market. When defining the level of M&A activity, Sitowise is also considering the balance sheet structure and the framework it creates.

Board of Directors' Report and Consolidated Financial Statements 2024

	Operational risks	Risk description	Risk management
Sitowise in brief CEO's review	Damage risks	Damage risks include IT system and cyber security risks, work safety damage risks, and risk of damage to property. Sitowise's business is dependent on a well-working IT infrastructure and uninterrupted access to IT-based tools and systems, which are susceptible to faults and failures. Malfunctions, interruptions, faults, cybersecurity breaches or power cuts that affect IT systems can delay the delivery of services, cause unexpected costs, and damage Sitowise's reputation.	Risks related to IT systems and cyber security are mitigated by ensuring necessary resources and capabilities and by investing in and upgrading systems to continuously improve cyber security. The risks are further managed by training employees, implementing proactive risk management measures and ensuring that effective safeguards against potential data loss or system failures are in place. Damage risks related to work safety and property are managed through guidelines, work planning, and active workplace design.
The Report of the Board of Directors Sustainability statements General Information Environmental Information Social Information Governance Information	Project risks	Project risks include, among others, miscalculated tenders, claims for compensation due to engineering mistakes or delays, and exceptionally strict warranty and liability terms, which could, if invoked, damage Sitowise's profitability. Lack of operating models or supervision, personnel changes, lack of knowledge or non compliance with operating instructions may cause project risks. Expansion based on corporate acquisitions poses special challenges in terms of integrating operating processes.	Risks related to tenders and projects are managed by means of regular quality management and risk management reviews and by complying with procedures pursuant to the ISO-certified operating model. The Group has developed a proprietary service platform called Voima to facilitate the adoption of more efficient and consistent operating methods. The Voima project management tool contains among other things project guidelines and templates, best practices, bidding and project workspaces, and a risk assessment tool. Project risk management begins at the bidding stage with thorough and careful identification, assessment, and pricing of risks. Offering projects that include terms deviating from the usual requires broader approvals than usual. After identifying risks, risk management measures and project reporting practices are defined to ensure project success and achievement of goals. Projects are handled in the group's quality and legal functions. Additionally, comprehensive insurance is in place for project risks in case of damage situations.
Financial and Alternative Performance Measures Consolidated Financial Statements (IFRS)	Personnel risks	The most pronounced personnel risks of the Sitowise Group relate to the retention of current experts, availability of new experts, and motivation and well-being of personnel. Sitowise's business is based on competent personnel, and skilled professionals are crucial for profitability, growth and implementation of the company's strategy. A potential decline in Sitowise's employer image due to internal or external factors is a risk from the perspective of employee engagement and retention, and also recruitment.	Being the most well-known and desired employer is one of the Sitowise Group's strategic focus areas, and great emphasis is placed on active development of the culture and HR practices. Also, maintaining a high quality of manager work, for example through leadership training and continuous support to manager work, is seen as an important part of managing the personnel risks.
Main financial statements Notes to the consolidated financial statements Parent Company Financial Statements (FAS)	Reputational risks	Sitowise emphasizes the importance of sustainable conduct in its strategic objectives and communications. Neglecting sustainability requirements or goals can pose a reputational risk to the company. Additionally, a sustainability-related breach in a client project can also lead to reputational damage.	The key to preventing reputational damage is to develop employees' skills and understanding and to communicate openly. Sitowise trains its experts to act responsibly, both in the workplace and in projects, and to understand and recognize issues that affect responsibility in different situations. Sitowise has training modules on its own training platform on topics such as diversity, ethical principles and sustainability skills. Sustainability of projects is assessed using an internal sustainability tool and the sustainability risks of projects are assessed on a case-by-case basis. The anonymous reporting channel also allows for open communication if an individual wishes to report inappropriate behavior or misconduct. In addition, the company actively monitors and responds to the debate about the company in the media and on social media platforms.

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

(FAS)

Sitowise in brief CEO's review

Board of Directors' Report and Consolidated Financial Statements 2024

The Report of the Board of Directors

Sustainability statements General Information Environmental Information

Social Information Governance Information

Financial and Alternative Performance Measures

Main financial statements

(IFRS)

(FAS)

statements

Auditor's report

Consolidated Financial Statements

Notes to the consolidated financial

Parent Company Financial Statements

Signatures of the Board of Directors

Sustainability assurance report

Financial risks	Risk description	Risk management
	Financial and capital risks are discussed in more detail in Note 5 to the financial statements.
Financing risks	Uncertainty in the financial markets or rising interest rates leading to higher financing costs and reduced availability (adequacy, timeliness, and favorable terms) is both a strategic and a financial risk for the Sitowise Group. Sitowise finances its business and investments with cash flow and debt financing and needs external financing to implement its growth strategy. External financing can expose Sitowise to risks related to indebtedness and weaken its financial position. The terms of the company's financing agreement, including the covenant conditions, may limit its financial flexibility, and challenges in meeting these terms could potentially raise financing costs.	The Sitowise Group carefully assesses possible financial risks, and the Group's liquidity (trade receivables and cash flows) is monitored continuously. The Group also closely monitors its leverage. To mitigate the risk of encountering challenges in securing financing, the Sitowise Group fosters strong and transparent relationships with its core banks as well as aims to maintain an active and open dialogue with its shareholders to uphold its financial credibility.
Interest and currency risks	Sitowise Group's performance is exposed to interest rate and currency risks.	Interest rate and currency risk management is described in more detail in note 5 of the financial statements.
Order book risks	Due to the business model's high dependency on personnel, maintaining a steady and profitable order book is of great importance to the business.	The Sitowise Group aims to maintain a sufficient order book through an extensive customer base, diverse workload, active and focused sales efforts and continuous monitoring of the order book.
Risks relating to rising costs	A rise in costs, such as in wage levels, ICT or premises costs can have a negative impact on Sitowise's profitability and financial performance if it cannot revise the prices of its services accordingly.	The Sitowise Group focuses on active pricing activities, sales development, and actions ensuring cost effectiveness.
Risks related to the economic consequences of major geopolitical events	The global economic consequences of wars and other major geopolitical events, such as inflation, higher interest rates, and challenges in availability of materials, may affect the market situation in the construction sector, which could weaken Sitowise's growth and profitability levels. The war in Ukraine only has limited direct effects on Sitowise. The company does not have offices in Russia, Belarus, or Ukraine, nor does it export to these countries. However, sanctions imposed on account of Russia's war activities and the changed operating environment outside of the scope of the sanctions – as well as countersanctions – may create uncertainties.	The risks related to the economic consequences of major geopolitical events are examined and mitigated through continuous monitoring and analysis of market developments and the operating environment.
Sustainability risks	Risk description	Risk management
	More detailed information on sustainability risks and their management can be found in Sustainability Statement.
Environmental Sustainability Risks	Risk description	Risk management
The risk of failing to capitalize on green transition business opportunities	It is possible that Sitowise is not able to capitalize on business opportunities related to the green transition, due to reasons such as an inadequate understanding of customer needs, insufficient sustainability expertise, or customers not perceiving Sitowise as a provider of sustainability services.	Sustainability of current services and development of new sustainability services are managed and monitored as part of Sitowise's "The Most Sustainable" strategic pillar. The company's corporate and employer brand is actively built to support the company's sustainability goals.
Social Responsibility risks	Risk description	Risk management
Risks related to employee engagement and retention	Employee engagement may decrease due to for example compensation, opportunities for development and training, or reduced well-being at work caused by workload. Lack of commitment can lead to higher employee turnover, increasing recruitment and onboarding costs, along with client project risks. Diminished workplace well-being also results in more absences and higher occupational health care costs	The risk management actions are described above in the section on Employee Risks.
Accidents and other incidents	An accident, hazardous situation, or, for example, a data breach can cause harm to affected units but also impact on the company's brand as a responsible entity. These situations can lead to compensation claims and delays in customer projects.	The risk management actions are described above in the section on Damage Risks and Project Risks.
Governance Risks	Risk description	Risk management
Non-compliance risks	If Sitowise fails to meet legal (and stakeholder) requirements regarding sustainability, that may hinder business operations, such as participating in tenders, and cause reputational damage	Sitowise actively monitors the evolution of stakeholder and legislative requirements, developing its services and practices accordingly.

15

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

LEGAL PROCEEDINGS AND DISPUTES

Sitowise Oy has a pending legal proceeding with a former client relating to a Finnish residential apartment building project from a few years back. A substantial claim has been presented to Sitowise by the counterparty, but according to the company's view, the claim is unfounded. Sitowise has also presented a claim to the counterparty for the unpaid part of the project payment, plus the delay interest. The company estimates that the proceedings will take years. Additionally, the group has ongoing disputes that are considered

RELATED PARTY LOANS

usual.

Sitowise Group Oyj has granted a loan to its related company DWG AS, the loan principal of which at the balance sheet date was EUR 127,084 (not a related company in 2023). The annual interest rate on the loan is 7 percent.

SEASONALITY AND SENSITIVITIES

The seasonal variation of Sitowise's business is affected by the monthly allocation of annual working days, which in turn is affected by the timing of public holidays (e.g., Easter and Christmas) and employee vacation periods. The Group's net sales and profitability are generally at their lowest in the third quarter due to the summer vacation season.

Calendar effects: Number of working hours based on sales weighted business mix

	2025	2024	2023	Difference (2024 vs 2023)
Q1	470	478	484	-6
Q2	452	459	451	8
Q3	500	502	491	11
Q4	476	471	469	2
Full year	1,898	1,910	1,895	15

Estimated sensitivities with current business scope on annual level:

	Change	Impact in euros	Impact scope
Number of working days	+/- 1 day	+/- EUR 0.6-0.7 million	Topline and bottom-line impact
Sickness absences		+/- 1%-point -/+ EUR 2 million	Topline and bottom-line impact
SEK/EUR FX rate	+/- 10%	+/- EUR 4 million	Topline impact

BOARD OF DIRECTORS' PROPOSAL CONCERNING THE USE OF THE PARENT COMPANY'S PROFIT

On 31 December 2024, the distributable funds of Sitowise Group Plc amounted to EUR 108.0 million, of which loss of the parent company for the 2024 financial period was EUR 813,519.00. The Board of Directors proposes that no dividend be paid based on the balance sheet to be adopted for the 2024 financial period.

LONG-TERM FINANCIAL TARGETS

The Board of Directors of Sitowise Group has set the following longterm financial targets:

Growth: Annual growth in net sales of more than 10 percent, including acquisitions
Profitability: Adjusted EBITA margin of at least 12 percent
Leverage: Net debt / adjusted EBITDA should not exceed 2.5x, except temporarily in conjunction with acquisitions

According to its dividend policy, Sitowise's objective is to pay annually a dividend corresponding to 30–50 percent of net profit to its shareholders.  When distributing a possible dividend, business acquisitions, the company's financial situation, cash flow and future growth opportunities are taken into account.

OUTLOOK AND GUIDANCE

Outlook for the year 2025

The long-term growth in the demand for design, consulting, and digital services to create sustainable societies is supported by megatrends such as urbanization, renovation backlog, sustainability, digitalization and security.

In recent years, weak macro-economic outlook and high interest rates have slowed down growth in both Finland and Sweden and impacted the decision-making of Sitowise's clients especially in the private sector and most of all in residential building projects. Furthermore, general economic environment has adversely impacted larger public sector investments, and central banks' interest rate cuts have materialized later and on a more moderate scale than expected, thus delaying the construction market recovery.

We expect the technical consulting market environment to remain mixed in 2025. Growing demand for services related to green transition, security, and digitalization will support business performance especially in the Infra and Digital Solutions business areas. In the Buildings business area, the first half of the year is still expected to be weak. Sitowise considers the timing of the construction market recovery to be highly uncertain and anticipates the construction market to start recovering gradually in the second half of 2025. The likelihood of the recovery of new construction being postponed to 2026 has increased significantly. In the Sweden business area, Sitowise has taken decisive improvement measures and expects these to gradually enhance performance. In Sweden the construction market recovery is also postponed from earlier expectations and is now anticipated to take place only in the latter half of 2025 or even only in 2026. However, the outlook for buildings services and infra market is somewhat better.

At the end of 2024, order books were at good level in the Infra and Digital Solutions businesses. In the Buildings and Sweden business areas, order books and workloads were at insufficient levels and personnel adjustments are necessary also from now on.

In addition to the market development, cost inflation (e.g. relating to salary increases), potential currency fluctuations (EUR/SEK) and high interest expenses are expected to impact Sitowise's financial performance in 2025. In 2025, the number of working days in Finland is one less compared to 2024 (-1 in Q1, -1 in Q2, +/- 0 in Q3 and +1 in Q4). In Sweden the number of working days remains the same in 2025

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report as it was in 2024. In total, there will be 251 working days in Finland and 247,5 in Sweden.

Market outlook and current profitability

	Share of net sales	Market outlook	Current profitability
Infra	37%	Stable	Above target
Buildings	28%	Weak	Negative
Digital Solutions	16%	Stable	Above target
Sweden	20%	Weak	Negative

Timeframe:	Q4 2024	Next 12 months	Q4 2024
Definitions:	Percentage of consolidated net sales	Strong / Stable / Weak	Adj. EBITA-%: Above: >12%; In line: 10-12%; Below: 5-10%; Clearly below: 0-5%; Negative <0%

No guidance issued for 2025

Due to the unpredictable timing of construction market recoveries both in Finland and Sweden there is significant uncertainty related to Sitowise's net sales development in 2025. Therefore, Sitowise has decided not to give net sales and profitability guidance for 2025 at this stage.

SIGNIFICANT EVENTS AFTER THE FINANCIAL PERIOD

Proposals of the Shareholders Nomination Board of Sitowise for the Annual General Meeting 2025

On 27 January 2025, the Shareholders' Nomination Board's proposals for the Annual General Meeting on 2 April 2025 were published. The Nomination Board proposes that the Board of Directors and its committees receive the same fees as the previous term. The Nomination Board also proposes re-electing current members Eero Heliövaara, Mirel Leino-Haltia, Elina Piispanen, Niklas Sörensen, and Tomi Terho, and electing Rodolfo Zeidler as a new member to the Sitowise Group Plc 's Board of Directors for the term ending at the 2026 Annual General Meeting. Proposals in full are available on Sitowise's investor site at https://www.sitowise.com/investors/ governance/general-meeting-shareholders/annual-generalmeeting-2025

The Board of Directors decision on a new share-based incentive plan

On 12 February 2025, the Board of Directors of Sitowise Group Plc resolved to establish new share-based long-term incentive plans covering the years 2025–2027. Within the Performance Share Plan 2025-2027, the participants have the opportunity to earn Sitowise shares and cash as a long-term incentive reward, if the performance targets set by the Board of Directors for the plan are achieved. The Board also resolved on a restricted share plan (Restricted Share Plan 2025-2027), which is intended as a supplementary share-based longterm incentive plan. For further information about the amendments see www.sitowise.com/investors/stock-exchange-releases.

Flagging announcements

Sitowise received on 27 February 2025 a notification in accordance with the Chapter 9, Section 10 of the Finnish Securities Market Act from Paradigm Capital Value Fund SICAV, according to which Paradigm Capital Value Fund SICAV's direct holding of the shares and votes of the Company increased above 20.00 percent on 26 February 2025. According to the notification, Paradigm Capital Value Fund SICAV holds a total of 7,312,555 shares corresponding to 20.40 percent of the Company's shares and votes

Sitowise received on 27 February 2025 a notification in accordance with the Chapter 9, Section 10 of the Finnish Securities Market Act from Protector Forsikring ASA, according to which Protector Forsikring ASA's direct holding of the shares and votes of the Company decreased under 5.00 percent on 26 February 2025. According to the notification, Protector Forsikring ASA holds a total of 1,668,034 shares corresponding to 4.65 percent of the Company's shares and votes.

Sitowise signed a secured financing agreement as an extension of its current financing arrangement

On 7 March 2025, Sitowise Group Plc signed a secured 90 million euros financing agreement with its two relationship banks. The agreement has maturity until 12 June 2027 and replaces existing financing agreement of 100 million euros maturing on 12 March 2026. The new financing arrangement includes a customary financial covenant measuring leverage ratio (the ratio of net debt to rolling 12 months EBITDA). As in the previous financing arrangement, the loan margin is tied to Sitowise's leverage ratio. For further information see www.sitowise.com/investors/stock-exchange-releases.

Sustainability Statements

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

GENERAL INFORMATION 21
Basis for Preparation 22
Sustainability Governance	22
The Roles of Management 22
Board and Management Team Members and Expertise	23
Management Diversity	23
Management of Sustainability Impacts,
Risks, and Opportunities	24
Addressing the Sustainability Matters in the Board
and Group Management 25
Sustainability in Executive Remuneration	25
Sustainability Due Diligence	25
Sustainability Reporting Risk Management 26
Sitowise's Approach on Sustainability 27
Sustainability Program 2025 Supports the Strategy	27
Value Chain Sets the Scope for Sustainability Work 29
Stakeholder Insights and Collaboration	30
Double Materiality Assessment Identifying Sustainability Impacts, Risks and Opportunities	31 31

Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business 31
Climate Change 33
Biodiversity and Ecosystems	34
Circular Economy 35
Own Workforce	36
End Users 37
Business Conduct	38

ENVIRONMENTAL INFORMATION	39
EU Taxonomy Assessment	40
Climate Change	46
Material Impacts, Risks, and Opportunities 46
Policies Related to Climate Change 48
Reducing Emissions in Accordance with

Science-Based Targets 48 Metrics 50

Biodiversity and Ecosystems 56
Material Impacts, Risks, and Opportunities 56
Policies Related to Biodiversity and Ecosystems 56
Actions to Enhance Biodiversity 56
Targets, indicators and metrics 56
Circular Economy	57
Material Impacts, Risks, and Opportunities 57
Policies Related to Circular Economy	57
Actions to Enhance Circular Economy 57
Targets, indicators and metrics 57

SOCIAL INFORMATION 58

Own Workforce	59
Material Impacts, Risks, and Opportunities 59
Policies on Own Workforce	59
Human Rights at Sitowise	60
Engaging with Employees	61
Channels for Raising Concerns and Processes
to Remediate Negative Impacts	62
Skills Development	62
Employee Health and Well-Being 63
Diversity and Inclusion 64
Employer Branding 66
Sitowise People in Numbers	66
End Users 68
Material Impacts, Risks, and Opportunities 68
Guiding Policies on Clients and End Users	69
Engaging with Clients and End Users	70
Channel for Raising Concerns	70
Enhancing Environmental and Social Sustainability 70
Managing Cybersecurity Risks and Opportunities 71
Ensuring the Health and Safety Aspects 72

GOVERNANCE INFORMATION 73
Business Conduct 74
Material Impacts, Risks, and Opportunities 74
Business Conduct Policies 74
Corporate Culture 75
Concerns 75
Supplier Relationship Management 76
Corruption and bribery 76
Performance, Metrics, and Targets 76
Actions on Corruption and Bribery 76
Political and Lobbying Activities 77
Payment practices on SME's 78
Targets and related actions regarding governance 78
CONTENT INDICES 79

Glossary

CSRD = EU Corporate Sustainability Reporting Directive. Aims for consistency and transparency in sustainability reporting.

ESRS = European Sustainability Reporting Standard. Practical guidelines and reporting requirements for reporting according to CSRD.

Double materiality assessment = The first phase of ESRS reporting where the importance of various sustainability topics is assessed. The end result shows what the material —that is, the most important sustainability topics are for a company. These (ESRS) topics are also the ones that the company needs to report on. The assessment focuses on analysing the impacts, risks, and opportunities.

Impact = How the company affects society, people, and environment.
Risk or opportunity = How a sustainability topic affects a company in terms of financial risk or opportunity for business.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Sustainability Key Figures 2024

In client projects started in Finland,

used the sustainability tool 1

(2023: 89%)

More than

2/3

of the staff feel that the work atmosphere at Sitowise brings joy and pride 4

The revenue growth target for sustainability services was exceeded ahead of schedule, reaching

million euros 2

Women

35% 65%

Men

Employee Ethical Code of Conduct training level 3

Employee gender distribution Management gender distribution

Women Men

¹ Sustainability Tool usage rate in customer projects started in Finland in 2024, excluding the smallest XS-risk class projects.

² Sustainability services revenue growth target: doubling the revenue of sustainability services to 10 million euros by the end of 2025.
³ Number of employees in Finland and Sweden who have completed the course by 31.12.2024 (1,888 individuals) compared to the number of staff as of 31.12.2024 (2,038 individuals).

⁴ The response "work atmosphere" to the employee survey question "What aspects related to your workplace make you happy and proud".

General information

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report Sitowise is among the first companies to report and develop its sustainability efforts in accordance with the European Sustainability Reporting Directive (CSRD) and its accompanying European Sustainability Reporting Standards (ESRS) that came in force for the financial year 2024. The sustainability impacts, risks, and opportunities identified for Sitowise in our Double Materiality Assessment sets the common thread for this report and which will also form the foundation of our sustainability efforts moving forward. As the ESRS requires, Sitowise reports information on sustainability policies, actions, targets, and performance for each material sustainability topic.

Basis for Preparation

GROUP LEVEL REPORTING

Sitowise's Sustainability Statement is prepared on a group level. The scope of consolidation is consistent with the Group's 2024 financial statement. There are some exceptions in the coverage regarding our subsidiary Infracontrol, as aligning the group's sustainability principles was still partially underway in the company in 2024. Exceptions are noted in the appropriate sections.

Sitowise's value chain is included in the Double Materiality assessment. The upstream and downstream value chain is considered in the guidelines, actions, and objectives regarding the aspects where impacts, risks, and opportunities related to the upstream and downstream value chain were identified. Regarding metrics, the data from value chain is included in the disclosures on greenhouse gas emissions. Sitowise's value chain is discussed on ► page 29. No information regarding intellectual property, know-how, innovations, or the EU Directive 2013/34/EU has been excluded from the sustainability report.

INFORMATION ON DATA ESTIMATES AND CHANGES IN REPORTING

If data on the beginning or end of the value chain has been assessed using indirect sources, this has been stated alongside the presented metric. Any uncertainties or sources used in estimations related to metrics or financial figures are also detailed in accounting principles.

Compared to Sitowise's previous sustainability reports based on Global Reporting Initiative (GRI) reporting guidelines, the ESRS reporting standards introduce changes to both the scope and structure of the reporting. In the first year of ESRS reporting, changes related to the metrics will not be reported. In this report, we have corrected the EU taxonomy comparative figures from the year 2023. The rationale for these changes is discussed on ► page 41.

OTHER SUSTAINABILITY REPORTING FRAMEWORKS

Due to the alignment with CSRD Sitowise will no longer use the GRI framework. Sitowise reports its sustainability data and progress to UN Global Compact, Carbon Disclosure Project CDP and EcoVadis. In addition, The UN's Sustainable Development Agenda 2030 and its Sustainable Development Goals (SDGs) are an essential part of Sitowise's Sustainability Tool. Many of the themes covered by the frameworks mentioned align with ESRS requirements, and information beyond ESRS's scope is not included in this document. The assessment of climate risks has utilized the Task Force for Climate-Related Financial Disclosure (TCFD) reporting framework.

Sustainability Governance

THE ROLES OF MANAGEMENT

Administrative, management, and supervisory bodies in Sitowise include the Board of Directors, CEO, and the Group Management Team.

Board of Directors

The Board's role related to sustainability and business conduct includes the approval and supervision of strategy, sustainability program, and the Code of Conduct. The Board's general competence, subject to the Limited Liability Companies Act, consists of seeing to the administration of the company and the appropriate organization of its operations, i.e., the Board is the supervisory body in relation to sustainability and business conduct. The Board exercises Group Management Team's and therefore CEO's, CFO's, and EVPs' oversight in sustainability matters.

The Shareholders' Nomination Board, consisting of a representative of each of the three largest shareholders and the chair of the Board serving as an expert member, is responsible for preparing the proposals on the election and compensation of the Board members to be presented to the Annual General Meeting.

Board Committees

The committees prepare matters in their area of sustainability for the Board to decide on based on the management's proposals. The Audit Committee of the Board has a preparatory role in financial and sustainability matters, and the Personnel Committee in employees and compensation matters. The task of the Acquisitions Committee is to assist the Board with the business acquisitions strategy and its implementation. Sustainability considerations are increasingly relevant in acquisitions. The committees have no independent decision-making powers.

CEO and Group Management Team

Subject to the Limited Liability Companies Act, the CEO sees to the executive management of the company in accordance with the instructions and orders given by the Board, which is the CEO's general competence. The CEO leads the Group Management Team, is responsible for strategy execution, and has overall responsibility for sustainability and business conduct.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

The Group Management Team members are responsible for the sustainability and business conduct in their own areas as follows: Executive Vice President of Brand, Sustainability & Communications oversees the execution of the sustainability program, Code of Conduct, and is the sponsor of sustainability business development reporting to the CEO. Executive Vice President of Human Resources is responsible for employee and DEI topics and employment legislation application and compliance and CFO for legal and quality matters. Executive Vice President Brand, Sustainability & Communications, Executive Vice President Human Resources, and CFO are together due to their areas of responsibility in charge of human rights compliance at Sitowise, concerning Sitowise employees and the value chain. Executive Vice President of Information Technology is in charge of information security. Executive Vice Presidents of Infra, Buildings, Digital Solutions, and Sweden business areas are responsible for the implementation of practical measures related to sustainability and business conduct. Group functions, such as finance, IT, HR, legal, quality, security,

sustainability, and communications, and the business area heads ensure that the required sustainability actions actualize in the group.

BOARD AND MANAGEMENT TEAM MEMBERS AND EXPERTISE

Board of Directors	Eero Heliövaara (Chair), Mirel Leino-Haltia, Elina Piispanen, Niklas Sörensen, Mats Åström, Anni Ronkainen, Tomi Terho
Audit Committee	Mirel Haltia-Leino (Chair), Anni Ronkainen and Mats Åström.
Personnel Committee	Eero Heliövaara (Chair), Elina Piispanen and Niklas Sörensen
Acquisitions Committee	Tomi Terho (Chair), Eero Heliövaara, Niklas Sörensen and Mats Åström
Group Management Team	Heikki Haasmaa, Hanna Masala, Jannis Mikkola, Turo Tinkanen, Minttu Vilander, Timo Räikkönen, Anna Wäck, Taija Lehtola, Daniel Doeser

The Board of Directors consists of seven non-executive members, and the Group Management Team consists of nine executive members, including the CEO.

Sitowise's Extended Finnish Leadership Team, includes two employee representatives. This team meets six times a year to review business performance in Finland and make national decisions on areas such as HR, innovation, quality, facilities and safety. Sitowise plans to establish a European Works Council in 2025, involving management and employee representatives from Finland and Sweden to address group-wide issues.

The board members have experience and expertise related to Sitowise's operational environment in consulting, digital services, and construction through leadership roles or board memberships. Additionally, the board has experience in academia, the construction sector, and the finance industry. The board members' educational backgrounds are either commercial or technical. They are professional board members who regularly monitor significant regulatory processes and developments and participate in various networks where they gain up-to-date information on regulatory trends. The members hold diverse positions of trust in different companies, which supports development and regulatory compliance within Sitowise as well. Sitowise has its main activities in Finland and Sweden and, therefore, the Board has five members from Finland and two from Sweden.

The Group Management Team's expertise is a combination of its members' area-specific knowledge. The members' educational backgrounds are technical, financial, commercial and in the arts. They have relevant experience from about twenty other companies. Each member has relevant experience in their areas of responsibility. Both Finland and Sweden are represented in the membership in accordance with Sitowise's geographical reach.

In addition, the Group Management Team utilizes extensive expertise from their teams. Business area leaders have management teams with diverse business experts. Function leaders such as IT, HR, and finance also lead teams with extensive sector-specific expertise. For example, CFO's team include expertise in accounting,

group control, quality, legal, premises, strategy, M&A, and investor relations and sustainability topics. In managing sustainability matters, Executive Vice President Communications, Brand and Sustainability, Executive Vice President Human Resources, and CFO are the Group Management Team's key individuals as their personal areas of responsibility cover fields of environmental, social and business conduct matters, and the underlying Sitowise's material impacts, risks and opportunities. In addition, the whole Group Management Team's expertise and views are essential for preparing and approving sustainability actions. The team also seeks training in sustainability as needed.

MANAGEMENT DIVERSITY

Of the seven members of the Board, four are men and three are women. The members were born in four different decades and represent two different nationalities: Finnish and Swedish. The other Board members are independent of the company and its largest shareholders except Tomi Terho who is independent of the company but not of its major shareholders. Terho is a partner in the company's second largest shareholder, Intera Partners.

Of the nine members of the Group Management Team, five are men and four are women. Finland and Sweden are represented as regards nationalities.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Gender Diversity

	Board of Directors	Audit Committee	Personnel Committee		Acquisitions Committee Group Management Team
Women / men	3/4	2/1	1/2	0/4	4/5

Nationality Diversity

%*	Board of Directors	Audit Committee	Personnel Committee		Acquisitions Committee Group Management Team
Finnish	71	67	67	50	89
Swedish	29	33	33	50	11

Year of Birth by Decades

%*	Board of Directors	Audit Committee	Personnel Committee		Acquisitions Committee Group Management Team
1950	14	0	33	25	-
1960	43	67	33	25	-
1970	29	33	33	25	67
1980	14	0	0	25	33

* At the end of the reporting year.

Independence

%*	Board of Directors
Independent of the company	100
Non-independent of the company	0
Independent of major shareholders	86
Non-independent of major shareholders	14

* At the end of the reporting year.

More information on the diversity principles of the Board of Directors is presented in the Corporate Governance Statement document that is available in our website.

MANAGEMENT OF SUSTAINABILITY IMPACTS, RISKS, AND OPPORTUNITIES

In 2024, during the development phase of ESRS reporting, Minttu Vilander Executive Vice President Brand, Sustainability & Communications, Hanna Masala CFO, and Taija Lehtola EVP Human Resources have been responsible at the management level for the sustainability impacts, risks, and opportunities identified through the Double Materiality Assessment. The work has been overseen by the Board's Audit Committee, with Minttu Vilander responsible

for reporting to them. In addition, other sustainability matters are reported to the Board by the Group Management Team and to Group Management Team by its members and their teams.

Going forward, the Double Materiality Assessment and its results will be integrated into the company processes, such as group risk management and management system. Along the integration process, the management, ownership, and oversight processes for impacts, risks, and opportunities will be more explicitly distributed to Group Management Team members based on their respective areas of responsibility. Executive Vice President Brand, Sustainability & Communications ensures and controls that action plans based on sustainability impacts, risks, and opportunities are made. Board and Audit Committee charters were updated in 2024 to reflect ESRS reporting-related responsibilities. The charters are available in our website.

The goals related to sustainability impacts, risks, and possibilities are set gradually, considering the maturity level and update needs of each theme. The Group Management Team, Audit Committee, and the Board oversee the goal-setting process. The new climate goals which will be published after external validation in 2025 have been reviewed by Group Management Team, Audit Committee, and the Board during

the reporting year. Other reported targets have been previously set, for example in connection with building Sustainability Program 2025 and have been approved by the Board of Directors or Group Management Team. Goals related to biodiversity and circular economy themes will be established during 2025. Other target update needs are assessed additionally.

In 2024, the Double Materiality Assessment, ESRS reporting development, and assurance as well as due diligence review have been followed up at least quarterly by the Board's Audit Committee. Group Management Team has also been regularly informed on the abovementioned topics. The Board has had the supervision role by way of approving the Double Materiality Assessment and the framework of Sitowise's Sustainability Statement, such as ESRS datapoints on a upper level, to be reported). Informing the management bodies has been carried out by Executive Vice President Brand, Sustainability & Communications. In 2025, the focus within the Board, Audit Committee, and Group Management Team will be in monitoring the actions and targets on sustainability impacts, risks, and opportunities. Reporting processes to these bodies will be reassessed if needed. In addition, ensuring that the topics are integrated into decisions on strategy, major transactions, and risk management.

OVERSIGHT OF SUSTAINABILITY EXPERTISE

Sitowise has wide expertise in environmental, social, and governance matters across group functions, business areas, and Group Management Team. Group quality, legal, security, and financial teams offer support in governance and management matters such as contracts, legal, and financial as well as health, safety and security, and cybersecurity. Sustainability specialists focus on environmental issues related to both the built environment and nature. HR experts contribute to social sustainability initiatives. The Executive Vice President Brand, Sustainability & Communication ensures the group has the necessary skills to manage sustainability, with external expertise used as needed for managing sustainability impacts, risks, and opportunities.

The Board and its Audit committee have relevant experience to assess Sitowise's compliance in sustainability matters, such as experience from diverse consulting practice areas and know-how from several companies subject to similar reporting requirements as Sitowise. Both internal and external consultancy are utilized by the Board and Group Management Team when necessary. The auditor's independent limited assurance on Sustainability Statement supports the Audit committee and the Board in their supervisory role.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

ADDRESSING THE SUSTAINABILITY MATTERS IN THE BOARD AND GROUP MANAGEMENT

The Board's responsibilities are listed in the Board charter and is available at Sitowise.com. It is reviewed annually. The Board's role concerning the impacts, risks, and opportunities related to environmental, social, and governance matters is oversight and approval for example strategy, sustainability program and Code of Conduct, and sustainability oversight. The Board also approves Sitowise's double-materiality analysis, ESRS data points on a high level, and Sustainability statement. The Board's Audit committee participates in the preparation of these matters that come to Board's approval. Management presents sustainability matters for Board approval. The Board supervises the CEO who is responsible for the management of environmental, social, and governance matters in accordance with the Board's instructions.

Group Management Team's responsibilities are listed in the management system and group risk policy. The Group Management Team prepares and executes the board-approved guidelines and plans such as those mentioned hereinabove. The Group Management Team carries out Sitowise's double-materiality analysis, proposes data topics to be reported, and prepares the Sustainability statement. The Group Management Team also prepares and executes with their respective teams actions required to manage the impacts, risks, and opportunities. Group Management Team has a pivotal role in governance processes, controls, and procedures used to monitor, manage,

and oversee the impacts, risks, and opportunities. The members are responsible for their teams' activities and ensuring that boardapproved actions are implemented.

Sitowise's updated sustainability impacts, risks, and opportunities were defined during the spring of 2024 as part of the materiality analysis, and they were not yet monitored as a cohesive whole in 2024. During the year sustainability topics were discussed in management bodies as follows:

Group Management Team

New sustainability services sales and development were presented monthly by Sustainability Service Director
Sustainability topics, including HR metrics, cybersecurity and other security topics were monitored monthly by Executive Vice President HR and by Security manager
Reviewed draft and final version of ESRS Double Materiality Assessment and impacts, risks and possibilities, material data points

as well as sustainability statements presented by Executive Vice President Brand, Sustainability & Communications

Reviewed science-based climate target setting in three meetings presented by Executive Vice President Brand, Sustainability & Communications
Reviewed human rights, corruption, taxation, and fair competition due diligence results by Legal counsel

Audit Committee

Followed Sustainability reporting project status and compliance in all regular meetings presented by Executive Vice President Brand, Sustainability & Communications or CFO
Reviewed ESRS Double Materiality Assessment and impacts, risks and possibilities, material data points as well as sustainability statements presented by Executive Vice President Brand, Sustainability & Communications
Prepared Sustainability Statement for Board review and approval in 2025
Received a briefing about human rights, corruption, taxation, and fair competition due diligence results by Legal counsel

Board

Approved ESRS Double Materiality Assessment and impacts, risks and possibilities, material data points as well as sustainability statements presented by Executive Vice President Brand, Sustainability & Communications
Received follow-ups on the state of sustainability goals and employee-related trends by Executive Vice President Brand, Sustainability & Communications
The CEO presented topical sustainability matters to the Board as a recurring meeting item. In addition, CEO presented the progress of The Most Sustainable strategic pillar's goals twice a year. The sustainability matters were also regularly discussed in connection with financial reporting.
The sustainability impacts, risks, and opportunities that the management bodies reviewed as a part of double materiality are presented on ► pages 33-38.

SUSTAINABILITY IN EXECUTIVE REMUNERATION

The objective of remuneration at Sitowise is to promote the implementation of the company's strategy and the achievement of its long-term financial targets, competitiveness, and the favorable development of shareholder value. Compensation is used as one tool to guide us toward our Redefining Smartness in Cities vision.

Sustainability is part of the long-term incentive targets for the company's key individuals. In the Performance Share plan 2024-26 Sustainability is 10% of the strategic goals. It is measured by Sustainability services revenue in 2026, as we believe the biggest sustainability impact is made with our sustainability services. Sustainability services include topics such as climate, biodiversity and circular economy, and thus links to our sustainability business opportunities that are presented later in this document. In 2024, compensation was not linked to Sitowise's own emission reduction targets. The objectives of Sitowise's compensation are documented in more detail in the Remuneration policy that is available on Sitowise. com.

The Board reviews and presents the Remuneration policy and its essential changes to the general meeting as needed, but at least every four years. The general meeting makes an advisory decision on whether to endorse the proposed compensation policy. The Personnel Committee reviews and prepares for the Board, at least annually, a recommendation evaluating the company's compensation and other benefit plans, including short-term incentive systems as well as sharebased long-term programs. It reviews and prepares a recommendation for the Board according to Sitowise's incentive systems and programs as well as compensation strategy. The Board decides on the systems annually. The Personnel Committee prepares for the Board's decision the compensation of CEO and the Group Management Team.

SUSTAINABILITY DUE DILIGENCE

Sustainability due diligence is a proactive process that helps in identifying and preventing sustainability risks in the value chain. The following table shows a mapping of how the core elements of due diligence are embedded in this ESRS report.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Core Elements of Due Diligence	Topic in Sustainability Report
a) Embedding due diligence in the governance, strategy, and business model	• Sustainability Governance (ESRS2 GOV-1, ESRS2 GOV-2) • Sitowise's Approach on Sustainability (ESRS 2 SBM-1) • Policies Related to Climate Change (E1-2), Policies on Own Workforce (S1-1), Guiding Policies on Clients and End Users (S4-1), Business Conduct Policies (G1-1) • Human Rights at Sitowise (S1-1) • Clients, End Users and Human Rights (S4-1)
b) Engaging with the affected stakeholders in all the key steps of the due diligence	• Identifying Sustainability Impacts, Risks and Opportunities (ESRS2 IRO-1) • Stakeholder Insights and Collaboration (ESRS 2 SBM-2) • Engaging with Employees (S1-2) • Engaging with Clients and End Users (S4-2) • Supplier Relationship Management (G1-2)
c) Identifying and assessing the adverse impacts	• Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business (ESRS 2 SBM-3) • Material Impacts, Risks, and Opportunities (SBM-3 S1) • Material Impacts, Risks, and Opportunities (SBM-3 S4)
d) Taking actions to address those adverse impacts	• Channels for Raising Concerns and Processes to Remediate Negative Impacts (S1-3), • Skills Development, Employee Health and Well-Being, Diversity and Inclusion, Employer Branding ( S1-4) • Channel for Raising Concerns (S4-3), Enhancing Environmental and Social Sustainability; Managing Cybersecurity Risks and Opportunities, Ensuring the Health and Safety Aspects (S4-4) • Supplier Relationship Management (G1-2) • Concerns (G1-1)
e) Tracking the effectiveness of these efforts and communicating	• Management of Sustainability Impacts, Risks, and Opportunities (ESRS2 SBM-1), Engaging with Employees (S1-2) • Skills Development, Employee Health and Well-Being, Diversity and Inclusion, Employer Branding (S1-4) • Enhancing Environmental and Social Sustainability; Managing Cybersecurity Risks and Opportunities, Ensuring the Health and Safety Aspects (S4-4)

SUSTAINABILITY REPORTING RISK MANAGEMENT

Sitowise has identified and prioritized sustainability reporting risks by analyzing the likelihood of their occurrence and the severity of their impacts . This analysis was conducted using a matrix with a likelihood and severity scale ranging from 1 to 5 .

There is the possibility of human error to occur due to the manual data production . Furthermore, challenges may arise in collecting reporting data, especially from other actors in the value chain . When utilizing estimates there is a risk of inaccuracies . Risks related to the published report and work process include maintaining the readability of the report, adhering to stricter reporting timelines, and potential sudden changes within the reporting team . Documentation of data production aims to ensure that the process can be consistently verified and replicated by third parties in the years to come . Data-related risks are managed through internal quality control procedures with the four-eyes-principle . In addition, any estimates, formulas, assumptions, and limitations related to data are reported in accordance with the

requirements . The readability of the report is supported by structural solutions . Any observations or development needs identified during the reporting are addressed in the relevant reporting process either immediately or in the next reporting period, depending on the nature of the observation .

Sustainability reporting is supported, and its quality together with observations on the process is overseen by both the reporting steering group and the Board's audit committee . The accuracy of the reported data and compliance with the reporting requirements are also monitored by a third-party ESG audit professionals . In 2024, the sustainability report has been externally assured (limited assurance) by an independent third party, KPMG Oy Ab, in accordance with the assurance standard ISAE 3000 (Revised) . Data from comparison years is not included in the scope of assurance .

The mentioned management and control mechanisms are applied comprehensively to the sustainability report .

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Sitowise's Approach on Sustainability

STRATEGIC PILLAR: THE MOST SUSTAINABLE

Sitowise's strategy for the years 2023–2025 targets continued sustainable profitable growth and value creation for Sitowise's clients, other stakeholders, and society. The company's vision is Redefining smartness in cities. Sitowise offers services related to real estate and buildings, infrastructure, and digital solutions both in Finland and in Sweden. Growth is sought in several future-oriented areas, including renewable energy, circular economy, biodiversity, security, smart lifecycle management of buildings and digital services. The main customer groups are municipalities and cities, other public organizations, and private sector operators, for example in the construction sector, as well as in the industrial and energy sectors.

Sustainability is one of the three pillars of Sitowise's strategy, making it a core element of our business. Under the strategic pillar "The most sustainable" sustainability is developed from three perspectives:

Identifying and enhancing the sustainability impacts of Sitowise's current business. We have developed our own Sustainability Tool that is used in projects for both internal development and client projects.
Creating new business opportunities to meet clients' needs for innovative services that help them understand their own sustainability impacts or, for example, the effects of climate change on their operations.
Investing in Sitowise's own sustainability efforts in line with our Sustainability Program 2025. The goals include carbon emission reduction, equality, thought leadership, and sustainable business.

In addition, the strategic pillar "The most innovative" supports our sustainability work. Building stronger innovation culture has already led to the development of several new products and services focused on sustainability.

Our key product and service groups for sustainability, in accordance with the EU taxonomy review, are expert services related to the construction of new buildings, the renovation of existing buildings, building energy efficiency, infrastructure enabling road and public transport, and software. 1

In 2024, Sitowise expanded its offerings in the energy and industrial sectors with its Louhi and Smartlas products. Planect, released in May, complements Sitowise's range of tools promoting sustainability by enabling climate impact assessments in detailed plan projects.

At the end of 2024, Sitowise employed 1695 experts in Finland and 336 experts in Sweden. Moreover, Sitowise has offices in Portugal with 6 experts and Spain with 1 expert. Information about our employees can be found on ► pages 59–67.

SUSTAINABILITY PROGRAM 2025 SUPPORTS THE STRATEGY

The objective of Sitowise's sustainability program 2025 is to grow our sustainability handprint via customer projects and industry cooperation as well as reduce the carbon footprint of the company's own operations. Since Sitowise's business relies on the expertise of its employees, it is crucial for the company to strive to provide an excellent workplace, focusing comprehensively on the employee well-being and knowhow.

The Main Goals of the Sustainability Program

Active contribution to developing the operational environment to be more sustainable

For Sitowise, sustainability means providing sustainable services and products but also identifying the trends of the operating environment and engaging in active dialog. The aim is to be the most active and interesting actor in the sustainability of the built environment.

2. Sustainable economic growth

The 2025 Sustainability Program has set three goals for sustainable economic growth, which have since become part of the strategy. The economic growth goals of the Sustainability Program are:

Aiming to develop existing expertise, projects, and business as sustainable as possible by adding sustainability know-how in all projects.
New sustainability services on renewable energy, climate change adaptation and mitigation, biodiversity, and the circular economy.
Sitowise makes sure it meets the requirements of new sustainability regulation, and the sustainability standards that clients and employees have.

3. The most equitable workplace with the best employee well-being among peers

To reach the most equitable workplace goal, Sitowise is committed to actively improving the well-being of its employees and listening to them. Sitowise is also committed to ensuring diversity, equity, and inclusion ("DEI") in the company.

4. Climate emission reduction

Sitowise has been actively working towards reducing its emissions with specific targets since 2022. The original climate goal in the sustainability program was focused on reducing the company's direct emissions and included the option to offset emissions. At the end of 2023, Sitowise decided to set new, science-based emission targets that are more precise and comprehensive, covering both the company's own operations and supply chain emissions. These targets do not include the option for emission offsetting. The targets will be published in 2025 after SBTi validation.

1 EU taxonomy-eligible activities with a revenue exceeding 10% of the Group's total revenue in 2024.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report The UN Sustainable Development Goals (SDGs ) are a part of Sitowise's sustainability work. In 2021, when preparing the Sustainability Program 2025, we identified the UN Sustainable Development Goals that are most crucial for our operations. Sitowise conducted surveys and studies to understand the interests of key stakeholders, including clients, employees, and society at large. Employee surveys highlighted the need for improving well-being and equality, which were incorporated into the sustainability goals. Client needs for sustainable services and the industry's trends were also considered.

As the current sustainability program period is coming to an end, the updating of the following sustainability goals and actions has already begun. Firstly, in 2024, the new climate targets accompanied with the updated climate transition plan. In 2025, the work will continue with setting new sustainability goals, focusing on biodiversity, circular economy, own workforce, end users, and good governance practices.

The most senior level accountable for the implementation of the program is Executive Vice President Sustainability, Brand & Communications for the overall execution, and Executive Vice President Human Resources regarding the workforce related goals. The Sustainability Program goals are publicly available on our website. Sitowise's sustainability aspects are reported externally with the annual Sustainability statements. Furthermore, sustainability goals are discussed in interim reporting, as necessary and internal communication is executed under different topical themes.

The goals of our sustainability program primarily guide Sitowise's own actions. However, driving the operating environment towards greater sustainability and enhancing the responsibility of client projects also influence our stakeholders, ranging from customers to other actors across the sector. Our updated climate targets have impacts in our value chain as well.

Other Policies and Principles on Sustainability

Sitowise's strategy, practices, and policies define the company's operations. The Information Security Policy, Quality Policy, Environmental Policy, Personnel Policy, Safety Policy, and Risk Policy each provide a distinct perspective to guide sustainability-related matters. Operational documents, including the risk management principles, sustainability program, and code of conduct, complement the policies by providing practical guidelines for action.

The policies are accessible to employees on the company intranet. Additionally, the Sustainability Program 2025, Risk Policy, and Code of Conduct are publicly available on sitowise.com. With the support of the management, all employees follow the policy guidelines and participate in continuous improvement. Each policy is further described under the topical standards.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

VALUE CHAIN SETS THE SCOPE FOR SUSTAINABILITY WORK

According to the EU Sustainability Reporting Standard, a company's value chain defines the framework within which it must identify and manage its sustainability impacts, risks, and opportunities. Sitowise's value chain includes various service providers and suppliers utilized in its operations, as well as stakeholders related to the office properties that are in our use. At the downstream end of Sitowise's value chain are clients from different sectors and other end users of the built environment and digital solutions. A key part of the value chain is Sitowise's experts and their work, which transforms expertise into refined products and services. The operations are supported by shareholders and investors who enable the business.

As a company providing expertise-based services, the most important "input" in our business is the knowledge and skills of our experts. The way we ensure the availability and expertise of our personnel is described on ► pages 62–66.

The availability and operation of premises and work tools, such as information systems, are managed through contracts and proactive, planned work under the guidance of responsible persons. We create value at the end of the value chain for our clients who use Sitowise's tools and services or benefit from our expertise through design work or consulting. Other end users, such as building or green space users, benefit from Sitowise's design knowhow.

Sitowise's value chain

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

STAKEHOLDER INSIGHTS AND COLLABORATION

Sitowise's key stakeholders are clients, our employees, shareholders and investors, partners and subcontractors, and educational institutions and student organizations. We incorporate stakeholder perspectives in the development of our daily sustainability efforts and service offerings through the following processes:

Stakeholder interaction

Key stakeholders	The most relevant expectations	Interaction	Actions
Clients	Ethical and sustainable activities, quality of services, reliable collaboration	• Meetings, active communication with clients, project meetings and communication, fairs and events, annual client satisfaction survey, project surveys, client letters	Code of Conduct, unified tender process, quality assurance, processing of complaints, shared operational model for projects and the Voima platform that enables it, whistle-blower system
Employees	Ethical and responsible activities as an employer, openness and active sharing of information, development of well being and equity at work, possibility to develop as an expert.	• Internal communication channels: intranet, Teams. • Employees events: Group management's monthly info and Q&A events, department and team meetings. • Employee development conversations. • Support for supervisors, monthly supervisor info, continuous support from HR	Performance review process, Code of Conduct and whistle-blower system, management system, other guidelines related to work, training, continuous interaction, employee surveys, support for supervisors at work, shared information security practices and security guidelines, guided onBoarding process
Educational institutions and student organizations	Education cooperation, information sharing, training future talent, recruitment, offering traineeships and thesis positions	• Teaching and courses at higher education institutions, recruitment fairs and events, student visits, cooperation with student organizations	Contractual cooperation with different higher education institutions, NextGen trainee program, Vision for Competence, thesis pool.
Partners and subcontractors	Ethical and responsible collaboration according to the rules and guidelines of each party, high-quality operations, reliability, equal sharing of information	• Active stakeholder engagement, project meetings and communication, influencing through industry associations and networks	Agreements, procedures required by the Sitowise Code of Conduct, assessment of subcontractors.
Shareholders, investors	Financial performance, sustainable activities, creating new business from a value creation opportunity related to sustainability related services	• Active investor relations and communication in accordance with the laws and regulations	Annual general meeting, Capital markets day, face to-face meetings, Operations development in line with the strategy, practical implementation of the Code of Conduct, interim and annual reporting.

Stakeholder insights are part of the Double Materiality Assessment and sustainability due diligence process that both feed topical sustainability themes to our sustainability work. The material topics identified in 2024 Double Materiality Assessment are well-addressed in our strategy extending to 2025 or in other group level policies, and the analysis did not indicate a need for strategic changes or changes that will modify stakeholder relationships. The situation will be reevaluated during the planning phase of the next strategy period.

Sitowise's employees are a vital stakeholder group whose perspectives are gathered through various channels, such as the annual employee survey, quarterly conducted pulse surveys, employee development discussions and collaborative methods that are integrated into daily work. The employee insights are considered in the annual planning of business areas. Additionally, employees'

insights have been incorporated into our current strategy for example through strategy workshops, that were held in the development phase of the strategy. In Sitowise's expert-based business, the workload is sometimes distributed unevenly over time, which employees have highlighted as a negative impact on them. Employee well-being is addressed in the strategy, including through the employee well-being support management model introduced in 2024. In Sweden the model will be implemented during 2025. More information about collaboration with employees, which also consider human rights aspects, is provided on ► page 61.

The perspectives of clients and other end-users are taken into account in the development of strategy and business operations, for example, through insights gained from customer and general reputation surveys. Additionally, client and industry perspectives and needs are addressed as part of daily work in various collaborative forums. Considering client needs and industry development, sustainability has emerged as one of the three pillars of the current strategy. Furthermore, enhancing data security has been identified as an ongoing key focus area. The connection between strategy and business to the sustainability impacts on end-users is crucial, even though it's often the project's client who ultimately decides on the implementation of sustainability perspectives.

In 2024, investors continued to show interest in the company's sustainability profile, especially from the viewpoint of new sustainability services. The financing agreements also include sustainability metrics. Some clients have indicated a need for us to align sustainability frameworks such as EcoVadis, Carbon Disclosure Project (CDP), and Science-Based Targets initiative. After careful assessment, Sitowise decided to join CDP. EcoVadis assessment was conducted for Swedish operations, as was done last year. Sitowise committed to set Science-Based climate targets already in the end of 2023 and the work with target setting continued in 2024. In addition, the financier's views that sustainability goals should be included in compensation have also been taken into account.

For Sitowise, collaboration with higher education institutions is an essential way of collaborating with the industry's future creators. Sitowise's goal in Finland is to have students account for 10% of all employees. In 2024, students conducted 6,8% of our employees. This goal has been set to ensure the development of competence at Sitowise and throughout the industry as well as to secure the availability of talent in the future. In addition, Sitowise actively participates in industry networks and events, where it can promote the advancement of sustainability and exchange ideas with other stakeholders.

The company's business areas are primarily responsible for continuous cooperation with clients and partners. At Sitowise, Communications and Marketing, HR, Finance, and the Sustainability Team also carry out extensive stakeholder cooperation.

The Board of Directors and the Group Management Team regularly review stakeholder perspectives on sustainability matters. These insights are gathered through group risk analysis, due diligence review, double materiality assessment, and client and employee surveys. Additionally, the Group Management Team addresses employee feedback, collaboration with clients, and partnerships with educational institutions as needed during the year.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Double Materiality Assessment

IDENTIFYING SUSTAINABILITY IMPACTS, RISKS AND OPPORTUNITIES

Sitowise conducted the Double Materiality Assessment set by the ESRS in the beginning of 2024. The Double Materiality Assessment is built on two perspectives related to sustainability: how the business impacts people and the planet and financial business risks and opportunities. The analysis encompasses Sitowise's three business areas at the start of the fiscal year, the primary geographical regions of operation—Finland and Sweden—as well as the entire Sitowise value chain.

The Double Materiality Assessment began with an internal workshop to identify and classify key sustainability topics relevant to the company, while excluding those with no significant impacts, risks, or opportunities. The results of the workshop were used as a basis for an online survey, where both the impacts and the financial risks and opportunities were assessed in more detail. The online survey was shared with key stakeholders, including Sitowise's group and business area management teams, Board of Directors, financial experts, HR and other group functions as well as selected financiers and investors.

In addition, a group of Sitowise's sustainability experts provided their insights on sustainability issues, drawing on their extensive knowledge and experience in client projects from various industries. Their input represented the stakeholder perspective, including clients and end-users. Their input represented the stakeholder perspective, including clients and end-users. To complement the analysis, sectorspecific articles, roadmaps, and other publications were reviewed to incorporate broader perspectives, including those of nature. During the workshop phase, the assessment included the following themes, including their ESRS subcategories: climate change,

environmental pollution, biodiversity and ecosystems, circular economy, and water and marine resources. Only water and marine resources were eliminated from the list of potential material topics before conducting the online survey. Specific affected stakeholders were not consulted; instead, expert assessments and industry-specific publications were utilized.

Based on Sitowise's previous carbon footprint calculations, it was determined that the climate emissions from Sitowise's own operations are not significant, but the emission impacts through customer projects are significant. Following the materiality analysis, the physical and transition risks of climate change were analyzed in a separate project,

whose findings aligned with and refined the results of the materiality analysis. The work and its results are described in more detail later in the report. Sitowise's locations were analyzes using mapping tools in relation to biodiversity and ecosystems. The offices are mainly located in densely built urban areas and no particularly sensitive ecosystems were found nearby; it was concluded that their locations do not inherently threaten biodiversity. Dependencies as well as transition, physical, and systemic risks on biodiversity will be examined more in 2025.

Sitowise's operations are based on expert work and none of Sitowise's businesses are particularly resource-intensive; therefore, it has not separately studied resource use in operations or waste generation. Sitowise's primary impacts on resource use are generated through design work and the services it provides, impacting the operations of the end users. Environmental pollution was not identified as a significant factor in the materiality analysis for Sitowise's operations. Assessing locations in relation to environmental degradation was considered immaterial, and thus, no further examination was conducted. The company's holdings or operations were not assessed in relation to water and marine resources. Regarding pollution and water resources, the affected communities were not consulted.

SCORING AND DECISION MAKING

The materiality assessment's scoring methodology and criteria are aligned with ESRS requirements. The materiality of negative impacts was assessed based on their relative severity and likelihood, and the materiality of positive impacts was assessed based on scale, scope and likelihood, the likelihood assessment only concerning potential impacts. Financial materiality was evaluated by the magnitude of risk or opportunity (non/low/medium/high) and likelihood (not likely/possible/likely/most likely). For negative impacts related to human rights, scoring was conducted with special attention. The interdependencies between impacts and financial risks and opportunities were considered by conducting the assessment of in a combined process. A sustainability was considered material if at least one impact, risk, or opportunity exceeded its defined threshold.

In the end of 2024, the risks identified in the materiality assessment were also considered in the annual group risk assessment, where sustainability risks were evaluated in relation to other grouplevel risks. In the next double materiality process, the identification, assessment, and management of impacts and risks will be more closely aligned with the group's risk management process. Sitowise's business areas and group functions incorporate the risk assessment results into their operational plans as needed.

Environmental Social Governance

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

THE RESULTS

Because the survey aimed to collect respondents' insights through open-ended response fields, analyzing and summarizing the results required the use of expert evaluations. In addition, the analysis combined information from various sources, such as industry reviews and Sitowise's previous materiality assessment. The results are therefore qualitative. The results and thresholds were reviewed with the Group Management Team, Audit Committee, and Board of Directors as an agenda item in their own meetings. The work was supported and monitored by a small steering group composed of members of the management team. The implementation and outcome of the analysis were also reviewed by an external auditor, who e.g. provided development suggestions for the upcoming years. The need for updates to the assessment will be evaluated annually.

In Sitowise's double materiality analysis, the key sustainability themes identified were climate change, biodiversity, circular economy, own workforce, end-users, and business operations.

Important perspectives were also identified regarding environmental pollution, communities affected by impacts, and supply chain workers. Although the impacts, risks, or opportunities in these themes did not exceed the materiality thresholds, they will be closely monitored in future materiality assessments.

In addition, to the materiality assessment of sustainability themes, we have evaluated the materiality of the associated ESRS data points, taking into account the following aspects: materiality for Sitowise's operations and stakeholders, the potential for leveraging transition periods related to the data points, and the voluntary or conditional nature of the data points.

ASSESSMENT OF CLIMATE CHANGE TRANSITIONAL AND PHYSICAL RISKS

After the materiality analysis, transition and physical risks related to climate change were analyzed in their own process, taking into account the results of the double materiality analysis. The follow-up analysis included management interviews concerning transitional risks and opportunities, as well as a survey focused on physical risks, which was sent to a selected group of experts within Sitowise. The analysis considered both climate change risks identified in the materiality analysis and those defined in the Task Force on Climate-related Financial Disclosures (TCFD) reporting framework in relation to the National Climate Change Adaptation Plan 2030 published by the Finnish Government. Physical risks under the TCFD framework that do

not pertain to Finnish conditions according to the adaptation plan were excluded from the analysis. Uncertainties and risks in the value chain were examined on a general level.

The assessment of transition risks and opportunities was based on the IEA's 1.5-degree scenario, which outlines the necessary changes to limit climate change to 1.5 degrees. These changes include reducing energy sector carbon emissions by 2030, ending deforestation by 2030, reducing non-carbon emissions, and increasing carbon removal and storage. Interview questions were grouped into four thematic categories in line with the TCFD reporting framework. The interviews assessing transition risks also examined the significance of emissions from Sitowise's business operations and found that failure to reduce the company's own emissions creates a significant reputational risk for the company. However, the emissions of Sitowise's business operations were estimated to be at a relatively low level, which is typical of the industry, and thus the emission development was not expected to have a direct economic impact. The assessment of transition and physical risks didn't identify assets or business that would be in conflict with climate targets. Based on the interviews assessing the transition risks, no changes were identified in Sitowise's business operations that would significantly increase the emissions generated by the operations.

The survey and interviews considered responses over the short, medium, and long term. The short-term horizon was the present state, the medium term was five years from now, and the long term was more than ten years from now. The interviews emphasized themes that were relevant to each interviewee based on their responsibilities and expertise. Interviewees represented all Sitowise sectors and senior management from both Finland and Sweden. It was found that all transition risks were continuous in nature, and having a particular effect in the medium-term time horizon

The survey on physical climate risks was directed at Sitowise sector directors and individuals whose roles relate to climate adaptation. It examined physical risks due to climate change in relation to a high-emission scenario where emissions have not decreased, raising global average temperatures by over four degrees. In this scenario, average temperatures in Finland could rise by up to six degrees. The physical climate-related risks used in the assessment were based on the table of physical climate-related risks presented in section AR 11d (Commission Delegated Regulation (EU) 2021/2139) of the text of the Sustainability Reporting Directive. The risks in the table have been specified and limited based on the risks mentioned in the

Government's National Climate Change Adaptation Plan 2030, which are estimated to affect conditions in Finland. Sitowise's operations are focused on Finland and Sweden, which means that the conditions in Finland and Sweden are also essential and significant in terms of physical climate risks. The physical risks of climate change in Finland and Sweden do not differ significantly from each other. Business and value chain risks were assessed based on the potential extent and likelihood of impacts. In addition, the open-ended responses provided more detailed insights on the time span of the risks (short, medium, long), relevance and concrete impacts. Sitowise has not identified any assets or business that would be particularly sensitive to physical climate risks. Sitowise's offices are almost entirely leased offices, and therefore they are not subject to any significant risks for Sitowise. The equipment and vehicles used in the work are also mainly leased and not owned by the company.

The physical climate risks used in the assessment were based on those mentioned in the National Adaptation Plan 2030, which are expected to affect Finnish conditions. Business and value chain risks were assessed based on the potential scale and probability of impacts. Additionally, open-ended responses provided more detailed insights into the timeline (short, medium, long), significance, and concrete impacts of risks.

The above described resilience analysis is based on the views and assessments of respondents and interviewees regarding climate risks related to Sitowise's business and value chains. Uncertainties in the results are related to potential gaps in respondents' knowledge concerning climate risks and their impact on Sitowise's business and value chains.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business

Profiling on green transition services supports service offering development, expands

customer base, and enhances attractiveness as an employer.

Short-term ☑ Medium-term ☑ Long-term ☐ Upstream ☐ Own operations ☑ Downstream ☐

CLIMATE CHANGE

Impacts on the Environment and Society		Business Risks and Opportunities
± Potential positive impact OR actual negative impact	Emissions in operating environment Solutions that reduce emissions are/aren't successfully implemented in building and infrastructure client projects or in the development of digital services. Collaborative initiatives and development projects are/aren't creating new approaches to leverage low-emission solutions. Short-term ☐ Medium-term ☑ Long-term ☑	– Risk	Lack of expertise Sitowise fails to grow or maintain the expertise and knowledge of specialists that anticipate and respond to changing regulations or customer needs on climate change. Overlooking technical needs on climate change adaption in projects may lead to customer claims, for example. Short-term ☑ Medium-term ☑ Long-term ☑ // Upstream ☐ Own operations ☑ Downstream ☐
± Potential positive impact OR actual negative impact	Upstream ☑ Own operations ☑ Downstream ☑ Emissions in own operations and in value chain The emission are/aren't reduced in line with Sitowise's emissions reduction goals.	– Risk	General uncertainty and changes in legislation Reduced predictability related to climate change impacts, political decision-making, regulation and economical drivers in the society.
	Short-term ☐ Medium-term ☑ Long-term ☑ Upstream ☑ Own operations ☑ Downstream ☑		Short-term ☑ Medium-term ☑ Long-term ☑ // Upstream ☑ Own operations ☑ Downstream ☑
± Potential positive impact OR actual negative impact	Climate resilience in operating environment Solutions to enhance climate resilience are/aren't successfully implemented in collaborative development projects or initiatives, or in Sitowises's client projects, thus positively/negatively affecting the overall societal climate resilience. Short-term ☐ Medium-term ☑ Long-term ☑	Sitowise's role as an actor in the built environment enables it to influence both climate change mitigation and the climate resilience of society through its design, consulting, and digital services. Emissions must be reduced in both Sitowise's own operations and throughout the entire value chain. This requires Sitowise to actively support emission reductions and strengthen climate resilience in both customer projects and industry collaborations. If emissions are not reduced in the built environment sector, for example, it can
	Upstream ☐ Own operations ☑ Downstream ☑	biodiversity loss.	contribute to the progression of climate change, increasing the occurrence of extreme weather events and Developing services related to climate change and leveraging climate expertise in existing operations
Business Risks and Opportunities ± Opportunity OR risk	Leveraging business potential / failure of exploiting business potential and falling behind competitors Increasing service demand in climate change and adaptation brings significant business opportunities for Sitowise and its service development, including digital services. If climate change-related services are not integrated into service offerings it will lead to business potential loss and falling behind competitors.		offer significant business opportunities for Sitowise. If Sitowise fails to capitalize on this potential, there is a risk that the company may fall behind in a highly competitive market. Focusing on climate action and sustainability is also expected to attract new talent to the company. The impacts of climate change affect the entire value chain, with climate resilience impacts particularly affecting end users. The business risks and opportunities pertain to Sitowise's own business, but the uncertainty related to regulation and other decision-making drivers spans the entire value chain.
	Leveraging business potential: Failure of exploiting business potential: Short-term ☑ Medium-term ☑ Long-term ☐ Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐ Upstream ☐ Own operations ☑ Downstream ☐		Sitowise manages identified impacts, risks, and opportunities through various actions. The business opportunities presented by climate change are part of our strategy, and the goal is to double the revenue of our sustainability services. In collaboration with clients, our experts promote emission reductions and climate
+ Opportunity	Profiling on sustainability, and on climate expertize resilience in customer projects by setting sustainability targets using Sitowise's Sustainability Tool.

We aim to influence the development of our operating environment by actively initiating and maintaining discussions on sustainability issues, including climate change. Additionally, Sitowise aims to minimize its own operational emissions in line with science-based climate targets.

We continuously strive to maintain our experts' competence and enhance Sitowise's reputation as a leader in sustainability. The business risk related to expertise is managed by providing staff with sustainability training and supporting skill development. Furthermore, we actively monitor changes in customer needs, the evolving operating environment, and legislative changes.

A detailed assessment of Sitowise's climate resilience is available on ► page 46. 33

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report

Sustainability assurance report

BIODIVERSITY AND ECOSYSTEMS

Impacts on the Environment and Society

±	Potential positive impact OR actual negative impact	Biodiversity loss is progressing / Biodiversity is widely considered within Sitowise's operational environment. Biodiversity loss is not mitigated in Sitowise's operational environment, collaborative projects or initiatives. Sitowise, among others, has not been able to lead the change. / New practices supporting biodiversity conservation and ecosystem vitality have been actively and widely implemented in the operational environment.
		Local ecosystems are declining: Short-term ☐ Medium-term ☑ Long-term ☑ Upstream ☑ Own operations ☑ Downstream ☑	Biodiversity is considered: Short-term ☐ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑
±	Potential positive impact OR actual negative impact	The vitality of local ecosystems is declining / The consideration of biodiversity and ecosystems strengthens locally. Biodiversity issues are not adequately addressed in Sitowise's client projects / Sitowise's client projects extensively incorporate actions supporting biodiversity conservation and ecosystem vitality. This theme is also taken into account in the development of new digital solutions.

Short-term ☐ Medium-term ☑ Long-term ☑ Upstream ☑ Own operations ☑ Downstream ☑

Business Risks and Opportunities

± Opportunity OR risk Leveraging business potential / failure of exploiting business potential and falling behind competitors.

Sitowise succeeds in building growth from services that prevent biodiversity loss. Biodiversity perspectives are integrated into the service portfolio comprehensively and the opportunities of digitalization are exploited. Opportunities brought by regulations have been seized proactively. / Sitowise lacks comprehensive understanding of biodiversity issues and therefore fails to identify customer segments for whom the topic is important or cannot integrate the theme into existing services. This may lead to reputational damage, diminished customer trust and falling behind competitors.

Short-term ☑ Medium-term ☑ Long-term ☐ Upstream ☐ Own operations ☑ Downstream ☐

+ Opportunity Profiling on biodiversity Sitowise distinguishes itself from competitors with its expertise in nature-related matters. Through clear profiling, it has increased its market share in this theme and found new customer segments. Short-term ☑ Medium-term ☑ Long-term ☑

Upstream ☐ Own operations ☑ Downstream ☐

– Risk Lack of expertise

There is not enough investment in growing and maintaining expertise. Failing to attract new talents. Resource shortages compared to customer needs.

Short-term ☑ Medium-term ☑ Long-term ☐ Upstream ☐ Own operations ☑ Downstream ☐

Business Risks and Opportunities

–	Risk	Changes in regulation in sectors that contribute to biodiversity loss The progression of biodiversity loss affects Sitowise's business through regulation or financial aspects.
		Short-term ☐ Medium-term ☐ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑
–	Risk	Views and expectations of the public Sitowise's services or the activities of other actors in its value chain are seen to contribute to biodiversity loss (e.g., by destroying valuable natural habitats). Public opinion towards build environment or activities within forest industry tightens.
		Short-term ☐ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑

In addition to climate change, Sitowise can impact the state of biodiversity and ecosystems both through each customer project and by enhancing the entire operating environment's expertise in the topic. Sitowise's direct impacts on biodiversity and ecosystems are relatively minimal, as most of our work is done on computers in an office. Sitowise's offices are situated in or near city centers, not in sensitive natural areas.

Considering biodiversity is a significant business opportunity for Sitowise due to potential new service offerings and a broader client base. However, if biodiversity perspectives are not incorporated into all relevant services, there is a risk that customer expectations won't be met, and Sitowise may not align with market expectations or adapt to changes in public opinion.

The identified impacts concern the entire value chain. In Sitowise's services, the impacts, risks, and opportunities relate to all services connected to the natural environment or the use of natural resources. Risks and opportunities related to regulatory or operational environment changes may also affect the value chain more broadly. The decline in biodiversity and ecosystem degradation are both local and global challenges affecting habitats, resources, and climate regulation.

Conserving biodiversity and maintaining ecosystem vitality has become one of the most significant environmental sustainability themes in recent years. Biodiversity services have been recognized as one of the strategic growth drivers alongside other environmental sustainability topics. Biodiversity is considered also in Sitowise's Sustainability Tool, which is used on setting sustainability targets for customer projects. We aim to shape the development of our operational environment by actively initiating and sustaining dialogues on sustainability topics, biodiversity included. We strive to enhance our experts' knowledge and raise awareness of the issue's importance. We actively monitor changes in customer needs, industry practices, and regulations.

In 2025, Sitowise will initiate the development of an action plan related to biodiversity and ecosystems. This plan will also evaluate the company's resilience concerning changes in biodiversity and ecosystem conditions. More information on this topic is provided on ► page 56.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements
(IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

CIRCULAR ECONOMY

Impacts on the Environment and Society

±	Potential positive impact OR actual negative impact	Overconsumption of natural resources continues / Circular economy solutions decreases the use of virgin natural in Sitowises's operational environment The systemic change towards circular economy in Sitowise's operational environment remains incomplete, contributing to accelerate biodiversity loss through the consumption of virgin resources and climate change through the use of fossil fuels. Sitowise, among others, has not been able to lead the change. / Circularity is widely considered within Sitowise's operational environment and in client projects causing less waste and material loss.
		Short-term ☐ Medium-term ☑ Long-term ☑
		Upstream ☑ Own operations ☑ Downstream ☑

Business Risks and Opportunities

±	Opportunity OR risk	Leveraging business potential / failure of exploiting business potential and falling behind competitors. Sitowise actively develops new perspectives and tools for utilizing the principles of circular economy in its client projects. / Circular economy principles have not been integrated into the planning activities. Sitowise is lagging behind in the circular economy transition.
		Leveraging business potential: Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
		Failure of exploiting business potential: Short-term ☐ Medium-term ☑ Long-term ☐ Upstream ☐ Own operations ☑ Downstream
–	Risk	Circular economy is not implemented in client projects Sitowise does not provide customers with innovative circular economy solutions, which may effect on client satisfaction. Material waste occurs in the value chain, which may also affect on pricing in the value chain.
		Short-term ☑ Medium-term ☑ Long-term ☑

Upstream ☐ Own operations ☑ Downstream ☑

Sitowise's approach and impact on the circular economy are similar to its efforts in promoting biodiversity. While Sitowise's own operations do not consume significant resources, developing circular economy solutions within its operating environment is a key way to reduce environmental impact. The built environment currently consumes vast amounts of virgin natural resources, and Sitowise can help address this by integrating circular economy solutions into both client projects and digital services. Circular solutions are generally more sustainable for biodiversity and the climate compared to the use of virgin resources. The circular economy also presents business opportunities for Sitowise, enabling the development of new services and the expansion of its customer base. Conversely, failing to incorporate circular economy principles could become a business risk, affecting competitiveness and the ability to anticipate and meet customer needs.

Identified impacts concern the entire value chain. In Sitowise's services, impacts, risks, and opportunities are relevant for all services that have a connection to the consumption of natural resources. The circular economy has various impacts on people and nature, such as reducing the consumption of natural resources and the environmental burden.

Circular economy is already part of our strategy's The Most Sustainable pillar, and through it, Sitowise aims to increase revenue from circular economy-related services as part of its growth target for sustainability services.

In 2025, Sitowise will develop an action plan related to the circular economy. This plan will also assess the company's resilience in relation to the circular economy and resource use. The topic is also discussed on ► page 57.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report

Sustainability assurance report

OWN WORKFORCE

Impacts on employees
±	Potential positive impact OR actual negative impact	The employees' expertise grows with training and career development opportunities / skills development and career advancement opportunities are perceived as poor. This affects, among other things, commitment and job engagement.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
+	Actual positive impact	The company's investment in employee well-being and health supports the overall well-being of the employees.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
–	Actual negative impact	Employees are overloaded or do not feel their work is appreciated (including compensation).
		Commitment, job engagement, overall well-being, and health of the employees deteriorate.
		Short-term ☑ Medium-term ☑ Long-term ☑
		Upstream ☐ Own operations ☑ Downstream ☐

Business Risks and Opportunities

+	Opportunity	Competitive business Investments in employee well-being, development opportunities, and trainings strengthens employee's commitment and keeps Sitowise's expertise at a high level. A motivated and skilled workforce directly influences the quality of services and competitiveness.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
+	Opportunity	Profiling on sustainability Profiling in sustainability offers an opportunity to differentiate as a desired employer and partner.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
–	Risk	Lack of commitment Employees are dissatisfied with compensation, training, and/or development opportunities within the company. Skilled employees are leaving for competitors. This leads to increased employee turnover and increased recruitment costs and time spent for employee induction.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐

Business Risks and Opportunities – Risk Low workplace well-being Problems related to workload has impacts on commitment, work performance, and work engagement leading to increased absences and employee healthcare costs. Short-term ☑ Medium-term ☑ Long-term ☑ // Upstream ☐ Own operations ☑ Downstream ☐ – Risk Negative employer brand Sitowise is not an attractive employer for top talents in a highly competitive market. Short-term ☑ Medium-term ☑ Long-term ☑ // Upstream ☐ Own operations ☑ Downstream ☐ – Risk Inadequate expertise in sustainability issues Affects customer projects where the adoption of sustainable solutions is incomplete. The innovation of sustainable solutions does not meet the objectives. The

employee's understanding of sustainability issues affecting business is not at a sufficient level and/or the leadership on the topic is lacking.

Short-term ☑ Medium-term ☑ Long-term ☑ // Upstream ☐ Own operations ☑ Downstream ☐

Sitowise aims to create positive impacts through people-centered leadership that supports the development of employees' skills and career opportunities. Investments in employee health and well-being enhance overall well-being, providing benefits that extend beyond the workplace. In expertise work, challenges include preventing negative impacts such as employee overload and ensuring recognition in a way that is valued by the employees themselves. If Sitowise employees do not feel valued in their work, it can pose a significant business risk in terms of engagement and retention. A skilled and healthy workforce is a prerequisite for Sitowise's business success. Profiling as a responsible company strengthens our employer brand and gives us the opportunity to stand out as a societal partner. Business risks related to the workforce include lack of engagement, poor work well-being, and a negative employer brand. Additionally, if Sitowise fails to attract sustainability experts or develop its employees' expertise in sustainability, we will be unable to advance these themes in client projects.

The identified impacts are closely linked to Sitowise's consulting and design services, which are based on expertise, as well as the company's strategy. Sitowise's purpose is to help passionate experts solve complex problems. The purpose is supported by a target outlined in Sitowise's Sustainability Program 2025; We are the most equitable workplace with best employee wellbeing in the industry.

Negative impacts, such as employee overload, are isolated incidents that Sitowise strives to prevent through common guidelines. The identified impacts, risks, and opportunities affect all groups of employees at Sitowise. There are no risks related to forced or child labor among Sitowise's workforce.

Sitowise's own workforce in the sustainability report refers to employees with an employment contract with Sitowise. Within the ESRS phase-in time, Sitowise is developing its capabilities to oversee and manage non-employee labor. In 2024, Sitowise had around 150 external sub-consultants or other non-employees.

Sitowise strives to manage the impacts and risks related to its workforce by focusing on employee wellbeing, diversity, inclusion, and attractiveness as an employer through various initiatives, as detailed in the "Own Workforce" section on ► page 59.

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

END USERS

Impacts on the Environment and Society
+	Actual positive impact	Sitowise plans living environments that takes social and environmental sustainability as well as physical health and safety issues into account on
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑
+	Actual positive impact	Sitowise plans digital solutions where diversity, inclusivity, accessibility and data privacy perspectives are taken into account.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑
–	Potential negative impact	Data security is compromised A service or solution provided by Sitowise poses a risk to the data security of the customer, individuals, or the public.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑
–	Potential negative impact	Health or safety incidents cause harm Direct or indirect harm to the health or safety of clients or end-users in Sitowise's client project.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑

Business Risks and Opportunities
+	Opportunity	Reputation as a responsible and competent operator Investing in sustainability (including cybersecurity) and having satisfied clients and end users enhances reputation as a reliable and knowledgeable operator, strengthening market position.
		Short-term ☑ Medium-term ☑ Long-term ☑

Upstream ☐ Own operations ☑ Downstream ☐

– Risk Health or safety incident A Sitowise project directly or indirectly causes health or safety hazards to end-users resulting in potential liabilities as well as reputational damage.

Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☑

– Risk Cybersecurity failure A service or solution provided by Sitowise compromises customer, individual, or public cybersecurity resulting in potential liabilities as well as reputational damage.

Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☑ Own operations ☑ Downstream ☑ Sitowise's impacts on end-users are created through customer projects, such as the design of buildings, infrastructure, or the provision of digital services. Through our expert work, we can ensure that social and environmental responsibility, as well as health and safety aspects, are considered in living environments. In addition to physical environments, also digital solutions emphasize accessibility, diversity and inclusion. In many cases, the decisions regarding the consideration of sustainability perspectives are ultimately made by the customer, based on their own goals and resources.

As living environments become smarter, challenges related to digital security and privacy grow more complex. The importance of digital security is increasing across all our services, especially in digital solutions. If a service or solution offered by Sitowise poses a data security risk, it could negatively affect customers or other end-users. Data breaches represent a business risk for Sitowise, with potential liabilities and reputational damage. On the other hand, cybersecurity issues present business opportunities where Sitowise can leverage its expertise.

In construction or infrastructure projects where Sitowise is involved in design or supervision, accidents or hazardous situations can occur, potentially affecting end-users. Accidents and other incidents are also recognized as business risks for Sitowise due to associated reputational damage and potential liabilities.

Identified positive or negative impacts may manifest as weakened or strengthened environmental responsibility, infrastructure that supports everyday functionality, designs that accommodate diverse living needs, or digital services that simplify and accelerate customer operations.

The identified potential impacts primarily relate to end-users, including our customers. A data security breach could also affect the upstream value chain. Significant impacts, risks, and opportunities concerning end-users are closely tied to our strategy and the services we provide. According to our strategy, we aim to identify and improve the sustainability impacts of our current business, supported by the Sitowise's Sustainability Tool. Data security considerations are guided by our data security policy.

Business opportunities and risks, as well as impacts on end-users, are managed through various measures related to responsibility, cybersecurity, and health and safety. These are described in more detail in the end-user section on ► page 68.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

BUSINESS CONDUCT

Impacts on the Environment and Society

– Potential negative impact Failure in meeting the expectations related to social and/or economical responsibility Related to factors such as corruption, bribery, anti-competitive behavior, human rights deficiencies in supply chain or other forms of misconduct.

Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☑ Own operations ☑ Downstream ☑

Business Risks and Opportunities

+	Opportunity	Proactive monitoring and implementation of sustainability legislative changes and best practices Actively monitoring changes in the operating environment (including regulation preparation) creates opportunities for developing new services. Developing and implementing best practices reduces the possibility of governance-related risks.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
+	Opportunity OR risk	Reputation benefit from sustainability or a non-compliance risk Surpassing legal requirements in sustainability and raising sustainability topics to public discussion creates a reputation of responsibility and expertise. On the other hand, non-compliance in sustainability may pose a significant reputational risk and harm to the business.
		Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐
–	Risk	Deficient management practices Deficiencies in management practices and/or procedures can lead to ambiguities regarding roles and responsibilities. This can have repercussions throughout the entire operation, including employee engagement and customer satisfaction.

Short-term ☑ Medium-term ☑ Long-term ☑ Upstream ☐ Own operations ☑ Downstream ☐ Complying with good governance practices forms the foundation of responsible business. Negative environmental or societal impacts may arise from misconduct, human rights violations, corruption, bribery, or other sustainability issues. Such incidents also pose business risks to the company. Misconduct can affect individuals or broader groups of people and may result in adverse environmental impacts when sustainability requirements are violated. While the possibility for misconduct always exists, Sitowise aims to prevent it through appropriate measures. The systematic implementation and development of good governance practices stem from the organization's leadership methods. Inadequate leadership models can impact the quality of operations or services, thereby affecting customer satisfaction and creating business risks.

Actively monitoring the development of sustainability legislation and adopting best practices supports the improvement of Sitowise's own operations and creates business opportunities, enabling the company to expand its portfolio of sustainability services.

ADDITIONAL INFORMATION ON IMPACTS, RISKS AND OPPORTUNITIES

The assessment of material sustainability impacts, risks, and opportunities was conducted in a new and broader manner than before. Among other reasons, this has led to changes in the results compared to the previous materiality analysis. Climate change, our own personnel, and good governance are topics reported previously. Biodiversity and the circular economy have been included in the growth target of the sustainability business but were not part of corporate-level sustainability management in terms of impacts and risks. Impacts, risks, and opportunities related to end-users are also new themes in corporate-level sustainability management, although responsibility perspectives, cybersecurity, and health and safety perspectives have been previously considered in Sitowise's processes, such as risk management, client project management, and cybersecurity development.

The identified risks did not have significant impacts on the financial position, results, or cash flows. In terms of environmental sustainability themes, Sitowise aims to double its revenue from sustainability services to 10 million euros by the end of 2025.

The identified impacts are linked to Sitowise's strategy and business, either as part of the strategy's sustainability pillar or as part of the goals of the sustainability program. It is also recognized that Sitowise has the opportunity to manage identified negative impacts or promote positive impacts through business and good management practices. The direct impacts of the business on both environmental themes and endusers are comparatively small, but through customer projects and our services, the impacts are nonetheless significant. The resilience of the company's strategy and business model has not been specifically assessed in relation to the material impacts, risks, and opportunities identified in 2024, except in regard to climate change. The capability related to Sitowise's expertise to handle sustainability topics is described, among on ► page 24.

The presented impacts, risks, and opportunities fall within the scope of ESRS disclosure requirements. The entity-specific metric "Relative E-value of Designed Buildings" is reported at the end of the climate section.

Environmental Information

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

EU Taxonomy Assessment

Sitowise's EU Taxonomy Reporting

The European Union aims to achieve carbon neutrality by 2050. To support this goal, the EU has created the Green Deal, which includes a sustainable finance classification system, the EU Taxonomy. The EU Taxonomy defines uniform criteria for which activities can be classified as sustainable for the climate and environment. Its goal is to increase clarity and transparency by directing funding towards more environmentally sustainable investments and activities.

Taxonomy reporting was included in Sitowise's annual reporting for the first time for the 2021 operations. At that time, the reporting covered the examination of taxonomy-eligible activities in accordance with the taxonomy regulation. In 2022, the reporting expanded to include the reporting of taxonomy-aligned activities. Taxonomyaligned activities are those identified as taxonomy-eligible and meet the technical screening criteria set for the activity in the EU delegated climate and environmental regulation (criteria for significant contribution to the objective and criteria for avoiding significant harm (so-called DNSH criteria)) as well as minimum social safeguards concerning human rights, fundamental principles and rights at work, and business conduct (UN, OECD, ILO).

In 2023, the classification system focused on climate objectives expanded to include four new environmental objectives, the most relevant economic activities related to them, and their technical screening criteria. At that time, Sitowise's taxonomy eligibility was assessed for all six objectives and taxonomy alignment for the climate change mitigation and climate change adaptation objectives. In 2024, the assessment of taxonomy alignment also expanded to cover all six climate and environmental objectives.

The main goal of the 2024 taxonomy work was to clarify and describe the assessment and reporting process by increasing the transparency of information and decisions and creating uniform practices for future reporting years. Additionally, the aim was to describe more precisely the justifications for the assessment of each service product. The data collection and careful assessment of previous years created a strong foundation for the 2024 reporting.

THE ASSESSMENT PROCESS AND REPORTING IN 2024

Sitowise's taxonomy assessment is based on the identification of service products and the assessment of their revenue shares at the business area level. Sitowise's three business areas are divided into twelve sectors, in addition to which the review covered operations in Sweden and Infracontrol, which operates in Spain and Portugal. The taxonomy assessment was carried out on a service product basis, progressing from the identification of taxonomy-eligible activities to the assessment of the fulfillment of technical screening criteria, and thus to the identification of taxonomy-aligned activities.

In the first phase of the assessment, the service products of each sector were reviewed, taking into account the changes that occurred in 2024, and the development of the revenue of each service product was assessed compared to the 2023 assessment. The assessments were conducted through interviews with sector managers. In three sectors, as well as for operations in Sweden and Infracontrol, the cost center division of activities enabled the collection of accurate revenue data for service products. For two sectors, the revenue assessment of service products could be refined by reviewing ongoing projects related to service products, and in two sectors, department heads also participated in the assessment, increasing the accuracy of revenue estimates. Otherwise, the assessments were based on the knowledge of sector managers about the changes that occurred in each sector and their assessments of how the changes affected the revenues of service products.

After identifying the service products and refining their revenue share data, the taxonomy assessment progressed to the assessment of taxonomy eligibility and alignment on a service product basis. This phase was built on the assessment work done in previous years, but to increase transparency, the assessments were reviewed, and their justifications were systematically recorded. For those service products that remained unchanged in content after the 2023 assessment, it could be stated that the previous assessment was still valid, and no changes were made to the assessment, with some exceptions. A new assessment of taxonomy eligibility and alignment was carried out for service products that had changed in content and new service products, as well as for activities that the taxonomy alignment assessment did not yet fully cover last year.

After the assessment of taxonomy eligibility and alignment, the taxonomy assessment progressed to the compilation of financial data. The financial data was compiled from the figures reported externally by Sitowise and subject to audit. In the calculation, it was taken into account that the same revenue cannot be attributed to two different taxonomy-eligible activities. As described earlier, the company aims to collect revenue data at the most detailed level possible, the cost center, to reliably allocate the correct revenue to the desired taxonomy criterion. However, cost centers may have multiple taxonomy service products, and therefore the shares of service products are allocated proportionally. This allocation always ends up totaling one hundred percent, ensuring that the revenue cannot exceed the total revenue of the cost center. Most of the revenue can be calculated directly in this way. However, there are certain sections where separate calculations are required to calculate taxonomy-eligible revenue. All these separate calculations have been carefully documented, and efforts have been made to ensure that the total revenue does not exceed the externally reported revenue of Sitowise.

KEY FIGURES FOR 2024

In 2024, 46.9% of Sitowise's revenue was considered taxonomyeligible activities. These activities include, among others, software services in the Digi sector (Climate Change Adaptation CCA 8.2 Software, consulting, and related activities), many water services, such as services for stormwater management planning and modeling (Climate Change Mitigation CCA 9.1 Engineering services related to climate change adaptation and related technical consulting), street and building design (Climate Change Adaptation CCA 6.15 Infrastructure enabling road traffic and public transport), and various energy services (Climate Change Mitigation CCM 9.3 Expert services related to building energy efficiency). New taxonomy-eligible activities included biodiversity assessments (Protection and restoration of biodiversity and ecosystems BIO 1.1 Protection of habitats, ecosystems, and species, including restoration) and surveying and construction measurement related to infrastructure design (Climate Change Adaptation CCA 6.15 Infrastructure enabling road traffic and public transport). A significant portion of Sitowise's activities does not fall under the taxonomy classification, as the planning and consulting

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report sector is not recognized as a separate activity category in the taxonomy regulation, and it is only considered in some descriptions of activity categories. This excludes, for example, Sitowise's Building business area's design and consulting services related to new construction (CCM/CCA 7.1) and the renovation of existing buildings (CCM/CCA 7.2) from taxonomy reporting. In 2024, no taxonomyaligned activities were identified at Sitowise, i.e., activities that meet all the technical screening criteria described in the delegated climate or environmental regulation for the activity. The general criteria of the "do no significant harm" principle (Annex A of the climate and environmental regulation) for climate change adaptation are particularly challenging for Sitowise to meet, as the determination of physical climate risks rarely occurs at the project level.

In the 2024 reporting, the definition of enabling activities and thus the assessment was refined. In 2023, design and consulting services that directly enable significant advancement of several environmental objectives through Sitowise's clients' projects were identified as enabling activities. At that time, the design and consulting services of the Building business area, which directly enable the achievement of the climate change mitigation environmental objective for both new construction and renovation, were identified as particularly significant activities. Sitowise's nature services and biodiversity assessments were also identified as significantly advancing clients' environmental objectives. In 2024, the interpretation of enabling activities was refined, and the condition for identifying enabling activities was set as the taxonomy alignment of the activity. The indicators reported for 2023 and 2024 in this sustainability report are in accordance with the new definition.

For 2024, the tables presenting the key figures required by the taxonomy regulation (revenue, capital expenditures (CapEx), and operating expenditures (OpEx)) are at the end of this chapter. The company presents the euro-denominated share of taxonomy-eligible revenue from Sitowise Group Oy's total annual revenue. The company addresses the total revenue in the appendix 2.2.1 of the financial statements and capital expenditures in appendices 3.2 and 3.3. The company's capital expenditures (CapEx) are generally of a nature that concerns the entire company, so CapEx additions have been allocated in the same proportion to taxonomy-eligible service products as revenue. Individual investments have not been allocated to specific service products. Sitowise has not prepared a CapEx plan, as there are no significant investments known to increase the share of taxonomyaligned activities.

Since operating expenditures (OpEx) do not arise in Sitowise's business in the manner intended by the taxonomy regulation, and operational costs are not significant for our business model, we report that taxonomy-eligible and taxonomy-aligned operational costs are 0% for 2024. Significant development measures for Sitowise's operational costs generally occur as part of Sitowise's customer projects, so development measures will continue to be considered as part of personnel costs.

Sitowise does not engage in or finance activities related to nuclear power or fossil gases. Form 1 in accordance with the delegated regulation (EU) 2022/1214 is presented in table Activities related to nuclear power and fossil gases.

MINIMUM SAFEGUARDS

The EU Platform on Sustainable Finance has presented criteria for the EU Taxonomy's minimum social safeguards. The criteria are divided into the examination of processes related to human rights, corruption and bribery, fair competition, and taxation, as well as related violations.

During the 2024 financial year, Sitowise has analyzed and promoted minimum safeguard measures. During the 2025 financial year, the human rights review (due diligence process) will be supplemented as necessary and built into a continuous process. Competition law policy and related training will be implemented in the 2025 financial year. The effectiveness of internal control measures, guidelines, and processes to prevent and detect corruption and manage tax risks to ensure compliance with regulations will be assessed in the 2025 financial year.

Regarding the implementation of minimum social safeguards, Sitowise confirms that neither the company nor its management has been convicted of crimes related to human rights, corruption, and bribery, the company or its management has not been found to have violated competition law, and the company has not been found guilty of tax evasion.

The most essential processes to ensure the implementation of social responsibility in accordance with international commitments are the ethical code of conduct and related training, adherence to it in daily work, the company's WhistleBlow channel for reporting inappropriate behavior, and the defined process for handling reports. The ethical code of conduct and its training cover themes related to human and employee rights, corruption and bribery, and fair competition. The possibility of financial misconduct is reduced by following the so-called four-eyes principle, where at least two handlers must confirm the

correctness of each purchase and travel expense report. The company has documented authority levels for all individuals who can perform legal actions on behalf of the company. The company complies with tax regulations locally in all its operating countries. The due diligence assessment in accordance with the OECD model and the assessment of compliance with the taxonomy's minimum safeguards are also essential processes in work related to human rights, corruption and bribery prevention, fair competition, and taxation.

TAXONOMY REPORTING IN FUTURE YEARS

From Sitowise's perspective, the challenge of taxonomy regulation remains that the regulation does not sufficiently consider the planning and consulting sector as its own industry. However, even though our services do not meet the criteria for taxonomy alignment, many of our services enable our clients to develop their operations to be more environmentally friendly and thus meet the taxonomy's environmental objectives. In this way, the impacts of our activities are indirectly visible through the value our clients derive from our services.

Sitowise offers a vast array of planning and consulting services as part of construction, infrastructure, transportation, and digital solutions. In 2024, our taxonomy assessment covered over ten sectors and nearly 300 different service products. The challenge in taxonomy reporting for Sitowise is the somewhat varying cost center structure by sector and the fact that revenue data is only available for some sectors on a service product basis. Mostly, cost centers are associated with numerous service products and, in turn, numerous projects. To achieve the highest possible level of accuracy in taxonomy assessment, the assessment should be extended to the project level, which is challenging in a project work environment with current project management practices and systems. However, the careful groundwork done in previous reporting years, as well as the expertise of sector managers in their respective sectors and other refining discussions, have built a solid foundation for the assessment, increasing its reliability.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Row	Activities Related to Nuclear Power
1.	The company conducts or finances research, development, demonstration, and deployment related to innovative electricity generation facilities that produce energy through nuclear reactions with minimal waste from the fuel cycle, or has responsibilities related to such activities.	NO
2.	The company conducts or finances the construction and safe operation of new nuclear facilities intended for electricity or process heat production, including district heating or industrial processes such as hydrogen production, and improving their safety using the best available technology, or has responsibilities related to such activities.	NO
3.	The company conducts or finances the safe operation of existing nuclear facilities that produce electricity or process heat, including district heating or industrial processes such as hydrogen production from nuclear energy, and improving their safety, or has responsibilities related to such activities.	NO
	Activities Related to Fossil Gases
4.	The company conducts or finances the construction or operation of electricity generation facilities using fossil gaseous fuels, or has responsibilities related to such activities.	NO
5.	The company conducts or finances the construction, renovation, and operation of combined heat or cooling and electricity generation facilities using fossil gaseous fuels, or has responsibilities related to such activities.	NO
6.	The company conducts or finances the construction, renovation, and operation of heat or cooling generation facilities using fossil gaseous fuels, or has responsibilities related to such activities.	NO

Table: Activities Related to Nuclear Power and Fossil Gases

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Financial year 2024		Year					Substantial Contribution Criteria							DNSH criteria ('Does Not Significantly Harm')
Economic Activities	Code	Turnover	Proportion of year 2024 Turnover,	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Circular Economy	Biodiversity	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Circular Economy	Biodiversity	Minimum Safeguards	turnover, year 2023 aligned (A.1.) or Proportion of eligible (A.2.) Taxonomy	enabling activity Category	transitional activity Category
	CCM/CCA/ WTR/CE/ PPC/BIO	MEUR	%						Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N		Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)

Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.0%	0.0%	0.0%	0.0%	0%	0.0%	0.0%	0.0%	N	N	N	N	N	N	N	0.0%
Of which Enabling		0.0	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	N	N	N	N	N	N	N	0.0%	E
Of which Transitional		0.0	0.0	0.0						N	N	N	N	N	N	N	0.0%		T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
							EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Infrastructure for rail transport	CCM 6.14	5.8	3.0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								3.1%
Data-driven solutions for GHG emissions reductions	CCM 8.2	0.8	0.4%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.4%
Close to market research, development and innovation	CCM 9.1	0.0	0.0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.3%
Professional services related to energy performance of buildings	CCM 9.3 14.0		7.3%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								8.6%
Infrastructure enabling road transport and public transport	CCA 6.15 20.5		10.6%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								5.9%
Infrastructure for water transport	CCA 6.16	1.2	0.6%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.1%
Computer programming, consultancy and related activities	CCA 8.2 43.0		22.3%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								14.1%
Software enabling physical climate risk management and adaptation	CCA 8.4	0.0	0.0%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.1%
Engineering activities and related technical consultancy dedicated to adaptation to climate change	CCA 9.1	1.1	0.6%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.4%
Flood risk prevention and protection infrastructure	CCA 14.2	0.2	0.1%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.1%
Manufacture, installation and associated services for leakage control technologies enabling leakage reduction and prevention in water supply systems	WTR 1.1	0.0	0.0%	N/EL	N/EL	EL	N/EL	N/EL	N/EL								0.1%
Remediation of contaminated sites and areas	PPC 2.4	3.3	1.7%	N/EL	N/EL	N/EL	EL	N/EL	N/EL								1.8%
Conservation, including restoration, of habitats, ecosystems and species	BIO 1.1	0.7	0.4%	N/EL	N/EL	N/EL	N/EL	N/EL	EL								1.1%
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		90.5	46.9%	10.7%	34.1%	0.0%	1.7%	0.0%	0.4%								36.1%
A. Turnover of Taxonomy-eligible activities (A.1+A.2)		90.5	46.9%	10.7%	34.1%	0.0%	1.7%	0.0%	0.4%								36.1%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities		102	53.1%
Total		192.9	100%

Board of Directors' Report and Consolidated Financial Statements 2024

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Financial year 2024				Substantial Contribution Criteria							('Does Not Significantly Harm')
Economic Activities	Code	CapEx	Proportion of CapEx, year 2024	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Circular Economy	Biodiversity	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Circular Economy	Biodiversity	Minimum Safeguards	eligible (A.2.) CapEx, aligned (A.1.) or Proportion of Taxonomy year 2023	enabling activity Category	transitional activity Category
	CCM/CCA/ WTR/CE/ PPC/BIO	MEUR	%						Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N		Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0.0	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	N	N	N	N	N	N	N	0.0%
Of which Enabling		0.0	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	N	N	N	N	N	N	N	0.0%	E
Of which Transitional		0.0	0.0%	0.0%						N	N	N	N	N	N	N	0.0%		T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
						EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Infrastructure for rail transport	CCM 6.14	0.3	3.1%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								3.8%
Data-driven solutions for GHG emissions reductions	CCM 8.2	0.0	0.4%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.5%
Close to market research, development and innovation	CCM 9.1	0.0	0.0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.4%
Professional services related to energy performance of buildings	CCM 9.3	0.7	7.5%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								10.4%
Infrastructure enabling road transport and public transport	CCA 6.15	1.0	11.0%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								7.1%
Infrastructure for water transport	CCA 6.16	0.1	0.6%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.2%
Computer programming, consultancy and related activities	CCA 8.2	2.1	23.1%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								17.0%
Software enabling physical climate risk management and adaptation	CCA 8.4	0.0	0.0%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.1%
Engineering activities and related technical consultancy dedicated to adaptation to climate change	CCA 9.1	0.1	0.6%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.5%
Flood risk prevention and protection infrastructure	CCA 14.2	0.0	0.1%	N/EL	EL	N/EL	N/EL	N/EL	N/EL								0.1%
Manufacture, installation and associated services for leakage control technologies enabling leakage reduction and prevention in water supply systems	WTR 1.1	0.0	0.0%	N/EL	N/EL	EL	N/EL	N/EL	N/EL								0.1%
Remediation of contaminated sites and areas	PPC 2.4	0.2	1.8%	N/EL	N/EL	N/EL	EL	N/EL	N/EL								2.2%
Conservation, including restoration, of habitats, ecosystems and species	BIO 1.1	0.0	0.4%	N/EL	N/EL	N/EL	N/EL	N/EL	EL								1.3%
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		4.5	48.6%	11.1%	35.4%	0.0%	1.8%	0.0%	0.4%								43.5%
A. CapEx of Taxonomy eligible activities (A.1+A.2)		4.5	48.6%	11.1%	35.4%	0.0%	1.8%	0.0%	0.4%								43.5%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities		4.7	51.4%
Total		9.2	100%

Board of Directors' Report and Consolidated Financial Statements 2024

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information Environmental Information

Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Financial year 2024		Year					Substantial Contribution Criteria					('Does Not Significantly Harm')	DNSH criteria
Economic Activities	Code	OpEx	Proportion of OpEx, year 2024	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Circular Economy	Biodiversity	Climate Change Mitigation	Climate Change Adaptation	Water	Pollution	Circular Economy	Biodiversity	Minimum Safeguards	(A.1.) or eligible (A.2.) Taxonomy aligned OpEx, year 2023 Proportion of	enabling activity Category	transitional activity Category
	CCM/CCA/ WTR/CE/ PPC/BIO	MEUR	%		Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N						Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	%	%	%	%	%	%	%	N	N	N	N	N	N	N	%
Of which Enabling		0	%	%	%	%	%	%	%	N	N	N	N	N	N	N	%	E
Of which Transitional		0	%	%						N	N	N	N	N	N	N	%		T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
					EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		0	%	%	%	%	%	%	%								%
A. OpEx of Taxonomy eligible activities (A.1+A.2)		0	%	%	%	%	%	%	%								0
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities		1.57	100%
Total		1.57	100%

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Climate Change

Material Impacts, Risks, and Opportunities

Impacts on the Environment and Society

± Emissions in Sitowises operating environment
± Sitowise's own emissions and its value chain emissions
± Climate resilience in Sitowises operating environment

Risks and Opportunities for Business

+ Leveraging business potential and expanding climate services
+ Profiling in sustainability, expanding customer base, and attracting employees
– Failure to develop skills related to changing regulations and customer needs
– Failure to leverage business potential and falling behind competitors
– Decreased predictability related to the impacts of climate change, political decision-making, regulation, and economic drivers in society

More details on Sitowise's sustainability impacts, risks, and opportunities can be found on ► page 33.

In addition to the results of the double materiality analysis presented above, Sitowise has analyzed the physical risks and transition risks posed by climate change to assess the resilience of its operations in relation to different climate scenarios. The results of the resilience analysis are reported next. Subsequently, Sitowise's emissions reduction plan is presented, followed by a description of how we manage other climate-related impacts, risks, and opportunities. At the end of the section, we return to Sitowise's energy consumption and emissions

TRANSITIONAL AND PHYSICAL RISKS, AND OPPORTUNITIES Based on the results of the risk analysis described on ► page 32, the most significant opportunities related to the transition to low-carbon societies arise from providing climate solutions to clients. For instance, investors have shown interest in Sitowise's sustainability business, recognizing that in the future, sustainability will have a correlation with financing.

Sitowise has identified significant business potential in low-carbon solutions and sustainability services, as well as digital services, for the short, medium, and long term. These themes are included in Sitowise's strategy to the growth target of sustainability services and development of new services. Currently, Sitowise offers solutions for sustainable design of the built environment and software solutions for measuring, managing, and reducing emissions. These services generate positive impacts on our downstream value chain in the short, medium, and long term.

Sitowise has no assets or business activities that are incompatible with reaching the company's climate targets or implementing the climate action plan. On the contrary, as an expert in the built environment, Sitowise has significant opportunities to contribute to climate change mitigation and to enhance society's climate resilience. The climate impact of the built environment is substantial, accounting for about one-third of Finland's carbon emissions. Beyond the operational phase, the greatest emission reductions in the built environment can be achieved through high-quality design that brings forward low-carbon solutions, like new energy efficient buildings or new railways for sustainable mobility.

For Sitowise the most significant transitional risk, meaning a risk arising from the transition to low-carbon societies, is the inability to deliver solutions or possess the know-how to meet the swiftly changing needs of customers. The risk applies to the short, medium, and long term. Especially in building and infrastructure design, customers willingness to prioritize sustainability is expected to evolve in the coming years. For Sitowise, the ability to anticipate developments is crucial.

Another transitional risk identified in the interviews was failing to meet the company's climate targets. A significant challenge lies in addressing the emissions from transportation, which is heavily influenced by factors such as the electrification of vehicle fleets.

The competitors are striving for similar emission reduction targets, which establishes these targets as a baseline rather than points of differentiation. Failing to do enough poses a significant reputational risk, thus making it imperative to adopt an active approach and remain "a step ahead."

The climate risk survey focusing on physical risks demonstrated which climate change-induced risks affect the company's business and value chains. According to the respondents, physical risks do not have major direct implications on Sitowise's operations , but rather affect the operating environment and value chains. Rising temperatures and extreme weather phenomena, such as heatwaves, heavy rainfall, droughts, and floods, were all seen to pose threats to Sitowise's operating environment and value chain to a certain extent. The most crucial physical risks that stood up from the survey were variability in rainfall and sudden intense rainfall. The risks are already present but grow stronger towards the long-term time horizon.

In the survey results adaptation was seen as particularly crucial in matters of HVAC (Heating, Ventilation and Air Conditioning) design and stormwater system design. Unexpected changes in soil conditions may cause project delays and present challenges in infrastructure and building projects, requiring proactive management. Additionally, increased heat loads impact site operations and performance. Changes in weather conditions directly affect the built environment design solutions and the durability and stability of infrastructure.

According to the survey, climate change adaptation and risk management offer significant business opportunities, but also require an active attitude and the ability to adapt to rapidly changing conditions.

Climate risks have not previously been regularly taken into account as part of Sitowise's strategic decision-making or risk management processes and operational planning, but this will be developed in the future by making climate risk analysis part of the organisation's annual risk management processes.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information

Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Climate Change Transitional and Physical Risks and Opportunities

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Policies Related to Climate Change

The climate change theme is part of Sitowise's strategy's The Most Sustainable pillar and the goals of our Sustainability program 2025. The strategy and Sustainability program are described on ► pages 27. Sitowise's overarching climate policies are outlined in the company's environmental policy and Code of Conduct. The environmental policy describes our approach on environmental sustainability: The work carried out within Sitowise significantly impacts the environment and aims to support its well-being. Sitowise employees provide daily solutions, both large and small, that affect the well-being of both people and the environment. Digital solutions and information management enable sustainable decision-making within Sitowise and through the services offered to clients.

Sitowise has set the United Nations Sustainable Development Goals (SDGs) as the framework for its sustainability efforts. Sitowise has also identified the environmental aspects related to its own operations. Sitowise takes care of its own footprint and aims to create responsible working conditions for its employees, allowing them to make every day, responsible choices. Sitowise adheres to an ISO 14001-based management system and an efficient operational approach derived from it. The Environmental Policy guides all our operations, extending its impact to our value chain as well. The policy owner is Executive Vice President Sustainability, Brand & Communications. The environmental policy is available to all employees on Sitowise's intranet.

Sitowise's Code of Conduct states that the company develops a sustainable and smart living environment in cooperation with customers and partners as well as constantly develops sustainable and environmentally friendly services and strives to minimize the adverse environmental impact of its services. Sitowise's ethical principles apply to all employees and guide the supplier relationships and are available on Sitowise's website.

Sitowise's management group has also passed a policy to update all company cars in Finland to chargeable ones. As part of Sitowise's climate action plan travel, procurement and event policies will be updated. The policies do not specifically address climate change adaptation, energy efficiency, or renewable energy.

Reducing Emissions in Accordance with Science-Based Targets

In 2022 Sitowise committed to reaching carbon neutrality in 2025. The target relied not only on emission reductions but also on compensating of the emissions not mitigated. Since setting the target, the soundness of climate neutrality targets based on compensation has been questioned and Sitowise's GHG inventory has been developed to be more comprehensive. A decision was made in 2024 to replace the climate neutrality target with new targets aligned with latest science.

In 2024, Sitowise developed internally near-term climate targets aligned with the Science Based Targets initiative (SBTi) and based on Sitowise's GHG inventory. A combined absolute reduction target was developed for scope 1 and 2 emissions and a separate target for scope 3 emissions. Targets were approved by Sitowise's management group at the end of the year and submitted to SBTi for review. It is expected that the targets can be published during 2025 after the review is completed.

By committing to targets developed according to the SBTi guidelines, Sitowise aligns its mitigation actions with the objectives of the Paris Agreement and continues to regularly monitor the emissions and emission reductions of its operations in accordance with its operational principles. In the review of targets and measures, emission reduction scenarios for 1.5 degrees and below 2 degrees were developed, and the development of emissions related to mobility was compared to public assessments of the electrification of transport. A long-term net-zero target has not yet been set.

Targets will be measured against a 2023 base year, when Sitowise's calculated emissions were 3,891 t CO2 -eq (market-based). Sitowises emissions per scope in 2020 were: Scope 1 54 t CO2e, Scope 2 (market-based) 380 t CO2e and Scope 3 3,458 t CO2e. Sitowise has calculated emissions from 2019 onwards. Since 2021, calculations have followed the latest version of the GHG Protocol Corporate Standard. The calculation method complies with the GHG accounting methodology of ISO 14064-1:2018. In 2023, additional categories including employee commuting, refrigerants and categories under procurement were added to the calculations. Therefore, results from previous years are not comparable to current calculations, making 2023 the relevant base year to use when following future progress.

Target year has been set for 2030 to be in line with the ESRS requirements. Sitowise continues to calculate annual carbon emissions, to monitor progress against the set targets as well as to report on the progress publicly.

Alongside setting SBTi-aligned targets, in 2024, Sitowise also developed a transition plan (further on referred to as action plan) to meet the climate targets at group level. The action plan has been approved by Sitowise's management group. Sitowise's action plan covers scope 1, 2 and 3 emissions and spans the years 2025 to 2030. The biggest sources of emissions and thus the categories with the highest potential for emission reductions are employee commuting, purchased goods and services, business traveling and purchased energy.

Planned actions and main decarbonization levers for 2025-2030 include:

Transitioning to 100% renewable electricity at offices (expected emission reductions: -100% of scope 2 emissions from purchased electricity).
Increasing the amount of renewable district heating at offices (expected emission reductions: -50% of scope 2 emissions from purchased heating).
Developing sustainable procurement and event policies and updating Sitowise's travel policy to favor low carbon travel modes.
Setting emission limits for leasing cars (expected emission reductions: -90% of scope 3 emissions from leased assets).
Encouraging low carbon commuting of employees.

Adopting new technologies is not part of Sitowise's climate action plan. Costs of the actions have been evaluated roughly in the action plan, but a more detailed evaluation and budgeting, for instance regarding the actions to encourage low carbon mobility, will be done in the coming years. Overall, most actions in the climate action plan do not require major investments apart from internal work efforts.

Setting updated climate targets and creating a climate action plan are overall in line with Sitowise's sustainability goals and strategy. The targets or actions do not affect Sitowise's business model. Additionally, no locked-in GHG emissions from key assets or products have been identified.

Board of Directors' Report and Consolidated Financial Statements 2024

Emission Reductions at Sitowise

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

OTHER ACTIONS RELATED TO IMPACTS, RISKS, AND OPPORTUNITIES

In addition to our efforts to reduce our operational emissions as described in the climate action plan at the beginning of this chapter, we aim to address identified impacts, risks, and opportunities through the following actions:

At the beginning of client projects, Sitowise uses a sustainability tool based on the UN Sustainable Development Goals to identify relevant sustainability objectives for the project.

Over the years, we have brought many climate themes into public discussion through our The Smart City Talks events. In 2024, built environment's climate issues were highlighted in two events, and one event focused on climate change adaptation. Additionally, in 2024, the "Katastrofin ainekset" podcast was launched, where climate issues were discussed in an engaging and easily understandable format. These actions also aim to raise awareness of Sitowise's expertise in climate themes. Both the Talks events and the podcast were conducted in Finnish.

In 2024, we began planning internal sustainability training, which includes themes of climate change mitigation and adaptation. The development of legislation related to climate and other sustainability issues is actively monitored at Sitowise by both management and the group's responsibility functions, with each expert following their area of expertise.

Sitowise began implementing the climate action plan developed in 2024 by discussing with office landlords in Finland at the end of the year. These discussions will continue in 2025, exploring opportunities to transition to renewable energy for office electricity consumption and heating. The action plan will be further developed in 2025, including gathering feedback from employees. Other measures to be implemented in the coming years and their emission reduction potential are described at the beginning of this chapter.

TARGETS AND INDICATORS

In addition to the carbon footprint reported later in this chapter, we monitor progress with the following indicators:

The usage rate of the sustainability tool in customer projects started in Finland during the reporting year: 2024 79% (2023 89%, 2022 86%). The goal is an annual usage rate of 100%.
In 2024, Sitowise monitored the growth target of the sustainability business in the strategy by tracking the revenue of sustainability consulting services. The goal, set in June 2023, is to double the group's sustainability services revenue to 10 million euros by the end of 2025. In addition to climate-related services, the target includes other services that promote environmental responsibility. The goal was exceeded in 2024, with sustainability services revenue reaching 13 million euros.

GENERAL INFORMATION ON ACTIONS, TARGETS AND INDICATORS

Measures are implemented as part of existing processes, and their implementation is assigned to the relevant functions within the group. The assessment of necessary resources takes place during operational planning and budgeting, anticipating the goals of the next operational period. In 2024, no significant operational or capital expenditures were allocated separately at the group level for the measures.

Indicators and target levels other than those related to Sitowise's carbon footprint will be assessed as needed during 2025 to ensure they adequately address the key observations of the 2024 double materiality assessment and ESRS requirements. Stakeholders did not participate in setting the 2024 targets. Except for the carbon footprint, the indicators relate to Sitowise's own operations, and no base year or target period has been set for them unless otherwise mentioned. Measurement results have not been separately validated by an external service provider.

METRICS

Energy consumption and mix

Sitowise's energy consumption consists of purchased district heating and electricity. Our target is to increase the share of renewable energy sources in the energy mix. This requires collaboration with our landlords and energy suppliers. In 2024, our electricity consumption was 1,326 MWh, of which 57 percent came from renewable sources. In 2024, our district heating consumption was 2,476 MWh, of which 85 percent came from renewable sources. For some premises, information on electricity or district heating suppliers was not available from landlords, meaning exact details about energy sources were not accessible. In such cases, the origin of electricity was assumed to correspond to the country-specific residual mix. The origin of district heating was assumed to match the local energy source distribution according to the district heating emission calculator developed by Paikallisvoima Ry for Finnish locations. The energy mix data used in the calculation represents the latest year available at the time of the calculation, i.e. either 2022 or 2023. For Swedish locations, the distribution was assumed to reflect the national average for district heating energy sources.

The energy consumption by source is presented in the table on next page.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Energy consumption and mix	Sitowise Finland, Sitowise Sweden and Infracontrol AB
(1) Fuel consumption from coal and coal products (MWh)	0
(2) Fuel consumption from crude oil and petroleum products (MWh)	38
(3) Fuel consumption from natural gas (MWh)	43
(4) Fuel consumption from other non-renewable sources (MWh)	0
(5) Consumption from nuclear products (MWh)	125
(6) Consumption of purchased or acquired electricity, heat, steam, and cooling from non-renewable sources (MWh)	740
(7) Total non-renewable energy consumption (MWh) (calculated as the sum of lines 1 to 6)	946
Share of non-renewable sources in total energy consumption (%)	25%
(8) Fuel consumption from renewable sources (including biomass, biogas, non- fossil fuel waste, renewable hydrogen, etc.) (MWh)	1,935
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	921
(10) The consumption of self-generated non-fuel renewable energy (MWh)	0
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	2,856
Share of renewable sources in total energy consumption (%)	75%
Total energy consumption (MWh) (calculated as the sum of lines 7 and 11)	3,802

SITOWISE'S EMISSIONS IN 2024

The development of emissions and the impacts of implemented emission reduction measures are monitored annually by calculating the carbon footprint of the company's own operations. The carbon footprint is calculated according to the Greenhouse Gas Protocol methodology, which is a globally recognized and widely used framework for calculating and reporting organizational greenhouse gas emissions annually. The greenhouse gas emissions of Sitowise Finland, Sitowise Sweden, and Sitowise Group's subsidiary Infracontrol AB were calculated for the year 2024. Infracontrol España SL and Infracontrol Portugal were excluded from the calculation due to challenges in data collection and a small number of personnel. Furthermore, it was estimated that the operations of these locations produce only minimal emissions and have no significant impact on the group's total emissions.

In the image on the next page, the total emissions of the operations included in the company's calculations for the year 2024 are presented. In 2024, market-based total emissions were 5,820 tons of carbon dioxide equivalent (t CO2 -eq.), and location-based emissions were 5,725t CO2 -eq. Total emissions increased by approximately 33 percent compared to 2023. A comparison of emissions by emission category between 2023 and 2024 is shown in a separate table. This growth is due to more comprehensive information obtained for the 'purchased goods and services' category compared to previous years for calculation purposes. Market-based emissions correspond to the total life cycle emissions of about three apartment buildings*.

*Assuming an apartment building area of 3,000 m² and life cycle (50 years) emissions of 601 kg CO2 -eq. /m² based on the study by the Finnish Ministry of the Environment (2023).

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Sitowise's carbon footprint 2024 The distribution of total emissions for the year 2024.

The most significant portion of emissions, 44 percent, is caused by purchased goods and services. Employee commuting constitutes 22 percent of the total emissions, and business travel accounts for 14 percent. Leased assets, such as company cars, contribute 8 percent. Purchased electricity, heat, upstream emissions of fuels and energy, as well as cloud computing and data centers, do not play a significant role in the overall picture.

Changes in Reporting Boundaries and Impact on Comparability

The most significant changes in the calculation compared to 2023 are the acquisition of more accurate data related to purchased goods and services during the year for Finnish operations, as well as the inclusion of Infracontrol AB's operations in the calculation. Including more detailed financial information in the calculation related to purchased goods and services resulted in an increase in emissions in Scope 3, category 1. Therefore, the calculation is not fully comparable with the results from 2023. To maintain comparability, the 2023 calculations will be updated for purchases in the 2025 calculations.

During the reporting period, there were no significant events or changes in conditions that directly affected the organization's greenhouse gas emissions. The most significant factors affecting greenhouse gas emissions were the acquisition of more accurate data related to purchased goods and services, and the expansion of the calculation boundary to include Infracontrol AB's operations in the emissions inventory for the first time. Emissions from refrigerants increased, likely due to significantly larger refill quantities delivered in 2024. The quantities reported in the 2023 calculation may have been too low. However, this does not have a significant impact on the overall result.

Calculation Principles

The calculation has been made considering the principles, requirements and guidance provided by the latest version of GHG Protocol Corporate Standard. The calculation method complies with the requirements set by ESRS E1 Climate change. The calculation is performed using data collected over a 12-month period corresponding to the census year.

The calculation considers the climate-warming effects of various greenhouse gases, aggregating their impact to match the climate effect of carbon dioxide. The results are presented in CO2 equivalent (CO2 eq.) units. This calculation combines multiple methods, with the choice of method depending on the available input data. The most readily

accessible method was applied. The most typical calculation method is based on physical quantities, where the climate impact is calculated for each process on the basis of energy and material flows. Additionally, an input-output LCA is incorporated, which estimates climate impacts based on monetary inputs. In this approach, emissions are estimated from the amount of euros spent.

Emission factors are mainly scientifically justified secondary data, with their sources described in the calculation. Emission factors used are those found from public sources, selecting the most up-to-date and most representative option. For example, emission factors from Defra and factors directly from the energy suppliers are used.

The emission factors are primarily scientifically justified secondary data, and their sources are described in the calculation. The emission factors used were obtained from puufrom the ENVIMAT model of the Finnish Environment Institute and the EXIOBASE database were used. uThe most significant assumptions in the calculation are related to the calculation of purchased goods and services, as emissions for this category are estimated based on euro-denominated consumption data and general emission factors, since precise product-specific emission data is not always available. In 2024, the majority of purchased goods and services were based on euro-denominated calculations, but for IT equipment and furniture, the calculation was performed based on purchased quantities. For the first time, direct supplier-specific data on the emissions of purchased laptops and printers was obtained for the calculation. Assumptions also had to be made to estimate the annual electricity, heat, and water consumption of offices if information was not available from landlords. In such cases, the assessment was based on floor area and energy-specific consumption factors provided by Motiva. For the calculation of emissions from the use of refrigerants circulating in offices, refrigerant consumption was estimated based on the amount of refrigerants and floor area of other offices for locations for which no data were available.

The following table contains information on which emission categories were identified as significant for Sitowise's operations and what emission sources they include.

Board of Directors' Report and Consolidated Financial Statements 2024

Emission categories included in the 2024 carbon footprint calculation

				Relevance		Description
	Category		Sitowise Finland	Sitowise Sweden	Infracontrol
Sitowise in brief	SCOPE 1	Stationary combustion		Not relevant		• Sitowise's/Infracontrol AB premises do not have its own heating fuel use.
CEO's review		Mobile combustion	Relevant	Not relevant	Not relevant	• Finland: Vehicles owned by Sitowise and direct emissions from their use. • Sweden: No vehicles owned by Sitowise in Sweden. • Infracontrol: No vehicles owned by Infracontrol AB.
The Report of the Board of Directors		Fugitive emissions	Relevant	Relevant	Relevant	• Fugitive emissions from the use of refrigerants circulating in office buildings.
Sustainability statements		Other fugitive emissions		Not relevant		• Sitowise has no other activities that would produce fugitive emissions.
General Information	SCOPE 2	Purchased electricity	Relevant	Relevant	Relevant	• Direct emissions from the production of electricity used in Sitowise's and Infracontrol AB premises.
Environmental Information		Purchased district heat	Relevant	Relevant	Relevant	• Direct emissions from the production of district heat used in Sitowise's and Infracontrol AB premises.
Social Information	SCOPE 3	C1 Purchased goods and services	Relevant	Relevant	Relevant	• The most important purchases were laptops, mobile phones, monitors, multifunctional equipment, office paper, office and meeting
Governance Information						tables and chairs, wall units, cabinets, sofas, telephone and conference booths and coffee. For the above purchases, the calculation was based on physical quantities. In addition to these purchases, the calculation included euro-based purchases from the financial management account, including postage and delivery costs, ICT services, cleaning and sanitation, insurance premiums, sales and marketing events, internal meetings and employee events.
Financial and Alternative Performance Measures		Optional sub-kategory: Cloud computing and data centre services	Relevant	Relevant	Relevant	• Emissions in this category were received directly from service providers.
Consolidated Financial Statements		C2 Capital goods		Not relevant		• The nature of Sitowise's operations is mainly consulting work, at desktop. Therefore, there are no significant capital goods involved.
(IFRS) Main financial statements		C3 Fuel- and energy related activities (not included in scope 1 or scope 2)	Relevant	Relevant	Relevant	• The production of fuel used in Sitowise's vehicles and the purchase of fuel used in Sitowise's and Infracontrol's premises for the production of electricity and district heating. • Network and transmission losses of electricity are also taken into account.
Notes to the consolidated financial statements		C4 Upstream transportation and distribution	Relevant	Relevant	Relevant	• It is not possible to separate upstream and downstream transport from postal and courier services, so for now, they are reported together under purchases and services. In the future, efforts will be made to develop the methodology so that emissions from each category can be reported separately.
Parent Company Financial Statements		C5 Waste generated in operations	Relevant	Relevant	Relevant	• Collection, transport and treatment of recyclable waste at Sitowise offices. Among the recyclable waste, biowaste, paper, cardboard, plastic, glass, metal, SER are considered. In addition, mixed waste from incinerated waste is included in the calculation.
(FAS)		C6 Business travel	Relevant	Relevant	Relevant	• Business trips made by air, train, car, taxi, etc. are taken into account. This includes both direct emissions from travel and indirect emissions from fuel production. Hotel nights are also taken into account.
Signatures of the Board of Directors		C7 Employee commuting	Relevant	Relevant	Relevant	• Sitowise employees' commuting by different means of transport. Both direct emissions from travel and indirect emissions from fuel production are taken into account.
Auditor's report		C8 Upstream leased assets	Relevant	Relevant	Relevant	• Emissions from the use of Sitowise's leasing vehicles. Both direct emissions and indirect emissions from the production of fuels are taken into account.
Sustainability assurance report		C9 Downstream transportation	Relevant	Relevant	Relevant	• It is not possible to separate upstream and downstream transport from postal and courier services, so for now, they are reported together under purchases and services. In the future, efforts will be made to develop the methodology so that emissions from each category can be reported separately.
		C10 Processing of sold products		Not relevant		• This category is identified as non-relevant as Sitowise's activities are mainly design and consultancy services, the most typical product of which is an electronic final report. In addition, Sitowise and Infracontrol does not sell any physical products.
		C11 Use of sold products		Not relevant		• This category is identified as non-relevant as Sitowise's activities are mainly design and consultancy services, the most typical product of which is an electronic final report. In addition, Sitowise and Infracontrol does not sell any physical products.
		C12 End of life treatment of sold products		Not relevant		• This category is identified as non-relevant as Sitowise's activities are mainly design and consultancy services, the most typical product of which is an electronic final report. In addition, Sitowise and Infracontrol does not sell any physical products.
		C13 Downstream leased assets		Not relevant		• This category is identified as non-relevant as Sitowise and Infracontrol does not has any assets (e.g. buildings, vehicles, machinery, etc.) that are leased out.
		C14 Franchises		Not relevant		• This category is identified as non-relevant as Sitowise and Infracontrol has no franchise business
		C15 Investments		Not relevant		• This category is identified as non-relevant as Sitowise or Infracontrol has no such investments that should be reported among this category according to the GHG Protocol

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Biogenic Emissions and Contractual Instruments Related to Scope 1 and Scope 2 GHG Accounting

In 2024, operations caused biogenic emissions of 1,020 t CO2 -eq. In Scope 1, biogenic emissions arise from the fuel consumption of company vehicles (1.9 t CO2 -eq.), and in Scope 2, they result from biogenic energy sources used in electricity and heat production (865 t CO2 -eq.). In Scope 3, biogenic emissions are caused by business travel, commuting, and fuel consumption of leased vehicles (153 t CO2 -eq.). The group's premises use contractual instruments to manage market-based Scope 2 greenhouse gas emissions. The instruments in use are certified green electricity contracts and guarantees of origin, which ensure that purchased electricity and district heating are derived from renewable energy sources. In 2024, contract-based instruments covered 32 percent of electricity consumption and 34 percent of district heating consumption. In reality, there might be more contractbased instruments in use, but more detailed information could not be obtained from property landlords.

GHG Intensity based on Net Revenue

The greenhouse gas (GHG) intensity of the organization is calculated as the total GHG emissions divided by net revenue for the reporting period. This metric provides insight into the efficiency of operations in terms of emissions per unit of economic output. GHG intensity based on net revenue is shown at the table below. Net revenue used to calculate GHG intensity in 2024 is 192.9 M€. (Parent Company's Financial statement line 1 "Net sales" on ► page 88).

GHG Intensity based on net revenue

GHG intensity per net revenue	2023	2024
Total GHG emissions (location-based) per net revenue (tCO2eq/EUR million)	18.9	29.7
Total GHG emissions (market-based) per net revenue (tCO2eq/EUR million)	18.4	30.2

GHG-emissions per operating segments

				Sitowise
	Sitowise	Sitowise	Sitowise	Sweden and and
	Finland	Sweden	Finland	Infracontrol AB
	2023	2023	2024	2024
Scope 1 GHG-emissions
Gross Scope 1 GHG emissions (tCO2eq)	53	1	87	9
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)				No regulated emission trading schemes.
Scope 2 GHG-emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	434	37	304	23
Gross market-based Scope 2 GHG emissions (tCO2eq)	351	29	392	30
Significant scope 3 GHG-emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2eq)
1 Purchased goods and services	2,923	524	4,630	663
Optional sub-category: Cloud computing and data centre services	692	149	2,176	344
2 Capital goods	10		9
3 Fuel and energy-related Activities (not included in Scope 1 or Scope 2)	89	6	140	17
4 Upstream transportation and distribution				Included in Purchased goods and services-category
5 Waste generated in operations	79	16	76	6
6 Business traveling	659	83	710	76
7 Employee commuting	1,073	231	1,039	218
8 Upstream leased assets	330	39	488	1
9 Downstream transportation				Included in Purchased goods and services-category

Total GHG emissions (excl. Cloud computing and data centre services, as it includes both finnish and swedish data)

Total GHG emissions (location-based) (tCO2eq)	3,409	562	5,021	695
Total GHG emissions (market-based) (tCO2eq)	3,326	555	5,109	702

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

	2023 total (SW Finland and SW Sweden) t CO2-eq.	2024 total (SW Finland, SW Sweden and Infracontrol AB) t CO2-eq.	Trend 2023-2024
SCOPE 1	54	96	44%
Mobile combustion	46	29	-57%
Fugitive emissions from air-conditioning	8	67	+88%
SCOPE 2 market-based	380	422	+10%
Purchased electricity - market based	250	301	+17%
Purchased heat and steam - market based	130	121	-7%
SCOPE 3	3,458	5,302	+35%
Purchased goods and services	841	2,520	+67%
Optional sub-kategory: Cloud computing and data centre services	10	9	-17%
Fuel- and energy related activities that are not included in scope 1 or scope 2	95	157	+39%
Waste	95	83	-15%
Business travel	742	726	+8%
Employee commuting	1,304	1,257	-3%
Upstream leased assets	369	489	+24%
Total (market based-emissions)	3,891	5,820	+33%

Carbon Gredits and Internal Carbon Pricing

GHG-emissions (GHG-protocol)

Sitowise's previous climate neutrality target relied on compensation. However, this the target was replaced by SBTi-aligned targets in 2024, and GHG removals or carbon credits are no longer part of the climate change mitigation targets.

Sitowise does not apply internal carbon pricing schemes.

Entity-Specific Datapoint: E-value of Designed Buildings

Sitowise reports on the E-value of buildings designed by Sitowise in relation to the general requirement level. The E-value represents the total energy consumption of a building.

• In buildings designed in 2024, the weighted average E-values were 16.6% better than the requirement level (2023: 16%, 2022: 11%).

Accounting Principles

Relative E-value of designed buildings: In the weighted average, new buildings designed by Sitowise are compared to the requirement level of E-values, showing by how much Sitowisedesigned buildings exceed the requirement level. E-values are obtained from signed energy certificates for new buildings in the database of the Housing Finance and Development Centre of Finland (ARA).

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Biodiversity and Ecosystems

Material Impacts, Risks, and Opportunities

Impacts on the Environment and Society

± Biodiversity loss and ecosystem vitality in Sitowise's operational environment
± Biodiversity loss and ecosystem vitality in Sitowise's client projects

Risks and Opportunities for Business

+ Leveraging business potential and increasing biodiversity related services
+ Profiling on sustainability, and biodiversity matters, expanding customer base and enhancing employees
– Failure on growing the expertise that responds to changing regulations and customer needs
– Failure of exploiting business potential and falling behind competitors
– Tightening public opinion on sectors that affect negatively to biodiversity loss

Sitowise's sustainability impacts, risks and opportunities, are detailed further on ► page 33

The direct impacts of Sitowise's operations on biodiversity and ecosystems are minimal, as our work is primarily office-based and does not involve significant consumption of natural resources. However, Sitowise has substantial opportunities to influence biodiversity and ecosystem health by advancing knowledge across the industry as a whole and particularly through its client projects and digital products.

In the 2024 materiality analysis, biodiversity emerged as a key theme, prompting us to establish a biodiversity action plan during 2025. The goals and measures of this plan will be based on the impacts, risks, and opportunities identified in the Double Materiality Assessment. In addition the company's resilience in relation to biodiversity and ecosystems will also be evaluated.

Sitowise offices, including rented premises, are located in office buildings situated in city centers or nearby areas. They are not located in or near areas where biodiversity is particularly vulnerable to disturbance. Sitowise's operations do not directly contribute to land degradation, desertification, soil sealing, or threats to endangered species. However, these aspects must be considered in all planning work and digital services to enable clients and end-users to address these considerations in their own activities, such as construction projects or forest management practices.

Policies Related to Biodiversity and Ecosystems

The guiding principles on our work with biodiversity comes from our strategy's the most sustainable pillar. In the strategy, biodiversity has been elevated to a key theme in our goal to grow sustainability-driven business operations. In addition, our environmental policy outlines the importance of respecting and highlighting different sustainability. In accordance with the policy, Sitowise creates living environments with the objective of supporting the health and well-being of people and nature.

Under the actions derived from Sustainability Program 2025's goal "We actively contribute to make our industry more sustainable" the importance of biodiversity and ecosystems have been actively discussed in various forums.

These guiding principles provide a solid foundation for drafting the 2025 action plan, which will focus on mitigating biodiversity loss and ensuring the vitality of ecosystems in Sitowise's client projects and operating environment.

Actions to Enhance Biodiversity

Although a specific biodiversity action plan to guide the impacts of our own operations is still in development, Sitowise already implements various practical measures and services that create positive environmental impacts, particularly through our client projects. These

services include nature impact assessments, restoration planning, compensation, mitigation, and reparation actions, as well as the definition of nature targets and ecological footprint assessments.

In 2024, a project led by Sitowise established a collaboration network aiming to calculate a comparable ecological footprint for participating cities. Sitowise also prepared guidelines for the handling of invasive plant species waste for waste recipients under the guidance of the Ministry of Agriculture and Forestry and the Ministry of the Environment. The objective of the guideline work is to standardize the handling of soil and plant waste containing invasive plant species and to reduce the risk of spreading these species. We also explored ways to promote biodiversity in wind power projects for Metsähallitus and develop an operational model based on this. Sitowise contributed its expertise to the preparation of the Nature-Wise Espoo roadmap. Additionally, we conducted biodiversity assessments and plans for several energy sector projects and piloted methods for voluntary ecological compensation.

Targets, Indicators and Metrics

During 2024, Sitowise monitored the growth target for the strategy's sustainability business by tracking the revenue from sustainability consulting services. The goal, set in June 2023, is to double the group's sustainability services revenue to 10 million euros by the end of 2025. In addition to services related to biodiversity and ecosystems, this target includes other services promoting environmental sustainability. The target was exceeded in 2024, with sustainability services revenue reaching 13 million euros.

More detailed targets and metrics related to biodiversity and ecosystems will be established during 2025.

The metrics indicated by the ESRS for this theme are not material to Sitowise's operations.

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Circular Economy

Material Impacts, Risks, and Opportunities

Impacts on the Environment and Society

± The systemic change toward the circular economy in Sitowise's operational environment

Risks and Opportunities for Business

– Underutilization of business potential. Sitowise is lagging behind in the circular economy transition
– Sitowise does not provide customers with innovative circular economy solutions. Material waste occurs in the value chain, which also affects costs.
+ Sitowise actively develops new perspectives and tools for utilizing the principles of circular economy in its client projects.

Sitowise's sustainability impacts, risks and opportunities, are detailed further on ► page 33

Sitowise approaches the circular economy in a similar way to biodiversity: while the company's own operations are not resourceintensive, the development of circular economy solutions is a key way to reduce the overall environmental impact of the industries. Circular economy solutions promote the efficient use of resources and are often more beneficial for both climate and biodiversity than the use of virgin natural resources.

Circular economy is strategically central to Sitowise's "Most Responsible" pillar. Our goal is to expand the circular economy-related sustainability business and develop services that support our clients in transitioning to circular economy principles. In 2025, Sitowise will create an action plan based on the impacts, risks, and opportunities identified in the double materiality analysis. Actions related to the circular economy will be considered alongside biodiversity and climate actions to ensure their interconnections are addressed.

Policies Related to Circular Economy

Our approach to the circular economy is rooted in the principles of our strategy's "Most Sustainable" pillar. Our environmental policy also underscores the need to prioritize and promote various aspects of sustainability. Under the actions linked to the "We actively contribute to make our industry more sustainable" goal in our 2025 Sustainability Program, circular solutions have been a key topic of discussion across multiple forums.

Actions to Enhance Circular Economy

Although the action plan guiding the impacts on Sitowise's own operations is still under development, Sitowise is already promoting the circular economy in our customer projects through various means, ranging from strategic planning of the circular economy to planning the recycling of soil masses. Sitowise has, among other things, developed the Smart Site platform, a real-time tool based on digital transfer documents intended for tracking material circulation, which enhances soil mass management on construction sites. In 2024, we implemented mass management operational models and action cards for Porvoo, Loviisa, and Sipoo to embed these models within organizations in the coming years, and we were involved in the development of Helsinki's West Harbour in the role of mass coordinator. Active mass coordination plays a key role as it supports the project in being realized in accordance with sustainable development. As Sitowise's mass management experts, we are dedicated to developing efficient and environmentally friendly mass management solutions. Additionally, we have continued collaboration in the development and implementation of Helsinki's mass coordination tools.

Targets, Indicators and Metrics

During 2024, Sitowise monitored the growth target for the strategy's sustainability business by tracking the revenue from sustainability consulting services. The goal, set in June 2023, is to double the group's sustainability services revenue to 10 million euros by the end of 2025. In addition to services related to the circular economy, the revenue includes other services promoting environmental responsibility. The target was exceeded in 2024, with sustainability services revenue reaching 13 million euros. More detailed targets and metrics related to the circular economy will be established during 2025. The indicators designated by ESRS in this theme are not material to Sitowise's operations.

Social Information

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Own Workforce

Material Impacts, Risks, and Opportunities

Impacts on Sitowise's Employees

– Employees are overloaded and do not feel that their work is appreciated.
+ The employees' expertise grows with training and career development opportunities, or the measures are perceived insufficient.
+ The company's investment in employee well-being and health supports the overall well-being of the employees.

Risks and Opportunities for Business

– Workload problems have impacts on commitment, work performance, and work engagement, leading to increased absences and employee healthcare costs.
– Dissatisfaction with compensation, training, or development opportunities leads to increased employee turnover and costs on recruitment and onBoarding.
– Sitowise is not an attractive employer for top talents in a highly competitive market due to a negative employer brand.
– The employees' expertise of sustainability issues affecting business is not at a sufficient level, thereby affecting the meeting of strategic goals.
+ A motivated and skilled workforce directly influences the quality of services and competitiveness.
+ Profiling in sustainability offers an opportunity to differentiate as a desired employer and partner.

Sitowise's sustainability impacts, risks, and opportunities are further detailed on ►page 33.

The management of impacts, risks, and opportunities concerning our workforce, including related actions, goals, targets, effectiveness tracking indicators, and metrics, is reported under four main themes:

Skills Development
Employee Well-being and Health
Diversity and Inclusion
Employer Branding

General workforce metrics are provided at the end of the section.

Policies on Own Workforce

Sitowise complies with the valid local legislation and employer obligations. The policies that manage material impacts, risks and opportunities related to employees are Personnel Policy, Risk Policy, Information Security Policy, and Safety Policy. The policies are based on principles in our Code of Conduct. The policies apply to all own employees and are communicated via our orientation program and our intranet.

Sitowise's approach to its employees is described in the Personnel Policy. The policy describes the principles of our human resources management. The goal is to be the best workplace in the industry by offering employees the most productive, respected and inspiring working environment in the industry. Sitowise strives to ensure that the dedication, well-being and competence development of its personnel are at the best possible level. Sitowise ensures the highest levels of employee commitment, well-being, and skill development. In line with the company values, our responsibility as an employer is based on mutual respect and appreciation, openness, and close collaboration across the entire workforce. At the core of the policy is the promotion of a culture of helping, sharing knowledge and skills, thus creating the conditions for both well-being and productive operations. All Sitowise's own employees are in the scope of the policy. Information from personnel surveys has been taken into account in the preparation of the personnel policy. Personnel representatives can

comment on its content at cooperation meetings. The policy is owned by Executive Vice President Human Resources.

The Personnel Policy is supported by Sitowise's Sustainability Program 2025 goal: 'Sitowise is the most equitable and well-being community in its industry.' To achieve this goal, Sitowise is committed to promoting diversity and equity among its employees, as well as investing in well-being and listening to employees' perspectives. Sustainability Program is detailed on ► page 27.

Related to employees and work community the Code of conduct emphasizes respect for human rights and equality. Sitowise is committed to fostering an environment where violence, exploitation, bullying, or harassment in any form is completely unacceptable. The company also have a zero-tolerance policy for discrimination based on gender, nationality, ethnicity, age, religion, sexual orientation, disability, political or other views, social status, family relations, or other grounds for discrimination prohibited under national legislation. The goal is to create a safe, respectful, and inclusive work environment for everyone. In addition, Code of Conduct outlines that every employee is responsible for understanding the laws, commitments, and internal guidelines relevant to their role and the company, ensuring their actions align with these requirements. To maintain a safe and ethical work environment all employees are obligated to promptly report any concerns or instances of known or suspected misconduct. Sitowise does not have a separate Code of Conduct for suppliers or subcontractors, but we require all our partners to act according to our Code of Conduct principles. Code of Conduct is described also on ► page 74.

HR risks, including employee health, well-being, and safety, are addressed also in the Risk Policy and annual risk surveys. The group's risk management process provides valuable insights on employeerelated risks, which are incorporated into management practices and annual action plans. Risk Management Policy is described on ► page 74.

In accordance with the Information Risk Policy, the goal of the company's information security and data protection is to ensure, among other things, the confidentiality of data. Every employee is committed to following guidelines and reporting any deviations. Sitowise provides all employees with basic training in information security and data protection and offers specialized training for roles

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report with higher security requirements. Staff are regularly informed about changes in the operating environment and exceptional situations. Information Policy is described on ► page 69.

The purpose of the Security Policy is to protect Sitowise's employees and stakeholders from misuse, damage, and accidents related to assets, information, reputation, and the environment, and to ensure the conditions for uninterrupted and continuous operations. Every employee is responsible for the company's safety. Senior management ensures that safety operations are organized at the necessary level. All employees follow established guidelines and report hazards, defects, or areas for improvement. More on Safety Policy is on ► page 69.

The above-mentioned policies are available to personnel in Finland on the How We Work intranet page, which also includes instructions related to, for example, employment relationships, safety, and health and well-being. In addition, instructions supporting the work of supervisors have been compiled into a separate entity. In Sweden, the instructions are available to personnel in the Employee Handbook. The instructions ensure that our operating methods are in accordance with the aforementioned policies and operating principles. Compliance with the instructions is monitored, for example, by hour recordings, occupational health reports, occupational safety reports and personnel surveys.

HUMAN RIGHTS AT SITOWISE

Sitowise respects human rights and equality according to local laws and regulations. The human rights conventions such as the UN Universal Declaration of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises, are considered in Sitowise's operations. The principles of the commitments regarding human rights and labor rights are incorporated, where applicable, into our Code of Conduct, which guides our actions in relation to our employees. In 2025, the Code of Conduct will be updated to ensure that it fully encompasses, for example, the aforementioned OECD Guidelines.

Sitowise emphasizes the importance of respecting human rights, especially labor rights, within its workforce. This commitment is reflected in the compensation, recognition, and development policies. Sitowise respects employees' freedom of association and the legal principles of pay. The organization ensures fair compensation by regular reviews and comparisons on wages, addressing changes in

task, skill acquisition, and performance. Our equality goal is that equal pay will be realized in similar positions between the genders by 2025.

To ensure the realization of employee-related human rights Sitowise is committed to comprehensive dialog and communication with its employees. More information on engaging with employees is provided on ► page 33.

Regarding human rights issues, Sitowise acts to prevent excessive workload and stressful working conditions for employees. Both the supervisors and HR team regularly monitor the work environment and take action as needed to ensure that the work conditions remain safe and secure. This is monitored together with occupational health care. These actions are discussed more on ► page 64. Sitowise is also committed to offering development opportunities to employees, ensuring that they receive the necessary induction and training for their roles. It has also been recognized that mergers and acquisitions, and expansion into new geographic markets may involve potential human rights considerations related to own workforce but also the value chain. In M&A projects, for example the pay level of employees is checked along with the situation regarding work accidents in the employment law and human resources due diligence. Also the existence of personnel-related required policies such as equality plan, working terms, and level of excess hours is checked. Human rights risks are one key aspect in geographics-based risk assessment in M&A and country expansions and therefore part of the overall risk assessment. In 2024, M&As involved 27 employees, who became part of Sitowise in Finland.

During mergers and acquisitions human trafficking, forced labor, and the use of child labor are included in the human right's due diligence review, but they are not essential questions regarding Sitowise's own workforce. On the contrary, safety issues are important in all of our operations64. Good safety practices are consistently followed in all operations. Safety and health objectives derived from the occupational safety action plan are integrated into workplace development and planning. The action plan is regularly updated in collaboration with employee representatives.

The company upholds policies, such as Code of conduct and Sustainability program, to eliminate discrimination (racial and ethnic origin, colour, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction or social origin, or other forms of discrimination covered by Union regulation and national law) and harassment while fostering equal opportunities, diversity, and inclusion within its workforce. To implement these policies effectively,

the company has established specific procedures to prevent, mitigate, and respond to discrimination and harassment when detected. These procedures include processes for reporting incidents, conducting investigations, DEI training for supervisors and employees, and taking appropriate corrective actions. The company also actively works to advance diversity and inclusion through communication.

The company has not been subject to complaints or severe human rights impacts within its own workforce, nor any related material fines, sanctions, or compensation for the reporting period.

INDIVIDUALS IN A PARTICULARLY VULNERABLE POSITION

Based on employee data, Sitowise has identified two groups that may be in a vulnerable position in working life: 1) Employees expecting or with small children and 2) employees whose work capacity has diminished. Processes related to above mentioned actions are in Finland gathered to "Our ways of working" quide in the intranet.

In Finland, it has been locally agreed that all non-birthing parents receive 32 paid days off after the birth of a child. Sitowise follows the impacts of these actions with the following metrics:

Number of days off taken by non-birthing parents 4,715 (2023: 4,583) in Finland and in Sweden (excluding Infracontrol) 3,163 (2023: 1,840).
Number of days off taken by birthing parents 10,793 (2023: 9,652) in Finland and in Sweden (excluding Infracontrol) 4,337 (2023: 2,198).

In Finland, when a parent returns to work, arrangements can be made regarding flexible working hours as well as remote, considering the needs arising from the employee's personal life.

• 174 employees in Finland work part-time and some of them for family reasons. In Finland, the reasons for part-time work began to be tracked only in late 2024, so the number of people working part-time for family reasons cannot be reported. In Sweden, 4 employees work part-time for family reasons.

In Sweden, parents are supported by the system provided by Försäkringskassan, which compensates them for taking time off to care for their child during the first year. By law, parents also have the right to reduce their working hours to 75% until their child turns 8 years old.

In Finland, the supervisors are trained to consider the needs of employees whose work capacity has diminished, and these issues are discussed at least annually during development discussions. If

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report an employee's work capacity has diminished, close collaboration is maintained with the employee, following the work capacity process in cooperation with occupational health services and, if needed, the pension insurance company. After extended sick leave, the employee's return to work is supported through measures such as partial sick leave together with medical experts. Our development discussion form includes also a dedicated section focusing on the needs of aging, particularly in terms of skill development and potential workplace flexibility. These actions are not mentioned in any specific policy but in Finland they are part of Sitowise's Way of working -guide.

In Sweden, it is required by law to create a return-to-work plan in cases of extended sick leave. This plan considers how the role, working hours, collaboration, and other factors can be adjusted to support the employee's return. In Sitowise Sweden we also have a highly beneficial health and medical insurance system, which we encourage employees to utilize at an early stage. This insurance covers a wide range of services, from chiropractors and psychologists to consultations with specialist doctors.

Monitoring Effectiveness of the Actions

Sitowise follows the impacts of these actions with the following indicators:

Number of work capacity discussions in Finland 52 (2023: 50).
174 employees in Finland work part-time and some of them are on a partial sick leave. The reasons for part-time work began to be tracked only in late 2024, so the proportion of part-time sick leave cannot be reported separately.

		TERMS OF EMPLOYMENT SET BY COLLECTIVE AGREEMENTS
--	--	--------------------------------------------------

Sitowise employees' terms of employment are based on collective agreements by different unions, which outline their rights and duties. These agreements ensure respect for human rights and provide a structured mechanism for employees to promote the development of their working conditions and engage in discussions with their employer.

In Finland, all employed workers are covered by collective agreements, excluding top management, but even their working conditions are predominantly defined by the applicable collective agreements. Sitowise Finland follows the collective agreements for the design and consulting sector for salaried employees and senior salaried employees. 6% of the employees are covered by the salaried employees' collective agreement, while 93% are covered by the senior salaried employees collective agreement. In Sweden, all employed workers are covered by collective agreements, excluding one member of top management. However, all conditions are predominantly defined by the applicable collective agreements. Sitowise Sweden follows the collective agreements for the design and consulting sector for both salaried employees and senior salaried employees. The subsidiary Infracontrol is not covered by the collective agreement. 95% of the employees in Finland and 100% of the employees in

Sweden fall under employee representation (excluding Infracontrol).

Collective Bargaining Coverage Social dialogue Coverage Rate Employees – EEA* (for countries with >50 empl. representing >10% total empl.) Employees – Non-EEA* (estimate for regions with >50 empl. representing >10% total empl.) Workplace representation (EEA* only) (for countries with >50 empl. representing >10% total empl.) 80–100% Finland and Sweden Finland and Sweden

* EEA=European Economic Area

Accounting Principles

Collective bargaining coverage and social dialog: Reported year-end 2024 situation, data collected from the personnel information system.

ENGAGING WITH EMPLOYEES

In Sitowise's management model published in 2024, supervisors are guided to create a sense of safety that enables open communication between employees and supervisors. This is an ongoing activity, with HR responsible for its development and supervisors for its implementation.

What is expected	a Sitowise
from	Leader
What	Clear direction
you need to provide	Measurable goals
for your team?	Future focused coaching
How to lead to get there?	Help people feel safe and trusted See opportunities Think one Sitowise

Engagement with employee representative

In Finland, in 2024, HR and employee representatives jointly updated the travel policy and the flexible working hours agreement. The views of employee representatives influenced these updates by better incorporating compensation for travel to internal company meetings in the travel policy and improving the monitoring of the flexible working hours agreement to enhance employee well-being. The material sustainability impacts, risks, and opportunities defined in the materiality assessment were also reviewed with employee representatives. The Executive Vice President Human Resources is responsible for the process.

Activities with personnel representatives are regulated by the industry's collective agreements, which Sitowise follows. In Finland, employees elect their representatives every two years, while in Sweden, an employee representation system was implemented this year. Employee representatives have the right and opportunity to conduct surveys on current topics among their represented group, the results of which can be brought into negotiations and development groups. Additionally, Sitowise encourages employees to use channels

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report intended for the handling of initiatives and deviations. Collaboration with employee representatives is an ongoing activity managed by the Executive Vice President Human Resources.

Cooperation Forum

In Finland, Employee representatives form cooperation forum with Executive Vice President Human Resources, and other Human Resources team members. In addition to Executive Vice President HR, another member of the Sitowise Group leadership team is invited to attend each meeting. In Sweden, the head of Sitowise Sweden HR and Executive Vice President Sweden meet with union representatives regularly and when needed. Executive Vice President HR leads the efforts to ensure that engagement occurs with our workforce and their representatives. In 2024, the cooperation forum in Finland met four times discussing topics such as Sitowise's action plan, local agreements, equality plan, employees' skills development, employee structure, employee survey results, well-being at work, sustainability reporting, innovation work at Sitowise, and work community development plan.

Employee Survey Observations to Action Plans

Sitowise requests observations and feedback from its employees in the annual employee survey and in the quarterly pulse surveys. The survey resuls are reported on the intranet and are reviewed at the department or team level together with the employees and are taken into account in the planning of operations for the following year. Employees are encouraged to respond by reminding them on the intranet and personally by email. In 2024, the response rate was 81% (2023: 84.2%).

For example, the feedback from employee survey 2024 highlighted the perception that we do not celebrate successes sufficiently (2024: 3.08 on a scale 1 to 5). As a result, a campaign was implemented to encourage both managers and all employees to highlight both large and small successes.

The measures taken, based on the feedback received, will be announced on the intranet in spring, before the next annual personnel survey.

Setting Sustainability Goals and Indicators, and The Role of Employees

The goals and metrics concerning Sitowise's own workforce come from our Sustainability Program, which is in effect until 2025. The need to update these goals and metrics will be assessed in 2025. In addition to current Sustainability Programs target employee illness rate is followed quarterly.

Employee representatives participate in setting objectives, reviewing employee survey results, and planning actions according to Sitowise's dialog and development plan annual calendar. In addition, our employees participated in setting priorities and goals of our Sustainability Program 2025. Managing the risks and seizing opportunities on employees largely depends on the company's strategic decisions and operational steering, but also on the contribution and skills of the employees.

CHANNELS FOR RAISING CONCERNS AND PROCESSES TO REMEDIATE NEGATIVE IMPACTS

Sitowise provides channels for employees to raise concerns, both through internal initiatives and by an anonymous whistleblower channel offered by a third party (WhistleB). Sitowise's internal channels include an open-door policy by the CEO and other management members, frequent team meetings where employees are encouraged to bring up any concerns with their supervisors, and close cooperation with HR and employee representatives. In addition, the annual employee survey and quarterly pulse surveys give feedback from employees to management.

The EVP, HR, and Executive Vice President Brand, Communication, and Marketing are responsible for overseeing the whistleblowing process. WhistleB is introduced as a part of our onboading program and is accessible in our intranet. The whistleblowing process is described in the report under Concerns on ► page 75. The prevention of adverse impacts is guided by the principles of Sitowise's Code of Ethics, as described on ► page 77.

The effectiveness of the corrective measures taken is monitored through an annual employee survey, for example, with the statement: "I have sufficient opportunities to participate in the development of our operations" (2024: 3.62 on a scale 1 to 5).

Skills Development

Sitowise manages sustainability impacts and risks related to expertise, training, and career development through various actions. Sitowise's approach to training and development is based on Sitowise's strategy. It is led by Sitowise's Competence Management Lead (HR), supported by the company's top management and HR team.

Sitowise offers employee development plans as part of the development discussions process. They can include internal and external training opportunities, starting with the onboarding of a new employee. The trainings include industry qualifications and technical topics as well as broader competence development, such as managerial skills, leadership, project manager skills, sales skills, and working life skills. The trainings are implemented through internal coaching, online learning, and external courses. On top of the trainings, Sitowise experts learn at work for example with new projects or clients.

In recent years, Sitowise successfully developed various e-learning modules for all company practices on our e-learning platform Sitowise StudyHub. Currently, there are more than 100 different courses available in several languages. Courses related to business ethics, codes of conduct, and safety are mandatory for all employees. In 2023, Sitowise also launched a leadership program as part of our commitment to fostering a resilient and sustainable organizational culture.

Sitowise closely cooperates with several leading universities and universities of applied sciences, and offers a large number of internships to students from different fields every year. In addition to internships, Sitowise's trainees participate in extensive and highquality working life coaching. Many trainees who have participated in the program stay at Sitowise as hourly employees and at the same time write their thesis for the company.

Actions Related to Skills Development in 2024

A new 70–20–10 learning model was introduced, which describes how people learn. 70 per cent of the learning typically happens through own work. The learning model is used to support individual development when a person draws up a personal development plan.
Sitowise remodeled development discussion process. The updated guidelines guide supervisors and employees to discuss work well-being, job goals, and performance. Furthermore, it guides the creation of a personal development plan. Sitowise also developed

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report in 2024 a group-wide career path model that can be used to create unit-specific and individual career paths. The implementation of the model will continue in 2025.

New leadership model was created at Sitowise to support supervisors in their work and taken into use in Finland. The model describes the expectations for Sitowise's supervisors. Model is planned to implement in Sweden in 2025.
Sitowise published an online course Basics of AI. The course is open to all employees in Finland and is intended to explain what artificial intelligence is and how we could better utilize it in our daily work.
The implementation of various processes, guidelines and practices related to competence development was discussed in Sweden. The aim of the discussions is to implement our trainee program model and appraisal model to Sweden in 2025, as well as various online.
In Sweden, our managers attend an external leadership training program that has been well-received. Feedback from employees has highlighted a desire for more training opportunities.

In 2025, we will actively promote the 70/20/10 model and further develop our courses within Studyhub. Practices related to training programs will be harmonized at the Group level.

Monitoring Effectiveness of the Actions

The effectiveness of the measures is monitored through an annual employee survey. No target level has been set for this metric. • Employee survey statement: "I have sufficient opportunities to develop my skills", on a scale 1 to 5: 2024 3.69 (2023: 3.74).

Accounting principles and additional information:

Skills development opportunities: The metrics presented are not validated by an external body other than the sustainability report auditor. In 2024, there was no defined baseline year or numerical targets for the metrics derived from the employee survey. The employee survey is conducted by a third party and the human resources.

Employee Health and Well-Being

A supportive work community and coaching supervisor work support employee well-being and stress management and are one of the key means to manage the impacts and risks related to well-being at work in addition to occupational health and well-being services.

At Sitowise, supervisors receive coaching on considering and encountering all team members as individuals, taking into account their different life situations, characteristics, and needs for leadership. Among other things, the supervisors' tools include the early support model, performance reviews, and annual team development workshops on themes identified in employee surveys.

Collaboration with Occupational Health Care to Support Working Capacity

At Sitowise, employees' working capacity is supported through comprehensive occupational health care services both in Finland and in Sweden. In addition, our employees have access to a broad network of occupational health care experts, through which employees can, among other things, access therapy sessions for issues such as stress as well as regular health check-ups at no cost. Employees are also covered by a comprehensive accident insurance policy, in Finland covering also free time.

The occupational health care action plan is updated annually, and it especially considers the stress management issues that pose a challenge in expert work. There is regular discussion about the action plan, and the development of the work community in general, with an occupational health and safety committee comprising employee members.

Sitowise works in close cooperation with occupational health professionals who are actively organizing work capacity negotiations with a low threshold. Negotiations are organized especially after longer sickness absences, together with the supervisor, employee, and HR. The aim is to ensure that the work conditions supports the employee's recovery and well-being.

Services Supporting Overall Well-Being

In addition to the services of an occupational health psychologist, Auntie, a completely anonymous, low-threshold psychological conversation support service separate from the occupational health service, was introduced in Finland experimentally. Through this service, any Sitowise employee can also seek help through conversations on problems outside of work that challenge their well-being.

Sitowise supports exercise and excursion events organized together by the employees in their spare time. In addition, all employees in Finland can enjoy the Epassi sports and culture benefit. Exercise during the workday is supported with the help of break exercise programs installed on the work computer. Sitowise employees in Sweden benefit from a generous wellness allowance and have access to the Benify wellness portal, which offers discounted gym memberships and other wellness-related deals. ENPS: The response is given on a scale from 0-10. The percentage of respondents who rated 9 and 10 is subtracted by the percentage of those who rated 1-6. The data is collected from the annual employee survey.

Actions Related to Employee Health and Well-being in 2024

In Finland, Sitowise provided stress management and mental health awareness programs to all employees via our e-learning platform. It is planned to launch this also in Sweden in 2025. These programs help employees handle personal or work-related challenges, promoting employee well-being and engagement.
In Finland, Sitowise also offered the opportunity to participate in numerous recreational events open to all employees, like Midnight Run, Padel Tournament, Street Fishing, and many others.
In Sweden, organizational changes were made during Q3–Q4 2024. To support employees during this time—when stress and anxiety may increase—the Swedish team was piloting the pulse survey tool, Winningtemp. With Winningtemp, employees answer a quick, 30-second weekly survey on their work environment, collaboration, stress levels, and any experiences of discrimination. Managers and teams gain real-time insights, allowing them to address and manage emerging stress proactively. If the pilot is successful, it may lead to broader implementation across the organization.

Targets and Monitoring Effectiveness of the Actions

The effectiveness of the measures taken is monitored through an annual personnel survey and by following reports submitted by occupational health care.

The objective of the Sustainability Program 2025 is that Sitowise actively improves the well-being of its employees and listens to them – and that our employees feel that the employer supports the well-being

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report of the staff. The progress of the objective is monitored by the following metrics, which have not been assigned a separate target level.

• Employee survey statement "I believe the employer supports the well-being of the staff," on a scale from 1 to 5: 2024 3.55 (2024: 3.77; 2022: 3.98).

Sitowise also monitors the rate of sick leave quarterly in connection with the financial results.

• The sick leave percentage in 2024 in Sitowise Group was 2.5%.

Accounting principles

Employer Supports Employee Well-being: The metrics presented are not validated by an external body other than the sustainability report auditor. In 2024, there was no defined baseline year or numerical targets for the metrics derived from the employee survey. The employee survey is conducted by a third party and the human resources department.

Sick Leave percentage: Calculated as sick leave hours divided by the difference of all hours and unpaid absences. Absence data for Sitowise Oy's personnel is transferred from the personnel information system to the enterprise resource planning system, which serves as the data source for time reporting for Sitowise Oy's personnel. For subsidiaries, a manually maintained separate dataset serves as the data source for time reporting.

Occupational Health and Accident Prevention

At Sitowise, the entire personnel (100%) is covered by the occupational health and safety management system. Sitowise has Occupational Safety Action Plan to ensure the safety and well-being of its workforce. This plan aims to identify, assess, and mitigate risks to minimize accidents, injuries, and occupational health issues. Regular monitoring and reporting are integral parts of this system. Local hazard assessments will continue in 2025.

Measures to prevent accidents are defined in Sitowise's Occupational Safety Action Plan. Measures include good orientation to work, monitoring the work environment, appropriate protective equipment, cooperation, and an active occupational safety and health committee. The development activities and planning are discussed with the employees or their representatives. Processing is done with the occupational safety and health committee. The program is available on our intranet for all employees.

Sweden Sitowise is committed to managing occupational health and safety matters with ISO 45001 certificated management system.

• Work-related accidents: 2024 15 cases, of which 2 led to sick leave (a total of 56 days). Lost Time Incident Frequency (LTIF) was 0.81. There were no work-related fatalities.

Accounting principles

Accidents: Number of work-related accidents and workdays lost information is collected from the insurance company.

Work-life balance

At Sitowise, all employees in an employment relationship are entitled to parental leave under collective labor agreements. In 2024, 10% of the personnel in Finland took parental leave, of whom 64% were men and 36% were women. In Sweden (excluding Infracontrol), 33% of the personnel took parental leave, of which 61% were men and 39% were women. However, in terms of quantity, women took parental leave more often.

Accounting principles

Parental leaves: The percentage of employees entitled to parental leave who took parental leave. Data collected from the personnel information system.

Actions and Effectiveness Related to Commitment and Rewarding

In addition to supporting well-being, the commitment and sense of appreciation of Sitowise personnel are strengthened by rewarding. The entire staff is included in the performance bonus system. To demonstrate appreciation, we showcase our experts and their work through various communication channels, as mentioned in the Employer Brand section of the report. The results for 2024 reflect a challenging economic situation, which has particularly affected the eNPS score.

These measures are monitored using the eNPS (Employee Net Promoter Score) indicator and employee turnover.

• Employee survey question "How likely are you to recommend Sitowise as an employer" (eNPS): 2024 1 (2023: 18)

• Turnover: 2024 15.9% (2023 18.1%). Voluntary turnover, permanent employees who left from their own will, was 2024 9.0% (2023 11.1%).

In 2024, Sitowise suffered from a challenging market environment in Finland and Sweden. This was shown in our Employee Survey results. Employee satisfaction, as measured by the eNPS employment satisfaction survey, declined by 17 points from 18 to 1.

The employee turnover rate with permanent employees who left from their own request was 9% in 2024. Considering all the reasons for termination, 337 employees left during the year. The reasons for the employee turnover and lower employee satisfaction seem to be challenging market situation that led to permanent and temporary layoffs during 2024, and acquisitions and organizational changes that caused role changes. In addition, people felt that the challenging market situation had caused their career development to stagnate and some wanted to change their career plans. Those who have left also seemed to fear that the challenging situation in the industry would have affected on how interesting their tasks would be in the near future.

Accounting principles

Turnover: Calculated as the employment contracts that ended during the selected time period, divided by the average number of employees during the selected time period. Data is collected from the personnel information system, from where data transfers to the reporting tool.

eNPS: The response is given on a scale from 0-10. The percentage of respondents who rated 10 and 9 is subtracted by the percentage of those who rated 1-6. The data is collected from the annual employee survey.

Diversity and Inclusion

Sitowise also acknowledges that the diversity of our people—in terms of gender, nationality, background, or perspectives— significantly contributes to Sitowise's success in terms of employee well-being and the diversity of skills and perspectives. Our aim is to create an inclusive

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report and innovative organization where everyone has the opportunity to thrive.

Our sustainability program 2025 set the goal for being the most equitable workplace with the best employee well-being among peers. To reach the most equitable workplace goal, Sitowise is committed to ensuring diversity, equity, and inclusion ("DEI") in the company. The goal is supported by our personnel policy on equal and discriminationfree workplace. Our Code of conduct upholds a zero-tolerance stance on violence, abuse, bullying, harassment, discrimination, and inappropriate behavior.

A sub-goal of Sustainability Program 2025 is to implement DEI initiatives based on the results of the employee DEI survey. DEI survey executed in 2022 showed a desire for Sitowise's culture to become more open and equitable, for DEI training to be increased, and for the active promotion of diversity and inclusion across the entire organization. The implementation of DEI training and cultural development continued in 2024.

Targets and Monitoring Effectiveness of the Actions

Sub-goals of the Sustainability Program 2025 also include offering diversity training to employees, eliminating the gender pay gap for equal work by 2025, and ensuring the gender distribution among supervisors matches that of employees by 2025.

The objectives are measured with the following metrics. No target level has been set for the metrics.

The proportion of employees in Finland and Sweden who completed the Diversity, Equity, and Inclusion online course published in 2023 by 2024 72%.
Gender distribution among supervisors and all employees: 31% of supervisors were women in 2024 (2023: 30%), and 35% of all employees were women in 2024 (2023: 34%).
Employee survey statement: "All employees are treated equally in my workplace," on a scale from 1 to 5: 2024 4.06 (2023: 4.09).

Accounting principles

Share of employees who have completed DEI course: Course performances on the StudyHub online platform during the period 1.1.2022-31.12.2024 (1,460 individuals in Finland and Sweden). The number of completions has been compared to the number of staff as of 31.12.2024 (2,038 individuals). Due to technical system reasons, staff turnover could not be taken into account in the completion percentage.

Gender distribution among supervisors and all employees: Yearend situation, data collected from the personnel information system.

Employees are Treated Equally: The metrics presented are not validated by an external body other than the sustainability report auditor. In 2024, there was no defined baseline year or numerical targets for the metrics derived from the employee survey. The employee survey is conducted by a third party and the human resources department.

Compensation metrics

At Sitowise, the annual total remuneration ratio between the highest paid individual and the median annual total remuneration of all employees is 9.

Addressing the gender pay gap is another way Sitowise demonstrates its commitment to social sustainability and fostering an inclusive work culture. Sitowise follows the gender pay gap via our HR system Mepco and reports it once a year to employee representatives.

In 2024, the results showed that gender pay differences were in some SKOL employee groups more than 5%. Sitowise considers this a variation that is attributed to factors like the differences in experience or responsibilities among individuals with the same job title. As such, we have concluded that gender pay inequality is not a significant issue within the company.

The gender pay gap in Sweden is 14.3%.

Comparison of women's average salary to men's average salary by SKOL employee groups (Finland)

2024	2023
-	82%
94%	95%
91%	89%
94%	93%
95%	96%
96%	96%
118%	122%
86%	88%
89%	88%

Accounting principles

Gender Pay Gap: Data reported by SKOL personnel groups using December's salary information. For part-time employees, a 100% salary has been considered, and the hourly wages have been converted to a monthly salary using a multiplier of 158. Data collected from the personnel information system. 2023 data collected from Equality and Non-Discrimination Plan 2024. For Sweden, the gender pay gap is reported using December salary data as a single figure for all employees (excluding Infracontrol). The data has been collected from the personnel information system.

Annual total remuneration ratio: the annual total remuneration ratio between the highest paid individual to the median annual total remuneration for all employees excl. the highest paid individual. The data has been collected from the personnel and payroll systems in Finland and Sweden. Infracontrol is not included in the calculations.

Employee gender split in 2024 35% women and 65% men (2023: 34% and 66%, 2022: 33% and 67%).
Management gender split: Group Management Team in 2024 44% were women and 56% were men. Numerically, there were 4 women and 5 men (2023: 4 and 5, 2022: 3 and 6). On the Board of Directors 43% were women and 57% were men. Numerically, there were 3 women and 4 men (2023: 3 and 5, 2022: 3 and 4).

Age distribution of employees

	Head count Percentage
Under 30 years old	307	15%
30-50 years old	1,281	63%
Over 50 years old	450	22%

Accounting principles

Gender distribution of employees and top management and age distribution of employees: Year-end situation, data collected from the personnel information system.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Employer Branding

Sitowise's investments in employee well-being and development opportunities also reflect positively on our employer brand and our ability to attract new talent. From a sustainability perspective, Sitowise continuously needs top experts who excel in sustainability best practices, as we focus on scaling up sustainability in our business and operating environment. Failure to attract top talent in a highly competitive market poses a business risk. We see that strong profiling in sustainability provides an opportunity to stand out as a desirable employer and partner.

Employee branding is guided by our strategy and is executed in cooperation by HR and communications. Measures are followed via a Universum study by the Group Management Team. No specific target level has set for developing the employer brand.

Actions Related to Employer Branding in 2024

Sitowise recognizes the importance of employer branding for both retaining current employees and attracting future talent. Our communication efforts are ongoing, both externally and internally, where we showcase our experts, their work, and share information about our projects across various channels.

One key aspect of employer branding is student engagement. Sitowise participates in student fairs, attends university events, hosts office visits, and provides opportunities for internships and thesis projects.

Sitowise created new guidelines in Finland for employees participating at student events.
During the year, Sitowise took part in 10 student fairs.
We also had 38 NextGen apprentices.

No target indicator has been set for employer brand development in 2024.

GENERAL INFORMATION ON ACTIONS, TARGETS AND METRICS

The measures are directed towards Sitowise personnel, and the development work is of a continuous nature unless otherwise noted above. Measures are implemented as part of the HR function's tasks. The measures are specified annually as part of the action plans, at which time the necessary resources are also assessed. In 2024, no significant operating or capital expenditures were specifically allocated at the group level for the management of sustainability impacts, risks, and opportunities.

The indicators and target levels will be evaluated during 2025 to ensure they appropriately address the key considerations of the 2024 sustainability materiality assessment and ESRS requirements. The metrics presented are not validated by an external body other than the sustainability report auditor. In 2024, there was no defined baseline year or numerical targets for the metrics derived from the employee survey. The employee survey is conducted by a third party and the human resources department.

The company has not identified any negative impacts of the green transition on its workforce, such as the complete discontinuation of specific services. Instead, the green transition offers Sitowise opportunities to strengthen and expand its service offerings. Employees are trained and encouraged to recognize sustainability issues within their areas of expertise, ensuring that services align with current and future sustainability requirements.

Sitowise People in Numbers

The number of employees at Sitowise decreased by a total of 334 persons in 2024. During the year, 250 employees were hired on a permanent or temporary basis. At the end of the year, there were a total of 2,038 employees (2023: 2,143). The average number of employees for the year was 2,097 (2023: 2,211).

Accounting principles

Number of personnel, new hires, and ended employments during the year: the data is collected from the reporting tool, where the information is transferred from the personnel information system.

Number of employees by gender

Gender	Head count
Male	1,329
Female	709
Other
Not reported
Total Employees	2,038

Number of employees by country

Country	Head count
Finland	1,695
Sweden	336

Board of Directors' Report and Consolidated Financial Statements 2024

Number of Employees by contract type and gender and country

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

				Not
Year-end situation	Female	Male	Other	disclosed	Total
Number of employees (head count)	1,329	709			2,038
Number of permanent employees (head count)	1,301	687			1,988
Number of temporary employees (head count)	28	22			50
Number of non-guaranteed hours employees (head count)	77	39			116
Number of full-time employees (head count)	1,182	561			1,743
Number of part-time employees (head count)	70	109			179

By country as of December 31, 2024	Finland	Sweden	Other countries	Total
Number of employees (head count)	1,695	336	7	2,038
Number of permanent employees (head count)	1,652	331	5	1,988
Number of temporary employees (head count)	43	5	2	50
Number of non-guaranteed hours employees (head count)	107	9		116
Number of full-time employees (head count)	1,414	322	7	1,743
Number of part-time employees (head count)	174	5		179

Accounting principles

Number of personnel, new hires, and ended employments during the year: the data is collected from the reporting tool, where the information is transferred from the personnel information system.

Characteristics of own employees: Year-end situation reported, data collected from the personnel information system.

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

End Users

Material Impacts, Risks, and Opportunities

Impacts on the Environment and Society

– Potential data security failure or health or safety incident
+ Sitowise designs living environments that take different environmental and social sustainability aspects into account.
+ Sitowise plans digital solutions where diversity, inclusivity, accessibility, and data privacy perspectives are taken into account.

Risks and Opportunities for Business

– A service or solution provided by Sitowise compromises customer, individual, or public data security resulting in potential liabilities as well as reputational damage.
– A Sitowise project directly or indirectly causes health or safety hazards to end users resulting in potential liabilities as well as reputational damage.
+ Investing in sustainability (including cybersecurity) and satisfied clients and end users enhances reputation as a reliable and competent operator, strengthening the market position.

Sitowise's sustainability impacts, risks, and opportunities are further detailed on ► page 33.

In the context of the European Sustainability Reporting Standard, Sitowise's end users consist of two groups:

1. Project or product clients, who represent companies, the public sector, associations, or other organizations, from the built environment, energy, natural resources sectors, or from the transportation, healthcare, or industrial sectors. Representatives of this group will hereinafter be referred to as the "client".
1. People who use infrastructure or buildings designed by Sitowise or those who enjoy the green areas designed by Sitowise. They can also be individuals who use Sitowise's digital products. Representatives of this group will hereinafter be referred to as the "end users".

The management of impacts, risks, and opportunities concerning clients and end users, including related actions, goals, and metrics, is reported under three main themes:

Enhancing sustainability
Cybersecurity
Health and safety

Characteristics Concerning End Users, Our Services and Operational Environment

Sitowise mainly operates in the Nordic market where different aspects of sustainability are highly regulated. Especially in the built environment, several processes are monitored by governmental or municipality officials or their implementation is regulated by laws. This sets the standards on a high level in several aspects of sustainability, health and safety, discrimination, or privacy issues impacting clients and end users. In addition, various registers and data sources that we explore in our work, such as data sources on natural resources or spatial data, are typically governmentally owned, well updated, and highly reliable.

Sitowise's services do not negatively impact privacy rights, personal data protection, freedom of expression, or non-discrimination. Our services are not targeted at those who are dependent on accessible information on our services such as manuals or product labels, and

our services are typically not specifically targeted at end users who are in a particularly vulnerable position, such as children. Sitowise has not identified any services that would inherently harm their users or increase the risk of chronic disease.

Cyber security as well as health and safety incidents are potential one-off events by their nature, but especially the risk of cybersecurity threats is something we work to prevent continuously. Identified impacts, risks, or opportunities apply to all clients and end users rather than only a specific group, such as particular age group. Information systems used by the general public are treated with particular criticality, otherwise the company has not specifically identified customers or end users who would be under a greater risk of harm than others related to negative impacts.

The Impacts, Risks, and Opportunities Apply to All End User Groups

Especially in urban and construction planning projects, Sitowise can positively impact the well-being of end users by incorporating various sustainability aspects in the design process. In addition to environmental issues such as energy efficiency and material usage, design can focus on ensuring that operations consider the diversity and accessibility of users. User diversity, service accessibility, and data security are important considerations in the development of digital services as well. Positive impacts apply to all clients and end users.

The identified business risks are closely linked to potential negative impacts on clients or other end users as data security breaches or health and safety incidents could harm the business through reputational damage or liability claims. Business opportunities are dependent on managing the negative impact and risks properly – having satisfied clients and end users enhances our reputation as a reliable operator, supporting our possibilities on strengthening our market position. Business risks and opportunities relate to our client projects and business relationships.

Responsibility for impact management and its resourcing is carried out through the organization's responsibilities. Responsibilities at the corporate level are organized into group-wide services. These include, among others, safety, information security, sustainability, and quality functions. Adequate resourcing of these functions is the responsibility of function leaders and is carried out annually in conjunction with

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report budgeting and operational planning. Business units are responsible for following the guidelines provided by the functions and transferring the practices to production. If necessary, the business units refine the practices to meet their specific needs

GUIDING POLICIES ON CLIENTS AND END USERS

Policies that seek to manage Sitowise's impacts, risks, and opportunities related to clients and end users are Code of Conduct, Sustainability Program 2025, Environmental Policy, Information Security Policy, Quality Policy and Safety Policy. All policies are accessible to employees on the company intranet. Additionally, the Sustainability Program 2025 and Code of Conduct are publicly available on sitowise.com. With the support of company management, all employees are required to follow the policy guidelines and participate in continuous improvement. The policies apply to both clients and other end-users. In addition to the policies mentioned, we comply with the legislation in force at any given time, e.g., General Data Protection Regulation GDPR.

Policies on Sustainability Efforts

The Code of Conduct sets the basis of sustainable and responsible way of working and therefore relates all our work with clients and projects. The Code of Conduct states among others that we comply with laws and our commitments, respect human rights and equality and don't accept any form of abuse or discrimination. It also outlines that Sitowise develops sustainable and smart living environments in cooperation with customers and partners, and that the company develops sustainable and environmentally friendly services and strives to minimize the adverse environmental impact of services. We expect our partners and suppliers to adhere to the principles outlined in our Code of Conduct.

In addition to Code of Conduct, the key documents guiding sustainability issues are Sitowise's strategy, our Environmental policy and Sustainability program 2025. The Environmental policy outlines that we provide customers with solutions that enhance the well-being of both people and the environment. The Sustainability program guides the company's own operations to be more sustainable and aims to provokes discussion about sustainability within the sectors we work with. It addresses all aspects of sustainability: environmental, social, and economic.

Both the focus areas on our strategic pillar "The Most Sustainable" and the four goals of our Sustainability program 2025 are described

on ► page 27. Code of Conduct is described more on ► page 74, Sustainability Program 2025 on ► page 27 and Environmental Policy on ► page 48.

Information Security Policy to Minimize Data Management Risks

The goal of Sitowise's cybersecurity and data protection efforts is to safeguard the confidentiality, integrity, and availability of both its own information and the information systems it is responsible for. The scope of Sitowise's cybersecurity management system encompasses all the company operations, employees, services and products, and facilities.

Every Sitowise employee contributes to the development and continuous improvement of the company's cybersecurity. Senior management ensures that the cybersecurity organization and resources meet the requirements of the operating environment. Measures to promote cybersecurity are executed by the IT and security departments. In Finaldn information security is managed in line with the ISO 27001 standard. The policy is owned Executive Vice President Information Technology.

Quality and Safety Policies to Safeguard Quality, Health and Safety Issues

Sitowise's quality policy is based on client focus. The aim is to deeply understand clients and become their most trusted partner. The operating principles are professionalism, sustainability, and innovation. Attention is given to the overall functionality, cost-efficiency, safety, and environmental impact of the services. Continuous improvement of operations and project expertise as well as enhancing the professional skills and service capability of the employees are priorities.

Sitowise adheres to an ISO 9001-based quality management system. All employees are required to follow the system's guidelines and participate in continuous improvement. The policy is owned by Quality Manager.

To ensure health and safety, it is crucial to comply not only with quality requirements but also with project-specific requirements, which are typically determined by legislation, industry standards, the unique characteristics of the project, or goals defined by the client. In terms of health and safety, Sitowise's operations are guided by the Safety Policy and, for its part, by the Code of Conduct. In Sweden occupational health and safety matters are managed with ISO 45001 standard. The objective of our Safety Policy is to safeguard Sitowise's employees and stakeholders, customers, property, information, reputation, and the

environment from accidents, damage, and misuse as well as to create conditions for uninterrupted and continuous operations. We assess risks related to our own operations regularly and implement measures to manage risks in accordance with our risk management principles.

Sitowise's Group Management Team is responsible for ensuring that safety activities are appropriately organized and that sufficient resources are reserved for maintaining and developing safety. The Safety Policy is owned by Executive Vice President Human Resources.

CLIENTS, END USERS AND HUMAN RIGHTS

Sitowise respects human rights and equality, adhering to them in accordance with local laws and regulations. Human rights agreements, such as the UN Universal Declaration of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises, are considered in Sitowise's operations. The principles of our commitments to human and labor rights are incorporated, where applicable, into our Code of Conduct, which guides the interaction with our clients and other end-users. In 2025, the Code of Conduct will be updated to ensure that it fully covers, for example, the mentioned OECD Guidelines. Sitowise is not aware of any human rights violations affecting its clients or other end-user.

The following sections address interaction and reporting channels, as well as corrective measures to ensure the protection of human rights for clients and other end-users.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Engaging with Clients and End Users

In most of our client projects, dialogue is central to the entire project's implementation. Dialogue between clients, end users, and our experts is to ensure the quality of the design, meeting customer needs, and the projects' compliance with regulatory requirements. Open communication is crucial also for addressing any potential negative effects and developing effective solutions to minimize the impacts.

The goals and views of a client are often gathered already in the tendering process or marketing actions. In addition, clients' views are heard during the project with ongoing communication. The methods and frequency of communication are tailored on a case-by-case basis with the client. In each project, the project manager or a designated participation specialist are responsible for engagement and managing observations or feedback.

Client engagement often involves considering the impacts of different design solutions in relation to the project's stakeholders and the environment as well as how these impacts will be managed. With the exception of the smallest projects, every project team uses Sitowise's Sustainability Tool to identify key sustainability aspects and set related goals.

If a project involves other end users, such as local residents, the objectives and methods of engagement are always coordinated with the client who commissioned the project. Many built environment projects require stakeholder consultations or local resident engagement to comply with planning guidelines or address the stakeholders' views. These interactions can take the form of public events targeting specific stakeholders, online surveys, requests for statements from organizations, or accessibility reviews with individuals with reduced mobility, for example. When needed, designated participation specialists are involved to ensure smooth interaction with stakeholders. In digital services, end user engagement depends on the nature of the service, with direct interaction being relatively common. In digital services a helpdesk service is also available. The insights gathered through interaction can be taken into account in improving user-friendliness, for example.

In both in the planning phase and the outlined engagement processes, equality and inclusivity — including aspects like accessibility — are considered, depending on the nature of the project. By addressing these themes, we aim to ensure that end-users in special circumstances or with special needs are also taken into account.

In client projects, the effectiveness of collaboration and its impacts are monitored, particularly based on customer feedback and, for example, the number of complaints received. In safety or in accessibility projects, the effectiveness of actions can be assessed through separate audits if requested by the client.

Our stakeholder engagement methods are further detailed on ► page 30.

CHANNEL FOR RAISING CONCERNS

Throughout the project, the client has multiple opportunities to raise concerns - in project team meetings, site meetings, or directly contacting with the project manager. Clients can also express their concerns through the feedback survey sent at the end of the project. The feedback survey is part of Sitowise's Voima tool, which aims to ensure that the feedback survey has been sent in every client project.

In addition, if any unethical actions or inappropriate behavior are observed both clients or end users can report them through Sitowise's whistleblowing channel provided by a third-party, with details available on our website. No separate assessment has been conducted on its effectiveness or to determine whether clients or end users are aware of the channel. Whistleblowing is a secure channel that protects the individuals who provide feedback. The whistleblowing process is described under on ► page 75.

Sitowise manages complaints and customer feedback in accordance with established procedures that involve determining necessary corrective actions. At Sitowise, we evaluate the overall impact of the corrective measures by analyzing complaints, feedback, and results from our learning sessions.

ENHANCING ENVIRONMENTAL AND SOCIAL SUSTAINABILITY

Actions to Enhance Sustainability

For Sitowise, the most impactful sustainability discussions take place in client projects. Sitowise developed in 2021 the company's own Sustainability tool, which helps to facilitate the discussion on setting appropriate sustainability targets for each project. The Sustainability Tool enables setting project-specific targets to mitigate potential negative impacts, such as climate emissions. Conversely, it also allows for establishing goals that ensure potential positive impacts, such as

comprehensive consideration of accessibility. Sitowise's Sustainability Tool is aligned with the SDG framework.

Setting of sustainability targets is monitored by tracking the utilization rate of the Sustainability Tool. In 2024, there was a slight decline in the use of the tool, as it was no longer linked to executive compensation as in previous years. The XS size projects are excluded from the use of the tool. The Sustainability tool is part of our project management platform Voima. The platform will be partially implemented in Sweden by 2025, so the Sustainability Tool is currently only in use in Finland.

In line with our sustainability targets sustainability themes were highlighted at our "The Smart City Talks" events, open to everyone from clients to end users in Finland. The topics included biodiversity loss and economic growth, future smart and carbon-neutral construction, building-specific energy solutions, carbon sinks, and climate change adaptation. In addition, at the end of the year, we released Katastrofin ainekset ("A recipe for disaster") podcast in Finnish, which takes listeners into a future where climate crisis impacts are everyday realities. The objective of the podcast is to raise awareness of climate change impacts on all citizens.

In 2025, efforts will be directed towards advancing the development of the sustainability tool, a task initially planned for 2024. The goal is to enhance the tool's capacity to support expert work and to integrate key sustainability perspectives for both Sitowise and its clients. Additionally, sustainability training for experts will be made available throughout 2025.

Targets and Monitoring Effectiveness of the Actions

Utilization rate of the Sustainability Tool in client projects started in Finland during the reporting year: 2024 79% (2023 89%, 2022 86%). The annual goal is a 100% utilization rate.
Coverage of the ISO 14001 certification: 2024 100%. The goal is 100% ISO 14001 certification coverage for the group's operations. Additionally, the aim is to integrate significant companies acquired through acquisitions into management systems within 12 months of acquisition or alternatively to develop the acquired company's management system to meet the certification's requirements (100% coverage).

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information Governance Information
Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report Additionally, Sitowise monitors the development of sustainability perspectives with the following metrics. No target levels have been set for these.

Client survey statement "Sitowise is the most responsible partner in its field," on a scale of 1-5: 2024 3.5/5 (2023: 3.5/5, 2022: 3.5/5).
Employee survey statement "I know how I can incorporate sustainability into my work." 59% positive responses (2023: 58%, 2022; 61%).

Accounting principles

Utilization rate of the Sustainability Tool: The tool is used in Finnish client projects, excluding the smallest XS-sized projects with the lowest internal risk classification. Result at the time of reporting.

Sitowise is the most responsible partner in its field: The result is an average obtained annually from a client survey conducted by a third party, where the respondent evaluates the statement on a scale of 1-5.

I know how I can incorporate sustainability into my work: The result is an average obtained annually from an employee survey conducted by a third party, where the respondent evaluates the statement on a scale of 1-5. Responses of 4 and 5 are considered in the result.

Coverage of the ISO 14001 certification: The result is a ratio of the revenue from ISO 14001 certified operations to the total revenue of the company.

MANAGING CYBERSECURITY RISKS AND OPPORTUNITIES

The aim of our work with information security and data protection is to ensure safety and confidentiality of both Sitowise's own data and information systems for which Sitowise is responsible. We manage information systems risks systematically and, based on risk assessment, prepare for exceptional situations affecting our operations. Sitowise's information security guidelines are extensive and comprehensive.

During project implementation, Sitowise manages various types of data. The design process starts with initial data, guided by parameters from multiple sources. This data is enriched and modified to produce the plan or service the client needs. The data processing is directed by data classification, with data The data needs to be managed throughout its lifecycle to meet the three pillars of information security; confidentiality, integrity, and availability. The cornerstone of achieving this is comprehensive risk identification and management. Sitowise has consistently worked on systematic information security management. In Finland, the information security management system has been ISO 27001-certified since 2022. In 2024, Sitowise renewed its ISO 27001 information security certification without major non-conformities. The operations in Sweden are also planned to be certified in the near future, but a more specific date has not yet been decided.

Information security risk management is based on an in-depth understanding of your own operating environment, continuous monitoring of the state of the operating environment, and anticipation of threat scenarios and their management. A key part of management is regular and systematic maintenance work. Sitowise monitors the operating environment and the life cycle of different system entities as part of normal service management. The wider impacts of the operating environment are continuously monitored with the support of partners. Key tools include, for example, various vulnerability scans, training and infoshares with employees. If necessary, changes in the operating environment must be reacted to by investing, for example.

The need for reliable cyber-secure services is not only an internal matter for Sitowise, but many of our customers are also struggling with the same challenges as us. The cyber security professionals we employ also carry out very demanding client assignments, the number of which is growing year by year.

Actions

The cooperation with clients regarding cyber threats was continuous during the year and relevant counterparties were recognized and clear roles and responsibilities within Sitowise were established to ensure timely communication.

The most important tool to raise employee awareness is our online information security online training which was launched at the end of 2023. The course presents cybersecurity through best practices, guidelines, and practical examples. The training enables us to work more securely in our daily interactions with clients, stakeholders, and colleagues. New employees complete the training as part of their onBoarding process. All employees In Finland were to complete the training by March 2024. In addition, we raised employee awareness

on different kinds of cybersecurity threats in internal communication channels.

In November Sitowise participated in a country-wide cyber security exercise called Tieto24. The exercise supports Sitowise's preparedness for cyber disruption scenarios and enhances a collaborative culture and cooperation models.

Sitowise has invested significantly in increasing its capability responsiveness during 2024. The main area of improvement was targeted to the level of Microsoft Security licences, enabling multiple critical functions to detect and control security events.

Targets and Monitoring Effectiveness of the Actions

• Coverage of the ISO 27001 certification in Finland and Sweden: 2024 Finland 100%, Sweden 0%. The goal is 100% ISO 27001 certification coverage for operations in Finland and Sweden. Additionally, the aim is to integrate significant companies acquired through acquisitions into management systems within 12 months of acquisition or alternatively to develop the acquired company's management system to meet the certification's requirements (100% coverage).

Additionally, we annually assess the effectiveness of implemented actions with the following metrics. No target levels have been set for these metrics.

Percentage of employees who have completed information security online training in Finland: 2024 75% (2023: 80%, training materials changes in 2023). No target levels have been set for the metric. Training is currently available only for employees in Finland.
Number of cybersecurity incidents: 2024 38 pcs (2023: no applicable data to compare). No target levels have been set for these metrics, but we analyze incidents and their countermeasures to ensure continuous improvement.

Accounting principles

Coverage of the ISO 27001 certification: The result is a ratio of the revenue from ISO 27001 certified operations to the total revenue of the company.

Information security Online Training: Course performances on the StudyHub online platform during the period 1.1.2022- 31.12.2024 (1265 individuals in Finland). The number of

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report completions has been compared to the number of staff in Finland as of 31 .12 .2024 (1695 individuals) . Due to technical system reasons, staff turnover could not be taken into account in the completion percentage . "

Number of cybersecurity incidents: Number of security tickets categorized as security incidents .

ENSURING THE HEALTH AND SAFETY ASPECTS

The primary focus and goal of Sitowise's designs is to deliver safe and healthy solutions for end users . These solutions adhere to industry standards and reflect the best-known safe and healthy technical practices available at the time . Occasionally, choices and compromises between technical solutions must be made, where the client plays a significant role in decision-making . In such cases, the selected design may deviate from our recommendations, potentially resulting in suboptimal safety and health factors . When this occurs, we ensure that all associated risks are clearly communicated, enabling the client to make an informed decision with full awareness of the implications . Services we offer that significantly impact the health and safety of end-users and customers include, for example, acoustic and noise design, indoor air and condition surveys, traffic safety plans, occupational safety measurements, occupational safety coordinator services, accessibility assessments, HVAC design, fire protection engineering, and occupational safety reports for design .

Actions on Health and Safety

We consistently perform quality assurance on our work in accordance with our quality management system, certified to meet ISO 9001 standards . Feedback and complaints are handled through a systematic process that includes root cause analysis . Based on this analysis, we implement any necessary changes to internal practices and guidelines following the principles of continuous improvement .

Targets and Monitoring Effectiveness of the Actions

• Coverage of the ISO 9001 certification: 2024 100%. The goal is 100% ISO 9001 certification coverage for the group's operations . Additionally, the aim is to integrate significant companies acquired through acquisitions into management systems within 12 months of acquisition or alternatively to develop the acquired company's

management system to meet the certification's requirements (100% coverage) .

Additionally, Sitowise monitors safety by tracking the number of incidents related to end-users . Incidents affecting end-users can be reported directly to Sitowise, the client, or an entity representing the end-user . In 2024, no incidents related to end-users were reported .

Accounting principles

Coverage of the ISO 9001 certification: The result is a ratio of the revenue from ISO 9001 certified operations to the total revenue of the company .

Incidents related to end-users: Possible events are recognized on the basis of employee notifications, project communications, project surveys and other client/user communication channels . The metric is indicative, as obtaining information relies on notifications from the other party .

General Information on Actions, Indicators, and Targets

Actions are implemented as part of existing processes, and their execution is assigned to the relevant functions within the group . The assessment of necessary resources occurs during operational planning and budgeting, anticipating the goals of the next operational period . In 2024, no significant operational or capital expenditures were allocated separately at the group level for these actions .

The indicators and target levels will be assessed during 2025 to appropriately address the key findings of the 2024 double materiality assessment and ESRS requirements . Stakeholders have not participated in setting the goals for 2024 . The indicators concern Sitowise's own operations except for the 'End-user-related hazard situations' indicator . No base year or target period has been set for the current indicators unless otherwise noted . The measurement results have not been validated separately by an external service provider .

Governance Information

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Business Conduct

Material Impacts, Risks, and Opportunities

Impacts on the Environment and Society

– Potential misconduct in Sitowise's value chain.

Sustainability Risks and Opportunities for Business

– Deficient management practices
– Reputational and business risk due to non-compliance in sustainability
+ Proactive monitoring and implementation of sustainability legislative changes and best practices
+ Strong reputation as a responsible business partner with expertise on sustainability.

Sitowise's sustainability impacts, risks, and opportunities are further detailed on ► page 33.

Sitowise has been developing its governance system for several years. Effective governance is essential to safeguard business and reputation, and stakeholders closely monitor compliance with regulations and good governance practices.

Sitowise's operating system adheres to the ISO standards. The ISO 9001 standard provides a framework for quality management and helps to develop processes and the consideration of clients' needs. ISO 14001 guides the management of environmental issues and the development of the environmental system. In Finland, ISO 27001 standard secures the maintenance and development of the data security management system. In Sweden, occupational health and safety matters are managed with ISO 45001 standard. In addition, the listing to Nasdaq Helsinki in spring 2021 and requirements set to publicly listed companies have been the foundations to Sitowise Group's governance and operating system.

To coordinate and guide our business activities, we have developed our own Voima platform which is a contract management system together with project guidance.

BUSINESS CONDUCT POLICIES

Policies related to managing business conduct and corporate culture impacts, risks, and opportunities include Code of Conduct, Management system, Sustainability program and Risk management policy. All policies are accessible to employees on the company intranet. Additionally, the Sustainability Program 2025and Code of Conduct publicly available on sitowise.com. With the support of company management, all employees follow the policy guidelines and participate in continuous improvement. The policies are updated when necessary.

Code of Conduct

Sitowise's Code of Conduct describes how the company runs its business in a sustainable and ethical manner. It includes guidelines on compliance with laws and commitments, care for people and the working community, development of a sustainable and smart environment, responsible procurement, and zero tolerance for corruption, bribery, ja extortion. Following the principles of our Code of Conducts reduces the likelihood of misconduct and reputational or business risks it may cause. The Code of Conduct serves as the foundation for our management practices.

It applies to all members of the Board, employees, and activities of Sitowise and its subsidiaries. It also requires sustainable practices from partners. There are no specific exclusions mentioned in the Code of Conduct. The policy owner is Executive Vice President Communication, Marketing and Sustainability.

Management System

Sitowise's Management system ensures that the company has sufficient management procedures in place. It defines the common management structures, management practices, and tasks and responsibilities associated with the different management roles. The management system, based on the ISO 9001 standard, covers the group level and activities in Finland. For the Swedish operations, there is a separate management system that operates under the group level governing principles and handles tasks and responsibilities in Sweden.

The management practices also ensure the processes on monitoring changes in the operating environment and regulation preparation. The management system governs strategic planning, risk management, financial reporting, and compliance processes. Specific exclusions or limitations of scope are not detailed explicitly.

The CEO is responsible for implementing the policy. This includes leading and overseeing the group's business operations, managing the strategic process, and ensuring compliance with financial and administrative regulations. The CEO reports to the Board of Directors.

Sitowise's management system integrates stakeholder feedback from customer and employee surveys into risk management and strategic planning. The system is accessible via the intranet, ensuring that all employees have the necessary information to implement policies effectively.

Sustainability Program 2025

Sitowise Sustainability program 2025 as well as our strategy supports the strategic goals of growing sustainability services. It supports our reputation as a responsible business partner. The program applies across all Sitowise operations. Specific exclusions are not included. The focus is on the comprehensive inclusion of all the operational aspects from employee well-being to sustainable industry practices. The program and its goals are presented on ► page 27.

Risk Management Policy

The key contents of the Sitowise Risk management policy include risk definition and identification, risk management objectives, the annual clock for risk management activities, and the organization of risk management. It also details external audit requirements. The policy aims to ensure that misconducts are prevented and, thereby, seeks to avoid reputational damage and maintain the company's role as a trustworthy partner.

The policy applies to Sitowise Group Plc and its subsidiaries. It integrates risk management principles into all operations to ensure risks are identified, evaluated, and monitored effectively reducing the likelihood of our material business conduct risks. No specific exclusions are mentioned.

The Board of Directors has responsibility for approving risk management principles, and ensuring that risk management is integrated into the decision-making. The CEO implements the risk

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report management policy, and oversees risk management activities. The policy is owned by the Chief Financial Officer.

The policy principles follow the COSO Enterprise Risk Management framework and consider the Finnish Corporate Governance Code (2025). Sitowise management participates in annual risk surveys, and risk assessments are conducted in projects as agreed with clients, such as through Consulting General Terms KSE 2013, which require consultants to highlight the potential technical risks. Risk management principles are accessible to Sitowise employees via the intranet.

Other Sustainability and Human Rights Commitments

Additionally, Sitowise is committed to the following international declarations and agreements: the UN Declaration of Human Rights, the International Labour Organization's ILO Declaration on Fundamental Principles and Rights at Work, the UN Global Compact initiative, and the Science-Based Targets initiative (SBTi). The OECD Guidelines for Multinational Enterprises, the UN Sustainable Development Goals, the UN Convention on the Rights of the Child, the Rio Declaration on Environment and Development, and the United Nations Convention against Corruption are also considered in Sitowise's operations. The principles of commitments concerning human rights and labor rights are incorporated, as applicable, into our Code of Conduct, which will be updated in 2025 to ensure it fully covers the aforementioned agreements and goals as well.

CORPORATE CULTURE

Sitowise's strategic pillars are the most sustainable, most innovative and most efficient. Sitowise considers that these themes are principally promoted and communicated as part of our corporate culture. Additionally, as a foundation Sitowise has its commitments to adhere to good corporate governance by complying with all applicable laws and regulations and by implementing the recommendations for good corporate governance. The Company's corporate governance system complies with the Company's Articles of Association and in particular with regard to the Finnish legislation the Limited Liability Companies Act, the Accounting Act, the Securities Market Act and other rules and regulations related to the corporate governance of public limited liability companies, as stated in the Corporate Governance Statement 2024 and previously. Sitowise's Group Management Team, led by the CEO, prepares the company's strategy, vision, purpose, and values which are approved by the Board of Directors. Therefore, the direction to corporate culture comes from the top of the group.

Sitowise's corporate culture, as referred above, is especially fostered and encouraged through Group Management Team's efforts in executing and communicating the strategic pillars to the personnel through continuous discussions about the topic. Sitowise fosters its corporate culture in relation to business conduct impacts, risks, and opportunities mentioned through various initiatives. These include training programs for example on Code of conduct, DEI, leadership, and sustainability training. Development of corporate culture is evaluated with gathering insights from employees with annual surveys, and quarterly conducted pulse surveys. In addition, Sitowise shares knowledge on material sustainability topics by hosting Smart City talks. The Code of Conduct is part of our training and orientation of all new employees. The attendance numbers in Code of conduct, DEI, and leadership trainings are reported in Group Management Team and the Board of Directors at least annually. The Board reviews and approves the Code of Conduct and its changes when necessary. During the reporting period of 2024, the audit committee has reviewed and commented the policy framework of Sitowise, meaning the structure and hierarchy of Sitowise's policies, charters, principles and guidelines, and the party preparing and approving these documents. A similar review is carried out when deemed necessary but at least every three years.

CONCERNS

Sitowise identifies, reports, and investigates concerns related to unlawful behavior or behavior that contradicts the Code of Conduct as follows: Employees and partners are required to immediately report any concerns and known or suspected inappropriate conduct. Employees are instructed to voice their concerns directly to their supervisor or to the Executive Vice President Brand, Sustainability & Communications. All expenses are reviewed based on the four-eyesprinciple to detect any financial misconduct.

Sitowise also offers a confidential whistleblower channel for anonymous reporting. In 2024, a total of 17 concerns were submitted via the whistleblowing channel by Sitowise's employees and none by an outside party. All the concerns were reviewed, and the Executive Vice President HR and/or Executive Vice President Brand, Sustainability & Communications responded to them. Confidentiality is ensured in the following way: whistleblower's message is submitted securely by following instructions in the form in the Whisteblow website. After having sent the message, an ID and a password are received on the screen. These details need to be stored by

the whistleblower in a secure manner. To ensure anonymity, the whistleblowing channel is handled by an external partner, WhistleB, Whistleblowing Centre. The reporting procedure is encrypted and password protected. The whistleblower will remain anonymous throughout this dialogue. Sitowise's Code of conduct training includes whistleblower channel as one topic. Sitowise has nominated the Executive Vice President Communication, Brand and Sustainability and Executive Vice President HR to receive whistleblower reports. Both have received training on whistleblowing requirements and practices when the Directive (EU) 2019/1937 of the European Parliament and of the Council was adopted. Sitowise applies Act on the protection of individuals reporting violations of European Union and national law.

Whistleblower laws are in place in Finland and Sweden. If Sitowise faces any incidents related to business conduct beyond the reports by whistleblowers, the management will promptly address such incidents case by case in an appropriate manner and forum, depending on the matter and persons involved. Sitowise commits to investigating business conduct incidents promptly, independently, and objectively. The Board will be informed of such incidents either directly or in connection with regular Board meetings, depending on the severity of the incident. Concern reports from internal or external stakeholders outside whistleblowing could come to Sitowise's knowledge through client or employee surveys, personnel's development discussions or otherwise in communication with supervisors or colleagues, or through a client or employee feedback. All raised concerns are handled appropriately by relevant person at Sitowise, whether supervisor, Group Management Team member, or both together, or other person in charge of the matter. Functions most at risk for corruption and bribery at Sitowise involve functions that can decide on the use of company funds, including employees who purchase services or products for Sitowise, and those who are in charge of supplier relationships or employees who have access to company funds. These persons are at risk of being the object or actor of bribery. Employees who are in charge of client projects are at risk of being the actor of bribery. All functions at Sitowise make purchases, certain persons in the finance department have access to company funds, and project managers in business areas are in charge of client projects.

Code of conduct training is mandatory for all employees and management bodies, and is completed either during onboarding for new employees or after updates to the training content.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

SUPPLIER RELATIONSHIP MANAGEMENT

It is important to Sitowise to be a reliable partner. This approach is recorded to the Code of Conduct as a commitment: "We operate fairly and transparently with our contractual partners." and "We value our partners and build transparently sustainable partnerships", and is communicated to Sitowise's suppliers through Code of Conduct that is part of the agreement.

Our aim is to pay all invoices by the due dates. We comply with our agreements regarding payment periods. We ensure this by way of paying purchase invoices frequently. These practices support vulnerable suppliers who are exposed to significant economic risks.

The main principle for selecting suppliers is that we only use contractors with good reputation and if we have worked together in the past, ,the cooperation has been successful, and suppliers who comply with social obligations. We require our suppliers to commit to the principles of our Code of Conduct. At a minimum when engaging new suppliers, our guidance requires to monitor their financial situation and the state of fulfilling their social obligations. hen choosing a subcontractor, professionalism and sufficient resources of the operator need to be ensured by the Sitowise employee procuring the services. Our guidance requires that the financial status and social obligations of a supplier or subcontractor in question is checked against an internal list of sub-consultants. Our clients also expect our sub-consultants to fulfil the same obligations that the client requires of us during our assignment. We are assessing automation of supplier review. Especially if automation will be in broader use, training to personnel regarding the relevant matters to take into account shall be organised. Sitowise is assessing as part of human rights, corruption, taxation, and fair competition due diligence what kind of supply chain dialogue, supplier visits, audits or surveys will be carried out. In Buildings, Infra and Sweden Business Areas suppliers are domestic due to country-specific requirements in construction. Although in Digital Solutions Business Area supply chain could work around the globe, domestic suppliers are mainly used. Relating to group's human rights, corruption, taxation, and fair competition due diligence process, Sitowise assesses best practices in supplier consultancy processes regarding these topics.

As stated in our Code of Conduct, we strive to minimize our own adverse environmental impact. Sitowise expects our partners to pursue a similar level of environmental sustainability in their own activities. Sitowise is assessing possible need for evaluation of environmental sustainability performance of its suppliers.

Sitowise's above-mentioned practices support its strategy pillar the most efficient and are in key role in project risk management as subcontractors are a vital part of protect work. These practices as part of project risk management aid in fulfilling and executing the strategy by way of setting the standard for applicable practices.

CORRUPTION AND BRIBERY

Sitowise prevents, detects, and addresses corruption and bribery through mandatory Code of Conduct training, along with its accompanying test, that is mandatory for all employees. Subconsultant and supplier contracts require partners to follow our ethical guidelines. Sanction reports for clients and suppliers are reviewed at least once a year. Regular background checks are conducted on key suppliers and clients to verify tax compliance. A whistleblower channel is available on the website, offering employees and external informants a confidential and anonymous way to report concerns. Allegations of corruption or bribery are promptly handled by the Executive Vice President HR, or Executive Vice President Brand, Sustainability & Communications in the appropriate manner and forum. Sitowise is committed to addressing such cases independently and objectively.

Executive Vice President, Sustainability, Brand & Communications and her team, and CFO's finance team are involved in prevention and detection of corruption and bribery. In case of corruption or bribery incident, the investigators are named separate from the above-mentioned chain of management from Sitowise's Security and HR functions. Executive Vice President Information Technology in charge of Security function and CHRO in charge of HR function would be a part of the investigating team. If such allegation or incident of corruption or bribery would take place that the above-mentioned functions would act as investigators, the investigators would report outcomes of their work in Group Management Team and Board of

Directors. Any conflicts of interest or formal incapacity to participate in the handling would be appropriately taken into account.

Code of Conduct and its principles are communicated with online training compulsory for all employees when commencing employment or when the guidelines change. Code of Conduct is available both in Sitowise.com and our intranet. We communicate our Code of Conduct to suppliers by way of requiring them to commit to the principles of our Code of Conduct as an appendix to their agreements.

A well-defined Code of Conduct is essential for ensuring that all employees can easily understand it. As aforementioned, participation in the Code of Conduct training program is mandatory for all Sitowise employees. Given that all functions at Sitowise are involved in purchasing, with specific finance team members having access to company funds and project managers overseeing client projects, the Code of Conduct training program effectively covers 100% of highrisk functions. The EVP of Brand, Sustainability & Communications oversees anti-corruption and anti-bribery training, and the Group Management Team, including the CEO, is required to participate in this training.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

ACTIONS ON CORRUPTION AND BRIBERY

Sitowise's action plans and resources to manage its material impacts, risks, and opportunities related to corruption and bribery, i.e., i) potential misconduct in Sitowise's value chain, ii) deficient management practices, iii) reputational and business risk due to non-compliance, iv) proactive monitoring and implementation of legislative changes and best practices, and v) strong reputation as a responsible business partner, include the following: requiring supplyside partners to follow Sitowise's Code of Conduct, reviewing sanction reports regarding clients and suppliers at least once a year, conducting background checks on supply-side partners and major clients regularly to verify, among other things, companies' tax compliance, and training to relevant employees on the topics when needed, for example regarding sanctions regulations after the war in Ukraine started in 2022 when the topic became more acute to all companies. All of Sitowise's expenses are reviewed based on the four-eyes-principle and in addition, are handled in the finance department, which is an important way to identify corruption and bribery. The functions mentioned hereunder follow legislative changes and best practices closely using the best available consultancy when needed. The key action to managing the topic is to have a Code of Conduct that is familiar to all employees, among other things through their mandatory training. Sitowise's employees in Spain and Portugal (a couple of persons) are to be trained regarding the CoC during year 2025.

Sitowise is not aware that any harm would have been caused by an actual material impact (impact on the environment and society being caused by potential misconduct in Sitowise's value chain). In Finland and Sweden, a total of 93% people have completed the Code of Conduct training by the end of 2024.

In order to have all Sitowise group's employees trained regarding the Code of Conduct, no specific resources are needed as the training is a part of mandatory courses for all employees at the beginning of their employment and is added to their mandatory courses automatically. CoC updates are carried out by the Sustainability function supported by the Legal function but no specific resources are allocated to this. Sitowise has no convictions for the violation of anti-corruption and anti- bribery laws in 2024 and did not have any in 2023 either. Therefore, Sitowise has not been fined for the violation of anticorruption or anti-bribery laws.

Anti-corruption and bribery training

During the 2024 financial year, Sitowise Group Plc provided training to its employees in terms of its Code of Conduct. The details of its training during the 2024 financial year are as follows:

	Finland and Sweden Spain Portugal
Training coverage, %	93%	0	0
Delivery method and duration	StudyHub e-learning platform	-	-
Online training	X	-	-
Frequency
How often training is required	permanent	-	-
Topics covered in the training in relation to corruption and bribery
Gifts or hospitality, cash, or cash equivalent as a gift	X	-	-
Sitowise's sponsor and donation policy	X	-	-
Support of political or religious activity	X	-	-

Accounting principles

Share of employees who have completed Code of Conduct training: Course performances on the StudyHub online platform are during the period 1.1.2022-31.12.2024 (1,888 individuals in Finland and Sweden). The number of completions has been compared to the number of staff as of 31.12.2024 (2,038 individuals). Due to technical system reasons, staff turnover could not be taken into account in the completion percentage.

POLITICAL AND LOBBYING ACTIVITIES

In line with our Code of Conduct, we do not provide financial support to political or religious activities. Therefore, Sitowise has not given financial or in-kind political contributions.

Through industry organizations in Finland, we actively participate in influencing and commenting legislation that may impact our sector. SKOL in Finland serves as our representative in advocacy efforts. SKOL (Suunnittelu- ja konsultointiyritykset SKOL ry, The Finnish Association of Consulting Firms) is the industry and employers´ organization for independent consulting firms. It is a member of the Federation of Finnish Technology Industries. Sitowise's main position on the legislation that may impact our sector is to comment on the changes or new legislation from an expert's perspective and based on our experience from various fields and different kinds of projects. Sitowise Group Plc's and Sitowise Oy's CEO Heikki Haasmaa is a board member in SKOL.

Each Department Director as a member of Business Area management team has the oversight responsibility of association activities in their departments.

Sitowise is not registered in EU Transparency Register because the Transparency register is listing "interest representatives" (organizations, associations, groups, and self-employed individuals) who carry out activities to influence the EU policy and decision-making process, and Sitowise is not carrying out such lobbying.

Sitowise has considered the appointments of the Board of Directors and the Group Management Team for this following disclosure: Sitowise has not appointed during the financial year 2024 any Board or Group Management Team members who held a comparable position in public administration two years preceding such appointment.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

PAYMENT PRACTICES ON SME'S

Our purchase invoices have a term of payment of 14, 21 or 30 days in general . Term of payment is not dependent on supplier group (project purchases, device and service providers) . Sitowise's accounting systems pay invoices on the due dates subject to each invoice being reviewed and approved . Sitowise has no legal proceedings related to late payments of purchase invoices .

		Finland Sweden	Other	Group
Average number of days to pay invoice from date when contractual or statutory term of payment starts to be calculated	19	28	24	24
Percentage of payments aligned with standard payment terms	86%	86%	100%	91%

KPIs have been calculated from data for one calendar month . Group's KPIs are not weighted averages .

TARGETS AND RELATED ACTIONS REGARDING GOVERNANCE

Sitowise's target relating to governance is that all employees and managers have completed Code of Conduct training . As the Code of Conduct applies to all Sitowise personnel and companies, this target is directly related to the policy objectives . The number of individuals who completed the training is reported in the preceding paragraph on Anticorruption and Bribery Measures The target is reported quantitatively of Sitowise personnel at the end of the reporting period . The scope of the target is comprehensive in that sense that it covers one stakeholder group, personnel, as a whole .

The target is applicable going forward and is measured per year . Sitowise does not have milestones or interim targets relating to the target although in 2024 Sitowise has focused on ensuring coverage of the training in all subsidiaries . Code of Conduct training was not implemented in all small subsidiaries yet in 2024 but the aim is to have that action completed in 2025 . At the end of reporting period, Sitowise group consisted of Sitowise Group Plc and its subsidiaries Sitowise Oy (and its subsidiary LandPro Oy as of 25 September 2024 and which is planned to be merged on 30 April 2025), Sitowise Sverige AB, and Infracontrol AB (and its small subsidiaries in Spain, Portugal and Denmark, the last one being under dissolution) . Of these eight companies, three has implemented Code of Conduct training . LandPro

Oy and Infracontrol AB with its subsidiaries have not implemented the training . As LandPro Oy will be merged into Sitowise Oy, it will be covered by the training at the latest after the merger . Relating to Code of Conduct, training regarding it, and matters covered by the Code of Conduct, Sitowise is not aware that any stakeholder would be harmed by actual material impacts . The applied methodologies and significant assumptions used to define target include that the target is measured from total number of Sitowise personnel at the end of the reporting period so leavers and new employees are not take into account per person . Stakeholders were not directly involved in this target setting meaning that their views were not explicitly consulted about the target prior to setting it . Sitowise carried out a sustainability survey to its personnel during preparation of the Sustainability Program 2025 . Sitowise has not made any changes in the target, metrics or underlying measurement methodologies, significant assumptions, limitations, sources, or adopted processes to collect data between 2023-2024 and in this reporting in 2025 .

General Information on Actions, Indicators, and Targets

Measures are implemented as part of existing processes, and their implementation is assigned to the relevant functions within the group . The assessment of necessary resources takes place during operational planning and budgeting, anticipating the goals of the next operational period . In 2024, no significant operating or capital expenditures were specifically allocated at the group level for the measures .

If necessary, indicators and target levels will be evaluated during 2025 to ensure they appropriately address the key considerations of the 2024 sustainability materiality assessment .

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Content indexes

The following tables can be used to find information in this sustainability statement related to specific disclosure requirements.

ESRS CONTENT INDEX

Material disclosure requirements	Section	Additional information
ESRS 2 General disclosures
BP-1 General basis for preparation of sustainability statements	Basis for Preparation
BP-2 Disclosures in relation to specific circumstances	Information on Data Estimates and Changes in Reporting
GOV-1 (and GOV-1 G1) The role of the administrative, management and supervisory bodies	Sustainability Governance
GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	Addressing the Sustainability Matters in the Board and Group Management
GOV-3 (and GOV-3 E1) Integration of sustainability related performance in incentive schemes	Sustainability in Executive Remuneration
GOV-4 Statement on due diligence	Sustainability Due Diligence
GOV-5 Risk management and internal controls over sustainability reporting	Sustainability Reporting Risk Management
SMB-1 Strategy, business model and value chain	Sitowise's Approach on Sustainability
SBM-2 Interests and views of stakeholders	Stakeholder Insights and Collaboration
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business
IRO-1 (and IRO-1 E1, E2, E3, E4, E5, G1) Description of the processes to identify and assess material impacts, risks and opportunities Double Materiality Assessment
IRO-2 Disclosure requirements in ESRS covered by the undertaking's sustainability statement	Content indices
ESRS E Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (EU Taxonomy)
E1 Climate change
E1-1Transition plan for climate change mitigation	Reducing Emissions in Accordance with Science-Based Targets
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business; Transitional and Physical Risks, and Opportunities
E1-2 Policies related to climate change mitigation and adaptation	Policies Related to Climate Change
E1-3 Actions and resources in relation to climate change policies	Other Actions Related to Impacts, Risks, and Opportunities
E1-4 Targets related to climate change mitigation and adaptation	Reducing Emissions in Accordance with Science-Based Targets
E1-5 Energy consumption and mix	Energy consumption and mix
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	Sitowise's emissions in 2024
E1-7 GHG removals and GHG mitigation projects financed through carbon credits	Carbon Gredits and Internal Carbon Pricing	No carbon credits in 2024
E1-8 Internal carbon pricing	Carbon Gredits and Internal Carbon Pricing	No internal carbon pricing
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities		Phase-in, not reported in 2024
Entity specific data point	Entity-Specific Datapoint: E-value of Designed Buildings

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

statements

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Material disclosure requirements	Section	Additional information
E4 Biodiversity and ecosystems
E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model	Biodiversity and Ecosystems
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business; Biodiversity and Ecosystems
E4-2 Policies related to biodiversity and ecosystems	Policies Related to Biodiversity and Ecosystems
E4-3 Actions and resources related to biodiversity and ecosystems	Actions to Enhance Biodiversity
E4-4 Targets related to biodiversity and ecosystems	Targets, indicators and metrics
E5 Resource use and circular economy
E5-1 Policies related to resource use and circular economy	Policies Related to Circular Economy
E5-2 Actions and resources related to resource use and circular economy	Actions to Enhance Circular Economy
E5-3 Targets related to resource use and circular economy	Targets, Indicators and Metrics
S1 Own workforce
ESRS 2, SBM-2 Interests and views of stakeholders	Stakeholder Insights and Collaboration
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business
S1-1 Policies related to own workforce	Policies on Own Workforce
S1-2 Processes for engaging with own workers and workers' representatives about impacts	Engaging with Employees
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns	Channels for Raising Concerns and Processes to Remediate Negative Impacts
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	Skills Development , Employee Health and Well-Being, Diversity and Inclusion, Employer Branding
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Skills Development , Employee Health and Well-Being, Diversity and Inclusion, Employer Branding
S1-6 Characteristics of the undertaking's employees	Sitowise People in Numbers
S1-7 Characteristics of non-employee workers in the undertaking's own workforce		Phase-in, not reported in 2024
S1-8 Collective bargaining coverage and social dialogue	Terms of Employment Set by Collective Agreements
S1-9 Diversity metrics	Diversity and Inclusion
S1-11 Social protection		Phase-in, not reported in 2024
S1-12–Persons with disabilities		Phase-in, not reported in 2024
S1-13 Training and skills development metrics		Phase-in, not reported in 2024
S1-14 Health and safety metrics	Occupational Health and Accident Prevention
S1-15 Work-life balance metrics	Work-life balance
S1-16 Remuneration metrics (pay gap and total remuneration)	Compensation metrics
S1-17 Incidents, complaints and severe human rights impacts	Human Rights at Sitowise

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information

Financial and Alternative

Performance Measures

Governance Information

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Material disclosure requirements	Section	Additional information
S4 End Users
ESRS 2 SBM-2 -S4 Interests and views of stakeholders	Stakeholder Insights and Collaboration
ESRS 2 SBM-3 – S4 Material impacts, risks and opportunities and their interaction with strategy and business model	Impacts, Risks and Opportunities, and Their Interaction with Strategy and Business; End Users
S4-1 Policies related to end-users	Engaging with Clients and End Users
S4-2 Processes for engaging with end-users	Guiding Policies on Clients and End Users
S4-3 Processes to remediate negative impacts and channels for end-users to raise concerns	Channel for Raising Concerns
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing risks and pursuing opportunities related to consumers and endusers and effectiveness of those actions	Enhancing Environmental and Social Sustainability; Managing Cybersecurity Risks and Opportunities, Ensuring the Health and Safety Aspects
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Enhancing Environmental and Social Sustainability; Managing Cybersecurity Risks and Opportunities, Ensuring the Health and Safety Aspects
G1 Business Conduct
G1-1 Business conduct policies and corporate culture	Business Conduct Policies
G1-2 Management of relationships with suppliers	Supplier Relationship Management
G1-3 Prevention and detection of corruption and bribery	Corruption and bribery
G1-4 Incidents of corruption or bribery	Actions on Corruption and Bribery
G1-5 Political influence and lobbying activities	Political and Lobbying Activities
G1-6 Payment practices	Payment practices on SME's

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

statements

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

ESRS DATA POINTS THAT DERIVE FROM OTHER EUROPEAN UNION LEGISLATION

The following table illustrates the ESRS data points that derive from other European Union legislation (listed in ESRS 2 Appendix B). The table indicates where the data points can be found within the Sustainability Statement or if a data point is not material or a phase-in has been used.

				Benchmark
Disclosure requirement	Data point Description	SFDR reference	Pillar 3 reference	Regulation reference	EU Climate Law reference	Section in Sustainability Statement / Non-Materiality/Phase-In
ESRS 2 GOV-1 21 (d)	Board's gender diversity	x		x		Management Diversity
ESRS 2 GOV-1 21 (e)	Percentage of board members who are independent			x		Management Diversity
ESRS 2 GOV-4 30	Statement on due diligence	x				Sustainability Due Diligence
ESRS 2 SBM-1 40 (d) i	Involvement in activities related to fossil fuel activities	x	x	x		Not material
ESRS 2 SBM-1 40 (d) ii	Involvement in activities related to chemical production	x		x		Not material
ESRS 2 SBM-1 40 (d) iii	Involvement in activities related to controversial weapons	x		x		Not material
ESRS 2 SBM-1 40 (d) iv	Involvement in activities related to cultivation and production of tobacco			x		Not material
ESRS E1-1 14	Transition plan to reach climate neutrality by 2050				x	Reducing Emissions in Accordance with Science-Based Targets
ESRS E1-1 16 (g)	Undertakings excluded from Paris-aligned Benchmarks		x	x		Not material
ESRS E1-4 34	GHG emission reduction targets	x	x	x		Reducing Emissions in Accordance with Science-Based Targets
ESRS E1-5 37	Energy consumption and mix	x				Metrics
ESRS E1-5 38	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	x				Metrics
ESRS E1-5 40-43	Energy intensity associated with activities in high climate impact sectors	x				Not material
ESRS E1-6 44	Gross Scope 1, 2, 3 and Total GHG emissions	x	x	x		Metrics
ESRS E1-6 53-55	Gross GHG emissions intensity	x	x	x		Metrics
ESRS E1-7 56	GHG removals and carbon credits				x	Metrics
ESRS E1-9 66	Exposure of the benchmark portfolio to climate-related physical risks			x		Phase-in used
ESRS E1-9 66 (a); 66 (c)	Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical risk		x			Phase-in used
ESRS E1-9 67 (c)	Breakdown of the carrying value of its real estate assets by energy-efficiency classes		x			Phase-in used
ESRS E1-9 69	Degree of exposure of the portfolio to climate-related opportunities			x		Phase-in use
ESRS E2-4 28	Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil	x				Not material
ESRS E3-1 9	Water and marine resources	x				Not material
ESRS E3-1 13	Dedicated policy	x				Not material
ESRS E3-1 14	Sustainable oceans and seas	x				Not material
ESRS E3-4 28 (c)	Total water recycled and reused	x				Not material
ESRS E3-4 29	Total water consumption in m3 per net revenue on own operations	x				Not material
ESRS 2- SBM 3 -E4 16 (a) i	Activities negatively affecting biodiversity sensitive areas	x				Not material
	ESRS 2- SBM 3 -E4 16 (b) Material negative impacts with regards to land degradation, desertification or soil sealing	x				Not material
	ESRS 2- SBM 3 -E4 16 (c) Operations that affect threatened species	x				Not material
ESRS E4-2 24 (b)	Sustainable land / agriculture practices or policies	x				Not material
ESRS E4-2 24 (c)	Sustainable oceans / seas practices or policies	x				Not material
ESRS E4-2 24 (d)	Policies to address deforestation	x				Not material
ESRS E5-5 37 (d)	Non-recycled waste	x				Not material

Board of Directors' Report and Consolidated Financial Statements 2024

Disclosure requirement	Data point Description	SFDR reference	Benchmark Regulation reference	Section in Sustainability Statement / Non-Materiality/Phase-In
ESRS E5-5 39	Hazardous waste and radioactive waste	x		Not material
ESRS 2- SBM3 -S1 14 (f)	Risk of incidents of forced labour	x		Not material
	ESRS 2- SBM3 -S1 14 (g) Risk of incidents of child labour	x		Not material
ESRS S1-1 20	Human rights policy commitments	x		Human Rights at Sitowise
ESRS S1-1 21	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8		x	Human Rights at Sitowise
ESRS S1-1 22	Processes and measures for preventing trafficking in human beings	x		Human Rights at Sitowise
ESRS S1-1 23	Workplace accident prevention policy or management system	x		Occupational Health and Accident Prevention
ESRS S1-3 32 (c)	Grievance/complaints handling mechanisms	x		Channels for Raising Concerns and Processes to Remediate Negative Impacts
	ESRS S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents	x	x	Occupational Health and Accident Prevention
ESRS S1-14 88 (e)	Number of days lost to injuries, accidents, fatalities or illness	x		Occupational Health and Accident Prevention
ESRS S1-16 97 (a)	Unadjusted gender pay gap	x	x	Diversity and Inclusion
ESRS S1-16 97 (b)	Excessive CEO pay ratio	x		Remunation Report 2024
ESRS S1-17 103 (a)	Incidents of discrimintation	x		Human Rights at Sitowise
ESRS S1-17 104 (a)	Non-respect of UNGPs on Business and Human Rights and OECD guidelines	x	x	Human Rights at Sitowise
	ESRS 2- SBM3 –S2 11 (b) Significant risk of child labour or forced labour in the value chain	x		Not material
ESRS S2-1 17	Human rights policy commitments	x		Not material
ESRS S2-1 18	Policies related to value chain workers	x		Not material
ESRS S2-1 19	Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines	x	x	Not material
ESRS S2-1 19	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8		x	Not material
ESRS S2-4 36	Human rights issues and incidents connected to its upstream and downstream value chain	x		Not material
ESRS S3-1 16	Human rights policy commitments	x		Not material
ESRS S3-1 17	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines	x	x	Not material
ESRS S3-4 36	Human rights issues and incidents	x		Not material
ESRS S4-1 16	Policies related to consumers and end-users	x		Guiding Policies on Clients and End Users
ESRS S4-1 17	Non-respect of UNGPs on Business and Human Rights and OECD guidelines	x	x	Guiding Policies on Clients and End Users
ESRS S4-4 35	Human rights issues and incidents	x		Guiding Policies on Clients and End Users
ESRS G1-1 10 (b)	United Nations Convention against Corruption	x		Business Conduct Policies
ESRS G1-1 10 (d)	Protection of whistle-blowers	x		Concerns
ESRS G1-4 24 (a)	Fines for violation of anti-corruption and anti-bribery laws	x	x	Actions on Corruption and Bribery
ESRS G1-4 24 (b)	Standards of anti-corruption and anti-bribery	x		Actions on Corruption and Bribery

Sitowise in brief CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

FINANCIAL AND ALTERNATIVE PERFORMANCE MEASURES

Since the publication of the IFRS financial statements for 2019, Sitowise has reported some alternative performance measures that do not comply with IFRS standards. The calculation of alternative performance measures does not take into account items affecting comparability, which are different from ordinary business operations, in order to show the financial result of the underlying actual business. The alternative performance measures are intended to improve comparability and are not a substitute for other IFRS-based key figures.

The alternative performance measures to be reported are adjusted EBITDA, EBITA, adjusted EBITA, and net debt / EBITDA (adjusted). Adjusted EBITDA and adjusted EBITA exclude material items that are not part of ordinary activities, but which affect comparability.

Details of items affecting comparability and reconciliations of alternative performance measures are presented on ► pages 85–86.

Key figures describing financial development

EUR thousand	1–12/2024	1–12/2023
Net sales	192,910	210,910
Growth in net sales, %	-8.5%	3.2%
Adjusted organic growth in net sales, %	-10%	1%
EBITA, adjusted	9,554	17,012
% of net sales	5.0%	8.1%
EBITA	7,434	15,128
Operating profit (EBIT)	2,473	11,701
% of net sales	1.3%	5.5%
Result for the period	-2,710	5,549
Balance sheet total	267,079	278,381
Cash and cash equivalents	17,459	15,596
Net debt	52,578	55,340
Cash flow from operating activities before financial items and taxes	21,488	23,891
Earnings per share (EUR)	-0.08	0.16
Diluted earnings per share (EUR)	-0.07	0.16
Earnings per share, continuing operations (EUR)	-0.08	0.16
Diluted earnings per share, continuing operations (EUR)	-0.07	0.16
Return on equity (ROE), %	-2.3%	4.7%
Return on capital employed (ROCE), %	1.3%	5.5%
Equity ratio, %	43.2%	42.9%
Net debt / EBITDA, adjusted	5.0x	3.0x
Gearing, %	45.6%	46.3%
Number of personnel, average	2,097	2,211
Full-time equivalent (FTE), average	1,854	1,974
Utilization rate	72.6%	74.4%

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

FORMULAS OF FINANCIAL AND ALTERNATIVE PERFORMANCE MEASURES

Adjusted organic growth in net sales	=	Growth in net sales excluding acquisitions and divestments adjusted by the number of working days and exchange rate impact
EBITA	=	Operating profit + amortization of intangible assets
EBITA, adjusted	=	EBITA + items affecting comparability
EBITDA, adjusted	=	EBITDA + items affecting comparability; in addition, lease liabilities are treated as operating leases, so lease expenses on the whole affect EBITDA
Items affecting comparability	=	Items affecting comparability are primarily costs associated with M&A and integration, restructuring as well as IPO readiness
Net debt	=	Loans from financial institutions - cash and cash equivalents (net debt does not include lease liabilities)
		Profit for the period, prev. 12 months
Return on equity (ROE), %	=	Total shareholders' equity, average
		(Profit before taxes + financial expenses), prev. 12 months
Return on capital employed (ROCE), %	=	(Balance sheet total – non-interest-bearing debt), average
		Total shareholders' equity
Equity ratio, %	=	Balance sheet total
		Net debt
Net debt / EBITDA, adjusted	=	EBITDA, adjusted, prev. 12 months
		Net debt
Gearing, %	=	Total shareholders' equity
		(Result for the period – non-controlling interest – dividend for the financial period to be distributed taking tax impact into consideration)
Non-diluted earnings per share	=	Average weighted number of shares
		(Result for the period – non-controlling interest – dividend for the financial period to be distributed taking tax impact into consideration)
Diluted earnings per share	=	Average diluted weighted number of shares
Full-time equivalent (FTE), average	=	Group personnel, full-time equivalent average during the period
Utilization rate	=	Number of project hours worked relative to the number of hours worked

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES

EUR thousand	2024	2023
Net sales	192,910	210,910
Adjusted organic growth in net sales, %
Growth in net sales	-9%	3%
Impact of acquisitions	-1%	-5%
Impact of number of working days	0%	1%
Impact of exchange rates	0%	2%
Adjusted organic growth in net sales, %	-10%	1%
EBITA
Operating profit (EBIT)	2,473	11,701
Amortizations of intangible assets	-4,961	-3,427
EBITA	7,434	15,128
EBITA %	3.9%	7.2%
Items affecting comparability
Restructuring costs	1,744	1,503
M&A and integration costs	330	302
Other, income (-) / costs (+)	46	-99
Items affecting comparability, EBITDA	2,120	1,706
Items affecting comparability, depreciations	0	178
Items affecting comparability, EBITA	2,120	1,884
EBITA, adjusted
EBITA	7,434	15,128
Items affecting comparability, EBITA	2,120	1,884
EBITA, adjusted	9,554	17,012
EBITA, adjusted %	5.0%	8.1%

EUR thousand	2024	2023
EBITDA
Operating profit (EBIT)	2,473	11,701
Depreciation and amortization	-13,160	-11,518
EBITDA	15,633	23,219
EBITDA %	8.1%	11.0%
Net debt
Loans from financial institutions	70,037	70,935
Cash and cash equivalents	17,459	15,596
Net debt	52,578	55,340
EBITDA, adjusted (prev. 12 months)
EBITDA (prev. 12 months)	15,633	23,219
Items affecting comparability, EBITDA (prev. 12 months)	2,120	1,706
Operational lease liabilities (IFRS 16) (prev. 12 months)	-7,281	-6,735
EBITDA, adjusted (prev. 12 months)	10,471	18,189
Net debt / EBITDA, adjusted
Net debt	52,578	55,340
EBITDA, adjusted (prev. 12 months)	10,471	18,189
Net debt / EBITDA, adjusted	5.0x	3.0x
Gearing, %
Total shareholders' equity	115,271	119,483
Net debt	52,578	55,340
Gearing, %	45.6%	46.3%

Financial Statements

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

statements

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

CONSOLIDATED FINANCIAL STATEMENTS IFRS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR thousand	Note	Jan 1 – Dec 31, 2024	Jan 1 – Dec 31, 2023
Net Sales	2.2	192,910	210,910
Other operating income	2.3	923	397
Materials and services	2.4	-20,183	-21,493
Employee benefits	2.5	-131,303	-138,417
Other operating expenses	2.6	-26,715	-28,179
Depreciation, amortization, and impairment	2.7	-13,160	-11,518
Operating result		2,473	11,701
Financial income	4.1	390	532
Financial expenses	4.1	-6,239	-5,088
Profit before taxes		-3,377	7,145
Income taxes	6.2	666	-1,596
Profit for the period		-2,710	5,549
Attributable to:
Owners of the parent		-2,576	5,618
Non-controlling interest		-134	-69
Profit for the period		-2,710	5,549

EUR thousand	Note	Jan 1 – Dec 31, 2024	Jan 1 – Dec 31, 2023
Items that may be reclassified to profit or loss
Change in translation difference		-1,842	162
Cash flow hedging, net of tax		-351	-54
Total for items in other comprehensive income		-2,193	109
Total comprehensive income		-4,903	5,657
Comprehensive income attributable to:
Owners of the parent		-4,769	5,727
Non-controlling interest		-134	-69
Earnings per share:
Earnings per share (EUR)	2.8	-0.08	0.16
Diluted earnings per share (EUR)		-0.07	0.16

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

EUR thousand	Note	Dec 31, 2024	Dec 31, 2023
Assets
Goodwill	3.2	158,630	158,033
Intangible assets	3.2	11,628	11,863
Property, plant and equipment	3.3	2,370	2,896
Right-of-use assets	3.3	22,967	26,405
Other shares, similar rights of ownership, and

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

receivables	4.2	1,944	1,899
Deferred tax assets	6.2	769	732
Total non-current assets		198,309	201,828

Trade and other receivables	3.4	50,724	59,150
Income tax receivables	6.2	588	1,808
Cash and cash equivalents	4.2	17,459	15,596
Total current assets		68,770	76,553

Total assets		267,079	278,381

EUR thousand	Note	Dec 31, 2024	Dec 31, 2023
Shareholders' equity and liabilities
Share capital		80	80
Reserve for invested unrestricted equity		97,352	96,692
Fair value reserve		-57	294
Translation difference		-5,360	-3,519
Retained earnings		23,256	25,751
Equity attributable to owners of the parent		115,271	119,299
Non-controlling interest		0	183
Total shareholders' equity		115,271	119,483
Deferred tax liabilities	6.2	989	1,543
Financial liabilities	4.2	69,351	69,935
Lease liabilities	4.2	17,153	20,524
Total non-current liabilities		87,493	92,003
Income tax liabilities		64	60
Financial liabilities	4.2	1,000	1,000
Lease liabilities	4.2	7,364	7,193
Provisions	3.5	345	330
Trade payable and other liabilities	3.6	55,541	58,312
Total current liabilities		64,314	66,895
Total shareholders' equity and liabilities		267,079	278,381

The notes are an integral part of the financial statements.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

CONSOLIDATED CASH FLOW STATEMENT

EUR thousand	Jan 1 – Dec 31, 2024	Jan 1 – Dec 31, 2023
Cash flow from operating activities:
Result for the period	-2,710	5,549
Adjustments
Income taxes	-666	1,596
Depreciation, amortization, and impairment	13,160	11,518
Financial income and expenses	5,695	4,556
Other adjustments	-105	259
Change in working capital
Trade and other receivables, increase (-) / decrease (+)	7,705	2,835
Trade and other payables, increase (+) / decrease (-)	-1,590	-2,422
Interest paid and other financial expenses	-5,972	-4,885
Interest received and other financial income	375	500
Income taxes paid	644	-2,921
Net cash flow from operating activities	16,536	16,586

EUR thousand	Jan 1 – Dec 31, 2024	Jan 1 – Dec 31, 2023
Cash flow from investing activities:
Investments in tangible and intangible assets	-2,691	-3,904
Payments for acquisitions of businesses and subsidiaries, net of cash acquired	-4,681	-1,512
Net cash flow from investing activities	-7,372	-5,416
Cash flow from financing activities:
Payments from share issue	660	258
Dividends paid	0	-3,555
Repayment of short term loans	-1,000	-1,072
Payments of lease liabilities	-6,818	-6,561
Net cash flow from financing activities	-7,158	-10,929
Cash and cash equivalents at the start of the period	15,596	15,390
Change in cash and cash equivalents, increase (+) / decrease (-)	2,006	241
Impact of changes in foreign exchange rates	-143	-35
Cash and cash equivalents at the end of the period	17,459	15,596

Board of Directors' Report and Consolidated Financial Statements 2024

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY

Sitowise in brief
CEO's review
The Report of the Board of Directors
Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative
Performance Measures

Consolidated Financial Statements
(IFRS)
Main financial statements
Notes to the consolidated financial statements
Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

			Equity attributable to owners of parent
EUR thousand	Share capital	Reserve for invested unrestricted equity	Fair value reserve	Translation differences	Retained earnings	Total	Non-controlling interest	Total shareholders' equity
Shareholders' equity 1 Jan 2024	80	96,692	294	-3,519	25,751	119,299	183	119,483
Result for the period					-2,576	-2,576	-134	-2,710
Other comprehensive income			-351	-1,842		-2,193		-2,193
Total comprehensive income	0	0	-351	-1,842	-2,576	-4,769	-134	-4,903
Share issues		660				660		660
Change in non-controlling interests					-92	-92	-50	-141
Share-based incentive schemes					172	172		172
Transactions with owners	0	660	0	0	81	741	-50	691
Shareholders' equity 31 Dec 2024	80	97,352	-57	-5,360	23,256	115,271	0	115,271
Shareholders' equity 1 Jan 2023	80	96,434	348	-3,681	23,440	116,621	253	116,874
Result for the period					5,618	5,618	-69	5,549
Other comprehensive income			-54	162		109		109
Total comprehensive income	0	0	-54	162	5,618	5,727	-69	5,657
Share issues		258				258		258
Dividend distribution					-3,555	-3,555		-3,555
Share-based incentive schemes					248	248		248
Transactions with owners	0	258	0	0	-3,306	-3,048	0	-3,048
Shareholders' equity 31 Dec 2023	80	96,692	294	-3,519	25,751	119,299	183	119,483

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Basic information

Sitowise is a Nordic expert in the built environment with a strong focus on digitality. Company offers sustainable design and consultancy services for projects of all sizes to enable more sustainable and smarter urban development as well as smooth transportation. Sitowise has four business areas that are Infrastructure, Buildings, Digital Solutions and Sweden. Value creation for clients and other stakeholders is based on the strong expertise and industry knowledge of Sitowise employees. In future, the company aims to strengthen its position as one of the leading providers of technical consulting and digital services for the built environment and forest assets.

The Group's parent company is the Finnish limited liability company Sitowise Group Plc (hereinafter referred to as the company"), domiciled in Espoo, with the mailing address Linnoitustie 6, FI-02600 Espoo, Finland. The Company was listed on the main list of Nasdaq Helsinki Ltd in March 2021.

The consolidated financial statements are available at the company's head office at Linnoitustie 6 D, FI-02600 Espoo, Finland, and on the Group's website www.sitowise.com.

The Board of Directors of Sitowise Group Plc approved these financial statements in its meeting on 11 March 2025.

In accordance with the Finnish Limited Liability Companies Act, shareholders can adopt or reject the financial statements in a general meeting of shareholders organized after their publication. The general meeting can also resolve to amend the financial statements.

1 GENERAL INFORMATION

1.1 ACCOUNTING POLICIES

The consolidated financial statements of the Sitowise Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved for use in the European Union, and the IAS and IFRS standards as well as SIC and IFRIC interpretations in force on 31 December 2024 have been applied in preparing them.

IFRS refers to standards and interpretations that companies referred to in the Finnish Accounting Act and regulations issued under it must comply with and that have been approved for application in accordance with the procedure enacted by Regulation (EC) No. 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements also fulfill the requirements of Finnish accounting and company legislation supplementing the IFRS standards.

The consolidated financial statements have been prepared on the basis of original cost, unless otherwise specified in the accounting policies. The consolidated financial statements include the parent company's financial statements and the financial statements of all companies over which the Group has control. A subsidiary is consolidated into the financial statements as of the moment when the Group receives control. Consolidation is discontinued once control ceases to exist. All intra-Group transactions are eliminated in the consolidated financial statements.

Associated companies are consolidated using the equity method. In the equity method, the Group's share of the results of associated companies corresponding to its ownership stake is included in the consolidated income statement. Correspondingly, the Group's share of the equity in the associated company, including the goodwill arising from its acquisition, is recorded as the value of the Group's holding in the entity on the consolidated statement of financial position. If the Group's share of the losses of an associated company exceeds the investment's carrying amount, the investment is assigned a value of zero on the statement of financial position and the excess is disregarded, unless the Group has obligations related to the associated company.

Item-specific accounting policies and descriptions of decisions requiring management discretion and the use of estimates and assumptions are presented in conjunction with each item.

The operating currency of the Sitowise Group is the euro. The figures disclosed in the financial statements are rounded up, so the sum of individual figures can deviate from the reported sum. The notes are an integral part of the financial statements.

New and amended standards

During the financial year the Group has adopted the amendments to IAS 1 Presentation of Financial Statements-standard. The amendment promotes consistency in application and clarify the requirements for determining if a liability is current or non-current. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments require to disclose information about these covenants in the notes to the financial statements.

The Group has not adopted any new and revised IFRS standards or interpretations that have been published but have not yet entered into force in the financial period beginning on January 1, 2024 (early application), and the unadopted IFRS or IFRIC interpretations are not considered to have a significant impact on the Group.

1.2 TRANSLATION OF ITEMS DENOMINATED IN FOREIGN CURRENCIES

The consolidated financial statements are reported in euros, which is also the parent company's operating currency. Items included in the financial statements of Group companies are measured at the currency of the primary economic operating environment of the respective company (operating currency).

Transactions denominated in foreign currencies are translated into the operating currency at the exchange rate of the transactions. Foreign exchange gains and losses arising from payments associated with such transactions and translation of monetary assets and liabilities denominated in foreign currencies at the exchange rate of the closing date are recognized through profit and loss.

The profit and loss accounts and balance sheets of international units using an operating currency different from the reporting currency are translated into the reporting currency as follows:

the assets and liabilities on each reported balance sheet are translated using the exchange rate of the closing date; and
the income and expenses on each profit and loss account are translated at average exchange rates for the financial period.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report Exchange rate differences arising from the consolidation of foreign units are recognized as translation differences in other comprehensive income.

1.3 KEY DECISIONS MADE BY THE MANAGEMENT REQUIRING DISCRETION AND MAIN UNCERTAINTY FACTORS RELATING TO ESTIMATES

Preparing the financial statements in accordance with the IFRS requires the management to make discretionary decisions and use estimates and assumptions that have impacts on the amounts of assets and liabilities on the closing date, reporting of contingent assets and liabilities and the amounts of income and expenses for the reporting period. These estimates and assumptions are based on prior experience and other justifiable factors, such as expectations concerning future events that the management of the Sitowise Group considers reasonable, taking into account the conditions on the closing date and when the said estimates and assumptions were made. Even though these estimates are based on the best view of the Sitowise Group's management of events and measures on the closing date, it is possible that the outcomes differ from these estimates. The estimates and underlying assumptions are continuously updated when preparing the financial statements. The Group may need to adjust its estimates if the conditions on which the estimates are based change, or if the Group receives new information or accumulates more experience. Any changes are recognized in the accounts for the financial period during which the estimate or assumption is updated. Decisions based on management discretion which the

management has made when applying the accounting policies and which have impacts on the figures disclosed in the financial statements are associated with the following areas, among others: segment reporting, recognition of revenue based on the percentage of completion. Management estimates and assumptions used relate, in turn, to the following areas, among others: goodwill impairment testing, provisions, allocation of the cost of acquisitions, measurement of tangible assets, and economic lives of other intangible assets. The revenue recognition practices are described in Note 2.2.

Impairment testing is described in Note 3.2.

2 OPERATING PROFIT

This section focuses on the Group's result and its formation. Next, the different components of the Group's operating profit are discussed. Operating profit is defined as profit before taxes and financial items.

2.1 SEGMENT REPORTING

The Sitowise Group consists of a single operating segment covering all the Group's business operations. This corresponds to the way in which internal reporting is made to the highest operational decision-maker and the way in which the highest operational decision-maker makes decisions on resource allocation and evaluates performance.

Significant decisions based on management discretion

Sitowise Group's management has used discretion in determining the Group's segment reporting. Areas requiring discretion have been the determination of the highest operational decision-maker, decisions made in Group management and the reports used. The Board of Directors and the CEO have been defined as the highest operational decision-maker. The CEO is responsible for allocating resources and evaluating performance.

2.2 NET SALES

Sitowise provides its customers with all the services for the built environment as well as expert and digital services under the one-stopshop principle. The main market areas are Finland and Sweden. The net sales of the Sitowise Group primarily comprise sales of services and service packages that may also include software or system development as well as sales of various own digital products. All services provided to clients under client contracts are recognized as net sales in accordance with the variable and fixed amounts specified in the client contract, considering any incentives and sanctions. Other income that is not related to ordinary activities, such as public grants received and gains on the sale of tangible assets, are recognized in other operating income.

A five-step model is applied to revenue recognition, identifying the contract and performance obligations, determining the transaction price, and allocating it to the performance obligation. Sales revenue

is recognized as the performance obligation is fulfilled and only up to the consideration that the Group expects it to be entitled against the services delivered to the client.

Accounting policy

Identification of a contract: IFRS 15 includes the criteria for identifying and combining contracts. As a rule, Sitowise only concludes a single contract with the same customer on a single project. However, contracts can be combined when several almost simultaneous contracts concerning the same site have been concluded with the customer. If separate framework agreements have been concluded with the same customer on different areas of design, it means that the contracts should not be combined for revenue recognition. The justification of this is that the contract negotiations have often been carried out by completely different persons and they have not been negotiated as a single whole. The average duration of customer contracts varies from weeks to a few months, depending on the industry and whether the contract is a framework agreement or an individual service contract with the client. The duration of framework agreemets and individual project agreements can also be several years. Contracts related to digital products are generally valid until further notice.

Amendments to contracts: In the contracts of the Sitowise Group, additional work is most commonly addressed as part of the project whole, i.e. as expansions of the existing project. In some cases, additional and alteration work can also be established as separate projects and performance obligations. If the scope of application of a contract is expanded due to the work added to it being separable and the total contractual price increases by the separate selling prices for work, the alteration and additional work will be accounted for as a separate performance obligation and recognized as revenue as a separate project.

Identification of performance obligations: The services promised in the customer contract are estimated and the performance obligations delivered to the customer are identified at the time of concluding the contract. In the practice pursuant to IFRS 15, the entire project is considered to be a single performance obligation in the customer contracts of the Infrastructure and Digital Solutions business areas. In the Buildings business area, on the other hand, performance obligation levels depend on the customer and the service offered. If the sub-areas of design are defined and priced as a single aggregate of duties in the

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report request for quote, quote, and contract, the assignment is treated as a single performance obligation.

Determination of transaction price and its allocation to performance obligations: The transaction price is the amount of consideration to which the Sitowise Group expects it to be entitled for the services provided to the customer. The consideration pledged in the customer contract may include fixed or variable monetary amounts or both. The most common variable considerations are associated with penalties for delay, incentives, performance-linked bonuses, and target prices. Penalties for delays are recognized once they are likely to materialize. Incentives and bonuses and additional consideration received for completion below target prices are recognized once they are very likely to materialize.

Revenue recognition: The services provided by the Sitowise Group are customized for the customer, and the Sitowise Group primarily has a contractual right to payment for the customized output received by the time of review. Performance obligations are fulfilled over time, and control is considered to be transferred to the client as the service is performed for the client.

The determination of sales revenue recognized over time is based on the percentage of completion. The percentage of completion is determined as the percentage of the working hours and costs of work performed by the time of review of the estimated total amount of work and costs of the project. If the service package involves software or software maintenance services, their license and maintenance revenue is recognized for the contract period.

The estimated sales revenue and total costs of the project are updated at the end of each reporting period. If the outcome of a long-term project cannot be reliably estimated, revenue from the project is recognized only to the extent that the monetary amount corresponding to actual costs is available. If it is probable that the total cost of project completion exceeds the total revenue received from the project, the expected loss is immediately expensed.

If the invoicing of the project is lower than the sales revenue recognized on the basis of percentage of completion, the difference is reported as a contractual asset in the Project receivables item on the balance sheet. If the invoicing of the project is higher than the sales revenue recognized on the basis of percentage of completion, the difference is reported as a contractual liability in the Trade and other liabilities item on the balance sheet.

The Sitowise Group has set principles for revenue recognition based on the percentage of completion. If the revenue recognition based on the percentage of competion is not applied, the contract can be recognized as revenue monthly based on the work performed. In addition, there are hourly priced projects to which the practical relief is applied; in them, revenue is recognized based on expert work.

The warranty periods of customer contracts are based on the common standard contractual clauses of the industry. The Group applies payment terms pursuant to the industry's standard business practices.

Significant estimates based on management discretion

When revenue recognition is based on the percentage of completion, the outcome of the contract is assessed regularly and reliably. Revenue recognition based on the percentage of completion is based on estimates of the probable sales revenue and expenses of the project as well as reliable measurement of the percentage of completion of the project. If the estimates of the project outcome change, the revenue recognition based on the percentage of completion is adjusted for the reporting period during which the change is initially known. The expected loss from the project is recognized as a loss provision immediately in conjunction with the following monthly reporting.

Infrastructure

The services of the Infrastructure business area (Infra) cover a wide range of urban development needs in diverse areas: infrastructure, transport and mobility, urban development, environment and water, as well as infrastructure project management. Urbanization supports the investment needs of municipalities and cities and the business area's most significant client segment is the public sector, which accounts for approximately 70 percent of net sales. In the private sector, key clients include construction companies and industrial and energy sector companies.

Sitowise's performance obligation consists of preparing the overall engineering of the infrastucture project.

Buildings

The Buildings business area offers building design, specialist services, and consulting services for residential and commercial properties, as well as for the needs of the healthcare sector, energy and industry, for example. Sitowise acts as a partner in both new construction and renovation projects. The business area has distinctive design expertise in areas such as structural engineering, building services technology (HVAC and electric), acoustics design, and fire safety planning as well as construction management services.

In the area of structural and prefabricated element engineering and building systems, fulfilling the more extensive project package makes up the performance obligation. Correspondingly, in building design, the performance obligation regarding different types of engineering comprises implementing the individual projects of the engineering sectors.

In renovations, the performance obligation comprises the overall construction contracting and supervision assignment or tasks of the service areas. The Buildings area also includes specialist and design services that, when commissioned individually, make up a separate performance obligation.

Digital Solutions

The Digital Solutions business area (Digi) focuses on smart geospatial solutions for the built environment, mobility, and forest and natural resources sector, as well as consulting services that support these fields. These services cover client-driven information system development, proprietary product solutions, analytics, information management and visualization, and consulting services.

The services of Digital Solutions usually make up a single project package that is treated as a performance obligation. The system maintenance phase after system development is treated as a separate performance obligation.

Sweden

In Sweden, Sitowise provides services in buildings, infrastructure, and digital solutions. The Sweden business area's services include building construction engineering with expertise in frame and structure engineering as well as geotechnical design. It also has a robust offering in complex installations in both buildings and infrastructure, and expert services in underground installations as well as land, water, and sewerage. The Sweden business area also includes digital solutions for infrastructure maintenance planning, reporting and support for municipalities in Sweden (Infracontrol), which were previously reported under Digi.

Performance obligations are formed in these projects in a similar way as described above in Buildings and Infra business areas.

The Sitowise Group primarily acts as the principal in all of its contracts, as it is itself always liable for fulfilling the contract. The Sitowise Group is also responsible for final delivery to the customer when using subcontractors.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

2.2.1 Net sales by business area

EUR thousand	2024	2023
Infrastructure	68,345	65,602
Buildings	57,425	70,789
Digital Solutions	28,074	29,969
Sweden	39,067	44,550
Total	192,910	210,910

2.2.2 Net sales by market area

EUR thousand	2024	2023
Finland	153,694	165,963
Sweden	38,045	44,011
Other countries	1,171	935
Total	192,910	210,910

The net sales of the geographical areas are reported by the customer's location.

Assets and liabilities based on customer contracts are reported in Notes 3.4 and 3.6.

Revenue from customer contracts expected to be recognized and relating to remaining performance obligations by December 31, 2024 amount to approximately EUR 151 (164) million.

2.3 OTHER OPERATING INCOME

Accounting policy

The Sitowise Group recognizes net sales from non-ordinary activities in other operating income. Other income includes, for example, public grants received and gains on the sale of tangible assets. Public grants are recognized as income at the moment when there is reasonable assurance that the grant will be received and the Group both meets and complies with the terms of the grant.

EUR thousand	2024	2023
Gains on fixed assets	35	58
Grants received	575	337
Other income	314	2
Total	923	397

The Sitowise Group has received public grants from Business Finland and the European Union, among others.

2.4 MATERIALS AND SERVICES

EUR thousand	2024	2023
Subcontracting expenses	11,352	13,605
Project and other expenses	8,831	7,888
Total	20,183	21,493

Project and other expenses include costs relating to customer projects as well as travel and meeting expenses.

2.5 EMPLOYEE BENEFITS

Accounting policy

Pension schemes are classified as either defined contribution or defined benefit schemes. The Sitowise Group has no defined benefit schemes. The defined contribution pension scheme is an arrangement in which the Sitowise Group pays fixed premiums to pension insurance policies. The Sitowise Group has no legal or factual obligations to make additional payments if the insurance does not provide sufficient funds for paying all benefits based on the work performance for the current and previous financial periods to all employees.

The total compensation paid by the Sitowise Group to its personnel comprises salaries, wage supplements, short-term incentives, and fringe benefits.

EUR thousand	2024	2023
Wages and salaries	105,490	110,743
Pension expenses	17,637	18,341
Other social security expenses	8,176	9,333
Total	131,303	138,417
Personnel	2024	2023
Average number of personnel	2,097	2,211
Full-time equivalent (FTE) on average	1,854	1,974

Full-time equivalent (FTE) on average is the average number of fulltime equivalents in the Group.

Information about the compensation of the management, including share-based incentives, is reported in Note 6.3 on related party transactions.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

2.6 OTHER OPERATING EXPENSES

EUR thousand	2024	2023
Other personnel-related expenses	6,464	6,874
ICT expenses	10,391	10,852
Sales and marketing expenses	1,063	1,102
Rent and other premise expenses	3,894	4,749
Other expenses	4,903	4,602
Total	26,715	28,179

Other personnel-related expenses mainly comprise fringe benefits and diverse expenses relating to training, recruitment, and personnel meetings.

ICT expenses are primarily associated with software and IT service expenses.

The material items included in other expenses are communication expenses, legal and other counselling fees, insurance expenses and office supplies. Practical reliefs allowed by IFRS 16 have been applied, and part of lease costs are included in other operating expenses. Information on IFRS 16 is presented in Note 3.3.

2.6.1 Auditors' fees

EUR thousand	2024	2023
Statutory audit	135	153
Audit related services	25	21
Tax advice	19	5
Other advisory services	16	3
Total	195	183

The auditor of the parent company and the Group is KPMG Oy Ab. Auditor's fees other than statutory audit fees were 35 (8) thousand euros.

2.7 DEPRECIATION, AMORTIZATION, AND IMPAIRMENT

Accounting policy

Depreciation of machinery, equipment, other tangible assets and intangible assets is recognized over their economic useful lives. Depreciation is recognized using the straight-line method based on the acquisition cost and estimated economic useful life of the asset. The Sitowise Group reviews the depreciation periods and methods at least at the end of each financial period. If the economic useful life of an asset differs from the previous estimate, the depreciation period will be adjusted accordingly. Depreciation of right-of-use assets is recognized from the beginning of the contract over the whole contract period.

Impairment loss is the amount by which the book value of an asset exceeds the recoverable value of the asset.

A public grant received for capital expenditure is recognized as lowering the cost of the fixed asset.

Economic useful lives of assets for the 2024 and 2023 financial periods are as follows:

IT machinery and equipment 4 years • Other machinery and equipment 5 years
Right-of-use assets Contract period

Economic useful lives of intangible assets are as follows:
------------------------------------------------------------

• Intangible rights	3–5 years
• Acquired asset, technology	5 years
• Acquired asset, customer relations	5 years

• Other intangible rights 5–10 years

EUR thousand	2024	2023
Machinery and equipment	1,140	1,284
Leases
Buildings and structures	6,431	6,043
Machinery and equipment	627	647
Impairments	0	117
Tangible assets	8,199	8,091
Intangible rights and other intangible assets	4,270	3,423
Impairment	691	4
Intangible assets	4,961	3,427
Total	13,160	11,518

2.8 EARNINGS PER SHARE

Accounting policy

Earnings per share is calculated by dividing parent company's result for its owners with average amount of shares during the financial period. During the financial year Company had two long-term share based incentive programs effective which's tragets of 210,000 and 636,000 new shares were taken into account when calculating diluted share result. Diluted share result per share is calculated in same way than non-diluted but by using diluted amount of shares.

EUR thousand	2024	2023
Parent company result for the owners	-2,576	5,618
Average amount of the shares	35,841,726	35,665,927
Non-diluted earnings per share (EUR/share)	-0.08	0.16
Average diluted amount of shares	36,563,915	35,801,708
Diluted earnings per share (EUR/share)	-0.07	0.16

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

3 OPERATIONAL ASSETS AND LIABILITIES

3.1 BUSINESS COMBINATIONS

Accounting policy

Acquired subsidiaries are consolidated into the consolidated financial statements using the acquisition method. The consideration given in business combinations and the identifiable assets and assumed liabilities of the acquired company are measured at fair value upon acquisition. The consideration given in conjunction with acquisitions includes any funds given, liabilities to the previous owners of the acquiree and issued equity shares.

Any additional purchase price is measured at fair value upon acquisition. The additional purchase price is classified as either equity or a liability. If the additional purchase price is classified as a liability, it is measured at fair value on the closing date of each reporting period. An additional purchase price classified as equity is not remeasured. Information about additional purchase price liabilities is presented in Note 4.2.2.

Non-controlling interest in the acquiree is measured at fair value or at an amount corresponding to the proportional share of the noncontrolling interest of the identifiable net assets of the acquiree.

Acquisition-related expenses, such as expert fees, are expensed for the periods during which they occur and services are received.

Mergers and acquisitions are a central part of the active growth strategy of the Sitowise Group. The mergers and acquisitions have primarily been minor supplementary acquisitions, and each acquisition has had an impact of less than 10% individually on the net sales of the Sitowise Group. The starting point in acquisitions has been to strengthen local expertise and resources. Therefore, the value of the acquisitions is primarily based on skilled personnel, and the majority of it is allocated to goodwill.

In 2024, the Sitowise group carried out four acquisition in Finland. Detailed information on business acquisitions is presented in the table below.

Ahlman Group Oy
Routa Systems Oy
KM Project Oy
LandPro Oy

Purchase prices of the acquisitions are paid by cash consideration or by combination of cash consideration and shares of Sitowise Group Plc. Estimated purchase price liabilities as per 31.12.2024 amounted to 0.4 million euros. The assets and liabilities of the acquired companies mainly include working capital items and separately identified assets

related to customer relationships, technology, or non-compete clauses agreed on acquisition. The estimated useful life of the separately identified assets is 5 years. Recognized consolidated goodwill is not deductible for tax purposes whereas goodwill from purchases of businesses is deductible in acquiring company's taxation. The Sitowise Group has received reasonable information to allocate the acquired assets and is not aware of any changes needed for the made allocations. If the acquisitions in 2024 would have been made as per 1 January 2024 group's revenue would be 0.7 (0.8) million euros higher with 0.2 million euro impact on EBIT (no impact in 2023).

EUR thousand	2024	2023
Purchase price	4,954	1,579
Assets	2,685	1,557
Liabilities	233	607
Net assets	2,452	950
Goodwill	2,502	629

					Net sales in 2023
Acquisitions 2024	Time of acquisition	Transaction method	Main location	Personnel	EUR million
Ahlman Group Oy	1/2024	Business acquisition	Pori (Finland)	19	2.2
Routa Systems Oy	2/2024	Share purchase (49%)	Jyväskylä (Finland)	-	0.4
KM Project Oy	4/2024	Business acquisition	Espoo (Finland)	1	0.2
LandPro Oy	9/2024	Share purchase (100%)	Espoo (Finland)	7	0.9

Acquisitions 2023	Time of acquisition	Transaction method	Main location	Personnel	Net sales in 2022 EUR million
Infrasuunnittelu Oy	5/2023	Share purchase (100%)	Kajaani (Finland)	17	1.2
Positive Impact Finland Oy	11/2023	Share purchase (100%)	Helsinki (Finland)	7	0.4

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

3.2 GOODWILL AND INTANGIBLE ASSETS

Accounting policy

Apart from goodwill, intangible assets are recognized at cost less amortization using the straight-line method over their economic useful lives. Intangible assets include intangible rights and other intangible assets.

Goodwill

Goodwill from the acquisition of business operations is recognized at the amount by which the consideration given, non-controlling interest, and any previous holding in the acquiree combined exceed the Group's share of the fair value of the acquired net assets. Goodwill is recognized on the balance sheet less any accumulated impairment losses. Goodwill is not amortized but tested annually for any impairment. An impairment loss recognized for goodwill is never reversed.

For impairment testing, goodwill is tested as a whole. The impairment of goodwill is described in Note 3.2.1, Impairment testing.

Intangible assets

Intangible assets include intangible rights and intangible assets. Intangible assets, such as system deliveries, which have a limited economic useful life, are recognized on the balance sheet at original acquisition cost less accumulated amortization and any impairment. Intangible assets also include products developed for customer needs, for which own or subcontractors' work has been capitalized and from which revenues are expected in the future.

The Sitowise Group assesses on the closing date of each financial period whether there are indications of the impairment of intangible assets other than goodwill. If indications emerge, the Group assesses the recoverable amount from the said asset. The recoverable amount is the fair value of the asset less the higher of costs of selling or value in use. An impairment loss is recognized through profit and loss when the book value of the asset exceeds the recoverable amount. When recognizing the impairment loss, the Group reassesses the economic useful life of the intangible asset. The impairment loss is reversed if a change has taken place in the circumstances and the recoverable amount of the asset has changed from the time of recognizing the impairment loss. However, the impairment loss will not be reversed in excess of the book value of the asset had the impairment loss not been recognized.

Significant estimates based on management judgment

Technology and customer relationships owned by the Sitowise Group have been acquired in conjunction with previous mergers and acquisitions, and they were initially recognized on the balance sheet at fair value and are amortized using the straightline method over their estimated economic useful lives. The management has estimated the economic useful life of technology to be 5 years and the economic useful life of customer relationships to be 5 years.

Section 3.2.1.1, Business combinations, discusses the treatment of goodwill. During the 2024 financial period, the Sitowise Group carried out four acquisitions.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

EUR thousand	Goodwill	Intangible assets	Prepayments for intangible assets	Total
Acquisition cost January 1, 2024	158,033	22,645	941	181,620
Business combinations	2,511	2,272		4,784
Additions		2,075		2,075
Disposals		-50		-50
Transfers between items		415	-415	0
Exchange rate differences	-1,424	-329	-4	-1,756
Acquisition cost December 31, 2024	159,120	27,029	523	186,671
Accumulated depreciation		-11,723		-11,723
Depreciation for the period		-4,270		-4,270
Transfers between items		22		22
Impairments	-490	-201		-691
Exchange rate differences		247		247
Accumulated depreciation, amortization, and impairment December 31	-490	-15,924		-16,414
Balance sheet value December 31, 2024	158,630	11,105	523	170,258

EUR thousand	Goodwill	Intangible assets	Prepayments for intangible assets	Total
Acquisition cost January 1, 2023	157,620	16,591	1,921	176,133
Business combinations	318	1,489		1,807
Additions		3,546		3,546
Transfer between items		981	-981	0
Impairments		-8		-8
Exchange rate differences	95	46	1	142
Acquisition cost December 31, 2023	158,033	22,645	941	181,620
Accumulated depreciation		-8,288		-8,288
Depreciation for the period		-3,423		-3,423
Transfer between items		56		56
Impairments, accumulated depreciation		4		4
Exchange rate differences		-72		-72
Accumulated depreciation, amortization, and impairment December 31		-11,723		-11,723
Balance sheet value December 31, 2023	158,033	10,922	941	169,896

3.2.1 Impairment testing

Accounting policy

The impairment testing is carried out annually, and if there are indications of value possibly being impaired . Furthermore, other assets are tested for impairment if there are indications of any impairment . If any evidence of impairment is found, the recoverable amount of the said asset is estimated . The recoverable amount is determined on the basis of value in use . An impairment loss is recognized when the book value of the asset exceeds the recoverable amount . The impairment loss is immediately recognized through profit and loss, and the economic useful life of the amortized asset is reassessed when recognizing the impairment loss . The need for recognizing impairment losses is reviewed at the level of cash-generating unit, namely the Sitowise Group . An impairment loss recognized for goodwill is never reversed .

Significant estimates based on management discretion

The preparation of calculations used in testing goodwill for impairment requires making estimates concerning the future . The management's estimates and related critical uncertainty factors are associated with the components of calculations concerning the recoverable amount, which include discount rate, growth rate after the projection period and development of net sales and operating profit, including the level of the company's costs . The discount rate indicates current estimates of the time value of money and a relevant risk premium, which, in turn, indicates risks and uncertainty factors not taken into account by adjusting the estimates concerning the corresponding cash flows . The discount rates used and projections of business growth and profitability, including sensitivity analyses, are presented in section 3.2.1.1 below.

3.2.1.1 Impairment testing of goodwill

The Sitowise Group has one cash-generating unit at the level of which goodwill is monitored and to which goodwill is allocated . Cash flow projections are based on the board of directors' confirmed budget for the next year and the board of directors' confirmed strategic plan for the subsequent years . Market forecast provided by an external parties are also taken into account when making the cash flow projections . The length of the projection period used in impairment testing calculations is five years .

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

The management's conservative estimate of long-term cash flow growth has been used in determining the growth in the terminal value. The growth factor used for the terminal value is 2.0% annual growth, corresponding to long-term GDP growth in the market areas in which the Sitowise Group operates. The discount rate of cash flows is determined using the weighted average cost of capital (WACC). The key factors of WACC are risk-free interest rate, market risk premium, industry-specific beta factor, cost of debt, and ratio of equity to liabilities. The table below presents the assumptions by testing dates.

Assumptions used in impairment calculation	30 September 2024	30 September 2023
Growth in net sales during the projection period (CAGR)	3.9%	3.7%
Terminal growth assumption	2.0%	2.0%
Discount rate (pre-tax WACC)	10.2%	10.8%

Impairment testing on 30 September 2024 did not indicate a need for impairment of goodwill, with the recoverable amount exceeding the book value.

A break-even sensitivity analysis was carried out in conjunction with the impairment testing, in which the discount rate was increased by 0.4 percentage points and the terminal growth assumption was kept at 2.0%. Based on the sensitivity analyses, the probability of goodwill impairment loss was reasonably low.

3.3 TANGIBLE ASSETS

3.3.1 Property, plant and equipment

Accounting policy

Tangible assets primarily comprise office furniture, IT hardware, and other tools. Property, plant, and equipment is measured at original acquisition cost less accumulated amortization and any impairment.

The Group assesses on the closing date of each reporting period whether there are indications of the impairment of a tangible asset. If indications emerge, the Group assesses the recoverable amount from the said asset. An impairment loss is recognized when the book value of the asset exceeds the recoverable amount.

EUR thousand	Machinery and equipment	Total
Acquisition cost January 1, 2024	9,107	9,107
Additions	650	650
Disposals	-504	-504
Exchange rate differences	-36	-36
Acquisition cost December 31, 2024	9,217	9,217
Accumulated depreciation	-6,211	-6,211
Depreciation for the period	-1,141	-1,141
Adjustment of accumulated depreciation and acquisition cost	480	480
Exchange rate differences	25	25
Accumulated depreciation, amortization, and impairment December 31	-6,847	-6,847

Balance sheet value December 31, 2024	2,370	2,370

EUR thousand	Machinery and equipment	Total
Acquisition cost January 1, 2023	10,020	10,020
Business combinations	51	51
Additions	332	332
Disposals	-136	-136
Impairments	-128	-128
Exchange rate differences	-3	-3
Adjustment of accumulated depreciation and acquisition cost	-1,029	-1,029
Acquisition cost December 31, 2023	9,107	9,107
Accumulated depreciation	-6,047	-6,047
Depreciation for the period	-1,284	-1,284
Adjustment of accumulated depreciation and acquisition cost	86	86
Accumulated depreciation of decreases	1,021	1,021
Accumulated depreciation of impairments	11	11
Exchange rate differences	3	3
Accumulated depreciation, amortization, and impairment December 31	-6,211	-6,211
Balance sheet value December 31, 2023	2,896	2,896

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

3.3.2 Leases

Accounting policy

As a rule, the Sitowise Group recognizes all lease-related assets (right-of-use assets) and lease liabilities on its balance sheet. At the time of concluding a contract, the Sitowise Group assesses whether the contract is a lease or includes a lease. The contract is a lease or includes a lease if the contract gives the right to control the use of a specific asset for a fixed period against consideration.

A right-of-use asset and a corresponding liability are recognized for all of the lessees' leases, with the exception of short-term leases as well as leases of low value. The right-of-use asset is measured at acquisition cost at the start of the contract and later at acquisition cost less accumulated depreciation and amortization and any impairment losses, adjusted for the impact of any reassessments of the lease liability. Depreciation of right-of-use assets is recognized from the beginning of the contract over the whole contract period. At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. Later, the lease liability is measured at amortized cost using the effective interest method. The lease liability is remeasured when a change has taken place in the future rent payments due to a change in the index or price level. When the lease liability is remeasured in this way, a corresponding adjustment is made to the book value of the right-of-use asset, or it is recognized through profit or loss if the book value of the right-of-use asset has been reduced to zero.

At the Sitowise Group, right-of-use assets include the premises and vehicles leased under ordinary terms and conditions. Computers, tablets, printers, and similar assets are treated as assets with minor value. Assets with a purchase price below EUR 5,000 are treated as low-value. The Group uses the IFRS relief clause and does not apply IFRS 16 to intangible assets. The discount rate used is the interest rate of the company's additional credit, the components of which include the market interest rate and the financial institution's margin.

Significant estimates based on management discretion

The management of the Sitowise Group regularly reviews the strategic value of locations. This influences the IFRS 16 interpretation regarding for how long the Group is likely to extend a lease on premises until further notice, for example.

EUR thousand	IFRS 16, Business Premises	IFRS 16, Cars	IFRS 16 right of-use assets
Acquisition cost January 1, 2024	56,257	4,065	60,322
Additions	5,665	785	6,450
Disposals	-2,579	-118	-2,696
Exchange rate differences	-330	-23	-353
Acquisition cost December 31, 2024	59,013	4,710	63,723
Accumulated depreciation	-31,143	-2,775	-33,918
Depreciation for the period	-6,431	-627	-7,058
Exchange rate differences	203	17	219
Accumulated depreciation, amortization and impairment December 31	-37,371	-3,386	-40,757
Balance sheet value December 31, 2024	21,643	1,324	22,967
EUR thousand	IFRS 16, Business Premises	IFRS 16, Cars	IFRS 16 right of-use assets
Acquisition cost January 1, 2023	51,721	3,235	54,956
Additions	4,694	906	5,600
Disposals	-206	-82	-288
Exchange rate differences	48	6	54
Acquisition cost December 31, 2023	56,257	4,065	60,323
Accumulated depreciation	-25,030	-2,123	-27,153
Depreciation for the period	-6,043	-647	-6,690
Exchange rate differences	-70	-5	-75
Accumulated depreciation, amortization and impairment December 31	-31,143	-2,775	-33,918

During the financial period, outgoing cash flow due to leases totaled EUR 6.8 (6.6) million.

Rent expenses from short-term contracts are included in other operating expenses, amounting to EUR 3,593 (3,486) thousand. Rent expenses from low-value assets were EUR 1,491 (1,562) thousand.

The interest expense on the lease liability was EUR 1.2 (0.8) million.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

3.4 TRADE AND OTHER RECEIVABLES

Accounting policy

The Sitowise Group applies the simplified approach of IFRS9 to provisions for credit losses for trade receivables. Trade receivables are recognized on the balance sheet at original invoiced value less any impairment. A provision for impairment is immediately recognized through profit and loss. An allowance for loss is based on the expected credit losses from trade receivables. The model of expected credit losses is forward-looking and based on the historic credit loss rate, applying the simplified procedure, the provisioning matrix. The Sitowise Group records the final credit loss when debt collection measures prove to be unsuccessful. As a main rule a final credit loss is recognized, when a credit loss recommendation has been received from the debt collection agency or the debtor applies for restructuring or bankruptcy.

During 2024, sales receivables and project receivables decreased primarily due to a decline in business volume and improved billing process compared to the previous year, when sales invoicing was slower than usual due to the implementation of ERP and CRM systems in Finland. There are no significant credit risk concentrations associated with the receivables, and all receivables are unsecured.

EUR thousand	2024	2023
Trade receivables	31,999	37,601
Contract assets	14,887	16,970
Accrued income	3,608	3,956
Other accrued income	230	622
Total	50,724	59,150

Aging of trade receivables

EUR thousand	2024	Expected credit losses	Expected credit losses
Undue	28,140	0,01%	2
0–29 days	3,024	0,1%	3
30–59 days	209	1,0%	2
60–119 days	157	4,0%	6
120–365 days	536	6,3%	34
Over 365 days	282	100,0%	282
Total	32,348		329

EUR thousand	2023	Expected credit losses	Expected credit losses
Undue	34,115	0.01%	2
0–29 days	2,457	0.1%	2
30–59 days	242	1.0%	2
60–119 days	301	4.0%	12
120–365 days	580	6.3%	36
Over 365 days	298	100.0%	298
Total	37,992		354

Provisions for impairment related to trade receivables are based on historic data concerning materialized credit losses and on an estimate of potential future credit losses. The expected credit losses are fully covered by the provisions.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

3.5 PROVISIONS

3.6 ACCOUNTS PAYABLE AND OTHER LIABILITIES

Accounting policy

A provision is recognized when the Group has a legal or factual obligation as the result of a prior event, the materialization of the obligation is likely, and the amount of the obligation can be reliably measured. The amount recognized as a provision is the current value of the expenses which fulfilling the obligation is expected to require at the end of the financial period based on the management's best estimate. If compensation for part of the obligation can be recovered from a third party, the compensation is deducted from the provision, but only when it is likely that the compensation will be received. A provision is recognized only if the amount of the obligation can be reliably measured.

At the time of recognition, the management must assess whether there is an obligation that is likely to materialize as well as its amount and time of materialization.

A provision is recognized for loss-making contracts when the expenses required to fulfill obligations exceed the benefits from the contract. The loss provision is decreased pro rata to the recognition of revenue from the loss-making contract.

EUR thousand	2024	2023
Provision January 1	330	981
Increases in provisions	336	538
Provisions used	-321	-1,019
Cancellations of unused provisions	0	-170
Provision December 31	345	330

Provisions include normal business-related complaint and loss provisions.

EUR thousand	2024	2023
Trade payable	7,229	7,082
Liabilities based on contracts with customers	11,138	9,161
Accrued expenses	25,792	31,443
Other liabilities	11,382	10,624
Total	55,541	58,312

Accrued expenses

EUR thousand	2024	2023
Employee-related	23,129	27,813
Other accrued expenses	2,635	3,631
Total	25,764	31,443

Accounts payable and other liabilities were overall at a lower level compared to the end of the previous financial year, due to lower accruals of personnel expenses, including provisions for bonuses and hourly balances.

Liabilities based on customer contracts include both the difference between net sales based on the percentage of completion and invoicing, and ordinary provisions for costs relating to customer projects.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

4 FINANCIAL ITEMS AND CAPITAL STRUCTURE

4.1 FINANCIAL INCOME AND EXPENSES

EUR thousand	2024	2023
Dividend income	2	2
Other interest and financial income	388	530
Interest on lease liabilities	-1,199	-834
Interest expenses	-4,366	-3,800
Other financial expenses	-674	-454
Total	-5,849	-4,556

Interest expenses are associated with loans from financial institutions. The increase in interest expenses has been due to higher Euribor reference rates and loan margins in the financial year.

4.2 FINANCIAL ASSETS AND LIABILITIES

Measurement of fair values

The fair value of an asset or liability is the price that would be received from selling the asset or paid for transferring the liability between market parties in a regular transaction on the measurement date. The Sitowise Group makes use of market data in measuring fair value if there is an active market for the financial asset or liability. Otherwise, other measurement methods will be applied.

Fair values are classified as follows to different levels of the fair value hierarchy, illustrating the significance of input data used in the measurement methods:

Level 1: Quoted fair values for identical assets and liabilities in active markets
Level 2: Fair values are measured using inputs other than quoted prices included within Level 1, and they are observable for the asset or liability, either directly or indirectly
Level 3: Fair values are measured using asset or liability data not based on observable market inputs

The Sitowise Group considers that the book values of current trade receivables, accounts payable and cash and cash equivalents correspond to the best estimate of their fair values. Moreover, the Group considers that the book values of loans from financial

institutions and other non-current liabilities correspond to the best estimate of their fair values.

4.2.1 Financial assets

The Group classifies its financial assets at amortized cost and fair value through other comprehensive income. The classification of financial assets is based on the business model specified by the Group and contractual cash flows of financial assets.

At the Sitowise Group, non-current receivables include receivables falling due after more than one year. Other shares and participations, which are included in non-current financial assets, are initally measured at fair value, and their fair value is determined using inputs other than observable market inputs.

Financial assets that are not measured at amortized cost are recognized at fair value through comprehensive income. The change in the fair value of these items is recognized through comprehensive income, and never through result. The Group's shares in non-listed companies are measured at fair value using the valuation of the company's last financing round.

Current financial assets include trade receivables and cash and cash equivalents. The book values of current trade receivables and cash and cash equivalents correspond to the best estimate of their fair values. Write-downs of trade receivables are made based on expected credit losses from trade receivables. The model of expected credit losses is forward-looking and based on the historic credit loss rate.

Cash and any bank deposits that can be withdrawn on demand are included in cash equivalents at the Sitowise Group. Short-term deposits are considered to be easily convertible into cash because their original maturity is at most three months. The cash and cash equivalents reported on the balance sheet correspond to the cash and cash equivalents reported on the cash flow statement. Cash and cash equivalents on December 31, 2024 amounted to EUR 17,459 (15,596) thousand.

Cash and cash equivalents are derecognized when the Group has lost the contractual right to cash flows or has transferred risks and income to outside the Group to a significant extent. During 2024, there were no transfers between fair value levels 1, 2 and 3.

4.2.2 Financial liabilities

Financial liabilities measured at amortized cost are included in the Group's external loans from financial institutions and accounts payable. Financial liabilities are measured initially at fair value and recognized on the balance sheet less transaction costs. A financial liability is classified as current if the Group does not have an unconditional right to postpone the repayment of the liability a minimum of 12 months from the closing date of the reporting period. If loans are repaid or refinanced, any remaining costs not expensed relating to them are recognized in financial expenses.These financial liabilities are measured at amortized cost using the effective interest method. Cost items are measured at fair value through profit or loss in the period during which they occur. Liabilities recognized at fair value through profit or loss are additional purchase price liabilities for acquisitions. The Sitowise Group had an estimated additional purchase price liability of EUR 391 (894) thousand.

Liabilities from financial institutions consist of a variable interest bank loans withdrawn under the financing agreement. In connection with the stock exchange listing, a three-year financing agreement of EUR 100 million was negotiated in the financial year 2021, from which the year end liabilities of EUR 70.0 million have been withdrawn. When taking into account the interest rate swap concluded by the group at the year end of 2023, EUR 37 million of the loans were based on fixed base rate and EUR 33 million were based on a variable rate. The share of fixed and variable based interest in the total loan portfolio were therefore 53% and 47%. The working capital limit of 20 million euros, which is a part of the financing agreement, was unused at the time of closing the accounts. The group agreed with the financiers on a temporary change to the covenant term tied to net debt/EBITDA ratio, which is valid until the end of March 2025. At the end of the financial year, Sitowise negotiated with the banks about the extension of the financing agreement expiring in March 2026 and about the future covenant levels. The Group has fulfilled and expects to fulfill its financial covenants and other loan conditions in the financial year 2025. There are also ESG related conditions attached to the bank loan.

Exercise of option periods provided for in the financing agreement

Sitowise agreed with its lenders in February 2023 on the exercise of the option periods provided for in the current financing agreement. The extension is for the same amount and at the same terms as the original arrangement. With the option periods taken into account, the maturity of the financing agreement is now in March 2026.

Board of Directors' Report and Consolidated Financial Statements 2024

				2024						2023
Sitowise in brief CEO's review	EUR thousand	Measured at amortized cost	Measured at fair value through other comprehen sive income	Fair value through profit and loss	Book value total	Fair value	Level	Measured at amortized cost	Measured at fair value through other comprehen sive income	Fair value through profit and loss	Book value total	Fair value	Level
	Non-current financial assets
The Report of the Board of Directors	Other shares and holdings		730		730	730	Level 3		731		731	731	Level 3
Sustainability statements	Loan receivables	917			917	917		917			917	917
General Information	Other financial assets, including derivatives	298			298	298	Level 2	242	9		251	251	Level 2
Environmental Information	Current financial assets
Social Information	Trade receivables	31,999			31,999	31,999		37,601			37,601	37,601
Governance Information	Cash and cash equivalents	17,459			17,459	17,459		15,596			15,596	15,596
	Financial assets 31 Dec	50,673	730	0	51,403	51,403		54,356	740	0	55,096	55,096
Financial and Alternative Performance Measures				2024						2023
Consolidated Financial Statements (IFRS)		Measured at amortized	Measured at fair value through other comprehen	Fair value through profit and	Book value			Measured at amortized	Measured at fair value through other comprehen	Fair value through profit and	Book value
Main financial statements	EUR thousand	cost	sive income	loss	total	Fair value	Level	cost	sive income	loss	total	Fair value	Level
Notes to the consolidated financial statements	Non-current financial liabilities
	Loans from financial institutions	69,037			69,037	69,037		69,935			69,935	69,935
Parent Company Financial Statements (FAS)	Lease liabilities	17,153			17,153			20,524			20,524
	Other financial liabilities, including derivatives		314		314	314	Level 1		0			0	Level 1
	Current financial liabilities
Signatures of the Board of Directors	Loans from financial institutions	1,000			1,000	1,000		1,000			1,000	1,000
	Trade payables	7,229			7,229	7,229		7,082			7,082	7,082
Auditor's report Sustainability assurance report	Additional purchase price liabilities			391	391	391	Level 3			894	894	894	Level 3
	Lease liabilities	7,364			7,364			7,193			7,193
	Financial liabilities 31 Dec	101,783	314	391	102,488	77,971		105,735	0	894	106,629	78,911

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

4.3 SHAREHOLDERS' EQUITY

4.3.1 Shares and share capital

Sitowise Group Plc has one series of shares in which each share entitles its holder to one vote and an equal dividend. The company's share (SITOWS) is listed and publicly traded on the main list of Nasdaq Helsinki Ltd. On 31 December 2024, the number of shares was 35,845,665 (35,665,927) and the share capital was EUR 80,000 (80,000). The shares have no nominal value and all issued shares have been fully paid. On 31 December 2024, the company held no (48,675) own shares, representing 0 (0.14) percent of all shares in Sitowise.

On 31 December, the company had shares as follows:

	2024	2023
Number of shares	35,845,665	35,665,927
Average number of shares	35,841,726	35,665,927
Diluted number of shares	36,691,665	35,875,927
Average number of diluted shares	36,563,915	35,801,708

The Annual General Meeting resolved on 4 April 2024, in accordance with the proposal of the Board of Directors, that no dividend will be distributed for the 2023 financial year.

Sitowise Group PLC 's Board of Directors decided on an issuance of 48,675 own shares held by Sitowise and 179,738 new shares in a directed share issue in connection with the acquisition of business assets from Ahlman Group Oy on 9 January 2024. Therefore, the number of treasury shares declined by 48,675 shares, and after the share issue, Sitowise Group Plc does not hold own shares. The share issue was directed to the seller of the acquired business, Ahlman Group Oy, which used a portion of the purchase price to subscribe for shares in the share issue. The subscription price of shares corresponded to the average volume weighted trading price of the Sitowise`s share on Nasdaq Helsinki Ltd stock exchange during a 30 business day period ending seven business days prior to the share issue. There was a weighty financial reason for the directed share issue, as the acquisition supported the Sitowise Group 's growth and strategy impelementation. The share issue also committed the owner of the seller to Sitowise after the acquisition.

4.3.2 Ownership of the Board of Directors and the management

Ownership of the Board of Directors and the management	31 Dec 2024	Share %	31 Dec 2023	Share %
Board	195,208	0.5%	279,868	0.8%
CEO	70,000	0.2%	70,000	0.2%
Other management team	486,040	1.4%	488,290	1.4%
Total management ownership	751,248	2.1%	838,158	2.4%
Total (shares)	35,845,665		35,665,927

4.3.3 Reserve for invested unrestricted equity

Payments made for subscriptions for shares during the financial period 2024 are recognized in full in the reserve for invested unrestricted equity. Investments in the company resulting from acquisitions made during the year amounted to 0.7 (0.3) million euros and were recognized in the reserve for invested unrestricted equity.

4.3.4 Share-based payments (option program)

As part of the incentive and engagement scheme for management and key personnel, the Sitowise Group has one valid option program. Stock options are granted free of charge. Each stock option gives the option holder the right to subscribe for one Sitowise Group Plc share (SITOWS) at a price determined in accordance with the terms of the option program and at the time specified in the terms of the option program.

The options will be forfeited and transferred back to the Company for no consideration if the option holder resigns or their employment relationship or service contract is terminated before the commencement of the subscription period of the Shares to be subscribed with the options. The Board of Directors can, under certain conditions, permit the option holder to keep some of their options.

The Board of Directors resolved to amend share subscription price for shares to be subscribed based on stock options during financial year 2023. For stock options 2021A the new share subscription price is EUR 6.00 and after the dividend paid in 2023 it is 5.90 EUR. During financial year 2024 The Board of Directors resolved to amend share subscription price for shares to be subscribed based on Stock Options 2021B. The new share subscription price is EUR 4.00. The per-share dividends and capital repayments to be paid annually will be deducted from the share subscription price.

Before the amendments, the share subscription price for all stock options was the share subscription price in the company's initial public offering (EUR 8.20) decreased with annually paid dividends and capital repayments.

The Stock Options 2021A and 2021B are divided into Matching and Performance options. During financial year 2024 the CEO and other members of the Group Management team belonging to the Stock Option plan waived 30% of the Matching options and all of the Performance options allocated to them under the Stock Option Plan 2021.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Share based incentives during the period 1.1.2024– 31.12.2024

Plan	Option rights 2021
Type	OPTION	OPTION	OPTION	OPTION
Instrument	Match 2021A	Performance 2021A	Match 2021B	Performance 2021B
Annual General Shareholders` Meeting date	March 3, 2021		March 3, 2021
Maximum amount, pcs	636,750		826,650
The subscription ratio for underlying shares, pcs	1	1	1	1
Initial excercise price, €	8.2	8.2	8.2	8.2
Dividend adjustment	Yes	Yes	Yes	Yes
Current exercise price, €	5.9	5.9	4	4
Initial allocation date	March 25, 2021	March 25, 2021	March 25, 2021	March 25, 2021
Vesting date	April 1, 2024	April 1, 2024	April 1, 2025	April 1, 2025
Maturity date	March 31, 2025	March 31, 2025	March 31, 2026	March 31, 2026
Vesting conditions	Share price development Service requirement	Share price development Service requirement	Share price development Service requirement	Share price development Service requirement
Maximum contractual life, yrs	3.0	3.0	4.0	4.0
Remaining contractual life, yrs	0.0	0.0	0.2	0.2
Number of persons at the end of reporting year	203	1	187	1
Payment method	Equity	Equity	Equity	Equity
Changes during period	Match 2021A	Performance 2021A	Match 2021B	Performance 2021B
January 1, 2024
Outstanding in the beginning of the period	331,939	118,400	354,772	118,400
Reserve in the beginning of the period	186,411		353,478
Changes during period

Granted	6,300		6,300
Forfeited	49,451	100,400	74,536	100,400
Exercised
Weighted average subscription price, €
Weighted average price of shares, €
Expired
December 31, 2024
Excercised at the end of period
Outstanding at the of the period	288,788	18,000	286,536	18,000
Vested and outstanding at the of the period	288,788
Reserved at the of the period			522,114

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Determination of fair value

The fair value of share based incentives have been determined at grant date and the fair value is expensed until vesting. The pricing of the share based incentives granted during the period was determined by the following inputs and had the following effect:

Valuation parameters for instruments granted during period

Share price at grant, €	2.72
Share price at reporting period end, €	3.05
Exercise price, €	4.95
Expected volatility, %	32.9%
Maturity, years	2.72
Risk-free rate, %	3.1%
Expected dividends, €	0.05
Valuation model	Binomial model
Fair Value, €	1,315

The impacts of the option programs 2024 on the result and financial position for the financial period was EUR 159 (191) thousand.

4.3.5 Performance Share Plan

The Board of Directors of Sitowise resolved in March 2023 to establish a new share-based long-term incentive program. The plans have three-year performance periods, and the Board of Directors decides the commencement and terms of any new plans separately. The purpose of the plans is to align the interests of the management and key personnel with the interests of the shareholders and thereby increase the shareholder value in the long term, and to commit the management and key personnel to achieving Sitowise's strategic goals.

In March 2023, the Board of Directors of Sitowise decided to establish performance-based share incentive program Performance Share Plan 2023-2025 (PSP 2023–2025) which was targeted for the Group Management Team members. The performance targets applied to the plan at the time of the establishment were the relative total shareholder return (TSR) and cumulative reported EBITA 2023–2025.

In March 2024, the Board of Directors of Sitowise resolved to amend the profitability target by changing the cumulative reported 2023-2025 EBITA monetary target to adjusted EBITA margin (%) target for the year 2025, and also to include a minimum net sales trigger to the PSP 2023-2025. The relative total shareholder return target remains unchanged, as well as the plan's TSR trigger which defines the minimum TSR level before any rewards can be paid based on the plan.

In March 2024, the Board of Directors of Sitowise decided to establish performance-based share incentive program Performance Share Plan 2024–2026 (PSP 2024–2026). The participants of the PSP 2024–2026 have the opportunity to earn Sitowise shares and cash as a long-term incentive reward, if the performance targets set by the Board of Directors for the plan are achieved.

The plan has a three-year performance period, and the participants include the CEO and other members of the Sitowise Group Management Team as well as other management and experts. The performance criteria applied to the PSP 2024–2026 are profitability (adjusted EBITA margin, %), profitability compared to peers (adjusted EBITA margin, % compared to selected peers) and sustainability services revenue. In addition, the plan includes a Total Shareholder Return and net sales triggers that need to be exceeded before any rewards can be paid.

The payout of shares under PSP 2023-2025 and PSP 2024-2026 plans will be dependent on meeting the targets set by the Board of Directors and no reward will be paid if the minimum levels set for the targets are not met. If the targets are reached, the potential rewards will be paid in the company's shares, after the deduction of the proportion that is required for taxes and related costs. However, the company may decide to pay the reward fully in cash. As a main rule no reward is paid to an individual participant whose employment or service relationship ends or has ended before the delivery of the reward.

For IFRS 2 purposes, the fair value shall take into account marketbased performance conditions. The evaluation takes into account Sitowise's share price at the time of the grant, the relative TSR market condition, the absolute TSR trigger and expected dividends to be missed before the payment of the reward. Further information about the share-based incentive plan and terms applied to the plans have been published in stock exchange releases on 13 March 2024 and 28 March 2023.

The total cost effect of the equity-settled performance share programs and the option program, which was established in 2021 during the reporting year was EUR 172 thousand.

Plan	Grant date	Number of granted shares	Grant date share price	Number of participants	Performance period	Settlement year
PSP 2023-2025	10 May 2023	210,000	4.40 EUR	8	2023–2025	2026
PSP 2024-2026	18 March 2024	636,000	2.77 EUR	36	2024-2026	2027

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

5 FINANCIAL AND CAPITAL RISKS

5.1 MANAGEMENT OF FINANCIAL RISKS

The management of financial risks at the Sitowise Group aims to ensure the financial stability of the Group and availability of sufficient financing options in different market situations. In addition, the aim is to support the businesses in identifying and managing businessrelated financial risks. The Board of Directors have approved the Group's risk management principles and the Board is responsible for supervising them.

The Group is exposed to diverse market risks. Changes in these risks have effects on the company's assets, liabilities, and anticipated business transactions. The risks are realised for example by changes in interest and exchange rates. Financial risk management is carried out as part of the Group's risk management efforts. The foundation of the management of financial risks is based on principles aiming for business continuity.

The situation of financial risks is regularly reported on to the company's Board of Directors and management. The company's Board of Directors makes the most significant in-principle decisions concerning risk management. The Board of Directors reviews all material financing-related matters, such as external loan arrangements, on a case-by-case basis. The CFO of the Sitowise Group is responsible for ensuring financing, identifying risks and, if necessary, implementation of hedging together with external counterparties according to internal treasury policies. The business units and subsidiaries are responsible for the management of risks involved in their respective business operations, and subsidiaries also for projecting cash flows.

The Group's cash and liquidity remained at a good level in 2024. Information on financial liabilities is presented in Note 4.2.2 Financial liabilities.

5.1.1 Exchange rate risk

The Sitowise Group is exposed to exchange rate risks, the most significant being the Swedish krona through the business operations of the Swedish subsidiaries. The Sitowise Group does not actively hedge against exchange rate risks, as the income and expenses of business operations are mostly in the same currency ("natural

hedge"). Fluctuations in the Swedish krona, however, affect the Swedish business unit's result in euros and thereby the group's equity. The Group analyzes regularly its translation risk.

Translation risk is also caused by currency-denominated items in the balance sheet. The largest items are Group's SEK cash and cash equivalents and the goodwill related to acquisitions made in Sweden.

On the closing date, the sensitivity of the before mentioned was approximately EUR 2.3 million in cash balances and goodwill (approximately EUR 2.5 million), assuming that the SEK/EUR exchange rate changes by 5 percentage points.

5.1.2 Interest rate risk

The Group is exposed to financial risks in its operations, such as the effects of changes in interest rates and the availability of competitive financing. Changes in the macroeconomic environment, changes in the company's financial performance or general situation in the financial markets may have negative impacts on the availability, price, and other terms and conditions of financing. An increase in interest rates could have a material direct impact on the costs of available financing and the company's existing financial expenses. An increase in interest rates could thereby affect the costs of the company's debt financing in the future. Risks related to interest-bearing assets and liabilities can be hedged with derivative instruments, such as interest rate swaps.

Sitowise entered into an interest rate swap agreement at the end of the fiscal year of 2023, in order to reduce the interest rate risk of its loan portfolio. Cash flow hedge accounting is applied to the interest rate swap. Changes in the fair values of derivatives used as cash flow hedges are recognized in other comprehensive income and presented in the fair value reserve of equity to the extent that the hedge is effective. The key contractual terms of the interest rate swap, such as the reference rate, interest rate review dates, payment dates, maturities and nominal value, are matching with the hedged item and therefore Sitowise estimates the hedging to be effective. The interest related to the interest rate swap is presented in financial income and expenses at the same time as the interest of the hedged variable rate loans.

At the end of fiscal year, the Group had EUR 70.0 (71.0) million in interest bearing bank loans. With the interest rate swap agreement,

the share of fixed base rate loans in the loan portfolio were approximately 53% and variable-rate loans about 47%. The company entered into a new interest rate swap during the financial year, which will take place when the current interest rate swap expires on March 12, 2025. The new interest rate swap will slightly reduce the share of loans based on a fixed base rate. The changes in value of the new interest rate swap have already been recorded in the balance sheet. The reference rate for variable-rated loans was Euribor 3 months. The interest rate sensitivity of the Sitowise Group was approximately EUR 330 thousand (approximately EUR 330 thousand), if interest rates would increase by one percentage point. Please see also section 4.2.2, Financial liabilities.

The nominal and fair values of the interest derivative contracts are shown in the tables below. The first table describes the hedge ending in March and the second table describes the new hedge starting in March..

Cash flow hedging (Interest rate hedge)

The contract period ends in March, 2025	2024	2023
Fair value, EUR thousand	-28	9
Nominal value, EUR thousand	37,000	38,000
Hedge ratio	1:1	1:1
Fair value reserve, EUR thousand	-28	9
The contract period starts in March, 2025	2024	2023
Fair value, EUR thousand	-314
Nominal value, EUR thousand	33,000
Hedge ratio	1:1

Fair value reserve, EUR thousand -314

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

5.1.3 Credit risk

Credit risk is the risk of a financial loss that occurs if a customer fails to fulfill their contractual obligations. The credit risk of the Sitowise Group is related to counterparties from which it has outstanding receivables or with which the Sitowise Group has long-term contracts. The tools of credit risk management at the Sitowise Group include frontloaded payment schedules of projects, thorough investigation of the customers' background data, credit risk monitoring of the major customers, and agreeing on advance payments.

The Sitowise Group assesses at the end of each reporting period whether there is objective evidence of impairment of a financial asset or group of financial assets. If there is justified indication of impairment, the said financial asset is recognized as a credit loss. Credit losses are recognized as expenses through profit and loss.

The Sitowise Group considers that there are indications of a credit loss as a rule if any of the following indications is present:

Significant financial difficulties of the debtor
Probability of the debtor's bankruptcy or other financial restructuring
Default of payments

Information on trade receivables and expected credit losses is presented in Note 3.4.

5.1.4 Solvency risk

To manage the solvency risk, the Sitowise Group continuously maintains sufficient liquidity reserves. The Sitowise Group aims to have a sufficient amount of liquid assets to deal with fluctuations in the need for working capital. The company aims to continuously project and monitor the need for financing in its business operations so that the company has sufficient liquid assets for financing its operations and repaying maturing debt. Cash and cash equivalents totaled EUR 17.5 (15.6) million at the end of 2024. In addition to cash reserves, the Group had a EUR 20.0 (20.0) million unused overdraft facility.

Contractual cash flows of financial liabilities

2024

EUR thousand	2025	2026	2027 →
Loans from financial institutions	1,000	69,037	0
Lease liabilities	6,515	5,784	12,218
Accounts payable	7,229	0	0
Total	14,744	74,821	12,218

2023
EUR thousand	2024	2025	2026 →
Loans from financial institutions	1,000	1,000	68,935
Lease liabilities	7,193	6,162	14,362
Accounts payable	7,082	0	0
Total	15,276	7,162	83,297

Interest cashflows are excluded from the contractual cash flows presented in table above. The cash flows in lease liabilities include the payments of lease liabilities.

5.2 MANAGEMENT OF CAPITAL RISKS

In the management of working capital, the Sitowise Group aims to ensure the ability to operate continuously in order to be able to provide the shareholders with returns and increase the value of their invested capital. The Sitowise Group monitors many key ratios and especially the net debt to adjusted EBITDA to ensure the realization of the growth strategy by keeping indebtedness under control. The Group's capital structure is regularly assessed by the company's management. The company has announced a long-term target of maintaining the ratio of net debt to adjusted EBITDA below 2.5.

Net debt is calculated as current and non-current loans from financial institutions less cash and cash equivalents. The table below presents the net debt of the Sitowise Group.

EUR thousand	31 Dec 2024	31 Dec 2023
Loans from financial institutions	70,037	70,935
Cash and cash equivalents	-17,459	-15,596
Net debt	52,578	55,341
Net debt / EBITDA, adjusted	5.0x	3.0x

Net debt excludes IFRS 16 lease liabilities

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

6 OTHER NOTES

6.1 GROUP STRUCTURE

Accounting policy

The consolidated financial statements include the parent company Sitowise Group Plc and all subsidiaries over which the parent company had control on the closing date of the reporting period. Sitowise Group Plc has control when it is exposed, or has rights, to variable returns from its involvement with a company and has the ability to affect those returns through its power over the company. Acquired subsidiaries are consolidated as of the date on which Sitowise Group Plc gains control. Divested subsidiaries are consolidated until control ceases to exist.

Intra-Group transactions, receivables, debts, and unrealized margins and internal distribution of profits are eliminated in preparing the consolidated financial statements using the acquisition cost method. The allocation of profit (loss) for the financial period to noncontrolling interests is presented in the statement of comprehensive income. Non-controlling interests' share of shareholders' equity is reported as a separate figure under shareholders' equity on the balance sheet.

Associated companies are companies in which the Group has considerable influence. The Group considers considerable influence to emerge primarily when the Group holds 20–50 percent of a company's votes or has otherwise considerable influence, but no control. Associated companies are consolidated in the financial statements using the equity method. Sitowise Oy sold shares of AS DWG to the other shareholders,

reducing its ownership from 55 percent to 25 percent on 20 November 2024. After the change, AS DWG will be presented as an associated company of Sitowise.

At the end of the financial period, the Sitowise Group consisted of the parent company Sitowise Group Plc and the following companies:

Company	Domicile	Ownership 2024	Ownership 2023
Sitowise Oy	Espoo, Finland	100.0%	100.0%
Routa Systems Oy	Espoo, Finland	100.0% (5	51.0%
Sitowise Sverige AB	Stockholm, Sweden	100.0%	100.0%
Infracontrol AB	Mölndal, Sweden	100.0%	100.0%
Infracontrol Espana SL	Madrid, Spain	100.0%	100.0%
Infracontrol Portugal Lda	Vila Pouca de Aguiar, Portugal	100.0%	100.0%
Infracontrol Danmark ApS	Copenhagen, Denmark	100.0%	100.0%
Sitowise Consulting Oü	Tallinn, Estonia	0.0% (4	100.0%
Bitcomp Oy	Jyväskylä, Finland	100.0% ⁽¹	100.0%
Infrasuunnittelu Oy	Kajaani, Finland	100.0% ⁽²	100.0%
Positive Impact Finland Oy	Helsinki, Finland	100.0% (3	100.0%
Landpro Oy	Espoo, Finland	100.0%	0.0%
Associated companies	Domicile	Ownership 2024	Ownership 2023
AS DWG	Riga, Latvia	25.0% (6	55.0%

(1 Bitcomp Oy merged with Sitowise Oy on 29 February 2024 (2 Infrasuunnittelu Oy merged with Sitowise Oy on 29 February 2024 (3 Positive Impact Finland Oy merged with Sitowise Oy on 31 May 2024 (4 Sitowise Consulting Oü closed on 14 August 2024 (5 Routa Systems Oy merged with Sitowise Oy on 31 August 2024 (6 AS DWG changed to an associate company on 20 November 2024

Financial information of associated company, AS DWG

EUR thousand	2024
Net sales	1,119
Profit for the period	-202

Non-current assets	19
Current assets	690
Non-current liabilities	166
Current liabilities	276
Net assets	267

EUR thousand	2024
Carrying amount	0
Share of December 2024 result	0

AS DWG is reported as Sitowise Group company during 1.1.-30.11.2024 and as a associated company after the change in ownership 1.12.-31.12.2024.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

6.2 INCOME TAXES

Accounting policy

The Sitowise Group's tax expense recognized through profit and loss comprises tax based on the taxable profit for the period, any taxes on previous financial periods, and deferred taxes . The tax based on the taxable profit for the period is calculated in accordance with the local tax legislation of each Group company . If the taxes are associated with other comprehensive income or transactions or other events recognized directly in shareholders' equity, income taxes are recognized in the said items . The tax for the financial period is calculated using the tax rates confirmed by the closing date of the reporting period .

Deferred tax assets and liabilities are primarily recognized for all temporary differences between the tax bases of assets and liabilities and unused tax losses and credits . The most significant temporary differences arise from tangible and intangible assets, confirmed tax losses, and allocations of the fair values of subsidiary acquisitions . Deferred tax assets are recognized at the maximum up to the amount for which it is probable that there will be future taxable income against which the temporary difference can be used . The prerequisites for recognizing deferred tax assets are assessed on the closing date of the reporting period . Deferred tax liabilities are recognized in full . Deferred taxes are recognized using the tax rates enacted or factually confirmed by the closing date of the reporting period .

Significant estimates based on management judgment

The decision on recognizing deferred tax assets on the balance sheet requires discretion . Deferred tax assets are only recognized when it is more likely that they will be realized than not realized, which, in turn, is determined by whether sufficient taxable income will be generated in the future . The assumptions concerning the accumulation of taxable income are based on future cash flows projected by the management . These estimates concerning future cash flows, on the other hand, depend on estimates concerning the volume of future sales, business expenses, investments, and other items affecting the profitability of business operations, among other things . These estimates and assumptions involve risks and uncertainty and, therefore, it is possible that changes in conditions result in charges in expectations, which in turn can affect the deferred tax assets recognized on the balance sheet as well as any other tax losses or temporary differences not yet recognized .

The ability of the Sitowise Group to accumulate taxable income also depends on general factors relating to the economy, financing, competitiveness, legislation, and regulation which are beyond its own control . If the future taxable income of the Sitowise Group is lower than projected by the management when measuring the deferred tax assets to be recognized, the value of the assets decreases or they lose all value . In this case, the amounts recognized on the balance sheet may have to be reversed through profit and loss . Changes in circumstances can also lead to recognizing deferred tax assets for confirmed losses for which no receivables have been currently recognized .

EUR thousand	2024	2023
Tax based on the taxable profit for the financial period	-474	-1,732
Adjustments concerning previous financial periods	122	-2
Change in deferred taxes	1,018	137
Total	666	-1,596

Reconciliation between tax expenses and taxes calculated using the 20% domestic tax rate

EUR thousand	2024	2023
Profit before taxes	-3,377	7,145
Tax calculated using the 20% domestic tax rate	675	-1,429
Adjustments concerning previous financial periods	122	-2
Differing tax rates of foreign subsidiaries	221	-19
Tax-free income and non-deductible expenses	286	-37
Confirmed loss	0	8
Other items	-638	-117
Taxes on the profit and loss account	666	-1,596

Board of Directors' Report and Consolidated Financial Statements 2024

Deferred tax assets and liabilities

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

EUR thousand	January 1, 2024	Recognized on the income statement	Recognized in shareholders' equity	December 31, 2024
Lease liabilities	5,570	-619	-29	4,922
Other items	469	-14	-1	454
Deferred tax assets total	6,039	-632	-30	5,376
Netting of deferred tax assets and liabilities	-5,307	667	28	-4,612
Deferred tax assets after netting	732	35	-2	765
Financial items	104	-20	0	84
Tax provisions	664	-519	-20	125
Right-of-use assets	5,307	-667	-28	4,612
Other items	775	-444	445	775
Deferred tax liabilities total	6,849	-1,651	397	5,595
Netting of deferred tax assets and liabilities	-5,307	667	28	-4,612
Deferred tax liabilities after netting	1,542	-984	425	984

6.3 RELATED PARTY TRANSACTIONS

Accounting policy

Parties are considered to be related when one party can exercise control, shared control, or significant influence over the other in decision-making involving its finances and operating activities.

The related parties of the parent company include subsidiaries, associated companies, and key management personnel, family members of the management and companies over which they exercise control. Key management personnel include members of the Board of Directors, the CEO, and members of the Group Management Team.

Balances and transactions between the Group and its subsidiaries and common functions are eliminated in the consolidated financial statements, and they are not reported in this note. The transactions between them have been carried out on market terms.

EUR thousand	January 1, 2023	Recognized on the income statement	Recognized in shareholders' equity	December 31, 2023
Lease liabilities	5,830	-255	-4	5,570
Other items	657	-189		469
Deferred tax assets total	6,487	-444	-4	6,039
Netting of deferred tax assets and liabilities	-5,593	281	4	-5,307
Deferred tax assets after netting	894	-163	0	732
Financial items	112	8	-16	104
Tax provisions	648	13	2	664
Right-of-use assets	5,593	-281	-4	5,307
Other items	828	-321	268	775
Deferred tax liabilities total	7,180	-581	250	6,849
Netting of deferred tax assets and liabilities	-5,593	281	4	-5,307

Deferred tax liabilities after netting 1,588 -300 254 1,543

6.3.1 Transactions with related parties

EUR thousand	2024	2023
Other related parties
Purchases	11	0
Receivables	127	0
Payables	11	0

Sitowise Oy sold shares of AS DWG to the other shareholders, reducing its ownership from 55 percent to 25 percent on 20 November 2024. After the change, from the beginning of December, AS DWG will be presented as an associated company of Sitowise and as a part of related parties. Related party transactions for the financial period are related to loan given to AS DWG and normal project contracts. AS DWG was reported as subsidiary in year 2023.

The company had no other related party transactions during the financial period.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

6.3.2 Employment benefits for management belonging to related parties

The management of Sitowise Group Plc consists of the Board of Directors, the CEO, and the members of the Group Management Team.

EUR thousand	2024	2023
Wages, salaries and other short-term employment benefits	1,659	1,726
Other long-term benefits	55	0
Post employment benefits	529	545
Total	2,243	2,271

A long-term incentive plan, i.e. an option program, was established in connection with the listing (Note 4.3.4) in 2021. The option program includes the company's management, excluding the Board of Directors, and company's key personnel.

In 2023 the Board of Directors decided to establish a performancebased, long-term incentive plan (Performance Share Plan 2023- 2025) (Note 4.3.5) which wass targeted for the Group Management Team members. The program consists of annually commencing individual three-year plans. In March 2024, the Board of Directors of Sitowise decided to establish performance-based share incentive program Performance Share Plan 2024–2026 (PSP 2024–2026). The participants of the PSP 2024–2026 have the opportunity to earn Sitowise shares and cash as a long-term incentive reward, if the performance targets set by the Board of Directors for the plan are achieved. The plan has a three-year performance period, and the participants include the CEO and other members of the Sitowise Group Management Team as well as other management and experts.

The commencement of each individual plan and its terms, the length of the performance or retention period within the plan, the performance criteria, the eligible participants thereof and the earning opportunity is subject to a separate decision of the company's Board of Directors in each case.

The purpose of the plans is to align the interests of the management and key personnel with the interests of the shareholders and thereby increase the shareholder value in the long term, and to commit the management and key personnel to achieving Sitowise's strategic goals. Additionally, the purpose is to commit Sitowise's key resources to the company by offering competitive long-term incentive plans.

EUR thousand	2024	2023
Remuneration of the Board of Directors	280	300
Remuneration of the CEO, including fringe benefits	486	488
Remuneration of the Management Team, including fringe benefits	1,477	1,483
Total	2,243	2,271

6.3.3 Remuneration of the Board of Directors and the CEO's salary with fringe benefits

In accordance with the Finnish Limited Liability Companies Act, the remuneration paid to the members of the Board of Directors is decided by the shareholders at the Annual General Meeting. The shareholders of the company decided on 4 April 2024, as part of the matters decided at the Annual General Meeting, the remuneration of the Chair of the Board of Directors will be EUR 4,750 per month and the remuneration of the other members of the Board of Directors will be EUR 2,250 per month. It was also decided that the Chair of the Board and the Chairs of the Audit, Personnel and Acquisition Committees will be paid an attendance allowance of EUR 1,000 per meeting, and the other members of the Board and the members of the Audit, Personnel and Acquisition Committees will be paid an attendance allowance of EUR 400 per meeting. The allowances are the same as paid in the previous term. In addition, it was decided that the travel expenses

of the members of the Board of Directors will be reimbursed in accordance with Sitowise's travel policy. The Annual General Meeting resolved on 25 April 2023 that for the term starting in September 2023, the chair of the Shareholders' Nomination Board is paid an attendance allowance of EUR 1,000 per meeting and the members of the Nomination Board an attendance allowance of EUR 400 per meeting. The Annual General Meeting resolved on 4 April 2024 that no remuneration shall be paid for the Nomination Board members for the term initiating in September 2024. Travel expenses of the members of the Nomination Board will be compensated against receipt in accordance with the Company's travel policy.

The CEO is covered by the Finnish statutory earnings-related pension scheme. The retirement age of the CEO is the minimum personal retirement age according to the law. The CEO's notice period is six months for both parties. The CEO is not entitled to a severance package in addition to their remaining regular pay if they resign.

EUR thousand	2024	2023
Board of Directors
Heliövaara Eero, Chair of the Board	73	74
Gustafsson Leif (until 25 April 2023)	0	10
Kyllönen Taina (until 4. April 2024)	6	33
Ronkainen Anni, (from 4. April 2024 )	25	0
Leino-Haltia Mirel	38	39
Piispanen Elina	33	32
Rignell Petri (until 4. April 2024)	5	31
Terho Tomi	33	34
Sörensen Niklas (since 25 April 2023)	33	23
Åström Mats (since 25 April 2023)	34	24
Total remuneration of the Board of Directors	280	300
CEO
Haasmaa Heikki	458	488
Total CEO's salary with fringe benefits	458	488

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

6.3.4 Management stock options

The company's management was granted stock options in the spring of 2021 and during financial years 2022 and 2023. Amendments were made to the program during 2023 and 2024, and the company's management waived part of the options given to them during 2024. The table below lists the options held by the CEO and the members of the Group's Management Team. The Board of Directors holds no options.

December 31, 2024	Match 2021A	Match 2021B	Performance 2021A	Performance 2021B	Total
Options granted	53,813	53,813	0	0	107,626 (1
Of which exercisable	53,813	0	0	0	0
Total number of shares entitled to (1 The options returned to the company by who left his positions in the financial year 2024 are no longer included in the management options on 31 December 2024.	53,813	53,813	0	0	107,626
The option program and changes are described in more detail in Note 4.3.4.

6.4 GUARANTEES AND CONTINGENT LIABILITIES

The guarantees and contingent liabilities of the Sitowise Group are presented in the table below:

EUR thousand	December 31, 2024	December 31, 2023
Commitments on behalf of own obligations
Bank guarantees	1,499	2,060
Total	1,499	2,060
Bank guarantees
Contractual guarantees	0	30
Other guarantees	1,499	2,030
Total	1,499	2,060

No pledges or real collateral have been provided as a guarantee for the financing agreement negotiated in connection with the listing. Bank guarantees totaling EUR 1.5 million have been provided for the benefit of lessors against the leases of the premises.

6.5 DISPUTES AND LITIGATION

Additionally, the group has ongoing disputes that are considered usual.

6.6 MAJOR EVENTS AFTER THE CLOSING DATE

Proposals of the Shareholders nomination board of Sitowise for the annual general meeting 2025

On 27 January 2025, the Shareholders' Nomination Board's proposals for the Annual General Meeting on 2 April 2025 were published. The Nomination Board proposes that the Board of Directors and

its committees receive the same fees as the previous term. The Nomination Board also proposes re-electing current members Eero Heliövaara, Mirel Leino-Haltia, Elina Piispanen, Niklas Sörensen, and Tomi Terho, and electing Rodolfo Zeidler as a new member to the Sitowise Group Plc 's Board of Directors for the term ending at the 2026 Annual General Meeting. Proposals in full are available on Sitowise's investor site at https://www.sitowise.com/investors/ governance/general-meeting-shareholders/annual-generalmeeting-2025

The Board of Directors decision on a new share-based incentive plan

Sitowise signed a secured financing agreement as an extension of its current financing arrangement

Board of Directors' Report and Consolidated Financial Statements 2024

PARENT COMPANY'S FINANCIAL STATEMENTS

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

SITOWISE GROUP PLC INCOME STATEMENT (FAS)

EUR		Note Jan 1 – Dec 31, 2024	Jan 1 – Dec 31, 2023
Net sales	1	2,184,203.26	1,952,398.75
Employee benefits	2	-1,193,512.47	-1,256,185.19
Depreciation, amortization, and impairment	3	-932,298.96	-932,298.96
Other operating expenses	4	-834,532.38	-722,865.22
Operating profit/loss		-776,140.55	-958,950.62
Financial income and expenses	5	-3,816,470.81	946,936.30
Profit/loss before appropriations and taxes		-4,592,611.36	-12,014.32
Group contributions	6	3,780,000.00	4,030,000.00
Income taxes	7	-907.64	-3,835.94
Profit for the period		-813,519.00	4,014,149.74

EUR Assets Note Dec 31, 2024 Dec 31, 2023 Non-current assets Intangible assets 8 1,165,373.60 2,097,672.56 Holdings in Group companies 9 161,501,142.77 161,508,170.44 Other shares and participations 9 305,500.00 305,500.00 Other debtors 10 916,524.70 925,729.07 Non-current assets total 163,888,541.07 164,837,072.07 Current assets Long-term receivables 11 12,500,000.00 12,500,000.00 Short-term receivables 12 5,937,293.45 5,543,433.04 Cash and cash equivalents 13,759,116.29 9,972,951.13 Current assets total 32,196,409.74 28,016,384.17 Assets total 196,084,950.81 192,853,456.24 EUR Shareholders' equity and liabilities Shareholders' equity 13 Share capital 80,000.00 80,000.00 Reserve for invested unrestricted equity 99,401,854.47 98,741,854.47 Fair value reserve -341,736.71 9,229.07 Retained earnings 9,415,913.44 5,401,763.70 Profit (loss) for the period -813,519.00 4,014,149.74 Total shareholders' equity 107,742,512.20 108,246,996.98 Liabilities 14 Non-current liabilities 69,314,085.00 70,000,000.00 Current liabilities 19,028,353.61 14,606,459.26 Liabilities total 88,342,438.61 84,606,459.26 Shareholders' equity and liabilities total 196,084,950.81 192,853,456.24

SITOWISE GROUP PLC BALANCE SHEET (FAS)

116

Board of Directors' Report and

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Consolidated Financial Statements 2024 SITOWISE GROUP PLC: CASH FLOW STATEMENT (FAS)

EUR	Jan 1 – Dec 31, 2024	Jan 1 – Dec 31, 2023
Cash flow from operating activities
Operating profit	-776,140.55	-958,950.62
Adjustments to operating profit	932,298.96	932,298.96
Change in working capital	5,164,017.21	4,999,200.17
Dividends received and other financial income	344,546.82	4,671,566.86
Interest paid and other financial expenses	-4,940,870.99	-4,411,146.04
Taxes paid	-3,856.24	-102,619.85
Cash flow from operating activities	719,995.21	5,130,349.48
Cash flow from investing activities
Purchase of shares in subsidiaries and associated companies	-623,830.32	-282,347.47
Cash flow from investing activities	-623,830.32	-282,347.47
Cash flow from financing
Share issue for consideration	660,000.00	257,992.10
Dividends paid	0.00	-3,554,652.80
Repayment of loans	-1,000,000.00	-1,000,000.00
Received group contribution	4,030,000.00	2,884,000.00
Cash flow from financing	3,690,000.00	-1,412,660.70
Change in cash and cash equivalents	3,786,164.89	3,435,341.31
Cash and cash equivalents January 1	9,972,951.13	6,537,609.51
Cash and cash equivalents December 31	13,759,116.29	9,972,951.13

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information Governance Information
Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

SITOWISE GROUP PLC: NOTES TO THE FINANCIAL STATEMENTS (FAS)

The Parent Company financial statements are prepared in accordance with the Finnish Accounting Standards (FAS). Copies of Sitowise Group's consolidated financial statements are available at Linnoitustie 6, FI-02600 Espoo, Finland.

1 NET SALES

EUR	2024	2023
Net sales	2,184,203	1,952,399
Total	2,184,203	1,952,399

Sitowise Group Plc's net sales consist of management fees charged to other group companies.

2 EMPLOYEE BENEFITS

EUR	2024	2023
Wages and salaries	1,047,232	1,099,049
Pension expenses	132,397	138,439
Other social security expenses	13,884	18,697
Total	1,193,513	1,256,185

Management remuneration

EUR	2024	2023
Board of Directors	279,650	299,550
CEO	457,900	488,040
Total	737,550	787,590

More detailed information on the terms and conditions of the CEO's contract can be found in Note 6.3.3 to the consolidated financial statements.

The average number of personnel in the financial period was 3 (3). At the end of the financial period, the number of personnel was 3 (3).

3 DEPRECIATION, AMORTIZATION, AND IMPAIRMENT ACCORDING TO PLAN

4 AUDIT FEES

EUR	2024	2023
Other long-term expenses	932,299	932,299
Total	932,299	932,299

5 FINANCIAL INCOME AND EXPENSES

EUR	2024	2023
Interest income
From Group companies	762,500	886,500
From others	344,545	254,959
Dividend income from Group companies	0	4,051,656
Other financial income	762	207,608
Total	1,107,807	5,400,723

EUR	2024	2023
Statutory audit	40,664	35,795
Audit related services	16,380	7,748
Tax advice	2,719	1,242
Other services	15,525	0
Total	75,288	44,785

Financial income and expenses total	-3,816,471	946,937
Total	-4,924,278	-4,453,786
Other financial expenses	-191,037	-508,918
To others	-4,447,099	-3,657,530
To Group companies	-286,142	-287,338
Interest expenses

6 APPROPRIATIONS

EUR	2024	2023
Group contributions received	3,780,000	4,030,000
Total	3,780,000	4,030,000

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

7 DIRECT TAXES

EUR	2024	2023
Income taxes on ordinary activities for the financial period	-887	-3,836
Income taxes for the previous financial period	-20	0
Total	-908	-3,836

8 INTANGIBLE ASSETS

8.1 MEASUREMENT OF FIXED ASSETS

depreciation periods:

EUR	2024	2023
Acquisition cost January 1	4,669,833	4,669,833
Acquisition cost December 31	4,669,833	4,669,833
Accumulated depreciation, amortization, and impairment January 1	-2,572,160	-1,639,861
Depreciation	-932,299	-932,299
Accumulated depreciation, amortization, and impairment December 31	-3,504,459	-2,572,160
Balance sheet value December 31	1,165,374	2,097,673

Fixed assets are capitalized at direct acquisition cost. With regard to machinery and equipment, the depreciation plan used is the straightline method of depreciation based on the economic useful life: • IT machinery and equipment 4 years • Other machinery and equipment 5 years

Straight-line depreciation based on economic useful life is used for intangible rights and long-term expenses, with the following planned

• Intangible rights 3–5 years • Goodwill 10 years • Long-term expenses 5–10 years • Development expenses 5 years

Acquisition cost January 1	161,508,170	161,516,354
Decrease	-7,028	-8,184
Acquisition cost December 31	161,501,142	161,508,170
Holding	2024	2023
Sitowise Oy	100%	100%
Infracontrol AB	100%	100%
Sitowise Sverige AB	100%	100%
EUR	2024	2023
Other shares and participations
Acquisition cost January 1	305,500	305,500

Acquisition cost December 31 305,500 305,500

EUR 2024 2023

9.1 MEASUREMENT OF INVESTMENTS

Investments are measured at acquisition cost or at cost less accumulated impairment, if the recoverable amount is expected to be permanently lower than the acquisition cost.

10 OTHER RECEIVABLES

EUR	2024	2023
Other debtors
Subordinated loans	916,525	916,500
Fair value of the derivative	0	9,229
Total	916,525	925,729

Derivatives are interest rate derivatives and they are measured at fair value. Additional information on interest rate derivatives is provided in the note 5.1.2 to the consolidated financial statements

10.1 SUBORDINATED LOANS

Sitowise Group Plc has given subordinated loans to Fimpec Group Oy. The loans amounted to EUR 916,500 at the end of the financial period. The interest rate on the subordinated loans is 8% p.a. The loans are subject to the provisions of chapter 12 of the Finnish Limited Liability Companies Act.

11 LONG-TERM RECEIVABLES

EUR	2024	2023
Long-term loan receivables from Group companies	12,500,000	12,500,000
Total	12,500,000	12,500,000

12 SHORT-TERM RECEIVABLES

EUR	2024	2023
Other accrued receivables	211,819	245,167
Account receivables from Group companies	310,209	395,610
Group contribution receivables	3,780,000	4,030,000
Accrued receivables from Group companies	1,635,156	872,656
Total	5,937,294	5,543,433

9 INVESTMENTS

Holdings in Group companies

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

12 SHAREHOLDERS' EQUITY

EUR	2024	2023
Share capital at the beginning of the financial period	80,000	80,000
Share capital at the end of the financial period	80,000	80,000

Reserve for invested unrestricted equity at the beginning of the financial period	98,741,854	98,483,862
Increase	660,000	257,992
Reserve for invested unrestricted equity at the end of the financial period	99,401,854	98,741,854
Fair value reserve at the beginning of the financial period	9,229	78,557
Decrease	-350,966	-69,328
Fair value reserve at the end of the financial period	-341,737	9,229
Retained earnings at the beginning of the financial period	9,415,913	8,956,417
Distribution of dividends	0	-3,554,653
	9,415,913	5,401,764
Profit for the period	-813,519	4,014,150
Total shareholders' equity	107,742,512	108,246,997

Calculation of distributable funds

EUR	2024	2023
Reserve for invested unrestricted equity	99,401,854	98,741,854
Retained earnings	9,415,913	5,401,764
Profit/loss for the period	-813,519	4,014,150
Total distributable funds	108,004,248	108,157,768

15 LIABILITIES

EUR Non-current liabilities	2024	2023
Loans from financial institutions	70,000,000	71,000,000
Transfer to short-term loans	-1,000,000	-1,000,000
Fair value of the derivative	314,085	0
Total	69,314,085	70,000,000

EUR Current liabilities	2024	2023
Repayment instalments of long-term loans	1,000,000	1,000,000
Accounts payable	54,595	59,016
Interest debt	26,059	34,209
Fair value of the derivative	27,652	0
Corporate tax accrual	887	3,836
Earn-out liabilities	0	630,858
Group cashpool liability	17,653,389	12,564,003
Other accrued expenses	265,772	314,537
Total	19,028,354	14,606,459

Additional information on loans from financial institutions is provided in the note 5. to the consolidated financial statements.

16 GUARANTEES AND CONTINGENT LIABILITIES

Assets pledged and off-balance sheet commitments and arrangements on behalf of own and Group companies' obligations

EUR	2024	2023
Leasing agreements
To be paid in the next financial period	28,463	23,595
To be paid later	37,485	25,779
Total	65,947	49,374

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

SIGNATURES OF THE BOARD OF DIRECTORS AND AUDITOR'S NOTE

BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFIT

The parent company's loss for the financial period is EUR 813,519 and the company's distributable funds total EUR 108,004,248. The Board of Directors proposes to the Annual General Meeting that no dividend is distributed and that the distributable funds are retained in unrestricted equity.

Confirmation of the Board of Directors and the CEO

We confirm that

the consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and the financial statements of the parent company prepared in accordance with the laws and regulations governing the preparation of financial statements in Finland give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole;
the management report includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face and
that the sustainability report within management report is prepared in accordance with sustainability reporting standards referred to in Chapter 7 of the Accounting Act and with the Article 8 of Taxonomy Regulation.

SIGNATURES TO THE FINANCIAL STATEMENTS AND BOARD OF DIRECTORS' REPORT

Espoo, March 11, 2025

Eero Heliövaara Chair of the Board Heikki Haasmaa CEO Mirel Leino-Haltia Elina Piispanen Anni Ronkainen Niklas Sörensen Tomi Terho Auditor's note A report on the audit has been issued today. Helsinki, March 11, 2025 KPMG Oy Ab Mats Åström

Kim Järvi Authorized Public Accountant (KHT)

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements
General Information
Environmental Information
Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Auditing

AUDITOR'S REPORT

To the Annual General Meeting of Sitowise Group Plc

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Sitowise Group Plc (business identity code 2767842-8) for the year ended 31 December, 2024. The financial statements comprise the consolidated statement of financial position, statement of comprehensive income, statement of changes in equity, cash flow statement and notes, including material accounting policy information, as well as the parent company's balance sheet, income statement, cash flow statement and notes.

In our opinion

the consolidated financial statements give a true and fair view of the group's financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
the financial statements give a true and fair view of the parent company's financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report submitted to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 2.6.1 to the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Materiality

The scope of our audit was influenced by our application of materiality. The materiality is determined based on our professional judgement and is used to determine the nature, timing and extent of our audit procedures and to evaluate the effect of identified misstatements on the financial statements as a whole. The level of materiality we set is based on our assessment of the magnitude of misstatements that, individually or in aggregate, could reasonably be expected to have influence on the economic decisions of the users of the financial statements. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for qualitative reasons for the users of the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The significant risks of material misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 10(2) are included in the description of key audit matters below.

We have also addressed the risk of management override of internal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements

General Information

Environmental Information

Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

THE KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN THE AUDIT

Revenue recognition (Accounting policies and note 2.2 to the consolidated financial statements)

Revenues arise from rendering of services to customers in accordance with customer contracts, with the total net sales of EUR 193 million.

Revenue recognition is a key audit matter due to the significance of revenue when assessing the size of business, growth and profitability of Sitowise. Revenue recognition involves a risk of revenue being recognized in the incorrect period and at inaccurate amount due to related management estimates and large volumes of transaction data.

For projects where revenue is recognized over time, based on the percentage of completion method, the percentage of completion is determined as the proportion of actual costs to the total estimated project costs. Inaccurate cost estimates lead to erroneous revenue recognition.

We evaluated the company's revenue recognition and accounting policies by reference to the principles of revenue recognition determined under IFRS.

We tested the effectiveness of key internal controls in place over the completeness and accuracy of revenue. We also assessed the operative effectiveness of relevant IT systems for financial reporting purposes.

We compared total revenue estimates to customer contracts for projects where revenue is recognized over time based on the project's percentage of completion. In addition, we have analyzed estimated and actual project costs as well as project margins. We also considered the appropriateness of the process for updating estimated project costs and percentages of completion.

In addition, we performed substantive audit procedures to evaluate the completeness and accuracy of revenue recorded.

Valuation of goodwill (Accounting policies and note 3.2 to the consolidated financial statements)

Goodwill of EUR 159 million represents a significant part, 59%, of the consolidated balance sheet total.

Due to the significance of the carrying amount and significant management judgments involved in the forecasts, valuation of goodwill is considered a key audit matter.

Goodwill is tested for impairment annually and whenever there is any indication that the goodwill may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount is determined based on value in use. The preparation of goodwill impairment testing requires estimates be made about the future. Management estimates and associated critical uncertainties relate to the components of the calculation of recoverable amount, which include the discount rate, terminal growth rate, and the development of net sales and operating profit, including cost levels for the company.

We have not identified key audit matters relating to the parent company's financial statements.

We critically analyzed the management's assumptions that form the basis on which the cash flow projections for future years are prepared.

We assessed the appropriateness of the discount rate used and the technical integrity of calculations as well as for comparison of the assumptions used to the market and industry-specific data.

In addition, we assessed the adequacy of the sensitivity analyses and the appropriate presentation of notes related to impairment tests in the consolidated financial statements.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company's and the group's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information
Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of the Board of Directors' and the Managing Director's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company's or the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Reporting Requirements

Information on our audit engagement

We were first appointed as auditors by the Annual General Meeting in 2018, and our appointment represents a total period of uninterrupted engagement of 7 years.

Sitowise Group Plc has been a public interest entity since 25 March 2021.

Other Information

The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors and the information included in the Annual Report, but does not include the financial statements or our auditor's report thereon. We have obtained the report of the Board of Directors prior to the date of this auditor's report, and the Annual Report is expected to be made available to us after that date. Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With

respect to the report of the Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has been prepared in compliance with the applicable provisions, excluding the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions. Our opinion does not cover the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act and in the sustainability reporting standards.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Helsinki, 11 March 2025

KPMG OY AB

KIM JÄRVI Authorised Public Accountant, KHT

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information

Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

To the Annual General Meeting of Sitowise Group Plc

We have performed a limited assurance engagement on the group sustainability report of Sitowise Group Plc (business identity code) that is referred to in Chapter 7 of the Accounting Act and that is included in the report of the Board of Directors for the financial year 1.1.–31.12.2024.

Opinion

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the group sustainability report does not comply, in all material respects, with

1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS);
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).

Point 1 above also contains the process in which Sitowise Group Oyj has identified the information for reporting in accordance with the sustainability reporting standards (double materiality assessment) and the tagging of information as referred to in Chapter 7, Section 22 of the Accounting Act.

Our opinion does not cover the tagging of the group sustainability report with digital XBRL sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies have not had the possibility to comply with that provision in the absence of the ESEF regulation or other European Union legislation.

Basis for Opinion

Assurance Report on the Sustainability Report

We performed the assurance of the group sustainability report as a limited assurance engagement in compliance with good assurance practice in Finland and with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

Our responsibilities under this standard are further described in the Responsibilities of the Authorized Group Sustainability Auditor section of our report.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter

We draw attention to the fact that the group sustainability report of Sitowise Group Oyj that is referred to in Chapter 7 of the Accounting Act has been prepared and assurance has been provided for it for the first time for the financial year 1.1.–31.12.2024. Our opinion does not cover the comparative information that has been presented in the group sustainability report. Our opinion is not modified in respect of this matter.

Authorized group sustainability auditor's Independence and Quality Management

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The authorized group sustainability auditor applies International Standard on Quality Management ISQM 1, which requires the authorized sustainability audit firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and the Managing Director of Sitowise Group Plc are responsible for:

the group sustainability report and for its preparation and presentation in accordance with the provisions of Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting standards and in which the information for reporting in accordance with the sustainability reporting standards has been identified as well as the tagging of information as referred to in Chapter 7, Section 22 of the Accounting Act and
the compliance of the group sustainability report with the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088;
such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of a group sustainability report that is free from material misstatement, whether due to fraud or error.

Inherent Limitations in the Preparation of a Sustainability Report

Preparation of the sustainability report requires company to make materiality assessment to identify relevant matters to report. This includes significant management judgement and choices. It is also characteristic to the sustainability reporting that reporting of this kind of information includes estimates and assumptions as well as measurement and estimation uncertainty. Furthermore, when reporting forward looking information company has to disclose assumptions related to potential future events and describe company´s possible future actions in relation to these events. Actual outcome may differ as forecasted events do not often occur as expected.

Board of Directors' Report and Consolidated Financial Statements 2024

Sitowise in brief

CEO's review

The Report of the Board of Directors

Sustainability statements General Information Environmental Information Social Information Governance Information

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Main financial statements Notes to the consolidated financial statements

Parent Company Financial Statements (FAS)

Signatures of the Board of Directors

Auditor's report Sustainability assurance report

Responsibilities of the Authorized Group Sustainability Auditor

Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group sustainability report is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our opinion . Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of the group sustainability report . Compliance with the International Standard on Assurance

Engagements (ISAE) 3000 (Revised) requires that we exercise professional judgment and maintain professional skepticism throughout the engagement . We also:
Identify and assess the risks of material misstatement of the group sustainability report, whether due to fraud or error, and obtain an understanding of internal control relevant to the engagement in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control .
Design and perform assurance procedures responsive to those risks to obtain evidence that is sufficient and appropriate to provide a basis for our opinion . The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control .

Description of the Procedures That Have Been Performed

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement . The nature, timing and extent of assurance procedures selected depend on professional judgment, including the assessment of risks of material misstatement, whether due to fraud or error . Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed .

Our procedures included for ex . the following:

We interviewed company's management and persons responsible for the preparation and gathering of the sustainability information .
We familiarized with interviews to the key processes related to collecting and consolidating the sustainability information and related internal controls .
We got acquainted with the relevant guidances and policies related to the sustainability information disclosed in the sustainability report .
We acquainted ourselves to the background documentation and other records prepared by the company, as appropriate and assessed how they support the information included in the sustainability report .
In relation to the double materiality assessment process, we interviewed persons responsible for the process and familiarized ourselves with the process description prepared of the double materiality assessment and other documentation and background materials .
In relation to the EU taxonomy information we interviewed the management of the company and persons with key roles in reporting taxonomy information to understand/examine how taxonomy eligible and aligned activities have been identified, we obtained evidence supporting the interviews and reconciled the reported EU taxonomy information to supporting documents and to the bookkeeping, as applicable .
We assessed the application of the ESRS sustainability reporting standards reporting principles in the presentation of the sustainability information .

Helsinki 11 March 2025

KPMG OY AB Authorized Sustainability Audit Firm

KIM JÄRVI Authorized Sustainability Auditor, KRT

Linnoitustie 6 D, FI-02600 Espoo, Finland Phone +358 20 747 6000 www.sitowise.com

AI Terminal

3291_10-k_2025-03-12_dc2cc745-bff1-4104-922a-0ebafec1b6ab.pdf

Redefining Smartness in Cities

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Contents

Sitowise in brief

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Parent Company Financial Statements (FAS)

Sitowise in brief

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Parent Company Financial Statements (FAS)

CEO's review

Mixed market environment continued

Infra and Digital Solution delivered strong performance

Challenges in the Buildings and Sweden business areas

Financially a tough year

Measures taken to support long-term growth

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Growth in new client segments and product business

Innovativeness, sustainability and efficiency as cornerstones

Looking ahead

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial statements

Consolidated Financial Statements (IFRS) Main financial statements Notes to the consolidated financial statements

Sitowise strategy 2025

Financial and Alternative Performance Measures

Strategy and value creation

The Most Innovative

The Most Sustainable

The Most Efficient

Our experts are the cornerstone of value creation

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Making our work possible

Personnel

Intellectual capital

Management system certifications

Processes and technologies

Energy consumption

Purpose and values guiding our operations

OUR VALUES ›

Business operations and their share of Sitowise's total net sales

Services for

Added value and social impacts

Clients

Personnel

Shareholders

Active role in discussing sustainability

Investing in future experts

Taxes and investments

Emissions

Creating value and wellbeing for the society

Financial key figures

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS) Main financial statements

Parent Company Financial Statements (FAS)

The Report of the Board of Directors

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Parent Company Financial Statements (FAS)

THE REPORT OF THE BOARD OF DIRECTORS

BUSINESS MODEL

Key intangible resources and their connection to value creation

Business areas

Financial and Alternative Performance Measures

Parent Company Financial Statements (FAS)

MARKET ENVIRONMENT IN 2024

STRATEGY IMPLEMENTATION

Progress under the strategic pillars

Financial and Alternative Performance Measures

Consolidated Financial Statements (IFRS)

Parent Company Financial Statements (FAS)

Acquisitions

Progress in strategic KPIs

THE GROUP'S ORDER BOOK

Financial and Alternative Performance Measures