YIT Oyj — Earnings Release 2020

Apr 1, 2020

YIT changes its guidance practice and moves to quarterly guidance – first quarter operational development in line with the company’s expectation, balance sheet remains strong

YIT changes its guidance practice and moves to quarterly guidance – first quarter operational development in line with the company’s expectation, balance sheet remains strong

YIT Corporation                  Stock exchange release        April 1, 2020 at
2.05 p.m.

YIT changes its guidance practice and moves to quarterly guidance – first
quarter operational development in line with the company’s expectation, balance
sheet remains strong

· First quarter operational development has been in line with the company’s
expectation, balance sheet remains strong
· YIT changes its guidance practice and moves to quarterly guidance due to
weakened visibility in the wake of the COVID-19 pandemic – former full-year 2020
guidance withdrawn
· Comprehensive actions taken to control the impact of COVID-19 pandemic on
YIT’s operations
· The sale of paving and mineral aggregates businesses completed today had a
positive cash flow impact of EUR 285 million on YIT

First quarter operational development in line with the company’s expectation

On February 7, 2020, YIT estimated that the adjusted operating profit for the
first quarter of 2020 would be on the level of, or above, the comparison period
(continuing operations 1‒3/2019: EUR -9.7 million).

Kari Kauniskangas: ”YIT’s first quarter has operationally been in line with our
expectations. So far, our construction sites have progressed as planned and
there have not been significant challenges with availability of personnel or
materials. However, ensuring the availability of personnel and materials
requires continuous efforts as potential bottlenecks especially in the
availability of materials have been identified. Residential sales have
progressed well, although residential demand in Finland and the CEE countries
has decreased during the last couple of weeks.”

YIT changes its guidance practice and moves to quarterly guidance – former full
-year 2020 guidance withdrawn

The COVID-19 pandemic is causing uncertainty around the world. The most
significant uncertainties for YIT’s business are related to availability of
personnel, potential infections, regulatory decisions and availability of
materials. These can lead to temporary shutdowns or slower progress on
construction sites and delayed completions and consequently, postponement of
revenue and profit from one quarter or year to another. In addition, changes in
residential demand may have an impact on profitability in short term.

Due to weakened visibility resulting from the COVID-19 pandemic, YIT withdraws
its full-year result guidance for 2020 and moves to quarterly guidance. The
company’s long-term financial targets remain unchanged.

Previous result guidance for 2020 (given February 7, 2020)

The Group revenue of continuing operations for 2020 is estimated to be in the
range of EUR 2,900‒3,300 million (2019: EUR 3,391.5 million). The full-year
Group adjusted operating profit from continuing operations is estimated to be in
the range of EUR 150‒190 million (2019: EUR 165.5 million).

YIT has taken comprehensive actions to control the impact of COVID-19 pandemic
on its operations

YIT is monitoring the evolving COVID-19 pandemic closely and has taken
comprehensive actions to ensure the health and well-being of its personnel,
customers and business partners, as well as the progress of its construction
sites and the continuation of the business. For this purpose, the company has
appointed a task force reporting to the Group Management Team. The measures
taken by the task force include, for instance, hygiene instructions for
construction sites and ensuring procurement channels. Additionally, the group
has led anticipatory actions to ensure that substitutive resources critical for
construction sites and the Group work in separate locations, and that people
work remotely as widely as possible. The company is also prepared for potential
shutdowns of construction sites in a controlled way and subsequent actions
including successful restarts. Ensuring resources for ongoing projects and
demand development will have an impact on new project startups.

Kari Kauniskangas:” I am confident regarding the continuation of the business.
In addition, our financing is secured through a strong balance sheet and the
undrawn credit facility of EUR 300 million. Our liquidity and balance sheet were
further supported by the sale of the paving and mineral aggregates businesses.”

YIT announced earlier today that the sale of its Nordic paving and mineral
aggregates businesses to Peab had been completed. The sale had a positive cash
flow effect of approximately EUR 285 million and the company’s net debt
decreased by approximately EUR 310 million. YIT will book the transaction in the
second quarter of 2020 results.

For further information, please contact:

Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358
40 576 0288, tommi.jarvenpaa@yit.fi

Ilkka Salonen, CFO, YIT Corporation, tel. +358 45 359 4434, ilkka.salonen@yit.fi

YIT Corporation

Tommi Järvenpää
Vice President, Investor Relations

Distribution: NASDAQ Helsinki, key media,
www.yitgroup.com (https://www.yitgroup.com/en)

YIT is the largest Finnish and a significant North European construction company
and urban developer. We develop and build apartments and living services,
business premises and entire areas. We are also specialised in demanding
infrastructure construction. Together with our customers, our nearly 8,000
professionals are creating more functional, attractive and sustainable cities
and environments. We work in 10 countries: Finland, Russia, Sweden, Norway, the
Baltic countries, Czech Republic, Slovakia and Poland. Our revenue in 2019 was
approximately EUR 3.4 billion. YIT Corporation's share is listed on Nasdaq
Helsinki Oy. www.yitgroup.com (https://www.yitgroup.com/en)