YIT Oyj — Earnings Release 2023

Jan 12, 2024

Correction: Inside information: YIT lowers its guidance for the year 2023 due to a decline in fair values and provides preliminary financial information for the fourth quarter of 2023

Correction: Inside information: YIT lowers its guidance for the year 2023 due to a decline in fair values and provides preliminary financial information for the fourth quarter of 2023

YIT Corporation Inside Information 12 January 2024 at 3:16 p.m.

Correction: Inside information: YIT lowers its guidance for the year 2023 due to
a decline in fair values and provides preliminary financial information for the
fourth quarter of 2023

YIT announced today at 1.15 p.m. in its insider information release the lowering
of the guidance and at the same time provided preliminary financial information
for the fourth quarter of the financial year 2023.

The release incorrectly stated that YIT expects the fourth quarter 2023 revenue
to be approximately EUR 2,150 million. The correct figure is EUR 590 million.
The sentence after the correction is:

YIT expects the fourth quarter 2023 revenue to be approximately EUR 590 million
and the operating cash flow after investments to be strong at over EUR 50
million.

In addition, the company specifies the statement related to Business Premises'
and Infra's adjusted operating profit so that the segments improved their
results compared to the comparison period before taking into account the changes
in fair values.

Below the corrected release in full.

Inside information: YIT lowers its guidance for the year 2023 due to a decline
in fair values and provides preliminary financial information for the fourth
quarter of 2023

YIT lowers its guidance for Group adjusted operating profit for continuing
operations for the financial year 2023 published on 21 April 2023.

New guidance for the financial year 2023:

YIT expects its Group adjusted operating profit for continuing operations to be
EUR 36-42 million in the financial year 2023 (2022: EUR 110 million).

Reasons for the new guidance:

In its outlook for the financial year 2023, YIT notes that rising interest rates
may have a negative impact on the fair value of investments. Mainly as a result
of an increase in yields, YIT recognises declines in fair values on its equity
investments measured at fair value and investment properties measured at fair
value owned by associated companies and joint ventures, totaling approximately
EUR 13 million. The most significant part of the change in fair values relates
to the investment in Tripla Mall. The entries will lower the adjusted operating
profit for YIT's continuing operations in the last quarter of 2023.

Previous guidance for the financial year 2023:

YIT expects its Group adjusted operating profit for continuing operations to be
lower than in 2022, but at least EUR 50 million (2022: EUR 110 million).

Preliminary financial information for the fourth quarter of 2023

YIT expects the fourth quarter 2023 revenue to be approximately EUR 590 million
and the operating cash flow after investments to be strong at over EUR 50
million. Both of the company's contracting segments, Business Premises and
Infrastructure, improved their results compared to the comparison period before
taking into account the changes in fair values. The housing business continued
to be affected by the weak market conditions in Finland.

The financial figures stated in this release are preliminary and unaudited as
the financial statements process is still ongoing. YIT will publish its
Financial Statements Bulletin 2023 on Friday, 9 February 2024.

For further information:
YIT Investor Relations, investorrelations@yit.fi
Media enquiries through Group Communications, tel. +358 44 743
7536, press@yit.fi

YIT Corporation

Tuomas Mäkipeska
CFO

Distribution: Nasdaq Helsinki, principal media, www.yitgroup.com

YIT is the largest Finnish and a significant North European development and
construction company. We develop and build sustainable living environments:
functional homes, future-proof public and commercial buildings, and
infrastructure for smooth mobility. We employ around 5,000 professionals in
eight countries: Finland, Sweden, Estonia, Latvia, Lithuania, the Czech
Republic, Slovakia and Poland. Our revenue in 2022 was EUR 2.4 billion. YIT
Corporation's share is listed on Nasdaq Helsinki. Read
more: www.yitgroup.com (https://www.yitgroup.com/en)