Correction to stock exchange release

Siili Solutions Plc: Business review, 1 January – 31 March 2024 - Seite 2

_{¹ EBITA adjustments EUR 0.2 million consisted of personnel expenses related to restructuring of operations. ² The figure for the comparison period has been retroactively corrected.}

Key events in January-March:

• Siili streamlined its organisational structure and COO Kari Pirttikangas left their position in Siili and Siili management team.
• Siili Solutions earned the internationally recognized ISO 27001 information security certification.
• Good development within the field of AI: 51% of Siili employees in Finland have completed a GenAI certificate and an AI-assisted Viki and Köpi radio talk show developed by Siili for Finnish Public Service Media Company was awarded in Grand One competition.

Outlook for 2024:

Revenue for 2024 is estimated to be EUR 120–140 million and adjusted EBITA EUR 7.5–10.5 million.

CEO Tomi Pienimäki:

The first quarter of this year was challenging as expected for Siili due to the tightening of the market conditions last year. The Group's revenue in January–March amounted to just under EUR 30 million, declining from a strong comparison period by a good 10%. The decline in revenue was also accentuated by a slightly lower number of working days compared to last year. Adjusted EBITA for the reporting period was EUR 1.6 million, or 5.3% of revenue. Due to the reduced revenue, profitability also came in weaker than in the comparison period, as expected.

As the market conditions and price competition remained tight, we also continued our actions to improve the efficiency of operations. Recruitment has been moderate, responding to customer demand. In addition, we streamlined the reporting structure of the Finnish unit. This is a step on our way towards even stronger business units focusing on the customer-facing business. In the prevailing situation, we zeroed in on strengthening our competitiveness and building competitive advantages.

Experience has shown that, when the market is quieter, the groundwork is laid for success once the market picks up. We believe that the effect of the efficiency-improving measures launched last year, which are still ongoing, will be fully reflected in our competitivemess and profitability when the market situation starts improving.

Despite the challenging market conditions, the first quarter also saw many successes. AI-assisted development offers an abundance of new opportunities for both our clients and employees, Therefore, we started a three-level AI training programme for our consultants in January. By the end of March, 51% of Siili’s employees in Finland had achieved the first-level certification, and the training continues throughout the year.