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1

REPORT BY THE BOARD OF
DIRECTORS AND FINANCIAL
STATEMENTS 1.1.–31.12.2024
2024
2

Report by the Board of Directors 1) |  | Consolidated Financial Statements (IFRS) |  |  |  |  |
FINANCIAL RISK MANAGEMENT AND CAPITAL STRUCTURE |  | 10. Investments | 186
About Tietoevry | 5 | Income statement | 118 | 20. Management of financial risks and capital structure | 160 | 11. Long-term receivables | 186
Highlights of 2024 | 5 | Statement of other comprehensive income | 118 | 21. Interest-bearing loans and borrowings | 165 | 12. Current receivables | 186
Five-year key figures | 6 | Statement of financial position | 119 | 22. Financial income and expenses | 167 | 13. Prepaid expenses and accrued income | 187
IT market development | 7 | Statement of cash flows | 120 | 23. Financial assets and liabilities | 168 | 14. Changes in shareholders' equity | 187
Specialization-based strategy for greater value to all stakeholders | 8 | Statement of changes in shareholders' equity | 121 | 24. Derivatives | 170 | 15. Provisions | 188
Notes to the consolidated financial statements (IFRS) |  | 25. Cash and cash equivalents | 171 | 16. Non-Current liabilities | 188
Financial performance | 9 | 26. Share capital and reserves | 171 | 17. Current liabilities | 188
Financial position at the end of the period | 13 | BASIS OF PREPARATION |  | OTHER INFORMATION |  | 18. Accrued liabilities and deferred income | 189
Investments and development | 13 | 1. Corporate information | 123 | 27. Acquisitions and divestments | 173 | 19. Deferred tax assets and liabilities | 189
Order backlog | 13 | 2. Material accounting policy information | 123 | 28. Subsidiaries | 175 | 20. Contingent liabilities | 189
Personnel | 14 | 3. Adoption of new and amended IFRS accounting standards and interpretations | 124 | 29. Interests in joint ventures | 177 | 21. Derivatives | 190
Performance in 2025 | 15 | 30. Related party transactions | 177 | 22. Management of financial risks | 190
Major agreements | 15 | 4. Use of judgements and estimates | 124 | 31. Commitments and contingencies | 178 |  |
Changes in Group Structure | 18 | PERFORMANCE FOR THE YEAR |  | 32. Events after the reporting period | 178 | Proposal for distribution to shareholders | 190
Branches | 18 | 5. Segment information | 125 |  |  | Signatures for the report by the Board of Directors, Sustainability Statement and Financial Statements, and Auditors note | 191
Shareholders' Meeting | 19 | 6. Revenue | 128 |  |
Shareholders’ Nomination Board | 19 | 7. Other operating income and expenses | 131 | Parent company's financial statements (FAS) |
The Board of Directors | 20 | 8. Income taxes | 132 | Income statement | 179 |  |
The President and CEO and operative management | 21 | 9. Earnings per share | 135 | Balance sheet | 180 | Auditor's report | 192
Auditors | 22 | COMPENSATION AND BENEFITS |  | Statement of cash flows | 181 | Assurance report on the Sustainability Statement | 197
Major risks | 22 | 10. Employee expenses | 136 |  |  | Independent auditor’s report on the ESEF consolidated financial statements of Tietoevry Oyj | 200
Shares and shareholders | 27 | 11. Remuneration of key management | 137 | Notes to the Parent Company's Financial Statements (FAS) | 182
Shareholder distribution | 31 | 12. Share-based payments | 139 | 1. Net sales | 183 |  |
Full-year outlook for 2025 | 33 | 13. Defined benefit plans | 142 | 2. Other operating income | 183 |  |
Financial calendar 2025 | 33 | INVESTED CAPITAL AND WORKING CAPITAL ITEMS |  | 3. Personnel expenses | 183 |  |
Key figures | 34 | 14. Goodwill and other intangible assets | 146 | 4. Other operating expenses | 183 |
|  | 15. Property, plant and equipment | 151 | 5. Management remuneration | 183 |
Sustainability Statement 2) | 36 | 16. Leases | 153 | 6. Financial income and expenses | 184 |
|  | 17. Trade and other receivables | 156 | 7. Income taxes | 184 |
1) Unaudited |  | 18. Provisions | 158 | 8. Intangible assets | 185 |
2) Assured |  | 19. Trade and other payables | 159 | 9. Tangible assets | 185 |

3
Board
review
4
Board review
About Tietoevry 5
Highlights of 2024 5
Five-year key figures 6
IT market and strategy 7
Financials and investments 9
Order backlog 13
Personnel 14
Performance drivers in 2025 15
Major agreements 15
Branches 18
Governance 19
Risks 22
Shares and shareholders 27
Shareholder distribution 31
Full-year outlook for 2025 33
Key figures 34
Sustainability Statement 36
5
About Tietoevry
Tietoevry Corporation, a public limited liability company headquartered in Finland, is a leading Nordic digital
services and software company that employs around 23 000 experts globally. Tietoevry serves thousands of
enterprise and public sector customers in around 90 countries. The company's shares are listed on the NASDAQ
in Helsinki and Stockholm and the Oslo Børs.
The company’s services comprise software, data and digital engineering as well as managed services and
transformation, and related capabilities to support customers’ business renewal, innovation and efficient
operations. Tietoevry’s role varies from consulting and advisory, designing and building solutions to running IT
operations. Competitiveness is based on solutions combining best-of-breed technologies with consulting and
integration capabilities, industrialized service delivery and strong global delivery capability.
To capture cloud-native and AI-enabled market opportunities, Tietoevry’s five specialized businesses have full
operational responsibility, including go-to-market, service portfolio as well as investments and partnerships to
drive scale and expansion.
The Group's segments are described in the Strategy section.
Highlights of 2024
• Tietoevry continued its strategy execution aiming to reposition the company as a leading software and
digital engineering player globally.
• Tietoevry Tech Services strategic review is expected to be concluded in March 2025. The sales process
with the non-industrial buyer is in final stages. Sales process may or may not result in a transaction.
• Related to the strategic review of Tietoevry Banking, the Board of Directors decided in April to further
develop the business as a specialized business within the Group.
• The company announced appointments in the Group Executive Management. Cosimo De Carlo was
appointed as Managing Director of Tietoevry Create, effective 1 September 2024, and Endre Rangnes
was appointed as the Managing Director of Tietoevry Banking, effective 3 September 2024.
• Tietoevry continued to actively invest and promote reskilling towards new technologies of cloud, data
and AI.
• In January 2024, Tietoevry experienced a criminal ransomware attack in one of its data centres in
Sweden. Ransomware-event related customer contract settlements impacted Tietoevry Tech Services'
growth and profitability.
• During the year, the company won contracts covering new technologies in the areas of data, cloud and
AI/GenAI, described in section Major agreements.
• In the full year, revenue was down by 2%. Organically 1) , revenue was down by 2%. Adjusted operating
profit 2) (EBITA) was EUR 344.7 (358.7) million, representing a margin of 12.3% (12.6).
• Operating profit (EBIT) amounted to EUR 29.8 (255.6) million, impacted by a non-cash charge of EUR 200
million in impairment losses related to the goodwill held in Tietoevry Tech Services.
1) Adjusted for currency effects and impact from acquisitions and divestments.
2) Adjustment items include restructuring costs, capital gains/losses, impairment charges and other items affecting comparability.
6
Five-year key figures

| 2024 | 2023 | 2022 | 2021 | 2020
Revenue, EUR million | 2 802.6 | 2 851.4 | 2 928.1 | 2 823.4 | 2 786.4
Operating profit (EBIT), EUR million | 29.8 | 255.6 | 266.5 | 382.0 | 146.7
Operating margin (EBIT), % | 1.1 | 9.0 | 9.1 | 13.5 | 5.3
Adjusted 1) operating profit (EBITA 2)), EUR million | 344.7 | 358.7 | 379.2 | 367.8 | 355.0
Adjusted 1) operating margin (EBITA 2)), % | 12.3 | 12.6 | 13.0 | 13.0 | 12.7
Profit/loss before taxes, EUR million | -21.8 | 220.8 | 242.8 | 353.8 | 122.4
Earnings per share, EUR |  |  |  |  |
Basic | -0.53 | 1.45 | 1.59 | 2.46 | 0.80
Diluted | -0.53 | 1.45 | 1.59 | 2.46 | 0.80
Equity per share, EUR | 10.95 | 13.62 | 14.52 | 15.38 | 13.73
Dividend per share 3), EUR | 1.50 | 1.47 | 1.45 | 1.40 | 1.32
Capital expenditure, EUR million | 85.0 | 85.3 | 92.9 | 80.8 | 83.5
Acquisitions (cash outflows), EUR million | 1.0 | 156.3 | — | — | 0.6
Return on equity, 12-month rolling, % | -4.3 | 10.3 | 10.7 | 16.9 | 5.7
Return on capital employed, 12-month rolling, % | 1.4 | 9.8 | 9.9 | 13.7 | 5.2
Gearing, % | 67.2 | 56.6 | 39.5 | 33.5 | 54.3
Interest-bearing net debt, EUR million | 871.8 | 911.8 | 679.1 | 610.6 | 883.3
Equity ratio, % | 43.1 | 46.7 | 51.5 | 51.6 | 45.9
Personnel on average | 23 593 | 24 181 | 24 401 | 23 824 | 23 788
Personnel on 31 Dec | 22 941 | 24 159 | 24 320 | 24 389 | 23 632

1) Adjustment items include restructuring costs, capital gains/losses, impairment charges and other items affecting comparability.
2) Profit before interests, taxes, amortization of acquisition-related intangible assets and goodwill impairment.
3) For 2024, distribution of dividend and/or return of capital
See calculation of key figures on page Alternative performance measures.
7
IT market development
Market softness in IT services is anticipated to continue into 2025 and the lower-demand environment to also
impact software businesses. Customers continue to focus on resilience, prioritizing investments in initiatives that
yield results in the short term. High pressure on public spending continues, especially in the Nordics. Tietoevry’s
business mix, however, provides resilience, as specialized businesses comprise a significant proportion of long-
term customer engagements. Currently, the market is expected to recover gradually during the second half of the
year.
The shift to cloud native and data-driven technologies continues to be at the core of customers’ drive for agility,
productivity and competitiveness. The technology market continues to evolve further, building on cloud native
technologies towards Artificial Intelligence (AI). AI market adoption is accelerating. This next cycle of
transformation is providing high demand for cloud native, data services and AI-embedded software, and is
expected to result in over 10% market growth in this area. AI involving multiple technologies such as machine
learning, natural language processing and generative AI is enabling multiple use-cases across industries,
augmenting productivity, decision support and autonomous operations alike. While these technologies bring
enhanced experiences, products and services to customers, they also increase privacy, security and
misinformation risks. Reliable data management and security practices play a major role in capturing AI-driven
opportunities.
Customers also continue to emphasize data sovereignty, security and business continuity as they adopt cloud
technologies, with multi-cloud becoming a default. Outsourcing demand with embedded transformation to cloud
is expected to continue, resulting in volume decline of up to 10% over time in traditional services. Service
providers may be affected by customer demands for price reductions. IT service companies' ability to increase
prices and margins remains limited.
8
Specialization-based strategy for greater value to all
stakeholders
Tietoevry’s strategy aims to capture cloud-native and AI-enabled market opportunities through specialized
software, digital engineering and managed services businesses. Each business aims to be among the best in the
market. Specialization drives a best-in-class customer proposition and attracts talent.
Specialized businesses taking advantage of cloud, data and software market growth
Specialization forms the cornerstone of Tietoevry’s strategy. The company’s five specialized end-to-end
businesses aim to take advantage of cloud, data and software market growth. The individual businesses have
operational independence to build scale and prioritize investments, reflecting the distinct market dynamics,
business proposition and value potential of each. The businesses are described at www.tietoevry.com.
Repositioning Tietoevry as a leading software and digital engineering player globally
Tietoevry aims to unlock value through a strategic review of Tietoevry Tech Services. With the strategic review,
the company seeks to drive the competitiveness of the business. The success of businesses with an outsourcing
foundation relies on the scale of capabilities and infrastructure volumes needed to drive customers’ continuous
efficiency, agility and modernization needs. The strategic review is progressing and the company is in the final
stages of negotiations on an exclusive basis with the non-industrial buyer. The process is expected to conclude
during March. Ongoing negotiations may or may not result in a transaction.
Tietoevry's specialized businesses across digital engineering, software and managed services and
transformation businesses are:
• Tietoevry Create accelerates customers’ digital agenda to create competitive products and data-driven
businesses utilizing design, data and cloud technologies. This is a global business with software and data
engineering at its core.
• Tietoevry Banking is a provider of scalable Banking-as-a-Service platform and leading software
products to drive digital transformation and efficiency for financial institutions.
• Tietoevry Care provides modular and interoperable software, reinventing Nordic health and social care
to enhance the care personnel and citizen experience.
• Tietoevry Industry is a portfolio of distinct competitive software and data solutions across a wide variety
of industry domains. These domains include the public sector, pulp & paper and utilities.
• Tietoevry Tech Services drives enterprise-wide transformation across customers’ business processes,
applications and infrastructure. Deep customer knowledge, global cloud & data competencies,
automated operations and a multi-cloud platform provider with a full range of infrastructure choices at
scale form its foundation.
9
Financial performance

| 1–12/2024 | 1–12/2023
Revenue, EUR million | 2 802.6 | 2 851.4
Change, % | -2 | -3
Organic growth, % | -2 | 4
Operating profit (EBIT), EUR million | 29.8 | 255.6
Operating margin (EBIT), % | 1.1 | 9.0
Adjusted operating profit (EBITA), EUR million | 344.7 | 358.7
Adjusted operating margin (EBITA), % | 12.3 | 12.6
EPS, EUR | -0.53 | 1.45
Net cash flow from operations, EUR million | 325.7 | 266.1
Capital expenditure, EUR million | 85.0 | 85.3

Full-year revenue was down by 2% to EUR 2 802.6 (2 851.4) million. Exchange rates had a negative impact of
EUR 16 million on revenue compared to 2023. Net impact of acquisitions and divestments was positive at EUR 37
million. Organically, revenue was down by 2%. Full-year operating profit (EBIT) amounted to EUR 29.8 (255.6)
million, representing a margin of 1.1% (9.0). Operating profit was impacted by a non-cash charge of EUR 200
million in impairment losses related to the goodwill held in Tietoevry Tech Services. More details in note 14 to the
Financial Statements. Operating profit includes EUR -71.1 (-61.2) million in adjustment items. Adjusted operating
profit (EBITA) stood at EUR 344.7 (358.7) million, or 12.3% (12.6) of revenue. Further details on adjustment items
are available in the Alternative Performance Measures paragraph.
Depreciation and amortization amounted to EUR 162.2 (152.4) million, including EUR 58.0 (59.8) million in
depreciation of right-of-use assets and EUR 43.8 (41.8) million in amortization of acquisition-related intangible
assets. Net financial expenses stood at EUR 51.6 (34.9) million. Net interest expenses were EUR 43.7 (34.1)
million and net losses from foreign exchange transactions EUR 2.6 (gains 3.1) million. Other financial income and
expenses amounted to EUR -5.4 (-3.9) million.
Earnings per share (EPS) totalled EUR -0.53 (1.45). Adjusted earnings per share amounted to EUR 1.92 (2.14).
Cash flow and investments
Full-year net cash flow from operating activities amounted to EUR 325.7 (266.1) million, including an decrease of
EUR 26.4 (increase of 95.2) million in net working capital.
Capital expenditure totalled EUR 85.0 (85.3) million, mainly consisting of capitalized costs for the development
of software, investments in data centres and business-related software licences. Full-year capitalized costs for
industry-specific software amounted to EUR 45.2 (44.7) million. Capital expenditure represented 3.0% (3.0) of
revenue.
10
Financial performance by segment

| Revenue, EUR million | Revenue, EUR million | Growth, % | Organic growth, % | Adjusted operating profit, EUR million | Adjusted operating profit, EUR million | Adjusted operating margin, % | Adjusted operating margin, %
| 1–12/2024 | 1–12/2023 | 1–12/2024 | 1–12/2023 | 1–12/2024 | 1–12/2023
Tietoevry Create | 836.9 | 852.3 | -2 | -5 | 100.1 | 114.6 | 12.0 | 13.4
Tietoevry Banking | 580.4 | 567.2 | 2 | 4 | 72.0 | 68.9 | 12.4 | 12.1
Tietoevry Care | 231.3 | 232.8 | -1 | -1 | 68.2 | 70.2 | 29.5 | 30.1
Tietoevry Industry | 263.7 | 262.6 | 0 | 1 | 39.4 | 43.4 | 15.0 | 16.5
Tietoevry Tech Services | 1 000.7 | 1 072.7 | -7 | -6 | 88.7 | 85.7 | 8.9 | 8.0
Eliminations and non-allocated costs | -110.4 | -136.1 | — | — | -23.7 | -24.0 | — | —
Total | 2 802.6 | 2 851.4 | -2 | -2 | 344.7 | 358.7 | 12.3 | 12.6

In Tietoevry Create, revenue was organically down by 5%. The market remained weak throughout the year with
macroeconomic uncertainties impacting all regions. The business launched a new operating model during the
year to drive customer-centricity, service innovation, global scale and efficiency. The business also initiated
measures to adjust its capacity to market demand.
In Tietoevry Banking, revenue was organically up by 4%. Growth was strongest in the Cards, Financial Crime
Prevention and Credit businesses while increasing market softness started to have an impact during the second
half of the year. Profitability improved due to active measures to drive efficiency.
In Tietoevry Care, revenue was organically down by 1%. Growth was affected by public sector deficits in Finland
and Sweden. Towards the end of the year, the declining legacy product business had a further negative impact
on growth. Lifecare solutions remained competitive and the data & analytics business grew strongly. The
business continued to deliver strong profitability during the year.
In Tietoevry Industry, revenue was organically up by 1%. The market environment impacted demand in the pulp,
paper and fibre industry and the public sector, especially in Finland, whereas growth in Data Platform Services
continued. Full-year profitability decreased primarily due to weak performance in the fourth quarter.
In Tietoevry Tech Services, revenue was organically down by 6%. Growth was impacted by continued market
softness and volatility in hardware and software reselling. Cloud platform and security services saw growth
whereas traditional infrastructure services' market continued to decline. Profitability improved, driven by
efficiency management while ransomware event-related customer settlements strained growth and profitability
by approximately 1 percentage point in the full year.
Related to the criminal ransomware attack in one of its data centres in Sweden, the company recorded costs of
approximately EUR 1.5 million in 2024, included in adjustment items, and contractual service level agreement
(SLA) penalties of approximately EUR 0.6 million as a reduction revenue. Further, Tietoevry received claims for
damages from customers and the Group recorded EUR 7.6 million as a reduction in revenue. In the full year,
ransomware event-related customer contract settlements strained Tech Services' growth and profitability by
approximately 1 percentage point. The claims process is ongoing with the insurance provider. More details in
note 6 to the Financial Statements.
For a comprehensive set of segment figures, see note 5 to the Financial Statements.
11
12
13
Financial position at the end of the period
The equity ratio was 43.1% (46.7). Gearing was 67.2% (56.6). Interest-bearing net debt totalled EUR 871.8 (911.8)
million, including EUR 904.5 (951.4) million in interest-bearing debt, EUR 193.0 (211.7) million in lease liabilities,
EUR 1.4 (2.2) million in finance lease receivables, EUR 29.2 (29.5) million in other interest-bearing receivables and
EUR 195.1 (219.6) million in cash and cash equivalents.
Interest-bearing long-term liabilities amounted to EUR 712.1 (701.0) million at the end of December. In 2024, the
company made a draw-down of new term loans of EUR 120 million and EUR 130 million, maturing in 2027, and a
term loan of EUR 100 million, maturing in 2026. Additionally, the company's interest-bearing long-term liabilities
primarily comprise a term loan of EUR 174 million, maturing in 2028, and lease liabilities of EUR 142.6 million.
Interest-bearing short-term liabilities amounted to EUR 385.4 (462.2) million, mainly comprising a EUR 300
million bond, maturing in June 2025, and lease liabilities.
In December, the company signed a two-year term loan facility of EUR 300 million from Nordea Bank Abp,
Danske Bank A/S and OP Corporate Bank plc to be used for refinancing of the EUR 300 million bond.
Tietoevry's sustainability-linked revolving credit facility of EUR 250 million was not in use at the end of
December. The revolving credit facility matures in 2028 and has a one-year extension option. It is linked to
selected sustainability targets of Tietoevry and hence supports the company’s commitments to Science Based
Targets.
Investments and development
A significant part of the company’s investments are made in areas such as its own industry-specific software,
data and analytics/AI and cloud services. Tietoevry’s development costs amounted to around EUR 131 (2023: 129
and 2022: 124) million, representing 4.7% (2023: 4.5% and 2022: 4.2%) of the Group's revenue, including
capitalized costs.
Order backlog
Tietoevry's order backlog amounted to EUR 3 261 (3 236) million at the end of December. Adjusted for the impact
of exchange rates, acquisitions and divestments, the order backlog was up by 2% from the level of the
corresponding period of 2023. The order backlog includes all signed customer orders that have not been
recognized as revenue, including estimates of the value of consumption-based contracts.
The significance of traditional measures for the order backlog is impacted by the shift from traditional large
outsourcing agreements towards agile methods and consumption-based business models. Additionally,
traditional development programmes are cut into smaller projects.
14
Personnel
The number of full-time employees amounted to 22 941 (24 159) at the end of December. The number of full-
time employees in the global competence centres totalled 12 153 (12 789), or 53.0% (52.9) of all personnel. The
12-month rolling employee turnover stood at 8.3% (10.1) at the end of December. Tietoevry believes that a
normal attrition level is 10–12%.
Group-level salary inflation in 2024 was 4.5%. It is offset by a number of actions, including price increases,
further offshoring, automation, management of the competence pyramid and overall cost efficiency across
businesses.
Group personnel and remuneration

| 2024 | 2023 | 2022
Number of full-time employees, 31 December | 22 941 | 24 159 | 24 320
Average number of full-time employees | 23 593 | 24 181 | 24 401
12-month rolling employee turnover, % | 8.3 | 10.1 | 14.4
Employee benefit expenses, EUR million | 1 566 | 1 566 | 1 597

Tietoevry’s Human Resources (HR) function facilitates and enables the development of the company's
workforce. It also ensures that the company’s practices and employee experience improve in line with market
changes. The function is led by the Head of HR, while the five business HR leads are responsible for business-
specific HR operations and agendas.
During the year, the company developed a new Human Resource Policy. New targets related to gender equality,
equal pay and diversity were also developed and implemented. The completion of Code of Conduct training,
which includes e-learning modules about diversity, equity and inclusion (DEI), continued to be mandatory for all
employees during the year. In 2024, Tietoevry introduced new Responsible AI e-learning based on the
company’s updated AI Policy and Rules.
Tietoevry invests in the competence development and continuous learning of its employees. The company’s
development and performance management framework, MyGrowth, continues to support personal and
professional growth through dynamic goal setting, continuous feedback, and frequent development
conversations.
Employee engagement activities are followed up through OurVoice, an employee engagement survey. In the
survey, employees provide feedback across multiple engagement drivers. The employee engagement score was
somewhat down from the previous year.
More information about the company’s sustainable practices and actions taken in 2024 is provided in the
Sustainability Statement.
15
Performance in 2025
Market softness in IT services is anticipated to continue into 2025. Tietoevry currently expects its organic growth
to be in the range of -3% to +1% in the full year. The lower end of the range assumes that market uncertainty will
continue in the second half of the year whereas the upper end assumes that the market will gradually pick up
during the year. Visibility to the IT market in the full year is weak and the company currently expects low to
modest market recovery in the second half of the year. First-quarter growth is anticipated to be negative.
Tietoevry currently expects full-year adjusted operating profit margin to be 12.0%–13.0%. The company
estimates salary inflation to be 4–5% on average for 2025. Tietoevry is also impacted by overall cost inflation,
visible in items such as subcontracting, technology costs, premises, electricity and software licences. The
negative impact is mitigated by a number of actions including price increases, further offshoring, automation,
management of the competence pyramid and overall cost efficiency across businesses.
Continued focus on efficiency is expected to support profitability. For 2025, one-time costs for the Group are
expected to decrease to 1.0–1.5% of revenue. Efficiency measures, impairments and other one-time items are
expected to average around 1% of revenue over time. In addition, the completion of Tietoevry Tech Services'
strategic review might result in additional one-time costs.
Major agreements
In collaboration with Helsinki University Hospital, Tietoevry Care is developing an artificial intelligence solution
that enables rapid identification of rare diseases. The research results have potential to speed up the diagnosis
of rare diseases, improve patient care and avoid the costly process of delayed or misdirected treatments and
medicines. Early diagnosis often results in less need for treatment and the research has the potential to facilitate
doctors’ work and improve patient care, ultimately leading to an enhanced quality of life for patients. The AI
solution can bring forward the diagnosis by months or even years.
Svea Perintä Oy chose Tietoevry Industry to deliver the Multichannel solution in Finland. Multichannel will handle
outbound communication – primarily consisting of payment reminder and debt collection letters – for Svea
Perintä Oy. Through the implementation of the Multichannel solution, Svea Perintä Oy will gain access to new
digital distribution channels yielding improvements in both cost-efficiency and customer experience.
Modern Karton AS selected Tietoevry Industry’s mill execution system for implementation across its three mills in
Turkey and the UK. With this implementation, the customer aims to modernize its operations, increase flexibility
to meet market demands, prioritize sustainable products, and support organic growth and higher profitability.
The partnership underscores a commitment to innovation and operational excellence, positioning Modern
Karton as a leading vendor in its market.
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Tietoevry Care was chosen to deliver its Lifecare client information system to Satakunta wellbeing services
county. The deployment of a shared information system in Satakunta will improve and harmonize social care
services – the Lifecare system will replace the county’s six social information systems, enabling better
management and understanding of social care customers. Furthermore, Tietoevry Care's Lifecare patient
information system is strengthening its position in the wellbeing services county of Satakunta through an
expansion of the system, taking place in spring 2025. The system will harmonize primary healthcare and dental
healthcare in the county by improving the quality of care and services as well as promoting operational
efficiency.
Tietoevry Care has won a significant contract to implement its Lifecare Open Platform solution at Karolinska
University Hospital in Sweden. The platform is based on an open standard for electronic health records,
openEHR. The Lifecare Open Platform complements existing healthcare systems by compiling information from
various sources into a seamless user experience. The platform enables improved management of patient data
and care processes, and more efficient and patient-centred care with less administration.
Handelsbanken Norway has entered into a new agreement with Tietoevry Banking. Central to the agreement is
the migration to a new modern core banking solution that is modular and based on high-level APIs, making it easy
to integrate with new solutions that support Handelsbanken’s channel strategy.
The wellbeing services county of Southwest Finland chose Tietoevry Care's Lifecare solution with a view to
helping care workers in their daily work in various locations across Southwest Finland, and enabling the
provision of equal services to the county’s 500 000 residents. The system covers, for example, the provision of
care for families with children, the elderly, people with disabilities and child protection.
Tietoevry Industry entered into an agreement with the Norwegian Labour and Welfare Administration (NAV) to
enhance the digitization and automation of NAV's information and document processes. Public 360° Online with
AI embedded will simplify information management for both administration and operational activities.
Tietoevry Create has been chosen to support, maintain and develop websites and digital service platforms
intended for Business Finland's customers and stakeholders. Business Finland is an organization that promotes
the growth and internationalization of Finnish companies.
Tietoevry Banking and Geldmaat agreed on a renewal of their strategic partnership. Following several years of
successful collaboration, Geldmaat extended the partnership for an additional five years for use of ATM SaaS
solutions. The service currently covers approximately 4 250 ATMs and cash recyclers in the Dutch market.
Building on 20 years of close collaboration, the Norwegian insurance company Gjensidige Forsikring has
extended their contract with Tietoevry Tech Services. The renewed partnership covers modernization and
securing Gjensidige’s technology roadmap to support the insurance company’s growth ambitions.
Tietoevry Care and the wellbeing services county of Central Finland used Generative AI to help classify customer
feedback data. The pilot utilized the Microsoft Azure OpenAI service, where the classification was entirely done
by generative AI using large language models. Most of the feedback was related to reception, patient care,
encountering and treating of the patient, or customer service. Systematic utilization of feedback and integrating
it into service development, short response times, and integration into service development are considered to be
important development areas.
Ten banks are now pioneering the integration of BankAxept, the national payment system in Norway, into Apple
Pay. This allows Norwegian card users to benefit from an easy, secure and private way to pay with an iPhone or
Apple Watch. Tietoevry Banking has, on behalf of Norwegian banks, worked closely with BankAxept to bring
BankAxept cards into Apple Pay. This collaboration leverages Tietoevry Banking’s strong market position as a
modernization partner for international payment solutions. For retailers, costs will be considerably reduced.
Bankgirot is extending their strategic collaboration with Tietoevry Tech Services for an additional two years. The
collaboration will include managed services, applications and networks. Bankgirot is one of Tietoevry Tech
Services’ strategic customers and the value of the contract is around EUR 20 million.
Pelvital, a US-based femtech company on a mission to improve the experience of patients with urinary
incontinence, chose Tietoevry Create as their partner to create a mobile app and web portal that enable
capturing and interpreting data from treatment sessions. The software was built using the IEC 62304 project
management framework and Tietoevry ensured that it met the necessary quality criteria to pass the FDA’s
software validation requirements.
Ahlstrom, a global leader in fibre-based materials, has selected Tietoevry as its strategic partner. This partnership
represents a significant expansion of the existing collaboration, as Tietoevry is already responsible for delivering
the Manufacturing Execution System (MES) for Ahlstrom's operations. The cloud services create a digital
foundation for the MES, also enabling the necessary flexibility for future implementations and other forthcoming
services. This renewal supports the aim to enhance production capabilities, increase operational efficiency, and
drive digital transformation across manufacturing processes. The extended cooperation highlights Ahlstrom's
commitment to leveraging advanced technologies and Tietoevry's expertise in cloud and MES solutions to
achieve greater scalability and innovation in its manufacturing ecosystem.
Helsinki University Hospital (HUS) has chosen Tietoevry Care to develop digital healthcare information systems
and services. Digital services complement traditional healthcare, offering advice and support to both customers
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and social workers. Digitally supported treatment paths optimize the work of professionals, enabling safe remote
treatment and monitoring. Tietoevry Care has been a strategic partner of HUS since 2018.
Bank Norwegian, a branch of NOBA Bank Group, has signed a five-year extension contract with Tietoevry
Banking to support the bank’s strong growth in the Nordics and Europe. This agreement is an enabler for Bank
Norwegian's strategic ambition to strengthen and expand its presence in these regions. The agreement includes
a comprehensive range of card services, such as authorization, 3D Secure, clearing and settlement, security,
mobile payments, and personalization, as well as localized dispute and customer support in six languages.
Additionally, Tietoevry Banking will deliver 24/7 fraud prevention support services and monitoring of all
transactions for the bank’s card portfolio. The extended partnership provides Bank Norwegian with efficient and
secure credit card processing solutions that give their customers access to the latest card services and
technologies, while maintaining the highest level of security and support across all the bank's markets.
MentorMate, part of Tietoevry Create, continues its collaboration with Tactile Medical to further develop their
core medical device products, worn to treat multiple conditions. Tactile Medical is a leader in the US in
developing and marketing at-home therapy devices that treat lymphoedema and chronic venous insufficiency.
The municipalities in Norrbotten, Sweden, extended their agreement with Tietoevry Tech Services for another
two years. The agreement demonstrates Tietoevry’s strong customer-centric approach and ability to implement
sovereign cloud solutions for customers that are not allowed to use public cloud due to strict data requirements.
This follows the agreement, signed in 2021, to establish a private cloud platform for the municipalities. Since
then, Tietoevry has provided digital infrastructure within a secure and state-of-the-art solution that meets the
municipalities' requirements.
Tietoevry Industry won several agreements for its Public 360° solution. Falu Municipality in Sweden chose Public
360° as its solution for document and case management, signifying Tietoevry Industry’s expansion within the
municipal market. The company also entered into an agreement on SaaS migration with Brønnøysundregistrene
(Brreg), an important public sector player in Norway. The solution includes digitization, automation, robotics, and
artificial intelligence, providing easier and improved information management for both administration and
operational activities.
The Eastern and Western Uusimaa wellbeing services counties have selected Tietoevry Care’s Lifecare EHR as
their client and patient information system. The system will support primary healthcare, social services and
dental care. For the wellbeing services county of Eastern Uusimaa, the agreement also covers the management
and optimization of home care services. As the core system for the wellbeing services county, Lifecare
streamlines the work of social and healthcare professionals by providing a real-time, comprehensive view of
client and patient information. Currently, Lifecare is used by 15 wellbeing services counties, serving over 3 million
Finnish citizens.
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Changes in Group structure
In June, Tietoevry Create bought the remaining 20% share of the joint venture Tieto Esy Oy, which resulted in an
impairment loss of EUR 0.3 million. Tieto Esy has been consolidated as a 100% owned subsidiary since 30 June
2024.
In 2024, Tietoevry and Norsk Tipping, both with 50% ownership in Buypass AS, jointly entered into an agreement
with Total Specific Solutions (TSS) on the sale of their shares in Buypass AS. Buypass was co-founded by
Tietoevry and Norsk Tipping in 2001 and has been accounted for as a joint venture in Tietoevry's consolidated
financial statements, included in Tietoevry Banking. The transaction closed on 16 October. Tietoevry Banking's
share of the joint venture's results was EUR 1.0 (1.3) million. Tietoevry Banking's share of the consideration
received was EUR 13.1 million and the resulting net gain of EUR 4.3 million was recognized in other operating
income.
Branches
The Group has branches in France, Latvia, Norway and Ukraine.
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Shareholders' Meeting
Tietoevry Corporation's Annual General Meeting (AGM) held on 13 March approved the financial statements
2023 and discharged the company's officers from liability for the financial year 2023. The meeting also approved
the Remuneration Report and the new Remuneration Policy. The AGM decided on a total dividend of EUR 1.47
per share, paid in two instalments.
The meeting re-elected the current members of the Board of Directors Bertil Carlsén, Elisabetta Castiglioni,
Tomas Franzén, Liselotte Hägertz Engstam, Harri-Pekka Kaukonen, Katharina Mosheim, Gustav Moss, Endre
Rangnes and Petter Söderström. Tomas Franzén was re-elected as the Chairperson of the Board of Directors.
Shareholders' Nomination Board
T he composition of the Shareholders’ Nomination Board for Tietoevry Corporation was determined based on
holdings on 2 September 2024 in the Finnish, Norwegian and Swedish shareholders’ registers and received
evidence. The shareholders who wished to participate in the work of the Shareholders’ Nomination Board
nominated the following members:
Annareetta Lumme-Timonen, Investment Director, Solidium
Alexander Kopp, Investment Manager, Incentive
Mikko Lantto, Chief Technology and Development Officer, Ilmarinen
Alexander Svensson, Vice President, Cevian Capital
Tomas Franzén, Chairperson of the Board of Directors, Tietoevry.
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The Board of Directors
Board of Directors at 31 December 2024 1)

Name | Born | Nationality | Education | Main occupation
Tomas Franzén (Board and RC Chairperson) | 1962 | Swedish | MSc. (Eng.) | Professional Board member
Harri-Pekka Kaukonen (Deputy Chairperson, ARC Chairperson) | 1963 | Finnish | DSc. (Tech.) | Professional Board member
Bertil Carlsén | 1960 | Swedish | MSc. (Business Adm.) | Financial advisor and professional Board member
Elisabetta Castiglioni | 1964 | Italian | Ph.D. (Tech) | CEO, A1 Digital International GmbH
Liselotte Hägertz Engstam | 1960 | Swedish | MSc. (Civ. Eng.) | Expert advisor, professional Board member
Katharina Mosheim | 1976 | Austrian | Ph.D. (Econ.) | CEO, Alpha Pianos AS, professional Board member
Gustav Moss | 1988 | Swedish | MSc. (Finance & Accounting) | Partner, Cevian Capital AB
Petter Söderström | 1976 | Finnish | MSc. (Econ.) | Investment Director, Solidium Oy
Anders Palklint (personnel representative) | 1967 | Swedish | MSc. (Eng.) | Senior Project Manager
Thomas Slettemoen (personnel representative)2) | 1970 | Norwegian | Education BSc. (Comp.) | Business Consultant

1) Endre Rangnes served as a Board member until 3 September 2024 and personnel representative Tommy Sander Aldrin until the AGM on 13 March 2024.
2) Board member (personnel representative) as of the AGM on 13 March 2024.
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The President and CEO and operative management
Members of the Group Executive Management as at 31 December 2024
Kimmo Alkio
President and CEO
Born: 1963
Gender: male
Nationality: Finnish
Education: BBA and Executive MBA
Joined Tietoevry in 2011
Cosimo de Carlo 1)
Managing Director, Tietoevry Create
Born: 1973
Gender: male
Nationality: Italian, German
Education: Msc. (CS)
Joined Tietoevry in 2024
Kishore Ghadiyaram
Head of Strategy
Born: 1972
Gender: male
Nationality: Indian
Education: BSc. (Tech.)
Joined Tietoevry in 2008
Carsten Henke
Managing Director, Tietoevry Industry
Born: 1968
Nationality: German
Gender: male
Education: Msc. (Math)
Joined Tietoevry in 1995
Tomi Hyryläinen
Chief Financial Officer
Born: 1970
Gender: male
Nationality: Finnish
Education: MSc. (Econ.)
Joined Tietoevry in 2018
Ari Järvelä
Managing Director, Tietoevry Care
Born: 1969
Gender: male
Nationality: Finnish
Education: MSc. (Eng.)
Joined Tietoevry in 2001
Satu Kiiskinen
Managing Director, Tietoevry Tech Services
Born: 1965
Gender: female
Nationality: Finnish
Education: MSc. (Econ.)
Joined Tietoevry in 2013
Endre Rangnes 2)
Managing Director, Tietoevry Banking
Born: 1959
Gender: male
Nationality: Norwegian
Education: BBA
Joined Tietoevry in 2024
Trond Vinje
Head of HR
Born: 1968
Gender: male
Nationality: Norwegian
Education: MSc. (Pol. Sci.)
Joined Tietoevry in 2015
The remuneration and more detailed background information, such as
full CVs of the Group Management, are presented on the company’s
website .
1) Cosimo de Carlo was appointed Managing Director of Tietoevry Create, effective 1
September 2024. Harri Salomaa served as Acting Managing Director from 9 January to 1
September 2024. Prior to that, Christian Pedersen held the position of Managing Director until
9 January 2024.
2) Endre Rangnes was appointed Managing Director of Banking, effective 3 September 2024
after serving on the Board of Directors of Tietoevry Oyj for 10 years. Klaus Andersen held the
position of Managing Director until 3 September 2024.
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Auditors
The ARC prepares a proposal on the appointment of Tietoevry’s auditors, which is then presented to the Board
of Directors and finally to the AGM for its decision. The compensation paid to the auditors is decided by the AGM
and assessed annually by the ARC.
Auditing 2024
The AGM 2024 elected the firm of authorized public accountants Deloitte Oy as the company’s auditor for the
financial year 2024. Deloitte Oy notified the company that Authorized Public Accountant Jukka Vattulainen acts
as principal auditor.
In 2024, Tietoevry Group paid the auditors a total of EUR 1.6 ( 1.6) million in audit fees, and a total of EUR 0.7 ( 0.6)
million for other services.
Major risks
Tietoevry utilizes five risk categories within Risk Management: strategic, operational, financial, people, and
compliance risks. In addition, Tietoevry has six risk types: Cybersecurity, Environmental, Social, and Governance
(ESG), Health and Safety, Privacy, Quality and Reputational. Risk categories serve the purpose of grouping risks,
while risk types are primarily utilized for the classification of risks and as the basis for relevant KPIs.
Strategic risks are related to market volatility, introduction of new technologies, changing digitalization and
automation strategies, change management, reskilling ability and speed, ability to respond to competition and
new entrants in the market, successful selection, management and implementation of company strategy,
dependencies on few big customers in some business areas and ensuring delivery quality in the dynamic
business environment.
Operational risks refer e.g. to changing the business model in businesses, securing service and offering delivery
capabilities, risk and continuity management, cybersecurity, climate change, customer bidding and requirement
analysis, and maintaining a high professional standard in delivery management and quality assurance.
Financial risks mainly consist of credit risks, currency risks, interest rate risks, inflation and funding and liquidity
risks.
Compliance risks are connected to the organization failing to recognize or meet the requirements in the areas of
legislation or other mandatory regulation (e.g. General Data Protection Regulation (GDPR), Schrems II, anti-
corruption, anti-bribery, insider matters, sanctions and trade compliance), internal policies and rules or ethics
and integrity.
People risks can be driven by Tietoevry's needs to build a market-leading workforce for high performance in
terms of delivering projects and customer services; people risks are also related to quality of life, human rights,
and the safety of people.
Cybersecurity risks involve potential threats to Tietoevry’s information systems and data that could lead to
unauthorized access, data breaches, and operational disruptions. These risks necessitate robust security
measures to protect sensitive information and ensure continuity of services.
ESG risks refer to potential impacts on Tietoevry's financial performance and position in the short, medium, and
long term, as well as potential negative impacts on people and the planet. These risks include regulatory
changes, environmental sustainability challenges, social compliance issues, and governance shortcomings,
requiring proactive measures to mitigate associated impacts and comply with sustainability regulations and
standards. Tietoevry incorporates ESG risks into its overall risk management process, considering factors like
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climate change, resource scarcity, regulatory changes, and social issues such as labour practices and community
impact. The company regularly conducts double materiality analyses to identify the most significant sustainability
impacts, risks, and opportunities (IROs) for its business and stakeholders. Sustainability risks are integrated into
the overall risk framework.
Through its double materiality assessment, Tietoevry has identified material impacts, risks, and opportunities that
can affect both people and the planet, as well as the company's financial performance and status. Detailed
information about the company's IROs, including management and performance for the financial year 2024, is
presented in Tietoevry’s Sustainability Statement in accordance with CSRD/ESRS. Tietoevry's integration of
sustainability into risk reporting demonstrates a comprehensive understanding of how ESG factors can influence
business risks and opportunities, contributing to sustainable growth and long-term resilience.
Health and safety risks involve potential threats to the wellbeing and safety of individuals within Tietoevry's
operations. Reductions in employee wellbeing and morale could impact company culture, leading to
absenteeism, turnover, loss of key employees, and challenges in attracting new talent. These risks necessitate
proactive measures to ensure a safe working environment and adherence to relevant health and safety
regulations, safeguarding both employees and the organization.
Privacy risks involve potential threats to personal data due to unauthorized access, breaches, and misuse. These
risks require stringent data protection measures and compliance with regulations such as GDPR to safeguard
sensitive information and maintain trust.
Project risks encompass potential challenges in executing and delivering projects, which may arise from factors
such as resource allocation, timeline management, and meeting customer requirements.
Quality risks involve the potential decline in service and product standards that can arise from inadequate quality
assurance processes, process failure, insufficient training, or failure to meet customer expectations.
Reputational risks arise when an organization faces potential damage to its public image or credibility, which can
result from negative publicity, ethical breaches, poor customer service, or failure to comply with regulations.
Such risks can lead to a loss of trust among stakeholders, clients, and the public, impacting the company's
market position and financial performance.
Risks are registered, managed, followed up and aggregated by utilizing the corporate governance, risk, and
compliance (GRC) platform, resulting in risk maps and risk KPIs that are reviewed by leadership teams in the
businesses and the Audit and Risk Committee (ARC). Tietoevry’s major risks and the measures for their mitigation
are described below.
Market volatility
Changes in the Nordic core markets have a direct effect on market conditions and result in volatility that might
have a negative impact on Nordic market growth. Changes in the economic environment and customer demand
can affect both business volumes and price levels, which might result in lower revenue or slower revenue growth
than expected.
These potential risks are mitigated through multi-year contracts for continuous services. Tietoevry also aims to
maintain long-term business relations and to be a preferred supplier to its customers. The company executes
tight cost and investment control with continuous investment performance monitoring, accompanied with a clear
structure for decision rights, which are defined in the Decision Making Authority (DMA) Policy.
Global service capabilities, cross-selling and tough price competition are the main drivers in the IT sector for the
development of the global delivery model. Tietoevry’s position as a leading IT service provider in the Nordics is
supported by existing and enhanced competencies, and by the choice of right partners.
Change and transformation
With its strategy, Tietoevry aims to drive customer value and growth through specialization, and the company's
value proposition needs to be managed, maintained and adapted to changing markets. The technology industry
is being reshaped with cloud as the foundation, providing expansion opportunities for the company. Expansion
will focus on cloud-native services, data & software engineering and scalable software businesses. In managed
application and infrastructure services, the company will seek partnerships to invest and build scale. Strategic
review of the Tietoevry Tech Services business may result in changes requiring careful change management.
In large-scale adaptation to the market by organizational transformation and right-sizing, resistance to change
can prolong the transition, which may affect operational efficiency.
Change management is steered by the company-wide or project-specific Program Management Office, which
provides standard tools and systems for the change, including communication, target setting and training for the
implementation of the new strategy.
Common standards for project management ensure proper project risk management and compliance in project
financials management and follow-up.
Sudden changes in the market environment, customer demand and customer strategies or the competitive
landscape in these areas might harm Tietoevry’s operations and profitability.
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To diversify the business, Tietoevry provides services to several different industries and markets. The company
develops its business mix to provide new industry software solutions, digital consulting, new hybrid cloud
solutions and broader R&D capabilities to strengthen its position amongst both current and new customers. An
industrialized and standardized way of providing services and solutions, employing automated processes,
improves competitiveness and reduces risk.
Service continuity
Close to 100% availability of the services is the basis of trust among customers, stakeholders and society.
A service continuity disruption can be caused, for instance, by hardware or software failures, power outages,
natural disasters, data communication disruption or different types of intentional and unintentional actions by
p eople.
Risks relate d to malfunctions of systems could seriously affect Tietoevry’s ability to provide its services and have
an adverse impact on the company’s financials and reputation.Thus, business continuity planning is a high
priority in Tietoevry’s operational management in order to ensure that redundancy and fault tolerance are at the
appropriate level.
To reduce the service continuity risk and to better understand the interdependencies in solutions and data
centres, Tietoevry constantly reviews, maintains and improves its IT asset management, configuration
management and monitoring systems. In addition to a balanced global portfolio, Tietoevry has recovery
procedures and backup systems in place to handle potential service interruptions. Root cause analysis, best
practices and experiences from previous incidents help in preparing for and mitigating the service continuity risk.
Also, a comprehensive and robust major incident and escalation process and crisis management process reduce
service interruptions.
Cybersecurity
Tietoevry’s business operations involve processing and storing large amounts of confidential data of public and
private sector customers, business partners and own data, including sensitive personal data.
The threat landscape is continuously expanding and changing, with potential sources including for example
criminal hackers, hacktivists, human errors or misconduct, and state-sponsored organizations. These threats
may lead to malfunctions or cybersecurity breaches affecting Tietoevry, its customers, subcontractors, or other
third parties.
At least the following threats are risk factors that could lead to loss, misuse, destruction of data or system
malfunction, compromising Tietoevry’s ability to support, manage or develop services:
• Enterprise ransomware
• Supply chain attacks
• Critical vulnerabilities
• Targeted attacks
• Digital fraud
• Denial of service attacks
• Data breaches and data leaks
• Insider threats
Such events could negatively affect the company's financial performance and reputation.
To detect and investigate cybersecurity incidents, Tietoevry has implemented a comprehensive and robust
major incident and escalation process, a crisis management process as well as efficient cybersecurity defence
with high-class detection and response capabilities to reduce service interruptions.
The company routinely reviews its cybersecurity framework along with the security protection, detection, and
response mechanisms. The company also trains its employees to enhance their awareness of cyber threats and
continuously assesses its cybersecurity maturity.
Quality costs related to customer bidding and delivery management
Failure to accurately understand and analyse customers' evolving needs, their business processes, and precise
requirements can result in errors in setting the scope of projects or services, leading to challenges in meeting the
specifications of customer agreements.
Tietoevry ensures that business processes from sales to delivery are designed, implemented, and embedded to
deliver customer value while mitigating end-to-end risk exposure throughout full contract life cycles. Both
internal and external quality assessments and audits verify the effectiveness and efficiency of operations and
control the quality of outcomes through measurable and actionable KPIs (Key Performance Indicators) and key
controls. Additionally, customer feedback management is integral to maintaining performance and quality
assurance at both operational and strategic levels. Tietoevry regularly requests feedback from customers to
evaluate individual deliveries and to understand how well the company supports their changing business
objectives through its portfolio of deliveries. These insights and actions derived from customer feedback are
prioritized and followed up regularly at all organizational levels and integrated into change management efforts.
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Retention and attrition of employees
The competition in the market and demand for new services require the ability and speed to reskill, attract new
talent, and retain existing competencies and business knowledge for new services, service models,
technologies, and offerings. Tietoevry's performance relies on attracting talent, skills renewal, business
knowledge, and organizational maturity. Also the increasing utilization of new technologies, including AI, can
lead to reallocation of workforce and reskilling needs.
The failure to retain key employees and attract new talent with the necessary skills could adversely affect the
company's performance. High employee turnover may also result in delays in customer projects, potentially
leading to penalties or customer loss.
To mitigate these risks, Tietoevry employs unified delivery models across its locations and provides its
employees with challenging roles, diverse development opportunities, social recognition, training programmes,
and engaging career pathways through job rotation. Additionally, Tietoevry offers competitive compensation
packages, including a comprehensive company-wide incentive system. The company prioritizes effective
recruitment tools, strategies, talent management, and competency development, including reskilling. Tietoevry
also places a significant emphasis on employer branding to enhance and sustain its image as an attractive
employer both internally and externally. For instance, Tietoevry is committed to diversity, equity, and inclusion
(DEI) – the company fosters a culture that celebrates differences and ensures that all employees feel valued and
respected.
Credit risks
Changes in the general market environment and global economy can result in additional financial risks. Credit
risks might arise if customers or financial counterparties are unable to fulfil their commitments towards Tietoevry.
Tietoevry's Credit Policy defines the principles for customer credit risk management to be applied in all lines of
business and controlled by a centralized credit management team. The risk assessment utilizes external risk
databases and past experience as a reference. Credit risk regarding financial counterparties is managed through
counterparty limits, as set out in the Tietoevry Treasury Policy.
Currency risks
Tietoevry’s currency transaction exposure arises from foreign trade, cash management and internal funding in
foreign currencies. Translating the balance sheets and income statements of Group companies into euros
creates a translation exposure.
Tietoevry’s Treasury Policy defines the principles for managing currency risks within the Group.
Interest rate risks
Tietoevry's interest rate risk consists mainly of short- and long-term loans, cash positions and derivative
contracts. Fluctuations in interest rates can impact Tietoevry's financial result or economic situation.
Tietoevry's Treasury Policy defines the principles for managing interest rate risks within the Group.
Funding and liquidity risks
Exceptional market conditions in the financial market might impose temporary limitations on raising new funding
and/or lead to an increase in funding costs.
Group Treasury monitors and manages Tietoevry’s funding structure and liquidity by maintaining a sufficiently
diversified loan portfolio and liquidity position. Analyses of alternative financing sources, maturities and pricing
for the company are continuously updated. Tietoevry’s financial risks are described in full in the notes to the
consolidated financial statements.
Tietoevry's Treasury Policy defines the principles for managing funding and liquidity risks within the Group.
Legal, regulatory and compliance risks
Tietoevry operates in multiple jurisdictions and is required to adhere to a broad spectrum of laws and regulations
at both the European and international levels. These include, but are not limited to, data protection and privacy
laws, public procurement regulations, anti-corruption and anti-bribery laws, regulations restricting competitive
trading conditions, health and safety regulations, environmental regulations, labour regulations, competition
regulations, as well as securities markets, corporate, and tax laws. Non-compliance with these regulations or
failure to implement new requirements may result in regulatory interventions, penalties, or a slowdown or
cessation of the company’s activities.
Tietoevry functions as a data processor for customers and as a data controller for its employees’ personal data.
Should Tietoevry or its products or services fail to comply with the privacy laws, this might result in negative
reputational impacts, significant fines or other expenses if the product or service in question needs to be
redesigned or redeveloped.
The risk is mitigated by organization-wide privacy initiatives. Tietoevry has implemented a privacy governance
model that ensures the Group and each business have dedicated resources for ongoing follow-up, reporting,
proactive privacy development, and active employee training and communication. This governance model
ensures that GDPR requirements are thoroughly integrated into key processes such as product and software
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development, sales, sourcing and marketing, programme and project delivery, continuous service delivery, and
Tietoevry’s internal services through clear rules and instructions.
Supply chain risk
Tietoevry's performance in fulfilling its obligations to customers can be compromised if any key supplier or
partner fails to meet their commitments. Such failures could result in liabilities and negatively affect the
company’s profitability. To manage these risks, Tietoevry employs robust partner contract management, engages
in contract renewal negotiations, and continuously evaluates partner delivery quality. Furthermore, Tietoevry
recognizes the importance of diversifying its business-critical suppliers to mitigate dependency risks. By
expanding its supplier base, the company aims to ensure resilience and maintain operational continuity even if
one supplier faces challenges.
Global pandemic
Even though Covid-19 is no longer considered to be a pandemic by the World Health Organization (WHO), it (or
some other widespread illness) can still create uncertainty in the market and for the company. The spread of
mpox has emerged as a new public health concern, highlighting the need for ongoing vigilance and adaptability
in addressing such threats. Tietoevry has continued to identify, evaluate, and manage risks that could have
significant financial, operating, or reputational impacts on the company on both a short- and long-term basis.
Enterprise risk management, crisis management and business continuity have been vital in handling the effect of
the pandemic on the company's employees, portfolio and customers. Tietoevry follows country-specific
government and healthcare guidelines for personal health and the prevention of the spread of current or
possible new pandemic cases.
Geopolitical instability
Geopolitical instability might result in disruption in areas where Tietoevry operates. This instability might impact
the company's operations, despite careful scenario planning and mitigation plans to ensure business continuity.
Russia's war against Ukraine has impacted the company's business in Ukraine, and its status is monitored with
regular business continuity and crisis management meetings in order to help and ensure the safety of employees
and secure business continuity. Additional geopolitical elements such as changes in the dynamics of
international relations may affect global businesses.
Climate change
Physical climate change impacts may pose a risk for both Tietoevry and its customers. Tietoevry strives to mitigate
its contribution to climate change by reducing carbon emissions, advocating for a circular economy, and increasing
energy efficiency in its own operations. The company's energy management strategy includes optimizing energy
use across all facilities, transitioning to renewable energy sources, and implementing energy-saving technologies.
Tietoevry is also committed to minimizing its carbon footprint through various initiatives, such as using energy-
efficient equipment, promoting sustainable practices, and engaging in carbon offset programmes.
Furthermore, Tietoevry has back-up centres to ensure the continuity of customer operations in case of severe
climate change incidents, such as flooding. The ability to mitigate the impacts and adapt to climate change is
becoming an increasingly important factor influencing customers’ decision-making. Tietoevry can help its
customers reduce their carbon emissions through its technology solutions and facilitate customers’ transition to
a low-carbon and circular economy. By integrating circular economy principles, Tietoevry aims to minimize
waste and promote the reuse, recycling, and repurposing of materials, thereby reducing environmental impacts
and fostering sustainable development.
Artificial Intelligence
Artificial Intelligence (AI), including Generative AI and machine learning, can be leveraged for various purposes
such as support and development activities. However, the use of AI entails certain risks, including concerns
related to privacy, fairness, security vulnerabilities, ethical dilemmas, and job displacement. Furthermore,
training AI models requires substantial energy consumption, which can contribute to carbon emissions.
Addressing these challenges is crucial to unlocking the potential of AI, enabling opportunities for positive change
and innovation while ensuring responsible and ethical development.
AI can streamline operations by automating routine tasks, thereby allowing employees to focus on more strategic
and creative endeavours. AI facilitates the exploration of untapped markets and the creation of entirely new
revenue streams. For instance, AI-powered platforms can enable the rapid development and deployment of
digital services, transforming traditional industries and fostering entrepreneurial ecosystems.
The transformation of business through AI is not without challenges. It necessitates a robust strategy that
encompasses talent acquisition, upskilling, and the integration of AI into core business processes. Ethical
considerations must be addressed, ensuring that AI applications are transparent, accountable, and aligned with
societal values. Additionally, there are risks of biased decision-making due to data quality issues, potential
misuse of AI technologies, and loss of human oversight in critical decision-making processes. These risks
underscore the importance of continuous monitoring and regulatory compliance to safeguard against
unintended consequences.
27
Shares and shareholders
The company's shares are listed on NASDAQ in Helsinki and Stockholm and Oslo Børs. The company has one
class of shares, with each share conferring equal dividend rights and one vote. Tietoevry’s issued and registered
share capital amounts to EUR 76 555 412.00. Tietoevry’s shares have no par value and their book counter value
is one euro.
On 31 December, the number of shares totalled 118 640 150, including new shares related to a directed share
issue. On 24 April 2024, the Board of Directors of Tietoevry Corporation resolved on a directed share issue
without payment in order to pay the rewards of the Performance Share Plan 2021–2023 and Restricted Share
Plan 2021–2023 for key employees of the Group. In the share issue, a total of
214 379 new shares were issued free of payment to the eligible reward recipients. The new shares were
registered with the Trade Register on 14 May 2024.
The company had 70 497 registered shareholders at the end of 2024 based on the ownership records of the
Finnish, Swedish and Norwegian central securities depositories. Tietoevry received one flagging announcement
during the year. On 23 November, Silchester International Investors LLP announced that its holding had
increased to 17 845 007 shares, representing 15.04% of the total number of shares.
On 13 March 2024, the Annual General Meeting of Tietoevry Corporation decided on the forfeiture of shares
entered in the joint account of the company as well as of the rights attached to such shares. The forfeiture
concerned shares whose transfer into the book-entry system had not been validly requested by 13 March 2024.
The number of shares in the company’s joint account amounted to 10 560. The shares on the joint account were
transferred to Tietoevry’s ownership on 23 July 2024. Following the transfer, the company holds a total of
45 239, representing 0.04% of the total number of shares and voting rights. The number of outstanding shares,
excluding the treasury shares, was 118 594 911.
The members of the Board of Directors, the President and CEO and their close associates together held 0.14% of
the shares and votes registered in the book-entry system on 31 December 2024. The President and CEO is also
participating in the company’s long-term share-based incentive plans and potential rewards will be paid partly in
Tietoevry shares. As the number of additional shares related to these incentives is dependent on the company’s
performance, these are not included in this aggregate number.
The company’s Articles of Association include a restriction on voting at the Annual General Meeting, where no-
one is allowed to vote with more than one-fifth of the votes represented at the meeting. The Articles of
Association are available at www.tietoevry.com/investors.
Share-based incentive plans
Tietoevry has the following active share-based incentive plans: a Performance Share Plan 2022, 2023 and 2024
and a Restricted Share Plan 2022, 2023 and 2024. The potential rewards will be paid partly in the company’s
shares and partly in cash in 2025, 2026 and 2027, respectively. The share rewards to be delivered to the
participants will consist of shares to be acquired from the market and treasury shares. Thus, no new shares will
be issued in connection with the plans. The rewards to be paid on the basis of the plans correspond to the value
of an approximate maximum total of 3 600 000 Tietoevry shares (including the proportion to be paid in cash).
On 31 December, the value of granted and unvested share plans corresponded to 2 755 649 shares. The
company has not issued any bonds with warrants and does not have any stock option programmes.
Board authorizations
The 2024 Annual General Meeting authorized the Board of Directors to decide on the repurchase of the
company's own shares. The amount of own shares to be repurchased shall not exceed 11 800 000 shares,
which currently corresponds to approximately 10% of all the shares in the company. The Board of Directors was
also authorized to decide on the issuance of shares as well as on the issuance of option rights and other special
rights. The amount of shares to be issued based on the authorization (including shares to be issued based on the
special rights) shall not exceed 11 800 000 shares, which currently corresponds to approximately 10% of all the
shares in the company.
28
29

| 2024 | 2023 | 2022 | 2021 | 2020
Number of shares |  |  |  |  |
Number of shares | 118 640 150 | 118 425 771 | 118 425 771 | 118 425 771 | 118 425 771
Outstanding shares |  |  |  |  |
At year-end | 118 594 911 | 118 391 092 | 118 413 303 | 118 418 184 | 118 414 793
Average | 118 522 308 | 118 375 769 | 118 405 657 | 118 408 223 | 118 378 269
Share capital at year-end, EUR | 76 555 412 | 76 555 412 | 76 555 412 | 76 555 412 | 76 555 412
Per share data |  |  |  |  |
Earnings per share, EUR |  |  |  |  |
Basic | -0.53 | 1.45 | 1.59 | 2.46 | 0.80
Diluted | -0.53 | 1.45 | 1.59 | 2.46 | 0.80
Equity per share, EUR | 10.95 | 13.62 | 14.52 | 15.38 | 13.73
Share price performance and trading volumes |  |  |  |  |
NASDAQ Helsinki |  |  |  |  |
Highest price of share, EUR | 22.34 | 30.58 | 27.94 | 30.46 | 31.32
Lowest price of share, EUR | 16.37 | 19.16 | 21.06 | 25.42 | 17.26
Average price of share, EUR | 18.78 | 24.77 | 24.86 | 27.26 | 24.42
Turnover, number of shares | 62 977 285 | 56 862 211 | 62 036 948 | 78 772 407 | 77 150 210
Turnover, % | 53.0 | 48.0 | 52.4 | 66.5 | 65.1

| 2024 | 2023 | 2022 | 2021 | 2020
Market capitalization, EUR million | 2 019.3 | 2 550.9 | 3 140.7 | 3 254.3 | 3 180.9
Dividends 1) |  |  |  |  |
Dividend, EUR 1 000 | 177 892 | 174 035 | 171 699 | 165 785 | 156 308
Dividend per share, EUR | 1.50 | 1.47 | 1.45 | 1.40 | 1.32
Payout ratio, % | -283.3 | 101.1 | 91.0 | 56.8 | 165.3
Price-weighted ratios |  |  |  |  |
NASDAQ Helsinki |  |  |  |  |
Price per earnings ratio (P/E) | -32 | 15 | 17 | 11 | 34
Dividend yield, % | 8.8 | 6.8 | 5.5 | 5.1 | 4.9

1) For 2024, distribution of dividend and/or return of capital .
30
Major shareholders on 31 December 2024

| Shares | %
1 Silchester International Investors LLP 1) | 17 845 007 | 15.0
2 Solidium Oy | 12 857 918 | 10.8
3 Incentive Investment Funds ICAV 2) | 6 041 221 | 5.1
4 Ilmarinen Mutual Pension Insurance Company | 2 790 879 | 2.4
5 Cevian Capital Partners Limited | 2 372 834 | 2.0
6 Elo Mutual Pension Insurance Company | 1 676 000 | 1.4
7 The State Pension fund | 1 400 000 | 1.2
8 Nordea Life Assurance Finland Ltd. | 1 093 536 | 0.9
9 Society of Swedish Literature in Finland | 590 800 | 0.5
10 OP-Henkivakuutus Ltd. | 581 434 | 0.5
Top 10 shareholders total | 47 249 629 | 39.8
- of which nominee registered | 23 886 228 | 20.1
Nominee registered other | 36 928 010 | 31.1
Others | 34 462 511 | 29.0
Total | 118 640 150 | 100.0

The list of shareholders above is based on the ownership records of Euroclear Finland Oy, Euroclear Sweden AB and Norwegian Central Securities
Depository (VPS) and also includes shareholders with a nominee registered holding exceeding the 5% threshold in accordance with Chapter 9, Section
5 of the Finnish Securities Markets Act. Their holding information is based on the latest notification.
1) On 23 November 2024, Silchester International Investors LLP announced that its holding has increased to 17 845 007 shares, representing 15.04% of
the total number of shares.
2) On 21 September 2021, Incentive AS announced that the holding of Incentive Investment Funds ICAV was 6 041 221 shares, representing 5.1% of the
shares.
Number of shares

| Shareholders | Shares
| No | % | No | %
1–100 | 28 515 | 49.5% | 1 272 213 | 1.1%
101–1 000 | 24 839 | 42.7% | 8 641 770 | 7.3%
1 001–10 000 | 4 475 | 7.7% | 11 152 015 | 9.4%
10 001–100 000 | 240 | 0.4% | 6 306 797 | 5.3%
100 001–1 000 000 | 38 | 0.1% | 8 815 338 | 7.4%
1 000 001– | 10 | —% | 82 452 017 | 69.5%

Based on the ownership records of Euroclear Finland Oy.
31
Shareholder distribution
The distributable funds of the parent company amount to EUR 1 299.7 million, of which net profit for 2024
amounts to EUR 56.2 million. The Board of Directors proposes to the Annual General Meeting that, based on the
balance sheet to be adopted for the financial year which ended 31 December 2024, a total amount of EUR 1.50
per share would be distributed from the distributable funds of the company either as dividend from retained
earnings or as distribution of funds from the reserve for invested unrestricted equity or as a combination of
these. The Board of Directors would, when implementing the distribution, be authorized to decide whether and
to what extent the distribution is made as dividend from retained earnings and whether and to what extent the
distribution is made from the reserve for invested unrestricted equity, and the company will publish such
decisions of the Board separately. The distribution of funds would be implemented in two instalments as follows:
• The first instalment of EUR 0.75 per share in aggregate shall be paid to shareholders who on the record
date for the first instalment on 27 March 2025 are registered in the shareholders’ register maintained by
Euroclear Finland Oy or the registers maintained by Euroclear Sweden AB or Verdipapirsentralen ASA
(VPS).
• The second instalment of EUR 0.75 per share in aggregate shall be paid to shareholders who on the
record date for the second instalment on 23 September 2025 are registered in the shareholders’ register
maintained by Euroclear Finland Oy or the registers maintained by Euroclear Sweden AB or
Verdipapirsentralen ASA (VPS).
The proposed shareholder distribution does not endanger the solvency of the company.
32
For 2024, distribution of dividend and/or return of capital
33
Full-year outlook for 2025
Tietoevry expects its organic 1) growth to be in the range of -3% to +1% (revenue in 2024: EUR 2 802.6 million).
The company estimates its full-year adjusted operating margin 2) (adjusted EBITA 3)) to be 12.0–13.0% (12.3% in
2024).
1) Adjusted for currency effects, acquisitions and divestments
2) Adjustment items include restructuring costs, capital gains/losses, impairment charges and other items affecting comparability
3) Profit before interests, taxes, amortization of acquisition-related intangible assets and goodwill impairment.
Financial calendar 2025
25 March Annual General Meeting
Tietoevry will publish three interim reports in 2025:
29 April Interim report 1/2025 (9:00 a.m. EET)
22 July Half-year report 2025 (9:00 a.m. EET)
23 October Interim report 3/2025 (9:00 a.m. EET)
34
Key figures
Calculation of key figures and alternative performance measures
Tietoevry presents certain financial measures, which, in accordance with the “Alternative Performance
Measures” guidance issued by the European Securities and Markets Authority, are not accounting measures
defined or specified in IFRS accounting standards and are, therefore, considered alternative performance
measures. Tietoevry believes that alternative performance measures provide meaningful supplemental
information to the financial measures presented in the consolidated financial statements prepared in
accordance with IFRS accounting standards and increase the understanding of the profitability of Tietoevry’s
operations. In addition, they are seen as useful indicators of the Group's financial position and ability to obtain
funding. Alternative performance measures are not accounting measures defined or specified in IFRS accounting
standards and, therefore, they are considered non-IFRS accounting standards measures, which should not be
viewed in isolation or as a substitute to the IFRS accounting standards financial measures.

Adjusted earnings per share | = | Net profit for the period excluding adjustment items, amortization of acquisition-related intangible assets and related tax impact per country, and goodwill impairment |
Weighted average number of shares |
Adjustment items | = | Restructuring costs + capital gains/losses + impairment charges + other items affecting comparability |
Operating profit (EBIT) | = | Net profit + interests + taxes |
Operating margin (EBIT), % | = | Operating profit (EBIT) |
Revenue |
Adjusted operating profit (EBITA) | = | Operating profit (EBITA) + adjustment items |
Adjusted operating margin (EBITA), % | = | Adjusted operating profit (EBITA) |
Revenue |

Equity per share | = | Total equity |
Number of shares at the year-end |
Capital expenditure | = | Acquisitions of intangible assets and property, plant and equipment
Acquisitions | = | Acquisitions of subsidiaries and business operations, net of cash acquired
Return on equity, 12-month rolling, % | = | Profit before taxes and non-controlling interests – income taxes | * 100
Total equity (12-month average)
Return on capital employed, 12-month rolling, % | = | Profit before taxes + interest and other financial expenses | * 100
Total assets – non-interest-bearing liabilities (12-month average)
Equity ratio, % | = | Total equity | * 100
Total assets – advance payments
Interest-bearing net debt | = | Interest-bearing liabilities – interest-bearing receivables – cash and cash equivalents
EBITDA | = | Operating profit (EBIT) + Depreciation + Amortization + Impairment |
Net debt/EBITDA | = | Interest-bearing net debt |
EBITDA (12-month average) |
Gearing, % | = | Interest-bearing net debt | * 100
Total equity

35
Adjusted operating profit (EBITA) by segment

EUR million | 2024 | 2023 | Change %
Tietoevry Create | 100.1 | 114.6 | -13
Tietoevry Banking | 72.0 | 68.9 | 5
Tietoevry Care | 68.2 | 70.2 | -3
Tietoevry Industry | 39.4 | 43.4 | -9
Tietoevry Tech Services | 88.7 | 85.7 | 4
Non-allocated costs | -23.7 | -24.0 | -1
Adjusted operating profit (EBITA) | 344.7 | 358.7 | -4

Adjusted operating margin (EBITA) by segment

% | 2024 | 2023 | Change pp
Tietoevry Create | 12.0 | 13.4 | -1
Tietoevry Banking | 12.4 | 12.1 | 0
Tietoevry Care | 29.5 | 30.1 | -1
Tietoevry Industry | 15.0 | 16.5 | -2
Tietoevry Tech Services | 8.9 | 8.0 | 1
Adjusted operating margin (EBITA) | 12.3 | 12.6 | -0

Reconciliation of adjusted operating profit (EBITA)

EUR million | 2024 | 2023
Operating profit (EBIT) | 29.8 | 255.6
+ Amortization of intangible assets recognized at fair value from acquisitions | 43.8 | 41.8
+ Goodwill impairment loss 1) | 200.0 | —
Adjustment items: |  |
- Capital gains 2) | -4.4 | -6.9
+ Strategic reviews | 13.3 | 32.3
+/- Other M&A related items | 0.5 | 1.5
+ Restructuring costs | 32.5 | 11.1
+ Tietoevry Tech Services performance improvement programme | 17.1 | 15.1
+ War in Ukraine and exit from Russia | 2.4 | 3.2
+ Ransomware attack 3) | 1.5 | —
+/- Other items 4) | 8.2 | 4.9
Adjusted operating profit (EBITA) | 344.7 | 358.7

1) For more information, see note 14.
2) Capital gains include a gain on the sale of Tietoevry's share in Buypass AS in 2024 and gain on the sale of property, plant and equipment in 2023. See
also notes 7 and 29.
3) For more information, see note 6.
4) Include defined benefit pension costs related to certain amendments, impairment losses (except goodwill impairment) and other minor non-
recurring items. See also notes 5 and 13.
36
Sustainability
Statement
General information 37
Environment 60
Social 78
Governance 97
Entity specific topics 102
Appendices 107
87%
Reduction in GHG emissions in own
operations (scope 1 & 2) since 2020
34%
New female hires
97%
Employees trained in Responsible AI
37
General
disclosures
Basis for preparation 38
Governance 40
Strategy 43
Material impacts, risks and opportunities
and their interaction with strategy and
business model 56
38
Basis for preparation
Basic information
Tietoevry’s business encompasses software, data and digital engineering, as well as managed services and
transformation. The company also offers related capabilities to support customers’ business renewal, innovation
and efficient operations. To capture the momentum of the cloud-native software market, Tietoevry’s five
specialized end-to-end businesses have full operational responsibility, including for the go-to-market and
service portfolio, as well as for investments and partnerships to drive scale and expansion. These specialized
businesses are Tietoevry Create, Tietoevry Banking, Tietoevry Care, Tietoevry Industry and Tietoevry Tech
Services, and they are supported by group functions organized in Corporate Business Services.
General basis for preparation of Sustainability Statement (BP-1)
Tietoevry’s Sustainability Statement has been prepared on a consolidated basis with the same scope as the
company’s Financial Statements. The reporting covers the entire Group (unless otherwise stated in the disclosed
information), including all the companies in which the Group directly or indirectly holds more than 50% of the
votes. The Sustainability Statement covers the company’s upstream and downstream value chain in relation to
material impacts, risks and opportunities identified through the double materiality assessment. The reporting
period is from 1 January to 31 December 2024. Comparative period data in the Sustainability Statement has not
been externally assured.
Tietoevry’s Sustainability Statement does not address Chapter 7, Section 22(1), paragraph 2 of the Accounting
Act regarding the marking of the Group’s Sustainability Statement with XBRL digital sustainability tags. This is due
to the inability of companies to comply with this provision in the absence of the ESEF Regulation or other relevant
European Union legislation.
Tietoevry has not used the option to omit a specific piece of information corresponding to intellectual property,
know-how or the results of innovation in its 2024 Sustainability Statement.
Disclosures in relation to specific circumstances (BP-2)
Time horizons
Tietoevry’s double materiality assessment was informed by the requirements of the European Sustainability
Reporting Standard (ESRS), particularly ESRS 1, which outlines the time horizons and key considerations for
materiality assessments. For the financial year 2024, Tietoevry has applied the time horizon 0-5 years for all
assessed topics. No material impacts, risks nor opportunities (IROs) with a longer time horizon were identified
during the assessment. This decision reflects the company’s existing practices, as longer time horizons have not
been commonly used in financial or operational planning. However, in the assessment of climate-related risks
and opportunities, the company also considered the time horizons outlined in its Task Force on Climate-related
Financial Disclosures (TCFD) analysis: short-term (0–2 years), medium-term (2–7 years), and long-term (7–30
years).
When revisiting the double materiality assessment during the 2025 financial year, Tietoevry will ensure further
alignment with ESRS requirements related to time horizons and will expand to a more forward-looking approach.
This will ensure a perspective that addresses both immediate and long-term impacts, risks and opportunities.
Value chain estimations
Tietoevry's scope 3 GHG emission data is primarily derived from estimations. For the largest scope 3 categories –
Purchased Goods and Services and Capital Goods – emissions are calculated using spend-based methodology.
This approach relies on financial data and generalized emission factors for spending categories rather than
precise emission data. Detailed descriptions of the GHG emission calculation methodologies and use of
estimations for all categories can be found in E1-4.
Sources of estimation and outcome uncertainty
The spend-based methodology used in scope 3 GHG emission calculations includes uncertainties that arise from
the use of average emission factors and applying them to Tietoevry’s spend data,
The metric ‘number of cases where Tietoevry has received fines from data protection authorities related to GDPR
non-compliance per year’, which is used to measure performance against the target of Zero GDPR-related fines
imposed by data protection authorities, is subject to outcome uncertainty due to the measurement techniques
used. Performance is tracked using the CMS.Law GDPR Enforcement Tracker, which provides an overview of
fines and penalties imposed by EU data protection authorities under the General Data Protection Regulation
(GDPR). As a result, the scope of the target is limited to cases recorded in this register.
Tietoevry measures performance against its work-life balance target – keeping overtime below 3% of average
normal working hours –using the metric ‘average percentage of overtime hours for all employees per year’.
However, the reliability of this metric is influenced by data availability challenges arising from variations in
employment contract types and local legislative differences.
39
Changes in preparation or presentation of sustainability information
Implementing the EU Corporate Sustainability Reporting Directive (CSRD) and reporting according to the
requirements of the ESRS have impacted metrics and targets specifically in relation to the qualitative
characteristics in ESRS 1. Redefinitions of metrics and targets are outlined in each of the topical standards in the
company’s Sustainability Statement. Comparative figures have not been disclosed, since that has not been
applicable to any disclosures.
Reporting errors in prior periods
In the EU Taxonomy report, the comparative eligible revenue has been restated from 20% to 19%, equivalent to a
change from EUR 575.6 million to EUR 535.6 million. A reassessment of one of the related offerings revealed that
it does not fully meet the description of the economic activity 5.5 ‘Product-as-a-service and other circular use-
and result-oriented service models' under the environmental objective 'Transition to circular economy'.
Disclosures stemming from other legislation or generally accepted sustainability reporting
pronouncements
Tietoevry’s Sustainability Statement 2024 does not include disclosures stemming from other legislation or
generally accepted sustainability reporting pronouncements. However, information on how Tietoevry complies
with The Norwegian Transparency Act (Norwegian: “Åpenhetsloven”) is included in the section ‘Additional
information to the Annual Report’. Additionally, a GRI content index with cross references to relevant disclosures
in the Sustainability Statement is also provided in the ‘Additional information’ section.
Incorporation by reference
No information in the Sustainability Statement has been incorporated by reference, except for the following
disclosures: BP-2 11 (a), (b) and (c) and BP 2-13 (a), (b) and (c) for which information is provided in more detail in
E1-4.
40
Governance
The role of the administrative, management and supervisory bodies (GOV-1)
Board of Directors
In addition to other obligations, the Board of Directors (the Board) is also responsible for guiding the company’s
sustainability strategy, overseeing sustainability target setting and approving the company’s Sustainability
Statem ent. It is also responsible for assessing the effectiveness of Tietoevry’s sustainability due diligence,
evaluating associated impacts, risks and opportunities, as well as reviewing the implementation and
effectiveness of actions. Furthermore, the Board is responsible for the business conduct of the company,
including ethical conduct.
Board members are expected to have the necessary expertise and qualifications to fulfil their roles effectively.
The Board also leverages sustainability skills and expertise from Tietoevry’s Group Sustainability function, which
has a deep understanding of the company’s material impacts, risks and opportunities. Group Sustainability also
regularly provides training to the Board on sustainability issues. Jointly, the Board as an entity possesses
expertise related to business conduct and also leverages skills from Tietoevry’s Group Legal and Compliance, as
well as Corporate Risk Management and Internal Audit.
During 2024, the Board addressed all of Tietoevry’s material impacts, risks and opportunities through review of
the company’s double materiality assessment. The Board further addressed specific impacts, risks and
opportunities related to cybersecurity, circularity, gender equality and equal pay for work of equal value,
diversity, climate mitigation and adaptation, energy, corporate culture, corruption and bribery prevention,
incidents, and privacy in relation to due diligence activities and the outcome of these activities during the year.
Tietoevry’s Board comprises two executive members and eight non-executive members. Of the Board members,
30% were female and 70% male during 2024, with a gender diversity ratio of 40% (average ratio of female to
male). The percentage of independent Board members was 80% at the end of 2024. Tietoevry personnel
elected two members and two deputy members of the Board, all of whom are male.
Board Committees
The Board is assisted by two permanent committees that prepare matters for which the Board is responsible.
The Board defines the charters of the committees and decides on their composition. The Board also establishes
temporary subgroups whenever these are needed for a specific topic. The entire Board remains responsible for
the duties assigned to the permanent committees or temporary subgroups.
The Board’s Audit and Risk Committee (ARC) members bring specialized knowledge and experience relevant to
the committee’s responsibilities and the company’s operating environment. Since the committee also oversees
statutory audits, at least one ARC member must have expertise in accounting or auditing.
The ARC ensures compliance with legislation and regulation, oversees the sustainability reporting process, as
well as monitors ethical and legal business practices in alignment with Tietoevry’s policies and rules. This
involves receiving regular reports on ethical conduct matters from the General Counsel, the Whistleblowing Unit,
and Internal Audit. The ARC reviews the Report of the Board of Directors – including the Sustainability Statement
and the Corporate Governance Statement – and monitors sustainability reporting-related risks and controls.
The Board’s Remuneration Committee (RC) prepares a compensation proposal concerning the CEO and his
immediate subordinates, and the principles of personnel compensation, including applicable ESG targets. The RC
monitors the targets and the implementation of the compensation schemes, performance assessment and
compensation determination and ensures that the targets set for earning the bonuses defined in the
compensation scheme are met. The RC also prepares the Remuneration Report.
Shareholders’ Nomination Board (SNB)
The SNB is a body of shareholders responsible for preparing the proposals to the Annual General Meeting (AGM)
for the election and remuneration of the members of the Board (including remuneration of employee
representatives). The SNB ensures the Board’s diversity and professional competence, including its expertise in
sustainability. The SNB also makes sure the Board members bring diverse occupational and professional
backgrounds.
Chief Executive Officer and Group Executive Management
Tietoevry’s CEO is appointed by the Board and is responsible for the Group’s operative management, internal
efficiency and quality in accordance with applicable legislation and regulation, and following the guidance of the
Board, including the implementation of sustainability measures. Moreover, the CEO shall report to the Board and
shall supply the Board with the information necessary for the performance of the duties of its members. The
Board ensures that the CEO has the necessary expertise to fulfil all its responsibilities, including these, in
compliance with legal and internal standards.
41
The CEO is assisted by Group Executive Management (GEM), which includes the heads of Tietoevry’s businesses
as well as the Head of Human Resources, the Head of Strategy and the Chief Financial Officer (CFO). The GEM
reviews and approves sustainability-related matters for Group Sustainability to present to the Board. The GEM
also oversees the implementation of the approved sustainability measures and related impacts, risks and
opportunities.
Group Sustainability and the Sustainability Steering Group
Tietoevry’s strategic and operational sustainability work is driven by Group Sustainability, led by the Chief
Sustainability Officer (CSO), who reports to the CFO. The CSO ensures that sustainability policies and processes
are aligned with legislation and with long-term sustainability plans and related targets.
Tietoevry’s Sustainability Steering Group (SSG), chaired by the CSO, oversees the work carried out by Group
Sustainability. The SSG, which meets every two months, includes representatives from Tietoevry’s businesses
and functions, as well as members of the GEM. The SSG approves the company’s long-term sustainability plans
and related targets before the GEM conducts final reviews and approvals. Major strategic initiatives require final
approval from the CEO.
Information provided to and sustainability matters addressed by the undertaking's
administrative, management and supervisory bodies (GOV-2)
Group Sustainability informs the Board on Tietoevry’s due diligence framework and the results and effectiveness
thereof, including performance against targets related to the company’s material impacts, risks and
opportunities. Group Sustainability also continuously provides the ARC with reports on risks and controls related
to sustainability reporting. Reports on whistleblowing incidents are delivered to the ARC twice a year, while any
topics that are urgent or of critical concern can be reported on an ad hoc basis.
During 2024, Group Sustainability provided the Board with updates on two occasions. The Board was provided
with the result of the company’s double materiality assessment i.e. Tietoevry’s material IROs, as well as on
sustainability due diligence activities, including the status in relation to the CSRD/ESRS implementation.
Furthermore, the Board was provided with a review of the effectiveness of Tietoevry’s sustainability due
diligence activities.
During the year, the ARC was provided with updates from Group Sustainability on four occasions, covering:
• Review of reporting according to the Non-Financial Reporting Directive and EU Taxonomy
• Review of interim assurance of double materiality assessment
• Internal quality control and risk management system regarding the sustainability reporting process
• Review of the Sustainability Statement draft prepared according to the CSRD, including the EU
Taxonomy report
Integration of sustainability-related performance in incentive schemes (GOV-3)
Tietoevry’s remuneration structure for the CEO and GEM is designed to support the company’s strategic goal of
driving growth and sustainable value creation for shareholders. The short-term incentive (STI) plan is focused on
driving financial and strategic performance year over year, whereas the long-term incentive (LTI) plan aims to
drive and reward value creation over a three-year period.
For both incentive plans, a set of measures and targets are defined to reflect the market context, strategic
objectives, business priorities and related financial results.
The main objectives of the LTI plan at Tietoevry are to align employees’ interests with those of shareholders,
retain management and key employees, and offer a competitive total reward package. Tietoevry introduced
Environmental, Social and Governance (ESG) measures in the LTI plan in 2022, with the first payout scheduled
for 2025, and has continued this practice since then by increasing the weighting of aggregated measures from
10% to 20% in 2023. The ESG focus in the LTI plan has remained consistent. A 10% weight is assigned to the
SBT-approved GHG reduction target, aiming for a 90% reduction from 2020 base line by 2026 and 10% weight is
allocated to the gender diversity target aiming to increase share of female recruits.
The Board approves the implementation of the incentive plans each year, including approval for measures,
targets as well as terms and conditions. At the end of each year, the Board reviews the performance against the
plans and approves the payout based on the performance versus plan and versus the overall performance of
Tietoevry. The plans described above do not apply to members of the Board.
Statement on due diligence (GOV-4)
Tietoevry conducts ongoing sustainability due diligence to assess impacts, risks and opportunities, aiming to
mitigate harm and drive business opportunities. The company tracks progress continuously and addresses any
significant negative impacts directly or collaboratively. Tietoevry prioritizes engagement with affected
stakeholders, including vulnerable groups, as a vital part of evaluating its due diligence efforts.
Tietoevry’s sustainability due diligence framework ensures that the company manages all its material IROs. A
mapping that explains how and where the main aspects and steps of the due diligence are reflected in the
Sustainability Statement can be found below.
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Core elements of due diligence | Paragraphs in the Sustainability Statement
a) Embedding due diligence in governance, strategy and business model | GOV-1, GOV-2, GOV-3, SBM-3
b) Engaging with affected stakeholders in all key steps of the due diligence | GOV-2, SBM-2, IRO-1, MDR-P, MDR-T
c) Identifying and assessing adverse impacts | IRO-1, SBM-3, MDR-A
d) Taking actions to address those adverse impacts | MDR-A
e) Tracking the effectiveness of these efforts and communication | MDR-T

Risk management and internal controls over sustainability reporting (GOV-5)
Tietoevry’s sustainability reporting complies with the company’s group-level principles and processes for
external reporting, risk management and internal control. Sustainability reporting is centrally managed by Group
Sustainability within Corporate Business Services (CBS), in close collaboration with the financial reporting team
and other relevant support functions, as well as the businesses.
In sustainability reporting, internal control is based on risk identification, analysis and a focus on the most
material risks identified. This approach is consistent with Tietoevry’s internal controls framework.
The main risks in Tietoevry’s sustainability reporting process are data completeness and accuracy. To mitigate
these risks, a robust governance model has been established that clearly defines roles and responsibilities,
ensuring accountability in data collection and reporting. Tietoevry has included the capabilities required to
produce the disclosed information in the Group’s common business processes, which all the businesses and
support functions within CBS follow in their operations.
The owners of business processes at Tietoevry ensure that the company’s processes transparently generate the
necessary information for disclosure. Responsibility for the accuracy of this information, adherence to reporting
schedules, and the provision of materials to the reporting team is assigned to specific roles within the businesses
and CBS, as outlined in the company’s governance model. The existing controls have been adapted and new
controls have been added as applicable in 2024, to ensure that internal controls are operating effectively in time
for the first-year application of reporting according to CSRD/ESRS.
The findings of the risk assessment and internal controls are integrated into the sustainability reporting process
through regular reviews and updates of the internal controls. Group Sustainability regularly informs the SSG
about sustainability reporting risks and controls, and reports to the ARC to ensure accountability and oversight.
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Strategy
Strategy, business model and value chain (SBM-1)
Specialization forms the cornerstone of Tietoevry’s strategy. This specialization strategy enables the company’s
distinct software and technology services to be among the best in the market. The software businesses aim to
optimize and digitalize customers’ core processes. Each specialized business enables processes for the
customer that are often critical for societal functioning and advancement. The specialized software businesses
of Tietoevry are:
• Tietoevry Care: At the core of healthcare and welfare services, enabling customers to deliver optimized,
intelligent and personalized services to citizens. Solutions enable customers to optimize the usage of
care resources and secure access to citizen data through open standards and interoperable practices
• Tietoevry Banking: Software and services that enable speed and efficiency for core financial services
industry processes like Core Banking, Cards, Credit and Wealth management. In addition to enabling
critical services for societal functioning through software-based platforms, the solutions further enable
financial crime prevention – a critical aspect of sustainable societies
• Tietoevry Industry: Software and data services that enable efficient citizen services, digital value chains
and production – all contributing to a well-functioning industry and society
Tietoevry’s specialized services businesses support customers in driving competitiveness, efficiency and
innovation:
• Tietoevry Create: Advancing digital products and services for customers to deliver superior experiences
and efficient operations
• Tietoevry Tech Services: Digitalizing customers’ operations with technology to enable their strategy and
business agenda. This business also provides the secure technology backbone with its infrastructure and
data platforms – a key aspect of societal functioning
The main purpose across all the businesses at Tietoevry is to realize technology-led solutions that improve
competitiveness, efficiency and innovation for customers across industries.
The company’s customers are in sectors such as financial services, retail, telecom, healthcare, welfare, pulp and
paper, education, energy, utilities and the public sector. Tietoevry serves enterprises and public sector clients in
around 90 countries, with over 80% of the company’s revenue coming from Finland, Sweden and Norway.
Tietoevry’s strategy does not include products or services that would be banned in certain markets. Additionally,
the company is not active, as defined by ESRS 2, in sectors associated with fossil fuels, such as coal, oil, gas,
chemicals production, controversial weapons, or tobacco cultivation or production.
A breakdown of revenue per segment, as included in the company’s Financial Statements, as well as headcount
of employees by geographical areas can be found below. No additional significant ESRS sectors beyond the ones
reflected in the segment revenue table are applicable for Tietoevry.
Disaggregation of revenue by segment

EUR million | 2024 | 2023 | Change %
Tietoevry Create | 836.9 | 852.3 | -2
Tietoevry Banking | 580.4 | 567.2 | 2
Tietoevry Care | 231.3 | 232.8 | -1
Tietoevry Industry | 263.7 | 262.6 | 0
Tietoevry Tech Services | 1 000.7 | 1 072.7 | -7
Eliminations | -110.4 | -136.1 | -19
Group total | 2 802.6 | 2 851.4 | -2

In 2024, comparative information for segment revenue was recast to reflect minor changes between segments arising due to structural changes.
Group numbers remained unchanged.
Headcount of employees per geographical area

Geographical area | 2024 | 2023
The Nordic countries | 10 710 | 11 255
Europe other | 7 930 | 8 332
Asia | 5 218 | 5 433
North and South America | 234 | 278
Total | 24 092 | 25 298

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Value chain
Tietoevry’s value chain includes all activities involved in delivering IT services, industry-specific software
solutions and technology to customers. This involves both upstream activities (suppliers and partners) and
downstream activities (customers and end-users).
Tietoevry’s upstream value chain focuses on the key inputs and partnerships necessary for delivering its
services. This includes collaboration with global hardware and IT infrastructure providers, such as server and
cloud suppliers, which are essential for running IT services, including cloud computing and data management
solutions. The company also integrates third-party software into its offerings, and partners with vendors to
provide the latest technologies, development tools and software platforms (e.g. AI tools and enterprise resource
planning software). Additionally, as a knowledge-based company, skilled employees and consultants are critical
upstream resources. Tietoevry engages a network of professionals, including software developers, data experts,
industry experts and IT specialists, to deliver its services. Partnerships with educational institutions and external
staffing agencies also form part of this value-chain segment.
Tietoevry’s downstream value chain is centred on delivering software products, digital services and technology
solutions to its customers and end-users. Tietoevry offers industry-specific software, custom solutions, cloud
services, data management, cybersecurity and consulting services to enhance customer operations and to
support customers’ business agenda and performance. Additionally, Tietoevry plays a key role in enabling end-
to-end digital transformation for its customers. The company’s downstream services include advisory,
solutioning, project management, design, software/data engineering, application services, implementation of
software for customers, software support and managed services across software/SaaS, applications and
infrastructure, and further end-user support. The company also offers managed outsourcing services, operating
and managing IT infrastructure and applications enabling customers to focus on their core operations.
Tietoevry operates at the intersection of business and technology – applying technology to customers’ business
benefit. The company connects upstream technology suppliers – such as hardware, cloud infrastructure and
software providers – with the customers/industries it serves. Acting as both an integrator and an innovator,
Tietoevry utilizes upstream technologies in its software, system integration, and consulting and managed
services solutions for its downstream customers.
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Inputs
Tietoevry’s key inputs are human capital, technology infrastructure, software and partnerships. These are
developed with efficient talent management and sustainable sourcing practices.
The company’s workforce is essential for delivering services and driving innovation. This includes specialized
capabilities in design, digital consulting, system integration, managed services, cloud, data/AI, software
development and cybersecurity. Moreover, Tietoevry depends on cloud technologies and hardware from key
suppliers, encompassing servers, networking equipment and data centre infrastructure. A diverse range of third-
party software development tools, platforms and data/AI technologies support the company’s software
development efforts.
Strategic partnerships with technology providers, universities and research institutions enable Tietoevry to stay
at the forefront of innovation and adopt the latest advancements in technology. Strong supplier relationships for
hardware and software ensure access to the best technologies and tools.
To secure and develop these inputs, Tietoevry emphasizes competitive talent management practices. By
recruiting top talent from global markets and collaborating with educational institutions and forming
partnerships, the company maintains a steady pipeline of qualified professionals. Ongoing professional
development is a priority, with training and certification programmes that keep employees adept in the latest
technologies.
In terms of technology sourcing, Tietoevry prioritizes sustainable practices and environmentally certified
hardware and partners that align with the company’s sustainability goals. Regarding innovation, the company
invests in research and development of its software products, and advancing technology solutions with its
customers.
Security and risk management are considered in all sourcing practices and customer deliveries. Tietoevry
implements stringent cybersecurity measures to protect data and ensure compliance with regulations such as
the GDPR. Additionally, the company carefully vets its strategic suppliers and partners to uphold ethical and
sustainability standards throughout its supply chain.
Outputs
Tietoevry’s outputs include software products, services and solutions delivered to customers. These outputs
translate into both current and future benefits in terms of competitiveness, efficiency and innovation for
customers. Key outputs include digital transformation, cloud services and data/AI-enabled services, and
industry-specific software solutions and platforms.
Current and expected customer benefits include enhanced operational efficiency, competitiveness and
innovation. Additionally, customers are supported in their sustainability efforts with software that optimizes core
processes and solutions that support their overall business agenda, with sustainability embedded.
For investors, Tietoevry’s outputs are centred around the company’s financial and sustainability performance.
Furthermore, outputs relate to the ability to adapt to market trends and technological advancements. Key
outputs include revenue growth, earnings, cash flow and investment in technologies like AI, automation and
cloud solutions, positioning the company for continued growth in a digital-first economy. Moreover, Tietoevry’s
sustainable business practices are becoming an increasingly important factor for investors and can enhance the
company’s attractiveness to responsible investors.
The immediate and expected outputs for Tietoevry’s employees are centred around professional development,
including upskilling and reskilling, employee well-being, and diversity and inclusion initiatives. As a knowledge-
based company, Tietoevry’s success is closely tied to the engagement and development of its employees.
Current and expected benefits for employees include continuous learning, job satisfaction and career
development. These benefits allow employees to advance within the company and contribute to innovative
projects. Another key benefit is diversity and inclusion. By fostering an inclusive culture, Tietoevry helps
employees to feel valued and respected. This supports engagement and productivity, contributing to products
and services that meet the needs of current and future customers.
Tietoevry’s impact on society extends beyond its customers and employees. The company contributes to
communities through initiatives such as digital inclusion projects. Current and expected outcomes for society
include improving quality of life by enabling essential services like healthcare, education and government
services through digital platforms. Additional benefits include contributions to global efforts to mitigate climate
change through energy-efficient operations and the use of renewable energy.
Tietoevry interacts with regulators, particularly regarding data privacy, cybersecurity and sustainability
regulation. The company ensures compliance with regulation such as GDPR and actively participates in policy
discussions around digital transformation. Key outputs include compliance with regulation, which builds trust
with policy makers. This results in immediate and anticipated benefits for regulators by supporting the
enforcement of data protection, cybersecurity, and sustainability standards, helping to ensure the safety and
security of digital ecosystems.
Elements of strategy that relate to or impact sustainability matters
Sustainability is embedded in Tietoevry’s strategy and day-to-day practices. Through innovative technologies,
transparent sustainability reporting and responsible digital transformation, the company addresses key
challenges while creating long-term stakeholder value. Below is an overview of the sustainability-related
elements in Tietoevry's practices, including key challenges and critical solutions.
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Tietoevry is committed to reducing its carbon footprint, with a focus on energy efficiency and digital solutions.
The company strives towards low carbon data centres, cloud solutions and energy-efficient infrastructure as
part of its operations. The growing demand for data and cloud services requires a significant amount of energy,
making it challenging to maintain low carbon emissions while expanding digital infrastructure. Tietoevry is using
renewable energy to power its data centres, exploring new ways to reduce energy consumption across its
services, and continuously innovating in digital solutions to balance sustainability with business growth.
Strong governance practices and compliance with sustainability regulations – such as the CSRD, GDPR, EU AI
Act, the Norwegian Transparency Act and the upcoming EU Corporate Sustainability Due Diligence Directive –
are central in Tietoevry’s performance and in maintaining stakeholder trust.
Tietoevry prioritizes diversity, equity and inclusion (DEI) within its workforce. The company also aim to ensure
digital inclusion through its services and products in the communities it serves. Attracting a diverse talent pool
and fostering equity and inclusion in a fast-changing industry with a talent shortage are significant challenges. It
also includes ensuring equal access to technology across regions with different socioeconomic conditions.
Tietoevry is thus investing in employee development programmes and diversity initiatives within the societies in
which the company operates.
The company is constantly improving its supplier engagement practices to ensure responsible business practices
within its supply chain, while also performing a range of assessments and follow-up activities. Tietoevry strongly
encourages suppliers to set Science Based Targets (SBT) for full scopes as defined by the Greenhouse Gas
Protocol Corporate Standard, and to have these verified by the Science Based Target initiative (SBTi). Tietoevry
includes climate-related targets and performance as part of its supplier selection criteria. This means that
suppliers who share the company’s ambitions related to carbon reduction will have higher success in winning
business from Tietoevry.
Sustainability-related goals for key products and services, customer categories, geographical areas and
relationships with stakeholders
Tietoevry's five specialized end-to-end businesses are accountable for achieving the Group’s sustainability
targets. However, goals related to key products and service groups, customer categories, geographical areas
and stakeholder relationships have not been assessed, as such goals have not been established at the Group
level. Business-specific goals are available for some products and services.
Assessment of current significant products and (or) services, and significant markets and customer groups,
in relation to sustainability-related goals
Alongside the annual EU taxonomy alignment assessment, Tietoevry has conducted an inventory of its
sustainability-related offerings. The results provided a view into how these offerings contribute to the company’s
sustainability goals. The assessment, while focusing on the climate and environment, revealed that sustainable
technology offerings exist across the company. Revenue linked to sustainable technologies was identified in all
business areas. These offerings generally fall into two categories: those developed to improve customers’
sustainability performance, and those contributing to sustainability, even if not specifically designed for that
purpose. The findings of the double materiality assessment indicate correlations between Tietoevry’s current
offerings and the identified material topics, as well as with the company’s sustainability-related goals. However,
these correlations require further analysis and refinement to effectively guide future actions. In particular, during
2025 greater emphasis will be placed on assessing the topics where Tietoevry has identified actual and potential
positive impacts and financial opportunities. The company aims to develop concrete targets in these areas.
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Interests and views of stakeholders (SBM-2)
The company aims to develop its business operations, products and services that contribute to innovation,
sustainability, compliance and stakeholder value. Through continuous engagement and open dialogue, Tietoevry
adapts its operations to meet the evolving needs of its stakeholders.
Tietoevry’s stakeholder engagement spans a wide spectrum of affected stakeholders and users of the
company’s Sustainability Statement, such as employees and other personnel, customers and end-users,
investors and shareholders, suppliers, business partners, potential employees and students. These stakeholders
are directly and indirectly affected by Tietoevry’s operations and activities.
The Board oversees the company’s ESG practices, while Group Sustainability in collaboration with relevant
company functions, manages and coordinates stakeholder dialogue.
Outcome
Dialogue with stakeholders informs Tietoevry’s action plans for managing impacts, risks and opportunities.
Stakeholder perspectives are incorporated into sustainability reporting and management reports at Tietoevry,
offering feedback on the company's overall business performance. In response to employee feedback, the
company has increased transparency around skills and staffing, enhanced support mechanisms for remote
working, and revitalized its learning platforms. Customer feedback has driven a renewed emphasis on the quality
of service delivery, fostering a more customer-centric culture and enhancing communication methods.
To keep investors and shareholders informed, Tietoevry provides regular updates on its overall business
performance, objectives and key initiatives. Collaborations with suppliers and business partners are aligned to
focus on shared innovation and business objectives including sustainability. In efforts to attract potential
employees and students, Tietoevry has refined its digital outreach and incorporated innovative technologies into
its recruitment processes.
Tietoevry periodically reviews its strategy in order to be competitive in the market and create value for all its
stakeholders, including customers, employees, investors and society at large. The strategy review involves
defining the markets, product/services portfolio choices, capability needs, operating model and financial
outcomes. The strategy is operationalized through yearly operating plans with specific operational and financial
objectives. Actions towards these objectives are reviewed regularly to ensure value creation for all stakeholders.
Tietoevry's approach to stakeholder engagement extends beyond the periodic conduct or validation of the
double materiality assessment. The company is committed to maintaining an ongoing dialogue with stakeholders
throughout the year, ensuring that their insights continually inform and align with Tietoevry's objectives. This
consistent engagement is a cornerstone of the company’s efforts to foster a culture of continuous improvement
and responsiveness to stakeholder needs and aspirations.
The table below presents a summary of Tietoevry’s key stakeholders, type of engagement, key topics and
outcomes of engagement.
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Interests and views of stakeholders

Stakeholder | Stakeholder engagement | Key topics | Outcomes
Employees and other personnel | • Frequent employee surveys and quarterly all-hands calls • Collaborations with work councils and unions (European Work Council and other local collaborations) • Implementation of talent management processes • Engaging in development discussions, ongoing dialogue and feedback • Offering learning and development opportunities • Communication tools and forums available for all, such as a social intranet | • Health, safety and well-being • Diversity, equity, and inclusion (DEI) • Competence development and available career paths • Cybersecurity and privacy • Strategy, company direction and financial performance | • Understanding of employee needs and providing a safe workplace environment • Establishing diversity, equity, and inclusion (DEI) initiatives • Offering training programmes and workshops • Fostering a working culture that promotes open dialogue
Customers and end-users | • Customer feedback through experience and satisfaction surveys • Active dialogue and joint planning sessions • Regular innovation initiatives • Customer newsletters, seminars and workshops | • Customer experience • Product/service quality and safety • Sustainability • Innovation and development • Governance and business conduct, including ethics • Human rights • Responsible sourcing and transparency • Cybersecurity and privacy | • Understanding of customer needs • Utilizing feedback for quality improvements • Enhancing customer-centric culture and ways of working • Driving innovation and development
Suppliers and business partners | • Regular meetings on strategic, tactical and operational level, with commercial and technical perspectives • Bilateral supplier relationship • Performance management programmes • Sustainability assessment with major suppliers • Reviews of Supplier Code of Conduct coverage with regular suppliers • Identifying and engaging with emerging partners and ecosystems to accelerate customer value | • Supplier experience • Product/service quality and safety • Sustainability • Innovation and development • Governance and business conduct including ethics • Human rights • Responsible sourcing and transparency • Cybersecurity and privacy | • Collaborating on quality enhancements • Ensuring sustainable sourcing and continuous development through proactive operating models • Continuously assessing supplier sustainability as part of sourcing due diligence
Investors, shareholders and analysts | • Investor meetings and presentations • Close interaction with shareholders in connection with the Annual General Meeting • Regular financial reporting | • Financial performance and developments • Market environment • Company strategy • ESG performance and developments • Risks and opportunities | • Insights on financial performance and position • Clarification of future opportunities, strategy, and ambitions • Communication on risks associated with the market and operations
Potential employees and students | • Virtual Career days and student fairs • Thesis collaborations • Recruitment processes • Graduate programmes and internships • Social media | • Learning and education • Career opportunities • Insights on Tietoevry’s operations • Innovation and sustainability efforts • Diversity, equity, and inclusion (DEI) | • Inclusive recruitment processes • Academic partnerships • Expanding knowledge on Tietoevry's operations and employment opportunities

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Material impacts, risks and opportunities and their interaction with strategy and business
model (SBM-3)
Tietoevry's material impacts, risks and opportunities (IRO) have been assessed throughout Tietoevry’s value
chain, including own operations, all value chain workers, and consumers and end-users. The material risks and
opportunities are predominantly rooted in its own operational activities, while the material impacts exert
influence throughout its value chain. The negative impacts are typically situated upstream or within the
company's direct operations. Conversely, the positive impacts are often observed downstream, as well as within
the company's internal operations. The company's material impacts, risks and opportunities do not interact with
its strategy.
Negative impacts and context at Tietoevry
• Climate change mitigation and energy (entire value chain): Energy consumption from Tietoevry’s own
operations and value chain contributes negatively to carbon emissions. Demand for digital services is
growing and as a result energy use will increase, potentially resulting in higher GHG emissions and
resource depletion
• Diversity and gender equality and equal pay for work of equal value, own workforce (own operations):
Unconscious bias in recruitment, promotion and retention, disparities in access to professional
development and training, gaps in pay equity between genders and in minority groups
• Collective bargaining, freedom of association and social dialogue, own workforce and workers in the
value chain (own operations, upstream): Operations across multiple countries with different labour laws,
regulations and practices. Some employees may face barriers to forming or joining unions. Dependence
on global suppliers located in areas with weaker labour regulations also poses a risk of negative impact
on collective bargaining and freedom of association
• Corruption and bribery incidents (entire value chain): As a listed company with global presence and
offerings, Tietoevry is exposed to corruption and bribery risks in own operations. Such incidents may
result in material negative impacts for individuals, legal entities, and societies that the company operates
in. Tietoevry is subject to various anti-corruption legislation which extend responsibility to interactions in
the entire value chain
• AI (entire value chain): Biases and discrimination, privacy concerns and ethical dilemmas, such as
decision-making in critical scenarios. Automation can result in job displacement, causing social
disruption, while training AI models requires significant energy and water, increasing carbon emissions
• Cybersecurity (own operations, downstream): Potential data breaches that lead to individual financial
losses, damage to persons’ reputations, regulatory fines and reputational damage. Disruption of services
can cause negative impacts for customers, their customers and society as a whole
Positive impacts and context at Tietoevry
• Corporate culture (own operations), protection of whistleblowers and corruption and bribery prevention
(entire value chain): Leadership commitment to ethical values, protection of whistleblowers to ensure
anonymity, compliance programmes to prevent corruption and bribery, as well as audits to ensure
adherence to anti-corruption policies, all contribute to a positive corporate culture supporting employee
engagement and innovation
• Secure employment, work-life balance and working time, own workforce (own operations): Career
advancement, including reskilling and upskilling, enabling employees to stay employable. Flexible
arrangements like remote work and flexible hours, enabling effective time management while maintaining
productivity
• Privacy for customers and end-users (downstream): Strict data protection measures and compliance
with regulation, e.g. GDPR, as well as transparency about data collection and usage practices enhance
customer loyalty and satisfaction
• Responsible AI (own operations, downstream): Clear ethical guidelines and training that prioritize and
support human rights, diversity, fairness and transparency, and which foster trust and accountability in
the development and deployment of AI technologies
Risks and context at Tietoevry
• Energy (own operations): The energy-intensive nature of data centres and cloud infrastructure, energy
price volatility, supply chain disruptions and regulatory changes in own operations and supply chain
• Data privacy and cybersecurity (own operations, downstream): Management of critical IT infrastructure
and sensitive data, compliance with data privacy regulations
• Gender equality and equal pay for work of equal value, own workforce (own operations): Under-
representation of female employees in the industry and the company and its leadership, disparities in
compensation
Opportunities and context at Tietoevry
• Climate mitigation (own operations, downstream), climate adaptation (own operations, downstream),
circular economy (own operations, downstream): Offerings contributing to reduced GHG emissions and
waste, circularity of hardware and software assets
• Working conditions, own workforce (own workforce): Promotion of secure employment, healthy working
time and work-life balance reducing costs related to recruitment and retention
• Cybersecurity (own operations, downstream): Providing robust data protection protocols, cyber threat
mitigation practices and the ability to adapt to new types of digital threats
• Responsible AI (own operations, downstream): Ethical AI practices and AI-driven products and services
addressing societal challenges attract customers and enhance trust
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Material impacts, risks and opportunities

Source | Topic | Sub-topic | Sub-sub-topic | Negative actual or potential impact | Positive actual or potential impact | Risk | Opportunity
ESRS E1 | Climate change | Climate change adaptation |  |  |  |  |
Climate change mitigation |  |  |  |  |
Energy |  |  |  |  |
ESRS E5 | Circular economy |  |  |  |  |  |
ESRS S1 | Own workforce | Working conditions | Secure employment |  |  |  |
Working time |  |  |  |
Social dialogue |  |  |  |
Freedom of association, the existence of works councils and the information, consultation and participation rights of workers |  |  |  |
Collective bargaining, including rate of workers covered by collective agreements |  |  |  |
Work-life balance |  |  |  |
Equal treatment and opportunities for all | Gender equality and equal pay for work of equal value |  |  |  |
Diversity |  |  |  |

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Source | Topic | Sub-topic | Sub-sub-topic | Negative actual or potential impact | Positive actual or potential impact | Risk | Opportunity
ESRS S2 | Workers in the value chain | Working conditions | Freedom of association, the existence of works councils and the information, consultation and participation rights of workers |  |  |  |
Collective bargaining, including rate of workers covered by collective agreements |  |  |  |
Equal treatment and opportunities for all | Gender equality and equal pay for work of equal value |  |  |  |
ESRS S4 | Consumers and end-users | Information-related impacts for consumers and/or end-users | Privacy |  |  |  |
ESRS G1 | Business conduct | Corporate culture |  |  |  |  |
Protection of whistle-blowers |  |  |  |  |
Corruption and bribery | Prevention and detection including training |  |  |  |
| Incidents |  |  |  |
Entity specific topics | Cybersecurity |  |  |  |  |  |
Responsible AI |  |  |  |  |  |

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Time horizons related to material impacts
The double materiality process has been informed by the requirements of ESRS and the time horizons used have
been aligned with these standards. This ensures a forward-looking approach that captures both immediate and
long-term impacts, risks and opportunities. However, for the first year of reporting according to the CSRD/ESRS,
Tietoevry has applied one time horizon (0-5 years) when assessing potential negative and positive impacts, and
opportunities and risks. The time horizons will be revisited and made more granular, including the development
of long-term horizons.
The implementation of the double materiality assessment has impacted the way Tietoevry identifies and
assesses its sustainability impacts, risks and opportunities. The requirement to report changes is not applicable
since it is the first year of reporting.
Resilience in strategy and business model to address material impacts, risks and opportunities
Tietoevry’s resilience and competitiveness are derived from adapting to fast-paced technological advancements,
addressing cybersecurity and environmental risks, and positioning the company to leverage opportunities in
digital transformation and sustainability. To address shifts in customer expectations, the company’s strategy
emphasizes continuous innovation in key areas like cloud services, AI and automation.
Tietoevry aims to continuously adapt to emerging sustainability regulations and stakeholder expectations. The
company has several practices to mitigate and manage material impacts and risks. As a technology company,
Tietoevry faces significant risks related to cybersecurity and data privacy. By having robust data protection
protocols, cyber threat mitigation practices and the ability to adapt to new types of digital threats, Tietoevry
ensures resilience in these areas. Resilience in relation to energy consumption is also a critical consideration,
given the rising energy demands of data centres, computing infrastructure and the shift to cloud-based services.
Actions taken by Tietoevry include energy-efficient solutions and measures, including the use of renewable
energy to reduce its carbon footprints. Tietoevry also adapts itself to changing regulation, e.g. by ensuring
compliance with existing and upcoming data protection laws, environmental standards, labour laws and
sustainability legislation.
With the increasing demand for digitalization across sectors, Tietoevry is positioned to take advantage of the
growing need for IT services, AI-based solutions, cloud infrastructure and automation technologies. Tietoevry
can leverage its sustainability efforts by also helping customers to achieve their own ESG goals through some of
Tietoevry’s digital solutions.
Current and anticipated effects on business model, value chain and strategy
Tietoevry’s response to the material impacts has led to several considerations in its business model and strategy:
• Sustainability embedded into operations: The company has integrated ESG factors into its core business
processes, governance structures and supply chain management. This includes adopting responsible
sourcing practices and partnering with suppliers committed to similar sustainability goals
• Energy transition in operations: Tietoevry has committed to reducing its energy consumption and carbon
footprint in own operations by continuing the transition to 100% renewable energy for its data centres
and offices. This move not only reduces environmental risks, but also presents an opportunity to attract
sustainability-focused clients and partners
• Investments in innovation for sustainability: The company is increasing its investments in developing new
products and services. Due to their technology intensity, these services can potentially support the ESG
agenda of the industry and customers. For instance, cloud solutions and AI-driven systems are being
designed to optimize energy use, reduce waste and enable businesses/clients to achieve their
sustainability targets
• Future outlook: Looking forward, Tietoevry plans to continue to adapt to global sustainability standards,
while also anticipating new opportunities arising from emerging technologies like AI. These innovations
will drive further improvements in operational efficiency and the customer experience, while helping
mitigate risks associated with climate change, regulatory shifts and social transformation
Current financial effects of material risks and opportunities
The current financial effects of material risks and opportunities on financial performance have been assessed
based on their estimated impact on revenue and costs. Risks and opportunities are not deemed to have a
material impact on the company’s financial position, nor does the company see significant risks of material
adjustments to the carrying amounts within the next annual reporting period.
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Current financial effects of material risks and opportunities

Opportunities | Impact on financial performance and cash flow | Actions taken described under each topic
Climate change mitigation | Revenue for related EU Taxonomy-eligible offerings amounted to EUR 448.4 million. Eligible capital expenditure amounted to EUR 92.0 million and operating expenditure to EUR 18.5 million. | Read more in Climate change and EU Taxonomy
Climate change adaptation | The company has not recognized any revenue for climate change adaptation. | Read more in Climate change
Circular economy | Revenue for related EU Taxonomy-aligned offerings amounted to EUR 7.5 million. Circulation of hardware is anticipated to result in savings. | Read more in Resource use and circular economy, and EU Taxonomy
Working conditions (own workforce) | A large portion of the work related to the topic is embedded in employees’ daily routines, and hence not all standalone costs are available. | Read more in Own workforce
Cybersecurity (both risk and opportunity) | Cybersecurity is an integral part of several offerings, and therefore standalone profitability or cash flow is not available. However, these offerings overall are profitable. In 2024, the company experienced a criminal ransomware attack in one of its data centres in Sweden, resulting in negative impact on growth and profit. Read more in the Notes to the Financial Statements. | Read more in Cybersecurity
Responsible AI | AI is an integral part of several offerings, and therefore standalone profitability or cash flow is not available. However, these offerings overall are profitable. | Read more in Responsible AI
Risks |  |
Energy | A large portion of the work related to the topic is embedded in employees’ daily routines, and hence not all standalone costs are available. In 2024, the company booked incremental costs for data centre consolidation, renewable energy and continued development of Environmental Management System (EMS). Data centre modernization and new technologies have improved energy efficiency and are anticipated to contribute to reduction in energy consumption in the long term. Measures in 2024 also include the renewal of the lighting system at the headquarters. | Read more in Climate change
Gender equality (own workforce) | A large portion of the work related to the topic is embedded in employees’ daily routines, and hence not all standalone costs are available. Measures during 2024 include surveys and training. | Read more in Own workforce
Privacy | A large portion of the work related to the topic is embedded in employees’ daily routines, and hence standalone costs are not available. | Read more in Consumers and end-users

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Impact, risk and opportunity management
Description of the processes to identify and assess material impacts, risks and opportunities
(IRO-1)
Tietoevry’s double materiality assessm ent included creating an overview of activities, business relationships and
affected stakeholders, along with a background analysis covering industry context, business activities,
sustainability frameworks, legislation and peer reviews. The assessment covered t he full value chain, including
all employees and workers. Special attention is given to workforce segments that may face higher risks, including
vulnerable groups.
The process to identify and assess impacts, risks and opportunities used key inputs such as carbon dioxide
equivalent (CO₂e) emissions data, the company’s TCFD analysis, human rights risk assessments, diversity
metrics, health and safety data and ESG risks from Tietoevry’s governance, risk, and compliance (GRC) platform.
Geographic risk assessments and the Sustainability Accounting Standards Board’s (SASB) materiality matrix
helped identify value chain risks, considering upstream partners’ locations and spending. Sector averages and
estimates filled data gaps in the materiality process. In terms of circular economy, Tietoevry also screened its
business activities and current solutions available in the market, as well as conducted a literature review.
Consultation was carried out with internal and external stakeholders, such as experts from the company’s
circularity service providers.
The double materiality analysis as a whole included stakeholder interviews and a review of the existing
materiality assessment, followed by an impact and financial materiality assessment. The assessment was
conducted separately for each of Tietoevry’s five specialized end-to-end business, including resources from
Business Development and Strategy, Human Resources, Finance, Risk, Sustainability, Operational Excellence and
CBS.
When assessing impact materiality, Tietoevry evaluated actual and potential sustainability impacts – both
positive and negative – arising from its operations and business relationships across its value chain. For actual
negative impacts, materiality was based on severity; for potential negatives, both severity and likelihood were
considered. Actual positive impacts were evaluated by scale and scope, including likelihood of future benefits.
Financial materiality was assessed by potential financial impacts, such as changes in assets and/or liabilities,
changes in profit or loss, and company reputation, along with likelihood.
Scoring parameters followed the ESRS and guidance on the double materiality process from the European
Financial Reporting Advisory Group (EFRAG). For impacts deemed “actual”, likelihood was automatically set to
the highest probability. Materiality thresholds were established through collaboration between each business
and Group Sustainability, with final results for Tietoevry Group weighted by FY2022 revenue. Separate
thresholds were applied across categories (actual positive, actual negative, potential positive, potential negative,
risks and opportunities) to ensure relevance. A principle of reasonableness was applied to qualitative thresholds,
ensuring accuracy based on available data.
Internal controls and subject-matter verification, supported by stakeholder engagement, ensured reliability in
Tietoevry’s sustainability reporting. The result of the company’s double materiality assessment, aligning with
ESRS requirements, was reviewed by the ARC of the Board.
In the process of identifying and assessing impacts, risks and opportunities in the ESG context, Tietoevry has
sought to understand the associated interconnections. This involves a mapping of how the company’s impacts
and dependencies translate into potential risks and opportunities, both financial and reputational. For instance,
Tietoevry has identified a key connection between its negative environmental impact, stemming from substantial
energy consumption, and the associated financial risk. The company’s reliance on energy, particularly for its data
centres, creates a risk in the face of potential energy price surges, which could significantly affect operational
costs. Similarly, Tietoevry’s dependency on a skilled workforce highlights the impact of its employment practices
on talent retention and acquisition. The company understands that fostering a diverse and inclusive work
environment can mitigate the risk of talent shortages and unlock opportunities for innovation. Tietoevry’s
approach to mapping these connections is iterative and adaptive, ensuring that as new information emerges and
the business landscape evolves, the company can refine its understanding of how impacts and dependencies
affect its risk profile and the opportunities available.
Tietoevry employs a systematic approach to risk management to enhance the efficiency, control, profitability,
sustainability, and continuity of business operations. This involves a comprehensive process of assessing,
identifying, evaluating, and analysing risks that could impact business objectives, people and the environment
from an ESG perspective. By implementing appropriate risk treatment actions, the impact and likelihood of risks
are minimized.
Using a consistent risk matrix applied across the company, risks are prioritized by assessing their impact and
likelihood. ESG impacts and risks, including those identified in the company’s double materiality assessment, are
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an integral part of the risk matrix. These are prioritized based on their potential impact on people and the planet,
including regulatory compliance, but also potential impacts on the company’s financial performance and status.
Metrics are used to rank ESG risks and impacts. High-priority ESG risks include those that could lead to
regulatory penalties (e.g. bribery, corruption), significant environmental harm, or severe human rights violations,
all of which are treated as high-impact risks requiring mitigation.
Tietoevry has refined its process for double materiality during the current reporting period, ensuring that both
the impact perspective (how the company affects the environment and society) and the financial perspective
(how environmental and social issues affect the company) are thoroughly evaluated when determining
materiality. This represents an evolution from the previous reporting period, where the parameters and
perspectives assessed were less comprehensive.
The last modification to the double materiality assessment occurred during the second half of the reporting year,
with ESRS 2 as the guiding framework, ensuring that Tietoevry considered the effects of the criminal ransomware
attack in one of Tietoevry’s data centers in Sweden. To maintain alignment with evolving sustainability practices
and standards, Tietoevry is committed to revising the double materiality assessment regularly to ensure it
remains relevant and accurate. The next scheduled review is set for Q2 2025.
Description of the processes to identify and assess material climate-related impacts, risks and
opportunities
In the process of identifying Tietoevry’s material climate-related impacts, risks and opportunities, the company
considered its impacts on climate change from GHG emissions. The main emissions related to the company’s
own operations include energy consumption in offices and data centres. In the upstream value chain, most of the
emissions are generated from Purchased goods and services as well as Capital goods, while in its downstream
value chain emissions come from the use of sold products.
Climate-related physical risks in own operations and along the upstream and downstream value chain were also
considered during the process, using input from Tietoevry’s resilience analysis as part of the company’s TCFD
analysis carried out during 2022-2023.
To identify potential climate-related risks, the following three scenarios were used:
• International Energy Agency (IEA) Net Zero Emissions (NZE) 2050: In this net-zero transition scenario,
advanced economies reach net-zero emissions by 2035, with 90% of electricity coming from renewable
sources by 2050. The key risk identified for Tietoevry in this scenario is related to carbon pricing,
renewable energy cost and alignment with evolving regulations
• The Representative Concentration Pathways (RCP) 8.5: This scenario envisions high levels of carbon
emissions leading to over 4°C global temperature rise by the end of the century, with increasing extreme
weather events, a rise in the sea-level and more severe storms. For Tietoevry, this presents substantial
physical risks to facilities and disruptions in its supply chain
• RCP 4.5: This middle-path scenario includes a peak of emissions around 2040, with global warming
stabilizing between 2°C and 3°C. This scenario presents both transitional and physical risks for Tietoevry
The risks and opportunities have been identified through Tietoevry’s risk management processes, workshops,
and the scenario analysis conducted in connection with the TCFD analysis. The risks are defined by their
potential financial impacts and the deemed likelihood of occurrence. Identified risks were analyzed in different
climate scenarios, including analyses of potential financial impacts and mitigation/adaptation strategies.
The physical climate-related risks identified in Tietoevry’s operating countries were assessed using the INFORM
Risk Assessment model. It uses RCPs and Shared Socioeconomic Pathways (SSPs) projections to evaluate
hazards, vulnerability and a country’s ability to cope with crises. Exposure to physical hazards was identified on
a country-by-country scale in countries where Tietoevry has operations. Each location was assigned a risk value
that corresponds to a hazard risk class, ranging from very low to very high. Identified physical climate-related
risks include potential electricity blackouts or production disruptions due to extreme weather events. The
projections forecast climate risks up to 2050 and 2080, guiding the company’s long-term strategy for resilience.
Tietoevry uses the same information and assumptions, including climate related assumptions, as a basis for the
preparation of its consolidated financial statements and sustainability statement. Tietoevry has considered the
impact of climate change when preparing the consolidated financial statements. There has not been any material
impact on judgements and estimates arising from those considerations.
Information on assets and business activities that need significant efforts to be compatible with transition to
climate-neutral economy is disclosed in E1 - Climate change.
Information about the process to identify actual and potential pollution-related impacts, risks and
opportunities
Tietoevry’s business activities were assessed as part of the company’s double materiality assessment, but not at
the level of specific sites. Pollution of soil, pollution of living organisms and food resources, substances of
concern and substances of very high concern were considered non-material due to the nature of Tietoevry’s
operations. However, pollution of air was evaluated as a potential material topic, primarily due to diesel use for
backup generators and testing in data centres, as well as value chain activities, such as hardware production and
business travel. Pollution to air was assessed as an actual negative impact during the assessment, even though it
is not material.
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Water pollution was also assessed due to hardware usage in data centres and by employees. Hardware
production involves significant water usage, potentially leading to pollution or water scarcity depending on the
practices involved. Although water pollution was identified as a potential impact, it was not classified as material.
Disclosure of whether and how consultations have been conducted (pollution)
Tietoevry has carried out consultations with internal and external stakeholders to identify and assess material
pollution-related impacts, risks and opportunities. However, potentially affected communities have not been
consulted.
Disclosure of results of materiality assessment (pollution)
Tietoevry identified air pollution and water pollution as actual or potential negative impacts in its double
materiality assessment, but neither of the topics were deemed material.
Disclosure of whether and how assets and activities have been screened in order to identify actual and
potential water and marine resources-related impacts, risks and opportunities in own operations and
upstream and downstream value chain
Tietoe vry evaluated impact s, risks, and opportunities related to water and marine resources using both internal
and external expertise, focusing on its own operations and value chain. The company is primarily linked to water-
related impacts within its supply chain, while water consumption in its own operations is limited – mainly for
employee offices, cooling, and excess heat transfer to district heating networks. Water use at major sites is
regularly monitored.
Potential negative impacts on water in the value chain are mainly related to hardware production, due to the
water-intense nature of these operations. Tietoevry is mitigating any potential negative impact on water and
marine resources in its value chain through contractual relationships, by requiring contracted suppliers to accept
Tietoevry’s Supplier Code of Conduct, which includes topics such as environmental management. Supplier
selection and engagement activities address water protection and efficiency, particularly for suppliers operating
in industries with potential or actual negative impacts in these areas.
Disclosure of how consultations have been conducted (water and marine resources)
Tietoevry has consulted internal stakeholders from relevant areas linked to activities relevant for water and
marine resources impact, risks and opportunities. These stakeholders include sourcing partners responsible for
assets, facility and environmental experts, and employees in data centre operations.
Disclosure of whether and how actual and potential impacts on biodiversity and ecosystems at own site
locations and in value chain have been identified and assessed
Impact on the state of species and impact on the extent and conditions of ecosystems were not considered
material for Tietoevry to assess, given the nature of the company’s operations in combination with the result of
the background analysis. However, direct impact drivers of biodiversity loss were assessed on a sub-topic level.
Tietoevry has a local potential negative impact (not material) on land-use change and sea-water usage due to its
data centre operations. Potential negative impacts related to climate change and pollution can also be generated
from activities in the supply chain, including manufacturing of hardware, end-of-life practices of hardware and
business travel.
Disclosure of whether and how dependencies on biodiversity and ecosystems and their services have been
identified and assessed at own site locations and in value chain
In Tietoevry’s own operations, the dependencies on biodiversity and ecosystems and ecosystem services have
been identified at a high level in connection with green building certifications. Locally in its own operations,
Tietoevry’s main offices are green certified with LEED or BREEAM certifications. These certifications include
criteria for biodiversity and sustainable site development. In Tietoevry’s offices, dependencies on biodiversity
and ecosystem services are identified as air quality (plants and trees around offices produce oxygen and are
crucial for maintaining a healthy indoor environment), energy efficiency (green roofs and walls can help to
insulate buildings, reducing the need for heating and cooling while supporting local biodiversity) and water
supply (healthy ecosystems play a vital role in filtering and regulating water supplies).
Tietoevry is planning to take more actions to enhance biodiversity-related assessment in its own operations and
value chain within the next two years.
Disclosure of whether and how transition and physical risks and opportunities related to biodiversity and
ecosystems have been identified and assessed
Climate change physical risks in Tietoevry’s facilities are monitored regularly and mitigated locally in Tietoevry’s
operations via the Facility management organization and the Environmental Management System (EMS), and are
reported via the risk reporting system when applicable. Climate-related risk management within Tietoevry is
integrated into the multi-disciplinary company-wide risk management process. Physical risks and opportunities
related specifically to biodiversity and ecosystems have not been assessed.
Disclosure of whether and how systemic risks have been considered (biodiversity and ecosystems)
Tietoevry has not assessed systemic risks relat ed to biodiversity and ecosystems. The company is aiming to
conduct an assessment within the next two years.
59
Disclosure of whether and how consultations with affected communities on sustainability assessments of
shared biological resources and ecosystems have been conducted
As the topic of biodiversity and ecosystems has not been deemed material to assess for Tietoevry, the company
has not conducted consultations with affected communities.
Disclosure of whether and how specific sites, raw materials production or sourcing with negative or
potential negative impacts on affected communities
Tietoevry has assessed that the company has a potential negative impact on affected communities through its
sourcing activities for hardware components. More specifically, the hardware value chain consists of activities
that can potentially lead to negative impacts on affected communities, including water scarcity, deforestation,
pollution, and social and economic problems.
Disclosure of whether and how communities were involved in materiality assessment
Tietoevry has not conducted consultations with communities in the process of identifying and assessing material
impacts, risks and opportunities related to biodiversity and ecosystems.
Undertaking has sites located in or near biodiversity-sensitive areas
Biodiversity-sensitive areas are regions that are crucial for conservation of biodiversity due to their rich variety of
species and ecosystems. Tietoevry’s sites are not located in or near to legally protected areas, UNESCO World
Heritage sites, UNESCO Man and the Biosphere Reserves, Ramsar sites, key biodiversity areas or other areas that
are important for biodiversity. Assessment does not cover all value-chain related sites. Biodiversity mitigation
measures will be considered to reduce and offset any negative impacts of actions on biodiversity in connection
with development projects.
Disclosure Requirements in ESRS covered by the undertaking’s Sustainability Statement (IRO-2)
The material impacts, risks and opportunities disclosed have been identified and evaluated during Tietoevry’s
double materiality assessment, covering all sustainability matters covered in topical ESRS (ESRS 1 AR 16). In
addition, Tietoevry identified entity-specific disclosures and associated impacts, risks and opportunities
connected to the following topics: cybersecurity, AI and the use of responsible AI. The thresholds used adhere to
EFRAG guidelines and incorporate a group-level weighting system that takes into account the aspects of
Tietoevry’s five specialized end-to-end businesses. The assessment established specific thresholds for negative
and positive impacts, risks and opportunities to accurately represent Tietoevry’s material areas. For Tietoevry’s
entity-specific topics SBM-3, MDR-P, MDR-A, MDR-T and MDR-M have been disclosed in the statement.
60
Environment
EU Taxonomy reporting 61
E1 - Climate change 68
E5 - Resource use and circular economy 76
61
EU Taxonomy reporting
The EU Taxonomy, established by Regulation (EU) 2020/852, classifies economic activities that are considered
environmentally sustainable. It provides a framework for directing financial flows towards green investment
projects that support the EU's environmental objectives.
A taxonomy-eligible economic activity falls within the scope defined by the EU Taxonomy as potentially
environmentally sustainable. Such an activity is listed in the Environmental or Climate Delegated Regulation,
meaning it is recognized as relevant to the EU’s environmental objectives. A taxonomy-aligned activity not only
belongs to the eligible economic activities, but also meets the specific technical criteria set out in the EU
Taxonomy. These criteria include that an activity should ‘substantially contribute’ to at least one environmental
objective and should avoid causing ‘significant harm’ to any of the other five objectives. Furthermore, the
company should comply with minimum safeguards.
Tietoevry has conducted its assessment of eligibility and alignment in accordance with the EU Taxonomy
Regulation and the Delegated Regulations, and by interpreting the guidelines currently issued by the European
Commission. Specialists with knowledge of each offering within the respective businesses were involved in the
assessment, with support from Group Sustainability to interpret the economic activity description and the
technical screening criteria. Additionally, minimum safeguards have been evaluated at Group level.
At present most of Tietoevry’s offerings are not in scope of the EU Taxonomy. The European Commission may
expand the EU Taxonomy to cover more sectors, including IT and Consulting. As part of this, the Commission is
expected to develop additional technical screening criteria for activities that may not be fully addressed yet,
including sectors that indirectly contribute to the environmental objectives.
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Proportion of turnover (revenue) from products or services associated with taxonomy-aligned economic activities

| Financial year 2024 | Substantial Contribution Criteria | DNSH criteria ('Does Not Significantly Harm') |  |  |  |
Economic activities | Code | Turnover | Proportion of 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 | Proportion of taxonomy- aligned (A1) or eligible (A2) turnover in 2023 | Category enabling activity | Category transitional activity
|  | 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)
Provision of IT/OT data-driven solutions and software | CE4.1 | 7.5 | 0.3% | N/EL | N/EL | N/EL | N/EL | Y | N/EL | Y | Y | Y | Y | Y | Y | Y | 0% | E |
Turnover of environmentally sustainable activities (Taxonomy- aligned) (A.1) | 7.5 | 0.3% | 0% | 0% | 0% | 0% | 0.3% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% |  |
Of which Enabling | 7.5 | 0.3% | 0% | 0% | 0% | 0% | 0.3% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% | E |
Of which Transitional | 0.0 | 0% | 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 |  |  |  |  |  |  |  |  |  |
Data processing, hosting and related activities | CCM8.1 | 448.1 | 16% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 19% |  |
Provision of IT/OT data-driven solutions and software | CE4.1 | 0.3 | 0% | N/EL | N/EL | N/EL | N/EL | EL | N/EL |  |  |  |  |  |  |  | 0% |  |
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 448.4 | 16% | 16% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  | 19%1 |  |
A. Turnover of Taxonomy eligible activities (A.1 + A.2) | 455.9 | 16% | 16% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  | 19%1 |  |
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Turnover of Taxonomy-non-eligible activities | 2 346.7 | 84% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | 2 802.6 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

1) In the table above, the comparative eligible revenue has been restated from 20% to 19%, indicating a change from EUR 575.6 million to EUR 535.6 million. A reassessment of one of the related offerings revealed that it does not fully meet the description of the economic activity 5.5 ‘Product-as-a-service and
other circular use- and result-oriented service models' under the environmental objective 'Transition to circular economy'.
Y – Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N – No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; EL - Taxonomy-eligible activity for the relevant objective;
N/EL – not eligible, Taxonomy-non-eligible activity for the relevant environmental objective
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Proportion of capital expenditure from products or services associated with taxonomy-aligned economic activities

| Financial year 2024 | Substantial Contribution Criteria | DNSH criteria ('Does Not Significantly Harm') |  |  |  |
Economic activities | Code | Capex | Proportion of capex | Climate change mitigation | Climate change adaptation | Water | Pollution | Circular economy | Biodiversity | Climate change mitigation | Climate change adaptation | Water | Pollution | Circular economy | Biodiversity | Minimum safeguards | Proportion of taxonomy- aligned (A1) or eligible (A2) turnover in 2023 | Category enabling activity | Category transitional activity
|  | 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)
Provision of IT/OT data-driven solutions and software | CE4.1 | 1.0 | 1% | N/EL | N/EL | N/EL | N/EL | Y | N/EL | Y | Y | Y | Y | Y | Y | Y | 0% | E |
Capex of environmentally sustainable activities (taxonomy-aligned (A.1) |  | 1.0 | 1% | 0% | 0% | 0% | 0% | 1% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% |  |
of which enabling |  | 1.0 | 1% | 0% | 0% | 0% | 0% | 1% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% | E |
of which transitional |  | 0.0 | 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 |  |  |  |  |  |  |  |  |  |
Data processing, hosting and related activities | CCM8.1 | 31.3 | 21% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 26% |  |
Acquisition and ownership of buildings | CCM7.7 | 50.2 | 34% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 25% |  |
Transport by motorbikes, passenger cars and light commercial vehicles | CCM6.5 | 10.5 | 7% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 9% |  |
Provision of IT/OT data-driven solutions and software | CE4.1 | 0.2 | 0.1% | N/EL | N/EL | N/EL | N/EL | EL | N/EL |  |  |  |  |  |  |  | 1% |  |
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 92.2 | 63% | 63% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  | 61% |  |
A. CapEx of Taxonomy eligible activities (A.1 + A.2) | 93.2 | 64% | 63% | 0% | 0% | 0% | 1% | 0% |  |  |  |  |  |  |  | 61% |  |
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capex of taxonomy-non-eligible activities | 52.5 | 36% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | 145.7 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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Proportion of operating expenditure from products or services associated with taxonomy-aligned economic activities

| Financial year 2024 | Substantial contribution criteria | DNSH criteria ('Does Not Significantly Harm') |  |  |  |
Economic activities | Code | Opex | Proportion of opex | Climate change mitigation | Climate change adaptation | Water | Pollution | Circular economy | Biodiversity | Climate change mitigation | Climate change adaptation | Water | Pollution | Circular economy | Biodiversity | Minimum safeguards | Proportion of taxonomy- aligned (A1) or eligible (A2) turnover in 2023 | Category enabling activity | Category transitional activity
|  | 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)
Provision of IT/OT data-driven solutions and software | CE4.1 | 1.1 | 1% | N/EL | N/EL | N/EL | N/EL | Y | N/EL | Y | Y | Y | Y | Y | Y | Y | 0% | E |
OpEx of environmentally sustainable activities (Taxonomy- aligned) (A.1) |  | 1.1 | 1% | 0% | 0% | 0% | 0% | 1% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% |  |
Of which Enabling | 1.1 | 1% | 0% | 0% | 0% | 0% | 1% | 0% | Y | Y | Y | Y | Y | Y | Y | 0% | E |
Of which Transitional | 0.0 | 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 |  |  |  |  |  |  |  |  |  |
Data processing, hosting and related activities | CCM8.1 | 15.1 | 17% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 18% |  |
Acquisition and ownership of buildings | CCM7.7 | 3.4 | 4% | EL | N/EL | N/EL | N/EL | N/EL | N/EL |  |  |  |  |  |  |  | 3% |  |
Provision of IT/OT data-driven solutions and software | CE4.1 | 0.05 | 0% | N/EL | N/EL | N/EL | N/EL | EL | N/EL |  |  |  |  |  |  |  | 0% |  |
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 18.5 | 21% | 21% | 0% | 0% | 0% | 0% | 0% |  |  |  |  |  |  |  | 21% |  |
A. OpEx of Taxonomy eligible activities (A.1 + A.2) | 19.7 | 22% | 21% | 0% | 0% | 0% | 1% | 0% |  |  |  |  |  |  |  | 21% |  |
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OpEx of Taxonomy-non-eligible activities | 69.3 | 78% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total | 88.9 | 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

65
Revenue
Tietoevry’s eligible revenue amounted to a total of EUR 455.9 (535.6) million, or 16% (19%) of its total revenue.
The largest share of Tietoevry’s eligible revenue comes from data platform services, provided by Tietoevry Tech
Services. These services fall under activity CCM8.1 ‘Data processing and hosting and related activities’
contributing to the objective ‘Climate change mitigation’. The relevant eligible revenue amounted to EUR 448.1
millio n which is a slight decrease compared to the previous year.
The proportion of eligible revenue at Group level was supported by several offerings contributing to the
objective ‘The transition to circular economy’. These offerings fall under activities CE4.1 ‘Provision of IT/OT data-
driven solutions and software’. Tietoevry’s eligible offerings with a total revenue of EUR 7.8 million, supporting
circular economy, are being provided and developed across businesses. The Leasing Platform in Tietoevry
Banking is an example of such an offering. This software solution is designed to help customers manage the
lifecycle and circularity of assets, allowing users to track assets, optimize their use and manage their disposal or
recycling at the end of life.
While several of the company’s offerings have positive effects on environmental sustainability and are closely
linked to economic activity CCM8.2 ‘Data-driven solutions for GHG emissions reductions’ under the objective
‘Climate change mitigation’, revenue for those is not deemed eligible. This is because climate change mitigation is
not the predominant aim of offerings in the manner described in economic activity CCM8.2. In addition to the
objectives ‘Climate change mitigation’ and ‘The transition to circular economy’, Tietoevry does not report any
eligible revenue or investments for offerings contributing to other objectives.
The company conducted alignment assessments for its eligible offerings. Following the assessments for
technical screening criteria, the company concluded that the eligible offerings for activity CE4.1 ‘Provision of IT/
OT data-driven solutions and software’ fulfil the corresponding technical screening criteria. Thus, EUR 7.5 million
or 0.3% eligible revenue is reported as aligned revenue.
Regarding data platform services, the assessment was conducted at data centre level. Tietoevry concluded that
the eligible offerings for economic activity CCM8.1 ‘Data processing and hosting and related activities’ (Climate
change mitigation) to a large degree met the technical screening criteria, except for the criteria regarding the
global warming potential (GWP) of refrigerants used in the data centre cooling system. Currently the alternatives
to these refrigerants are limited but Tietoevry plans to gradually adopt solutions that comply with the required
GWP limits.
Capital expenditure
Capital expenditure amounted to a total of EUR 145.7 (131.6) million, comprising EUR 85.0 million in a dditions to
tangible and intangible assets (as presented in Financial Statements notes 14 and 15) and EUR 60.7 million in
additions to right-of-use assets (Financial Statements note 16 additions to right-of-use assets also include
remeasurements that are excluded here).
Taxonomy-eligible capital expenditure was EUR 93.2 (79.9) million, or 64% (61%) of the total amount. Out of the
eligible capital expenditure, a total of EUR 32.5 million was related to data centres and eligible offerings and fell
under the category a) investments in assets or processes associated with taxonomy-eligible or taxonomy-
aligned economic activities. EUR 60.7 million were additions to right-of-use assets, which fall under the category
c) purchases of output from taxonomy-eligible or taxonomy-aligned economic activities. Tietoevry did not
report any capital expenditure under the category b) part of a plan to expand taxonomy-aligned economic
activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned.
Based on the technical screening criteria, the company identified EUR 1.0 million, or 1%, as aligned capital
expenditure, which presented capitalized development expenditures for offerings for activity CE4.1 ‘Provision of
IT/OT data-driven solutions and software’.
Operating expenditure
Operating expenditure as defined in the EU Taxonomy amounted to a total of EUR 88.9 (87.3) million, comprising
EUR 85.5 million in offering and internal development and EUR 3.4 million in maintenance of premises and short-
term leases.
Taxonomy-eligible operating expenditure was EUR 19.7 (18.1) million, or 22% (21%) of the total amount. Out of
the eligible operating expenditure, a total of EUR 16.3 million was related to offering and internal development
and fell under the category a) expenditure related to assets or processes associated with taxonomy-eligible or
taxonomy-aligned economic activities. EUR 3.4 million were expenditures related to maintenance of premises
and short-term leases, which fell under the category c) purchases of output from taxonomy-aligned economic
activities. Tietoevry did not report any operating expenditure under the category b) part of a plan to expand
taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-
aligned.
Based on the technical screening criteria, the company identified EUR 1.1 million, or 1%, as aligned operating
expenditure, which presented development expenditures for offerings for activity CE4.1 ‘Provision of IT/OT data-
driven solutions and software’.
66

Accounting policies for EU Taxonomy reporting
The required key performance indicators have been determined based on the company’s financial reporting prepared in accordance with IFRS. Further details about the Group’s accounting policies are described in the notes to the consolidated Financial Statements.
Revenue
At Group level, revenue comprises reportable segments’ total revenue and eliminations for internal revenue. Tietoevry’s eligibility assessment is primarily based on Group-level aggregated lead offerings, which is a key dimension in the company’s internal operative accounting. Approaching the reporting through the assessment of lead offerings means that there is no risk of double counting.
Capital expenditure
Capital expenditure is defined as additions to tangible and intangible assets during the financial year considered before depreciation, amortization and any remeasurements (including those resulting from revaluations and impairments) and excluding fair value changes. It also includes additions to tangible and intangible assets resulting from business combinations and additions to right-of-use assets from lease contracts.
Capital expenditure in this taxonomy reporting section includes additions to right-of-use assets, reported in Note 16 in the Financial Statements, while this is excluded from capital expenditure presented in the Group’s key figures in this Report by the Board of Directors. Identification of eligible capital expenditure was made based on Group-level reporting and thus there was no risk of double counting.
Operating expenditure
Operating expenditure is defined as expenditure related to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the servicing of assets of property, plant and equipment by Tietoevry or a third party to which activities are outsourced as necessary to ensure the continued and effective functioning of such assets. Only direct non- capitalized costs are included.

Tietoevry’s operating expenditure consists of the following items:
• Costs for offering and internal development related to data platform services. In the financial reporting, these costs are included in employee benefit expenses
• Costs for maintenance and short-term lease. In the financial reporting, related costs are included in other operating expenses

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Nuclear and fossil gas related activities
Disclosure referred to in Article 8(6) and (7) of the delegated regulation (EU) 2021/2178 is presented below.

Nuclear energy related activities |
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | NO
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | NO
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | NO
Fossil gas related activities |
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | NO
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | NO
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | NO

Compliance with minimum safeguards
Tietoevry conducted an annual Group-level assessment to ensure compliance with minimum safeguards,
confirming that its activities align with the UN Guiding Principles, OECD Guidelines for Multinational Enterprises,
and the CSRD. This process evaluated the adequacy of due diligence practices and their implementation across
the organization.
The assessment was primarily based on the 'Final Report on Minimum Safeguards' published by the Platform on
Sustainable Finance (PSF) in October 2022. However, the November 2024 draft FAQ issued by the European
Commission recommends considering the latest amendment of the OECD Guidelines in compliance
assessments. Referencing both the PSF report and the draft FAQ ensures alignment with the most recent
implementation guidance. The assessment included a structured approach with questions centred on four core
areas of the minimum safeguards: human rights, anti-corruption, fair competition, and taxation, ensuring
alignment with the relevant principles and guidelines. Relevant stakeholders, including the Group Compliance
Officer, Head of Group Tax, and Senior Sustainability Manager responsible for human rights, were actively
consulted during the process.
During 2024, the focus has been to further strengthen the corporate-wide due diligence measures, specifically
with regards to human rights and corruption. Activities include a Group-wide anti-corruption assessment,
implementation of sustainability assessment into the supplier selection process and human rights risk
assessments of core corporate processes. The execution of activities demonstrates that Tietoevry meets the
requirements for compliance with minimum safeguards.
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E1 - Climate change
Strategy
Transition plan for climate change mitigation (E1-1)
Tietoevry’s greenhouse gas (GHG) emissions related to own operations are generated by energy consumption in
offices and data centres. In its upstream value chain, most of the emissions are generated by Purchased goods
and services – including Capital goods – while downstream emissions come from the Use of sold products.
To enhance its climate transition, Tietoevry has established a high-level climate transition plan (CTP) approved
by the Sustainability Steering Group. The CTP is focusing on climate change mitigation actions within its own
operations and across the value chain. The CTP is aligned with Tietoevry’s strategy that is further described in
SBM-1 and SBM-3. Tietoevry has set science-based emission reduction targets covering all scopes. The SBT
validation team has classified the company’s scope 1 and 2 targets and has determined that the targets are in line
with a 1.5°C trajectory. These targets are set through 2026, with the exception of the company’s business travel
target, which is extended to 2030. The targets meet the SBTi’s latest guidelines (version 4.2).
In the CTP, Tietoevry is committed to reducing its absolute scope 1 and 2 GHG emissions by 90% by 2026 from
the 2020 base year. The company is also committed to sourcing 100% renewable electricity by 2026 (up from
80% in 2020). Additionally, the company aims to cut its scope 3 GHG emissions from business travel by 47% per
full-time employee by 2030, using 2019 as the base year. Tietoevry’s supplier engagement target, 70% of
suppliers having SBTs by 2026, aims to align emission reductions with the 1.5°C trajectory in the supply chain. In
line with these goals, Tietoevry is targeting net zero emissions in its own operations by 2026. This will be
achieved by reducing scope 1 and 2 emissions by 90%, with any residual emissions addressed annually through
the purchase of high-quality carbon removal solutions.
During 2024 Tietoevry committed to establish a net zero target across the value chain aligned with SBTi’s
requirements. Key decarbonization levers include renewable energy usage, improving energy and material
efficiency, adopting circular economy practices and engaging with suppliers who are reducing their own
emissions aligned with the SBTs to reach net zero.
Energy efficiency is improved by optimizing office spaces, consolidating data centres and choosing energy-
efficient devices. Business travel-related emissions are mitigated by enabling remote working and the use of
virtual conference technologies, as well as by improving instructions and guidelines. In its upstream value chain,
emissions are reduced via active engagement with the company’s biggest suppliers and by encouraging them to
set Science Based GHG reduction targets. All new and renewed material suppliers must accept Tietoevry’s
Supplier Code of Conduct, including environmental and climate topics. In the downstream value chain, Tietoevry
can help customers reduce their emissions by using the company’s products and services.
Tietoevry’s locked-in GHG emissions primarily arise from its energy-intensive infrastructure, long equipment
lifecycles and reliance on non-renewable energy sources. Data centres constitute a significant source of locked-
in emissions, consuming large amounts of energy and often being built with lifespans of up to 20 years. This
extended lifespan, coupled with reliance on fossil fuel-based electricity from backup diesel generators, can
result in long-term emissions. Tietoevry’s screening against the EU Taxonomy Regulation requirements identified
a particular locked-in emission related to the global warming potential (GWP) of refrigerants used in the cooling
systems of data centres. While alternatives to these refrigerants are limited, Tietoevry plans to gradually adopt
solutions that comply with the required GWP limits. Furthermore, some locked-in emissions are tied to facility
infrastructure in regions that are still heavily reliant on fossil fuels. As a result, Tietoevry is focusing on mitigating
these emissions by gradually aligning its operations with more sustainable solutions and investing in upgrades
where feasible.
Reducing locked-in emissions will require an incremental shift to renewable energy, upgrading existing
infrastructure and minimizing air travel by promoting digital alternatives like virtual meetings. Additionally, in the
upstream value chain, the production of devices such as smartphones, laptops and servers contributes to high
carbon emissions. This is mainly due to the energy-intensive extraction and processing of raw materials, such as
rare earth metals, as well as the manufacturing processes involved.
As part of Tietoevry’s ongoing commitment to sustainability, the next steps in the climate transition journey
include specifying the CTP to outline an actionable roadmap for achieving the company’s climate goals,
enhancing the accuracy of value chain-related GHG data to ensure more precise measurement and management
of emissions across scope 3 and establishing a Net Zero Target, aligned with the latest scientific guidance.
Tietoevry is not excluded from the EU Paris aligned benchmarks. Tietoevry did not recognize any significant
operational or capital expenditure in related to the transition plan in 2024.
69
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SBM-3)
In its double materiality assessment, Tietoevry identified energy, climate change mitigation and adaptation as
material topics, representing actual negative impacts, risks and opportunities.
Energy was identified as an actual negative impact and a risk from both a physical and transitional perspective.
When assessing climate-related hazards, Tietoevry has considered chronic and acute physical risks and
analysed scenarios based on the INFORM Risk Assessment model. The INFORM Risk Assessment Model is a
global tool that measures disaster and crisis risks by analysing hazards, vulnerabilities, and coping capacities to
support evidence-based decision-making for risk reduction. Physical risks for Tietoevry include potential
electricity blackouts or production disruptions due to extreme weather events, while transitional risks involve the
rising costs of renewable energy, as demand might outpace supply over the next five years. Transition risks were
assessed based on TCFD classification of climate-related transition events and through scenario analysis. TCFD
is a framework that provides guidelines for organizations to disclose climate-related financial risks and
opportunities, helping stakeholders make informed decisions. For Tietoevry, financial risks related to energy
price volatility, regulatory changes and carbon pricing might pose a challenge for the climate transition. However,
given the nature of Tietoevry’s business, the company was assessed to have a low exposure to physical and
transitional climate-related risks, and therefore the company’s operations were deemed to be resilient against
the short-, medium- and long-term impacts of climate change. Tietoevry takes short-term (0-2 years), medium-
term (2-7 years) and long-term (7-30 years) financial and strategic time horizons into consideration while
assessing climate-related risks and opportunities in TCFD reporting. When defining the time horizons, Tietoevry
has considered aspects such as useful economic life time of its assets and the relatively long time horizon of
climate change impacts and mitigation efforts.
Climate change adaptation was identified as a material opportunity for Tietoevry. This is because the company is
well positioned to develop and expand products and services to support customers in this area, helping other
industries adapt to climate change too.
Tietoevry has screened its activities in order to identify potential future GHG emission sources. Some of the
emerging technologies that are explored in Tietoevry’s strategy – such as Artificial Intelligence (AI) – are energy
intensive and potentially pose a risk towards energy effic iency and potential increase of GHG emissions.
Impact, risk and opportunity management
Policies related to climate change mitigation and adaptation (E1-2)
The fundamental principles regarding climate change mitigation and adaptation are set forth in Tietoevry’s
Supplier Code of Conduct and its Code of Conduct. The company further defines its commitment and sets the
foundation for its environmental and climate-related work in its publicly available Environmental Policy. The
policy affirms Tietoevry’s alignment with key global frameworks, including the United Nations (UN) Global
Compact, UN Sustainable Development Goals, the ISO 14001 EMS and SBT, and provides a structured approach
to implementing and monitoring environmental initiatives.
The Environmental Policy gives guidelines to manage material impacts, risks and opportunities related to climate
change mitigation and adaptation. The main objectives of the Environmental Policy include ensuring compliance
with applicable environmental laws and regulations, pollution prevention, promoting environmental awareness
and contributing to the development of sustainable societies and businesses in collaboration with relevant
stakeholders.
In order to achieve the set objectives, the policy introduces principles that address the topics of energy, climate
change mitigation and adaptation. These principles include leadership commitment, enhanced process
approach, protection of environment, active engagement and striving for continuous improvement. The policy
also describes the principles that form the bases for the company’s climate actions, use of renewable energy and
energy efficiency, circularity and actions to increase its positive impact.
The Environmental Policy is reviewed annually and the review process includes stakeholder interest
consideration through benchmarking, stakeholder interviews, and active dialogue with experts. The policy
applies to all Tietoevry companies and employees globally, as well as to companies under Tietoevry’s control.
Policy content is made available to all Tietoevry employees through a mandatory e-learning module in Tietoevry
Essentials. The responsibility of implementing the Environmental Policy lies with the Chief Sustainability Officer.
Actions
Actions and resources in relation to climate change policies (E1-3)
Tietoevry’s main decarbonization levers include the use of renewable energy, energy and material efficiency,
consolidation and optimization efforts, and engagement with suppliers. By using these levers, Tietoevry has
achieved emission reductions over time and through this the company has contributed to climate change
mitigation.
70
As one of the main actions during 2024, Tietoevry continued the data centre consolidation project in the Nordics
that began in 2021. The implementation of modern technology and infrastructure is bringing benefits such as
energy efficiency. Tietoevry sees opportunities in consolidating operations to a selected number of co-located
data centres with excellent energy efficiency, a low-carbon footprint and circular economy practices. The
location of data centres is also important in enabling the circularity of the energy produced. For example, in some
locations technology allows the energy produced by the data centres to feed nearby district heating networks to
warm households. The data centre consolidation project has proceeded according to plan and is expected to
continue into 2026.
In order to further reduce GHG emissions, Tietoevry continued using renewable electricity in all of its data
centers and most of its offices, and is committed to doing so also in 2025. During 2024, Tietoevry increased the
use of renewable energy in its smaller offices in Europe, which was the main contributor of the GHG emission
reductions in scope 2.
To improve energy efficiency in Tietoevry’s offices globally, the company continued to optimize work spaces,
conducted energy inspections, renewed electrical devices and shared energy-saving tips with its employees
during 2024. Where possible, the company also encouraged adjustments to building automation systems,
optimizing lighting in offices based on whether a space is being used or not. During 2024, Tietoevry’s operations
in Riga were moved to a new A-class energy efficient and BREEAM-certified office space. Tietoevry will continue
its transition towards more energy-efficient offices also in 2025.
To ensure that Tietoevry’s environmental objectives are met, all offices and data centres operate under the
company’s global EMS, which is ISO 14001 certified and annually externally audited. The Global Environment
Team coordinates and supports the implementation and continual improvement of the EMS. This team comprises
environmental managers from various operating countries and is led by the global EMS manager. The
responsibility for implementing the principles outlined in the company’s Environmental Policy, as well as related
processes and actions, lies with the five specialized businesses.
Tietoevry’s business travel emissions have been steadily increasing after the pandemic. The company sees a
need to further enforce hybrid ways of working and to strengthen the implementation of Tietoevry’s Travel Rule,
which recommends choosing environmentally friendly options such as train travel over flying. In 2024, Tietoevry
conducted a company-wide employee commuting survey to enhance awareness about commuting habits and
improvement opportunities, as well as to support GHG emission calculations in scope 3.
In scope 3, the biggest share of Tietoevry’s emissions come from Purchased goods and services and Capital
goods related to the company’s suppliers. Emissions in this area are mitigated by supplier compliance with the
SBTs, alignment with Tietoevry’s Supplier Code of Conduct as well as direct engagement with the biggest
suppliers. Further actions in terms of responsible sourcing and material efficiency are described in E5-2.
Tietoevry sees climate change adaptation and resilience solutions as an area with potential business
opportunities. By having expertise in cloud-based solutions and analytics capabilities, Tietoevry could work with
its partners and customers to develop solutions for climate change adaptation and resilience.
Tietoevry is operating in a sector that is rapidly changing and having an impact on decarbonization action. In
general, the technology sector uses a range of strategies to balance supply and demand, including cloud
computing, AI and automation. The company’s R&D investments are targeted towards these cutting-edge
technologies, ensuring that Tietoevry remains agile, competitive and responsive to global market demands.
Tietoevry’s action plan for the material IROs did not require any significant operational expenditure (Opex) or
capital expenditure (Capex) for the financial year 2024. Tietoevry is unable to specify the achieved and
expected GHG emission reductions per action. Tietoevry’s ability to implement actions depend on the availability
and allocation of resources, but due to the sensitivity of this strategic information, the company does not disclose
the extent of the dependence,
71
Metrics and targets
Targets related to climate change mitigation and adaptation (E1-4)

Material topic | Type of IRO related to target | Target | Result 2024 | Result 2023 | Result 2022
Climate change mitigation, adaptation and energy | Actual negative, risk and opportunity | SBT: 90% absolute greenhouse gas emission reduction in scope 1 and 2 by 2026 | 87% | 84% | 70%
Climate change mitigation, adaptation and energy | Actual negative, risk and opportunity | SBT: 100% renewable electricity in own operations by 2026 | 99% | 99% | 95%
Climate change mitigation, adaptation and energy | Actual negative, risk and opportunity | SBT: Reduce business travel emissions 47% per FTE by 2030 | 73% | 79% | 83%
Climate change mitigation, adaptation and energy | Actual negative, risk and opportunity | SBT: 70% of suppliers having SBTs by 2026 | 46% | 29% | 27%
Climate change mitigation, energy | Actual negative, risk and opportunity | 100% of employees completed the annual Environmental e- learning (new target FY2024) | 97% | N/A | N/A

Tietoevry’s methodology for target-setting has included scenario analysis and internal and external stakeholder
engagement. Employees and management have provided their expertise through internal surveys and
workshops to ensure that the targets are relevant and feasible in view of the Group’s operations. The interests of
external stakeholders have been captured through benchmarking, legislative reviews, and market assessment.
All targets related to climate mitigation and adaptation are aligned with Tietoevry’s Environmental Policy, which
outlines the company’s commitment to the integration of environmental performance into all of its operations.
Tietoevry has GHG reduction targets approved by the SBTi. All entities within the Tietoevry Group are included in
scope 1 and 2 of the reduction targets. The targets support Tietoevry’s material impacts and risks of renewable
energy deployment and climate change mitigation through reduction of GHG emissions in own operations.
Targets related to scope 1 and 2 include a combined 90% reduction target for absolute scope 1 and 2 GHG
emissions from the baseline value of 10,042t in 2020, and an increase to 100% of annual sourcing of renewable
electricity from the baseline value of 80% in 2020.
Tietoevry’s carbon accounting system is monitored on an annual basis and/or in connection to significant
changes to ensure that the full scope is covered. The scope is evaluated against the Group facility list and
updated in the system if applicable. If any significant changes are implemented, e.g. in connection with the data
centre consolidation programme, then the base year data is reviewed and evaluated. GHG footprint calculation-
related emission factors are updated in the carbon footprint reporting system on an annual basis.
Two of the SBTs are connected to scope 3. These targets include a 47% reduction of GHG emissions from
business travel with the baseline value of 928 kgCO2e/FTE, and an increase to 70% in the share of the
company’s suppliers, measured by emissions from Purchased goods and services, that have established SBTs.
The baseline value for this target is 27% from 2022. In 2024, the supplier related SBT and scope 3 Purchased
goods and services emissions reporting did not include Avega, Bekk, EVRY India, and the Infopulse units in Brazil,
Bulgaria, Germany, Poland, and Ukraine. These entities were excluded as they are not fully integrated into
Tietoevry's operations and follow different spend categorizations. The estimated impact of excluding these
entities on the overall supplier SBT and emissions reporting accounts for less than 3% of total emissions.
Tietoevry’s business travel reduction target was established from 2019 data. At that time the business travel
emissions covered 8% of scope 3. During the pandemic these emissions declined radically, covering 4% of
Tietoevry’s scope 3 emissions in 2024. Since 2022, Tietoevry’s business travel emissions have been slowly
increasing.
To raise awareness of the company’s energy- and climate-related commitments, Tietoevry has also set a target
that requires all employees to annually complete mandatory training on environmental sustainability. Climate
change adaptation has also been identified as an opportunity, and the company’s targets support efforts in this
direction. All entities within the Tietoevry Group are included in the scope of the 100% annual completion target
for environmental e-learning, with the exception of the subsidiary Bekk, which operates fully as a portfolio
company.
Tietoevry achieved an 87% reduction in GHG emissions related to scope 1 and scope 2. This achievement is
aligned with the company’s ambitious environmental targets. The share of renewable electricity used across
Tietoevry’s offices and owned data centres remained consistently high at 99% throughout 2024. Business travel
emissions recorded a 73% r eduction of kgCO2e/FTE from the baseline, reflecting Tietoevry’s continued efforts to
minimize its travel-related environmental impact. However, the figure is lower than in the previous year, which
indicates a slight increase in travel emissions. Progress was also evident in supplier engagement, as 46% of the
suppliers had set SBTs by the end of 2024. This represents meaningful progress from the previous year,
underscoring Tietoevry’s commitment to driving sustainable practices throughout its value chain. On the
environmental training side, Tietoevry achieved a high 97%completion rate in 2024, closely approaching the
annual target of 100%.
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Supported by the reduction and renewable electricity targets, Tietoevry is aiming to achieve net zero in its own
operations by 2026. Tietoevry does not have absolute long-term GHG emission reduction targets in place, as the
development of the company’s full scope net zero target is ongoing. In 2024, Tietoevry committed to establishing
a net zero target across the value chain.
Measurements of the targets has not been validated by any external body except for the assurance providers
and no milestones or interim targets have been set. Tietoevry was unable to quantify the expected
decarbonisation levers’ contribution to achieve the GHG emission reduction targets.
Energy consumption and mix (E1-5)

Energy consumption and mix | 2024
Fuel consumption from crude oil and petroleum products (MWh) | 608
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) | 8 076
Total fossil energy consumption (MWh) | 8 684
Share of fossil sources in total energy consumption (%) | 10%
Consumption from nuclear sources (MWh) | 10 930
Share of consumption from nuclear sources in total energy consumption (%) | 13%
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) | 2
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) | 63 930
Total renewable energy consumption (MWh) | 63 932
Share of renewable sources in total energy consumption (%) | 77%
Total energy consumption (MWh) | 83 546

Energy consumption in own operations (scope 1 and 2) has decreased from the previous year by 16% to 83 546
MWh (99 932 MWh). The main reason is the company's data centre consolidation programme and transfer to
modern technology co-location facilities.
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Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6)

Gross scopes 1, 2, 3 and Total GHG emission | Retrospective | Milestones and target years
Base year 2020 | 2024 | 2023 | Change, % | 2026
Scope 1 GHG emissions |
Gross scope 1 GHG emissions (tCO 2 eq) | 143 | 158 | 195 | -19 | 14
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | 0 | 0 | 0 |  |
Scope 2 GHG emissions |
Gross location-based scope 2 GHG emissions (tCO 2 eq) | 12 372 | 6 937 | 7 877 | -12 |
Gross market-based Scope 2 GHG emissions (tCO 2 eq) | 9 899 | 1 157 | 1 406 | -18 | 990
Significant scope 3 GHG emissions |  |  |  |  |
Total gross indirect (scope 3) GHG emissions (tCO 2 eq) |  | 163 204 | 205 417 | -21 |
Purchased goods and services |  | 134 696 | 189 227 | -29 |
Capital goods 1 |  | 9 235 | 0 | 100 |
Fuel and energy-related activities (not included in scope 1 or scope 2) |  | 3 005 | 3 131 | -4 |
Waste generated in operations |  | 64 | 97 | -34 |
Business travelling |  | 5 852 | 4 639 | 26 |
Employee commuting |  | 6 148 | 4 380 | 40 |
Upstream leased assets |  | 397 | 59 | > 100 |
Use of sold products |  | 3 807 | 3 884 | -2 |
Total GHG emissions |  |  |  |  |
Total GHG emissions (location-based) (tCO 2 eq) |  | 170 299 | 213 489 | -20 |
Total GHG emissions (market-based) (tCO 2 eq) |  | 164 519 | 207 018 | -21 |

1 Comparative value of Capital goods is included in Purchased goods and services.
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GHG intensity per net revenue | 2024 | 2023 | Change, %
Total GHG emissions (location-based) per net revenue (tCO 2 e/MEUR) | 61 | 75 | -19
Total GHG emissions (market-based) per net revenue (tCO 2 e/MEUR) | 59 | 73 | -19

Net revenue used in GHG intensity calculation is based on the Group’s revenue in the consolidated income
statement.
Tietoevry used the GHG Protocol Standard when accounting for emissions in 2024. Tietoevry’s scope 1 and 2
reporting boundary covers all Tietoevry companies and subsidiaries. Emissions are reported as CO 2 equivalents
(CO 2 e). The electricity emission factors are based on national gross electricity production mixes (annual
statistics) from the International Energy Agency’s statistics (IEA stat 2024). Emission factors per fuel type are
based on assumptions in the IEA methodological framework. Factors for district heating/cooling are either based
on actual (local) production mixes, or average IEA statistics. The scope 2 market-based calculations are
determined by the purchased Guarantees of Origin (GoO)/Renewable Energy Certificates (REC). When acquiring
GoOs or RECs, the supplier certifies that the electricity is produced exclusively by renewable sources with an
emission factor of 0 grams CO 2 e per kWh. However, for electricity without certificates, the emission factor is
based on the remaining electricity production after all GoOs and RECs for renewable energy are sold. During
2024 Tietoevry purchased bundled (45%) and unbundled (29%) Energy Attribute Certificates (EACs), in the form
of GoOs and RECs which in total covered 73% of scope 2.
The emission factors used for European residual mixes are provided by the Association of Issuing Bodies (AIB)
2024 and European Residual Mixes 2024. Country-specific IEA emission factors are used for non-EU countries.
Purchased renewable district-heating and cooling products are counted as zero emissions, according to the
scope 2 market-based method. The base year for the scope 1 and 2 GHG calculations is 2020. The base year for
scope 3 business travel GHG calculations is 2019. In the report, the metric ton/UK tonne equivalent to 1,000
kilograms is stated solely as a ton.
Material scope 3 categories and their methodology are presented below. The categories deemed as non-
material for Tietoevry are Processing of sold products, Downstream leased assets, Franchises and Investments.
The remaining categories are incorporated into a presented category, such as Upstream transportation and
distribution being included within the Purchased goods and services category as is Downstream transportation.
There are no significant changes in the definition of the Tietoevry Group and its value chain in regards of GHG
emission reporting.
• Purchased goods and services and Capital goods: Tietoevry’s company-wide spend data has been used
to identify purchase categories and GHG emissions. Emission factors used in calculations come from the
Environmental Protection Agency (EPA) 2020, and are based on an input-output model that links
monetary accounts with the GHG emissions of different sectors of the economy. The emission factors
cover all GHG and are expressed in CO 2 equivalents. The Global Warming Potential (GWP) of factors
used is 100 years GWP and comes from the sixth assessment report of the Intergovernmental Panel on
Climate Change (IPCC). These categories do not cover Avega, Bekk, EVRY India, and the Infopulse units in
Brazil, Bulgaria, Germany, Poland, and Ukraine. Tietoevry reports Purchased goods and services and
Capital goods as separate categories in 2024. Earlier, both categories were reported as a combined
figure in the Purchased goods and services category. The expenditure data used for calculating
emissions in these categories is not directly comparable with financial reporting data.
• Fuel- and energy-related activities: To calculate fuel and energy-related activity data in accordance with
the GHG Protocol, both scope 1 (direct) and scope 2 (indirect) emissions are considered. Scope 1
emissions are calculated by gathering fuel consumption data from company-owned sources and
applying appropriate emission factors. Scope 2 emissions are derived from the consumption of
purchased electricity, steam, heating, and cooling, using either location-based or market-based emission
factors. Additionally, fuel- and energy-related emissions under scope 3 (category 3) are calculated by
accounting for upstream activities, including the extraction, production, and transportation of fuels, as
well as transmission and distribution losses. Emission factors for these upstream activities are sourced
from the Internation Energy Agency (IEA) 2024 database, and the total emissions are determined by
multiplying the relevant activity data from scope 1 and scope 2 by the corresponding emission factors.
• Waste generated in operations: The activity data is provided by the waste management supplier or
property manager. Waste type-specific and waste treatment-specific emission factors have been used in
the calculations. Recycled waste fractions include only a small transport component (collection of
waste). The source for the emission factors is DEFRA, 2024. This category does not cover Avega and the
Infopulse units in Brazil, Bulgaria, Germany and Poland.
• Business travel: The emission factors represent kgCO 2 e emitted per kilometre or passenger kilometre for
each mode of transport. Emissions from business travel by air are reported by Tietoevry’s travel agency.
Mileage allowance (car) is calculated using the emission factor for mileage allowance, reference DEFRA
2024. This category does not cover Avega and Bekk.
• Employee commuting: Emissions related to commuting are based on actual commuting to work as well as
working from home. Emissions for home office work are calculated based on the number of full-time
employees, working hours per day and days at the home office. This total is then multiplied by an
estimation of the average watts for lighting (10W) and electricity (140W) required for working from home.
After this, the result is divided by 1,000 and the result will be the total amount of kWh for the home office.
The kWh is converted into tCO 2 e by using country-specific emission factors. The source of emission
factors used in the calculation is the International Energy Agency (IEA) 2024 for homeworking, and
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DEFRA 2024 or local factors for mode of transport. The emissions are from a lifecycle emission
perspective, and the Global Warming Potential (GWP) of factors used is 100 years GWP. It comes from
the IPCC’s sixth (IEA factors) and sixth (DEFRA factors) assessment reports.
• Upstream leased assets: Scope 1 and scope 2 emissions according to market-based method from
outsourced data centres. The emission factors used in the calculation come from DEFRA 2024 for scope
1, and AIB 2024 and European Residual Mixes 2024 for scope 2. The emissions are from a lifecycle
emission perspective and the Global Warming Potential (GWP) of factors used is 100 years GWP. It
comes from the IPCC’s sixth (IEA factors) and sixth (DEFRA factors) assessment report.
• Use of sold products: The energy consumption of sold products is calculated using activity data from
product sales across various countries. Products are grouped into broader categories. For each category,
the estimated product lifetime and average annual energy consumption in kilowatt-hours (kWh) are
determined. Data from multiple reliable sources is used to estimate the average wattage per hour, daily
operating time, and product lifespan. The average daily energy usage is calculated by multiplying the
wattage by the estimated daily operating time. This daily usage is then multiplied by the number of
operational days per year to derive the annual average kWh. The total energy consumption is calculated
by multiplying the annual average kWh by the estimated product lifespan (in years) and the number of
units sold. This method provides a comprehensive estimate of the energy impact of the sold products
over their lifetime.
The share of emissions in the value chain calculated using primary data obtained from suppliers or other value
chain partners is less than 5% whilst the remaining share is estimation-based.
The Purchased goods and services category earlier used Defra’s 2014 spend-based emission factors. In 2024,
the more recent EPA 2020 emission factors were used. This change has an impact on the reported result, due to
differences in categorization and lower factors. Improving scope 3 supplier emission data is an ongoing process,
with the aim of achieving more accurate data for reporting.
Tietoevry conducted a global employee commuting survey in September 2024. The result of the survey is used
as source data for the scope 3 category Employee commuting related GHG emission calculations. The survey
was conducted by an external service provider.
Tietoevry Tech Services has carried out data centre consolidation during the past years. As a result of this
development, some data centres were closed in 2024 and transferred into co-location facilities with better
energy efficiency and modern technology. Transferring to cloud solutions has also continued in 2024, with an
impact on energy consumption.
GHG removals and mitigation projects financed through carbon credits (E1-7)
Financing GHG emission reduction projects through purchasing high-quality carbon credits is a recognized
method of contributing to climate change mitigation. High-quality carbon credits are essential, as they ensure
that the projects funded are genuinely effective in reducing or removing GHG emissions. Quality carbon credits
have considered topics like additionality, durability, leakage, external verification of the methodology and
calculations, and evaluation of the impacts on other sustainability areas.
Tietoevry cancelled carbon credits which corresponds to 1 280 metric tonnes of CO2eq for voluntary offsets of
its own GHG emissions related to operations in Norway. 100% of these carbon reduction credits were
purchased from two Gold Standard programme projects in India. Gold Standard programmes qualify as a
corresponding adjustment under Article 6 of the Paris Agreement. The main purpose of the projects’ activity is to
generate electricity through sustainable means using solar power and wind power resources. The generated
renewable electricity will contribute to climate change mitigation efforts.
All credits are issued by default after the annual monitoring and verification process, and 10% of all credits are
pooled into a buffer account. If any reversals occur in the projects, the carbon losses are covered through the
cancellation of an equivalent number of buffer credits from the buffer pool. The carbon credits have been issued
in accordance with the relevant standard’s protocols and are tracked in the registry to prevent double counting
or double selling. The serial number of the credits cancelled is available. No adjustments have been issued for
these carbon credits. The carbon credit projects that Tietoevry invests in include:
• Renewable energy projects (wind power generation) with distribution within the Indian power grid
• Renewable energy (solar power generation) projects within selected Indian states
Tietoevry is aiming to reach net zero in scope 1 and 2 by 2026. In connection to this commitment, the plan is to
remove the residual GHG emissions, less than 10%, with high quality carbon removal. In 2024 no removal project
credits were purchased.
Internal carbon pricing (E1-8)
Tietoevry does not have internal carbon pricing.
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E5 - Resource use and circular economy
Impact, risk and opportunity managemen t
Description of the processes to identify and assess material resource use and circular
economy-related impacts, risks and opportunities (ESRS 2 IRO-1)
Tietoevry has identified financial opportunities including offering circular services that help businesses transition
to a circular economy model, providing consulting services for circular IT practices and assisting in redesigning
and optimizing IT infrastructure for resource efficiency. Additional opportunities include developing software
solutions that support circularity in various industries (resource management systems, tools for tracking and
optimizing the lifecycle of products), supporting customers with IT equipment refurbishment and resale
programmes, for example through recycling as a service.
Circular economy opportunities rely on several dependencies linked to policy and regulation, supply chain
relationships and collaboration, technology and innovation, and infrastructure development. There are also
barriers to circular economy: namely market, financial, technical, and regulatory challenges.
Policies related to resource use and circular economy (E5-1)
Tietoevry's Environmental Policy outlines the company's commitment to minimizing its environmental footprint,
including aligning its operations with circular economy practices. The aim is to save natural resources and reduce
environmental impacts related to energy and material usage. The Environmental Policy is further introduced in
E1-2.
One of the main principles in the Environmental Policy is protection of the environment through generative and
circular economy. The policy outlines the Group’s aim to enhance circular economy principles by acting
according to the European Union waste hierarchy where the highest priority is to avoid and reduce waste.
Tietoevry commits to conserving natural resources through sustainable and mindful use of resources, reusing,
recycling and keeping materials in use at their highest value as long as applicable. For the ICT sector, managing
waste from electrical and electronic equipment (WEEE) is a material focus point. Following the principles set out
in the policy is done in compliance with relevant laws and regulations, best practices, and principles of
environmental stewardship, human rights, and the circular economy.
In the Environmental policy, Tietoevry commits to consider environmental aspects and footprint from life-cycle
perspective when making decisions such as choosing facility locations, energy providers, IT assets and other
products and services. Furthermore, in the Supplier Code of Conduct, Tietoevry specifies its expectation for
suppliers to apply the principles of circular economy including whole life costing and life cycle perspective in
design, manufacture, transport, recycling and disposal. As Tietoevry is not a manufacturer, the Policy does not
explicitly mandate on the use of virgin resources.
A key principle in Tietoevry’s Environmental Policy is to enhance its positive impact. This principle guides the
company in leveraging the opportunity that resource use and circular economy presents for Tietoevry. Tietoevry
commits to the positive impact by evaluating environmental handprint measures related to the products and
services Tietoevry provides to its customers and seeing technology as an enabler and accelerator in the journey
towards a more sustainable and circular society.
Actions
Actions and resources related to resource use and circular economy (E5-2)
Key actions related to circular economy are connected in various ways in upstream, downstream, and own
operations.
The technology sector is very dependent on devices in which rare minerals are an important component.
Tietoevry therefore has a clear responsibility, both in terms of not wasting any natural resources and making sure
end-of-life handling is done in the most responsible way possible. The company has committed to minimizing the
negative environmental and social impacts of device production and logistics.
Tietoevry's key actions to enhance circular economy practices are connected to responsible and efficient
sourcing processes, i.e. making purchasing decisions that maximize value and minimize waste. Reusing and
recycling hardware in a structured manner is an important step towards enabling circular economy practices,
both for Tietoevry and its customers.
Responsible sourcing processes and engagement activities cover Tietoevry's global operations, including the
upstream and downstream value chain. Tietoevry is responsible for hardware consisting of various types of
computers and mobile devices that are provided to approximately 23 000 employees as personal IT equipment.
The company's Customer Operations team also supports the customers’ end-users with devices such as laptops
and smartphones, the volume of which is much larger than Tietoevry’s own. Tietoevry’s sourcing function
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purchases hardware for its employees as well as for its customers. The function is in charge of ensuring that
customers’ and Tietoevry’s own environmental requirements are met. This includes TCO certification – an
independent sustainability certification for IT products – or Energy Star certification for hardware devices. TCO
certification covers both social and environmental impacts during the entire lifecycle. All Tietoevry’s hardware
suppliers and service providers are required to have relevant environmental certifications in place, such as
ISO 14001 or the equivalent. Tietoevry engages regularly with hardware suppliers to understand their
sustainability aspects, also taking into account the conditions of their workforce.
To better understand the needs and usage patterns of Tietoevry employees, the company collects information
about the devices – including purchase date, purchase price, and technical specifications – and combines this
with HR data. For the devices that customers source from Tietoevry, information is collected and made available
to customers by utilizing the Lifecycle Management (LCM) framework. This helps Tietoevry to direct and
recommend suitable devices for people making purchases, by taking into consideration the role of the device
and limiting energy consumption, material usage, and GHG emissions.
During 2024, Tietoevry’s five specialized end-to-end business units increased their focus on and ownership of
the company’s circular economy work. This is a result of continuous awareness-raising efforts across the
company. In 2024, Tietoevry implemented a process to increase the secondary laptop return rate, which
resulted in more devices being returned during the year. Tietoevry has collaborated with its waste recovery
partners to improve processes and reporting. By ensuring a second or third life for a laptop or a server, and by
ensuring that end-of-life treatment is handled by certified suppliers, Tietoevry has improved reuse and recycling
over the past years. However, for countries outside of Europe, hardware is not always processed in a circular
manner and insights into the hardware downstream lifecycle may not be available. Tietoevry has plans to
increase the scope to ensure proper lifecycle management of hardware outside of the Europe in the coming
years.
To ensure sound electronic waste management practices, Tietoevry has collaborated with material recovery
partners. The aim is to ensure visibility into material reuse and end-of-life treatment processing and outcomes for
devices that cannot feasibly be reused. Tietoevry relies on recovery partners' procedures for proper treatment to
maximize hardware reuse.
To further support these actions, Tietoevry actively promotes supplier engagement, awareness and
communication activities, EMS implementation, and continuous improvement and overall development of
reporting. Circular economy actions are embedded into different areas such as the company’s EMS annual plan,
its sourcing processes and communication plan, and other relevant processes.
Tietoevry’s action plans for the material IROs did not require any significant operational expenditure (Opex) or
capital expenditure (Capex) for the financial year 2024.
Metrics and Targets
Targets related to resource use and circular economy (E5-3)
Tietoevry has not yet established targets related to circular economy as a financial opportunity. However, the
company plans to explore the topic further and aims to define appropriate targets in 2025.
Tietoevry tracks the effectiveness of its objectives and principles set out in the Environmental Policy through
internal processes and reporting. Since 2021, Tietoevry has monitored the metric of reuse and recycling of
hardware for internal operations and customer deliveries, with the aim of reaching a 100% share for both.
Internal hardware includes Tietoevry’s own employees’ personal IT devices, e.g. laptops and phones. External
hardware includes devices delivered to Tietoevry’s customers.
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Social
S1 - Own workforce 79
S2 - Workers in value chain 89
S4 - Consumers and end-users 93
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S1 - Own workforce
Strategy
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SBM-3)
Tietoevry’s double materiality assessments cover all employees, regardless of their role, location, or employment
type (including full-time, part-time, and temporary workers) as well as non-employees in the workforce including
self-employed people and people provided by third-party undertakings primarily engaged in employment
activities. The company recognizes that employees and non-employees across various levels and functions can
be impacted by corporate decisions, whether related to working conditions, health and safety, or organizational
changes.
Tietoevry evaluates the impacts on specific workforce segments that may face higher risks or challenges – such
as employees in technical roles, remote workers, those in high-stress environments, and underrepresented
groups like women and minorities – through regular monitoring, surveys, and engagement with workforce
representatives. Tietoevry's risk assessment, which is integrated into its human rights due diligence process,
considers factors like gender, age, job role, and location.
The risk analysis recognizes that employees and non-employees in different regions face varied risks due to local
labour laws and societal norms. Tietoevry aims to ensure compliance and address region-specific risks. Through
regular data collection, employee feedback, and collaboration with external experts, the company proactively
addresses emerging risks and protects the well-being of all employees.
No material impacts on Tietoevry’s own workforce related to the implementation of climate transition plans or
plans and actions to reduce carbon emissions were identified during the double materiality assessment.
Material negative impacts
A material negative impact related to diversity was identified as being mainly centred around gender equality. In
addition, equal pay for equal work was also identified as a material negative impact, specifically related to female
employees. Women are underrepresented in leadership and technical positions, which may infringe upon
individuals’ rights to equal treatment and opportunities, while also representing a broader industry challenge.
Furthermore, minority groups (such as people with disabilities, individuals from lower socioeconomic
backgrounds, and members of the LGBTQ+ community) may experience limited representation and lack of
diversity in leadership. Other concerns include discrimination, implicit bias, unfair hiring practices, and non-
inclusive workplaces.
The majority of Tietoevry’s operations are in areas where the risks of violations to freedom of association and
collective bargaining are low. However, some of the company’s operations are located in areas with higher risks
of violations or no guarantee of r ights (37% of to tal operations). In countries such as China, Ukraine, Poland, India
and Serbia, employees’ rights to freedom of association, collective bargaining, and social dialogue may be
compromised. In these countries, the company strives to facilitate local forums where topics can be addressed.
For employees not covered by collective agreements, the company determines employees' working conditions
and terms of employment based on collective agreements that cover other employees in the organization.
Material positive impacts
Tietoevry's initiatives such as remote working opportunities, employee learning, and a focus on employee
development, including reskilling and upskilling, result in material positive impacts related to working time, work-
life balance, and secure employment for employees and non-employees in the workforce. The positive impacts
are consistent across various regions where Tietoevry operates, demonstrating the company’s commitment to
fostering a supportive and growth-oriented work environment. This holds true even amidst rapid changes in the
labour market, including the transformative effects of technological advancements.
Material risks
Tietoevry’s material risks related to gender equality and equal pay for work of equal value are closely tied to any
negative impacts on diversity and gender equality. Gender inequality can increase talent attraction and retention
costs, reducing productivity, and negatively affect reputation which can impact business and investment
opportunities.
Material opportunities
Material opportunities related to working conditions – specifically working time, work-life balance, and secure
employment – are tied to the positive impact the company has in these areas. By continuously striving for a
supportive work environment, Tietoevry can reduce costs through higher employee retention and decreased
recruitment needs, while contributing to growth.
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Operations at significant risk of incidents of forced labour or compulsory labour
The high-skilled nature of Tietoevry’s workforce, the type of work performed, and the locations of its operations
contribute to a low risk of forced or compulsory labour within the company’s own operations. However, the
company has operations in a country classified as a high-risk country for modern slavery according to the Global
Slavery Index, namely Ukraine. The Global Slavery Index does not account for industry differences, which limits
the accuracy of the assessment's results.
Operations at significant risk of incidents of child labour
Tietoevry operates in the IT and digital services sector, which generally has a low risk of child labour. No
operations have been identified to be at significant risk of incidents of child labour.
Impacts, risks and opportunities management
Policies related to own workforce (S1-1)
Tietoevry is dedicated to respecting and supporting internationally recognized human rights for all individuals
impacted by its business operations across the regions in which it operates. This commitment is visible in key
policies, including the Human Rights Policy, the Code of Conduct, as well as the Health and Safety Policy.
The Human Rights Policy is aligned with the United Nations Guiding Principles on Business and Human Rights, the
OECD Guidelines for Multinational Enterprises, and the United Nations Global Compact (to which Tietoevry is a
signatory). The policy outlines the company’s approach to safeguarding the human rights of all individuals
affected by its business operations and partnerships, both in its own operations and throughout its value chain.
Key components of the policy include accountability for human rights across the value chain, regular human
rights due diligence, performance tracking, communication of the company’s progress, and robust mechanisms
for grievance and remediation.These together are considered appropriate mechanisms and processes to
monitor compliance with the international standards and norms mentioned above.
The Group Executive Management team is accountable for the successful implementation of the policy, which is
formally approved by Tietoevry's CEO. The policy is communicated both internally and externally, ensuring that
all employees and external partners are aware of the commitments. Tietoevry provides internal training materials
and conducts interactive information sessions to keep employees informed about the company’s human rights
due diligence progress. Performance against the policy commitments is regularly reviewed and reported as part
of Tietoevry’s corporate governance practices.
Tietoevry’s Code of Conduct (the Code) outlines the company’s ethical commitments regarding its workforce
and operations. The Code, aligned with the UN Guiding Principles on Business and Human Rights, OECD
Guidelines, and UN Global Compact, reinforces the company's ethical commitments on topics such as freedom
of association, health and safety, and fair employment. It ensures compliance with laws on working hours,
promotes work-life balance, and enforces a strong non-discrimination policy, prohibiting discrimination on
gender, identity, nationality, religion, race, age, disability, marital status, sexual orientation, political views, or
union membership. In addition, the Code outlines the company’s commitment to create an inclusive workplace
where differences are welcomed and respected, and where employees are given equal opportunities to grow.
The Code prioritizes health and safety, aiming to prevent workplace hazards, accidents, and occupational
diseases, and mandates zero tolerance for bullying, harassment, or violence. It also strictly prohibits forced,
compulsory, and child labour, including trafficking of human beings. The Code applies across all employment
aspects and in relationships with suppliers, customers, and partners. It is applicable to all employees, Board
members, subcontractors, and representatives globally.
The company is committed to respecting human rights – including preventing, mitigating, and addressing
discrimination, as outlined in its Human Rights Policy and Code of Conduct. This commitment is implemented
through ongoing human rights due diligence, encompassing the identification, assessment, investigation,
prevention, mitigation, and remediation of actual or potential adverse human rights impacts.
Management plays an active role in risk prevention and mitigation, while discrimination is addressed by
promoting clear company values and raising employee awareness about discrimination, diversity, and inclusion.
Concrete activities include mandatory training in the company’s Code of Conduct, which includes modules on
non-discrimination, as well as mandatory training in diversity, equity and inclusion for all people managers.
To support these efforts, mechanisms for grievance and remediation are in place to handle cases of harassment
and discrimination, and to foster an inclusive workplace. A whistleblowing channel allowing for anonymous
reporting provides a safe platform for submitting information on breaches of law or internal policies and rules.
Reports are logged and independently followed-up by the Whistleblowing Unit, ensuring confidentiality and
protecting whistleblowers against retaliation. Reports of a severe or sensitive character are reviewed and
followed-up by the Escalation Committee, which consists of the Head of Corporate Governance and
Compliance, Head of Group Legal & Compliance, Head of Internal Audit, Head of HR and Group Compliance
Officer.
Based on benchmarking, stakeholder consultation, and union engagement, the Code is revised annually to align
with best practices and stakeholder expectations. All employees agree to the Code upon joining the company
and complete an annual e-learning course. Tietoevry’s HR and Group Compliance teams support adherence to
these ethical standards. The Code is approved by the CEO and the Chief Financial Officer is responsible for the
implementation of the Code.
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Tietoevry’s commitment to employee well-being is further reflected in its Health and Safety Policy, which focuses
on promoting both physical and mental health by maintaining a safe and healthy work environment. The policy
includes measures to identify and minimize workplace hazards, provide employees with the necessary training,
and ensure emergency preparedness. It also emphasizes compliance with relevant health and safety laws,
regulations, and standards.
All incidents, risks, and compliance issues related to health and safety are reported through the company’s risk
management system. The Head of Human Resources (HR) is responsible for implementing the policy, and
employees are encouraged to actively contribute to maintaining a safe workplace by reporting hazards and
incidents. The policy is approved by the Head of HR and oversight of the Code’s implementation lies with the
Head of Workplace Innovation & Facilities.
Processes for engaging with own workforce and workers’ representatives about impacts (S1-2)
Tiet oevry engages both directly with its own workforce and through workers' representatives such as unions,
employee representation committees, and work councils both locally and internationally (through the European
Works Council). Direct engagement with its own workforce takes place through regular reviews of feedback
collected via employee surveys, performance evaluations – including development planning – as well as other
engagement mechanisms. Employee surveys are conducted several times a year to ensure a continuous
dialogue within the company. Quantitative results are shared and open for all employees, and systematic
dialogues are driven in the company. The outcomes of these engagements are analyzed to measure employee
satisfaction, work-life balance, and overall well-being. Adjustments to policies and programmes are made based
on these insights. Additionally, the company regularly assesses the impact of agreements with workers'
representatives to ensure that the evolving needs and perspectives of its workforce are addressed.
Tietoevry maintains agreements with workers' representatives that uphold the respect for the human rights of its
workforce, as stipulated in the Code of Conduct. These agreements facilitate regular communication and
discussions on human rights and labour rights, including working conditions and collective bargaining. By
ensuring that employee representatives can perform their functions unhindered and without fear of retaliation,
Tietoevry gains valuable insights into employee perspectives and is able to contribute to a supportive and
inclusive work environment. The company does not have a Global Framework Agreement in place.
The company holds regular local meetings with unions, in addition to specific meetings based on formal
negotiation meetings set by local laws. Regular monthly meetings with the European Works Council (EWC) are
conducted, including two in-person meetings per year. The responsibility for ensuring effective engagement lies
with Human Resources (HR). The Head of HR, representing the most senior role accountable, oversees the
execution of engagement initiatives and ensures that the insights gained inform Tietoevry's strategy process and
decision-making.
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Process to remediate negative impacts and channels for own workers to raise concerns (S1-3)
Tietoevry is committed to ensuring effective grievance and remediation mechanisms, as outlined in its Human
Rights Policy and its Code of Conduct. The company maintains open, transparent communication channels
where internal and external stakeholders can raise concerns without fear of retaliation. Employees and other
stakeholders can report breaches of the Code of Conduct, internal policies, or laws to their managers, HR
partners or directly to the Group Compliance Unit. Additionally, such concerns can be reported through
Tietoevry’s third-party-operated whistleblowing channel, which allows for anonymous submissions. More
information about Tietoevry’s whistleblowing process is available in G1 - Business Conduct.
Tietoevry is dedicated to the well-being of its workforce, comprising both employees and other workers. If the
company identifies that any action or actions have caused or contributed to a material negative impact on its
workforce, immediate and appropriate steps are taken to remediate the situation.
The company’s approach to remediation is outlined in the Human Resources Policy and Human Rights Policy, and
in more detail in local employee handbooks specific to each country of operation, ensuring that the remediation
measures, including disciplinary practices, are both equitable and tailored to local regulations.
Actions
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 (S1-4)
Tietoevry’s approach to addressing the material impacts on its workforce, managing key risks, and pursuing
significant opportunities is grounded in its sustainability due diligence framework. This framework includes
processes to identify, mitigate, and remediate both actual and potential negative impacts on employees. Due
diligence is an ongoing effort, ensuring that workforce-related challenges are effectively addressed in a timely
manner.
The framework is reinforced by regular management training programmes that enhance awareness and equip
leaders with the skills needed to navigate workforce challenges. Furthermore, policies are continuously refined
to reflect emerging needs and align with industry best practices.
During the year, Tietoevry has carried out several activities related to its material impacts, risks and
opportunities. The scope of the key actions includes all countries and geographical areas where Tietoevry
operates.
Regarding the negative impact related to freedom of association, collective bargaining, and social dialogue, the
company has conducted several activities during the year. For example, the company incorporated a question
about freedom of opinion in the anonymous employee survey. This provides regular insights into employee
perceptions about their freedom to express opinions and have union representation. The company has
continued to promote its Code of Conduct values, which emphasize support for freedom of association and the
right to collective bargaining. Future actions will involve facilitation of employee representation committees or
work councils, ongoing support for regular engagement with employee representatives, and continuous
promotion of the Code of Conduct values. However, in countries where collective bargaining is not legally
recognized or practised, the company aims to establish alternative forms of employee representation and
dialogue. The expected outcomes include stronger employee representation, improved communication
channels between employees and management, and enhanced trust and cooperation within the workplace.
While Tietoevry has taken steps to promote gender equality in recent years, progress has been slower than
anticipated. Addressing challenges such as the under-representation of women remains a priority, and the
company is committed to accelerating efforts in this area as part of its sustainability strategy. Tietoevry will
maintain a strong emphasis on diversity in leadership roles, collaborating with business areas to measure
progress against established targets.
Key actions related to gender equality and equal pay for equal work during 2024 included the development of a
new Human Resource Policy, further underlining the company’s commitments to gender equality. The company
has developed a new mandatory training on diversity, equity, and inclusion (DEI) for managers, re-established
the Women@Tietoevry employee resource group (ERG) in Sweden and Norway, and launched external
campaigns to attract female tech talent. Additionally, cooperation with female tech networks in the Nordics,
including Women in Tech Stockholm, Helsinki, and ODA Nettverk in Norway, has been strengthened.
Additionally, in 2024, Tietoevry conducted a global pay gap analysis to identify and address disparities, with
specific efforts focused on the gender pay gap. This included adjustments of flagged salaries during the annual
salary review process. The analysis also helped to refine job structures and improve data quality for future
evaluations. Furthermore, new targets related to gender equality, equal pay and diversity were also developed
and implemented to improve tracking of the company’s performance. The company’s Code of Conduct e-
learning, which includes modules about DEI, continued to be a mandatory training for all employees during the
year.
Tietoevry remains committed to its aspiration to reach a gender split of 49/49 within the overall workforce over
time. In 2024, the aspiration was reformulated with the purpose of also including those who identify outside of
the binary, and to create a workforce that reflects the diversity of the communities it serves.
Long-term activities related to gender equality and diversity that were initiated before 2024 also continued
during the report year. These included diversity-focused recruitment, improved internal reporting on gender
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balance figures, and diversity succession planning. Also, long-term incentive plans – including the target of
increasing the share of female recruits – continued to be part of the company’s agenda.
During 2025, Tietoevry will continue policy development and reviews in relation to DEI. Additional training for all
employees and managers will be developed to increase awareness around diversity and inclusion. Gender pay
gap analysis will be a standard part of annual assessments going forward and additional ERGs will be
established. Activities carried out and planned related to gender equality and equal pay for equal work as well as
workforce diversity are expected to positively impact these topics, while also mitigating risks related to gender
equality.
In 2024, Tietoevry continued to promote a healthy work-life balance including reasonable working time through
arrangements such as remote work options and adjustable working hours. The company monitors overtime on a
quarterly basis and in 2024 set itself the target of keeping overtime below 3% of normal average working hours.
Tietoevry strives to ensure that its time reporting system complies with local labour laws, particularly in countries
that have defined legal overtime limits. In locations with active union participation or work councils, overtime
reporting is done in collaboration with these bodies to provide collective oversight and support.
Tietoevry’s company-wide employee survey – conducted once in 2024 – featured workload as a key category,
providing valuable insights into employee experiences and perceptions related to work demands. Additionally,
employee surveys for specific functions and business areas were carried out four times during the year. Work-
life balance was also regularly evaluated through ongoing manager-employee check-ins, allowing for direct
support of employee well-being. These insights enable the company to further improve its efforts in terms of
working time and work-life balance by enabling data-driven decisions.
Activities going forward will continue to include a hybrid work setup, adjustable working hours and ongoing
dialogues between employees and managers, with the aim of promoting a healthy work-life balance.
Secure employment is supported by Tietoevry's professional development framework, which emphasizes
regular development dialogues and check-ins to ensure employees receive continuous support from their
managers. The employee survey includes elements that evaluate the company’s goal-setting and professional
growth, providing insights for continuous improvement. During 2024, there was an increased focus on
development dialogues as a means to support employees in having relevant skills in a fast-paced changing
industry. Future actions include communication plans with managers, training, and enhanced monitoring to
ensure Tietoevry continues to have a positive impact on secure employment.
The actions focused on work-life balance, working hours, and secure employment are anticipated to sustain
Tietoevry’s positive impact in these areas while fostering further improvements. Expected outcomes include
healthier work-life balance for employees, increased engagement, reduced burnout, and enhanced overall well-
being. These positive effects are also expected to create financial opportunities by enhancing the company’s
attractiveness as an employer, improving employee retention, increasing productivity and lowering recruitment-
related costs.
Tietoevry strives to ensure its practices do not cause or contribute to material negative impacts by aligning
business operations with its Code of Conduct and Human Rights Policy. The company conducts regular audits
and risk assessments of its procurement, sales, and data use policies to ensure alignment with its values.
Tietoevry actively engages with stakeholders, including employees and suppliers, to gather feedback and
address concerns. In instances where tensions arise between business pressures and the prevention of negative
impacts, clear management policies guide decision-making, supported by continuous feedback and learning
mechanisms. This approach enables Tietoevry to adapt and respond effectively to any potential issues.
The resources dedicated to managing material IROs related to the workforce include specialized teams with
expertise in these areas. These teams play a key role in developing action plans, supporting the implementation
of initiatives, and providing guidance to help ensure compliance with relevant policies and standards,
recognizing that compliance is a shared responsibility across the organization.
In addition to human resources, Tietoevry invests in robust platforms to support employee training, facilitate
meaningful development discussions, and conduct regular employee surveys. These tools not only help raise
awareness and enhance skills but also provide critical insights into employee needs and organizational
performance. Furthermore, resources are directed towards fostering a culture of inclusivity and collaboration,
with mechanisms in place to promote continuous feedback and engagement.
Tietoevry’s action plans for the material IROs did not involve significant operational (Opex) or capital (Capex)
expenditures during the 2024 financial year. Additionally, no future financial resources (Opex or Capex) have
been allocated to future action plans at this time.
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Metrics and targets
Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities (S1-5)

Material topic | Type of IRO related to target | Target | Result 2024
Diversity, gender equality and equal pay for work of equal value | Actual negative impact and risk | 33% of underrepresented gender in all board positions by 2026 (new target FY2024) | 30%
Diversity, gender equality and equal pay for work of equal value | Actual negative impact and risk | 30% of underrepresented gender in leadership positions by 2030 (new target FY2024)* | 25%
Diversity, gender equality and equal pay for work of equal value | Actual negative impact and risk | 37% recruitment of female recruits by 2025 | 34%
Diversity, gender equality and equal pay for work of equal value | Actual negative impact and risk | Ensure the unexplained gender pay gap remains below 5% threshold and is further reduced towards 2026 (new target FY2024) | 3%
Diversity, gender equality and equal pay for work of equal value | Actual negative impact and risk | 100% people managers trained in DEI on an annual basis (new target FY2024) | 86%
Working time and work-life balance | Actual positive impact | Ensure work-life balance by keeping overtime at low level – not exceeding 3% of normal average working time (new target FY2024) | 1%
Secure employment | Actual positive impact | Annual My Growth completion rate of 90% for all employees – covering work and development goals (new target FY2024) | 81%
*Definition of leadership positions is senior managers: Job grade 15 and higher + CEO

Tietoevry’s target-setting methodology combines benchmarking, legislative review, and employee needs
assessment, using data from internal surveys, compliance reports, international standards, and input from
employee committees. Employees and management have provided essential feedback through consultations,
ensuring that goals are practical and relevant. Final targets received approval from Group Executive
Management. During target setting, past sustainability performance was also reviewed with employees. Cross-
functional teams from strategy, HR, Finance, and Sustainability contributed insights, while employee dialogues
provided diverse perspectives, helping shape targets aligned with organizational and workforce needs.
Tietoevry’s targets addressing material risks and negative impacts related to gender equality, equal pay and
diversity are aligned with the company's commitments to inclusion, diversity and non-discrimination outlined in
its Code of Conduct. Targets related to working time, work-life balance and secure employment are related to
the company’s commitments to fair employment conditions, as outlined in the Code of Conduct.
All targets, except for the share of female recruits, have 2024 as the base year. The share of female recruits,
however, uses 2020 as its base year, with a baseline value of 27%. The target scope for senior manager by
gender does not cover Avega, Bekk, Eye-share, EVRY India, the Infopulse units in Brazil, Germany, Poland, and
Ukraine as these entities operate under a different job grade system. The target scope related to the diversity,
equity and inclusion training does not cover Bekk, which operates fully as a portfolio company.
Targets are measured annually, with specific target periods outlined in the target table. Additionally, several key
targets are monitored quarterly, including reaching 30% of underrepresented gender in leadership positions by
2030, ensuring 37% of recruits are female by 2025, maintaining work-life balance by keeping overtime at low
levels, and achieving a 90% completion rate for the annual My Growth review (which covers work and
development goals for all employees). Quarterly reports are generated both at business and Group levels.
Measurements of the targets are not validated by any external body except for the assurance providers and no
milestones or interim targets have been set.
During Tietoevry's double materiality assessment, new material topics were identified, leading to the
establishment of new targets. These targets were approved by GEM in early 2024 and remain unchanged,
except for the My Growth target, which has been revised from 'Annual My Growth completion rate of 90% for all
employees – development plans addressed' to 'Annual My Growth completion rate of 90% for all employees,
covering work and development goals'.
Tietoevry values employee engagement in tracking sustainability and operational targets, and fostering
transparency and collaboration. Through structured channels, employees are regularly updated on progress in
areas like diversity, inclusion, and well-being. Quarterly performance reports related to targets are shared with
respective businesses, empowering them to follow performance and contribute to improvement efforts.
Employee engagement surveys are also used to monitor targets for satisfaction, work-life balance and inclusivity,
and the insights are shared to inform decision-making and adapt operations as needed.
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In 2024, 30% of board positions were held by the underrepresented gender, showing progress towards the 33%
target by 2026. The company is on track, with a 3-percentage point gap requiring continued efforts but no
significant deviations from the planned trajectory. The 26% representation in leadership positions falls short of
the 2030 target of 30%, highlighting the need for further efforts. The achievement of 34% female recruits is
below the company’s initial plan, yet the overall increase in female recruits reflects a positive trend. Maintaining
focus will be crucial to reach the 37% target within the next year, despite challenges such as lower recruitment
volumes and fewer graduates. Close collaboration with busines s units is essential to align hiring processes and
facilitate regular progress reporting against established targets.
During 2024, the first year of conducting a company-wide gender wage gap assessment, Tietoevry set itself the
target of keeping the unexplained (adjusted) gender wage gap below the 5% threshold and achieved a result of
3% globally. This strong outcome highlights Tietoevry’s commitment to pay equity through transparent practices,
benchmarking, and structured compensation processes. As the initial assessment, it establishes a valuable
baseline for future improvements. Tietoevry remains dedicated to further reducing disparities by enhancing
monitoring and conducting regular reviews, ensuring that fairness and equity remain central to its compensation
practices.
The target of achieving 100% annual training in DEI for all people managers was not fully met. This was the first
year such training was conducted, and its launch in Q4, coinciding with other ongoing learning activities within
certain businesses, may have impacted completion rates. As this training was introduced in 2024, no significant
trends can yet be observed.
The My Growth completion rate for 2024 stands at 81%, which is below the target of 90%. This shortfall
highlights the necessity to evaluate the existing processes and practices associated with the My Growth
programme. It is essential to identify any barriers that may have prevented employees from completing their
work and development goals to ensure that reskilling and upskilling needs are identified and managed. As this is
a new target for the reporting year, no trends can be observed at this time.
The progress towards the target of maintaining overtime at a low level is in line with initial plans, as the 2024
result of 1% is well below the 3% threshold. This aligns with the objective of ensuring work-life balance. Future
evaluations will be necessary to assess ongoing performance against this target. Since this is a new target, it is
not possible to determine a trend based on previous performance.
Involvement of workforce or workers’ representatives in identifying lessons or improvements as a result of
performance against targets has not been implemented. Relevant engagement activities will be explored during
2025.
Characteristics of the undertaking's employees (S1-6)
In 2024, Tietoevry recorded a 14% employee turnover rate of which 8% were voluntary. In total, 3 566
individuals left the company.
Employee data is collected via the Human Capital Management Platform (Workday) as well as through a manual
process from subsidiaries not integrated in Workday. For new hires, turnover is calculated based on average
headcount on the last day of the previous year and the last day of the reporting year. Headcount numbers are
reported at the end of the reporting period. Assumptions are not used in the reporting related to metrics in S1-6.
In the Financial Statements, personnel are reported based on the average number of full-time employees during
the year and the total number of full-time employees at year end.
Employee headcount by gender

2024
Gender | Number of employees (headcount)
Male | 16 422
Female | 7 655
Other | 15
Not reported | 0
Total employees | 24 092

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Employee headcount in countries with at least 50 employees

2024
Country | Number of employees (headcount)
Austria | 278
Bulgaria | 690
China | 1 026
Czech Republic | 2 504
Denmark | 54
Estonia | 131
Finland | 3 099
Germany | 103
India | 4 178
Latvia | 1 159
Lithuania | 136
Norway | 3 874
Paraguay | 91
Poland | 955
Serbia | 92
Slovakia | 148
Sweden | 3 683
Ukraine | 1 699
US | 118

Information on employees by contract type, broken down by gender (headcount)

2024
Female | Male | Other | Not disclosed | Total
Number of employees
7 655 | 16 422 | 15 | 0 | 24 092
Number of permanent employees
7 503 | 15 999 | 15 | 0 | 23 517
Number of temporary employees
152 | 423 | 0 | 0 | 575
Number of non-guaranteed hours employees
5 | 5 | 0 | 0 | 10

Collective bargaining coverage and social dialogue (S1-8)
Employment Terms and Conditions
Tietoevry ensures that the working conditions and terms of employment for its employees are largely determined
or influenced by collective bargaining agreements, particularly within the European Economic Area (EEA).
In consideration of the working conditions and terms of employment of non-employees, Tietoevry aims for
transparency and adherence to industry standards where collective bargaining agreements are applicable.
While specific estimates of coverage rates for non-employees are not available, the company strives to ensure
fair and equitable treatment across all its workforce segments. The percentage of total employees covered by
collective bargaining agreements during 2024 was 42%.
In relation to social dialogue, Tietoevry actively facilitates structured engagement between employees and
management. Employees within the European Union (EU) are covered by a European Works Council (EWC)
agreement. This agreement ensures robust representation and dialogue on matters concerning working
conditions, employment terms, and other significant workplace issues. The percentage of total employees
covered by workers’ representatives in the EEA during 2024 was 66%.
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Data related to collective bargaining coverage and social dialogue is collected from HR specialists in all countries
of operations via a manual process. Data reported includes end-of-year headcount and percentage of
employees covered by collective bargaining agreements.
Collective bargaining coverage and social dialogue

2024
| Collective bargaining coverage | Social dialogue
Coverage Rate | Employees - EEA | Workplace representation (EEA only)
0–19% | Bulgaria, Czech Republic, Denmark, Estonia, Germany, Latvia, Lithuania, Poland, Slovakia | Bulgaria, Czech Republic, Denmark, Estonia, Latvia, Slovakia
20–39% | — | —
40–59% | — | —
60–79% | — | Poland
80–100% | Austria, Finland, Norway, Sweden | Austria, Finland, Germany, Lithuania, Norway, Sweden

Diversity metrics (S1-9)
Top management is defined as Tietoevry's Group Executive Management team. Data is collected from Workday
in terms of headcount by the end of the year.

2024
Gender | Number of employees at top management level | Percentage of employees at top management level
Male | 8 | 89%
Female | 1 | 11%

Age distribution across workforce
Data regarding distribution of age across the workforce is collected from Workday and via Excel in terms of
headcount by the end of the year.

2024
Age distribution in workforce | Headcount of employees
Under 30 years old | 4 259
30–50 years old | 14 890
Over 50 years old | 4 943

Remuneration metrics (pay gap and total remuneration) (S1-16)
Tietoevry has undertaken a thorough analysis of employees' base pay to assess the gender pay gap, adhering to
well-defined principles and rules. Assessment has included both the unadjusted pay gap, which amounted to
12% during 2024, as well as the adjusted gender pay gap, which was 3% during 2024.
The unadjusted gender pay gap is determined as the difference in average annualized full-time salary between
male and female employees, expressed as a percentage of the average annualized full-time salary of male
employees.
The adjusted gender pay gap evaluation framework involves assessing compensation within specific peer
groups, based on country, business, and job profiles for employees in the centralized human resource
management system and similar categorizations for those outside of the centralized system. This is to ensure
that peer groups represent individuals performing a similar type of work in the same business and location.
Furthermore, the analysis factored in several key variables, such as employee work-life experience, tenure
within the company and their current role, and supervisory responsibilities.
The total remuneration ratio at Tietoevry is determined by comparing the annual remuneration of the highest-
paid individual to the median annual remuneration of other employees, excluding the highest-paid individual.
The total remuneration data was gathered at an individual level from the company’s central human resource
system, along with inputs from country HR representatives where needed (for locally administered benefits,
pensions, and allowances). During 2024, the total remuneration ratio was 34%.
To allow for a meaningful comparison of employee remuneration across different countries, Tietoevry applied
the World Bank's Purchasing Power Parity (PPP) conversion factor to all individual remuneration data. The PPP
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conversion factor was applied based on the employee's country of employment to determine employee total
remuneration in international dollars (total remuneration in local currency/PPP conversion factor), which is then
used to further determine the total remuneration ratio.
Incidents, complaints and severe human rights impacts (S1-17)
Tietoevry collects data on incidents, complaints, and severe human rights impacts through the company's
whistleblowing channel as well as from HR partners. Data is consolidated at the end of the year for reporting
purposes. The company also reviews any complaints that might have been channelled to the National Contact
Points.
During 2024, a total of 62 cases were submitted to HR partners and the Whistleblowing Unit. The number of
reported discrimination and harassment incidents amounted to 30 for the reporting year. Out of these, three
cases contained discrimination allegations, and 27 cases were harassment related. Following due investigation,
27 cases were closed, and two are still ongoing. In total 16 remediation plans were implemented, with six results
reviewed through internal management review processes. One remediation plan is still under implementation,
and 27 incidents are no longer subject to action.There were no fines, penalties or compensation for damages
resulting from any of the reported cases. No cases of severe human rights incidents – including forced labour,
human trafficking, or child labour – were reported during the year.
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S2 - Workers in value chain
Strategy
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SMB-3)
Tietoevry identified actual negative impacts related to collective bargaining and freedom of association for value
chain workers. Furthermore, a potential negative impact was identified related to value chain workers' right to
equal treatment and opportunities for all.
The majority of Tietoevry’s purchases occur within the Nordic countries, with its top 200 suppliers accounting for
85% of total supplier spend, ranked by expenditure. Suppliers based in Finland, Sweden, and Norway represent
more than 70% of the company’s annual external spend. Hence, the risk for Tietoevry being directly involved in
any widespread and systematic negative impacts is limited. However, Tietoevry is aware of the fact that, through
its business relationships with its suppliers in lower tiers of the supply chain, the company may be linked to
impacts originating from suppliers located in regions with weak labour protections and regulatory oversight
where these impacts occur.
In these regions, workers may face restrictions on their rights to organize and engage in collective bargaining due
to both local labour practices and the structure of global supply chains. These negative impacts are not isolated
incidents, but reflect ongoing challenges in industries such as electronics manufacturing and raw material
extraction, where labour rights violations are more common. Additionally, the transition to greener and climate-
neutral operations could further exacerbate these risks, particularly in sectors such as mining for minerals
required for sustainable technologies. Restructuring and an increased demand for critical minerals, coupled with
lack of careful management, may lead to worsening labour conditions, impacting workers' rights to collective
bargaining and freedom of association.
Workers who could be materially impacted in Tietoevry’s value chain include migrant workers in upstream
activities such as mineral extraction. This is a key part of Tietoevry's hardware sourcing value chain. Therefore,
Tietoevry sources hardware from reputable global brands with established programmes aimed at mitigating the
risk of workers being negatively impacted. Migrant workers – potentially a part of Tietoevry's value chain – may
face exploitation and a lack of protection. Women in male-dominated sectors such as the technology sector may
encounter discrimination and pay gaps, while young workers and subcontracted staff may face job insecurity
and lower wages. Trade unionists in regions hostile to unionization may risk retaliation, and home workers –
such as remote IT service providers – may experience isolation and a lack of protection. Additionally,
maintenance staff, service workers in offices and data centres, and subcontracted workers in technology,
hardware installation, and logistics may also be subject to impacts, while not considered material to Tietoevry.
Tietoevry has not identified the risk of child labour and forced or compulsory labour in its own operations as
material, but there is an elevated risk of this further down the supply chain, particularly in the extraction sector
from which the metals and minerals used in Tietoevry's hardware are sourced. Some suppliers may be operating
in regions with known forced labour issues, particularly in raw material extraction or manufacturing. Countries
with weaker labour laws, like parts of Asia and Africa, pose heightened risks. Although Tietoevry does not
directly source raw materials, it relies on suppliers for electronic components that may include minerals like
cobalt and tin, often sourced from areas known for forced labour. This may be the case especially in artisanal
mining, mainly taking place in African countries. Additionally, outsourcing services or working with third-party
contractors in regions with forced labour risks expose Tietoevry indirectly.
In 2024, Tietoevry identified two cases of potential non-compliance with the UN Guiding Principles on Business
and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work, or OECD Guidelines for
Multinational Enterprises involving value chain workers. The first case involved a Norwegian supplier accused of
poor working conditions, leading to an external inquiry under the Norwegian Transparency Act. Tietoevry
investigated the case and engaged in dialogue with the supplier where compliance with Tietoevry’s Supplier
Code of Conduct was addressed. Following the discussions, the matter was resolved.
The second case arose from a customer inquiry about how Tietoevry ensures respect for human rights and
working conditions among its limited number of suppliers located in Israel. Tietoevry conducted a risk
assessment, consulted a human rights expert, and engaged with relevant customer teams. The situation is being
monitored, with further supplier dialogues planned for 2025. This has prompted Tietoevry to further strengthen
its human rights due diligence processes, with plans to explore additional enhancements in 2025.
Tietoevry is not aware of any severe human rights issues or incidents in its value chain reported during 2024.
Given that Tietoevry has not identified any actual or potentially positive impact on workers in the value chain,
there are no activities resulting in positive impacts to be reported yet. Additionally, the results of the double
materiality assessment indicated that the company does not have any material risks and opportunities arising
from impacts and dependencies on workers in the value chain.
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Impacts, risks and opportunities management
Policies related to value chain workers (S2-1)
Tietoevry is dedicated to respecting and supporting internationally recognized human rights for all individuals
impacted by its business operations across the regions in which it operates, including workers in the value chain.
This commitment is formalized through several key policies, including the Human Rights Policy, Code of Conduct,
the Supplier Code of Conduct and Tietoevry's Source to Pay Policy. The commitments in the Human Rights Policy
apply equally to Tietoevry's workforce and value chain workers.
In addition to the Human Rights Policy and the Code of Conduct, Tietoevry’s Supplier Code of Conduct (The
Supplier Code) is the key policy that addresses impacts on value chain workers. It communicates the company's
ethical and business principles, which all business partners are expected to follow. For clarity, when Tietoevry
acquires new businesses, the transferred supplier contracts do not initially include Tietoevry’s Supplier Code.
However, in any contract renewal or new contract the Supplier Code is incorporated.
As outlined in the Supplier Code, Tietoevry upholds and respects all internationally recognized human rights and
adheres to the UN Guiding Principles on Business and Human Rights, the OECD Guidelines for Multinational
Enterprises, and the UN Global Compact. The Supplier Code aligns fully with applicable ILO conventions,
addressing the prohibition of forced and child labour, and the right to freedom of association, and collective
bargaining rights. Rooted in these principles, it also incorporates additional expectations tailored specifically to
Tietoevry's standards.
The key contents of the Supplier Code define minimum requirements in areas such as human rights, labour
conditions, environmental responsibility, business ethics, and legal compliance. It emphasizes the need for
suppliers to support freedom of association, enable collective bargaining, and safeguard workers’
representatives from discrimination while allowing them to fulfil their responsibilities. The Supplier Code also
sets out requirements for equal treatment and opportunities for all employees. It mandates that employees must
not face discrimination or harassment – neither physical, sexual, psychological, or verbal – based on gender,
nationality, religion, race, age, disability, sexual orientation, pregnancy, marital status, political opinion, union
membership, social or ethnic origin, or any other status protected by local laws. Human rights must be
understood, respected, and applied equally to all workers, whether temporarily or permanently hired or
contracted. In cases where local laws conflict with the principles in the Supplier Code, the highest standard
should prevail to ensure sustainable operations.
Input for the annual review of the Supplier Code is gathered through benchmarking, stakeholder interviews, and
expert feedback. This process ensures alignment with stakeholder priorities and addresses their concerns.
Regular reviews ensure the policy remains responsive to evolving stakeholder interests and expectations.
Engagement with value chain workers is indirect, primarily via supplier management.
It is the responsibility of the supplier to ensure that its employees, relevant affiliated companies, and
subcontractors are informed about the content and comply with the requirements. Tietoevry strives to embed
the Supplier Code across its supply chain through integration into contracts, training programmes, and
compliance mechanisms. Responsibility for implementing the Supplier Code lies with Tietoevry's Group Chief
Procurement Officer (CPO).
The key content of the Source to Pay Policy is to ensure effective supplier management with the goal of
maximizing value, minimizing waste and total costs, and ensuring compliance with both internal and external
requirements. The policy is valid for all Tietoevry employees, businesses and operations and its objective is to
ensure that the company engages with suppliers that meet Tietoevry’s standards for responsible supply, while
also requiring those suppliers to uphold the same standards with their own partners. The Group CPO is
responsible for implementing the policy. In line with Tietoevry’s standard procedures, the policy is updated
annually based on alignment with stakeholders’ and experts’ priorities and concerns. The policy content is made
available to all employees through a mandatory e-learning module in Tietoevry Essentials.
Processes for engaging with value chain workers about impacts (S2-2)
As most of Tietoevry’s value chain workers are several tiers down, the company has limited influence over their
working conditions. Besides direct engagement during on-site audits, no general process for interacting with
value chain workers has been established due to this limited influence. Given the limited engagement with value
chain workers, the company does not currently assess the effectiveness of such engagement. Indirect
engagement, primarily through the supplier’s management, occurs via selected management reviews conducted
as part of the company’s annual risk assessment of its supplier base. The topics of these reviews vary yearly to
address the company’s identified material impacts, risks, and opportunities. The outcomes of these reviews,
along with audit findings, guide decisions and actions to manage actual and potential impacts on value chain
workers. Tietoevry conducts 8-10 management reviews annually, typically with different suppliers each year. For
hardware suppliers, these reviews take place yearly, focusing specifically on conflict minerals. The Group CPO,
along with Sourcing Managers and Group Sustainability, is responsible for ensuring that this engagement occurs
and that the results, when deemed valuable, influence Tietoevry’s approach to supplier management. The
company has not yet undertaken efforts to understand the perspectives of workers who may be particularly
vulnerable or marginalized.
In 2025, Tietoevry intends to initiate direct dialogues with value chain workers closer to the company’s own
operations, such as cleaners and canteen staff, to inform future decisions and activities.
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Processes to remediate negative impacts and channels for value chain workers to raise
concerns (S2-3)
Tietoevry is dedicated to maintaining effective grievance and remediation mechanisms, as detailed in its Human
Rights Policy and Supplier Code. The company offers transparent communication channels for all stakeholders to
raise concerns without fear of retaliation, including a third-party-operated whistleblowing channel for
anonymous reports from external parties, such as value chain workers. More information about the
whistleblowing process can be found under G1 - Business Conduct. Tietoevry has not yet assessed whether the
value chain workers are aware of and trust the company’s processes to raise their concerns or needs. Nor has
Tietoevry explicitly required its suppliers to provide a channel for value chain workers to raise concerns. This will
be considered during the annual review of the Supplier Code in 2025. As a result, the company does not yet
track or monitor the effectiveness of suppliers' channels.
On-site audits help Tietoevry detect any significant risks to workers in the value chain. If an audit reveals a
potential issue, Tietoevry collaborates with the supplier to develop an action plan for correction within a
specified timeframe. In cases where a complaint or issue arises, Tietoevry monitors the situation closely until it is
fully resolved, and conducts follow-ups with both the supplier and affected workers to ensure that
improvements are effectively implemented and sustained. If Tietoevry is confirmed to have the obligation to offer
or participate in providing remedy to value chain workers, such a situation would be dealt with individually and
on a case-by-case basis. The effectiveness of remedies provided has not been assessed, as the company has
not encountered a situation of material negative impact on workers in the value chain requiring remedial action.
Actions
Taking action on material impacts on value chain workers, and approaches to managing
material risks and pursuing material opportunities related to value chain workers, and
effectiveness of those actions (S2-4)
Tietoevry is committed to identify, mitigate, and prevent any negative impact related to the company’s
operations throughout the value chain. Key actions aimed to prevent or mitigate identified impacts, addressing
all three material topics relevant to value chain workers during the reporting year are outlined below. The scope
of the key actions covers Tietoevry’s suppliers.
• Sustainability assessment: Integrated into the regular supplier selection process to evaluate suppliers'
commitment to environmental, social, and governance (ESG) issues. From 2024 onwards, results are key
in finalizing supplier selections, ensuring alignment with Tietoevry’s vision, goals and policy objectives
• Annual risk assessment: Assessed all suppliers, classifying them into risk categories allowing for a
targeted approach to mitigate supply chain risks, particularly in high-risk areas, which strengthens overall
supply chain resilience. High-risk suppliers underwent follow-up activities, see below
• Follow-up activities:
◦ Conducted three on-site audits to receive a deeper insight into suppliers’ practices, ensuring
compliance with regulations and Tietoevry-specific standards
◦ Held three management reviews with hardware suppliers with the expected outcome of
gaining a clearer understanding of the material sourced. Additionally, dialogues aim to mitigate
supply chain disruption risks stemming from geopolitical instability or sanctions, and also to
ensure supplier compliance with regulations like the EU Conflict Minerals Regulation
◦ Organized eight management reviews with selected suppliers to discuss achieving zero
emissions in the value chain with the expected outcome of promoting proactive action,
contributing to long-term carbon reduction in the company’s value chain
◦ Engaged in six targeted dialogues encouraging suppliers to set SBTs. Regular engagements,
such as dialogues, build trust and encourage collaboration, fostering a culture of continuous
improvement within the supply chain
• Supplier training: Trained two suppliers on Tietoevry’s Supplier Code with the expected outcome of
enhancing suppliers' understanding of ethical and responsible business practices, raising standards
across the supply chain
• Customer team support: Held dialogues with three Tietoevry customer teams supported by suppliers in
areas requiring heightened human rights due diligence. Collaborations with customer teams help ensure
human rights concerns in the company’s value chain are identified and addressed, mitigating potential
negative impact to people and reputational and operational risks for the company
In its 2023 annual report, the company committed to strengthening and monitoring the supplier onboarding
process, culminating in the integration of a sustainability assessment into the supplier selection process in 2024.
Additionally, Tietoevry advanced its Supplier Code implementation by training suppliers in 2024.
A fundamental action to avoid causing or contributing to material negative impacts on value chain workers
through the company’s own practices and to manage material risks in the company’s supply chain is to clearly
outline Tietoevry’s expectations on its suppliers to comply with all applicable laws and regulations as a
fundamental requirement. Furthermore, suppliers with a contractual relationship with Tietoevry must adhere to
the principles outlined in the Supplier Code, which serves as the foundation for the company’s Responsible
Sourcing practices. All onboarded suppliers are required to undergo a sanctions check. The Group Sourcing and
Partnerships Function, led by the Group CPO, monitors new and renewed supplier contracts to maintain high
standards and compliance levels.
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The company allocates dedicated resources to managing its material impacts, including a team comprising of
Supplier Due Diligence Officers and Sustainability Process Leads, in close collaboration with Group
Sustainability. This team focuses on ensuring responsible supply chain management by maintaining and updating
current processes. Additionally, investments are directed towards enhancing the Supplier Dashboard, enabling
continuous monitoring of supplier contracts and associated risks.
A statement in the Source to Pay Policy outlines that no suppliers should be invited to a process unless they have
a fair chance to win the bid. Moreover, Tietoevry’s Code of Conduct states that colleagues and others are to be
treated with respect. This includes avoiding situations where Tietoevry’s requests would directly or indirectly
demand suppliers to work excessive hours which would cause a negative impact on value chain workers.
When being alerted about a potential negative impact, the relevant sourcing manager is responsible for ensuring
a dialogue with the supplier’s key account manager to verify the finding and agree on corrective and preventive
action plans. Such a process usually includes meetings with the supplier’s management.
In Tietoevry’s Supplier Code, the company requires the supplier to notify Tietoevry whenever there is a violation
of the Supplier Code. This is being monitored through frequent dialogues with Sourcing managers and through
the Whistleblowing Channel. Due to a lack of reliable insight, the company has not taken action to validate and
provide or facilitate remedies for its current material impacts.
Tietoevry has not taken any additional actions or initiatives with the primary purpose of delivering positive
impacts for value chain workers. As a result, the company does not track or monitor the effectiveness of such
initiatives.
Tietoevry plans to improve and further develop its supplier assessment tool starting in 2025, with a particular
focus on enabling the categorization of suppliers based on sector- and industry-specific risks. The goal is to gain
a deeper understanding of and more accurately identify where in the supply chain actual and potential negative
impacts of freedom of association, collective bargaining, and equal treatment and opportunities for workers
occur. Based on more accurate data, the company will be able to scope targeted responses. With the
enhancement of its management and engagement with suppliers, Tietoevry aims to develop means to track and
assess the effectiveness of the actions listed above during 2025. Moreover, in 2025 Tietoevry will review the
measurements it currently uses to monitor progress within supplier management with the aim of setting specific,
measurable, relevant, outcome-oriented and time-bound targets supporting the policy objectives.
Tietoevry’s action plan for the material S2 topics did not involve significant operational (Opex) or capital (Capex)
expenditures during the 2024 financial year. Additionally, no future financial resources (Capex) have been
allocated to future action plans at this time. During 2025, Tietoevry plans to invest EUR 0.1 million in a Supplier
Due Diligence tool to replace the current tool with a more automated, up-to-date and user friendly one. There is
a need for a Dashboard and the possibility to do the follow-ups with less manual work which excludes human
errors.
M etrics and targets
Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities (S2-5)
Aligned with the company’s policy objectives, the aim is to ensure the inclusion of the Supplier Code in all
supplier contracts. Tietoevry monitors this metric and evaluates its effectiveness through the Supplier
Dashboard.
Targets for the material topics related to workers in the value chain will be explored during 2025.
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S4 - Consumers and end-users
Strategy
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SMB-3)
Privacy for consumers and end-users has been dete rmined as a material risk and as an actual positive impact for
Tietoevry in the company’s double materiality assessment. The scope of Tietoevry’s double materiality
assessment covers all consumers and/or end-users who are likely to be materially impacted by the company,
including impacts connected with the company’s operations and value chain through its products and services,
as well as its business relationships.
Tietoevry’s positive impact on privacy for consumers and end-users comes from its strong commitment to data
protection. The company ensures privacy by using secure technologies, conducting regular security audits, and
complying with regulations like the General Data Protection Regulation (GDPR). The company is also transparent
about data collection and usage practices. Building trust through strong privacy practices enhances customer
loyalty and satisfaction.
In terms of risks, Tietoevry is particularly attuned to data privacy and cybersecurity. Given the company’s
involvement in managing critical IT infrastructure and sensitive data, any breach could have significant
repercussions. Tietoevry continues to strengthen its cybersecurity capabilities and ensure compliance with data
privacy regulations.
All potential personal data breaches that affect individuals stem from violations of data confidentiality,
availability or integrity. These breaches could result in various negative consequences, such as inability to
continue personal data processing (e.g. service disruptions), potential physical harm (especially concerning
patient safety), significant economic or social disadvantages, and discrimination. Additionally, consequences
could include financial loss, identify theft or fraud, damage to an individual's reputation, and negative impacts on
the rights and freedoms of the data subjects. These risks apply to everyone, but their impact depends on the
individual's category, the type of personal data, and whose data is being processed. Vulnerable groups, as well
as those whose sensitive personal data is processed, are particularly at risk, and the potential consequences for
these groups might be more severe. To address these risks, Tietoevry conducts Privacy Impact Assessments
(PIAs) as part of its role as a Data Processor for its customers, who act as Data Controllers. These assessments
help identify and evaluate potential privacy risks, and Tietoevry takes action to mitigate these risks and ensure
that negative consequences for individuals are minimized.
During product or service development, Tietoevry carefully assesses the purpose, scope and context of personal
data processing from the perspectives of the different categories of individuals whose data is involved.
Customers may process the personal data of various groups, including their employees, consumers, children,
elderly people, patients and students.
Impact, risk and opportunity management
Policies related to consumers and end-users (S4-1)
Tietoevry’s main policies related to privacy include its Privacy Policy and its Human Rights Policy . The Privacy
Policy aims to protect personal data in compliance with data protection laws, particularly the GDPR. The policy
outlines how the company processes, manages, and safeguards personal data across its operations. Key
objectives include ensuring transparency, security and user control over personal data. The policy addresses
risks related to data breaches, privacy violations and regulatory non-compliance, while it also identifies
opportunities in building trust and data-driven innovation. Besides the GDPR, the policy is aligned with other
relevant national and international data protection laws. Parts of the policy are aligned with the UN Guiding
Principles on Business and Human rights (UNGP), particularly in the protection of privacy as a fundamental
human right, and the UNGP’s requirements to conduct due diligence to prevent and mitigate adverse human
rights impacts.
The policy applies to Tietoevry’s operations and value chain, including suppliers and partners handling personal
data. It covers all regions where the company operates and includes key stakeholders such as all customers,
employees, partners and end-users, ensuring personal data protection across upstream and downstream
activities. It is available internally on the company’s intranet and all employees are required to complete the
company’s e-learning on privacy annually. An external Privacy Policy Statement – based on the policy – is made
available upon request to external stakeholders. Stakeholder interests have not been considered when setting
and reviewing the Privacy Policy – the policy is purely based on the requirements in the GDPR.
The CEO approves the Privacy Policy and the Head of Group Legal is responsible for implementing it.
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Confirmed personal data breaches are reported by Tietoevry, as a data processor, to its customers as data
owners. It is the responsibility of the customer to evaluate the severity of any breach. Tietoevry has not been
made aware of any cases of non-respect of the UNGPs, ILO Declaration on Fundamental Principles and Rights at
Work or OECD Guidelines for Multinational Enterprises that involve consumers and/or end-users during 2024.
Processes for engaging with consumers and end-users about impacts (S4-2)
As a company that handles personal data both for its own purposes and on behalf of customers across various
sectors, Tietoevry prioritizes privacy and data protection. When delivering IT services and products, the
company is committed to safeguarding the privacy, rights and freedom of individuals.
In its role as a Data Processor, Tietoevry adheres to the GDPR, particularly ensuring compliance with legal
obligations when partnering with customers who act as Data Controllers. This means that Tietoevry processes
personal data based on the instructions and requirements of its customers, who are responsible for ensuring
transparency and protecting the privacy of their consumers and end-users.
Tietoevry integrates Data Protection by Design and Default into its services and products, as required by GDPR
Article 25. During product and service development, potential privacy risks for individuals whose data will be
processed are carefully assessed and mitigated. Once delivered, services are carried out according to customer
contracts and specific data processing instructions are provided by customers.
When Tietoevry collaborates with customers, privacy-related discussions are part of day-to-day operations,
such as sales process or service delivery. However, as a Data Processor, Tietoevry does not interact directly with
consumers or end-users. The responsibility for ensuring data privacy and transparent communication with end-
users rests with the company’s customers, who act as Data Controllers.
Similarly, when Tietoevry acts as a Data Controller – for instance, when handling the personal data of its
employees, customers or external partners – the company follows GDPR Article 25. It assesses potential risks to
individuals’ privacy and ensures that any affected individual is informed before their data is processed.
Individuals are also given the opportunity to raise concerns, ask questions, or exercise their privacy rights. In
cases involving employees, Tietoevry may engage with their representatives – such as members of the European
Works Council (EWC) – to ensure full transparency.
As Tietoevry is a significant service provider working with many customers, any potential negative impacts on
data privacy could have widespread or systemic consequences. This makes privacy protection a key focus in all
aspects of the company’s operations.
Tietoevry, as a business-to-business company and Data Processor, has no general process for engaging with
consumers or end-users. This responsibility primarily lies with its customers, who act as Data Controllers.
Processes to remediate negative impacts and channels for consumers and end-users to raise
concerns (S4-3)
When Tietoevry acts as a Data Processor, the company supports its customers (the Data Controllers) in
managing personal data. However, it is the Data Controller’s responsibility to provide channels through which
their consumers and end-users can raise privacy concerns or issues. If necessary, consumers and end-users can
also submit complaints to their national data protection authority, as outlined by the GDPR. Tietoevry itself does
not provide specific contact points for consumers or end-users, unless agreed upon in the customer contract
(for example, through a service desk).
As a Data Controller, Tietoevry ensures transparent communication on how individuals can reach out on privacy-
related matters. Employees have access to an internal Privacy Notice, while a public Privacy Notice is available
for external individuals, such as customer representatives, partners, suppliers, visitors, and job candidates.
Additionally, Tietoevry has set up and communicated a whistleblowing channel to allow for the reporting of
privacy concerns or violations.To ensure that the company’s channels to raise issues are efficient, the company
conducts process performance evaluations monthly and reporting to top management at least twice a year.
Tietoevry has not conducted any specific assessment to understand whether the company’s privacy notice is
deemed as a trusted way to raise concerns due to its role as a Data Processor. Read more about awareness and
trust in the company’s overall grievance and remediation processes under G1 - Business Conduct.
Actual security incidents jeopardizing confidentiality, availability of services, and personal data of individuals are
handled according to Tietoevry’s security incident management process, which includes a special personal data
breach management procedure. Reported breaches are investigated, resolved, and notified to relevant
stakeholders according to GDPR Article 33. In addition, internal privacy assessments and external auditing
provide information about possible issues having an impact on the privacy of individuals.
If Tietoevry identifies actions that have caused or contributed to a material negative impact, immediate and
appropriate steps are taken to address the issue. The company’s remediation approach is outlined in the Human
Resources Policy and the Human Rights Policy . In cases where Tietoevry is obligated to offer or participate in
providing remedy, each situation is handled individually on a case-by-case basis.
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Actions
Taking action on material impacts on consumers and end-users, and approaches to managing
material risks and pursuing material opportunities related to consumers and end-users, and
effectiveness of those actions (S4-4)
Tietoevry pursues the material opportunity related to privacy by integrating privacy and data protection into its
core business practices. Strong privacy management not only mitigates risks but also builds trust with customers,
partners, and end-users, strengthening the company’s reputation and competitive edge. Key actions Tietoevry
can perform to seize this opportunity include:
• Privacy by Design and Default: Tietoevry embeds privacy considerations into the development of all
products, services, and applications from the outset. By aligning with GDPR Article 25, the company
ensures that personal data is protected by default
• Strong Privacy Framework: Tietoevry’s comprehensive Privacy Framework helps to ensure that privacy is
managed systematically across all business operations. This framework includes monitoring potential
risks, adhering to data protection regulation, and implementing robust processes to safeguard personal
data
• Compliance with global standards: By complying with the GDPR and other international data protection
laws, Tietoevry can assure customers that their data is handled responsibly
• Continuous Improvement: Tietoevry regularly reviews and updates its privacy practices based on new
regulations, customer feedback, and industry standards. This adaptability ensures that the company
remains at the forefront of privacy and data protection
In summary, Tietoevry leverages privacy as a material opportunity by embedding it into its products, fostering
trust, ensuring regulatory compliance, and continuously improving its privacy practices to meet evolving market
demands.
Privacy-related roles and responsibilities are clearly defined at Tietoevry. The company has allocated resources
to manage significant impacts and risks, including well-established roles for issue and incident management.
Additionally, Tietoevry’s businesses have the necessary resources in place to ensure compliance with GDPR
Article 33, which governs the reporting of personal data breaches. Tietoevry’s privacy policy, procedures,
instructions, and systems are valid and mandatory for the whole company, including different functions and their
daily operations in the Corporate Business Services organization, as well as in the businesses accountable and
responsible for customer sales and service deliveries.
At the start of 2024, Tietoevry’s Group Privacy outlined the following privacy improvement focus areas for the
year:
• Opportunity and contract management: Involve customer teams and sales personnel acting in a Data
Processor role
• GDPR compliance for offerings: Engage product teams, product owners, and managers in a Data
Processor role
• GDPR in continuous service delivery: Include service delivery teams and personnel in a Data Processor
role
• GDPR in project deliveries: Focus on programme and project managers in a Data Processor role
• GDPR in sourcing and supplier management: Key employees responsible for evaluating supplier GDPR/
privacy practices in both Data Processor and Data Controller roles
• GDPR compliance of internal services: Involves application owners and managers in a Data Controller
role
• Improving privacy awareness and competence of employees: Targeted according to employees’ specific
roles
In addition, Tietoevry also conducts ISAE 3000 audits on an annual basis as a means to evaluate the
effectiveness of the company’s privacy activities and processes. The goal of these initiatives is to strengthen the
company’s GDPR compliance and ensure better protection of individual s’ privacy.
Tietoevry’s internal privacy improvement efforts are proactive and preventive measures aimed at avoiding non-
compliance with applicable laws. These actions also enhance the company’s privacy capabilities and maturity,
enabling it to deliver better services with robust privacy solutions to customers. This in turn helps customers to
fulfil their responsibilities and obligations when processing the personal data of consumers and end-users.
Tietoevry mitigates the risk related to privacy for consumers and end-users through its privacy management as
described under ‘Material positive impact’.
Based on actions formulated in 2023, Tietoevry has maintained its systematic and comprehensive approach to
data privacy governance also in 2024. In line with disclosed action plans in 2023, the company has executed
activities aligned with its Privacy Framework, while placing particular focus on the Schrems II implementation
and EU-US Data Protection Framework. Necessary updates have been integrated into the Sourcing and supplier
management processes and incorporated into training sessions for key internal stakeholders.
Group Privacy closely monitored developments in privacy-related legislation within the EU and in other countries
where Tietoevry operates. Internal projects were conducted in locations such as India and China. Additionally, a
mandatory e-learning programme for all employees achieved an impressive completion rate of nearly 100%
(99.97%).
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Throughout the year, Tietoevry received no substantiated complaints regarding breaches of customer privacy
(i.e. no fines imposed for GDPR non-compliance). Additionally, Tietoevry has not been made aware of any severe
human rights issues connected to consumers and end-users during 2024.
Tietoevry’s Group Privacy unit is part of the Group Legal organization and privacy improvement actions in 2024
were run as Group Legal operating costs. The action plan did not involve significant operational (Opex) or capital
(Capex) expenditures during the 2024 financial year. Additionally, no future financial resources (Opex or Capex)
have been allocated to future action plans at this time.
Metrics and targets
Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities (S4-5)

Material topic | Type of IRO related to target | Target | Result 2024 | Result 2023 | Result 2022
Privacy for consumers and end-users | Actual positive impact and risk | 100% of employees completed the annual Privacy e-learning | 97% | 100% | 100%
Privacy for consumers and end-users | Actual positive impact and risk | Zero GDPR-related fines imposed by data protection authority | 0 | 0 | 0

Tietoevry, in its roles as both a Data Processor and Data Controller, continuously monitors the effectiveness of its
internal Privacy Framework and the outcomes of its privacy-related procedures. To ensure accountability,
Tietoevry has established privacy Key Performance Indicators (KPIs) and targets, which are clearly
communicated. The company regularly reports its privacy performance and maturity levels to GEM and the ARC.
To monitor progress, the company conducts annual privacy maturity surveys, internal assessments, and external
audits. These processes help to ensure continuous improvement in privacy practices and performance. Internal
stakeholders are involved in setting privacy targets and monitoring performance. While consumers and end-
users are not directly engaged in these processes, Tietoevry employees – including privacy professionals – and
key teams such as security, risk management, and IT play an active role in identifying privacy-related lessons and
driving improvements.
Tietoevry has several internal targets and metrics related to managing its actual positive impacts and risks
related to privacy for consumers and end-users. These are related to, for example, the company’s offering, the
GDPR compliance of suppliers and internal services, and employee training. All the company’s privacy targets are
aligned with Tietoevry’s privacy objectives and principles as outlined in the company’s Privacy Policy. Two
targets are external, and both are related to the company’s actual positive impact and material risk.
The target ‘Zero GDPR-related fines imposed by data protection authority’ is measured on an annual basis. Data
is collected at year end through internal sources. The base year for this target is 2020 with the corresponding
baseline value of 0.
Tietoevry's second target is to have 100% of its employees completing the Privacy e-learning on an annual basis.
The target has been revised during 2024 from aiming for a completion level of 90% to a completion level of
100%, to reflect the fact that completion of the training is mandatory for all of Tietoevry’s employees. The base
year for this target is 2020 with the corresponding baseline value of 89%. This year’s result falls short of
expectations, requiring corrective actions. Nevertheless, the overall outcome remains commendable and
consistent with previous years.
As stated in the BP-1, all entities within the Tietoevry Group are included in the target for ‘Zero GDPR-related
fines imposed by data protection authorities’. However, compliance can only be tracked within Europe, as data
on non-compliance outside Europe is unavailable. The target related to the completion level of the Privacy e-
learning covers all entities within the Tietoevry Group, with the exception of the subsidiary Bekk, as it operates
fully as a portfolio company. This year’s target outcome, which aims for zero GDPR-related fines imposed by data
protection authorities, aligns with expectations and continues the trend observed since 2018. This is a result of
Tietoevry's comprehensive and systematic approach to ensuring privacy and GDPR compliance.
Performance against both targets are monitored by the Group Privacy function, and followed up on a quarterly
basis. Quarterly performance related to the e-learning target is followed up from the third quarter each year.
Performance is shared with and reviewed by each of the company’s businesses as well as at Group level. Annual
results are shared externally.
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Governance
G1 - Business conduct 98
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G1 - Business conduct
Strategy
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SBM-3)
Tietoevry has identified the protection of whistleblowers, and the prevention and detection of corruption and
bribery, including training, as material positive impacts. Key factors are the company’s promotion of
transparency, ethical guidelines, and measures to protect whistleblowers (including preserving anonymity and
preventing retaliation). Leadership’s commitment to fostering an open, ethical environment where employees
can raise concerns without fear is also crucial.
Additionally the company has identified corruption and bribery as potential negative impacts due to the
complexity of its global operations and supply chains. With numerous third-party relationships across diverse
regulatory environments, there is a risk of unethical practices occurring within the value chain. Operating in
markets with varying levels of regulatory oversight further increases this exposure.
Impact, risk and opportunity management
Business conduct policies and corporate culture (G1-1)
Corporate culture is crucial to Tietoevry’s business success, shaping employee behaviour, engagement and well-
being, while driving the company’s ability to innovate and adapt in a rapidly changing business environment.
Tietoevry fosters a culture grounded in openness, trust and diversity through communication, training and
development as well as employee engagement. Evaluation of the company’s corporate culture is carried out
through employee surveys, tracking of metrics such as employee turnover and diversity metrics, and cultural
audits.
Tietoevry’s commitments related to business conduct and corporate culture are formalized in Tietoevry’s Code
of Conduct. This is further underpinned by other Tietoevry policies, rules and processes, of which the most
relevant are described below.
Tietoevry’s Whistleblowing Rules promote an open corporate culture by offering a safe mechanism for reporting
compliance concerns without fear of retaliation. The rules specify reportable issues, such as Code of Conduct
breaches, legal violations and ethical misconduct, and encourage both employees and external stakeholders,
including those in work-related relationships (e.g. suppliers, partners or customers) to raise concerns. The
process for reporting concerns is also described in the rules, including how follow-ups on reports are conducted
in a way that ensures confidentiality and protection against retaliation. The rules also outline the company's
commitment to safeguard and uphold privacy principles. Investigations are carried out fairly and independently
to ensure that the rights of all parties involved are respected. The roles of the Whistleblowing Unit, the Group
Compliance Officer, Designated Points of Contact, and the Escalation Committee are defined in the document.
The implementation of Whistleblowing Rules and systems represents good corporate governance practices and
is required by statutory regulation in many jurisdictions, including EU member states that have transposed EU
Directive 2019/1937.
The purpose of Tietoevry’s Anti-Corruption Rules is to ensure compliance with international standards – such as
the UN Convention against Corruption and the OECD Guidelines for Multinational Enterprises – alongside local
laws in each country where the company operates. When local laws provide no guidance, Tietoevry applies its
Code of Conduct and these rules. The company’s primary objective is to guide employees on anti-corruption
principles and appropriate conduct regarding business relationships. The rules stress that all business dealings
must be honest, transparent, and based on sound judgment. The rules also highlight the importance of
interacting with external partners to build successful relationships, while ensuring that gifts or benefits are
exchanged appropriately and never in ways that could be construed as unethical. Compliance with these
principles is expected from all employees, officers, and directors of Tietoevry.
Stakeholder interests are taken into account when setting and reviewing policies and rules. In the latest review
of the Anti-corruption Rules, stakeholder perspectives influenced several updates, including the enhancement of
guidance on gifts and hospitality, the establishment of a clear process for proposing and approving sponsorships
and donations. Considerations taken into account when reviewing the Code of Conduct included the inclusion of
commitments to developing responsible solutions, and revisions concerning employees’ duties, roles, and
ownership in external businesses and organizations. Stakeholder considerations regarding the possibility to
report concerns anonymously, which is not a legal requirement in accordance with statutory law, was taken into
account in relation to updates of the company’s Whistleblowing Rules.
The Code of Conduct, the Whistleblowing Rules and the Anti-corruption Rules are revised on an annual basis,
involving internal and external stakeholders, and subject-matter expertise. The rules are available on Tietoevry’s
intranet as well as on the company’s website. The Code of Conduct includes content from these rules. Both the
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Whistleblowing Rules and Anti-Corruption Rules are approved by the Head of Group Legal, and the Group
Compliance Officer is responsible for the implementation of the rules.
In a company-wide anti-corruption risk assessment completed by the end of 2024, the functions most vulnerable
to corruption and bribery were identified. Corruption risks for Tietoevry are often linked to roles with significant
decision-making authority, where individuals influence contracts and key business relationships, particularly in
high-value transactions and negotiations. In addition, functions that have access to confidential or sensitive
information of a strategic, financial or technical nature regarding Tietoev ry or third parties are at risk of
corruption due to the potential misuse of such information for private gain. The functions identified as being at-
risk include sourcing, delivery and sales, Human Resources, Travel Desk, sec urity, Business Development, GEM,
Communications and Brand, Finance and Accounting, and Project Management. In 2025, Tietoevry will begin
tracking the completion rates of anti-corruption e-learning for at-risk functions. While the company has not yet
measured the percentage of these functions covered by training, it plans to do so in 2025. Consequently, this
data is not available for the 2024 reporting period.
Whistleblowing and reporting mechanism
Compliance concerns can be reported by all employees and hired personnel within the group, in all countries
and subsidiaries. It is considered an entitlement and an obligation to notify the company when misconduct is
suspected. Reports can be made through the Whistleblowing Channel or to designated points of contact within
the group’s legal entities. All reports are handled confidentially, and whistleblowers can remain anonymous. The
Whistleblowing Channel can also be accessed and used by external parties such as customers, suppliers,
business partners, and others. Whistleblowing awareness is incorporated into the mandatory annual Code of
Conduct e-learning, and the reporting process is clearly outlined in the Whistleblowing Rules. Employee
awareness and trust in grievance and remediation processes are indirectly monitored through annual reporting
rates and the proportion of anonymous cases. However, the company has not conducted formal evaluations in
2024 to assess whether employees are truly aware of and trust these processes for raising concerns. The
company has procedures in place to ensure timely responses to business conduct incidents, including cases of
corruption and bribery. Reports to the Whistleblowing Unit are addressed within four working days and are
provided with follow-up updates within three months. All involved parties are given the opportunity to provide
input, ensuring a fair process.Tietoevry’s whistleblowing process is operated by the Group Compliance Officer,
who ensures that all reports are securely logged and accessible only to authorized personnel. The Group
Compliance Officer evaluates each report and determines whether further investigation is needed, potentially
escalating cases to the Escalation Committee.
Protection from retaliation is central to the whistleblowing process, and whistleblowers are encouraged to report
to the Whistleblowing Unit any negative consequences of speaking up. Protection of whistleblowers is
monitored continuously by the Whistleblowing Unit and reported to the ARC on a six-monthly basis. In 2024, no
allegations of retaliation were reported by whistleblowers. Tietoevry’s whistleblowing system meets legal
requirements, including the EU Directive (2019/1937). The whistleblowing system operates independently of
regular management and can escalate severe cases to senior leadership, such as the CEO or the ARC. Reports
and serious cases are periodically reviewed by the ARC to ensure transparency and accountability.
The Whistleblowing Rules outline Tietoevry’s commitment to ensure that individuals reporting concerns in good
faith are protected from any form of retaliation. This protection extends to both formal actions, such as dismissal,
and informal ones, such as unfavourable treatment or bullying. The Group Compliance Officer is responsible for
preventing retaliation and ensuring a fair investigation process.
In addition to the procedures for handling whistleblower reports, Tietoevry ensures follow-up of business
conduct incidents. Reported concerns related to business ethics and compliance, including potential
misconduct, are assessed and investigated based on their nature and severity. Investigations are conducted in
accordance with internal guidelines and may involve relevant functions such as Legal, Compliance, HR, or
external experts when necessary. Findings from these investigations contribute to corrective actions, policy
improvements, and risk mitigation measures to uphold ethical business practices.
Prevention and detection of corruption and bribery (G1-3)
The Code of Conduct and the Anti-Corruption Rules set out the rules related to Anti-Bribery and Corruption
(ABC) at Tietoevry. Corporate processes like the Know Your Counterparty Rules further help to prevent
misconduct and establish a robust legal and compliance framework, reinforcing Tietoevry’s efforts against
corruption and bribery. Prevention and detection of incidents are achieved through training and awareness
building among employees and representatives, while internal controls in finance processes prevent illegal or
fictitious transactions from being carried out. Allegations of corruption and bribery are always investigated in
accordance with the Whistleblowing Rules.
The Group Whistleblowing Unit and Escalation Committee operate independently from line and financial process
management, ensuring objectivity. Investigation outcomes are reported to the ARC biannually, or as required by
the Whistleblowing Rules.
ABC policies are communicated through Tietoevry’s Code of Conduct e-learning, and specific ABC training
modules are available on the company’s learning management platform. All employees, including members of
administrative, supervisory, and management bodies, must complete the Code of Conduct e-learning annually. It
covers anti-corruption and anti-bribery topics, outlining principles and providing guidance on the assessment of
business-related gifts and hospitality.
In 2024, there were zero confirmed incidents of corruption or bribery.
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Metrics and Targets
Targets related to business conduct (ESRS 2 MDR-T)

Material topic | Type of IRO related to target | Target | Result 2024 | Result 2023 | Result 2022
Corporate culture, Corruption and bribery (prevention and detection) | Actual positive impact | 100% of employees completed the annual Code of Conduct e-learning | 96% | 96% | 96%
Corruption and bribery (incidents) | Potential negative | Zero incidents of corruption detected by the Whistleblowing Unit (new target FY2024) | 0 | N/A | N/A

Tietoevry methodology for setting targets through combining benchmarking, legislative review, and employee
needs assessments. Input from internal surveys, compliance reports and international standards ensures goals
are practical and relevant. Employees and management contribute through consultations, while cross-functional
teams from Strategy, HR, Finance, and Group Sustainability provide insights. Final targets, approved by GEM
reflect past performance and align with organizational and workforce needs.
The targets received final approval from Group Executive Management, and no assumptions were made while
defining them. The targets are aligned with the objectives of several policies and rules, including Tietoevry’s
Code of Conduct, the Anti-Corruption Rules as well as the company’s Whistleblowing Rules.
Completion of the Code of Conduct e-learning is tracked through Tietoevry’s learning management system
(LMS). This target assumes full employee participation and availability of e-learning resources for all eligible
learners along with accurate tracking of progress to maintain engagement. The target is monitored on both an
annual and quarterly basis. For the quarterly reports, the results are broken down by business, enabling more
focused monitoring and follow-up actions. It is assumed that employees who complete the Code of Conduct e-
learning are more likely to detect corruption or bribery and to prevent it from taking place. All entities within
Tietoevry Group are included in the scope of the 100% annual completion target for the Code of Conduct e-
learning, except for the subsidiary Bekk, which operates fully as a portfolio company. The base year for this
target is 2019 with a baseline value of 90% completion rate. The target is annual and it was adjusted during 2024
from a completion level of 90% to a completion level of 100%, to reflect the fact that completion of the e-
learning is mandatory for all Tietoevry’s employees.
Tietoevry's target of ‘Zero incidents of corruption detected by the Whistleblowing Unit’ is supported by internal
controls, audits, self-reporting mechanisms (including the whistleblowing channel), and compliance monitoring.
Investigations are promptly initiated when concerns or allegations arise. This target relies on the effectiveness,
trust, and awareness of existing processes to detect corruption risks. Progress is continuously tracked using data
from relevant internal sources and monitored by the Whistleblowing Unit. The target has 2024 as the base year
and its baseline value is zero.
Both targets were approved in early 2024. Measurements of the targets are not validated by any external body
except for the assurance providers and no milestones or interim targets have been set.
Relevant and verifiable targets relating to the material topic of protection of whistleblowers will be explored
during 2025. Effectiveness of policies and actions related to the protection of whistleblowers from detrimental
conduct is tracked by the Whistleblowing Unit, which monitors allegations of retaliation. In cases where there is
an enhanced risk of retaliation, risk mitigation actions are considered and implemented to the extent needed.
Detrimental conduct towards whistleblowers is prohibited in accordance with the Code of Conduct. The
company has zero tolerance for such conduct and a corresponding zero incident target.
Progress toward the 100% completion rate for the Code of Conduct e-learning fell slightly short of initial plans,
with a 96% completion rate for the reporting year. This outcome may be attributed to the expanded scope,
which included more entities than in previous years. Despite the broader scope, maintaining a 96% completion
rate indicates a positive trend, suggesting continued improvement in the coming years.
The company maintains a zero-tolerance policy on corruption, and the results for the reporting year are
satisfactory. As a multinational company with a global presence, operations carry an inherent risk of corruption
and bribery. Therefore, continuous efforts are required to prevent, detect, and potentially investigate suspected
corruption cases.
Incidents of corruption and bribery (G1-4)
During 2024, Tietoevry had zero convictions for violation of anti-corruption or bribery and paid no fines as a
result. As a result, the company has not taken any actions to provide for and cooperate in or support the
provision of remedy related to corruption and bribery during the year. However, one alleged corruption case
related to the company remained open during the year. The case was first reported in 2018 and involved a
former Tietoevry employee who was convicted in Belarus for bribing a public official. This led to charges in 2020
against Tietoevry Banking Latvia SIA (formerly SIA Tieto Latvia) for lack of internal controls and tax evasion. The
case is still subject to court proceedings in the Riga District Court. Tietoevry denies the charges and continues to
defend its position.
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Actions
Actions and resources related to business conduct (ESRS 2 MDR-A)
In response to Tietoevry’s material topics, the actions listed below were carried out during the reporting year to
prevent or mitigate negative impacts, and further strengthen the company’s actual positive impacts. The scope of
the key actions mainly applies to Tietoevry’s employees and other stakeholders covered by the company’s Code
of Conduct.
• Completion of an anti-corruption risk assessment to identify inherent risks and relevant mitigating actions
for securing effective compliance within Tietoevry. The risk assessment also determined which functions
in the company are most at risk regarding corruption
• The Code of Conduct e-learning has been promoted through campaigns on the company’s internal
communication and engagement platform to boost employees uptake of the training
The actions outlined below are scheduled for implementation and completion in 2025:
• With the purpose of increasing the share of employees who feel safe speaking up, develop an
information kit about the process of reporting a complaint to further raise awareness across the
organization
• Internal campaign on how to behave and treat colleagues in line with the defined corporate culture
In 2023, activities supporting business conduct and corporate culture included several initiatives. These
comprised mandatory annual training for all employees on Tietoevry’s Code of Conduct, achieving a completion
rate of 96% for the year. A global internal awareness session was conducted to foster dialogue on ethics among
employees. Efforts also included the implementation and follow-up of the Know Your Counterpart Rule and the
Anti-Money Laundering Rule, as well as ongoing awareness sessions and training to reinforce Tietoevry’s
compliance culture through reviews of third-party management practices. Additionally, customer teams received
training on tools and processes related to business ethics.
Tietoevry’s action plans for the material topics related to G1 - Business Conduct did not involve significant
operational (Opex) or capital (Capex) expenditures during the 2024 financial year. Additionally, no future
financial resources (Opex or Capex) have been allocated to future action plans at this time.
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Entity specific topics
Cybersecurity 103
Responsible AI 105
Appendix 107
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Cybersecurity
Strategy
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SBM-3)
Tietoevry’s commitment to delivering high-quality, secure services and products is essential for meeting
customer needs and driving the company’s performance. This, together with a growing demand for secure
software and services, creates a material financial opportunity for Tietoevry to generate revenue by offering
solutions that ensure data security. By investing in preventive measures, efficient continuity planning, incident
management and crisis management, Tietoevry can enhance its reputation and customer trust while minimizing
the impact of potential incidents.
Cybersecurity also constitutes a material risk for Tietoevry. The increasing sophistication of cyberattacks poses a
significant risk, including potential loss of data and damage to services. This can lead to negative financial and
reputational impacts. In addition, upcoming security regulations may impact service and product development
processes, potentially increasing the costs associated with ensuring data security.
Following a ransomware attack on a Swedish data centre in early 2024, Tietoevry conducted a double
materiality reassessment of cybersecurity. While the company had already identified cybersecurity as both an
opportunity and a risk, the assessment also highlighted it as a material potential negative impact due to the
increasing complexity of cybersecurity threats and potential impacts from any attacks. Read more in SMB-3,
table ‘Current financial effects of material risks and opportunities’.
Impact, risk and opportunity management
Policies related to Cybersecurity (ESRS 2 MDR-P)
Tietoevry’s Security Policy is aligned with the International Organization for Standardization (ISO), the
International Electrotechnical Commission (IEC), specifically with ISO 27001:2022, and with industry best
practices like the Information Security Forum’s Standard of Good Practice for Information Security (SOGP). The
purpose of the Security Policy, which also serves as the information security and cybersecurity policy, is to
specify the overall approach to protecting information assets, infrastructure and resources against unauthorized
access, disclosure, alteration and destruction with a risk-based approach and in adherence with internal and
external requirements.
As a trusted service provider of business-critical services to its customers and society, the company’s security
and safety measures must be an integral part of all of its services, products and processes. Through the
implementation of the company’s Security Policy, security governance is implemented, maintained and
continually improved. Based on policy, the company’s security controls are detailed and documented in the
Statement of Applicability (SoA) and appropriate security controls are implemented into Tietoevry’s business
services and applications. Based on the policy, related rules and processes, the company’s security principles
and responsibilities are outlined, including the responsibility for all employees, partners and subcontractors to
act in a security-conscious manner and report any suspected security incidents that come to their attention.
The policy is reviewed annually and approved by the CFO and CEO. The Chief Information Officer (CIO) oversees
the approval process, while the Chief Information Security Officer (CISO) is primarily responsible for
implementing the policy and related rules across the organization. The policy applies to all employees and
operations, and includes guidelines for partners, suppliers and subcontractors involved in delivering Tietoevry’s
services and products.
Stakeholder interests are considered when setting and revising the Security Policy and related rules, ensuring
alignment with business needs and upcoming changes in legal, regulatory, customer and compliance
requirements. Stakeholder considerations implemented during the latest policy review included enhancements
to security requirements, such as aligning with new controls, addressing customer, client and regulatory
demands, incorporating key monitoring controls, introducing additional measures for cloud environments, and
ensuring compliance with legislative mandates.
Tietoevry’s Security Policy is accessible to all employees via the company’s intranet. To ensure awareness, all
employees complete mandatory annual training covering the policy's content, including cybersecurity
expectations. In addition, Tietoevry also hosted a Cybersecurity Awareness Month during 2024, providing
employees with topical learning opportunities and webinars, and cybersecurity briefing sessions for customers
seeking insights into current threats.
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Actions
Taking actions on material impacts, risks and opportunities (ESRS 2 MDR-A)
At Tietoevry, security is an essential part of delivering on the company’s business objectives. Secure processes
and compliance with internal and external security requirements are prerequisites for delivering high quality and
contributing to the societies Tietoevry operates in. This includes building customer trust, improving product and
service quality, enabling new business opportunities, managing security risks, achieving compliance, reducing
disruptions and minimizing costs.
In response to Tietoevry’s material risks and opportunities related to cybersecurity and its potential negative
impacts, the actions listed below were carried out during the reporting year to prevent or mitigate potential
negative impacts, pursue opportunities and mitigate risks. The scope of the key actions mainly applied to
Tietoevry’s employees and other stakeholders covered by the company’s Security Policy:
• Cybersecurity awareness activities in various parts of the company regularly highlighted Security e-
learning as a means to achieve a better security posture and to support the achievement of a 100%
completion rate
• The Security e-learning has been promoted through campaigns on the company’s internal
communication and engagement platform to support the achievement of a 100% completion rate
Additionally in 2024, Tietoevry updated its security framework – which includes policies, rules and guidelines –
to align with and transition to the latest ISO 27001:2022 standard. Other activities included continued
incorporation of risk-based security controls in offerings, products and services, and ensuring that the physical
environment for employees is secure and safeguards company and customer assets. Tietoevry also continued to
strengthen business resilience, i.e. enhancing the ability to manage and recover from business disruptions and
security incidents. The implementation of security management is monitored by a governing group, with regular
reviews of policies and actionable items overseen by the CISO and by external auditors.
In 2023, activities supporting improved security posture and culture included several initiatives. These
comprised mandatory annual Security e-learning for all employees, achieving a completion rate of 99.9% for the
year. In order to transition to the newer ISO27001:2022 standard and to capture updated security requirements
from customer perspectives, legal and regulatory changes, stakeholders were involved to provide their inputs.
Additionally, to establish priorities for security domains to be improved, security maturity assessments based on
SOGP from the Information Security Forum (ISF) were performed across Tietoevry.
Tietoevry’s action plan for the material topic of Cybersecurity did not involve significant operational (Opex) or
capital (Capex) expenditures during the 2024 financial year. Additionally, no future financial resources (Capex
and Opex) have been allocated to future action plans at this time.
Metrics and targets
Targets related to Cybersecurity (ESRS 2 MDR-T)

Material topic | Type of IRO related to target | Target | Result 2024 | Result 2023 | Result 2022
Cybersecurity | Risk and opportunity | 100% of employees completed the annual Security e-learning | 97% | 100% | 100%

Tietoevry’s annual cybersecurity target is to achieve 100% completion of its security e-learning for all
employees. The e-learning programme is based on the company’s Security Policy and Rules, which demonstrate
Tietoevry’s commitment to being a trusted service provider while strengthening safety, compliance and business
resilience. This approach helps to mitigate risks posed by data breaches and cyberattacks, strengthens the
company’s resilience, and demonstrates a commitment to security. This commitment can be seen as a key
differentiator for customers who prioritize data protection in their business decisions.
The target is annual and it was adjusted during 2024 from a completion level of 90% to a completion level of
100%, to reflect the fact that completion of the training is mandatory for all Tietoevry employees. The base year
for the target is 2020, with a baseline value of 90%. The target is followed up on a quarterly basis, with
performance shared and reviewed by each of the company’s businesses and at Group level. An assurance
provider is the only type of external body that has provided validation of the target and no milestones or interim
targets have been set.
Tietoevry’s cybersecurity target was set using the same methodology and process outlined in previous sections,
including stakeholder engagement. The final target was then approved by GEM.
Tietoevry Group is included in the scope of the 100% annual completion target for the Security e-learning
programme, with the exception of the subsidiary Bekk, which operates fully as a portfolio company.
The Security e-learning results are below target and can be considered unsatisfactory. While last year's
completion rate was 99.93%, this year's rate is lower, reflecting a declining trend. This may be attributed to the
expanded scope, as one subsidiary excluded in 2023 was included in this year’s results.
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Responsible AI
Strategy
Material impacts, risks and opportunities and their interaction with strategy and business
model (ESRS 2 SBM-3)
Responsible AI provides Tietoevry with the opportunity to lead in innovation and trust, but requires careful
management of risks related to bias, privacy and ethics. Responsible AI has thus been identified as a material
opportunity, as well as a potential positive and negative impact for Tietoevry.
Opportunities include positioning Tietoevry as a leader in ethical AI, attracting customers and building trust with
stakeholders. Responsible AI can also drive the development of new services that address societal challenges.
Potential positive impacts include automating tasks, improving productivity, reducing costs, enhancing
personalization and enabling new offerings in data analytics and automation, while also helping to solve societal
issues. On the other hand, potential negative impacts involve risks of bias and discrimination in AI systems,
misuse of data leading to privacy violations and regulatory issues, ethical concerns from stakeholders, and
workforce changes due to AI automation, which could result in employee dissatisfaction.
Impacts risk and opportunity management
Policies related to Responsible AI (ESRS 2 MDR-P)
Tietoevry is committed to developing and implementing AI solutions that are meaningful, valuable, human-
centred, reliable, accountable, fair and secure. This commitment is formalized through several key policies,
including Tietoevry’s AI Policy,Code of Conduct and Human Rights Policy.
Tietoevry’s AI Policy sets the company’s framework for responsible use of Artificial Intelligence (AI), covering the
scope, objectives, methodology and effectiveness of ensuring ethical AI governance. The policy applies to all AI-
related activities, including machine learning, natural language processing and automation of human tasks, both
for internal and external products and services. The purpose of the policy is to promote responsible production
and consumption of AI technologies, with the aim of maximizing AI’s benefits while minimizing risks to individuals,
businesses and society.
Key contents of the policy include increasing awareness of AI governance requirements, facilitating access to
preferred AI technologies for innovation and ensuring ethical AI practices through well-documented principles. It
further aims to proactively foster a responsible organizational culture and promote transparent communication
with employees, customers and partners regarding AI ethics, risks and responsibilities.
The policy is aligned with regulatory standards, such as the EU AI Act, and is continuously updated to reflect
changes in regulations and best practices. It involves cross-functional input from key stakeholders, including
Legal, Security and the businesses, ensuring that all necessary perspectives are considered.
The policy is approved by the CIO and implemented by the CISO, with both being accountable for the policy’s
execution. It is integrated into Tietoevry’s management systems for continuous monitoring, feedback and
improvement. As part of Tietoevry’s commitment to Responsible AI, the company reviews the policy on an annual
basis to ensure it remains effective and aligned with evolving regulations and stakeholder feedback. The
commitments outlined in the policy are communicated both internally and externally to ensure all employees and
external partners are informed. Internal training materials, information pieces on the company’s intranet and
interactive sessions are provided to educate employees on the company's approach to the responsible use and
deployment of AI.
Actions
Taking action on material impacts, risks and opportunities (ESRS 2 MDR-A)
In 2024, Tietoevry advanced its commitment to responsible and ethical AI usage by implementing a mandatory
Responsible AI e-learning course for all employees and subcontractors, aligned with its updated AI Policy and
Rules. The company also developed informational materials and guidelines on AI Dos and Don’ts to educate
employees and external stakeholders on responsible AI practices, enhancing overall awareness.
Additionally, the company established a comprehensive Responsible AI governance framework, including
updated policies, rules, guidelines and a governance structure to align implementation with all businesses. This
framework is designed to oversee the development, deployment and use of AI technologies, ensuring they are
applied responsibly and ethically while mitigating potential risks associated with AI systems.
As part of its commitment to Responsible AI and to ensure compliance with the EU AI Act and other relevant
regulations, Tietoevry launched the Shell Strong project in 2024. Throughout the reporting year, the project
concentrated on identifying a portfolio of external offerings and internal services across the organization that
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would require AI compliance checks. Initially, the focus has been on evaluating compliance with respect to
prohibited AI systems and high-risk AI solutions. The Shell Strong project further explored offerings and IT
services by categorizing them according to risk levels defined by the EU AI Act and implementing comprehensive
compliance controls. This included developing risk-based AI compliance measures for Tietoevry’s portfolio and
establishing AI governance to monitor business offerings and internal systems. The project also evaluated
suppliers to identify risk-free Gen AI-based providers and internal tools for Tietoevry’s services and employees.
Implementation will proceed in phases over the next 18 months, building foundational capabilities to ensure a
coordinated rollout in alignment with legal and regulatory requirements.
As Responsible AI is a new focus area for Tietoevry, the company cannot report on progress from actions or
plans disclosed in previous periods.
If Tietoevry identifies actions that have caused or contributed to a material negative impact, immediate and
appropriate steps are taken to address the issue. The company’s remediation approach is outlined in the Human
Resources Policy and the Human Rights Policy. In cases where Tietoevry is obligated to offer or participate in
providing remedy, each situation is handled individually on a case-by-case basis.
Tietoevry’s action plan for the material topics related to Responsible AI did not involve significant operational
(Opex) or capital (Capex) expenditures during the 2024 financial year. Additionally, no future financial resources
(Capex and Opex) have been allocated to future action plans at this time.
Metrics and targets
Targets related to Responsible AI (ESRS 2 MDR-T)

Material topic | Type of IRO related to target | Target | Result 2024
Responsible AI | Opportunity, potential negative and potential positive impact. | 100% of employees completed the annual Responsible AI e-learning (new target FY2024) | 97%

Tietoevry followed its established target-setting methodology, as detailed above in the sections on the target
setting for Responsible AI, while considering the requirements of the EU AI Act. The target received approval
from Group Executive Management, and no assumptions were made during its definition.
Tietoevry has one external target related to Responsible AI, which is the annual target of having 100% of its
employees complete the company’s Responsible AI e-learning on a yearly basis. The target was implemented
during 2024 and no changes to the target have been made during the year. Performance against the target is
shared and reviewed once a year by each of the company’s businesses, as well as on a Group level. The base
year for this target is 2024. No milestones or interim targets have been set, and target measurements are
validated only by assurance providers.
Tietoevry’s target related to Responsible AI is aligned with the company’s AI Policy and the company’s
commitment to responsible production and consumption of AI. In summary, this target helps Tietoevry harness
the potential of Responsible AI while addressing risks, ensuring compliance and capitalizing on new business
opportunities in the AI space.
All entities within the Tietoevry Group are included in the scope of the 100% annual completion target for the
Responsible AI e-learning programme, with the exception of the subsidiary Bekk, which operates fully as a
portfolio company.
The launch of the Responsible AI e-learning programme represents progress, with Tietoevry achieving good
initial results. However, the 100% target has not been met, leaving the final outcome misaligned with the
company's initial plans. As this is the first year of implementation, trends or changes cannot yet be evaluated.
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Appendices
Disclosure of list of ESRS Disclosure Requirements complied with in preparing Sustainability
Statement following outcome of materiality assessment (ESRS 2 IRO-2)

| ESRS 2 - General Disclosures | Page reference
BP-1 | General basis for preparation of the Sustainability Statement | 38
BP-2 | Disclosures in relation to specific circumstances | 38
GOV-1 | The role of the administrative, management and supervisory bodies | 40
GOV-2 | Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies | 41
GOV-3 | Integration of sustainability-related performance in incentive schemes | 41
GOV-4 | Statement of due diligence | 41
GOV-5 | Risk management and internal controls over sustainability reporting | 42
SBM-1 | Strategy, business model and value chain | 43
SBM-2 | Interests and view of stakeholders | 48
SMB-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 50
IRO-1 | Description of the process to identify and assess material impacts, risks and opportunities | 56
IRO-2 | Disclosure Requirements in ESRS covered by the undertaking's Sustainability Statement | 59

| ESRS E1 - Climate change |
E1-1 | Transition plan for climate change mitigation | 68
SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 69
ESRS 2 IRO-1 | Description of the process to identify and assess material climate-related impacts, risks and opportunities | 56
E1-2 | Policies related to climate change mitigation and adaption | 69
E1-3 | Actions and resources in relation to climate change policies | 69
E1-4 | Targets related to climate change mitigation or adaptation | 71
E1-5 | Energy consumption and mix | 72
E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | 73
E1-7 | GHG removals and GHG mitigation projects financed through carbon credits | 75
E1-8 | Internal carbon pricing | 75
| ESRS E2 - Pollution |
IRO-1 | Description of the processes to identify and assess material pollution-related impacts, risks and opportunities | 56
| ESRS E3 - Water and marine resources |
IRO-1 | Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities | 56
| ESRS E4 - Biodiversity and ecosystems |
IRO-1 | Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks and opportunities | 56
| ESRS E5 - Resource use and circular economy |
ESRS 2 IRO-1 | Description of the process to identify and assess material resource use and circular economy-related impacts, risks and opportunities | 76
E5-1 | Policies related to resource use and circular economy | 76
E5-2 | Actions and resources related to resource use and circular economy | 76
E5-3 | Targets related to resource use and circular economy | 77

108

| ESRS S1 - Own workforce |
ESRS 2 SMB-2 | Interests and view of stakeholders | 48
ESRS 2 SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 79
S1-1 | Policies related to own workforce | 80
S1-2 | Processes for engaging with own workforce and workers' representatives | 81
S1-3 | Processes to remediate negative impacts and channels for own workers to raise concerns | 82
S1-4 | Taking action on material impacts on own workforce, and approaches to mitigate material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | 82
S1-5 | Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | 84
S1-6 | Characteristics of the undertaking's employees | 85
S1-8 | Collective bargaining coverage and social dialogue | 86
S1-9 | Diversity metrics | 87
S1-16 | Remuneration metrics (pay gap and total remuneration) | 87
S1-17 | Incidents, complaints and severe human rights impact | 88
| ESRS S2 - Workers in the value chain |
ESRS 2 SBM-2 | Interests and view of stakeholders | 48
ESRS 2 SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 89
S2-1 | Policies related to own value chain workers | 90
S2-2 | Processes for engaging with value chain workers | 90
S2-3 | Processes to remediate negative impacts and channels for value chain | 91
S2-4 | Taking action on material impacts on value chain workers | 91
S2-5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 92

| ESRS S4 - Consumers and end-users |
ESRS 2 SMB-2 | Interests and views of stakeholders | 48
ESRS 2 SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 93
S4-1 | Policies related to consumers and end-users | 93
S4-2 | Processes for engaging with consumers and end-users | 94
S4-3 | Processes to remediate negative impacts and channels for consumers and end- users to raise concerns | 94
S4-4 | Taking action on material impacts on consumers and end-users, and approaches to mitigate material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions | 95
S4-5 | Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | 96
| ESRS G1 - Business conduct |
GOV-1 | The role of the administrative, management and supervisory bodies | 40
IRO-1 | Description of the process to identify and assess material resource use and circular economy-related impacts, risks and opportunities | 56
G1-1 | Business conduct policies and corporate culture | 98
G1-3 | Prevention and detection of corruption and bribery | 99
G1-4 | Confirmed incidents of corruption and bribery | 100
| Cybersecurity |
MDR-P | Policies adopted to manage material sustainability matters | 103
MDR-A | Actions and resources in relation to material sustainability matters | 104
MDR-T | Tracking effectiveness of policies and actions through targets | 104
| Responsible AI |
MDR-P | Policies adopted to manage material sustainability matters | 105
MDR-A | Actions and resources in relation to material sustainability matters | 105
MDR-T | Tracking effectiveness of policies and actions through targets | 106

109
Appendix B: List of datapoints in cross-cutting and topical standards that derive from other EU legislation (ESRS 2 IRO-2)

Disclosure Requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark Regulation reference | EU Climate Law reference | Comments/Location in Sustainability Statement
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d) | Indicator number 13 of Table #1 of Article 1 |  | Commission Delegated Regulation (EU) 2020/1816 Annex II |  | GOV-1
ESRS GOV-1 Percentage of board members who are independent paragraph 21 (e) |  |  | Delegated Regulation (EU 2020/1816, Annex II |  | GOV-1
ESRS 2 GOV-4 Statement on due diligence paragraph 30 | Indicator number 13 of Table #1 of Article 1 |  |  |  | GOV-4
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i | Indicators number 4 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/245328 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk | Delegated Regulation (EU) 2020/1816, Annex II |  | SBM-1
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii | Indicator number 9 Table #2 of Annex 1 |  | Delegated Regulation (EU) 2020/1816, Annex II |  | SBM-1
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii | Indicator number 14 Table #1 of Annex 1 |  | Delegated Regulation (EU) 2020/1818, Article 12 (1) Delegated Regulation (EU 2020/1816, Annex II |  | SBM-1
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv |  |  | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II |  | SBM-1
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 |  |  | Regulation (EU) 2021/1119, Article 2(1) |  | E1-1
ESRS E1-1 Undertaking is excluded from Paris-aligned Benchmarks 16 (g) |  | Article 449a Regulation (EU) No575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 12.1 (d) to (g) and Article 12.2 |  | E1-1
ESRS E1-4 GHG emission reduction targets paragraph 34 | Indicator number 4 Table #2 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 6 |  | E1-4

110

Disclosure Requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark Regulation reference | EU Climate Law reference | Comments/Location in Sustainability Statement
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 | Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 |  |  |  | Not material
ESRS E1-5 Energy consumption and mix paragraph 37 | Indicator number 5 Table #1 of Annex 1 |  |  |  | E1-5
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 | Indicator number 6 Table #1 of Annex 1 |  |  |  | Not material
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 | Indicators number 1 and 2 Table #1 of Annex 1 | Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) |  | E1-6
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 | Indicators number 3 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 8(1) |  | E1-6
ESRS E1-7 GHG removals and carbon credits paragraph 56 |  |  |  | Regulation (EU) 2021/1119, Article 2(1) | E1-7
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 |  | Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II |  |  | Phase-in, not reported for FY2024
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). |  | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book – Climate change physical risk: Exposures subject to physical risk. |  |  | Phase-in, not reported for FY2024
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy- efficiency classes paragraph 67 (c). |  | Article 449a Regulation (EU) No 575/2013;Commission Implementing Regulation (EU) 2022/2453 paragraph 34;Template 2: Banking book – Climate change transition risk: Loans collateralised by immovable property – Energy efficiency of the collateral |  |  | Phase-in, not reported for FY2024
ESRS E1-9 Degree of exposure of the portfolio to climate related opportunities paragraph 69 |  |  | Delegated Regulation (EU) 2020/1818, Annex II |  | Phase-in, not reported for FY2024

111

Disclosure Requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark Regulation reference | EU Climate Law reference | Comments/Location in Sustainability Statement
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 | Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 |  |  |  | Not material
ESRS E3-1 Water and marine resources paragraph 9 | Indicator number 7 Table #2 of Annex 1 |  |  |  | Not material
ESRS E3-1 Dedicated policy paragraph 13 | Indicator number 8 Table 2 of Annex 1 |  |  |  | Not material
ESRS E3-1 Sustainable oceans and seas paragraph 14 | Indicator number 12 Table #2 of Annex 1 |  |  |  | Not material
ESRS E3-4 Total water recycled and reused paragraph 28 (c ) | Indicator number 6.2 Table #2 of Annex 1 |  |  |  | Not material
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29 | Indicator number 6.1 Table #2 of Annex 1 |  |  |  | Not material
ESRS 2- IRO 1 - E4 paragraph 16 (a) i | Indicator number 7 Table #1 of Annex 1 |  |  |  | IRO-1
ESRS 2- IRO 1 - E4 paragraph 16 (b) | Indicator number 10 Table #2 of Annex 1 |  |  |  | IRO-1
ESRS 2- IRO 1 - E4 paragraph 16 (c) | Indicator number 14 Table #2 of Annex 1 |  |  |  | IRO-1
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) | Indicator number 11 Table #2 of Annex 1 |  |  |  | Not material
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) | Indicator number 12 Table #2 of Annex 1 |  |  |  | Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d) | Indicator number 15 Table #2 of Annex 1 |  |  |  | Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d) | Indicator number 13 Table #2 of Annex 1 |  |  |  | Not material
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 | Indicator number 9 Table #1 of Annex 1 |  |  |  | Not material

112

Disclosure Requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark Regulation reference | EU Climate Law reference | Comments/Location in Sustainability Statement
ESRS 2- SBM-3 - S1 Risk of incidents of forced labour paragraph 14 (f) | Indicator number 13 Table #3 of Annex I |  |  |  | S1 SBM-3
ESRS 2- SBM-3 - S1 Risk of incidents of child labour paragraph 14 (g) | Indicator number 12 Table #3 of Annex I |  |  |  | S1 SBM-3
ESRS S1-1 Human rights policy commitments paragraph 20 | Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I |  |  |  | S1-1
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 |  |  | Delegated Regulation (EU) 2020/1816, Annex II |  | S1-1
ESRS S1-1 Processes and measures for preventing trafficking in human beings paragraph 22 | Indicator number 11 Table #3 of Annex I |  |  |  | S1-1
ESRS S1-1 Workplace accident prevention policy or management system paragraph 23 | Indicator number 1 Table #3 of Annex I |  |  |  | S1-1
ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c) | Indicator number 5 Table #3 of Annex I |  |  |  | S1-3
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) | Indicator number 2 Table #3 of Annex I |  | Delegated Regulation (EU) 2020/1816, Annex II |  | Not material
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) | Indicator number 3 Table #3 of Annex I |  |  |  | Not material
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) | Indicator number 12 Table #1 of Annex I |  | Delegated Regulation (EU) 2020/1816, Annex II |  | S1-16
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) | Indicator number 8 Table #3 of Annex I |  |  |  | S1-16
ESRS S1-17 Incidents of discrimination paragraph 103 (a) | Indicator number 7 Table #3 of Annex I |  |  |  | S1-17

113

Disclosure Requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark Regulation reference | EU Climate Law reference | Comments/Location in Sustainability Statement
ESRS S1-17 Non respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a) | Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I |  | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) |  | S1-17
ESRS 2 - SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) | Indicators number 12 and n. 13 Table #3 of Annex I |  |  |  | S2 SBM-3
ESRS S2-1 Human rights policy commitments paragraph 17 | Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 |  |  |  | S2-1
ESRS S2-1 Policies related to value chain workers paragraph 18 | Indicator number 11 and n. 4 Table #3 of Annex 1 |  |  |  | S2-1
ESRS S2-1 Non respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 | Indicator number 10 Table #1 of Annex 1 |  | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) |  | S2-1
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 |  |  | Delegated Regulation (EU) 2020/1816, Annex II |  | S2-1
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 | Indicator number 14 Table #3 of Annex 1 |  |  |  | S2-4
ESRS S3-1 Human rights policy commitments paragraph 16 | Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 |  |  |  | Not material
ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17 | Indicator number 10 Table #1 Annex 1 |  | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) |  | Not material
ESRS S3-4 Human rights issues and incidents paragraph 36 | Indicator number 14 Table #3 of Annex 1 |  |  |  | Not material

114

Disclosure Requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark Regulation reference | EU Climate Law reference | Comments/Location in Sustainability Statement
ESRS S4-1 Policies related to consumers and end-users paragraph 16 | Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 |  |  |  | S4-1
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 | Indicator number 10 Table #1 of Annex 1 |  | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) |  | S4-1
ESRS S4-4 Human rights issues and incidents paragraph 35 | Indicator number 14 Table #3 of Annex 1 |  |  |  | S4-4
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) | Indicator number 15 Table #3 of Annex 1 |  |  |  | G1-1
ESRS G1-1 Protection of whistleblowers paragraph 10 (d) | Indicator number 6 Table #3 of Annex 1 |  |  |  | G1-1
ESRS G1-4 Fines for violation of anti- corruption and anti-bribery laws paragraph 24 (a) | Indicator number 17 Table #3 of Annex 1 |  | Delegated Regulation (EU) 2020/1816, Annex II) |  | G1-4
ESRS G1-4 Standards of anti-corruption and anti- bribery paragraph 24 (b) | Indicator number 16 Table #3 of Annex 1 |  |  |  | G1-4

115
Financial
Statements
116
Consolidated Financial Statements 118
Notes to the consolidated
financial statements 123
Parent company’s financial statements 179
Notes to the Parent Company’s
Financial Statements 182
Proposal for distribution to shareholders 190
S ignatures for the report by the Board of
Directors’, Sustainability Statement and
Financial Statements, and Auditors note 191
Financial
Statements
117

Consolidated Financial Statements (IFRS) |  | FINANCIAL RISK MANAGEMENT AND CAPITAL STRUCTURE |  | 10. Investments | 186
Income statement | 118 | 20. Management of financial risks and capital structure | 160 | 11. Long-term receivables | 186
Statement of other comprehensive income | 118 | 21. Interest-bearing loans and borrowings | 165 | 12. Current receivables | 186
Statement of financial position | 119 | 22. Financial income and expenses | 167 | 13. Prepaid expenses and accrued income | 187
Statement of cash flows | 120 | 23. Financial assets and liabilities | 168 | 14. Changes in shareholders' equity | 187
Statement of changes in shareholders' equity | 121 | 24. Derivatives | 170 | 15. Provisions | 188
|  | 25. Cash and cash equivalents | 171 | 16. Non-Current liabilities | 188
Notes to the consolidated financial statements (IFRS) |  | 26. Share capital and reserves | 171 | 17. Current liabilities | 188
BASIS OF PREPARATION |  | OTHER INFORMATION |  | 18. Accrued liabilities and deferred income | 189
1. Corporate information | 123 | 27. Acquisitions and divestments | 173 | 19. Deferred tax assets and liabilities | 189
2. Material accounting policy information | 123 | 28. Subsidiaries | 175 | 20. Contingent liabilities | 189
3. Adoption of new and amended IFRS accounting standards and interpretations | 124 | 29. Interests in joint ventures | 177 | 21. Derivatives | 190
30. Related party transactions | 177 | 22. Management of financial risks | 190
4. Use of judgements and estimates | 124 | 31. Commitments and contingencies | 178 |  |
PERFORMANCE FOR THE YEAR |  | 32. Events after the reporting period | 178 | Proposal for distribution to shareholders | 190
5. Segment information | 125 |  |  | Signatures for the report by the Board of Directors, Sustainability Statement and Financial Statements, and Auditors note | 191
6. Revenue | 128 |  |
7. Other operating income and expenses | 131 | Parent company's financial statements (FAS) |
8. Income taxes | 132 | Income statement | 179 |  |
9. Earnings per share | 135 | Balance sheet | 180 | Auditor's report | 192
COMPENSATION AND BENEFITS |  | Statement of cash flows | 181 | Assurance report on the Sustainability Statement | 197
10. Employee expenses | 136 |  |  | Independent auditor’s report on the ESEF consolidated financial statements of Tietoevry Oyj | 200
11. Remuneration of key management | 137 | Notes to the Parent Company's Financial Statements (FAS) | 182
12. Share-based payments | 139 | 1. Net sales | 183 |  |
13. Defined benefit plans | 142 | 2. Other operating income | 183 |  |
INVESTED CAPITAL AND WORKING CAPITAL ITEMS |  | 3. Personnel expenses | 183 |  |
14. Goodwill and other intangible assets | 146 | 4. Other operating expenses | 183 |
15. Property, plant and equipment | 151 | 5. Management remuneration | 183 |
16. Leases | 153 | 6. Financial income and expenses | 184 |
17. Trade and other receivables | 156 | 7. Income taxes | 184 |
18. Provisions | 158 | 8. Intangible assets | 185 |
19. Trade and other payables | 159 | 9. Tangible assets | 185 |

118
CONSOLIDATED FINANCIAL STATEMENTS (IFRS)
Income statement

EUR million | Note | 2024 | 2023
Revenue | 5, 6 | 2 802.6 | 2 851.4
Other operating income | 7 | 16.0 | 22.2
Materials and services |  | -536.9 | -567.2
Employee benefit expenses | 10, 11, 12, 13 | -1 566.3 | -1 566.0
Depreciation and amortization | 14, 15, 16 | -162.2 | -152.4
Impairment losses | 14, 15, 16, 29 | -201.5 | -4.8
Other operating expenses | 7 | -322.7 | -328.9
Share of results in joint ventures | 29 | 0.9 | 1.3
Operating profit (EBIT) |  | 29.8 | 255.6
Interest and other financial income | 22 | 7.0 | 23.7
Interest and other financial expenses | 22 | -56.1 | -61.7
Net foreign exchange gains/losses | 22 | -2.6 | 3.1
Profit/loss before taxes |  | -21.8 | 220.8
Income taxes | 8 | -41.0 | -48.6
Net profit/loss for the financial year |  | -62.8 | 172.2
Net profit/loss for the financial year attributable to |  |  |
Owners of the Parent company |  | -62.8 | 172.2
Earnings per share attributable to owners of the Parent company, EUR per share | 9 |  |
Basic |  | -0.53 | 1.45
Diluted |  | -0.53 | 1.45

Notes are an integral part of these consolidated financial statements.
Statement of other
comprehensive income

EUR million | Note | 2024 | 2023
Net profit/loss for the financial year |  | -62.8 | 172.2
Items that may be reclassified subsequently to profit or loss |  |  |
Translation differences | 26 | -80.8 | -99.8
Items that will not be reclassified subsequently to profit or loss |  |  |
Remeasurements of the defined benefit plans | 13 | 0.7 | 0.6
Income tax related to remeasurements | 8 | -0.3 | -0.1
Total comprehensive income |  | -143.1 | 72.9
Total comprehensive income attributable to |  |  |
Owners of the Parent company |  | -143.1 | 72.9

119
Statement of financial position
Assets

EUR million | Note | 31 Dec 2024 | 31 Dec 2023
Non-current assets |  |  |
Goodwill | 14, 27 | 1 648.2 | 1 907.3
Other intangible assets | 14, 27 | 313.8 | 339.6
Property, plant and equipment | 15 | 82.2 | 88.8
Right-of-use assets | 16 | 175.8 | 195.9
Interests in joint ventures | 29 | — | 11.6
Deferred tax assets | 8 | 5.4 | 11.8
Defined benefit plan assets | 13 | 0.8 | 1.0
Other financial assets at amortized cost | 23 | 14.7 | 15.1
Other financial assets at fair value 1) | 23, 24 | 12.3 | 16.1
Other non-current receivables | 17 | 25.1 | 34.7
Total non-current assets |  | 2 278.4 | 2 621.9
Current assets |  |  |
Inventories |  | 7.1 | 8.6
Trade and other receivables 1) | 16, 17, 23 | 550.7 | 638.1
Financial assets at fair value | 23, 24 | 13.7 | 17.5
Current tax assets |  | 9.3 | 12.7
Cash and cash equivalents | 25 | 195.1 | 219.6
Total current assets |  | 775.9 | 896.6
Total assets |  | 3 054.3 | 3 518.4

Notes are an integral part of these consolidated financial statements.
Equity and liabilities

EUR million | Note | 31 Dec 2024 | 31 Dec 2023
Equity |  |  |
Share capital | 26 | 76.6 | 76.6
Share premium and other reserves | 26 | 38.5 | 39.4
Invested unrestricted equity reserve | 26 | 1 203.5 | 1 203.5
Retained earnings | 26 | -20.5 | 293.0
Total equity |  | 1 298.1 | 1 612.3
Non-current liabilities |  |  |
Loans | 21, 23 | 569.6 | 539.5
Lease liabilities | 16, 21, 23 | 142.6 | 161.4
Deferred tax liabilities | 8 | 24.1 | 27.5
Provisions | 18 | 2.6 | 2.5
Defined benefit obligations | 13 | 26.1 | 26.5
Financial liabilities at fair value 1) | 23, 24 | 16.5 | 20.0
Other non-current liabilities | 19 | 6.1 | 10.8
Total non-current liabilities |  | 787.6 | 788.4
Current liabilities |  |  |
Trade and other payables 1) | 19, 23 | 545.4 | 616.0
Financial liabilities at fair value | 23, 24 | 7.1 | 4.9
Current tax liabilities |  | 10.1 | 20.0
Loans | 21, 23 | 334.9 | 411.9
Lease liabilities | 16, 21, 23 | 50.5 | 50.3
Provisions | 18 | 20.7 | 14.6
Total current liabilities |  | 968.7 | 1 117.7
Total equity and liabilities |  | 3 054.3 | 3 518.4

1) Comparative information has been updated, see note 24.
120
Statement of cash flows

EUR million | Note | 2024 | 2023
Cash flow from operating activities |  |  |
Net profit/loss for the financial year |  | -62.8 | 172.2
Adjustments |  |  |
Depreciation, amortization and impairment losses | 14, 15, 16, 29 | 363.8 | 157.2
Profit/loss on sale of property, plant and equipment, and business operations |  | -4.6 | -7.0
Share of results in joint ventures | 29 | -0.9 | -1.3
Other adjustments |  | 3.7 | 12.2
Net financial expenses | 22 | 51.6 | 34.9
Income taxes | 8 | 41.0 | 48.6
Change in net working capital |  |  |
Change in current receivables |  | 81.3 | -64.7
Change in current non-interest-bearing liabilities |  | -54.9 | -30.5
Cash generated from operating activities before interests and taxes |  | 418.2 | 321.5
Interests received |  | 10.6 | 8.0
Interests paid |  | -42.7 | -31.1
Other financial income received |  | 25.1 | 20.6
Other financial expenses paid |  | -42.7 | -26.6
Dividends received | 29 | 1.0 | 1.3
Income taxes paid |  | -43.8 | -27.7
Cash flow from operating activities |  | 325.7 | 266.1

Notes are an integral part of these consolidated financial statements.

EUR million | Note | 2024 | 2023
Cash flow from investing activities |  |  |
Acquisition of business operations, net of cash acquired | 27, 29 | -1.0 | -156.3
Capital expenditure | 14, 15 | -85.6 | -84.1
Disposal of business operations, net of cash disposed | 27, 29 | 13.1 | 0.4
Proceeds from sale of property, plant and equipment |  | 1.2 | 10.6
Change in loan receivables |  | 0.4 | 0.1
Cash flow used in investing activities |  | -71.8 | -229.3
Cash flow from financing activities |  |  |
Dividends paid |  | -174.2 | -171.7
Repurchase of own shares |  | — | -9.8
Repayments of lease liabilities | 16, 21 | -56.6 | -58.1
Proceeds from short-term borrowings | 21 | 333.7 | 195.2
Repayments of short-term borrowings | 21 | -407.4 | -131.3
Proceeds from long-term borrowings | 21 | 350.0 | 214.0
Repayments of long-term borrowings | 21 | -320.8 | -99.5
Cash flow used in financing activities |  | -275.4 | -61.2
Change in cash and cash equivalents |  | -21.5 | -24.5
Cash and cash equivalents at the beginning of period | 25 | 219.6 | 249.7
Foreign exchange differences |  | -3.1 | -5.5
Change in cash and cash equivalents |  | -21.5 | -24.5
Cash and cash equivalents at the end of period |  | 195.1 | 219.6

121
Statement of changes in shareholders' equity

|  | Owners of the Parent company |
EUR million | Note | Share capital | Share premium and other reserves | Own shares | Cumulative translation differences | Invested unrestricted equity reserve | Retained earnings | Total equity
1 Jan 2024 |  | 76.6 | 39.4 | -1.1 | -276.8 | 1 203.5 | 570.9 | 1 612.3
Comprehensive income |  |  |  |  |  |  |  |
Net loss for the period |  | — | — | — | — | — | -62.8 | -62.8
Other comprehensive income, net of tax |  |  |  |  |  |  |  |
Remeasurements of the defined benefit plans, net of tax | 13 | — | — | — | — | — | 0.4 | 0.4
Translation differences |  | — | -0.8 | — | -70.9 | — | -9.1 | -80.8
Total comprehensive income |  | — | -0.8 | — | -70.9 | — | -71.4 | -143.1
Transactions with owners |  |  |  |  |  |  |  |
Contributions and distributions |  |  |  |  |  |  |  |
Share-based incentive plans | 12 | — | — | — | — | — | 3.0 | 3.0
Dividends | 26 | — | — | — | — | — | -174.2 | -174.2
Total transactions with owners |  | — | — | — | — | — | -171.1 | -171.1
31 Dec 2024 |  | 76.6 | 38.5 | -1.1 | -347.8 | 1 203.5 | 328.4 | 1 298.1

122

|  | Owners of the Parent company |
EUR million | Note | Share capital | Share premium and other reserves | Own shares | Cumulative translation differences | Invested unrestricted equity reserve | Retained earnings | Total equity
1 Jan 2023 |  | 76.6 | 39.3 | -0.3 | -193.5 | 1 203.5 | 593.7 | 1 719.2
Comprehensive income |  |  |  |  |  |  |  |
Net profit for the financial year |  | — | — | — | — | — | 172.2 | 172.2
Other comprehensive income, net of tax |  |  |  |  |  |  |  |
Remeasurements of the defined benefit plans, net of tax | 13 | — | — | — | — | — | 0.5 | 0.5
Translation differences |  | — | 0.1 | — | -83.3 | — | -16.5 | -99.8
Total comprehensive income |  | — | 0.1 | — | -83.3 | — | 156.1 | 72.9
Transactions with owners |  |  |  |  |  |  |  |
Contributions and distributions |  |  |  |  |  |  |  |
Share-based incentive plans | 12 | — | — | 9.0 | — | — | -7.3 | 1.7
Dividends | 26 | — | — | — | — | — | -171.7 | -171.7
Repurchase of own shares | 26 | — | — | -9.8 | — | — | — | -9.8
Total transactions with owners |  | — | — | -0.8 | — | — | -179.0 | -179.7
31 Dec 2023 |  | 76.6 | 39.4 | -1.1 | -276.8 | 1 203.5 | 570.9 | 1 612.3

Notes are an integral part of these consolidated financial statements.
123
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PREPARATION
The accounting policies applied to the consolidated financial statements as a whole are described below. A
more detailed description of accounting policies and significant estimates related to specific disclosures are
presented in conjunction with each note with the aim of providing an understanding of each accounting area.
1. Corporate information
Tietoevry Corporation (business identity code 0101138-5) is a Finnish public limited liability company organized
under the laws of Finland. It is domiciled in Espoo and the address of the Group head office is Keilalahdentie 2-4,
02101 Espoo, Finland. The company's shares are listed on NASDAQ in Helsinki and Stockholm and the Oslo Børs.
Tietoevry is a leading Nordic digital services and software company that employs around 23 000 experts
globally. Tietoevry serves thousands of enterprise and public sector customers in around 90 countries. The
company’s services comprise software, data and digital engineering as well as managed services and
transformation, and related capabilities to support customers’ business renewal, innovation and efficient
operations. Tietoevry’s role varies from consulting and advisory, designing and building solutions to running IT
operations.
The Board of Directors approved these consolidated financial statements on 3 March 2025. According to the
Limited Liability Companies Act, the shareholders have the right at the Annual General Meeting to either approve,
amend or reject the consolidated financial statements after the publication.
2. Material accounting policy information
These consolidated financial statements of Tietoevry have been prepared in accordance with International
Financial Reporting Standards (IFRS) Accounting Standards as adopted by the European Union. The financial
statements also comply with Finnish accounting principles and corporate legislation complementing IFRS
accounting standards. The consolidated financial statements are presented in millions of euros and have been
prepared under the historical cost convention, unless otherwise stated in these accounting policies. All figures
presented have been rounded, and consequently the sum of individual figures can deviate from the presented
sum figure. Key figures have been calculated using exact figures.
Consolidation principles
The consolidated financial statements include the Parent company Tietoevry Corporation and all subsidiaries
over which the Parent company has directly or indirectly more than one half of the voting rights, or the Parent
company is otherwise in control of the company ("the Group"). Control exists when the company is exposed to,
or has rights to, variable returns from its involvement with the entity and can affect those returns through its
power over the entity.
Subsidiaries are consolidated from the date on which control is achieved until the date on which control ceases
by using the acquisition method. Intra-group receivables, payables and transactions including dividends and
internal profit are eliminated on consolidation. When necessary, subsidiaries’ accounting policies have been
aligned to correspond to the Group’s accounting policies. The profit or loss for the period and items of other
comprehensive income are attributable to the equity holders of the parent company.
Foreign currency transactions
Items included in the financial statements of each of the Group's entities are measured using the currency of the
primary economic environment in which the entity operates (the functional currency). The consolidated financial
statements are presented in euros, which is the Parent company’s functional and presentation currency.
Foreign currency transactions are translated into local functional currencies using the exchange rates prevailing
on the transaction date. The foreign currency monetary items are translated using period-end exchange rates.
The foreign currency non-monetary items held at fair value are translated into the functional currency using the
exchange rate prevailing at the date when the fair value was determined or remeasured. Other non-monetary
items are recognized at the exchange rate prevailing on the transaction date.
For internal, long-term loans to subsidiaries, when classified as net investment in foreign operation, all related
unrealized foreign exchange gains and losses are recognized in profit or loss in the separate financial
statements. In the consolidated financial statements, such exchange differences are recognized initially in other
comprehensive income and reclassified from equity to profit or loss on disposal of the net investment.
Other foreign exchange gains and losses related to business operations are included in operating profit. Foreign
exchange gains and losses associated with financing are recognized in finance income and expenses.
124
For Group entities whose functional and presentation currency is other than the euro, the income statements
and statements of financial position are translated into the Group presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated using the exchange
rates prevailing at the reporting date;
• income and expenses for each income statement are translated using the monthly average exchange
rates;
• all resulting translation differences are recognized in other comprehensive income.
When a subsidiary is sold, any translation differences are recognized in the consolidated income statement as
part of the gain or loss on the sale.
Goodwill and fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of a
foreign entity are treated as assets and liabilities of the foreign entity and translated into euro using the exchange
rates prevailing at the reporting date. Translation differences arising are recognized in other comprehensive
income.
3. Adoption of new and amended IFRS accounting standards and interpretations
The following amendments to IFRS accounting standards became effective on 1 January 2024. They have not
had a material impact on the amounts reported or on the disclosures in these financial statements.
• Amendments to IAS 1 – Non-current Liabilities with Covenants
• Amendments to IAS 1 – Classification of Liabilities as Current or Non-current
• Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements
• Amendments to IFRS 16 – Lease Liability in a Sale and Leaseback
New and revised IFRS accounting standards in issue but not yet effective
At the date of authorization of these financial statements, the Group has not applied the new and revised IFRS
accounting standards that have been issued but are not yet effective. Management does not expect the
adoption of these to have a material impact on the Group's financial statements in future reporting periods. The
Group intends to adopt these new and amended standards and interpretations, if applicable, when they become
effective and are endorsed by the EU.
4. Use of judgements and estimates
The preparation of the financial statements in accordance with IFRS accounting standards requires management
to make estimates and assumptions that affect the amounts reported and disclosed at the reporting date.
Although these estimates are based on management's best knowledge of current events and actions, actual
results may differ from the estimates. In addition, management judgement is required in the application of
accounting policies, especially when IFRS accounting standards permit alternative accounting, valuation and
presentation methods.
Management believes that the following accounting principles represent those matters, where management
judgement has the most significant effect on the amounts recognised or where a different estimate could result
in a significant adjustment to reported carrying amounts within the next financial year. These are described in
more detail in the related notes.

Accounting principle | Estimates made | Judgement applied | Note
Valuation of goodwill | X | X | 14
Other intangible assets | X | X | 14
Provisions | X |  | 18
Deferred taxes | X |  | 8

Further, management has considered the impact of climate change when preparing the consolidated financial
statements. There has not been any material impact on judgements and estimates arising from those
considerations. The main considerations were as follows:
• Note 14 Goodwill and other intangible assets, Note 15 Property, plant and equipment, and Note 16 Leases
include disclosures describing the assets that form the basis for the activities of Tietoevry. Environmental
considerations represent an implicit element when preparing projections of future business performance
as inputs to the long-term plan and any other basis for asset valuations i.e. all matters that impact
business performance including the valuations of assets, are considered by management.
• Note 18 Provisions – provisions comprise mainly restructuring and other employee related provisions,
and contract-related provisions. The overall corporate risk management process uses input from all
Group functions (including finance and sustainability teams) as well as the businesses. There is no impact
from climate-change or any other environmental considerations on the provisions as at 31.12.2024.
• Note 12 Share-based payments provides a description of the long-term incentive plans including the
environmental, social and governance (ESG) related targets e.g. gender diversity and CO2 reduction in
the 2023-2025 and 2024–2026 plans.
• Note 20 Management of financial risks and capital structure – the Group’s revolving credit facility is
linked to selected sustainability targets of Tietoevry, see note 20.
125
PERFORMANCE FOR THE YEAR
This section comprises disclosures related to the performance of the Group, including segment information,
revenue recognition, other operating income and expenses, as well as information on taxes and earnings per
share.
5. Segment information
Tietoevry Group is comprised of five operating segments: Tietoevry Create, Tietoevry Banking, Tietoevry Care,
Tietoevry Industry, and Tietoevry Tech Services.

ACCOUNTING POLICIES
The operating segments are reported in a manner consistent with the internal reporting provided to the Group Executive Management, which has been identified as Tietoevry’s chief operating decision maker being responsible for allocating resources and assessing performance of the operating segments as well as deciding on strategy.
The Group Executive Management assesses the profitability of segments principally on the basis of adjusted operating profit (EBITA). Operating profit (EBIT) is, however, also an essential measure and is disclosed in this segment note as it is most consistent with the result reported in accordance with IFRS a ccounting standards. Transactions between the segments are made on a market-terms basis.
Eliminations include internal revenue between operating segments and Group function sales of internal services to the business. Non-allocated costs relate to Global management and Support functions and are shown separately in the operating profit (EBIT).

Tietoevry Create
Tietoevry Create is a leading accelerator for digital innovation and cloud-native development, providing business
advisory and design, data engineering and specialized software R&D services across a range of industry sectors.
It is a market-leading vendor in the Nordics and expanding in international markets. Tietoevry Create has
competence centres in Europe, India, China and the Americas – they leverage their expertise and the latest
technologies to support clients from nearly 20 countries.
Tietoevry Banking
Tietoevry Banking is modernizing the financial sector in the Nordics and globally with modular, pre-integrated
Banking-as-a-Service and a full suite of market-leading, scalable software and services within domains such as
payments, cards, wealth management, financial crime prevention and credit. Built by unmatched industry
expertise, the solutions help accelerate growth through digital customer engagement, real-time operational
efficiency and regulatory compliance.
Tietoevry Care
Tietoevry Care offers modular, open and interoperable software for customers in the health and social care
sectors to enhance the care experience across the Nordics. Using advanced analytics and embedded AI, it
provides decision support and process automation. Demand for software and services in healthcare segments
such as hospitals, primary and secondary care, as well as elderly, home and family care is increasing rapidly on
the back of the growing demand for better care outcomes, improved citizen experience, higher staff satisfaction
and increased efficiency.
Tietoevry Industry
Tietoevry Industry provides industry-specific software and data platform services for customers looking to
enhance their critical processes – with software increasingly delivered as a service. Product areas include
software for case management, pulp & paper, education, and energy and utilities. Furthermore, data platform
services deliver data in processes such as billing & invoicing and industry messaging. Tietoevry Industry has
extensive industry knowledge and in-depth expertise in utilizing data to create insights and add value across
core business and operational processes.
Tietoevry Tech Services
Tietoevry Tech Services is a Nordic multi-cloud platform provider with a full range of infrastructure choices at
scale – aiming to ensure resilience, security and compliance for customers’ business. Its business comprises
application and data services, cloud platforms and security services, traditional Infrastructure services and user
experience services. It drives enterprise-wide transformation for customers from modernizing existing IT
infrastructure and the renewal of core business applications to next-generation services and data and AI
services. Tietoevry Tech Services is the leading provider of managed services in the Nordics, and delivers
services to customer operations in around 90 countries.
126
Disaggregation of revenue by segment

EUR million | 2024 | 2023 | Change %
Tietoevry Create | 836.9 | 852.3 | -2
Tietoevry Banking | 580.4 | 567.2 | 2
Tietoevry Care | 231.3 | 232.8 | -1
Tietoevry Industry | 263.7 | 262.6 | 0
Tietoevry Tech Services | 1 000.7 | 1 072.7 | -7
Eliminations | -110.4 | -136.1 | -19
Group total | 2 802.6 | 2 851.4 | -2

The comparative information for segment revenue and operating profit (EBIT) was recast to reflect minor
changes between segments arising due to structural changes in 2024. Group totals remained unchanged.
Operating profit/loss and margin (EBIT) by segment

| Operating profit/loss (EBIT), EUR million | Operating profit (EBIT), EUR million |  | Operating margin (EBIT), % | Operating margin (EBIT), %
| 2024 | 2023 | Change % | 2024 | 2023
Tietoevry Create | 71.2 | 95.5 | -25 | 8.5 | 11.2
Tietoevry Banking | 44.8 | 42.9 | 5 | 7.7 | 7.6
Tietoevry Care | 63.5 | 68.3 | -7 | 27.5 | 29.3
Tietoevry Industry | 30.5 | 36.9 | -17 | 11.6 | 14.0
Tietoevry Tech Services | -139.4 | 51.9 | > 100 | -13.9 | 4.8
Non-allocated costs | -40.8 | -39.8 | 2 | — | —
Group total | 29.8 | 255.6 | -88 | 1.1 | 9.0

For more information, see I mpairment losses and notes 7, 14 and 29.
Revenue by country

EUR million | 2024 | 2023 | Change %
Finland | 650.4 | 644.2 | 1
Sweden | 835.2 | 901.3 | -7
Norway | 938.3 | 948.6 | -1
Other | 378.7 | 357.2 | 6
Group total | 2 802.6 | 2 851.4 | -2

The distribution of revenue by country is based on the invoicing country. No single customer represents 10% or
more of revenue.
Non-current assets by country

EUR million | 31 Dec 2024 | 31 Dec 2023 | Change %
Finland | 110.3 | 110.9 | -1
Sweden | 100.7 | 110.7 | -9
Norway | 291.0 | 331.4 | -12
Other | 69.8 | 71.3 | -2
Group total | 571.8 | 624.3 | -8

Non-current assets include property, plant and equipment, right of use assets and intangible assets excluding
goodwill.
127
Personnel by segment

| End of period | Average
| 2024 | 2023 | Change % | Share % | 2024 | 2023
Tietoevry Create | 8 831 | 9 618 | -8 | 38 | 9 190 | 9 248
Tietoevry Banking | 3 296 | 3 509 | -6 | 14 | 3 421 | 3 518
Tietoevry Care 1) | 1 553 | 1 529 | 2 | 7 | 1 578 | 1 511
Tietoevry Industry | 1 593 | 1 644 | -3 | 7 | 1 610 | 1 666
Tietoevry Tech Services 1) | 7 073 | 7 283 | -3 | 31 | 7 230 | 7 649
Group functions | 594 | 576 | 3 | 3 | 565 | 589
Group total | 22 941 | 24 159 | -5 | 100 | 23 593 | 24 181

1) In 2024, personnel were transferred from Tietoevry Care to Tietoevry Tech Services and the comparative information was recast accordingly.
Personnel by country

| End of period | Average
| 2024 | 2023 | Change % | Share % | 2024 | 2023
Sweden | 3 516 | 3 856 | -9 | 15 | 3 702 | 3 980
Norway | 3 731 | 3 922 | -5 | 16 | 3 797 | 3 951
Finland | 2 998 | 3 015 | -1 | 13 | 3 034 | 3 101
India | 4 131 | 4 308 | -4 | 18 | 4 259 | 4 390
Czech Republic | 2 315 | 2 381 | -3 | 10 | 2 338 | 2 497
Ukraine | 1 442 | 1 728 | -17 | 6 | 1 551 | 1 835
Latvia | 1 078 | 1 070 | 1 | 5 | 1 095 | 1 091
China | 1 016 | 1 044 | -3 | 4 | 1 031 | 1 053
Poland | 911 | 839 | 9 | 4 | 864 | 833
Bulgaria | 646 | 780 | -17 | 3 | 717 | 350
Other | 1 156 | 1 217 | -5 | 5 | 1 205 | 1 100
Group total | 22 941 | 24 159 | -5 | 100 | 23 593 | 24 181
Onshore countries | 10 787 | 11 370 | -5 | 47 | 11 099 | 11 586
Offshore countries | 12 153 | 12 789 | -5 | 53 | 12 494 | 12 595
Group total | 22 941 | 24 159 | -5 | 100 | 23 593 | 24 181

Depreciation by segment

EUR million | 2024 | 2023 | Change %
Tietoevry Create | 6.7 | 6.6 | 1
Tietoevry Banking | 7.0 | 4.8 | 44
Tietoevry Care | 1.1 | 1.0 | 12
Tietoevry Industry | 0.8 | 0.7 | 13
Tietoevry Tech Services | 48.5 | 44.6 | 9
Group functions 1) | 33.4 | 40.8 | -18
Group total | 97.5 | 98.5 | -1

1) Includes depreciation of right-of-use assets relating to shared premises. In operating profit (EBIT), such costs are fully allocated to the operating
segments.
Amortization on other intangible assets by segment

EUR million | 2024 | 2023 | Change %
Tietoevry Create | 0.0 | 0.1 | > 100
Tietoevry Banking | 11.2 | 3.6 | > 100
Tietoevry Care | 2.6 | 2.5 | 6
Tietoevry Industry | 0.1 | 0.2 | -41
Tietoevry Tech Services | 6.8 | 5.4 | 27
Group functions | 0.1 | 0.3 | -49
Group total | 21.0 | 12.0 | 74

Amortization of acquisition-related intangible assets by segment

EUR million | 2024 | 2023 | Change %
Tietoevry Create | 12.5 | 10.0 | 25
Tietoevry Banking | 19.0 | 19.3 | -1
Tietoevry Care | 0.2 | 0.2 | 0
Tietoevry Industry | 4.5 | 4.7 | -5
Tietoevry Tech Services | 7.6 | 7.7 | -2
Group functions | — | — | —
Group total | 43.8 | 41.8 | 5

128
Impairment losses
In 2024, as part of the annual impairment testing carried out in the fourth quarter, Tietoevry recorded a non-cash
charge of EUR 200.0 million in impairment losses. The impairment loss related to the goodwill held in Tietoevry
Tech Services, which reduced the carrying amount of its goodwill to EUR 233.6 million as at 31 December 2024.
For more information, see note 14.
Further, Tietoevry Tech Services recognized an impairment loss of EUR 0.6 million on a right-of-use asset.
Tietoevry Care recognized an impairment loss of EUR 0.6 million on capitalized development costs. Tietoevry
Create bought the remaining 20% share of the joint venture Tieto Esy Oy, which resulted in an impairment loss of
EUR 0.3 million.
In 2023, the Group recognized impairment losses on lease agreements for office and other facilities in Finland
and Czech Republic totalling EUR 2.7 million. In addition, as a result of annual impairment testing, Tietoevry
Create recognized a goodwill impairment loss of EUR 2.1 million for the carrying value of Tieto Esy Oy.
6. Revenue
The business models of the Group consist of continuous services, software solutions, projects and consulting.
Revenue comprises the fair value for the sale of IT services and software licenses, net of discounts and exchange
rate differences.

ACCOUNTING POLICIES
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes consideration collected on behalf of third parties. The Group recognizes revenue when it transfers control of a good or service to a customer.
The Group typically provides customers with a variety of comprehensive services. The individual service delivery contracts are often structured under a common frame contract where general terms for the service delivery to the customer are defined. The content of the delivery, performance obligations and pricing, are defined in the service delivery contracts. Management judgement is used to determine the basis for the revenue recognition; either an individual service delivery contract or a group of combined contracts.
Revenue from service contracts is based on service volumes or time and materials and the performance obligations are recognized over the accounting period in which the services are rendered or project is delivered. The services are generally satisfied and the control transferred to the customer over time given that either the customer simultaneously receives and consumes the benefits provided by the Group, or the Group’s performance does not create an asset with an alternative use for the Group, in which case there is an enforceable right to payment for work completed to date.
In the majority of the businesses providing continuous services, time and material projects and consulting, the performance obligations satisfied are invoiced on a monthly basis. At the time of invoicing, a receivable is recognized by the Group as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. The standard payment term is 30 days according to the Group’s Credit Policy.

129

Goods, typically distinct licenses, that provide a right to use the software, are invoiced on delivery. The license revenue is recognized at a point in time when the license is delivered, the legal title has passed, the customer has accepted the license and has access to the licensed software. Distinct licenses, that provide a right to access the software, are recognized over the contract period. Contract assets or liabilities do not typically arise in the businesses described above.
For contracts comprising fixed-price projects, revenue is recognized based on the actual service provided by the reporting date as a proportion of the total services to be provided. This is determined based on the cost of actual labour hours spent relative to the total expected cost of labour hours, as it best reflects the transfer of control to the customer. Estimates of revenues, costs or progress towards completion are revised if circumstances change and any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. Invoicing and customer payments in the fixed-price projects follow the payment schedule defined in the customer contract. If the services rendered by the Group exceed the payment, a contract asset is recognized, and if the payments exceed the services rendered, a contract liability is recognized.
The customer contracts of the Group typically comprise several of the business models described above. The most appropriate presentation on how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors is considered to be the disaggregation of revenue by segment, presented in the segment information note 5.
Some contracts include delivery of hardware together with a variety of services from the Group. Hardware is usually provided by another service provider. The installation of hardware is simple, does not include an integration service from the Group and could be performed by another party. It is, therefore, accounted for as a separate performance obligation. In these contracts, Tietoevry acts as an agent, if the Group does not obtain control of the hardware provided by another party before it is transferred to the customer, or as a principal if control is obtained.

Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices, which are observable from the contracts and represent prices for services rendered in similar circumstances to similar customers. Revenue from contracts granting a discount retrospectively to the customer is recognized based on the price specified in the contract, net of the estimated discounts. Discounts are estimated based on management's experience of earlier purchases of customers under similar contracts. This estimation is regularly updated during the contract period. Revenue is only recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
In settlement agreement cases, consideration paid to customers is reduced from revenue when a settlement agreement is signed with the customer. Consideration received from customers is recognized as revenue or other operating income depending on the facts and circumstances.
The Group grants assurance type of warranties which guarantee that the delivery complies with agreed specifications. These are accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
The Group does not have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Consequently, the Group does not adjust any of the transaction prices for the time value of money.
The Group capitalizes material costs of set-up activities related to transition or implementation projects in the initial phase of continuous operating service contracts, when the criteria for capitalization according to IFRS 15 (costs to fulfil a contract) are met. Management judgement has been used when developing internal guidance on the tasks defined as set-up activities in the Group. The set-up activities do not result in the transfer of a promised good or service and are not identified as a performance obligation to the customer. The capitalized costs to fulfil a contract are amortized during the period when the revenue for the related continuous operating service contract is recognized.

130
Assets and liabilities related to contracts with customers

EUR million | Note | 31 Dec 2024 | 31 Dec 2023 | 1 Jan 2023
Trade receivables | 17 | 391.8 | 476.8 | 408.9
Contract assets | 17 | 50.4 | 58.4 | 52.0
Contract liabilities, non-current | 19 | 2.4 | 6.8 | 16.9
Contract liabilities, current | 19 | 49.6 | 77.3 | 67.2

In 2023, increases due to acquisitions (see note 27) were EUR 7.9 million in trade receivables and EUR 0.1 million
in c ontract liabilities.
Revenue recognised from the opening balance of contract liabilities was EUR 69.9 (60.3) million.
Order backlog
The transaction price allocated to all fully or partially unsatisfied performance obligations (order backlog)
amounted to EUR 3 261 (3 236) million at the end of the year. Of the backlog, 52% is expected to be recognized
as revenue during 2025. The order backlog includes all signed customer orders that have not been recognized
as revenue, including estimates of the value of consumption-based contracts.
Assets recognized from costs to fulfil a contract

EUR million | 2024 | 2023
Capitalized set-up costs on 31 Dec | 2.6 | 5.8
Amortization of capitalized set-up costs | 3.0 | 6.6

In the statement of financial position, capitalized set-up costs of EUR 0.8 (0.4) million are presented within other
non-current receivables and the current portion of EUR 1.8 (5.4) million in trade and other receivables.
Customer contract settlements related to ransomware attack
In 2024, Tietoevry experienced a criminal ransomware attack in one of its data centres in Sweden. As a result,
the Group recorded costs of approximately EUR 1.5 million, the majority of which relates to the restoration of
services, and contractual service level agreement (SLA) penalties of approximately EUR 0.6 million as a reduction
in revenue. Further, Tietoevry received claims for damages from customers which have been assessed based on
legal and commercial considerations. The Group recorded EUR 7.6 million as a reduction in revenue, the majority
of which relates to claims resolved by year-end. In parallel, the claims process is ongoing with the insurance
provider and is expected to take several quarters to reach a conclusion.
131
7. Other operating income and expenses
Other operating income mainly relates to capital gains, foreign exchange gains on derivatives and government
grants. Other operating expenses mainly relate to information and communication technology and premises
related costs as well as professional services, such as consulting, and marketing. Costs related to shared
platforms in infrastructure services are recognized in other operating expenses when they are not directly linked
to any specific customer.

ACCOUNTING POLICIES
Government grants
Government grants are recognized as other operating income on a systematic basis over the periods necessary to match them with the related costs that they are intended to compensate.

Other operating income

EUR million | 2024 | 2023
Gain on sale of property, plant and equipment, and business operations | 4.6 | 7.1
Change in fair value of derivatives | 3.3 | 7.2
Government grants | 2.0 | 2.5
Rental income | 0.7 | 1.0
Joint venture management fees | 0.2 | 0.6
Other | 5.2 | 3.9
Total | 16.0 | 22.2

In 2024, Tietoevry Banking recognized a net gain of EUR 4.3 million on the sale of its share in a joint venture. For
more information, see note 29.
In 2023, Tietoevry Tech Services completed a sale and partial leaseback transaction with the sale of a data
centre and office building in Norway for total consideration of EUR 11.2 million. The net liability for the partial
leaseback amounts to EUR 3.6 million. Tietoevry Tech Services recognized a net gain of EUR 6.0 million on the
sale in other operating income.
Other operating expenses

EUR million | 2024 | 2023
Information and communication technology | 192.4 | 193.7
Premises related costs | 41.3 | 44.6
Professional services and marketing | 43.1 | 43.4
Other 1) | 45.9 | 47.2
Total | 322.7 | 328.9

1) Other operating expenses include expenses related to travel, recruitment and insurance.
Fees to auditors

EUR million | 2024 | 2023
Audit fees | 1.6 | 1.6
Audit related | 0.4 | 0.3
Tax advisory | 0.0 | 0.0
Other services | 0.3 | 0.3
Total | 2.3 | 2.1

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8. Income taxes
Income tax expenses comprise current and deferred tax. Deferred tax assets and liabilities charged by the same
tax authority are netted and, therefore, shown net on the statement of financial position.

ACCOUNTING POLICIES
Tax expense for the period includes current taxes of the Group companies based on taxable profit for the year, together with tax adjustments for previous years and changes in deferred taxes. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case the related income tax is also recognized in other comprehensive income or directly in equity, respectively. The share of results in joint ventures is reported in the income statement based on the net result and thus, including the income tax effect.
Deferred tax is recognized, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements as well as on tax loss carry forwards. Deferred tax is determined using the tax rates and laws which have been enacted or substantively enacted at the reporting date and are expected to apply when the deferred tax asset is realized or the deferred tax liability is settled. Deferred taxes are not recognized on temporary differences related to investments in subsidiaries to the extent that they will probably not be reversed in the foreseeable future.
A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. The deferred tax assets and liabilities arising from consolidation are recognized in the consolidated statement of financial position if it is probable that the related tax effects will occur.

ACCOUNTING ESTIMATES AND JUDGEMENTS
At each reporting date, management estimates the amount of probable future taxable profits against which unused tax losses can be utilized. As the actual profits may differ from the forecasts, the change will affect the taxes in future periods.
The group operates globally and is, therefore subject to changing tax laws in multiple jurisdictions. The interpretation of tax legislation requires management judgement, and the applied interpretations may include uncertainties.

Income tax expense in income statement

EUR million | 2024 | 2023
Current taxes | 38.5 | 40.4
Change of deferred taxes | 2.7 | 11.2
Taxes for prior years | -0.2 | -3.0
Total | 41.0 | 48.6

Reconciliation of income tax expense

EUR million | 2024 | 2023
Profit/loss before taxes | -21.8 | 220.8
Tax calculated at the domestic corporation tax rate of 20% | -4.4 | 44.2
Effect of different tax rates in foreign subsidiaries | 0.8 | 2.8
Tax effect of non-deductible goodwill impairment | 43.4 | —
Tax effect of other non-deductible expenses and tax exempt income | 0.7 | 1.3
Taxes for prior years | -0.2 | -3.0
Deferred taxes from previous year | -0.8 | 0.1
Tax on foreign dividend distribution | 2.0 | 4.6
Other items | -0.6 | -1.4
Total | 41.0 | 48.6
Effective tax rate, % | -187.8 | 22.0

Impact of OECD Pillar Two model rules
In December 2021, the Organisation for Economic Co-operation and Development (OECD) released the Pillar
Two model rules (the Global Anti-Base Erosion model rules, or “GloBE”) to reform international corporate
taxation. The relevant legislation has been effective from 1 January 2024 in Finland, and Tietoevry Corporation is
within the scope of these rules.
Under the model rules, the Group is liable to pay top-up tax for the difference between its GloBE effective tax
rate per jurisdiction and the 15% minimum tax rate. In the majority of the Group's tax jurisdictions, the tax rate is
at or above the minimum level of 15% while the remaining jurisdictions meet the other Transitional Safe Harbour
rules. Therefore the Group h as no tax exposure related to Pillar Two. The Group applies the exception to
recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two taxes, as
provided in the amendment to IAS 12.
133
Movements in deferred tax assets and liabilities

EUR million | 1 Jan 2024 | Charged to income statement | Charged to other comprehensive income | Other changes | 31 Dec 2024
Deferred tax asset |  |  |  |  |
Tax losses carried forward | 23.6 | -6.6 | — | -0.9 | 16.1
Property, plant and equipment | 16.6 | -2.7 | — | -6.8 | 7.0
Lease liabilities | 40.1 | -0.5 | — | -0.3 | 39.3
Employee benefits | 9.3 | -0.2 | 0.0 | -0.1 | 8.9
Provisions | 1.6 | 1.2 | — | 0.0 | 2.8
Revenue recognition | 3.6 | -1.2 | — | -0.2 | 2.3
Other temporary difference | 1.2 | 2.5 | — | 0.0 | 3.7
Total gross | 96.1 | -7.6 | 0.0 | -8.3 | 80.1
Offset against deferred tax liabilities | -84.2 |  |  |  | -74.7
Total net | 11.8 |  |  |  | 5.4
Deferred tax liability |  |  |  |  |
Intangible assets | 42.8 | -6.1 | — | -0.7 | 36.0
Right-of-use assets | 35.4 | 0.7 | — | -0.2 | 36.0
Untaxed reserves | 10.1 | 0.0 | — | -0.3 | 9.8
Other temporary difference | 23.5 | 0.5 | -0.1 | -6.8 | 17.0
Total gross | 111.7 | -4.9 | -0.1 | -7.9 | 98.8
Offset against deferred tax assets | -84.2 |  |  |  | -74.7
Total net | 27.5 |  |  |  | 24.1
Net balance | -15.7 | -2.7 | 0.1 | -0.4 | -18.7

The majority of the deferred tax assets and liabilities is expected to be recovered after more than 12 months.
On 31 December 2024, the Group's unused tax loss carry forwards amounted to EUR 73.6 (108.9) million pertaining to deferred tax assets of EUR 16.1 (23.6) million. These losses relate mainly to Norway and Sweden and have no
expiry date. Based on profit forecasts, it is probable that there will be sufficient future taxable profits available against which these tax losses can be utilized.
On 31 December 2024, the Group had tax loss carry forwards amounting to EUR 0.4 ( 0.4) million pertaining to deferred tax assets of EUR 0.1 (0.1) million, which were not recognized due to uncertainty of utilization.
The Group does not have any material uncertain tax positions in accordance with IFRIC 23 Uncertainty over Income Tax Treatments.
134

EUR million | 1 Jan 2023 | Charged to income statement | Charged to other comprehensive income | Acquisitions and disposals | Other changes | 31 Dec 2023
Deferred tax asset |  |  |  |  |  |
Tax losses carried forward | 39.0 | -7.1 | — | — | -8.3 | 23.6
Property, plant and equipment | 10.8 | 5.9 | — | — | -0.2 | 16.6
Lease liabilities | 43.5 | -2.7 | — | 0.3 | -1.0 | 40.1
Employee benefits | 10.2 | -0.4 | -0.1 | — | -0.4 | 9.3
Provisions | 3.0 | -1.2 | — | — | -0.1 | 1.6
Revenue recognition | 6.3 | -2.3 | — | — | -0.4 | 3.6
Other temporary difference | 4.2 | 0.3 | — | 0.1 | -3.4 | 1.2
Total gross | 117.1 | -7.5 | -0.1 | 0.4 | -13.8 | 96.1
Offset against deferred tax liabilities | -102.5 |  |  |  |  | -84.2
Total net | 14.6 |  |  |  |  | 11.8
Deferred tax liability |  |  |  |  |  |
Intangible assets | 48.4 | -7.6 | — | 5.6 | -3.7 | 42.8
Right-of-use assets | 39.9 | -3.9 | — | 0.3 | -1.0 | 35.4
Untaxed reserves | 10.7 | -0.7 | — | — | 0.1 | 10.1
Other temporary difference | 14.2 | 15.7 | 0.1 | — | -6.5 | 23.5
Total gross | 113.2 | 3.6 | 0.1 | 5.9 | -11.0 | 111.7
Offset against deferred tax assets | -102.5 |  |  |  |  | -84.2
Total net | 10.7 |  |  |  |  | 27.5
Net balance | 3.9 | -11.2 | -0.2 | -5.5 | -2.8 | -15.7

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9. Earnings per share
The total number of Tietoevry's shares on 31 December 2024 amounted to 118 640 150 . At the end of the
reporting period, the number of own shares totalled 45 239, representing 0.04% of the total number of shares
and voting rights. For more information, see note 26.

ACCOUNTING POLICIES
Basic Earnings per share (EPS) is calculated by dividing the net profit or loss attributable to the shareholders of the Parent company by the weighted average number of shares in issue during the year, excluding shares purchased by Tietoevry and held as own shares.
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding during the year with the shares estimated to be delivered based on the share-based incentive plans.

| 2024 | 2023
Net profit/loss for the financial year attributable to owners of the Parent company (EUR million) | -62.8 | 172.2
Earnings per share (EUR) |  |
Basic | -0.53 | 1.45
Diluted | -0.53 | 1.45
Weighted average number of shares during the year |  |
Basic | 118 522 308 | 118 375 769
Effect of dilutive share-based incentive plans | 104 015 | 271 334
Diluted | 118 626 323 | 118 647 103

136
COMPENSATION AND BENEFITS
This section comprises disclosures on the Group's employee benefits, including remuneration of the
management and the Board of Directors.
10. Employee benefit expenses
Employee expenses consist of wages and salaries and related social costs. Tietoevry has post-employment
benefit plans as well as share-based incentive plans for key employees. Termination benefits refer to benefits
arising from termination of employment, not performance of work.

ACCOUNTING POLICIES
Employee benefits are recognised in the period in which services are rendered by the employees. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits.

Employee benefit expenses

EUR million | 2024 | 2023
Wages and salaries 1) | 1 217.5 | 1 219.3
Post-employment benefits |  |
Defined contribution plans | 93.3 | 92.4
Defined benefit plans | 7.4 | 2.2
Other benefits | 25.6 | 23.8
Other statutory social costs 2) | 214.8 | 217.4
Share-based payments 2) | 6.5 | 9.5
Other personnel expenses | 1.2 | 1.4
Total | 1 566.3 | 1 566.0

1) Includes termination benefits.
2) Social costs reclassified from Share-based payments to Other statutory social costs for the comparative information.
137
11. Remuneration of key management
Key management of Tietoevry includes the members of the Board of Directors, the Group Executive
Management and the President and CEO.

ACCOUNTING POLICIES
Remuneration for management and the Board of Directors includes all forms of consideration paid, payable or provided by Tietoevry in exchange for services rendered.

Management remuneration

| 2024 | 2023
EUR thousand | President and CEO | Group Executive Management | President and CEO | Group Executive Management 1)
Salaries and benefits | 914.3 | 3 198.0 | 875.0 | 3 339.4
Bonuses 2) | 105.8 | 478.8 | 404.7 | 1 039.2
Termination benefits | — | 294.3 | — | —
Share-based payments 3) | 678.8 | 832.2 | 1 105.6 | 2 415.3
Statutory pensions | 163.9 | 328.5 | 214.8 | 433.8
Supplementary pensions | 225.8 | 351.3 | 213.3 | 458.7
Management entity compensation 4) | — | 193.5 | — | —
Total | 2 088.6 | 5 676.6 | 2 813.4 | 7 686.4

1) The comparative information for the Group Executive Management has been updated based on amounts paid and final estimates for accruals.
2) In 2024, the bonuses are based on latest estimates. The comparative information has been updated based on the amounts paid.
3) Share-based payments include EUR 66.5 thousand to be paid as a termination benefit.
4) A management entity providing key management personnel services was established on a temporary basis with an end date of 31 December 2024.
The table includes management remuneration based on the time as a member in the Group Executive
Management and it is presented on an accrual basis, except as noted above.
The President and CEO, Kimmo Alkio is entitled to an on-target bonus of 75% of his base salary, and up to a
maximum of 150% of the base salary. The targets are based on the Group's external revenue, profit, cash-flow
and achievement of strategic goals. The annual contribution for the President and CEO's supplementary pension
arrangement is 23% of the annual base salary. The President and CEO's retirement age is 63. In case his
assignment is terminated, the period of notice is 12 months and the severance payment is equivalent to the base
salary and the short-term target incentive for six months, in addition to the salary for the notice period. The
President and CEO participates in the Long-term incentive programmes according to respective terms and
conditions decided by the Board of Directors. In 2024, after deductions for applicable taxes, a total of 24 150
(29 563) shares were delivered to the President and CEO.
Generally, the members of the Group Executive Management are entitled to an on-target bonus of 50% of the
base salary, and up to a maximum of 100% of the base salary. The targets are based on their individual goals.
The annual contribution for the Group Executive Management members' supplementary pension arrangement is
up to 15% of the annual base salary. The retirement age of the Group Executive Management members is
according to national legislation. The termination terms vary and the amounts correspond to the periods of
notice. The Group Executive Management members participate in the Long-term incentive programmes
according to respective terms and conditions decided by the Board of Directors. In 2024, after deductions for
applicable taxes, a total of 27 120 (54 445) shares were delivered to the Group Executive Management
members.
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Remuneration for the Board of Directors

EUR thousand | 2024 | 2023
Board members at 31 Dec 2024 |  |
Tomas Franzén, Chairperson Board and RC | 187.9 | 173.0
Harri-Pekka Kaukonen, Deputy Chairperson, Chairperson ARC 1) | 117.5 | 106.4
Bertil Carlsén 1) | 85.6 | 75.7
Elisabetta Castiglioni | 85.6 | 74.9
Liselotte Hägertz Engstam | 84.0 | 77.3
Katharina Mosheim | 85.6 | 77.3
Gustav Moss 1) | 95.2 | 81.3
Endre Rangnes 1, 2) | 86.4 | 82.9
Petter Söderström 1) | 96.0 | 81.3
Timo Ahopelto, Deputy Chairperson 3) | — | 2.4
Niko Pakalén 3) | — | 3.2
Angela Mazza Teufer 3) | — | 0.8
Anders Palklint, personnel rep. | 15.3 | 15.0
Thomas Slettemoen, personnel rep. | 15.3 | 7.5
Ilpo Waljus, personnel deputy rep. | 7.7 | 7.5
Tommy Sander Aldrin, personnel deputy rep. | 7.7 | 15.0
Total | 969.7 | 881.5

1) Shares were not purchased due to the resolution by the AGM not to deliver shares due to insider regulation or other justified reason. The cash
portions to be paid together with the share purchases.
2) Board member until 3 September 2024.
3) Board member until 23 March 2023.
Each member of the Board of Directors receives a fixed annual remuneration and additional meeting based
remuneration. According to the decision by the Annual General Meeting, the yearly remuneration is as follows:
Chairperson EUR 137 500, Deputy Chairperson EUR 73 500, and ordinary member EUR 55 600. In addition to
these fees, the Chairperson of a permanent Board Committee receives an annual fee of EUR 20 000 and a
member of a permanent Board Committee receives an annual fee of EUR 10 000. In addition, remuneration of
EUR 800 is paid to the Board members elected by the Annual General Meeting for each Board of Director's
meeting, permanent committee or temporary subgroup meeting. Further, remuneration for employee
representatives elected as ordinary members of the Board of Directors will be an annual fee of EUR 15 300, and
remuneration for the deputy members will be EUR 7 650. R emuneration for the employee representatives is paid
in cash only.
The Annual General Meeting also approved that part of the fixed annual remuneration may be paid in the
company’s shares purchased from the market. An elected member of the Board of Directors may, at his/her
discretion, choose to receive the fee from the following five alternatives:
1. No cash, 100% in shares
2. 25% in cash, 75% in shares
3. 50% in cash, 50% in shares
4. 75% in cash, 25% in shares, or
5. 100% in cash, no shares.
The shares will be purchased in accordance with an acquisition programme prepared by the company. If the
remuneration cannot be paid in shares due to insider regulation or other justified reason according to the AGM
resolution, termination of the Board member’s term of office or other reason relating to the member of the Board,
the remuneration shall be paid fully in cash. In addition to the share remuneration, the Board members do not
belong to or are not compensated with other share-based arrangements, nor do the members have any pension
plans at Tietoevry except the employee representatives.
The Shareholders' Nomination Board (SNB) based on shareholdings as at 2 September 2024 consisted of the
following representatives announced by Tietoevry’s shareholders:
• Annareetta Lumme-Timonen, Investment Director, Solidium Oy
• Alexander Kopp, Investment Manager, Incentive AS
• Mikko Lantto, Chief Technology and Development Officer, Ilmarinen Mutual Pension Insurance Company
• Alexander Svensson, Vice President, Cevian Capital AG
• Tomas Franzén, Chairperson of the Board of Directors, Tietoevry Corporation.
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12. Share-based payments
Tietoevry offers two types of global share-based compensation plans: Performance Share Plans and Restricted
Share Plans.

ACCOUNTING POLICIES
Tietoevry has share-based incentive plans for its key employees which are accounted for as equity-settled. The plans are valued at fair value based on the market price of Tietoevry shares at the grant date and recognized as an employee benefit expense during the vesting period with a corresponding entry in equity. At each reporting date, the number of shares that are expected to vest from the Group’s share-based incentive plans is revised. As part of this evaluation, the changes in the forecasted performance of the Group, the expected turnover of the personnel participating in the plans and other information impacting the number of shares to vest, is taken into consideration. Any adjustments to the initial estimates are recognized in profit or loss and a corresponding adjustment is made to equity. In countries where the reward is intended to be paid fully in cash, the costs are accounted for as cash-settled. Social costs paid on top of the reward are accounted for as cash-settled.

Share-based incentive plans
The aim of Tietoevry's share-based incentive plans is to align the objectives of shareholders and key employees
in order to increase the value of the company in the long-term. At the end of 2024, Tietoevry's share-based
incentive plans included Performance Share Plans 2022–2024, 2023–2025 and 2024–2026 as well as
Restricted Share Plans 2022–2024, 2023–2025 and 2024–2026. The rewards from the plans will be paid partly
in the company’s shares and partly in cash. The cash portion is intended to cover taxes and tax-related costs
arising from the reward.
As a rule, no reward will be paid, if a participant´s employment or service ends before the reward payment. The
Board of Directors anticipates that share rewards to be delivered to the participants under the plans will consist
of shares to be acquired from the market. Thus, no new shares will be issued in connection with the plans.
The Performance Share Plan 2021–2023 and the Restricted Share Plan 2021–2023 ended in 2024. Based on the
achievements of the targets, a total of 391 958 gross shares were earned and of these 214 379 net shares were
delivered to the participants. Tietoevry paid the rewards through a directed share issue without payment. For
more information, see note 26.
In 2024, the following gross shares were earned and paid fully in cash to participants who left Tietoevry in
accordance with the plan rules: a total of 5 417 gross shares under Performance Share Plan 2022–2024, a total
of 2 895 gross shares under Performance Share Plan 2023–2025 and a total of 570 gross shares under
Performance Share Plan 2024–2026.
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Main terms and conditions of the share-based incentive plans

| Performance Share Plan
| 2022–2024 | 2023–2025 | 2024–2026
Plan launched | 16 February 2022 | 14 February 2023 | 14 February 2024
Performance period | 2022–2024 | 2023–2025 | 2024–2026
Vesting conditions | Relative and absolute Total Shareholder Return of Tietoevry share (TSR), Revenue growth and ESG target. Valid employment or director agreement of a key employee upon the reward payment. | Relative Total Shareholder Return of Tietoevry share (TSR) and ESG targets (gender diversity and CO2 reduction). Valid employment or director agreement of a key employee upon the reward payment. | Relative and Absolute Total Shareholder Return of Tietoevry share (TSR) and ESG targets (gender diversity and CO2 reduction). Valid employment or director agreement of a key employee upon the reward payment.
Exercised | In shares and cash in 2025 | In shares and cash in 2026 | In shares and cash in 2027
Number of participants on 31 Dec 2024 | 435 | 470 | 583
Other | On 31 Dec 2024, rewards to be paid correspond to the value of approximate number of 805 689 Tietoevry gross shares. | On 31 Dec 2024, rewards to be paid correspond to the value of approximate number of 809 083 Tietoevry gross shares. | On 31 Dec 2024, rewards to be paid correspond to the value of approximate number of 953 988 Tietoevry gross shares.

| Restricted Share Plan
| 2022–2024 | 2023–2025 | 2024–2026
Plan launched | 16 February 2022 | 14 February 2023 | 14 February 2024
Vesting period | 2022–2024 | 2023–2025 | 2024–2026
Vesting conditions | Valid employment or director agreement of a key employee upon the reward payment.
Exercised | In shares and cash in 2025 | In shares and cash in 2026 | In shares and cash in 2027
Number of participants on 31 Dec 2024 | 126 | 140 | 182
Other | On 31 Dec 2024, rewards to be paid correspond to the value of approximate number of 50 320 Tietoevry gross shares. | On 31 Dec 2024, rewards to be paid correspond to the value of approximate number of 84 255 Tietoevry gross shares. | On 31 Dec 2024, rewards to be paid correspond to the value of approximate number of 52 314 Tietoevry gross shares.

141
Assumptions made in determining the fair value of Tietoevry's Share-based incentive plans
For Performance Share Plans and Restricted Share Plans, the fair value has been determined at grant using the
fair value of the company share as of the grant date and expected dividends. Market-based performance metric
outcome probability is estimated using Monte-Carlo simulation.
The fair value of social costs settled in cash are remeasured at each reporting date until settlement.
For share plan grants made in 2024, the fair value of the part recognised in equity has been determined at grant
date using the following assumptions. The part recognised as a liability is based on the share price at the end of
the reporting period:
• Share price at grant: EUR 18.28
• Expected annual dividends: EUR 1.42
• Risk-free interest rate: 2.99%
• Expected volatility (historical daily observations over corresponding maturity): 23.57%
• Contractual life: 2.73 years
• Fair value at grant: EUR 6.53
• Share price at year-end: EUR 17.02
Share-based payments included in employee benefit expenses

EUR million | 2024 | 2023
Equity-settled share-based incentive plans | 6.5 | 9.5
Cash-settled share-based incentive plans | 0.0 | 0.1
Social costs settled in cash 1) | 0.2 | 0.9
Total | 6.7 | 10.5

1) Social costs from all plans are reported as cash-settled.
Liabilities arising from share-based payments amount to EUR 0.8 (1.4) million. The liabilities include cumulative
social costs from all plans, and taxes and tax-related costs from cash-settled plans. The estimated future cash
payment to be made to the tax authorities from share-based payments is EUR 5.4 million.
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13. Defined benefit plans
Group companies in different countries have a number of different post-employment benefit plans in
accordance with local requirements and practices. The majority of the plans are classified as defined
contribution plans. Post-employment benefit plans other than defined contribution plans are classified as
defined benefit plans.

ACCOUNTING POLICIES
The fixed contributions to defined contribution plans are recognized as employee benefit expenses in the period to which they relate. The Group has no further legal or constructive payment obligations once the contributions have been paid.
Defined benefit plans typically define an amount of post-employment benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Defined benefit plans are funded with payments to insurance companies.
For defined benefit plans, the net liability recognized in the statement of financial position equals the present value of the defined benefit obligation at the closing date less the fair value of the plan assets. The present value of the defined benefit obligation is determined separately for each plan by independent actuaries using the projected unit credit method. The actuarial calculations include several financial and demographic assumptions and any change in these will impact the carrying amount and future expense of the defined benefit obligation.
Current service costs, past service costs and gains or losses on settlements are recognized in employee benefit expenses. Net interest expense or income is recognized in financial items under interest expense or interest income. All remeasurements of the defined benefit liability or asset arising from experience adjustments and changes in actuarial assumptions are recognized directly in other comprehensive income.

The Group manages defined benefit plans through insurance companies. The employer has guaranteed to the
members of the plans a certain level of benefit after their retirement, which depends on the length of service and
salary base. The salary base is an average of last years’ salaries indexed with common salary index. After
retirement, the benefit payable is indexed yearly.
In Finland, the Group initiated amendments to its old supplementary pension plan in 2024 to revert changes
implemented in 2021. At that time, the Group implemented an amendment to this supplementary pension plan,
and removed the employment pension TyEL index link, which was replaced by the pension company’s own
customer credit model and 6% increase to the defined benefit pension effective from 2022. In the past few
years, inflation has been higher than estimated in 2021, contributing to elevated TyEL index changes.
Consequently, the benefits from the supplementary pension plan had not reached the level of TyEL index linked
plans. After a thoroug h reassessment, the Group concluded to amend the supplementary pension plan and
revert to the TyEL index linkage. As a result, these defined benefit pension plans are TyEL index linked as of 1
January 2025 and the affected beneficiaries will be compensated accordingly. This resulted in defined benefit
pension costs of EUR 5.6 million, of which EUR 4.0 million was booked as amendments to the pension liability at
31 December 2024 and EUR 1.6 million was booked as one-time compensation to be paid in the first quarter of
2025.
The Group’s risk covers approximately 880 non-active employees in Finland. When the pensioner who has a
vested pension retires, the final amount of the pension is revised in the Finnish pension plan and as a result, the
employer may incur additional costs. In addition, in the Finnish pension plan, the index increases that are borne
by the employer during the period between the grant date of the vested pension and the beginning of the
pension are charged only in the year when the pension is granted. In some insurance contracts, under certain
conditions, the insured person has the right to retire earlier than at the normal retirement age. These additional
expenses are charged at the beginning of the retirement.
In Sweden, the Group’s risk is only on active employees and the plan covers 49 employees. As the Group does
not have actuarial or investment risk for those plan members whose employment has ceased, the plan members
are removed from the pension plan and a settlement is recognized annually. In 2024, a settlement loss of EUR 0.2
million was recognized in personnel expenses and the net defined benefit liability increased by the
corresponding amount.
In Norway, the collective defined benefit plan has been replaced with a defined contribution plan and an
unfunded compensation scheme for employees. The size of the compensation and the profile for its accrual is
based on parameters at the time of the change and are accounted for as a defined benefit plan in the financial
statements. The accrual formula and profile of the compensation scheme are used as the basis to make
provisions in the accounts so that the total compensation earned to date by employees at any time is provided
143
for as a liability in the consolidated statement of financial position. The plan covers 688 employees and
pensioners. In addition, there are various other closed and unfunded pension plans in Norway covering 252
employees and pensioners.
In Poland, the risk is only on active employees and the plan covers 692 employees. The basis for the valuation of
provisions for future benefits is the provisions of labor law, remuneration regulations, collective agreements and
other binding agreements between employers and employees. The provision includes retirement severance pay,
disability severance pay and death benefit. The valuation of liabilities was made based on the employment status
and employee characteristics (gender, age, relevant seniority and/or remuneration, etc.) existing at the reporting
date.
Defined benefit cost recognized in income statement and in other comprehensive income

EUR million | 2024 | 2023
Service cost |  |
Current service cost | 1.7 | 2.1
Settlement gains/losses | 0.2 | 0.1
Amendments | 4.0 | —
One-time compensation | 1.6 | —
Net interest | -0.3 | -0.3
Total | 7.3 | 1.9
Amounts recognized in other comprehensive income |  |
Remeasurement |  |
Gains (-)/losses (+) from change in demographic assumptions | 0.0 | 0.0
Gains (-)/losses (+) from change in financial assumptions | 0.1 | -1.0
Gains (-)/losses (+) from experience adjustments | -0.8 | -0.2
Gains (-)/losses (+) on plan assets | 0.1 | 0.5
Total | -0.6 | -0.6

Amounts recognized in the statement of financial position

| Present value of defined benefit obligaton 1) | Fair value of plan assets 2) | Net liability
EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
1 Jan | 30.9 | 32.9 | -5.4 | -5.2 | 25.5 | 27.8
Current service cost | 1.7 | 2.1 | — | — | 1.7 | 2.1
Interest expense/income | 0.5 | 0.5 | -0.2 | -0.2 | 0.3 | 0.3
Employer contribution | — | — | -0.8 | -0.9 | -0.8 | -0.9
Benefits paid | -4.0 | -1.7 | 0.1 | 0.1 | -3.9 | -1.6
Amendments | 21.8 | — | -17.7 | — | 4.0 | —
Curtailment and settlement | -0.2 | -0.1 | 0.3 | 0.1 | 0.2 | 0.1
Actuarial gains/losses | -0.6 | -1.2 | 0.0 | 0.6 | -0.6 | -0.6
Businesses acquired/divested | — | — | — | — | — | —
Exchange rate differences | -1.2 | -1.5 | 0.1 | 0.0 | -1.1 | -1.5
31 Dec | 48.8 | 30.9 | -23.6 | -5.4 | 25.3 | 25.5

1) Of which EUR 26.7 (5.2) million in Finland, EUR 1.4 (0.8) million in Sweden, EUR 20.7 (24.8) million in Norway and 0.1 (0.1) million in Poland.
2) Of which EUR 21.4 (3.6) million in Finland and EUR 2.2 (1.9) million in Sweden. Benefits are paid directly in Norway and Poland without holding plan
assets.

EUR million | 2024 | 2023
Defined benefit obligations | 26.1 | 26.5
Defined benefit plan assets | -0.8 | -1.0
Net liability | 25.3 | 25.5

144
Allocation of plan assets
In Sweden, the plan assets are comprised from equity and debt instruments EUR 1.4 (1.2) million and other assets
EUR 0.8 (0.7) million.
In Finland, the plan assets are accrued from the insurance premiums paid to the insurance company and
accumulated up to the reporting date. The assets are part of the insurance company's investment assets and
they are responsible for reporting the assets. A specification of the plan assets is not available.
Actuarial assumptions

% | 2024 | 2023
Finland |  |
Discount rate | 3.2 | 3.7
Future salary increases | — | —
Future pension increases | 2.2 | 2.6
Inflation rate | 2.0 | 2.4
Sweden |  |
Discount rate | 3.0 | 3.9
Future salary increases | 1.8 | 1.6
Future pension increases | 1.8 | 1.6
Inflation rate | 1.8 | 1.6
Norway |  |
Discount rate | 3.9 | 3.1
Future salary increases | 4.0 | 3.5
Growth in the basic state pension (G) | 3.8 | 3.3
Poland |  |
Discount rate | 5.6 | 5.0
Future salary increases | 4.5 | 6.5

Sensitivity analysis of actuarial assumptions
The following table shows how a change in one assumption, while holding all other assumptions constant, would
affect the defined benefit obligation.

| Change in assumption | Increase in assumption | Decrease in assumption
Impact on defined benefit obligation in Finland |  |  |
Discount rate | 0.5% | -5.1% | 5.6%
Future pension increase | 0.5% | 5.1% | -4.7%
Life expectancy | +1 year | 5.8% |
Impact on defined benefit obligation in Sweden |  |  |
Discount rate | 0.5% | -8,2% | 9,1%
Future salary increase | 0.5% | 9,5% | -8,0%
Future pension increase | 0.5% | 7,0% | -6,1%
Life expectancy | +1 year | 3.3% |
Impact on defined benefit obligation in Norway |  |  |
Discount rate | 0.5% | -1.0% | 1.1%
Future salary increase | 0.5% | 0.1% | -0.1%
Future pension increase | 0.5% | 0.9% | —%
Life expectancy | +1 year | 1.0% |
Impact on defined benefit obligation in Poland |  |  |
Discount rate | 0.5% | -6.4% | 7.0%
Future salary increase | 1.0% | 14.7% | -12.5%

145
Maturity profile of the defined benefit obligation
The weighted average duration of the defined benefit obligation is 11 years in Finland, 18 years in Sweden, 15
years in Norway and 17 years in Poland. The following table shows the maturity profile of the future benefit
payments which are the basis for the calculated undiscounted defined benefit obligation.

EUR million | 2024
Maturity under 1 year | 3.6
Maturity 1–5 years | 13.8
Maturity 5–10 years | 16.1
Maturity 10–30 years | 36.2
Maturity over 30 years | 3.6
Total future benefit payments | 73.3

Expected contributions in 2025
Expected contributions to post-employment benefit plans for the year ending 31 December 2025 are EUR 0.7
million.
Multi-employer plans
The ITP2 pension plans operated by Alecta and Collectum in Sweden are multi-employer defined benefit pension
plans which pool the assets contributed by various entities that are not under common control and the assets
provide benefits to employees of more than one entity. It has not been possible to get sufficient information for
the calculation of obligations and assets by employer from Alecta and Collectum and, therefore, these plans have
been accounted for as defined contribution plans in the consolidated financial statements. In previous years, the
information presented was based on two different ITP plans in Sweden, ITP1 and ITP2. However, only the ITP2
plans are multi-employer defined benefit plans. The ITP1 plan is a defined contribution plan and therefore,
should not be included. The comparative information for 2023 has been updated accordingly. In Tietoevry, 1 791
employees are included in the ITP2 pension plans (1 624 employees in 2023). The yearly contributions to the
plans are around EUR 10 million (EUR 9 million in 2023).
3 126 employees in the Group’s Norwegian companies are members of an early retirement scheme (AFP), which
is a multi-company defined benefit plan, and is financed by premium payments determined as a percentage of
salary. There is no reliable measurement and allocation of liabilities and assets between the companies that
participate in the scheme. The scheme is, therefore, treated for accounting purposes as a defined contribution
plan and the premiums paid are recognized as costs through profit or loss. The premium rate for 2024 was 2.7%
(2.6) corresponding to EUR 4.4 (3.8) million. The scheme is underfunded and it is assumed that premiums will
increase over time in order to ensure sufficient buffer capital to cope with increased payments.
146
INVESTED CAPITAL AND WORKING CAPITAL ITEMS
This section includes disclosures describing the assets that form the basis for the activities of Tietoevry and
the related liabilities.
14. Goodwill and other intangible assets
Tietoevry's intangible assets comprise mainly goodwill, internally developed software (capitalized development
costs), and intangible assets acquired in business combinations, such as technology, trademarks and customer
relationships. Intangible assets also include software licenses. Tietoevry does not have any intangible assets with
indefinite useful lives other than goodwill.

ACCOUNTING POLICIES
Intangible assets other than goodwill are recognized initially at cost. An intangible asset is recognized only if it is probable that the future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. All other costs are expensed as incurred.
After initial recognition, intangible assets are measured at cost less amortization and accumulated impairment losses. Intangible assets are amortized over their useful lives with the straight-line method. Assets that are subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of the intangible asset exceeds its recoverable amount, an impairment loss equal to the difference is recognized in profit or loss.
Internally developed software
Research costs are expensed when incurred. Development costs related to major new software products are capitalized as intangible assets when it is probable that the development will generate future economic benefits for the Group, and certain criteria related to commercial and technological feasibility are met. Development costs comprise service and solution development focusing on, for example, industry-specific software, customer experience management and security services, as well as cloud services. Additionally, the costs for related internal development e.g. automation in infrastructure services, are included in development costs. Development projects are analysed individually to determine the moment when the project has reached a milestone after which capitalization of development costs can start. Only costs which are directly attributable to the development are capitalised.

Subsequent to initial recognition, these costs are measured at cost less accumulated amortization and impairment losses. The amortization period for internally developed software depends on the technology renewal cycle and contract duration. Internally developed software for which amortization has not yet started is tested for impairment on an annual basis by comparing the asset's carrying amount with its recoverable amount. If the carrying amount exceeds the recoverable amount, an impairment loss equal to the difference is recognized in profit or loss.
Intangible assets recognised from acquisitions
Intangible assets acquired in business combinations are measured at fair value at the acquisition date. These are usually customer or technology related and have finite useful lives.
Gains and losses on disposal of intangible assets are included in other operating income and expenses.
The Group applies the following useful lives:

| Years
Software acquired separately | 3
Other intangible assets | 3–10
Technology related intangible assets recognized at fair value from acquisitions | 3–15
Customer related intangible assets recognized at fair value from acquisitions | 2–10
Trademark recognized at fair value from acquisitions | 6
Internally developed software (capitalized development costs) | 5–15

147

Goodwill
Goodwill arising on a business combination represents the excess of the aggregate of the consideration transferred, the amount of non-controlling interests in the acquiree and previously held equity interest in the acquiree over the fair value of the Group’s share of the identifiable net assets acquired. Goodwill is measured at cost less accumulated impairment losses. It is not amortized, but tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of impairment testing, goodwill is allocated to the operating segments of the Group, which are the cash generating units (CGU) expected to benefit from the synergies of the business combination. If the carrying amount of goodwill allocated to the operating segments exceeds its recoverable amount, an impairment loss equal to the difference is recognized in profit or loss. The recoverable amount is the higher of the value in use represented by the net present value of future cash flows and the fair value less costs to sell. Impairment losses on goodwill are not reversed.
In respect of joint ventures, goodwill is included in the carrying amount of the investment.

ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates are made when determining the fair values of assets acquired in a business combination. The valuation requires management to determine the appropriate valuation technique and inputs for fair value measurements, such as discount rate.
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units (CGU) to which goodwill has been allocated. The value in use calculation requires management to estimate the future cash flows expected to arise from the CGUs and an appropriate discount rate to calculate present value.
While management believes that the estimates and assumptions used are reasonable, there are uncertainties which could materially affect the valuations.
Similarly, estimates are made and judgement is applied when assessing the useful lives of other intangible assets, and testing for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

148
Intangible assets

EUR million | Goodwill | Software acquired separately | Intangible assets recognized from acquisitions 1) | Internally developed software | Other | Advance payments | Total
Acquisition cost 1 Jan 2024 | 1 907.3 | 29.9 | 282.0 | 330.8 | 19.9 | 1.2 | 2 571.1
Additions | — | 4.6 | — | 45.2 | 0.0 | 0.8 | 50.6
Disposals | — | -9.7 | -1.4 | -68.0 | -1.3 | — | -80.5
Reclassifications | — | 1.3 | — | — | 0.0 | -1.2 | 0.1
Translation differences | -59.6 | -0.7 | -9.9 | -12.7 | 0.0 | -0.0 | -83.0
Acquisition cost 31 Dec 2024 | 1 847.7 | 25.4 | 270.7 | 295.2 | 18.6 | 0.8 | 2 458.4
Accumulated amortization and impairments 1 Jan 2024 | — | -18.7 | -171.5 | -117.0 | -17.2 | — | -324.3
Disposals | — | 9.7 | 1.4 | 68.0 | 1.3 | — | 80.5
Amortization | — | -5.9 | -43.8 | -13.8 | -1.3 | — | -64.7
Impairments | -199.5 | — | — | -0.6 | — | — | -200.1
Reclassifications | — | -0.1 | — | — | 0.0 | — | -0.1
Translation differences | — | 0.4 | 7.5 | 4.5 | 0.0 | — | 12.4
Accumulated amortization and impairments 31 Dec 2024 | -199.5 | -14.6 | -206.2 | -58.9 | -17.2 | — | -496.4
Carrying value 1 Jan 2024 | 1 907.3 | 11.2 | 110.6 | 213.9 | 2.8 | 1.2 | 2 246.8
Carrying value 31 Dec 2024 | 1 648.2 | 10.8 | 64.4 | 236.3 | 1.4 | 0.8 | 1 962.0

1) Includes technology and customer related intangible assets as well as trademark recognized at fair value from acquisitions.
149

EUR million | Goodwill | Software acquired separately | Intangible assets recognized from acquisitions 1) | Internally developed software | Other | Advance payments | Total
Acquisition cost 1 Jan 2023 | 1 846.5 | 29.5 | 291.3 | 308.3 | 29.3 | 3.3 | 2 508.2
Acquisitions of subsidiaries | 137.4 | 0.1 | 22.6 | — | — | — | 160.1
Additions | — | 6.9 | — | 44.7 | 0.0 | 0.6 | 52.1
Disposals | — | -8.5 | -17.3 | -5.5 | -9.9 | — | -41.3
Reclassifications | — | 2.3 | — | — | 0.7 | -2.6 | 0.4
Translation differences | -76.6 | -0.3 | -14.7 | -16.6 | -0.1 | -0.1 | -108.4
Acquisition cost 31 Dec 2023 | 1 907.3 | 29.9 | 282.0 | 330.8 | 19.9 | 1.2 | 2 571.1
Accumulated amortization and impairments 1 Jan 2023 | — | -22.6 | -153.6 | -122.6 | -26.1 | — | -324.9
Disposals | — | 8.5 | 17.3 | 5.5 | 9.9 | — | 41.3
Amortization | — | -4.7 | -41.8 | -6.3 | -1.1 | — | -53.9
Reclassifications | — | -0.4 | — | — | 0.0 | — | -0.4
Translation differences | — | 0.4 | 6.8 | 6.4 | 0.1 | — | 13.6
Accumulated amortization and impairments 31 Dec 2023 | — | -18.7 | -171.5 | -117.0 | -17.2 | — | -324.3
Carrying value 1 Jan 2023 | 1 846.5 | 6.9 | 137.7 | 185.7 | 3.2 | 3.3 | 2 183.3
Carrying value 31 Dec 2023 | 1 907.3 | 11.2 | 110.6 | 213.9 | 2.8 | 1.2 | 2 246.8

1) Includes technology and customer related intangible assets as well as trademark recognized at fair value from acquisitions.
Internally developed software and other d evelopment costs
Tietoevry’s development costs amounted to approximately EUR 130.6 (129.3) million, representing 4.7% (4.5) of
the Group's revenue. Of these costs, EUR 45.2 (44.7) million were capitalized. In 2024, the focus was on
developing industry-specific software, especially solutions for Financial Services and Healthcare.
150
Impairment testing of goodwill
The annual impairment testing was carried out in the fourth quarter of 2024 in line with Group accounting policy.
The Group is organized into five businesses which are Tietoevry Create, Tietoevry Banking, Tietoevry Care,
Tietoevry Industry, and Tietoevry Tech Services. The five businesses form the Group's operating segments, see
note 5 for more information on the segments. The businesses form the cash-generating units (CGU) providing
services to selected customers in their market segments, and represent the lowest level at which goodwill is
monitored for internal management purposes.
Carrying amount of goodwill by CGU

EUR million | 31 Dec 2024 | 31 Dec 2023
Tietoevry Create | 688.5 | 697.7
Tietoevry Banking | 295.2 | 308.7
Tietoevry Care | 250.2 | 260.9
Tietoevry Industry | 180.7 | 188.4
Tietoevry Tech Services | 233.6 | 451.6
Total | 1 648.2 | 1 907.3

Recoverable amounts and assumptions used
The recoverable amounts of the CGUs of Tietoevry are determined based on value in use calculations which are
prepared using discounted cash flow projections. Annually, management of the Group defines the long-term
ambitions and strategic objectives for the coming years taking into account, for example, industry growth
forecasts obtained from external sources as well as salary increase assumptions. The strategic objectives serve
as basis for the businesses' long-term plans which are reviewed and approved by the Group's top management.
The planning horizon covers a five-year period including key assumptions for sales growth rate, development of
EBITDA, capital expenditure including investments for right-of-use assets, tax payments and changes in net
working capital. Forecasted EBITDA margins are adjusted for expected efficiency improvements. The key
assumptions used are based on past experience and reflects management's expectations of future development
of sales prices, business mix, costs, market shares and volumes.
Subsequent to the five-year projection period, the terminal growth rate used is 1.5% for all CGUs except for
Tietoevry Tech Services. The terminal growth rate of 1.5% is consistent with the long term inflation rates in the
Nordic countries (as the primary locations) and does not exceed the expectations of growth in real terms.
The discount rate applied to the cash flow projections is the weighted average pre-tax cost of capital (WACC).
The components of the WACC rates are risk-free rate, market risk premium, country risk premium, industry
specific beta, cost of debt and debt equity ratio. The risk-free rate is based on 30-year German government
bond adjusted by the weighted average inflation differential between Germany and the countries where each
CGU has operations. The discount rates are also adjusted for the additional business risk of the CGUs. The pre-
tax discount rates for the CGUs vary between 8.6% and 10.9%.
Key a ssumptions used in discounting the cash flow projections by the CGUs

Key assumption % | Terminal growth rate | Pre-tax WACC
| 2024 | 2023 | 2024 | 2023
Tietoevry Create | 1.5 | 2.0 | 10.9 | 11.6
Tietoevry Banking | 1.5 | 2.0 | 8.9 | 9.1
Tietoevry Care | 1.5 | 2.0 | 8.6 | 8.8
Tietoevry Industry | 1.5 | 2.0 | 8.6 | 8.9
Tietoevry Tech Services | 0.0 | 2.0 | 10.7 | 8.9

Results of impairment testing
The Tietoevry Tech Services business is impacted by overall market softness, which has resulted in lower cash
flow projections. As a result, management concluded that the carrying amount exceeded the recoverable
amount for the Tietoevry Tech Services CGU and recorded a non-cash impairment charge of EUR 200.0 million.
This reduced the carrying amount of the goodwill held in Tietoevry Tech Services CGU to EUR 233.6 million as at
31 December 2024. The recoverable amount of the CGU is approximately EUR 500 million based on its value in
use.
The results of the impairment test indicate adequate headroom for the other CGUs, in which no reasonable
change in key assumptions would result in recognition of an impairment loss.
Compared to 31 December 2023, the goodwill balance decreased due to the goodwill impairment loss in
Tietoevry Tech Services and exchange rate fluctuations of EUR 59.6 million.
151
15. Property, plant and equipment
Tietoevry's property, plant and equipment comprise mainly information and communication technology (ICT)
equipment.

ACCOUNTING POLICIES
Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
Land is not depreciated. Property, plant and equipment acquired in business combinations are measured at fair value at the acquisition date. Depreciation is recognized according to plan based on the estimated economic lives of the individual assets and accounted for in accordance with the straight-line method. The assets' residual useful lives are reviewed, and adjusted if appropriate, at each reporting date.
Assets that are subject to depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss equal to the difference is recognized in profit or loss.
The group applies the following useful lives:

| Years
Buildings and structures | 25–40
Data processing equipment 1) | 1–5
Other machinery and equipment | 5
Other tangible assets | 5

1) Purchases of personal computers are expensed immediately.
152
Property, plant and equipment

EUR million | Land | Buildings and structures | Machinery and equipment | Other tangible assets | Advance payments and work in progress | Total
Acquisition cost 1 Jan 2024 | 1.2 | 3.4 | 339.7 | 63.4 | 14.4 | 422.1
Additions | — | — | 24.3 | 3.4 | 6.7 | 34.4
Disposals | — | — | -100.3 | -7.0 | 0.0 | -107.3
Reclassifications | — | — | 14.6 | 2.1 | -12.8 | 3.9
Translation differences | — | — | -5.7 | -0.3 | -0.4 | -6.4
Acquisition cost 31 Dec 2024 | 1.2 | 3.4 | 272.6 | 61.6 | 7.9 | 346.8
Accumulated depreciation and impairments 1 Jan 2024 | — | -1.8 | -284.5 | -47.1 | — | -333.4
Disposals | — | — | 100.2 | 7.1 | — | 107.3
Depreciation | — | -0.1 | -33.3 | -6.1 | — | -39.5
Reclassifications | — | — | -3.8 | -0.1 | — | -3.9
Translation differences | — | — | 4.6 | 0.3 | — | 4.9
Accumulated depreciation and impairments 31 Dec 2024 | — | -1.9 | -216.8 | -45.9 | — | -264.6
Carrying value 1 Jan 2024 | 1.2 | 1.6 | 55.2 | 16.3 | 14.4 | 88.8
Carrying value 31 Dec 2024 | 1.2 | 1.5 | 55.9 | 15.7 | 7.9 | 82.2
Acquisition cost 1 Jan 2023 | 1.2 | 3.8 | 385.6 | 64.7 | 19.1 | 474.4
Acquisitions of subsidiaries | — | — | 0.3 | 0.4 | 0.1 | 0.8
Additions | — | — | 21.3 | 2.4 | 9.5 | 33.2
Disposals | — | -0.4 | -76.8 | -4.3 | -0.1 | -81.6
Reclassifications | — | — | 14.8 | 0.5 | -14.0 | 1.3
Translation differences | — | — | -5.5 | -0.2 | -0.3 | -6.0
Acquisition cost 31 Dec 2023 | 1.2 | 3.4 | 339.7 | 63.4 | 14.4 | 422.1
Accumulated depreciation and impairments 1 Jan 2023 | — | -2.1 | -330.3 | -44.9 | — | -377.2
Disposals | — | 0.4 | 74.6 | 4.2 | — | 79.2
Depreciation | — | -0.1 | -32.2 | -6.4 | — | -38.8
Reclassifications | — | — | -1.3 | 0.0 | — | -1.3
Translation differences | — | — | 4.8 | 0.0 | — | 4.8
Accumulated depreciation and impairments 31 Dec 2023 | — | -1.8 | -284.5 | -47.1 | — | -333.4
Carrying value 1 Jan 2023 | 1.2 | 1.7 | 55.4 | 19.8 | 19.1 | 97.2
Carrying value 31 Dec 2023 | 1.2 | 1.6 | 55.2 | 16.3 | 14.4 | 88.8

153
16. Leases
Tietoevry Group mainly acts as a lessee and leases premises, IT equipment and cars. In monetary terms, the
highest portion of the Group's lease portfolio is for leasing premises. Tietoevry Group also leases equipment for
data centres to support continuous service delivery to its customers.

ACCOUNTING POLICIES
The Group as a lessee
The Group assesses whether a contract is, or contains, a lease at inception of the contract. The Group recognizes a right-of-use asset and a corresponding lease liability at the commencement date of a lease. Initially, the lease liability is measured at the present value of the future lease payments to be made over the lease period. The lease payments include fixed payments, less any lease incentives receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option if it is reasonably certain to be exercised and payments of penalties for terminating the lease if the lease term reflects the exercise of a termination option.
To determine the present value of future lease payments, the Group discounts the lease payments using the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate reflects the rate at which the Group could borrow an amount similar to the value of the right-of-use asset in a similar economic environment. At year-end, the average annual incremental borrowing rate applied to discount remaining lease payments for existing lease agreements is 6.2%.
The Group determines the lease term as the non-cancellable period of the lease, together with the periods covered by an option to extend the lease, if it is reasonably certain to be exercised, and periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has some lease contracts for which the lease term is cancellable with only a short notification period (“evergreen leases”). Management uses judgement to evaluate the lease term for leases with extension or termination options, and for leases with a short notification period. Management estimates the lease term based on overall strategy and business development plans as well as contract specific facts and circumstances.
At 31 December 2024, the weighted average residual lease term for lease contracts is 5.9 years (residual terms vary between 0.1–15.3 years).

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets comprises the initial measurement of the corresponding lease liability, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the underlying asset.
Lease liabilities are measured at amortized cost. The carrying amount of lease liabilities is increased to reflect the interest on the lease liability and decreased for the lease payments made. Interest expenses related to the lease liabilities are recognized in profit or loss. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or in lease payments, or a change in the Group’s assessment of an option to purchase the underlying asset.
The Group applies the recognition exemption provided for leases. Lease payments for leases of low value assets and short-term leases (less than 12 months) are recognized in the income statement on a straight-line basis. The low value assets comprise IT equipment and office furniture.
The Group has elected to separate the service component of a lease for all asset types, except for cars, where only variable lease payments are excluded from the measurement of the lease liability. Non-lease components are separated from lease payments based on fair market value. If such information is not readily available, management judgment is applied in estimating the value.
The Group presents the payment of the principal portion of the lease liability in the cash flows from financing activities and the interest portion in the cash flows from operating activities. Lease payments related to low value assets and short-term leases are presented in cash flow from operating activities.
The Group as a lessor
If an arrangement conveys a right to use a specific asset to a purchaser, often together with related services, the assets, mainly technical equipment, are classified as embedded finance leases. Further the lease is classified either as Operating lease or Finance lease. At 31 December 2024, all such cases have been classified as Finance leases. Sales derived from these embedded finance leases are recognized at the beginning of the agreement period. The annual payments are disclosed as amortization of the finance lease loan receivable and interest income.

154
Leases impact on income statement

EUR million | 31 Dec 2024 | 31 Dec 2023
Tietoevry as a Lessee | Depreciation expenses of right-of-use assets | -58.0 | -59.8
Tietoevry as a Lessee | Impairment losses | -0.6 | -2.7
Tietoevry as a Lessee | Variable lease payments | -8.2 | -8.5
Tietoevry as a Lessee | Short-term leases and low value leases | -3.5 | -4.2
| Other income and expenses | -11.7 | -12.7
Tietoevry as a Lessor | Revenue | 0.7 | 2.7
Tietoevry as a Lessor | Materials and services | -0.6 | -1.5
Tietoevry as a Lessor | Finance income on the net investment in lease | 0.1 | 0.1
Tietoevry as a Lessee | Interest expense on lease liabilities | -11.8 | -10.6
| Expenses reported in financial items, net | -11.7 | -10.5
| Total impact on income statement from lease contracts | -82.0 | -84.4

Leases impact on statement of cash flows

EUR million | 31 Dec 2024 | 31 Dec 2023
Tietoevry as a Lessee | Interest paid (cash flow from operating activities) | -11.6 | -9.6
| Principal paid (cash flow from financing activities) | -56.6 | -58.1

Leases impact on the statement of financial position
Right-of-use assets

EUR million | Buildings | Machinery and Equipment | Total
Tietoevry as a Lessee | 1 Jan 2024 | 177.0 | 18.9 | 195.9
| Additions 1) | 62.4 | 12.6 | 75.0
| Terminations | -29.9 | -2.5 | -32.4
| Depreciation | -48.7 | -9.3 | -58.0
| Impairment 2) | -0.6 | — | -0.6
| Other | 0.0 | — | 0.0
| Translation differences | -3.9 | -0.2 | -4.1
| 31 Dec 2024 | 156.2 | 19.6 | 175.8

EUR million | Buildings | Machinery and Equipment | Total
Tietoevry as a Lessee | 1 Jan 2023 | 185.9 | 16.0 | 201.9
| Acquisitions | 2.2 | — | 2.2
| Additions 1) | 60.7 | 15.8 | 76.5
| Terminations | -14.0 | -2.7 | -16.7
| Depreciation | -49.8 | -10.0 | -59.8
| Impairment 2) | -2.7 | — | -2.7
| Other | 0.0 | 0.0 | —
| Translation differences | -5.4 | -0.2 | -5.6
| 31 Dec 2023 | 177.0 | 18.9 | 195.9

1) Additions represent increases in right-of-use assets due to new lease contracts, as well as remeasurements and lease modifications.
2) For more information, see note 5.
155
Lease liabilities

EUR million | 31 Dec 2024 | 31 Dec 2023
Current | 50.5 | 50.3
Non-current | 142.6 | 161.4
Total | 193.0 | 211.7

The movement in lease liabilities during the reporting period is presented in note 21.
The maturity structure of contractual undiscounted lease payments is presented in note 20.
Lease receivables
Net investment in leases

EUR million | 31 Dec 2024 | 31 Dec 2023
Current | 1.4 | 2.2
Non-current | — | —
Total | 1.4 | 2.2

Maturity analysis - contractual undiscounted cash flows for finance leases

EUR million | 31 Dec 2024 | 31 Dec 2023
Within one year | 1.4 | 2.2
One to two years | — | —
Total undiscounted lease receivable | 1.4 | 2.2
Unearned finance income | 0.0 | 0.0
Net investment in leases | 1.4 | 2.2

156
17. Trade and other receivables
Trade receivables represent amounts that Tietoevry expects to collect from other parties in the ordinary course
of business. Trade receivables are non-interest bearing and the standard payment term is 30 days, according to
the Group’s Credit Policy. Contract assets relate to fixed-price projects where the customer invoicing is based on
agreed milestones and the services rendered by the reporting date exceed the payment received. License fees
relate to prepaid license costs that will be realized on an accrual basis in future periods. Other interest-bearing
receivables relate to assets that are financed as part of customer deliveries and where the contracts are treated
as service contracts.

ACCOUNTING POLICIES
Trade receivables are initially recognised at fair value and subsequently at amortized cost less expected credit loss allowance (ECL). Tietoevry has elected to use the practical expedient and calculate lifetime ECL based on a pre-defined allowance matrix with customer segment specific credit characteristics, based on the following criteria:
• Country group (Finland, Sweden, Norway, other European Union countries, other countries) • Customer industry group (financial services, public healthcare & welfare, industrial customer services) • Balance due status (not yet due, overdue 1–7 days, 8–30 days, 31–60 days, 61–90 days, over 90 days)
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Default is defined as 90 days past due or a write off event, due to inability to collect debt.
For each customer segment, the ECL rate (expressed as a percentage) indicates the historical average defaults identified during the past three years and also the Group’s assessment of the possible impact from changes in the overall economic environment in which its customers operate. These collective allowances can be increased if the customer has filed for bankruptcy but has not yet registered the fact or if there are any facts or circumstances indicating that the customer’s credit risk is above industry/country average.
When calculating ECL for contract assets, Tietoevry uses the ECL rate set for “not yet due” invoices in the allowance matrix.

Trade receivables are permanently written off when there is no reasonable expectation of recovery. Subsequent recoveries of amounts previously written off are credited to the income statement. Other interest-bearing receivables are initially recognized at fair value and subsequently at amortized cost during the contract period. The carrying amount of the trade and other receivables approximate their fair values due to their short-term nature.
For more information on the classification of Trade and other receivables, see note 2 3.

Average ECL rates

% | 31 Dec 2024 | 31 Dec 2023
Not yet due | 0.01% | 0.01%
Overdue 1–7 days | 0.01% | 0.01%
Overdue 8–30 days | 0.02% | 0.02%
Overdue 31–60 days | 2.82% | 2.84%
Overdue 61–90 days | 4.90% | 5.64%
Overdue over 90 days | 60.00% | 60.00%

157
Trade and other receivables

EUR million | 31 Dec 2024 | 31 Dec 2023
Non-current |  |
Prepaid expenses and accrued income | 19.4 | 29.3
Other | 5.7 | 5.4
Total | 25.1 | 34.7
Current |  |
Trade receivables at amortized cost | 391.8 | 476.8
Prepaid expenses and accrued income |  |
Contract assets | 50.4 | 58.4
License fees | 46.5 | 32.9
Other prepaid expenses and accrued income 1) | 34.4 | 38.8
Finance lease receivables | 1.4 | 2.2
Other interest-bearing receivables | 14.5 | 14.4
Other 2) | 11.8 | 14.6
Total | 550.7 | 638.1

1) Comparative information has been updated, see note 24.
2) Includes capitalized set-up costs to fulfil a contract and value added tax receivables.
Net contract assets

| Not yet due | Not yet due
EUR million | 2024 | 2023
Contract assets | 50.4 | 58.4
Loss allowance | -0.0 | -0.0
Net contract assets | 50.4 | 58.4

Group trade receivables maturity and expected credit losses

| Gross trade receivables | Loss allowance | Net trade receivables | Gross trade receivables | Loss allowance | Net trade receivables
EUR million | 2024 | 2024 | 2024 | 2023 | 2023 | 2023
Not yet due | 342.0 | -0.0 | 341.9 | 368.2 | -0.1 | 368.1
Overdue 1–7 days | 30.7 | -0.0 | 30.7 | 82.3 | -0.1 | 82.2
Overdue 8–30 days | 7.5 | -0.3 | 7.3 | 4.8 | -0.2 | 4.7
Overdue 31–60 days | 4.7 | -0.2 | 4.5 | 4.1 | -0.5 | 3.6
Overdue 61–90 days | 4.3 | -0.6 | 3.7 | 2.9 | -0.1 | 2.8
Overdue over 90 days 1) | 7.3 | -3.5 | 3.7 | 17.4 | -1.8 | 15.5
Total | 396.4 | -4.7 | 391.8 | 479.6 | -2.8 | 476.8

1) At the end of 2023, the majority of trade receivables overdue over 90 days were subject to negotiation with a customer, with a corresponding entry
in contract liabilities and therefore excluded from the ECL calculation. The invoices were credited in full in the first quarter of 2024.
There are no major concentrations of credit risk in the Group, see note 20. Impairment losses recognized on
trade receivables and contract assets are included in other operating expenses in the income statement.
Movements in loss allowances

| Trade receivables
EUR million | 2024 | 2023
1 Jan | 2.8 | 2.7
Translation differences | -0.0 | -0.1
Changes in loss allowances recognized | 2.0 | 0.7
Amounts written off as uncollectible | -0.1 | -0.6
31 Dec | 4.7 | 2.8

158
18. Provisions
Provisions at Tietoevry Group comprise mainly restructuring and other employee related provisions, and
contract-related provisions.

ACCOUNTING POLICIES
A provision is a liability of uncertain timing or amount which is recognized when the entity has a present legal or constructive obligation as a result of a past event and it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be measured reliably. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation and are split between amounts expected to be settled within 12 months at the end of the reporting period and amounts expected to be settled later (non-current).
Provisions for restructuring
A restructuring provision is only recognized when a formal plan has been approved and the implementation of it has either commenced or the plan has been announced.
Provisions for warranties
The Group's warranties provide assurance that the delivery will function as expected and in accordance with contract specifications. Provisions related to these assurance-type warranties are recognized during the project and used during the warranty period.
Other provisions
Other provisions include provisions for loss making contracts which are recognized for any unavoidable net loss arising from the contract as well as employee related provisions other than restructuring.

ACCOUNTING ESTIMATES AND JUDGEMENTS
Provisions require management to assess the best estimate of the future costs needed to settle the present obligation at the reporting date. The actual costs may differ from the estimated costs.

EUR million | Provisions for restructuring | Provision for warranties | Other provisions | Total
1 Jan 2024 | 12.0 | 1.2 | 4.0 | 17.2
Translation differences | -0.4 | 0.0 | -0.1 | -0.4
Increases in provisions | 30.0 | 4.0 | 0.7 | 34.7
Use of provisions | -21.6 | -3.9 | -1.4 | -26.9
Reversals and changes in estimates | -0.6 | -0.3 | -0.3 | -1.2
31 Dec 2024 | 19.4 | 1.0 | 2.9 | 23.3
of which |  |  |  |
Non-current | 1.3 | 0.0 | 1.3 | 2.6
Current | 18.2 | 1.0 | 1.6 | 20.7
Total | 19.4 | 1.0 | 2.9 | 23.3
1 Jan 2023 | 13.9 | 1.7 | 6.2 | 21.7
Translation differences | -0.2 | 0.0 | -0.1 | -0.3
Increases in provisions | 24.2 | 0.7 | 6.2 | 31.1
Use of provisions | -25.4 | -0.7 | -6.7 | -32.7
Reversals and changes in estimates | -0.5 | -0.5 | -1.5 | -2.6
31 Dec 2023 | 12.0 | 1.2 | 4.0 | 17.2
of which |  |  |  |
Non-current | 0.5 | 0.1 | 1.9 | 2.5
Current | 11.5 | 1.0 | 2.2 | 14.6
Total | 12.0 | 1.2 | 4.0 | 17.2

In 2024, restructuring measures were taken mainly in Tietoevry Create, Tietoevry Banking and Tietoevry Tech
Services. In 2023, restructuring measures were taken mainly in Tietoevry Tech Services, Tietoevry Banking, and
Tietoevry Create.
159
19. Trade and other payables
Trade and other payables represent unpaid, non-interest bearing liabilities at the end of the reporting period.
Contract liabilities represent where a customer has paid consideration or payment is due, but Tietoevry has not
yet transferred goods or services to the customer.

ACCOUNTING POLICIES
Trade and other payables are presented as current liabilities if settlement is due within 12 months from the end of the reporting period. They are recognized at their fair value and subsequently measured at amortized cost using the effective interest method.
The carrying amount of the trade and other payables approximate their fair values due to their short-term nature.

EUR million | 31 Dec 2024 | 31 Dec 2023
Non-current |  |
Contract liabilities | 2.4 | 6.8
Accruals | 3.7 | 4.1
Total | 6.1 | 10.8
Current |  |
Trade payables | 174.8 | 206.9
Contract liabilities | 49.6 | 77.3
Accrued liabilities |  |
Employee-related accruals | 186.9 | 197.7
Interest 1) | 12.1 | 8.8
Other accrued expenses | 44.1 | 42.2
Value added tax liabilities | 49.2 | 52.5
Payroll tax liabilities | 28.6 | 30.7
Total | 545.4 | 616.0

1) Comparative information has been updated, see note 24.
160
FINANCIAL RISK MANAGEMENT AND CAPITAL STRUCTURE
This section includes notes related to Tietoevry's financial risk and capital structure management. The
financial risks are monitored and managed via Tietoevry's Group Treasury.
20. Management of financial risks and capital structure
The Group's activities expose it to a variety of financial risks: market risk (including currency risk, interest rate
risk and commodity risk), credit risk and liquidity risk. The operative management of the treasury activities of
Tietoevry is centralized in Group Treasury. The Group Treasury is responsible for managing the Group’s financial
risk position and maintaining adequate liquidity. The Treasury Policy, which has been approved by the Board of
Directors, defines the principles for measuring and managing liquidity risk, interest rate risk, foreign exchange
risks and counter-party risk of the Group. The Treasury Policy also defines the division of responsibilities with
regard to financial risk management. The Group reviews and monitors financial risks on a regular basis.
Market risk
Currency risk management
Transaction risk
Currency risk means the risk that the result or economic situation of the Group changes due to changes in
exchange rates. Foreign trade, Group internal transactions and liquidity management in non-euro countries
generate transaction exposure in the Group. The objective of the Group's currency risk policy is to secure the
profitability of operative business by managing recognized exposures while maintaining sufficient flexibility to
adjust to changing currency markets. The underlying exposure includes financial items denominated in the non-
functional currencies of operating companies, such as internal funding, foreign currency bank account balances,
and estimated cash flows such as firm commitments and future trade transactions.
Swedish krona, Norwegian krone, Czech koruna, Indian rupee, Polish zloty and US dollar are the main currencies
with this exposure. During 2024, currency forward contracts were used to mitigate the risks. Gains and losses
from foreign exchange contracts are recognized in the consolidated income statement.
Group companies must hedge their identified currency risks with the Group Treasury unless there are legal
restrictions preventing this. The benchmark for the Group’s currency position is a situation where all the
identified currency risks are eliminated. A deviation from this benchmark is defined as an open position. The
following deviations can be made based on the total size of the Group’s gross currency position (identified
currency risks, excluding the hedging transactions):
• +/- 15 %: Group Treasury
• +/- 25 %: Treasury Committee
• Greater deviation: Board of Directors
The overall operational hedging ratio at the end of December 2024 was 99 % (99 %).
161
Identified currency transaction risk exposure and sensitivity analysis

EUR million | Loans and Cash, net | Estimated cash flows | Leases | Total foreign exchange exposure | External foreign exchange hedges | Transaction exposure sensitivity 1) | Foreign exchange hedge sensitivity 1) | Net effect gain/loss
SEK |  |  |  |  |  |  |  |
31 Dec 2024 | -122.1 | 19.8 | — | -102.2 | 102.3 | 12.2 | -10.2 | 2.0
31 Dec 2023 | -130.6 | 23.1 | — | -107.5 | 107.7 | 13.1 | -10.8 | 2.3
NOK |  |  |  |  |  |  |  |
31 Dec 2024 | -16.9 | 15.3 | — | -1.6 | 3.0 | 1.7 | -0.3 | 1.4
31 Dec 2023 | -42.3 | 12.7 | — | -29.6 | 29.3 | 4.2 | -2.9 | 1.3
PLN |  |  |  |  |  |  |  |
31 Dec 2024 | 1.4 | -11.5 | 0.7 | -9.4 | 9.5 | -0.2 | -1.0 | -1.2
31 Dec 2023 | 0.7 | -9.6 | 1.2 | -7.7 | 8.5 | -0.2 | -0.8 | -1.0
CZK |  |  |  |  |  |  |  |
31 Dec 2024 | -14.0 | -28.8 | 9.8 | -33.0 | 43.2 | 0.4 | -4.3 | -3.9
31 Dec 2023 | -9.6 | -44.3 | 9.6 | -44.3 | 53.4 | — | -5.3 | -5.3
INR |  |  |  |  |  |  |  |
31 Dec 2024 | — | -27.2 | — | -27.2 | 27.1 | — | -2.7 | -2.7
31 Dec 2023 | — | -22.5 | — | -22.5 | 23.0 | — | -2.3 | -2.3
USD |  |  |  |  |  |  |  |
31 Dec 2024 | 2.4 | 0.2 | -0.1 | 2.4 | -2.6 | -0.2 | 0.3 | —
31 Dec 2023 | 2.2 | — | -0.1 | 2.1 | -2.3 | -0.2 | 0.2 | —
Other |  |  |  |  |  |  |  |
31 Dec 2024 | -6.2 | — | 0.6 | -5.6 | 3.0 | 0.6 | -0.3 | 0.3
31 Dec 2023 | -2.2 | — | 2.0 | -0.2 | — | — | — | —

1) The maximum pre-tax effect (EUR million) of 10% negative change in exchange rates on the Group's foreign exchange position over the following
year.
Translation risk
According to the Treasury Policy, hedging translation exposure is subject to the Board of Directors' decision.
Exposure includes the acquisition price, share capital and restricted and non-restricted reserves of subsidiaries
in non-euro countries, as well as the result of the period. NOK 15 293 and SEK 7 153 million exposure forms the
majority of the translation risk. The translation position was unhedged at the end of 2024. See also note 2 4.
Interest rate risk management
The most significant part of the Group's interest rate risk arises from its borrowings and financial investments.
The objective of interest rate risk management is to minimize the effect of interest rate fluctuations on Tietoevry’s
annual results and economic positions. Group Treasury is responsible for the monitoring and operative
management of the Group’s interest rate position which includes loans, financial investments and interest rate
derivative contracts. According to the Treasury Policy, 24 months is defined as a benchmark for the Group's
interest rate position, in terms of weighted average time to re-pricing. At the end of 2024, the ratio was a t 10
months (17 months in 2023) with the approval of the Audit and Risk Committee.

| Amount | Average rate, % | Rate sensitivity 1)
EUR million | Fixed rate | Floating rate | Fixed rate | Floating rate
31 Dec 2024 |  |  |  |  |
Bond 2) | -299.8 | — | 2.0 | — | —
Cash and cash equivalents | 185.4 | 9.7 | — | 6.1 | 0.1
Other loans | -42.8 | -562.0 | 4.7 | 4.6 | -5.6
Other loan receivables | 29.2 | — | 4.5 | — | —
Leasing | -191.6 | — | 6.2 | — | -1.9
Interest rate derivatives 3) | -140.0 | 140.0 | 3.2 | 3.5 | 1.4
31 Dec 2023 |  |  |  |  |
Bond and Commercial paper 2) | -399.1 | -66.1 | 1.8 | 4.2 | -0.7
Cash and cash equivalents | 195.7 | 20.5 | — | 6.1 | 0.2
Other loans | -49.4 | -433.8 | 5.0 | 4.8 | -4.3
Other loan receivables | 28.9 | — | 3.9 | — | —
Leasing | -209.5 | — | 6.0 | — | -2.1
Interest rate derivatives 3) | -140.0 | 140.0 | 3.2 | 4.0 | 1.4

1) The maximum pre-tax effect (EUR million) of 1% rise in interest rates on the Group's net interest expenses over the following year.
2) The duration of underlying instruments wa s 0.5 years (1.1 in 2023).
3) The interest rate derivatives are presented as nominal values.
162
Commodity risk management
The majority of electricity procurement has been centralized to selected supplier and under the selected model,
the Group does not enter into any new electricity derivative agreements in its own name.
Credit risk management
Credit risk is managed on Group level. Credit risk derives from financial investments, derivative contracts and
customer-related risks, such as accounts receivable. Group Treasury maintains a list of approved counterparts
for commercial paper investments and other financial transactions. Core banks of the Group should have a
minimum long-term rating of Baa3 or BBB-.
Customer-related credit risks are assessed based on payment history and financial strength in accordance with
the Credit Policy. The Credit Policy defines the limits for the acceptable level of customer credit risk in terms of
invoicing schedules and payment terms. The maximum exposure to customer related credit risk at the reporting
date is the carrying value of trade receivables. There are no major concentrations of credit risk in the Group,
whether through exposure to individual customers, specific industry sectors and/or regions.
Liquidity risk management and funding
Liquidity risk management and funding principles are defined in the Treasury Policy. One of the key tasks of
Group Treasury is to secure adequate funding for the Group. The Group has a sustainability-linked revolving
credit facility of EUR 250 million, which was not in use at the end of December. The revolving credit facility
matures in 2028 and has a one-year extension option. It is linked to selected sustainability targets of Tietoevry
and hence supports the company’s commitments to Science Based Targets. The Group has an overdraft facility
and an uncommitted EUR 250 million commercial paper programme available to maintain flexibility in funding. In
addition, the Group has two facilities for the sale of receivables, EUR 50 million and SEK 550 million.
In December, the Group signed a two-year term loan facility of EUR 300 million from Nordea Bank Abp, Danske
Bank A/S and OP Corporate Bank plc to be used for refinancing of the EUR 300 million bond.
163
Debt structure
The table below summarises the maturity profile of the Group’s financial liabilities based on the contractual undiscounted payments.

31 Dec 2024 |  | Amount drawn | Amount available | Maturity structure
EUR million |  | 2025 | 2026 | 2027 | 2028 | 2029 | 2030–
Loans | Bonds | 300.0 | — | 300.0 | — | — | — | — | —
| Revolving credit facility | — | 250.0 | — | — | — | — | — | —
| European Investment Bank | 39.2 | — | 13.1 | 13.1 | 13.1 | — | — | —
| OP Corporate Bank | 174.0 | — | — | — | — | 174.0 | — | —
| Nordea | 100.0 | — | — | 100.0 | — | — | — | —
| Nordea and SEB | 250.0 | — | — | — | 250.0 | — | — | —
| Other loans | 42.8 | — | 22.8 | 15.4 | 4.2 | 0.4 | — | —
|  | 906.0 | 250.0 | 335.9 | 128.5 | 267.2 | 174.4 | — | —
| Interest payments | — | — | 33.0 | 25.7 | 20.7 | 8.3 | — | —
Trade payables | Outflow | 174.8 | — | 174.8 | — | — | — | — | —
Other liabilities | Lease liabilities | 223.7 | — | 58.5 | 44.5 | 34.7 | 27.5 | 11.6 | 46.9
Derivative liabilities | Foreign exchange forward contracts | — | — | 7.1 | — | — | — | — | —
| Interest rate swaps | — | — | — | — | 3.6 | 12.9 | — | —
Total |  | 1 304.5 | 250.0 | 609.3 | 198.7 | 326.2 | 223.1 | 11.6 | 46.9

164

31 Dec 2023 |  | Amount drawn | Amount available | Maturity structure
EUR million |  | 2024 | 2025 | 2026 | 2027 | 2028 | 2029–
Loans | Bond | 400.0 | — | 100.0 | 300.0 | — | — | — | —
| Commercial paper programme | 67.0 | — | 67.0 | — | — | — | — | —
| Revolving credit facility | — | 250.0 | — | — | — | — | — | —
| Liabilities towards joint ventures | 3.0 | — | 3.0 | — | — | — | — | —
| European Investment Bank | 52.3 | — | 13.1 | 13.1 | 13.1 | 13.1 | — | —
| OP Corporate Bank | 174.0 | — | — | — | — | — | 174.0 | —
| Syndicated term loan | 208.3 | — | 208.3 | — | — | — | — | —
| Other loans | 49.4 | — | 21.0 | 17.0 | 10.1 | 1.2 | — | —
|  | 954.1 | 250.0 | 412.5 | 330.1 | 23.2 | 14.3 | 174.0 | —
| Interest payments | — | — | 27.3 | 16.9 | 9.7 | 8.7 | 8.8 | —
Trade payables | Outflow | 206.9 | — | 206.9 | — | — | — | — | —
Other liabilities | Lease liabilities | 248.2 | — | 59.5 | 46.0 | 33.3 | 25.8 | 23.7 | 59.8
Derivative liabilities 1) | Foreign exchange forward contracts | — | — | 4.9 | — | — | — | — | —
| Interest rate swaps | — | — | — | — | — | 4.7 | 15.3 | —
Total |  | 1 409.1 | 250.0 | 711.0 | 393.0 | 66.2 | 53.5 | 221.8 | 59.8

1) Derivative liabilities have been included in this summary in 2024, with comparative information added for 2023.
Capital management
The objective is to keep the capital structure on a level securing adequate financial flexibility for the operations.
The capital structure of the Group is being continuously monitored through Net debt/EBITDA ratio. The ratio is
calculated by dividing interest-bearing net debt with the last 12 months' EBITDA of the Group. Net debt/EBITDA
ratio is a covenant used in certain funding arrangements. Tietoevry Group is within limits for this covenant as at
the reporting date and comparative period.

| 31 Dec 2024 | 31 Dec 2023
Net debt 1) | 871.8 | 911.8
12 months EBITDA 2) | 393.6 | 412.8
Net debt/EBITDA | 2.2 | 2.2

1) Interest-bearing liabilities – interest-bearing receivables – cash and cash equivalents
2) EBITDA = EBIT + Depreciation + Amortization + Impairment
165
21. Interest-bearing loans and borrowings
The Group's interest-bearing liabilities consist of bonds, other loans, lease liabilities and cash pool liabilities
towards joint ventures.

ACCOUNTING POLICIES
Interest-bearing loans and borrowings are initially recognized at fair value, net of transaction costs which are recognized in the income statement as interest expenses over the loan-term. Debt is classified as short-term if it is payable within 12 months, otherwise it is classified as non-current.

EUR million | 31 Dec 2024 | 31 Dec 2023
Non-current |  |
Bonds | — | 298.8
Other loans | 569.6 | 240.8
Lease liabilities | 142.6 | 161.4
Total | 712.1 | 701.0
Current |  |
Bonds | 299.8 | 100.4
Other loans | 35.2 | 308.5
Cash pool liabilities towards joint ventures | — | 3.0
Lease liabilities | 50.5 | 50.3
Total | 385.4 | 462.2
Total Interest bearing loans and borrowings | 1 097.5 | 1 163.2

More information on debt structure and carrying interest rates is disclosed in note 20.
166
Change in liabilities arising from financing activities

|  |  | Non-cash changes |
EUR million | 1 Jan 2024 | Cash flows | Foreign exchange gains and losses | Reclassification | Acquisitions and disposals | New lease contracts | De-recognized contracts | Other | 31 Dec 2024
Non-current interest-bearing loans | 539.5 | 28.2 | 0.0 | 1.8 | — | 0.2 | — | -0.1 | 569.6
Current interest-bearing loans | 411.9 | -73.9 | — | -1.8 | — | 0.9 | — | -2.3 | 334.9
Lease liabilities | 211.7 | -56.6 | -4.4 | — | — | 78.7 | -36.8 | 0.5 | 193.0
Total | 1 163.2 | -102.3 | -4.4 | — | — | 79.7 | -36.8 | -1.9 | 1 097.5

|  |  | Non-cash changes |
EUR million | 1 Jan 2023 | Cash flows | Foreign exchange gains and losses | Reclassification | Acquisitions and disposals | New lease contracts | De-recognized contracts | Other | 31 Dec 2023
Non-current interest-bearing loans | 639.4 | 114.5 | — | -229.5 | — | 14.9 | — | 0.3 | 539.5
Current interest-bearing loans | 110.6 | 63.9 | — | 229.5 | — | 7.0 | — | 0.9 | 411.9
Lease liabilities | 210.0 | -58.1 | -5.7 | — | 2.2 | 79.5 | -17.3 | 1.0 | 211.7
Total | 960.1 | 120.2 | -5.7 | — | 2.2 | 101.4 | -17.3 | 2.2 | 1 163.2

167
22. Financial income and expenses
Financial income and expenses comprise interest, foreign exchange gains and losses and other financial income and expenses, such as fees to banks.

2024 | Interest income | Interest expenses | Foreign exchange gains and losses | Other financial income | Other financial expenses | Total
EUR million
Financial assets at fair value through profit or loss | 1.3 | — | -12.0 | — | -1.7 | -12.5
Financial assets at amortized cost | 5.6 | — | 9.4 | 0.1 | — | 15.1
Financial liabilities at fair value through profit or loss | — | -0.6 | — | — | — | -0.6
Financial liabilities measured at amortized cost | — | -49.8 | — | — | -3.7 | -53.5
Net defined benefit obligation | — | -0.3 | — | — | — | -0.3
Total | 6.9 | -50.6 | -2.6 | 0.1 | -5.5 | -51.7

2023 | Interest income | Interest expenses | Foreign exchange gains and losses | Other financial income | Other financial expenses | Total
EUR million
Financial assets at fair value through profit or loss 1, 2) | 16.4 | — | 4.2 | — | -2.7 | 17.8
Financial assets at amortized cost 1) | 7.1 | — | -1.0 | 0.3 | — | 6.3
Financial liabilities at fair value through profit or loss 1) | — | -21.0 | — | — | — | -21.0
Financial liabilities measured at amortized cost 2) | — | -36.3 | — | — | -1.4 | -37.7
Net defined benefit obligation | — | -0.3 | — | — | — | -0.3
Total | 23.5 | -57.6 | 3.1 | 0.3 | -4.1 | -34.9

1) Interest income and expenses related to interest rate swaps have been reclassified from Financial assets at amortized cost to Financial assets/liabilities at fair value through profit or loss. The comparative information was updated accordingly.
2) Financial expenses relat ed to trade receivables sold via non-recourse arrangements are included in Financial assets at fair value through profit or loss. The comparative information was updated accordingly.
In addition, foreign exchange gains and losses included in the operating profit were EUR -1.3 ( 0.5) million in 2024.
168
23. Financial assets and liabilities
Financial assets and liabilities of the Group consist of trade receivables, cash and cash equivalents, lease
receivables and payables, trade payables, derivatives (see note 24), bonds and other interest-bearing liabilities
(see note 21).

ACCOUNTING POLICIES
All financial assets and liabilities are initially recognized at fair value, and subsequently classified either as financial assets at amortized cost or financial assets through profit or loss.
Financial assets at amortized cost
Financial assets are accounted at amortized cost only when the asset is held within a business model with the objective to collect contractual cash flows, which are solely payments of principal and interest.
This category of financial assets includes trade and other receivables, cash and cash equivalents, lease receivables and other interest-bearing receivables.
Financial assets in this category are carried at amortized cost in accordance with the effective interest method with interest income recognized in profit or loss under financial items, see note 22.
Financial liabilities at amortized cost
Financial liabilities in this category are initially recognized at fair value, net of transaction costs directly associated with the borrowing. For interest-bearing liabilities, after initial recognition, liabilities are measured using the effective interest rate method, taking into account any issue costs and any discount or premium on settlement. The related interest expenses are recognized in profit or loss in financial items, see note 22.
Financial assets and liabilities at fair value through profit or loss
Financial assets and liabilities in this category are recognized in the statement of financial position at their fair value with gains or losses resulting from changes in the fair value, being recognized in the income statement.
This category consists mainly of derivatives. Gains or losses from the revaluation of derivative contracts that relate to financial items (loans, cash, leases) are presented as financing costs, see note 22, whereas gains or losses from derivatives, mainly currency forward contracts that relate to operating activities, are included in operating profit.

Trade receivables to be sold via non-recourse arrangements are classified as financial assets at fair value through profit or loss (certain customers).
Other investments include unlisted shares, where the cost is considered to be a reasonable approximation of their fair value.
Determination of fair values
The classification of financial assets and liabilities measured at fair value in the statement of financial position is based on three hierarchy levels: • Level 1: quoted prices in active markets for given or identical assets or liabilities that the entity can access at the measurement date; • Level 2: inputs that are observable for the asset or liability, either directly or indirectly;
The carrying amount of all financial assets and liabilities, carried at amortized cost is considered to provide a reasonable approximation of their fair value, due to the short maturity and liquid nature of these items, except for bonds which are traded on an active market.
The fair values of derivatives are determined based on prevailing marked quotes at the reporting date. The fair values of foreign exchange derivatives are calculated according to foreign exchange and interest rates on the closing date.

169
Financial assets

EUR million | Note | 31 Dec 2024 | 31 Dec 2023 | Fair value hierarchy
Financial assets at fair value through profit or loss |  |  |  |
Non-current |  |  |  |
Other financial assets at fair value through profit or loss |  | 0.5 | 0.6 | Level 3
Non-current derivative receivables 1) | 24 | 11.8 | 15.5 | Level 2
Current |  |  |  |
Trade receivables at fair value through profit or loss |  | 11.1 | 11.6 | Level 2
Current derivative receivables | 24 | 2.7 | 5.8 | Level 2
Financial assets at amortized cost |  |  |  |
Non-current |  |  |  |
Other loan receivables, interest-bearing |  | 14.7 | 15.1 | Level 2
Lease receivables | 16 | — | 0.0 | Level 2
Current |  |  |  |
Other loan receivables, interest-bearing | 17 | 14.5 | 14.4 | Level 2
Lease receivables | 16 | 1.4 | 2.2 | Level 2
Trade receivables | 17 | 391.8 | 476.8 | Level 2
Accrued interest income 1) | 17 | 0.0 | 0.0 | Level 2
Cash and cash equivalents | 25 | 195.1 | 219.6 | Level 2
Total |  | 643.6 | 761.7 |

Financial liabilities

EUR million | Note | 31 Dec 2024 | 31 Dec 2023 | Fair value hierarchy
Financial liabilities at fair value through profit or loss |  |  |  |
Non-current derivative liabilities 1) | 24 | 16.5 | 20.0 | Level 2
Current derivative liabilities | 24 | 7.1 | 4.9 | Level 2
Financial liabilities measured at amortized cost |  |  |  |
Non-current |  |  |  |
Lease liability | 16, 21 | 142.6 | 161.4 | Level 2
Bonds 2) | 21 | — | 298.8 | Level 1
Other loans | 21 | 569.6 | 240.8 | Level 2
Current |  |  |  |
Trade payables | 19 | 174.8 | 206.9 | Level 2
Accrued interest 1) | 19 | 12.1 | 8.8 | Level 2
Lease liability | 16, 21 | 50.5 | 50.3 | Level 2
Bonds 2) | 21 | 299.8 | 100.4 | Level 1
Other loans | 21 | 35.2 | 311.6 | Level 2
Total |  | 1 308.1 | 1 403.7 |

1) Comparative information has been updated, see note 24.
2) Fixed rate bond where carrying amount of EUR 299.8 million has not been adjusted to match the fair value of EUR 298.3 million. Fair value of the
bond has been calculated based on the prevailing market rate at the end of the reporting period.
There has been no movement between the fair value hierarchy levels during 2024 .
170
24. Derivatives
Tietoevry Treasury uses currency for ward and interest rate swap contracts to manage identified currency and
interest rate risks. More information on financial risk management is in note 20 and on the accounting policies
applied in note 23. Derivatives are used for economic purposes only.
Nominal amounts of derivatives
The nominal values of derivatives include the gross amount of all nominal values for contracts that have not yet
been settled or closed. The amount of nominal value outstanding is not necessarily a measure or indication of
market risk, as the exposure of certain contracts may be offset by other contracts.

EUR million | 31 Dec 2024 | 31 Dec 2023
Foreign exchange forward contracts | 536.3 | 523.9
Interest rate swaps | 280.0 | 280.0

Fair values of derivatives

EUR million | 31 Dec 2024 | 31 Dec 2023
Gross positive fair values, foreign exchange forward contracts | 2.7 | 5.8
Gross negative fair values, foreign exchange forward contracts | -7.1 | -4.9
Gross positive fair values, interest rate swaps | 11.8 | 15.5
Gross negative fair values, interest rate swaps | -16.5 | -20.0
The net fair values at the reporting date | -9.1 | -3.6

The fair values of foreign exchange derivatives are calculated according to foreign exchange and interest rates
on the closing date. All outstanding currency derivative contracts will expire within 12 months after the reporting
date.
The interest rate swaps have been reclassified from current assets and liabilities to non-current assets and
liabilities at fair value through profit or loss based on their maturities. The comparative information was updated
accordingly. The fair values of interest rate swaps are based on the values of corresponding agreements
confirmed by the bank.
Offsetting financial assets and liabilities
Agreements with derivatives' counterparties are based on ISDA Master Agreements or on agreements with
similar content with regards to offsetting financial assets and liabilities.
Based on the terms of these agreements, offsetting is possible only under certain circumstances, such as default
of either of the parties or other force majeure events. If any of those occur, then the net position owing/
receivable to a single counterparty will be taken as owing.

| Gross amounts of recognized financial instruments in the statement of financial position 1) | Related amounts not set off in the statement of financial position |
31 Dec 2024 | Financial Instruments | Cash collateral received | Net amount
EUR million
Derivative financial assets |  |  |  |
Foreign exchange forward contracts | 2.7 | -1.9 | — | 0.7
Interest rate swaps | 11.8 | -11.8 | — | —
Derivative financial liabilities |  |  |  |
Foreign exchange forward contracts | -7.1 | 1.9 | — | -5.2
Interest rate swaps | -16.5 | 11.8 | — | -4.7

1) No amounts have been offset in the statement of financial position

| Gross amounts of recognized financial instruments in the statement of financial position 1) | Related amounts not set off in the statement of financial position |
31 Dec 2023 | Financial Instruments | Cash collateral received | Net amount
EUR million
Derivative financial assets |  |  |  |
Foreign exchange forward contracts | 5.8 | -3.1 | — | 2.7
Interest rate swaps | 15.5 | -15.5 | — | —
Derivative financial liabilities |  |  |  |
Foreign exchange forward contracts | -4.9 | 3.1 | — | -1.8
Interest rate swaps | -20.0 | 15.5 | — | -4.6

1) No amounts have been offset in the statement of financial position
171
25. Cash and cash equivalents
Cash and cash equivalents comprise cash balances and cash deposits with banks and other liquid investments
that are readily convertible to a known amount of cash within three months and which are subject to an
insignificant risk of changes in value. Bank overdrafts are included in current liabilities in the statement of
financial position. Cash and cash equivalents are carried at nominal value, which corresponds to their fair value.

EUR million | 31 Dec 2024 | 31 Dec 2023
Cash in hand and at bank | 185.4 | 195.7
Short-term deposits | 9.7 | 24.0
Total | 195.1 | 219.6

Cash and cash equivalents include restricted cash of EUR 14.6 million, held within bank accounts in Ukraine. At
31 December 2023, cash and cash equivalents included restricted cash of EUR 28.5 million, including EUR 18.2
million held within bank accounts in Ukraine, as well as EUR 10.3 million restricted for 3 working days in
connection with the sale of a data centre and office building in Norway at year-end.
26. Share capital and reserves
Tietoevry has one class of shares, and each share has one vote at the Annual General Meeting and equal rights to
dividend and other distribution of assets. The company’s Articles of Association includes a voting constraint at
the Annual General Meeting that nobody is entitled to vote on more than one-fifth of the votes represented at the
Annual General Meeting.
Tietoevry’s shares have no nominal value and their book value counter value is one euro. All issued shares have
been fully paid.

ACCOUNTING POLICIES
Dividends proposed by the Board of Directors are not deducted from distributable equity until approved by the Annual General Meeting of Shareholders.
When the company's own shares are repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction in equity.

EUR million | Number of shares | Share capital | Share issue premiums and other reserves | Invested unrestricted equity reserve | Total
1 Jan 2023 | 118 413 303 | 76.6 | 39.3 | 1 203.5 | 1 319.4
Purchase of own shares | -325 000 | — | — | — | —
Shares delivered from the share- based incentive plans 1) | 302 789 | — | — | — | —
Translation difference | — | — | 0.1 | — | 0.1
31 Dec 2023 | 118 391 092 | 76.6 | 39.4 | 1 203.5 | 1 319.5
Forfeiture of shares 2) | -10 560 | — | — | — | —
Shares delivered from the share- based incentive plans 3) | 214 379 | — | — | — | —
Translation difference | — | — | -0.8 | — | -0.8
31 Dec 2024 | 118 594 911 | 76.6 | 38.5 | 1 203.5 | 1 318.6
Own shares 4) | 45 239 |  |  |  |
Total number of shares on 31 Dec 2024 4) | 118 640 150 |  |  |  |

1) During 2023, the shares were granted from own shares without impact on share capital.
2) The Annual General Meeting 2024 decided on the forfeiture of shares entered in the joint account of the company as well as of the rights attached to
such shares. The shares on the joint account were transferred to Tietoevry's ownership on 23 July 2024.
3) On 24 April 2024, the Board of Directors resolved on a directed share issue without payment in order to pay the rewards of the Performance Share
Plan 2021–2023 and Restricted Share Plan 2021–2023 to the eligible reward recipients. A total of 214 379 new shares were registered with the Trade
Register on 14 May 2024.
4) On 31 Dec 2023, the number of shares in the company's possession totalled 34 679 and the total number of shares was 118 425 771.
172
Share capital
The share subscription price received in connection with the share issues is entered in share capital to the extent
that it has not been recorded in the invested unrestricted equity reserve according to the share issue decision.
Share issue premiums and other reserves
Share issue premiums and other reserves include share issue premium of the parent company and the statutory
reserve fund of Tietoevry Tech Services AB.
Invested unrestricted equity reserve
The invested unrestricted equity reserve includes the subscription price of shares to the extent that it has not
been recorded in share capital according to specific resolution.
Retained earnings
In addition to accumulated profits less dividends paid out, retained earnings include the following:
• Costs of share-based payments which are accounted for as equity-settled and recognized as an
employee benefit expense during the vesting period with a corresponding entry in equity. More
information is disclosed in note 12.
• Remeasurements of the defined benefit plans arising from experience adjustments and changes in
actuarial assumptions. More information is disclosed in note 13.
• Treasury shares. The Annual General Meeting 2024 decided on the forfeiture of 10 560 shares entered in
the joint account of the company as well as of the rights attached to such shares. The shares on the joint
account were transferred to Tietoevry's ownership on 23 July 2024.
• Cumulative translation differences arising from the translation of foreign Group companies’ assets and
liabilities into euro; and
• Other retained earnings and losses.
The cumulative translation differences were EUR -347.8 (-276.8) million. The translation differences in Other
comprehensive income were EUR -80.8 (-99.8) million. The majority of these arise on the NOK and SEK foreign
currency translation exposures. In 2024, both currencies weakened against the Euro, NOK by 4.9% and SEK by
3.3%, resulting in a negative effect on the Other comprehensive income. In 2023, NOK weakened by 6.9%
against the Euro whereas SEK strengthened by 0.2%, resulting in a negative net effect on the Other
comprehensive income.
Distributable funds
On 31 Dec 2024, the distributable funds of the parent company totalled EUR 1 299.7 million of which retained
earnings were EUR 35.9 million and net profit for the financial year EUR 56.2 million. The Board of Directors
proposes to the Annual General Meeting in 2025 that a dividend from retained earnings and/or distribution of
funds from the reserve of invested unrestricted equity in the total amount of EUR 1.50 per share will be paid for
2024 (dividend of EUR 1.47 per share paid for 2023).
173
OTHER INFORMATION
This section includes information about the Group structure, joint ventures, related parties and commitments.
27. Acquisitions and divestments

ACCOUNTING POLICIES
Business combinations are accounted for using the acquisition method. Subsidiaries are consolidated from the date on which control is achieved until the date on which control ceases by using the acquisition method. The consideration transferred for the acquisition is the fair values of the assets transferred and the liabilities assumed. Acquisition related costs are recognised as expenses for the period in which they are incurred.
Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recognized as goodwill at the acquisition date. If the cost of the acquisition is less than the fair value of the net assets acquired in the case of a bargain purchase, the resulting gain is recognized in profit or loss.
When a disposed operation is part of a cash-generating unit (CGU) to which goodwill has been allocated, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
Assets held for sale
Non-current assets are classified as held for sale if their carrying amounts are expected to be recovered principally through sale and the sale is highly probable. From the date of classification, the assets are measured at the lower of the carrying amount and the fair value less costs to sell, and the recognition of depreciation is discontinued.

Acquisition of MentorMate in 2023
In July 2023, Tietoevry acquired 100% of the shares of MentorMate, a digital engineering company
headquartered in Minneapolis, USA. Acquisition accounting for MentorMate was presented as provisional in
December 2023 and there were no changes to the provisional amounts in 2024. The following table summarizes
the fair values of the assets and the liabilities recognized at the acquisition date and the consideration paid.

EUR million |
Intangible assets | 22.5
Property, plant and equipment | 0.9
Right-of-use assets | 2.2
Other non-current receivables | 0.2
Trade and other receivables | 8.9
Cash and cash equivalents | 6.3
Non-current lease liabilities | -1.7
Deferred tax liabilities | -5.6
Trade and other payables | -7.9
Current lease liabilities | -0.6
Total net assets acquired | 25.3
Goodwill | 137.4
Total | 162.6
Consideration paid in cash | 162.6
Cash and cash equivalent balances acquired | -6.3
Net cash flow on acquisition | 156.3

174
The identified intangible assets relate to customer relationships and marketing. Fair values for the intangible
assets were determined using appropriate valuation methods including the multi-period excess earnings method
for customer relationship related intangible assets and the relief from royalty method for marketing related
intangible assets. The amortization periods for these intangible assets are 6 years and 1.4 years, respectively.
The goodwill is attributable to the expected synergies, the skilled assembled workforce obtained through the
acquisition and future customers. The goodwill is deductible for tax purposes.
The fair value of the receivables amounted to EUR 9.1 million on 21 July 2023 including trade receivables of EUR
7.9 million. The full contractual amounts have been collected. The Group measured the lease liabilities assumed
using the present value of the remaining lease payments at the acquisition date. The right-of-use assets were
measured at an amount equal to the lease liabilities.
In 2023, from the acquisition date, MentorMate contributed EUR 29.4 million in revenue and EUR 2.9 million in
net profit to the Group's consolidated statement of comprehensive income. The Group revenues for the year
would have been approximately EUR 2 890 million and Group net profit would have been approximately EUR 177
million, if MentorMate had been consolidated from 1 January 2023.
Divestments in 2023
In 2023, Tietoevry sold its wood supply software business to Vela Software International Inc., which is
headquartered in Toronto Canada. Revenue of the divested business amounted to approximately EUR 3.0 million
in 2022 and the number of employees was approximately 30 across Sweden, Finland and India. The wood
supply software business was part of Tietoevry Industry. The gain recognised on the disposal was EUR 0.9
million.
175
28. Subsidiaries
Subsidiary shares owned by the Parent company

Company name | Domicile | Parent company's holding %
EVRY Card Issuing AS | Norway | 100.0
EVRY Card Payments AS | Norway | 100.0
EVRY Card Services AS | Norway | 100.0
Infopulse Brasil Servicos Technologicos Ltda. | Brazil | 1.0
Tieto (Beijing) Technology Co., Ltd. | China | 100.0
Tieto China Co., Ltd. | China | 100.0
Tieto Germany GmbH | Germany | 100.0
Tieto Global Oy | Finland | 100.0
Tieto Great Britain Ltd. | Great Britain | 100.0
Tieto Lietuva UAB | Lithuania | 100.0
Tieto Netherlands Holding B.V. | Netherlands | 100.0
Tieto Poland Sp. z o.o | Poland | 100.0
Tieto Support Services Sp. z o.o. | Poland | 100.0
Tietoevry 13 Oy (former Tieto Esy Oy) | Finland | 100.0
Tietoevry AB | Sweden | 100.0
Tietoevry Accounting AS | Norway | 100.0
Tietoevry Austria GmbH | Austria | 100.0
Tietoevry Banking Finland Oy | Finland | 100.0
Tietoevry Banking Latvia SIA | Latvia | 100.0
Tietoevry Create Romania s.r.l. | Romania | 100.0
Tietoevry Czechia s.r.o. | Czech Republic | 100.0
Tietoevry Czechia Support Services s.r.o. | Czech Republic | 100.0
Tietoevry Denmark A/S | Denmark | 100.0
Tietoevry DK A/S | Denmark | 100.0
Tietoevry Estonia AS | Estonia | 100.0
Tietoevry Finland Oy | Finland | 100.0

Company name | Domicile | Parent company's holding %
Tietoevry Finland Support Services Oy | Finland | 100.0
Tietoevry Fintech Estonia OÜ | Estonia | 100.0
Tietoevry Fintech Norway AS | Norway | 100.0
Tietoevry Fintech Sweden AB | Sweden | 100.0
Tietoevry Inc. | The United States | 100.0
Tietoevry Latvia SIA | Latvia | 100.0
Tietoevry Malaysia Sdn. Bhd. | Malaysia | 100.0
Tietoevry Norway AS | Norway | 100.0
Tietoevry Slovakia s.r.o. | Slovakia | 100.0
Tietoevry Tech Services AB | Sweden | 100.0
Tietoevry Tech Services Czechia s.r.o. | Czech Republic | 100.0
Tietoevry Tech Services Finland Oy | Finland | 100.0
Tietoevry Tech Services Latvia SIA | Latvia | 100.0
Tietoevry Tech Services Norway AS | Norway | 100.0
Tietoevry Tech Services Slovakia s.r.o. | Slovakia | 15.0
Dormant subsidiaries (1 in total) |  |

176
Shares in Group companies owned by subsidiaries

Company name | Domicile | Group holding %
Avega Catalyst AB | Sweden | 100.0
Avega Clarity AB | Sweden | 100.0
Avega Complius AB | Sweden | 100.0
Avega Dinamiko AB | Sweden | 100.0
Avega Effectus AB | Sweden | 100.0
Avega Group AB | Sweden | 100.0
Avega Kipeo AB | Sweden | 100.0
Avega Kite AB | Sweden | 100.0
Avega Mtoni AB | Sweden | 100.0
Avega Nuvem AB | Sweden | 100.0
Avega Qurio AB | Sweden | 100.0
Avega Scire AB | Sweden | 100.0
Avega Sempai AB | Sweden | 100.0
Avega Senso AB | Sweden | 100.0
Bekk Consulting AS | Norway | 100.0
EVRY Card Services AB | Sweden | 100.0
EVRY Card Services Oy | Finland | 100.0
EVRY Financial Service UK Ltd. | Great Britain | 100.0
EVRY India Pvt. Ltd. | India | 100.0
EVRY USA Corporation | The United States | 100.0
Eye-share AS | Norway | 100.0
Eye-share Singapore Pte. Ltd. | Singapore | 100.0
Gjeldsregisteret AS | Norway | 100.0
Infopulse Brasil Servicos Technologicos Ltda. | Brazil | 99.0
Infopulse Bulgaria Ltd. | Bulgaria | 100.0
Infopulse Europe GmbH | Germany | 100.0
Infopulse Poland Sp. z o.o. | Poland | 100.0

Company name | Domicile | Group holding %
Infopulse Ukraine LLC | Ukraine | 100.0
MentorMate Bulgaria Ltd. | Bulgaria | 100.0
MentorMate Paraguay S.R.L. | Paraguay | 100.0
MentorMate, LLC | The United States | 100.0
NUK Holding AB | Sweden | 100.0
Tieto Ukraine Support Services LLC | Ukraine | 100.0
Tieto U.S. Inc. | The United States | 100.0
Tietoevry Banking Poland Sp. z o.o. | Poland | 100.0
Tietoevry Financing AB | Sweden | 100.0
Tietoevry Financing AS | Norway | 100.0
Tietoevry FinTech DOO | Serbia | 100.0
Tietoevry Fintech India Pvt. Ltd. | India | 100.0
Tietoevry India Pvt. Ltd. | India | 100.0
Tietoevry Pay Oy | Finland | 100.0
Tietoevry Sweden AB | Sweden | 100.0
Tietoevry Sweden Support Services AB | Sweden | 100.0
Tietoevry Tech Services Estonia OÜ | Estonia | 100.0
Tietoevry Tech Services India Pvt. Ltd. | India | 100.0
Tietoevry Tech Services Lithuania UAB | Lithuania | 100.0
Tietoevry Tech Services Slovakia s.r.o. | Slovakia | 85.0
Tietoevry Tech Services Sweden AB | Sweden | 100.0
Dormant subsidiaries (3 in total) |  |

All subsidiaries are included in the Group consolidation. In India, the official reporting period is 1 April – 31 March
according to the Indian legislation.
177
29. Interests in joint ventures
At the start of the year, Tietoevry had interests in two joint ventures, Tieto Esy Oy in Finland and BuyPass AS in
Norway. By year-end, Tietoevry no longer holds ownership in any joint venture.

ACCOUNTING POLICIES
Companies, where Tietoevry has assumed management responsibility, has contractually based joint control with a third party and has rights to the net assets of the company based on the contractual arrangement are included in the consolidated financial statements as joint ventures. Joint ventures are consolidated by using the equity method under which the investments in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group's share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group's share of joint venture’s losses exceeds the carrying amount of the investment, the investment is recognized at zero value in the statement of financial position and the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint venture.
Sales to and purchases from joint ventures are made on normal market terms and conditions and at market prices. The Group’s share of the joint ventures’ result for the period is separately disclosed in the income statement.

Reconciliation of carrying value

EUR million | 2024 | 2023
Carrying value, 1 Jan | 11.6 | 14.2
Translation differences | -0.5 | -0.6
Share of results | 0.9 | 1.3
Dividends received | -1.0 | -1.3
Impairments | -0.3 | -2.1
Disposals and other decreases | -10.6 | —
Carrying value, 31 Dec | — | 11.6

In 2024, Tietoevry and Norsk Tipping, both with 50% ownership in Buypass AS, jointly entered into an agreement
with Total Specific Solutions (TSS) on the sale of their shares in Buypass AS. Buypass was co-founded by
Tietoevry and Norsk Tipping in 2001 and has been accounted for as a joint venture in Tietoevry's consolidated
financial statements, included in Tietoevry Banking. The transaction closed on 16 October. Tietoevry Banking's
share of the joint venture's results was EUR 1.0 (1.3) million. Tietoevry Banking's share of the consideration
received was EUR 13.1 million and the resulting net gain of EUR 4.3 million was recognized in other operating
income.
In 2024, Tietoevry Create bought the remaining 20% share of the joint venture Tieto Esy Oy, which resulted in an
impairment loss of EUR 0.3 million. Tieto Esy has been consolidated as a 100% owned subsidiary since 30 June
2024. The name of Tieto Esy Oy has been changed to Tietoevry 13 Oy. In 2023, as a result of annual impairment
testing, Tietoevry Create recognized a goodwill impairment loss of EUR 2.1 million for the carrying value of Tieto
Esy Oy.
30. Related party transactions
Related parties of Tietoevry include joint ventures and key management of the company and their close family
members. Key management includes the members of the Board of Directors, the Group Executive Management
and the President and CEO.

ACCOUNTING POLICIES
Sales to and purchases from related parties are made on normal market terms and conditions and at market prices. There are no commitments or contingencies on behalf of related parties.

The transactions with related parties are presented below. More information on joint ventures is disclosed in
note 2 9. Information on management remuneration is disclosed in note 11.
Transactions and balances with joint ventures

EUR million | 31 Dec 2024 | 31 Dec 2023
Sales | 0.4 | 1.2
Other operating income | 0.2 | 0.6
Purchases | 0.3 | 0.6
Receivables | 0.0 | 0.1
Liabilities including cash pool | 0.0 | 3.1

Transactions with Tieto Esy Oy are included until 31 May, and transactions with Buypass AS are included until 16
October. By year-end, Tietoevry no longer holds ownership in any joint venture.
178
31. Commitments and contingencies
The Group's commitments and contingencies mainly relate to lease guarantees and performance commitments.

ACCOUNTING POLICIES
Commitments are disclosed when the Group has a contract where the existence of an obligation will be only confirmed in the future.
Contingent liabilities are possible obligations whose existence will be confirmed by uncertain future events that are not wholly within the control of the entity. They can also include obligations that are not recognized in the statement of financial position because settlement is not probable or their amount cannot be measured reliably.

EUR million | 31 Dec 2024 | 31 Dec 2023
For Tietoevry obligations |  |
Guarantees |  |
Performance guarantees | 161.2 | 150.6
Payment guarantees | 1.4 | 0.6
Other | — | 0.1
Other Tietoevry obligations |  |
Lease commitments, not yet commenced | 8.8 | 10.7
Other | 0.4 | 0.5
On behalf of third parties |  |
Guarantees |  |
Performance guarantees | 22.7 | 23.4

In addition to the above, Tietoevry Oyj or other group companies have provided security on behalf of delivering
Group company relating to some major contracts.
32. Events after the reporting period
There were no material events after the reporting period.
179
PARENT COMPANY´S FINANCIAL STATEMENTS (According to Finnish Accounting Standards)
Income statement

EUR | Note | 2024 | 2023
Net sales | 1 | 159 318 730.62 | 174 294 044.70
Other operating income | 2 | 18 625 597.04 | 31 773 209.71
Personnel expenses | 3 | -15 812 467.06 | -15 468 496.71
Depreciation and impairment losses | 8, 9 | -24 400 008.76 | -24 584 732.95
Other operating expenses | 4 | -188 706 182.23 | -214 599 710.45
Operating loss |  | -50 974 330.39 | -48 585 685.70
Financial income and expenses | 6 | 12 677 819.00 | 95 450 986.94
Profit/loss before appropriations and taxes |  | -38 296 511.39 | 46 865 301.24
Appropriations |  |  |
Appropriations |  | -499 704.05 | -29 368.89
Group contribution |  | 102 200 000.00 | 75 000 000.00
Profit before taxes |  | 63 403 784.56 | 121 835 932.35
Income taxes | 7 | -7 213 616.60 | -2 137 958.13
Net profit for the financial year |  | 56 190 167.96 | 119 697 974.22

180
Balance Sheet
Assets

EUR | Note | 31 Dec 2024 | 31 Dec 2023
Non-current assets |  |  |
Intangible assets | 8 | 108 140 827.76 | 131 692 801.99
Tangible assets | 9 | 734 042.95 | 814 718.41
Investments | 10 | 2 234 799 788.80 | 2 404 283 993.18
Total non-current assets |  | 2 343 674 659.51 | 2 536 791 513.58
Current assets |  |  |
Long-term receivables |  |  |
Loan receivables from Group companies | 11 | 94 116 207.08 | 90 205 736.24
Other receivables 1) | 11 | 13 574 388.46 | 16 101 039.90
|  | 107 690 595.54 | 106 306 776.14
Current receivables |  |  |
Accounts receivables | 12 | 121 333.39 | 149 915.85
Receivables from Group companies | 12, 13 | 199 291 370.02 | 178 230 090.79
Receivables from joint ventures | 12, 13 | — | 11 107.76
Other receivables | 12 | 3 164 516.43 | 9 739 695.69
Prepaid expenses and accrued income 1) | 13 | 10 618 029.38 | 8 967 930.00
|  | 213 195 249.22 | 197 098 740.09
Cash and cash equivalents |  | 119 688 724.78 | 100 717 703.28
Total current assets |  | 440 574 569.54 | 404 123 219.51
Total assets |  | 2 784 249 229.05 | 2 940 914 733.09

1) Comparative information has been updated, see note 21.
Shareholders' equity and liabilities

EUR | Note | 31 Dec 2024 | 31 Dec 2023
Shareholders' equity | 14 |  |
Share capital |  | 76 555 412.00 | 76 555 412.00
Share issue premiums |  | 13 791 579.51 | 13 791 579.51
Invested unrestricted equity reserve |  | 1 207 617 299.52 | 1 207 617 299.52
Retained earnings |  | 35 934 291.55 | 90 421 029.53
Net profit for the financial year |  | 56 190 167.96 | 119 697 974.22
Total equity |  | 1 390 088 750.54 | 1 508 083 294.78
Accumulated appropriations |  | 529 072.94 | 29 368.89
Provisions | 15 | 288 752.34 | 64 229.11
Liabilities |  |  |
Non-current liabilities |  |  |
Bonds | 16 | — | 300 000 000.00
Loans | 16 | 550 153 846.14 | 212 389 860.56
Other non-current liabilities 1) | 16 | 16 527 744.11 | 20 018 003.73
Accrued liabilities and deferred income | 16 | — | 5 480.92
Total non-current liabilities |  | 566 681 590.25 | 532 413 345.21
Current liabilities | 17 |  |
Bonds |  | 300 000 000.00 | 100 000 000.00
Advances received |  | 84 162.80 | 83 264.78
Accounts payables |  | 10 677 112.57 | 9 091 411.75
Liabilities to Group companies | 17, 18 | 473 491 420.90 | 478 115 095.80
Liabilities to joint ventures | 17, 18 | — | 3 050 111.71
Loans |  | 13 076 923.08 | 288 381 846.08
Other current liabilities |  | 7 626 624.48 | 5 303 900.85
Accrued liabilities and deferred income 1) | 18 | 21 704 819.15 | 16 298 864.13
Total current liabilities |  | 826 661 062.98 | 900 324 495.10
Total liabilities |  | 1 393 342 653.23 | 1 432 737 840.31
Total equity and liabilities |  | 2 784 249 229.05 | 2 940 914 733.09

181
Statement of cash flows

EUR | 2024 | 2023
Cash flow from operating activities |  |
Net profit/loss before appropriations and taxes | -38 296 511.39 | 46 865 301.24
Adjustments |  |
Depreciation, amortization and impairment losses | 24 400 008.76 | 24 584 732.95
Net financial income | -12 677 819.00 | -95 450 986.94
Other adjustments | -40 408.04 | -22 698.02
Other non-cash items | 638 061.52 | -1 343 010.46
Cash generated from operating activities before net working capital | -25 976 668.15 | -25 366 661.23
Change in net working capital |  |
Change in current receivables | 62 847 182.16 | 38 774 072.95
Change in current non-interest bearing liabilities | -31 064 272.36 | -53 182 687.53
Cash generated from operating activities | 5 806 241.65 | -39 775 275.81
Interest expenses and other financial expenses paid | -76 970 351.54 | -71 674 270.59
Interest income received | 43 317 667.14 | 46 856 606.88
Dividend received and equity refund | 211 158 638.32 | 120 742 785.78
Income taxes paid | -4 751 651.06 | 2 092 004.18
Cash flow from operating activities | 178 560 544.51 | 58 241 850.44

EUR | 2024 | 2023
Cash flow from investing activities |  |
Purchase of tangible and intangible assets | -1 010 374.08 | -783 162.79
Proceeds from sale of tangible and intangible assets | 258 789.01 | 25 890.00
Investments in subsidiaries | — | -68 393 006.72
Acquisition of subsidiaries | -580 063.54 | —
Loans granted | -44 698 203.66 | -118 782 614.24
Repayments of other loans | 22 862 693.45 | 71 141 168.28
Cash flow from investing activities | -23 167 158.82 | -116 791 725.47
Cash flow from financing activities |  |
Dividends paid | -174 184 712.20 | -171 667 083.40
Purchase of own shares | — | -9 756 325.65
Proceeds from long-term borrowings | 350 000 000.00 | 214 000 000.00
Repayments of long-term borrowings | -320 815 793.26 | -99 502 052.90
Proceeds from short-term borrowings | 333 652 285.08 | 195 677 679.51
Repayments of short-term borrowings | -404 638 405.82 | -112 524 409.33
Change in intercompany cash pool, net | 4 564 262.01 | -97 166 824.86
Group contributions received | 75 000 000.00 | 85 200 000.00
Cash flow from financing activities | -136 422 364.19 | 4 260 983.37
Change in cash and cash equivalents | 18 971 021.50 | -54 288 891.66
Cash and cash equivalents at the beginning of period | 100 717 703.28 | 155 006 594.94
Cash and cash equivalents at the end of period | 119 688 724.78 | 100 717 703.28
| 18 971 021.50 | -54 288 891.66

182
Notes to the parent company's financial statements
Parent company accounting principles
The financial statements of the Parent company Tietoevry Corporation are prepared in accordance with Finnish
Accounting Standards (FAS).
Tietoevry Corporation (business identity code 0101138-5) is a Finnish public limited IT service and software
company organized under the laws of Finland and domiciled in Espoo: Keilalahdentie 2-4, 02101 Espoo, Finland.
The company is listed on NASDAQ in Helsinki and Stockholm and the Oslo Stock Exchange. The Board of
Directors approved the financial statements on 3 March 2025. According to the Limited Liability Companies Act,
at the Annual General Meeting, the shareholders have the right to approve, disapprove or change the financial
statements after the publication.
Foreign currency items
Foreign currency transactions are initially translated at the exchange rate prevailing on the transaction date.
Foreign currency items at the end of the financial period are valued at the exchange rates on the balance sheet
date. Foreign currency items are hedged using derivative contracts.
Exchange gains and losses on net financial liabilities are reported in the income statement under financial items,
while other exchange gains or losses are included in operating profit. Gains and losses arising from revaluation of
derivative contracts are, depending on their nature, reported either under financial items or operating profit.
Net sales
Net sales include internal service fees and exchange rate differences from accounts receivables, less indirect
taxes such as value added tax.
Other operating income
Other operating income includes gain on sale of fixed assets, gain on liquidation of subsidiary shares, rental
income and derivative exchange rate gains.
Pension arrangements
The company’s pension obligations are administered through pension insurance institutions. Pension obligations
are fully covered.
Financial instruments
The company applies the Finnish Accounting Act chapter 5 section 2a and records financial instruments initially
at fair value.
See financial instruments accounting policies in the consolidated financial statements note 23.
Appropriations
Group contributions are included in appropriations.
Valuation of fixed assets
Fixed assets are carried at cost less accumulated depreciation. Depreciation is charged according to plan based
on the estimated economic lives of the individual assets and accounted for in accordance with the straight-line
method.
The company applies the following economic lives:

| Years
Intangible assets (software) | 3
Other capitalized expenditure | 3–10
Trademark | 6
Goodwill from operations | 10
Buildings | 25–40
Data processing equipment 1) | 3–5
Other machinery and equipment | 5
Other tangible assets | 5

1) Purchases of personal computers are expensed immediately.
Income taxes
The income statement includes the company’s income taxes based on taxable profit for the period according to
local tax regulations as well as adjustments to prior year taxes. The information related to deferred tax items is
included in the notes.
183
1. Net sales

EUR | 2024 | 2023
Internal service fees | 159 318 730.62 | 174 294 044.70
Total | 159 318 730.62 | 174 294 044.70

Net sales by country | 2024 | 2023
Finland | 43 167 539.20 | 45 947 589.09
Sweden | 38 869 412.80 | 45 319 419.39
Norway | 42 786 739.09 | 52 331 500.38
Other | 34 495 039.53 | 30 695 535.84
Total | 159 318 730.62 | 174 294 044.70

2. Other operating income

EUR | 2024 | 2023
Rental income | 14 447 526.94 | 20 152 040.14
Other income | 4 178 070.10 | 11 621 169.57
Total | 18 625 597.04 | 31 773 209.71

3. Personnel expenses

EUR | 2024 | 2023
Wages and salaries | 13 008 716.15 | 13 644 978.01
Pension expenses | 2 449 309.08 | 1 352 796.53
Other pay-related statutory social costs | 354 441.83 | 470 722.17
Total | 15 812 467.06 | 15 468 496.71

The parent company had an average of 90 employees during 2024 and 92 employees in 2023.
4. Other operating expenses

EUR | 2024 | 2023
Information and communication technology | 29 329 901.99 | 28 581 673.92
Internal service fees | 110 178 705.59 | 120 652 091.20
Premises related costs | 13 841 600.21 | 19 879 920.12
Professional services and marketing | 16 924 039.36 | 20 989 127.91
Derivative exchange rate losses on other expenses | 4 165 123.88 | 11 227 622.14
Other operating expenses | 14 266 811.20 | 13 269 275.13
Total | 188 706 182.23 | 214 599 710.42

Fees to auditors

EUR | 2024 | 2023
Audit fees | 778 000.00 | 748 000.00
Sustainability statement assurance | 108 000.00 | —
Other audit related fees | 229 000.00 | 253 300.00
Other services | 120 000.00 | 30 000.00
Total | 1 235 000.00 | 1 031 300.00

5. Management remuneration
See note 11 in Notes to the consolidated financial statements.
184
6. Financial income and expenses

EUR | 2024 | 2023
Dividend income |  |
Dividend income from Group companies | 210 935 019.62 | 120 333 905.61
Dividend income from joint ventures | — | 408 767.77
Dividend income from other companies | 105.93 | 112.40
| 210 935 125.55 | 120 742 785.78
Other interest and financial income |  |
From Group companies | 17 991 714.21 | 7 158 371.56
From other companies | 60 874 633.41 | 102 703 903.09
| 78 866 347.62 | 109 862 274.65
Impairment and other adjustments to investments, net 1) | -165 340 755.15 | —
Interest and other financing expenses |  |
To Group companies | -11 782 285.73 | -8 724 272.80
To other companies | -100 000 613.29 | -126 429 800.69
| -111 782 899.02 | -135 154 073.49
Total | 12 677 819.00 | 95 450 986.94

1) Relates mainly to the impairment of subsidiary shares, see note 10.
7. Income taxes

EUR | 2024 | 2023
Taxes for the financial period / appropriations | 20 340 059.19 | 14 994 126.22
Taxes for the financial period / regular operations | -13 123 284.47 | -13 562 980.59
Taxes for the previous years | -3 158.12 | 706 812.50
Total | 7 213 616.60 | 2 137 958.13

185
8. Intangible assets

EUR | 31 Dec 2024 | 31 Dec 2023
Intangible rights |  |
Acquisition cost, 1 Jan | 24 249 592.04 | 24 249 592.04
Acquisition cost, 31 Dec | 24 249 592.04 | 24 249 592.04
Accumulated amortization, 1 Jan | 20 405 362.68 | 18 405 050.93
Amortization for the period | 1 994 495.40 | 2 000 311.75
Accumulated amortization, 31 Dec | 22 399 858.08 | 20 405 362.68
Book value, 31 Dec | 1 849 733.96 | 3 844 229.36
Goodwill |  |
Acquisition cost, 1 Jan | 212 149 583.27 | 212 149 583.27
Acquisition cost, 31 Dec | 212 149 583.27 | 212 149 583.27
Accumulated amortization, 1 Jan | 86 399 628.49 | 65 184 670.21
Amortization for the period | 21 214 958.28 | 21 214 958.28
Accumulated amortization, 31 Dec | 107 614 586.77 | 86 399 628.49
Book value, 31 Dec | 104 534 996.50 | 125 749 954.78
Other capitalized expenditures |  |
Acquisition cost, 1 Jan | 20 667 455.82 | 20 214 412.39
Additions | 717 334.09 | 469 553.14
Disposals | -115 435.46 | -16 509.71
Acquisition cost, 31 Dec | 21 269 354.45 | 20 667 455.82
Accumulated amortization, 1 Jan | 18 568 837.97 | 17 542 594.60
Amortization for the period | 944 419.18 | 1 026 243.37
Accumulated amortization, 31 Dec | 19 513 257.15 | 18 568 837.97
Book value, 31 Dec | 1 756 097.30 | 2 098 617.85
Total | 108 140 827.76 | 131 692 801.99

9. Tangible assets

EUR | 31 Dec 2024 | 31 Dec 2023
Land |  |
Acquisition cost, 1 Jan | 60 270.13 | 60 270.13
Acquisition cost, 31 Dec | 60 270.13 | 60 270.13
Machinery and equipment |  |
Acquisition cost, 1 Jan | 34 175 059.50 | 33 864 641.83
Additions | 293 040.05 | 313 609.65
Disposals | -127 579.55 | -3 191.98
Acquisition cost, 31 Dec | 34 340 520.00 | 34 175 059.50
Accumulated depreciation, 1 Jan | 33 457 981.52 | 33 114 761.97
Depreciation for the period | 246 135.96 | 343 219.55
Accumulated depreciation, 31 Dec | 33 704 117.48 | 33 457 981.52
Book value, 31 Dec | 636 402.52 | 717 077.98
Other tangible assets |  |
Acquisition cost, 1 Jan | 37 370.30 | 37 370.30
Acquisition cost, 31 Dec | 37 370.30 | 37 370.30
Book value, 31 Dec | 37 370.30 | 37 370.30
Total | 734 042.95 | 814 718.41

186
10. Investments

EUR | 31 Dec 2024 | 31 Dec 2023
Subsidiary shares |  |
Acquisition cost, 1 Jan | 2 401 510 653.24 | 2 333 141 681.29
Additions | 580 063.54 | 68 393 006.72
Disposals | -223 512.77 | -24 034.77
Reclassifications | 1 619 893.60 | —
Impairment 1) | -168 840 755.15 | —
Acquisition cost, 31 Dec | 2 234 646 342.46 | 2 401 510 653.24
Book value, 31 Dec | 2 234 646 342.46 | 2 401 510 653.24
Shares in joint ventures |  |
Acquisition cost, 1 Jan | 2 619 893.60 | 2 619 893.60
Reclassifications | -2 619 893.60 | —
Acquisition cost, 31 Dec | — | 2 619 893.60
Book value, 31 Dec | — | 2 619 893.60
Other shares and interests |  |
Acquisition cost, 1 Jan | 153 446.34 | 153 446.34
Acquisition cost, 31 Dec | 153 446.34 | 153 446.34
Book value, 31 Dec | 153 446.34 | 153 446.34
Total | 2 234 799 788.80 | 2 404 283 993.18

1) The majority of which relates to the impairment of subsidiary shares related to the Tech Services business. See also note 14 in Notes to the
consolidated financial statements.
Subsidiary shares
See note 2 8 in Notes to the consolidated financial statements.
Joint ventures owned and managed by the parent company
See note 29 in Notes to the consolidated financial statements.
11. Long-term receivables

EUR | 31 Dec 2024 | 31 Dec 2023
Receivables from Group companies |  |
Loan receivables | 94 116 207.08 | 90 205 736.24
Total | 94 116 207.08 | 90 205 736.24
Receivables from other companies |  |
Non-current derivative receivables 1) | 11 807 520.06 | 15 466 006.94
Other receivables | 1 766 868.40 | 635 032.96
Total | 13 574 388.46 | 16 101 039.90

1) Comparative information has been updated, see note 21.
12. Current receivables

EUR | 31 Dec 2024 | 31 Dec 2023
Receivables from Group companies |  |
Accounts receivable | 18 112 825.04 | 6 694 092.67
Loan receivables | 67 844 968.98 | 48 632 032.43
Other receivables | 4 703 403.36 | 2 827 560.88
Dividend receivables | — | 40 033 806.35
Group contribution receivables | 102 200 000.00 | 75 000 000.00
Prepaid expenses and accrued income | 6 430 172.64 | 5 042 598.46
Total | 199 291 370.02 | 178 230 090.79
Receivables from joint ventures |  |
Accounts receivable | — | 11 107.76
Total | — | 11 107.76
Receivables from other companies |  |
Accounts receivable | 121 333.39 | 149 915.85
Tax receivable | 346 274.17 | 2 808 239.71
Other receivables | 2 818 242.26 | 6 931 455.98
Total | 3 285 849.82 | 9 889 611.54

187
13. Prepaid expenses and accrued income

EUR | 31 Dec 2024 | 31 Dec 2023
Prepaid expenses and accrued income from Group companies |  |
Other | 6 430 172.64 | 5 042 598.46
Prepaid expenses and accrued income from other companies |  |
License fees | 7 761 207.24 | 6 327 037.70
Rents | — | 265.00
Social costs | 18 145.34 | 22 172.62
Bond discount and issue costs | 714 946.63 | 1 126 075.95
Other | 2 123 730.17 | 1 492 378.73
Total 1) | 10 618 029.38 | 8 967 930.00
Total | 17 048 202.02 | 14 010 528.46

1) Comparative information has been updated, see note 21.
14. Changes in shareholders' equity

EUR | 31 Dec 2024 | 31 Dec 2023
Restricted equity |  |
Share capital, 1 Jan | 76 555 412.00 | 76 555 412.00
Share capital, 31 Dec | 76 555 412.00 | 76 555 412.00
Share issue premiums, 1 Jan | 13 791 579.51 | 13 791 579.51
Share issue premiums, 31 Dec | 13 791 579.51 | 13 791 579.51
Restricted equity total | 90 346 991.51 | 90 346 991.51
Unrestricted equity |  |
Invested unrestricted equity reserve, 1 Jan | 1 207 617 299.52 | 1 207 617 299.52
Invested unrestricted equity reserve, 31 Dec | 1 207 617 299.52 | 1 207 617 299.52
Retained earnings, 1 Jan | 210 119 003.75 | 271 844 438.58
Purchase of own shares | — | -9 756 325.65
Dividend distributions | -174 184 712.20 | -171 667 083.40
Retained earnings, 31 Dec | 35 934 291.55 | 90 421 029.53
Net profit for the financial year | 56 190 167.96 | 119 697 974.22
Unrestricted equity total | 1 299 741 759.03 | 1 417 736 303.27
Shareholders' equity, total | 1 390 088 750.54 | 1 508 083 294.78
Distributable funds |  |
Invested unrestricted equity reserve | 1 207 617 299.52 | 1 207 617 299.52
Retained earnings | 35 934 291.55 | 90 421 029.53
Net profit for the financial year | 56 190 167.96 | 119 697 974.22
Total | 1 299 741 759.03 | 1 417 736 303.27
Breakdown of the parent's share capital |  |
Number of shares | 118 640 150 | 118 425 771
Euros | 76 555 412.00 | 76 555 412.00

188
15. Provisions

EUR | 31 Dec 2024 | 31 Dec 2023
Restructuring commitments | 250 066.86 | 30 952.00
Other provisions | 38 685.48 | 33 277.11
Total | 288 752.34 | 64 229.11

16. Non-current liabilities

EUR | 31 Dec 2024 | 31 Dec 2023
Bonds | — | 300 000 000.00
Loans | 550 153 846.14 | 212 389 860.56
Non-current derivative liabilities 1) | 16 527 744.11 | 20 018 003.73
Accrued liabilities and deferred income | — | 5 480.92
Total | 566 681 590.25 | 532 413 345.21

1) Comparative information has been updated, see note 21.
In 2023, the fair value of bonds (EUR 291 423 000) was calculated based on prevailing market rate at the
reporting date.
17. Current liabilities

EUR | 31 Dec 2024 | 31 Dec 2023
Liabilities to Group companies |  |
Accounts payable | 9 632 222.36 | 9 195 407.57
Other liabilities including cash pool | 454 695 743.48 | 454 335 076.44
Accrued liabilities and deferred income | 9 163 455.06 | 14 584 611.79
| 473 491 420.90 | 478 115 095.80
Liabilities to joint ventures |  |
Other liabilities including cash pool | — | 3 050 111.71
| — | 3 050 111.71
Liabilities to other companies |  |
Bonds | 300 000 000.00 | 100 000 000.00
Advances received | 84 162.80 | 83 264.78
Accounts payable | 10 677 112.57 | 9 091 411.75
Loans | 13 076 923.08 | 288 381 846.08
Other current liabilities | 7 626 624.48 | 5 303 900.85
Accrued liabilities and deferred income 1) | 21 704 819.15 | 16 298 864.13
| 353 169 642.08 | 419 159 287.59
Total | 826 661 062.98 | 900 324 495.10

1) Comparative information has been updated, see note 21.
Loans and receivables and financial liabilities are held at amortized cost using the effective interest rate method.
Their carrying amounts are considered to approximate their fair value, except for the fixed rate bond where
carrying amount has not been adjusted to match the fair value.
The fair value of bonds has been calculated based on prevailing market rate at the reporting date and as at
31 Dec 2024 it was EUR 298 284 000 (EUR 98 124 000 in 2023). Tietoevry signed a two-year term loan facility of
EUR 300 million to be used for bond refinancing, see note 20 in Notes to the consolidated financial statements.
189
18. Accrued liabilities and deferred income

EUR | 31 Dec 2024 | 31 Dec 2023
Accrued liabilities and deferred income from Group companies |  |
Service fee | 9 146 604.31 | 14 501 872.02
Interest | 16 850.75 | 82 739.77
| 9 163 455.06 | 14 584 611.79
Accrued liabilities and deferred income from other companies |  |
Vacation pay and related social costs | 1 757 384.09 | 1 640 265.30
Other accrued payroll and related social costs | 1 582 731.48 | 1 994 383.79
Other social costs | 261 004.73 | 302 655.77
Interest 1) | 12 123 159.21 | 8 754 944.83
Other | 5 980 539.64 | 3 606 614.44
| 21 704 819.15 | 16 298 864.13
Total | 30 868 274.21 | 30 883 475.92

1) Comparative information has been updated, see note 21.
19. Deferred tax assets and liabilities

EUR | 31 Dec 2024 | 31 Dec 2023
Deferred tax assets |  |
From temporary differences | 428 868.30 | 6 655.42
Total | 428 868.30 | 6 655.42
Deferred tax liabilities |  |
From appropriations | 105 814.59 | 5 873.78
Total | 105 814.59 | 5 873.78

Deferred tax items are not included in the balance sheet.
20. Contingent liabilities

EUR | 31 Dec 2024 | 31 Dec 2023
On behalf of Group companies |  |
Guarantees | 241 291 272.99 | 224 781 619.93
Other Tietoevry obligations |  |
Rent commitments due in 2025 (2024) | 6 910 519.70 | 7 316 116.50
Rent commitments due later | 14 370 940.35 | 16 130 320.09
Lease commitments due in 2025 (2024)1) | 407 181.30 | 333 901.00
Lease commitments due later 1) | 395 102.67 | 354 096.37
On behalf of Third parties |  |
Guarantees | 22 689 588.97 | 23 431 867.34

1) Lease commitments are principally three-year lease agreements that do not include buyout clauses.
In addition to the above mentioned contingent liabilities, parent company has provided security on behalf of
delivering Group company relating to some major contracts.
190
21. Derivatives
Nominal amounts of derivatives
Includes the gross amount of all nominal values for contracts that have not yet been settled or closed. The
amount of nominal value outstanding is not necessarily a measure or indication of market risk, as the exposure of
certain contracts may be offset by other contracts.

EUR | 31 Dec 2024 | 31 Dec 2023
Foreign exchange forward contracts | 602 846 898.94 | 630 995 010.27
Interest rate swaps | 280 000 000.00 | 280 000 000.00

Fair values of derivatives
The fair values of foreign exchange derivatives are calculated according to foreign exchange and interest rates
on the closing date.
The interest rate swaps have been reclassified from Prepaid expenses and accrued income and Accrued
liabilities and deferred income to long term assets and liabilities based on their maturities. The comparative
information was updated accordingly.

The net fair values of derivative financial instruments at the balance sheet date | 31 Dec 2024 | 31 Dec 2023
Foreign exchange forward contracts | -5 205 086.24 | 3 545 431.67
Interest rate swaps | -4 720 224.05 | -4 551 996.79

Derivatives are used for economic purposes only.

Gross positive fair values of derivatives | 31 Dec 2024 | 31 Dec 2023
Foreign exchange forward contracts | 2 857 564.08 | 8 641 211.39
Interest rate swaps | 11 807 520.06 | 15 466 006.94

Gross negative fair values of derivatives | 31 Dec 2024 | 31 Dec 2023
Foreign exchange forward contracts | -8 062 650.35 | -5 095 779.72
Interest rate swaps | -16 527 744.11 | -20 018 003.73

Fair value measurement of financial assets and liabilities
See note 23 in Notes to the consolidated financial statements.
22. Management of financial risks
The operative management of the treasury activities of Tietoevry is centralized in Group Treasury, which is
operated from the Parent company. The Group Treasury is responsible for managing the Group’s financial risk
position and maintaining adequate liquidity. The Treasury Policy, which has been approved by the Board of
Directors, defines the principles for measuring and managing liquidity risk, interest rate risk, foreign exchange
risks and counterparty risk of the Group. The Treasury Policy also defines the division of responsibilities with
regard to financial risk management. The Group reviews and monitors financial risks on a regular basis.
Financial risks are assessed, measured and managed on a Group level. See note 20 in Notes to the consolidated
financial statements.
Proposal for distribution to shareholders
Distributable funds in the parent company totalled EUR 1 299 741 759.03 comprised of invested unrestricted
equity reserve of EUR 1 207 617 299.52 and retained earnings of EUR 92 124 459.51 of which net profit for the
current year is EUR 56 190 167.96.
The Board of Directors proposes that the distributable funds shall be distributed as follows:
• a dividend from retained earnings and/or distribution of funds from the reserve of invested unrestricted
equity in the total amount of EUR 1.50 per share (in total EUR 177 892 366.50) to be paid to shareholders
• the remainder EUR 1 121 849 392.53 to be retained as equity.
In the opinion of the Board of Directors the proposed distribution to shareholders does not endanger the
solvency of the company.
191
SIGNATURES FOR THE REPORT BY THE BOARD OF DIRECTORS, SUSTAINABILITY STATEMENT AND FINANCIAL STATEMENTS, AND AUDITOR'S NOTE
The consolidated financial statements and parent company financial statements prepared in accordance with
applicable accounting regulations give a true and fair view of the Group and the parent company's assets,
liabilities and financial position as at 31 December 2024 and the profit or loss of the Group and the parent
company operations and the cash flows for the financial year ended 31 December 2024.
The Report by the Board of Directors includes a fair review of the development and results of the business
activities of the Group and the parent company as well as a description of the most significant risks and
uncertainties and other aspects of the Group and the parent company's state.
The sustainability statement, which is part of the Report by the Board of Directors, is prepared, in all material
respects, in accordance with Chapter 7 of the Finnish Accounting Act and Article 8 of Regulation (EU) 2020/852
(the "Taxonomy Regulation").

Signatures for the Financial statements, Report by the Board of Directors and Sustainability statement |  | The Auditor's Note
Espoo, 3 March 2025 |  | Our auditors' report has been issued today.
|  |  |  |  | Espoo, 3 March 2025
| Tomas Franzén |  |  | Deloitte Oy
| Chairperson |  |  | Audit Firm
Harri-Pekka Kaukonen | Bertil Carlsén | Elisabetta Castiglioni | Liselotte Hägertz Engstam |  | Jukka Vattulainen
Deputy Chairperson |  |  |  |  | Authorised Public Accountant (KHT)
Katharina Mosheim | Gustav Moss | Petter Söderström | Anders Palklint |  |
| Thomas Slettemoen | Kimmo Alkio |  |  |
|  | President and CEO |  |  |

192
AUDITOR’S REPORT (Translation of the Finnish original)
To the Annual General Meeting of Tietoevry Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Tietoevry Oyj (business identity code 0101138-5) for the year ended 31 December, 2024. The financial statements comprise the consolidated income statement, statement of
comprehensive income, financial position, statement of cash flows, statement of changes in equity and notes, including material accounting policy information, as well as the parent company’s income statement, balance sheet,
statement of cash flows 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 7 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.
193
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.
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.

Key Audit Matter | How our audit addressed the Key Audit Matter
Revenue recognition |
Refer to Note 6 in the consolidated financial statements. Consolidated revenue of Tietoevry Oyj amounted to EUR 2 802.6 million (EUR 2 851.4 million). Revenue consist mostly of continuous services, software solutions and consulting. In addition to this, the Company has fixed-price projects. Revenue from service contracts, software solutions and consulting is based on service volumes or time and materials; and the performance obligations are recognized over the accounting period in which the services are rendered. For contracts comprising fixed-price projects, revenue is recognized based on the actual service provided by the reporting date as a proportion of the total services to be provided. Revenue is a key financial indicator and consists of a large volume of transactions. For this reason the functionality of information system controls is emphasised in revenue recognition. A significant part of the revenue is automatically recognized in accounting through IT systems based on the fulfilment of the performance obligation. Revenue recognition due to its significance require specific attention both from the accounting and the auditing perspective. | We have evaluated the IT systems used for recognizing revenue by testing access and change management controls. We have also evaluated process level controls by performing walkthroughs of significant classes of revenue transactions, assessed the design of key controls and tested the operating effectiveness of those controls. We have analyzed the transactions recorded to revenue by applying data analytics to identify entries originating from automated processes and entries from manual journals. Based on our revenue related risk assessment we have focused our substantive audit procedures to the transactions estimated as higher risk transactions. Our substantive audit procedures to address the identified risk relating to revenue from services, software solutions and consulting consisted among others, performing transactional testing procedures to validate the recognition of revenue throughout the year as well as year-end. Our substantive audit procedures to address the risk of inappropriate accounting for fixed-priced projects were focused on judgements used by management in project estimates. We selected a sample of contracts and assessed the estimates based on projects’ status and forecasted costs and income. We agreed the revenue estimates against the sales agreements and ensured that the revenue recognition method applied was appropriate based on the terms of the agreement. We recalculated the revenue based on percentage of completion and assessed the appropriateness of the percentage of completion by comparing actual costs from the Company’s accounting records to the estimated total costs of the project.

194

Key audit matter | How our audit addressed the key audit matter
Impairment testing of Goodwill |
Refer to Note 14 in the consolidated financial statements. Consolidated financial statements includes goodwill of EUR 1 648.2 million (1 907.3 million). Goodwill is measured at cost less accumulated impairment losses. Goodwill is subject to annual impairment test according to IAS 36 Impairment of Assets Standard. For testing purposes goodwill is allocated to cash-generating units. As a result of goodwill impairment test, Tietoevry concluded that the carrying amount exceeded the recoverable amount for the Tietoevry Tech Services Cash Generating Unit and recorded a non-cash impairment charge of EUR 200.0 million. Goodwill impairment testing requires substantial management judgment over the projected future business performance, cash flows and applied discount rate. Note 14 in the consolidated financial statements describes key assumptions used by management in the impairment test. | We have performed audit procedures on impairment testing prepared by management relating to material cash generating units and assessed key controls over management’s goodwill impairment testing. The recoverable amounts of the cash-generating units are determined based on value-in-use calculations. Cash flows used in these calculations are based on five-year financial plans defined by group management. We have assessed the key assumptions used by management in the impairment test for cash generating units by: • comparing the growth and profitability estimates used by management to historical performance. • comparing the estimates with the latest approved budgets and strategic plans. • involving our valuation specialists to verify that the discount rates and the long‐term growth rates are consistent with observable market data. • validated the mathematical accuracy of the impairment calculations. We have also assessed the related disclosure information.
We have no key audit matters to report with respect to our audit of the parent company financial statements. There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements.

Responsibilities of the Board of Directors and the President and CEO for the Financial Statements
The Board of Directors and the President and CEO 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 President
and CEO 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 President and CEO 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.
195
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 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 President and CEO’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.
196
Other Reporting Requirements
Information on our audit engagement
We have been acting as Tietoevry’s auditors a total period of uninterrupted engagement of 7 years since 2018.
Other information
The Board of Directors and President and CEO 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.
Espoo, 3 March 2025
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
197
ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT (Translation of the Finnish original)
To the Annual General Meeting of Tietoevry Oyj
We have performed a limited assurance engagement on the group sustainability statement of Tietoevry Oyj (0101138-5) 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 statement does not comply, in all material respects, with
• the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS);
• 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 Tietoevry 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 statement 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
We performed the assurance of the group sustainability statement 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 Authorised 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 statement of Tietoevry 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 statement. Our opinion is not modified in respect of this matter.
198
Authorised 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 authorised group sustainability auditor applies International Standard on Quality Management ISQM 1, which requires the authorised 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 t he President and CEO
The Board of Directors and the President and CEO of Tietoevry Oyj are responsible for:
• the group sustainability statement 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 statement 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 President and CEO determine is necessary to enable the preparation of a group sustainability statement that is free from material misstatement, whether due to fraud or
error.
Inherent Limitations in the Preparation of a Sustainability Statement
In preparing the sustainability statement, the company is required to conduct a materiality assessment to identify relevant matters to be reported. This process involves significant management judgement and choices. Due to the
nature and characteristics of sustainability reporting, this type of information involves estimates and assumptions, as well as measurement and evaluation uncertainties.
In reporting forward-looking information, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group.
The actual outcome is likely to be different since anticipated events frequently do not occur as expected.
Responsibilities of the Authorised Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group sustainability statement 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 statement.
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 statement, 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.
199
D escription 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 example the following:
• Performed inquiries of the company’s management and personnel responsible for collecting and reporting the information contained in the sustainability statement at the group level and for subsidiaries, as well as at the different levels and business areas of the organization. • Obtained an understanding of the company’s sustainability reporting process, internal controls, and information systems related to the sustainability reporting process through inquiries. • Reviewed the supporting documentation and records prepared by the company, where applicable, and assessed whether they support the information included in the sustainability statement. • With respect to the double materiality assessment process, we evaluated the implementation of the process conducted by the company in relation to the requirements of the ESRS standards and assessed whether the disclosed information on the double materiality assessment is in accordance with the ESRS standards. • Evaluated whether the sustainability statement meets the requirements of the ESRS standards, in all material aspects, regarding material sustainability matters to a significant extent. • With respect to the EU taxonomy information, we obtained an understanding of the process by which the company has identified taxonomy-eligible and taxonomy-aligned economic activities and assessed the compliance of the related disclosed information with the regulations.

Espoo, 3 March 2025
Deloitte Oy
Authorised Sustainability Audit Firm
Jukka Vattulainen
Authorised Sustainability Auditor
200
(Translation of the Finnish Original)
Independent auditor’s report on the ESEF consolidated financial statements of Tietoevry Oyj
To the Board of Directors of Tietoevry Oyj
We have performed a reasonable assurance engagement on the consolidated financial statement (549300EW2KM4KROKQV31-2024-12-31-fi.zip) of Tietoevry Oyj (0101138-5) that have been prepared in accordance with the
Commission's regulatory technical standard for the financial year ended 31.12.2024.
Responsibilities of the board of directors and the President and CEO
The Board of Directors and the President and CEO are responsible for the preparation of the company’s report of the Board of Directors and financial statements (the ESEF financial statements) in such a way that they comply with the
requirements of the Commission's regulatory technical standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission's regulatory technical standard
• tagging the primary financial statements, notes and company's identification data in the consolidated financial statements that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of the
Commission's regulatory technical standard and
• ensuring the consistency between ESEF financial statements and the audited financial statements.
The Board of Directors and the President and CEO are also responsible for such internal control as they determine is necessary to enable the preparation of ESEF financial statements in accordance with the requirements of the
Commission's regulatory technical standard.
Auditor’s independence and quality control
We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The auditor applies International Standard on Quality Management (ISQM) 1, which requires the 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.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance on the financial statements that have been prepared in accordance with the Commission's regulatory technical
standard. We express an opinion on whether the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted a reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000.
201
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission's regulatory technical standard and
• whether the notes and company's identification data in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission's regulatory technical standard and
• whether there is consistency between the ESEF financial statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s judgment. This includes an assessment of the risk of a material deviation due to fraud or error from the requirements of the Commission's regulatory
technical standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial statements, notes and company's identification data in the consolidated financial statements that are included in the ESEF
financial statements of Tietoevry Oyj (549300EW2KM4KROKQV31-2024-12-31-fi.zip) for the financial year ended 31.12.2024 have been tagged, in all material respects, in accordance with the requirements of the Commission's
regulatory technical standard.
Our audit opinion on the audit of the consolidated financial statements of Tietoevry Oyj for the financial year ended 31.12.2024 has been expressed in our auditor’s report dated 3 March 2025. With this report we do not express an
opinion on the audit of the consolidated financial statements nor express another assurance conclusion.
Espoo, 3 March 2025
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
Contact Us:
Tietoevry
Keilalahdentie 2–4
P.O.Box 2
02101 FI–02150 Espoo
Finland
www.tietoevry.com