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Half - year Report & Q2 2026 18 August 2026 GOFORE PLC Q2 net sales +32.4%, organic growth +1.8%, adjusted EBITA more than tripled
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Welcome to the Livestream Mikael Nylund CEO Saara Ukkonen CFO Agenda • Q2 & H1 overview • Financial highlights • Defence & Space Update • Targets, outlook & H2 priorities • Q&A Mikael Nylund Saara Ukkonen Markus Asikainen, Director of Defence & Security Timo Latvala Director, Space
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Solid Q2 with continued growth and profitability Gofore’s Q2 was a steady quarter both profitability and growth wise, also supporting long - term profitability by a strategic divestment decision . Continued positive organic growth, +1.8%. Overall, strong net sales development driven by investments, +32% Tailwinds for future quarters from multiple big wins in the public sector and improving market outlook. Steady profitability in 2026, with additional room for improvement – 7.2% adjusted EBITA. Integration synergies supported profitability, focused growth investments somewhat weakened it. Net sales growth supported by acquisitions expected to continue. Starting Sep 2026 effect of business divestment. Solid start to Q3 in July and start of August. Q2 / 2026 GROWTH PROFITABILITY Q3/26 SENTIMENT
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Half - year recap 2026 1 - 6 / 2026 • Net sales growth 30.9%, organic growth 1.7%. • Profitability supported by Huld acquisition synergies that started to take effect on Q2. • Short - term growth investments into sales and the DACH area temporarily weakened overall profitability. • Public sector wins in significant tenders from e.g. City of Espoo, Information Technology Center of the German Federal Government, ITZBund , CSC IT Center for Science Ltd, Finnish Patent and Registration Office and National Land Survey of Finland. • Integration of some 400 Huld employees into the Group completed in the spring - DACH team focused on successful merging with the Esentri organisation . • A strategic decision to sell the Huld - originated Product Design & Technical Documentation business to the Finnish CoE Group. H1 was about growth, integrating latest acquisitions, investing in future growth and divesting non - core business. Net sales, MEUR 118.6 ( 90.6 ) Adjusted EBITA, MEUR 8.6 ( 4. 9) Adj. EBITA % 7.3 ( 5.4 )
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M&A - induced growth 32% y - o - y GROWTH 5 5 Net Sales, MEUR 2018 figures presented as FAS figures, 2019 - presented as IFRS figures. 78 104.5 149.9 189.2 186.2 191.4 231 90.6 118.6 2020 2021 2022 2023 2024 2025 LTM June 26 H125 H126 M&A
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31 43 46 45 53 Success in tough competition CUSTOMERS 6 2022 2023 2024 2025 Amount of customers paying 1+ MEUR p.a. rolling 12 mos LTM 2026 • Thanks to vast offering and high - quality delivery capability, Gofore is able to successfully defend its market share. • Excellent wins in significant public sector tenders throughout H1. • Defence & Security and Wellbeing business areas showed clearly biggest relative growth throughout H1. • Number of customers bringing over 1 MEUR net sales p.a. has significantly grown from previous year to 53. • Customer satisfaction was on an all - time high level at the end of 2025, NPS 68 – new survey in the autumn of 2026. 37 43 55 65 68 Customer Net Promoter Score Peers 1) 1) B2B peers who publicly report on their NPS. Source: Innolink 2022 2023 2024 2025 Gofore’s competitiveness especially in public sector tenders has remained good, although price competition is still tough.
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Acquisition integration proceeded well H1 / 2026 7 • The integration of some 400 Huld employees into the Group was completed in the spring, and the DACH team focused on successful merging with the Esentri organisation . • In June, Gofore made a strategic decision to sell the Product Design & Technical Documentation business, which came with Huld and includes a team of about 110 people, to the Finnish CoE Group. • During the first half of the year, Gofore invested in developing its employees’ AI skills through learning paths and peer learning. • Recruitment has grown compared to the reference period; 51 (41) new starters in Q2. • Q2 average salary development - 1.3% (+0.6%), mainly influenced by the Huld acquisition. In January - June , Gofore amplified integrating the latest acquisitions into the Group, increased other new expertise and made a strategic divestment . Number of Employees Attrition Rate TARGE T 10% Comparison period 4 - 6 / 2025 unless otherwise stated. Number of personnel as at the end of the period. Attrition is the so - called LTM figure; the rolling value for the last 12 months at the end of the period, excluding Esentri . 1465 1471 1791 1878 2022 2023 2024 2025 Q2/26 9.3% 9.5% 16.6% 10.9% 6.7 % 6.8 % 7.6 % 8.0 % 2023 2024 2025 LTM 26 Leavers total Unexpected leavers
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• Gofore has agreed to sell the Product Design & Technical Documentation business, acquired with Huld in 2025, to CoE Group. • The business involves the design and technical documentation of physical products and systems for the industrial and defense sectors. • Strategic divestment; Gofore’s core expertise lies in combining industrial digital lifecycle, data, and software. • Transaction expected to be completed on 1 September 2026, after the ongoing partial demerger of Huld Oy has been finalised . • Gofore and CoE intend to deepen their mutual subcontracting relationship. Sale of Product Design and Technical Documentation M&A • The business employs some 110 consultants, has 8.1 MEUR in net sales for the past 12 mos. • Purchase price estimate 6.4 million euros, subject to adjustment based on customary closing adjustments. Expected profit ~0.5 million euros. • Transaction is expected to have a positive impact on the Group's profitability in the long term, as the gross margin of the business being sold is lower than the Group's average. • Funds received will strengthen Gofore's financial position and support the company's ability to allocate capital to future investments. • Amounts recorded in connection with the Huld acquisition for purchase price allocation and the resulting depreciation expected to be reduced. • Further information in the report’s Appendix. 8
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Financial Highlights 9 Saara Ukkonen CFO
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1 158 14 334 271 - 1 001 - 8 220 - 1 562 - 318 - 435 4 226 H1 '25 Adj. EBITA Net sales Other income Materials EMPEX OPEX Depreciations APM H1 '26 Adj. EBITA Factors affecting profitability, ‘000 EUR 10 Q2 2026 Key Figures FINANCIALS 2.6% 7.2% Note: • Profitability in of the comparison period Q2/2025 was particularly weakened by projects that exceeded the estimated workload as well as the write - down of a single fixed - price project. • Acquisitions have increased the sales and employee cost volumes versus prior period. Both customer prices and salaries developed favorable against the comparison. • Q2 OPEX - % at similar level as comparison. Net sales 58.5 m € + 32.4 % Q2/25 Adj. EBITA 7.2% +4.6 p.p. Q2/25 EPS 0.11 +0.17 € vs. Q2/25 Headcount 1,878 +488
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11 Net sales distribution in January - June NET SALES Half - yearly development , % share of total net sales Geographically By customer sector By l argest customers 74 82 26 18 2025 2026 Others Top 5 Own work, subcontracting and product sales 82 84 16 14 2 2 2025 2026 Products Subcontracting Own work 39 47 61 53 2025 2026 Private Public
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• Profitability remained at the same level as earlier in the year. • Profitability improved from last year, supported by net sales and utilisation growth, acquisitions, integration synergies and better control over fixed - price projects. • In the short term, profitability was weakened by targeted growth investments in sales and marketing, as well as in the DACH region. • Customer prices up +1.7% ( - 4.5%), average salary change - 1.3% (+0.6%). • Growth in other operating expenses was mainly due to costs related to acquisitions and integration, business growth, and targeted growth investments. • Adjustments mainly related to integration and restructuring costs, as well as M&As, including the Esentri and the sale of the Product Design & Technical Documentation business. Profitability improved from last year 12 Q2 customer price change +1.7 % Q2 salary change - 1.3 % Customer price changes exclude product sales ( Creanex ) and Esentri . Q2 / 2026
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Strong liquidity and excellent balance sheet enabling: • Cash balance has endured significant M&A transactions and increasing profit distribution. • Balance sheet KPIs remain strong. • Excellent balance sheet enables continuing investing into growth via offering and M&A. Q2 2026 13 Excellent financial KPIs EUR million , unless stated otherwise 30 June 2026 30 June 2025 Cash and cash equivalents 27.2 49.6 Interest - bearing net debt 21.5 - 28.4 Interest - bearing net debt excluding lease liabilities 6.5 - 44.4 Equity ratio 50.0% 59.9%
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Q2 2026 14 Operating cash flow turned positive in Q2 Gofore investing in growth: • Operating cash was positive • Gofore continued acquisition and profit distribution with total net change in cash - 15.5 MEUR; - New loan for Esentri acquisition 5.0 MEUR - Loan repayments - 7.8 MEUR - Dividends - 8.4 MEUR 43 187 3 290 - 5 338 - 13 422 - 1 27 716 Opening cash Operating cash Investing cash Financing cash FX translation Closing cash H1 '26 YTD cash flows, ‘000 EUR
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Defence & Space Update 15 Markus Asikainen Director, Defence & Security Timo Latvala Director, Space
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GOFORE’S STRATEGIC INDUSTRIES AND KEY CUSTOMER SEGMENTS 16 Digital Society Intelligent Industry Defence & Space Machines & Devices Production & Operations Automotive National Security Defence Space Digital Government Retail & Services Wellbeing is about merging the physical and digital in a world where industrial production and products are becoming increasingly complex. promotes a safer future in a turbulent global landscape, where national security, defence capabilities, and the use of satellite data provide reassurance. consists of both public and private sector service providers and people and businesses using well - functioning, high - quality services.
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Fast growth Roadmap to match emerging market trends 17 Internal security and public safety Defence DEFENCE & SPACE Emergency supply Companies that serve the sector ECOSYSTEMS WHERE WE IMPACT Acquisition of Huld in 2025 1. To f urther strengthen Defence & Security capabilities 2. Introducing Space capabilities 3. History of secure delivery processes Fast growth Driving force in the background: Increased volatility of the geopolitical landscape since 2022 Full scale war in Ukraine Demand for European strategic autonomy Finland joining Nato Strategic decision in 2024 to enter Defence business GOFORE’S EXISTING STRENGTHS • Comprehensive offering and skill portfolio • Experience in delivering mission - critical national level systems • Strong track - record of supporting new growth with M&A
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Gofore has built a unique market position 18 DEFENCE & SPACE 01 EXPERTISE AREA Defence & Security We serve authorities and private companies in the sector. Sector boundaries are blurring , as defence and security authorities need more data from civil sources. As learned from example of the war in Ukraine , the capabilities must be built now, not in the time of crisis. Unlock dual - use data Connect sectors fast Enrich space data Refactor DefSec with AI 0 2 EXPERTISE AREA Space We serve the institutional and private space industry, and the users of satellite data. Space has become an essential operational environment , as customers seek to secure access to critical satellite - based data. This is driven by, e.g., the need for improved situational awareness and tracking and optimisation . The joining force 0 3 CONVERGENCE Unique ability to be an integrator between the authorities and the private sector, and to bring both satellite data and domain related insight together. Deep relationships with both governmental and private parties in the industry.
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Gofore ´ s Defence & Space today 19 DEFENCE & SPACE 01 MARKET SHIFT Convergence of Defence & Space Sector boundaries blurring Resilience + sovereignty investment is rising Innovation cycle in demand to accelerate 02 FOUR GROWTH MOVES 01 Unlock dual - use data 02 Expand core expertise 03 Insight from space data 04 Refactor D&S with AI 03 TRACTION 21 % Organic g rowth in H1/2026 330% Total growth in H1/2026 >100 Avg. full time equivalent in projects H1/2026 ECOSYSTEM REACH Internal security & public safety Data insight Users Defence Companies serving the sectors 18 MEUR LTM net sales Next level fusion of data
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Targets & 2026 Outlook 20
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Cornerstones of our Strategy 21 Focus on chosen strategic industries Focusing and growing within the chosen strategic industries; Digital Society, Defence & Space and Intelligent Industry. Geographical focus in Finland & DACH With success, we can expand into new markets. 1. 2. WAYS TO CREATE VALUE 1. 2. 3. Goforeans Building on the mentality praised by our customers and the way of achieving things together supported by the company culture. Strategic customers Delivering consistent value through developing long - term strategic partnerships that are based on solid customer perception, trust and good relationships. Exceptional offering Further developing and sharpening the portfolio of services for the chosen customer industries, and rethinking consulting. M&A AREAS FOR GROWTH
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22 500 MEUR of net sales by 2030 Organically outperforming market growth. At least half of total growth expected to be organic. 40% Dividends minimum of annual net profit 15% Profitability of adjusted EBITA Long - term financial targets TARGETING Related to Gofore’s updated strategy, in December 2024, the Gofore Board of Directors decided to update the company's financial targets that span over the economic cycle.
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23 0 50 100 150 200 250 300 350 400 450 500 Start Jan 25 Jan 26 Jun 26 2027 2028 2029 2030 On track for 500 MEUR net sales target by 2030 Targeted growth Actual 18% CAGR Annual growth requirement 2026 - 2030 Long - term financial targets TARGETING 500 MEUR of net sales by 2030 Organically outperforming market growth. At least half of total growth expected to be organic. 15% Profitability of adjusted EBITA 40% Dividends minimum of annual net profit
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Q3/2026 Performance drivers 2026 Growth and profitability development is significantly influenced by the revitalisation of private sector demand and the progress in achieving cost synergies. • Huld and Esentri acquisitions will increase net sales in Finland and the DACH region. • Sale of the Product Design & Technical Documentation business expected to impact net sales development in the short term. • Demand in Finland's private sector expected to recover gradually. • Competition in Finland's public sector expected to remain intense, but Gofore has strengthened its position with new wins. • Net sales development in the DACH region expected to improve moderately, but still uncertainty in the outlook. • Moderate recovery in demand in Finland's private sector and integration synergies expected to support profitability developme nt. • Sale of the Product Design & Technical Documentation business expected to have a short - term negative impact on profitability. In the longer term, the transaction is expected to support the Group's profitability. • DACH region’s profitability expected to gradually improve from the level of H1, supported by integration synergies. • Drivers supporting profitability expected to strengthen towards the end of the year, and overall profitability expected to in cre ase compared to Q2. 24 Growth drivers Profitability drivers An equal number of working days in Q3/26 and the comparison period.
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H2/2026 priorities 1. Accelerate organic growth trend after a successful turnaround - Leverage portfolio of high - growth opportunities like Defence&Security , simulator technology, cybersecurity - Take advantage of emerging market opportunity with Intelligent Industry customers 2. Renew offering and skill portfolio amidst AI - driven market transformation to ensure long - term competitiveness - Invest in upskilling of consultants and improve delivery practices, ensure renewal of skill structure - Continue active M&A work and take advantage of good opportunities in active market 3. Continue profitability improvements - Improved utilisation and a continuation of overhead cost management - Expecting a stronger contribution by the DACH operation driven by expected improvement in market demand 2026 Well placed to take advantage of improving market conditions and the major shift in customer demand.
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26 Q&A Mikael Nylund Saara Ukkonen Markus Asikainen Timo Latvala
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Pioneering an ethical digital world. The 2026 IR Calendar is live at gofore.com/ en /invest/ investor - calendar/ Get in touch with us at investorrelations@gofore.com