GOFORE PLC STOCK EXCHANGE RELEASE 19 APRIL 2021 AT 10:00 EETGofore Plc's Business Review 1 January – 31 March 2021: Growth continued in the first quarterGofore’s net sales in the first quarter of 2021 (1 January – 31 March 2021) amounted to EUR 25.2 million (2020: EUR 18.8 million), totalling a growth of 34.1% from last year. The group’s adjusted EBITA for the first quarter amounted to EUR 3.5 million (EUR 3.2 million), corresponding to 13.9% of net sales (16.8%). The group EBITA for the quarter amounted to EUR 3.3 million (EUR 2.5 million), corresponding to 13.1% of net sales (13.0%). The adjusted EBITA for the quarter increased by 10.7% from last year.Gofore’s net sales in March 2021 amounted to EUR 9.7 million (EUR 6.8 million). At the end of March, the group employed a total of 790 persons (585 persons). CEO Mikael Nylund comments: “In the first quarter of the year, Gofore’s net sales soared by 34% compared to the corresponding period last year. We consider this to be a great achievement that speaks about the success of our growth strategy. Our work has convinced our long-term and new customers of the fact that Gofore is the preferred partner for their journey through successful digital transformation. We have also been successful in acquisitions through which we have gained new customers, expertise and wonderful people as part of the Gofore family. The number of goforeans has grown to almost 800, and together we represent pioneering digitalisation expertise, both in terms of technology and in people management – the things in which every organisation’s digital transformation requires expertise and support. Adjusted EBITA for the first quarter increased to EUR 3.5 million, corresponding to 13.9% of net sales. In other words, we were unable to reach quite the profitability levels of the previous year’s first quarter (16.8% of net sales). This was due to the fact that there was one working day fewer than last year and that our billing rate did not fully meet the expectation. The billing rate was impacted by the change of agreement period with our largest customer Development and Administration Services Centre, KEHA Centre, in Finland. Although there was room for improvement, there has been no lasting change in the factors affecting profitability during the beginning of the year. The close of the quarter coincided with considerable public sector procurement awards that are well indicative of how our offering serves our customers in different circumstances. We will be continuing our co-operation with the City of Espoo, who selected our ICT consultancy services to support the digital transformation of the city and the development of other ICT services. The duration of the framework arrangement is seven years, and its total estimated value is approximately EUR 25 million over the agreement period. Gofore Lead is the primary provider in the procurement. We are also continuing our extensive collaboration with the City of Helsinki. The City of Helsinki selected us as its development partner for the development of the transactional information system for the Education Division. The maximum value of the agreement is EUR 2.95 million, extending over the years of 2021–2022. The agreement also entails the possibility for additional procurements during the development projects, over the years 2021–2024. In the past years, we have assisted the City of Helsinki in managing IT development projects, architecture work and in digital services implementation. With respect to private sector customers, I would highlight Elisa Corporation, with whom we signed an agreement extension in March for software quality assurance and testing produced as an integrated service. The agreement is valid until further notice and its annual value is approximately EUR 1 million. Previously, we had already expanded our cooperation to DevOps as well as agile methods and management consulting services, among others. The value of these other services this year is approximately EUR 1 million.At the core of our growth strategy has been to build a comprehensive consultation offering focused around digital transformation. The first quarter reinforced our belief that we are on the right path. In the future, in accordance with our vision, we expect to grow into one of the most significant digital transformation consultancies in Europe". The company complies with the half-yearly reporting stipulated by the Finnish Securities Market Act. In addition, Gofore publishes a monthly business review, containing the net sales and the number of personnel for the month ended, along with the relevant comparison figures. Furthermore, in connection with the business reviews for March and September, also the net sales, EBITA, adjusted EBITA and EBITA, % for the quarter ending in that month, along with the relevant comparison figures are published. The reviews also contain other key indicators and a comparison of the key figures between different periods, which facilitates the monitoring of the company’s growth strategy. The featured figures include the Full Time Equivalent (FTE) overall capacity and the FTE figures for subcontracting. The figures presented in the reviews are unaudited. This business review was not devised in accordance with the IAS 34 Interim Financial Reporting standard. The company uses adjusted EBITA as an indicator of operative profitability. The calculation formulas for the key figures have been published in Gofore's financial statements for 2020 and can also be found on the company's website under calculation formulas for key figures: https://gofore.com/en/invest/gofore-as-an-investment/key-figures/. Quarterly performance (IFRS) Group (consolidated) Q1/20211Q2/2021 Q3/2021Q4/2021Net sales, MEUR 25.2 EBITA, MEUR, adjusted 3.5 EBITA, %, adjusted 13.9% Group (consolidated)Q1/2020 Q2/2020Q3/2020Q4/2020Net sales, MEUR 18.8 18.6 16.3 24.3 EBITA, MEUR, adjusted 3.2 2.5 1.9 3.3 EBITA, %, adjusted 16.8% 13.3% 11.5% 13.5% Growth, %Q1/2021 Q2/2021 Q3/2021Q4/2021Net sales, growth, % 34.1% EBITA, adjusted, growth, % 10.7% 1 CCEA Oy’s figures have been consolidated with those of the Gofore Group since 1 March 2021.2 Items affecting the adjustment consisted of the transaction costs of CCEA Oy, an acquisition announced in February 2021 and reported as part of the Group since 1 March 2021, totalling EUR 0.193 million. Month (2021)Net sales,MEURNumber of employees Number of working days in FinlandOverall capacity,FTE1Subcontracting, FTE2March9.7 (6.8)79023 (22)735118February8.1 (5.9)736 20 (20)689111January7.5 (6.1)72719 (21)679109 Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. CCEA Oy’s figures have been consolidated with those of the Gofore Group since 1 March 2021.1 The overall capacity, FTE (Full Time Equivalent) figure shows the overall capacity of the Group's personnel, converted into a value corresponding to the number of full-time employees. The figure includes the entire personnel, regardless of their role. The figure is not affected by annual leave, time-off in lieu of overtime, sick leave or other short-term absences. Part-time agreements and other long-term deviations from normal working hours reduce the amount of overall capacity in comparison with the total number of employees. 2 The subcontracting, FTE (Full Time Equivalent) figure shows the overall amount of subcontracting used in invoiced work, converted into a value corresponding to the number of full-time employees. Further enquiries: Mikael Nylund, CEO, Gofore Plc tel. +358 40 540 2280 email@example.comGofore Plc is a digital transformation consultancy with close to 800 impact-driven employees across Finland, Germany, Spain, and Estonia – top experts in our industry who are our company’s heart, brain, and hands. We use our holistic service offering – consulting, coding, design and assurance – as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2020, our net sales amounted to EUR 78 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us better at www.gofore.com.