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A Solid Start to theYear
Q1/2018 Results
Technopolis Plc
April 25, 2018
Keith Silverang, CEO
Key Messages on Q1/2o18
• Comparable net sales and EBITDA up over 5%, year-on-year
• Occupancy rates continued to rise
• S...
Key Financials
Group net sales development
EUR m
Healthy Comparable Growth y-o-y
• FX changes decreased net sales by EUR 0.7 (+0.8) milli...
Financial Occupancy Rate, Group
%
April 25, 2018 Q1/2018 Results | Keith Silverang, CEO5
FinancialOccupancyWas 95.8%
90
92...
FOCR by Business Unit
%
Occupancy Up by 2.3 Percentage Points y-o-y
• Group average at the period end was 95.8 (93.5)%.
• ...
0.8
2.1
2.7
0.7
1.0
0%
5%
10%
15%
20%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2015 2016 2017 Q1'17 Q1'18
EBITDA Margin-%
Service Incom...
Quarterly Service Income and EBITDA Margin
EUR m, %
April 25, 2018 Q1/2018 Results | Keith Silverang, CEO8
QuarterlyView o...
1,537.9
1,558.3
8.0
0.3 -1.4
2.1 0.8
10.7
1,500
1,520
1,540
1,560
1,580
FairValue of Investment Properties
EUR m
April 25,...
Balance Sheet & Funding
Sami Laine,CFO
Strong Balance Sheet Supports Strategy Implementation
31 Mar '18 31 Mar '17 Change, % 31 Dec '17 Change, %
Balance sheet t...
RefinancingAgreement Signed in March
• A five-year EUR 518 million refinancing agreement
• An extension option of up to tw...
Maturity Profile of IB Debt, EUR million
Maturities ExtendedThrough New RefinancingAgreement
• EUR 150 million unsecured b...
Interest-Bearing Liabilities, March 31, 2018
Total EUR 885.1 (889.5) million
Loan PortfolioWell Covered for Interest Rate ...
Strategy Implementation
Nearly EUR 140 Million in Organic Projects in Progress
Area Name Pre-let rate,% Rentable area, m²
Total investment,
EUR m
...
We Are Expanding UMA Network
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO17
• New flagship UMA in Stock...
Outlook
Macro EconomicTailwind Expected to Continue
% Finland Norway Sweden Estonia Lithuania Russia
GDP growth forecast
Y-o-y cha...
Guidance unchanged:
Technopolis estimates that the Group Net sales in 2018
will be at the same level as it was in 2017.The...
ThankYou!
Time for questions.
www.tehcnopolis.fi
APPENDICES
Detailed Financial Information
Segment information: Finland
23
Finland
Q1/
2018
Q1/
2017
Change
%
2017
Net sales EURm 26.8 28.7 -6.5 117.7
Property incom...
Segment information: Baltic Rim
24
Finland
Q1/
2018
Q1/
2017
Change
%
2017
Net sales EURm 9.7 8.9 8.3 36.0
Property income...
Segment information: Scandinavia
25
Finland
Q1/
2018
Q1/
2017
Change
%
2017
Net sales EURm 6.4 6.7 -3.6 26.0
Property inco...
Changes in FairValues, January-March 2018
EURm
April 25, 2018 Q1/2018 Results | Keith Silverang, CEO26
Changes in FairValu...
April 25, 2018 Q1/2018 Results | Keith Silverang, CEO27
Lease Stock and Customer Base
• A total of approximately 1,600 cus...
Share Information:Trading
April 25, 2018 Q1/2018 Results | Keith Silverang, CEO28
Share trading
Q1/
2018
Q1/
2017
Change
%...
Share Information: Largest Shareholders* on March 31, 2018
29
# of shares % of shares
Varma Mutual Pension Insurance Compa...
Technopolis Q1 2018 Results
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A Solid Start to the Year

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Technopolis Q1 2018 Results

  1. 1. A Solid Start to theYear Q1/2018 Results Technopolis Plc April 25, 2018 Keith Silverang, CEO
  2. 2. Key Messages on Q1/2o18 • Comparable net sales and EBITDA up over 5%, year-on-year • Occupancy rates continued to rise • Service business continues on a growth path • Rental growth also had a positive effect on Group net sales – ~90% of rental agreements tied to CPI development • Refinancing agreement extended maturity profile and freed assets from pledges • New UMA opened in Stockholm earlier this week, another one set to open in Copenhagen in September April 25, 2018 Q1/2018 Results | Keith Silverang, CEO2 * Comparable = excluding Jyväskylä divestiture in 2017.
  3. 3. Key Financials
  4. 4. Group net sales development EUR m Healthy Comparable Growth y-o-y • FX changes decreased net sales by EUR 0.7 (+0.8) million • On a constant currency basis net sales were down 1.5% 0 50 100 150 200 2015 2016 2017 Q1'17 Q1'18 Property income Service income 170.6 172.1 179.7 44.3 42.9 Group EBITDA and EBITDA margin EUR m, % • FX changes decreased EBITDA by EUR 0.5 (+0.6) million • On a constant currency basis, EBITDA declined by 0.3%, and EBITDA margin was 53.9%. April 25, 2018 Q1/2018 Results | Keith Silverang, CEO4 93.0 93.1 97.1 23.6 23.1 40% 45% 50% 55% 60% 0 25 50 75 100 125 2015 2016 2017 Q1'17 Q1'18 EBITDA Margin-% 53.7% -3.3% -2.2% Comparable* +5.3% Comparable* +5.2% * Comparable = excluding Jyväskylä divestiture in 2017.
  5. 5. Financial Occupancy Rate, Group % April 25, 2018 Q1/2018 Results | Keith Silverang, CEO5 FinancialOccupancyWas 95.8% 90 92 94 96 98 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1/2018 Group 10-yr average 94.2% 95.8%
  6. 6. FOCR by Business Unit % Occupancy Up by 2.3 Percentage Points y-o-y • Group average at the period end was 95.8 (93.5)%. • Decline in Gothenburg was due to expiry of rental guarantee 93.5 97.3 92.5 98.6 95.2 93.5 100.0 99.7 99.6 75 80 85 90 95 100 105 HMA Kuopio Oulu Tampere Gothenburg Oslo St. Petersburg Tallinn Vilnius March '17 March '18 April 25, 2018 Q1/2018 Results | Keith Silverang, CEO6 Finland Average: 95.0 (91.3)% ScandinaviaAverage: 93.9 (95.48)% Baltic Rim Average: 99.7 (99.3)%
  7. 7. 0.8 2.1 2.7 0.7 1.0 0% 5% 10% 15% 20% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2015 2016 2017 Q1'17 Q1'18 EBITDA Margin-% Service Income EUR m Service Growth Continues • Service income grew or stayed at the previous year’s level in all business units 20.3 22.4 25.4 6.0 6.3 0 5 10 15 20 25 30 2015 2016 2017 Q1'17 Q1'18 Service EBITDA and EBITDA Margin EUR m, % • Margin improvement through scale benefits i.e. higher service income and growth in more profitable services, as well as price increases of some services • Service EBITDA included ramp-up costs of EUR 0.1 million of UMA Kungsbron Service Penetration in Q1/18* % • Service penetration in Q1’18 was 14.7% • Best-performing units show service penetration figures above 20% Service income as % of Group net sales 14.7% April 25, 2018 Q1/2018 Results | Keith Silverang, CEO7 * Service Income’s share in Group net sales. +5.1% +43.6% Comparable* +14.8% 16.0% * Comparable = excluding Jyväskylä divestiture in 2017.
  8. 8. Quarterly Service Income and EBITDA Margin EUR m, % April 25, 2018 Q1/2018 Results | Keith Silverang, CEO8 QuarterlyView on Business 5.2 5.8 4.9 6.5 6.0 6.8 5.6 7.0 6.3 0% 5% 10% 15% 20% 25% 0 2 4 6 8 10 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Service Income EBITDA margin-% Quarterly Property Income and EBITDA margin EUR m, % 35.9 37.4 38.1 38.3 38.3 39.0 38.5 38.6 36.6 0% 20% 40% 60% 80% 100% 0 10 20 30 40 50 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Property Income EBITDA margin-%
  9. 9. 1,537.9 1,558.3 8.0 0.3 -1.4 2.1 0.8 10.7 1,500 1,520 1,540 1,560 1,580 FairValue of Investment Properties EUR m April 25, 2018 Q1/2018 Results | Keith Silverang, CEO9 FairValues Up: Mainly fromYield Compression • Yield compression increased fair values the most • Fair value of investment properties in balance sheet positively affected by completions of properties in Baltic Rim -area Breakdown of FairValue by Segment % • Finland’s share declined from 61% to 57% from previous year Finland 57% Baltic Rim 22% Scandinavia 21% EUR +9.7 million
  10. 10. Balance Sheet & Funding Sami Laine,CFO
  11. 11. Strong Balance Sheet Supports Strategy Implementation 31 Mar '18 31 Mar '17 Change, % 31 Dec '17 Change, % Balance sheet total EURm 1 731.5 1 776.5 -2.5 1 719.8 0.7 Interest-bearing debt EURm 885.1 889.5 -0.5 805.0 10.0 Cash and equivalents EURm 60.8 62.5 -2.6 71.8 -15.2 Average loan maturity yrs 4.5 5.1 -12.4 4.5 -1.3 Loan-to-value (LTV) % 54.6 53.4 - 50.1 - Equity ratio % 39.6 40.9 - 44.8 - Solvency ratio % 47.6 46.3 - 42.6 - Secured solvency ratio % 37.7 38.3 - 35.3 - Unencumbered asset ratio % 25.6 12.3 - 13.8 - Interest coverage multiple 5.2 3.8 36.8 4.3 20.9 April 25, 2018 Q1/2018 Results | Keith Silverang, CEO11 • The EUR 75.0 million hybrid loan redeemed on March 26 • Dividend payment & equity repayment totaling EUR 26.7 million booked in March, pay out onApril 4 • Unencumbered asset ratio improved following the refinancing agreement
  12. 12. RefinancingAgreement Signed in March • A five-year EUR 518 million refinancing agreement • An extension option of up to two years • The package consists of four secured facilities: – a EUR 150 million term loan facility for refinancing existing debt, – a EUR 100 million committed capex facility, – a EUR 100 million committed revolving credit facility and – a EUR 168 million guarantee facility. • The agreement includes customary financial covenants that are based on: – equity ratio above 30%, – an LTV below 65% and – an interest coverage ratio above 2.25. April 25, 2018 Q1/2018 Results | Keith Silverang, CEO12
  13. 13. Maturity Profile of IB Debt, EUR million Maturities ExtendedThrough New RefinancingAgreement • EUR 150 million unsecured bond (maturity in 2020), callable in May 2018 197.9 71.1 204.0 124.8 19.7 267.6 0 50 100 150 200 250 300 2018 2019 2020 2021 2022 2023- April 25, 2018 Q1/2018 Results | Keith Silverang, CEO13
  14. 14. Interest-Bearing Liabilities, March 31, 2018 Total EUR 885.1 (889.5) million Loan PortfolioWell Covered for Interest Rate Risk The average interest rate on interest-bearing liabilities was 2.43%. The average interest interest fixing period was 4.7 (4.8) years. Hedge ratio 56.3 (67.8)%. 648.0 150.0 49.9 7.7 29.9 Bank Loans Unsecured Senior Bond Commercial Papers Financial Leases Other April 25, 2018 Q1/2018 Results | Keith Silverang, CEO14
  15. 15. Strategy Implementation
  16. 16. Nearly EUR 140 Million in Organic Projects in Progress Area Name Pre-let rate,% Rentable area, m² Total investment, EUR m Stabilized yield, % 1) Completion Helsinki Ruoholahti 3 47.3 10,300 33.2 7.0 7/2018 Tallinn Lõõtsa 12 81.3 9,700 13.6 9.0 7/2018 Vilnius2) Penta 93.0 13,800 32.02) 8.4 10/2017 Vantaa Aviapolis Bldg H 4.9 5,100 15.1 8.0 11/2018 Tampere City Center 41.7 13,200 46.0 7.5 10/2019 TOTAL in progress 52,100 139.9 April 25, 2018 Q1/2018 Results | Keith Silverang, CEO16 1) Stabilized yield = estimated net operating income / cost 2) Total investment including also the neighboring land plot with an expansion potential of at least 20,000 m2 • On top of the above, 10 more projects under design • Most of these extensions of our existing campuses are being driven by growth of our existing customers • While we expect the pipeline to be growing, we are looking at each case rigorously and will launch when market conditions allow and our strict investment criteria are met.
  17. 17. We Are Expanding UMA Network October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO17 • New flagship UMA in Stockholm was opened earlier this week • Another new one is set to open in Copenhagen in September - It will be located in the very center of the city next to Strøget, the main shopping street and the City Hall • The space will be named UMAVestergade UMAVestergade
  18. 18. Outlook
  19. 19. Macro EconomicTailwind Expected to Continue % Finland Norway Sweden Estonia Lithuania Russia GDP growth forecast Y-o-y change '17-18 +2.5 +1.9 +2.8 +3.3 +3.0 +1.9 Y-o-y change '18-19 +2.0 +1.8 +2.3 +3.0 +2.8 +1.5 CPI growth forecast Y-o-y change '17-18 +1.7 +1.6 +2.1 +3.3 +2.9 +3.8 Y-o-y change '18-19 +2.0 +1.9 +2.3 +2.8 +3.0 +4.0 April 25, 2018 Q1/2018 Results | Keith Silverang, CEO19 Source: OECD, November 2017
  20. 20. Guidance unchanged: Technopolis estimates that the Group Net sales in 2018 will be at the same level as it was in 2017.The company expects the Group EBITDA to remain at the same level as in 2017, or slightly below. The estimates take into account the divestiture of the operations in Jyväskylä, Finland in late 2017.The negative effect of the Jyväskylä divestitures on Group Net sales and EBITDA, on an annual level, are approximately EUR 14.5 million and EUR 7.2 million, respectively. Furthermore, the estimate takes into account the company’s view on the planned completion of organic growth projects in progress, as well as its view on economic developments in eachTechnopolis market, and the development of the company’s occupancy and rental rates.
  21. 21. ThankYou! Time for questions. www.tehcnopolis.fi
  22. 22. APPENDICES Detailed Financial Information
  23. 23. Segment information: Finland 23 Finland Q1/ 2018 Q1/ 2017 Change % 2017 Net sales EURm 26.8 28.7 -6.5 117.7 Property income EURm 22.1 23.9 -7.7 97.5 Service income EURm 4.7 4.8 -0.6 20.2 EBITDA EURm 13.4 14.7 -9.1 61.5 EBITDA margin % 50.1 51.5 - 52.2 Fair value of investment properties* EURm 891.4 997.6 -10.6 890.9 Number of campuses* 12 15 - 12 Rentable area* m2 421 000 483 700 -13.0 425 000 Average rent* EUR/m2 /month 17.5 17.3 1.2 17.7 Financial occupancy rate* % 95.0 91.3 - 94.5 Market yield requirement, average* % 7.3 7.6 - 7.3 * At the end of the period. Note: 3/18: 7,100 m2 under renovation, 3/17: 10,350 m2 under renovation.
  24. 24. Segment information: Baltic Rim 24 Finland Q1/ 2018 Q1/ 2017 Change % 2017 Net sales EURm 9.7 8.9 8.3 36.0 Property income EURm 8.6 8.0 7.8 32.5 Service income EURm 1.1 1.0 12.2 3.6 EBITDA EURm 6.1 5.3 15.2 21.5 EBITDA margin % 62.5 58.8 - 59.6 Fair value of investment properties* EURm 341.1 312.0 9.3 325.2 Number of campuses* 3 3 - 3 Rentable area* m2 176 300 168 550 4.6 176 000 Average rent* EUR/m2 /month 15.8 15.6 1.0 15.7 Financial occupancy rate* % 99.7 99.3 - 99.7 Market yield requirement, average* % 8.0 8.4 - 8.1 * At the end of the period. Note: 3/18: 5,500 m2 under renovation, 3/17: 2,900 m2 under renovation.
  25. 25. Segment information: Scandinavia 25 Finland Q1/ 2018 Q1/ 2017 Change % 2017 Net sales EURm 6.4 6.7 -3.6 26.0 Property income EURm 6.0 6.3 -5.0 24.4 Service income EURm 0.5 0.4 19.6 1.6 EBITDA EURm 3.6 3.6 0.7 14.1 EBITDA margin % 55.7 53.3 - 54.4 Fair value of investment properties* EURm 325.9 333.1 -2.2 321.9 Number of campuses* 2 2 - 2 Rentable area* m2 102 100 99 300 2.8 100 900 Average rent* EUR/m2 /month 19.3 20.9 -7.8 19.5 Financial occupancy rate* % 93.9 95.4 - 97.5 Market yield requirement, average* % 5.3 5.5 - 5.3 * At the end of the period. Note: 3/18: 0,00 m2 under renovation, 3/17: 2,800 m2 under renovation.
  26. 26. Changes in FairValues, January-March 2018 EURm April 25, 2018 Q1/2018 Results | Keith Silverang, CEO26 Changes in FairValues EURm Yield requirement Occupancy assumption Moderniza- tion Other changes Projects in progress Total Finland 1.8 0.4 -0.9 1.1 0.3 2.7 Baltic Rim 2.7 -0.1 0.1 0.7 0.5 3.9 Scandinavia 3.5 0.0 -0.6 0.3 0.0 3.1 TOTAL 8.0 0.3 -1.4 2.1 0.8 9.7 * Other changes include changes in market rents, operating expenses, as well as other allocations.
  27. 27. April 25, 2018 Q1/2018 Results | Keith Silverang, CEO27 Lease Stock and Customer Base • A total of approximately 1,600 customers and 3,000 lease agreements • The ten largest customers let approximately 22.9% of rented space and the single largest customer 4.4% • In January–Mach, the ten largest customers accounted for 20.9% of rental income and the single largest customer 5.2% Lease stock, % of space Maturity, years March 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 < 1 18 15 16 16 21 1 – 3 29 28 21 21 20 3 – 5 13 12 19 19 18 > 5 17 17 16 16 15 Open-ended leases 24 26 29 29 25 Average lease term in months 34 34 34 34 34 Lease stock, EUR million 360.7 372.0 389.9 397.6 389.1
  28. 28. Share Information:Trading April 25, 2018 Q1/2018 Results | Keith Silverang, CEO28 Share trading Q1/ 2018 Q1/ 2017 Change % 2017 Lowest price EUR 3.64 2.96 23.0 2.96 Highest price EUR 4.29 3.19 34.5 4.20 Closing price (end of period) EUR 3.67 3.03 21.1 4.18 Volume weighted average price EUR 3.98 3.08 29.2 3.73 Share turnover million shares 15.1 12.7 18.9 72.0 Share turnover EURm 60.1 39.2 53.3 268.2 Market capitalization (end of period) EURm 582.8 481.1 21.1 663.8 * Market capitalization is based on 158,793,662 shares. Source: Nasdaq Helsinki
  29. 29. Share Information: Largest Shareholders* on March 31, 2018 29 # of shares % of shares Varma Mutual Pension Insurance Company 30,232,288 19.0 MercatorCapitalAB (former Olofsgård Invest AB) 24,574,470 15.5 City of Oulu 3,917,926 2.5 Laakkonen Mikko 2,139,276 1.4 Technopolis Plc 1,903,373 1.2 The Finnish Cultural Foundation 1,782,063 1.1 Jenny and AnttiWihuri’s Foundation 1,107,597 0.7 Etola Erkki 865,500 0.6 Jyrki Hallikainen and company 752,000 0.5 City ofVantaa 600,000 0.4 10 largest shareholders, total 67,874,493 42.8 Foreign and nominee registered, total 57,339,942 36.1 Others, total 33,813,357 22.1 Total amount of shares 158,793,662 100.0 * Not including nominee-registered shareholders

A Solid Start to the Year

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