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TietoEVRY withdraws its guidance for 2020 – uncertain market outlook due to COVID-19

27 March 2020

TietoEVRY Corporation             INSIDE INFORMATION            27 March 2020 8.00 am EET

Due to the COVID-19 pandemic, the current economic outlook in TietoEVRY’s main markets involve significant uncertainties. Given the uncertainties in the market outlook, it is not possible to estimate the potential impact of the pandemic on the company’s profitability. Hence the current guidance, according to which TietoEVRY expects its comparable full-year adjusted operating profit (EBIT) to increase from the previous year's level, is withdrawn. Further guidance will be issued as soon as visibility to the market outlook has improved and significant uncertainties are cleared.

In TietoEVRY, the sensitivity to macroeconomic uncertainty varies by business. The company’s portfolio comprises services based on multi-year agreements in infrastructure and application services as well as in industry specific software businesses. The Digital Consulting business represents shorter contractual periods and is likely to be more affected at times of economic uncertainty.

TietoEVRY has already taken strict measures to mitigate the potential financial impact of COVID-19 pandemic and to secure health and safety of employees and ensure critical services to customers. The attractiveness of the merger of Tieto and EVRY, including synergies, stays as announced and is anticipated to contribute to performance in 2020.

 

For further information, please contact:

Tomi Hyryläinen, Chief Financial Officer, tel. +358 50 555 0363, tomi.hyrylainen (at) tietoevry.com

Kjell Arne Hansen, Head of Investor Relations, tel. +47 9504 0372, kjell.hansen (at) tietoevry.com

 

TIETOEVRY CORPORATION

 

DISTRIBUTION

NASDAQ Helsinki

Oslo Börs

Principal Media

 

TietoEVRY creates digital advantage for businesses and society. We are a leading digital services and software company with local presence and global capabilities. Our Nordic values and heritage steer our success.

Headquartered in Finland, TietoEVRY employs around 24 000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. TietoEVRY’s annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Börs, www.tieto.com.

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