CEO’s greeting

CEO SIRPA OJALA COMMENTS ON THE INTERIM REVIEW JANUARY-SEPTEMBER 2022

Our third quarter performance was strong, continuing the favourable development we have seen during the year. We managed to meet the autumn’s high season demand well and we delivered our services with high quality and controlled field productivity. Our operating profit improved considerably, enabled by the good development of productivity and field controls.

The underlying Cleaning Services business continued its strong development in the third quarter with further new customers gained in an active market. Excluding revenues of the divested W-Tech operations, our organic net sales grew considerably also in the third quarter following the favourable underlying trend earlier this year.The organic growth increased due to industrial cleaning services provided to new customers and expanded share of wallet with the old customers with a busy shutdown schedule.

The geopolitical development and energy crisis in Europe have had only a limited direct impact on our business, at least so far, as we have no direct exposure to sanctioned parties or conflict regions. We have been able to mitigate the increased fuel prices and general cost inflation to a high degree with improved productivity and pricing measures.

Recycling Services was successfully divested earlier this year, and we are now fully focusing our core business of Cleaning Services. Our target is to continue the good recent development, both in terms of organic growth and further improving profitability. Collaboration with our customers is the key to the further development of our efficient and high-quality operations. We are confident that the continuing positive customer feedback we have received on our high standard service level will position us well in our efforts to continue profitable growth.