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2016-10-19

Caverion: Caverion specifies its guidance for 2016

Caverion Corporation Stock exchange release October 19, 2016 at 9.00
a.m. EEST

Caverion specifies its guidance for 2016

In the third quarter of 2016, Caverion Corporation continued the
restructuring of its operations and the review of its project
portfolio. As a result of the review, several projects were still
identified with challenges in project management and execution. The
identified challenges mainly relate to divisions Sweden,
Denmark-Norway, Germany and Industrial Solutions. Based on the
review, Caverion has completed and will complete more conservative
cost estimate adjustments and provisions related to its project
portfolio. The adjustments have an impact in the Group's third and
fourth quarter results in 2016.

Caverion has implemented a stricter project tendering process in the
Group since the second quarter. As a result Caverion's order backlog
has slightly decreased in the third quarter compared to the previous
year. This has led to a need to somewhat increase the Group's
restructuring actions from the previously estimated level.

Caverion now estimates that the total personnel reductions for 2016
will affect approximately 1,000 employees (previous estimate
approximately 700 employees). The total cost estimate of the
restructuring actions is EUR 20-24 million during 2016 (previous
estimate approximately EUR 22-26 million). The positive impacts of
the restructuring actions are expected to be visible in 2017.

Caverion Group's preliminary EBITDA excluding restructuring costs
amounted to EUR 19.5 million and reported EBITDA to EUR 13.8 million
in July-September 2016. In 2015, Caverion Group reported an EBITDA of
EUR 21.3 million in July-September.

Caverion specifies its guidance for 2016.

New guidance for 2016:

Caverion estimates that the Group's revenue for 2016 will remain at
the previous year's level (2015: EUR 2,443 million) and the Group's
EBITDA excluding restructuring costs for 2016 will be in the range
EUR 40-50 million (2015: EUR 91.5 million).

Previous guidance for 2016 announced on June 20:

Caverion estimates that the Group's revenue for 2016 will remain at
the previous year's level (2015: EUR 2,443 million) and the Group's
EBITDA excluding restructuring costs for 2016 will decrease clearly
from the previous year's EBITDA level (2015: EUR 91.5 million).

Caverion will publish its interim report for January-September 2016 on
Thursday October 27 at approximately 9.00 a.m. Finnish time (EEST). A
news conference for media, analysts and investors will be arranged in
conjunction with the interim report.

CAVERION CORPORATION

Distribution: Nasdaq Helsinki, principal media, www.caverion.com

For additional information, please contact:

Sakari Toikkanen, Interim President and CEO, Caverion Corporation;
please contact Päivi Alakuijala, VP, Marketing and Communications,
tel. +358 40 8400 251

Martti Ala-Härkönen, Chief Financial Officer, Caverion Corporation,
tel. +358 40 737 6633, martti.ala-harkonen@caverion.com

Milena Hæggström, Head of Investor Relations, Caverion Corporation,
tel. +358 40 5581 328, milena.haeggstrom@caverion.com

Caverion designs, builds, operates and maintains user-friendly and
energy-efficient technical solutions for buildings, industries and
infrastructure. Our services and solutions are used in commercial and
residential buildings and on industrial and public sector properties,
as well as in processes, ensuring business continuity, safety,
healthy and pleasant surroundings, optimal performance and cost
management. Our vision is to be a leading European provider of
advanced and sustainable life cycle solutions for buildings and
industries. Our strengths include technological expertise and
comprehensive services, covering all technical disciplines throughout
the entire life cycles of properties and industrial plants. Our
revenue in 2015 was approximately EUR 2.4 billion. Caverion has over
17,000 employees in 12 countries in Northern, Central and Eastern
Europe. Caverion's shares are listed on Nasdaq Helsinki.
www.caverion.com (http://www.caverion.fi/), @CaverionGroup

Join our story: www.caverion.fi/Csaga #Csaga
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http://news.cision.com/caverion/r/caverion-specifies-its-guidance-for-20...
http://mb.cision.com/Main/14078/2103966/576865.pdf

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