Thank you, Mr. Chairperson. [Non-English content] A very warm welcome also on my behalf to our 2024 annual general meeting, both for people online and wonderful to see so many people actually being present at our Keilaniemi office here in Espoo, Finland. Thank you for joining. I'm naturally very pleased to share the progress of the company during fiscal year 2023.
During my presentation, I will also open up factors behind this highly transformative era we have in our hands. This very interesting era includes significant developments in a number of big items, such as our strategic direction in terms of our specialization, a volatile geopolitical and macroeconomic environment, and the necessity for companies of maintaining and creating business resilience while continuing to improve shareholder returns. I'd like to confirm our strong belief what a great opportunity we have with technology continuing to be a prime enabler of resilience and innovation for businesses and the society at large.
I'll add clarity on all the above items during my presentation. Before I really get going, I'd like to introduce the members of management that being present here today in our Keila office. Satu Kiiskinen as Head of Tech Services, Ari Järvelä, Head of Care, Klaus Andersen as Head of Banking, Carsten Henke, Head of Industry Software, Kishor Patil, Head of Strategy, and we have our CFO, Tomi Hyryläinen. Of the management team not present today, Harri Salomaa, whom is based in Austin, Texas, and Trond Vinje, who is based in Oslo. Naturally, shareholders have an opportunity to be engaging today with the broader management team, hopefully of true interest to everybody.
I would like to begin a bit as usual with the greater purpose we have as Tietoevry. We do play a highly significant role in building our common digital futures with each technology wave advancing the society at large. With 24,000 Tietoevry professionals being highly passionate for the combination of technology, customer benefits, and societal development. In these terms, we actually support both the creation of more sustainable societies and the creation of highly exciting careers in the forefront of new technologies. Furthermore, over the past decades, we have very actively supported our customers to advance across all critical technology cycles, all the way from mainframes to client-server computing, the creation of internet, mobile, cloud, and artificial intelligence.
It's fair to recognize that each of the technology cycles have advanced quality of life and the societies within which we live, whether characterized by productivity improvement, new manufacturing technologies, or advanced medical research. Today, we are at the cusp of the intelligence technology wave, where we aim for human-like thinking and behavior by machines with AI and GenAI-centric capabilities and technologies. This era on our hands will again provide very exciting new opportunities for innovation and business expansion. As Tietoevry, we are naturally at the core of enabling this future. I'd like to first confirm the set of priorities that tend to be highly consistent in all customer dialogues. Customer priorities tend to center around drive for the combination of efficiency and agility.
In today's world, that combination would call utmost importance on business resilience, naturally seeking for ways of using latest technologies of improving our customers' business performance. I also want to confirm the continued shift towards scalable cloud technologies, where every enterprise and public sector player will seek for greater insights for more and more massive amounts of data, and more and more the value shall be realized through artificial and GenAI. We are very steadily advancing to what we'd call an AI-augmented world. It is also fair to highlight in this current environment some of the external factors that do have clear implications on businesses around the world. I would say year 2023 has in this sense been quite exceptional, also impacting our business environment.
Number one, if we think about the geopolitical volatility, in our case, it is very specifically impacting slightly over 2,000 Tietoevry colleagues living in Ukraine. This part naturally impacting the turbulence for one of our businesses. Very important factor, we continue to do our utmost to supporting our colleagues. Second big factor being around the macroeconomy. It's important to recognize that the softness in the macroeconomy is indeed impacting many of our customers' appetite for increase in the level investments and where the investments are actually geared towards. Macroeconomy is driving for many industries an era of slightly lower average growth. Third important factor on the tech-led opportunity will continue to be a great opportunity, providing mid- and long-term growth potential for many industries, including ourselves. In this era, the agenda for businesses tend to shift as well, both for our customers and into our own decision-making.
Importance, I mentioned twice already, I'll only mention third time, importance of business resilience. When you have volatility in the environment, building firmness in the company's productivity, ability to be competitive, price competitive, enabling future investments, resilience being highly critical. Second important factor, given the combination of geopolitics and the macroeconomy, the importance on business continuity and additional considerations and potential investments on security. Not forgetting longer-term opportunities on growth and innovation, while for many companies currently receiving slightly less from a total standpoint of investment capacity. These factors do also have implications on our global technology services and software industry. Often optimization of services spend, optimization of so-called run costs. Second factor, we call it the stability of software spend.
Software businesses tend to be so core in customers' business processes, thus the business tends to be more resilient, while seeking overall for ways to accelerate AI adoption and related investments. Kind of a different environment when we look at the totality, starting with the impact of the geopolitics and macroeconomy. This is also a good bridge to deepen the considerations on AI and GenAI. Firstly, I'd like to confirm, we encourage all of our constituents, our customers, our business partners, and all employees to be highly active in AI-centric innovation.
The prime drivers on these technologies can be and should be categorized into two, equally relevant for our customers and for ourselves. Number one, the creation of more competitive products and services for building higher growth and better businesses of the future. Second factor, simultaneously driving for efficiency, gaining new insights into productivity. Samples in the world already would consist of the likes of AI-enabled or AI-supported customer services. Naturally, we expect to gain a lot more proof points on productivity on software development. Furthermore, I would like to confirm that our businesses have been active for quite some time, meaning number of years, in adopting and capturing the benefits of artificial intelligence.
I would like to name a few samples. I will pick three. I would like to pick financial crime prevention, given that AI functionality has been developed and has been live for several years, and naturally being extremely important for financial institutions, given the criticality of financial crime prevention for the society and financial institutions at large. Second example I would like to share is the Managed Services AI operations that has been developed over the last several years for the combination of performance optimization and systems availability in Managed Services.
The third one I would like to highlight is our recently published GenAI, not just AI, care assistant, published here in Finland as a pilot for patient care improvement, and already having initial proof points of productivity improvement for hospital staff, the combination of doctors and nurses. Finally, in the topic of the systematic AI pursuit, I would like to highlight the importance of responsible AI, and we highly encourage everybody to pay attention on the ethical and responsible use of AI, accounting also for the factors around privacy and overall cybersecurity. This is a big agenda. I do fully expect on the topic of AI and GenAI, we will be seeing increasing level of increased investments from here onwards, but the benefits of having proof points of tangible business impact is still at a relatively early stage.
Now highlighting some of our longer-term factors on financial performance. I am pleased to share that we have been able to drive solid financial performance over the past years, as visible in our key financial indicators. I will be adding more depth into this view over the next few pages. I would like to also confirm that while scaling up our company, we have been able to deliver consistently increasing dividends. Third factor of interest and importance to everybody, the latest proposal by the Board of Directors is to again increase the dividend level. We have experienced, interestingly enough, since launching our new specialization-based strategy in January of 2022, we had five consecutive strong quarters, both in terms of our growth development and profitability development between the first quarter of 2022 and first quarter of 2023.
I would like to also be very clear that the economic slowdown started impacting our businesses as of the second quarter of 2023, which sheds light into the total performance level of fiscal year 2023. Solid profitability levels have been maintained also last year through a rapid shift in management attention on efficiency and continuous development on business resilience, ensuring adequate capacity for investments of the future.
Very practically, 2023 in numbers of the key KPIs, organic growth of 4%, adjusted EBITDA 12.6%, and very importantly, continued strong cash flow generation at EUR 266 million. Overall, we have had solid performance in our Software businesses while our Create and Tech Services impacted by the softer market, resilience having been very important, safeguarding the aggregate profitability development. I would like to confirm the proposal by the Board of Directors of the dividend of EUR 1.47, representing a dividend yield of 6.8%.
I would like to also further add a bit of depth into the performance of our businesses for the year 2023. I'd like to also confirm that we have businesses in three distinct segments of our global technology services and software industry. We have businesses in the category of Digital Engineering, a consulting business. We have three software businesses in the category of Software & Platforms, and one business in the category of Managed Services and Transformation. Our Digital Engineering business, Tietoevry Create, experienced a growth of 3%, naturally lower than 2022 given the impact of the softness of the market. Our software businesses continued to grow healthily. Our Banking business grew 10%, our Care business by 7%, and our Industry Software business at 5% level, and Tietoevry Tech Services declining by 3 percentage point.
I confirm that the lower market demand impacting specifically both the Create and Tech Services businesses. We do have a well transformative agenda and very high degree of attention on our specialization-based businesses and specialization-based strategy, as highlighted through the highly differentiated businesses on the prior page. Our specialization of each business with adequate critical mass is enabled by the merger taking place four years ago. We do have our full commitment to continue the drive of each business towards world-class performance and towards expansion in the international markets. Our aim is to become a well-recognized global player in the categories of software and Digital Engineering businesses. I'd like to confirm we do have two strategic reviews underway in order to pursue their unique respective requirements for scale, identity, and investment needs.
I'd like to confirm our primary messaging in the fourth quarter interim report as an update on the progress of the strategic reviews. Firstly, on Banking, to confirm the original objective to realize the value of Tietoevry Banking as a potentially independent listed company. We have filed the demerger plan on February 15th, while there is a sales process in parallel. We have progress on track for potential conclusions during the second quarter of this year. To confirm the scope and objective of Tietoevry Tech Services, Banking was announced in July 2022. Tech Services was announced in November 2022, just to confirm. Main objective for Tech Services is to accelerate scale through potential sale or listing as a spin-off, and we have confirmed active engagement with potential buyers and progress being on track for potential conclusions also during second quarter of 2024.
To continue from here, the main drivers for shareholder value naturally being very important in the AGM today. In the core of our shareholder value creation is to maximize operational performance of our businesses. For Banking and Tech Services through the strategic reviews, as highlighted a minute ago. For Tietoevry Create to become a leading Digital Engineering business globally. For Tietoevry Care to further accelerate growth and scale, initially in the Nordic countries and over time with further potential in the European arena. For Industry Software to drive market expansion internationally in selected industry verticals. All in all, we aim at a favorable business mix in the Software and Digital Engineering categories with higher growth and profit profile, thus adding to the opportunity for further shareholder value creation and aiming at further acceleration.
I would also like to take a minute to share an update on the ransomware attack of criminal nature that took place in Sweden in our operation in January of this year. This is post-2023. Given the importance of topic, I would like to highlight and provide an update. First of all, the attack taking place in the night of 19th, 20th January in one of our t ech services data centers in Sweden. Naturally, when such a criminal activity, it launches and initiates an immediate 24/7 crisis management practice in our company. The platform in question isolated immediately and further security verifications done across the infrastructure of the company. We have naturally been working relentlessly with our customers with prime focus on system restoration.
We have last week also given an update of being up at 97% of the impacted servers and at 83% of customer full service experience having been restored. As of the status from last night, we have continued to make further progress from what was reported. I would also like to confirm the importance of very close collaboration with authorities, as well as third-party experts of ensuring that full analysis and assessments are completed. We naturally apologize for the disruption caused to our customers and the society in Sweden at large. I do want to confirm the importance of confidentiality and compliance in terms of from a customer standpoint and the requirements by authorities, given that we are talking about activity of criminal nature. We will continue very close customer engagement and open communication towards all stakeholders until the process is complete.
Furthermore, in light of the significant societal contribution we do have as Tietoevry, our sustainability focus remains really high on the agenda and being increasing meaningful towards all of our constituents, our customers, our employees, and our shareholders. I am pleased to share progress made also during 2023, reaching again new level in the greenhouse gas emissions, making further progress in the use of carbon-free electricity, concrete progress again in the diversity charter of the company, and maintaining really healthy level of engagement towards employees. Furthermore, we have released an uplifted view and uplifted level of ambitions in our 2024 and onward sustainability plan, which is highly consistent with our initiatives from the past and will be reporting in the future in the categories of progress in climate action, in ethical conduct, and social impact.
We naturally furthermore look forward to continue to gain industry recognitions, which we have gotten a number of really good ones in the past to confirm our progress and full commitment. In everything we do as Tietoevry, we build on our values of openness, trust, and diversity. This sets a really engaging environment for 24,000 professionals, both in terms of career development and healthy work-life balance. As an example, in the post-pandemic era, we did do a co-creation with our employees globally through a crowdsourcing exercise in defining the hybrid ways of working for Tietoevry. This has generated a really healthy level of attention, both in terms of productivity attention, productivity gains, as well as individual flexibility. Many of us feel proud of a type of a work-life, overall ways of work in the company and very interested in co-creation with 24,000 colleagues around the world.
I would like to also confirm that this whole initiative on our values and culture enables us to continuously attract highly respected and strong talent in the world arena. To conclude, in this AGM, the CEO summary, we continue to play a really interesting and important role in developing the digital futures. We are at the next big inflection point and wave of innovation with AI and GenAI. It will be very exciting opportunities we will be seeing. We firmly build our future as a Software and Digital Engineering company, and naturally, we aim to further increasing shareholder value. Thank you for your attention and for joining today. Now I would like to share a short video at the end to demonstrate our view of the future. Thank you.
As the world navigates through challenges such as climate change and demographic shifts, the demand for new and innovative solutions has never been clearer. We at Tietoevry stand at the intersection of what is now and what comes next, exploring the vast opportunities technology holds for tomorrow. That is why we pledge to reinvent the world for good. For us, achieving carbon neutrality is not merely a target, but a promise to ourselves and the world. We push for a circular future where everything is given a second life.
We strive for integrity in all areas of business, driving responsible practices through every layer of our operations. We strive to respect human rights across our value chain, and by fostering diversity, equality, and inclusivity, we build a culture where every voice is heard, every person is valued, and everyone has the opportunity to thrive. It is our pledge that by ensuring responsible and sustainable operations, we enable our customers to utilize technology with purpose. For us, sustainability is not just a responsibility, it is an opportunity. Together, we make an impact that is not felt by just us, but those who come long after.