Terveystalo Plc, Financial Statements Release, 13 February 2026 at 09:00 EET
This release is a summary of Terveystalo's Financial Statements Release 2025. The full release is attached to this stock exchange release and is available on Terveystalo's website at: https://www.terveystalo.com/en/company/investors/reports-and-presentations/.
October-December 2025 in brief
- Revenue decreased by 6.8 percent year-on-year to EUR 330.0 (353.9) million.
The reporting period had one more working day than the comparison period.
The Healthcare Services segment revenue decreased by 5.3 percent and was EUR 266.4 (281.3) million.
Portfolio Businesses' revenue decreased by 15.5 percent and was EUR 47.9 (56.7) million. The revenue from Sweden decreased by 5.5 percent and amounted to EUR 21.2 (22.4) million. - Adjusted1) operating profit (EBIT) amounted to EUR 45.0 (38.4) million, representing 13.6 (10.8) percent of revenue. In Healthcare Services adjusted EBIT increased from the comparison period due to strong operational efficiency, despite the decline in revenue. In Portfolio Businesses, adjusted EBIT strengthened from the comparison period. The termination of low-margin outsourcing contracts and improved operational efficiency improved profitability year-on-year. In Sweden, adjusted EBIT decreased slightly year-on-year. The decline in revenue weakened profitability, while the cost savings from the profitability improvement programme had a positive impact.
- Items affecting comparability1) with an adverse effect on EBIT were EUR 12.7 (7.5) million.
- Operating profit (EBIT) increased by 4.6 percent and amounted to EUR 32.3 (30.9) million.
- The result for the period was EUR 20.8 (19.0) million.
- Earnings per share (EPS) increased by 9.6 percent and amounted to EUR 0.16 (0.15).
- Cash flow from operating activities was EUR 84.6 (88.8) million.
- NPS (Net Promoter Score) for appointments was 87.6 (87.7). NPS for hospitals was 95.4 (96.2).
January-December 2025 in brief
- Revenue decreased by 4.6 percent year-on-year to EUR 1,278.9 (1,340.0) million.
The reporting period had one fewer working day than the comparison period.
The revenue of the Healthcare Services segment decreased by 1.1 percent to EUR 1,031.0 (1,042.8) million. The revenue of the Portfolio Businesses decreased by 19.3 percent to EUR 192.5 (238.5) million. The revenue from Sweden decreased by 7.5 percent to EUR 75.6 (81.8) million. - Adjusted1) operating profit (EBIT) increased by 11.3 percent year-on-year to EUR 156.3 (140.5) million, representing 12.2 (10.5) percent of revenue.
Profitability strengthened in the Healthcare Services and Portfolio businesses due to improved operational efficiency and commercial measures. Profitability in Sweden improved slightly, in line with the planned progress of the profit improvement programme. - Items affecting comparability1) with a negative effect on EBIT were EUR 18.8 (24.4) million.
- Operating profit (EBIT) increased by 18.4 percent and amounted to EUR 137.5 (116.1) million.
- The result for the period was EUR 92.6 (71.7) million.
- Earnings per share (EPS) increased by 29.2 percent and amounted to EUR 0.73 (0.57).
- Net debt/EBITDA was 2.1 (2.3).
- Net debt/adjusted EBITDA was 2.0 (2.1).
- Cash flow from operating activities was EUR 207.0 (223.7) million.
- The Board of Directors proposes to the Annual General Meeting that a dividend of 64 (48) cents per share be distributed for the financial year 2025. The dividend would be paid in two instalments.
The figures in parentheses refer to the corresponding period one year ago.
1) Adjustments are material items outside the ordinary course of business, associated with acquisition-related expenses, restructuring-related expenses, gains and losses on the sale of assets, impairment losses, strategic projects, and other items affecting comparability. The impact of adjustments related to the profitability improvement and development programmes on earnings amounted to approximately EUR 5.9 (7.3) million in the fourth quarter and EUR 12.1 (18.6) million for the full year 2025. Other items affecting comparability in the fourth quarter included EUR 1.8 million in taxes and related penalties arising from a partial tax audit concerning previous financial years, as well as a EUR 4.1 million impairment charge following the divestment of the child welfare services business.
President and CEO Ville Iho: Strong profitability in an increasingly challenging market environment
In 2025, we achieved strong results despite a challenging macroeconomic environment. The year was double-edged for Terveystalo. While overall demand for services declined, we improved our relative profitability and renewed our offerings. Operational efficiency increased across all business segments despite revenue declines, and the Group's adjusted operating profit grew significantly in both the fourth quarter and the full year. Although our revenue fell by about five per cent to EUR 1.28 billion in 2025, profitability strengthened, with an adjusted operating profit at 12.2 per cent of revenue. Earnings per share rose by 29 per cent to EUR 0.73. In the fourth quarter, adjusted operating profit was EUR 45.0 million, representing 13.6 per cent of revenue.
The sustained strong cash flow supports our investments in productivity-enhancing technology and the development of customer-oriented digital services. Besides investments, it enables value-creating acquisitions and increasing dividend payments in line with our financial targets. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.64 per share be paid in 2026. This corresponds to an 88 per cent distribution ratio.
The megatrends influencing long-term demand for healthcare services remain highly favourable, but in the short term, the demand environment for Finnish private healthcare is subdued. We anticipate a gradual improvement in the demand environment throughout 2026; however, the first half of the year is expected to be challenging. The occupational health business has traditionally been resilient to economic cycles but is currently facing cost pressures amid high inflation: a reduced contract base, a lower employment rate, cost-driven tendering, and a diminished contract framework. In addition to the negative cycle, the lower-than-average incidence of upper respiratory tract infections has decreased service utilisation. Public health care service purchases from our network of medical centres also declined significantly due to savings measures implemented by the Wellbeing Services Counties. In 2025, consumer demand showed the strongest growth among customer segments, driven by the robust insurance business and, at year-end, further supported by the freedom-of-choice experiment for 65-year-olds. Our customer satisfaction, measured by NPS, remained strong, and our medical quality is emphasised by an improvement in the Patient Enablement Index. Despite volume declines, the Healthcare Services segment's profitability improved owing to increased operational efficiency. We are making substantial investments to foster growth. To address the changing needs of our corporate clients, we invested over EUR 20 million in service and product enhancements across two years. The development programme is advancing as planned.
As expected, the revenue of the Portfolio businesses declined due to the expiry of outsourcing agreements and lower purchases by the Wellbeing Services Counties. Despite the challenges in the public market, oral health services continued to grow, and the segment's adjusted operating profit increased significantly. This development provides a strong foundation for accelerating growth in consumer businesses in 2026. We are further strengthening our growth in oral health through the acquisition of Hohde Group, which was completed at the end of the year. If approved by the Finnish Competition and Consumer Authority, the transaction would effectively double the size of our oral health services business and significantly enhance our offerings to various customer groups.
In Swedish businesses, market conditions remained challenging, with subdued demand stemming from a weak macroeconomic environment. Although revenue declined, operational efficiency and profitability improved, driven by the profit improvement programme. We have now achieved the structural change targeted by the programme, allowing us to invest in growth. In 2026, our focus will be on strengthening market share, which may also involve acquisitions.
Healthcare operating models are changing rapidly due to the increasing accessibility of data and the efficiency gains of automation. Patient care pathways now integrate physical and digital encounters, with centralised control mechanisms guiding them more actively than before. The share of fully digital services is increasing due to their greater efficiency and accessibility. Alongside reactive care, proactive health optimisation based on detailed individual information is emerging, allowing the health journey of an individual or a group to be guided proactively and comprehensively.
We have a strong foundation for transforming the industry. Our technology architecture is modern and supports phased service development. Recent examples of our advanced digital services include Ella, an intelligent user interface for medical professionals launched earlier this year, and a digital desktop for corporate clients, scheduled for Q1 launch. Our aim is to lead the renewal of healthcare service models.
A warm thank you to our customers and Terveystalo employees for 2025. Terveystalo's strong operational foundation, digital expertise and long-term investments in quality development work create a solid foundation for growth in the coming years. We will continue to invest in the accessibility, effectiveness and customer experience of our services. With these measures, we ensure we create value for our customers, employees, and owners in the changing healthcare environment, now and in the future.
Meaningful matters,
Ville Iho
Guidance for 2026
Terveystalo expects its full-year 2026 adjusted EBIT to be EUR 135-165 million (2025: EUR 156.3 million).
The estimates are based on a gradually improving demand environment. The prevalence of upper respiratory infections is expected to remain low during the first half of the year and return to the long-term average in the second half. Profitability in the first half of 2026 is expected to be below that in the first half of 2025. Revenue from the Portfolio Businesses segment's outsourcing operations is projected to decrease by approximately EUR 20 million due to expiring contracts. These estimates do not include the Hohde transaction or any other significant acquisitions or divestments.
Medium-term financial targets
Profitable growth:
- EPS to grow on average by 10 percent p.a.
Moderate leverage ratio:
- Net debt to EBITDA not to exceed 2.5x
- Indebtedness may temporarily surpass the target level, particularly in conjunction with acquisitions.
Attractive dividends:
- At least 80 percent of the net result is to be distributed as dividends
- The dividend proposal must consider the company's long-term potential and financial status.
Key figures
| MEUR unless stated otherwise | 10-12/2025 | 10-12/2024 | Change, % | 2025 | 2024 | Change, % |
| Revenue | 330.0 | 353.9 | -6.8 | 1,278.9 | 1,340.0 | -4.6 |
| Adjusted EBITA * 1) | 50.7 | 47.1 | 7.6 | 179.3 | 171.0 | 4.8 |
| Adjusted EBITA, % * 1) | 15.4 | 13.3 | - | 14.0 | 12.8 | - |
| EBITA 1) | 42.0 | 40.0 | 5.0 | 164.6 | 147.6 | 11.5 |
| EBITA, % 1) | 12.7 | 11.3 | - | 12.9 | 11.0 | - |
| Adjusted operating profit (EBIT) * 1) | 45.0 | 38.4 | 17.2 | 156.3 | 140.5 | 11.3 |
| Adjusted operating profit (EBIT), % * 1) | 13.6 | 10.8 | - | 12.2 | 10.5 | - |
| Operating profit (EBIT)1) | 32.3 | 30.9 | 4.6 | 137.5 | 116.1 | 18.4 |
| Operating profit (EBIT), %1) | 9.8 | 8.7 | - | 10.8 | 8.7 | - |
| Return on equity (ROE) (LTM), % 1) | - | - | - | 16.4 | 13.5 | - |
| Equity ratio, % 1) | - | - | - | 40.7 | 39.4 | - |
| Earnings per share, EUR | 0.16 | 0.15 | 9.6 | 0.73 | 0.57 | 29.2 |
| Weighted average number of shares outstanding, in thousands | 126,655 | 126,605 | - | 126,647 | 126,597 | - |
| Net debt 1) | - | - | - | 508.0 | 504.8 | 0.6 |
| Gearing, % 1) | - | - | - | 87.0 | 92.1 | - |
| Net debt/EBITDA (LTM) 1) | - | - | - | 2.1 | 2.3 | - |
| Net debt/Adjusted EBITDA (LTM) * 1) | - | - | - | 2.0 | 2.1 | - |
| Average personnel, FTE2) | - | - | - | 5,526 | 5,841 | -5.4 |
| Non-employees (end of period)3) | - | - | - | 6,017 | 6,015 | 0.0 |
| Sustainability | ||||||
| PEI-index, %4) | 70.7 | 69.2 | 2.2 | |||
| Net Promoter Score (NPS), appointments | 87.6 | 87.7 | -0.1 | |||
| Net Promoter Score (NPS), hospitals | 95.4 | 96.2 | -0.8 | |||
| Engagement index5) | 4.1 | 4.2 | -2.4 | |||
| * Adjustments are material items outside the ordinary course of business and these relate to acquisition-related expenses, restructuring-related expenses, gains and losses on sale of assets (net), impairment losses, strategic projects and other items affecting comparability. The impact of adjustments related to the profitability improvement and development programmes on earnings amounted to approximately EUR 5.9 (7.3) million in the fourth quarter and EUR 12.1 (18.6) million for the full year 2025. Other items affecting comparability in the fourth quarter included EUR 1.8 million in taxes and related penalties arising from a partial tax audit concerning previous financial years, as well as a EUR 4.1 million impairment charge following the divestment of the child welfare services business. | ||||||
| 1) Alternative performance measure. Terveystalo presents alternative performance measures as additional information to financial measures defined in IFRS. Those are performance measures that the company monitors internally and they provide management, investors, securities analysts and other parties significant additional information related to the company's results of operations, financial position and cash flows. These should not be considered in isolation or as a substitute to the measures under IFRS. | ||||||
| 2) Financial year 2025 does not include Medimar Scandinavia Ab and Cityläkarna Mariehamn Ab nor Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired 31 December 2025. Recuror Oy and Veikkolan hammaslääkäriasema Oy are included since the merger to Suomen Terveystalo Oy. Financial year 2024 does not include Medimar Scandinavia Ab and the companies acquired during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy and Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab). | ||||||
| 3) Financial year 2025 does not include Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired 31 December2025. Financial year 2024 does not include the companies acquired during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy and Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab). | ||||||
| 4) PEI index (Patient Enablement Instrument) is used to measure whether the patient feels that he is coping with his symptoms or illness much better, better, as before, or worse after the reception. The scale is 1-4. The PEI index is calculated by taking the percentage of patients who felt they are able to cope with their health condition better or much better and comparing it to the total number of respondents. | ||||||
| 5) The engagement index for Terveystalo professionals is based on four questions from Terveystalo's annual professional survey. The results are used to calculate the index value, i.e. the average of the results. The questions concern supervisory work, the preconditions for success at work, work communities and commitment. The index is expressed on a scale of 1-5. | ||||||
Result briefing
Terveystalo will arrange a result webcast and conference call in English on 13 February 2026, starting at 10:30 EET. You can watch the webcast online at: https://terveystalo.events.inderes.com/q4-2025
Conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference. https://events.inderes.com/terveystalo/q4-2025/dial-in
Helsinki, 12 February 2026
Terveystalo Plc
Board of Directors
For further information, please contact:
CFO Juuso Pajunen
Tel. +358 40 584 9722
Kati Kaksonen, Vice President, Investor Relations & Sustainability
Tel. +358 10 345 2034
kati.kaksonen@terveystalo.com
Distribution:
Nasdaq Helsinki Oy
Main media
www.terveystalo.com
Terveystalo in brief
Terveystalo is the largest private healthcare service provider in Finland in terms of revenue and one of the leading occupational health providers in both Finland and Sweden.
We aim to create seamless, compassionate, and effective healthcare of the future. We offer comprehensive primary care, specialised care, and well-being services for corporate clients, insurance companies, consumers and public-sector customers. Terveystalo's digital appointments are available anytime, anywhere, 24/7. The Terveystalo app has around 2.7 million registered users. We provide services through our extensive network of clinics and hospitals across Finland. In Sweden, we offer preventive occupational health services through our subsidiary, Feelgood.
In 2025, Terveystalo served approximately 2.1 million individual customers, and there were around 7.2 million customer visits in Finland. Terveystalo employs around 14,400 professionals in healthcare and other fields.
Terveystalo is listed on Nasdaq Helsinki and has a strong Finnish ownership base. www.terveystalo.com
