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.
· Adjusted[1)] 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 comparability[1)] 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.
· Adjusted[1)] 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 comparability[1)] 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 10 10 Change, 2025 2024 Change,
otherwise -12/2025 -12/2024 % %
Revenue 330.0 353.9 -6.8 1,278.9 1,340.0 -4.6
Adjusted EBITA * 50.7 47.1 7.6 179.3 171.0 4.8
[1)]
Adjusted EBITA, % 15.4 13.3 - 14.0 12.8 -
* [1)]
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 45.0 38.4 17.2 156.3 140.5 11.3
profit
(EBIT) * [1)]
Adjusted operating 13.6 10.8 - 12.2 10.5 -
profit
(EBIT), % * [1)]
Operating profit 32.3 30.9 4.6 137.5 116.1 18.4
(EBIT)[1)]
Operating profit 9.8 8.7 - 10.8 8.7 -
(EBIT),
%[1)]
Return on equity - - - 16.4 13.5 -
(ROE) (LTM),
% [1)]
Equity ratio, % - - - 40.7 39.4 -
[1) ]
Earnings per 0.16 0.15 9.6 0.73 0.57 29.2
share, EUR
Weighted average 126,655 126,605 - 126,647 126,597 -
number of
shares
outstanding, in
thousands
Net debt [1)] - - - 508.0 504.8 0.6
Gearing, % [1)] - - - 87.0 92.1 -
Net debt/EBITDA - - - 2.1 2.3 -
(LTM) [1)]
Net debt/Adjusted - - - 2.0 2.1 -
EBITDA
(LTM) * [1)]
Average personnel, - - - 5,526 5,841 -5.4
FTE[2)]
Non-employees (end - - - 6,017 6,015 0.0
of
period)[3)]
Sustainability
PEI-index, %[4)] 70.7 69.2 2.2
Net Promoter Score 87.6 87.7 -0.1
(NPS),
appointments
Net Promoter Score 95.4 96.2 -0.8
(NPS),
hospitals
Engagement 4.1 4.2 -2.4
index[5)]
* 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