Terveystalo Plc Interim Report January–September 2026: Weak demand weighed on earnings, Hohde acquisition strengthened the oral health business
Terveystalo Plc, Interim Report, 21 October 2026 at 9:00 a.m. EEST
This release is a summary of Terveystalo’s Interim Report for January–September 2026. The complete report is attached to this stock exchange release and is available on our website at: https://www.terveystalo.com/en/company/investors/reports-and-presentations/.
July–September 2026 in brief
- Revenue decreased by 6.2 per cent year-on-year to EUR 262.9 (280.4) million.
- In Healthcare Services, segment revenue decreased by 5.8 per cent and was EUR 213.5 (226.6) million.
- In Portfolio Businesses, revenue decreased by 9.0 per cent and was EUR 40.9 (45.0) million. The consolidation of Hohde Group as of 4 September 2026 increased revenue for the reporting period by EUR 5.5 million.
- In Sweden, revenue decreased by 2.0 per cent and amounted to EUR 13.2 (13.5) million.
The number of working days was unchanged year-on-year.
- Adjusted1) operating profit (EBIT) decreased by 33.6 per cent and amounted to EUR 17.8 (26.8) million, representing 6.8 (9.5) per cent of revenue.
Adjusted EBIT decreased year-on-year across all business areas. Adjusted EBIT was particularly affected by lower occupational healthcare volumes and weaker sales mix in Healthcare Services as well as expired outsourcing contracts in Portfolio Businesses. Strong operational efficiency was not sufficient to offset the negative earnings impact of lower revenue. - Items affecting comparability1) with an adverse effect on EBIT were EUR 4.0 (1.4) million.
- Operating profit (EBIT) decreased by 45.9 per cent and amounted to EUR 13.7 (25.4) million.
- The result for the period was EUR 5.5 (16.2) million.
- Earnings per share (EPS) decreased by 66.2 per cent and amounted to EUR 0.04 (0.13).
- Adjusted earnings per share (EPS) were EUR 0.08 (0.14).
- Cash flow from operating activities was EUR 27.3 (54.5) million.
- Terveystalo completed the acquisition of Hohde Group, which supports the company’s strategy to develop oral health as one of its selected growth areas, significantly increases the scale of the oral health business, and strengthens its nationwide network of clinics and laboratory services. Hohde Group has been consolidated into Terveystalo’s financial reporting as of 4 September 2026.
January–September 2026 in brief
- Revenue decreased by 8.9 per cent year-on-year to EUR 864.4 (948.9) million.
- In Healthcare Services, revenue decreased by 7.5 per cent to EUR 707.0 (764.6) million.
- In Portfolio Businesses, revenue decreased by 17.9 per cent to EUR 118.8 (144.6) million.
- In Sweden, revenue decreased by 2.2 per cent to EUR 53.3 (54.5) million.
The number of working days was unchanged year-on-year.
- Adjusted1) operating profit (EBIT) decreased by 30.3 per cent year-on-year to EUR 77.6 (111.3) million, representing 9.0 (11.7) per cent of revenue. Adjusted EBIT was adversely affected by the decline in revenue in Healthcare Services and Portfolio Businesses, while operating efficiency, cost structure adjustments as well as cost savings achieved through the profit improvement programme in Sweden mitigated the negative impact.
- Items affecting comparability1) with a negative effect on EBIT were EUR 14.0 (6.1) million.
- Operating profit (EBIT) decreased by 39.6 per cent and amounted to EUR 63.5 (105.2) million.
- The result for the period was EUR 36.4 (71.8) million.
- Earnings per share (EPS) decreased by 49.3 per cent and amounted to EUR 0.29 (0.57).
- Adjusted earnings per share (EPS) were EUR 0.40 (0.61).
- Net debt/EBITDA was 3.3 (2.1).
- Net debt/adjusted EBITDA was 2.9 (2.0).
- Cash flow from operating activities was EUR 63.1 (122.4) million.
- NPS (Net Promoter Score) for appointments was 86.5 (87.2). NPS for hospitals was 96.1 (96.9).
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. Adjustments for the reporting period are described in more detail in the section “Profit improvement and development programmes and items affecting comparability.”
President and CEO Ville Iho: Weak demand weighed on earnings, Hohde acquisition strengthened the oral health business
The operating environment remained highly challenging during the third quarter of 2026. Demand for healthcare services was weaker than expected across all customer segments, and lower volumes weighed on profitability despite cost adjustment measures.
We believe that the structural demand drivers of the healthcare sector remain positive, and we expect demand to strengthen in the longer term. At the same time, the technology transformation is changing the structure of demand. This development is also at the core of our ARC strategy. Rather than wait for the market to recover, we continue to invest systematically in technology, new service models and businesses with high growth potential in line with our strategy. As a concrete step, we completed the acquisition of Hohde Group in September. The transaction doubled the size of our oral health business.
Outlook and guidance
We have lowered our guidance for 2026 and now expect the full-year 2026 adjusted operating profit (EBIT) to be EUR 110–120 million (2025: EUR 156.3 million). The lowered guidance reflects weaker-than-expected demand development in July–September and profitability remaining clearly below the level of the comparison period. The demand environment is expected to remain challenging in the fourth quarter.
Market and demand environment
Demand for healthcare services in Finland remained below the comparison period during the third quarter. Demand continued to be affected by low morbidity and cost-saving measures implemented by corporate customers. The first positive signs seen in the second quarter did not yet translate into a broad-based recovery in demand.
Demand for consumer services remained more stable than demand for occupational healthcare. Positive development was seen particularly among insurance customers, services supported by the freedom of choice pilot for people aged 65 and over, and oral health services. The market environment for publicly funded healthcare services remained very subdued.
In Sweden, demand for corporate health services continued to be affected by customer caution and a weak labour market despite gradual improvement in the economy and labour market.
In the healthcare professional market in Finland, the availability of healthcare professionals remained at a good level, and Terveystalo’s service capacity was strong. In research company Universum’s 2026 employer branding survey, Terveystalo was selected as the most ideal employer in the healthcare services sector among healthcare professionals. In addition, Terveystalo was again ranked as Finland's most respected private medical centre in Taloustutkimus' Brand Appreciation study.
Financial development and profitability
Weak demand and lower volumes reduced third-quarter revenue by approximately 6 per cent to EUR 263 million. The Group’s adjusted operating profit (EBIT) was approximately EUR 18 million, representing an adjusted EBIT margin of approximately 7 per cent.
Cost adjustment and efficiency measures implemented during the year supported profitability but were not sufficient to offset the significant weakening of the demand environment.
Business area performance
In Healthcare Services, demand for occupational healthcare services remained weak. Performance was affected by a decline in the number of connected employees, lower-than-usual morbidity and a reduction in the scope of agreements with client companies. We expect the number of occupational healthcare end users to gradually return to growth during the first quarter of 2027.
Revenue in the consumer business was slightly below the comparison period, despite growth in revenue from insurance customers. The freedom of choice pilot for people aged 65 and over increased the use of services during the reporting period. Since the launch of the pilot, approximately 103,000 visits have been carried out at Terveystalo.
In Portfolio Businesses, revenue was affected by expired outsourcing contracts, pricing pressure in staffing services and the divestment of the child welfare business. Improved operating efficiency mitigated the negative earnings impact of lower revenue.
Revenue from oral health services increased both organically and through the acquisition of Hohde Group completed in September. The transaction doubled the size of our oral health business and strengthened our nationwide network of clinics and laboratory services. This provides a strong platform for further business development and service offering expansion.
In Sweden, the market environment remained challenging. Subdued demand for corporate health and preventive services weighed on revenue. Cost savings achieved through the profit improvement programme partly offset the negative earnings impact of lower revenue.
Strategy execution and digital development
During the third quarter, we continued the execution of our strategy, which was updated in June. The ARC strategy is centered on customer centricity, broad utilisation of technology and growth. We also aim to diversify our service offering and revenue base. A concrete example of this is the Silmäasema transaction announced in June.
The Silmäasema transaction represents a significant step in the execution of our ARC strategy. When completed, it will strengthen our position in the growing eye health market, broaden our customer base and support our objective of making healthcare services even easier for the customer to find, purchase and use.
In September, we completed the acquisition of Hohde Group. The transaction significantly strengthens our position in oral health and supports our specialty-specific growth ambitions while improving the overall health of our customers.
During the third quarter, we launched the Wellby weight management programme as a pilot. Wellby represents a new digital service model at Terveystalo based on continuous service and monthly pricing. The model is well suited for care situations that require long-term support and close customer engagement.
Key steps in digital development during the quarter included expanding the use of the Terveystalo Leo digital occupational healthcare platform to corporate customers, extending the use of the Ella patient information system to occupational health nurses, and further developing digital workflows in occupational healthcare. At the same time, we continued to enhance digital customer journeys: the use of asynchronous appointments increased among occupational health customers, and we are expanding these services to private customers as well. Artificial intelligence was integrated into clinical documentation workflows used by general practitioners and occupational health physicians.
We have decided to postpone our previously planned Capital Markets Day from December 2026 to spring 2027. By then, we expect to have completed the strategically important Silmäasema transaction. The postponement will enable us to provide investors with a clearer view of strategy execution, the development of our growth platforms and the long-term value creation potential of the combined business. We will announce the exact date of the Capital Markets Day at a later stage.
Ville Iho
Guidance for 2026
Terveystalo expects its full-year 2026 adjusted operating profit (EBIT) to be EUR 110–120 million (2025: EUR 156.3 million).
Guidance assumptions
In January–September 2026, profitability was clearly below the level of the corresponding period in 2025, and the demand development was weak. The demand environment is expected to remain challenging in the fourth quarter.
Revenue from outsourcing operations in the Portfolio Businesses segment is expected to decrease by approximately EUR 25 million due to expiring contracts. The guidance includes Hohde Group as of 4 September 2026. These estimates do not include the acquisition of Silmäasema or any other significant acquisitions or divestments.
Guidance for 2026 provided on 17 July 2026
Terveystalo expects its full-year 2026 adjusted operating profit (EBIT) to be EUR 120–140 million (2025: EUR 156.3 million).
Profitability in the first half of the year was clearly below the level of the corresponding period in 2025, and the demand environment was challenging. While the demand environment was still expected to gradually improve and the prevalence of upper respiratory infections was anticipated to return to long-term average levels during the second half of the year, the recovery in revenue and profitability was expected to lag the improvement in demand and therefore not fully materialise within the current year.
Revenue from outsourcing operations in the Portfolio Businesses segment was expected to decrease by approximately EUR 20 million due to expiring contracts. These estimates did not include the Hohde transaction, the acquisition of Silmäasema or any other significant acquisitions or divestments.
Medium-term financial targets
Terveystalo’s medium term financial targets and dividend policy are as follows:
Profitable growth:
- Terveystalo targets Adjusted EPS growth of 10% p.a. on average
Moderate leverage ratio:
- Terveystalo Group's leverage target (Net Debt/Adj. EBITDA) is set at no more than 3x.
- Indebtedness may temporarily surpass the target level, particularly in conjunction with large acquisitions.
Distribution of funds:
- Terveystalo aims annually to distribute at least 50% of net result, either as dividends or through share buy-backs, and to deliver growing, attractive shareholder returns in line with growing EPS.
- The dividend proposal must consider the company's long-term potential and financial status.
Key figures
| MEUR unless stated otherwise | 7-9/2026 | 7-9/2025 | Change, % | 1-9/2026 | 1-9/2025 | Change, % | 2025 |
| Revenue | 262.9 | 280.4 | -6.2 | 864.4 | 948.9 | -8.9 | 1,278.9 |
| Adjusted EBITA * 1) | 23.6 | 32.4 | -27.0 | 95.0 | 128.6 | -26.2 | 179.3 |
| Adjusted EBITA, % * 1) | 9.0 | 11.5 | - | 11.0 | 13.6 | - | 14.0 |
| EBITA 1) | 19.6 | 31.0 | -36.8 | 82.1 | 122.5 | -33.0 | 164.6 |
| EBITA, % 1) | 7.5 | 11.1 | - | 9.5 | 12.9 | - | 12.9 |
| Adjusted operating profit (EBIT) * 1) | 17.8 | 26.8 | -33.6 | 77.6 | 111.3 | -30.3 | 156.3 |
| Adjusted operating profit (EBIT), % * 1) | 6.8 | 9.5 | - | 9.0 | 11.7 | - | 12.2 |
| Operating profit (EBIT) 1) | 13.7 | 25.4 | -45.9 | 63.5 | 105.2 | -39.6 | 137.5 |
| Operating profit (EBIT), % 1) | 5.2 | 9.1 | - | 7.4 | 11.1 | - | 10.8 |
| Return on equity (ROE) (LTM), % 1) | - | - | - | 10.2 | 16.4 | - | 16.4 |
| Equity ratio, % 1) | - | - | - | 35.4 | 39.6 | - | 40.7 |
| Adjusted earnings per share, EUR * 1) | 0.08 | 0.14 | -45.8 | 0.40 | 0.61 | -35.2 | 0.88 |
| Earnings per share, EUR | 0.04 | 0.13 | -66.2 | 0.29 | 0.57 | -49.3 | 0.73 |
| Weighted average number of shares outstanding, in thousands | 126,809 | 126,655 | - | 126,775 | 126,644 | - | 126,647 |
| Net debt 1) | - | - | - | 647.1 | 500.5 | 29.3 | 505.5 |
| Gearing, % 1) | - | - | - | 120.6 | 89.1 | - | 86.5 |
| Net debt/EBITDA (LTM) 1) | - | - | - | 3.3 | 2.1 | - | 2.1 |
| Net debt/Adjusted EBITDA (LTM) * 1) | - | - | - | 2.9 | 2.0 | - | 2.0 |
| Average personnel, FTE2) | - | - | - | 5,107 | 5,576 | -8.4 | 5,526 |
| Non-employees (end of period)3) | - | - | - | 6,268 | 6,029 | 4.0 | 6,017 |
| Sustainability | |||||||
| PEI-index, %4) | 75.6 | 70.1 | 7.8 | 70.7 | |||
| Net Promoter Score (NPS), appointments | 86.5 | 87.2 | -0.8 | 87.6 | |||
| Net Promoter Score (NPS), hospitals | 96.1 | 96.9 | -0.8 | 95.4 | |||
| Engagement index5) | 4.1 | 4.2 | -2.4 | 4.1 |
* 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. Adjustments for the reporting period are described in more detail in the section “Profit improvement and development programmes and items affecting comparability.”
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 with significant additional information regarding 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 years 2026 and 2025 do not include Medimar Scandinavia Ab, Cityläkarna Mariehamn Ab (merged to Medimar Scandinavia Ab 31.3.2026),Turun Silmälaser Oy and Silmäsairaala Pilke Oy. Recuror Oy and Veikkolan hammaslääkäriasema Oy are included since the merger to Suomen Terveystalo Oy in financial year 2025.
3) Financial year 2025 does not include Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired 31.12.2025.
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.
Results briefing and rescheduling of the Capital Markets Day
Terveystalo will host an English-language results webcast and conference call on 21 October 2026 at 10:30 a.m. EEST. The webcast can be followed at: https://terveystalo.events.inderes.com/q3-2026
Conference call: https://events.inderes.com/terveystalo/q3-2026/dial-in
To participate in the conference call, please register via the link above. After registration, you will receive a phone number and conference ID to access the call.
As part of the Q3/2026 results webcast, Terveystalo will provide a brief update on the execution of the ARC strategy. In addition, Ville Pesonen, SVP, Oral Health, will introduce himself to investors and provide a brief overview of the Oral Health business following the completion of the Hohde Group acquisition in September 2026.
Capital Markets Day rescheduled
Terveystalo has decided to postpone its previously planned Capital Markets Day from December 2026 to spring 2027.
The purpose of the postponement is to ensure that the company can provide a comprehensive update on the execution of its ARC strategy, the development of its key growth platforms and the impact of its strategic transactions. The planned Silmäasema transaction is a key element of the ARC strategy, and Terveystalo believes that hosting the Capital Markets Day after completion of the transaction will enable the company to provide investors with a clearer view of strategy execution, the development of its growth platforms and the long-term value creation potential of the combined business. Terveystalo will announce the exact date of the Capital Markets Day at a later stage.
Helsinki, 20 October 2026
Terveystalo Plc
Board of Directors
For further information, please contact:
CFO Juuso Pajunen
Tel. +358 40 584 9722
Distribution:
Nasdaq Helsinki Oy
Main media
www.terveystalo.com