Pihlajalinna Plc Interim Report 28 October 2026 at 8:00 a.m. EET
Pihlajalinna Interim Report 1 January–30 September 2026
Low demand weighed on Healthcare Services profitability, the clinic network is expanding and the customer base strengthening
This release is a summary of Pihlajalinna Plc's Interim Report for January–September 2026. The full report is available as a PDF attachment to this release and can also be found on Pihlajalinna's website at pihlajalinna.fi/en/investors.
This Interim Report is unaudited. The comparison figures in brackets refer to the corresponding period in the previous year.
July–September in brief:
- Revenue was EUR 121.5 (148.7) million – a decrease of -18.3 per cent. Comparable1) revenue decreased by EUR -8.6 million, or -6.6 per cent. In addition to the expected impact of changes in outsourcing agreements, revenue was weighed down by low morbidity and reduced use of services.
- In Healthcare Services, revenue was EUR 95.3 (100.9) million. Comparable1) revenue decreased by EUR -9.1 million, or -8.7 per cent.
- In Outsourcing Services, revenue was EUR 24.5 (46.3) million. Comparable1) revenue increased by EUR 0.4 million, or 1.6 per cent.
- Adjusted EBITA2⁾ was EUR 8.6 (14.4) million, or 7.0 (9.7) per cent of revenue.
- Adjusted EBITA2) in Healthcare Services was EUR 6.3 (7.5) million, or 6.6 (7.5) per cent of revenue.
- Adjusted EBITA2) in Outsourcing Services was EUR 2.2 (7.6) million, or 8.8 (16.4) per cent of revenue.
- Net cash flow from operating activities amounted to EUR 4.5 (7.3) million3).
- Earnings per share (EPS) was EUR 0.19 (0.51)4).
- Pihlajalinna is expanding its clinic network. A full-service medical centre opened in Itäkeskus, Helsinki, in October, and another will open in Pori at the beginning of 2027, when Boliden’s occupational healthcare clinic in Harjavalta will also transfer to Pihlajalinna.
- Pihlajalinna is negotiating an acquisition to expand its operations into Central Uusimaa.
January–September in brief:
- Revenue was EUR 399.5 (501.4) million – a decrease of -20.3 per cent mainly due to changes in outsourcing agreements. Comparable1) revenue decreased by EUR -21.2 million, or -5.0 per cent.
- In Healthcare Services, revenue was EUR 321.8 (331.7) million. Comparable1) revenue decreased by EUR -22.4 million, or -6.5 per cent.
- In Outsourcing Services, revenue was EUR 71.9 (165.3) million. Comparable1) revenue decreased by EUR -0.3 million, or -0.4 per cent.
- Adjusted EBITA2⁾ was EUR 32.0 (47.1) million, or 8.0 (9.4) per cent of revenue.
- Adjusted EBITA2) in Healthcare Services was EUR 24.8 (28.5) million, or 7.7 (8.6) per cent of revenue.
- Adjusted EBITA2) in Outsourcing Services was EUR 7.4 (19.7) million, or 10.3 (11.9) per cent of revenue.
- Net cash flow from operating activities amounted to EUR 41.0 (58.2) million3).
- Net debt to adjusted EBITDA was 3.2 (2.6). Pihlajalinna redeemed its EUR 20 million hybrid bond at the end of March, which weakened the ratio as expected.
- Earnings per share (EPS) was EUR 0.55 (1.35)5).
1) Changes in outsourcing agreements, divestments of residential care units and transfers between segments have been excluded from the comparison period revenue.
2) Alternative performance measure. In addition to the IFRS figures, Pihlajalinna presents additional, alternative performance indicators which the company monitors internally, and which provide the company’s management, investors, stock market analysts and other stakeholders with important additional information concerning the company’s financial performance, financial position and cash flows. These performance indicators should not be reviewed separately from the IFRS figures, and they should not be considered as replacing the IFRS figures.
3) Changes in outsourcing agreements have affected the Group's working capital structure. The Healthcare Services business and the new Northern Pirkanmaa outsourcing agreement tie up working capital in trade receivables due to longer payment terms, which weakens cash flow from operating activities compared with the comparison period.
4) Earnings per share in the comparison quarter was increased by the sales gain from the divestment of residential care units, changes in non-controlling interests and the recognition of previously unrecognised deferred tax assets from tax losses within the Group.
5) Earnings per share (EPS) for the review period was burdened by non-recurring costs related to the company’s transformation programme, change negotiations and the centralisation of surgical operations. Earnings per share in the comparison period was increased by the sales gain from the divestment of residential care units, changes in non-controlling interests and the recognition of previously unrecognised deferred tax assets from tax losses within the Group.
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Key figures |
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EUR million |
7–9/2026 |
7–9/2025 |
change % |
1–9/2026 |
1–9/2025 |
change % |
2025 |
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INCOME STATEMENT |
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Revenue |
121.5 |
148.7 |
-18.3 |
399.5 |
501.4 |
-20.3 |
652.3 |
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Adjusted EBITA ¹⁾ |
8.6 |
14.4 |
-40.7 |
32.0 |
47.1 |
-31.9 |
65.3 |
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Adjusted EBITA, % ¹⁾ |
7.0 |
9.7 |
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8.0 |
9.4 |
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10.0 |
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Operating profit (EBIT) |
6.9 |
14.8 |
-53.4 |
21.4 |
44.2 |
-51.5 |
52.7 |
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Operating profit (EBIT), % |
5.7 |
10.0 |
|
5.4 |
8.8 |
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8.1 |
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Adjusted operating profit (EBIT) ¹⁾ |
6.7 |
12.8 |
-47.4 |
26.7 |
42.2 |
-36.7 |
58.6 |
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Adjusted operating profit (EBIT), % ¹⁾ |
5.5 |
8.6 |
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6.7 |
8.4 |
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9.0 |
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Profit before tax (EBT) |
5.4 |
13.0 |
-58.4 |
16.4 |
38.9 |
-57.9 |
45.8 |
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SHARE-RELATED INFORMATION |
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Earnings per share (EPS), EUR |
0.19 |
0.51 |
-62.9 |
0.55 |
1.35 |
-59.1 |
1.58 |
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Equity per share, EUR |
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7.58 |
8.22 |
-7.8 |
8.48 |
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OTHER KEY FIGURES |
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Return on capital employed (ROACE), % |
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6.4 |
12.2 |
-47.8 |
10.9 |
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Return on equity (ROE), % |
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10.7 |
23.7 |
-54.9 |
21.3 |
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Equity ratio, % |
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30.7 |
31.0 |
-1.1 |
32.2 |
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Gearing, % |
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167.9 |
145.9 |
15.1 |
141.1 |
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Interest-bearing net debt |
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290.1 |
272.3 |
6.5 |
271.7 |
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Net debt/adjusted EBITDA, 12 months ¹⁾ |
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3.2 |
2.6 |
22.7 |
2.5 |
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Interest-bearing net debt excluding IFRS 16 |
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114.6 |
86.8 |
32.0 |
81.4 |
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Net debt/adjusted EBITDA, excluding IFRS 16, 12 months ¹⁾ |
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1.8 |
1.2 |
59.0 |
1.0 |
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Cash flow from operating activities |
4.5 |
7.3 |
-38.1 |
41.0 |
58.2 |
-29.6 |
75.6 |
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Average number of personnel (FTE) |
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3,004 |
4,181 |
-28.2 |
3,928 |
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Personnel at the end of the period (NOE) |
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4,082 |
4,890 |
-16.5 |
4,540 |
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Number of practitioners |
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2,246 |
2,234 |
0.5 |
2,251 |
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NPS, Healthcare Services |
79.0 |
85.0 |
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82.0 |
84.0 |
-2.4 |
86.0 |
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NPS, Outsourcing Services |
80.0 |
80.0 |
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80.0 |
79.0 |
1.3 |
80.0 |
1) Items affecting comparability are non-recurring and material events that are not part of normal day-to-day operations. Items affecting comparability include, among other items, costs related to business acquisitions, costs related to restructuring measures, impairment of assets, and gains and losses arising from the sale or discontinuation of business operations. Items affecting comparability only include events with an impact on profit or loss of more than EUR 0.1 million.
EBITDA adjustments during the review period amounted to EUR 3.8 (-6.0) million and EUR -0.2 (-2.6) million in the quarter. Adjustments to operating profit during the review period amounted to EUR 5.2 (-2.0) million and EUR -0.2 (-2.0) million in the quarter.
Pihlajalinna’s outlook for 2026, published 21 October 2026
Pihlajalinna’s revenue is expected to decline by approximately EUR 86 million in 2026 due to the expiry of outsourcing agreements and the divestment of residential care units. Pihlajalinna will continue to focus on strengthening growth and profitability. The new operating model which entered into effect at the beginning of the year will ensure that development and growth align with our strategy and respond to the transformation of our business.
- The Group estimates revenue to be approximately EUR 540 million (EUR 652.3 million in 2025).
- The Group estimates the adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) to be approximately 8 per cent of revenue (10.0 per cent of revenue in 2025).
Development in demand and general economic environment may have a more significant impact on Pihlajalinna’s financial result than currently expected.
Tuomas Hyyryläinen, President and CEO:
Demand in the healthcare market remained low in the third quarter. In addition to the expected impact of changes in outsourcing agreements, Pihlajalinna’s revenue was weighed down by low morbidity and reduced use of services. Despite our determined measures, the challenging demand environment was also reflected in our profitability. We continued to actively develop our operations and to align our resourcing with market conditions. We also continued to invest in our clinic network.
Healthcare Services revenue in the third quarter was EUR 95.3 (100.9) million. In occupational healthcare, the number of individual customers increased, while revenue remained close to the level of the comparison period. The use of remote services continued to grow strongly. Changes in service use were evident in all customer groups, driven by low morbidity, increased guidance towards self-care and the establishment of self-certified sick leave practices in occupational healthcare. Public sector procurement remained at a low level, but we succeeded in competitive tendering processes, for example for the Responsible Doctor Services of the Western Uusimaa wellbeing services county. Service production will begin at the beginning of 2027. Despite active management of personnel costs, the adjusted EBITA margin of Healthcare Services decreased to 6.6 (7.5) per cent.
In Outsourcing Services, revenue decreased as expected to EUR 24.5 (46.3) million due to changes in outsourcing agreements and divestments of residential care units. The segment’s adjusted EBITA margin was 8.8 (16.4) per cent. Service production and development in the Northern Pirkanmaa outsourcing arrangement progressed as planned. Market dialogues with wellbeing services counties have increased, and there is a need for new, cost-effective cooperation models similar to the Northern Pirkanmaa outsourcing arrangement.
In September, we announced the expansion of our clinic network. Following a competitive tendering process, Pihlajalinna was selected for further negotiations on the acquisition of the shares in Keski-Uudenmaan Työterveys Oy and Uudenmaan Työterveys Oy. The transaction would bring us more than 20,000 individual occupational healthcare customers and 12 clinics. Through the acquisition, we aim to strengthen our position in Southern Finland and to offer a comprehensive clinic network in Central Uusimaa, not only to new occupational healthcare customers but also to our insurance company partners and private customers. During the review period, we also announced a new clinic in Pori and the transfer of occupational healthcare services at the Harjavalta industrial park from Boliden Harjavalta to Pihlajalinna. In addition, we opened a medical centre in Itäkeskus, Helsinki, at the beginning of October.
Our increasingly comprehensive service network, combined with a versatile range of remote services, strengthens our competitiveness for larger partners across Finland. At the same time, our offering for all customer groups is expanding in our new operating areas in Satakunta and in the populous Uusimaa region.
The use of healthcare services is undergoing a transformation, but the need for them will inevitably increase as the population ages. At the same time, overall costs must be managed more effectively than before. People are increasingly using digital services, and digital care needs assessment and AI support have become established parts of the care pathway. We are responding to this change by developing care needs assessment and service guidance, which enable us to allocate resources appropriately. Prevention and early intervention, such as targeted value-based services, support work ability and functional capacity. In the longer term, they reduce sickness absence and the need for more intensive care.
We are developing Pihlajalinna’s operations with determination. We aim to grow in the market both organically and through acquisitions, in a disciplined and long-term manner. I would like to thank our professionals and partners for our joint work towards increasingly effective healthcare.
Webcast for analysts, investors and media
Pihlajalinna will organise a live webcast meeting for analysts, investors and media on Wednesday, 28 October 2026 at 10:00 a.m. at https://pihlajalinna.events.inderes.com/q3-2026. The event will be conducted in Finnish. The recording of the event will be available later on the same webpage as the live webcast.
Pihlajalinna Plc
Further information:
Tuula Lehto
Executive Vice President, Communications, Marketing and Sustainability
tel. +358 40 588 5343, tuula.lehto@pihlajalinna.fi
Distribution:
Nasdaq Helsinki Ltd.
Key media
pihlajalinna.fi/en/investors
Pihlajalinna in brief
Pihlajalinna is a healthcare reformer, building effective care pathways and the most attractive corporate culture in the industry. Pihlajalinna is the most committed partner for insurance partners’, corporations’ and the public sector’s success. The Group provides comprehensive, high-quality services through private clinics, hospitals, remote channels, work ability-supporting occupational healthcare as well as social and healthcare solutions for the public sector that deliver overall cost effectiveness. Approximately 4,500 employees and 2,300 practitioners work at Pihlajalinna. In 2025, Pihlajalinna’s revenue was 652 million euros. Pihlajalinna’s shares are listed on Nasdaq Helsinki Oy. Read more www.pihlajalinna.fi.