Terveystalo Oy Class A · OMXHEX:TTALO
Terveystalo Oy Class A — Terveystalo Oy Ord — Q4 2025 Earnings Presentation
23 slides from Terveystalo Oy Class A's earnings presentation, Feb 13, 2026
Slide 1: Terveystalo Group Q4 & FY 2025 Results
Terveystalo Group Q4 & FY 2025 Results Ville Iho, President & CEO Juuso Pajunen, CFO
Slide 2: Agenda
Agenda Ville Iho, President & CEO FY 2025 Financial & operational highlights Juuso Pajunen, CFO Q4 & FY 2025 Financial performance analysis Outlook & guidance Q&A 2
Slide 3: Strong results in a challenging environment
CUSTOMER VISITS DIGITAL SERVICES PROFESSIONALS THE MOST RESPECTED CONSUMER BRAND 7.2 M 24/7 14 400 #1 USERS ENGAGEMENT INDEX INDIVIDUAL CUSTOMERS 1.2 M 2.7 M 4.1 2025: Strong results in a challenging environment NPS NPS PATIENT ENABLEMENT APPOINTMENTS HOSPITALS INDEX, PEI 88 95 71% REVENUE Adj. EBIT
Slide 4: Improving profitability across segments in an increasingly challenging market environment
Improving profitability across segments in an increasingly challenging market environment Terveystalo’s Business Areas Healthcare services Portfolio businesses Sweden Group 239 1 043 1 031 82 1 340 15,0% 193 76 1 259 1 286 1 279 13,8% 6,5% 12,2% 10,5% 3,8% 7,2% 5,8% -3,5% -4,1% 2022 2023 2024 2025 2
Slide 5: All three of our business areas have a defined plan for improvement aimed at generating value
All three of our business areas have a defined plan for improvement aimed at generating value Healthcare Services Portfolio Businesses Sweden ▪ Revenue EUR 193 million. ▪ Revenue EUR 1,031 million. ▪ Revenue EUR 76 million. ▪ Adj. EBIT margin 6.5% ▪ Adj. EBIT margin 15% ▪ Adj. EBIT margin -3.5% Wher
Slide 6: Our goal is to become a leader in dental care
Our goal is to become a leader in dental care The synergistic acquisition of Hohde creates significant value and enhances our service offering REVENUE (FAS) EBITDA (FAS) CAGR ’21-24 PROFESSIONALS NPS, HOHDE SITES ~56 M€ ~6.4 M€ 33% ~700 96 45 +11% +29% DENTAL CARE SERVICES LABORATORY SERVICES Full r
Slide 7: Terveystalo's unique service modalities create a competitive advantage and assets that can be scaled
Terveystalo's unique service modalities create a competitive advantage and assets that can be scaled Integrated care continuum Digital healthcare retail Insight-centric engagement & proactive care Digital front door Intelligent steering engine Digital Health twin through combined data Detection of p
Slide 8: In January 2026, we launched our very first fully digitalised Customer Journey
In January 2026, we launched our very first fully digitalised Customer Journey Terveystalo’s Terveystalo’s Request Resolution Digital Front Door Triage received A smooth and caring (App or Web) Interaction with a Service promise: experience that leads The customer starts Digital Solution Reply withi
Slide 9: Ella, the intelligent UI for medical professionals, enhanced with AI Care capabilities
Ella, the intelligent UI for medical professionals, enhanced with AI Care capabilities, is already showing a significant increase in productivity Efficiency is up 31%. The new production model Ella reduces significantly admin-time per appointment, will be 1.5 times more efficient. increasing product
Slide 10: Financial performance
Financial performance Juuso Pajunen, CFO 10
Slide 11: Q4 2025 highlights
Q4 2025 highlights Revenue (MEUR) EPS (EUR) 330 0.16 -6.8% y-o-y +9.6% y-o-y Adj. EBIT (MEUR) Adj. EBIT margin 45 13.6% +17.2% y-o-y +2.8%-p. y-o-y NPS, appointments Operating cash flow (MEUR) 87.6 84.6 -0.1%-p y-o-y -5% y-o-y 11
Slide 12: Q4: Positive margin development continued despite revenue headwind
Q4: Positive margin development continued despite revenue headwind Revenue Key figures -6,8% 10-12/2025 10-12/2024 Change, % 2025 2024 Change, % 353,9 Revenue, MEUR 330.0 353.9 -6.8 1,278.9 1,340.0 -4.6 -14,9 Adj. EBITA, MEUR 50.7 47.1 7.6 179.3 171.0 4.8 -8,8 330,0 Adj. -1,2 1,0 EBITA-% 15.4 13.3 2
Slide 13: Q4: Robust profitability in Healthcare Services
Q4: Robust profitability in Healthcare Services Growth Key figures 100,0% 10-12/2025 10-12/2024 Change, % 2025 2024 Change, % Revenue, MEUR 266.4 281.3 -5.3 1,031.0 1,042.8 -1.1 -7,6% Adj. EBITA, 94,7% MEUR 46.3 45.5 1.9 166.7 162.0 2.9 0,7% Adj. EBITA- 1,6% % 17.4 % 16.2 % -1.2%-p. 16.2 % 15.5 % 0.
Slide 14: Q4: Healthcare services are influenced by various factors related to patient visits
Q4: Healthcare services are influenced by various factors related to patient visits Development of visits in Q4* Seasonality Macro 100,0% Actionable Q4 2024 Prevalence of upper OH Public Consumer (OOP + Insurance) Q4 2025 respiratory infections Comments • In Q4, the prevalence of upper respiratory i
Slide 15: Q4: The profitability of the Portfolio Businesses continued to improve
Q4: The profitability of the Portfolio Businesses continued to improve Revenue Segment update -16% 56,7 -5,3 47,9 -4,5 0,8 0,2 • Profitability improved y-o-y, driven by the end of low-margin outsourcing contracts and increased operational efficiency. • While the publicly funded market remained cauti
Slide 16: Q4: Difficult market conditions in Sweden, successful measures of the profit improvement programme
Q4: Difficult market conditions in Sweden, successful measures of the profit improvement programme Revenue Segment update -5,5% 22,4 1,0 21,2 • The weak macroeconomic situation in Sweden persists, with -2,2 the unemployment rate remaining high. • Revenue declined due to expired contracts and reduced
Slide 17: We invest in organic and disciplined inorganic growth
We invest in organic and disciplined inorganic growth 59 CAPEX (MEUR) 52 • Our investment strategy prioritises organic growth and disciplined inorganic expansion. 43 30 41 40 • We focus on digital investments, for example: 31 • Ella – UI for professionals – already live with 34 33 21 next phase roll
Slide 18: A strong financial position supports our strategy execution
A strong financial position supports our strategy execution Strong profit growth has led to significant cash flow conversion and deleveraging Operating cash flow (LTM) 224 3.5 Net Debt to EBITDA 3.4 3.3 202 211 207 3.2 3.1 190 196 198 174 171 2.6 158 2.3 2.1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2
Slide 19: We have delivered on our financial targets
We have delivered on our financial targets FINANCIAL TARGET 2025 GROWING DIVIDEND Earnings per share, EPS, PROFITABLE EPS to grow on average by +33% increased by 29% to EUR GROWTH 10% p.a. 0,64 0.73 MODERATE Net debt to EBITDA 0,48 LEVERAGE Net debt/EBITDA 2.1 85% 88% not to exceed 2.5x1) RATIO 0,28
Slide 20: The demand environment is anticipated to improve gradually by the end of 2026
The demand environment is anticipated to improve gradually by the end of 2026 Growth driver Healthcare Services Portfolio Businesses Sweden Revenue 2025 2026 2025 2026 2025 2026 Public Consumer Insurance Occupational health • Shift from OOP to insurance • Decrease in the number of end users • Growth
Slide 21: Guidance for 2026
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
Slide 22: Terveystalo Q&A
22 Q&A Terveystalo
Slide 23: terveystalo.com
Terveystalo MEANINGFUL MATTERS