Terveystalo Oy Class A · OMXHEX:TTALO
Terveystalo Oy Class A — Terveystalo Oy Ord — Q1 2026 Earnings Presentation
22 slides from Terveystalo Oy Class A's earnings presentation, Apr 24, 2026
Slide 1: Terveystalo Group Q1 2026 Results
Terveystalo Group Q1 2026 Results Ville Iho, President & CEO Juuso Pajunen, CFO
Slide 2: Agenda
Agenda Ville Iho, President & CEO Q1 2026 Financial & operational highlights Juuso Pajunen, CFO Q1 2026 Financial performance analysis Outlook & guidance Q&A 2
Slide 3: Despite the difficult demand environment, profitability remained at a good level
CUSTOMER VISITS DIGITAL SERVICES PROFESSIONALS THE MOST RESPECTED in 2025 CONSUMER BRAND 7.2 M 24/7 14 400 #1 USERS ENGAGEMENT INDEX INDIVIDUAL CUSTOMERS in 2025 2.7 M 4.1 1.2 M Q1 2026 Despite the difficult demand environment, profitability remained at a good level NPS NPS PATIENT ENABLEMENT APPOIN
Slide 4: The demand environment is currently exceptionally challenging
The demand environment is currently exceptionally challenging Consumer confidence in Finland has Occupational health care visits recorded by The number of connected employees in reached its lowest point in the past couple THL have significantly declined Terveystalo's occupational health has now of y
Slide 5: Very weak demand weighs on revenue, while efficiency continued to support profitability across segments
Very weak demand weighs on revenue, while efficiency continued to support profitability across segments Terveystalo’s Business Areas Healthcare services Portfolio businesses Sweden 281 Group 16,9% 254 51 21 20 1 259 1 286 1 340 1 279 1 240 14,1% 39 5,5% 12,2% 11,5% 10,5% 7,2% 5,8% 1,6% -1,1% -1,1% 2
Slide 6: Strategy execution progresses according to plan across segments
Strategy execution progresses according to plan across segments Healthcare Services Portfolio Businesses Sweden ▪ Revenue (LTM) EUR 181 million. ▪ Revenue (LTM) EUR 1,004 million. ▪ Revenue (LTM) EUR 75 million. ▪ Adj. EBIT margin (LTM) 6% ▪ Adj. EBIT margin (LTM) 14% ▪ Adj. EBIT margin (LTM) -3.5%
Slide 7: The industry's transformation is accelerating, and we will continue to be at the forefront
The industry's transformation is accelerating, and we will continue to be at the forefront of development Insight centric engagement Integrated case coordination Digital healthcare retail & proactive care Physician led case management and Digital front door Digital Health twin through combined data
Slide 8: Occupational Health: New digital platform launched for first customers in Q1
Occupational Health: New digital platform launched for first customers in Q1 • Facilitates proactive, data-driven management of occupational health by: • Identifying work ability risks earlier • Enhancing collaboration among HR, managers, and occupational health professionals • Promotes the efficien
Slide 9: Ella, the intelligent UI for medical professionals, starts delivering value
Ella, the intelligent UI for medical professionals, starts delivering value P ro d u c t i v i t y g a i n s a n d c o n t i n u e d ro l l o u t i n Q 1 , w i t h 4 0 0 m o n t h l y u s e r s s o fa r Efficiency is up 31%. The new production model Ella reduces significantly admin-time per appointm
Slide 10: Financial performance
Financial performance Juuso Pajunen, CFO 10
Slide 11: Q1 2026 highlights
Q1 2026 highlights Revenue (MEUR) EPS (EUR) 308 0.14 -11% y-o-y -49% y-o-y Adj. EBIT (MEUR) Adj. EBIT margin 34 11% -30% y-o-y -2.9%-p. y-o-y NPS, appointments Operating cash flow (MEUR) 88 -2.5 +0.9%-p y-o-y (27.3) 11
Slide 12: Q1: Very weak demand weighed on revenue, while relative profitability remained robust
Q1: Very weak demand weighed on revenue, while relative profitability remained robust Revenue Key figures -11% 1-3/2026 1-3/2025 Change, % 2025 346,9 Revenue, MEUR 308.2 346.9 -11.2 1,278.9 Adj. EBITA, MEUR 39.3 53.7 -26.8 179.3 -27,0 Adj. EBITA-% 12.8 15.5 -2.7%-p. 14.0 -11,3 308,2 Adj. EBIT, MEUR
Slide 13: Q1: Healthcare services margins on a historically good level and efficiency in place despite revenue headwinds
Q1: Healthcare services margins on a historically good level and efficiency in place despite revenue headwinds Growth Key figures 100,0% 1-3/2026 1-3/2025 Change, % 2025 Revenue, MEUR 253.6 280.6 -9.6 1,031.0 Adj. EBITA, MEUR 38.8 50.5 -23.2 166.7 -9,6% Adj. EBITA-% 15.3 % 18.0 % -2.7%-p. 16.2 % Adj
Slide 14: Q1: Patient visit volumes are influenced by several factors
Q1: Patient visit volumes are influenced by several factors Development of visits in Q4* Seasonality Macro Actionable 100,0% 90.4% Q1 2025 Prevalence of upper OH Public Consumer (OOP + Insurance) Q4 2025 respiratory infections Comments • In Q1, the prevalence of upper respiratory infections was belo
Slide 15: Q1: Portfolio Businesses - revenue headwinds, efficiency supported
Q1: Portfolio Businesses - revenue headwinds, efficiency supported Revenue Segment update -22% 50,6 -7,4 -1,7 39,3 • Profitability weakened y-o-y, due to the decline in -0,1 -2,1 revenue. Expiry of low-margin outsourcing contracts and improved operating efficiency supported margins. • Revenue decrea
Slide 16: Q1: In Sweden market weakness continued, but profitability improved slightly
Q1: In Sweden market weakness continued, but profitability improved slightly due to better operational efficiency Revenue Segment update -3% 20,6 1,0 20,0 • The weak macroeconomic situation in Sweden persists, -1,5 with the unemployment rate remaining high. • Revenue declined due to expired contract
Slide 17: We invest in organic and disciplined inorganic growth
We invest in organic and disciplined inorganic growth CAPEX (MEUR) 59 56 52 • Our investment strategy prioritises organic growth and disciplined inorganic expansion. 43 30 41 40 • We focus on digital investments, for example: 31 34 31 • Ella – UI for professionals – already live with 33 21 latest ro
Slide 18: A strong financial position supports our strategy execution
A strong financial position supports our strategy execution Cash flow impacted by earnings headwinds and taxes; leverage remains conservative Operating cash flow (LTM) Net Debt to EBITDA 224 3.5 3.4 211 207 3.2 3.3 196 202 198 3.1 190 171 177 2.6 2.3 2.4 2.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020
Slide 19: 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 and seems to have bottomed out in Q1 Growth driver Healthcare Services Portfolio Businesses Sweden Revenue Q1/2026 NTM Q1/2026 NTM Q1/2026 NTM Public Consumer Insurance Occupational health • Macro and morbidity impact • Ma
Slide 20: 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 y
Slide 21: Q&A
a Q&A Terveystalo
Slide 22: Terveystalo
Terveystalo MEANINGFUL MATTERS