Terveystalo Oy Class A · OMXHEX:TTALO
Terveystalo Oy Class A — Terveystalo Oy Ord — Q2 2026 Earnings Presentation
27 slides from Terveystalo Oy Class A's earnings presentation, Jul 17, 2026
Slide 1: Terveystalo Group Half-Year 2026 Results
Terveystalo Group Half-Year 2026 Results Ville Iho, President & CEO Juuso Pajunen, CFO
Slide 2: Agenda
Agenda Ville Iho, President & CEO Q2 2026 Financial & operational highlights Juuso Pajunen, CFO Q2 2026 Financial performance analysis Outlook & guidance Q&A 2
Slide 3: Q2 2026: Weak market conditions continued, actions taken to support profitability and growth
CUSTOMER VISITS DIGITAL SERVICES PROFESSIONALS THE MOST RESPECTED in 2025 CONSUMER BRAND 7.2 M 24/7 13 700 #1 USERS ENGAGEMENT INDEX INDIVIDUAL CUSTOMERS in 2025 2.7 M 4.1 1.2 M Q2 2026 Weak market conditions continued, actions taken to support profitability and growth NPS NPS PATIENT ENABLEMENT APP
Slide 4: The demand environment continues challenging, but has shown some signs of stabilisation
The demand environment continues challenging, but has shown some signs of stabilisation In Q2 consumer confidence has shown Occupational health care visits recorded by The number of employed persons below recovery from low levels THL have significantly declined previous years’ levels 6 4 Million per
Slide 5: Weak demand weighed on revenue, while efficiency continued to support profitability
Weak demand weighed on revenue, while efficiency continued to support profitability Terveystalo’s Business Areas Healthcare services Portfolio businesses Sweden 49 Group 257 21 240 39 20 1 340 7,7% 1 259 1 286 1 279 1 212 13,9% -0,9% 12,2% 10,5% 10,9% 11,4% 3,2% 7,2% 5,8% -2,7% 2022 2023 2024 2025 Q
Slide 6: Occupational health development programme addressing changes in buying behaviour and digital opportunities
Occupational health development programme addressing changes in buying behaviour and digital opportunities • The programme focuses on improving customer value, operational efficiency and ease of doing business, supported by continuous service and The number of connected employees* in product renewal
Slide 7: Customer-needs-led growth through radically renewed health services
Customer-needs-led growth through radically renewed health services S t ra t e g i c p r i o r i t y s h i f t s (A R C ) • Value creation: From optimising profitability to profitable, focused growth • Products & pricing: From single billable transactions to productized, transparent packages for epi
Slide 8: Early examples of ARC strategy in action
Early examples of ARC strategy in action Value creation – Products and pricing – Service delivery – Customer engagement – focus on selected growth improving access through improving efficiency moving towards areas simpler offerings through digital care more proactive, models continuous interaction S
Slide 9: Silmäasema deal is the first step in our ARC execution
Silmäasema deal is the first step in our ARC execution • Creates a leading European EUR 1.5 billion outpatient care platform with significant growth potential • A highly synergistic combination with rapid value creation potential • Strengthens our postition in the megatrend-supported eye care market
Slide 10: Fixed-price products support ARC's retail-oriented growth model
Fixed-price products support ARC’s retail- oriented growth model E n c o u ra g i n g e v i d e n c e t h a t c l e a r p r i c i n g a n d s e r v i c e p a c k a g i n g s u p p o r t d e m a n d a c t i va t i o n • Fixed-price products are attractive across Joint replacements, Blepharoplasty, M€
Slide 11: Asynchronous digital services improving efficiency and scalability of care delivery
Asynchronous digital services improving efficiency and scalability of care delivery Doctor’s solution in 15 minutes – a new digital care model New digital care model for high-volume health needs • Estimated ~30% of remote GP visits suitable for asynchronous service • Focus on common, low-complexity
Slide 12: Growth oriented strategy supported by updated financial targets
Growth oriented strategy supported by updated financial targets Profit Earnings growth Leverage distribution • Annual adjusted1 EPS • Net debt/Adjusted1 EBITDA • Distribution of at least 50% growth of 10% max. 3.0x of net result either as • The target may be dividends or share buy- temporarily excee
Slide 13: SAVE THE DATE: Capital Markets Day 2026
SAVE THE DATE: Capital Markets Day 2026 1 Dec 2026 Terveystalo will host a Capital Markets Day on 1 December 2026 in Helsinki. The event will provide further insight into Terveystalo’s ARC- strategy and its implementation. 13
Slide 14: Financial performance
Financial performance Juuso Pajunen, CFO 14
Slide 15: Q2/2026 highlights
Q2/2026 highlights Revenue (MEUR) Adj. EPS (EUR) 293 0.13 -9% y-o-y -34% y-o-y Adj. EBIT (MEUR) Adj. EBIT margin 26 9% -29% y-o-y -2.5%-p. y-o-y NPS, appointments Operating cash flow (MEUR) 88 38 +1.3%-p y-o-y (-5.4% y-on-y) 15
Slide 16: Q2: weak demand continued to weigh on revenue, while efficiency supported profitability
Q2: weak demand continued to weigh on revenue, while efficiency supported profitability Revenue Key figures -9% 4-6/2026 4-6/2025 Change, % 2025 321,5 Revenue, MEUR 293.3 321.5 -8.8 1,278.9 Adj. EBITA, MEUR 32.0 42.5 -24.7 179.3 -17,5 Adj. EBITA-% 10.9 13.2 -2.3%-p. 14.0 Adj. EBIT, MEUR 26.1 36.7 -2
Slide 17: Healthcare Services: weak demand weighed on revenue, while efficiency supported profitability
Healthcare Services: weak demand weighed on revenue, while efficiency supported profitability Growth Key figures 100,0% 4-6/2026 4-6/2025 Change, % 2025 Revenue, MEUR 239.8 257.4 -6.8 1,031.0 Adj. EBITA, MEUR 30.4 38.8 -21.5 166.7 -6,5% Adj. EBITA-% 12.7 % 15.1 % -2.4%-p. 16.2 % Adj. EBIT, MEUR 27.4
Slide 18: Q2: Volume development challenging, consumer market showing positive signs
Q2: Volume development challenging, consumer market showing positive signs Development of visits in Q2* Seasonality Macro Actionable 100,0% 93.5% Q1 2025 Prevalence of upper OH Public Consumer (OOP + Insurance) Q4 2025 respiratory infections Comments • In Q2, the prevalence of upper respiratory infe
Slide 19: Q2: Portfolio Businesses – public sector on low levels, consumer services growing
Q2: Portfolio Businesses – public sector on low levels, consumer services growing Revenue Segment update -21% 49,0 -7,4 • Market environment remained challenging in Q2, particularly in -0,7 0,5 -2,8 38,6 publicly funded services. – Demand remained weak in staffing services, and public-sector purchas
Slide 20: Q2: In Sweden market weakness continued, but profitability improved
Q2: In Sweden market weakness continued, but profitability improved due to better operational efficiency Revenue Segment update -2% 20,5 20,1 • The weak macroeconomic situation in Sweden persists, 0,1 -0,5 with the unemployment rate remaining high. • Revenue declined due to expired contracts and red
Slide 21: We invest in organic growth and selective, value-accretive M&A
We invest in organic growth and selective, value-accretive M&A CAPEX (MEUR) 59 56 • Our investment strategy prioritises organic 52 growth, complemented by disciplined, value- accretive M&A. 43 30 41 40 28 • M&A is used to strengthen our position in 34 31 selected specialties and to scale our platfor
Slide 22: A strong financial position supports our strategy execution
A strong financial position supports our strategy execution Cash flow impacted by earnings headwinds; leverage remains conservative Operating cash flow (LTM) Net Debt / Adj.EBITDA 224 3.1 3.2 211 207 3.0 3.0 196 202 198 190 177 175 2.5 2.5 2.1 2.0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 2022 2023
Slide 23: Committed financing of 550 MEUR to fund acquisitions and to refinance old loans
Committed financing of 550 MEUR to fund acquisitions and to refinance old loans Financing highlights Debt maturity profile • Secured EUR 550 million of committed bank financing 500 500 to support the Hohde Group and Silmäasema 450 150 acquisitions 400 350 • Refinanced and upsized the revolving credi
Slide 24: 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 stabilised out in Q2 Growth driver Healthcare Services Portfolio Businesses Sweden Revenue Q2/2026 NTM Q2/2026 NTM Q2/2026 NTM Public Consumer Insurance Occupational health • Demand among out-of- • Macro
Slide 25: Guidance for 2026
Guidance for 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. •
Slide 26: Q&A
26 Q&A Terveystalo
Slide 27: More health for everyone
OUR PURPOSE More health for everyone – fluent, caring and effective. 27