Terveystalo Oy Class A · OMXHEX:TTALO
Terveystalo Oy Class A — Q3 2025 Earnings Presentation
23 slides from Terveystalo Oy Class A's earnings presentation, 2025
Slide 1: Terveystalo Group Q3/2025 Results
Terveystalo Group Q3/2025 Results Ville Iho, President & CEO Juuso Pajunen, CFO
Slide 2: Agenda
Agenda Ville Iho, President & CEO Q3 2025 Financial & operational highlights Juuso Pajunen, CFO Q3 2025 Financial performance analysis Outlook & guidance Q&A 2
Slide 3: Q3 2025 highlights
Q3 2025 highlights Revenue (MEUR) EPS (EUR) 280.4 0.13 -5.2% y-o-y +9.7% y-o-y Adj. EBIT (MEUR) Adj. EBIT margin 26.8 9.5% -1.0% y-o-y +0.4%-p. y-o-y NPS, appointments Operating cash flow (MEUR) 87 54.5 +0.5% y-o-y +32.0% y-o-y 3
Slide 4: Each of our three business areas have a clear improvement agenda
Each of our three business areas have a clear improvement agenda Business Area Healthcare Services Portfolio Businesses Sweden LTM Revenue EUR 1,046 mill. EUR 201 mill. EUR 77 mill. LTM Adj. EBIT margin 14.4% 5.0% -3.2% Share of LTM revenue* 80% 15% 6% Turnaround and selective, Profitable growth, pr
Slide 5: …focused on creating value
…focused on creating value Healthcare Services Portfolio Businesses Sweden Successful profitability improvement Profitability improvement on track. Profitability improvement on track. Where are program completed. Dental 2x – inorganic opportunities. Growth acceleration opportunities to we
Slide 6: We see growth opportunities in multiple areas of our business, driven by volume
We see growth opportunities in multiple areas of our business, driven by volume Growth driver Healthcare Services Portfolio Businesses Sweden YTD NTM YTD NTM YTD NTM Public Consumer Insurance Occupational health • Shift from OOP to insurance • -4% in the number of end users • Lower morbidity in Q3 v
Slide 7: Occupational Health revenue is influenced by connected employees, scope of services, and morbidity
Occupational Health revenue is influenced by the number of connected employees, the use and scope of services, and morbidity 3 FA C T O R S I M PA C T V O L U M E THE NUMBER OF EMPLOYEES COVERED BY DEVELOPMENT O C C U PAT I O N A L H E A LT H H A S D E C R E A S E D Connected employees 780 777 780 7
Slide 8: We have a clear agenda for Occupational Health
We have a clear agenda for Occupational Health Occupational Health focus areas Sales and account Digital front door Product management & platform 8
Slide 9: Consumer demand backed by insurance is steadily increasing, with the freedom of choice pilot
Consumer demand backed by insurance is steadily increasing, with the freedom of choice pilot for those over 65 reinforcing this trend Terveystalo is the preferred brand The freedom of choice pilot has among consumers had a strong start Kela estimates a total of 1 million visits annually Leveragi
Slide 10: Our value creation is increasingly powered by our proprietary digital platform
Our value creation is increasingly powered by our proprietary digital platform, improving both efficiency and customer value Individual customers Professionals Digital front door for individuals Professional UIs Occupational Health Individual care Patient & customer Workplace risk assessment Appoint
Slide 11: Financial performance
Financial performance Juuso Pajunen, CFO 11
Slide 12: Q3: Positive margin development at the Group level continued despite revenue headwind
Q3: Positive margin development at the Group level continued despite revenue headwind Revenue Key figures -5,2% 295,8 7-9/2025 7-9/2024 Change, % 2024 Revenue, -5,4 MEUR 280.4 295.8 -5.2 1,340.0 Adj. EBITA, -9,5 MEUR 32.4 34.3 -5.5 171.0 280,4 -0,8 0,4 Adj. EBITA-% 11.5 11.6 -0.1 %-p 12.8 Adj. EBIT,
Slide 13: Q3: Robust profitability in Healthcare Services
Q3: Robust profitability in Healthcare Services Growth Key figures 100,0% 7-9/2025 7-9/2024 Change, % 2024 Revenue, MEUR 97,7% 226.6 232.0 -2.3 1,042.8 Adj. EBITA, -7,5% MEUR 31.0 34.1 -8.9 162.0 5,2% Adj. EBITA-% 13.7 % 14.7 % -1.0%-p. 15.5 % 0,0% Adj. EBIT, MEUR 28.1 29.7 -5.5 143.7 Adj. EBIT-% Q3
Slide 14: Q3: Healthcare Services are affected by multiple factors linked to patient visits
Q3: Healthcare Services are affected by multiple factors linked to patient visits Development of visits in Q3* Seasonality Macro 100,0% Actionable 92.5% Q3 2024 Morbidity OH Public Consumer (OOP + Insurance) Q3 2025 Comments • Morbidity in Q3 has been lower than in the previous year, resulting in ap
Slide 15: Q3: The profitability fundamentals continued to strengthen in the Portfolio Businesses
Q3: The profitability fundamentals continued to strengthen in the Portfolio Businesses Revenue Segment update -17.5% 54,5 -5,5 -4,6 45,0 • The termination of low-margin outsourcing contracts and 0,5 0,0 improved operational efficiency improved profitability year- on-year. • The publicly funded marke
Slide 16: Q3: Difficult market conditions in Sweden, successful measures of the profit improvement programme
Q3: Difficult market conditions in Sweden, successful measures of the profit improvement programme Revenue Segment update -5,3% 14,2 13,5 • The cost savings from the profit improvement program 0,4 -0,8 positively impacted profitability. • Adjusted EBIT improved year-on-year. • The weak macroeconomic
Slide 17: We invest in organic and disciplined inorganic growth
We invest in organic and disciplined inorganic growth 59 CAPEX (MEUR) • Our investment strategy prioritises organic growth and disciplined inorganic expansion. 43 45 30 41 • We focus on digital investments to improve user 40 experience and productivity for healthcare 34 33 professionals. 21 4,7 25 3
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 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 2018 2019 2020 202
Slide 19: Guidance for 2025
Guidance for 2025 (unchanged) Terveystalo expects its full-year 2025 adjusted EBIT to be EUR 155-165 million (2024: EUR 140.5 million). • The estimates are based on the current demand environment, employment levels, and morbidity rates. • The estimates account for a decrease of approximately EUR 30
Slide 20: Q&A
20 Q&A Terveystalo
Slide 21: terveystalo.com
Terveystalo MEANINGFUL MATTERS
Slide 22: The legacy outsourcing contract portfolio shrinks as old contracts expire or are terminated
The legacy outsourcing contract portfolio shrinks as old contracts expire or are terminated CO N T R AC T VA LU E , O U T S O U R C I N G CO N T R AC T S , M € ¹ 120 80 75 45 30 10 10 2022 2023 2024 2025 2026 2027 2028 22 1) ROUNDED FIGURES
Slide 23: Our emphasis is on customer-focused product development and using technology to lower production costs
Our emphasis is on customer-focused product development and using technology to lower production costs across all customer groups We target 90% lower production costs Further opportunity from channel mix (weighted average) in digital channels optimisation Fully AI- # +900% # # enhanced target state