Terveystalo Oyj : Q1/2026 Interim Report

About this update from Terveystalo Oy Class A

Terveystalo Plc Interim Report January-March 2026 Despite the difficult demand environment, profitability remained at a good level January-March 2026 in brief Revenue decreased by 11.2 percent year-on-year to EUR 308.2 (346.9) million. In Healthcare Services, revenue decreased by 9.6 percent and was EUR 253.6 (280.6) million. In Portfolio Businesses, revenue decreased by 22.4 percent and was EUR 39.3 (50.6) million. In Sweden, revenue decreased by 2.8 percent and amounted to EUR 20.0 (20.6) million. The number of working days was unchanged year-on-year. Adjusted 1) operating profit (EBIT) decreased by 29.6 percent and amounted to EUR 33.7 (47.8) million, representing 10.9 (13.8) percent of revenue. In Healthcare Services, adjusted EBIT decreased due to the decline in revenue. Operating efficiency remained at a good level, and during the quarter, the cost structure was adjusted to the weak demand environment. In Portfolio Businesses, adjusted EBIT weakened due to the decline in revenue. Profitability was supported by the expiry of low-margin outsourcing contracts and improved operating efficiency. In Sweden, adjusted EBIT improved slightly. Cost savings achieved through the profit improvement programme offset the negative impact of the revenue decline. Items affecting comparability 1) with an adverse effect on EBIT were EUR 7.0 (1.5) million. Operating profit (EBIT) decreased by 42.6 percent and amounted to EUR 26.6 (46.4) million. The result for the period was EUR 17.2 (33.4) million. Earnings per share (EPS) decreased by 48.6 percent and amounted to EUR 0.14 (0.26). Net debt/EBITDA was 2.4 (2.2). Net debt/adjusted EBITDA was 2.2 (2.0). Cash flow from operating activities was EUR -2.5 (27.3) million. NPS (Net Promoter Score) for appointments was 88.1 (88.0). NPS for hospitals was 96.3 (95.4). The figures in parentheses refer to the corresponding period one year ago. 1) Adjustments are material items outside the ordinary course of business, associated with acquisition-related expenses, restructuring-related expenses, gains and losses on the sale of assets, impairment losses, strategic projects, and other items affecting comparability. Adjustments for the reporting period are described in more detail in the section "Profit improvement and development programmes and items affecting comparability." President and CEO Ville Iho: Despite the difficult demand environment, profitability remained at a good level In the first quarter of 2026, the operating environment was exceptionally challenging, and demand for health services clearly weakened year over year across all customer groups. Despite market headwinds, our profitability remained at a good level, driven by strong operational efficiency and cost control. We adjusted our operations and costs to meet the demand, but above all, we continued to implement our strategy with determination, investing in our customer service, our occupational health development programme, and even better digital services. Outlook and guidance Our guidance for 2026 remains unchanged. We are responding to the negative cycle with cost adjustments and investing in future growth, supported by megatrends. The strong foundation built in recent years enables us to continue investing in the accessibility, medical effectiveness and fluency of our services for the benefit of our patients and customers. Market and demand situation The market and demand situation for Finnish health services was exceptionally weak in the first quarter. Demand was clearly lower than in the comparison period, which was affected by very low consumer confidence, the weak flu season, companies' cost-cutting measures and the Wellbeing Services Counties' caution in purchasing services. The decline in demand is historically exceptional and, in addition to the weak macroeconomic situation, partly structural. However, the long-term demand drivers and fundamentals have not changed, and the megatrends supporting the demand for health services remain very positive. We continue to expect the demand environment to gradually recover during 2026, although the first half of the year will be very challenging. Post-quarter, we have continued actions to address the cost base and adjust to weak demand. Financial performance and profitability The exceptionally weak demand environment and volume development had a broad impact on revenue, which decreased by approximately 11 percent year-on-year to EUR 308 million. The decline in volumes also impacted the margins. The adjusted EBIT margin was around 11 percent - still a historically good level, thanks to operational efficiency and despite the exceptionally strong comparables in the first quarter. We adjust our cost structure according to demand to ensure profitability, even in low-volume environments. The work continues throughout the organisation, and we continue to emphasise measures that will strengthen our performance in the long term, including more accurate and flexible resource allocation, process simplification and automation, and solutions that improve the productivity of back-office operations. Business area development Occupational health remained at the heart of our development in Healthcare Services . In addition to negative volume drivers linked to temporary market headwinds in the operating environment and a decline in the total number of employed people, the number of Terveystalo's occupational health end users continued to decline year-on-year. We estimate that the bottom has now been reached and expect the number of connected employees to begin increasing over the next few quarters. The occupational health development programme has progressed as planned, and we will continue to invest in service and product renewal, the ease of doing business, and the usability of data as part of proactive work ability management. We launched a next-generation digital platform for our first client companies, which enables technology to be harnessed more efficiently to anticipate work ability risks, reduce sickness absence, and improve work ability. Revenue from insurance customers decreased year-on-year as overall market segment volume declined. However, our relative position strengthened. We will continue to build solutions for insurance companies that improve cost-effectiveness, cost predictability, and the monitoring of care pathway effectiveness, and to support profitable volume growth in the future. The freedom-of-choice experiment for consumers over the age of 65 has achieved its main goal: to bring completely new customers within the scope of smooth private health services. To serve customers even better, the range of services must be expanded, and the restrictions on the number of visits relaxed. Based on experience, we believe that the Kela system should generally be developed by allocating reimbursements to fewer services, but more effectively. In addition to expanding the experiment for people aged 65 and over, investments in oral health care and mental health for children and young people would be excellent next steps. As expected, the revenue of the Portfolio Businesses declined due to the expiry of outsourcing agreements and lower purchases by the Wellbeing Services Counties. Demand for staffing services was weak, and revenue continued to fall. Digital services in the public sector were a clear positive exception to the overall trend in publicly funded services. Demand for dental health services was stable, and revenue was close to stable year-on-year. The progress of the Hohde acquisition is awaiting approval from the competition authorities. If completed, the transaction will double the size of the dental services business and clearly strengthen our offering to different customer groups. In Sweden , market weakness continued, but profitability improved slightly and operational efficiency improved year-on-year. The sales pipeline has developed favourably, which supports the outlook for a gradual recovery as demand normalises. In 2026, we will focus on strengthening our revenue, which we can also support through acquisitions. Strategy implementation and digital development Our goal is to be a pioneer in renewing healthcare service models and to harness technology's potential for the benefit of all our stakeholders. Although the operating environment has been challenging, we are not reducing our investment in the future. Structural shifts in demand are driving our investments to increase automation, improve customer service, and streamline our professionals' work by reducing and automating non-value-added phases. The most significant and concrete developments of the year include the introduction of a digital occupational health platform developed with our joint venture partner MedHelp, the scaling of the previously launched Ella professional user interface and increased digital health productivity through new AI-assisted appointments, among other things. The development cycle of our digital services has accelerated significantly over the past few quarters. The insourcing of development work we started earlier, combined with the extensive use of AI, has significantly enhanced both service design and application coding. At the same time, we have brought the entire development process closer to the end users, both our customers and healthcare professionals. The industry's transformation is accelerating, and we will continue to be at the forefront of development. Through long-term measures, we ensure we can create value for our customers, employees and owners in the changing healthcare environment, now and in the future. Ville Iho 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 year and return to the long-term average in the second half. Profitability in the first half of 2026 is expected to be below that in the first half of 2025. Revenue from the Portfolio Businesses segment's outsourcing operations is projected to decrease by approximately EUR 20 million due to expiring contracts. These estimates do not include the Hohde transaction or any other significant acquisitions or divestments. Medium-term financial targets Profitable growth: EPS to grow on average by 10 percent p.a. Moderate leverage ratio: Net debt to EBITDA not to exceed 2.5x Indebtedness may temporarily surpass the target level, particularly in conjunction with acquisitions. Attractive dividends: At least 80 percent of the net result is to be distributed as dividends The dividend proposal must consider the company's long-term potential and financial status. Key figures MEUR unless stated otherwise 1-3/2026 1-3/2025 Change, % 2025 Revenue 308.2 346.9 -11.2 1,278.9 Adjusted EBITA * 1) 39.3 53.7 -26.8 179.3 Adjusted EBITA, % * 1) 12.8 15.5 - 14.0 EBITA 1) 33.4 52.3 -36.0 164.6 EBITA, % 1) 10.9 15.1 - 12.9 Adjusted operating profit (EBIT) * 1) 33.7 47.8 -29.6 156.3 Adjusted operating profit (EBIT), % * 1) 10.9 13.8 - 12.2 Operating profit (EBIT) 1) 26.6 46.4 -42.6 137.5 Operating profit (EBIT), % 1) 8.6 13.4 - 10.8 Return on equity (ROE) (LTM), % 1) 13.9 14.4 - 16.4 Equity ratio, % 1) 36.0 41.5 - 40.7 Earnings per share, EUR 0.14 0.26 -48.6 0.73 Weighted average number of shares outstanding, in thousands 126,707 126,622 - 126,647 Net debt 1) 534.7 497.3 7.5 505.5 Gearing, % 1) 103.1 85.1 - 86.5 Net debt/EBITDA (LTM) 1) 2.4 2.2 - 2.1 Net debt/Adjusted EBITDA (LTM) * 1) 2.2 2.0 - 2.0 Average personnel, FTE 2) 5,048 5,602 -9.9 5,526 Non-employees (end of period) 3) 6,010 6,055 -0.7 6,017 Sustainability PEI-index, % 4) 74.1 70.8 4.7 70.7 Net Promoter Score (NPS), appointments 88.1 88 0.1 87.6 Net Promoter Score (NPS), hospitals 96.3 95.4 0.9 95.4 Engagement index 5) 4.1 * Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses, restructuring-related expenses, gains and losses on sale of assets (net), impairment losses, strategic projects and other items affecting comparability. Adjustments for the reporting period are described in more detail in the section "Profit improvement and development programmes and items affecting comparability." Alternative performance measure. Terveystalo presents alternative performance measures as additional information to financial measures defined in IFRS. Those are performance measures that the company monitors internally, and they provide management, investors, securities analysts and other parties with significant additional information regarding the company's results of operations, financial position and cash flows. These should not be considered in isolation or as a substitute to the measures under IFRS. Financial years 2026 and 2025 do not include Medimar Scandinavia Ab, Cityläkarna Mariehamn Ab,Turun Silmälaser Oy and Silmäsairaala Pilke Oy. Recuror Oy and Veikkolan hammaslääkäriasema Oy are included since the merger to Suomen Terveystalo Oy in financial year 2025. Financial year 2025 does not include Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired 31.12.2025. PEI index (Patient Enablement Instrument) is used to measure whether the patient feels that he is coping with his symptoms or illness much better, better, as before, or worse after the reception. The scale is 1-4. The PEI index is calculated by taking the percentage of patients who felt they are able to cope with their health condition better or much better and comparing it to the total number of respondents. The engagement index for Terveystalo professionals is based on four questions from Terveystalo's annual professional survey. The results are used to calculate the index value, i.e. the average of the results. The questions concern supervisory work, the preconditions for success at work, work communities and commitment. The index is expressed on a scale of 1-5. Operating environment Healthcare Services In the first quarter of 2026, demand for healthcare services in Finland was clearly weaker than in the comparison period. Service utilisation was reduced, particularly by a lower prevalence of upper respiratory infections, as well as weak consumer purchasing power and the employment situation. In occupational health services, demand remained subdued. Developments continued to be driven by a decrease in the number of occupational health end users, a lower prevalence of upper respiratory infections, and a narrowing of contract coverage and caution among corporate customers in an uncertain economic environment. The weak employment situation was reflected in demand for occupational health services. Demand from insurance customers remained at a good level but was slightly weaker than in the comparison period, also due to the lower prevalence of upper respiratory infections. The freedom-of-choice pilot for people aged 65 and over, launched in September 2025, continued to operate actively and generated additional service volumes. Between September 2025 and the of March 2026, there were approximately 50,500 visits at Terveystalo, and customer satisfaction was at a high level. Portfolio Businesses The market environment for publicly funded healthcare services in Finland remained cautious in early 2026, as Wellbeing Services Counties continued to focus on cost savings. Market uncertainty was particularly visible in the demand for staffing services, which remained subdued. During the latter part of 2025, the market saw some broader competitive tenders, but in early 2026, the overall picture remained cautious. In services targeted at consumers, demand for dental care remained at a good level. Sweden In Sweden, weak macroeconomic conditions and high unemployment kept demand at a low level. Demand for corporate health services did not yet show a recovery, and demand for organisational leadership services and rehabilitation services for harmful use remained subdued. Healthcare professional labour market in Finland The availability of healthcare professionals remained at a good level and Terveystalo's service capacity was likewise strong. According to the current collective agreement for nurses in the private healthcare sector, personal and table salaries were increased by 2.5 percent starting from 1 September 2025. In the private social services sector, personal and table salaries were increased from 1 August 2025 by 1.0 percent, and in addition a local increment of 0.7 percent. In addition, the minimum wages under YSOSTES (the Collective Agreement for the Private Social Services Sector) were increased by 1.0-1.2 per cent, depending on the pay group. The majority of the doctors working in Terveystalo are private practitioners who are not employed by the company. The regulatory environment and treatment queues in Finland The government programme aims to enhance cooperation between private and public healthcare in order to improve the effectiveness and cost-efficiency of the service system. Reforms and increases in Kela reimbursements expand the range of reimbursable services. Increases and reforms related to reimbursements for ophthalmologists, gynaecologists, dental care, and mental health services came into effect on in 2025. In addition, the freedom-of-choice pilot for those aged 65 and over began in September 2025 and will continue until the end of 2027. The government has also launched a pilot scheme on care continuity and the personal doctor model. In total, approximately EUR 500 million is planned to be allocated during the government term for all the reforms, of which the state's share is EUR 335 million. By reallocating reimbursements, the government aims to improve access to services and promote freedom of choice. The government has removed, and intends to further remove, other legislative barriers that prevent wellbeing services counties from making use of private service providers. The measures outlined in the government programme are expected to support growing demand for private service provision and create new opportunities for publicly funded and privately delivered services. Queues in the public healthcare sector remain long. According to the monthly updated data of the Finnish Institute for Health and Welfare (THL), at the end of February 2026, a total of 128,900 patients were waiting for non-urgent specialised medical care, of whom 9,564 had been waiting for more than six months. The National Supervisory Authority for Welfare and Health (Valvira) have ordered nine Wellbeing Services Counties and the Hospital District of Helsinki and Uusimaa (HUS Group) to bring access to non-urgent specialised medical care into compliance with the law by 30 April 2026, under threat of fines. At the beginning of 2025, the maximum waiting times for access to primary healthcare were extended, effectively loosening the care guarantee. In addition, at the start of the year, the Health Care Act was amended to allow public service organisers, such as wellbeing services counties, to procure surgical services from private providers to a greater extent than before. Financial development Revenue In the first quarter of 2025, the Group's revenue decreased by 11.2 percent year-on-year to EUR 308.2 (346.9) million. MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 253.6 280.6 -9.6 1,031.0 Portfolio business 39.3 50.6 -22.4 192.5 Sweden 20.0 20.6 -2.8 75.6 Segments total 312.9 351.7 -11.0 1,299.1 Other -4.7 -4.8 1.8 -20.3 Total 308.2 346.9 -11.2 1,278.9 Other section's reported figures mainly consist of parent company expenses, unallocated Group level adjustments, and provisions. Other section's revenue includes eliminations between reporting segments. The Healthcare Services segment revenue decreased by 9.6 percent and was EUR 253.6 (280.6) million. Revenue declined from the comparison period, due to a decrease in occupational health visits and a lower number of connected occupational health customers, as well as lower service sales to the public sector. The decrease in visit volumes was influenced by lower prevalence of upper respiratory infections compared to the comparison period and, as well as a reduction in the scope of agreements with client companies. Revenue from insurance customers decreased compared to the comparison period due to lower visit volumes, which were also impacted by a lower prevalence of upper respiratory infections. The number of working days was unchanged year-on-year. The Portfolio Businesses segment revenue decreased by 22.4 percent and was EUR 39.3 (50.6) million. Revenue decreased year-on-year due to the planned reduction in the outsourcing portfolio, as well as weak demand and proactive customer selection in staffing services. The divestment of the child welfare business contributed to the year-on-year decline in revenue. Revenue from dental care services remained almost at the level of the comparison period. The revenue from Sweden decreased by 2.8 percent due to lower demand and ended contracts and came to EUR 20.0 (20.6) million. Without the currency effect, the revenue decreased by 7.5 percent. There were 62 (62) working days in January-March 2026. Financial performance and cash flow The Group's adjusted operating profit (EBIT) for the first quarter of 2026 decreased by 29.6 percent to EUR 33.7 (47.8) million, representing 10.9 (13.8) percent of revenue. Adjusted EBIT MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 35.8 47.3 -24.3 154.6 Portfolio business 0.6 2.8 -77.7 12.6 Sweden -0.2 -0.2 1.8 -2.6 Segments total 36.2 49.9 -27.4 164.6 Other -2.6 -2.1 -25.4 -8.3 Total 33.7 47.8 -29.6 156.3 In Healthcare Services adjusted operating profit (EBIT) decreased compared to the comparison period due to the decline in revenue. Operating efficiency remained at a good level, and during the quarter the cost structure was adjusted to the weak demand environment. In Portfolio Businesses adjusted operating profit (EBIT) weakened compared to the comparison period due to the decline in revenue. Profitability was supported by the expiry of low-margin outsourcing contracts and improved operating efficiency. In Sweden adjusted operating profit (EBIT) improved slightly compared to the comparison period. Cost savings achieved through the profit improvement programme offset the negative impact of the decline in revenue. Material expenses and service purchasing decreased by 10.2 percent year-on-year and amounted to EUR -123.8 (-137.9) million. Employee benefit expenses decreased by 8.9 percent year-on-year and amounted to EUR -98.0 (-107.6) million. Personnel costs decreased due to the actions of the profit improvement programmes, lower sick leaves and terminated outsourcing contracts. Personnel costs, on the other hand, increased due to new recruitments, as well as salary increases. Other operating expenses increased by 7.6 percent to EUR -35.2 (-32.7) million. The Group's adjusted EBITDA decreased by 19.4 percent year-on-year to EUR 57.8 (71.7) million. Adjusted earnings before interest, taxes, amortisation, and impairment losses (EBITA) amounted to 39.3 (53.7) million. Earnings before interest, taxes, amortisation, and impairment losses (EBITA) amounted to EUR 33.4 (52.3) million. Adjusted EBIT amounted to EUR 33.7 (47.8) million. Operating profit (EBIT) came to EUR 26.6 (46.4) million. Net financing costs decreased to EUR -4.6 (-5.0) million mainly due to lower interest rates. The result before tax was EUR 21.8 (41.4) million. Income taxes were EUR -4.6 (-8.0) million. The result for the first quarter amounted to EUR 17.2 (33.4) million, and earnings per share were EUR 0.14 (0.26). Cash flow from operating activities in the first quarter decreased to EUR -2.5 (27.3) million. The decline was driven by weaker earnings and supplementary corporate income tax payments relating to the 2025 financial year. Cash flow from investing activities amounted to EUR -10.6 (-10.5) million. Cash flow from investing activities was impacted by investments in intangible assets and net investments related to acquisitions, the cash flow impact of which reflects the divestment of the child welfare business completed during the first quarter. Cash flow from financing activities amounted to EUR 9.6 (-14.4) million. The difference compared to the comparison period mainly resulted from short-term financing needs during the reporting period. Profit improvement & development programmes and items affecting comparability The occupational healthcare development programme, launched in 2025, focuses on renewing service models, improving pricing transparency and utilising digital tools to optimise production. The objective is to strengthen competitiveness and customer value over the long term. In the Portfolio Businesses, a profitability improvement programme is under way. It focuses on improving operational efficiency and strengthening capabilities to respond to a rapidly changing market. In addition, the aim is to accelerate growth in consumer businesses - in particular dental care and massage services - and to clarify the service offering for the public sector. In 2025, Terveystalo had several ongoing profitability improvement programmes as well as a development programme, all aiming to strengthen operational efficiency and the company's competitiveness, and to support profitable growth in a changing market environment. The profitability improvement programme launched in late 2023 in Sweden was completed at the end of 2025. The programme achieved its objectives and resulted in significant structural improvements in profitability. Costs related to the profit improvement and development programmes in the first quarter amounted to approximately EUR 3.9 (2.2) million. The costs mainly consisted of items related to restructuring and advisory fees, the latter of which are linked to the outcomes achieved through the programmes. The programme costs are treated as adjustments affecting comparability. In 2025, the total costs amounted to EUR 12.1 million. In 2026, the costs related to the programmes are estimated to amount to approximately EUR 8 million in total. Other items affecting comparability in the first quarter included, among other things, impairment losses on leasehold improvement expenditures of EUR 1.1 million and items related to the divestment of the child welfare business of EUR 1.1 million. Financial position Terveystalo's liquidity position is strong. Cash and cash equivalents at the end of the reporting period amounted to EUR 71.6 (67.7) million. The total assets of the Group amounted to EUR 1,444.8 (1,415.2) million. Equity attributable to owners of the parent company totalled EUR 518.5 (584.3) million. Gearing (including lease liabilities) was 103.1 (85.1) percent and net debt amounted to EUR 534.7 (497.3) million. Net debt, excluding IFRS 16 (lease liabilities) amounted to EUR 333.7 (310.6) million. The average maturity of Terveystalo's financial loans was 1.9 (2.8) years at the end of the reporting period, and in the first quarter of 2026, the average interest rate for loans from financial institutions was 3.2 (3.8) percent. During the reporting period, the company fulfilled the covenant requirement included in its financing agreements reflecting relative indebtedness. At the end of the reporting period, the unused part of credit based on financing agreements and bank accounts with a credit facility amounted to EUR 93.0 (93.0) million. Return on equity (LTM) for the reporting period was 13.9 (14.4) percent. The equity ratio was 36.0 (41.5) percent. The Annual General Meeting resolved during the first quarter to distribute a total dividend of EUR 0.64 per share based on the balance sheet adopted for the financial year ended 31 December 2025, corresponding to approximately EUR 81.2 million based on the number of shares in the parent company. The dividend will be paid in two instalments during 2026, in April and October. At the end of the reporting period, the dividend liability is presented under current liabilities in the balance sheet. Seasonal variation and the impact of the number of business days Terveystalo's revenue from corporate and private customers has typically been lower during the vacation seasons, particularly in the summer months. The number of business days influences the revenue and earnings development, particularly when comparing quarterly performance. There was 62 (62) working days in January-March 2026. In 2025, there were 251 working days. In 2026 there are 252 working days. Because of the seasonal nature of business, the required net working capital varies during the year. Variation is caused by the timing of pension and VAT payments, vacation pay obligations, and service fees related to occupational healthcare, etc. Number of working days by quarter 2024 2025 2026 Q1 63 62 62 Q2 61 60 60 Q3 66 66 66 Q4 62 63 64 Full year 252 251 252 Investments and acquisitions Total investments in January-March 2026 amounted to EUR 29.8 (18.1) million including investments in right-of-use assets and M&A. The Group's investments, excluding M&A, amounted to EUR 28.1 (17.6) million, of which EUR 14.3 (7.4) million consist of right-of-use assets. The investments in right-of-use assets were mainly related to premises. Other investments consisted mainly of investments in the digital application and service development, IT system projects, medical equipment, and network. Compared to the comparison period, the relative shares of investments in right-of-use assets and in intangible assets increased, while the relative share of investments in tangible assets decrease. No acquisitions were completed during the reporting period, but the total investments for the period include a cash flow impact of EUR 1.6 million related to previously completed acquisitions. In addition, the divestment of Sauma Lastensuojelupalvelut Oy was completed during the reporting period. On 23 December 2025, Terveystalo signed an agreement to acquire Hohde Group, consisting of Hammas Hohde Oy dental clinics and Loisto Laboratoriot Oy dental laboratories (the "Arrangement"). If completed, the arrangement would strengthen the Terveystalo Group's oral health services for different customer groups. The arrangement is expected to be completed in 2026, subject to the approval of the Finnish Competition and Consumer Authority. The Enterprise value (EV) of the target, according to the agreed purchase price, is approximately EUR 88 million. Personnel The number of Terveystalo's employed staff on 31 March 2026 in Finland was 7,123 (8,111), in Sweden 672 (683), and in total 7,795 (8,794). In FTEs, the average number of personnel in Finland was 4,460 (4,976), in Sweden 587 (626) and in total 5,048 (5,602). The number of non-employees in Finland was 5,960 (6,002), in Sweden 50 (53) and in total 6,010 (6,055). The decrease in the number of employees in Finland was affected by the measures of the profit improvement programme and the termination of outsourcing contracts. In Sweden the number of employed staff was reduced due to ended customer contracts as part of the profit improvement programme. Personnel 1-3/2026 1-3/2025 Muutos, % 2025 Average personnel, (FTEs)1) Finland 4,460 4,976 -10.4 4,905 Sweden 587 626 -6.2 620 Total 5,048 5,602 -9.9 5,526 Employed staff (at the end of period)2) Finland 7,123 8,111 -12.2 7,691 Sweden 672 683 -1.6 655 Total 7,795 8,794 -11.4 8,356 Non-employees (at the end of period)2) Finland 5,960 6,002 -0.7 5,967 Sweden 50 53 -5.7 50 Total 6,010 6,055 -0.7 6,017 Financial years 2026 and 2025 do not include Medimar Scandinavia Ab, Cityläkarna Mariehamn Ab,Turun Silmälaser Oy and Silmäsairaala Pilke Oy. Recuror Oy and Veikkolan hammaslääkäriasema Oy are included since the merger to Suomen Terveystalo Oy in financial year 2025. Financial year 2025 does not include Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired 31.12.2025. Reporting segments Terveystalo Group comprises of three reporting segments: Healthcare Services, Portfolio Businesses, and Sweden. Healthcare Services Healthcare Services - the business segment offers customers in Finland integrated care paths, ranging from preventive occupational health services to primary care, and various fields of specialised care, diagnostics, and day surgery. In Healthcare Services, the goal is to be the best provider of integrated care and to grow profitably. In the first quarter, revenue declined year-on-year, due to a decrease in occupational health visits and a lower number of connected occupational health customers, as well as lower service sales to the public sector. The decrease in visit volumes was influenced by lower prevalence of upper respiratory infections compared to the comparison period, as well as a reduction in the scope of agreements with client companies. The number of working days was unchanged year-on-year. Adjusted operating profit (EBIT) decreased compared to the comparison period due to the decline in revenue. Operating efficiency remained at a good level, and during the quarter the cost structure was adjusted to the weak demand environment. Key figures 1-3/2026 1-3/2025 Change, % 2025 Revenue, MEUR 253.6 280.6 -9.6 1,031.0 EBITA, MEUR 36.4 50.5 -27.9 162.1 EBITA, % of revenue 14.4 % 18.0 % -3.6%-p. 15.7 % Adjusted EBITA, MEUR 38.8 50.5 -23.2 166.7 Adjusted EBITA, % of revenue 15.3 % 18.0 % -2.7%-p. 16.2 % EBIT, MEUR 32.3 47.3 -31.7 150.0 EBIT, % of revenue 12.7 % 16.9 % -4.2%-p. 14.6 % Adjusted EBIT, MEUR 35.8 47.3 -24.3 154.6 Adjusted EBIT, % of revenue 14.1 % 16.9 % -2.8%-p. 15.0 % The revenue from Healthcare Services in the first quarter decreased by 9.6 percent and was EUR 253.6 (280.6) million. Revenue decreased in all customer segments. The number of working days was unchanged year-on-year. The revenue from occupational health customers decreased by 14.3 percent to EUR 140.2 (163.7) million. Revenue declined due to a decrease in occupational health visits and a lower number of connected occupational health customers. The decrease in visit volumes was influenced by lower prevalence of upper respiratory infections compared to the comparison period, as well as a reduction in the scope of agreements with client companies. Revenue from consumers (out-of-pocket) decreased by 2.4 percent to EUR 57.7 (59.1) million. Revenue from insurance customers decreased by 2.9 percent to EUR 48.1 (49.6) million, which were also impacted by a lower prevalence of upper respiratory infections. The revenue from service sales decreased by 8.0 percent to EUR 7.6 (8.2) million. The revenue from appointment services decreased by 8.2 percent to EUR 168.5 (183.7) million. The number of physical appointments decreased by 8.2 percent and the number of remote appointments decreased by 10.8 percent from the comparison period. Revenue from diagnostics services (laboratory and imaging) decreased by 14.1 percent and was 60.7 (70.6) million euros. The number of diagnostics visits decreased by 14.3 percent due to lower number of doctor appointments leading to less referrals to diagnostics. The decline in the number of appointments was driven by a lower prevalence of upper respiratory infections than in the comparison period. The revenue from other services decreased by 7.1 percent and was 24.4 (26.3). Healthcare Services, revenue by customer groups, and services Healthcare services, revenue MEUR 1-3/2026 1-3/2025 Change, % 2025 By customer Occupational health customers 140.2 163.7 -14.3 588.5 Consumer customers 57.7 59.1 -2.4 223.7 Insurance customers 48.1 49.6 -2.9 187.6 Service sales 7.6 8.2 -8.0 31.3 Total 253.6 280.6 -9.6 1,031.0 By service Appointments 168.5 183.7 -8.2 680.8 Diagnostics 60.7 70.6 -14.1 250.7 Other 24.4 26.3 -7.1 99.5 Total 253.6 280.6 -9.6 1,031.0 Occupational health customers include corporate customers and public sector customers purchasing occupational health services. The company provides statuto ry occupational health services and other occupational health and wellbeing services to corporate customers of all sizes as well as public sector customers. Consumer customers include individuals and families who pay for their services themselves and may later seek compensation from their insurance c ompany. Insurance customers include services provided to occupational health customers and consumer customers, which are paid by the insurance company th rough statutory or voluntary insurance. Service sales mainly include services provided to public sector customers, such as specialised medical care services and other healthcare services produced in the service network. Outsourcing and staffing services are a part of Portfolio Businesses. Healthcare Services, number of visits Visits 1-3/2026 1-3/2025 Change, % 2025 Appointments 1,376,889 1,510,550 -8.8 5,732,624 Physical appointments 1,085,574 1,183,905 -8.3 4,545,906 Remote appointments 291,315 326,645 -10.8 1,186,718 Diagnostics 297,336 346,827 -14.3 1,229,287 Other 18,491 15,926 16.1 59,582 Total 1,692,716 1,873,303 -9.6 7,021,493 In the Healthcare Services in the first quarter , adjusted operating profit (EBIT) decreased by 24.3 percent and amounted to EUR 35.8 (47.3) million, representing 14.1 (16.9) percent of revenue. Operating profit (EBIT) decreased due to the decline in revenue. Operating efficiency remained at a good level, and during the quarter the cost structure was adjusted to the weak demand environment. Portfolio Businesses The Portfolio Businesses segment consists of business areas that aim for independent value creation utilising Terveystalo's capabilities according to their needs. The Portfolio Businesses segment includes publicly funded services, such as outsourcing and staffing services, as well as consumer services, including dental care and massage. In the first quarter, revenue decreased year-on-year due to the planned reduction in the outsourcing portfolio, as well as weaker demand and proactive customer selection in staffing services. The divestment of the child welfare business contributed to the year-on-year decline in revenue. Revenue from dental care services remained almost at the level of the comparison period. Adjusted operating profit (EBIT) weakened compared to the comparison period due to the decline in revenue. Profitability was supported by the expiry of low-margin outsourcing contracts and improved operating efficiency. Key figures 1-3/2026 1-3/2025 Change, % 2025 Revenue, MEUR 39.3 50.6 -22.4 192.5 EBITA, MEUR 0.9 3.0 -69.5 13.2 EBITA, % of revenue 2.3 % 5.9 % -3.6%-p. 6.9 % Adjusted EBITA, MEUR 1.1 3.1 -65.6 13.7 Adjusted EBITA, % of revenue 2.7 % 6.1 % -3.4%-p. 7.1 % EBIT, MEUR 0.5 2.7 -82.4 12.1 EBIT, % of revenue 1.2 % 5.3 % -4.1%-p. 6.3 % Adjusted EBIT, MEUR 0.6 2.8 -77.7 12.6 Adjusted EBIT, % of revenue 1.6 % 5.5 % -3.9%-p. 6.5 % In the Portfolio Businesses in the first quarter, revenue decreased by 22.4 percent and amounted to EUR 39.3 (50.6) million. Revenue from outsourcing services decreased by 52.5 percent due to the planned reduction of the outsourcing portfolio and amounted to EUR 6.7 (14.1) million. Revenue from staffing services decreased by 11.6 percent mainly due to weaker demand and proactive customer selection and amounted to EUR 12.8 (14.5) million. Revenue from dental care services remained almost at the level of the comparison period and amounted to EUR 13.6 (13.8) million. Revenue from other services decreased by 25.0 percent and amounted to EUR 6.2 (8.3) million. The divestment of the child welfare business contributed to the year-on-year decline in revenue. Portfolio businesses, revenue MEUR 1-3/2026 1-3/2025 Change, % 2025 Outsourcing services 6.7 14.1 -52.5 54.8 Staffing services 12.8 14.5 -11.6 53.1 Dental care 13.6 13.8 -1.1 52.4 Other 6.2 8.3 -25.0 32.2 Total 39.3 50.6 -22.4 192.5 In the Portfolio Businesses in the first quarter , adjusted operating profit (EBIT) decreased to EUR 0.6 (2.8) million, representing 1.6 (5.5) percent of revenue. Profitability weakened compared to the comparison period due to the decline in revenue. Profitability was supported by the expiry of low-margin outsourcing contracts and improved operating efficiency. Sweden The Sweden segment consists of Feelgood subsidiaries' operations in Sweden, which are focused on occupational health and consultation for organizational management and harmful use. In 2026, the focus will be on strengthening our market position, which can also be supported through acquisitions. In the first quarter, revenue decreased year-on-year due to expired contracts and weak demand. Adjusted operating profit (EBIT) improved slightly compared to the comparison period. Cost savings achieved through the profit improvement programme offset the negative impact of the decline in revenue. Key figures 1-3/2026 1-3/2025 Change, % 2025 Revenue, MEUR 20.0 20.6 -2.8 75.6 EBITA, MEUR 0.2 -1.2 114.4 -6.9 EBITA, % of revenue 0.9 % -6.0 % 6.9%-p. -9.1 % Adjusted EBITA, MEUR 0.2 0.1 57.0 -1.3 Adjusted EBITA, % of revenue 0.9 % 0.6 % 0.3%-p. -1.7 % EBIT, MEUR -0.2 -1.6 85.4 -8.2 EBIT, % of revenue -1.1 % -7.7 % 6.6%-p. -10.9 % Adjusted EBIT, MEUR -0.2 -0.2 1.8 -2.6 Adjusted EBIT, % of revenue -1.1 % -1.1 % 0.0%-p. -3.5 % In the Sweden segment in the first quarter , revenue decreased by 2.8 percent and amounted to EUR 20.0 (20.6) million. Without the currency effect, the revenue decreased by 7.5 percent. Ended contracts, as well as low demand for organisational leadership consultation and the harmful use rehabilitation services, had a negative year-on-year impact on revenue. In the Sweden segment in the first quarter , adjusted operating profit (EBIT) amounted to EUR -0.2 (-0.2) million, representing -1.1 (-1.1) percent of revenue. Cost savings achieved through the profit improvement programme offset the negative impact of the decline in revenue. Shares and shareholders Terveystalo Plc has one share series (TTALO), which is listed on Nasdaq Helsinki Ltd. At the end of the first quarter of 2026, Terveystalo's market value was EUR 1,099 (1,458) million and the closing price was EUR 8.65 (11.48). During the first quarter of 2026, the highest price of Terveystalo's share was EUR 10.34 (12.16), the lowest price was EUR 8.65 (10.46), and the average price was EUR 9.56 (11.40). A total of 13.4 (22.2) million shares were traded. The turnover of shares traded was EUR 126.9 (249.7) million. At the end of the reporting period, the number of Terveystalo shares registered in the Trade Register was 127,036,531 (127,036,531). Each share entitles its holder to one vote at the Annual General Meeting. During the first quarter of 2026, the weighted average number of shares outstanding was 126,707,000 (126,622,000). Terveystalo and its subsidiaries hold 222 067 (381,388) own shares for reward purposes, corresponding to 0.2 (0.3) percent of all outstanding shares. The total number of shareholders was 48 149 (34,009) at the end of the reporting period. Notifications of major shareholdings The company did not receive any flagging notifications during the reporting period. The Board's authorisations The Board has been authorised to resolve the repurchase and/or on the acceptance as pledge of the company's own shares using the unrestricted equity of the company. The authorisation covers a maximum of 12,703,653 own shares in total, which corresponds to approximately 10 percent of all shares in the company. The Board has also been authorised to resolve the issuance of shares and special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act. The authorisation covers a maximum of 12,703,653 own shares in total, which corresponds to approximately 10 percent of all shares in the company. Authorisations were not used during the reporting period. Decisions of the Annual General Meeting 2026 and the organising meeting of Terveystalo's Board of Directors The Annual General Meeting of Terveystalo Plc was held on 24 March 2026 in Helsinki, Finland. The Annual General Meeting adopted the financial statements for the financial year 2025 and discharged the members of the Board of Directors and the CEO from liability. The Annual General Meeting approved the remuneration report for governing bodies. The Annual General Meeting decided, in accordance with the proposal of the Board of Directors, that a dividend of EUR 0.64 per share will be paid based on the balance sheet adopted for the financial year ended 31 December 2025 (which corresponds to a total of approximately EUR 81.2 million with the current number of shares in the Company). The dividend will be paid in two instalments as follows: The first dividend instalment of EUR 0.32 per share will be paid to shareholders who are entered in the shareholders' register of the Company maintained by Euroclear Finland Oy on the record date of the first dividend instalment 26 March 2026. The first dividend instalment will be paid on 8 April 2026. The second dividend instalment of EUR 0.32 per share will be paid to shareholders who are entered in the shareholders' register of the Company maintained by Euroclear Finland Oy on the record date of the second dividend instalment 8 October 2026. The second dividend instalment will be paid on 15 October 2026. The Annual General Meeting authorised the Board of Directors to resolve, if necessary, on a new record date and date of payment for the second dividend instalment should the rules of Euroclear Finland Oy or statutes applicable to the Finnish book-entry system change or otherwise so require. The number of members of the Board of Directors was confirmed to be six (6). Kari Kauniskangas, Sofia Hasselberg, Ari Lehtoranta and Teija Sarajärvi were re-elected as members of the Board of Directors and Nathalie Ahlström and Petri Castrén were elected as new members of the Board of Directors for a term that ends at the end of the Annual General Meeting 2027. The Annual General Meeting decided, in accordance with the proposal of the Board of Directors, to amend the Company's Articles of Association. The purpose of the amendments concerning the term of office of the auditor is to enable the election of the auditor more flexibly than currently, also for a term of office commencing later. In other respects, the purpose is to update the Articles of Association to better reflect the currently applicable regulations and to define the term of office of the sustainability reporting assurance provider correspondingly with the auditor. KPMG Oy Ab was re-elected as the company's auditor and the sustainability reporting assurance provider for the term of office 2026. KPMG Oy Ab has announced that Henrik Holmbom, APA and Authorised Sustainability Auditor (ASA), will be acting as the principally responsible auditor, as well as the principally responsible sustainability reporting assurance provider. As proposed by the Board of Directors, the Annual General Meeting elected KPMG Oy Ab as the company's auditor and the sustainability reporting assurance provider for the term of office commencing at the end of the Annual General Meeting 2027 and ending at the end of the Annual General Meeting 2028. KPMG Oy Ab has announced that Heli Tuuri, APA and Authorised Sustainability Auditor (ASA), will be acting as the principally responsible auditor, as well as the principally responsible sustainability reporting assurance provider. As proposed by the Board of Directors, the Annual General Meeting resolved to authorise the Board of Directors to resolve on the repurchase and/or on the acceptance as pledge of the company's own shares using the unrestricted equity of the company. The authorisation covers a maximum of 12,703,653 shares, which corresponds to approximately 10 percent of all shares in the company. In addition, as proposed by the Board of Directors, the Annual General Meeting resolved to authorise the Board of Directors to decide on the issuance of shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Companies Act. The authorisation covers a maximum of 12,703,653 shares, which corresponds to approximately 10 percent of all shares in the company. These authorisations are effective until the end of the next Annual General Meeting, however no longer than until 30 June 2027. As proposed by the Board of Directors, the Annual General Meeting resolved to authorise the Board of Directors to decide on donations in a total maximum of EUR 150,000 for charitable or corresponding purposes. In addition, the Annual General Meeting resolved to authorise the Board of Directors to decide on the donation recipients, purposes of use, and other terms of the donations. The authorisation will remain effective until the end of the next Annual General Meeting 2027, however no longer than for a period of 18 months from the date of the resolution of the Annual General Meeting. The new Board elected Kari Kauniskangas as Chairman of the Board and Ari Lehtoranta as Vice Chairman of the Board. Petri Castrén was elected Chairman of the Audit Committee and Sofia Hasselberg and Ari Lehtoranta were elected members. Kari Kauniskangas was elected Chairman of the Remuneration Committee and Teija Sarajärvi and Nathalie Ahlström were elected members. Changes in the management team Hilppa Rautpalo, Master of Laws (trained at the bench), born in 1974, has been appointed Senior Vice President of Human Resources and a member of the Group's Management Team. She will start in the position on 1 May 2026. Hilppa Rautpalo will report to President and CEO Ville Iho. Two Senior Vice Presidents of the Healthcare Services business area have been appointed to Terveystalo's Executive Team, effective 1 April 2026. The Healthcare Services business area is headed by President and CEO Ville Iho. Niki Kotilainen, Senior Vice President of Operations, Healthcare Services, b. 1985, M.Sc. (Tech.). Kotilainen has held several leadership roles at Terveystalo since 2015. Tiina Tissari , Senior Vice President, Consumer, Insurance and Top specialities, b. 1973, M.Sc. (Tech.), Ph.D. Tissari has been in her position since 2024 and is also responsible for the Group's brand, marketing, digital sales, and customer experience. Both will report to CEO Ville Iho. Events after the end of the reporting period There were no material events after the reporting period. The most significant short-term risks and uncertainty factors Terveystalo's risk management is governed by the risk management policy approved by the Board. The policy defines goals, principles, organizations, responsibilities, and practices for risk management. The management of financial risks complies with the Group's financing policy approved by Terveystalo's Board. The risks and uncertainty factors described below are considered to potentially have a significant impact on the company's business operations, financial results, and outlook within the next 12 months. The list is not intended to be exhaustive. The order in which the risks are presented does not describe the magnitude of the impact of the risks' realization or the probability of their occurrence. The company's business operations rely on its capacity to identify, recruit, and retain competent and professional healthcare professionals, employees, and executives. The increased supply of services and increased competition may affect the availability of healthcare professionals, particularly in major cities. Turnover in key employees involves the risk of losing knowledge and expertise. Weak general economic performance and high inflation in Finland and their effects on the financial circumstances of private individuals, employers, and public entities may adversely affect Terveystalo's business and results of operations by decreasing the demand for Terveystalo's services, as well as may adversely affect the availability of financing. The company's business is very dependent on functioning information systems, data communication, and external service providers. Interruptions can result from hardware failure, software failure, or cyber threats. Long-lasting malfunction of information systems or payment transfers can lead to significant loss of sales and a decline in customer satisfaction. The company may not be able to find suitable acquisition targets or expansion opportunities under favourable terms, and the integration of acquisition targets is not necessarily realized as planned. Terveystalo's expansion to new geographical locations involves several risks, and failure to identify expansion opportunities, recruit new employees, and achieve estimated benefits may adversely affect Terveystalo's business and the results of operations. The development and implementation of information system projects and services, service products, and operating models involve risks. The company develops new digital customer solutions, which increases the overall risk related to information systems. A failure in the development of digital systems may expose Terveystalo to potential technical faults and disturbances. Endangered information security or privacy can lead to losses, claims for damages, and endanger reputation. Pandemics or epidemics and related restrictive measures may adversely affect the business operations of Terveystalo through, among other things, demand for certain healthcare services and challenges in the supply chain. Changes in the competitive landscape, new competitors entering the markets, and increasing price competition may have a negative impact on the company's profitability and growth potential. Terveystalo is exposed to changes in demand for occupational healthcare services due to demographic trends, aging and shrinking working-age population. The Social Welfare and Healthcare Reform in Finland and its legal interpretations may have impacts on Terveystalo's business and results of operations. Changes in compensation systems for healthcare services may adversely affect Terveystalo's business, financial position, and results of operations. Failures or deficiencies in the operational risk management, medical quality, and internal control processes may result in failure of quality control, including medical quality, or otherwise adversely affect Terveystalo's profitability and reputation. Terveystalo's operations could be subject to labour disruptions or disputes. Ongoing profit improvement programs may fall short of their targets and / or the improvements may not be sustainable. The company is a party to a nd may become a party to, legal action or administrative procedures initiated by the authorities, patients, or third parties. According to the company's opinion, its currently pending legal obligations and court cases are not significant in nature. Risk management at Terveystalo and risks related to the company's business are described in more detail on the company's website and in the company's Annual Report 2025. Financial reporting in 2026 In 2026, Terveystalo will publish financial information as follows: Half-yearly Report, 1 January - 30 June, 2026 17 July 2026 Interim Report, 1 January - 30 September, 2026 23 October 2026 The financial reports will be published at approximately 9:00 a.m. EET. Financial reports are published in Finnish and English. Terveystalo observes a silent period of 30 days prior to the publication of financial information. Result briefing Terveystalo will arrange a result webcast and conference call in English on 24 April 2026, starting at 10:30 EEST. You can watch the webcast online at: https://terveystalo.events.inderes.com/q1-2026 Conference call: https://events.inderes.com/terveystalo/q1-2026/dial-in You can access the teleconference by registering through the link above. After the registration you will be provided phone numbers and a conference ID to access the conference. Helsinki, 23 April 2026 Terveystalo Plc Board of Directors For further information, please contact: CFO Juuso Pajunen Tel. +358 40 584 9722 Kati Kaksonen, Vice President, Investor Relations & Sustainability Tel. +358 10 345 2034 [email protected] Distribution: Nasdaq Helsinki Oy Main media https://www.terveystalo.com Consolidated statement of comprehensive income MEUR Note 1-3/2026 1-3/2025 Change, % 2025 Revenue 4 308.2 346.9 -11.2 1,278.9 Other operating income 0.7 1.4 -50.1 4.0 Materials and services 5 -123.8 -137.9 -10.2 -509.8 Employee benefit expenses 6 -98.0 -107.6 -8.9 -403.5 Depreciation, amortisation and impairment losses 11, 12 -25.3 -23.8 6.0 -100.0 Other operating expenses 7 -35.2 -32.7 7.6 -132.1 Operating result 26.6 46.4 -42.6 137.5 Financial income 0.4 0.5 -23.7 1.8 Financial expenses -5.0 -5.5 -8.2 -23.0 Net finance income and expenses 8 -4.6 -5.0 -6.6 -21.2 Share of result in joint ventures -0.2 - - -0.2 Result before taxes 21.8 41.4 -47.3 116.2 Income tax expense 9 -4.6 -8.0 -42.0 -23.5 Net income 17.2 33.4 -48.6 92.6 Net income attributable to: Owners of the parent company 17.2 33.4 -48.6 92.6 Other comprehensive income Items that may be reclassified to profit or loss -0.6 2.9 -121.3 3.0 Items that will not be reclassified to profit or loss - - - 0.0 Other comprehensive income for the period, net of tax -0.6 2.9 -121.3 3.0 Total comprehensive income 16.6 36.3 -54.3 95.6 Total comprehensive income attributable to: Owners of the parent company 16.6 36.3 -54.3 95.6 Earnings per share for profit attributable to the shareholders of the parent company, in euro Basic earnings per share 0.14 0.26 -48.6 0.73 Diluted earnings per share 0.14 0.26 -48.6 0.73 The notes are an integral part of the consolidated interim financial statements. Consolidated statement of financial position MEUR Note 31 Mar 2026 31 Mar 2025 31 Dec 2025 ASSETS Non-current assets Property, plant and equipment 11 98.3 89.3 96.0 Right-of-use assets 13 190.0 177.5 189.5 Goodwill 12 838.0 832.3 838.8 Intangible assets 12 81.3 80.0 80.3 Investments in associates and joint ventures 7.1 0.0 7.2 Deferred tax assets 8.8 7.6 9.3 Other non-current assets 2.2 1.2 2.2 Total non-current assets 1,225.8 1,188.0 1,223.4 Current assets Inventories 8.2 7.3 7.6 Trade and other receivables 137.5 151.3 124.2 Current tax receivables 1.6 0.9 0.7 Cash and cash equivalents 71.6 67.7 75.2 Total current assets 219.0 227.2 207.7 Assets held for sale 16 - - 10.0 TOTAL ASSETS 1,444.8 1,415.2 1,441.1 EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital 0.1 0.1 0.1 Invested non-restricted equity reserve 492.8 492.8 492.8 Treasury shares -2.1 -14.8 -14.8 Translation differences -4.9 -4.3 -4.3 Retained earnings 32.6 110.5 110.4 Equity attributable to equity holders of the Company total 518.5 584.3 584.2 TOTAL EQUITY 518.5 584.3 584.2 Non-current liabilities Non-current financial liabilities 14 326.9 348.6 332.3 Non-current lease liabilities 13 154.8 138.5 154.3 Deferred tax liabilities 17.3 18.3 17.6 Other liabilities 17.4 14.8 20.4 Provisions 1.6 3.1 1.6 Total non-current liabilities 517.9 523.2 526.2 Current liabilities Current financial liabilities 14 78.5 29.7 48.8 Current lease liabilities 13 46.2 48.3 45.4 Current tax liabilities 0.0 6.3 16.5 Dividend liabilities 81.2 - - Trade and other payables 200.1 220.8 212.4 Provisions 2.4 2.6 3.1 Total current liabilities 408.4 307.7 326.2 0 16 - - 4.6 TOTAL LIABILITIES 926.3 830.9 856.9 TOTAL EQUITY AND LIABILITIES 1,444.8 1,415.2 1,441.1 The notes are an integral part of the consolidated interim financial statements. Consolidated statement of changes in equity Equity attributable to owners of the parent company Invested non-restricted equity Treasury Retained Translation MEUR Share capital reserve shares earnings differences Total equity Equity 1 Jan 2026 0.1 492.8 -14.8 110.4 -4.3 584.2 Comprehensive income Profit for the period - - - 17.2 - 17.2 Other comprehensive income - - - - -0.6 -0.6 Transactions with owners Dividend - - - -81.2 - -81.2 Share-based payments - - 1.4 -2.5 - -1.1 Other Other Corrections* - - 11.3 -11.3 - - Equity 31 Mar 2026 0.1 492.8 -2.1 32.6 -4.9 518.5 * Correction to previous financial years figures. Equity attributable to owners of the parent company Invested non-restricted equity Treasury Retained Translation MEUR Share capital reserve shares earnings differences Total equity Equity 1 Jan 2025 0.1 492.8 -15.2 77.9 -7.3 548.2 Comprehensive income Profit for the period - - - 33.4 - 33.4 Other comprehensive income - - - -0.0 2.9 2.9 Transactions with owners Share-based payments - - 0.5 -0.7 - -0.3 Equity 31 Mar 2025 0.1 492.8 -14.8 110.5 -4.3 584.3 Equity attributable to owners of the parent company Invested non-restricted equity Treasury Retained Translation MEUR Share capital reserve shares earnings differences Total equity Equity 1 Jan 2025 0.1 492.8 -15.2 77.9 -7.3 548.2 Comprehensive income Profit for the period - - - 92.6 - 92.6 Other comprehensive income - - - 0.0 3.0 3.0 Transactions with owners Dividend - - - -60.8 - -60.8 Share-based payments - - 0.5 0.7 - 1.1 Equity 31 Dec 2025 0.1 492.8 -14.8 110.4 -4.3 584.2 Consolidated statement of cash flows MEUR 1-3/2026 1-3/2025 2025 Cash flows from operating activities Profit before taxes 21.8 41.4 116.2 Adjustments for Non-cash transactions Depreciation, amortisation and impairment losses 25.3 23.8 100.0 Change in provisions -0.9 -0.5 -1.3 Other transactions -1.1 -0.4 0.7 Gains and losses on sale of property, plant and equipment -0.1 -0.0 -0.2 Net finance expenses 4.6 5.0 21.2 Changes in working capital Trade and other receivables -13.3 -15.7 8.4 Inventories -0.1 -0.2 -0.4 Trade and other payables -17.0 -14.2 -17.7 Interest received 0.1 0.1 0.5 Income taxes paid -21.9 -12.0 -20.4 Net cash from operating activities -2.5 27.3 207.0 Cash flows from investing activities Acquisition of property, plant and equipment -7.1 -6.9 -30.8 Acquisition of intangible assets -6.8 -3.3 -20.8 Proceeds from sale of property, plant and equipment 0.2 0.1 0.6 Acquisition of subsidiaries, net of cash acquired -1.6 -0.6 -10.7 Proceeds from the disposal of subsidiaries, net of cash disposed of 4.7 0.1 0.1 Investments to joint ventures - - -7.0 Investments to shares and equity interest - - -1.0 Acquisition of business operation, net of cash acquired -0.0 -0.0 -0.0 Dividends received - 0.0 0.0 Net cash from investing activities -10.6 -10.5 -69.6 Cash flows from financing activities Proceeds from current borrowings 29.6 0.0 18.1 Repayment of current borrowings -5.6 - -15.6 Payment of lease liabilities -12.1 -12.1 -48.8 Payment of hire purchase liabilities - -0.0 -0.0 Interests and other financial expenses paid -2.7 -2.7 -21.1 Interests and other financial income received 0.3 0.4 1.3 Dividends paid - - -60.8 Net cash from financing activities 9.6 -14.4 -126.8 Net change in cash and cash equivalents -3.6 2.4 10.5 Cash and cash equivalents at the beginning of the period 75.2 65.2 65.2 Translation differences 0.0 0.1 0.1 Transfer to assets held for sale - - -0.5 Cash and cash equivalents at the end of the period 71.6 67.7 75.2 The notes are an integral part of the consolidated interim financial statements. Notes to the interim financial statements Basis of accounting principles The figures in these interim financial statements are unaudited, and have been prepared in accordance with IAS 34 Interim Financial Reporting -standard, and should be read in conjunction with the Group's latest annual consolidated financial statements as at and for the year ended 31 December 2025. The accounting principles adopted are consistent with those of the annual financial statements for 2025. All presented figures have been rounded. Financial ratios have been calculated using exact figures. Use of judgments and estimates In preparing these interim financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for 2025. Events after the reporting period There were no material events after the reporting period. Revenue and segment information Terveystalo Group comprises of three operating segments that are reportable segments: Healthcare Services, Portfolio Businesses, and Sweden. Monitoring of profitability is primarily based on operating segments. In addition, Terveystalo provides disclosure on revenue for Healthcare Services on customer and service level and for Portfolio Businesses on service level. Terveystalo offers services to four customer groups: occupational health customers, private customers, insurance customers and service sales. The Group does not have customers whose revenue exceeds 10 percent of the Group's total revenue. Healthcare Services offers customers in Finland integrated care paths from preventive occupational health services to primary care services and to different fields of specialized care, diagnostic, and day surgery. In Healthcare Services, Terveystalo aims for industry-leading profitability and the best care outcomes. The Portfolio Businesses segment consists of business areas that aim for independent value creation utilising Terveystalo's capabilities according to their needs. Portfolio Businesses include public sector outsourcing, staffing services, and dental care, as well as other businesses such as public sector digital services, rehabilitation, child welfare, and massage services, as well as interpretation services. The Sweden segment consists of Feelgood subsidiaries' operations in Sweden, which are focused on occupational health and consultation for organizational management and harmful use. In Sweden, Terveystalo aims for profitable growth in the medium and long term. In addition to operating segments, Terveystalo provides information for Other section. Other reported figures mainly consist of parent company expenses, unallocated Group level adjustments and provisions. Other section's revenue includes eliminations between reporting segments. Disaggregation of revenue MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 253.6 280.6 -9.6 1,031.0 Portfolio business 39.3 50.6 -22.4 192.5 Sweden 20.0 20.6 -2.8 75.6 Segments total 312.9 351.7 -11.0 1,299.1 Other -4.7 -4.8 1.8 -20.3 Total 308.2 346.9 -11.2 1,278.9 Healthcare services, revenue MEUR 1-3/2026 1-3/2025 Change, % 2025 By customer Occupational health customers 140.2 163.7 -14.3 588.5 Consumer customers 57.7 59.1 -2.4 223.7 Insurance customers 48.1 49.6 -2.9 187.6 Service sales 7.6 8.2 -8.0 31.3 Total 253.6 280.6 -9.6 1,031.0 By service Appointments 168.5 183.7 -8.2 680.8 Diagnostics 60.7 70.6 -14.1 250.7 Other 24.4 26.3 -7.1 99.5 Total 253.6 280.6 -9.6 1,031.0 Portfolio businesses, revenue MEUR 1-3/2026 1-3/2025 Change, % 2025 Outsourcing services 6.7 14.1 -52.5 54.8 Staffing services 12.8 14.5 -11.6 53.1 Dental care 13.6 13.8 -1.1 52.4 Other 6.2 8.3 -25.0 32.2 Total 39.3 50.6 -22.4 192.5 Timing of satisfying performance obligations MEUR 1-3/2026 1-3/2025 Change, % 2025 At a point in time 301.3 332.4 -9.4 1,222.4 Over time 6.9 14.5 -52.5 56.4 Total 308.2 346.9 -11.2 1,278.9 Other segment information Adjusted EBITA MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 38.8 50.5 -23.2 166.7 Portfolio business 1.1 3.1 -65.6 13.7 Sweden 0.2 0.1 57.0 -1.3 Segments total 40.0 53.7 -25.4 179.1 Other -0.7 0.0 >-200.0 0.2 Total 39.3 53.7 -26.8 179.3 EBITA MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 36.4 50.5 -27.9 162.1 Portfolio business 0.9 3.0 -69.5 13.2 Sweden 0.2 -1.2 114.4 -6.9 Segments total 37.5 52.2 -28.2 168.4 Other -4.1 0.0 >-200.0 -3.8 Total 33.4 52.3 -36.0 164.6 Adjusted EBIT MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 35.8 47.3 -24.3 154.6 Portfolio business 0.6 2.8 -77.7 12.6 Sweden -0.2 -0.2 1.8 -2.6 Segments total 36.2 49.9 -27.4 164.6 Other -2.6 -2.1 -25.4 -8.3 Total 33.7 47.8 -29.6 156.3 EBIT MEUR 1-3/2026 1-3/2025 Change, % 2025 Healthcare services 32.3 47.3 -31.7 150.0 Portfolio business 0.5 2.7 -82.4 12.1 Sweden -0.2 -1.6 85.4 -8.2 Segments total 32.6 48.4 -32.8 153.9 Other -5.9 -2.1 -189.0 -16.4 Total 26.6 46.4 -42.6 137.5 Reconciliation of the total of the reportable segment's adjusted EBIT and adjusted EBITA to the Group's profit before taxes MEUR 1-3/2026 1-3/2025 2025 Profit before taxes 21.8 41.4 116.6 Share of profits of joint ventures 0.2 - 0.2 Net finance expenses 4.6 5.0 20.7 Adjustments* 7.0 1.5 18.8 Other 2.6 2.1 8.3 Segment's adjusted EBIT 36.2 49.9 164.6 Amortisation and impairment losses 6.8 5.9 27.1 Adjustments* -1.1 - -4.1 Other -1.9 -2.1 -8.5 Segment's adjusted EBITA 40.0 53.7 179.1 * Breakdown of adjustments in note 20. Materials and services MEUR 1-3/2026 1-3/2025 Change, % 2025 Purchase of materials -9.5 -10.5 -9.6 -38.2 Change in inventories 0.1 0.2 -36.3 0.4 External services -114.4 -127.5 -10.3 -472.0 Total -123.8 -137.9 -10.2 -509.8 Employee benefit expenses MEUR 1-3/2026 1-3/2025 Change, % 2025 Wages and salaries -79.6 -87.6 -9.1 -328.4 Share-based payments -0.5 -0.3 62.2 -1.7 Other personnel expenses -17.9 -19.7 -9.0 -73.4 Total -98.0 -107.6 -8.9 -403.5 Other operating expenses MEUR 1-3/2026 1-3/2025 Change, % 2025 Leases and premises -5.5 -5.4 2.5 -20.8 ICT expenses -11.7 -11.3 3.2 -45.0 Marketing and communication expenses -3.4 -3.6 -5.7 -13.9 Other operating expenses -14.5 -12.3 17.8 -52.4 Total -35.2 -32.7 7.6 -132.1 Financial income and expenses MEUR 1-3/2026 1-3/2025 Change, % 2025 Interest income and other financial income 0.4 0.5 -23.7 1.8 Total financial income 0.4 0.5 -23.7 1.8 Interest expense on loans from financial institutions and bonds -3.3 -3.7 -10.4 -14.1 Interest expenses on lease liabilities -1.8 -1.5 20.3 -6.5 Change in fair value of interest rate derivatives 0.3 -0.1 >-200.0 -1.0 Other financial expenses -0.2 -0.2 19.3 -1.3 Total financial expenses -5.0 -5.5 -8.2 -23.0 Net financial expenses -4.6 -5.0 -6.6 -21.2 Income taxes MEUR 1-3/2026 1-3/2025 Change, % 2025 Current tax for the reporting year -4.5 -8.9 -49.2 -27.3 Income taxes for prior periods -0.0 -0.0 -45.7 0.2 Change in deferred taxes -0.1 0.9 112.1 3.6 Total -4.6 -8.0 -42.0 -23.5 Share-based payments During the first quarter of 2025, long-term performance share plan 2021 vesting period 2023-2025 as well as restricted share plan vesting period 2023-2025 ended and in consequence, the shares earned were granted according to realization of the plan's conditional performance measures. In total 154 321 shares were granted. Rewards were conditional on the fulfilment of a three-year service condition and performance conditions tied to financial targets that were set separately. The plan is fully accounted for as an equity settled share-based payment. The plan's impact to the result for the period has been EUR 0.1 million. In addition to above mentioned incentive plan, Terveystalo has performance share plan 2021 vesting periods 2024-2026 and 2025-2027 as well as restricted share plan vesting periods 2024-2026 and 2025-2027 ongoing during the review period. Descriptions of these plans are included in financial statements 2025. Property, plant and equipment 1-3/2026 MEUR Land and water, buildings and constructions Machinery and equipment Improvement to premises Other tangible assets and advances paid Total Acquisition cost 1 Jan 2026 2.3 210.7 93.5 10.3 316.9 Business combination - 2.5 - - 2.5 Additions - 2.0 0.1 4.8 6.9 Disposals - -0.1 - - -0.1 Translation differences -0.0 -0.1 -0.0 -0.0 -0.1 Transfers between items - 0.5 7.0 -7.5 - Acquisition cost 31 Mar 2026 2.3 215.5 100.7 7.6 326.2 Accumulated depreciation and impairment losses 1 Jan 2026 -1.5 -162.8 -56.4 -0.1 -220.9 Depreciation -0.0 -4.0 -1.9 - -5.9 Impairment losses - - -1.1 - -1.1 Translation differences 0.0 0.0 0.0 - 0.0 Accumulated depreciation and impairment losses 31 -1.5 -166.7 -59.5 -0.1 -227.8 Mar 2026 Carrying amount 1 Jan 2026 0.8 47.8 37.2 10.2 96.0 Carrying amount 31 Mar 2026 0.8 48.7 41.3 7.5 98.3 1-3/2025 MEUR Land and water, buildings and constructions Machinery and equipment Improvement to premises Other tangible assets and advances paid Total Acquisition cost 1 Jan 2025 2.3 196.6 80.8 7.7 287.4 Additions - 3.0 0.3 3.6 6.9 Disposals - -0.0 - - -0.0 Translation differences 0.0 0.2 0.0 0.0 0.3 Transfers between items - 0.4 0.1 -0.5 - Acquisition cost 31 Mar 2025 2.3 200.3 81.2 10.7 294.5 Accumulated depreciation and impairment losses 1 Jan 2025 -1.5 -148.4 -49.7 -0.1 -199.7 Depreciation -0.0 -3.7 -1.7 - -5.3 Impairment losses - -0.0 -0.0 - -0.0 Translation differences -0.0 -0.1 -0.0 - -0.2 Accumulated depreciation and impairment losses 31 -1.5 -152.2 -51.4 -0.1 -205.2 Mar 2025 Carrying amount 1 Jan 2025 0.8 48.2 31.1 7.5 87.7 Carrying amount 31 Mar 2025 0.8 48.0 29.8 10.6 89.3 2025 MEUR Land and water, buildings and constructions Machinery and equipment Improvement to premises Other tangible assets and advances paid Total Acquisition cost 1 Jan 2025 2.3 196.6 80.8 7.7 287.4 Business combination - 0.0 0.0 - 0.0 Additions - 12.0 0.9 17.9 30.8 Disposals - -0.4 - - -0.4 Translation differences 0.0 0.2 0.0 0.0 0.3 Transfers between items - 2.9 12.3 -15.2 - Transfer to assets held for sale* - -0.6 -0.5 - -1.1 Acquisition cost 31 Dec 2025 2.3 210.7 93.5 10.3 316.9 Accumulated depreciation and impairment losses 1 Jan 2025 -1.5 -148.4 -49.7 -0.1 -199.7 Depreciation -0.0 -14.6 -6.8 - -21.5 Impairment losses - -0.0 -0.0 - -0.0 Translation differences -0.0 -0.2 -0.0 - -0.2 Transfer to assets held for sale* - 0.3 0.2 - 0.5 Accumulated depreciation and impairment losses 31 -1.5 -162.8 -56.4 -0.1 -220.9 Dec 2025 Carrying amount 1 Jan 2025 0.8 48.2 31.1 7.5 87.7 Carrying amount 31 Dec 2025 0.8 47.8 37.2 10.2 96.0 * Additional information regarding assets held for sale in note 16. Goodwill and intangible assets 1-3/2026 MEUR Goodwill Customer relationships Trademarks Other intangible assets and advances paid Total Acquisition cost 1 Jan 2026 964.1 166.4 88.8 190.1 1,409.5 Business combination -0.3 - - 0.0 -0.3 Additions - - - 6.9 6.9 Translation differences -0.5 -0.1 -0.0 -0.2 -0.8 Acquisition cost 31 Mar 2026 963.3 166.4 88.8 196.8 1,415.3 Accumulated amortisations and impairment losses 1 Jan 2026 -125.3 -159.1 -52.6 -153.5 -490.4 Amortisation - -0.3 -1.2 -4.2 -5.7 Impairment losses - - - -0.0 - Translation differences - 0.0 0.0 0.1 0.2 Accumulated amortisations and impairment losses 31 Mar 2026 -125.3 -159.4 -53.7 -157.5 -495.9 Carrying amount 1 Jan 2026 838.8 7.4 36.3 36.7 919.2 Carrying amount 31 Mar 2026 838.0 7.0 35.1 39.3 919.3 1-3/2025 MEUR Goodwill Customer relationships Trademarks Other intangible assets and advances paid Total Acquisition cost 1 Jan 2025 954.7 167.5 88.6 168.6 1,379.5 Business combination 0.4 - - - 0.4 Additions - - - 3.3 3.3 Translation differences 2.5 0.3 0.2 0.8 3.7 Acquisition cost 31 Mar 2025 957.6 167.8 88.8 172.6 1,386.8 Accumulated amortisations and impairment losses 1 Jan 2025 -125.3 -158.4 -47.8 -136.6 -468.1 Amortisation - -0.4 -1.2 -4.3 -5.9 Translation differences - -0.1 -0.1 -0.4 -0.6 Accumulated amortisations and impairment losses 31 Mar 2025 -125.3 -159.0 -49.1 -141.3 -474.6 Carrying amount 1 Jan 2025 829.4 9.2 40.8 32.1 911.4 Carrying amount 31 Mar 2025 832.3 8.9 39.8 31.4 912.3 2025 MEUR Goodwill Customer relationships Trademarks Other intangible assets and advances paid Total Acquisition cost 1 Jan 2025 954.7 167.5 88.6 168.6 1,379.5 Business combination 15.8 - - - 15.8 Additions - - - 20.8 20.8 Translation differences 2.6 0.3 0.2 0.8 3.9 Transfer to assets held for sale* -8.9 -1.4 - -0.0 -10.3 Acquisition cost 31 Dec 2025 964.1 166.4 88.8 190.1 1,409.5 Accumulated amortisations and impairment losses 1 Jan 2025 -125.3 -158.4 -47.8 -136.6 -468.1 Amortisation - -1.7 -4.7 -16.4 -22.8 Impairment losses -4.1 - - - -4.1 Translation differences - -0.1 -0.1 -0.4 -0.7 Transfer to assets held for sale* 4.1 1.2 - 0.0 5.2 Accumulated amortisations and impairment losses 31 Dec 2025 -125.3 -159.1 -52.6 -153.5 -490.4 Carrying amount 1 Jan 2025 829.4 9.2 40.8 32.1 911.4 Carrying amount 31 Dec 2025 838.8 7.4 36.3 36.7 919.2 * Additional information regarding assets held for sale and related impairments in note 16. Right-of-use-assets and lease liabilities Right-of-use-assets 1-3/2026 MEUR Premises Other right-of-use assets Total Acquisition cost 1 Jan 2026 502.3 42.0 544.4 Business combination 1.1 - 1.1 Additions 14.2 0.1 14.3 Disposals -1.9 - -1.9 Translation differences -0.5 -0.0 -0.5 Acquisition cost 31 Mar 2026 515.3 42.1 557.3 Accumulated depreciation and impairment losses 1 Jan 2026 -315.0 -39.9 -354.9 Depreciation for the reporting period -12.1 -0.5 -12.6 Impairment losses -0.2 - -0.2 Translation differences 0.3 0.0 0.3 Accumulated depreciation and impairment losses 31 Mar 2026 -327.0 -40.3 -367.3 Carrying amount 1 Jan 2026 187.3 2.2 189.5 Carrying amount 31 Mar 2026 188.3 1.7 190.0 1-3/2025 MEUR Premises Other right-of-use assets Total Acquisition cost 1 Jan 2025 446.3 41.1 487.4 Additions 7.4 - 7.4 Disposals -0.9 - -0.9 Translation differences 1.9 0.0 1.9 Acquisition cost 31 Mar 2025 454.7 41.1 495.8 Accumulated depreciation and impairment losses 1 Jan 2025 -266.9 -37.7 -304.7 Depreciation for the reporting period -12.1 -0.5 -12.6 Translation differences -1.0 -0.0 -1.1 Accumulated depreciation and impairment losses 31 Mar 2025 -280.0 -38.3 -318.3 Carrying amount 1 Jan 2025 179.4 3.3 182.7 Carrying amount 31 Mar 2025 174.7 2.8 177.5 2025 MEUR Premises Other right-of-use assets Total Acquisition cost 1 Jan 2025 446.3 41.1 487.4 Business combination 0.1 - 0.1 Additions 68.3 0.7 69.0 Disposals -9.0 - -9.0 Translation differences 2.1 0.1 2.1 Transfers between items -0.2 0.2 - Transfer to assets held for sale* -5.3 - -5.3 Acquisition cost 31 Dec 2025 502.3 42.0 544.4 Accumulated depreciation and impairment losses 1 Jan 2025 -266.9 -37.7 -304.7 Depreciation for the reporting period -49.4 -2.1 -51.4 Translation differences -1.2 -0.0 -1.2 Transfer to assets held for sale* 2.4 - 2.4 Accumulated depreciation and impairment losses 31 Dec 2025 -315.0 -39.9 -354.9 Carrying amount 1 Jan 2025 179.4 3.3 182.7 Carrying amount 31 Dec 2025 187.3 2.2 189.5 * Additional information regarding assets held for sale in note 16. Lease liabilities 31 Mar 2026 MEUR Premises Other Total Non-current lease liabilities 153.2 1.6 154.8 Current lease liabilities 44.1 2.1 46.2 Total lease liabilities 197.3 3.7 201.0 31 Mar 2025 MEUR Premises Other Total Non-current lease liabilities 135.4 3.0 138.5 Current lease liabilities 46.1 2.2 48.3 Total lease liabilities 181.5 5.2 186.8 31 Dec 2025 MEUR Premises Other Total Non-current lease liabilities 154.4 2.1 156.5 Current lease liabilities 43.9 2.2 46.1 Transfers to liabilities directly associated with the assets held for sale* -2.9 - -2.9 Total lease liabilities 195.4 4.2 199.7 * Additional information regarding assets held for sale in note 16. Financial assets and liabilities - carrying amount, fair values and fair value hierarchy MEUR 31 Mar 2026 Financial assets and liabilities at fair value Financial assets and liabilities at amortised cost Carrying amount Fair value Fair value hierarchy Financial assets Non-current Loan receivables 0.0 - 0.0 0.0 Level 2 Unquoted equity investments 1.7 - 1.7 1.7 Level 3 Current Trade receivables - 108.9 108.9 108.9 Cash and cash equivalents - 71.6 71.6 71.6 Interest rate derivatives 4.4 - 4.4 4.4 Level 2 Total 6.1 180.5 186.6 186.6 Financial liabilities Non-current Loans from financial institutions - 227.3 227.3 227.3 Level 2 Bonds - 99.6 99.6 102.3 Level 1 Contingent considerations 1.9 - 1.9 1.9 Level 3 Current Loans from financial institutions - 78.5 78.5 78.5 Level 2 Trade payables - 44.3 44.3 44.3 Contingent considerations 3.6 - 3.6 3.6 Level 3 Interest rate derivatives 0.6 - 0.6 0.6 Level 2 Total 6.1 449.6 455.7 458.5 Financial assets and liabilities classified at fair value hierarchy level 3 consist of unquoted equity investments and contingent considerations from business combinations. The measurement of unquoted equity investments is based on the managements estimate of future cash flows arising from the investments and the measurement of contingent considerations is based on the amounts specified in purchase agreements and the management estimate on whether the consideration will be realised. The effect on earnings arising from the changes of fair values of financial assets and liabilities classified at fair value hierarchy level 3 has been EUR 0.0 (0.8) million.

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