Inside information, profit warning: Terveystalo lowers its guidance for 2026

Terveystalo Plc, Inside information, 15 July 2026 at 15:30 EEST

Terveystalo Plc lowers its guidance for 2026. The lowered guidance reflects the challenging demand environment in the first half of the year and profitability remaining below the level of the comparison period.

The demand environment in the first half of the year was very weak, which had a broad impact on the utilisation of services. In particular, in occupational health, volume development was negatively affected by a decrease in the number of connected employees compared to the comparison period, lower prevalence of upper respiratory infections, as well as cautious behaviour by corporate customers in an uncertain economic environment. Rare oversupply of resources in the industry has intensified price competition, which in turn has slowed new customer acquisition in occupational health and lowered the pricing level of new contracts.  Weak demand development has been reflected across several businesses. However, early signs of stabilisation were seen in the market during the second quarter, particularly in consumer-driven services.

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.  While the demand environment is still expected to gradually improve and the prevalence of upper respiratory infections is anticipated to return to long-term average levels during the second half of the year, the recovery in revenue and profitability is expected to lag the improvement in demand and therefore not fully materialise within the current year.

Revenue from outsourcing operations in the Portfolio Businesses segment is expected to decrease by approximately EUR 20 million due to expiring contracts. These estimates do not include the Hohde transaction, the acquisition of Silmäasema or any other significant acquisitions or divestments.

Guidance for 2026 provided in the Financial Statements Release on 13 February 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.

Preliminary information on Q2 2026

Terveystalo will publish its Half-Year Report for January–June 2026 on 17 July 2026.

Based on unaudited preliminary results, revenue for the second quarter of 2026 was approximately EUR 293.3 (321.5) million and adjusted operating profit (EBIT) was approximately EUR 26.1 (36.7) million, corresponding to approximately 8.9% (11.4%) of revenue.

Further information
CFO Juuso Pajunen 
Tel. +358 40 584 9722

Terveystalo in brief

Terveystalo is the largest private healthcare service provider in Finland in terms of revenue and one of the leading occupational health providers in both Finland and Sweden.

We aim to create seamless, compassionate, and effective healthcare of the future. We offer comprehensive primary care, specialised care, and well-being services for corporate clients, insurance companies, consumers and public-sector customers. Terveystalo's digital appointments are available anytime, anywhere, 24/7. The Terveystalo app has around 2.7 million registered users. We provide services through our extensive network of clinics and hospitals across Finland. In Sweden, we offer preventive occupational health services through our subsidiary, Feelgood.

In 2025, Terveystalo served approximately 1.2 million individual customers, and there were around 7.2 million customer visits in Finland. Terveystalo employs around 14,400 professionals in healthcare and other fields.

Terveystalo is listed on Nasdaq Helsinki and has a strong Finnish ownership base. www.terveystalo.com