Inside information, profit warning: Terveystalo lowers its guidance for 2026
Terveystalo Plc, Inside information, 20 October 2026 at 13:45 EEST
Terveystalo Plc lowers its guidance for 2026. The lowered guidance reflects weaker-than-expected demand development in July–September and profitability remaining clearly below the level of the comparison period.
The demand environment remained challenging during the third quarter, and the stabilisation in demand seen during the second quarter did not lead to the expected recovery. In particular, in occupational healthcare, volume development was negatively affected by a decline in the number of connected occupational health customers compared with the comparison period, lower-than-usual prevalence of upper respiratory infections, as well as reductions in the scope of agreements with client companies and caution in an uncertain economic environment. Demand for consumer services remained more stable than demand for occupational healthcare, while the market environment for publicly funded healthcare services remained subdued.
Guidance for 2026
Terveystalo expects its full-year 2026 adjusted operating profit (EBIT) to be EUR 110–120 million (2025: EUR 156.3 million).
Guidance assumptions
In January–September 2026, profitability was clearly below the level of the corresponding period in 2025, and the demand development was weak. The demand environment is expected to remain challenging in the fourth quarter.
Revenue from outsourcing operations in the Portfolio Businesses segment is expected to decrease by approximately EUR 25 million due to expiring contracts. The guidance includes Hohde Group as of 4 September 2026. These estimates do not include the acquisition of Silmäasema or any other significant acquisitions or divestments.
Guidance for 2026 provided on 17 July 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 was still expected to gradually improve and the prevalence of upper respiratory infections was anticipated to return to long-term average levels during the second half of the year, the recovery in revenue and profitability was 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 was expected to decrease by approximately EUR 20 million due to expiring contracts. These estimates did not include the Hohde transaction, the acquisition of Silmäasema or any other significant acquisitions or divestments.
Preliminary information on Q3 2026
Terveystalo will publish its Interim Report for January–September 2026 on 21 October 2026. Based on unaudited preliminary results, revenue for the third quarter of 2026 was approximately EUR 262.9 (280.4) million and adjusted operating profit (EBIT) was approximately EUR 17.8 (26.8) million, corresponding to approximately 6.8 (9.5) per cent 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