Terveystalo Oy Class A · OMXHEX:TTALO
Terveystalo Oy Class A — Terveystalo Oy Ord — Q3 2026 Earnings Presentation
32 slides from Terveystalo Oy Class A's earnings presentation, Oct 21, 2026
Slide 1: Terveystalo Group Q3 2026 Results & Strategy Update
Terveystalo Group Q3 2026 Results & Strategy Update Ville Iho, President & CEO Juuso Pajunen, CFO Ville Pesonen, SVP, Oral Health
Slide 2: Agenda
Agenda Q3 2026 Highlights and financial performance Ville Iho, President & CEO Juuso Pajunen, CFO ARC Strategy Update Ville Iho, President & CEO Juuso Pajunen, CFO Ville Pesonen, SVP, Oral Health Q&A 2
Slide 3: Q3 2026: Weak demand weighed on earnings, Hohde strengthened oral health
CUSTOMER VISITS DIGITAL SERVICES PROFESSIONALS THE MOST RESPECTED in 2025 CONSUMER BRAND 7.2 M 24/7 14,000 #1 USERS ENGAGEMENT INDEX INDIVIDUAL CUSTOMERS in 2025 2.7 M 4.1 1.2 M Q3 2026 Weak demand weighed on earnings, Hohde acquisition strengthened the oral health business NPS NPS PATIENT ENABLEMEN
Slide 4: The demand environment remained challenging
The demand environment remained challenging Consumer confidence improved over the Occupational health care visits recorded by The number of employed persons remained summer but weakened in September THL have declined stable compared to Q3 prior year 6 -5% Million persons 4 -2% 2 2,4 2,8 2,25 0 2,2 2
Slide 5: Lower revenue weighed on earnings despite strong operational efficiency
Lower revenue weighed on earnings despite strong operational efficiency Terveystalo’s Business Areas Healthcare services Portfolio businesses Sweden 227 45 14 13 Group 214 41 7.4% 1 259 1 286 1 340 1 279 1 194 12.4% 12.2% 10.5% 10.3% 10.0% 7.2% 2.3% 5.8% -19.2% -20.7% 2022 2023 2024 2025 Q3/2026 Q3/
Slide 6: Occupational Health: trend turning in large customers, SME renewal underway
Occupational Health: trend turning in large customers, SME service renewal underway • Weak demand continued • Revenue declined due to • fewer connected employees Connected employees, 1,000 • lower visit volumes, reflecting low morbidity -5.9 • reduced scope of agreements 746 724 738 714 705 685 690
Slide 7: Pilot of subscription-based digital care model Wellby
In September, we launched the pilot of our continuous, subscription-based digital care model Wellby SUBSCRIPTION Health screening Wellby Weight Loss Program ✓ Obesity treatment lab tests ✓ Named nurse as main contact point for messages and questions; doctor and ✓ Lab results and health questionnaire
Slide 8: Financial performance
Financial performance Juuso Pajunen, CFO 8
Slide 9: Q3/2026 highlights
Q3/2026 highlights Revenue (MEUR) Adj. EPS (EUR) 262.9 0.08 -6.2% y-o-y -45.8% y-o-y Adj. EBIT (MEUR) Adj. EBIT margin 17.8 6.8% -33.6% y-o-y -2.7%-p. y-o-y NPS, appointments Operating cash flow (MEUR) 86.5 27.3 −0.7 points y-o-y (-49.9% y-on-y) 9
Slide 10: Q3: lower revenue weighed on profitability despite efficiency actions
Q3: lower revenue weighed on profitability despite continued operational efficiency actions Revenue Key figures -6% Change, % 2025 7-9/2026 7-9/2025 280.4 Revenue, MEUR 262.9 280.4 -6.2 1,278.9 Adj. EBITA, MEUR 23.6 32.4 -27.0 179.3 -13.1 Adj. EBITA-% 9.0 11.5 -2.5%-p. 14.0 Adj. EBIT, MEUR 17.8 26.8
Slide 11: Healthcare Services: lower revenue and sales mix weighed on earnings
Healthcare Services: lower revenue and changes in sales mix weighed on earnings Growth Key figures 100.0% 7-9/2026 7-9/2025 Change, % 2025 Revenue, MEUR 213.5 226.6 -5.8 1,031.0 Adj. EBITA, MEUR 24.5 31.0 -20.9 166.7 -5.6% Adj. EBITA-% 11.5 % 13.7 % -2.2%-p. 16.2 % Adj. EBIT, MEUR 21.3 28.1 -24.1 15
Slide 12: Q3: Volume development continued challenging
Q3: Volume development continued challenging Development of visits in Q3* Seasonality Macro Actionable 100.0% 94.4% Q3 2025 Prevalence of upper OH Public Consumer (OOP + Insurance) Q3 2026 respiratory infections Comments • In Q3, upper respiratory infection diagnoses decreased by approximately 14,30
Slide 13: Q3: Portfolio Businesses – dental care growth offset lower public revenue
Q3: Portfolio Businesses – dental care growth partly offset lower revenue from publicly funded services Revenue Segment update -9% 45.0 -2.6 40.9 -6.9 6.2 • The market environment for publicly funded services remained -0.8 cautious as wellbeing services counties continued to focus on cost savings. •
Slide 14: Q3: In Sweden, weak demand weighed on revenue and earnings
Q3: In Sweden, weak demand weighed on revenue and earnings despite cost savings Revenue -2% Segment update 13.5 13.2 -0.1 -0.2 • The market environment remained challenging, although the economy and labour market showed signs of gradual improvement. • Expired contracts and subdued demand for corpora
Slide 15: Lower earnings weighed on cash flow, leverage increased due to Hohde
Lower earnings weighed on cash flow, leverage increased due to Hohde acquisition Liquidity remained strong Operating cash flow (LTM) Net Debt / Adj.EBITDA 224 3.1 3.2 202 211 207 3.0 3.0 2.9 196 198 177 175 2.5 148 2.1 2.0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2021 2022 2023 2024 2025 Q3/2026 2024 20
Slide 16: Demand challenging in Q3, next 12 months outlook unchanged
The demand environment was challenging in Q3, next 12 months outlook unchanged Growth driver Healthcare Services Portfolio Businesses Sweden Revenue Q3/2026 NTM Q3/2026 NTM Q3/2026 NTM Public Consumer Insurance Occupational health • Difficult demand situation • Demand from Terveystalo’s continued wh
Slide 17: Guidance for 2026
Guidance for 2026 Terveystalo expects its full-year 2026 adjusted operating profit (EBIT) to be EUR 110–120 million (2025: EUR 156.3 million). • In January–September 2026, profitability was clearly below the level of the corresponding period in 2025, and the demand development was weak. • The demand
Slide 18: ARC Strategy Update
ARC Strategy Update 18
Slide 19: More health for everyone.
More health for everyone. TECHNOLOGY GROW T H CUSTOMER Technology Growth Customer • Substantial opportunity to • Rapidly changing • Growth follows customer provide better, more operating environment satisfaction personalised and accessible and industry dynamics • Customers expect services • Diversif
Slide 20: More health for everyone.
More health for everyone. TECHNOLOGY GROW T H CUSTOMER 01 02 03 04 05 06 Build a customer- Transform Grow and diversify Make healthcare Scale Wellby Reinvent centric company healthcare delivery easy and engaging corporate health 20
Slide 21: Six strategic objectives translate ARC into a focused execution agenda
Six strategic objectives translate ARC into a focused execution agenda CUSTOMER TECHNOLOGY GROWTH Build a customer-centric 01 company 02 Transform healthcare delivery 03 Grow and diversify Strong customer relationships make us the Radically more efficient AI-, data- and Selected specialist care vert
Slide 22: Strategy implementation progressing
Strategy implementation progressing CUSTOMER, TECHNOLOGY GROWTH 01–02 Core digital platforms scaling 03 Strategic M&A creates platforms for growth • Ella, EMR for doctors, rollout continues, supporting smoother • Hohde strengthens Terveystalo’s position and capabilities in oral professional workflow
Slide 23: Financial targets remain the anchor for ARC execution
Financial targets remain the anchor for ARC execution Strategic investment is balanced by disciplined capital allocation and a clear shareholder return framework. 10% ≤3.0x ≥50% Average annual adjusted1 EPS Net debt / adjusted1 EBITDA Annual distribution of net result growth The target may be tempor
Slide 24: New reporting structure supports execution of ARC strategy
New reporting structure supports execution of ARC strategy Healthcare Services Oral Health Public Partnerships Sweden Integrated healthcare Oral healthcare services Healthcare services for Feelgood operations in services in Finland in Finland public sector customers Sweden • Preventive • Preventive
Slide 25: Hohde Group acquisition completed in Q3
Hohde Group acquisition completed in Q3 The synergistic acquisition of Hohde creates significant value and enhances our service offering ENTERPRISE VALUE EV/EBITDA (FAS) SYNERGIES ~88 M€ ~8X +11% ~4 M€ +29% REVENUE (FAS*) EBITDA (FAS*) COMBINED ORAL HEALTH REVENUE (2025) ~56 M€ ~6.4 M€ +11% ~108 M€
Slide 26: Ville Pesonen
Ville Pesonen SVP, Oral Health Licentiate of Dentistry Specialist in Oral and Maxillofacial Surgery Experience Founder and CEO of Hohde Group Oral and Maxillofacial Surgeon, VIP Terveys private dental clinics Director of Outsourcing Business, Dental Services, Attendo Regional Director, Dental Servic
Slide 27: Private dental care is growing steadily
Private dental care is growing steadily Private dental care market in Finland, EURm (2018–2028) Stable and well functioning dental care system +5% 815 +2% 772 Private sector plays an 75 733 700 70 important role in the dental 669 673 66 care system 650 62 126 598 601 617 58 59 119 54 112 574 42 33 3
Slide 28: Our goal is to become a leader in oral health
Our goal is to become a leader in oral health The acquisition supports the development of oral health as one of Terveystalo’s selected growth areas PROFESSIONALS NPS SITES ~1,500 ~93 77 TERVEYSTALO HOHDE DENTAL CARE SERVICES LABORATORY SERVICES Full range of professionals under one roof providing to
Slide 29: Q&A
29 Q&A Terveystalo
Slide 30: Appendix
Appendix 30
Slide 31: We invest in organic growth and selective, value-accretive M&A
We invest in organic growth and selective, value-accretive M&A CAPEX (MEUR) 59 56 • Our investment strategy prioritises organic 52 growth, complemented by disciplined, value- accretive M&A. 43 30 41 40 30 • M&A is used to strengthen our position in 34 31 selected specialties and to scale our platfor
Slide 32: More health for everyone
OUR PURPOSE More health for everyone – fluent, caring and effective. 32