TTALONasdaq HelsinkiMedical Care FacilitiesIFRS · EUR

Terveystalo Oyj

Terveystalo is a Finnish healthcare service provider that operates through three main segments: Healthcare Services, Portfolio Businesses, and operations in Sweden. It offers a comprehensive range of healthcare services including preventive occupational health, primary healthcare, specialized medical care, diagnostics, and day surgery. The company aims to deliver the most effective care pathways and achieve strong profitability in its sector. Terveystalo is listed on the Nasdaq Helsinki and has a strategic focus on sustainable growth and operational efficiency.

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Revenue1,279m EUR
−4.6 %y/y
Operating profit (EBIT)138m EUR
+18.4 %y/y
EBIT margin10.8%
+2.1 ppy/y
Net income92.6m EUR
+29.1 %y/y
Free cash flow176m EUR
−10.3 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-50005001,0001,500m EUR2021: 1,155 m EUR2021: EBIT 110 m EUR20212022: 1,259 m EUR2022: EBIT 34 m EUR20222023: 1,286 m EUR2023: EBIT -15 m EUR20232024: 1,340 m EUR2024: EBIT 116 m EUR20242025: 1,279 m EUR2025: EBIT 138 m EUR2025TTM 2026: 1,212 m EURTTM1,212
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Healthcare Services80 %

Includes preventive occupational health, primary healthcare, specialized medical care, diagnostics, and day surgery.

Portfolio Businesses15 %

Comprises public sector outsourcing, staffing services, dental care, and digital services.

Sweden Operations5 %

Focuses on occupational health and management consulting services in Sweden.

Customers

Terveystalo serves a diverse range of customers including occupational health clients, private individuals, insurance companies, and public sector entities. The company's integrated care pathways are designed to meet the needs of both corporate clients seeking comprehensive occupational health solutions and private individuals requiring specialized medical care. Insurance companies partner with Terveystalo to provide healthcare services to their policyholders. The company also engages in public sector outsourcing, offering services such as digital healthcare solutions and staffing.

Occupational Health Clients

Purchase comprehensive health services for employee well-being and productivity.

Private Individuals

Seek specialized medical care and diagnostics.

Insurance Companies

Partner for providing healthcare services to policyholders.

Public Sector

Outsource healthcare services including digital solutions.

Strategy

Terveystalo's strategic priorities include achieving sustainable growth and enhancing operational efficiency. The company aims to increase its market share in both Finland and Sweden by offering integrated care pathways and leveraging digital solutions. Terveystalo is focused on strengthening profitability across all segments, with particular emphasis on the Healthcare Services segment. The company also aims to maintain a moderate leverage ratio and provide attractive dividends to shareholders.

Sustainable GrowthMedium term

To increase market share and profitability.

Operational EfficiencyShort term

To improve profitability and service quality.

Digital SolutionsLong term

To enhance service delivery and customer experience.

Geography

Terveystalo's primary operations are based in Finland, where it offers a wide range of healthcare services. The company also has a presence in Sweden through its subsidiary Feelgood, focusing on occupational health and management consulting. Terveystalo aims to expand its market share in Sweden while maintaining strong growth in Finland. The company's geographic focus allows it to leverage local expertise and regulatory knowledge to enhance service delivery.

Risks

Terveystalo faces several risks including the availability of skilled healthcare professionals, economic conditions in Finland, and reliance on IT systems. The company must attract and retain qualified professionals to maintain service quality. Economic downturns could reduce demand for healthcare services. Additionally, disruptions in IT systems could impact operations. Industry-specific risks include regulatory changes and competitive pressures in the healthcare sector.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →IT system disruptions1Availability of skilled professionals2Economic downturns3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. IT system disruptionsImpact: HighLikelihood: Medium

    Could impact operational efficiency.

  2. Availability of skilled professionalsImpact: HighLikelihood: Low

    Essential for maintaining service quality.

  3. Economic downturnsImpact: MediumLikelihood: High

    Could reduce demand for healthcare services.

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Accounting

Judgemental items
Revenue Recognition

Impacts timing of revenue reporting.

Impact: high

Adjusted EBIT

Provides a clearer view of operational performance.

Impact: medium

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Last updated: 24/09/2026

Terveystalo Oyj (TTALO) Revenue, Earnings & Financials 2025 – Clarifo