Pihlajalinna (PIHLIS) Q1 2025 earnings summary

Executive summary

• Profitability reached a record in Q1 2025, with adjusted EBITA up 21% to EUR 18.1 million and margin rising to 9.9% from 8.1% year-over-year.

• Revenue was EUR 181.4 million, down 1% year-over-year, but comparable organic revenue grew 3.9%.

• Private Healthcare Services revenue rose 8.1% to EUR 123.8 million, now 67% of total revenue; Public Services revenue fell 16.4% to EUR 60.7 million due to outsourcing changes.

• Insurance company sales increased by 12%, while changes in outsourcing agreements reduced revenue as expected.

• Earnings per share increased to EUR 0.47 from EUR 0.30 year-over-year.

Financial highlights

• Adjusted EBITA: EUR 18.1 million (9.9% margin), up from EUR 14.9 million (8.1%) year-over-year.

• Q1 2025 revenue was EUR 181.4 million, down from EUR 183.2 million in Q1 2024.

• Operating profit (EBIT) was EUR 16.4 million (9.0% margin), up from EUR 12.7 million (6.9%).

• Profit before tax was EUR 14.7 million, up 44.2% year-over-year.

• Return on equity (ROE) was 19.5% (4.5% in Q1 2024); equity ratio improved to 28.0%.

Outlook and guidance

• 2025 revenue expected to remain at 2024 levels (EUR 704.4 million).

• Adjusted EBITA margin forecast to increase to at least 9% (from 7.8% in 2024).

• Demand expected to remain stable, though slow economic growth may impact results.