Terveystalo (TTALO) Q4 2024 earnings summary

Executive summary

• Achieved strong profitable growth in 2024, with revenue up 4.2% year-over-year to EUR 1,340 million and adjusted EBITA margin reaching 12.8% (up from 9.8%).

• EPS for Q4 was EUR 0.15, up 130% year-over-year; full-year EPS rose to EUR 0.57.

• Customer satisfaction (NPS) reached 88 and employee engagement index was 4.2.

• Profitability targets were reached ahead of schedule, supported by operational efficiency and commercial execution.

• Board proposes a dividend of EUR 0.48 per share for 2024, to be paid in two installments.

Financial highlights

• Q4 revenue increased 3.4% year-over-year to EUR 353.9 million; full-year revenue reached EUR 1,340 million, up 4% year-over-year.

• Adjusted EBITA for Q4 was EUR 47.1 million (13.3% margin), up 19.1% year-over-year; full-year adjusted EBITA was EUR 171 million.

• Operating cash flow for 2024 was EUR 223.7 million, up from EUR 157.8 million.

• Corporate customer revenue grew 12%, consumer 10%, and public sector showed slight positive growth.

• One-time personnel expenses, including bonuses and collective labor agreement payments, impacted Q4 results.

Outlook and guidance

• 2025 revenue expected to grow, with adjusted EBIT margin guidance of 10.7–11.8% (2024: 10.5%).

• EPS targeted to grow by at least 10% annually.

• Dividend proposal of EUR 0.48 per share, representing at least 80% of net results.

• Portfolio Businesses segment revenue to decrease by EUR 25 million in 2025 due to contract terminations.

• Guidance assumes stable demand, employment, and morbidity rates; excludes significant M&A or divestments.