Terveystalo (TTALO) Q4 2025 earnings summary

Executive summary

• Achieved record profitability and efficiency across all business segments despite revenue declines and challenging market conditions, driven by operational improvements and cost savings.

• Customer visits totaled 7.2 million, with 1.2 million digital service users and 14,400 professionals engaged.

• Maintained top consumer brand status, high patient enablement, and NPS scores.

• Strategic focus on digital transformation, customer value, and growth in key segments, including consumers, Kela 65, and insurance customers.

• Major investment in Occupational Healthcare products and services, with a two-year, EUR 20 million renewal program underway.

Financial highlights

• FY 2025 revenue was EUR 1,279 million, down 4.6% year-over-year; Q4 revenue was EUR 330 million, down 6.8% year-over-year.

• Adjusted EBIT for FY 2025 rose 11.3% to EUR 156 million; Q4 adjusted EBIT up 17.2% to EUR 45 million.

• EBITA margin reached 14% in 2025, up from 12.8% in 2024 and 8.4% in 2022.

• EPS increased 29% to EUR 0.73; proposed dividend of EUR 0.64 per share, up 33% and representing an 88% payout ratio.

• Cash flow from operating activities was EUR 207 million; leverage ratio at 2.1, an all-time low.

Outlook and guidance

• 2026 adjusted EBIT/EBITA guidance: EUR 135–165 million (2025: EUR 156 million), reflecting a corridor for both improvement and potential weakness.

• First half of 2026 expected to be below 2025 due to weak flu season and continued macro headwinds; normalization anticipated in the second half.

• Guidance excludes material acquisitions, including the pending Hohde transaction.

• Gradually improving demand environment expected by end of 2026, with public sector and Occupational Health markets remaining challenging.