Pihlajalinna (PIHLIS) Pre-silent presentation summary

Key operational developments

• Outsourcing in Northern Pirkanmaa expanded with new areas joining in April and May 2026.

• Change negotiations resulted in significant personnel reductions and new roles created.

• New collective agreement for health services sector includes a 5.3% pay increase from May 2026.

• Divestments of individual care services and transfer of an assisted-living unit to new ownership.

• New private clinic to open in Helsinki in October 2026.

Market and demand trends

• Health services demand remained lower than previous year, expected to normalize in H2 2026.

• Occupational healthcare customer base stable, but corporate client headcounts declining.

• Public sector demand low, but market dialogues and rapid tenders increasing.

• Emphasis on cost-effective, preventive, data-based services and digital platform development.

Financial outlook and strategy

• Revenue expected to decline by approximately €83 million from 2025 due to expiring contracts and divestments.

• Estimated 2026 revenue is €570–600 million, with adjusted EBITA margin of 9–10%.

• Focus on organic growth and profitability improvement under a new operating model.

• Economic environment and demand trends may significantly impact financial results.