Pihlajalinna (PIHLIS) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was EUR 278.0 million, down 21.2% year-over-year, mainly due to weak healthcare market demand, changes in outsourcing agreements, and divestments of residential care units.

• Profitability in Healthcare Services improved through cost management and operational adjustments, despite lower revenue.

• Outsourcing Services saw a significant decline in both revenue and profitability.

• Non-recurring costs related to transformation, change negotiations, and centralisation of surgical operations weighed on earnings.

• Strategic focus shifted to organic growth, digital development, and cost-effective, data-driven services.

Financial highlights

• H1 2026 revenue was EUR 278.0 million, down from EUR 352.7 million year-over-year.

• Adjusted EBITA for H1 2026 was EUR 23.5 million, a decrease of 28.1% year-over-year.

• Q2 2026 revenue was EUR 135.9 million, down 20.7% year-over-year; comparable revenue declined 4.9%.

• Adjusted EBITA for Q2 was EUR 9.4 million (6.9%), compared to EUR 14.6 million (8.5%) in Q2 2025.

• EPS for H1 2026 was EUR 0.01, down from EUR 0.36 in H1 2025.

Outlook and guidance

• 2026 revenue is expected to decline to EUR 550–570 million (from EUR 652.3 million in 2025) due to expiring outsourcing agreements and divestments.

• Adjusted EBITA margin is forecast at 9–10% of revenue, slightly below the 2025 level.

• Focus remains on organic growth and profitability improvement.

• Demand and the general economic environment may have a more significant impact than currently expected.