Pihlajalinna (PIHLIS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was €121.5m, down 18.3% YoY; comparable revenue fell 6.6% amid low morbidity, reduced service use and contract changes.

• 9M revenue was €399.5m, down 20.3%; comparable revenue declined 5.0% as exceptionally low demand weighed on profitability.

• Clinic network expansion continued, with a Helsinki medical centre opened in October and a Pori centre planned for early 2027; negotiations are under way for a Central Uusimaa acquisition.

Financial highlights

• Q3 adjusted EBITA was €8.6m, 7.0% of revenue, versus €14.4m and 9.7% a year earlier; EBIT was €6.9m versus €14.8m.

• Q3 profit was €4.5m and EPS €0.19, versus €11.6m and €0.51; prior-year EPS benefited from divestment gains and deferred tax assets.

• 9M adjusted EBITA was €32.0m, 8.0% of revenue; EBIT was €21.4m versus €44.2m, and profit was €13.5m versus €32.6m.

• 9M EPS was €0.55 versus €1.35; current-period EPS included non-recurring costs for change negotiations, transformation and surgical centralisation.

• 9M operating cash flow was €41.0m versus €58.2m; free cash flow was €32.6m versus €56.2m.

Outlook and guidance

• 2026 revenue is estimated at ~€540m versus €652.3m in 2025; the outlook was lowered on 21 October.

• 2026 adjusted EBITA is estimated at ~8% of revenue versus 10.0% in 2025; demand and the economic environment may affect results more than expected.