Terveystalo (TTALO) Jefferies London Healthcare Conference 2025 presentation summary

Market trends and growth drivers

• Aging population in Finland is increasing demand for healthcare, especially specialties related to aging, with the 65+ demographic expected to grow by 170,000 over the next decade.

• Labor shortages in the public sector are acute, with a projected shortfall of 3,000 doctors and 14,000 nurses by 2025, creating opportunities for private providers.

• Digitalization and remote care are accelerating, with public pay-private provision expected to rise and providers adapting their business models.

• The addressable private healthcare market is projected to grow at a 5% CAGR.

Business performance and segment plans

• Healthcare Services achieved LTM revenue of EUR 1,046 million and an adjusted EBIT margin of 14.4%, with a completed profitability improvement program and ongoing development agenda.

• Portfolio Businesses reported LTM revenue of EUR 201 million and a 5% adjusted EBIT margin, with profitability improvements and growth via dental M&A and public partnerships.

• Swedish operations had LTM revenue of EUR 77 million and a -3.2% adjusted EBIT margin, with profitability improvement and growth acceleration plans underway.

Digital platform and operational efficiency

• Proprietary digital platform enhances efficiency and customer value, supporting B2B, B2C, and professional workflows, including appointment booking, triage, and remote services.

• AI-enhanced platform (Ella) has significantly increased productivity, with professionals seeing more patients per day and reduced appointment times.

• Self-service appointment booking rates rose to 83%, and remote appointments increased by 150%, outpacing the European average.