Terveystalo (TTALO) Q2 2026 earnings summary

Executive summary

• Revenue declined 8.8–9% year-over-year in Q2 2026 to €293–293.3 million, with adjusted EBIT down 28.8–29% to €26–26.1 million and adjusted EPS down 34–34.4% to €0.13, reflecting weak demand, especially in occupational healthcare and public sector services, but some stabilization and growth in consumer-driven segments.

• Operational efficiency and cost adjustments partially offset revenue declines, particularly in Healthcare Services and Sweden, while consumer and dental segments showed growth.

• Strategic focus shifted to growth-oriented, customer-centric models, including digital care, fixed-price products, and acquisitions in eye and dental care.

Financial highlights

• Q2 2026 revenue: €293–293.3 million (-8.8–9% y-o-y); adjusted EBIT: €26–26.1 million (-28.8–29% y-o-y); adjusted EPS: €0.13 (-34–34.4% y-o-y).

• Operating cash flow for Q2: €38–38.3 million; net debt at €559.9–560 million; net debt/EBITDA: 2.7.

• Net income in Q2 was €13.8 million, down 37.9% year-over-year.

Outlook and guidance

• Full-year 2026 adjusted EBIT guidance lowered to €120–140 million (2025: €156–156.3 million), reflecting weak H1 and cautious H2 expectations.

• Recovery in revenue and profitability expected to lag demand improvement, with outsourcing revenue to decrease by €20 million due to expiring contracts.

• No material improvement expected in connected employee numbers until 2027.