Terveystalo (TTALO) Q3 2026 earnings summary

Executive summary

• Weak demand and lower volumes cut Q3 revenue and profitability; efficiency and cost actions did not offset the decline.

• Hohde expanded oral health, while FY 2026 adjusted EBIT guidance was reduced to €110–120M.

• ARC priorities include customer-centric, technology-enabled care, growth and diversification, Wellby digital care, and reinventing occupational health.

Financial highlights

• Q3 revenue fell 6.2% YoY to €262.9M; adjusted EBIT declined 33.6% to €17.8M, with a 6.8% margin, and reported EBIT was €13.7M.

• Q3 adjusted EBITA was €23.6M, down 27.0%; adjustment items totaled €4.1M.

• Q3 net income was €5.5M versus €16.2M; adjusted EPS was €0.08 versus €0.14.

• 9M revenue declined 8.9% to €864.4M; adjusted EBIT fell 30.3% to €77.6M and reported EBIT 39.6% to €63.5M.

• Q3 operating cash flow was €27.3M versus €54.5M; 9M operating cash flow was €63.1M versus €122.4M.

Outlook and guidance

• FY 2026 adjusted EBIT guidance was lowered from €120–140M to €110–120M; 2025 adjusted EBIT was €156.3M.

• Q4 assumes continued challenging demand and no material market improvement; Portfolio Businesses outsourcing revenue is expected to decline ~€25M due to expiring contracts. Guidance includes Hohde from 4 September and excludes Silmäasema and other significant transactions.

• Occupational healthcare end users and connected employees are expected to return gradually to growth in Q1 2027.

• Medium-term targets include 10% average annual adjusted EPS growth, net debt / adjusted EBITDA of no more than 3.0x, and annual distribution of at least 50% of net result.