Terveystalo Oyj

Terveystalo said Q2 was difficult and that revenue, adjusted EBIT, and EPS were down year over year, while the net debt to EBITDA leverage ratio moved slightly higher. Juuso Pajunen cited net debt of EUR 560 million, net debt to adjusted EBITDA of 2.5, net debt to EBITDA of 2.7, and operating cash flow of EUR 175 million over the last 12 months. He also said Q2 visits declined 6.5%, but consumer visits were in growth and the second half of the year is expected to see upper respiratory diseases return to long-term averages. Full-year adjusted operating profit guidance was raised to EUR 120 million-EUR 140 million, versus EUR 156 million in the prior year; management said Hohde is expected to close in Q3, but that would not materially change the guidance range.

Ville Iho framed the quarter as operationally busy but commercially weak, with abnormal market conditions continuing to weigh on the business. He said the company is shifting from a posture of defending profitability toward pursuing more growth, citing Silmäasema, fixed-price products, more digital delivery, and longer-term continuous care models. His tone was constructive but candid: occupational healthcare remains the key turnaround, but he said meaningful gains have been pushed out to 2027 and that the company is moving ahead with a new ARC strategy rather than waiting for the market to normalize.

Juuso Pajunen emphasized that the quarter was behind expectations, but cash generation and the balance sheet remained solid. He highlighted EUR 175 million of operating cash flow over the last 12 months, net debt of EUR 560 million, and leverage at 2.5x adjusted EBITDA and 2.7x EBITDA, while also noting the company secured EUR 550 million of committed bank financing, raised revolving credit facilities from EUR 80 million to EUR 100 million, and completed a tap issue under its sustainability-linked bond. He said restructuring actions taken in Q2 will support H2 profitability, and that average headcount in Finland was down 11% in the quarter and end-of-period headcount was down 13%.

Analysts focused on the guidance cut, the weaker outlook for connected employees, cost actions, and the shift to fixed-price commercial models. Management said the guidance reduction reflected both a softer-than-expected Q2 and a more muted second-half outlook, especially because wins in occupational health are taking longer to convert and higher connected-employee growth is now expected later, with more material gains pushed to 2027. On pricing, management said price pressure has existed in the corporate market since late last year but has not intensified materially, and that the company prefers semi-fixed corporate pricing and fixed consumer packages rather than fully fixed corporate contracts. Management also said there were no material tax consequences from a concluded tax audit and no ongoing tax audits in the group.