Terveystalo cuts 2026 adjusted operating profit outlook to 110–120 million euros
Key Facts
Terveystalo cut its 2026 adjusted operating profit forecast to between 110 and 120 million euros in a profit warning issued on 20 October 2026. The new range replaces its previous forecast of between 120 and 140 million euros, according to the company's disclosure published by Nasdaq. The revision covers full-year adjusted operating profit, amid weakness in occupational health services and pressure on some of its other businesses. The downgrade was accompanied by preliminary results, ahead of the quarterly report's publication on 21 October. Terveystalo is Finland's largest private healthcare provider by revenue, according to its investor relations page. Its shares are listed on Nasdaq Helsinki under the ticker TTALO.
In the CEO's review, the company attributed the weak performance of occupational health services to a decline in the number of employees covered by these services. It added that sickness rates were lower than usual, while companies scaled back the scope of their healthcare agreements. The pressures also affected the portfolio businesses, where revenue was hit by expiring outsourcing contracts, according to the same review. The company said this business also faced "pricing pressure in staffing services". The sale of the childcare business also contributed to the decline in portfolio businesses' revenue, while operational efficiency cushioned the impact. For the full year, Terveystalo expects outsourcing revenue to decline by about 25 million euros as contracts expire, according to the official profit warning.
The October downgrade follows another profit warning issued by Terveystalo on 15 July 2026, when it also lowered its annual forecast. The original guidance for the year targeted adjusted operating profit of between 135 and 165 million euros, according to the earlier Nasdaq disclosure. Preliminary figures accompanying that disclosure showed second-quarter revenue of about 293.3 million euros. That compared with 321.5 million euros in the corresponding period a year earlier, placing the business weakness before the latest reported period. Preliminary adjusted operating profit for the second quarter was about 26.1 million euros, according to the same disclosure. The comparable profit a year earlier was 36.7 million euros, showing declines in both revenue and adjusted operating profit.
In oral health services, Terveystalo reported revenue growth driven by organic growth and the acquisition of Hohde Group, according to the CEO's review. It said the acquisition doubled the size of its oral health business, expanding its service network. It added that the deal strengthened its nationwide clinic network and laboratory services, alongside the increase in business size. The new earnings guidance includes Hohde Group from 4 September 2026, according to the official disclosure defining the scope of businesses covered by the annual estimates. The acquisition of Silmäasema is excluded from these estimates, according to the same disclosure, as the company continues to await completion of the deal.
On its business organisation, Terveystalo announced that it will introduce a new segment structure from 1 January 2027, according to a separate Nasdaq disclosure. The structure includes the Healthcare Services segment and the Oral Health segment, which expanded through the Hohde acquisition. It also includes the Public Partnerships segment and the Sweden segment, under the structure the company plans to adopt at the start of the year. Terveystalo will publish restated comparative figures under this structure during the first quarter of 2027, according to the official announcement. The company said those figures would be published before that quarter's report, making the restated comparisons available when results are presented under the new structure.
In its outlook, Terveystalo expects the demand environment to remain challenging during the final quarter of 2026, according to the profit warning published by Nasdaq. It expects the number of end users of occupational health services to gradually return to growth during the first quarter of 2027, according to the CEO's review. On its investor communications calendar, the company postponed its Capital Markets Day, which had been scheduled for December 2026. It rescheduled the event for spring 2027, according to the same review. It said it expects to complete the acquisition of Silmäasema by then and will announce the exact date of the Capital Markets Day later.