Slides
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Tuomas Hyyryläinen President and CEO 28 October 2026 Pihlajalinna Q3/2026
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Q3: Low demand weighed on Healthcare Services profitability,the clinic network is expanding and the customer base strengthening PIHLAJALINNA Q3/2026 Revenue, EUR million 121.5 (148.7) Adj. EBITA, EUR million 8.6 (14.4) Adj. EBITA, % 7.0 (9.7) Healthcare Services revenue, EUR million 95.3 (100.9*) EPS, EUR 0.19 (0.51) Healthcare Services adj. EBITA, % 6.6 (7.5) Occupational healthcare customers, individuals 274,000 (268,000) *Comparable revenue for 2025 was EUR 104.4 million, including transfers between segments (Responsible Doctor Services and Public Health Centre Services) Outsourcing Services revenue, EUR million 24.5 (46.3) 2
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3 Outsourcing agreement changes had the expected impact on revenue – low morbidity and lower service use reduced it also Revenue development YTD, by segment, EUR million PIHLAJALINNA Q3/2026 Change in revenue Q3 EUR million • Demand in the healthcare market remained weak • As expected, revenue was reduced by changes in outsourcing agreements and the divestment of residential care units • Low morbidity and lower use of services reduced demand • The shift to remote services continued and was reflected in demand for diagnostics Q3 2025 -5.6 Healthcare Services -21.7 Outsourcing Services Others and eliminations Q3 2026 148.7 0.1 121.5 -18.3% 331.7 165.3 4.4 YTD 2025 321.8 71.9 5.9 YTD 2026 501.4 399.5 Healthcare Services Outsourcing Services Others and eliminations
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Growth in the number of individual customers in occupational healthcare supported revenue PIHLAJALINNA Q3/2026 Change in revenue by customer group* Q3/2026 EUR million Revenue 2025 Outsourcing Services Corporate customers Private customers Public sector Group functions and other Eliminations Revenue 2026 148.7 -18.2 -5.3 -3.0 -0.8 +0.3 -0.2 121.5 • The expiry of outsourcing agreements reduced Outsourcing Services revenue • The number of individual customers in occupational healthcare grew, while revenue remained close to the comparison period level • Revenue from insurance company customers decreased from the comparison period, while the use of remote services increased * Including transfers between segments
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5 Active measures mitigated the impact of lower revenue on profitability Adjusted EBITA YTD EUR million PIHLAJALINNA Q3/2026 Change in adjusted EBITA Q3 EUR million • Demand challenges were also reflected in profitability • Active management of personnel costs in a persistently weak market mitigated the decline in profitability • Changes in outsourcing agreements had the expected downward impact on profitability Q3 2025 -1.2 Healthcare Services -5.4 Outsourcing Services Others Q3 2026 14.4 +0.8 8.6 -41% 2.3 2022 2023 2024 2025 2026 26.7 37.8 55.2 65.3 24.4 27.9 9.9 39.8 15.4 47.1 18.2 32.0 YTD Q4
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6 Investments remained stable; redemption of the hybrid bond is reflected in net debt Cash flow from operating and investing activities EUR million Interest-bearing net debt EUR million PIHLAJALINNA Q3/2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 -4.9-3.9 7.3 17.3 -5.1 18.3 -4.0 18.2 -2.2 4.5 Net cash flow from operating activities Investments in tangible and intangible assets 386 353 297 272 290 179 142 102 81 115 2022 2023 2024 2025 Q3 2026 6.0x 4.4x 4.4x 2.7x 2.9x 1.5x 2.5x 1.0x 3.2x 1.8x Interest-bearing net liabilities Interest-bearing net liabilities (without IFRS 16) Net debt / adjusted EBITDA, rolling 12 months Net debt (without IFRS 16) / adjusted EBITDA (without IFRS 16), rolling 12 months
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Pihlajalinna’s revenue is expected to decline by approximately EUR 86 million in 2026 due to the expiry of outsourcing agreements and the divestment of residential care units. Pihlajalinna will continue to focus on strengthening growth and profitability. The new operating model which entered into effect at the beginning of the year will ensure that development and growth align with our strategy and respond to the transformation of our business. • The Group estimates revenue to be approximately EUR 540 million (EUR 652.3 million in 2025). • The Group estimates the adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) to be approximately 8 per cent of revenue (10.0 per cent of revenue in 2025). Development in demand and general economic environment may have a more significant impact on Pihlajalinna’s financial result than currently expected. 7 Pihlajalinna’ s outlook for 2026 published on 21 October PIHLAJALINNA Q3/2026
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8 Medium-term strategic targets guide our operations Revenue, EUR million Target: at least 700 EUR million Net debt/adj. EBITDA Target: below 2.5x PIHLAJALINNA Q3/2026 386 353 297 272 290 0 1 2 3 4 5 6 2022 2023 2024 2025 Q3 2026 6.0x 4.4x 2.9x 2.5x 3.2x Interest-bearing net liabilities, MEUR Net debt / adjusted EBITDA, rolling 12 months 502 537 522 501 400 0 100 200 300 400 500 600 700 800 900 2022 2023 2024 2025 Q3 2026 690 720 704 652 1 2 3 4 5 6 7 8 9 10 11 12 13 0 3.9% 2022 5.2% 7.8% 2024 2025 Q3 2026 26.7 37.8 55.2 65.3 24.4 27.9 39.8 47.1 10.0% 32.0 8.0% 2023 Adj. EBITA margin, % Target: 12% 59 69 84 84 79 -1 4 9 -7-10 0 10 20 30 40 50 60 70 80 90 100 2022 2023 2024 2025 Q3 2026 NPS eNPS NPS and eNPS Targets: NPS continues above 80, eNPS exceeds 30 Revenue Q1-Q3 Revenue Q4 Adj. EBITA Q1-Q3 Adj. EBITA Q4 Adj. EBITA %
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• Pihlajalinna was selected through a competitive tendering process for further negotiations on the acquisition of the shares in Keski-Uudenmaan Työterveys Oy and Uudenmaan Työterveys Oy. The transaction would transfer more than 20,000 individual occupational healthcare customers and 12 clinics. The operating area, which is new to Pihlajalinna, has approximately 360,000 residents, and business activity there is expected to strengthen further • Operations will expand to Satakunta at the beginning of 2027. We will open a new clinic in Pori, and the occupational healthcare services of the Harjavalta industrial park will transfer from Boliden Harjavalta to Pihlajalinna • We started operations in Itäkeskus, Helsinki, at the beginning of October • An increasingly comprehensive clinic network combined with a versatile range of remote services strengthens our competitiveness for larger partners throughout Finland. At the same time, our offering for other target groups is also strengthening • The challenging healthcare market also opens up opportunities for inorganic growth 9 PIHLAJALINNA Q3/2026 Investments in growth and the clinic network continue
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• The use of healthcare services is undergoing a transformation – the need for them will inevitably grow as the population ages • Timely and needs-based care helps us and our partners manage the total costs of healthcare • Digital care needs assessment, AI support, steering towards self-care and self-certified sick leave in occupational healthcare have become an established part of the care pathway • Remote services are growing, and we are developing data-driven, value- based services • Prevention and early intervention reduce sickness absences and the need for more intensive care in the long term • Data-driven services targeted at risk groups, such as Sydänkaista and Kevyt askel, deliver measurable cost-effectiveness for partners and better health for individual customers 10 PIHLAJALINNA Q3/2026 Healthcare resources are allocated even more impactfully
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Q3/2026 summary The occupational healthcare customer base grew despite continued weak demand in the healthcare market Profitability was managed through active measures, and development initiatives are progressing Investments in growth and the clinic network continue 11 PIHLAJALINNA Q3/2026
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Q&A 12
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Contacts T uula Lehto SVP , Communications, Marketing and Sustainability tel. +358 40 588 5343 tuula.lehto@pihlajalinna.fi T arja Rantala CFO tel. +358 40 774 9290 tarja.rantala@pihlajalinna.fi Forward-Looking Statements: The estimates presented in this document regarding the future development of Pihlajalinna or its business environment are based on the company’s view at the time of preparation. There are significant risks and uncertainties associated with their realization, and Pihlajalinna makes no guarantees regarding future developments. Many of the factors influencing the future development of Pihlajalinna and its business environment are beyond the company’s control, and actual results may differ significantly from the estimates. Pihlajalinna is not responsible for any errors or omissions in the information provided in this document, nor for any direct or indirect damages that may result from the use of the information presented herein. Pihlajalinna’s financial reporting in 2027 Financial Statements Release 2026: 18 February 2027 Annual Report 2026: no later than week 10 Interim Report Q1/2027: 29 April 2027 Half Y ear Financial Report H1/2027: 20 July 2027 Interim Report Q3/2027: 28 October 2027 The Annual General Meeting is planned to be held on 31 March 2027 PIHLAJALINNA Q3/2026