Interim report
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Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 1
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2 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Low demand weighed on Healthcare Services profitability, the clinic network is expanding and the customer base strengthen- ing This Interim Report is unaudited. The comparison figures in brackets refer to the corresponding period in the previous year. July–September in brief: • Revenue was EUR 121.5 (148.7) million – a decrease of -18.3 per cent. Comparable1) revenue de- creased by EUR -8.6 million, or -6.6 per cent. In addition to the expected impact of changes in out- sourcing agreements, revenue was weighed down by low morbidity and reduced use of services. • In Healthcare Services, revenue was EUR 95.3 (100.9) million. Comparable1) revenue decreased by EUR -9.1 million, or -8.7 per cent. • In Outsourcing Services, revenue was EUR 24.5 (46.3) million. Comparable1) revenue increased by EUR 0.4 million, or 1.6 per cent. • Adjusted EBITA2⁾ was EUR 8.6 (14.4) million, or 7.0 (9.7) per cent of revenue. • Adjusted EBITA2) in Healthcare Services was EUR 6.3 (7.5) million, or 6.6 (7.5) per cent of revenue. • Adjusted EBITA2) in Outsourcing Services was EUR 2.2 (7.6) million, or 8.8 (16.4) per cent of reve- nue. • Net cash flow from operating activities amounted to EUR 4.5 (7.3) million3). • Earnings per share (EPS) was EUR 0.19 (0.51)4). • Pihlajalinna is expanding its clinic network. A full-service medical centre opened in Itäkeskus, Hel- sinki, in October, and another will open in Pori at the beginning of 2027, when Boliden’s occupa- tional healthcare clinic in Harjavalta will also transfer to Pihlajalinna. • Pihlajalinna is negotiating an acquisition to expand its operations into Central Uusimaa. January–September in brief: • Revenue was EUR 399.5 (501.4) million – a decrease of -20.3 per cent mainly due to changes in out- sourcing agreements. Comparable1) revenue decreased by EUR -21.2 million, or -5.0 per cent. • In Healthcare Services, revenue was EUR 321.8 (331.7) million. Comparable1) revenue decreased by EUR -22.4 million, or -6.5 per cent. • In Outsourcing Services, revenue was EUR 71.9 (165.3) million. Comparable1) revenue decreased by EUR -0.3 million, or -0.4 per cent. • Adjusted EBITA2⁾ was EUR 32.0 (47.1) million, or 8.0 (9.4) per cent of revenue. • Adjusted EBITA2) in Healthcare Services was EUR 24.8 (28.5) million, or 7.7 (8.6) per cent of reve- nue. • Adjusted EBITA2) in Outsourcing Services was EUR 7.4 (19.7) million, or 10.3 (11.9) per cent of reve- nue. • Net cash flow from operating activities amounted to EUR 41.0 (58.2) million3). • Net debt to adjusted EBITDA was 3.2 (2.6). Pihlajalinna redeemed its EUR 20 million hybrid bond at the end of March, which weakened the ratio as expected. • Earnings per share (EPS) was EUR 0.55 (1.35)5). 1) Changes in outsourcing agreements, divestments of residential care units and transfers between segments have been excluded fr om the comparison period revenue. 2) Alternative performance measure. In addition to the IFRS figures, Pihlajalinna presents additional, alternative performance i ndicators which the company monitors internally, and which provide the company’s management, investors, stock market analysts and o ther stakeholders with important additional information concerning the company’s financial performance, financial position and cash flows. These performance indicators should not be reviewed separ ately from the IFRS figures, and they should not be considered as replacing the IFRS figures. 3) Changes in outsourcing agreements have affected the Group's working capital structure. The Healthcare Services business and t he new Northern Pirkanmaa outsourc- ing agreement tie up working capital in trade receivables due to longer payment terms, which weakens cash flow from operating activities compared with the compari- son period. 4) Earnings per share in the comparison quarter was increased by the sales gain from the divestment of residential care units, changes in non -controlling interests and the recognition of previously unrecognised deferred tax assets from tax losses within the Group.
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3 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 5) Earnings per share (EPS) for the review period was burdened by non-recurring costs related to the company’s transformation programme, change negotiations and the centralisation of surgical operations. Earnings per share in the comparison period was increased by the sales gain from the divestment of residential care units, ch anges in non-controlling interests and the recognition of previously unrecognised deferred tax assets from tax losses within the Group.
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4 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Key figures EUR million 7–9/2026 7–9/2025 change % 1–9/2026 1–9/2025 change % 2025 INCOME STATEMENT Revenue 121.5 148.7 -18.3 399.5 501.4 -20.3 652.3 Adjusted EBITA ¹⁾ 8.6 14.4 -40.7 32.0 47.1 -31.9 65.3 Adjusted EBITA, % ¹⁾ 7.0 9.7 8.0 9.4 10.0 Operating profit (EBIT) 6.9 14.8 -53.4 21.4 44.2 -51.5 52.7 Operating profit (EBIT), % 5.7 10.0 5.4 8.8 8.1 Adjusted operating profit (EBIT) ¹⁾ 6.7 12.8 -47.4 26.7 42.2 -36.7 58.6 Adjusted operating profit (EBIT), % ¹⁾ 5.5 8.6 6.7 8.4 9.0 Profit before tax (EBT) 5.4 13.0 -58.4 16.4 38.9 -57.9 45.8 SHARE-RELATED INFORMATION Earnings per share (EPS), EUR 0.19 0.51 -62.9 0.55 1.35 -59.1 1.58 Equity per share, EUR 7.58 8.22 -7.8 8.48 OTHER KEY FIGURES Return on capital employed (ROACE), % 6.4 12.2 -47.8 10.9 Return on equity (ROE), % 10.7 23.7 -54.9 21.3 Equity ratio, % 30.7 31.0 -1.1 32.2 Gearing, % 167.9 145.9 15.1 141.1 Interest-bearing net debt 290.1 272.3 6.5 271.7 Net debt/adjusted EBITDA, 12 months ¹⁾ 3.2 2.6 22.7 2.5 Interest-bearing net debt excluding IFRS 16 114.6 86.8 32.0 81.4 Net debt/adjusted EBITDA, excluding IFRS 16, 12 months ¹⁾ 1.8 1.2 59.0 1.0 Cash flow from operating activities 4.5 7.3 -38.1 41.0 58.2 -29.6 75.6 Average number of personnel (FTE) 3,004 4,181 -28.2 3,928 Personnel at the end of the period (NOE) 4,082 4,890 -16.5 4,540 Number of practitioners 2,246 2,234 0.5 2,251 NPS, Healthcare Services 79.0 85.0 82.0 84.0 -2.4 86.0 NPS, Outsourcing Services 80.0 80.0 80.0 79.0 1.3 80.0 1) Items affecting comparability are non-recurring and material events that are not part of normal day -to-day operations. Items affecting comparability include, among other items, costs related to business acquisitions, costs related to restructuring measures , impairment of assets, and gains and losses arising from the sale or discontinu- ation of business operations. Items affecting comparability only include events with an impact on profit or loss of more than EUR 0.1 million. EBITDA adjustments during the review period amounted to EUR 3.8 (-6.0) million and EUR -0.2 (-2.6) million in the quarter. Adjustments to operating profit during the review period amounted to EUR 5.2 (-2.0) million and EUR -0.2 (-2.0) million in the quarter.
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5 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Pihlajalinna’s outlook for 2026, published 21 October 2026 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 begin- ning of the year will ensure that development and growth align with our strategy and respond to the trans- formation 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 intan- gible 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 Pihla- jalinna’s financial result than currently expected. Tuomas Hyyryläinen, President and CEO: Demand in the healthcare market remained low in the third quarter. In addition to the expected impact of changes in outsourcing agreements, Pihlajalinna’s revenue was weighed down by low morbidity and re- duced use of services. Despite our determined measures, the challenging demand environment was also reflected in our profitability. We continued to actively develop our operations and to align our resourcing with market conditions. We also continued to invest in our clinic network. Healthcare Services revenue in the third quarter was EUR 95.3 (100.9) million. In occupational healthcare, the number of individual customers increased, while revenue remained close to the level of the comparison period. The use of remote services continued to grow strongly. Changes in service use were evident in all customer groups, driven by low morbidity, increased guidance towards self-care and the establishment of self-certified sick leave practices in occupational healthcare. Public sector procurement remained at a low level, but we succeeded in competitive tendering processes, for example for the Responsible Doctor Ser- vices of the Western Uusimaa wellbeing services county. Service production will begin at the beginning of 2027. Despite active management of personnel costs, the adjusted EBITA margin of Healthcare Services de- creased to 6.6 (7.5) per cent. In Outsourcing Services, revenue decreased as expected to EUR 24.5 (46.3) million due to changes in out- sourcing agreements and divestments of residential care units. The segment’s adjusted EBITA margin was 8.8 (16.4) per cent. Service production and development in the Northern Pirkanmaa outsourcing arrange- ment progressed as planned. Market dialogues with wellbeing services counties have increased, and there is a need for new, cost-effective cooperation models similar to the Northern Pirkanmaa outsourcing ar- rangement. In September, we announced the expansion of our clinic network. Following a competitive tendering pro- cess, Pihlajalinna was selected for further negotiations on the acquisition of the shares in Keski-Uudenmaan Työterveys Oy and Uudenmaan Työterveys Oy. The transaction would bring us more than 20,000 individual occupational healthcare customers and 12 clinics. Through the acquisition, we aim to strengthen our posi- tion in Southern Finland and to offer a comprehensive clinic network in Central Uusimaa, not only to new occupational healthcare customers but also to our insurance company partners and private customers. Dur- ing the review period, we also announced a new clinic in Pori and the transfer of occupational healthcare services at the Harjavalta industrial park from Boliden Harjavalta to Pihlajalinna. In addition, we opened a medical centre in Itäkeskus, Helsinki, at the beginning of October.
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6 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Our increasingly comprehensive service network, combined with a versatile range of remote services, strengthens our competitiveness for larger partners across Finland. At the same time, our offering for all customer groups is expanding in our new operating areas in Satakunta and in the populous Uusimaa region. The use of healthcare services is undergoing a transformation, but the need for them will inevitably in- crease as the population ages. At the same time, overall costs must be managed more effectively than be- fore. People are increasingly using digital services, and digital care needs assessment and AI support have become established parts of the care pathway. We are responding to this change by developing care needs assessment and service guidance, which enable us to allocate resources appropriately. Prevention and early intervention, such as targeted value-based services, support work ability and functional capacity. In the longer term, they reduce sickness absence and the need for more intensive care. We are developing Pihlajalinna’s operations with determination. We aim to grow in the market both organi- cally and through acquisitions, in a disciplined and long-term manner. I would like to thank our professionals and partners for our joint work towards increasingly effective healthcare. The operating environment In its September interim forecast, the Bank of Finland revised its economic growth outlook upwards. The economy is expected to grow, driven by exports and investment, and the GDP growth forecast for 2026– 2027 was raised. The crisis in the Middle East and rising energy prices are slowing global economic growth and creating uncertainty about the inflation outlook. Consumer confidence improved in August but weak- ened again in September. According to Statistics Finland, Finns’ spending intentions fell back below normal levels. The consumer confidence indicator dropped to -4.9 in September. Reforms and cost-adjustment measures by the wellbeing services counties, together with increased fund- ing, have improved their financial position. The combined surplus of the wellbeing services counties was EUR 730 million last year. Developments have, however, diverged considerably between counties, and six wellbeing services counties still recorded a deficit in 2025. Following the evaluation procedure, the Central Finland, Eastern Uusimaa and Lapland wellbeing services counties were granted additional time until the early 2030s to cover their deficits. The Ministry of Finance launched evaluation procedures for the South Karelia, South Ostrobothnia and Kymenlaakso wellbeing services counties. The evaluation groups are scheduled to complete their work in summer 2027. The Ministry of Finance estimates funding for the well- being services counties in 2027 at approximately EUR 27.5 billion. According to the Finnish Institute for Health and Welfare, 126,000 patients in the wellbeing services coun- ties were waiting for access to specialised care in August 2026. In autumn 2025, the Finnish Supervisory Agency (Valvira) ordered ten wellbeing services counties and the HUS Group to bring access to non-urgent specialised care up to the level required by law by 30 April 2026. The agency is still considering conditional fines for the Central Finland and North Karelia wellbeing services counties and for the HUS Group. All three are required to submit a report in October 2026. Finland’s population is ageing rapidly and becoming increasingly concentrated in regional urban centres. According to an updated social and healthcare service demand forecast published by the Finnish Institute for Health and Welfare in April 2026, the number of elderly people will increase significantly through to 2045. Kela’s freedom-of-choice pilot for people aged 65 and over has continued and expanded as planned. The pilot was launched in September 2025, and new diagnostic examinations were added to it in July 2026. In September, the Government submitted a proposal to Parliament to amend the Health Insurance Act. Under
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7 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM the proposal, the number of physician appointments covered by the pilot would increase from three to six per calendar year, and four physiotherapy visits would be added to the services. The pilot would continue until the end of 2028, and the changes would enter into force on 1 January 2027. There are more than 1.3 million people aged 65 or over in Finland. According to Kela, nearly a tenth of Finns aged 65 or over had used the pilot during its first ten months. In May, Terveyspalvelualan Unioni (Health Services Sector Union) and Hyvinvointiala HALI (the Finnish Asso- ciation of Private Care Providers) approved a collective agreement for the private healthcare sector, valid from 1 May 2026 to 30 April 2028. Wages will be raised by a total of approximately 5.3 per cent over the agreement period. This includes a general and pay-scale increase of 2.22 per cent paid in September 2026, as well as a local pay component and a one-off payment payable in December 2026. The collective agree- ment for the private social services sector is valid until 30 April 2028, and wages will be raised by a total of 6.1 per cent over the agreement period, in line with the general labour market settlement. Developments in the healthcare market present Pihlajalinna with both opportunities and challenges. Weak consumer confidence and economic uncertainty are slowing the recovery of private demand and the labour market, even though the economic outlook has improved. Long waiting lists for specialised care and the ageing population are increasing the need for private services that complement public healthcare. How- ever, the financial situation of the wellbeing services counties is keeping their procurement decisions cau- tious. At the same time, pay increases in the sector are raising personnel costs, and general inflation is in- creasing other costs. This requires continuous development of pricing and productivity. Consolidated revenue and result July–September 2026 Revenue Pihlajalinna’s revenue was EUR 121.5 (148.7) million, a decrease of -18.3 per cent. Changes to outsourcing agreements and divestments of residential care units decreased revenue by a total of EUR -18.6 million. Pihlajalinna's comparable revenue¹⁾ decreased by EUR -8.6 million, or -6.6 per cent. In addition to the ex- pected impact of changes in outsourcing agreements, Pihlajalinna’s revenue was weighed down by low morbidity and reduced use of services. Profitability Adjusted operating profit before amortisation and impairment of intangible assets (EBITA) was EUR 8.6 (14.4) million, a decrease of EUR -5.9 million. Adjusted EBITA margin was 7.0 (9.7) per cent. Net adjust- ments to EBIT amounted to EUR -0.2 (-2.0) million. Changes in outsourcing agreements reduced profitabil- ity by more than EUR 5 million. Active management of resourcing curbed the decline in profitability in Healthcare Services despite the continued weak market. Pihlajalinna’s EBIT was EUR 6.9 (14.8) million, a decrease of -53.4 per cent. The Group’s net financial expenses amounted to EUR -1.5 (-1.8) million. Profit before taxes was EUR 5.4 (13.0) million. Profit for the quarter was EUR 4.5 (11.6) million. Earnings per share (EPS) was EUR 0.19 (0.51). Earnings per share in the comparison quarter was increased by the sales gain from the divestment of residential care units, changes in non-controlling interests and the recognition of previously unrecognised deferred tax as- sets from tax losses within the Group.
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8 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM January–September 2026 Revenue Pihlajalinna’s revenue was EUR 399.5 (501.4) million, a decrease of -20.3 per cent. Changes to outsourcing agreements and divestments of residential care units decreased revenue by a total of EUR -80.7 million. Pihlajalinna's comparable revenue¹⁾ decreased by EUR -21.2 million, or -5.0 per cent. Demand in the healthcare market during the review period was exceptionally low compared with the comparison period. Profitability Adjusted operating profit before amortisation and impairment of intangible assets (EBITA) was EUR 32.0 (47.1) million, a decrease of EUR -15.0 million. Adjusted EBITA margin was 8.0 (9.4) per cent. Net adjust- ments to EBIT amounted to EUR 5.2 (-2.0) million. Changes in outsourcing agreements reduced profitability by approximately EUR 12 million. Active management of resourcing continued, and Pihlajalinna conducted two separate change negotiations during the review period. Pihlajalinna’s EBIT was EUR 21.4 (44.2) million, a decrease of -51.5 per cent. The Group’s net financial expenses amounted to EUR -5.0 (-5.2) million. Profit before taxes was EUR 16.4 (38.9) million. Profit for the review period was EUR 13.5 (32.6) million. Earnings per share (EPS) was EUR 0.55 (1.35). Earn- ings per share was burdened by the non-recurring costs related to the change negotiations, the transfor- mation programme and measures to centralise surgical operations. Earnings per share in the comparison period was increased by the sales gain from the divestment of residential care units, changes in non-con- trolling interests and the recognition of previously unrecognised deferred tax assets from tax losses within the Group. ¹) Changes in outsourcing agreements and divestments of residential care units have been excluded from the comparison period rev enue. Consolidated statement of financial position and financing Pihlajalinna Group’s total statement of financial position was EUR 563.6 (602.5) million. On 27 March 2026, the Group redeemed its EUR 20 million hybrid bond using cash reserves. Consolidated cash and cash equivalents were EUR 15.2 (28.0) million. Consolidated net debt totalled EUR 290.1 (272.3) million. Net debt to adjusted EBITDA was 3.2 (2.6). Net debt to adjusted EBITDA excluding IFRS 16 was 1.8 (1.2). The Group’s equity ratio was 30.7 (31.0) per cent. Cash flow Net cash flow from operating activities was EUR 41.0 (58.2) million. The change in net working capital was EUR -14.9 (-13.6) million. Changes in outsourcing agreements have affected the Group's working capital structure. Healthcare Services and the new Northern Pirkanmaa outsourcing agreement tie up working cap- ital in trade receivables due to longer payment terms, which weakens cash flow from operating activities compared with the comparison period. Net cash flow from investing activities was EUR -8.4 (-2.1) million. In the comparison period, divestments improved cash flow from investing activities by EUR 8.5 million. Investments in tangible and intangible as- sets were EUR -11.2 (-11.6) million. The Group’s cash flow after investments (free cash flow) was EUR 32.6 (56.2) million.
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9 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Net cash flow from financing activities was EUR -48.1 (-59.1) million. The change in financial liabilities, in- cluding changes in credit limits, was EUR 18.5 (-11.3) million. The redemption of the hybrid bond and pay- ment of accrued interest reduced net cash flow from financing activities by EUR -22.4 million. Interest paid and other financial expenses amounted to EUR -7.5 (-8.3) million. Financing arrangements Pihlajalinna Group’s financing arrangement comprises a EUR 100 million long-term loan and a EUR 60 mil- lion revolving credit facility for general financing needs. The financing agreement negotiated in 2024 was originally for three years, maturing in June 2027, with two optional extension years. Pihlajalinna has exer- cised both extension options, and the loan will now mature in June 2029. The financing arrangement includes customary financial covenants, namely leverage (ratio of net debt to pro forma EBITDA) and gearing. IFRS 16 lease liabilities are excluded from the covenant calculations. At the end of the review period, the Group met all financial covenants under the agreement. The loan margin of the financing arrangement is also linked to Pihlajalinna’s key sustainability targets: pa- tient satisfaction, access to surgical treatment and employee satisfaction. These sustainability targets have a limited impact on the loan margin depending on the number of targets achieved. The sustainability tar- gets for 2025 were met, resulting in a reduction in the loan margin for the next 12 months. Pihlajalinna issued a EUR 20 million hybrid bond on 27 March 2023. The hybrid bond was redeemed in full on the redemption date 27 March 2026. At the end of the review period, Pihlajalinna had EUR 50 million in unused committed credit facilities, con- sisting of EUR 10 million in overdraft facilities and a EUR 40 million undrawn revolving credit facility. The Group has an interest rate swap agreement with a notional amount of EUR 65 million to convert the floating interest rate of the financing arrangement to a fixed rate. Cash flow hedge accounting is applied to the interest rate swap, whereby the effective portion of changes in fair value is recognised in other compre- hensive income. The interest rate swap remains valid until 25 March 2029. Capital expenditure Gross investments, including acquisitions, totalled EUR 21.2 (29.6) million. Gross investments consisting of opening of new units and development, additional and replacement investments amounted to EUR 12.6 (11.4) million. Gross investments in right-of-use assets were EUR 8.6 (19.1) million, and gross investments in M&A transactions amounted to EUR 0.0 (0.3) million. Investment commitments for the Group’s development, additional and replacement investments amounted to approximately EUR 1.7 (4.5) million. The investment commitments relate to the opening of new units, premises-related changes, additional and replacement investments in clinical equipment and information system projects. In September, following a competitive tendering process, Pihlajalinna was selected for further negotiations on the acquisition of the shares in Keski-Uudenmaan Työterveys Oy and Uudenmaan Työterveys Oy. The aggregate net debt-free purchase price of the shares is EUR 19.5 million. The completion of the transaction is subject to the finalisation of the contract negotiations and the procurement process, as well as obtaining the necessary regulatory approvals. The operations are expected to transfer to Pihlajalinna at the beginning of 2027.
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10 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Reporting segments Pihlajalinna revised its financial reporting structure as of 1 January 2026. In the new reporting structure Pihlajalinna has two reportable segments: Healthcare Services and Outsourcing Services. Reporting struc- ture follows Pihlajalinna’s new business model and organisational structure. Healthcare Services Operating segment consists of medical centres, diagnostics, hospital, occupational healthcare, remote and responsible doctor services and public health centre services. Pihlajalinna provides value‑based, total cost‑effective care pathways to corporate clients, insurance companies, the public sector and private cus- tomers through its nationwide service network and digital channels. Key figures EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 2025 Segment revenue 95.3 100.9 -5.6 321.8 331.7 -10.0 446.7 Adjusted EBITA 6.3 7.5 -1.2 24.8 28.5 -3.7 40.4 Adjusted EBITA, % 6.6 7.5 7.7 8.6 9.1 Operating profit (EBIT) 4.6 6.1 -1.6 15.1 24.4 -9.3 29.0 Operating profit (EBIT), % 4.8 6.1 4.7 7.4 6.5 July–September 2026 Revenue Revenue from Healthcare Services was EUR 95.3 (100.9) million, a decrease of -5.5 per cent. The compara- ble revenue decline¹⁾ adjusted for transfers between segments was EUR -9.1 million, or -8.7 per cent. The decline in revenue was particularly evident among insurance company customers and self-paying pri- vate customers. Demand for illness-related services was lower than in the comparison period. Revenue from occupational healthcare remained almost at the level of the comparison period, and its customer base grew. Revenue was reduced by intensified price competition and decreased use of services. Demand for remote services increased as expected, but intensified price competition in responsible physician services reduced public sector revenue. Profitability Adjusted EBITA was EUR 6.3 (7.5) million, a decrease of -16.4 per cent. The adjusted EBITA margin was 6.6 (7.5) per cent of revenue. Net adjustments totalled EUR 0.5 (0.1) million. The low demand in Healthcare Services led to a decline in the number of appointments and a weakening in conversion, particularly for surgery, which had a negative impact on profitability. Active management of resourcing curbed the decline in profitability. Operating profit (EBIT) was EUR 4.6 (6.1) million. Operating profit was negatively affected by a total of EUR 0.6 million in non-recurring costs related to the change negotiations.
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11 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM January–September 2026 Revenue Revenue from Healthcare Services was EUR 321.8 (331.7) million, a decrease of -3.0 per cent. The compara- ble revenue decline¹⁾ adjusted for transfers between segments was EUR -22.4 million, or -6.5 per cent. Ex- cluding the decline in revenue caused by the intensified competition in responsible physician services, Healthcare Services' comparable revenue decreased by -5.0 per cent. The decline in revenue was concentrated among self-paying private customers and insurance company cus- tomers. Demand for illness-related services was lower than in the comparison period. Work to reduce pub- lic sector treatment backlogs increased revenue in the first half of the year. Intensified price competition in responsible physician services reduced revenue. Cost pressures stemming from the general economic envi- ronment have led companies to reduce headcount and to consider the content of their occupational healthcare agreements more carefully than before. Revenue from occupational healthcare remained al- most at the level of the comparison period, and its customer base grew. Revenue from remote services in- creased among insurance customers and in occupational healthcare. Revenue was further reduced by the increased steering of individual customers towards self-care and com- prehensive remote services and, for example, the wider adoption of self-reporting practices in occupational healthcare. These measures are aligned with Pihlajalinna's value-based partnership strategy. Profitability Adjusted EBITA was EUR 24.8 (28.5) million, a decline of -13.0 per cent. The adjusted EBITA margin was 7.7 (8.6) per cent. Net adjustments totalled EUR 5.9 (0.1) million. The low demand in Healthcare Services led to a decline in the number of appointments and a weakening in conversion, which had a negative impact on profitability. Active management of resourcing curbed the de- cline in profitability in Healthcare Services despite the continued weak market. Operating profit (EBIT) was EUR 15.1 (24.4) million. Operating profit was negatively affected by a total of EUR 5.8 million in non-recurring costs related to the change negotiations, the transformation programme and measures to centralise surgical operations. Outsourcing Services The operating segment consists of social and healthcare service outsourcings provided primarily to wellbe- ing services counties, housing services, and employment and recruitment services. Key figures EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 2025 Segment revenue 24.5 46.3 -21.7 71.9 165.3 -93.4 199.2 Adjusted EBITA 2.2 7.6 -5.4 7.4 19.7 -12.3 26.7 Adjusted EBITA, % 8.8 16.4 10.3 11.9 13.4 Operating profit (EBIT) 2.8 9.7 -6.9 8.0 21.7 -13.7 26.7 Operating profit (EBIT), % 11.5 20.9 11.1 13.1 13.4
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12 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM July–September 2026 Revenue Revenue from Outsourcing Services was EUR 24.5 (46.3) million, a decrease of -47.0 per cent. Changes in outsourcing agreements and the divestments of residential care units decreased revenue by a total of EUR - 18.6 million. Comparable revenue1) increase was EUR 0.4 million, 1.6 per cent. Profitability Adjusted EBITA was EUR 2.2 (7.6) million, a decrease of -71.4 per cent. Adjusted EBITA margin was 8.8 (16.4) per cent. Net adjustments totalled EUR -0.7 (-2.1) million. Changes in outsourcing agreements reduced profitability by more than EUR 5 million. The profitability of the new Northern Pirkanmaa outsourcing agreement is low in the early stage of the contract period. EBIT amounted to EUR 2.8 (9.7) million. January–September 2026 Revenue Revenue from Outsourcing Services was EUR 71.9 (165.3) million, a decrease of -56.5 per cent. Changes in outsourcing agreements and the divestments of residential care units decreased revenue by a total of EUR - 80.7 million. Comparable revenue1) decrease was EUR -0.3 million, -0.4 per cent. Profitability Adjusted EBITA was EUR 7.4 (19.7) million, a decrease of -62.5 per cent. Adjusted EBITA margin was 10.3 (11.9) per cent. Net adjustments totalled EUR -0.7 (-2.2) million. Changes in outsourcing agreements reduced profitability by approximately EUR 12 million. EBIT amounted to EUR 8.0 (21.7) million. Changes affecting the segment The outsourcing of social and healthcare services in Northern Pirkanmaa commenced at the beginning of April, when Virrat and Ruovesi transferred to Pihlajalinna's service production. From the beginning of May, Parkano and Kihniö also transferred to the new agreement, area previously covered by Kolmostien Terveys. The expiration of outsourcing contracts during the 2025 financial year and the commencement of the Northern Pirkanmaa outsourcing arrangement will, on a net basis, reduce the Group’s annual revenue by approximately EUR 72 million from the 2025 levels. In addition, the divestments of Pihlajalinna’s residential care units during the 2025 financial year will reduce the Group’s annual revenue in the current year by over EUR 14 million from the 2025 levels. ¹) Changes in outsourcing agreements, divestments of residential care units and transfers between segments have been excluded fr om the comparison period revenue. Personnel At the end of the review period, the number of personnel amounted to 4,082 (4,890), a decrease of -17 per cent. The Group’s personnel converted into full-time equivalents were an average of 3,004 (4,181), a de- crease of -28 per cent. The transfer of outsourcing services to the wellbeing services counties and the di- vestments of residential care units reduced the Group’s headcount.
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13 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM At the end of the review period, Healthcare Services employed 2,462 (2,831) people and Outsourcing Ser- vices 1,427 (1,814) people. Converted into full-time equivalents, Healthcare Services employed an average of 1,981 (2,056) people, while Outsourcing Services employed an average of 972 (2,059) people. In spring 2026, Pihlajalinna conducted nationwide change negotiations concerning Healthcare Services per- sonnel, as well as change negotiations concerning the reorganisation of the outsourced social and healthcare services in Northern Pirkanmaa and the harmonisation of service production. The negotiations resulted in a reduction of 220 positions in Healthcare Services and 139 positions in Northern Pirkanmaa. In addition, new positions were created in Northern Pirkanmaa. The Group’s employee benefit expenses totalled EUR 168.3 (223.4) million, a decrease of EUR -55.1 million, or -24.7 per cent. During the review period, the sickness-related absences rate among personnel was 5.2 (5.4) per cent. During the review period the number of practitioners was 2,246 (2,234). Management Team The members of Pihlajalinna’s Management Team are President and CEO Tuomas Hyyryläinen, EVP, Strat- egy and Group Operations Heikki Färkkilä, EVP, Healthcare Services Seppo Kariniemi, EVP, Communications, Marketing and Sustainability Tuula Lehto, EVP, Chief Legal Officer Jaakko Liljeroos, EVP, Chief Information Officer Lauri Muhonen, EVP, Chief Financial Officer Tarja Rantala, EVP, Chief Medical Officer Sari Riihijärvi, EVP, Chief Commercial Officer Heikki Tarkkila and EVP, People and Culture Mika Videman. Transfer of own shares In May, Pihlajalinna conveyed a total of 9,072 of its own shares to the members of the Board of Directors as part of their annual remuneration. Following the transfer of shares mentioned above, Pihlajalinna held 130,978 own shares on 30 September 2026, corresponding to 0.58 per cent of the total number of shares and votes. Shares and shareholders Pihlajalinna’s share is listed in the Nasdaq Helsinki main market under the trading code PIHLIS. The total number of shares in the Group is 22,620,135. On 30 September 2026, 22,489,157 of the shares were out- standing and 130,978 were held by the company, representing approximately 0.58 per cent of all shares and votes. At the end of the review period, the company had 17,823 (16,044) shareholders. Share-related information, outstanding shares 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 No. of shares outstanding at end of period 22,489,157 22,480,066 22,489,157 22,480,066 22,480,066 Average no. of shares outstanding during period 22,489,157 22,485,779 22,485,169 22,526,590 22,514,581 Highest price, EUR 11.40 17.30 14.90 17.30 17.30 Lowest price, EUR 9.61 14.95 9.61 10.00 10.00 Average price, EUR ¹⁾ 10.65 16.10 12.19 14.35 14.50 Closing price, EUR 10.88 16.00 10.88 16.00 14.60 Share turnover, 1,000 shares 1,150 1,438 4,601 3,771 4,785 Share turnover, % 5.1 6.4 20.5 16.7 21.3 Market capitalisation at end of period, EUR million 244.7 359.7 244.7 359.7 328.2 ¹⁾ average rate weighted by trading level
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14 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Risks and uncertainties in business operations Pihlajalinna's risk management is guided by a risk management policy approved by the Group's Board of Directors, which defines the principles, responsibilities and procedures of risk management. Financial risk management is governed by a separately approved financing policy. Risks are divided into strategic and op- erational risks, and the risk portfolio is updated twice a year. The principles of risk management and the mechanisms of internal control are described in more detail in the Group's Annual Report. The risks and uncertainties described below may have a significant impact on Pihlajalinna's business opera- tions, financial result and future prospects. The description is not exhaustive, and the order of presentation does not reflect the likelihood of the risks or the magnitude of their impact. The general economic situation in Finland, cyclical trends in the industry, and the global political and geo- political situation may affect Pihlajalinna's business operations as well as its operational and financial result. Strategic risks The rapid growth of operators specialising in remote and digital services, combined with artificial intelli- gence, is transforming the industry and the competitive landscape. Pihlajalinna responds to this change by leveraging technological innovation, data and artificial intelligence, as well as a hybrid model combining re- mote and on-site services and strategic partnerships with insurance companies. Tightening terms and increased deductibles in medical expense insurance policies may reduce appointment volumes. Changes in the steering practices of healthcare services, the development of medicine, the fund- ing model of the wellbeing services counties, and legislation may affect the industry. In addition, cost pres- sure among corporate customers, insurance companies and wellbeing services counties may weaken ser- vice providers' pricing power. Pihlajalinna manages these risks through close cooperation with partners, cost-effectiveness and value-based pricing, as well as by actively monitoring and responding to develop- ment and changes in the operating environment. Operational risks The most significant operational risks relate to information security and patient safety. A data breach could lead to the loss of sensitive patient data, and failure to follow operating instructions could, in the worst case, result in a serious patient safety incident. These risks are managed through certified management sys- tems (ISO 9001, ISO 27001 and ISO 14001), continuous information security monitoring, a self-monitoring programme, and regular training for all personnel. Uncertainties related to wage development and wage harmonisation among healthcare professionals, as well as a high sickness absence rate, may affect the cost of service production. The availability of specialist expertise, such as professionals in orthopaedics and certain other medical specialties, may also affect the continuity of service production. In addition, the compliance of individual sites, the operations of subcon- tractors and supply chains involve customary risks, which are managed through contractual and self-moni- toring processes. Financial risks Pihlajalinna is exposed to customary financial risks: interest rate risk, liquidity risk and credit risk. The avail- ability of financing is ensured through adequate credit limits and a balanced maturity profile of borrowings.
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15 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Continuous forecasting of compliance with the financing arrangement covenants forms an essential part of risk management. Pihlajalinna regularly monitors the credit risk of its receivables. Pending legal proceedings Pihlajalinna is involved in certain pending court proceedings concerning employment relationships and other matters, which are not expected to have a significant financial impact on the Group. Events after the reporting date On 21 October 2026, Pihlajalinna announced that it is lowering its guidance for 2026. The Group estimates revenue to be approximately EUR 540 million (EUR 652.3 million in 2025) and the adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) to be approximately 8 per cent of rev- enue (10.0 per cent of revenue in 2025). Pihlajalinna’s financial reporting in 2027 Financial Statements Release 2026: 18 February 2027 Annual Report 2026: no later than week 10 Interim Report January–March 2027: 29 April 2027 Half Year Financial Report January–June 2027: 20 July 2027 Interim Report January–September 2027: 28 October 2027 The Annual General Meeting is planned to be held on Wednesday, 31 March 2027. Helsinki, 27 October 2026 The Board of Directors of Pihlajalinna Plc
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16 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Consolidated income statement EUR million Note 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Revenue 2 121.5 148.7 399.5 501.4 652.3 Other operating income 0.8 3.7 2.4 11.2 12.2 Materials and services 4 -37.1 -43.1 -123.1 -145.9 -189.7 Employee benefit expenses 5 -50.6 -64.4 -168.3 -223.4 -289.6 Other operating expenses 6 -15.7 -16.6 -51.1 -57.4 -75.9 Share of profit in associated companies and joint ventures 0.0 0.0 0.0 0.0 0.0 EBITDA 19.0 28.3 59.3 86.0 109.3 Depreciation, amortisation and impairment 7 -12.1 -13.4 -37.9 -41.8 -56.6 Operating profit (EBIT) 6.9 14.8 21.4 44.2 52.7 Financial income 0.5 0.2 1.0 0.9 1.1 Financial expenses 8 -2.0 -2.0 -6.0 -6.2 -8.0 Profit before taxes 5.4 13.0 16.4 38.9 45.8 Income tax 9 -1.0 -1.5 -2.9 -6.3 -7.2 Profit for the period 4.5 11.6 13.5 32.6 38.6 Attributable to: To the owners of the parent company 4.3 12.1 12.8 31.8 37.6 To non-controlling interests 0.2 -0.5 0.7 0.9 1.0 Earnings per share calculated based on the result for the period attributable to the owners of the parent company (EUR) Basic 0.19 0.51 0.55 1.35 1.58 Diluted 0.19 0.51 0.55 1.35 1.58 Consolidated statement of comprehensive income EUR million Note 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Profit for the period 4.5 11.6 13.5 32.6 38.6 Other comprehensive income that will be reclassified subsequently to profit or loss Cash flow hedge Recorded in equity 1.4 0.3 1.7 0.1 0.2 Transferred to income statement -0.2 -0.2 -0.7 -0.7 -1.0 Income tax on other comprehensive income -0.2 0.0 -0.2 0.1 0.2 Other comprehensive income for the reporting period 0.9 0.0 0.8 -0.5 -0.7 Total comprehensive income for the reporting period 5.4 11.6 14.3 32.1 37.9 Attributable to: To the owners of the parent company 5.2 12.1 13.6 31.3 36.9 To non-controlling interests 0.2 -0.5 0.7 0.9 1.0
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17 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Consolidated statement of financial position EUR million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Property, plant and equipment 11 50.4 56.8 52.3 Goodwill 10 253.6 253.8 253.8 Intangible assets 10 14.1 13.8 14.8 Investment properties 11 0.8 0.8 0.8 Right-of-use assets 12 158.5 170.7 174.8 Interests in associates 0.0 0.0 Other investments 0.2 0.2 0.2 Other receivables 0.2 2.2 2.2 Deferred tax assets 10.4 10.8 8.1 Total non-current assets 487.9 509.1 507.0 Current assets Inventories 4.2 4.5 4.0 Trade and other receivables 17 55.4 59.1 55.1 Current tax assets 0.9 2.0 1.3 Cash and cash equivalents 15.2 28.0 30.7 Total current assets 75.7 93.5 91.1 Total assets 563.6 602.5 598.1 EUR million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital 0.1 0.1 0.1 Fair value reserve 1.2 0.6 0.5 Reserve for invested unrestricted equity 116.5 116.5 116.5 Hybrid bond 15 20.0 20.0 Retained earnings 39.9 15.9 16.0 Profit for the period 12.8 31.8 37.6 Equity attributable to owners of the parent company 170.5 184.9 190.6 Non-controlling interests 2.2 1.8 2.0 Total equity 172.8 186.7 192.6 Deferred tax liabilities 7.0 7.5 7.2 Provisions 0.1 3.4 2.3 Lease liabilities 13 151.0 165.1 167.0 Financial liabilities 16 123.3 104.1 103.1 Other non-current liabilities 0.0 0.3 0.3 Total non-current liabilities 281.4 280.3 279.9 Trade and other payables 74.6 98.2 88.7 Current tax liabilities 2.7 4.4 1.1 Provisions 1.2 0.2 1.9 Lease liabilities 13 29.0 29.0 30.5 Financial liabilities 16 2.0 3.6 3.3 Total current liabilities 109.5 135.5 125.6 Total liabilities 390.9 415.8 405.5 Total equity and liabilities 563.6 602.5 598.1
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18 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Consolidated statement of changes in equity Equity attributable to owners of the parent company EUR million Share capital Reserve for invested unrestricted equity Fair value reserve Hybrid bond Retained earnings Non-controlling interests Equity Total Total equity, 1 Jan 2025 0.1 116.5 1.1 20.0 33.0 -1.8 169.0 Profit for the period 31.8 0.9 32.6 Other comprehensive income for the period -0.5 -0.5 Total comprehensive income for the period -0.5 31.8 0.9 32.1 Dividends paid -8.6 -8.6 Acquisition of own shares -1.7 -1.7 Acquisition of subsidiary shares -0.9 -0.5 -1.4 Share-based benefits -0.8 -0.8 Total transactions with owners -12.0 -0.5 -12.5 Changes in NCI without a change in control -3.3 3.3 0.0 Other changes 0.1 0.0 0.1 Total changes in subsidiary shareholdings -3.2 3.3 0.0 Hybrid bond interest -1.9 -1.9 Total equity, 30 Sep 2025 0.1 116.5 0.6 20.0 47.6 1.8 186.7 Equity attributable to owners of the parent company EUR million Share capital Reserve for invested unrestricted equity Fair value reserve Hybrid bond Retained earnings Non-controlling interests Equity Total Total equity, 1 Jan 2026 0.1 116.5 0.5 20.0 53.6 2.0 192.6 Profit for the period 12.8 0.7 13.5 Other comprehensive income for the period 0.8 0.8 Total comprehensive income for the period 0.8 12.8 0.7 14.3 Dividends paid -12.0 -0.4 -12.4 Share-based benefits 0.4 0.4 Total transactions with owners -11.5 -0.4 -11.9 Changes in NCI without a change in control -0.2 -0.1 -0.3 Other changes 0.0 0.0 0.0 Total changes in subsidiary shareholdings -0.2 -0.1 -0.3 Repayment of hybrid bond -20.0 -20.0 Hybrid bond interest -1.9 -1.9 Total equity, 30 Sep 2026 0.1 116.5 1.2 0.0 52.7 2.2 172.8
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19 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Consolidated statement of cash flows EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Cash flow from operating activities Profit for the period 4.5 11.6 13.5 32.6 38.6 Adjustments to cash flow from operating activities: Taxes 1.0 1.5 2.9 6.3 7.2 Depreciation, amortisation and impairment 12.1 13.4 37.9 41.8 56.6 Financial income and expenses 1.5 1.8 5.0 5.2 7.0 Other -0.4 -2.5 -1.4 -8.1 -8.4 Net cash generated from operating activities before change in working capital 18.6 25.8 58.0 77.9 100.9 Change in working capital -13.8 -16.4 -14.9 -13.6 -18.4 Interest received 0.5 0.2 1.0 0.7 0.9 Paid and received taxes -0.9 -2.3 -3.1 -6.8 -7.8 Net cash flow from operating activities 4.5 7.3 41.0 58.2 75.6 Cash flow from investing activities Investments in tangible and intangible assets -2.2 -3.9 -11.2 -11.6 -16.5 Proceeds from disposal of property, plant and equipment and intangible assets and prepayments 0.2 0.7 1.7 0.8 2.2 Changes in other receivables and investments 0.1 Sale of subsidiaries and business operations with time-of-sale cash and cash equivalents deducted 0.0 2.4 0.5 8.5 8.4 Granted loans and repayments 2.0 2.0 0.5 0.5 Dividends received 0.0 0.0 0.0 Acquisition of subsidiaries less cash and cash equivalents at date of acquisition -1.5 -0.3 -0.3 Net cash flow from investing activities 0.0 -0.8 -8.4 -2.1 -5.7 Cash flow from financing activities Changes in non-controlling interests -0.3 0.0 -0.3 0.0 0.0 Acquisition of own shares -2.6 -3.1 -3.1 Proceeds from and repayment of borrowings 9.5 -10.4 18.5 -11.3 -12.8 Repayment of lease liabilities -8.9 -8.0 -24.1 -24.1 -32.6 Interest and other operational financial expenses -3.3 -3.4 -7.5 -8.3 -9.3 Dividends paid and other profit distribution -12.4 -9.8 -9.9 Repayment of hybrid bond -20.0 Hybrid bond interests -2.4 -2.4 -2.4 Net cash flow from financing activities -3.0 -24.3 -48.1 -59.1 -70.1 Changes in cash and cash equivalents 1.6 -17.8 -15.5 -2.9 -0.2 Cash at beginning of period 13.6 45.7 30.7 30.9 30.9 Cash at end of period 15.2 28.0 15.2 28.0 30.7
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20 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Notes to the Interim Report Accounting policies This Interim Report has been prepared in compliance with the IFRS standards currently in effect, and its preparation has complied with the requirements of IAS 34 (Interim Financial Reporting). This Interim Report applies the accounting policies presented in the consolidated financial statements for the financial year 2025. The amended standards and interpretations published by IASB and adopted in 2026 does not have a material impact on Pihlajalinna’s financial reporting. The information published in this Interim Report has not been audited. All figures have been rounded, and therefore the sum of individual figures may differ from the totals presented. Key figures and figures reflect- ing changes have been calculated using the exact figures. The alternative performance measures presented in this Interim Report should not be considered as substi- tutes for the key figures defined in IFRS standards, and they may not be comparable with similarly named items used by other companies. The preparation of the Interim Report in accordance with IFRS requires management to make estimates and assumptions that affect the valuation of the reported assets and liabilities, contingent assets and liabili- ties as well as the amount of income and expenses recognised. Although the estimates are based on man- agement’s best current judgement, the actual results may differ from the estimates provided in this Interim Report. The most significant accounting estimates and judgements made by management were mainly the same as those applied in the consolidated financial statements for the financial year ended 31 December 2025. 1. Segment information Pihlajalinna revised its segment reporting as of 1 January 2026. In the new reporting structure Pihlajalinna comprises two reportable segments: Healthcare Services and Outsourcing Services. The reporting structure follows Pihlajalinna’s new business model and organisational structure. Healthcare Services operating segment consists of medical centres, diagnostics, hospital, occupational healthcare, remote and responsible doctor services and public health centre services. Pihlajalinna provides value‑based, total cost‑effective care pathways to corporate clients, insurance companies, the public sector and private customers through its nationwide service network and digital channels. The Outsourcing Services operating segment primarily consists of large-scale social and healthcare services provided to wellbeing services counties, as well as housing services, and employment and recruitment ser- vices. In addition to the reportable segments, Pihlajalinna presents financial information for Corporate functions and Other operations, which includes parent company operations, fitness centre services and other small- scale operations whose nature of business and economic characteristics differ from those of the reportable segments.
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21 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Revenue, EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 1–12/2025 Healthcare Services 95.3 100.9 -5.6 321.8 331.7 -10.0 446.7 of which intersegment 1.2 1.8 -0.5 3.9 6.5 -2.6 7.9 Outsourcing Services 24.5 46.3 -21.7 71.9 165.3 -93.4 199.2 of which intersegment 0.0 0.0 0.0 0.0 0.1 -0.1 0.1 Corporate functions and other 7.2 6.9 0.3 21.9 22.3 -0.5 29.0 of which intersegment 4.3 3.5 0.7 12.1 11.4 0.7 14.6 Group total 121.5 148.7 -27.2 399.5 501.4 -101.9 652.3 Employee benefit expenses, EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 1–12/2025 Healthcare Services -33.6 -36.0 2.4 -116.9 -117.5 0.6 -159.8 Outsourcing Services -16.1 -27.2 11.2 -48.1 -102.4 54.3 -125.0 Corporate functions and other -1.0 -1.2 0.2 -3.3 -3.5 0.2 -4.8 Group total -50.6 -64.4 13.8 -168.3 -223.4 55.1 -289.6 Depreciation and impairment, EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 1–12/2025 Healthcare Services -9.3 -9.5 0.2 -29.6 -27.8 -1.8 -39.7 Outsourcing Services -0.6 -2.0 1.4 -1.8 -8.5 6.7 -9.3 Corporate functions and other -2.3 -1.9 -0.3 -6.6 -5.6 -1.0 -7.6 Group total -12.1 -13.4 1.3 -37.9 -41.8 3.9 -56.6 Adjusting items affecting comparability, EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 1–12/2025 Healthcare Services 0.5 0.1 0.4 5.9 0.1 5.7 6.2 Outsourcing Services -0.7 -2.1 1.5 -0.7 -2.2 1.5 -0.3 Corporate functions and other 0.0 0.0 0.0 0.1 0.0 0.1 0.0 Group total -0.2 -2.0 1.8 5.2 -2.0 7.3 5.9 Adjusted EBITA, EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 1–12/2025 Healthcare Services 6.3 7.5 -1.2 24.8 28.5 -3.7 40.4 Outsourcing Services 2.2 7.6 -5.4 7.4 19.7 -12.3 26.7 Corporate functions and other 0.1 -0.7 0.8 -0.1 -1.1 1.0 -1.8 Group total 8.6 14.4 -5.9 32.0 47.1 -15.0 65.3 Adjusted EBITA, % 7–9/2026 7–9/2025 change 1–9/2026 1–9/2025 change 1–12/2025 Healthcare Services 6.6 7.5 -0.9 7.7 8.6 -0.9 9.1 Outsourcing Services 8.8 16.4 -7.6 10.3 11.9 -1.6 13.4 Corporate functions and other 1.2 -10.1 11.2 -0.7 -5.1 4.4 -6.4 Group total 7.0 9.7 -2.7 8.0 9.4 -1.4 10.0 Reconciliation of the segments total adjusted operating profit before amortisation and impairment of intangible assets (EBITA) to the consolidated profit before taxes EUR million 7–9/2026 7–9/2025 change EUR 1–9/2026 1–9/2025 change EUR 1–12/2025 Profit before taxes 5.4 13.0 -7.6 16.4 38.9 -22.5 45.8 Net financial expenses 1.5 1.8 -0.3 5.0 5.2 -0.2 7.0 Amortisation and impairment of intangible assets 1.8 1.6 0.2 5.4 4.9 0.5 6.6 Adjustment items -0.2 -2.0 1.8 5.2 -2.0 7.3 5.9 Adjusted EBITA 8.6 14.4 -5.9 32.0 47.1 -15.0 65.3
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22 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 2. Revenue Revenue by region Pihlajalinna reports its revenue by the following geographical regions: • Southern Finland includes Pihlajalinna’s business operations in the regions of Uusimaa and Kymenlaakso. • Mid-Finland includes Pihlajalinna’s business operations in the regions of Pirkanmaa, Satakunta, Kanta- Häme and Central Finland. • Western Finland includes Pihlajalinna’s business operations in the region of Southwest Finland, South Os- trobothnia and Ostrobothnia. • Eastern Finland includes Pihlajalinna’s business operations in the regions of South Savo, North Karelia, North Savo, Päijät-Häme and South Karelia. • Northern Finland includes Pihlajalinna’s business operations in the regions of North Ostrobothnia, Central Ostrobothnia, Kainuu and Lapland. • Other operations include remote services, moving services and other administrative functions. EUR million 1–9/2026 1–9/2025 change % 1–12/2025 Southern Finland 87.7 95.6 -8.2 % 128.6 Mid-Finland 134.6 181.6 -25.9 % 227.2 Western Finland 42.8 102.9 -58.4 % 127.2 East Finland 61.8 66.6 -7.3 % 89.9 Northern Finland 35.1 39.7 -11.6 % 53.0 Other operations 56.8 60.2 -5.5 % 79.0 Intra-Group sales -19.3 -45.2 -57.2 % -52.6 Consolidated revenue 399.5 501.4 -20.3 % 652.3 Revenue by customer group Pihlajalinna’s customer groups are corporate customers, private customers and public sector customers. • The Group’s corporate customers consist of Pihlajalinna occupational healthcare customers, insur- ance company customers and other corporate customers. The Group’s occupational healthcare cus- tomer base in the corporate customers group averaged approximately 187,000 (188,000) individuals during the quarter. • The Group’s private customers are private individuals who pay for services themselves and may sub- sequently seek compensation from their insurance company. • The Group’s public sector customers consist of public sector organisations in Finland, such as munici- palities, congregations, wellbeing services counties and the public administration. The Group’s occu- pational healthcare customer base in the public sector customers group averaged approximately 87,000 (80,000) individuals during the quarter.
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23 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM July–September 2026 Healthcare Services EUR million 7–9/2026 7–9/2025* change change % Corporate customers 60.4 65.7 -5.3 -8.1 % of which insurance company customers 32.5 36.2 -3.7 -10.3 % Private customers 19.7 22.7 -3.0 -13.3 % Public sector 15.2 16.0 -0.8 -4.9 % Segments revenue 95.3 104.4 -9.1 -8.7 % *Comparable revenue for 2025, adjusted for transfers between segments (responsible physician services and primary healthcare outsourcing). Revenue from corporate customers amounted to EUR 60.4 (65.7) million, a decrease of EUR -5.3 million, or -8.1 per cent. Sales to insurance company customers decreased by EUR -3.7 million, or -10.3 per cent. Ap- pointment volumes at Pihlajalinna’s private clinics decreased by -10.4 per cent. Revenue from private customers amounted to EUR 19.7 (22.7) million, a decrease of EUR -3.0 million, or - 13.3 per cent. The streamlining of insurance companies’ payment authorisations and direct payment prac- tices has reduced reported sales to private customers. Appointment volumes at Pihlajalinna’s private clinics decreased by -9.4 per cent. Revenue from the public sector amounted to EUR 15.2 (16.0) million, a decrease of EUR -0.8 million, or -4.9 per cent. Revenue from responsible physician services decreased by EUR -1.1 million due to the expiry of agreements. Appointment volumes at Pihlajalinna’s private clinics increased by 9.3 per cent due to growth in the occupational healthcare customer base. January–September 2026 Healthcare Services EUR million 1–9/2026 1–9/2025* change change % 1–12/2025* Corporate customers 208.3 218.1 -9.8 -4.5 % 295.8 of which insurance company customers 111.9 118.0 -6.2 -5.2 % 160.8 Private customers 62.7 71.3 -8.6 -12.1 % 93.8 Public sector 50.8 54.8 -4.0 -7.4 % 73.3 Segments revenue 321.8 344.2 -22.4 -6.5 % 462.9 *Comparable revenue for 2025, adjusted for transfers between segments (responsible physician services and primary healthcare outsourcing). Revenue from corporate customers amounted to EUR 208.3 (218.1) million, a decrease of EUR -9.8 million, or -4.5 per cent. Sales to insurance company customers decreased by EUR -6.2 million, or -5.2 per cent. Ap- pointment volumes at Pihlajalinna’s private clinics decreased by -7.6 per cent. Revenue from private customers amounted to EUR 62.7 (71.3) million, a decrease of EUR -8.6 million, or - 12.1 per cent. The streamlining of insurance companies’ payment authorisations and direct payment prac- tices has reduced reported sales to private customers. Appointment volumes at Pihlajalinna’s private clinics decreased by -7.1 per cent. Revenue from the public sector amounted to EUR 50.8 (54.8) million, a decrease of EUR -4.0 million, or -7.4 per cent. Revenue from responsible physician services decreased by EUR -5.4 million due to the expiry of agreements. Reducing surgical waiting lists increased public sector revenue in the first half of the year. Ap- pointment volumes at Pihlajalinna’s private clinics increased by 5.8 per cent due to growth in the occupa- tional healthcare customer base.
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24 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 3. Other operating income Pihlajalinna divested the business operations of the youth home Mäntylinna and the family group home Mathilda in March, Ikipihlaja Kuusama in April and Ikipihlaja Anne in September. A total sales gain of EUR 0.4 million from the divestments has been recognised during the review period in other operating income. 4. Materials and services EUR million 7–9/2026 7–9/2025 change, % 1–9/2026 1–9/2025 change, % 1–12/2025 Materials -4.9 -5.8 -14.5 -17.1 -20.5 -16.8 -26.3 Change in inventories -0.2 0.1 - 0.2 0.2 29.3 -0.4 External services, practitioners -28.9 -31.6 -8.5 -96.8 -105.4 -8.2 -140.8 External services, other -3.0 -5.8 -48.1 -9.5 -20.1 -52.8 -22.3 Total -37.1 -43.1 -14.0 -123.1 -145.9 -15.6 -189.7 5. Employee benefit expenses EUR million 7–9/2026 7–9/2025 change, % 1–9/2026 1–9/2025 change, % 1–12/2025 Wages and salaries -41.8 -53.4 -21.7 -139.6 -185.6 -24.8 -240.9 Share-based incentive schemes - implemented as shares -0.1 -0.1 16.2 -0.4 -0.2 84.5 -0.3 Pension costs - defined contribution plans -7.2 -9.2 -22.0 -23.5 -31.8 -26.0 -40.8 Other social security expenses -1.6 -1.7 -9.7 -4.8 -5.8 -17.7 -7.5 Total -50.6 -64.4 -21.4 -168.3 -223.4 -24.7 -289.6 Share-based incentive schemes Performance Share Plan (PSP) Pihlajalinna's Board of Directors has granted a long-term share-based incentive plan for key employees of the Group. The Performance Share Plan 2025–2029 consists of three performance periods, covering the financial years 2025–2027, 2026–2028 and 2027–2029. The Board of Directors decides annually on the launch and details of each performance period. Under the programme, the Board has initiated the performance periods covering 2025–2027 and 2026–2028. Any po- tential rewards will be paid partly in Pihlajalinna shares and partly in cash. The programme is accounted for in its entirety as an equity‑settled share‑based payment. The target group for the 2025–2027 performance period consists of 23 key individuals, and the target group for the 2026–2028 performance period consists of 29 key individuals, including the members of the Group Management Team and the President and CEO. The performance criteria for the 2025–2027 period are relative Total Shareholder Return (rTSR), annual revenue growth, return on capital employed and the sickness absence rate. The value of the rewards to be paid under the plan corresponds to a maximum total of 553,000 Pihlajalinna shares, including the cash-set- tled portion. The performance criteria for the 2026–2028 period are relative Total Shareholder Return (rTSR), annual revenue growth, return on capital employed and the sickness absence rate. The value of the rewards to be paid under the plan corresponds to a maximum total of 262,000 Pihlajalinna shares, including the cash-set- tled portion.
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25 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 6. Other operating expenses EUR million 7–9/2026 7–9/2025 change, % 1–9/2026 1–9/2025 change, % 1–12/2025 Facility expenses -2.3 -2.8 -20.2 -7.8 -9.2 -14.6 -11.9 Information management expenses -7.5 -6.8 10.4 -22.3 -22.3 0.0 -28.5 Sales and marketing expenses -1.3 -1.3 1.0 -3.8 -4.0 -3.7 -5.1 Other expenses -4.6 -5.7 -19.6 -17.1 -21.9 -21.9 -30.3 Total -15.7 -16.6 -5.8 -51.1 -57.4 -10.9 -75.9 7. Depreciation, amortisation and impairment by asset type EUR million 7–9/2026 7–9/2025 change, % 1–9/2026 1–9/2025 change, % 1–12/2025 Intangible assets -1.8 -1.6 12.8 -5.4 -4.9 9.5 -6.6 Property, plant and equipment -3.1 -3.3 -7.3 -9.3 -9.7 -4.3 -12.8 Property and land areas write-downs -2.2 -2.2 Other write-downs on property, plant and equipment -2.5 Right-of-use assets -7.2 -7.9 -8.7 -21.8 -23.2 -5.8 -30.6 Right-of-use business premises write-downs -0.6 -1.4 -1.8 -1.8 Total depreciation, amortisation and impairment -12.1 -13.4 -10.0 -37.9 -41.8 -9.3 -56.6 8. Financial expenses EUR million 7–9/2026 7–9/2025 change, % 1–9/2026 1–9/2025 change, % 1–12/2025 Interest expenses from financial liabilities carried at amortised cost -1.1 -0.9 13.7 -3.0 -3.1 -1.7 -3.9 Interest expenses on lease liabilities -0.8 -0.9 -7.7 -2.5 -2.7 -7.7 -3.6 Other financial expenses -0.1 -0.1 -14.5 -0.5 -0.4 17.9 -0.6 Total -2.0 -2.0 2.0 -6.0 -6.2 -3.0 -8.0 9. Income taxes EUR million 7–9/2026 7–9/2025 change, % 1–9/2026 1–9/2025 change, % 1–12/2025 Current taxes -1.6 -3.2 -51.0 -5.1 -9.3 -45.2 -7.7 Deferred taxes 0.6 1.7 -64.3 2.2 3.0 -26.1 0.6 Total -1.0 -1.5 -35.7 -2.9 -6.3 -54.7 -7.2
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26 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 10. Changes in intangible assets and goodwill EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at beginning of period 342.1 338.0 338.0 Additions 4.8 2.8 5.6 Business combinations 0.0 0.3 0.3 Transfers between items 0.0 0.0 -0.2 Sold business operations -0.3 0.0 -1.2 Disposals -0.2 -1.3 -0.5 Acquisition cost at end of period 346.5 339.7 342.1 Accumulated depreciation at beginning of period -73.4 -67.4 -67.4 Depreciation and amortisation for period -5.4 -4.9 -6.6 Transfers between items 0.0 0.0 0.1 Accumulated depreciation on disposals 0.0 0.1 0.5 Accumulated depreciation at end of period -78.8 -72.2 -73.4 Carrying amount at end of period 267.6 267.6 268.6 11. Changes in property, plant and equipment EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at beginning of period 141.2 151.1 151.1 Additions 8.2 9.0 11.0 Business combinations 0.0 0.0 0.1 Transfers between items 0.0 -1.8 -0.2 Disposals -2.7 -10.1 -19.1 Sold business operations 0.0 0.0 -1.6 Acquisition cost at end of period 146.7 148.2 141.2 Accumulated depreciation at beginning of period -88.9 -88.3 -88.3 Depreciation and amortisation for period -9.3 -12.0 -17.5 Transfers between items 0.0 1.2 0.2 Accumulated depreciation on disposals 1.7 7.7 15.7 Sold business operations 0.2 0.0 1.0 Accumulated depreciation at end of period -96.3 -91.3 -88.9 Carrying amount at end of period 50.4 56.8 52.3 12. Changes in right-of-use assets EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition cost at beginning of period 393.6 381.6 381.6 Additions 9.0 20.6 32.3 Transfers between items -9.4 -1.2 -1.2 Disposals -17.7 -17.5 -19.1 Acquisition cost at end of period 375.6 383.4 393.6 Accumulated depreciation at beginning of period -218.9 -196.5 -196.5 Depreciation and amortisation for period -21.8 -23.5 -30.6 Transfers between items 9.5 1.2 1.2 Accumulated depreciation on disposals 14.0 6.0 7.0 Accumulated depreciation at end of period -217.1 -212.7 -218.9 Carrying amount at end of period 158.5 170.7 174.8
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27 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 13. Right-of-use assets and lease liabilities EUR million Right-of-use asset items 30 Sep 2026 Lease liabilities 30 Sep 2026 Carrying amount at beginning of period 174.8 197.5 Changes 5.5 6.5 Depreciation and amortisation -21.8 Repayments of lease liabilities -24.1 Carrying amount at end of period 158.5 179.9 As of 30 September 2026, EUR 175.6 million of the lease liabilities related to the adoption of IFRS 16, and EUR 4.4 million represented finance lease liabilities recognised under previous accounting standards. EUR million Right-of-use asset items 30 Sep 2025 Lease liabilities 30 Sep 2025 Carrying amount at beginning of period 185.1 211.9 Changes 8.7 6.3 Depreciation and amortisation -23.2 Repayments of lease liabilities -24.1 Carrying amount at end of period 170.7 194.1 As of 30 September 2025, EUR 185.5 million of the lease liabilities related to the adoption of IFRS 16, and EUR 8.6 million represented finance lease liabilities recognised under previous accounting standards.
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28 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 14. Financial assets and liabilities by measurement category 30 Sep 2026 Fair value hierarchy Fair value through profit or loss Fair value - a hedging instrument Amortised cost Total carrying amounts Fair values total Carrying amounts of financial assets Non-current financial assets Other shares and participations level 3 0.2 0.2 0.2 Lease deposits level 2 0.1 0.1 0.1 Other receivables level 2 0.1 0.1 0.1 Current financial assets Trade receivables 39.0 39.0 39.0 Other receivables level 2 0.0 0.0 0.0 Interest derivatives level 2 1.1 1.1 1.1 Cash and cash equivalents 15.2 15.2 15.2 Total 0.2 1.1 54.3 55.6 55.6 Carrying amounts of financial liabilities Non-current financial liabilities Loans from financial institutions level 2 122.9 122.9 122.9 Lease liabilities level 2 151.0 151.0 151.0 Other liabilities level 2 0.4 0.4 0.4 Current financial liabilities Loans from financial institutions level 2 2.0 2.0 2.0 Lease liabilities level 2 29.0 29.0 29.0 Trade and other payables 13.4 13.4 13.4 Total 318.7 318.7 318.7 31 Dec 2025 Fair value hierarchy Fair value through profit or loss Fair value - a hedging instrument Amortised cost Total carrying amounts Fair values total Carrying amounts of financial assets Non-current financial assets Other shares and participations level 3 0.2 0.2 0.2 Lease deposits level 2 0.1 0.1 0.1 Other receivables level 2 0.1 0.1 0.1 Loan receivables level 3 2.0 2.0 2.0 Current financial assets Trade receivables 39.8 39.8 39.8 Other receivables level 2 1.2 1.2 1.2 Cash and cash equivalents 30.7 30.7 30.7 Total 2.2 71.8 74.0 74.0 Carrying amounts of financial liabilities Non-current financial liabilities Loans from financial institutions level 2 102.6 102.6 102.6 Lease liabilities level 2 167.0 167.0 167.0 Other liabilities level 2 0.5 0.5 0.5 Contingent considerations level 3 Current financial liabilities Loans from financial institutions level 2 1.8 1.8 1.8 Contingent considerations level 3 1.6 1.6 1.6 Lease liabilities level 2 30.5 30.5 30.5 Trade and other payables 17.7 17.7 17.7 Interest derivatives level 2 0.6 0.6 0.6 Total 1.6 0.6 320.0 322.2 322.2
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29 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Fair value hierarchy levels: Level 1: Fair values are based on quoted prices in active markets for identical assets and liabilities. The Group has no financial ass ets or liabilities measured according to level 1 of the hierarchy. Level 2: The fair value is determined using valuation methods. The financial assets and liabilities are not subject to trading in acti ve and liquid markets. The fair values can be determined based on quoted market prices and deduced valuation. The carrying amount of the trade receivables and financial assets essentially corresponds to their fair value, as the effect of discounting is not significant taking the maturity of the receivables into consideration. The fair values of lease liabilities are based on discounted cash flows. The fair values of loans essentially correspond to their carrying amount since they have a floating interest r ate and the Group’s risk premium has not materially changed. The carrying amount of other financial liabilities essentially corresp onds to their fair value, as the effect of discounting is not significant taking the maturity of the liabilities into consideration. Derivative financial instruments are initially recogni sed at fair value on the trade date and are subsequently remeasured at their fair value on the balance sheet date. Level 3: The fair value is not based on verifiable market information, and information on other circumstances affecting the value of t he financial asset or liability is not available or verifiable. Financial assets and liabilities classified at fair value hierarchy level 3 consist of unquoted equity investments , loan receivables and contingent considerations from business combinations. The measurement of unquoted equity investments and loan receivables is based on the management’s estimate of future cash flows arising from the investments and the measurement of contingent considerations is based on the amounts specified in purchase agreements and the manage- ment estimate on whether the consideration will be realised. The effect on earnings for the review period arising from the changes of fair values of financial assets and liabilities classified at fair value hierarchy level 3 has been EUR 0.1 (-0.7) million. 15. Liquidity risk The Group monitors the amount of financing required for its operations by analysing cash flow forecasts to ensure that the Group has enough liquid assets for financing business operations and repay maturing bor- rowings. The Group aims to ensure the availability and flexibility of financing through adequate credit lim- its, a balanced maturity profile, and sufficiently long maturities for borrowings, as well as by a range of fi- nancial instruments. Forecasting compliance with covenant levels under the Group’s financing arrange- ments is an ongoing process. Pihlajalinna’s financing arrangement comprises a EUR 100 million long-term loan and a EUR 60 million re- volving credit facility for general financing needs. The financing agreement negotiated in 2024 was origi- nally for three years, maturing in June 2027, and included two extension options. Pihlajalinna has exercised both extension options, and the loan will now mature in June 2029. The financing arrangement includes customary financial covenants, namely leverage (ratio of net debt to pro forma EBITDA) and gearing. IFRS 16 lease liabilities are excluded from the covenant calculations. At the end of the review period, the Group complied with all financial covenants under the agreement. In addition, the loan margin of the financing arrangement is linked to Pihlajalinna’ s key sustainability tar- gets: patient satisfaction, access to surgical treatment and employee satisfaction. These sustainability tar- gets have a limited impact on the loan margin, depending on how many of the agreed-upon targets are met. The sustainability targets for 2025 were achieved, and a loan margin reduction is applicable for the following 12 months. The Group has an interest rate swap agreement with a notional value of EUR 65 million, which is used to convert the floating interest rate of the financing arrangement to a fixed interest rate. Cash flow hedge ac- counting is applied to the interest rate swap, meaning that the effective portion of the change in fair value is recognised in other comprehensive income. The interest rate swap remains valid until 25 March 2029. Pihlajalinna issued a EUR 20 million hybrid bond on 27 March 2023. The hybrid bond was redeemed in full on the redemption date 27 March 2026. At the end of the review period, Pihlajalinna had EUR 50 million in unused committed credit facilities, con- sisting of EUR 10 million in overdraft facilities and a EUR 40 million undrawn revolving credit facility.
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30 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM The table below presents the contractual maturity analysis of financial liabilities. The figures are undis- counted and include both future interest payments and repayments of principal. The loan instalments drawn under the Group's revolving credit facility are presented as non-current, even though the drawn in- stalments have a maturity of 1, 3 or 6 months, as Pihlajalinna has an unconditional right to defer settle- ment of these loan instalments for at least twelve months after the review period. Interest payments re- lated to the drawn loan instalments are presented based on their actual payment dates. 16. Financial liabilities repayment schedule EUR million Carrying amount on 30 Sep 2026 less than 1 year 1-2 years 2-3 years 3-4 years over 4 years Loans from financial institutions 104.9 -6.9 -6.3 -105.4 -0.7 -0.4 Revolving credit facility 20.0 -0.8 -0.8 -20.8 Lease liabilities 179.9 -32.0 -28.4 -24.5 -21.7 -85.3 Other interest-bearing liabilities 0.4 -0.1 -0.1 -0.1 -0.1 -0.4 Trade payables 13.4 -13.4 Total 318.7 -53.0 -35.6 -150.7 -22.5 -86.1 EUR million Carrying amount on 31 Dec 2025 less than 1 year 1-2 years 2-3 years 3-4 years over 4 years Loans from financial institutions 104.4 -6.2 -4.5 -103.7 -0.4 -0.4 Lease liabilities 197.5 -33.7 -30.6 -25.3 -22.5 -99.9 Other interest-bearing liabilities 0.5 -0.1 -0.1 -0.1 -0.1 -0.5 Contingent considerations 1.6 -1.6 Trade payables 17.7 -17.7 Total 321.6 -59.2 -35.2 -129.0 -22.9 -100.8
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31 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM 17. Trade and other receivables Pihlajalinna regularly reviews the credit risk of receivables, and the procedures used to assess credit risk. No significant changes were observed in customers’ payment behaviour during the review period. During the review period, the Group recognised impairment losses of EUR 0.4 (0.7) million on trade receiva- bles. The expected credit loss recognised on contract assets amounted to EUR 0.0 (0.0) million. EUR million 30 Sep 2026 31 Dec 2025 Trade receivables 39.0 39.8 Accrued income and other receivables 8.5 9.6 Contract assets 7.9 5.8 Total 55.4 55.1 Age distribution of trade receivables EUR million 30 Sep 2026 expected impairment loss Net 30 Sep 2026 31 Dec 2025 expected impairment loss Net 31 Dec 2025 Not yet due 34.2 0.0 34.2 33.8 0.0 33.8 Past due Less than 30 days 3.1 0.0 3.1 3.7 0.0 3.7 30–60 days 0.4 0.0 0.3 0.7 0.0 0.7 61–90 days 0.3 -0.1 0.2 0.4 -0.1 0.4 More than 90 days 1.4 -0.3 1.2 1.5 -0.3 1.2 Total 39.4 -0.4 39.0 40.2 -0.4 39.8 18. Contingent liabilities and commitments EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Collateral given on own behalf Sureties 6.2 6.3 6.2 Lease deposits 0.1 0.1 0.1 Properties’ VAT refund liability 0.0 0.0 0.0 Lease commitments for off-balance sheet leases 5.1 0.3 0.6 Off-balance sheet lease commitments increased due to IT equipment leases, as Pihlajalinna applies the IFRS 16 exemption for low-value assets and does not recognise these leases on the balance sheet. Investment commitments for the Group’s development, additional and replacement investments amounted to approximately EUR 1.7 (4.5) million at the end of the review period. The investment commitments relate to the opening of new units, premises-related changes, additional and replacement investments in clinical equipment and information system projects. In September, following a competitive tendering process, Pihlajalinna was selected for further negotiations on the acquisition of the shares in Keski -Uudenmaan Työterveys Oy and Uudenmaan Työterveys Oy. The aggregate net debt-free purchase price of the shares is EUR 19.5 million. The completion of the transaction is subject to the finalisation of the contract negotiations and the procurement process, as well as obtaining the necessary regulatory approvals. The operations are expected to transfer to Pihlajalinna at the beginning of 2027.
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32 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Quarterly information EUR million Q3/26 Q2/26 Q1/26 Q4/25 Q3/25 Q2/25 Q1/25 Q4/24 INCOME STATEMENT Revenue 121.5 135.9 142.1 150.9 148.7 171.3 181.4 182.5 EBITDA 19.0 15.8 24.5 23.4 28.3 28.8 28.9 27.0 EBITDA, % 15.6 11.6 17.2 15.5 19.0 16.8 16.0 14.8 Adjusted* EBITDA 18.8 19.7 24.6 28.7 25.6 25.3 28.9 25.9 Adjusted* EBITDA, % 15.5 14.5 17.3 19.0 17.2 14.8 16.0 14.2 Depreciation, amortisation and impairment -12.1 -13.5 -12.3 -14.8 -13.4 -15.8 -12.6 -12.4 Operating profit (EBIT) 6.9 2.3 12.2 8.6 14.8 13.0 16.4 14.6 Operating profit, % 5.7 1.7 8.6 5.7 10.0 7.6 9.0 8.0 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) 8.6 9.4 14.0 18.2 14.4 14.6 18.1 15.4 Adjusted EBITA, % 7.0 6.9 9.9 12.1 9.7 8.5 9.9 8.4 Financial income 0.5 0.1 0.3 0.1 0.2 0.2 0.5 0.5 Financial expenses -2.0 -1.9 -2.0 -1.9 -2.0 -2.0 -2.1 -2.8 Profit before taxes (EBT) 5.4 0.5 10.5 6.8 13.0 11.2 14.7 12.3 Income tax -1.0 -0.1 -1.9 -0.8 -1.5 -1.7 -3.1 -2.8 Profit for the period 4.5 0.4 8.7 6.0 11.6 9.4 11.6 9.5 Share of the result for the period attributable to owners of the parent company 4.3 0.1 8.4 5.8 12.1 8.7 11.0 9.1 Share of the result for the period attributable to non-controlling interests 0.2 0.3 0.3 0.2 -0.5 0.7 0.6 0.4 Earnings per share (EPS), EUR 0.19 0.01 0.35 0.24 0.51 0.36 0.47 0.38 Average number of personnel (FTE) 3,004 3,005 2,866 3,928 4,181 4,283 4,237 4,416 Change in personnel during the quarter -1 139 -1,062 -253 -101 45 -179 -33
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33 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Calculation of key financial figures and alternative performance measures Key figures Justifications for the presentation of alternative performance measures: Earnings per share (EPS) Profit for the financial period attributable to owners of the parent company - Hybrid bond interest ex- penses net of tax Average number of shares during the financial year Alternative performance measures Equity per share Equity attributable to owners of the parent company Number of shares at the end of the financial period Dividend per share Dividend distribution for the financial year (or pro- posal) Number of shares at the end of the financial period Dividend/result, % Dividend per share x 100 Earnings per share (EPS) Effective dividend yield, % Dividend per share x 100 Closing price for the financial year P/E ratio Closing price for the financial year Earnings per share (EPS) Share turnover, % Number of shares traded during the period x 100 Average number of shares Return on equity (ROE), % Profit for the period (rolling 12 months) x 100 Return on equity indicates how much return on equity has been accumulating during the finan- cial year. It reflects the company’s ability to man- age the capital invested in the company by the owners. Equity (average) Return on capital employed, % (ROACE) Profit before taxes (rolling 12 months) + financial ex- penses (rolling 12 months) x 100 Return on capital employed measures the rela- tive profitability of the company, that is the re- turn that has been obtained for the capital in- vested in the company that requires interest or other returns. Total statement of financial position - non-interest- bearing liabilities (average) Equity ratio, % Equity x 100 Equity ratio measures the company’s solvency, loss tolerance and the ability to cope with com- mitments in the long term. It reflects how much of the company’s assets have been financed with equity. Total statement of financial position - prepayments received Gearing, % Interest-bearing net debt - cash and cash equivalents x 100 Gearing describes the indebtedness of the com- pany. It reflects what the ratio of the owners’ own capital invested in the company is and the interest-bearing debts borrowed from financiers. Equity EBITDA Operating profit + depreciation, amortisation and im- pairment EBITDA shows how much of the company’s reve- nue is left over after deducting operating ex- penses. Assessments of whether EBITDA is suffi- ciently high should consider the company’s fi- nancial expenses, depreciation requirements and intended profit distribution. EBITDA, % Operating profit + depreciation, amortisation and im- pairment x 100 Revenue Adjusted EBITDA ¹⁾ Operating profit + depreciation, amortisation and im- pairment + adjustment items Adjusted EBITDA provides significant additional information on profitability by eliminating items that do not necessarily reflect the profitability of
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34 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM the company’s operative business. Adjusted EBITDA improves comparability between peri- ods. The Group Management Team and opera- tive management monitor and forecast adjusted EBITDA monthly. Adjusted EBITDA, % ¹⁾ Operating profit + depreciation, amortisation and im- pairment + adjustment items x 100 Revenue Adjusted EBITDA¹⁾, excluding IFRS 16 Operating profit + depreciation, amortisation and im- pairment + adjustment items – IFRS 16 adjustment Net debt/Adjusted EBITDA ¹⁾, rolling 12 months Interest-bearing net debt - cash and cash equivalents The key figure describes how quickly the com- pany would get its financial liabilities paid at the current rate of earnings, if the EBITDA were used in full to pay the financial liabilities, if the com- pany does not, for example, invest or distribute dividends. Adjusted EBITDA (rolling 12 months) Net debt/Adjusted EBITDA ¹⁾, exclud- ing IFRS 16, rolling 12 months Interest-bearing net debt excluding IFRS 16 - cash and cash equivalents Adjusted EBITDA, excluding IFRS 16 (rolling 12 months) Cash flow after investments Net cash flow from operating activities + net cash flow from investing activities Adjusted operating profit (EBIT) ¹⁾ Operating profit + adjustment items Adjusted operating profit provides significant ad- ditional information on profitability by eliminat- ing items that do not necessarily reflect the prof- itability of the company’s operating business. Adjusted operating profit improves comparabil- ity between periods. The Group Management Team and operative management monitor and forecast adjusted operating profit monthly. Adjusted operating profit (EBIT), % ¹⁾ Operating profit + adjustment items x 100 Revenue Adjusted operating profit before the amortisation and impairment of in- tangible assets (EBITA) ¹⁾ Operating profit + adjustment items + amortization and impairment of intangible assets Adjusted EBITA, % ¹⁾ Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) x 100 Revenue Profit before taxes (EBT) Profit for the financial year + income tax Gross investments Increase in tangible and intangible assets and in right- of-use assets Comparable revenue for the previ- ous period Revenue from the previous period - items affecting comparability Comparable organic revenue growth Revenue for the period - comparable revenue for the previous period Organic growth of revenue refers to the growth of existing business that has not been achieved through mergers or acquisitions. Organic growth can be achieved by expanding service offerings, acquiring new customers, increasing visitation rates from existing customers, implementing
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35 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Reconciliations with alternative key figures and ratios Pihlajalinna publishes a wide range of alternative performance measures, i.e. measures that are not de- fined under IFRS, as they are considered relevant for investors, management and the Board of Directors when assessing the Group’s financial position and performance. Alternative performance measures should not be considered as substitutes for the measures defined under IFRS. The table below presents the recon- ciliation of alternative performance measures. Reading notes: / divide by the following number(s) - deduct the following number(s) + add the following number(s) price increases, and embracing digitalization. Public tenders won for healthcare outsourcing and self-established business locations are counted as organic growth. Comparable organic growth is calculated excluding changes in out- sourcing agreements, divestments and transfers between segments. Comparable organic revenue growth, % Organic comparable revenue growth x 100 Comparable revenue for the previous period ¹⁾ Items affecting comparability are non-recurring and material events that are not part of normal day-to-day operations. Items affecting comparabil- ity include, among other items, costs related to business acquisitions, costs related to restructuring measures, impairment of assets, and gains and losses arising from the sale or discontinuation of business operations. Items affecting comparability only include events with an impact on profit or loss of more than EUR 0.1 million.
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36 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Return on equity (ROE), % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Profit for period (rolling 12 months)/ 19.5 42.1 38.6 Equity (average) x 100 182.7 177.8 180.8 Return on equity (ROE), % 10.7 23.7 21.3 Return on capital employed (ROACE), % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Profit before taxes (rolling 12 months) 23.2 51.2 45.8 Financial expenses (rolling 12 months) 7.8 9.0 8.0 Profit before taxes + financial expenses (rolling 12 months) 31.1 60.2 53.8 Total statement of financial position - non-interest-bearing liabilities (average of beginning and end of the period) 486.4 491.7 495.7 Return on capital employed (ROACE), % 6.4 12.2 10.9 Equity ratio, % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Equity/ 172.8 186.7 192.6 Total statement of financial position - 563.6 602.5 598.1 Equity ratio, % 30.7 31.0 32.2 Gearing, % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Interest-bearing financial liabilities – 305.3 300.3 302.3 Cash and cash equivalents/ 15.2 28.0 30.7 Equity x 100 172.8 186.7 192.6 Gearing, % 167.9 145.9 141.1 Net debt/adjusted EBITDA, rolling 12 months EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Interest-bearing financial liabilities - 305.3 300.3 302.3 Cash and cash equivalents 15.2 28.0 30.7 Net debt/ 290.1 272.3 271.7 Adjusted EBITDA (rolling 12 months) 91.9 105.8 108.6 Net debt/adjusted EBITDA, rolling 12 months 3.2 2.6 2.5 Gearing, excluding IFRS 16, % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Interest-bearing financial liabilities excluding IFRS 16 – 129.7 114.8 112.1 Cash and cash equivalents/ 15.2 28.0 30.7 Equity x 100 182.0 194.7 201.0 Gearing, excluding IFRS 16, % 63.0 44.6 40.5
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37 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Net debt/adjusted EBITDA, rolling 12 months, excluding IFRS 16 EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Interest-bearing financial liabilities excluding IFRS 16 - 129.7 114.8 112.1 Cash and cash equivalents 15.2 28.0 30.7 Net debt/ 114.6 86.8 81.4 Adjusted EBITDA excluding IFRS 16 (rolling 12 months) 62.4 75.1 77.9 Net debt/adjusted EBITDA, rolling 12 months, excluding IFRS 16 1.8 1.2 1.0 EBITDA and Adjusted EBITDA EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Profit for period 4.5 11.6 13.5 32.6 38.6 Income tax -1.0 -1.5 -2.9 -6.3 -7.2 Financial expenses -2.0 -2.0 -6.0 -6.2 -8.0 Financial income 0.5 0.2 1.0 0.9 1.1 Depreciation, amortisation and impairment -12.1 -13.4 -37.9 -41.8 -56.6 EBITDA 19.0 28.3 59.3 86.0 109.3 IFRS 3 costs 0.2 0.1 0.4 0.7 1.0 Other EBITDA adjustments -0.3 -2.8 3.4 -6.8 -1.7 Total EBITDA adjustments -0.2 -2.6 3.8 -6.0 -0.7 Adjusted EBITDA 18.8 25.6 63.2 79.9 108.6 EBITDA, % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 EBITDA/ 19.0 28.3 59.3 86.0 109.3 Revenue x 100 121.5 148.7 399.5 501.4 652.3 EBITDA, % 15.6 19.0 14.9 17.1 16.8 Adjusted EBITDA, % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Adjusted EBITDA/ 18.8 25.6 63.2 79.9 108.6 Revenue x 100 121.5 148.7 399.5 501.4 652.3 Adjusted EBITDA, % 15.5 17.2 15.8 15.9 16.7 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Operating profit (EBIT) and Adjusted operating profit (EBIT) Profit for the period 4.5 11.6 13.5 32.6 38.6 Income tax -1.0 -1.5 -2.9 -6.3 -7.2 Financial expenses -2.0 -2.0 -6.0 -6.2 -8.0 Financial income 0.5 0.2 1.0 0.9 1.1 Operating profit (EBIT) 6.9 14.8 21.4 44.2 52.7 Total adjustments to depreciation, amortisation and impairment 0.6 1.4 4.0 6.6 Total EBITDA adjustments -0.2 -2.6 3.8 -6.0 -0.7 Total operating profit (EBIT) adjustments -0.2 -2.0 5.2 -2.0 5.9 Adjusted operating profit (EBIT) 6.7 12.8 26.7 42.2 58.6 PPA amortisation 0.3 0.4 0.9 1.3 1.7
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38 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Amortisation and impairment of other intangible assets 1.6 1.2 4.5 3.6 5.0 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) 8.6 14.4 32.0 47.1 65.3 Operating profit (EBIT), % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Operating profit/ 6.9 14.8 21.4 44.2 52.7 Revenue x 100 121.5 148.7 399.5 501.4 652.3 Operating profit (EBIT), % 5.7 10.0 5.4 8.8 8.1 Adjusted operating profit (EBIT), % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Adjusted operating profit/ 6.7 12.8 26.7 42.2 58.6 Revenue x 100 121.5 148.7 399.5 501.4 652.3 Adjusted operating profit (EBIT), % 5.5 8.6 6.7 8.4 9.0 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA), % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) / 8.6 14.4 32.0 47.1 65.3 Revenue x 100 121.5 148.7 399.5 501.4 652.3 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA), % 7.0 9.7 8.0 9.4 10.0 Cash flow after investments EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Net cash flow from operating activities 4.5 7.3 41.0 58.2 75.6 Net cash flow from investing activities 0.0 -0.8 -8.4 -2.1 -5.7 Cash flow after investments 4.5 6.5 32.6 56.2 69.9 Profit before taxes EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Profit for period 4.5 11.6 13.5 32.6 38.6 Income tax -1.0 -1.5 -2.9 -6.3 -7.2 Profit before taxes 5.4 13.0 16.4 38.9 45.8 Gross investments EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Property, plant and equipment at end of period 50.4 56.8 50.4 56.8 52.3 Right-of-use assets at end of period 158.5 170.7 158.5 170.7 174.8 Other intangible assets at end of period 14.1 13.8 14.1 13.8 14.8 Goodwill at end of period 253.6 253.8 253.6 253.8 253.8 Depreciation, amortisation and impairment for period are added 12.1 13.4 37.9 41.8 56.6 Property, plant and equipment at beginning of period 52.5 57.9 52.3 62.8 62.8 Right-of-use assets at beginning of the period 163.8 175.2 174.8 185.1 185.1
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39 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Other intangible assets at beginning of period 14.9 14.4 14.8 15.7 15.7 Goodwill at beginning of period 253.6 254.2 253.8 254.9 254.9 Proceeds from the sale of property, plant and equipment during pe- riod -1.4 -1.6 -2.5 -11.2 -12.7 Gross investments 5.2 8.3 21.2 29.6 46.6 Comparable organic revenue growth, % EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Revenue for previous period 148.7 164.0 501.4 522.0 704.4 The impact of divestments on revenue during the period - -2.8 -2.8 -12.5 -3.6 -7.4 Contractual changes in complete outsourcing agreements - -15.8 -9.2 -68.1 -21.1 -42.1 Other -1.3 Comparable revenue for previous period (B) 130.1 152.0 420.8 497.3 653.7 Revenue from M&A transactions during period (C) Revenue growth due to M&A transactions, % Revenue for period (A) 121.5 148.7 399.5 501.4 652.3 Comparable organic revenue growth (A-B-C) -8.6 -3.3 -21.2 4.2 -1.4 Organic revenue growth, % -6.6 -2.2 -5.0 0.8 -0.2 Revenue change -27.2 -15.3 -101.9 -20.5 -52.1 Revenue change, % -18.3 -9.3 -20.3 -3.9 -7.4
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40 Q3 PIHLAJALINNA INTERIM REPORT 1 Jan–30 Sep 2026 28 October 2026 AT 8 AM Description of adjustment items applied to adjusted EBITDA and adjusted operating profit EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 EBITDA 19.0 28.3 59.3 86.0 109.3 Adjustments to EBITDA Costs related to restructuring measures 0.7 0.2 2.1 0.2 5.3 Gains on the sale of businesses -0.1 -2.5 -0.4 -8.3 -8.5 IFRS 3 costs 0.2 0.1 0.4 0.7 1.0 Provisions for property renovation and maintenance responsibilities -0.9 -0.4 -0.9 1.4 1.5 Other items with cash flow effect 0.0 2.7 Adjustments to EBITDA in total -0.2 -2.6 3.8 -6.0 -0.7 Adjusted EBITDA 18.8 25.6 63.2 79.9 108.6 Depreciation, amortisation and impairment -12.1 -13.4 -37.9 -41.8 -56.6 Adjustments to depreciation, amortisation and impairment Right-of-use premises write-downs 0.6 1.4 1.8 1.8 Property and land areas write downs 2.2 2.2 Write-downs on property, plant and equipment 2.5 Adjustments to depreciation, amortisation and impairment in total 0.6 1.4 4.0 6.6 Adjustments to operating profit in total -0.2 -2.0 5.2 -2.0 5.9 Adjusted operating profit (EBIT) 6.7 12.8 26.7 42.2 58.6 PPA amortisation 0.3 0.4 0.9 1.3 1.7 Other amortisation and impairment of intangible assets 1.6 1.2 4.5 3.6 5.0 Adjusted operating profit before the amortisation and impairment of intangible assets (EBITA) 8.6 14.4 32.0 47.1 65.3 Operating profit (EBIT) 6.9 14.8 21.4 44.2 52.7 The adjustment items are presented in the income statement items as follows: EUR million 7–9/2026 7–9/2025 1–9/2026 1–9/2025 2025 Revenue Other operating income -0.1 -2.5 -0.5 -8.3 -8.5 Materials and services Employee benefit expenses 0.5 0.2 1.7 0.2 2.4 Other operating expenses -0.6 -0.3 2.6 2.1 5.4 EBITDA adjustment items total -0.2 -2.6 3.8 -6.0 -0.7 Depreciation, amortisation and impairment 0.6 1.4 4.0 6.6 Operating profit (EBIT) adjustment items total -0.2 -2.0 5.2 -2.0 5.9