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T erveystalo Group Q3 2026 Results & Strategy Update Ville Iho, President & CEO Juuso Pajunen, CFO Ville Pesonen, SVP, Oral Health
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Agenda 2 Q3 2026 Highlights and financial performance Ville Iho, President & CEO Juuso Pajunen, CFO ARC Strategy Update Ville Iho, President & CEO Juuso Pajunen, CFO Ville Pesonen, SVP, Oral Health Q&A
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3 Q3 2026 Weak demand weighed on earnings, Hohde acquisition strengthened the oral health business CUSTOMER VISITS in 2025 7 .2 M INDIVIDUAL CUSTOMERS in 2025 1.2 M DIGITAL SERVICES 24/7 USERS 2.7 M THE MOST RESPECTED CONSUMER BRAND #1 PROFESSIONALS 14,000 ENGAGEMENT INDEX 4.1 PATIENT ENABLEMENT INDEX, PEI 76% NPS HOSPITALS 96 NPS APPOINTMENTS 87 NET DEBT / Adj. EBITDA 2.9 Adj. EPS* 0.08 -46% Adj. EBIT* 18 M€ -34% REVENUE 263 M€ -6% *Adjustments are material items outside the ordinary course of business. NPS = Net Promoter Score The PEI = (Patient Enablement Instrument) index is used to measure whether the client feels that they are coping with their symptoms or illness much better, as before or worse after the appointment. The scale is 1–4. The value of the PEI index is calculated as the proportion of patients who reported feeling better or much better.
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The demand environment remained challenging Consumer confidence improved over the summer but weakened in September 4 -20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Occupational health care visits recorded by THL have declined 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2 2,4 0,4 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q3/2026 1,24 2,16 1,18 1,97 1,03 1,85 1,30 2,25 1,23 1,96 1,15 1,77 1,01 1,76 -2% -5% The number of employed persons remained stable compared to Q3 prior year Sources: Statistics Finland, Consumer Confidence. THL (the Finnish Institute for Health and Welfare), Avohilmo : visits by service provider, medical care and other healthcare in occupational healthcare. *Q3/2026 includes management estimates of approximately 24,000 preventive care visits and 117,000 medical care and other healt h c are visits not included in THL data, shown as hatched areas. Preventive care Medical care and other health care 2,53 2,55 2,52 2,56 2,59 2,66 2,64 2,63 2,58 2,4 2,5 2,6 2,7 2,8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Million persons * *
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Healthcare services Portfolio businesses Sweden Group Lower revenue weighed on earnings despite strong operational efficiency 5 • Revenue declined due to fewer occupational health visits and connected customers, and lower public-sector service sales. • Operating efficiency remained good but could not offset the earnings impact of lower revenue. • Revenue declined due to the reduction in the outsourcing portfolio and lower prices in staffing services. • Dental care revenue grew organically and through the Hohde acquisition. • Improved operating efficiency partly offset the impact of lower revenue on earnings. • Expired contracts and subdued demand weighed on revenue. • Adjusted EBIT decreased slightly year-on-year. • Cost savings from the profit improvement programme partly offset the impact of lower revenue on earnings. Terveystalo’s Business Areas 1 259 1 286 1 340 1 279 1 1941 259 1 286 1 340 1 279 1 194 5.8% 2022 7.2% 2023 10.5% 2024 12.2% 2025 10.3% Q3/2026 LTM Revenue Adj. EBIT margin 227 214227 214 12.4% Q3/2025 10.0% Q3/2026 Revenue Adj. EBIT margin 45 41 45 41 7.4% Q3/2025 2.3% Q3/2026 Revenue Adj. EBIT margin 14 1314 13 -19.2% Q3/2025 -20.7% Q3/2026 Revenue Adj. EBIT margin 12.2%
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Occupational Health: trend turning in large customers, SME service renewal underway • Weak demand continued • Revenue declined due to • fewer connected employees • lower visit volumes, reflecting low morbidity • reduced scope of agreements • Number of connected employees expected to gradually return to growth in Q1 2027 • Development programme progressing with positive results in large customer segment – current focus especially on renewing service offering to SMEs • Terveystalo Leo, next - generation occupational health digital platform scaling 6 Connected employees, 1,000 746 724 738 714 705 685 690 672 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q3/2026 -5.9
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In September, we launched the pilot of our continuous, subscription-based digital care model Wellby Health screening ✓ Obesity treatment lab tests ✓ Lab results and health questionnaire reviewed by a doctor in a video appointment ✓ Recommendations for obesity treatment options Wellby Weight Loss Program ✓ Named nurse as main contact point for messages and questions; doctor and dietitian consulted as needed ✓ Personalised plan ✓ Prescriptions and renewals ✓ Diet and exercise coaching in-app ✓ Monthly follow-up S U B S CR I PT I O N
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Financial performance Juuso Pajunen, CFO 8
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9 Q3/2026 highlights 17 .8 -33.6% y-o-y 262.9 -6.2% y-o-y Revenue (MEUR) Adj. EBIT (MEUR) 86.5 −0.7 points y-o-y NPS, appointments 6.8% -2.7%-p. y-o-y 0.08 -45.8% y-o-y Adj. EPS (EUR) Adj. EBIT margin 27 .3 (-49.9% y-on-y) Operating cash flow (MEUR)
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Q3: lower revenue weighed on profitability despite continued operational efficiency actions • In Healthcare Services revenue declined across all customer groups, while revenue from insurance customers increased slightly. – The decline in revenue was driven by a decrease in the number of connected occupational health customers, lower visit volumes in occupational healthcare services, and reduced service sales to the public sector. • In Portfolio Businesses revenue decreased year -on-year due to the reduction in the outsourcing portfolio and lower prices in staffing services. – Revenue from dental care services grew organically and through the consolidation of Hohde Group, which contributed EUR 5.5 million in the reporting period. • Adj. EBIT decreased year -on-year across all business areas. – Strong operational efficiency was not sufficient to offset the negative earnings impact of lower revenue.10 Q3 2025 -13.1 Healthcare Services -4.1 Portfolio Business -0.3 Sweden 0.1 Other Q3 2026 280.4 262.9 -6% Q3 2025 -6.8 Healthcare Services -2.4 Portfolio Business -0.1 Sweden 0.3 Other Q3 2026 -4.1 Adj. Items Q3 2026 Reported EBIT 26.8 17.8 13.7 -34% Revenue Adj. EBIT 9.5% 6.8% 7-9/2026 7-9/2025 Change, % 2025 Revenue, MEUR 262.9 280.4 -6.2 1,278.9 Adj. EBITA, MEUR 23.6 32.4 -27.0 179.3 Adj. EBITA-% 9.0 11.5 -2.5%-p. 14.0 Adj. EBIT, MEUR 17.8 26.8 -33.6 156.3 Adj. EBIT-% 6.8 9.5 -2.7%-p. 12.2 Group update Key figures
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Healthcare Services: lower revenue and changes in sales mix weighed on earnings 11 Q3 2025 -5.6% Visit growth 0.0% Working days* -0.2% Service and sales mix, pricing Q3 2026 100.0% 94.2% 53% 24% 20% Occupational health Consumers Insurance 3% Service sales Growth Mix By customer By service 67% 25% 9% Appointments Diagnostics Other • The demand environment remained weak in the third quarter. • Revenue declined due to a decrease in occupational health visits and a lower number of connected occupational health customers, as well as lower service sales to the public sector. • The occupational health development programme progressed as planned. – The company expects the number of occupational health end users to return gradually to growth during Q1 2027. • Adj. EBIT decreased due to the decline in revenue and weaker sales mix. Operating efficiency remained at a good level but was not sufficient to offset the negative impact of lower revenue on earnings. 7-9/2026 7-9/2025 Change, % 2025 Revenue, MEUR 213.5 226.6 -5.8 1,031.0 Adj. EBITA, MEUR 24.5 31.0 -20.9 166.7 Adj. EBITA-% 11.5 % 13.7 % -2.2%-p. 16.2 % Adj. EBIT, MEUR 21.3 28.1 -24.1 154.6 Adj. EBIT-% 10.0 % 12.4 % -2.4%-p. 15.0 % Segment update Key figures *Same number of working days than in the comparison period
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Q3: Volume development continued challenging 100.0% Q3 2025 Prevalence of upper respiratory infections OH Public Consumer (OOP + Insurance) 94.4% Q3 2026 • In Q3, upper respiratory infection diagnoses decreased by approximately 14,300 (15%) year -on-year in Q3. The decline moderated from 27% in Q 2. • Three main factors contribute to the decline in Occupational Health visits: – A general decrease in the employed population in Finland due to a sluggish economy. – Employers are implementing cost -cutting measures driven by weak economic conditions. – Proactive customer selection during the profit improvement programme, combined with some involuntary market share losses. – We have a strong programme to address the Occupational Health weakness • Public sector capacity sales decreased year -over-year due to wellbeing services counties' caution in purchasing services . • Combined Consumer and Insurance demand was stable during quarter Comments Development of visits in Q3* Macro Actionable Seasonality *Indicative bridge, based on management assessment
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Q3: Portfolio Businesses – dental care growth partly offset lower revenue from publicly funded services 13 Q3 2025 -6.9 Outsourcing -0.8 Staffing 6.2 Dental -2.6 Other Q3 2026 45.0 40.9 -9% Revenue 7-9/2026 7-9/2025 Change, % 2025 Revenue, MEUR 40.9 45.0 -9.0 192.5 Adj. EBITA, MEUR 1.4 3.6 -62.2 13.7 Adj. EBITA-% 3.3 % 8.0 % -4.7%-p. 7.1 % Adj. EBIT, MEUR 0.9 3.3 -72.2 12.6 Adj. EBIT-% 2.3 % 7.4 % -5.1%-p. 6.5 % • The market environment for publicly funded services remained cautious as wellbeing services counties continued to focus on cost savings. • Revenue declined due to the planned reduction in the outsourcing portfolio, weaker demand and proactive customer selection in staffing services. – The divestment of the child welfare business also contributed to the decline. • Dental care revenue grew by 54.2%, supported by organic growth and the acquisition of Hohde Group. – Terveystalo completed the acquisition on 4 September 2026 and consolidated Hohde Group from that date. – Hohde contributed EUR 5.5 million in the reporting period.. • Lower revenue weighed on profitability. Improved operating efficiency mitigated the negative impact on earnings. Segment update Key figures
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Q3: In Sweden, weak demand weighed on revenue and earnings despite cost savings 14 Revenue 7-9/2026 7-9/2025 Change, % 2025 Revenue, MEUR 13.2 13.5 -2.0 75.6 Adj. EBITA, MEUR -2.4 -2.3 -2.1 -1.3 Adj. EBITA-% -17.8 % -17.1 % -0.7%-p. -1.7 % Adj. EBIT, MEUR -2.7 -2.6 -5.5 -2.6 Adj. EBIT-% -20.7 % -19.2 % -1.5%-p. -3.5 % Key figures • The market environment remained challenging, although the economy and labour market showed signs of gradual improvement. • Expired contracts and subdued demand for corporate health and preventive services weighed on revenue. – Demand for rehabilitation services for harmful use remained more stable. • Adj. EBIT decreased slightly year -on-year. – Cost savings achieved through the profit improvement programme partly offset the negative impact of lower revenue on earnings. Segment update Q3 2025 -0.1 FX -0.2 Operations Q3 2026 13.5 13.2 -2%
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Liquidity remained strong 15 Lower earnings weighed on cash flow, leverage increased due to Hohde acquisition 196 224 202 198 211 207 177 175 148 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating cash flow (LTM) • Net debt amounted to EUR 647.1 (500.5) million. • Net debt to EBITDA was 3.3 (2.1). • Net debt excluding IFRS 16 lease liabilities amounted to EUR 453.2 (311.6) million. • Cash flow from operating activities decreased to EUR 27.3 (54.5) million in Q3, weaker earnings and a lower positive cash flow impact from changes in trade and other receivables compared with the comparison period. 2019 2020 2021 2022 2023 2024 2025 Q3/2026 3.1 3.0 2.5 3.2 3.0 2.1 2.0 2.9 Net Debt / Adj.EBITDA
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The demand environment was challenging in Q3, next 12 months outlook unchanged Growth driver Healthcare Services Portfolio Businesses Sweden Revenue Q3/2026 NTM Q3/2026 NTM Q3/2026 NTM Public Consumer Insurance Occupational health 16 • Demand from Terveystalo’s out-of-pocket customers showed positive development in July– August before weakening in September. • Difficult demand situation continued while general employment started to show improvement at latter part of quarter • Driven by dental and massage services
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Guidance for 2026 Terveystalo expects its full -year 2026 adjusted operating profit (EBIT) to be EUR 110 –120 million (2025: EUR 156.3 million). • In January–September 2026, profitability was clearly below the level of the corresponding period in 2025, and the demand development was weak. • The demand environment is expected to remain challenging in the fourth quarter. • Revenue from outsourcing operations in the Portfolio Businesses segment is expected to decrease by approximately EUR 25 million due to expiring contracts. • The guidance includes Hohde Group as of 4 September 2026. • These estimates do not include the acquisition of Silmäasema or any other significant acquisitions or divestments. 17
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ARC Strategy Update 18
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19 More health for everyone. G R O W T H C U S T O M E RT E C H N O L O G Y T echnology Growth Customer • Rapidly changing operating environment and industry dynamics • Diversification and growth through acquisitions, diversification, new business areas and international opportunities • Growth follows customer satisfaction • Customers expect healthcare services to be as seamless, easy to use and proactive as other services • Substantial opportunity to provide better, more personalised and accessible services • Radical efficiency gains through AI and data: more health at the same cost
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20 More health for everyone. G R O W T H C U S T O M E RT E C H N O L O G Y 01 02 03 04 05 06 Scale WellbyMake healthcare easy and engaging Grow and diversifyTransform healthcare delivery Build a customer- centric company Reinvent corporate health
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21 Six strategic objectives translate ARC into a focused execution agenda CUSTOMER 01 Build a customer-centric company Strong customer relationships make us the platform of choice for customers and professionals TECHNOLOGY 02 Transform healthcare delivery Radically more efficient AI-, data- and technology-enabled workflows and scalable digital care GROWTH 03 Grow and diversify Selected specialist care verticals to drive growth and potential geographical expansion, disciplined M&A CUSTOMER, TECHNOLOGY, GROWTH 04 Make healthcare easy and engaging Demand-led, easy-to-understand services, transparent and consumer-centric pricing and seamless customer journeys Strong engagement with broad customer base and targeted cross-selling opportunities CUSTOMER, TECHNOLOGY, GROWTH 05 Scale digital care platform Wellby Continuous, subscription-based digital care for long-term health needs like weight management CUSTOMER, TECHNOLOGY 06 Reinvent corporate health Fit-for-purpose, proactive and effective occupational health services for corporate customers of every size, bringing together technology, data, expertise and human connections
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Strategy implementation progressing CUSTOMER, TECHNOLOGY 01–02 Core digital platforms scaling • Ella, EMR for doctors, rollout continues, supporting smoother professional workflows • Asynchronous care models support faster access and more efficient resource allocation • AI-enabled workflows already in use in clinical work and continue to be developed across service delivery GROWTH 03 Strategic M&A creates platforms for growth • Hohde strengthens Terveystalo’s position and capabilities in oral health • Doubling oral health creates a strong platform for future development • Silmäasema transaction will make Terveystalo market leader in growing Finnish eye care market (pending approval from FCCA) CUSTOMER, TECHNOLOGY, GROWTH 04–05 New offerings launched for easier access and continuous care • Wellby Weight Management Programme launched as a pilot for a new continuous, subscription-based digital care model • Fixed-price services e.g. in orthopedics, GP services, blepharoplasty and gynecology lower the barrier to care and support customer acquisition CUSTOMER, TECHNOLOGY 06 Terveystalo Leo rollout advances • Rollout of the shared platform for occupational health reporting and work ability management progresses according to plan • Shared, transparent information supports proactive collaboration, helps track impact and identifies opportunities to reduce sickness absence 4
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Financial targets remain the anchor for ARC execution Strategic investment is balanced by disciplined capital allocation and a clear shareholder return framework. 10% Average annual adjusted1 EPS growth ≤3.0x Net debt / adjusted1 EBITDA The target may be temporarily exceeded in connection with a larger acquisition. ≥50% Annual distribution of net result Distribution through dividends or share buy-backs, subject to the company’s long- term potential and financial position. 5 1) Adjustments are material items outside the ordinary course of business, associated with acquisition -related expenses, restruc turing -related expenses, gains and losses on the sale of assets, impairment losses, strategic projects, and other items affecting comparability.
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24 Public PartnershipsOral HealthHealthcare Services New reporting structure supports execution of ARC strategy Sweden Oral healthcare services in Finland • Preventive oral healthcare • Examinations and treatment • Dental laboratory services • Advanced specialised dental care Healthcare services for public sector customers • Digital solutions for wellbeing services counties • Outsourcing services • Staffing services • Rehabilitation services • Other partnership- based service solutions Feelgood operations in Sweden • Occupational healthcare • Organisational leadership consulting • Services related to the prevention of addiction Integrated healthcare services in Finland • Preventive occupational healthcare services • Primary and specialised healthcare • Diagnostics • Day surgery • Selected wellbeing services Effective from 1 January 2027
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Hohde Group acquisition completed in Q3 The synergistic acquisition of Hohde creates significant value and enhances our service offering EBITDA (FAS*) +11% REVENUE (FAS*) SYNERGIES ~4 M€ +29% EV/EBITDA (FAS) +11% ENTERPRISE VALUE ~88 M€ *management-adjusted FAS full-year 2025 COMBINED ORAL HEALTH REVENUE (2025) ~108 M€~6.4 M€~56 M€ ~8X
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Ville Pesonen SVP , Oral Health 26 Licentiate of Dentistry Specialist in Oral and Maxillofacial Surgery Experience Founder and CEO of Hohde Group Oral and Maxillofacial Surgeon, VIP Terveys private dental clinics Director of Outsourcing Business, Dental Services, Attendo Regional Director, Dental Services, Attendo
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Private dental care is growing steadily 27 395 391 367 386 395 395 397 411 428 448 471 86 87 86 94 100 115 116 121 127 135 14384 87 86 95 101 101 101 106 112 119 126 33 36 35 42 54 58 59 62 66 70 75 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E +2% +5% CAGR Services eligible for NHI reimbursement Prosthetics Non-reimbursed services Outsourced services 598 601 574 617 650 669 673 700 733 772 815 Source: 3rd party market study Private dental care market in Finland, EURm (2018–2028) Stable and well functioning dental care system Private sector plays an important role in the dental care system Long public dental waiting times sustain demand for private services Public sector is financially constrained, limiting investments in dental care Private providers’ exposure to public-sector funding is limited
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Our goal is to become a leader in oral health The acquisition supports the development of oral health as one of Terveystalo’s selected growth areas 28 Full range of professionals under one roof providing top-quality dental care using the latest technology and knowledge Highly skilled experts working in close cooperation with the dentists enabling collaborative delivery Prosthetics and dental implants General dentist Specialist dentist Dental hygienist services Aesthetic dentistry Ceramic restoration and orthodontic aligners Ceramic fillings Prostheses Implants Crowns & Bridges Mouth guards Dental veneer SITES 77 PROFESSIONALS ~1,500 NPS ~93 DENTAL CARE SERVICES LABORATORY SERVICES TERVEYST ALO HOHDE
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Q&A 29
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Appendix 30
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We invest in organic growth and selective, value-accretive M&A • Our investment strategy prioritises organic growth, complemented by disciplined, value - accretive M&A. • M&A is used to strengthen our position in selected specialties and to scale our platform in attractive private -pay markets • Hohde was closed 4 Sep 2026 • Silmäasema closing expected at the end of 2026 or Q1/2027 • We continue to invest in digital capabilities to support long -term growth • We selectively invest in physical infrastructure, including leasehold improvements and medical equipment 31 18 20 22 29 16 12 21 16 13 21 30 25 27 31 3,3 3,4 3,7 3,2 3,0 4,1 2019 2020 2021 4,7 2022 2023 2024 2025 Q3/2026 LTM 34 33 43 59 41 40 52 Tangible assets Intangible assets Total capex, % of revenue CAPEX (MEUR) Does not include IFRS 16 right of use assets related capex 26 30 4,7 56
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OUR PURPOSE 32 More health for everyone – fluent, caring and effective.