Annual Financial Statement for ESEF 2020

TERVEYSTALO 
PLC
Report of the Board of Directors and consolidated financial statements 
31 December 2024 
(Unofficial translation)

2 
Terveystalo 
Group’s 
Report of 
the Board 
of Directors 
and Consolidated 
Financial Statements 
31 December 
2024 
Report of the Board of the Directors
 
...................................................................................................................... 
4 
Calculation of financial ratios and alternative performance 
measures 
..................................................................... 
23 
Reconciliation of alternative performance measures ............................................................................................... 
26 
Sustainability statement 
............................................................................................................................................ 
30 
Consolidated financial statements, IFRS 
Consolidated statement of comprehensive income 
................................................................................................ 
112 
Consolidated statement of financial position .......................................................................................................... 
113 
Consolidated statement of cash flows .................................................................................................................... 
114 
Consolidated statement of changes in equity 
......................................................................................................... 
115 
1. Corporate information 
......................................................................................................................................... 
116 
2. Accounting policies for the consolidated financial statements ........................................................................... 
116 
 
2.1 Basis of preparation 
........................................................................................................................................ 
116 
 
2.2 Application of new and amended IFRSs and new 
IFRIC agenda decisions 
.................................................. 
116 
 
2.3 Critical accounting estimates and judgments ................................................................................................. 
118 
 
2.4 Principles of consolidation .............................................................................................................................. 
119 
 
2.5 Foreign currency transactions ........................................................................................................................ 
120 
 
2.6 Property, plant 
and equipment ....................................................................................................................... 
121 
 
2.7 Investment properties ..................................................................................................................................... 
121 
 
2.8 Goodwill and other intangible assets 
.............................................................................................................. 
121 
 
2.9 Impairment 
...................................................................................................................................................... 
122 
 
2.10 Leases .......................................................................................................................................................... 
123 
 
2.11 Financial 
assets and liabilities ...................................................................................................................... 
124 
 
2.12 Inventories .................................................................................................................................................... 
125 
 
2.13 Employee benefits ........................................................................................................................................ 
125 
 
2.14 Provisions and contingent liabilities 
.............................................................................................................. 
125 
 
2.15 Revenue recognition 
..................................................................................................................................... 
126 
 
2.16 Segment information .................................................................................................................................... 
126 
 
2.17 Government grants 
....................................................................................................................................... 
127 
 
2.18 Operating profit 
............................................................................................................................................. 
127 
 
2.19 Earnings per share ....................................................................................................................................... 
127 
 
2.20 Income taxes ................................................................................................................................................ 
127 
3. Business combination 
......................................................................................................................................... 
129 
4. Segment information........................................................................................................................................... 
132 
5. Revenue ............................................................................................................................................................. 
133 
6. Other operating income ...................................................................................................................................... 
135 
7. Material and services 
.......................................................................................................................................... 
135 
8. Employee benefit expenses ............................................................................................................................... 
135 
9. Depreciation, amortization and impairment ........................................................................................................ 
135 
10. Other operating expenses ................................................................................................................................ 
136 
11. Financial income 
and expenses ....................................................................................................................... 
137 
12. Taxes ................................................................................................................................................................ 
137 
 
12.1 Income taxes ................................................................................................................................................ 
137 
 
12.2 Deferred tax assets and liabilities 
................................................................................................................. 
138 
13. Earnings per share ........................................................................................................................................... 
140 
14. Tangible 
assets 
................................................................................................................................................. 
141 
 
14.1 Property, plant 
and equipment ..................................................................................................................... 
141 
 
14.2 Right of-use-assets 
....................................................................................................................................... 
142 
 
14.3 Lease liabilities ............................................................................................................................................. 
142 
15. Intangible assets 
............................................................................................................................................... 
143 
16. Impairment testing of cash-generating units including 
goodwill 
....................................................................... 
144 
17. Investment properties ....................................................................................................................................... 
146 
18. Associated companies 
...................................................................................................................................... 
147 

3 
19. Share-based payments .................................................................................................................................... 
147 
20. Financial assets and liabilities – carrying amount, fair value 
and fair value hierarchy 
..................................... 
149 
21. Financial risks 
................................................................................................................................................... 
150 
 
21.1. Financial risk management 
.......................................................................................................................... 
150 
 
21.2. Interest rate risk currency risk ..................................................................................................................... 
150 
 
21.3 Credit risk. 
.................................................................................................................................................... 
151 
 
21.4. Liquidity risk 
................................................................................................................................................ 
151 
 
21.5. Capital management ................................................................................................................................... 
152 
22. Trade and other receivables and contract 
assets ............................................................................................ 
153 
23. Cash and cash equivalents .............................................................................................................................. 
154 
24. Share capital and invested non-restricted equity reserve ................................................................................ 
154 
25. Financial liabilities 
............................................................................................................................................. 
156 
26. Trade and other payables 
................................................................................................................................. 
156 
27. Provisions ......................................................................................................................................................... 
157 
28. Defined benefit plans 
........................................................................................................................................ 
157 
29. Collateral and contingent liabilities ................................................................................................................... 
158 
30. Related party transactions 
................................................................................................................................ 
159 
31. Group companies ............................................................................................................................................. 
162 
32. Subsequent events 
........................................................................................................................................... 
163 
Parent company’s financial statements, 
FAS 
Parent company’s statement of income ................................................................................................................. 
165 
Parent company’s statement of financial position .................................................................................................. 
165 
Parent company’s statement of cash flows ............................................................................................................ 
167 
Parent company’s accounting policies and 
measurement and recognition principles and methods ..................... 
167 
Notes to the parent company’s financial statements .............................................................................................. 
168 
Signatures to the financial statements and Board of 
Director’s report
 
.......................................................... 
174 

4 
Report of the Board 
of Directors 
Operating environment 
Target 
markets 
Demand for healthcare services in Finland was strong in 2024, especially among corporate 
and insurance customers. The supply and 
booking rates were at a good level. The autumn flu season started 
earlier than usual, and morbidity was higher than normal, leading to 
some increase in visits. The overall employment situation in Finland is good. Demand for out-of-pocket 
dental care services and massage 
services was dampened by weaker consumer confidence and purchasing power. 
Only smaller tenders for digital services were seen in the 
publicly funded market. 
In Sweden, the demand for occupational health services was satisfactory, 
while demand for organisation and leadership consultation and 
harmful use rehabilitation services continued to be weak. The termination of public sector contracts 
at the beginning of 2024 reduced 
revenue. 
Terveystalo 
continued to invest in the recruitment of professionals 
and was successful in steadily increasing supply. To 
strengthen supply, 
development efforts have been increasingly shifted towards 
solutions that enhance the work and productivity of professionals. 
The long-term growth prospects for Terveystalo’s 
addressable markets in Finland and Sweden are solid; the underlying demand is strong, 
and megatrends, such as the ageing population, digitalisation of healthcare, and lengthening queues in public healthcare, 
support growth in 
the future. As one of the most preferred employers, 
Terveystalo 
is well-positioned to drive growth going forward, supported by its strong 
market position.
The impacts of inflation 
Inflation levelled off during the year. 
Terveystalo 
actively negotiated with its suppliers to limit the impact of inflation on costs. 
Also, 
electricity prices levelled off from the comparison period. One of the key areas of the profit improvement 
programme was to mitigate 
the 
impacts of inflation and reduce costs in selected product and service categories.
During the spring 2024, a new two-year collective agreement was negotiated for 
the private healthcare sector for the period 1 May 
2024–
30 April 2026, covering the largest group of employees at Terveystalo, 
nurses. In 2024, salaries were increased by 2.4 percent with a general 
and scale increase on 1 September 2024, plus there was a one-off payment of 500 euros in December 2024 and a local 
instalment of 0.4 
percent. In 2025, from 1 May 2025 to 30 April 2026 (12 months), salaries will be increased by a general and 
scaled increase, the amount and 
timing of which will be determined by the salary increases 
in certain benchmark sectors.
In other professions, wage inflation is also present. Most of the physicians who 
work in Terveystalo 
are private practitioners (approximately 
96 percent), who are not in employment with the company. 
At the beginning of 2024, Terveystalo 
introduced a new remuneration model 
for private practitioners in occupational health, which enables more 
effective inflation management.
In addition, Terveystalo 
has implemented commercial initiatives to mitigate the effect 
of inflation as a part of the profit improvement 
programme.
From 1 September 2024, the general VAT 
rate in Finland went up from 24 percent to 25.5 percent. 
The increase in the VAT 
rate is estimated 
to increase Terveystalo's 
costs by approximately EUR 2 million annually.

5 
The treatment queues and 
regulatory environment in Finland 
The contraction of non-urgent care during COVID-19 restrictions 
resulted in a significant treatment gap for 
other illnesses. According to the 
Finnish Institute for Health and Welfare (THL), 
at the end of August 2024, more than 166,000 patients were waiting for non-urgent 
specialist 
care in the well-being services counties, which was 4000 more than in April 2024. In August, almost 18 percent, or more than 31,000 
patients, had been waiting more than six months for access to treatment. The number grew 
by almost 4,000 patients during the summer of 
2024. Valvira (The National Supervisory Authority for Welfare 
and Health) has ordered 14 wellbeing services counties and the HUS Group to 
make access to non-urgent specialised care legally compliant 
by 31 March 2025 at the latest. At the beginning of 2025, the maximum time 
limits for access to primary care were extended, i.e. the guarantee 
of care was relaxed. The guarantee 
is now 3 months for outpatient 
primary care and 6 months for dental care. The maximum time limits for 
follow-up visits to doctors, dentists, and specialist dentists were 
also extended. At the beginning of the year, 
the Health Care Act was amended to allow public service providers, such as well-being areas, to 
procure surgery from the private sector to a 
greater extent. The amendment will be complemented by a decree at 
the beginning of 2025. 
The decree will specify the services that can be procured from the private sector.
The government programme, 
published in the summer of 2023, aims to increase cooperation between private 
and public healthcare to 
improve the effectiveness and cost-efficiency of 
the service system. The government has already followed 
up on its programme by 
increasing Kela reimbursements from 1 January 2024 (https://www.kela.fi/sairaanhoito). 
On 9 October 2024, the Government outlined that 
the Kela reimbursement system will be completely 
reformed in 2025 (Government to reform 
Kela reimbursements - The Ministry of Social 
Affairs and Health (stm.fi/en)). The reimbursement 
of fertility treatments will be increased, most likely 
during the spring of 2025. 
Reimbursements for ophthalmologists, gynaecologists, dental 
care, 
and mental health services will be reformed and increased. 
Reimbursement for physiotherapy 
and visits to oral hygienists will also be developed. The changes are planned to 
come into force during 
the first half of 2025. A freedom-of-choice pilot for people aged 65 and over will be launched in autumn 2025. A personal 
doctor model will 
be explored, and trials will be launched. In total, EUR 500 million is planned to be allocated to all the above reforms 
during the government 
term, of which EUR 335 million 
will be provided by the state. By reallocating reimbursements, 
the government aims to promote access to 
services and freedom of choice. The government also intends to remove other legal barriers to 
the use of private providers in the wellbeing 
services counties. The measures are expected to support the growth in demand for private 
services and create new opportunities for the 
delivery of publicly funded and privately provided services. 
Impact of the global 
political situation and conflicts 
The direct impacts of political tensions and conflicts, such as the war in Ukraine, have been minimal to 
Terveystalo. 
The company does not 
have business operations in or with Ukraine, Israel, or countries that 
are subject to sanctions. The indirect financial impact arises from 
inflation and potential disruptions in the supply chain and financial markets. The indirect economic impacts are visible in weakened 
consumer confidence and purchasing power. 
The impacts may also have a delayed economic impact through declining employment, which 
could negatively impact the demand for Terveystalo’s 
services.

6 
Guidance for 2025 
Terveystalo 
expects its full-year 2025 revenue to grow (2024: EUR 1,340 million) and adjusted 
EBIT to be 10.7–11.8 percent of revenue 
(2024: 10.5 percent).
The estimates are based on a stable demand environment, employment 
levels, and typical morbidity rates. Due to ending contracts, 
they 
account for a decrease of approximately EUR 25 million in revenue 
within the Portfolio Businesses segment's outsourcing operations. 
Profitability is expected to strengthen in all business segments. The 
estimates do not account for significant acquisitions or divestments.
Medium-term financial targets 
Profitable growth:
•
EPS to grow on average by 10 percent p.a. 
•
We expect faster earnings per share growth 
in 2025, as fewer items affecting comparability 
are expected.
Moderate leverage ratio:
•
Net debt to EBITDA not to exceed 2.5x
•
Indebtedness may temporarily surpass the target level, particularly 
in conjunction with acquisitions.
Attractive dividends:
•
At least 80 percent of net result to be distributed as dividends
•
The dividend proposal must consider the company's long-term potential and financial status.
Financial targets until the 
end of 2024 
Terveystalo’s 
financial targets are: 
●
annual revenue growth of at least 5 percent through organic 
growth and acquisitions 
●
an adjusted EBITA margin of at 
least 12 percent in 2025 
●
net debt/adjusted EBITDA ratio of 3.5x or less 
However, 
indebtedness may temporarily exceed the target 
level, such as in conjunction with acquisitions. 
●
to distribute a minimum of 40 percent of net profit as dividends annually 
However, 
the dividend proposal must consider Terveystalo’s 
long-term development potential and financial position. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7 
Key figures 
Terveystalo Group, EUR mill. 
2024 
2023 
2022 
Revenue 
1,340.0 
1,286.4 
1,259.1 
Adjusted EBITDA, * 
1)
245.9 
200.2 
178.0 
Adjusted EBITDA, % * 
1)
18.4 
15.6 
14.1 
EBITDA 
1)
222.5 
179.2 
168.8 
EBITDA, % 
1)
16.6 
13.9 
13.4 
Adjusted EBITA * 
1)
171.0 
125.6 
105.2 
Adjusted EBITA, % * 
1)
12.8 
9.8 
8.4 
EBITA 
1)
147.6 
104.4 
95.9 
EBITA, % 
1)
11.0 
8.1 
7.6 
Adjusted operating profit (EBIT) * 
1)
140.5 
93.1 
73.4 
Adjusted operating profit (EBIT), % * 
1)
10.5 
7.2 
5.8 
Operating profit (EBIT) 
116.1 
-14.7 
33.9 
Operating profit (EBIT), % 
8.7 
-1.1 
2.7 
Return on equity (ROE), % 
1)
13.5 
-7.6 
4.1 
Equity ratio, % 
1)
39.4 
36.5 
40.2 
Earnings per share (€) 
0.57 
-0.33 
0.19 
Net debt 
504.8 
598.1 
566.6 
Gearing, % 
1)
92.1 
116.0 
95.7 
Net debt/EBITDA 
1)
2.3 
3.3 
3.4 
Net debt/Adjusted EBITDA 
1)
2.1 
3.0 
3.2 
Total assets 
1,398.4 
1,419.5 
1,479.4 
Average personnel FTE 
2)
5,841 
6,426 
6,552 
Personnel (end of period) 
3)
9,153 
9,824 
10,933 
Non-employees (end of period)
 
3)
6,015 
6,092 
5,928 
Adjusted EBITDA, excluding IFRS 16 * 
1)
189.5 
142.8 
122.2 
Net debt, excluding IFRS 16 
313.0 
379.0 
386.8 
Net debt/Adjusted EBITDA, excluding IFRS 16 * 
1)
1.7 
2.7 
3.2 
* Adjustments are material items outside the 
ordinary course of business, and these relate to acquisition 
-related expenses, restructuring-related 
expenses, gain / 
losses on sale of assets (net), impairment losses 
and other items affecting comparability. 
1)
 
Alternative performance measure. Terveystalo 
presents alternative performance measures 
as additional information to financial measures defined 
in IFRS. 
Those are performance measures that the company 
monitors internally, and 
they provide management, investors, 
securities analysts and other parties 
significant additional information related to 
the company's results of operations, financial position and 
cash flows. These should not be considered in 
isolation or 
as a substitute to the measures under IFRS. 
2) 
Does not include Medimar Scandinavia Ab and the companies 
acquired during 2024 in Finland (SRK Group Oy, 
Suomen Radiologikeskus Oy, 
iRad Oy, Kajaanin 
Radiologikeskus Oy and Cityläkarna 
Mariehamn Ab). 
3) 
Does not include the companies acquired during 2024 in Finland (SRK 
Group Oy, Suomen Radiologikeskus 
Oy, iRad Oy,Kajaanin 
Radiologikeskus Oy and 
Cityläkarna Mariehamn Ab). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8 
Share-related key figures 
2024 
2023 
2022 
Equity per share, EUR 
4.3 
4.1 
4.7 
Earnings per share, EUR 
0.57 
-0.33 
0.19 
Dividend per share, EUR 
0.48
1
) 
0.30 
0.28 
Dividend payout ratio, % 
84.2 % 
190.9 %
2)
145.0 % 
Effective dividend yield, % 
4.6 % 
3.9 % 
4.5 % 
Price-to-earnings ratio (P/E) 
18.5 
neg. 
32.9 
1)
Board of Directors’ proposal. 
2)
In 2023, the dividend payout ratio of adjusted earnings per share (0.47 EUR) was 
63.8 percent. 
Financial development 
Revenue 
In 2024, the Group’s revenue 
increased by 4.2 percent year-on-year to 
EUR 1,340.0 (1286.4) million. 
The Healthcare Services segment revenue increased by 9.9 percent and was EUR 1042.8 (948.6) million. The revenue 
increase was mainly 
driven by improved sales mix and successful commercial actions. Revenue grew 
in all customer and service groups. 
The Portfolio Businesses segment revenue decreased by 10.7 percent 
and was EUR 238.5 (267.2) million. Revenue decreased in all 
businesses. 
The revenue from Sweden decreased by 11.6 percent due to 
lower demand and ended contracts and came to EUR 81.8 (92.5) million. 
Without the currency effect, the revenue decreased by 11.7 percent. 
Acquisitions increased revenue in Sweden by approximately 
EUR 2.5 
million. 
In 2024, there were 252 (251) working days. 
EUR mill. 
2024 
2023 
Change, % 
Healthcare services 
1,042.8 
948.6 
9.9 
Portfolio business 
238.5 
267.2 
-10.7 
Sweden 
81.8 
92.5 
-11.6 
Segments total 
1,363.1 
1,308.2 
4.2 
Other 
-23.1 
-21.8 
-5.6 
Total 
1,340.0 
1,286.4 
4.2 
 
Other section’s reported figures mainly consist 
of parent company expenses, unallocated 
Group level adjustments, and provisions. Other section’s 
revenue includes eliminations between 
reporting segments. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9 
Financial performance and cash 
flow 
The Group’s adjusted earnings in 2024 
before interest, taxes, 
amortisation, and impairment losses (EBITA) 
increased by 36.2 percent to 
EUR 171.0 (125.6) million, representing 12.8 (9.8) percent of revenue. 
The profitability improved in Healthcare Services and Portfolio 
Businesses. Profitability was strengthened by successful commercial actions; 
better sales mix and improved operational efficiency. 
Higher personnel costs due to wage increases had a negative impact 
on profitability in 
the fourth quarter. 
In Sweden, profitability weakened clearly from 
the comparison period, mainly due to decreased revenue caused by 
lower demand and ended contracts. 
Adjusted EBITA 
EUR mill. 
2024 
2023 
Change, % 
Healthcare services 
162.0 
109.0 
48.6 
Portfolio business 
10.3 
8.7 
18.2 
Sweden 
-2.0 
3.7 
-155.0 
Segments total 
170.3 
121.4 
40.2 
Other 
0.7 
4.2 
-82.3 
Total 
171.0 
125.6 
36.2 
Material expenses and service purchasing increased by 2.5 percent year-on-year 
and amounted to EUR -549.8 (-536.2) million. Employee 
benefit expenses decreased by 4.3 percent year-on-year and amounted to 
EUR -427.8 (-447.0) million. Personnel costs decreased due to the 
actions of the profit improvement programme, lower sick leaves 
and terminated outsourcing contracts. Personnel costs, 
on the other hand, 
increased due to new recruitments, as well as salary increases. Other operating expenses increased 
by 12.1 percent to EUR -143.7 (-128.2) 
million. Of the other expenses, around EUR 6 million was related to renovation 
and maintenance liabilities in a single location. 
The Group’s adjusted EBITDA increased 
by 22.8 percent year-on-year to EUR 
245.9 (200.2) million. Adjusted EBIT amounted to EUR 140.5 
(93.1) million. Operating profit (EBIT) came to EUR 116.1 (-14.7) million. In the comparison period, the operating result was 
negatively 
impacted by write-offs totalling EUR 84.6 million related to goodwill 
and to purchase price allocations relating to public outsourcing 
customer relationships within the Portfolio Businesses. 
Net financing costs increased to EUR -26.5 (-24.2) million mainly due to higher interest rates. 
The result before tax was EUR 89.6 (-38.9) 
million. Income taxes were EUR -18.0 (-3.3) million. The result for the reporting 
period amounted to EUR 71.7 (-42.2) million, and earnings 
per share were EUR 0.57 (-0.33). 
Cash flow from operating activities increased to EUR 223.7 (157.8) million, driven mainly by improved profitability 
development, the impact 
of which was strengthened by a decrease in working capital. 
Cash flow from investing activities decreased to EUR -47.4 (-44.2) million. The change from the comparison period mainly consisted 
of an 
increase in investments in acquisitions and tangible fixed assets and decrease in investments 
in intangible assets. 
Cash flow from financing activities amounted to EUR -148.8 (-116.0) million. The difference to the comparison period was 
mainly due to 
refinancing and increased net financial expenses during the reporting period. 
 

10 
Profit improvement programmes 
During the fourth quarter of 2022, Terveystalo 
launched a profit improvement programme, which aimed for an inflation 
-adjusted, 
annualised (run-rate) EBITA 
improvement of at least EUR 50 million by the end of 2024. The overall target 
of the programme was exceeded 
at the end of 2023, when the measures implemented were estimated to have 
an annual run-rate impact of over EUR 60 million on 
profitability. The adjusted EBITA 
impact of the programme during 2023 was EUR 37 million. In 2024, measures were focused on achieving 
the 12 percent profitability target (adjusted EBITA 
-%) during 2025. The target was achieved already in 2024. 
During the fourth quarter of 2023, a profit improvement programme 
was launched in Sweden targeting a structural change in the 
profitability in 2025. The cost structure has been adjusted to match the weakened 
demand, which started to be reflected, among other 
things, in lower personnel costs in the second half of the year. 
The programme will now focus on improving operational efficiency 
and 
commercial measures. 
The total costs related to the programmes in 2022–2024 were 
EUR 45.1 million. The costs are related to restructuring and advisory fees. 
Advisory fees are tied to the results achieved by the programmes. 
The costs of the programmes are treated as items affecting 
comparability. The costs of 
the programmes were approximately 
EUR 18.1 million in 2024. In 2023, the costs amounted to EUR 21.7 million. 
In 2025 the costs are estimated to be EUR 7 million. 
Financial position
Terveystalo’s 
liquidity position is strong. Cash and cash equivalents at the end of the reporting period amounted to EUR 
65.2 (37.7) million. 
The total assets of the Group amounted to EUR 1,398.4 (1,419.5) million. 
Equity attributable to owners of the parent company totalled 
EUR 548.2 (515.4) million. 
Gearing (including lease liabilities) was 92.1 (116.0) percent and net debt amounted to EUR 504.8 (598.1)
million. Net debt, excluding IFRS 
16 (lease liabilities) amounted to EUR 313.0 (379.0) million. The average maturity of Terveystalo's 
financial loans was 3.0 (3.0) years at the 
end of the reporting period, and in 2024, the average interest rate 
for loans from financial institutions was 4.9 (4.0) percent. During the 
reporting period, the company fulfilled the covenant requirement included in its financing agreements reflecting 
relative indebtedness. 
During the reporting period, the company signed agreements for long-term loans of total 
EUR 200 million and refinanced the current 
revolving credit facility (RCF). The loans are bullet loans, and the maturity of the loans is three years 
supplemented by two one-year 
extension options. The loans were withdrawn fully and used to refinance bank loans maturing during 2025 and 2026. In connection 
with the 
refinancing, the company agreed on the refinancing of EUR 80 million revolving credit facilities 
maturing in 2026 and 2027. The maturity of 
the syndicated credit revolving facility is three years 
supplemented by two one-year extension options. 
At the end of the reporting period, the unused part of credit based on financing agreements and bank accounts with a credit facility 
amounted to EUR 93.0 (98.0) million. 
Return on equity (LTM) for 
the reporting period was 13.5 (-7.6) percent. The equity ratio was 39.4 (36.5) percent. 
Terveystalo's 
financing arrangements and risks are described in more detail in note 21 to the consolidated 
financial statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 
Seasonal variation and the impact of 
the number of business days 
Terveystalo’s 
revenue from corporate and private 
customers has typically been lower during the vacation seasons, particularly in the 
summer months. The number of business days influences the revenue and earnings development, particularly when comparing quarterly 
performance. There were 252 (251) working days in October–December 2024. In 2025, there are 
251 working days. Because of the seasonal 
nature of business, the required net working capital varies during the year. 
Variation is caused by the timing of pension and VAT 
payments, 
vacation pay obligations, and service fees related to 
occupational healthcare, etc. 
Number of working days by quarter 
2023 
2024 
2025 
Q1 
64 
63 
62 
Q2 
60 
61 
60 
Q3 
65 
66 
66 
Q4 
62 
62 
63 
Full year 
251 
252 
251 
Investments and acquisitions
Net investments* in 2024, including M&A, amounted to EUR 47.8 (43.9) million. The Group’s 
net capital expenditure, excluding M&A, 
amounted to EUR 39.4 (39.8) million. The investments consisted mainly of investments 
in the digital application and service development, IT 
system projects, medical equipment, and network. The relative 
share of tangible investments in gross investments 
increased year-on-year, 
while the total investment level remained at comparison year’s 
level. 
Terveystalo 
sold the entire share capital of Sivupersoona Oy, 
a company providing sign language interpreting services, to the company's 
management with an agreement dated in February. 
Terveystalo 
acquired the share capital of SRK Group Oy at the end of March. Feelgood 
acquired the share capital in Clarahälsan AB in July. 
In September Terveystalo 
acquired the share capital of Cityläkarna Mariehamn Ab in 
Åland. 
* Net investments do not include increases in right-of-use 
assets related to leases for business premises. Net investments 
include the acquisition of non-controlling interests. 
Intangible assets and development expenses
Terveystalo’s 
key intangible assets include the company’s 
brand and reputation, built over the years, Terveystalo’s 
professionals, and 
strategic partnerships with key suppliers. These resources 
enable Terveystalo 
to maintain its competitive advantage and are a central 
part 
of Terveystalo’s 
strategy. 
Capitalised development expenses in 2024 were EUR 12.2 (23.2) million and were included in other intangible assets. 

 
12 
Personnel 
The number of Terveystalo’s 
salaried employees on 31 December 2024 in Finland was 8,383 (8,950), in Sweden 770 (874), and in total 9,153 
(9,824). In FTEs, the average number of salaried employees in Finland was 5,144 (5,597), in Sweden 697 (829) and in total 5,841 
(6,426). 
The number of non-employees in Finland was 5,967 (5,987), in Sweden 48 (105) and in total 6,015 (6,092). The decrease in the number of 
employees in Finland was affected by the measures of the profit improvement 
programme and the termination of outsourcing contracts. 
In 
Sweden the number of employed staff and private practitioners 
was reduced due to ended customer contracts as part of the profit 
improvement programme. 
Personnel 
2024 
2023 
Change, % 
Average salaried employees, (FTEs)
1)
Finland 
5,144 
5,597 
-8.1 
Sweden 
697 
829 
-15.9 
Total 
5,841 
6,426 
-9.1 
Salaried employees (at the end of period)
2)
Finland 
8,383 
8,950 
-6.3 
Sweden 
770 
874 
-11.9 
Total 
9,153 
9,824 
-6.8 
Non-employees (at the end of period)
2)
Finland 
5,967 
5,987 
-0.3 
Sweden 
48 
105 
-54.3 
Total 
6,015 
6,092 
-1.3 
1)
Does not include Medimar Scandinavia Ab and the companies acquired during 2024 in Finland (SRK Group Oy, 
Suomen Radiologikeskus Oy, iRad Oy, 
Kajaanin Radiologikeskus Oy and Cityläkarna 
Mariehamn Ab). 
2)
Does not include the companies acquired during 2024 in Finland (SRK Group Oy, 
Suomen Radiologikeskus Oy, iRad Oy, 
Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13 
Reporting segments 
Terveystalo 
Group comprises of three reporting segments: Healthcare Services, Portfolio 
Businesses, and Sweden.
Healthcare Services 
Healthcare Services – business segment offers customers 
in Finland integrated care 
paths from preventive occupational health 
services to primary care services and to different 
fields of specialised care, diagnostic, and day surgery. 
In Healthcare Services, 
the goal is to be the best provider of integrated 
care and to grow profitably. 
Key figures 
2024 
2023 
Change, % 
Revenue, MEUR 
1,042.8 
948.6 
9.9 
EBITA, MEUR 
154.0 
107.1 
43.8 
EBITA, % of revenue 
14.8 % 
11.3 % 
3.5%-p. 
Adjusted EBITA, MEUR 
162.0 
109.0 
48.6 
Adjusted EBITA, % of revenue 
15.5 % 
11.5 % 
4.0%-p. 
In 2024, the revenue from Healthcare Services 
increased by 9.9 percent and amounted to EUR 1,042.8 (948.6) million. Revenue increased 
in all customer and service groups. There was one working day more than in the comparison period. 
Revenue from corporate customers 
increased by 13.3 percent to EUR 638.9 (564.0) million. Revenue from preventive 
occupational health 
services
1)
 
increased year-on-year. 
Revenue from healthcare appointments also increased year-on-year. 
Revenue from consumers increased 
by 5.9 percent to EUR 313.4 (296.1) million. The revenue increased due to higher sales from services produced for 
insurance companies and 
successful commercial actions. The revenue from public sector customers 
increased by 2.3 percent to EUR 90.5 (88.5) million. 
The revenue from appointment services increased by 11.0 percent to EUR 
686.1 (618.3) million, mainly due to improved customer mix and 
successful commercial actions in all customer groups. The number of physical appointments 
increased by 0.2 percent, and the number of 
remote appointments decreased by 1.4 percent from the comparison period. Revenue 
from diagnostics services (laboratory and imaging) 
increased by 10.7 percent and amounted to EUR 254.2 (229.6) million. The revenue from 
other services increased by 1.8 percent and was 
102.5 (100.7), driven by surgical operations. 
1)
 
The statutory task of occupational healthcare is to prevent 
work-related adverse health effects. Preventive services include, 
for example, workplace surveys to examine 
the conditions and 
exposures at the workplace; health examinations; suggested 
measures to improve work conditions and to promote 
the employees’ ability to work; guidance and counselling; participation in the 
planning and implementation of measures that maintain work 
ability; promotion of coping at work and, when necessary, 
referrals to rehabilitation in case of reduced 
work ability; guidance in first 
aid preparedness at the workplace; and assessment and monitoring 
of the quality and impact of occupational healthcare activities. 

 
14 
Healthcare Services, revenue by 
customer groups, and services 
Healthcare services, revenue 
10-12/2024 
10-12/2023 
2024 
2023 
EUR mill. 
Change, % 
Change, % 
By customer 
Corporate 
175.0 
156.5 
11.8 
638.9 
564.0 
13.3 
Consumer 
82.2 
74.9 
9.7 
313.4 
296.1 
5.9 
Public sector 
24.2 
23.3 
3.8 
90.5 
88.5 
2.3 
Total 
281.3 
254.7 
10.4 
1,042.8 
948.6 
9.9 
By service 
Appointments 
186.7 
169.4 
10.2 
686.1 
618.3 
11.0 
Diagnostics 
66.3 
56.7 
17.1 
254.2 
229.6 
10.7 
Other 
28.3 
28.6 
-1.0 
102.5 
100.7 
1.8 
Total 
281.3 
254.7 
10.4 
1,042.8 
948.6 
9.9 
Corporate customers
 
constitute Terveystalo’ 
s largest customer group. Terveystalo’ 
s corporate customers consist of 
the company’s occupational health customers, 
excluding municipal 
occupational healthcare customers, which are included in 
the public sector customer group. The company 
provides statutory occupational health services and other 
occupational health and 
well-being services for corporate customers 
of all sizes. 
Consumer customers
 
are Terveystalo’ s third-largest 
customer group. Consumer customers include private individuals and families. 
Services for consumers are paid for either by the customers 
themselves or by their insurance companies. 
The services offered to 
public sector
 
customers include specialized care services, other healthcare 
services produced in the clinic network, as well as occupational health services 
for the public 
sector. Outsourcing and staffing 
services are included in Portfolio Businesses. 
Healthcare Services, number of 
visits 
Visits 
10-12/2024 
10-12/2023 
Change, % 
2024 
2023 
Change, % 
Appointments 
1,658,543 
1,688,123 
-1.8 
6,058,492 
6,069,111 
-0.2 
Physical appointments 
1,322,124 
1,319,576 
0.2 
4,758,350 
4,750,619 
0.2 
Remote appointments 
336,419 
368,547 
-8.7 
1,300,142 
1,318,492 
-1.4 
Diagnostics 
345,950 
318,756 
8.5 
1,304,306 
1,285,980 
1.4 
Other 
16,251 
16,554 
-1.8 
62,418 
48,984 
27.4 
Total 
2,020,744 
2,023,433 
-0.1 
7,425,216 
7,404,075 
0.3 
In the Healthcare Services in 2024
, adjusted earnings before interest, taxes, 
amortisation, and impairment losses (EBITA) increased 
by 48.6 
percent and amounted to EUR 162.0 (109.0) million, representing 15.5 (11.5) percent of revenue. 
Profitability was supported by successful 
commercial actions, improved operational efficiency and improved 
sales mix.

 
15 
Portfolio Businesses 
The Portfolio Businesses segment consists 
of business areas that aim for independent value creation 
utilising Terveystalo’s 
capabilities according to their needs. The Portfolio 
Businesses segment include publicly funded services, such as outsourcing 
and staffing services, as well as services aimed at consumers, including 
dental care and massage. 
Key figures 
2024 
2023 
Change, % 
Revenue, MEUR 
238.5 
267.2 
-10.7 
EBITA, MEUR 
9.7 
8.3 
15.7 
EBITA, % of revenue 
4.1 % 
3.1 % 
1.0%-p. 
Adjusted EBITA, MEUR 
10.3 
8.7 
18.2 
Adjusted EBITA, % of revenue 
4.3 % 
3.3 % 
1.0%-p. 
In 2024, revenue
 
decreased by 10.7 percent and amounted to EUR 238.5 (267.2) million. Revenue from 
outsourcing services decreased by 
9.1 percent and amounted to EUR 82.8 (91.1) million. The planned reduction of the outsourcing portfolio continued, but additional 
invoicing 
increased the revenue. Revenue from staffing 
services decreased by 13.7 percent, mainly due to proactive customer selection and 
amounted to EUR 73.1 (84.7) million. Revenue from dental care 
decreased by 7.7 percent due to lower demand and amounted to EUR 50.3 
(54.5) million. Revenue from other services decreased by 12.3 percent and amounted to EUR 32.4 (36.9) 
million. 
Portfolio businesses, revenue 
2024 
2023 
EUR mill. 
Change, % 
Outsourcing services 
82.8 
91.1 
-9.1 
Staffing services 
73.1 
84.7 
-13.7 
Dental care 
50.3 
54.5 
-7.7 
Other 
32.4 
36.9 
-12.3 
Total 
238.5 
267.2 
-10.7 
In the Portfolio Businesses in 2024
, adjusted earnings before interest, taxes, 
amortisation, and impairment losses (EBITA) increased 
by 18.2 
percent and amounted to EUR 10.3 (8.7) million, representing 4.3 (3.3) percent of revenue. 
Termination 
of low-margin outsourcing 
contracts, successful commercial actions and improved operational 
efficiency improved profitability year-on-year. 
The improvement was 
partially offset by cost inflation.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16 
Sweden 
The Sweden segment consists of Feelgood 
subsidiaries’ operations in Sweden, 
which are focused on occupational 
health and 
consultation for organi 
sational management and harmful use rehabilitation 
services. Terveystalo 
aims to significantly improve 
profitability in Sweden in the short 
term. 
Key figures 
2024 
2023 
Change, % 
Revenue, MEUR 
81.8 
92.5 
-11.6 
EBITA, MEUR 
-8.6 
2.1 
>-200,0 
EBITA, % of revenue 
-10.5 % 
2.3 % 
-12.8%-p. 
Adjusted EBITA, MEUR 
-2.0 
3.7 
-155.0 
Adjusted EBITA, % of revenue 
-2.5 % 
4.0 % 
-6.5%-p. 
In the Sweden segment in 2024
, revenue decreased by 11.6 percent and amounted to EUR 81.8 (92.5) million. Without the currency effect, 
the revenue decreased by 11.7 percent. The increased economic uncertainty affected 
the demand for organizational leadership 
consultation and the harmful use rehabilitation services, which are sensitive to macroeconomic 
changes. Ended contracts also had a 
negative year-on-year impact on revenue. Acquisitions increased revenue 
in Sweden by approximately EUR 2.5 million. 
In the Sweden segment in 2024
, adjusted earnings before interest, taxes, 
amortisation, and impairment losses (EBITA) decreased to 
EUR -
2.0 (3.7) million, representing -2.5 (4.0) percent of revenue. Profitability was 
weakened by the decline in revenue, as well as cost inflation. 
In the business area, a profit improvement programme was launched in 
the fourth quarter of 2023 to achieve a structural change in 
profitability in 2025. The programme has progressed as planned. The cost 
structure has been adjusted to match the weakened demand, 
which was reflected, among other things, in lower personnel costs in the second half of the year. 
The programme will now focus on 
improving operational efficiency and commercial measures. 
 
Shares and shareholders 
Terveystalo 
Plc has one share series (TTALO), which is listed 
on Nasdaq Helsinki Ltd. At the end of 2024, Terveystalo’s 
market value was EUR 
1,336 (983) million and the closing price was EUR 10.52 (7.74). During 2024, the highest price of Terveystalo’s 
share was EUR 10.88 (8.53), 
the lowest price was EUR 7.09 (6.43), and the average price was EUR 8.96 (7.70). 
A total of 12.7 (20.6) million shares were traded. The 
turnover of shares traded was EUR 115.1 (152.1) million. At the end of the reporting period, the number of Terveystalo 
shares registered in 
the Trade Register 
was 127,036,531 (127,036,531). Each share entitles its holder to one vote at the Annual General Meeting. 
During 2024, 
the weighted average number of shares outstanding 
was 126,605,000 (126,556,000). Terveystalo 
and its subsidiaries hold 431,705 
(480,230) own shares for reward purposes, corresponding to 0.3 (0.4) 
percent of all outstanding shares. The total number of shareholders 
was 33,544 (34,025) at the end of 2024.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17 
The largest registered shareholders,31 December 2024
Name
Number of shares
% of shares
Votes
% of votes
Varma Mutual Pension Insurance Company
22,151,945
17.44
22,151,945
17.44
Rettig Investment AB
21,153,191
16.65
21,153,191
16.65
Pohjola Insurance Ltd
10,530,332
8.29
10,530,332
8.29
Hartwall Capital 
8,231,690
6.48
8,231,690
6.48
OP Life Assurance Company Ltd
7,119,783
5.60
7,119,783
5.60
Ilmarinen Mutual Pension Insurance Company 
5,382,000 
4.24 
5,382,000 
4.24 
LocalTapiola Mutual Insurance Company 
2,600,000
2.05
2,600,000
2.05
Elo Mutual Pension Insurance Company
2,030,000
1.60
2,030,000
1.60
Evli Finnish Small Cap Fund 
1,685,000 
1.33 
1,685,000 
1.33 
The State Pension Fund of Finland
1,300,000
1.02
1,300,000
1.02
Ten largest in total
82,183,941
64.69
82,183,941
64.69
The list is based on the register of shareholdings maintained by Euroclear Finland Ltd 
, 
and it does not include nominee-registered shares. 
Distribution of ownership, 31 December 2024
Number of shares
Number of 
shareholders
% of 
shareholders
Number of 
securities
% of 
securities
Number of 
votes
% of 
votes
1–100 
16,025
47.77
687,080
0.54
687,080
0.54
101–500 
12,218
36.42
3,079,960
2.42
3,079,960
2.42
501–1,000 
2,806
8.37
2,159,705
1.70
2,159,705
1.70
1,001–5,000 
2,012
6.00
4,117,385
3.24
4,117,385
3.24
5,001–10,000 
223
0.66
1,652,796
1.30
1,652,796
1.30
10,001–50,000 
181
0.54
3,917,865
3.08
3,917,865
3.08
50,001–100,000 
27
0.08
1,986,192
1.56
1,986,192
1.56
100,001–500,000 
29
0.09
5,970,475
4.70
5,970,475
4.70
500,001– 
23
0.07
103,465,073
81.45
103,465,073
81.45
Total 
33,544
100.00
127,036,531
100.00
127,036,531
100.00
of which nominee-
registered 
11
0.03
12,854,260
10.12
12,854,260
10.12
Non-transferred, total 
0
0
0
0
0
In general account 
0
0
0
0
In special accounts, total 
0
0
0
0
Total issued 
127,036,531
100.00
127,036,531
100.00
Shareholder groups, 31 December 2024
Shareholders by sector
Number of shares
% of shares
Households 
 
12,495,784 
9.8
Public entities 
 
31,014,844 
24.4
Financial and insurance institutions 
 
30,191,833 
23.8
Companies 
 
16,387,182 
12.9
Non-profit institutions 
 
2,872,164 
2.3
Foreign owners 
 
21,220,464 
16.7
Total 
 
127,036,531 
100.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18 
of which nominee-registered 
 
12,854,260 
10.1
Management shareholding, 31 December 2024
Name 
Position 
Number of 
shares 
% of shares 
% of votes 
Kari Kauniskangas 
Chairman of the Board of Directors 
25,363 
0.02 % 
0.02 % 
Matts Rosenberg 
Member of the Board of Directors 
16,595 
0.01 % 
0.01 % 
Carola Lemne 
Member of the Board of Directors 
6,799 
0.01 % 
0.01 % 
Kristian Pullola 
Member of the Board of Directors 
10,304 
0.01 % 
0.01 % 
Ari Lehtoranta 
Member of the Board of Directors 
8,177 
0.01 % 
0.01 % 
Sofia Hasselberg 
Member of the Board of Directors 
4,172 
0.00 % 
0.00 % 
Teija Sarajärvi 
Member of the Board of Directors 
1,673 
0.00 % 
0.00 % 
Ville Iho 
President and CEO 
23,566 
0.02 % 
0.02 % 
Juuso Pajunen 
Chief Financial Officer 
20,697 
0.02 % 
0.02 % 
Petteri Lankinen 
Chief Medical Officer 
0 
0.00 % 
0.00 % 
Sari Heinonen 
Executive Vice President, Healthcare Services 
0 
0.00 % 
0.00 % 
Henri Mäenalanen 
Executive Vice President, Portfolio Businesses 
3,163 
0.00 % 
0.00 % 
Stefan Kullgren 
Executive Vice President of the Swedish Business Area 
and CEO of Feelgood AB 
10,000 
0.01 % 
0.01 % 
Ilari Richard 
Senior Vice President, Digital Services 
3,834 
0.00 % 
0.00 % 
Minttu Sinisalo 
Senior Vice President, Human Resources 
4,081 
0.00 % 
0.00 % 
Petra Gräsbeck 
Senior Vice President, Communications and Public Affairs 
175 
0.00 % 
0.00 % 
Management shareholding in total 
116,842 
0.10 % 
0,10 %
Number of shares total 
127,036,531
100.00 %
100.00 %
Notifications of major shareholdings
On 28 June 2024, Terveystalo 
Plc received a notification under Chapter 9, Section 5 of the Securities Market Act, according to 
which the 
holding of Rettig Investment AB in Terveystalo 
Plc’s shares and votes had risen above 15 percent 
on 27 June 2024. The holding of Rettig 
Investment AB has increased to 16.65 percent and 21,153,191 shares of the total of 
Terveystalo's 
shares and votes. This notification relates 
to an internal restructuring within the group, in which Rettig Group 
AB, the previous direct holder of the shareholding notified herein, had 
on 27 June 2024 merged with and into Rettig Investment AB. Therefore, 
Rettig Investment AB owns directly 21 153 191 shares in 
Terveystalo 
Plc, which have transferred to the ownership of 
Rettig Investment AB from Rettig 
Group AB as a result of the merger.
The Board’s authori 
sations
The Board has been authorised to resolve the repurchase and/or on the acceptance as pledge of the 
company’s own shares using the 
unrestricted equity of the company. 
The authorisation covers a maximum of 12,703,653 own shares in total, which corresponds to 
approximately 10 percent of all shares in the company. 
The Board has also been authorised to resolve the issuance of shares and special rights entitling to shares as referred 
to in Chapter 10, 
Section 1 of the Finnish Companies Act. The authorisation covers a maximum of 12,703,653 own shares in total, which corresponds 
to 
approximately 10 percent of all shares in the Company. 
Authorisations were not used during the financial period. 
Dividend Policy 
and distribution 
of profits 
for 2024 
proposed by 
the Board
The objective of Terveystalo’s 
Dividend Policy is to distribute a minimum of 80 percent of earnings per share in dividends. The current 
financial performance, development potential, financial position, and capital requirements are 
taken into account. In 2023, earnings per 
share were EUR 0.57 (-0.33). 
The parent company’s distributable funds totaled 
EUR 558.9 (535.9) million, of which EUR 61.0 (40.5) million is the result for the financial 
year. The Board 
of Directors proposes to the Annual General Meeting that a dividend of EUR 0.48 (0.30) per share totaling 
EUR 60.8 (38.0) 
million be paid based on the balance sheet adopted for the financial year ended 31 December 2024. 

19 
The dividend would be paid in two instalments as follows: 
●
The first dividend instalment of EUR 0.24 per share would be paid to the shareholders who are 
registered in the shareholders' 
register of the company maintained by Euroclear Finland Ltd 
on the record date of the first dividend instalment on 10 
April 2025. 
The Board of Directors proposes that the first dividend instalment 
would be paid on 17 April 2025. 
●
The second dividend instalment of EUR 0.24 per share would be paid to shareholders who are registered 
in the shareholders' 
register of the company maintained by Euroclear Finland Ltd 
on the record date of the second dividend instalment on 8 October 
2025. The Board of Directors proposes that the second dividend instalment would be paid 
on 15 October 2025. The Board of 
Directors also proposes that the Annual General Meeting would authorise the Board of Directors 
to resolve, if necessary, on a new 
record date and date of payment for 
the second dividend instalment should the rules of Euroclear Finland Ltd or statutes 
applicable to the Finnish book-entry system change or otherwise so 
require. 
No substantial changes have occurred in the company’s 
financial position since the end of the financial year. 
The company’s liquidity is good 
and, in the Board’s opinion, will not be jeopardised by the proposed distribution 
of profits. 
Decisions of the Annual General Meeting 
2024 and the first Board meeting
The Annual General Meeting of Terveystalo 
Plc was held on 26 March 2024 in Helsinki, Finland. The Annual General Meeting adopted the 
financial statements for the financial year 2023 and discharged the members of 
the Board of Directors and the CEO from liability. 
The 
Annual General Meeting approved the remuneration report for 
governing bodies and decided to support the amended remuneration policy 
for governing bodies, which was presented to the Annual General 
Meeting. The Annual General Meeting decided, in accordance with the 
proposal of the Board of Directors, that a total dividend of EUR 0.30 per share (which corresponds to 
a total of approximately EUR 38 
million with the current number of shares in the company) will be paid based on the balance sheet adopted for the financial year 
ended 31 
December 2023.
The dividend was paid in two instalments as follows:
●
The first dividend instalment of EUR 0.15 per share was paid to shareholders 
who were entered in the shareholders’ register 
of 
the company maintained by Euroclear Finland Oy on the record date 
of the first dividend instalment 28 March 2024. The first 
dividend instalment was paid on 8 April 2024. 
●
The second dividend instalment of EUR 0.15 per share was paid to shareholders who are entered 
in the shareholders’ register of 
the company maintained by Euroclear Finland Oy on the record date 
of the second dividend instalment 9 October 2024. The 
second dividend instalment was paid on 16 October 2024. The Annual General Meeting authorised the Board of 
Directors to 
resolve, if necessary, on a new record 
date and date of payment for the second dividend instalment 
should the rules of Euroclear 
Finland Oy or statutes applicable to the Finnish book-entry system 
change or otherwise so require. 
The number of members of the Board of Directors was confirmed to be seven (7). 
Kari Kauniskangas, Sofia Hasselberg, Ari Lehtoranta, 
Carola Lemne, Kristian Pullola and Matts Rosenberg were 
re-elected as members of the Board, and Teija 
Sarajärvi was elected as a new 
member of the Board for a term that ends at the end of the Annual General Meeting 2025.
KPMG Oy Ab was elected as the company's auditor and the sustainability reporting assurance provider. 
KPMG Oy Ab has notified that 
Henrik Holmbom, APA and Authorised Sustainability Auditor (ASA), 
would be acting as the principal auditor and the principally responsible 
sustainability reporting assurance provider. 
As proposed by the Board of Directors, the Annual General Meeting resolved 
to authorise the Board of Directors to resolve on the 
repurchase and/or on the acceptance as pledge of the company's own shares using the unrestricted 
equity of the company. The 
authorisation covers a maximum of 12,703,653 shares, which corresponds to approximately 
10 percent of all shares in the company. 
In 
addition, as proposed by the Board of Directors, the Annual General Meeting resolved to 
authorise the Board of Directors to decide on the 

 
 
20 
issuance of shares and the issuance of special rights entitling to shares referred to 
in Chapter 10, Section 1 of the Companies Act. The 
authorisation covers a maximum of 12,703,653 shares, which corresponds to approximately 
10 percent of all shares in the company. 
These 
authorisations are effective until the end of the next Annual General 
Meeting, however no longer than until 30 June 2025.
As proposed by the Board of Directors, the Annual General Meeting resolved 
to authorise the Board of Directors to decide on donations in a 
total maximum of EUR 150,000 for charitable or corresponding purposes. The authorisation will remain effective 
until the end of the next 
Annual General Meeting 2025, however no longer than for a period of 18 months from the date of 
the resolution of the Annual General 
Meeting.
The new Board elected Kari Kauniskangas as Chairman of the Board and Matts 
Rosenberg as Vice Chairman of the Board. Kristian Pullola 
was elected Chairman of the Audit Committee and Sofia Hasselberg and Matts Rosenberg were 
elected members.
Kari Kauniskangas was elected Chairman of the Remuneration 
Committee and Carola Lemne, Ari Lehtoranta and 
Teija Sarajärvi were 
elected members.
Changes in the management team 
Sari Heinonen, member of Terveystalo's 
Executive Team 
and Executive Vice President, Healthcare Services, has announced that she will 
leave the company on 15 April 2025 to move to a new position as President of LocalTapiola 
Group. Terveystalo 
will announce Heinonen's 
successor at a later date.
Corporate governance 
Terveystalo 
Plc’s Corporate Governance Statement, 
Remuneration Policy, 
and Remuneration Report for 2024 have been published as part 
of the Annual Report 2024. 
Events after the end of the 
reporting period
Terveystalo Plc's Board of 
Directors has approved a 
new performance period covering 
years 2025‒2027 of 
the long-term share-based incentive 
plan for key personnel 
Terveystalo 
Plc's Board of Directors has approved a new performance period covering 
the years 2025–2027 of the long-term share-based 
incentive plan for key personnel. The purpose of the program 
is to align the objectives of shareholders and key personnel to 
increase the 
company's value in the long term, and to commit key 
personnel to implementing Terveystalo's 
strategy by offering them a competitive, 
share-based incentive program.
The Performance Share Plan is based on a rolling 3-year performance 
period structure, with a new performance period starting at the 
beginning of each year if so decided by the Board. The Board decides on the participants, performance measures, and targets 
as well as 
earning opportunities on an annual basis. Terveystalo 
published the establishment of the program and its main terms in a stock 
exchange 
release on 3 December 2020.
Performance Period 2025–2027 of the Performance 
Share Plan (PSP) 
During the performance period 2025–2027, the participants are awarded for successful shareholder value 
creation. The performance 
indicators based on which share rewards may 
be paid to 90 percent of the participants are absolute and relative (compared 
to the OMX HKI 
benchmark CAP GI index) Total 
Shareholder Return. For 10 percent of the participants, the value creation is measured by EBITA 
(adjusted 
earnings before interest, taxes, 
and amortisation) of the business area or independent business that they lead.

 
 
21 
Terveystalo's 
Board of Directors confirms the total amount of shares earned after 
the end of the performance period. The share rewards 
that may be paid based on the 2025–2027 earning period will be paid in Terveystalo 
Plc shares after the end of the performance period, 
provided that the performance targets set for the program 
by the Board are achieved. The maximum number of shares to be paid based on 
this plan is 700,000 shares. Taxes 
and tax-like payments to the recipient are deducted 
from the reward, after which the remaining net 
amount is paid to the participants in shares.
No more than approximately 80 people selected by the Board are eligible to participate 
in the program, including members of Terveystalo's 
Executive Team. 
Terveystalo 
applies a share ownership requirement to the members of the Executive 
Team. Each 
member of the Executive Team is 
expected 
to retain at least 50 percent of the net shares received 
under the long-term incentive plan until his or her shareholding in Terveystalo 
is at 
least equal to his or her annual gross base salary.
Performance Period 2025–2027 of the Restricted 
Share Plan (RSP) 
The purpose of the Restricted Share Plan is to function as a supplementary structure for separately 
selected key personnel of Terveystalo 
in 
special situations.
The share rewards will be paid in Terveystalo 
Plc shares after the end of the performance period, provided that the individual participants 
are still employed by Terveystalo. 
The maximum number of shares to be paid based on this plan is 70,000 shares.
Notifications pursuant to Chapter 
9, Section 5 of the 
Securities Markets Act
After the end of the reporting period, on 18 February 2025, OP Financial Group's insurance companies transferred 
their Terveystalo 
Plc 
shares to OP Cooperative. This transaction left OP Financial Group's 
total holding in Terveystalo 
Plc unchanged at 13.91 percent, equating to 
17,675,975 shares. As part of the arrangement, Terveystalo 
Plc received the following flagging notifications on 19 February 2025.
Terveystalo 
Plc received a notification in accordance with Chapter 9, Section 5 of the Securities Markets Act, according 
to which OP 
Cooperative's holding of Terveystalo 
Plc's shares and votes has exceeded 10 percent on 18 February 2025.
Terveystalo 
Plc received a notification in accordance with Chapter 9, Section 5 of the Securities Markets Act, according 
to which Pohjola 
Insurance Ltd's holding in Terveystalo 
Plc's shares and votes has fallen below 5 percent on 18 February 2025.
Terveystalo 
Plc received a notification in accordance with Chapter 9, Section 5 of the Securities Markets Act, according 
to which OP Life 
Assurance Company Ltd's holding of Terveystalo 
Plc's shares and votes has fallen below 5 percent on 18 February 2025.
The most significant short-term risks and 
uncertainty factors 
Terveystalo’s 
risk management is governed by the risk management policy approved by the Board. The policy defines goals, 
principles, 
organisations, responsibilities, and practices for risk management. 
The management of financial risks complies with the Group’s financing 
policy approved by Terveystalo’s 
Board. The risks and uncertainty factors described below are considered 
to potentially have a significant 
impact on the company’s business operations, financial results, and outlook within the next 12 months. The list 
is not intended to be 
exhaustive. The order in which the risks are presented does not describe the magnitude of the impact 
of the risks' realisation or the 
probability of their occurrence. 
●
The company’s business operations rely on its capacity to identify, 
recruit, and retain competent and professional 
healthcare 
professionals, employees, and executives. The increased 
supply of services and increased competition may affect the availability 
of healthcare professionals, particularly in major cities. Turnover 
in key employees involves the risk of losing knowledge and 
expertise. 

22 
●
Weak general economic performance and high inflation in Finland and their effects 
on the financial circumstances of private 
individuals, employers, and public entities may adversely affect Terveystalo’s 
business and results of operations by decreasing the 
demand for Terveystalo’s 
services, as well as may adversely affect the availability of 
financing. 
●
The company’s business is very dependent on functioning information systems, 
data communication, and external service 
providers. Interruptions can result from hardware 
failure, software failure, or cyber threats. Long-lasting 
malfunction of 
information systems or payment transfers 
can lead to significant loss of sales and a decline in customer satisfaction. 
●
The company may not be able to find suitable acquisition targets or expansion opportunities 
under favourable terms, and the 
integration of acquisition targets is not necessarily realised as planned. 
●
Terveystalo’s 
expansion to new geographical locations involves 
several risks, and failure to identify expansion opportunities, 
recruit new employees, and achieve estimated benefits may adversely 
affect Terveystalo’s 
business and the results of operations. 
●
The development and implementation of information system 
projects and services, service products, and operating models 
involve risks. The company develops new digital customer 
solutions, which increases the overall risk related to information 
systems. A failure in the development of digital systems 
may expose Terveystalo 
to potential technical faults and disturbances. 
●
Endangered information security or privacy can lead to losses, claims for 
damages, and endanger reputation. 
●
Pandemics or epidemics and related restrictive measures may 
adversely affect the business operations of Terveystalo 
through, 
among other things, demand for certain healthcare services and challenges in the supply chain. 
●
Changes in the competitive landscape, new competitors entering the markets, 
and increasing price competition may have a 
negative impact on the company’s profitability 
and growth potential. 
●
Terveystalo 
is exposed to changes in demand for occupational healthcare services due to demographic trends, 
aging and shrinking 
working-age population. 
●
The Social Welfare and Healthcare Reform 
in Finland and its legal interpretations may have impacts 
on Terveystalo’s 
business and 
results of operations. 
●
Changes in compensation systems for healthcare 
services may adversely affect Terveystalo’s 
business, financial position, and 
results of operations. 
●
Failures or deficiencies in the operational risk management, medical quality, 
and internal control processes may result in failure 
of 
quality control, including medical quality, or otherwise adversely 
affect Terveystalo's 
profitability and reputation. 
●
Terveystalo’s 
operations could be subject to labour disruptions or disputes. 
●
Ongoing profit improvement programs may fall 
short of their targets and / or the improvements may not be sustainable. 
●
The company is a party to and may become a party to, legal action or administrative 
procedures initiated by the authorities, 
patients, or third parties. According to the company’s opinion, 
its currently pending legal obligations and court cases are not 
significant in nature. 
Risk management at Terveystalo 
and risks related to the company’s business are 
described in more detail on the company’s website 
and in 
the company’s Annual Report. 
Annual General Meeting in 2025 
Terveystalo 
Plc's Annual General Meeting (AGM) is planned to be held on Tuesday 
8 April 2025. The meeting will be convened by the 
company's Board of Directors separately 
at a later date.
Terveystalo 
Plc 
Board of Directors

 
 
 
 
 
 
23 
Calculation of financial ratios and alternative 
performance measures 
Terveystalo 
presents alternative performance measures as additional information to 
the financial measures defined in IFRS. Those are 
performance measures that the company monitors internally and they provide 
significant additional information related to the company's 
results of operations, financial position and cash flows to the management, investors, 
securities analysts and other parties. These should not 
be considered in isolation or as a substitute to the measures under IFRS.
Alternative performance measures to the statement 
of financial position
The company presents the following alternative performance measures 
to the statement of financial position as they are, in the company's 
view, useful indicators 
of the company's ability to obtain financing and service its debt.
Return on equity, %
=
Profit/loss for the period (LTM)
x 100%
Equity (including non-controlling interest) (average)
Equity ratio, %
=
Equity (including non-controlling interest)
x 100%
Total assets - advances 
received
Gearing, %
=
Interest-bearing liabilities - interest-bearing receivables and cash 
and cash 
equivalents
x 100%
Equity
Net debt/EBITDA (LTM) *
=
Interest-bearing liabilities - interest-bearing receivables and cash 
and cash 
equivalents
EBITDA (LTM)
Net debt/Adjusted EBITDA (LTM) 
*
=
Interest-bearing liabilities - interest-bearing receivables and cash 
and cash 
equivalents
Adjusted EBITDA (LTM)
Net debt/Adjusted EBITDA (LTM), 
excluding 
IFRS 16 *
=
Interest-bearing liabilities excluding lease liabilities - interest 
-bearing 
receivables and cash and cash equivalents
Adjusted EBITDA (LTM), 
excluding IFRS 16
Alternative performance measures to the statement 
of income
The company presents the following alternative performance measures 
to the statement of income, as in the company's view, 
they increase 
understanding of the company's results of operations. In addition, the adjusted 
alternative performance measures are widely used by 
analysts, investors and other parties and facilitates 
comparability between periods.
Adjusted EBITDA*
=
Earnings Before Interest, Taxes, 
Depreciation, Amortisation, Impairment 
losses and adjustments

 
 
 
 
 
 
 
24 
Adjusted EBITDA, %*
=
Earnings Before Interest, Taxes, 
Depreciation, Amortisation, Impairment 
losses and adjustments
x 100%
Revenue
Adjusted EBITA*
=
Earnings Before Interest, Taxes, 
Amortisation, Impairment losses and adjustments
Adjusted EBITA, %*
=
Earnings Before Interest, Taxes, 
Amortisation, Impairment losses and 
adjustments
x 100%
Revenue
Adjusted operating profit (EBIT)*
=
Earnings Before Interest, Taxes 
and Share of profits in associated companies, 
and adjustments
Adjusted operating profit (EBIT), %*
=
Earnings Before Interest, Taxes 
and Share of profits in associated companies, 
and adjustments
x 100%
Revenue
EBITDA
=
Earnings Before Interest, Taxes, 
Depreciation and Amortisation and Impairment losses
EBITDA, %
=
Earnings Before Interest, Taxes, 
Depreciation and Amortisation and 
Impairment losses
x 100%
Revenue
EBITA
=
Earnings Before Interest, Taxes, 
Amortisation and Impairment losses
EBITA, %
=
Earnings Before Interest, Taxes, 
Amortisation and Impairment losses
x 100%
Revenue
Operating profit (EBIT)
=
Earnings Before Interest, Taxes 
and Share of profits in associated companies
Operating profit (EBIT), %
=
Earnings Before Interest, Taxes 
and Share of profits in associated companies
x 100%
Revenue
Adjusted EBITDA, excluding IFRS 16 *
=
Earnings Before Interest, Taxes, 
Depreciation, Amortisation, Impairment 
losses and adjustments, excluding IFRS 16 lease adjustments
* Adjustments are material items outside the ordinary course of business and these relate 
to acquisition-related expenses, restructuring-
related expenses, gains and losses on sale of assets (net), impairment losses and other items affecting 
comparability.
Share key figures
Earnings per share, (EUR)
=
Profit for the period attributable to owners of the parent 
company
Average number of shares during the period

 
 
25 
Effective dividend yield, %
=
Dividend per share
x 100%
Share price at the end of the period
Price-to-earnings ratio (P/E) 
=
Share price at the end of the period
Earnings per share

 
26 
Reconciliation of alternative performance measures
Return on equity, % 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4 
Equity (including non-controlling interest) (average) 
531.8 
553.7 
600.4 
Return on equity, % 
13.5 
7.6 
4.1 
Equity ratio, % 
2024 
2023 
2022 
Equity (including non-controlling interest) 
548.2 
515.4 
592.0 
Total assets 
1,398.4 
1419.5 
1,479.4 
Advances received 
6.9 
6.4 
7.1 
Equity ratio, % 
39.4 
36.5 
40.2 
Gearing, % 
2024 
2023 
2022 
Interest-bearing liabilities 
570.0 
635.8 
607.0 
Interest-bearing receivables and cash and cash equivalents 
65.2 
37.7 
40.4 
Equity 
548.2 
515.4 
592.0 
Gearing, % 
92.1 
116.0 
95.7 
Net debt / EBITDA 
2024 
2023 
2022 
Interest-bearing liabilities 
570.0 
635.8 
607.0 
Interest-bearing receivables and cash and cash equivalents 
65.2 
37.7 
40.4 
EBITDA 
222.5 
179.2 
168.8 
Net debt / EBITDA 
2.3 
3.3 
3.4 
Net debt / Adjusted EBITDA 
2024 
2023 
2022 
Interest-bearing liabilities 
570.0 
635.8 
607.0 
Interest-bearing receivables and cash and cash equivalents 
65.2 
37.7 
40.4 
Adjusted EBITDA 
245.9 
200.2 
178 
Net debt / Adjusted EBITDA 
2.1 
3.0 
3.2 
Adjusted EBITDA, EUR mill. 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4 
Income tax expense 
18.0 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
Depreciation, amortisation and impairment losses 
106.4 
193.8 
134.9 
Adjustments* 
23.5 
21.1 
9.2 
Adjusted EBITDA 
245.9 
200.2 
178 
Adjusted EBITDA, % 
2024 
2023 
2022 
Adjusted EBITDA 
245.9 
200.2 
178 
Revenue 
1340.0 
1,286.4 
1,259.1 
Adjusted EBITDA, % 
18.4 
15.6 
14.1 
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27 
Adjusted EBITA, EUR mill. 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4 
Income tax expense 
18.0 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
Amortisation and impairment losses 
31.5 
119.1 
62 
Adjustments* 
23.5 
21.5 
9.2 
Adjusted EBITA 
171.0 
125.6 
105.2 
Adjusted EBITA, % 
2024 
2023 
2022 
Adjusted EBITA 
171.0 
125.6 
105.2 
Revenue 
1340.0 
1,286.4 
1,259.1 
Adjusted EBITA, % 
12.8 
9.8 
8.4 
Adjusted operating profit (EBIT), EUR mill. 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4 
Income tax expense 
18.0 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
Adjustments* 
24.4 
107.8 
39.5 
Adjusted EBIT 
140.5 
93.1 
73.4 
Adjusted operating profit (EBIT), % 
2024 
2023 
2022 
Adjusted EBIT 
140.5 
93.1 
73.4 
Revenue 
1,340.0 
1286.4 
1259.1 
Adjusted EBIT, % 
10.5 
7.2 
5.8 
EBITDA, EUR mill. 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4 
Income tax expense 
18.0 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
Depreciation, amortisation and impairment losses 
106.4 
193.8 
134.9 
EBITDA 
222.5 
179.2 
168.8 
EBITDA, % 
2024 
2023 
2022 
EBITDA 
222.5 
179.2 
168.8 
Revenue 
1340.0 
1,286.4 
1259.1 
EBITDA, % 
16.6 
13.9 
13.4 

 
28 
EBITA, EUR mill. 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4 
Income tax expense 
18.0 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
Amortisation and impairment losses 
31.5 
119.1 
62 
EBITA 
147.6 
104.4 
95.9 
EBITA, % 
2024 
2023 
2022 
EBITA 
147.6 
104.4 
95.9 
Revenue 
1340.0 
1,286.4 
1,259.1 
EBITA, % 
11.0 
8.1 
7.6 
Operating profit (EBIT), EUR mill. 
2024 
2023 
2022 
Net income 
71.7 
-42.4 
24.4 
Income tax expense 
18.0 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
EBIT 
116.1 
-14.7 
33.9 
Operating profit, (EBIT), % 
2024 
2023 
2022 
EBIT 
116.1 
-14.7 
33.9 
Revenue 
1340.0 
1,286.4 
1259.1 
EBIT, % 
8.7 
-1.1 
2.7 
Adjustments based on subject area* , EUR mill. 
2024 
2023 
2022 
Acquisition-related expenses 
1)
-0.7 
-0.8 
2.8 
Restructuring-related expenses 
2)
1.9 
3.2 
1.5 
Gain on sale of asset 
3)
0.6 
- 
- 
Impairment losses 
0.9 
80.8 
30.3 
Strategic projects and other items affecting to comparability 
21.6 
18.8 
5 
Adjustments 
24.4 
101.9 
39.5 
Adjustments based on account group* , EUR mill. 
2024 
2023 
2022 
Other operating income 
-1.0 
-0.8 
-0.1 
Personnel expenses 
18.0 
3.1 
1.3 
Other operating expenses 
23.1 
18.7 
8 
Depreciation and impairment 
0.9 
86.7 
30.3 
Deferred tax 
- 
-5.9 
- 
Adjustments 
24.4 
101.9 
39.5 
Adjusted EBITDA, excluding IFRS 16 
2024 
2023 
2022 
Net income 
71.7 
-42.2 
24.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29 
Income tax expense 
3.3 
3.3 
6.5 
Share of profits in associated companies 
- 
0.0 
0.1 
Net finance expenses 
26.5 
24.2 
2.9 
Depreciation, amortisation and impairment losses 
106.4 
193.8 
134.9 
Adjustments* 
23.5 
21.1 
9.2 
IFRS 16 lease expense adjustment 
-56.4 
-57.4 
-55.8 
Adjusted EBITDA, excluding IFRS 16 
189.5 
142.8 
122.2 
Net debt/Adjusted EBITDA, excluding IFRS 16 
2024 
2023 
2022 
Interest-bearing liabilities 
378.2 
416.7 
427.2 
Interest-bearing receivables and cash and cash equivalents 
65.2 
37.7 
40.4 
Adjusted EBITDA 
189.5 
142.8 
122.2 
Net debt/Adjusted EBITDA, excluding IFRS 16 
1.7 
2.7 
3.2 
* Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses, restructuring-related expenses, 
gain /losses on sale of assets (net), impairment losses, strategic projects and other items affecting comparability. 
1) 
Including transaction costs and expenses from integration of acquired businesses
2) 
 
Including restructuring of network and business operations
3) 
 
Including sales of business operations.

30 
Sustainability statement 
ESRS 2 - General disclosures 
BP 1, 2 - Basis 
for preparation of the 
sustainability statement 
Terveystalo 
Plc is a Finnish public limited liability company incorporated under the laws of Finland and domiciled in Helsinki. The Group’s 
parent company Terveystalo 
Plc is listed on Nasdaq Helsinki. The Terveystalo 
Group consists of the parent company and 24 subsidiaries. The 
company is the largest private healthcare service provider 
in Finland in terms of revenue, and one of the leading occupational health 
providers in Finland and Sweden. The company offers 
general medicine, occupational health and specialised care services, diagnostics 
services, outpatient surgery, oral 
health services and other complementary health services to corporate, private, and public sector 
customers. 
In the sustainability statement, operations are 
reported on at Terveystalo 
Group level, and the scope of consolidation is the same as in the 
consolidated financial statements, unless otherwise stated. The 
information provided in the statement regarding 
Terveystalo's 
own 
operations covers the entire Group’s 
own workforce, i.e. both employees and non-employees (including self-employed 
people), unless 
otherwise stated. For the S1 - Own Workforce 
standard, the comparative figures for the comparison year 
have not been reported, with a 
few exceptions, based on the transitional provision of ESRS 
(European Sustainability Reporting Standards) - 1 10.3 regarding 
the 
presentation of comparative data. 
The sustainability statement covers the material 
impacts, risks and opportunities related to Terveystalo’s 
upstream and downstream value chain. The sustainability report is 
published annually. The reporting period corresponds to the financial 
reporting period 1 January 2024–31 December 2024. 
In the sustainability statement, the time horizons 
are defined in accordance with the 
reporting time horizons provided in the ESRS standard: 
short-term = reporting period (one year), medium-term = 1–5 years, and 
long-
term: >5 years. The necessary reporting principles concerning different topics 
are presented in connection with each topic-specific 
standard. No metrics that include estimates of upstream or downstream 
value chain figures have been used in the sustainability statement. 
KPMG Oy Ab has verified the sustainability statement in accordance with the ISA 3000 assurance 
standard as a limited assurance 
engagement. 
Governance 
GOV-1–2 The role of the 
administrative, management and supervisory 
bodies and the information 
provided to and sustainability 
matters addressed by them 
The sustainability statement includes disclosures on the management of sustainability. 
Further information on the general tasks, 
composition, diversity and competence of the administrative, 
management and supervisory bodies, as well as internal control, internal 
audit and risk management processes is provided in Terveystalo’s 
Corporate Governance Statement. 
The Board of Directors and its committees 
Terveystalo 
Plc’s Board of Directors is the highest decision-making 
body that oversees sustainability-related issues within the organisation. 
The Board of Directors takes care 
of tasks pertaining to its area of responsibility in accordance with the applicable legislation, Terveystalo 
Plc’s Articles of Association, the charter of the Board of Directors, 
the Corporate Governance Code published by the Securities Market 
Association, as amended from time to time, and other rules and regulations applicable to Finnish listed companies. The Board 
of Directors is 
responsible for the company’s governance and the appropriate 
organisation of its operations, among other things. The Board of Directors 
decides on matters of principle and on any issues that could have broad 
-ranging implications for the company. 
The Board of Directors' 
responsibilities also include reviewing and approving the strategic objectives and strategic 
plans of the company and its various business 
functions as well as monitoring their implementation. The responsibilities of the Board of Directors 
are documented in its written charter, 
which supplements the provisions of the Articles of Association and the applicable laws and regulations. 

31 
In accordance with Terveystalo’s 
ESG governance model, the Board of Directors discusses and steers 
the sustainability strategy and key 
action plans, decides on the setting of sustainability-related targets and monitors 
their achievement. The Board of Directors also approves 
the Group’s key sustainability 
-related policies and Terveystalo’s 
Code of Conduct. In accordance with its charter, 
the duties of the Board of 
Directors include monitoring and overseeing not only the financial reporting process 
but also the sustainability reporting process. The Board 
of Directors prepares the election of the sustainability assurance 
provider, monitors 
the sustainability reporting assurance process and 
approves Terveystalo’s 
sustainability statement. 
The Board of Directors ensures that the company has defined policies concerning internal 
control, internal auditing and risk management, 
and monitors compliance with such policies. In accordance with Terveystalo’s 
internal control and risk management policy, 
the Board of 
Directors is responsible for the adequacy of risk management and approves 
the risk management policy. Internal control 
has been 
integrated into Terveystalo’s 
management and reporting system and is implemented by Terveystalo’s 
Board of Directors and its Audit 
Committee as well as the Group’s senior management, 
operational management and employees, and the Group’s 
internal audit and quality 
assurance function. Internal control is based on Terveystalo’s 
risk management system, the company’s 
business culture, and respective 
practices. Terveystalo’s 
values and Code of Conduct and the Group’s policies and procedures constitute 
part of the foundation and 
organisation of internal control. 
Terveystalo’s 
Vice President in charge of sustainability presents material sustainability 
-related matters to the Board of Directors 
at least 
once a year in connection with the Board's discussion of the broader sustainability agenda and review of targets 
and performance. 
Sustainability-related matters 
are also discussed in meetings of the Board of Directors as necessary when there are material issues to 
communicate or decide on. In 2024, the following sustainability-related matters 
were discussed in the Board of Directors’ meetings, among 
other things: The results of Terveystalo’s 
double materiality assessment, Terveystalo's 
material impacts, risks and opportunities, the 
achievement of the sustainability targets set for 
2023, progress towards the sustainability targets 
set for 2024, the structure of 
Terveystalo’s 
sustainability reporting and assessing Terveystalo's 
preparedness for reporting. The Board of Directors 
has discussed 
sustainability management at Terveystalo 
and Terveystalo’s 
sustainability strategy and its practical implementation 
as part of the overall 
strategy. The Board 
of Directors has discussed Terveystalo’s 
Environmental, Social and Governance (ESG) 
roadmap and plans, as well as the 
impacts, risks and opportunities related to the material sustainability themes identified in the double materiality assessment. 
The Board of 
Directors has also discussed and examined metrics related to Terveystalo’s 
sustainability themes and their progress. Risk management, 
Terveystalo’s 
environmental management system and information 
security and related risk management were also on the agenda of the 
Board of Directors during the year. 
In addition, the Board of Directors participated in training related 
to sustainability reporting and 
assurance. 
The Board of Directors has established two committees to 
improve the efficacy of the Board: an Audit Committee and a Remuneration 
Committee. Written charters have 
been drawn up for the committees to define their duties. The Audit Committee’s 
duties include, among 
other things, assisting the Board of Directors in fulfilling and monitoring its supervisory duties pertaining to the financial reporting process 
and auditing, and the sustainability reporting process and assurance, as well as the supervision of matters related 
to reporting, internal 
control, internal auditing, and risk management. The Audit Committee monitors and assesses the company’s 
financial and sustainability 
reporting systems as well as the quality and integrity of the financial statements, 
other financial reports and sustainability statements. 
The 
Audit Committee also monitors the statutory audit of the financial statements 
and consolidated financial statements and the assurance 
of 
the sustainability statement. The Audit Committee also assesses the competence and 
independence of the external auditor and the 
sustainability reporting assurance provider, 
prepares a proposal for a decision on the election of the auditor and the sustainability 
reporting 
assurance provider, 
and monitors compliance with laws and regulations. The Audit Committee also monitors 
and assesses the efficiency of 
the company’s internal control, internal 
auditing, and risk management systems and assesses the performance of internal auditing. The 
Remuneration Committee of the Board of Directors, 
in turn, assists the Board in preparing matters related 
to remuneration, for example. 
Among other things, the Remuneration Committee prepares the Remuneration 
Policy of Governing Bodies and the Remuneration Report, 
prepares and assesses the remuneration of the CEO and other members of the Executive 
Team reporting 
directly to the CEO, and prepares 
short-term and long-term incentive plans. The Remuneration Committee 
prepares matters concerning the appointment of 
the CEO and 
other members of the Executive Team 
reporting directly to the CEO. 
The committees discuss sustainability-related matters 
whenever there are material issues to communicate 
or decide on. In 2024, the Audit 
Committee focused particularly on the reporting requirements arising from the Corporate 
Sustainability Reporting Directive (CSRD), 
Terveystalo’s 
preparedness for reporting and the CSRD-compliant assurance process. During the 
year, the Remuneration 
Committee 

32 
prepared short-term and long-term incentive plans for 
the CEO and other members of the Executive Team 
reporting directly to the CEO. 
The purpose of the incentive plans is, among other things, to steer the performance towards the achievement of Group 
-level and individual 
targets based on the key strategic 
priorities for each year and towards specific Group-level targets. 
When preparing short-term and long-
term incentive plans, the Remuneration Committee evaluates 
the metrics and performance targets relevant to the plans, which are 
used as 
performance criteria in remuneration. These metrics can be related 
to sustainability or other topics. The committees report on their work to 
the Board of Directors on a regular basis. 
CEO and Executive Team 
The CEO is responsible for the day-to-day management of the company 
and for executing the company’s 
strategy in accordance with the 
instructions and orders issued by the Board of Directors. The CEO 
undertakes the execution of measures approved 
by the Board of Directors 
and oversees preparations for strategically 
important measures. This means that Terveystalo’s 
CEO, together with the other members of 
the Executive Team, 
is also responsible for the successful implementation of the company’s 
sustainability agenda. The CEO ensures that the 
management of the company is adequately arranged and that the company’s 
accounting complies with the applicable legislation. In 
accordance with Terveystalo’s 
internal control and risk management policy, 
the CEO is also responsible for the organisation of Terveystalo 
Group's risk management and the monitoring and guidance of the senior management with regard to 
risk management. The CEO manages 
sustainability-related risks as part of the company’s 
general risk management. The CEO also ensures the appropriate arrangement 
of the 
company’s administration and asset management. The CEO 
serves as the Chair of Terveystalo’s 
Executive Team. 
Ville Iho has served as the 
CEO of Terveystalo 
since December 2019. A more detailed presentation of the CEO is provided in Terveystalo’s 
Corporate Governance 
Statement. 
The Executive Team 
assists the CEO with, among other things, the preparation and execution of matters 
related to the company’s strategy, 
business plans, matters of principle, and any other important matters. 
In accordance with Terveystalo's 
internal control and risk 
management policy, the Executive 
Team supports the CEO in implementing risk management, 
risk monitoring, and risk assessment. The 
members of the Executive Team 
are responsible for implementing risk management-related measures 
in their respective areas of 
responsibility. Sustainability risks 
are assessed as part of Terveystalo 
Group’s general risk management. The purpose of risk management 
is 
to support the achievement of business objectives by supporting informed decision-making and ensure the fulfilment of the customer 
promise, patient safety and occupational safety, 
high-quality operations, financial performance, business continuity, 
a good public image for 
the company, and corporate 
social responsibility. Risk management is an integral 
part of Terveystalo 
Group's planning processes and 
monitoring and reporting practices, and risk-taking relative 
to risk-bearing capacity is assessed particularly in connection with work on the 
strategy and when decisions are made on business projects or investments that 
are significant for the Group. Risk management is an 
integral part of management. It contributes to strategic 
development, helps managers make informed 
choices, puts measures in priority 
order, takes 
into account opportunities, uncertainties, and their effects, and distinguishes between 
alternative approaches. As stated 
above, the Group’s management also participates 
in the implementation of internal control. 
In accordance with Terveystalo’s 
ESG governance model, the Executive Team 
examines the Group’s 
sustainability approach, commitments, 
investments and targets and decides on their submission to the Board of 
Directors for final approval. The Executive 
Team monitors 
progress 
with regard to sustainability targets, commitments 
and the roadmap and is responsible for ensuring that sustainability commitments 
are 
integrated into the Group’s 
overall strategy and operations 
as part of the strategy process. The Executive Team 
examines the Group’s 
sustainability-related policies and guidelines and submits the most material of them to the Board of 
Directors for approval. The CEO and 
certain members of the Executive Team 
also have the right to approve policies and guidelines that fall within their competence. 
Terveystalo’s 
management and supervisors are responsible for the communication and implementation 
of Terveystalo's 
Code of Conduct, 
and monitoring compliance with the Code of Conduct. The CEO reports to the Board of Directors of Terveystalo 
Plc and the other members 
of the Executive Team 
report to the CEO. 
The Vice President in charge of sustainability, 
who reports to the CFO, discusses sustainability-related matters 
with the CFO and CEO on a 
regular basis and as necessary when there are material issues to communicate or decide on. Sustainability 
-related matters are also regularly 
on the agenda of the Executive Team. 
In 2024, the CEO and the Executive Team 
particularly focused on Terveystalo’s 
sustainability strategy 
and its practical implementation as part of Terveystalo’s 
overall strategy and sustainability management 
in Terveystalo 
. 
Other responsibilities related to the management 
of the sustainability themes 

33 
Terveystalo’s 
Quality Steering Group and Medical Forum are responsible for ensuring and developing quality and patient safety. 
The 
Director of Quality leads the Quality Steering Group, which is responsible for the development of Terveystalo’s 
quality management system 
in accordance with the strategic priorities in order to achieve 
quality targets and results. The medical management of Terveystalo 
is 
responsible for the compliance of the operations, medical content 
of services, monitoring of treatment effectiveness and patient safety. 
The Chief Medical Officer leads the Medical Forum, which discusses the most significant medical issues that require policy decisions. 
In 
addition to the Quality Steering Group and the Medical Forum, the administrative bodies responsible 
for steering the assurance and 
development of quality and patient safety at the Group level include the Data 
Protection Team, 
the Safety Team 
and the Patient Safety 
Team. Internal control 
is integrated into Terveystalo’s 
management and reporting system. Adherence to the environmental 
management 
system is the responsibility of the Director of Quality, 
who reports to the Chief Medical Officer. 
The achievement of the goals of the 
environmental management system 
is monitored by the environmental management system 
steering group, and operational activities are 
the responsibility of the operative group. 
In the beginning of 2025, the Quality Steering Group became the ESG and Quality Steering Group. It monitors sustainability 
-related 
development and regulation and steers and supports the Group's quality and sustainability strategy. 
The steering group is chaired by the 
Director of Quality, with the Vice President in 
charge of sustainability as the vice chair. 
The duties of the steering group are specified in 
Terveystalo’s 
ESG governance model. The steering group supports the organisation in 
setting sustainability and quality targets and metrics, 
and achieving the target level, commitments and targets 
set by the Board of Directors. The steering group defines the key 
metrics and 
targets for sustainability and quality and evaluates the 
quality and sustainability policies and updates to the policies for approval by 
the 
Executive Team 
or the Board of Directors. The group monitors the achievement of 
targets during the year and ensures that the necessary 
analyses and corrective measures are taken at 
the Group level. The steering group reports to the Executive 
Team on a quarterly basis. 
Human resources management and its development at Terveystalo 
is the responsibility of the Senior Vice President, People and Careers, 
who is a member of the Executive Team 
and reports to the CEO. 
As required by law, 
Terveystalo 
Group has a Data Protection Officer who performs duties in accordance with the General 
Data Protection 
Regulation and reports directly to Group management. In Sweden, Feelgood 
has its own Data Protection Officer. 
The responsibility for day-
to-day information security management lies with the Chief Information 
Security Officer of the Group, who reports to the Executive Team 
member responsible for information security and digital services. Terveystalo 
also has data protection and information security teams that 
discuss and monitor issues related to data protection and information 
security and develop related functions and activities. The teams 
include representatives of stakeholders 
within the Terveystalo 
organisation that are relevant to 
the teams’ areas of responsibility. 
Terveystalo’s 
compliance function is responsible for preparing and updating compliance programmes and related 
policies. The compliance 
function is also responsible for investigations and process 
development related to compliance with the Code of Conduct. The compliance 
function reports annually to Terveystalo 
Plc’s Board of Directors 
on the most material compliance themes and targets. The compliance 
function also reports to the Group’s senior management on a regular 
basis. Terveystalo’s 
senior management and supervisors are 
responsible for the communication and implementation of the Code of Conduct approved by the Board 
of Directors, and monitoring 
compliance with the Code of Conduct. Terveystalo’s 
Legal & Compliance department supports the organisation with issues related to 
the 
Code of Conduct and provides training to the personnel on the Code of Conduct. The compliance function also trains personnel and 
management on tailored compliance themes, such as the use of Terveystalo’s 
whistleblowing channel and related requirements. 
Composition of the Board of Directors 
According to Terveystalo 
Plc’s Articles of Association, the Board of Directors 
shall have a minimum of five and a maximum of eight ordinary 
members. In 2024, the Board of Directors had seven members. The term of the members of 
the Board of Directors expires at the closing of 
the Annual General Meeting following their election. Until 26 March 2024, the Board of Directors consisted 
of Kari Kauniskangas 
(Chairman), Matts Rosenberg, Sofia Hasselberg, Ari Lehtoranta, Carola 
Lemne, Kristian Pullola and Katri Viippola in accordance with the 
decision of the 2023 Annual General Meeting. The Annual General Meeting held on 26 March 2024 re-elected Kari Kauniskangas 
(Chairman), Matts Rosenberg, Sofia Hasselberg, Ari Lehtoranta, Carola 
Lemne and Kristian Pullola as members of the Board of Directors. 
Teija Sarajärvi was elected 
as a new member. There 
are no employee representatives among the members of the 
Board of Directors. 
Presentations of the members of the Board of Directors are 
provided in Terveystalo’s 
Corporate Governance Statement. 

34 
Persons elected as a member of the Board of Directors must have 
the qualifications required for the position and the opportunity to devote 
sufficient time to performing their duties. The company has drafted principles concerning the diversity 
of the Board of Directors. According 
to the principles applied in financial year 2024, diversity was assessed from several perspectives, 
including age and gender as well as 
educational and professional background. Terveystalo 
considers the realisation of diversity on the Board of Directors 
to be a key factor that 
supports the company’s business and its development as well as the achievement of its strategic 
objectives. The work of the Board of 
Directors requires understanding of 
differences in cultures, values, and business practices. The structure, size, 
composition, diversity and 
succession needs of the Board of Directors are assessed annually, 
including whether the Board of Directors represents appropriate 
experience, diverse business knowledge and skills, independence and other necessary qualities. The Shareholders' Nomination Board 
plans 
the composition of the Board of Directors from the perspective of the company’s 
current and future business needs, taking into account 
diversity of the Board. 
Terveystalo's 
material sustainability themes were confirmed on the basis of the company’s 
double materiality assessment. The material 
themes are own workforce, consumers and end-users and good corporate 
governance/business conduct. The members of Terveystalo 
Plc’s 
Board of Directors represent expertise in the healthcare 
sector and business conduct in the company’s target markets 
(Finland and 
Sweden), among other areas of expertise. The Board of Directors also includes members who have 
an educational background in medicine. 
The members of the Board of Directors have experience from many 
different industries and a wide range of management positions 
in 
companies serving different customer groups. They represent 
expertise related to business conduct and good corporate 
governance, 
including strategic management, financial management and risk management, as well as business ethics 
and compliance. The Board 
members also have expertise in topics related to sustainability 
(ESG), as well as human resources management and occupational safety. 
The 
Board of Directors and its committees may also use external 
legal, financial, sustainability-related or other advisers to the extent 
they deem 
necessary. 
The age range of the Board of Directors whose term ended on 26 March 
2024 was 40–65 years on 26 March 2024. Three (43%) of the Board 
members were between the ages of 30 and 49, and four (57%) were aged 50 or older. 
The age range of the new Board of Directors 
that was 
elected by the Annual General Meeting held on 26 March 2024 was 41–66 years on 31 December 2024. Two 
(29%) of the Board members 
were between the ages of 30 and 49, and five (71%) were aged 50 or older. 
Three (43%) of the members of the Board of Directors whose term ended on 26 March 2024 were 
women and four (57%) were men. 
Similarly, three (43%) of the members of the Board of Directors 
whose term started on 26 March 2024 were women and four (57%) 
were 
men. On average, during the year, 
43 percent of the Board members were women and 57 percent were men. Persons 
outside Finland 
accounted for two (29%) of the members of the Board of Directors 
that served until 26 March 2024 and the Board of Directors that 
served 
thereafter. 
The Board conducts an annual assessment of its operations and working practices in accordance with the Corporate 
Governance Code 
published by the Finnish Securities Market Association. In preparing its proposal on the composition of the Board of Directors, 
the 
Shareholders' Nomination Board must take into 
account the requirements concerning independence as set out in the Corporate 
Governance Code, the results of the assessment of the Board’s operations 
carried out in accordance with the Corporate Governance 
Code, 
the principles concerning the diversity of the Board of Directors, and other applicable regulations. 
According to the assessment of the Board 
of Directors, all of the members (100%) of the Board of Directors on 31 December 2024 are independent of the company. 
Six out of seven 
members (86%) are also independent of the company’s significant shareholders. 
GOV-3 Integration of sustainability-related 
performance in incentive schemes 
Remuneration of the Board of Directors 
The Shareholders’ Nomination Board prepares and reviews the remuneration 
principles for the members of the Board of Directors as set 
out in the Terveystalo 
Plc's Remuneration Policy for Governing Bodies. Each 
year, the Shareholders’ 
Nomination Board also prepares a 
proposal for the remuneration of the members of the Board of Directors. 
The proposal must be based on the principles set out in 
Terveystalo 
Plc's Remuneration Policy for Governing Bodies. The final decision on the remuneration 
of the members of the Board of 
Directors is made by the General Meeting. 

35 
In 2024, the remuneration of the Board of Directors consisted of 
annual remuneration and meeting fees, in addition to which the Board 
members were entitled to compensation for reasonable travel 
expenses related to their work. The annual remuneration is paid either 
partly 
in Terveystalo’s 
shares and partly in cash, or fully in cash. Terveystalo's 
Annual General Meeting held on 26 March 2024 resolved that, for 
the term starting from the Annual General Meeting, the annual remuneration of the Board 
would be paid as a combination of company 
shares and cash in such a manner that 40 percent of the annual remuneration would be paid in shares purchased 
from the market on behalf 
of the Board members at a price determined in public trading, and 60 percent would be paid in cash. The Annual General Meeting 
resolved 
that the Board of Directors’ meeting fees would be paid in cash. In 
2024, the remuneration of the Board of Directors was not based on 
sustainability-related performance. 
Remuneration of the CEO 
The Remuneration Committee of the Board of Directors 
prepares proposals to the Board of Directors concerning the remuneration 
of the 
CEO. The Board of Directors reviews 
and approves the CEO’s remuneration 
principles as set out in the Terveystalo 
Plc's Remuneration Policy 
for Governing Bodies on the basis of preparatory work carried out by the Remuneration 
Committee of the Board of Directors, and decides 
on the CEO’s pay, 
incentive schemes and related targets on the basis of preparatory 
work carried out by the Remuneration Committee of 
the Board of Directors. The Board of Directors also decides on all share-based incentive 
schemes based on the preparatory work of the 
Remuneration Committee. 
In 2024, the CEO’s total remuneration 
consisted of fixed and variable components. The fixed component 
includes the base salary, benefits 
and insurance. The base salary provides core compensation for the role 
and takes into account several 
factors, such as the individual’s 
personal performance level and contribution to the business, the individual’s 
skills and experience, the internal salary levels and the 
external market conditions. 
The base salary is reviewed annually. Taxable 
fringe benefits, Terveystalo’s 
standard personnel benefits, and 
other similar benefits are included in the base salary. In 2024, the insurances 
included, among other things, leisure-time accident insurance, 
travel insurance, and liability insurance for 
the management. The Board of Directors has a possibility to decide on a supplementary defined 
contribution pension in line with local market practices. 
The variable components of the CEO’s remuneration 
consist of short-term and long-term incentives. The short-term 
incentives are aimed at 
driving short-term performance towards specific Group 
-level targets and individual objectives that are based on the key 
strategic priorities 
for each year. 
Performance is measured over a period of one year, 
and potential rewards are paid the following year. 
The Board of Directors 
sets annual performance criteria based on the key priorities for the financial year. 
The criteria may include both financial and non-financial 
criteria. Following the end of the earnings period, the Board of Directors confirms the achievement 
of the criteria and determines the 
amount of the payout. According to the Remuneration Policy 
for Governing Bodies last handled at Terveystalo's 
Annual General Meeting 
held on 26 March 2024, at the maximum level of performance, 
the incentive opportunity could not exceed 150% of the annual base salary. 
In 2023 and 2024, the employee Net Promoter Score (eNPS) was one of the indicators included in the 
CEO’s short-term 
performance 
targets. eNPS indicates the proportion of Terveystalo’s 
personnel and private practitioners who would recommend Terveystalo 
as a 
workplace to others. The short-term incentive paid to the CEO 
in 2024, based on the performance in 2023, was based on the eNPS indicator 
with a weight of 20 percent. The eNPS target for the incentive was 
linked to Terveystalo’s 
target level. In 2023, eNPS was the only indicator 
of sustainability-related performance included in the CEO’s 
performance targets. The other indicators affecting 
the amount of the short-
term incentive were adjusted EBITA 
and the progress of the profit improvement programme initiated 
in 2022. In 2024, the CEO’s short-term 
incentive was based on the eNPS indicator with a weight of 10 percent. The eNPS target 
for the incentive was linked to Terveystalo’s 
target 
level. The second sustainability-related performance indicator 
in 2024 was the Patient Enablement Instrument (PEI), which measures 
medical quality in terms of the customer’s ability to deal with their illness after their appointment. In 2024, the CEO’s 
short-term incentive 
was based on the PEI indicator with a weight of 10 percent. The PEI target 
is specified in the incentive scheme. The third indicator affecting 
the amount of the short-term incentive in 2024 was Terveystalo's 
adjusted EBITA. The short-term 
incentive for 2024 will be paid in 2025. 
The Board of Directors decides annually on the participants, performance indicators, 
targets and earning opportunities of the long-term 
incentive scheme for the management. The aim of the long-term incentives is to drive long-term 
performance toward specific Group-level 
targets, to engage the CEO’s 
commitment to the company and to align the interests of the CEO 
with interests of the shareholders. In 2024, 
the long-term share-based incentive schemes for the management did not include sustainability-related 
performance indicators. In the 
performance periods 2022–2024, 2023–2025 and 2024–2026, the performance criteria for the CEO's share-based long-term 
incentive 
schemes are the company's absolute and relative Total 
Shareholder Return (TSR). 

 
 
 
 
 
 
 
 
 
36 
GOV-4 Statement on due 
diligence 
The adjacent table and the references presented 
in it describe Terveystalo’s 
current state with regard to 
the identification, assessment and 
mitigation of adverse environmental and human rights impacts, and the 
monitoring and communication of related results. The process will 
be developed with regard to the supply chain in 2025.
CORE ELEMENTS OF DUE DILIGENCE 
PARAGRAPHS IN THE SUSTAINABILITY 
STATEMENT 
a)
Embedding due diligence in governance, strategy and 
business model 
ESRS 2 GOV-2, ESRS 2 GOV-3, ESRS 2 SBM-3 
b)
Engaging with affected stakeholders 
in all key steps of the 
due diligence 
ESRS 2 GOV-2, ESRS 2 SBM-2, ESRS 2 IRO-1, ESRS S1-2, ESRS 
S4-2 
c)
Identifying and assessing adverse impacts 
ESRS 2 IRO-1, ESRS 2 SBM-3, ESRS S1-3, ESRS S1-4, ESRS 
S4-3, 
ESRS S4-4 
d)
Tracking the effectiveness 
of these efforts and 
communicating 
ESRS 2 GOV-2, ESRS S1-4, ESRS S1-5, ESRS S4-4, ESRS S4-5 
In late 2024, Terveystalo 
carried out a human rights impact assessment concerning the entire value chain. Terveystalo’s 
human rights 
policy, which was formed on the basis of the impact assessment, entered 
into effect in January 2025. The identified potential adverse 
impacts will be taken into account in the update of the double materiality assessment in 2025 and the development 
of due diligence 
processes during 2025. 
GOV-5 Risk management and internal 
controls over sustainability reporting 
The purpose of internal controls related to the sustainability reporting 
process is to ensure that Terveystalo 
Group’s sustainability reporting 
is reliable and that the information reported in the sustainability statement 
has been prepared in accordance with Terveystalo’s 
calculation 
and accounting principles. Internal control is based on Terveystalo’s 
risk management system, business culture, and respective practices. 
Terveystalo's 
Group-level principles and processes concerning statutory reporting, risk management 
and internal control are observed in 
sustainability reporting. The internal control of sustainability reporting 
is based on risk identification and analysis, the targeting of control 
at 
the most material identified risks, and adherence to the best practices of internal control. 
Risks are prioritised based on their weighted 
severity and likelihood. 
Sustainability reporting is centralised in the company’s financial function under the Vice President, 
Investor Relations and Sustainability. 
The 
identified key risks of sustainability reporting are the accuracy 
and coverage of the reported information. 
To ensure the accuracy 
and 
coverage of the reported information, 
Terveystalo 
has defined and implemented a sustainability reporting governance model that specifies 
the roles and responsibilities for sustainability reporting. The content owners 
of the reported topic areas are responsible for 
ensuring that 
Terveystalo’s 
process environment is able to produce the necessary reportable information. 
The content-related responsibility for the 
accuracy of the information and the responsibility for adherence to 
reporting schedules and delivering the information to the Investor 
Relations and Sustainability team lies with the content and data owners 
defined in the reporting governance model, i.e. the roles defined in 
Group functions such as HR, quality management, legal & compliance, and environment.
Internal controls have been implemented to ensure the accuracy 
of the reported content, and the reporting governance model designates 
an ESG controller whose task is to ensure the accuracy of the information 
and compliance with the preparation principles. 
Sustainability reporting and related observations were discussed a 
total of five times in the company’s Audit Committee meetings 
in 2024. 
 

37 
Strategy 
SBM-1 Strategy, business model and 
value chain 
Terveystalo plays a key role in the renewal of 
healthcare in Finland, the prevention of illnesses and the promotion of people’s 
well-being. 
In addition to preventive occupational health services, Terveystalo 
offers a wide range of services in primary healthcare and specialised 
care, diagnostics, and day surgery, 
including general practitioner and specialist services, imaging and laboratory tests. In addition, the 
company offers demanding surgery, 
well-being services, oral health services, public healthcare outsourcing services, healthcare staffing 
services, rehabilitation services and child welfare services.
The services are offered both digitally and at approximately 
360 Terveystalo 
clinics around Finland, including 18 hospital units and 31 dental 
clinics. In 2024, Terveystalo 
had a total of 1.2 (1.2) million customers, 7.6 (7.6) million customer visits in Finland, and a total of 
1.7 (1.8) 
million end-customers of occupational health services in the Nordic countries. 
Terveystalo’s 
digital platform has more than 2.6 million registered 
users. In Finland, Terveystalo 
provides occupational health services to 
over 26,000 companies and organisations that have approximately 
744,000 employees covered by the occupational health services.
In Sweden, Terveystalo 
offers occupational health, organisational management 
consulting and addiction prevention and rehabilitation 
services to its corporate customers. Terveystalo 
has more than 800 professionals in Sweden, serving customers digitally 
and in person at 
approximately 140 locations. Terveystalo 
serves approximately 8,000 corporate 
customers in Sweden, which have about one million 
employees covered by occupational health services. Terveystalo’s 
customer groups and service offering are described in more detail 
in 
section S4 – Consumers and end-users on pages 82–84xx.
Terveystalo’s 
service offering is divided into three business areas: Healthcare Services, Portfolio 
Businesses and Sweden, which are also 
Terveystalo’s 
reporting segments. Significant events concerning the business activitites of the business areas and their financial 
performance during the reporting period are presented in the Business Areas section of the Report of 
the Board of Directors on pages 13–
16.
Terveystalo’s 
mission is to fight for a healthier life. Terveystalo’s 
values – human being at the centre, steered by medical science and 
reforming healthcare – are the foundation of all of Terveystalo’s 
operations. The most significant positive sustainability impact of 
Terveystalo’s 
operations arises from providing fluent, caring and effective 
integrated care to customers, 
which is also at the core of 
Terveystalo’s 
strategy. 
According to Terveystalo's 
strategy, integrated 
care means that Terveystalo 
understands customers and their needs, 
prevents and manages health risks, guides the customer to the right service and treatment, takes 
care of the patient throughout the care 
path, cooperates as teams of experts, and measures and improves 
the outcomes of care. The integrated care 
model aims for a positive 
social impact, which can be reflected in the prevention of illnesses, quick access to care, fluent 
care paths and good outcomes of care, 
among other things. High-quality occupational healthcare that is based on integrated care is effective 
when it promotes the health, work 
ability and well-being of employees effectively and with measurable results. Effectiveness 
is reflected in, for example, reduced sickness 
absences, improved work ability and productivity, 
as well as increased well-being at work, which reduces early retirement and 
saves costs 
for client companies. 
Terveystalo’s 
digital solutions play a key role in integrated 
care paths and their development. They ensure smooth workflow 
for 
Terveystalo's 
professionals, the best care and prevention outcomes 
for its customers, and help to address the care gap 
in the industry. 
Terveystalo 
uses data to identify and prevent health risks and select the right treatment. 
The aim is to increase the overall capacity of care 
through digital solutions to enable quick access to care under an optimised multi-channel production model. Digital tools 
are also aimed at 
creating smoother workflow for professionals through the development 
of tools and processes, multidisciplinary collaboration and the 
productivity of operations. The continuity of care is improved by guiding the customer 
and the professional through the entire care 
path 
from the first contact to the end of the care path. Terveystalo 
systematically measures the effectiveness 
of care and develops its operations 
to improve the outcomes. Terveystalo 
supports Finland’s wellbeing services counties in the digital transformation 
by providing modern and 
easy-to-use digital solutions and highly competent service production for 
the wellbeing services counties. The material sustainability 

38 
matters related to Terveystalo’s 
customers, including the targets related to the sub-topic, 
are described in more detail in section S-4 
Consumers and end-users on pages 82–96.
Terveystalo 
is one of the largest employers in Finland. At the end of 2024, Terveystalo's 
operations in Finland had 8,383 (8,950) employees 
and 5,967 (5,987) non-employees. In Sweden, Terveystalo’s 
subsidiary Feelgood had 770 (874) employees and 48 (105) non-employees. 
The 
decrease in the number of employees in Finland was affected by the measures of the profit improvement 
programme and the termination 
of outsourcing contracts. In Sweden the number of employed staff 
and private practitioners was reduced due to ended customer 
contracts 
as part of the profit improvement programme. As the need for care 
increases due to the ageing of the population, the shortage of 
professionals is the greatest challenge in healthcare. With this in mind, it is a key 
strategic goal for Terveystalo 
to ensure that the company 
has an adequate number of engaged and highly competent healthcare professionals 
for Terveystalo 
to meet the growing demand and 
achieve its strategic targets. Terveystalo’s 
goal is to be the best and most attractive employer 
in its industry. The material sustainability 
matters related to Terveystalo’s 
personnel, including the targets related to the sub-topic, are 
described in more detail in section S-4 Own 
workforce on pages 64–81.
Each year, 
Terveystalo 
purchases services, materials and supplies for its clinics from approximately 
4,400 suppliers. Of these, the 180 largest 
suppliers account for about 80% of total purchasing expenditure. 
The largest procurement categories are ICT purchases, the 
rental of 
premises and subcontracted services, such as laboratory services. Terveystalo 
Group also expects its suppliers to observe high standards of 
sustainability with regard to ethical, social and environmental 
perspectives, as well as occupational health and safety. 
The material 
sustainability matters related to 
Terveystalo’s 
suppliers, including the targets related to the sub-topic, 
are described in more detail in 
section G-1 Business conduct on pages 97–111.

 
 
 
 
 
 
 
 
39 
SBM-2 Interests and views of 
stakeholders 
Terveystalo’s 
role in society means that the company has several stakeholders 
with whom it engages in active dialogue and develops its 
operations on the basis of stakeholder feedback. In addition to customers, 
personnel, private practitioners, suppliers and shareholders, 
the 
key stakeholders include the public authorities and societal 
decision-makers that influence the legislation governing the industry and the 
drafting of that legislation. Other key stakeholders 
include the supervisory authorities and the media. Terveystalo 
also engages in close 
interaction with lobbyists within the sector. 
Open dialogue and effective cooperation enable a more predictable 
operating environment for 
all parties. Stakeholder expectations and feedback are discussed regularly 
by Terveystalo’s 
Executive Team 
and Board of Directors. 
Stakeholder views were taken 
into account in the 
double materiality assessment conducted in 2023, which served as the foundation for confirming Terveystalo's 
material themes of 
sustainability. The materiality assessment 
is described in Material sustainability impacts, risks and opportunities on pages 48–50. 
The table below describes Terveystalo’s 
engagement with the most important stakeholders 
and how the themes that are important to 
them are taken into account in the company’s 
strategy and business model. 
Stakeholder 
Interaction 
channels/Stakeholder 
engagement 
Stakeholder expectations/Themes 
of high importance to the 
stakeholder 
Meeting the 
expectations/Impact on
operations, business model 
and 
strategy 
Customers 
Physical and digital customer 
encounters, online services, 
feedback surveys and channels, 
marketing communications, 
social media, whistleblowing 
channel (WhistleB) and 
materiality analysis. 
Access to care, quality and impact 
of care 
Patient data protection and 
information security 
Patient safety 
Effective digital services 
Terveystalo 
continued to 
develop its services in a 
number of different areas 
and sought to respond to the 
growing demand by, for 
example, recruiting new 
professionals and further 
increasing its digital service 
offering. Terveystalo 
aims to 
stand out by providing an 
excellent experience in all 
customer encounters, 
irrespective of the channel. 
At Terveystalo, 
customer 
feedback is collected 
systematically and customers 
are provided with many 
different channels for giving 
feedback. Customer feedback 
is regularly monitored and 
reported on, and used in 
internal and external quality 
audits to assess the measures 
taken and their impacts. This 
ensures that customer 
feedback is an effective tool 
for improving operations and 
increasing customer 
satisfaction. 

 
 
 
 
 
 
 
 
40 
Personnel and private 
practitioners 
Personnel Forum, shop stewards, 
employee representatives and 
the health and safety 
representative, personnel 
satisfaction surveys, 
development discussions, 
discussions with private 
practitioners, personal 
interaction, materiality 
assessment, intranet, 
newsletters, training, webinars, 
seminars and other events, and 
the whistleblowing channel 
(WhistleB). 
Responsible management, clear 
management structures, smooth 
interaction, equality, a good 
working atmosphere and working 
conditions, development of 
competence, competitive pay. 
Terveystalo’s 
goal is to be the 
best and most attractive 
employer in its industry. 
Terveystalo 
strengthens its 
attractiveness as a workplace 
by providing professionals 
with interesting and 
meaningful work, 
competitive pay, diverse 
career and development 
opportunities, and ensuring 
that professionals can work 
smoothly and focus on what 
matters. 
The aim is to provide a 
humane and well-functioning 
working environment where 
the professionals can focus 
on meaningful matters. 
The development of tools 
and processes to make work 
smoother continued in 2024. 
New professionals were 
recruited to meet the 
growing demand. The 
training of professionals and 
the training offering were 
developed and diversified 
further. 
Current issues were actively 
communicated to the 
personnel, including the 
progress of the strategy and 
related measures. 
Shareholders 
Open and active dialogue; 
regular and continuous reporting 
with stock exchange releases and 
reports, personal communication 
channels, such as meetings with 
investors and analysts, general 
meetings of shareholders, 
materiality assessment, Capital 
Markets Day and other events. 
The Investor Relations function 
coordinates interaction with 
investors, aiming to ensure equal 
opportunities to receive 
information and meet with the 
company management. 
Creating financial added value, 
transparent and open 
communication about the 
implementation of the strategy and 
financial performance, predictable 
business development, sustainable 
business. 
Terveystalo 
communicates 
with shareholders and 
investors on a regular and 
continuous basis with regard 
to material topics, such as 
the implementation of the 
strategy, the 
development of 
the business and market 
environment, and financial 
performance. Shareholder 
feedback and expectations 
are taken into account when 
updating the strategy and 
financial targets. The topics 
discussed during 
Terveystalo’s 
Capital Markets 
Day event in December 2024 

 
 
 
 
 
 
 
 
 
41 
included Terveystalo’s 
operating environment, 
strategy and the future focus 
areas of capital allocation. 
Terveystalo 
participated in 
several ESG surveys that 
serve responsible investing. 
Suppliers 
Supplier cooperation in 
accordance with Terveystalo’s 
Supplier Relationship 
Management (SRM) model 
Supplier self-assessment 
Audits 
Reliability and financial stability
Clear agreements and payment 
terms
Continuity and long-term 
cooperation
Openness, communication and 
feedback
Sustainability and ethics
Competitive purchasing volumes 
and prices
The success of Terveystalo’s 
business and maintaining its 
competitiveness require 
efficient and sustainable 
supplier cooperation. 
Terveystalo 
expects its 
suppliers to observe high 
standards of sustainability 
with regard to ethical, social 
and environmental 
perspectives, as well as 
occupational health and 
safety. Terveystalo 
Group’s 
Supplier Code of Conduct 
sets out the minimum 
requirements that all 
suppliers and partners need 
to satisfy in order to engage 
in business with Terveystalo 
and its subsidiaries. All of 
Terveystalo’s 
contract 
suppliers and suppliers 
participating in tendering 
processes are required to 
accept Terveystalo’s 
Supplier 
Code of Conduct. Supplier 
relationship management 
provides better visibility into 
the supply chain, improving 
delivery reliability, quality 
management and risk 
management, and increasing 
visibility into total costs and 
the flexibility of the supply 
chain. 
The authorities and 
decision-makers 
Open and active dialogue, 
meetings and communication 
directly and in various working 
groups and events. 
The obligations associated with 
the Finnish Transparency 
Register are observed in 
communication activities. 
Good cooperation and open 
disclosure of information and 
interaction to facilitate the 
preparation of decisions. The 
development and renewal of 
healthcare is a shared goal for 
Terveystalo, 
the authorities and 
decision-makers. 
Terveystalo 
has the 
competence, innovation 
capacity and willingness to 
develop Finnish healthcare, 
which is why Terveystalo 
actively participates in 
dialogue with decision-
makers and authorities to 
promote progress. Through 

 
 
 
 
 
 
 
42 
its labour market and 
advocacy organisations (the 
Finnish Association of Private 
Care Providers HALI, the 
Association of Finnish Private 
Healthcare Providers LPY and 
Healthtech Finland, and their 
umbrella organisations, the 
Confederation of Finnish 
Industries and Suomen 
Yrittäjät), Terveystalo 
participates in position-taking 
and advocacy efforts in the 
private healthcare industry. 
Terveystalo 
also engages in 
active dialogue at the 
national level with ministries, 
political decision-makers and 
key authorities, such as Kela 
and the Finnish Institute for 
Health and Welfare. In 2024, 
Terveystalo 
also 
strengthened its connections 
to the wellbeing services 
counties by establishing the 
Health Partner organisation. 
It includes, among other 
members, wellbeing services 
county-specific customer 
account owners, whose task 
is to identify the individual 
needs of the wellbeing 
services counties and offer 
solutions to the identified 
needs. Terveystalo 
has the 
particular capability to 
increase cost efficiency and 
the availability of services, 
which are necessary for the 
Finnish healthcare and social 
welfare service system. 

 
43 
SBM 3- Material impacts, risks 
and opportunities and their 
interaction with the strategy and 
business model 
The following tables describe the sustainability-related impacts, risks and opportunities that Terveystalo 
has identified and assessed as 
material as a result of its double materiality assessment process. More information 
on how Terveystalo 
manages its impacts and risks is 
provided in the topic-specific sections. The material risks or opportunities had no financial effects on the company’s 
financial position, result 
or cash flows during the financial period. As Terveystalo 
is reporting in compliance with the ESRS (European Sustainability Reporting 
Standards) for the first time, there are no year-on-year 
changes with regard to the material impacts, risks and opportunities. 
S1 – Own workforce
Material impacts, risks and opportunities related to own workforce
Material sub-topic
Material impacts, risks and/or opportunities 
Working conditions
Adequate wages
Risk (potential): Terveystalo’s 
business is 
labour-intensive and payroll costs 
have a 
significant effect on Terveystalo’s 
profitability. If 
Terveystalo 
were to fail to attract and retain 
professionals on reasonable terms, it could lead 
to an increase in Terveystalo’s 
personnel and 
recruitment costs. Terveystalo 
may also be 
subject to strikes or other industrial action, 
which may cause disruptions to Terveystalo’s 
business operations. Employer organisations 
representing Terveystalo 
and other employers 
may not be able to negotiate satisfactory 
collective agreements after previous 
agreements have expired. The tight labour 
market and increased inflation may cause 
increasing pressure on personnel costs and 
other operating expenses. 
Work-life balance
Positive impact (actual): 
A healthy work-
life balance supports the well-being, 
productivity and job satisfaction of the 
personnel, as well as their ability to cope 
with the demands of work. A healthy 
work-life balance is also indirectly 
reflected in better treatment outcomes 
and a better customer experience. 
Safety and health
Positive impact (actual): 
Ensuring the 
health and safety of employees improves 
their work ability and job satisfaction and 
reduces sickness absences and work-
related accidents. This has a positive 
impact on Terveystalo’s 
employer image, 
employee recruitment and commitment, 
as well as an indirect positive impact on 
Terveystalo’s 
operational and financial 
performance. 

 
44 
Equal treatment and opportunities for all
Training and skills development
Positive impact (actual): 
Systematic and 
business-driven personnel development, 
smooth work and responsible, good 
supervisory work ensure the competence 
and well-being of Terveystalo’s 
personnel, which in turn benefits 
customers through better care and a 
positive customer experience.
Company-specific topics
Efficient working methods/Efficient 
use of 
personnel resources
Positive impact (actual), opportunity: 
Efficient working methods and smooth 
workflows have a key positive impact on 
the well-being, motivation and 
commitment of Terveystalo’s 
professionals and indirectly on 
Terveystalo’s 
operations and 
performance. If the factors affecting the 
smoothness of workflows, such as clear 
work processes, excellent management, 
sufficient resources and effective digital 
tools, are in order, 
they provide a 
competitive advantage for Terveystalo. 
This allows professionals to focus on 
high-quality customer work without 
unnecessary interruptions, which 
improves the quality of care and 
customer satisfaction. Professionals with 
a high level of well-being and motivation 
are more committed, which reduces 
personnel turnover and sickness 
absences. These have an indirect positive 
impact on Terveystalo’s 
operational and 
financial performance.
Engagement of employees and professionals
Risk (potential):
 
There is intense competition 
for qualified and competent employees and 
personnel in the healthcare sector. 
Terveystalo's 
business is dependent on the 
company's ability to identify, recruit, 
and retain 
qualified and competent healthcare 
professionals, employees and executives. If 
Terveystalo 
were to fail to attract and retain 
the 
necessary professionals on reasonable terms, it 
could lead to an increase in Terveystalo’s 
personnel and recruitment costs and adversely 
affect Terveystalo's 
ability to maintain or 
develop its business. In addition, high turnover 
among employees, private practitioners or 
executives may have a negative 
impact on the 
quality of Terveystalo’s 
services. 
The realisation of these risks could have a 
material adverse impact on Terveystalo’s 
business, financial position, profitability and 
future prospects. 
S4 - Consumers and end-users

 
45 
Material impacts, risks and opportunities related to consumers and end-users
Material sub-topic
Material impacts, risks or opportunities
Information-related impacts for consumers and/or end-users
Patient data protection and 
information security
Negative impact (
actual and potential
): 
Compromised data protection or information 
security may jeopardise the privacy and data 
protection of Terveystalo’s 
patients, customers, 
personnel, partners or other stakeholders. 
Compromised data protection or information 
security may expose sensitive personal data to 
misuse, which may cause both tangible and 
intangible damage to a person. For example, the 
person may be subjected to fraud, identity theft, 
discrimination or bullying, or their reputation may 
be damaged. The person may also suffer other 
financial losses or social harm. The impacts related 
to compromised data protection and information 
security can be isolated or broad. 
Risk 
(actual and potential):
 
Compromised 
information security or data protection, such 
as a breach of confidentiality, integrity or 
availability, may 
cause restrictions on 
operations imposed by the public authorities, 
financial sanctions, claims for damages and 
other financial losses, which would have an 
adverse impact on Terveystalo's 
financial 
performance. Compromised information 
security and data protection could have a 
detrimental impact on Terveystalo’s 
reputation, which in turn could have a 
detrimental impact on the availability of 
professionals, the cooperation partnerships 
available to Terveystalo, 
customerships and, 
through these, also on the company’s 
productivity.
Personal safety of consumers and/or end-users
Access to care and the quality and 
effectiveness of care (including 
patient safety)
Positive impact 
(actual): 
The core of Terveystalo’s 
operations and the company’s key 
positive impact 
is the provision of appropriate, high-quality, 
effective and safe care for 
customers. Terveystalo’s 
fluent integrated care paths and digital 
services 
enable faster access to care. High-quality 
occupational healthcare based on the integrated 
care approach helps to prevent diseases and 
provide early intervention, which reduces the 
number of sickness absences and saves costs for 
client companies. The brief psychotherapy care 
path in occupational health developed by 
Terveystalo 
improves the mental health of 
customers while reducing sickness absences 
related to mental health. 
Cooperation and partnerships with the public 
sector provide solutions for improving access to 
care. 
Company-specific topic

 
46 
Customer experience
Positive impact (actual):
 
Terveystalo 
aims to stand 
out by providing an excellent experience in all 
customer encounters, irrespective of the channel. 
When customers use Terveystalo’s 
services, the 
aim is for each customer to feel that they receive 
high-quality and smooth service and that they 
experience the encounter as caring and personal. 
The patient experience is an important part of the 
overall customer experience in healthcare. 
Successful encounters and interaction support the 
patient’s commitment to care and the 
effectiveness of care. The customer experience and 
the effectiveness of care are measured on a 
continuous basis at Terveystalo. 
High customer 
satisfaction has an indirect positive impact on 
Terveystalo’s 
operational and financial 
performance. 
G1 – Business conduct
Material impacts, risks and opportunities related to business conduct
Material sub-topic
Material impacts, risks or opportunities
Corporate culture
Positive impact (
potential
)
: A value-based and 
ethical corporate culture is a prerequisite for 
Terveystalo’s 
operations and existence. It 
supports Terveystalo’s 
attractiveness as a 
workplace for highly competent professionals 
and increases the commitment of the personnel 
and the sense of meaningfulness experienced by 
the members of the work community. An ethical 
corporate culture also supports Terveystalo’s 
attractiveness as a reliable service provider for 
customers and as a partner for other 
stakeholders. 
Risk (
potential
)
: If Terveystalo's 
value-based 
and ethical corporate culture were to be 
jeopardised or weakened, it could have a 
detrimental impact on the customer 
experience, the experience of professionals 
and the trust of customers, professionals and 
partners, which, in turn, could have a 
detrimental impact on the availability of 
professionals, the cooperation partnerships 
available to Terveystalo, 
customerships and, 
through these, the company’s operational and 
financial performance.
Prevention of corruption and bribery
Positive impact 
(potential)
: 
Effective processes 
for the prevention and identification of 
corruption and bribery can prevent illegal 
incidents of corruption and bribery and ensure 
that potential incidents are investigated 
promptly and appropriately. Potential 
identified 
incidents can be used to develop even more 
effective and efficient processes for 
preventing 
and identifying corruption and bribery to enable 
the identification of potential misconduct 
incidents and risks. 
Risk 
(potential)
: 
If Terveystalo 
were to fail to 
prevent or detect incidents of corruption and 
bribery, it could have a detrimental 
impact on 
the company's reputation and the trust of 
customers, partners, suppliers and 
professionals, which, in turn, could have a 
detrimental impact on the availability of 
professionals, the cooperation partnerships 
available to Terveystalo, 
customerships and, 
through these, the company’s operational and 
financial performance. Such failures could also 
have other significant negative financial 
consequences for the company. 

47 
Responsible supply chain
Positive impact 
(potential)
: 
Selecting partners 
that are responsible and operate in adherence to 
high standards of sustainable business promotes 
the realisation of ethical, social and 
environmental aspects throughout the value 
chain and supply chain and in society as a whole. 
Risk 
(potential): 
Unethical or illegal practices 
occurring in Terveystalo’s 
value chain or supply 
chain could have an indirect detrimental 
impact on the trust of customers, professionals 
and partners, which in turn could have a 
detrimental impact on the availability of 
professionals, the cooperation partnerships 
available to Terveystalo, 
customerships and, 
through these, the company’s operational and 
financial performance. Although the majority 
of the company’s suppliers are domestic, there 
may still be unidentified risks related to the 
supply chain and individual product or service 
categories.
Respect for human rights
Negative impact 
(potential):
 
Failure to identify 
human rights risks and impacts and manage 
adverse impacts could lead to violations of the 
human rights of customers, personnel, partners 
or other stakeholders in Terveystalo’s 
value 
chain.
Risk 
(potential): 
Suspected or actual human 
rights violations in Terveystalo’s 
own 
operations or its value chain could have a 
detrimental impact on Terveystalo’s 
reputation, which in turn could have a 
detrimental impact on the availability of 
professionals, the cooperation partnerships 
available to Terveystalo, 
customerships and, 
through these, also on the company’s 
operational and financial performance. Failure 
to protect human rights could also cause 
financial losses to Terveystalo 
in the form of 
potential sanctions and legal costs.
Responsible tax payment
Positive impact 
(actual):
The tax revenue 
received by the state from the financial result of 
Terveystalo’s 
operations is used to fund public 
services and investments to support the state’s 
capabilities, responsibility and responsiveness. 

48 
Impact, risk and opportunity management 
IRO-1 Description of the 
processes to identify and 
assess material impacts, risks and 
opportunities 
Terveystalo 
has defined its material sustainability matters in cooperation 
with its key stakeholders. In 
addition to continuous stakeholder 
dialogue, Terveystalo 
conducted a double materiality assessment in accordance with the principles laid down in the European Sustainability 
Reporting Standards (ESRS) of the Corporate Sustainability 
Reporting Directive in 2023 to identify Terveystalo's 
material sustainability-
related impacts, risks and opportunities. The content of Terveystalo’s 
sustainability reporting was determined on the basis of the results of 
the double materiality assessment. 
The double materiality assessment comprised two dimensions: the materiality of impacts and financial materiality. 
According to ESRS 1, a 
sustainability matter is material from an impact perspective when 
it pertains to the undertaking’s material actual or potential, positive or 
negative impacts on people or the environment in the short-, medium- or long-term. A 
sustainability matter is material from a financial 
perspective if it triggers or could reasonably be expected to trigger material financial effects 
on the undertaking. 
To identify the material impacts related 
to sustainability maters, Terveystalo's 
materiality assessment process assessed Terveystalo’s 
actual 
and potential negative and positive impacts over different 
time horizons, and the views of different 
stakeholders were taken 
into account to 
identify and assess the impacts. Each sustainability matter with a material impact was also assessed with regard 
to whether it triggers or 
could potentially trigger material financial effects on Terveystalo.
The steps of the assessment process 
Initially, a long list of sustainability matters 
that are potentially relevant to Terveystalo 
was compiled on the basis of various sustainability 
frameworks, such as SASB (The Sustainability Accounting Standards Board), 
GRI (The Global Reporting Initiative) and CSRD ESRS 1 Appendix 
B. The sustainability topics identified as material in Terveystalo’s 
previous materiality assessment in 2019 were also included. The 
identification of potential topics also took into account the sustainability 
themes and trends of the industry and Terveystalo's 
competitors, 
as well as sustainability topics that had received media coverage. 
Based on these, the first long list of potentially material sustainability 
matters was compiled. 
In the subsequent steps of the process, the topics were assessed by the core team 
for reporting, as well as based on a personnel survey, 
internal interviews and internal workshops. The employee survey 
was used to assess Terveystalo’s 
most important positive and negative 
impacts on its employees. Customer views were taken into 
account based on previous feedback (SBM-2 on page 39). The identified 
sustainability matters were scored 
and prioritised in two internal workshops whose participants included specialists in the quality of care 
and patient safety, 
legal affairs and compliance, information security 
and data protection, environmental matters, 
human resources and 
procurement. Each topic was first assessed and scored 
based on the related impacts. The impacts were assessed with regard to 
Terveystalo’s 
own operations and the upstream and downstream value chain. Impact materiality was 
assessed on a scale of 1–5 based on 
the severity of the impacts, i.e. the scale, scope and irremediable character of the impacts. The likelihood of the potential 
impacts was 
assessed and scored by combining a qualitative assessment of the likelihood of the impacts with Terveystalo’s 
measures to manage the 
impacts. Positive impacts related to the sustainability matters 
were assessed on the basis of their scale and scope, and potential positive 
impacts were also assessed on the basis of the combination of their likelihood and the measures taken 
to pursue them.
Each sustainability matter assessed as having material impacts was 
also assessed from the perspective of risks and opportunities and the 
financial effects potentially related to the sustainability 
matter in the short (reporting period, i.e. one year), medium (1–5 years) and long 
term (>5 years). The assessment aimed to identify material dependencies related to each sustainability 
matter that may cause material risks 
to Terveystalo’s 
operations and financial performance, for example, in relation 
to the adequacy of personnel, customer data protection or 
the quality of care received by customers. The financial effects were 
assessed qualitatively on a scale of 1–5 (1 = “not at all” and 5 = 
“absolute”). The identification and scoring of financial effects also 
took into account megatrends that have 
an impact on Terveystalo 
and 
observations from interviews with institutional investors 
representing significant shareholders.

49 
After each sustainability matter had been assessed and scored in terms of the related 
impacts and risks/opportunities, the scores were 
validated in a workshop attended by specialists from different 
functions. Finally, all of the scored sustainability 
matters were placed in 
matrices, where the X-axis scores describe the severity of impacts in terms of impact materiality 
and the Y-axis scores describe the 
likelihood of the impacts and, with regard to the materiality of risks/opportunities, 
the scale of the financial effects and the likelihood of the 
risk/opportunity. Placed on the location of 
the coordinates, the threshold value was set in the top corner of the matrix (coordinate 
value 
3.5;3.5 on a scale of 1–5). Based on this, the most material sustainability matters related 
to Terveystalo’s 
personnel (ESRS S1 – Own 
workforce), customers (ESRS S4 – Consumers and end-users) 
and ethical business (ESRS G1 – Business conduct) were selected. The material 
sustainability matters identified on the basis of the materiality assessment were approved 
by Terveystalo's 
Executive Team 
and Board of 
Directors in 2023. 
Sustainability risks are also assessed as part of Terveystalo 
Group’s general risk management. 
Terveystalo 
identifies risks using operating 
environment and stakeholder analyses, business performance 
indicators, market analyses, effectiveness 
information, customer feedback, 
register data, inspection reports and enquiries from the authorities, occupational safety 
risk surveys, incident information, results of 
internal audits and audits, and competitor information. Terveystalo’s 
risk management is assessed annually in internal and external audits 
of the ISO 9001:2015 quality management system, the ISO 14001:2015 environmental 
management system and the ISO 13485 quality 
management system for application development. 
Sustainability-related opportunities are assessed as part of the company’s 
annual 
strategy process. Resilience in relation to 
Terveystalo’s 
material impacts and risks was assessed in the short, medium and long term as part 
of a double materiality assessment. The relevant personnel resources were 
increased following the assessment. To 
increase resilience, 
Terveystalo 
will conduct a climate risk analysis and further specify the environmental and social impacts of its value chain in 2025. The 
assessment of resilience will be further specified in connection with the update of the double materiality assessment in 2025.
The assessment process that served as the basis for the 2024 report was focused on the largest 
business segment, Healthcare Services, the 
operations of which generate the company’s 
most significant and extensive impacts, risks and opportunities, and whose activities are fully 
under the company’s own operational control. 
The results have not been separately validated in the subsidiaries, which represent 
less than 
10 percent of the company’s revenue.
Terveystalo 
will update its double materiality assessment in 2025 in accordance with the ESRS requirements. 
The key results of the human 
rights impact assessment carried out in late 2024 will be taken into account 
in the update of the double materiality assessment and the 
development of the company’s due diligence process in 2025. The assessment of climate 
-related environmental impacts will also be 
expanded to cover the supply chain more comprehensively in 2025.
Non-material sustainability matters 
Based on the results of the double materiality assessment, climate change is not one of Terveystalo’s 
material sustainability themes. Of the 
environment-related standards, 
ESRS E2 – Pollution, ESRS E3 – Water and marine resources, 
ESRS E4 – Biodiversity and ecosystems, 
and 
ESRS E5 – Resource use and circular economy have 
also not emerged as material topics and have not been included in the sustainability 
statement. 
Terveystalo 
assesses the climate-related impacts of its operations by calculating and reporting 
the Scope 1 and Scope 2 emissions caused by 
its operations annually, and Scope 3 emissions from 
2024 onwards. From the perspective of Terveystalo’s 
operations, the total emissions 
are not significant in scale. Terveystalo’s 
value chain is clear, as is typical of 
service businesses, and the number of significant operators in 
the value chain is manageable. For 2024, Terveystalo 
voluntarily reports its emissions in the Environment Appendix of the Annual Report. 
Terveystalo 
does not operate in an industry that is significantly exposed to transition risks related 
to climate change. The company also does 
not develop services or solutions for climate change mitigation or adaptation. Global warming increases 
morbidity, which may increase 
the 
demand for the company’s services. Climate change or other environmental 
matters were not highlighted as a material 
topic in the 
stakeholders’ expectations. Terveystalo 
will develop its climate risk assessment process in 2025 to comply with the ESRS requirements. 

50 
However, 
for the sake of transparency and the continuity of reporting, Terveystalo 
continues to voluntarily report information 
related to its 
key environmental impacts in the Environment 
Appendix of the Annual Report, but Terveystalo 
does not adhere to the requirements of the 
ESRS environmental standards with respect 
to the disclosures in question. 
Terveystalo 
has not, in connection with the double materiality assessment, assessed climate-related physical 
or transition risks with the 
help of scenario analyses as required by the ESRS standard. The risks have 
been otherwise assessed by internal specialists. Based on the 
assessment, Terveystalo’s 
physical risks related to climate change 
concern the clinic and hospital properties at which the company 
operates. All of the company’s sites are 
located in Finland and Sweden, which means that acute physical risks are 
low. The chronic climate 
change-related risks to the property portfolio are 
potentially reflected in higher rental costs. The term 
of the lease agreements is typically in 
the range of 3–7 years, depending on the site. However, 
the company has good bargaining power, 
and lease or energy costs do not 
represent a significant part of its costs. 
Terveystalo’s 
site-specific environmental programmes assess the 
environmental impacts of operations from the perspective of 
waste 
management, chemical safety, 
energy use, the use of technology, equipment safety 
and material procurement. 
Terveystalo’s 
water consumption is assessed as part of unit-specific environmental programmes. 
Water used in operations is mainly 
municipal water, 
which is included in the rent of the premises. Terveystalo 
strives to reduce water use by replacing taps with 
automatic taps 
when the company's business premises are renovated, for 
example. In equipment procurement, water-consuming 
equipment is procured 
on a centralised basis, taking environmental factors 
into account. The company has not organised any 
consultations with regard to pollution 
or water use. Terveystalo 
has also not assessed the impacts of its operations on biodiversity. 
The most significant waste fractions generated 
in Terveystalo’s 
operations are documents subject to data protection, mixed 
waste and 
wastepaper and cardboard. At most of the company’s 
sites, the owner of the property is responsible for waste management. For 
2024, 
Terveystalo 
voluntarily reports on waste volumes in the Environment 
Appendix of the Annual Report. In Terveystalo’s 
environmental 
programme, equipment safety and material purchasing are assessed from 
a life-cycle perspective, taking into account 
the adverse 
environmental impacts of equipment purchasing and choices of materials. In equipment purchasing, the aim is to purchase 
equipment only 
when its estimated utilisation rate and service life are significant. 
The procurement process takes into account 
the equipment's recyclability 
and life-cycle extension opportunities through regular servicing and maintenance. 
In the purchasing of materials, the recyclability of 
materials is taken into account and the aim is to minimise logistics related 
to the transport of materials.
ESRS S2 – Workers in the value chain 
and ESRS S3 – Affected communities did not emerge as material 
topics and are therefore not included 
in the sustainability statement. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51 
IRO-2 ESRS Disclosure Requirements 
in ESRS covered by 
the sustainability statement
General disclosures 
ESRS 2 
 
 
 
Disclosure Requirement 
Paragraph 
Page 
number 
BP-1 
General basis for preparation of sustainability statements 
Basis for preparation of the sustainability 
statement 
30 
BP-2 
Disclosures in relation to specific circumstances 
Basis for preparation of the sustainability 
statement 
30 
GOV-1 
The role of the administrative, management and supervisory 
bodies 
The role of the administrative, management and 
supervisory bodies and the information provided 
to and sustainability matters addressed by them 
30–34 
GOV-2 
Information provided to and sustainability matters addressed by 
the undertaking’s administrative, management and supervisory 
bodies 
The role of the administrative, management and 
supervisory bodies and the information provided 
to and sustainability matters addressed by them 
30–34 
GOV-3 
Integration of sustainability-related performance in incentive 
schemes 
Integration of sustainability- 
related 
performance in incentive schemes 
34–36 
GOV-4 
Statement on due diligence 
Statement on due diligence 
36 
GOV-5 
Risk management and internal controls over sustainability 
reporting 
Risk management and internal controls over 
sustainability reporting 
36 
SBM-1 
Strategy, business model and value chain 
Strategy, business model and value chain 
37–38 
SBM-2 
Interests and views of stakeholders 
Interests and views of stakeholders 
39–42 
SBM-3 
Material impacts, risks and opportunities and their interaction 
with strategy and business model 
Material impacts, risks and opportunities and 
their interaction with the strategy and business 
model 
43-47 
IRO-1 
Description of the processes to identify and assess material 
impacts, risks and opportunities 
Description of the processes to identify and 
assess material impacts, risks and opportunities 
48-50 
IRO-2 
Disclosure requirements in ESRS covered by the undertaking’s 
sustainability statement 
Disclosure Requirements in ESRS covered by the 
sustainability statement, and IRO-2 List of 
datapoints in cross-cutting and topical standards 
that derive from other EU legislation 
51-58 
Environmental 
information 
Taksonomia 
 
EU taxonomy reporting 
59-63 
Social information 
ESRS S1 
Own workforce 
 
 
Disclosure Requirement 
Paragraph 
Page 
number 
ESRS 2, SBM-2 
Interests and views of stakeholders 
Interests and views of stakeholders 
39–42 
ESRS 2, SBM-3 
Material impacts, risks and opportunities and their interaction 
with strategy and business model 
Material impacts, risks and opportunities related 
to own workforce 
64 
S1-1 
Policies related to own workforce 
Policies related to own workforce 
65–67 
S1-2 
Processes for engaging with own workers and workers’ 
representatives about impacts 
Processes for engaging with own workers and 
workers’ representatives about impacts 
68–70 
S1-3 
Processes to remediate negative impacts and channels for own 
workers to raise concerns 
Processes to remediate negative impacts and 
channels for own workers to raise concerns 
69–70 
S1-4 
Taking action on material impacts on own workforce, and 
approaches to mitigating material risks and pursuing material 
opportunities related to own workforce, and effectiveness of 
those actions 
Taking action on material impacts on own 
workforce, and approaches to mitigating 
material 
risks and pursuing material opportunities related 
to own workforce, and effectiveness of 
those actions 
70–74 
S1-5 
Targets related to managing material negative impacts, 
advancing positive impacts, and managing material risks and 
opportunities 
Targets related to managing material negative 
impacts, advancing positive impacts, and 
managing mat 
74-75 
S1-6 
Characteristics of the undertaking’s employees 
Characteristics of the undertaking’s employees 
76 
S1-7 
Characteristics of non-employee workers in the undertaking’s 
own workforce 
Characteristics of non-employees in the 
undertaking’s own workforce 
77 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
52 
S1-8 
Collective bargaining coverage and social dialogue 
Collective bargaining coverage and social 
dialogue 
78 
S1-9 
Diversity metrics 
Diversity metrics 
78 
S1-10 
Adequate wages 
Adequate wages 
79 
S1-13 
Training and skills development metrics 
Training and skills development metrics 
79 
S1-14 
Health and safety metrics 
Health and safety metrics 
80 
S1-15 
Work-life balance metrics 
Work-life balance metrics 
81 
Social information 
ESRS S4 
Consumers and end-users 
 
 
Disclosure Requirement 
Paragraph 
Page 
number 
ESRS 2, SBM-2 
Interests and views of stakeholders 
Interests and views of stakeholders 
39–42 
ESRS 2, SBM-3 
Material impacts, risks and opportunities and their interaction 
with strategy and business model 
Material impacts, risks and opportunities related 
to 
consumers and end-users 
82–83 
S4-1 
Policies related to consumers and end-users 
Policies related to consumers and 
end-users 
84–87 
S4-2 
Processes for engaging with consumers and end-users about 
impacts 
Processes for engaging with consumers and end-
users about impacts 
87 
S4-3 
Processes to remediate negative impacts and channels for 
consumers and end-users to raise concerns 
Processes to remediate negative impacts and 
channels for consumers and end-users to raise 
concerns 
87–88 
S4-4 
Taking action on material impacts on consumers and end-users, 
and approaches to managing material risks and pursuing 
material 
opportunities related to consumers and end-users, and 
effectiveness of those actions 
Taking action on material impacts on consumers 
and end-users, and approaches to managing 
material risks and pursuing material 
opportunities related to consumers and end-
users, and effectiveness of those actions 
89–93 
S4-5 
Targets related to managing material negative impacts, 
advancing positive impacts, and managing material risks and 
opportunities 
Targets related to promoting material positive 
impacts on end-users 
93–95 
Governance information 
ESRS G1 
Business conduct 
 
 
Disclosure Requirement 
Paragraph 
Page 
number 
ESRS 2, GOV-1 
The role of the administrative, supervisory and management 
bodies 
The role of the administrative, management and 
supervisory bodies and the information provided 
to and sustainability matters addressed by them 
30–34 
ESRS 2, IRO-1 
Description of the processes to identify and assess material 
impacts, risks and opportunities 
Description of the processes to identify and 
assess material impacts, risks and opportunities 
48-50 
G1-1 
Business conduct policies and corporate culture 
Business conduct policies and corporate culture 
97-103 
G1-2 
Management of relationships with suppliers 
Management of relationships with suppliers 
103-104 
G1-3 
Prevention and detection of corruption and bribery 
Prevention and detection of corruption and 
bribery 
105-106 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53 
IRO-2 List of datapoints 
in cross-cutting and topical 
standards that derive from 
other EU legislation 
Disclosure 
Requirement 
Related 
datapoint 
Sustainability 
disclosure 
SFDR (Sustainable 
Finance 
Disclosures 
Regulation) 
reference 
Pillar 3 reference 
Benchmark 
Regulation reference 
EU Climate Law 
reference 
Page 
number 
ESRS 2 GOV-1 
Paragraph 
21 (d) 
Board's gender 
diversity 
Indicator number 
13 of Table #1 of 
Annex I 
 
Commission 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
34 
ESRS 2 GOV-1 
Paragraph 
21 (e) 
Percentage of board 
members who are 
independent 
 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
34 
ESRS 2 GOV-4 
Paragraph 
30 
Statement on due 
diligence 
Indicator number 
10 Table #3 of 
Annex I 
 
 
 
36 
ESRS 2 SBM-
1 
Paragraph 
40 (d) i 
Involvement in 
activities related to 
fossil fuel activities 
Indicators number 
4 Table #1 of 
Annex I 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 Table 
1: Qualitative 
information on 
Environmental risk 
and Table 2: 
Qualitative 
information on 
Social risk 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS 2 SBM-
1 
Paragraph 
40 (d) ii 
Involvement in 
activities related to 
chemical production 
Indicator number 
9 Table #2 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS 2 SBM-
1 
Paragraph 
40 (d) iii 
Involvement in 
activities related to 
controversial 
weapons 
Indicator number 
14 Table #1 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1818, Article 
12(1) 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS 2 SBM-
1 
Paragraph 
40 (d) iv 
Involvement in 
activities related to 
cultivation and 
production of tobacco 
 
 
Delegated 
Regulation (EU) 
2020/1818, Article 
12(1) 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS E1-1 
Paragraph 
14 
Transition plan to 
reach climate 
neutrality by 2050 
 
 
 
Regulation (EU) 
2021/1119, Article 
2(1) 
Non-
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
54 
ESRS E1-1 
Paragraph 
16 (g) 
Undertakings 
excluded from Paris-
aligned Benchmarks 
 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 1: 
Banking book – 
Climate Change 
transition risk: 
Credit quality of 
exposures by 
sector, emissions 
and residual 
maturity 
Delegated 
Regulation (EU) 
2020/1818, 
Article12.1 (d) to (g), 
and Article 12.2 
 
Non-
material 
ESRS E1-4 
Paragraph 
34 
GHG emission 
reduction targets 
Indicator number 
4 Table #2 of 
Annex I 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 3: 
Banking book – 
Climate change 
transition risk: 
alignment metrics 
Delegated 
Regulation (EU) 
2020/1818, Article 6 
 
Non-
material 
ESRS E1-5 
Paragraph 
38 
Energy consumption 
from fossil sources 
disaggregated by 
sources (only high 
climate impact 
sectors) 
Indicator number 
5 Table #1 and 
Indicator n. 5 
Table #2 of Annex 
I 
 
 
 
Non-
material 
ESRS E1-5 
Paragraph 
37 
Energy consumption 
and mix 
Indicator number 
5 Table #1 of 
Annex I 
 
 
 
Non-
material 
ESRS E1-5 
Paragraphs 
40–43 
Energy intensity 
associated with 
activities in high 
climate impact 
sectors 
Indicator number 
6 Table #1 of 
Annex I 
 
 
 
Non-
material 
ESRS E1-6 
Paragraph 
44 
Gross Scope 1, 2, 3 
and Total GHG 
emissions 
Indicators number 
1 and 2 Table #1 
of Annex I 
Article 449a; 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 1: 
Banking book – 
Climate change 
transition risk: 
Credit quality of 
exposures by 
sector, emissions 
and residual 
maturity 
Delegated 
Regulation (EU) 
2020/1818, Article 
5(1), 6 and 8(1) 
 
Non-
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55 
ESRS E1-6 
Paragraphs 
53–55 
Gross GHG emissions 
intensity 
Indicators number 
3 Table #1 of 
Annex I 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
Template 3: 
Banking book – 
Climate change 
transition risk: 
alignment metrics 
Delegated 
Regulation (EU) 
2020/1818, Article 
8(1) 
 
Non-
material 
ESRS E1-7 
Paragraph 
56 
GHG removals and 
carbon credits 
 
 
 
Regulation (EU) 
2021/1119, Article 
2(1) 
Non-
material 
ESRS E1-9 
Paragraph 
66 
Exposure of the 
benchmark portfolio 
to climate-related 
physical risks 
 
 
Delegated 
Regulation (EU) 
2020/1818, Annex II 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS E1-9 
Paragraph 
66 (a) 
Disaggregation of 
monetary amounts by 
acute and chronic 
physical risk 
 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
paragraphs 46 and 
47; Template 5: 
Banking book - 
Climate change 
physical risk: 
Exposures subject 
to physical risk. 
 
 
Non-
material 
ESRS E1-9 
Paragraph 
66 (c) 
Location of significant 
assets at material 
physical risk 
 
 
 
Non-
material 
ESRS E1-9 
Paragraph 
67 (c) 
Breakdown of the 
carrying value of its 
real estate assets by 
energy-efficiency 
classes 
 
Article 449a 
Regulation (EU) 
No 575/2013; 
Commission 
Implementing 
Regulation (EU) 
2022/2453 
paragraph 34; 
Template 
2:Banking book - 
Climate change 
transition risk: 
Loans 
collateralised by 
immovable 
property - Energy 
efficiency of the 
collateral 
 
 
Non-
material 
ESRS E1-9 
Paragraph 
69 
Degree of exposure of 
the portfolio to 
climate-related 
opportunities 
 
 
Delegated 
Regulation (EU) 
2020/1818, Annex II 
 
Non-
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
56 
ESRS E2-4 
Paragraph 
28 
Amount of each 
pollutant listed in 
Annex II of the E-PRTR 
Regulation (European 
Pollutant Release and 
Transfer Register) 
emitted to air, water 
and soil 
Indicator number 
8 Table #1 of 
Annex I 
Indicator number 
2 Table #2 of 
Annex I 
Indicator number 
1 Table #2 of 
Annex I 
Indicator number 
3 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E3-1 
Paragraph 
9 
Water and marine 
resources 
Indicator number 
7 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E3-1 
Paragraph 
13 
Dedicated policy 
Indicator number 
8 Table 2 of Annex 
I 
 
 
 
Non-
material 
ESRS E3-1 
Paragraph 
14 
Sustainable oceans 
and seas 
Indicator number 
12 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E3-4 
Paragraph 
28 (c) 
Total water 
recycled 
and reused 
Indicator number 
6.2 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E3-4 
Paragraph 
29 
Total water 
consumption in m3 
per net revenue on 
own operations 
Indicator number 
6.1 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS 2 – IRO-
1 – E4 
Paragraph 
16 (a) i 
 
Indicator number 
7 Table #1 of 
Annex I 
 
 
 
Non-
material 
ESRS 2 – IRO-
1 – E4 
Paragraph 
16 (b) 
 
Indicator number 
10 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS 2 – IRO-
1 – E4 
Paragraph 
16 (c) 
 
Indicator number 
14 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E4-2 
Paragraph 
24 (b) 
Sustainable land / 
agriculture practices 
or policies 
Indicator number 
11 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E4-2 
Paragraph 
24 (c) 
Sustainable oceans / 
seas practices or 
policies 
Indicator number 
12 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E4-2 
Paragraph 
24 (d) 
Policies to address 
deforestation 
Indicator number 
15 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E5-5 
Paragraph 
37 (d) 
Non-recycled waste 
Indicator number 
13 Table #2 of 
Annex I 
 
 
 
Non-
material 
ESRS E5-5 
Paragraph 
39 
Hazardous waste and 
radioactive waste 
Indicator number 
9 Table #1 of 
Annex I 
 
 
 
Non-
material 
ESRS 2 – 
SBM-3 – S1 
Paragraph 
14 (f) 
Risk of incidents of 
forced labour 
Indicator number 
13 Table #3 of 
Annex I 
 
 
 
64 
ESRS 2 – 
SBM-3 – S1 
Paragraph 
14 (g) 
Risk of incidents of 
child labour 
Indicator number 
12 Table #3 of 
Annex I 
 
 
 
64 
ESRS S1-1 
Paragraph 
20 
Human rights policy 
commitments 
Indicator number 
9 Table #3 and 
Indicator number 
11 Table #1 of 
Annex I 
 
 
 
66 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57 
ESRS S1-1 
Paragraph 
21 
Due diligence policies 
on issues addressed 
by the fundamental 
International Labor 
Organisation 
Conventions 1 to 8 
 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
65 
ESRS S1-1 
Paragraph 
22 
Processes and 
measures for 
preventing trafficking 
in human beings 
Indicator number 
11 Table #3 of 
Annex I 
 
 
 
65 
ESRS S1-1 
Paragraph 
23 
Workplace accident 
prevention policy or 
management system 
Indicator number 
1 Table #3 of 
Annex I 
 
 
 
67 
ESRS S1-3 
Paragraph 
32 (c) 
Grievance/complaints 
handling mechanisms 
Indicator number 
5 Table #3 of 
Annex I 
 
 
 
69-70 
ESRS S1-14 
Paragraph 
88 (b) and 
(c) 
Number of fatalities 
and number and rate 
of work-related 
Indicator number 
2 Table #3 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
80 
ESRS S1-14 
Paragraph 
88 (e) 
Number of days lost 
to injuries, accidents, 
fatalities or illness 
Indicator number 
3 Table #3 of 
Annex I 
 
 
 
80 
ESRS S1-16 
Paragraph 
97 (a) 
Unadjusted gender 
pay gap 
Indicator number 
12 Table #1 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS S1-16 
Paragraph 
97 (b) 
Excessive CEO pay 
ratio 
Indicator number 
8 Table #3 of 
Annex I 
 
 
 
Non-
material 
ESRS S1-17 
Paragraph 
103 (a) 
Incidents of 
discrimination 
Indicator number 
7 Table #3 of 
Annex I 
 
 
 
Non-
material 
ESRS S1-17 
Paragraph 
104 (a) 
Non-respect of UNGPs 
on Business and 
Human Rights and 
OECD 
Indicator number 
10 Table #1 and 
Indicator n. 14 
Table #3 of Annex 
I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
Delegated 
Regulation (EU) 
2020/1818 Art 12 (1) 
 
Non-
material 
ESRS 2 – 
SBM-3 – S2 
Paragraph 
11 (b) 
Significant risk of child 
labour or forced 
labour in the value 
chain 
Indicators number 
12 and n. 13 Table 
#3 of Annex I 
 
 
 
Non-
material 
ESRS S2-1 
Paragraph 
17 
Human rights policy 
commitments 
Indicator number 
9 Table #3 and 
Indicator n. 11 
Table #1 of Annex 
I 
 
 
 
Non-
material 
ESRS S2-1 
Paragraph 
18 
Policies related to 
value chain workers 
Indicator number 
11 and n. 4 Table 
#3 of Annex I 
 
 
 
Non-
material 
ESRS S2-1 
Paragraph 
19 
Non-respect of UNGPs 
on Business and 
Human Rights 
principles and OECD 
guidelines 
Indicator number 
10 Table #1 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
Delegated 
Regulation (EU) 
2020/1818, Art 12 
(1) 
 
Non-
material 
ESRS S2-1 
Paragraph 
19 
Due diligence policies 
on issues addressed 
by the fundamental 
International Labor 
Organisation 
Conventions 1 to 8 
 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58 
ESRS S2-4 
Paragraph 
36 
Human rights issues 
and incidents 
connected to its 
upstream and 
downstream value 
chain 
Indicator number 
14 Table #3 of 
Annex I 
 
 
 
Non-
material 
ESRS S3-1 
Paragraph 
16 
Human rights policy 
commitments 
Indicator number 
9 Table #3 of 
Annex 1 and 
Indicator number 
11 Table #1 of 
Annex I 
 
 
 
Non-
material 
ESRS S3-1 
Paragraph 
17 
Non-respect of UNGPs 
on Business and 
Human Rights, ILO 
principles or and 
OECD guidelines 
Indicator number 
10 Table #1 Annex 
I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
Delegated 
Regulation (EU) 
2020/1818, Art 12 
(1) 
 
Non-
material 
ESRS S3-4 
Paragraph 
36 
Human rights issues 
and incidents 
Indicator number 
14 Table #3 of 
Annex I 
 
 
 
Non-
material 
ESRS S4-1 
Paragraph 
16 
Policies related to 
consumers and end-
users 
Indicator number 
9 Table #3 and 
Indicator number 
11 Table #1 of 
Annex I 
 
 
 
84-87 
ESRS S4-1 
Paragraph 
17 
Non-respect of UNGPs 
on Business and 
Human Rights and 
OECD guidelines 
Indicator number 
10 Table #1 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
DelegatedRegulation 
(EU)2020/1818, Art 
12 (1) 
 
84-87 
ESRS S4-4 
Paragraph 
35 
Human rights issues 
and incidents 
Indicator number 
14 Table #3 of 
Annex I 
 
 
 
Non-
material 
ESRS G1-1 
Paragraph 
10 (b) 
United Nations 
Convention against 
corruption 
Indicator number 
15 Table #3 of 
Annex I 
 
 
 
Non-
material 
ESRS G1-1 
Paragraph 
10 (d) 
Protection of whistle-
blowers 
Indicator number 
6 Table #3 of 
Annex I 
 
 
 
102-103 
ESRS G1-4 
Paragraph 
24 (a) 
Fines for violation of 
anti-corruption and 
anti-bribery laws 
Indicator number 
17 Table #3 of 
Annex I 
 
Delegated 
Regulation (EU) 
2020/1816, Annex II 
 
Non-
material 
ESRS G1-4 
Paragraph 
24 (b) 
Standards of anti-
corruption and anti-
bribery 
Indicator number 
16 Table #3 of 
Annex I 
 
 
 
Non-
material 

59 
Environmental information 
EU taxonomy reporting 
The EU taxonomy is a classification system 
for sustainable finance that establishes criteria for 
determining environmentally sustainable 
business. The regulation, which entered into force in July 2020, lays 
the foundations for the EU's taxonomy 
by setting out the general 
conditions that an economic activity must meet to be classified as environmentally sustainable. 
The regulation sets out six environmental 
objectives: climate change mitigation, climate change adaptation, 
sustainable use and protection of water and marine resources, transition 
to a circular economy, 
prevention and reduction of pollution, and protection and restoration of 
biodiversity and ecosystems. Economic 
activities that contribute substantially to any of these objectives, 
while doing no significant harm to the other objectives and complying with 
minimum social safeguards, can be considered environmentally 
sustainable under certain criteria. Large companies must report the 
proportion of sustainable activities in their business in accordance with the taxonomy 
criteria.
At present, the EU taxonomy 
mainly concerns the economic activities that play the most important role in achieving the environmental 
objectives. As a result, many industries, such as healthcare services, are almost completely excluded 
from the scope of the current 
taxonomy.
Terveystalo 
has determined its taxonomy eligibility by examining 
its activities in relation to the economic activities listed in the taxonomy. 
Only one of Terveystalo’s 
businesses is classified in the taxonomy (12.1 Residential care activities).
After this, Terveystalo 
has evaluated the taxonomy 
alignment of the activity. The activity is classified as taxonomy 
-aligned if the taxonomy 
criteria are met: 1. The activity contributes substantially to the achievement 
of at least one environmental objective, 2. it does not have 
significant adverse impacts from the perspective of the other environmental 
objectives, and 3. the activity complies with the minimum 
social safeguards defined in the taxonomy. 
Based on this assessment, Terveystalo's 
taxonomy-listed activity (12.1 Residential care 
activities) 
cannot be considered taxonomy-aligned because the activity, 
due to its nature, does not target or support the achievement of the 
environmental objectives of the taxonomy.
Based on the assessment, the significance of Terveystalo's 
taxonomy-eligible activities is negligible in terms of key performance 
indicators. 
The key performance indicators are the taxonomy 
-eligible and taxonomy-aligned activities' proportion (percent) of turnover, 
operating 
expenditure and capital expenditure. According to the company's 
estimate, 1 percent of Terveystalo’s 
turnover and capital expenditure and 
4 percent of Terveystalo’s 
operating expenditure are taxonomy 
-eligible, whereas 99 percent of Terveystalo’s 
turnover and capital 
expenditure and 96 percent of Terveystalo’s 
operating expenditure are non-eligible. The proportion of turnover is calculated 
by dividing the 
turnover of child welfare services (taxonomy 
-eligible activity) by the total turnover of the Group. The proportion of capital expenditure 
(CapEx) is calculated by dividing the investments made in child welfare 
services during the year by the net investments of the company, 
excluding acquisitions. The share of operating expenditure (OpEx) 
is calculated by dividing the operating expenditure for child welfare 
services by the total operating expenditure of the Group (excluding 
depreciation and amortisation). Taxonomy 
-aligned activities account for 
0 percent of Terveystalo’s 
turnover, operating 
expenditure and capital expenditure, while activities that are not taxonomy 
-aligned account 
for 100 percent. The evaluation according to the EU taxonomy 
described above has been performed through an internal assessment by 
representatives of the sustainability and financial management organisation.

 
60 
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities 2024
1 January 2024–31 December 
2024 
2024 
Substantial contribution criteria 
DNSH criteria ("Does Not Significantly 
Harm") 
 
Economic Activities (1) 
Code
 
(
2) 
Turnover 
(3) 
Proporti
on of 
turnover, 
year 
2024 (4) 
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy 
aligned (A.1) or eligible (A.2) turnover, year 
2023 (18)
Category enabling activity (19)
Category transitional activity (20)
 
MEUR 
% 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y/N
Y/N
Y/
N
Y/N
Y/N
Y/N
Y/
N
% 
E 
T 
A TAXONOMY-ELIGIBLE ACTIVITIES 
A.1 Environmentally sustainable activities (Taxonomy 
-aligned) 
 
Turnover of environmentally sustainable 
activities (Taxonomy-aligned) (A.1) 
 
Of which enabling 
 
Of which transitional 
 
A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy 
-aligned activities)
 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
 
Child welfare services 
CCA 
12.1 
 
11 
1% 
 
1% 
 
Turnover of Taxonomy 
-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2) 
 
11 
1% 
 
1% 
 
A Turnover of Taxonomy 
-eligible 
activities (A.1+A.2) 
 
11 
1% 
 
1% 
 
B TAXONOMY-NON-ELIGIBLE ACTIVITIES 
 
Turnover of Taxonomy 
-non-eligible 
activities 
 
1,329 
99% 
 
99% 
 
TOTAL 
 
1,340 
100% 
 
100
%

 
61 
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities 2024
1 January 2024–31 December 
2024 
2024 
Substantial contribution criteria 
DNSH criteria ("Does Not Significantly 
Harm") 
 
Economic Activities (1) 
Code
 
(
2) 
CapE
x (3) 
Proportio
n of 
CapEx, 
year 2024 
(4) 
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy 
aligned (A.1.) or eligible (A.2.) CapEx, year 
2023 (18)
Category 
enabling activity (19)
Category transitional activity (20)
 
MEU
R 
% 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y/N
Y/N
Y/
N
Y/N
Y/N
Y/
N
Y/
N
% 
E 
T 
A TAXONOMY-ELIGIBLE ACTIVITIES 
A.1 Environmentally sustainable activities (Taxonomy 
-aligned) 
 
CapEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1) 
 
Of which enabling 
 
Of which transitional 
 
A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy 
-aligned activities)
 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
 
Child welfare services 
CCA 
12.1 
0 
1% 
 
0% 
 
CapEx of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2) 
0 
1% 
 
0% 
 
A. CapEx of Taxonomy-eligible activities 
(A.1+A.2) 
 
0 
1% 
 
B TAXONOMY-NON-ELIGIBLE ACTIVITIES 
 
0% 
 
CapEx of Taxonomy-non-eligible activities 
39 
99% 
 
100
% 
 
TOTAL 
39 
100% 
 
100
%

 
62 
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities 2024
1 January 2024–31 December 
2024 
2024 
Substantial contribution criteria 
DNSH criteria ("Does Not Significantly 
Harm") 
 
Economic Activities (1) 
Code 
(
2) 
OpEx 
(3) 
Proportio
n of 
OpEx, 
year 2024 
(4) 
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy 
aligned (A.1.) or eligible (A.2.) OpEx, year 2023 
(18)
Category enabling activity (19)
Category transitional activity (20)
 
MEU
R 
% 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/
N
% 
E 
T 
A TAXONOMY-ELIGIBLE ACTIVITIES 
A.1 Environmentally sustainable activities (Taxonomy 
-aligned) 
 
OpEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1) 
 
Of which enabling 
 
Of which transitional 
 
A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy 
-aligned activities)
 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
 
Child welfare services 
CCA 
12.1 
10 
4% 
 
1% 
 
OpEx of Taxonomy-eligible but not 
environmentally sustainable activities (not 
Taxonomy-aligned activities) (A.2) 
10 
4% 
 
1% 
 
A OpEx of Taxonomy-eligible activities 
(A.1+A.2) 
10 
4% 
 
1% 
 
B TAXONOMY-NON-ELIGIBLE ACTIVITIES 
 
OpEx of Taxonomy-non-eligible activities 
284 
96% 
 
99% 
 
TOTAL 
295 
100% 
 
100
%

 
 
 
 
 
 
 
 
 
 
 
 
63 
Template 1: Nuclear and fossil gas related activities 
Row 
Nuclear energy related activities 
1. 
The undertaking carries out, funds or has exposures to research, 
development, demonstration and deployment of innovative 
electricity generation facilities that produce energy from nuclear 
processes with minimal waste from the fuel cycle. 
NO 
2. 
The undertaking carries out, funds or has exposures to 
construction and safe operation of new nuclear installations to 
produce electricity or process heat, including for the purposes of 
district heating or industrial processes such as hydrogen 
production, as well as their safety upgrades, using best available 
technologies. 
NO 
3. 
The undertaking carries out, funds or has exposures to safe 
operation of existing nuclear installations that produce 
electricity or process heat, including for the purposes of district 
heating or industrial processes such as hydrogen production 
from nuclear energy, as well as their safety upgrades. 
No 
 
Fossil gas related activities 
4. 
The undertaking carries out, funds or has exposures to 
construction or operation of electricity generation facilities that 
produce electricity using fossil gaseous fuels. 
NO 
5. 
The undertaking carries out, funds or has exposures to 
construction, refurbishment, and operation of combined 
heat/cool and power generation facilities using fossil gaseous 
fuels. 
No 
6. 
The undertaking carries out, funds or has exposures to 
construction, refurbishment and operation of heat generation 
facilities that produce heat/cool using fossil gaseous fuels. 
No 

64 
Social information 
S1 – Own workforce 
SBM-3 Material impacts, risks and 
opportunities related to own 
workforce 
Terveystalo 
is one of the largest employers in Finland. At the end of 2024, 
Terveystalo's 
operations in Finland had 8,383 (8,950) employees 
and 5,967 (5,987) non-employees. In Sweden, Terveystalo’s 
subsidiary Feelgood had 770 (874) employees and 48 (105) non-employees. The 
decrease in the number of employees in Finland was affected by the measures of the profit improvement 
programme and the termination 
of outsourcing contracts. In Sweden the number of employed staff 
and private practitioners was reduced due to ended customer 
contracts 
as part of the profit improvement programme. 
As the need for care increases due to the ageing of the population, the shortage of professionals 
is the greatest challenge in healthcare. 
With this in mind, it is a key strategic goal for Terveystalo 
to ensure that the company has an adequate number of engaged and 
highly 
competent healthcare professionals for Terveystalo 
to meet the growing demand and achieve its strategic targets. 
Terveystalo’s 
goal is to 
be the best and most attractive employer in its industry. 
In accordance with its strategy, 
Terveystalo 
aims to strengthen its attractiveness as 
a workplace and promote its positive impacts related to its own workforce, 
for example by offering professionals competitive 
remuneration, a healthy and safe working environment 
and diverse career and development opportunities. Terveystalo 
develops the digital 
tools used by its professionals to streamline work, increase productivity 
and improve the quality of care. 
If Terveystalo 
were to fail to attract and retain 
the necessary professionals on competitive terms, it could lead to an increase in 
Terveystalo’s 
personnel and recruitment costs, which could adversely affect 
the maintenance and development of business operations. The 
realisation of this risk could have a material adverse impact on Terveystalo’s 
business, financial position, profitability and future prospects. 
In 2024, Terveystalo 
was able to increase the supply of professionals through various measures, 
and Terveystalo 
was able to meet the 
demand for health services in terms of human resources, even though the number of personnel decreased from the comparison period. 
Management structures were streamlined as part of the profit improvement 
programme, and the personnel reductions made under the 
programme mainly concerned administrative roles. The supply was 
also affected to some extent by measures to 
streamline work processes 
and the resulting increase in productivity. 
The material impacts, risks and opportunities related to Terveystalo's 
own workforce have been identified in the company’s 
double 
materiality assessment, and they are presented in more detail on pages 
43–44. of the sustainability statement. Based on the material 
impacts, risks and opportunities identified in the double materiality assessment (described on pages 48–50), Terveystalo’s 
material 
sustainability matters related to its 
own workforce are: 
●
adequate wages/remuneration (risk) 
●
work-life balance (positive impact) 
●
health and safety (positive impact) 
●
training and skills development (positive impact) 
●
efficient working practices/efficient use of human resources 
(positive impact, opportunity) 
●
engagement of employees and professionals (risk). 
In the double materiality assessment, Terveystalo 
has not identified any activities that involve significant risks related 
to the use of forced 
labour or child labour. In the materiality assessment, 
Terveystalo 
has not separately identified negative impacts on employees with 
particular characteristics, those working in particular contexts or those undertaking particular activities. Terveystalo 
has also not identified 
any material impacts on the company’s own workforce 
that may arise from transition plans for reducing negative 
impacts on the 
environment and achieving greener and climate-neutral operations. 
The impacts, risks and opportunities related to the company’s own 
workforce have been assessed at the level of the company’s 
entire workforce. The company’s 
own workforce includes Terveystalo’s 
employees and non-employees, such as self-employed private 
practitioners and temporary agency workers. 
Terveystalo’s 
employees 
include representatives of several professional 
groups, with the key groups being physicians, 
nurses, other healthcare professionals, digital 

65 
workers and people in administrative and management 
roles. Private practitioners include among others physicians 
and therapists. Unless 
otherwise stated, reporting in accordance with this standard covers 
Terveystalo’s 
own workforce in its entirety. 
S1-1 Policies related to own 
workforce 
The management of the impacts, risks and opportunities related to Terveystalo’s 
own workforce is guided by the applicable legislation, the 
company’s values, the Code of Conduct and the remuneration policy, 
among other things. 
Terveystalo's 
values and corporate culture, and 
the key policies pertaining to human rights, equality and non-discrimination, remuneration, 
personnel development and occupational 
health and safety are described briefly in the paragraphs below. 
 
Terveystalo's 
values and corporate culture 
Terveystalo’s 
mission is to fight for a healthier life. According to Terveystalo’s 
Code of Conduct, Terveystalo’s 
values are the foundation for 
all of the company's operations, and they are recorded in the Code of Conduct as follows: 
●
Human being at the centre
: We take responsibility for 
the health and well-being of our fellow human beings, for the opportunity 
to live a good life. We work together to 
help our customers, and our customer guides us in our renewal. We 
help each other and 
value all of our experts. 
●
Steered by medical science
: Everything we do is based on medical science and research. All of our decisions are steered by the 
effectiveness of care and the well-being of our customers. 
●
Reforming healthcare
: We foster continuous progress. 
We challenge ourselves to build more functional healthcare 
for everyone 
and reform the industry with open-minded use of technology. 
The company’s Code of Conduct states that Terveystalo 
is a company with strong values operating 
in a value-based industry, and that 
Terveystalo's 
corporate culture combines a strong work ethic, professionalism, 
solution-driven teamwork and the pursuit of measurable 
impact in everything the company does. Terveystalo’s 
corporate culture is described in more detail in section G1 – Business conduct 
on 
pages 101–102. 
Code of Conduct 
According to Terveystalo’s 
Code of Conduct, Terveystalo 
ensures that its professionals have a safe working 
environment that supports well-
being and in which everyone can work in the best possible way. 
Everyone at Terveystalo 
is responsible for promoting safety and well-being 
at work. The best way to do this is to follow 
common instructions and to actively report any incidents or safety-related 
shortcomings. In 
addition to physical safety, 
Terveystalo 
aims to promote the mental health and well-being of its personnel. 
Terveystalo’s 
Code of Conduct contains key principles concerning human rights, equality, 
diversity, non-discrimination, 
inclusion and 
respectful treatment. No-one is discriminated against on the basis of gender, 
age, ethnic or national origin, nationality, 
language, religion, 
beliefs, opinions, health status, disability, sexual 
orientation or other personal reasons or circumstances. 
Terveystalo 
does not tolerate any form of discrimination, harassment, 
bullying, racism or inappropriate treatment, nor does Terveystalo 
condone the use of child labour, any form 
of forced labour or other human rights violations in its own operations or its value chain or supply 
chain. Discrimination and unfair treatment are prohibited in recruitment, 
remuneration, training, promotion or other terms of employment. 
There company has zero tolerance for 
sexual harassment and other forms of harassment and bullying. 
Terveystalo 
respects the human rights set out in the UN Declaration of Human Rights as well as the workers’ 
rights defined by the 
International Labour Organization (ILO) 
and related international conventions. The company is committed 
to the UN Global Compact 
initiative and its principles pertaining to human rights and labour rights. Terveystalo 
respects the right of its employees to be members of 
trade unions or similar advocacy organisations and participate in their activities. 
Terveystalo’s 
Code of Conduct includes a commitment to always complying with the laws and regulations governing 
Terveystalo’s 
operations. The Code of Conduct is the foundation of Terveystalo’s 
corporate culture and human resources management. It applies to 
the 

66 
entire Group and its own workforce as well as all identified material 
impacts, risks and opportunities related to its own workforce. 
The Code 
of Conduct is described in more detail in section G1 – Business conduct on pages 97–98. 
Human rights policy 
Terveystalo 
is committed to respecting the fundamental rights and freedoms of all individuals in accordance 
with international human 
rights standards. Terveystalo’s 
first human rights policy, approved 
in January 2025, emphasises the company’s commitment and approach 
to respecting human rights. The human rights policy is described in section G1 – Business conduct on page 100. 
Work community development 
plan 
Terveystalo 
has, in cooperation with personnel representatives 
in its Finnish operations, prepared a work community development 
plan for 
the long-term and systematic development of the work community. 
The plan includes a description of the current state of the personnel, as 
well as targets and measures for developing and maintaining personnel 
competence and promoting well-being at work. The development 
plan concerns the employees of Terveystalo’s 
operations in Finland. 
The development plan also includes Terveystalo’s 
equality and non-discrimination plan. At Terveystalo, 
the aim is to promote not only 
gender equality but also the equality and non-discrimination of different age groups and nationalities in the context 
of hiring and 
employment relationships, including recruitment, pay and terms of employment, training 
and career advancement, and maintaining a 
healthy work-life balance. The implementation of equality and non-discrimination is monitored with 
the help of statistics reflecting the 
personnel structure, among other things. 
Terveystalo’s 
working group on equality became operational at the beginning of 2023. Its aim is to promote 
equality in Terveystalo’s 
work 
communities and customer encounters. It meets quarterly to discuss topics related 
to equality. In 2024, the main focus was on 
developing 
the realisation of equality, particularly from the perspective 
of sexual and gender minorities, and on assessing practices that would enable 
equality to be realised even better at Terveystalo 
and its work communities. In 2024, the working group included 11 Terveystalo 
professionals representing different 
parts of the Finnish organisation. The composition of the working group changes annually so that as 
many people as possible have the opportunity to participate in the activities. 
The work community development plan is updated regularly, 
and it serves as a tool for dialogue with the personnel. The most recent work 
community development plan was prepared in early 2024 and approved by Terveystalo’s 
Personnel Forum. Terveystalo's 
Senior Vice 
President, Human Resources is the senior executive responsible for 
the implementation of the development plan. 
Policies concerning remuneration 
One of the areas of Terveystalo’s 
human resources strategy is the development of meaningful and competitive 
incentive and remuneration 
models that strengthen the performance and commitment of professionals 
and Terveystalo’s 
attractiveness as an employer. 
Terveystalo’s 
remuneration principles are defined in the Remuneration Policy 
approved by the company’s Board of 
Directors. The Remuneration Policy 
applies to the entire Group and its employees. The remuneration principles are 
based on performance, fairness and competitiveness. The 
aim is to ensure that Terveystalo 
is an attractive employer for motivated 
and skilled professionals. Remuneration must support the 
achievement of Terveystalo’s 
strategic targets, incentivise behaviour 
that is consistent with Terveystalo’s 
values, and reward excellent 
performance. The Group’s Senior Vice President, 
Human Resources is in charge of the implementation of the Remuneration 
Policy. 
In Finland, 65 percent of Terveystalo’s 
employees are covered by collective agreements. Three 
different collective agreements are 
in use in 
Finland: The collective agreement for the private healthcare sector, 
the collective agreement for the private social services sector and the 
collective agreement for the staffing services sector. 
Directors and senior salaried employees, including for example the majority 
of 
physicians and psychologists, are not covered 
by the collective agreements. For persons covered by 
collective agreements, such as nurses, 
compensation is based on the pay categories specified in the collective agreement. Pay 
is also influenced by role-specific responsibility 
supplements, the employee’s seniority, 
individual performance and competence. For senior salaried employees and managers, pay 
is 
determined on the basis of the position and the demands of the job, as well as competence, experience, performance and results. In 

67 
Sweden, 100 percent of the employees are covered by collective 
agreements. Two collective agreements 
are in use in Sweden: Healthcare 
Companies Branch D Occupational Health Services, and Healthcare Companies Branches E and F Care and Treatment.
Pay equality is assessed and promoted regularly as part of the work community development 
plan. Gender, for example, 
cannot be a factor 
that influences pay. Terveystalo 
monitors the market levels of wages in both the private 
and public sectors, aiming to maintain its 
competitiveness also with respect to pay. 
Policies concerning health and safety 
The occupational safety of Terveystalo’s 
own workforce in Finland is developed and managed at the Group level, taking 
company-specific 
and business-specific differences into account. Group-level policies 
and instructions concerning occupational safety are put into action in 
accordance with the management processes of each business-specific organisation. Where necessary, 
the businesses prepare targeted 
instructions, taking the Group policies and guidelines into consideration. The different 
levels of the organisation know and recognise their 
responsibilities with regard to occupational safety in compliance 
with Finnish legislation. The legally required occupational safety and health 
activities are ensured through Group-level cooperation with active 
occupational safety and health personnel. The health and safety 
representative is elected by the employees from among their number. 
The Group supports all of its businesses in the development of occupational safety. 
Terveystalo’s 
goal is to be a safer working environment 
every day. 
Occupational healthcare plays an important role in the identification 
of health risk factors and the prevention of illnesses. In Finland, 
occupational healthcare for Terveystalo's 
employees is organised to prevent and control 
health risks and problems related to work and 
working conditions and to protect and promote the safety, 
work ability and health of employees. The occupational healthcare services 
offered to Terveystalo’s 
employees exceed the statutory requirements to 
a substantial degree, as the employees also have extensive 
access 
to other healthcare services in addition to legally required services.
The safety of the company's operating premises is the responsibility 
of the persons in charge of each site and designated facility and safety 
specialists, safety officers and safety supervisors. They 
implement the practices established for the development and assurance 
of facilities 
safety at each site to ensure that Terveystalo's 
operating premises are safe for both customers 
and the personnel. Terveystalo 
works closely 
with lessors and the rescue authorities to ensure the safety of facilities. 
Terveystalo’s 
occupational health operations are based on the Healthy Workplace model, which is aimed at 
ensuring that work is as 
efficient as possible, the work community functions well, the management approach is active, and individuals have a high leve 
l 
of well-being 
at work. In occupational health, the company, 
the personnel and the occupational health services work together in accordance with the set 
goals.
The statutory occupational health action plan includes the general objectives of occupational healthcare as well as the workplace 
conditions 
identified in workplace surveys (e.g. noise, exposure to biological hazards and the potential threat 
of violence) and the measures necessary 
to manage the aforementioned conditions. The action plan is reviewed annually based on workplace 
visits and Terveystalo’s 
work ability 
management needs, for example. Terveystalo's 
private practitioners are not covered 
by occupational health care. Instead, as self-employed 
persons, they arrange their own occupational healthcare. 
In Sweden (Feelgood), the occupational safety and health of the company's 
own workforce is organised in accordance with Swedish 
legislation. The operations are guided by a certified ISO 45001 occupational health and safety system, 
which includes requirements 
concerning the occupational health and safety policy, 
targets and measures, among other things. 

68 
S1-2 Processes for engaging 
with own workers and 
workers’ representatives about impacts 
Terveystalo 
maintains a regular dialogue with its personnel to develop the operations of the workplace and the work community. 
The aim is 
to promote the sufficient and timely exchange of information 
between the employer and the personnel, and to give the personnel the 
opportunity to influence matters related to 
their work, working conditions and position. Dialogue between the employer and personnel 
representatives takes place in the Personnel 
Forum, which meets five times a year, 
and whose members represent the employees of 
Terveystalo's 
Finnish operations broadly (both professionally and geographically). 
In addition, the chief shop stewards meet regularly, 
on a 
weekly basis, with the Group-level executive in charge of 
employment relationships. The chief shop stewards are supported by regional 
shop stewards, who engage in dialogue on regional matters 
with the business management and the regional HR partner. 
Employee representatives and their role in engaging with 
own workers 
Employees in Terveystalo's 
Finnish operations are represented by shop stewards, 
employee representatives and health and safety 
representatives, who all play an important role 
in developing the effectiveness of the work community and working conditions, 
as well as 
safeguarding the rights of employees. 
Shop stewards represent trade 
unions and their members at the workplace. In cooperation 
negotiations and workplace-specific local negotiations, the shop steward represents 
the employees covered by the relevant collective 
agreement. The shop steward’s 
most important task is to monitor compliance with the collective agreement and labour laws, 
as well as 
other agreements between the employer and the employees, at the workplace and, if necessary, 
take action to address problems. The shop 
steward negotiates with the employer on personnel-related 
matters and is involved in developing the work 
community with the 
represented employees and the employer. 
The shop steward ensures that employees are treated 
fairly and equally. Where necessary, 
the 
shop steward provides advice and support to trade union members in working 
life and related change situations. The shop steward’s 
position is based on the collective agreement, the Cooperation Act and the shop steward agreements 
concluded between the health and 
social services sector’s negotiation organisation Sote ry, 
Terveystalo 
and the health services sector union Terveyspalvelualan Unioni ry. 
The 
shop steward agreement defines the number of shop stewards 
at Terveystalo 
and how they allocate their time, among other things. 
Employees who do not have a shop steward as referred 
to in a binding collective agreement pursuant to the Collective Agreements 
Act can 
elect a representative from among their number, 
subject to an agreement with the employer. 
The duties and mandate of an elected 
representative are determined by the provisions of 
the Employment Contracts Act and other applicable labour legislation. 
At Terveystalo, 
psychologists have an elected representative. 
The safety and working conditions of the workplace are monitored and supervised by a health and safety 
representative. The health and 
safety representative is familiar 
with occupational safety and health and the applicable legislation. The health and safety representative 
represents all personnel regardless of union membership. The health and safety 
representative works together with the shop steward 
to 
promote the occupational well-being of employees. The health and safety representative 
is elected by the employees from among their 
number. The term of office 
is two years. 
Broad representation of employees in the Personnel 
Forum 
The aim of the Personnel Forum is to promote dialogue between the employer 
and the employees. The Personnel Forum is an official forum 
for influence and discussion on matters concerning the entire Terveystalo 
Group, and it is an activity that is in accordance with the 
Cooperation Act. The Personnel Forum discusses issues concerning the employer’s business, finances and the position of personnel, 
as 
provided for in Section 29 of the Cooperation Act and the Act on Cooperation within Finnish and Community-wide 
Groups of Undertakings. 
An annual plan is drawn up for the activities of the Personnel Forum. 
The Personnel Forum engages in regular dialogue on the issues mentioned in Section 8 of the Cooperation 
Act, such as the company's 
development outlook and financial situation, workplace rules and practices, the ways of using the workforce 
and the structure of the 
personnel, competence needs and competence building, as well as maintaining and promoting well-being at 
work. The term of office of the 
Personnel Forum is three years. The employee representatives 
are elected. Candidacy is open to members of the personnel who are in an 
employment relationship with the company. 
The Personnel Forum includes representatives of all of Terveystalo’s 
businesses. It also 
includes the chief shop stewards representing Sote ry and Terveyspalvelualan 
Unioni ry, the national shop steward 
for partnership 
solutions, and one of the health and safety representatives. The meetings are always 
attended by the CEO and the Senior Vice President, 
Human resources, as well as other executives depending on the topic being discussed. 
Minutes are prepared on the meetings and posted 
on the company's intranet, where they are accessible to all employees. During the period 2022–2024, 
the Personnel Forum had 12 
members and two deputy members, and it met four times per year. 

69 
The Group’s Senior Vice President, Human Resources 
is responsible for ensuring that dialogue and communication take 
place as described 
above and that the issues raised in the dialogue are taken into account 
in the company’s operating practices. 
In addition to the legally required dialogue, Terveystalo 
engages in dialogue with employees in regular development discussions that are 
usually held twice a year, in one-to-one discussions that are held at 
least once a month, and with private practitioners in private practitioner 
discussions that are available at least once a year. 
 
Terveystalo 
conducts a professional survey twice a year. 
The survey is an important tool for improving internal operating 
practices and 
supervisory work. The survey is aimed at professionals who work at Terveystalo, 
including private practitioners. The professional 
survey 
provides information on the professionals' experiences of well-being 
at work, leadership and the effectiveness of the work community, 
among other things. 
Terveystalo 
also actively shares information with the personnel on current topics, such as the implementation 
of the strategy, 
by organising 
regular personnel webinars and supervisor briefings. The company’s 
intranet is a key information sharing channel for 
all common 
information, policies and guidelines. 
Development discussions and private practitioner discussions 
support management and cooperation 
At Terveystalo, 
annual development discussions are held with employees to support goal-driven and motivated work. 
The development 
discussion includes a review of the previous period's successes and lessons learned together with the supervisor, 
and setting targets for the 
new period. In addition to addressing the goals for the previous and next period, the discussion covers competence, 
well-being at work, 
working in accordance with Terveystalo’s 
defined professional skills, and cooperation, as well as long-term objectives 
and wishes. In Finland, 
the themes discussed in the development discussion are revisited in regular one-to-one discussions and more extensive 
half-year reviews. 
The development discussions are a key aspect of the practical implementation 
of Terveystalo’s 
strategy, 
values and professional skills as 
well as performance management and enhancing the experience of Terveystalo's 
professionals. 
Terveystalo 
also engages in active dialogue with the private practitioners working at 
Terveystalo. 
The private practitioner discussion is a 
regular personal discussion with the aim of developing cooperation and the conditions for work 
as a private practitioner at Terveystalo. 
The professional survey as a tool for developing operations 
and the professional experience 
Terveystalo 
conducts an annual professional survey in Finland with the aim of giving a voice to Terveystalo’s 
professionals, increasing 
interaction with them and, above all, developing operations and the professional 
experience based on the results of the survey. 
The target 
group of the survey includes both employees and private practitioners. The results of the surveys 
are discussed in management groups, 
teams and the Personnel Forum, for example. 
Based on the results, development plans and measures are created at the organisational 
level, professional group level and team level. Examples 
of topics that are closely monitored include satisfaction with supervisory work, 
satisfaction with the work community and opportunities for success in one’s 
work. Typically, 
a second and smaller follow-up survey is 
carried out each year for the same target group. An annual personnel survey is also carried out in Sweden. 
S1-3 Processes to remediate 
negative impacts and channels 
for own workers to 
raise concerns
Terveystalo’s 
company culture combines a high work ethic, professionalism, solution-oriented 
cooperation and the pursuit of measurable 
impact in everything the company does. In addition to the company’s values, Terveystalo’s 
operations are guided by Terveystalo’s 
Code of 
Conduct. One important aspect of Terveystalo’s 
culture of doing the right thing is that everyone who acts on behalf of or with Terveystalo 
Group feels that they can freely report any suspicions of misconduct 
and trust that Terveystalo 
will take appropriate measures to 
investigate any actions that are, 
or are suspected of being, infringements of the Code of Conduct. 
Actual or suspected infringements are primarily reported to the supervisor, 
the supervisor’s supervisor or Terveystalo’s 
Legal & Compliance 
department. In HR-related matters, the primary contact 
channel is Terveystalo’s 
HR unit. Terveystalo 
also has a whistleblowing channel that 
is open to everyone. The whistleblowing channel can be used, for example, if the suspicion concerns serious misconduct or 
if, due to the 
sensitivity of the matter, 
it is necessary to report it anonymously. In Sweden, 
Feelgood Svenska AB and its subsidiaries have their own 
whistleblowing channel, which is intended for internal use within Feelgood. Reports received 
via Terveystalo's 
whistleblowing channel are 

70 
processed only by persons designated to process reports in Terveystalo 
and Feelgood and, where necessary, specialists and external 
advisors appointed on an investigation-specific basis. 
The Whistleblower Protection Act does not apply to matters that 
concern labour law, but the whistleblowing channel can also 
be used to 
report actual or suspected violations that are not within the scope of application of the Whistleblower Protection 
Act. In such cases, the 
whistleblower does not enjoy protection under the Whistleblower Protection Act. Instead, labour legislation and other 
applicable legislation 
are applied to reports that concern labour law, 
for example. Even in such cases, a whistleblower 
who acts in good faith is protected against 
retaliation on the basis of the applicable labour legislation. The Whistleblower Protection Act does not apply to reports 
related to the 
following matters, for example, 
which are processed by the HR unit as a rule: 
●
unilateral downgrading of work duties 
●
harassment or discrimination 
●
occupational safety issues 
●
problems related to the atmosphere at the workplace 
●
inappropriate behaviour or treatment by a supervisor or colleague. 
Terveystalo 
encourages all of its employees and private practitioners 
to report any potential misconduct without delay. 
One of the focus 
areas of Terveystalo's 
compliance function has been to increase awareness of the whistleblowing channel to make the threshold 
for 
reporting as low as possible. Terveystalo 
estimates that this effort has been successful. Terveystalo 
Group's Code of Conduct emphasises 
that it is important to report actual or suspected violations of the Code of Conduct and describes the available reporting mechanisms. 
Terveystalo 
also has online training on the Code of Conduct aimed at everyone in the organisation. The training includes instructions 
on 
highlighting and reporting misconduct. The online course is mandatory for all Terveystalo 
employees, and its aim is to improve awareness of 
key themes related to compliance and the mechanisms for reporting 
non-compliance. Any suspected misconduct and violations are 
investigated appropriately and confidentially. 
Processes to remediate negative impacts and channels for 
raising concerns are described in 
more detail in section G1 – Business conduct on pages 102–103. 
S1-4 Taking action on 
material impacts on own workforce, 
and approaches to mitigating material 
risks and 
pursuing material opportunities related 
to own workforce, and 
effectiveness of those actions 
Terveystalo’s 
people strategy aims to ensure the engagement 
of professionals 
One of Terveystalo’s 
strategic goals is to be the best and most attractive 
employer in its industry for all professionals. To 
achieve this goal, 
Terveystalo 
has drawn up a people strategy that aims to ensure the 
engagement, job satisfaction and productivity of professionals 
through 
various measures and continuous development. 
The most important strategic measures during the strategy 
period 2025–2026 are as follows: 
●
developing the user experience of the digital work environment used by professionals, 
●
developing resource management and shift planning tools, 
●
the renewal of remuneration models, 
●
developing management and leadership skills and 
●
an expanded training offering. 
Terveystalo 
measures the success of the people strategy by means of the employee engagement 
index, eNPS (Employee Net Promoter 
Score), sickness absences and the exit turnover of personnel, among other indicators. The measures 
described in the following paragraphs 
are part of Terveystalo’s 
people strategy and continuous development with regard 
to the impacts on its own workforce and, at the same 
time, measures for managing risks related to its own workforce. 
Measures concerning health and safety 

71 
The development of occupational safety at Terveystalo 
is focused on the identification, prevention and mitigation 
of health hazards and 
adverse health impacts arising from working conditions, as well as protecting and promoting the safety, 
work ability and health of 
employees.
An annual action plan is prepared for the development of occupational safety in Terveystalo’s 
operations in Finland. The following measures 
were taken in 2024, among others:
●
training on threatening and violent situations for all personnel 
●
a new annual calendar for job-specific hazard assessments was implemented 
●
a new occupational safety and health period began, and the health and safety representatives' 
takeover of the new areas went 
according to plan 
●
the Group's updated safety instructions were deployed across 
all operating locations 
A new operating model for job-specific hazard assessment was deployed 
in 2023 and its implementation was continued successfully in 
2024. In accordance with the annual calendar for job-specific hazard assessment, the focus in 2024 
was on identifying workplace hazards 
and estimating the magnitude of the risks caused by the identified hazards.
All occupational accidents and commuting accidents at Terveystalo 
are reported and investigated. In addition, hazardous 
incidents 
concerning the personnel are actively recorded and monitored in order to 
improve the safety of operations. From the 
perspective of 
developing occupational safety, 
it is important to identify and report hazards and hazardous incidents in 
the working environment. 
According to the Finnish Occupational Safety and Health Act, employees must report any 
observed occupational safety deficiencies to the 
employer without delay. Terveystalo 
records approximately 1,400 hazardous 
incidents concerning the personnel each year. 
Only a small 
fraction of these incidents causes a work-related accident. Terveystalo 
has not had any occupational accidents or commuting accidents 
resulting in death or serious injury for several years. 
In addition to providing the legally required occupational health services, Terveystalo 
provides its employees in Finland with a 
comprehensive range of primary healthcare, specialised care and well-being services, such as physiotherapy 
and Mielen Chat and Mielen 
Sparri, which are digital services that support mental well-being. Mielen Chat and Mielen Sparri are low-threshold services that are provided 
remotely via the Terveystalo 
app. Brief psychotherapy is also part of Terveystalo’s 
occupational health services. The aim is to seek solutions 
to challenges related to work ability and occupational health at an early stage 
through cooperation with occupational health services. 
The safety and working conditions of the workplace are also monitored and supervised by a health and safety representative. 
The health 
and safety representative is familiar 
with occupational safety and health and the related legislation and regulations. The health and 
safety 
representative represents all personnel in their area 
regardless of union membership. The health and safety representative 
participates in 
the preparation of the occupational safety and health action programme, 
the preparation of the annual occupational safety and health 
action plan, job-specific hazard assessments, workplace visits and occupational safety and health inspections. Occupational safety 
and 
health personnel have jointly agreed-upon meeting practices and the training 
opportunities necessary for their duties. The Group-level 
occupational health and safety action plan describes the planned measures for the development of occupational health and safety 
work. 
The action plan is updated annually in collaboration with the occupational health and safety personnel, and its implementation 
is monitored 
in the Group’s quarterly occupational health and safety 
meetings. The occupational safety and health action plan for 2024 included 
measures such as the implementation of training on threatening and violent situations for 
all personnel and the implementation 
of job-
specific hazard assessments in accordance with the annual calendar.
The action plan that guides occupational health activities is updated annually and available to the personnel on the company’s 
intranet. 
Advice and guidance related to employee health and well-being at work, 
the assessment of work-related health risks, and the prevention 
and treatment of illnesses are part of normal cooperation with occupational health services and insurance company 
partners. In the 
treatment of serious illnesses, Terveystalo 
cooperates with primary healthcare and specialised healthcare. The occupational health action 
plan for 2024 was focused on the development of basic processes, such as health check-ups and workplace surveys.
Measures concerning work-life 
balance 

72 
As an employer, Terveystalo 
strives to support its personnel in maintaining a healthy work-life 
balance, because 
a healthy work-life balance supports the well-being, productivity and job satisfaction 
of the personnel, which is also reflected in customer 
encounters. In the healthcare sector, 
where work is often demanding and there can be a lot of time pressure, finding a healthy balance can 
occasionally be challenging. With this in mind, Terveystalo 
aims to promote a healthy work-life balance by means of the measures described 
below, for 
example. 
Terveystalo 
is flexible in its contractual relationships and, where possible, offers 
different forms of employment to its personnel 
depending 
on the task, the need for labour and the employee’s wishes. Employment relationships 
are valid indefinitely unless there is an acceptable 
and clear reason for fixed-term employment, such as substitution arrangements. 
Full-time and part-time employment relationships, hourly 
work contracts and framework agreements are 
in use at Terveystalo. 
Part-time work can be agreed upon based on the employer’s needs or 
the employee’s wishes or needs. If necessary, 
hourly work contracts and framework agreements are 
used in situations where the need for 
labour is low and occasional. Temporary agency workers 
are used as needed and typically in the event of sudden substitution needs. 
Employees in different life stages 
have different needs regarding 
work-life balance. These needs can be met through various forms of 
statutory leave, including family leave, 
study leave, care leave and job alternation leave. 
All Terveystalo 
employees are entitled to take 
statutory leave. 
Work at Terveystalo 
takes place flexibly and on a location-independent basis. The goals of the job determine the way 
work is performed. 
Terveystalo’s 
Group services have transitioned to hybrid work, where the teams 
agree on the most effective way 
of working for them. 
Terveystalo 
has also developed flexible work opportunities for professionals who work 
at the customer interface. Flexible work 
arrangements are now routine for physicians, 
occupational health professionals and those who work at customer service centres, 
for 
example. 
Measures concerning training and skills development 
Terveystalo 
actively develops the competence of its personnel and supports professional 
growth. Diverse training in various areas is offered 
to employees. Private practitioners also have opportunities to 
train and develop their competence at Terveystalo. 
The annual company-level planning of training ensures that Terveystalo 
anticipates training needs and that the training activities 
correspond to the competence needs of business operations. The training plan is reviewed 
by the Personnel Forum as part of the work 
community development plan. Terveystalo 
also creates personal training paths for employees 
to make training more systematic 
and plan 
driven. A personal training path is an individual training plan that enables the employee and the supervisor to agree on 
the individual's 
training for the next 6–12 months. Personal training paths 
had previously been introduced for occupational health professionals, 
and, in 
2024, training paths were also introduced for nurses and radiographers. 
Terveystalo 
intends to expand the use the personalised plans in the 
near future to include general practitioners and laboratory professionals. 
Training is also discussed at the individual level 
as part of 
development discussions.
 
In 2024, training was arranged in Terveystalo 
for an average of 13.4 hours per employee. Significant 
training investments were made in, for 
example, the development of supervisory work and leadership, building more in-depth professional 
expertise for different professional 
groups, the high-quality orientation training of new Terveystalo 
employees, and enhancing the use of digital tools among professionals. 
High-quality supervisory work and leadership are among Terveystalo’s 
strengths, and significant investments were again 
made in their 
development in 2024. All supervisors had the opportunity to participate in training on topics such as feedback 
culture, rewards and high-
quality performance management. Each year, 
Terveystalo 
trains dozens of new supervisors through the supervisor orientation programme 
and the Academy for new supervisors. Supervisors are also supported by means of regular supervisor briefings and supervisor letters, 
for 
example. In 2024, Terveystalo 
also started a leadership development programme that 
takes almost a year and has over 150 managers 
participating in it. The programme supports managers in their new, 
more demanding roles, strengthens Terveystalo’s 
common 
management method and enables personal competence development and growth for 
managers. 
Examples of training activities focused on professional competencies included dedicated 
training days for different 
professional groups, 
including nurses, physicians, occupational physiotherapists and occupational 
health psychologists. 
Training offered 
to physicians included 
several webinars and online courses as well as regular "From 
knowledge to skill" training organised approximately 
2–3 times per month. In 

73 
2024, Terveystalo 
focused on areas such as developing the competence of physicians and raising 
broader general awareness of menopause 
symptoms and their diagnosis and treatment. Physicians were also 
offered a wide range of specialisation opportunities. The occupational 
health path specialisation program is the most extensive of the specialisation paths, and it is possible to 
specialise at almost all Terveystalo’s 
occupational health clinics in Finland. The specialisation training is carried out in close cooperation with the medical faculties of universities. 
In addition, over 100 of Terveystalo's 
physicians, nurses, physiotherapists and psychologists 
received specialised training on occupational 
health in 2024 by participating in a 15-credit occupational health study programme leading to a qualification 
in occupational healthcare. The 
training prepares the participants to work as an occupational healthcare professional 
and specialist. 
In 2024, the orientation training of several professional groups 
working in Finland, such as dentists, physicians and nurses, was developed 
and orientation paths were built in Academy, 
which is Terveystalo’s 
online training environment. The online learning environment 
enables 
the improved targeting of study activities at new Terveystalo 
professionals and provides increased opportunities for orientation 
training 
regardless of time and place. 
 
Measures concerning efficient working methods
Terveystalo 
continuously develops the digital tools used by its professionals to 
streamline work, increase productivity and improve the 
quality of care. 
In 2024, a new user interface, Ella, was introduced for Terveystalo’s 
online chat professionals. Ella is an application that combines an online 
chat screen with patient information retrieved from 
the patient information system. Ella provides 
professionals with more time for 
customer encounters, improves the quality of online appointments and speeds up online chat-based 
work. This also supports the provision 
of care that is effective and caring, improves the customer 
experience and promotes the continuity of care. The new system 
is being 
developed to expand its use from online chat appointments to other types of appointments as well. 
The development work is being carried 
out together with healthcare professionals. The aim is that, in the next few 
years, the majority of appointments, both in person and 
remotely, will be handled through a completely 
new user interface. The aim is for the service to save time for 
the professional, increase 
productivity, make the working 
day less burdensome and make Terveystalo 
the most attractive place to work because the professional 
can 
focus on meaningful matters. 
When it comes to supporting and streamlining the work of professionals, Terveystalo 
also invests in improving the content and guidance of 
work by developing care guidance and care paths. Care guidance based on care paths aims to 
provide more consistent and effective 
care to 
customers and facilitate the work of professionals. 
The measures related to the development of care paths are 
described in more detail in 
in the section S4 Consumers and end-users on page 90. 
All Terveystalo’s 
occupational health customers have access to the Symptom Assessment tool, 
a CE-marked medical device that makes the 
use of occupational health services smoother in the event of illness. The Symptom Assessment tool refers 
the customer to the right 
specialist and the right channel in a timely manner. The Symptom 
Assessment tool also supports the streamlining of the work of 
professionals by taking care of certain routine tasks on 
the professional’s behalf, 
allowing them to allocate more time to customer 
encounters. 
The role of customer feedback is key in the development 
of work. Terveystalo’s 
specialists have expressed a wish for direct, personal 
customer feedback in addition to unit-specific feedback. Specialist-specific customer feedback 
is collected in connection with all of 
Terveystalo’s 
physician’s appointments and remote 
appointments in Finland. Personal feedback is an important tool 
for professional 
development. 
Measures concerning remuneration 
In Finland, 65 percent of Terveystalo’s 
employees are covered by collective agreements, which provide 
the framework for the development 
of remuneration. 
In 2024, the wage decision concerning the collective agreement for the private 
healthcare sector (TPTES) included a local tranche in 
addition to general increases. At Terveystalo, 
the local tranche was implemented as personal increases. In accordance with the principles 
agreed upon with personnel representatives, the local tranche 
was allocated to committed and high-performing 
individuals whose wages 
were lower than their peer group. Terveystalo 
distributed 12 percent more increases than what was required for 
the local tranche under 

 
 
 
74 
the TPTES agreement. In addition, a one-off payment of EUR 500 was paid to those covered 
by the TPTES agreement in December 2024.
Personnel covered by the collective agreement for 
the private social services sector (YSOSTES) received a one-off payment 
of EUR 470 in 
addition to the general increase. The one-off payment was made in June 2024. 
At Terveystalo, 
personnel benefits are an important part of overall remuneration. 
Terveystalo 
offers its employees comprehensive 
occupational healthcare, a lunch benefit and a sports, culture and well-being benefit. In 2024, Terveystalo 
also introduced a company 
bicycle benefit to encourage physical activity and promote 
the well-being of employees.
In late 2024, Terveystalo 
paid its employees a one-off bonus of EUR 500 as a reward for good work. 
The bonus was paid in late 2024 to 
approximately 5,500 people, more than half of whom work as nurses or customer service professionals. 
Terveystalo's 
has a significant 
number of private practitioners in addition to employees. In 2024, Terveystalo 
introduced a new remuneration model for certain groups 
of 
private practitioners to guarantee 
more stable earnings for the professionals. Under the new model, Terveystalo 
guarantees a minimum 
level of remuneration for the private practitioners 
and sets a ceiling on remuneration.
S1-5 Targets related to 
managing material negative impacts, 
advancing positive impacts, and managing 
material risks and opportunities 
Terveystalo 
has set two targets for managing the impacts and risks related to 
its own workforce: strengthening the commitment of 
professionals and keeping the sickness absences of the personnel at a low level. These targets 
cover all of the sustainability matters 
described above and measure the success of Terveystalo’s 
measures pertaining to its own workforce. The targets 
have been set by 
Terveystalo’s 
Senior Vice President, Human Resources and the Vice President, Sustainability, 
and approved by Terveystalo’s 
Executive Team 
and Board of Directors. The same targets are also monitored as 
part of the reporting to management, and the aim is to develop and 
improve operations based on the results of the metrics. The personnel in a broader sense or their representatives 
have not been involved in 
the process of setting the targets reported in the sustainability 
statement. The metrics related to Terveystalo's 
own workforce have not 
been separately verified by an external assurance provider. 
Engagement index for Terveystalo
professionals 
Terveystalo’s 
goal is to be the best and most attractive employer in its industry for 
all professionals. The professional survey is one of 
Terveystalo’s 
most important tools for developing the professional 
experience, the commitment of professionals, internal operating 
practices and supervisory work. The engagement index for Terveystalo 
professionals is measured as part of Terveystalo's 
professional 
survey. The target is for 
the index to be at least 4 (on a scale of 1–5) each year. 
In Finland, the professional survey is aimed at both 
employees and private practitioners. In Sweden, the professional 
survey is aimed at employees. In 2024, the index value was 4.2. 
Target
Metric (KPI)
Scope
Target 
level
Target 
year
Base year
2024
Strengthen the 
commitment of 
professionals to 
Terveystalo 
Engagement index 
for Terveystalo 
professionals
Terveystalo’s 
employees and private 
practitioners
At least 4
Continuous
2024
4.2
Sickness absences
 
Terveystalo's 
target is to keep the sickness absence rate 
of its personnel at a low level, i.e. below 4 percent. The monitoring and reduction 
of sickness absences promotes the company’s operating 
capacity and profitability. A low sickness absence rate 
is generally indicative of a 
work community with a high level of health and well-being, where employees feel well and are able to 
do their work efficiently. 
Terveystalo's 
occupational healthcare focuses on maintaining the personnel's work ability and the treatment 
of illnesses, which helps to 
reduce absences and supports the employees' ability to cope with the demands of work. In addition, preventive measures, such 
as 
improvements to ergonomics and supporting coping at work, help to reduce long sickness absences 
and prevent problems related 
to work 
ability. In 2024, the sickness absence rate of the personnel was 
4.0 (4.3) percent. 
Target
Metric (KPI)
Scope
Target 
level
Target 
year
Base 
2024
2023

 
 
75 
year
Keeping sickness 
absences at a low level
Sickness absence 
rate, %
Terveystalo 
employees
No higher 
than 4
2026
2023
4.0
4.3
Basis of preparation of 
the indicators 
Entity-specific metric - Engagement index 
for Terveystalo
professionals 
The engagement index for Terveystalo 
professionals is based on four questions from Terveystalo’s 
annual professional survey. 
The results 
are used to calculate the index value, i.e. the average 
of the results. The questions concern supervisory work (I am satisfied with my 
supervisor’s actions), the preconditions for success at work (I have the opportunity to succeed in my 
work), work communities (We have a 
good team spirit in our work community) and commitment (I want to continue to work 
at Terveystalo). 
The index is expressed on a scale of 
1–5. 
Entity-specific metric - Sickness absence rate 
The sickness absence rate is calculated as follows: the number of sickness absence days 
for the reporting period/the average number of 
employees * the number of working days during the reporting period. Sickness absences are reported for 
Terveystalo’s 
employees, 
comprising operations in Finland and Sweden. 
Exceptions in the scope 
of data 
The engagement index and sickness absence rate above do not include Medimar Scandinavia 
Ab and the companies acquired during 2024 in 
Finland (SRK Group Oy, Suomen Radiologikeskus 
Oy, iRad Oy, 
Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab), whose 
personnel are not in Terveystalo’s 
centralised HR system. They represent 
102 employees, or approximately 1.1 percent of all employees. 
Medimar Scandinavia Ab is also not included in the figures reported on the following pages for the 
employee Net Promoter Score (eNPS), 
the figures related to training and skills development (S-13), or the figures related 
to health and safety (S-14). The companies acquired 
during 2024 are not included in any of the indicators in S1-Own workforce 
standard. 
For the Own Workforce standard, 
the comparative figures for the comparison year have 
not been reported for any of the data points 
presented on the following pages, based on the transitional provision of 
ESRS-1 10.3 regarding the presentation of comparative 
data. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
76 
S1-6 Characteristics of the 
undertaking’s employees 
Number of employees by gender
Gender
2024
Male
1,736
Female
7,417
Total employees
9,153
Number of employees in countries in which the undertaking has 50 or more employees
Country
2024
Finland
8,383
Sweden
770
Number of employees by contract type, broken down by gender 
2024
Women
Men 
Total
Number of employees (head count)
7,417
1,736
9,153
Number of permanent employees (head count)
6,005
1,454
7,459
Number of temporary employees (head count)
358
95
453
Number of non-guaranteed hours employees (head 
count)
1,167
221
1,388
Number of employees by contract type, broken down by country
2024
Finland
Sweden
Total
Number of employees (head count)
8,383
770
9,153
Number of permanent employees (head count)
6,748
711
7,459
Number of temporary employees (head count)
394
59
453
Number of non-guaranteed hours employees (head count)
1,320
68
1,388
Rate of employee turnover and total number of employees who have 
left the undertaking
2024
Rate of employee turnover, 
%
31%
The total number of employees who left the company
2,959

 
 
 
 
 
 
 
 
77 
S1-7 Characteristics of non-employees 
in the undertaking’s own 
workforce 
At the end of 2024, Terveystalo 
had 5,979 non-employees in its operations in Finland. Terveystalo 
also operates in Sweden, where 
Terveystalo’s 
subsidiary Feelgood had 48 private practitioners. In Sweden, the number of private 
practitioners was reduced due to 
terminated customer contracts. 
Characteristics of non-employees in the undertaking’s own workforce
Non-employees in the undertaking’s own workforce
2024
Private practitioners
3,223
Others
2,792
Total number of non-employees 
in the undertaking’s own workforce
6,015
Basis of preparation of 
the indicators 
S1-6 
The number of employees is reported as the headcount of persons at the end of the reporting period, not as full-time equivalents. The 
figures also include non-active employees, such as those on study leave or family leave. 
The gender breakdown of the personnel is presented only as women and men, as information 
on gender is not collected separately. 
Instead, information on gender is generated in the HR 
system based on the personal identity code. Consequently, 
there is no "other" 
category in the gender breakdown. The figures are the headcount 
of persons at the end of the reporting period. 
In the breakdown of personnel by country, 
the number of employees in Sweden has been decided to be reported separately (even 
though it 
is less than 10 per cent of the total number of employees) as it is considered to be material information. 
The number is reported as the headcount of persons at the end of the reporting period. 
All employees are reported for the number of employees by contract 
type. Non-guaranteed hours employees include employees on hourly 
wages and employees working under a framework agreement. The number of employees for 
each contract type is reported as the number 
of employees at the end of the reporting period. The sum of the numbers of employees for the different 
contract types does not 
correspond to the total number of employees, as some employees work under multiple contracts. For 
example, a person may work on 
hourly wages in one of the Group companies and in a permanent part-time employment relationship 
in another. In this case, the person 
counts as a non-guaranteed hours employee and a permanent employee. 
All employees count towards the rate of 
employee turnover and the total number of employees who have left the undertaking. The rate 
of 
employee turnover and the number of employees who have left the undertaking includes all reasons for 
the termination of employment, 
except transfers from 
one Group company to another. 
The rate of employee turnover is calculated by dividing the number of employees 
who left the undertaking during the reporting period by the average number of employees. The average 
number of employees is calculated 
by dividing the number of employees on the last day of 2023 and the number of employees on the last day of 2024 by 
two. Under the 
transitional provision, the numbers of full-time and part-time employees are 
not reported. 
S1-7 
The reported number of non-employees in the undertaking's own workforce 
is the number at the end of the reporting period. Not all non-
employees work full-time. They may also work part-time or individual hours. Private 
practitioners include people who work at Terveystalo 
as a physician or in another healthcare role through their own company. 
In addition to private practitioners, non-employees in Terveystalo's 
own workforce include, for example, professionals 
and subcontractors who work through another company. 
They also work in healthcare 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
78 
roles. In addition, Terveystalo 
has a small number of temporary agency workers in more project 
-based administrative duties, who are not in 
Terveystalo’s 
centralised HR system and who are not included in the numbers 
due to their small number. 
S1-8 Collective bargaining coverage 
and social dialogue 
Collective Bargaining Coverage
Social dialogue
Coverage Rate
Employees – EEA 
(for countries with >50 
employees)
Employees – Non-EEA 
(estimate for 
regions with >50 empl. 
representing >10% total 
employees)
Workplace 
representation (EEA 
only) 
(for countries 
with >50 
employees)
0-19%
20–39 % 
40–59 % 
 
Finland
60–79 % 
Finland
80–100 % 
Sweden
 
Sweden
Basis of preparation of 
the indicators 
S1-8 
The number of personnel within the scope of collective agreements is calculated by dividing the number of employees covered 
by collective 
agreements by the total number of employees. These numbers of personnel are 
the numbers of persons at the end of the reporting period. 
Three different collective agreements are 
in use in Finland: The collective agreement for the private healthcare sector, 
the collective 
agreement for the private social services sector and the collective agreement for 
the staffing services sector. 
Directors and senior salaried 
employees are not within the scope of the collective agreements. They include the majority of physicians and psychologists, 
for example. 
Two collective agreements are in use in Sweden: Healthcare 
Companies Branch D Occupational Health Services, and Healthcare Companies 
Branches E and F Care and Treatment. 
S1-9 Diversity metrics 
Gender distribution in top management
Gender
2024
Men in top management, number
6
Men in top management, %
67%
Women in top management, number
3
Women in top management, %
33%
Age distribution
Age distribution of employees
2024
Under 30 years
13%
30–50 years
54%
Over 50 years
33%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
79 
Basis of preparation of 
the indicators 
S1-9 
The top management consists of the members of the Group's Executive Team, 
who report to the CEO. 
The age distribution of employees takes into account 
employees and their age at the end of the reporting period. The percentages are 
calculated by dividing the number of representatives of each age group 
by the total number of employees. The figures are the numbers of 
persons at the end of the reporting period. 
S-10 Adequate wages 
Terveystalo 
pays adequate wages to all employees in employment relationships 
based on collective agreements and/or regular market 
wage comparisons. 
S-13 Training and skills 
development metrics 
The percentage of employees that participated in regular performance 
reviews, %
2024
Salaried employees
57%
Men
38%
Women
62%
The average number of training hours per employee
2024
Salaried employees
13.4
Men
7.0
Women
14.9
Basis of preparation of 
the indicators 
S-13 
At Terveystalo, 
annual development discussions are held with all full-time employees to support goal-driven and motivated 
work. 
Development discussions are also held with many part-time employees, but a formal 
discussion that is documented in the HR system is not 
mandatory for hourly workers, for 
example. Only a development discussion on which a form is completed in the centralised 
HR system is 
considered a completed development discussion, and the reported figure is therefore 
likely to be lower than the actual number of 
development discussions. Supervisors are responsible for conducting development 
discussions. In addition, the implementation and 
number of discussions can be monitored in real time via the reporting system. 
In the number of development discussions held, development discussions held with persons whose employment relationship was valid 
at 
the end of the reporting period are taken into account. The proportion 
of employees is calculated by taking the number of completed 
development discussions by gender and dividing it by number of employees (S1
-
6). 

 
 
 
 
 
 
 
 
 
 
 
80 
The training hours of employees also include part-time employees and hourly employees, 
for example. For full-time employees, the number 
of training hours is significantly higher than the average. The number of 
training hours only includes training completions recorded in 
training systems, and since not all training activities were covered 
by the training systems in 2024, the actual number of training hours 
is 
also likely to be higher than the reported figure. In the number of completed training hours, 
only employees whose employment 
relationship was valid at the end of the reporting period are taken 
into account. The average number of training hours is 
obtained by taking 
the number of hours completed, by gender, 
and dividing it by the previously reported numbers of personnel (S1-6). The average 
number of 
training hours includes Terveystalo’s 
employees, except Medimar Scandinavia AB and the companies acquired during 2024 in Finland. 
S-14 Health and safety 
metrics 
Health and safety indicators
2024
The percentage of own workers who are 
covered by the undertaking’s 
health and safety management system, % 
100
The number of fatalities as a result of work-related injuries and work-
related ill health
0
The number of fatalities as a result of work-related injuries and work-
related ill health of other workers working on the undertaking’s 
sites
0
Number of accidents
299
Accident frequency (per one million working hours)
19.9
The number of cases of recordable work-related ill health
0
Basis of preparation of 
the indicators 
S-14 
The percentage of the undertaking's own workforce who 
are covered by the undertaking’s health and safety management system 
corresponds to all persons working for Terveystalo, 
as everyone has the right to a safe working environment 
regardless of the type of 
employment relationship. 
The number of fatalities due to work-related injuries and work-related 
ill health includes work-related accidents and commuting accidents 
among employees, and occupational diseases that meet the criteria laid down in the Workers' 
Compensation Act. The decision on whether 
the criteria are met is made by the accident insurance company. 
The number of fatalities is monitored on the basis of statistics 
reported by 
the accident insurance company. 
The number of fatalities due to work-related injuries and work-related 
ill health among workers of other undertakings working at 
Terveystalo's 
sites is determined on the basis of information obtained from the employers 
of the workers in question. 
The number of work-related accidents includes work-related and commuting accidents among employees 
that meet the criteria for work-
related and commuting accidents laid down in the Workers' 
Compensation Act, regardless of whether or not they result in sickness absence. 
The decision on whether the criteria are met is made by the accident insurance company. 
The number of work-related and commuting 
accidents is monitored using statistics provided by the accident insurance 
company. The final number of 
work-related accidents for the 
reporting year is usually confirmed during the first quarter of the following year. 
The calculation of the accident frequency includes work-
related and commuting accidents and occupational diseases that have occurred in the work 
of employees, based on statistics provided by 
insurance companies, as well as the actual working hours of the same personnel group in accordance 
with payroll monitoring. 
The number of cases of work-related ill health/among the company’s 
employees, i.e. the number of occupational diseases, includes cases 
that meet the criteria for occupational diseases laid down in the Workers' 
Compensation Act. The decision on whether the criteria are met 
is made by the accident insurance company. 
The number of occupational diseases is monitored on the basis of statistics reported 
by the 
accident insurance company. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
81 
Under the transitional provision, Terveystalo 
has omitted from the table data points on cases of work-related 
ill health and on number of 
days lost to injuries, accidents, fatalities and work-related 
ill health. 
The numbers in the table do not include private practitioners. 
 
S-15 Work 
-life balance metrics 
The percentage of entitled employees that took family-related 
leave, 
and a breakdown by gender
2024
Female
6%
Male
4%
Total
6%
Entity-specific metric - eNPS, 
employee Net Promoter Score 
In Terveystalo's 
professional survey, 
the employee Net Promoter Score (eNPS) is used as a key indicator 
of well-being and coping at work. 
The eNPS figure indicates the proportion of the employees and private practitioners 
who would recommend Terveystalo 
as a workplace to 
others. In the 2024 professional survey, 
the eNPS was 14. In 2023 and 2024, Terveystalo 
streamlined its operating model and organisational 
structure as part of the profit improvement programme. These changes affected 
the willingness to recommend the company as a 
workplace. Terveystalo’s 
strengths include well-functioning work communities, effective 
cooperation and good team leadership. 
Entity-specific metric - eNPS, employee Net Promoter Score
2024
Finland
15
Sweden
-11
Total
14
Basis of preparation of 
the indicators 
S-15 
The number of entitled employees that took family-related leave 
takes into account the Group's employees whose employment 
relationship was valid at the end of the reporting period and who took family-related 
leave during the year. 
The percentages are calculated 
by taking the number of these persons by gender and dividing it by the previously reported number of employees at the end of 
the 
reporting period (S1-6). 
Entity-specific metric - e
NPS 
The employee Net Promoter Score (eNPS) is based on the question “How likely would 
you be to recommend your workplace (on a scale of 
0-10)?”. The respondents can choose 
an answer between 0 (very unlikely) and 10 (very likely), and the eNPS is reported as a score 
between 
-100 and +100. The higher the number, the more likely 
the employees are to recommend the workplace to others. The eNPS is calculated 
by 
subtracting the percentage of detractors 
from the percentage of promoters: eNPS = (% of promoters) 
– (% of detractors). The professional 
survey, which includes the eNPS question, is aimed at all of the Group’s 
employees and private practitioners (excluding 
private practitioners 
in Rela, Medimar Scandinavia AB and the companies acquired during 2024 in Finland). 

82 
S4 – Consumers and end-users 
SBM-3 Material impacts, risks and 
opportunities related to consumers 
and end-users 
Terveystalo 
plays a key role in the renewal of healthcare 
in Finland, the prevention of illnesses and the promotion of people’s well 
-being. 
The company provides private healthcare services in Finland and occupational health services in Sweden through 
its subsidiary Feelgood. In 
2024, Terveystalo 
had a total of 1.2 (1.2) million customers, 7.6 (7.6) million customer visits in Finland, and in total more 
than 1.7 (1.8) 
million end-customers of occupational health services in the Nordic countries. Terveystalo’s 
digital channels have over 2.6 million registered 
users in Finland. 
The most significant positive sustainability impact of Terveystalo’s 
operations arises from providing fluent, caring and effective 
integrated 
care to customers, which is also the core of Terveystalo’s 
business strategy. 
According to Terveystalo's 
strategy, integrated 
care means that 
Terveystalo 
understands customers and their needs, prevents 
and manages health risks, guides the customer to the right service and 
treatment, takes care of the patient throughout 
the care path, cooperates as teams of experts, and measures 
and improves the outcomes 
of care. 
According to Terveystalo's 
strategy, 
the integrated care model aims for a positive social impact, which can be 
reflected in the effective 
prevention of illnesses, quick access to care, fluent care paths and 
good outcomes of care, among other things. High-quality occupational 
healthcare that is based on integrated care is effective 
when it promotes the health, work ability and well-being of employees effectively 
and with measurable results. Effectiveness is reflected 
in, for example, reduced sickness absences, improved work 
ability and productivity, 
as well as increased well-being at work, which reduces early retirement and saves 
costs for client companies. Terveystalo’s 
digital services 
speed up access to care and smooth integrated care paths 
ensure effective and timely care. Cooperation 
and partnerships with the public 
sector provide solutions for improving access to care. 
Patient safety is the foundation of the quality of care. 
It ensures the safety of care and protects the patient from 
injury. From the patient’s 
perspective, patient safety means that they receive the right 
treatment at the right time and in the right manner. 
Compromised patient 
safety may cause an adverse event for 
a customer and, in the case of serious adverse events, make 
the company liable for damages. 
Data protection with regard to patient data 
is an important aspect of patient safety. 
As digital services in healthcare increase in importance 
and reshape the industry, the requirements 
concerning data protection and information security increase accordingly. 
Everyone working at 
Terveystalo 
and on behalf of Terveystalo 
must ensure the protection of privacy and the realisation of data protection 
in all activities 
involving the processing of patient information. Compromised 
information security or data protection may cause restrictions 
on operations 
imposed by the public authorities, financial sanctions, claims for damages and other financial losses, which would have an adverse impact 
on Terveystalo's 
financial performance. 
The material impacts, risks and opportunities related to consumers and end-users have 
been identified in the company’s double materiality 
assessment, and they are presented in more detail on pages 45–46. of 
the sustainability statement. The material impacts, risks and 
opportunities related to end-users include all end-users likely to 
be subject to material impacts caused by Terveystalo’s 
operations. In the 
double materiality assessment, Terveystalo 
has not separately formed an understanding of 
how end-users with particular characteristics or 
who use particular services may be at greater risk of harm. 
Based on the impacts, risks and opportunities identified in the double materiality assessment (described on pages 48–50), Terveystalo’s 
material sustainability matters related 
to consumers and end-users are: 
●
patient data protection and information security (adverse 
impact and risk) 
●
access to care, availability, 
quality and effectiveness of care and the customer experience (positive 
impact). 
Terveystalo's 
customer groups

83 
Terveystalo 
provides services to three customer groups: corporate 
customers, consumer customers and public sector customers. 
Corporate customers
Corporate customers constitute Terveystalo’s 
largest customer group. Terveystalo 
provides statutory occupational health services and other 
healthcare and well-being services for companies of all sizes. In Finland, Terveystalo 
provides occupational health services to over 26,000 
companies and organisations that have approximately 
744,000 employees covered by the occupational health services. 
In Sweden, Terveystalo 
offers occupational health, organisational management 
consulting and addiction prevention and rehabilitation 
services to its corporate customers. Terveystalo 
serves approximately 8,000 corporate 
customers in Sweden, which have about one million 
employees covered by occupational health services.
Consumer customers
Consumer customers are Terveystalo’s 
third-largest customer group. Consumer customers are 
private individuals who pay for their services 
themselves or through health insurance. Easy and fast access to Terveystalo’s 
services, a wide range of services, high-quality and effective 
care and personalised digital services can improve the health and quality of life of customers. 
Public sector customers
Terveystalo’s 
public sector customer group consists of Finnish public sector organisations, 
such as the wellbeing services counties that are 
responsible for the organisation of publicly funded healthcare and social welfare 
services, and occupational health customers in the public 
sector. Terveystalo 
offers solutions to the public sector in relation to 
personnel shortages in healthcare, improved access to care 
and digital 
services. The services offered to public sector customers include full and partial outsourcing, healthcare staffing 
services, specialised care 
services, and occupational health services.
According to the double materiality assessment, the end customers who use Terveystalo’s 
health services may face adverse impacts related 
to the protection of their privacy and personal data if a data protection 
or information security risk were to materialise. Terveystalo’s 
services are not assessed to have any adverse impacts on the freedom of expression or non-discrimination 
of end-users. In some situations, 
end-users of the services may be dependent on accurate and easily available product and 
service information, such as instructions for 
seeking treatment, instructions for follow-up care, 
or instructions on the use of a medicine. Based on the double materiality assessment, 
Terveystalo’s 
customers are not particularly vulnerable to potential negative 
impacts on health or privacy, nor to marketing 
and sales 
strategies. Terveystalo’s 
services also do not naturally increase the risk of chronic diseases for any customer group. 
Processes for engaging 
with end-users about impacts are described on page 39. 
Terveystalo’s 
service offering
In addition to preventive occupational health services, Terveystalo 
offers a wide range of services in primary healthcare and specialised 
care, diagnostics, and day surgery, 
including general practitioner and specialist services, imaging and laboratory tests. In addition, the 
company offers demanding surgery, 
well-being services, oral health services, public healthcare outsourcing services, healthcare staffing 
services, rehabilitation services and child welfare services.
Terveystalo 
offers appointments with general practitioners 
and occupational health physicians as well as physicians representing different 
specialties, both in person at approximately 360 units across Finland and through digital channels 
in the form of video or chat 
appointments.
Preventive occupational health services include workplace surveys to evaluate workplace 
conditions and factors that expose employees to 
health risks, health check-ups, and action proposals for the improvement 
of working conditions and the promotion of the work ability of 
employees. In addition to statutory services, Terveystalo 
provides a comprehensive range of primary and specialised healthcare services, 
diagnostics and well-being services for corporate customers.
Terveystalo's 
diagnostics services include laboratory services, X-ray, 
CT, and MRI services, among others. 
Terveystalo's 
hospital services include, among others, general surgery, 
orthopaedic surgery, and eye surgery. 
Terveystalo 
offers these 

84 
services through its network of 18 hospital units. Terveystalo's 
well-being services include physiotherapy, 
psychologist and psychotherapist 
services, nutritional therapy, work ability coaching, massage services and vaccination 
services. 
S4-1 Policies related to consumers 
and end-users
Terveystalo’s 
policies concerning consumers and end-users apply to activities that are under the operational control 
of the company and its 
subsidiaries. In activities in which the company operates at the client's premises, using the client's personnel 
and equipment, the client's 
policies apply. 
Quality is managed at all levels and implemented in everyone’s 
work 
The goal of Terveystalo's 
quality efforts is to ensure access to services, patient safety, 
an excellent and continuously improving customer 
experience, the realisation of data protection and information security, 
compliance with recommendations and clinical practice guidelines, 
and developing the effectiveness of treatment. Terveystalo’s 
quality is monitored and measured at many levels. The results of operations 
are reviewed regularly, 
and development areas are identified and necessary changes made based on them. Terveystalo’s 
quality efforts are 
based on a quality management system that meets the requirements of the international 
ISO 9001 quality management system standard. 
Terveystalo 
has set goals for its quality efforts that exceed 
the requirements of the standard. Quality is managed as part of management 
structures at all organisational levels, from senior management to 
the day-to-day work of teams and individuals. 
Everyone at Terveystalo 
is responsible for implementing and ensuring patient safety and high-quality care. 
In addition to the quality 
management system, operations are guided by several 
other requirements and binding obligations, which are documented in Terveystalo’s 
integrated management system. 
The quality management system and the integrated 
management system are tools used by everyone 
at 
Terveystalo 
to ensure that their actions comply with the applicable requirements and produce the desired outcomes. 
Terveystalo’s 
policies 
(self-assessment plan, operating policy, 
quality policy, internal control 
and risk management policy, Code of Conduct, data protection 
and 
information security policy and environmental policy) guide operations 
in addition to common processes, guidelines, operational procedure 
rules and standards. Policies and procedures pertaining to the data 
protection of patient data are documented in the company's 
Data 
Protection Handbook for patient care. The Current Care Guidelines 
and the legislation and regulatory obligations applicable to the industry 
and the operations of private service providers, as well as customer 
agreements, are also key requirements implemented 
in operations that 
Terveystalo 
complies with. The company’s policies are in line with, or exceed, 
the internationally recognised norms related to end-users and 
pertaining to business and human rights, such as the UN Guiding Principles. 
In accordance with Terveystalo’s 
human rights policy, the company is committed 
to respecting human rights in accordance with the UN 
Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises. 
Terveystalo 
is also committed to 
the international human rights framework (Universal Declaration 
of Human Rights, the International Covenant on Civil and Political Rights 
and the International Covenant on Economic, Social and Cultural Rights) and the ILO 
Declaration on Fundamental Principles and Rights at 
Work (freedom of association, the right to collective bargaining, 
the elimination of all forms of forced or compulsory labour, 
the abolition of 
child labour, the elimination of discrimination in respect of 
employment and occupation, a safe and healthy working environment). 
Should 
any activities have the potential to affect 
vulnerable groups, Terveystalo 
also takes into account other international norms 
and principles, 
such as the Convention on the Rights of the Child.
During the reporting period, Terveystalo 
was not made aware of any incidents related to end-users 
of services that involved non-
compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at 
Work and the OECD Guidelines for Multinational Enterprises. 
The following paragraphs describe the key policies and procedures 
that guide operations with regard to access to care 
and the quality and 
effectiveness of care, as well as the customer experience, patient 
data protection and information security. 
Terveystalo’s 
Code of Conduct and internal control and risk management policy are described in section G1 – Business conduct on 
pages 
97–99 of the sustainability statement. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
85 
Self-assessment plan 
In Finland, pursuant to the Act on the Supervision of Social Welfare and Health Care (741/2023), the service provider must 
supervise the 
quality and appropriateness of its own operations and those of its subcontractors, 
as well as customer and patient safety. 
Service organisers 
and service providers that provide services at more than one service unit are required to draw 
up a self-assessment plan in electronic 
format regarding the tasks and services they are responsible for, 
and publish the self-assessment plan in a public information network or in 
another manner that promotes public access to the information in question. A service provider's self-assessment 
plan covers all of the 
service provider's service units. In order to ensure the quality, appropriateness 
and safety of daily operations and to monitor the adequacy 
of the personnel involved in customer and patient work, the service provider must draw 
up a self-assessment plan covering all the services 
provided in the service unit by and on behalf of the service provider. 
The self-assessment plan must include a description of the procedure for reporting and learning of incidents. The service provider must 
draw up the self-assessment plan electronically and publish it in a public information 
network or in another manner that promotes public 
access to the self-assessment plan and keep the self-assessment plan publicly accessible at the service unit. 
Pursuant to the Act on the Supervision of Social Welfare and Health Care Services, the implementation 
of the activities described in the 
service unit’s self-assessment plan must be monitored and any deficiencies observed 
in the course of monitoring must be rectified. A report 
must be prepared on the monitoring, and changes implemented as a result of the monitoring activities must be published at fou 
r-month 
intervals in a public information network or in another manner that promotes public access to 
the information in question, and the 
information must be kept publicly accessible at the service unit. 
The self-assessment programme and observations made on the basis of the monitoring of the implementation of the self-assessment 
programme must be published at four-month intervals in a public information 
network or in another manner that promotes public access to 
the information in question. 
Terveystalo 
adheres to a self-assessment plan drawn up in accordance with the guidelines of the National Supervisory Authority for Welfare 
and Health (Valvira). The self-assessment plan is supplemented 
by operating handbooks and process maps with related procedures 
and 
work instructions. The self-assessment plan defines how Terveystalo 
looks after clinical quality and patient safety in its operations. Each 
site 
must have defined practices for implementing the measures presented 
in the self-assessment plan. 
Terveystalo’s 
self-assessment plan is drawn up by the persons in charge of each function and approved by the 
Chief Medical Officer. 
The 
implementation of the self-assessment plan is monitored in internal and external audits, for example. 
Terveystalo 
publishes its self-assessment plan and programme on its website. The monitoring of the self-assessment 
plan is reviewed 
quarterly by the Group's Patient Safety Team 
and any changes are reported every four months when the 
self-assessment plan is updated. 
Operating and quality policy 
In all of its activities, Terveystalo 
is committed to the high quality and continuous development of its operations. Terveystalo’s 
quality 
efforts are guided by Terveystalo’s 
mission, values and strategy. 
Terveystalo’s 
strategic priorities, harmonised processes and measurability 
help steer operations toward consistent 
high quality. Terveystalo’s 
quality policy is approved by the Quality Steering Group, which is also 
responsible for monitoring its implementation. 
Terveystalo’s 
quality policy serves as the foundation for quality targets and the development of processes 
to ensure quality management, 
and it describes Terveystalo’s 
commitment to high quality standards and the continuous improvement 
of operations. Quality efforts 
support Terveystalo’s 
mission, values and strategy. 
The cornerstones of Terveystalo’s 
quality management system are patient safety 
and national legislation. It comprises clinical, operational 
and experienced quality. Terveystalo 
measures, monitors and manages its quality systematically and in a target 
-driven manner at all levels 
of the organisation. 
Medical quality and effectiveness are measured extensively, 
and the results are utilised in management and development. Patient safety 
is 
a key part of medical quality. Its realisation is 
monitored, for example, by the number of procedure-specific and 
clinic-specific post-surgery 
infections, reported hazardous incidents, official 
requests for clarification, and the decisions of the Patient Insurance Centre. 

 
86 
The management and development of operational quality includes ensuring compliance with operating processes and instructions, 
risk 
management, the implementation of data protection and information 
security, and the promotion of environmental 
responsibility. These 
targets are achieved through audits and self-assessments. 
Feedback from customers and professionals is used extensively 
in the management of experienced quality and effectiveness. 
In 2024, quality management was streamlined and enhanced by harmonising management forums and reporting practices and 
by further 
specifying responsibilities. 
Continuity plan 
As a key healthcare provider, 
Terveystalo 
plays a significant role in access to care at the national level, 
also in exceptional circumstances. 
The continuity plan defines and describes the organisation’s 
operating models for ensuring that Terveystalo’s 
critical services can be 
produced in exceptional circumstances and during disruptions. This, in turn, ensures access to 
medical services and the continuity of 
business. The goals of the continuity plan are to ensure the availability of critical services in medical care and customer 
safety, 
patient safety 
and occupational safety in exceptional circumstances, 
ensure that the organisation’s 
core functions operate with minimal disruptions, 
maintain the capacity to operate in exceptional circumstances 
and recover quickly from disturbances, prepare for threats 
and disruptions 
whose management requires close and extensive cooperation between various 
parties, and establish a clear picture of the key roles, 
responsibilities and tasks in continuity management, as well as the operating guidelines and instructions 
that ensure continuity. Continuity 
management is based on risk assessment and is part of Terveystalo’s 
management and reporting system. The management teams at 
Terveystalo’s 
various organisational levels are responsible for continuity 
management in accordance with the Group’s 
guidance. 
Data protection and information security policies 
The data protection policy sets out the principles, obligations, responsibilities, organisation, 
operating practices and monitoring practices 
that Terveystalo 
observes in the implementation and development of data protection. 
The data protection policy serves as the basis for 
data protection procedures and guidelines, and its purpose is to ensure the realisation of 
the rights and freedoms of Terveystalo’s 
customers, personnel and individual stakeholders 
with regard to personal data. The data protection 
policy sets out the principles and 
methods for ensuring the appropriate processing of personal data 
throughout the life-cycle of personal data; these principles and methods 
guide all activities at Terveystalo. 
It also ensures compliance with legislation governing privacy, 
data protection and other applicable special 
laws. The principles underpinning the policy are legal compliance and transparency, 
purpose limitation, data minimisation, accuracy, 
restriction of storage, integrity and confidentiality. 
All Terveystalo 
personnel must comply with the data protection policy. 
The data 
protection policy is confirmed by Terveystalo 
Group’s CEO and maintained by Terveystalo's 
Legal Affairs department. The policy is updated 
as necessary. In Sweden, Feelgood has its own data 
protection policy, which sets out the principles, obligations, 
responsibilities, 
organisation, operating practices and monitoring practices that 
Feelgood observes in the implementation and development of data 
protection. 
In addition to the data protection policy, 
Terveystalo 
has a comprehensive data protection handbook for patient care. 
Its purpose is to 
provide guidance on the manner and criteria of processing patient data and personal data, 
the circumstances in which data can be 
disclosed, and to which parties data can be disclosed. The data protection handbook for 
patient care is intended particularly for use by 
Terveystalo 
professionals who work with patients. The handbook contains instructions on, among other things, the processing 
of patient 
data, informing patients and patient consent, the disclosure of patient 
data, the data subject's right of access, the rectification and erasure 
of patient record entries, log data requests, suspected misuse and 
data protection incidents, and the storage and destruction of 
patient 
records. The data protection handbook for patient care 
is approved by the Data Protection Officer and confirmed by the Chief 
Administrative Physician. 
The objectives, responsibilities, and implementation methods of information security at Terveystalo 
are set out in the information security 
policy. The key objectives of the information 
security policy are the protection of personal data that is in Terveystalo’s 
possession (e.g. 
customer and patient data), as well as material subject to intellectual property 
rights and copyright, and ensuring their appropriate 
processing; compliance with obligations stipulated by laws, decrees, norms, official 
regulations and contracts; the identification of threats 
to Terveystalo’s 
operations and the appropriate management of information 
risks, and ensuring the reliability and cost-effectiveness of 

87 
information processing. The information security policy is developed according to 
the observations made. The Chief Information Security 
Officer is in charge of the development efforts. 
S4-2 Processes for engaging 
with consumers and end-users 
about impacts 
Terveystalo 
aims to provide an excellent customer experience across 
all of its service channels. Customer feedback provides valuable 
information for the development of operations and services, which aims to strengthen 
Terveystalo’s 
positive impacts on end-users. 
Terveystalo 
collects customer feedback systematically and 
provides several feedback channels, including the Terveystalo 
app, online forms, 
feedback forms at clinics, and oral and written feedback. 
The customer experience and customer satisfaction are measured 
by means of a continuous Net Promoter Score (NPS) survey that is based 
on random sampling and text messages, as well as customer experience surveys aimed at corporate 
customers. The customer experience 
and customer satisfaction are also measured on a professional 
-specific basis after each appointment with a physician. The appointment-
specific effectiveness of care is measured by the Patient 
Enablement Instrument (PEI), which measures the customer’s perceived 
ability to 
cope with their illness or health status after the appointment. The NPS and the PEI index are key 
performance indicators for which 
measurable targets have been set. The targets 
are described on page 120 along with a more detailed explanation of the NPS and PEI 
calculation principles. 
Terveystalo 
has a harmonised procedure and monitoring practices for processing customer feedback. 
Each clinic has a designated quality 
and patient safety officer who is in charge of processing feedback 
and ensures that feedback is carefully processed. Customers 
are always 
provided with a response if they request one. Customer feedback is regularly monitored 
and reported on, and used in internal and external 
quality audits to assess the measures taken and their impacts. Customer feedback is an important 
tool for developing operations and 
increasing customer satisfaction. The Executive Vice Presidents 
in charge of each business area are responsible for ensuring that customer 
feedback is taken into account in the monitoring, implementation 
and development of overall quality in their respective areas. 
Terveystalo 
does not have a separate customer feedback process 
with regard to data protection or information 
security, but the 
end-user 
can provide feedback in the same way as for 
other services. Incident reports can be made regarding information security and data 
protection. 
S4-3 Processes to remediate 
negative impacts and channels 
for consumers and end-users to 
raise concerns 
Terveystalo’s 
customers have access to several channels to raise 
concerns and report any deficiencies or adverse incidents related 
to the 
care or service they have received. A brief description of these channels and the processes for handling feedback 
or reports received 
through them is provided below. 
Incident report 
All Terveystalo 
employees have an obligation to submit an incident report if they observe an issue that jeopardises 
patient safety, 
customer 
safety or data protection. Incidents are classified as either near misses or hazardous 
incidents depending on the nature of the incident. In a 
near miss, an incident that jeopardises patient safety, 
customer safety or data protection nearly occurred, 
but the adverse incident was 
avoided either by chance or because the observed hazard was addressed. For example, 
if a patient was about to be given the wrong dose of 
medication but this was prevented by double-checking, the incident would be classified as a near miss. 
A hazardous incident means that an incident that jeopardises a patient’s safety 
or data protection actually took place, such as when a 
patient is given the wrong dose of medication or a patient's sensitive information is disclosed to 
third parties. The notification is made by 
Terveystalo’s 
personnel using an electronic form. The patient, customer, 
relative or a family member, 
can also submit an incident report 
using the dedicated form available on Terveystalo’s 
website. 
In the incident processing procedure, an e-mail alert is sent for each incident report to the clinic’s 
quality and patient safety officer, 
the 
feedback and incident handlers and the physician in charge of the clinic. The quality and patient 
safety officer and the feedback and incident 
handler are responsible for initiating the processing of the incident and coordinating the processing 
with the persons in charge of different 
functions. The physician in charge of the clinic is responsible for the medical assessment of the incident. The quality and patient 
safety 

 
88 
officer and the feedback and incident handler ensure that a root cause analysis is carried out and corrective 
measures are taken. In 2024, 
the proportion of near-miss reports at Terveystalo 
was 54.1 (54.3) percent of incidents.
Patient ombudsperson 
In healthcare and social services, patient ombudspersons and social services ombudspersons are appointed to ensure the rights and legal 
protection of patients and the clients of social services (Act on Patient Ombudspersons and Social Services Ombudspersons 739/2023). 
The 
legislation applies to the wellbeing services counties and the City of Helsinki and HUS Group. The wellbeing services counties and the City of 
Helsinki are responsible for patient ombudsperson and social services ombudsperson activities also when it comes to private 
service 
providers. If necessary, Terveystalo's 
customers can contact the patient ombudsperson of their wellbeing services county or the City 
of 
Helsinki for help or advice. 
Objections in healthcare 
A patient who is not satisfied with the healthcare or medical care or the related treatment 
received by him/her has the right to file an 
objection on the matter to the director responsible for healthcare 
in the healthcare unit in question (Act on the Status and Rights of 
Patients, Patient Act, 1992/785, section 10). If the patient is unable to file an objection themselves 
due to illness, incapacity or similar 
reason, or if they are deceased, the objection may also be filed by their legitimate representative, 
family member or other related party. 
The operational unit must adequately inform its patients of the right to 
object, and make it as convenient as possible for patients 
to file an 
objection. As a rule, objections should be filed in writing. However, 
an objection can also be submitted orally if there is a special reason for 
it. The operational unit must process the objection appropriately and provide a written 
response within a reasonable period of time after 
the objection has been filed. The response must be justified in the manner required by the nature of the case. 
The response to an objection cannot be appealed. Filing an objection does not restrict the patient’s right to file a complaint 
about their 
care, or treatment related to their care, 
with the supervisory authorities for healthcare. 
Complaints in healthcare 
Anyone who is dissatisfied with their care, treatment or related 
procedures may file a complaint in accordance with Chapter 8a of the 
Administrative Procedure Act. Filing an objection does not prevent 
a person from filing a complaint. As a rule, complaints are filed with the 
Regional State Administrative Agency (AVI). 
Complaints can be filed with the National Supervisory Authority for Welfare and Health (Valvira) 
only in special circumstances. 
Notice of injury
The patient has the right to file a notice of injury with 
the Patient Insurance Centre
 
(PIC) if there is a suspicion of patient injury or medical 
malpractice. In that case, the issue is investigated and resolved 
by the PIC. The patient ombudsperson for the wellbeing services county 
provides advice on filing a notice of injury. 
In 2024, Terveystalo's 
ratio of compensated patient injuries to the total number of 
appointments was 0.0005 (0.0016) percent.
Whistleblowing channel 
Consumers and end-users can report ethics-related shortcomings 
or legal violations via Terveystalo’s 
whistleblowing channel (WhistleB). 
The whistleblowing channel and the processing of whistleblower reports are described in more detail in section G1 – Business conduct 
on 
page 102–103 of the sustainability statement. 
Calculation principles 
Near misses/hazardous incidents 
The purpose of the metric is to improve patient safety. 
The ratio of near misses to hazardous incidents indicates how 
well Terveystalo 
anticipates potential risks. The factors leading to the near miss are 
identified through root cause analysis and decisions are made on 

89 
measures to prevent hazardous incidents. The figure includes all appointments 
in Terveystalo's 
Finnish operations, excluding staffing 
services, outsourcing, child welfare services and massage services. The figure does not include data protection incidents.
Reimbursed patient claims/all appointments 
The ratio of reimbursed patient claims to the number of appointments with a physician 
describes the proportion of appointments that 
result in reimbursed patient claims. Notices of injury reported in the indicator are expressed 
relative to the number of appointments in the 
year the report is received. The figure includes all appointments in Terveystalo's 
Finnish operations, excluding staffing services, outsourcing, 
child welfare services and massage services. 
When interpreting the indicator, 
it should be noted that the figures change as the Patient 
Insurance Centre issues decisions on cases and Terveystalo 
is informed of the decisions. The Patient Insurance Centre takes 
eight months on 
average to process notices of injury. 
S4-4 Taking action on 
material impacts on consumers 
and end-users, and approaches 
to managing 
material risks and pursuing 
material opportunities related to 
consumers and end-users, and 
effectiveness 
of those actions 
The most significant positive sustainability impact of Terveystalo’s 
operations arises from providing fluent, caring and effective 
integrated 
care to customers, which is also the core of Terveystalo’s 
business strategy. 
The goal of Terveystalo’s 
integrated care model is to seamlessly combine the different 
stages of care and create positive impacts on 
different customer groups. For the consumer customer, 
value is created by quick access to appropriate care, continuous 
support 
throughout the care path, and the best possible outcomes of care. For companies, value is 
created by reducing sickness absences and 
related costs through effective 
preventive measures and care paths. For insurance 
companies, value is created by efficient care 
paths that 
speed up recovery and thus reduce the total costs of the insurance event. 
For the public sector, value 
is created by cost-effective and 
high-
quality partnership models for addressing bottlenecks in the healthcare system. 
Terveystalo 
evaluates the success of its care models from 
many different perspectives, including the experiences 
of patients and diagnosis-specific effectiveness indicators. 
In addition, quick access 
to care and an excellent customer experience are key 
quality criteria. Terveystalo 
continuously develops its services across the entire care 
path, including prevention, assessment of the need for care, appointments, diagnostics, 
day surgery and rehabilitation. 
The medical strategy for healthcare services, which supports the Group’s 
business strategy and its implementation, sets out the most 
important measures and initiatives aimed at improving access to care and the quality and effectiveness 
of care, as well as the customer 
experience. Measures have been defined for all stages of the care 
path, and their implementation is monitored with the help of targets and 
indicators. In the Portfolio Businesses segment, the key 
focus area is the development of cooperation with Finland’s 
wellbeing services 
counties, which are primarily responsible for organising public healthcare and social welfare 
services.
The following paragraphs describe the most significant planned measures, as well as the measures 
initiated or implemented in 2024, to 
promote positive impacts on Terveystalo’s 
customers. 
Integrating blood analysis technology into occupational 
health to improve the prevention of illnesses 
From the beginning of 2024, Terveystalo’s 
occupational health customers in Finland gained access to Nightingale Health blood 
analyses as 
part of occupational health check-ups. The technology helps detect the risk of the most common chronic diseases, and Terveystalo's 
occupational health services can use it to help prevent diseases. Terveystalo 
looks after the health of approximately 730,000 Finns of 
working age and offers more and more people a view of their personal 
susceptibility to common chronic diseases and support for lifestyle 
changes. 
Common chronic diseases reduce work ability and require continuous monitoring, but many of them are preventable. 
By the end of 2024, 
approximately 115,000 of Terveystalo's 
individual occupational healthcare customers had received a risk report based on a blood analysis. 
In 2025, the aim is to particularly develop various interventions, such as digital lifestyle coaching, in order to 
reduce the risks of illness 
detected among customers. Monitoring will be used to ensure that the interventions 
actually reduce these risks. 

90 
Treatment model for chronic diseases 
promotes the health and well-being of occupational health customers 
In 2024, Terveystalo 
introduced a treatment model for chronic diseases for its occupational 
health customers in Finland. In the treatment 
model, the customer’s individual situation regarding the need for 
treatment of a long-term illness is assessed automatically and the 
customer is contacted if, based on 
the assessment, the treatment of the illness at Terveystalo 
does not appear to be implemented in 
accordance with the national Current Care Guidelines. Medical criteria have been applied to select the diseases covered 
by the treatment 
model. It covers chronic illnesses that are common among people of working age and which, when the balance of care 
is poor, cause the 
most health problems, affect coping and reduce work ability. 
The medical conditions covered by the model are type 2 diabetes, 
hypertension and high cholesterol. The treatment model aims to ensure that monitoring 
is carried out in the optimal manner and the 
progression of the disease and any resulting complications and work ability-related challenges are 
prevented. The plan for 2025 is to expand 
the model to include other chronic diseases and develop the automation of treatment plans. 
Symptom Assessment tool facilitates 
access to care and smoother workflows for healthcare 
professionals 
In autumn 2023, Terveystalo’s 
occupational health customers in Finland were given access to the Symptom 
Assessment tool, a CE-marked 
medical device that makes the use of occupational health services smoother in the event of illness. The tool refers 
customers to the 
appropriate specialist and the right service channel in a timely manner. 
In 2024, the customer guidance model was further developed based 
on customer feedback in order to improve the service so that it meets the needs of customers 
and professionals even better. 
When an 
occupational health customer uses Terveystalo’s 
digital service channels, they are requested to describe their symptoms. The Symptom 
Assessment tool analyses the customer's responses and determines the urgency of the case. Based 
on this assessment, the customer is 
referred to the appropriate service channel and specialist. The results 
of the analysis are forwarded to the receiving specialist in advance, 
which speeds up the treatment process and makes the service smoother and more streamlined. The 
Symptom Assessment tool reduces the 
need for the customer to make their own assessments of whom to turn to. For 
example, a customer with musculoskeletal symptoms 
can be 
referred directly to an appointment with a physiotherapist 
instead of a physician. The system also distinguishes 
between cases in which 
care can be provided remotely and cases that require an in-person 
appointment. 
The effectiveness and benefits of the Symptom Assessment tool are assessed by customer 
feedback, among other things; customers have 
given an average score of 4/5 for the ease of use of the tool. 
Terveystalo’s 
care paths support self-care and improve the 
efficiency of healthcare operations 
Since 2021, Terveystalo 
has developed care paths based on the Current Care Guidelines and other generally accepted clinical 
practice 
guidelines. The aim of care paths is to ensure the consistency and effectiveness 
of care, support the work of healthcare professionals, 
promote the health of customers and ensure the implementation of diagnostics and monitoring. 
Care paths serve as a tool for healthcare professionals. The patient 
information system provides them with alerts on treatment 
recommendations and follow-up measures based on the working diagnosis. They include suggested diagnostics, such as laboratory 
and 
imaging tests, and situations in which a specialist consultation or therapies such as brief psychotherapy 
or physiotherapy are 
recommended. The care paths also help the customer by providing clear instructions in the Terveystalo 
app on preparing for examinations, 
self-care and, if necessary, starting therapies. 
For the customer, 
the care paths enable clearer and smoother care and a better 
understanding of the course of care. For healthcare 
professionals, they provide tools that make their 
work easier, reduce the 
administrative 
burden and support decision-making. 
Approximately 80 care paths were in use at the end of 2024. They included care 
paths related to the treatment of lower back pain, 
depression and anxiety, insomnia and paediatric lower respiratory 
tract infections, for example. The aim is to further develop 
the care paths 
in 2025 by, for example, 
automating the monitoring of the effectiveness of care and visualising the care 
process. 
Developing patient safety culture as part of high-quality 
and safe care 
At Terveystalo, 
the development of patient safety is a key 
part of the quality of care and sustainable operations. Patient safety 
culture 
constitutes the foundation of these efforts. Its aim is to create 
an open and trust-based atmosphere in which employees can raise concerns 
and report incidents without fear of sanctions or blame. The systematic processing of 
concerns and incidents ensures that similar situations 

91 
can be prevented in the future. The maintenance and development of 
patient safety culture is supported in various ways, 
including a 
mandatory online course on patient and customer safety. 
The course is included in orientation training for new employees and completing 
the course is mandatory for all employees in care work and personnel whose roles 
include responsibility for patient safety. 
The development of patient safety is supported by a regular customer 
and patient safety culture survey, 
which provides valuable 
information on the current state of operations 
and areas requiring further development. The most recent survey was carried out in 2023. 
It 
was responded to by 1,293 professionals working with patients, 12 percent of whom 
were physicians. The results showed that Terveystalo’s 
patient safety culture is widely held in high regard. Awareness 
of incident reporting and notification systems had improved when 
compared 
to the previous years, and patient safety competence 
was rated as high. 
The results of the 2023 survey were thoroughly analysed by the 
Patient Safety Working Group, 
on the basis of which development areas were identified as priorities for the next two 
-year period. The 
impacts of the development measures will be assessed in the 2025 customer and patient safety culture 
survey, the results of which 
will 
again guide Terveystalo's 
strategic development efforts. 
Health partnership and digital services support the transformation 
of wellbeing services counties
The Portfolio Businesses segment strengthens its connections to Finland’s 
wellbeing services counties through the new Health Partner 
organisation. Finland is divided into 21 wellbeing services counties and the City of Helsinki and HUS Group, which is the specialised 
healthcare provider in the Uusimaa region. The wellbeing services counties and the City of Helsinki and HUS Group are responsible 
for 
organising public healthcare and social welfare services. The wellbeing services counties started 
their operations at the beginning of 2023, 
but the building of their organisations and financial challenges have limited the opportunities for 
developing long-term strategic solutions 
and cooperation with private service providers. Terveystalo 
established the Health Partner organisation in autumn 2024 to focus 
on 
identifying and responding to the individual challenges of the wellbeing services counties. Health partnership includes staffing 
services, 
digital solutions for public services, rehabilitation, child welfare services and public partnerships, i.e. 
outsourcing. Of these, Terveystalo 
focuses particularly on three areas: digital services, ensuring the availability of personnel through staffing 
services and ensuring the 
availability of services by offering Terveystalo's 
service production capacity to the wellbeing services counties. Through more in-depth 
knowledge of their respective regions, Terveystalo 
also aims to develop new services that correspond to the needs of the wellbeing services 
counties. 
The Finnish healthcare and social service system is facing major challenges: the population is ageing, the need for services is growing, 
and 
resources – both human and financial – are limited. 
The production of services must be even more efficient than before, 
and digitalisation 
is one of the key solutions to these challenges. Terveystalo’s 
digital platform enables professionals to make 
more efficient use of their time, 
which creates cost savings for the wellbeing services counties. Automation 
supports the continuity of care, increases efficiency, 
improves 
quality and enhances patient safety. 
Using a single integrated electronic service platform instead of 
multiple individual systems makes the 
use of services easier and clearer for patients. Terveystalo’s 
digital platform is already in use in four wellbeing services counties: 
Southwest 
Finland, Satakunta, South Ostrobothnia and Lapland. 

92 
S4-4 Actions and approaches 
related to the management 
of material impacts on 
end-users, and the 
effectiveness of those actions 
Terveystalo's 
actions concerning patient data protection and information 
security, which is an identified material risk relat 
ed to end-users, 
are described below. The process for 
managing risks related to data protection and information 
security has also been integrated into the 
company's existing general risk management process. 
Actions related to patient 
data protection and information 
security
Terveystalo’s 
personnel must comply with the data protection policy and everyone has a duty to process 
personal data appropriately and to 
highlight any observed deficiencies in data protection. 
The parties responsible for the implementation and management of data protection 
are Group management, the directors responsible for 
specific functions, and unit directors in their respective areas of responsibility. 
As required by law, 
Terveystalo 
Group has a Data Protection 
Officer who performs duties in accordance with the General Data Protection 
Regulation and is responsible for statutory reporting directly 
to 
Group management. Terveystalo 
has data protection teams that discuss and monitor issues related to 
data protection and develop related 
functions and activities. The Data Protection Officer reports on data protection to 
the supervisor on a weekly basis and to Terveystalo’s 
Data Protection Team 
on a quarterly basis. Under the General Data Protection Regulation, the data 
protection requirements in Sweden are 
the same as in Finland, but the local legislation governing healthcare and social services in Sweden differs from 
Finland in certain respects. 
For this reason, in Sweden, Feelgood has its own data protection 
policy, which sets out the principles, obligations, responsibilities, 
organisation, operating practices and monitoring practices that 
Feelgood observes in the implementation and development of data 
protection. Feelgood has appointed its own Data Protection Officer 
to monitor compliance with data protection legislation at Feelgood. 
Information security is an integral part of securing and developing Terveystalo’s 
operations as a whole. Everyone working at Terveystalo, 
or 
for Terveystalo, 
is responsible for ensuring information security at work. In addition to complying with any received 
instructions, everyone is 
also responsible for helping others to use working practices that ensure information 
security. The unit director is responsible for 
ensuring 
that each employee and private practitioner working at the unit is capable of taking information 
security into account at work and for 
ensuring that any observed deficiencies are rectified. The Chief Financial Officer is in charge of the management and development 
of 
information security. The Chief Information 
Security Officer appointed by the Chief Financial Officer is in charge of day-to-day 
information 
security management. 
The duties of the Chief Information Security Officer include the promotion of projects related 
to information 
security, the development of guidelines, advice and training, the specification 
of technical information security requirements, monitoring 
and reporting on the information security situation, and processing information security deviations 
in cooperation with the Data Protection 
Officer, the Group’s 
general administration and the business areas. The Chief Information 
Security Officer reports to the Executive Team 
member responsible for information security and digital services. 
Data protection is closely linked to information 
security, and the realisation of data protection 
is contingent on information security 
measures. At Terveystalo, 
patient data is stored in information security certified patient 
information systems. Terveystalo’s 
patient 
information systems in Finland are category 
A systems in accordance with the regulations issued by the Finnish Institute for 
Health and 
Welfare, and they have undergone 
information security certification in accordance with the regulations related 
to the provision of Kanta 
services. Terveystalo 
currently has category A1 certified products without a Kanta interface. 
In addition, Terveystalo 
uses category A3 
certified patient information systems from 
external suppliers that are connected to the Kanta system. 
Terveystalo’s 
data protection and 
information security is regularly audited in accordance with the ISO 9001:2015 certified quality management system, 
both internally and by 
an external party. In Sweden, Feelgood 
uses a patient information system that is a national 
medical information system registered 
by the 
Swedish Medical Products Agency. 
Feelgood's data protection and information security is regularly 
audited in accordance with the ISO 
27001:2013 certified information security management system, both internally 
and by an external party. 
Terveystalo 
ensures the realisation of the legal rights of data subjects by informing the data 
subjects about the processing of personal data 
and by specifying operating models and instructions for the situations in which the data subjects wish to exercise 
the aforementioned 
rights. A legally compliant data protection notice and other documentation required 
by legislation or the authorities are prepared on the 
processing of personal data. As a rule, data subjects are informed 
of the processing of personal data in connection with the collection of 

93 
personal data. Data subjects can read the data protection 
notice on the controllers’ websites and operating locations. Other additional 
information on the processing of personal data is available on the 
company’s website or in the service in question. 
Terveystalo 
applies the appropriate physical, technical and administrative 
protection measures to protect data from 
misuse. These 
measures include, for example, control and filtering of network 
traffic, use of encryption techniques and secure data centres, appropriate 
access control, controlled granting of access rights and supervising their use, issuing instructions to 
and training personnel participating in 
personal data processing, and risk management related to the planning, implementation and maintenance 
of services. Terveystalo 
chooses 
its subcontractors carefully and uses agreements and other arrangements, 
such as written instructions, to ensure that they process 
data in 
compliance with the law and good data protection practices. 
The Chief Information Security Officer is authorised and obligated to conduct 
assessments and audits related to information security. 
The 
Chief Information Security Officer is responsible for taking action to 
eliminate any identified information security threats and deviations, 
and reporting them to the authorities if necessary. Corrective actions are assessed on a risk basis and they include both technical 
and 
administrative measures. These measures include, for example, 
updating information security practices, increasing the organisation’s 
information security awareness, strengthening technological 
solutions and continuous risk management. Everyone working at Terveystalo 
has an obligation to report any observed information security deficiencies and problems 
to the information security organisation. 
Terveystalo 
provides its personnel with training and instructions on the processing of personal data 
and emphasises the particular 
confidentiality and protection of patient data. An updated mandatory 
data protection course intended for everyone 
at Terveystalo 
was 
introduced in autumn 2023. In connection with this, the course content was revised 
and moved to a new online platform to improve the 
user experience. In 2024, a new online course was introduced for professionals 
whose work involves the disclosure of patient data. 
The 
purpose of the course is to provide training to Terveystalo 
professionals who disclose patient data on the rules and instructions concerning 
the disclosure of patient data. In addition to launching the new online course, Terveystalo 
organised four support workshops related 
to the 
disclosure of patient data during the year. 
S4-5 Targets related to 
promoting material positive impacts 
on end-users 
Terveystalo 
has defined three key targets that 
promote Terveystalo’s 
positive impacts on end-users, namely access to care, the quality of 
care, the effectiveness of care and the customer experience. 
Two of the targets – the NPS for 
appointments and the referral rate 
for brief 
mental health psychotherapy – are targets 
that are also incorporated into the sustainability 
-linked financing framework published in 2023. 
Customers or their representatives have 
not been engaged in the process of setting the targets described below. 
The targets have been set 
by the Executive Team 
as part of the annual strategy process and approved by the company’s 
Board of Directors. The indicators used 
are 
indirect indicators that include several material 
sustainability matters. Indirect indicators 
are used to ensure the broadest possible 
coverage. The actual figures that reflect the achievement of 
the targets have only been verified by the primary provider of third-party 
assurance. Terveystalo 
has not set a target related to the management of 
data protection and information security risks for 
publication in 
the sustainability statement. 
Effective treatment for mental 
health problems 
Mental health problems are among the three most common diagnosis categories at Terveystalo, 
and they are a significant cause of human 
suffering and related sickness absences and early retirement in Finland. The implementation 
of correct and effective treatment 
for mental 
health problems is one of the focus areas of Terveystalo’s 
medical strategy. 
Patients receiving brief psychotherapy 
treatment have been 
found to recover faster than those given only sickness absence and/or 
medication. Those who receive brief psychotherapy treatment 
also 
have fewer sick days. Terveystalo’s 
aim is to increase the use of brief psychotherapy in occupational 
healthcare in the treatment of people 
diagnosed with depression or anxiety disorders. When more and more people receive care 
at an early stage, resources are freed 
up for 
long-term rehabilitative psychotherapy for 
those who need it due to the severity of their condition. Terveystalo 
has systematically 
developed mental health care paths and increased the proportion of patients referred 
to brief psychotherapy. 
Terveystalo’s 
target is to increase the proportion of people diagnosed with depression or anxiety disorders 
who receive a referral to 
brief 
psychotherapy in occupational healthcare to 25 percent 
by 2026. This is an ambitious target, as the number of people suffering from 
depression or anxiety increases every year. 
Reaching the target will require the continued development of 
processes and the training and 
recruitment of professionals, among other measures. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94 
Terveystalo’s 
Fokus Mieli special unit monitors progress towards the target 
and supports its achievement by means of training and 
communications. 
Terveystalo’s 
Fokus Mieli special unit provides specialist services in the fields of psychology, 
neuropsychology, psychiatry, 
psychotherapy, 
substance abuse medicine and sex therapy. 
The unit assesses, supports and manages mental health by providing services to 
occupational health, organisations, communities and private customers 
regardless of age, also via remote channels. 
In 2023, Terveystalo 
deployed a reporting tool that the physicians in charge of each Terveystalo 
unit can use to examine the progress 
towards the target in their area of responsibility and compare the 
results with those of similar units. 
In 2024, the proportion of occupational health patients referred to brief psychotherapy 
was 14.8 (10.8) percent of all occupational health 
patients diagnosed with anxiety or depression. The result for 2024 was in line with the target. 
Excellent customer experience 
Terveystalo 
strives to stand out by offering fluent and effective 
healthcare services that convey a feeling of caring to the customer. 
NPS (Net 
Promoter Score) is Terveystalo’s 
most important indicator of the quality of the customer experience. 
Terveystalo 
develops its services by 
listening to its customers, streamlining processes from 
both the customer’s and the professional’s 
perspective, and by utilising new 
technology. The Net Promoter Score 
(NPS) measures the individual customer’s experience of the service they receive. NPS is closely linked 
to customer loyalty: a satisfied customer is less likely to 
switch to a competitor and is more committed to 
the company they use and the 
services it offers. NPS expresses the willingness to recommend, i.e. how likely 
the customers are to recommend Terveystalo’s 
services to 
others. 
NPS is a sensitive indicator – it reacts quickly to patient satisfaction 
or dissatisfaction. The customer experience can be influenced, 
for example, by the availability of appointments, the perceived 
quality of care, interaction with a professional or other personnel, 
or the 
feeling of being heard. 
Terveystalo’s 
NPS target is 83 for appointments and 95 for hospitals. 
In 2024, the NPS for appointments was 87.7 (84.8) and the NPS for 
hospitals was 96.2 (94.5), which 
were
 
in line with the targets. 
 
Effective care at every appointment 
Terveystalo 
aims to provide its patients with the most effective care. 
The company measures the appointment-specific effectiveness of 
care 
with the Patient Enablement Instrument (PEI). PEI measures the customer’s perception of 
coping with their illness or condition after an 
appointment, i.e. whether the customer feels that they are able to cope 
with their symptom or illness much better, 
better, 
same as before, 
or worse after the appointment (on a scale of 1–4). PEI is commonly used in Finnish primary healthcare. Terveystalo’s 
target for the PEI 
index is at least 71 percent. In 2024, the PEI index was 69 (66) percent. In other words, 
approximately 69 percent of Terveystalo’s 
customers 
felt that they are able to cope better or much better with 
their illness after the appointment. 
Target
Metric (KPI)
Scope
Target 
level
Target 
year
Base year
2024
2023
2022
Increase the share 
of occupational 
healthcare 
patients diagnosed 
with anxiety or 
depression and 
who are referred 
to brief 
psychotherapy to 
25% by 2026
The share of 
occupational 
healthcare patients 
diagnosed with 
anxiety or 
depression and who 
are referred to brief 
psychotherapy
Occupational 
health 
customers in 
Finland 
25%
2026
2022
14.8%
10.8%
8.5%
Maintain a 
customer 
satisfaction score 
of 83 at a 
minimum
NPS (Net Promoter 
Score) for 
appointments 
Terveystalo’s 
customer 
appointments in 
Finland
At least 83
Continuous
2022
87.7
84.8
82.7
For hospitals, 
maintain a 
customer 
satisfaction score 
NPS (Net Promoter 
Score) for hospitals 
Customers who 
visited 
Terveystalo’s 
hospitals in 
At least 95
Continuous
2022
96.2
94.5
95.3

 
 
 
 
 
 
 
 
 
 
 
 
 
95 
of 95 at a 
minimum
Finland
PEI index of 71 
percent at a 
minimum
PEI index (Patient 
Enablement 
Instrument)
Customers who 
have had an 
appointment 
with a physician 
in healthcare 
services
At least 
71%
2026
2024
69%
66%
-
Other indicators of the 
quality of care 
In addition to the aforementioned targets and key 
performance indicators, Terveystalo 
monitors its clinical, experience-based and process 
results extensively. Terveystalo 
publishes its continuously updated quality indicators on its website. The achievement 
of the quality targets 
is monitored by Terveystalo’s 
Quality Steering Group on a quarterly basis. The actual figures for the indicators 
have been verified only by 
the company’s assurance service provider.
Availability of care as measured by T3 (the third available appointment), clinics 
Terveystalo 
aims to continuously improve access to care, for 
example by developing digital services and making the work of healthcare 
professionals more streamlined. The availability of care 
is measured by the T3 indicator, 
which is the number of days until the third 
available non-urgent appointment at the clinics of the Healthcare Services business area. In 2024 the 
T3 indicator for appointments with a 
physician was 1.2 (1.7). Access to care is improved by the availability 
of 24/7 digital appointments with a general practitioner, 
which are 
offered in addition to in-person appointments. The waiting time for 
digital appointments is measured in seconds on average. 
Basis of preparation of 
the indicators 
The share of occupational healthcare patients diagnosed 
with anxiety or depression and who are referred to brief 
psychotherapy 
The indicator is calculated by dividing the number of occupational healthcare patients with a diagnosis of depression or anxiety 
and who are 
referred to brief psychotherapy 
by the total number of occupational healthcare patients with a diagnosis of depression or anxiety. 
Occupational healthcare patients are in Finland, Sweden is not included in the figure. 
There was an error in the 2023 figure given for the referral 
rate for brief mental health psychotherapy 
(12.6 percent) in the 2023 
sustainability report. The figure was restated 
in the 2023 status report on the sustainability-linked bond. In 2023, the proportion of 
occupational healthcare patients referred to brief 
psychotherapy of all occupational healthcare patients diagnosed with anxiety 
or 
depression was 10.8 percent, not 12.6 percent. Sustainability reporting on the year 2023 was 
voluntary and not aligned with the ESRS 
standards. 

96 
NPS (Net Promoter Score) 
The NPS for appointments measures the individual patient's experience of the service received shortly after the 
service experience. The 
patient is asked to assess how likely (on a scale of 0–10) they are to 
recommend Terveystalo’s 
services. The Net Promoter Score is 
calculated by subtracting the share of those who gave a score 
of 0–6 (detractors) from the share of those gave 
a score of 9–10 (promoters). 
The NPS for appointments includes customers who have had an in-person appointment 
with Healthcare Services in Finland. 
The NPS is measured by means of a survey sent by text message in cooperation with Confidently. 
The text messages are sent to customers, 
based on random sampling, four hours after the appointment (or the next day if the appointment 
is in the evening). The condition is that 
the same customer must not have been sent the survey within the previous 30 days. The NPS survey 
for hospital services is sent after each 
visit if the customer has not received the survey within the previous 30 days. 
The NPS for hospitals includes customers who have visited the hospitals of Healthcare 
Services. The Group's services in Sweden are not 
included in these NPS measurements. The reported NPS figures are based on actual results from the 90 days 
preceding the end of the 
reporting period. 
PEI index (Patient Enablement 
Instrument) 
The PEI index is used to measure the customer's perceived ability to cope with their symptom 
or illness after an in-person appointment. The 
scale is 1–4. The customer is asked to assess whether they are able to cope 
with their symptom or illness much better (4), better (3), same 
as before (2), or much worse (1) after the appointment. The PEI index 
is calculated by taking the percentage of patients who felt 
they are 
able to cope with their health condition better or much better and comparing it to the total 
number of respondents. The PEI index includes 
customers who have had an appointment with a physician in Terveystalo's 
Healthcare Services segment. The customers of the Portfolio 
Businesses segment are not included in the PEI measurement. The Group's services in Sweden are also excluded from 
PEI measurements. 

 
97 
G1 – Business conduct 
Operating ethically and responsibly is an integral element of Terveystalo’s 
values and strategy. 
Terveystalo’s 
Code of Conduct and Supplier 
Code of Conduct provide a framework that helps ensure compliance with Terveystalo’s 
values, internal guidelines and the applicable 
legislation. They support a company culture that takes ethical 
perspectives into account and combines a high work ethic, professionalism, 
solution-oriented cooperation and the pursuit of measurable impact in everything the company does. 
Responsible business is also 
financially profitable and sustainable.
The material impacts, risks and opportunities related to business conduct have been identified in the 
company’s double materiality 
assessment (described on pages 48–50). The sustainability matters identified as material in the 
double materiality assessment in relation to 
business conduct are: 
●
corporate culture (positive impact and risk), 
●
responsible supply chain (positive impact and risk), 
●
prevention of corruption and bribery (positive impact and risk), 
●
respect for human rights (negative impact and risk) and 
●
responsible tax payment (positive impact)
. 
The identified material impacts, risks and opportunities related to business conduct are presented 
on pages 46–47 of the sustainability 
statement. 
G1–1 Business conduct policies and 
corporate culture 
Business conduct policies 
Code of Conduct 
The Code of Conduct translates Terveystalo’s 
values into concrete principles that constitute the foundation 
for Terveystalo’s 
day-to-day 
operations and decision-making. Ethics, responsibility and compliance are essential in Terveystalo’s 
operations, also due to the sector the 
company operates in. Terveystalo’s 
business is guided by the legislation governing the industry and private healthcare services, as well as 
the regulations and requirements established by the authorities. The work of healthcare professionals 
is also guided by the ethical 
standards of their specific professional groups. 
The Code of Conduct supports Terveystalo's 
corporate culture and provides a framework that 
helps ensure compliance with Terveystalo’s 
values, internal guidelines and the applicable legislation. The Code of Conduct also reflects Terveystalo’s 
commitments to its key 
stakeholders. Terveystalo 
is committed to promoting ethical business practices and requires 
that all of the company’s operations are 
conducted in compliance with the applicable laws and regulations. In addition to compliance with legislation and Terveystalo’s 
Code of 
Conduct, Terveystalo 
aims to observe widely accepted ethical standards, such as the UN Global Compact (UNGC) principles. Terveystalo 
also 
continuously develops its compliance program and the related processes 
and controls to ensure that they correspond to 
the changes in the 
operating environment. 
The Code of Conduct serves as a shared compass for everyone at Terveystalo. 
The Code of Conduct comprises Terveystalo’s 
key principles 
regarding compliance with legislation and ethical business principles, anti-bribery and anti-corruption, 
avoidance of conflicts of interest, fair 
competition and the prevention of money laundering, environmental compliance, ensuring privacy 
and patient safety, 
employee equality, 
non-discrimination and the freedom of association, compliance with insider regulations, responsible communications and the reporting of 
misconduct, among other things. The Code of Conduct is connected to the following material sustainability matters 
related to business 
conduct as defined by Terveystalo: 
corporate culture, responsible supply chain, prevention of corruption and bribery, 
and respect for 
human rights. 
Everyone at Terveystalo 
is required to observe the Code of Conduct, regardless of their business unit or role. The same Code of Conduct 
is 
also observed at Feelgood in Sweden. 

98 
Terveystalo’s 
Board of Directors approves the Code of Conduct. Management and supervisors are 
responsible for the communication and 
implementation of the Code of Conduct, and monitoring compliance with the Code of Conduct. Terveystalo’s 
Legal and Compliance 
department supports the organisation with issues related to the Code of Conduct and provides training to 
the personnel on the Code of 
Conduct. Terveystalo’s 
Code of Conduct is published and available to everyone on the company’s external 
website. 
Supplier Code of Conduct 
Terveystalo 
Group also expects its suppliers to observe high standards of sustainability with regard 
to ethical, social and environmental 
perspectives, as well as occupational health and safety. 
Each year, 
Terveystalo 
purchases services, materials and supplies for its clinics from 
approximately 4,400 suppliers. Of these, the 180 largest 
suppliers account for about 80 percent of total 
purchasing expenditure. The largest 
procurement categories are ICT purchases, the rental 
of premises and subcontracted services, such as laboratory services. 
Terveystalo 
Group’s Supplier Code of Conduct sets out the minimum requirements 
that all suppliers and partners need to satisfy in order to 
engage in business with Terveystalo 
and its subsidiaries. All of Terveystalo’s 
contract suppliers and suppliers participating in tendering 
processes are required to accept Terveystalo’s 
Supplier Code of Conduct. The topics covered by the Supplier Code of Conduct include health 
and safety, environmental 
protection, human rights, labour rights, ethics and integrity in business, responsible tax 
payment and systems for 
managing the sustainability of operations. Sustainable operating practices are 
developed in cooperation with Terveystalo’s 
contractual 
partners. The Supplier Code of Conduct is connected to all material sustainability matters 
related to business conduct as defined by 
Terveystalo:
 
corporate culture, responsible supply chain, prevention of corruption and bribery, respect for human rights and 
responsible tax payment
. 
Terveystalo’s 
Supplier Code of Conduct was last updated in late 2023 and is available on Terveystalo’s 
external website. Terveystalo 
Plc’s 
Board of Directors approves the Supplier Code of Conduct. Other policies and documents that support Terveystalo’s 
sustainable 
procurement and supplier cooperation include Terveystalo’s 
procurement policy, the related 
procurement guidelines, the supplier 
management handbook, and audit plans. 
Processing instructions for the reporting channel 
The principles and practices according to which all parties operating within Terveystalo’s 
organisation or as Terveystalo 
Group’s partners 
can report suspected crimes, violations, misconduct or other deviations confidentially are set out in the processing 
instructions for 
Terveystalo’s 
reporting channel, which are available to everyone in Finnish on Terveystalo's 
external website. The processing instructions 
for the reporting channel include the principles and practices related to the submission of reports, the processing and investigation 
of 
reports, sensitive data and data storage, 
processing time limits, disqualification of the processor, 
protection of the person who submitted 
the report, and the functions and persons that process reports, among other things. The processing instructions do not supersede the rules 
or obligations arising from national legislation or EU law. 
The processing instructions for the reporting channel apply to Terveystalo’s 
employees, private practitioners, shareholders, 
management, 
trainees and other persons who have observed violations in the course of their work, and who have 
submitted a report through 
Terveystalo’s 
reporting channel or to a Terveystalo 
representative (supervisor, 
management), unless otherwise stated in the processing 
instructions. 
The processing instructions and the related processes were updated in 
early 2023 following the entry into force of the Act on the Protection 
of Persons Reporting Infringements of European Union and National Law 
(1171/2022, as amended). The processing instructions are 
updated as necessary. Terveystalo’s 
Legal and Compliance department is responsible for maintaining and updating the processing 
instructions. Also, the violations of the processing instructions must be reported to Terveystalo’s 
Legal and Compliance department. 
In Sweden, Feelgood Svenska AB and its subsidiaries have their own reporting channel for 
internal use and processing instructions for the 
channel. Feelgood's processing instructions include the principles and practices related to whistleblower 
protection, internal reporting 
channels and the submission of reports, the investigation of received reports, the persons 
processing reports, processing time limits and the 
processing of personal data, among other things. 

99 
The processing instructions for the reporting channel are connected to all material sustainability 
matters related to business conduct 
as 
defined by Terveystalo:
corporate culture, responsible supply chain, prevention of 
corruption and bribery, respect for human rights and 
responsible tax payment.
Competition law guidelines 
Terveystalo’s 
Code of Conduct includes a commitment to fair, 
honest and legally compliant competition. All Terveystalo 
employees are 
required to comply with laws, regulations and internal guidelines pertaining to 
competition, including Terveystalo 
Group’s competition law 
guidelines. The Group's competition law guidelines include instructions on compliance with competition rules in relation to competitors, 
suppliers, independent private practitioners and customers, 
as well as instructions pertaining to memberships in industry associations, 
among other things. The competition law guidelines are connected to following material sustainability 
matters related to business conduct 
as defined by Terveystalo: 
corporate culture, responsible supply chain, prevention of 
corruption and bribery, and responsible tax 
payment. 
The Executive Team 
member in charge of legal affairs is responsible for 
the competition law guidelines. Each member of the Executive Team 
is responsible for compliance with the guidelines in their respective areas of responsibility. 
Terveystalo’s 
Legal and Compliance department 
is responsible for maintaining and updating the competition law guidelines. 
Internal control and risk management policy 
Terveystalo’s 
internal control and risk management policy sets out the purpose, objectives and responsibilities of internal control 
and risk 
management, and describes the risk classification and risk management structures and the risk assessment process. The internal 
control 
and risk management policy is connected to all material sustainability matters 
related to business conduct as defined by Terveystalo:
corporate culture, responsible supply chain, prevention of corruption and bribery, respect for human rights and responsible 
tax 
payment
. 
The purpose of internal control is to ensure that Terveystalo’s 
operations are efficient and effective, 
the information used by the senior 
management in decision-making is reliable, policies are observed, and Terveystalo 
operates in compliance with laws and regulations. 
Internal control supports the supervisory work of the Board of Directors and comprises any 
measures and procedures aiming to ensure the 
achievement of said goals. Internal control covers 
the organisation’s internal 
operating environment, goal-setting, risk management, 
control 
measures, information flow, 
communications, and monitoring. Internal control is integrated 
into Terveystalo’s 
management and reporting 
system. Internal control is carried out by Terveystalo 
Plc’s Board of Directors, 
the Audit Committee, Group management, operational 
management and employees, and the Group’s internal 
audit and quality assurance function. The Group has an outsourced internal audit 
function. 
The purpose of risk management is to support the achievement of business goals by supporting decision-making. It helps to ensure the 
fulfillment of the customer promise, patient safety and occupational safety, 
high-quality services, financial performance, business 
continuity, a good public image for 
the company, and corporate 
social responsibility. Risk management also involves 
conscious risk-taking to 
seize opportunities. The objectives of risk management include ensuring Terveystalo’s 
clinical quality and patient safety, 
the fulfillment of 
customer promises, business continuity and the achievement of strategic 
and operational targets, as well as ensuring personnel 
competence and occupational safety, 
information security and data protection. Terveystalo 
Plc’s Board of Directors 
is responsible for the 
adequacy of risk management. The CEO is in charge of the organisation of risk management and guides and monitors 
risk management at 
the executive level. The other members of the Executive Team 
support the CEO in implementing risk management, monitoring operational 
risks, assessing risks, and implementing measures related to risks. 
The internal control and risk management policy is approved by Terveystalo 
Plc's Board of Directors. Terveystalo’s 
internal control, risk 
management and internal auditing are described in more detail in Terveystalo’s 
Corporate Governance Statement. 

100 
Policies related to respect for human rights 
Terveystalo 
is committed to respecting the fundamental rights and freedoms of all individuals in accordance 
with international human 
rights standards. Terveystalo’s 
first human rights policy, approved 
in January 2025, emphasises the company’s commitment and approach 
to respecting human rights. Terveystalo’s 
mission to “fight for a healthier life” is the foundation of the human rights policy. 
The human 
rights policy is connected to following material sustainability matters 
related to business conduct as defined by Terveystalo 
: 
corporate 
culture, responsible supply chain, and respect for human rights.
In accordance with Terveystalo’s 
human rights policy, the company is committed 
to respecting human rights in accordance with the UN 
Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises. Terveystalo 
is also committed to 
the international human rights framework (Universal Declaration 
of Human Rights, the International Covenant on Civil and Political Rights 
and the International Covenant on Economic, Social and Cultural Rights) and the ILO 
Declaration on Fundamental Principles and Rights at 
Work (freedom of association, the right to collective bargaining, 
the elimination of all forms of forced or compulsory labour, 
the abolition of 
child labour, the elimination of discrimination in respect of 
employment and occupation, a safe and healthy working environment). 
Should 
any activities have the potential to affect 
vulnerable groups, Terveystalo 
also takes into account other international norms 
and principles, 
such as the Convention on the Rights of the Child. 
The human rights policy describes the company’s most significant human rights risks 
and impacts, the processes for managing, mitigating 
and eliminating the most significant risks, and whistleblowing mechanisms. The human rights impact assessment carried out in late 2024 
constitutes the basis for the policy, 
and will be taken into account as part of the update of the double materiality assessment 
in 2025. The 
process for managing, mitigating and eliminating the most significant risks will be further developed in 2025, particularly with 
regard to the 
supply chain. Terveystalo’s 
human rights policy is approved by Terveystalo's 
Board of Directors. Terveystalo’s 
Executive Team 
is responsible 
for ensuring that the principles set out in the policy are taken into account 
in the Group’s strategy 
and day-to-day operations.
Policies related to the payment of taxes 
Terveystalo’s 
tax position is guided by Terveystalo's 
tax policy, which covers 
the group-level guideline, and is a publicly available document. 
Terveystalo's 
tax policy is revised regularly. 
The responsibility for keeping the tax policy adequate and updated 
lies with Terveystalo's 
tax 
team within the finance unit. Changes to Terveystalo's 
tax policy are approved by Terveystalo's 
CEO. The tax policy is based on Terveystalo's 
strategy and values, according to which the company 
aims to be the leader and policy maker in its industry. 
Further, Terveystalo’s 
intention 
is to positively impact society. Matters 
related to taxation always 
have business reasons at Terveystalo 
– taxation does not drive the 
conduct of business abroad. 
In accordance with Terveystalo’s 
policies related to the payment of taxes, 
the company pays, collects, remits and reports its indirect and 
direct taxes in full at the right time and place, i.e. where the economic activity, 
value-added and work generating the profit actually take 
place. This means that Terveystalo, 
as a Group, pays the majority of its taxes to Finland, which is where most of its operations 
take place. In 
addition, taxes were paid in 2024 to Sweden for the Feelgood 
business and to Estonia for the operations of Terveystalo 
Estonia Oü. 
Terveystalo’s 
responsible tax policy ensures that the company’s financial profit 
is divided fairly between its key stakeholders, 
namely 
customers, shareholders, municipalities, and the state. Tax 
revenue, in turn, is used to finance public services and investments that support 
the state’s capabilities, sustainability, 
and responsiveness. 
Terveystalo 
publishes its tax footprint annually. 
The tax footprint describes the total sum and distribution of taxes 
and tax-like charges paid 
to society. Terveystalo’s 
direct taxes include corporate income tax, 
transfer tax and real estate 
tax, and the company’s indirect taxes 
include 
value added tax, for example. Terveystalo’s 
income taxes are reported on a cash basis, which is why 
the amount of corporate income tax 
varies between financial periods. The amount of corporate income tax 
depends on the taxable profit of the separate companies, and the 
taxable profit is affected by the Group 
companies’ business operations and changes during the financial period. In accordance with the Tax 
Accounting Act, a share of the corporate income tax Terveystalo 
pays is distributed to the municipalities where Terveystalo’s 
employees 
have worked, based on the number of employees. This means that all of Terveystalo’s 
clinics and outsourcing operations accrue tax revenue 
for the municipality they operate in. 

101 
As a basic rule, private healthcare companies are not eligible to deduct value added tax 
on purchases, which means that VAT 
is a substantial 
factor for companies. Indeed, the proportion of value added tax that 
is not deducted increases Terveystalo’s 
tax footprint. The healthcare 
services sold by a private service provider are tax-free for 
customers. As in previous years, Terveystalo’s 
tax footprint reporting describes 
the share of VAT 
that is recognised as an expense for Terveystalo 
Group. However, 
some services – such as cosmetic surgery – may not be 
exempted from VAT 
for the customer, 
which means Terveystalo 
collects and remits VAT. 
Starting from the financial period 2022, 
Terveystalo 
has added its net remitted VAT 
to its tax footprint. This consists of the VAT 
remitted to the Finnish Tax 
Administration for 
Terveystalo’s 
services subject to VAT. 
The amount of net remitted VAT 
depends on the extent of business operations subject to VAT, 
which 
varies from one financial period to the next. Period-specific fluctuations in volume are reflected 
in period-specific differences in the amount 
of net remitted VAT. 
Terveystalo's 
corporate culture 
Terveystalo’s 
mission is to fight for a healthier life by focusing on the meaningful matters. 
Terveystalo 
aims to always offer fluent, caring 
and effective integrated care 
to its customers. The cornerstones of Terveystalo’s 
strategy are: 
●
Understanding customers and their needs. 
●
Preventing and managing health risks. 
●
Referring people to the right service and treatment. 
●
Caring for the patient throughout the care pathway. 
●
Cooperating in multidisciplinary teams. 
●
Measuring and improving the effectiveness of care. 
With the integrated care model, Terveystalo 
aims to achieve both a positive social impact and high profitability. Terveystalo’s 
values 
constitute the foundation for all of Terveystalo’s 
operations: 
●
Human being at the centre: We take responsibility for 
the health and well-being of our fellow human beings, for the opportunity 
to live a good life. We work together to 
help our customers, and our customer guides us in our renewal. We 
help each other and 
value all of our experts. 
●
Steered by medical science: Everything we do is based on medical science and research. All of our decisions are steered 
by the 
effectiveness of care and the well-being of our customers. 
●
Reforming healthcare: We foster 
continuous development. We challenge ourselves to 
build more functional healthcare for 
everyone and reform the industry with open-minded use of technology. 
A value-based and ethical corporate culture is a prerequisite 
for Terveystalo’s 
operations and existence. It supports Terveystalo’s 
attractiveness as a workplace for highly competent professionals 
and increases the commitment of the personnel and the sense of 
meaningfulness experienced by the members of the work community. 
An ethical corporate culture also supports Terveystalo’s 
attractiveness as a reliable service provider for customers 
and as a partner for other stakeholders. The objectives of Terveystalo’s 
corporate 
culture are a high work ethic, professionalism, solution-oriented cooperation 
and measurable impact in everything the company does. 
Highly competent and committed personnel are the most important 
resource in Terveystalo's 
operations, and Terveystalo’s 
attractiveness 
as an employer and the well-being at work and job satisfaction of Terveystalo’s 
employees and practitioners constitute the foundation 
of 
everything the company does. Terveystalo’s 
goal is to be the best and most attractive employer in its industry for 
all professionals. 
Terveystalo 
invests in the competence and well-being of its personnel and the corporate 
culture. Equality, 
fairness and non-discrimination 
are its key policies.
The principle of doing what is right is part of all operations at Terveystalo, 
both as a company and as individuals. Terveystalo’s 
employees 
and practitioners must do what is right regardless of 
where they are, who they are with, or what the circumstances are. A workplace 
culture 
that does not compromise on doing what is right creates a foundation for 
long-term success. Responsible business is also financially 
profitable and sustainable. An ethical corporate 
culture supports Terveystalo’s 
attractiveness as a reliable service provider for customers 
and as a partner for other stakeholders. Making sustainable 
choices and doing what is right strengthens customers’ trust in Terveystalo, 
builds long-term cooperation and creates value for Terveystalo’s 
shareholders. At the same time, it ensures that Terveystalo 
remains an 
attractive workplace for people who share its values. Terveystalo’s 
Code of Conduct includes a commitment to always complying with the 
laws and regulations governing Terveystalo’s 
operations. 

 
102 
The responsibilities of Terveystalo 
Plc's Board of Directors include reviewing and approving the strategic 
objectives and strategic plans of 
the company and its various business functions as well as monitoring their implementation. The CEO 
is responsible for the day-to-day 
management of the company and for executing the company’s 
strategy in accordance with the instructions and orders issued by 
the Board 
of Directors. The CEO undertakes the execution 
of measures approved by the Board of Directors and oversees 
preparations for strategically 
important measures. The Executive Team 
assists the CEO with tasks such as the preparation and execution 
of the company’s strategy, 
business plans, matters of principle, and any other important matters. 
At Terveystalo, 
the management approach is evaluated on the basis 
of audit observations, feedback, identified development areas and the achievement of Terveystalo’s 
targets. The management approach is 
adjusted as necessary. 
In addition to the company’s mission, values and strategy, 
Terveystalo’s 
operations are guided by Terveystalo’s 
Code of Conduct and 
Supplier Code of Conduct. Terveystalo’s 
management and supervisors are responsible for the communication and implementation of 
the 
Code of Conduct, and monitoring compliance with the Code of Conduct. Terveystalo 
has online training on the Code of Conduct for all 
Terveystalo 
personnel. Its aim is to improve awareness of key 
themes related to compliance and to promote the continued development 
of 
an ethical and compliance-driven culture. Terveystalo 
Group also expects its suppliers to observe high standards of sustainability with 
regard to ethical, social and environmental perspectives, 
as well as occupational health and safety. 
Terveystalo 
is a signatory to the UN Global Compact (UNGC) initiative. Terveystalo 
is committed to the UN Guiding Principles on Business 
and Human Rights, the conventions of the International Labour Organization 
(ILO) and the Ten Principles of the UN Global Compact. 
Terveystalo 
is continuing to integrate the Global Compact principles concerning the environment, 
human rights, labour and anti-corruption 
into Terveystalo’s 
operations, culture and value chain. 
Terveystalo’s 
strategy and business model are described in more detail in the section Strategy, 
business model and value chain (SBM-1) on 
pages 37–38. 
Mechanisms for identifying, reporting and investigating 
concerns 
One important aspect of Terveystalo’s 
culture of doing the right thing is that everyone who acts on behalf of or with Terveystalo 
Group, and 
every customer, partner and supplier, 
can freely report any suspicions of misconduct and trust that Terveystalo 
will take appropriate 
measures to investigate the matter. 
Terveystalo 
Group encourages all of its employees and private 
practitioners to report any potential 
misconduct without delay. Terveystalo 
has online training on the Code of Conduct aimed at everyone in the organisation. The training 
includes instructions on highlighting and reporting misconduct. The training is described in more detail below in the section on targets 
related to business conduct on pages 
106–107 and in the section on actions related to business conduct on page 109. 
Terveystalo 
Group's Code of Conduct emphasises that actual or suspected violations of the Code of Conduct must be reported to the 
supervisor, the supervisor’s supervisor or Terveystalo’s 
Legal and Compliance department. As regards patient safety, 
everyone at 
Terveystalo 
is under the obligation to submit an incident report if they observe, or are made aware 
of, an issue that jeopardises patient 
safety, customer 
safety or data protection. Anyone 
can submit an incident report via Terveystalo’s 
website if they observe that patient 
safety or data protection has been compromised. In HR-related 
matters, the primary contact channel is Terveystalo’s 
HR unit. 
Suspected misconduct can also be reported via Terveystalo’s 
reporting channel, which is open to everyone. The reporting channel can be 
used, for example, if the suspicion concerns serious misconduct or if, 
due to the sensitivity of the matter, 
it is necessary to report it 
anonymously. The reporting channel enables anonymous reporting 
of observed or suspected misconduct at 
https://www.report.whistleb.com/en/terveystalo
 
. The reporting channel has been in place since 2017, and it has become established as 
one possible avenue for reporting suspected misconduct or violations. In Sweden, Feelgood Svenska 
AB and its subsidiaries have their own 
reporting channel, which is intended for internal use within Feelgood. Terveystalo 
and Feelgood use technical reporting channel platforms 
developed by external service providers, but process and investigate 
the received reports themselves as described below. 
All reports and 
suspicions of misconduct are investigated without delay, 
independently and impartially regardless of the channel used to report the 
suspected misconduct, or whether the suspicion of misconduct arises in connection with normal operating activities. 

103 
The reporting channel can be used to submit reports concerning actual or suspected misconduct related to the following 
topics, for 
example: consumer protection, the prevention of money 
laundering and terrorist financing, violations of financial market rules and 
regulations, violations of procurement legislation or unfair competition, environmental 
protection, violations of data protection legislation 
and regulations governing the security of network and information systems, 
taxation, product safety and compliance, as well as 
actual or 
suspected violations of the applicable industry-specific regulations, including the Radiation Act and the Medicines Act. 
The identity of whistleblowers and the subjects of whistleblower reports, as well as other matters 
related to the reports, are kept 
confidential in accordance with the law, 
and whistleblowers are protected in compliance with the national legislation enacted 
in Finland 
and Sweden to implement the European Union’s Whistleblower 
Protection Directive (Directive (EU) 2019/1937). If a suspected violation 
proves to be unwarranted, there 
are no negative consequences to the reporter provided that 
the reporter has acted in good faith. No 
retaliation of any kind is allowed. This includes threats, punishments or discrimination against 
persons who submit reports or persons 
participating in investigations of reports. Actions to prevent 
reporting, or to influence the content of a report, are also prohibited. 
Reports received via Terveystalo's 
reporting channel are processed only by persons designated to process reports 
in the HR or Legal and 
Compliance function and, where necessary, specialists and Terveystalo’s 
external advisors appointed on an investigation 
-specific basis. The 
designated persons are updated as necessary. 
The persons who process reports are clearly indicated on the pages of each language version 
of the reporting channel. If any of the persons who process reports are potentially disqualified from 
processing a report, the reporter is 
encouraged to point this out when submitting their report so that the persons who process reports 
can take the necessary measures to 
ensure the impartial processing of the report. Disqualified persons will not participate in the processing of the report. Terveystalo’s 
Senior 
Vice President, Human Resources and the HR Director process reports concerning HR matters, 
the Chief Administrative Physician and Chief 
Medical Officer of the Healthcare Services process reports concerning medical matters, and 
the Data Protection Officer processes reports 
concerning data protection. Reports concerning other matters 
are processed by Terveystalo’s 
Legal and Compliance department. During the 
course of an investigation, other specialists can also be appointed 
to the investigation team if necessary. 
Where necessary, in investigations 
of reports concerning a particular employment relationship, the supervisor of the reporter’s supervisor is also engaged in the 
investigation 
at an early stage, unless the supervisor’s supervisor is the subject of the report or if engaging them in the investigation 
is otherwise not 
appropriate. The subject of the report is heard during the investigation 
if possible. Where necessary, assistance can be sought 
from external 
advisors who are specialists in the subject matter of the report. The persons handling reports are 
trained on current themes related to 
whistleblower protection as necessary. Reports 
received through Feelgood’s 
internal reporting channel are processed by Feelgood’s 
Legal 
Department and/or Quality Manager. 
If necessary, other specialists can also be appointed internally 
to the investigation team, and the 
assistance of external advisors can be requested as necessary. 
Any identified incidents of material misconduct are reported to Terveystalo’s 
senior management and the Audit Committee of the Board of 
Directors, which monitors the procedures for handling complaints 
and concerns raised anonymously or otherwise regarding financial 
reporting, internal control or auditing, potential violations of the rules governing the financial markets, 
other breaches of legislation or the 
company’s Code of Conduct, or other violations. In Sweden, any identified incidents of 
misconduct are reported to Feelgood’s 
CEO, who is 
also a member of the Terveystalo 
Group's Executive Team. 
If the CEO is disqualified, the misconduct is reported to the Board of Directors 
of 
Feelgood Svenska AB or Terveystalo’s 
General Counsel. The potential findings arising from reported incidents and completed investigations 
are taken into consideration in the development 
of Terveystalo 
Group’s processes. 
G1-2 Management of relationships 
with suppliers 
The success of Terveystalo’s 
business and maintaining its competitiveness require efficient and sustainable 
supplier cooperation. 
Terveystalo 
has a Supplier Relationship Management (SRM) model in place for supplier management. 
The goals of the SRM model are as follows: 
1. Ensuring the availability of supply and services: 
responsible cooperation ensures business continuity even in disruptions. 
2. Improving the predictability of prices and cost control: 
close cooperation helps to manage the total costs of procurement. 
3. Ensuring sustainability: 
suppliers commit to Terveystalo’s 
sustainability requirements, which cover financial, tax-related, 
social and 
environmental impacts. 
4. Maintaining and improving quality: cooperation ensures high and consistent 
quality and a good customer experience while ensuring 
sustainability. 

104 
5. Taking advantage 
of innovation: 
close supplier cooperation provides information on products, services and operating 
models and 
produces new sustainable innovations. 
The implementation of the SRM model at Terveystalo 
is the responsibility of a specialist designated for each supplier relationship. They 
maintain adherence to the SRM model in supplier cooperation. The specialist is responsible for 
the designated procurement area and 
coordinates supplier cooperation with the supplier in question for all of Terveystalo’s 
functions. The SRM model covers supplier relationship 
life-cycle management. The procurement function is responsible for 
analysing supplier volume and the classification of suppliers and, if 
necessary, participates in supplier cooperation 
or supports specialists in the implementation of the SRM model. 
Supplier relationship management provides better visibility into the supply chain, improving 
delivery reliability, quality management 
and 
risk management, and increasing visibility into total costs and the flexibility of the supply chain. 
Management of the procurement process 
Terveystalo’s 
procurement principles are focused on supporting strategic 
business objectives, sustainability, cost 
efficiency and quality 
assurance. Procurement is systematic 
and requirements driven. 
In accordance with the procurement process, Terveystalo’s 
sourcing is subject to competitive tendering, and decisions are made on the 
basis of tenders and negotiations. Terveystalo 
ensures that the sourcing process is transparent, appropriate 
and cost-efficient. Depending 
on the business significance, and its scope and contract value, the relevant stakeholders 
are engaged in the procurement process. Changes 
in markets, service quality, the legal framework 
and price are taken into account in Terveystalo's 
procurement activities. The selection 
criteria include professional competence, reliability, 
financial stability, sustainability, 
resources, life-cycle costs, quality and competitive 
pricing. As a rule, Terveystalo’s 
general terms of agreement apply to all procurements and agreements, 
subject to case-by-case assessment. 
Purchase invoice process 
Terveystalo 
ensures that purchase invoices are paid in a timely manner. 
The majority, approximately 
95 percent, of purchase invoices are 
received as e-invoices or by e-mail, which makes the invoice management 
process more efficient and ensures that invoices are 
received. 
The use of artificial intelligence in invoice processing means that most invoices are 
automatically circulated without any delays. 
Invoices 
requiring manual processing are forwarded to the relevant 
party on the day they are received. The system sends daily reminders 
to end-
users about incomplete tasks, and separate reminders 
are sent to inspectors and approvers regarding 
overdue invoices. Terveystalo’s 
internal processes and division of responsibilities support the smooth circulation of invoices and the transition to 
the payment stage. During 
holidays, invoice inspectors and approvers are 
reminded of the importance of out-of-office 
settings. Approval authorisations can be 
transferred to a substitute in accordance 
with the approval matrix, which ensures that invoices are 
processed on schedule even during 
absences. For procurement agreements, the payment terms stipulated 
by the agreement are observed. The invoicing address information 
recommends a payment term of at least 30 days, but the aim is to 
circulate and pay invoices faster than that, 
especially with respect to 
smaller companies and suppliers. 
Penalty interest and related costs 
of late payment are monitored as performance indicators 
of the accounts payable team, and the 
processes are continuously developed using based on related analyses. The responsible and smooth processing of 
purchase invoices 
supports not only Terveystalo’s 
operations but also the financial stability of its partners. 

105 
G1–3 Prevention and detection 
of corruption and bribery 
In the area of anti-corruption and anti-bribery, Terveystalo 
complies with the law and other applicable regulations and guidelines. 
Terveystalo 
is also committed to the UN Global Compact (UNGC) initiative and its anti-corruption principles. Terveystalo’s 
operations are 
also guided by the Code of Conduct, which lays down the main principles for the prevention of corruption and bribery including, for 
example, giving and accepting gifts and hospitality, 
the avoidance of conflicts of interest, and fair competition. Terveystal 
o 
has an anti-
corruption and anti-bribery compliance programme that includes policies, process instructions and other supplementary instructions 
on the 
subject. The guidelines cover, among other things, gifts and hospitality, 
disqualification, fair competition and a sustainable supply chain and 
value chain. 
The prevention of corruption and bribery is included in Terveystalo’s 
Code of Conduct, which addresses the giving and accepting of gifts and 
hospitality, sponsorships, accepting and making donations, 
understanding and avoiding conflicts of interest, 
and fair competition. All of 
Terveystalo’s 
contract suppliers and suppliers participating in tendering processes are required 
to accept Terveystalo’s 
Supplier Code of 
Conduct, which includes guidelines and requirements concerning the prevention of corruption and bribery, 
conflicts of interest, and fair 
competition, amongst other things. The Code of Conduct, Supplier Code of Conduct and other key policies and guidelines related to the 
prevention of corruption and bribery are described above in the section on policies related to business conduct, 
on pages 97–100. 
Terveystalo’s 
Code of Conduct emphasises that Terveystalo 
does not give or accept gifts or other benefits that could affect business 
decisions or have considerable personal or financial value. Any gifts given and hospitality 
offered must support a clear business objective, be 
of reasonable value and be appropriate with regard to the nature 
of the business relationship. In accordance with the Code of Conduct, all 
decisions and transactions made at Terveystalo 
must be in Terveystalo’s 
best interest and not based on anyone’s 
personal interests. Friends 
and relatives must be treated like any 
other partners, and personal relationships with partners must not influence decision-making. 
Everyone at Terveystalo 
must recognise and avoid conflicts of interest and refrain 
from making decisions that involve, or may involve, 
a 
conflict of interest. Any circumstances that may 
be considered a conflict of interest must be reported 
to the supervisor immediately, and 
the matter must be resolved in accordance with Terveystalo's 
interests. 
In addition to customers, personnel, private practitioners, 
shareholders and suppliers, Terveystalo’s 
key stakeholders include 
the public 
authorities and societal decision-makers that influence the legislation governing Terveystalo’s 
industry and the drafting of such legislation. 
The development and renewal of healthcare is a shared goal for 
Terveystalo, 
the authorities and decision-makers. Terveystalo 
engages in 
open dialogue on issues related to the healthcare sector with the authorities and societal decision-makers. 
The channels of interaction 
include open dialogue, meetings and staying in touch through participation in various working groups and 
events, among other things. 
Terveystalo 
also has representatives in several organisations. 
The most significant of these are the Confederation of Finnish 
Industries, the 
Finland Chamber of Commerce, the Helsinki Region Chamber of Commerce, the Finnish Association of Private Care Providers 
HALI, the 
Association of Finnish Private Healthcare Providers, the Finnish Association of 
Purchasing and Logistics LOGY, 
and FIBS ry. Terveystalo 
conducts open dialogue with industry organisations on topics related to the industry and engages 
in diverse cooperation with organisations 
such as the Finnish Association of Private Care Providers HALI and the Association of Finnish Private 
Healthcare Providers. The cooperation 
channels include working groups and various events. 
According to the Code of Conduct, Terveystalo 
does not support political activities. Terveystalo 
does not sponsor political parties or 
organisations, directly or indirectly, 
nor does Terveystalo 
fund the election campaigns of individual candidates. 
Terveystalo’s 
Code of Conduct includes a commitment to fair competition. Terveystalo 
competes fairly, 
with integrity, and in compliance 
with the applicable legislation. All Terveystalo 
employees are required to comply with laws, regulations and internal 
guidelines pertaining to 
competition, including Terveystalo 
Group’s competition law guidelines. 
Terveystalo 
has mandatory online training on the Code of Conduct and compliance for all employees. The aim of the training is to 
provide 
an improved understanding of key 
compliance-related themes, such as the avoidance of conflicts of interest, 
the prevention of bribery, 
and 
fair competition. The content concerning the prevention of corruption 
and bribery was compiled into a separate course section in the 
revised online course on compliance in 2023. Among Terveystalo’s 
internal functions, public services, B2B sales and procurement are the 
most susceptible to corruption and bribery. The aforementioned 
online training on the Code of Conduct, which also includes content on the 

 
 
106 
prevention of corruption and bribery, is mandatory 
for all Terveystalo 
employees and therefore also for all employees working in 
the 
functions identified as having an elevated risk. 
The Code of Conduct, Supplier Code of Conduct and the competition law guidelines are discussed in more detail above in the section on 
policies related to business conduct, on pages 97–100. 
Mechanisms for identifying, reporting and investigating concerns and suspected 
misconduct are discussed in more detail above on pages 102–103 and supplier audits below in section on actions concerning sustainable 
supply chain on page 108. The training of personnel on compliance with the Code of Conduct and other requirements is discussed in more 
detail below in the section on targets related to business conduct on pages 106–107 and in the section on actions related 
to business 
conduct on page 109. 
Targets 
Terveystalo 
has selected two key targets for 
managing its impacts related to ethical business conduct. The selected targets 
promote the 
realisation of ethical and sustainable business at Terveystalo 
and in its value and supply chains. Both targets are connected to following 
material sustainability matters related 
to business conduct as defined by Terveystalo 
: 
corporate culture, responsible supply chain, 
prevention of corruption and bribery, and respect 
for human rights. Terveystalo 
has not set a measurable target related to responsible 
tax 
payment. Terveystalo 
reports its tax footprint annually (see pages 109–111) and monitors the efficiency 
of its policies and actions related to 
tax payment. 
Target 
Metric (KPI) 
Scope 
Target 
level 
Target 
year 
Base 
year 
2024 
2023 
All employees have 
completed training 
on the Code of 
Conduct and correct 
action 
Percentage of 
employees in 
permanent, full-
time employment 
relationships 
who 
have completed 
the training 
relative to 
all employees in 
permanent, full-
time employment 
relationships
1)
Terveystalo’s 
Finnish operations 
100% 
Continuous 
2023 
91%
1)
72%
1)
Key suppliers 
accounting for over 
80% of total 
procurement have 
approved the 
Supplier Code of 
Conduct 
Percentage of 
suppliers who 
have approved 
the Supplier Code 
of Conduct
2)
 
Terveystalo's 
Finnish operations 
100% 
Continuous 
2023 
97% 
81% 
1)
The new compliance course was introduced and moved 
to a new online platform in spring 2023. Going forward, 
the course must be completed once every two years, and the 
course 
completion period 5/2023
–12/
2025 was under way during the period 5/2023
–12/2024.
 
For this reason, the reported figure for 2023 includes completions 
for the period 5/2023-12/2023 
(i.e. completions that took place after the course was revised 
and were accomplished by 31 December 2023). The reported figure 
for 2024, on the other hand, includes completions for the 
period 5/2023
–12/
2024 (i.e. completions that took place after the course 
was revised and were accomplished by 31 December 2024). The reported 
figures do not include Medimar 
Scandinavia Ab or the companies acquired in Finland during 2024 (SRK Group Oy, 
Suomen Radiologikeskus Oy, 
iRad Oy, Kajaanin Radiologieskus 
Oy, and Cityläkarna Mariehamn 
Ab), whose 
personnel are not in Terveystalo's 
centralized personnel system and do not have 
access to Terveystalo's 
learning platform. 

107 
2)
Terveystalo measures the share 
of suppliers who have approved the Supplier Code of Conduct among Terveystalo’s 
key suppliers representing approximately 80% of the total 
procurement 
expenditure of Terveystalo’s 
operations in Finland. The procurement expenditure does not include expenses 
related to fees paid to private practitioners, 
purchases for operations in Sweden, 
one-off purchases or purchases of low significance. 
Training the personnel on compliance with the 
Code of Conduct and correct action 
Terveystalo 
is committed to promoting ethical business practices and provides training 
to its personnel on compliance with the Code of 
Conduct and correct action. Terveystalo 
has online training aimed at everyone in the organisation on compliance with the Code of 
Conduct. 
Separate customised online training that takes 
differences in operating environments 
into consideration is in place for administrative 
personnel and those engaged in clinical work. Completing the course is mandatory for 
all employees. 
The purpose of the courses is to build an understanding of why compliance and ethical and sustainable 
business is important and how it is 
related to the day-to-day actions and decisions by everyone at Terveystalo. 
A further goal of the training is to create a better understanding 
of key themes related to compliance, including the prevention and 
detection of corruption and bribery, fair competition, 
the avoidance of 
conflicts of interest, and reporting misconduct, and to further develop Terveystalo’s 
culture of compliance. 
A new compliance course was introduced in spring 2023. In connection with this, the course was revised, 
the content of the training was 
customised on a targeted basis to account for 
the differences between the operating environments 
of administrative personnel and those 
engaged in clinical work, and the training was made more interactive. 
The course was moved to a new online platform to 
improve the user 
experience. The development of the online compliance course continued throughout 2024. 
Everyone at Terveystalo 
is required to observe the Code of Conduct, regardless of their business unit or position, which is why the target 
is 
for all Terveystalo 
employees to have completed the training on the Code of Conduct and correct 
action. Going forward, the course will 
need to be taken once every two years. During the completion review 
period 5/2023–12/2024, 91 percent of Terveystalo's 
employees in 
permanent, full-time employment relationships 
completed the training. The figures include Terveystalo’s 
operations in Finland. A revised 
online course on compliance will be deployed in Sweden in 2025. 
In 2024, measures were taken to improve the reach 
of the online compliance course. Communication concerning the course was increased 
and clarified, the course completion and monitoring process was clarified, the monitoring of course completions was 
made more efficient, 
and the other language versions of the course were updated to correspond 
to the Finnish-language course revised in 2023. The measures 
taken during 2024 were reflected in a clear increase in completion 
activity during the year. Completion 
activity is monitored regularly. The 
development of the online course completion and monitoring process will continue in 2025, in addition to which the content 
of the course 
will be reviewed to ensure that it responds to changes in the operating environment. 
Suppliers that have approved the Supplier Code of Conduct 
Terveystalo 
also strives to ensure ethical and sustainable business conduct in its value and supply chains. Contractual 
suppliers and 
suppliers participating in tendering processes are required to approve 
Terveystalo’s 
Supplier Code of Conduct, which includes guidelines 
and requirements pertaining to supply chain management, product safety 
and compliance, and business ethics, including the prevention of 
corruption and bribery, competition law, 
conflicts of interest and data protection, as well as human rights, fundamental 
rights at work, 
occupational health and safety, taxation 
and environmental responsibility. 
The target is for 100 percent of Terveystalo’s 
key suppliers to have approved 
the Supplier Code of Conduct. At the end of 2024, 97 (81) 
percent of key suppliers, representing approximately 
80 percent of Terveystalo’s 
total procurement for operations 
in Finland, had approved 
the Supplier Code of Conduct. The figures include Terveystalo’s 
operations in Finland. 

108 
Actions 
Sustainable supply chain 
To ensure compliance with the Supplier Code of Conduct and other contractual 
terms, Terveystalo 
conducts supplier self-assessments and 
regular audits. Supplier audits are carried out on a targeted basis. A total of 
four supplier audits were conducted in 2024. The audited 
entities are suppliers that are critical to Terveystalo. 
They are selected based on their business significance or risk factors related to 
the 
supplier. 
Supplier audits are carried out by Terveystalo's 
own personnel. The audit participants include the procurement function, the designated 
specialist responsible for the supplier relationship, and other specialists involved in supplier cooperation. 
The audit comprises a preliminary 
information form completed by the supplier, 
a supplier interview, a 
site visit and feedback sessions. The objective of supplier audits is to 
develop supplier cooperation and ensure that the audited supplier’s operations 
satisfy the contractual requirements pertaining to 
the 
content of the service, sustainability, 
quality and information security. The outcomes 
of audits can include identified strengths, observations 
on development areas, slight or significant deviations, or potential breaches of agreement. 
Terveystalo 
provides the audited supplier with a 
written summary of the audit results and potential deviations. For any identified deviations, 
a corrective action plan is required to rectify 
the deviations and ensure compliance with the contractual requirements. Four 
supplier audits were conducted in 2024. The audited entities 
included a supplier of healthcare supplies, a supplier of pharmaceutical products, a supplier of healthcare equipment, and a service provider 
used for textile care. 
Prevention of corruption and bribery 
Policy and process development concerning the prevention of corruption and 
bribery continued throughout 2024. The content concerning 
the prevention of corruption and bribery was compiled into a separate course 
section in the revised online compliance course in 2023. The 
aim was to identify situations that may involve a risk of corruption or bribery, 
and to train the personnel to act ethically and in accordance 
with the requirements in the situations in question. Sections concerning the responsible supply chain and value chain have also 
been 
integrated into the revised course 
content, complete with detailed examples. Course 
content on conflicts of interest and gifts and 
hospitality has also previously been integrated into the revised 
online compliance course. 
The development of the online compliance course 
continued throughout 2024. Terveystalo 
also continuously develops its compliance program and the related processes and 
controls to 
ensure that they correspond to the changes in the operating environment. 
One important aspect of Terveystalo’s 
culture of doing the right thing is that everyone who acts on behalf of or with Terveystalo 
Group, and 
every customer, partner and supplier, 
can freely report any suspicions of misconduct and trust that Terveystalo 
will take appropriate 
measures to investigate any actions that are 
or are suspected of being in violation of the Code of Conduct. Terveystalo 
encourages all of its 
employees and private practitioners to report any 
potential misconduct without delay. Observed or 
suspected misconduct related to the 
Code of Conduct, can be reported anonymously at 
www.report.whistleb.com/en/terveystalo
. One of the focus areas of the Compliance 
function has been to increase awareness of the reporting channel to make 
the threshold for reporting as low as possible. Terveystalo 
estimates that this effort has been successful. All suspected misconduct and violations are 
investigated appropriately and confidentially 
regardless of the channel used to report the suspected misconduct, or whether the suspected misconduct arises in connection with 
normal 
operating activities. Potential incidents related to corruption or 
bribery are reported to Terveystalo’s 
senior management and the Audit 
Committee of the Board of Directors. The processing of reports received 
through the reporting channel is described in more detail above in 
the section on mechanisms for identifying, reporting and investigating concerns on pages 102–103 
and in the processing instructions for 
Terveystalo’s 
reporting channel, which are publicly available in Finnish on Terveystalo's 
external website. 
Respect for human rights
Terveystalo 
does not tolerate any form of discrimination, harassment, 
bullying, racism or inappropriate treatment, nor does Terveystalo 
condone the use of child labour, any form 
of forced labour, or 
other human rights violations in its own operations or its value chain or 
supply chain. Terveystalo 
respects the human rights set out in the UN Declaration of Human Rights as well as the workers’ 
rights defined by 
the International Labour Organization (ILO) 
and related international conventions. The company is 
committed to the UN Global Compact 

109 
(UNGC) initiative and its principles pertaining to human rights and labour rights. Terveystalo’s 
service providers, suppliers and other 
partners are also expected to observe the same principles and respect internationally recognised 
human rights. Principles related to human 
rights are included in Terveystalo’s 
Code of Conduct and Supplier Code of Conduct. 
In late 2024, Terveystalo 
carried out a human rights impact assessment concerning the entire value chain. Terveystalo’s 
human rights 
policy, which was formed on the basis of the impact assessment, entered 
into effect in January 2025. The identified potential adverse 
impacts will be taken into account in the update of the double materiality assessment in 2025 and the development 
of due diligence 
processes during 2025. 
Improving the reach of the online course on compliance and 
the Code of Conduct that was revised in 2023 
The revised version of the online course package on compliance and Terveystalo’s 
Code of Conduct was introduced in spring 2023. In 
connection with this, the course was revised, the content of the training was 
customised on a targeted basis to account for 
the differences 
between the operating environments of administrative 
personnel and those engaged in clinical work, and the training was made more 
interactive. One of the focus areas of the update was also to 
identify grey area situations in which a given course of action is not illegal 
but 
nevertheless ethically problematic in some cases. The course was also moved to 
a new online platform to improve the user experience. 
In 2024, measures were taken to improve the reach 
of the revised online course. Communications about the course were increased 
and 
clarified, the course completion and monitoring process was clarified, course completion monitoring 
was enhanced and the other language 
versions of the course package were updated to 
correspond to the Finnish-language content revised in 2023. The measures taken 
during 
2024 were reflected in a clear increase in completion activity during the year. 
Completion activity is monitored regularly. 
During the year, 
the deployment of the revised online course also began in the Group's Swedish operations. 
The aim is for the revised online course on 
compliance to be rolled out in Sweden during 2025. 
The goal of the course package is to create a better 
understanding of key themes related to 
compliance, including the prevention and 
detection of corruption and bribery, fair competition, 
the avoidance of conflicts of interest and the reporting of misconduct, 
and to further 
develop Terveystalo’s 
culture of compliance. The course and the related actions are connected to 
following material sustainability matters 
related to business conduct as defined by Terveystalo:
 
corporate culture, responsible supply chain, prevention of corruption and 
bribery, and respect for human rights.
Terveystalo 
pays its taxes according to 
the value-added chain 
The parent company of the Terveystalo 
Group and the financing and procurement companies operate in Finland and pay their taxes 
to 
Finland. Terveystalo 
has companies providing health services and other services in Finland, Sweden and Estonia. All of the Group companies 
engage in economic activities in the countries they are domiciled in and pay taxes for 
their operations in accordance with the local 
regulations. Terveystalo’s 
tax footprint reporting covers all of the Group’s 
Finnish companies. For Sweden and Feelgood, the tax footprint 
includes all of the companies under the Swedish subgroup. As the share of revenue represented by 
the subsidiary operating in Estonia is still 
low compared to the Group as a whole, its share of the tax footprint is presented 
in combination with the figures for Sweden. 
In 2024, Terveystalo’s 
tax footprint totalled EUR 218.7 (212.1) million. The tax 
footprint is an indicator of the total tax revenue generated 
for society by Terveystalo’s 
business activities. In addition, Terveystalo 
paid a total of EUR 399.4 (380.1) million in fees to private 
practitioners, who pay their individual taxes separately. 
The taxes paid by private practitioners 
are not included in Terveystalo’s 
tax 
footprint. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
110 
Terveystalo’s 
tax footprint 
EUR million 
2024 
2023 
Performance-based statutory payments related 
to personnel 
72.9 
79.7 
TyEL employee insurance premiums (employer’s 
share) 
53.2
55.1
Unemployment insurance contributions (employer’s share) 
3.2
6.3
Accident insurance premiums and group life insurance 
premiums + other social security costs 
0.7
0.8
Employer’s health insurance contributions 
14.5
16.3
Social security costs outside Finland 
1.2
1.1
Taxes withheld from 
pay
1)
90.2 
91.5 
Taxes paid 
55.7 
40.9 
Non-deducted VAT
2)
35.1
31.2
VAT 
remitted 
6.2
0.4
Real estate tax 
0.5
0.5
Income tax (cash-based) 
12.4
6.6
Asset transfer tax 
0.1
0.0
Taxes 
on dividend payments 
1.3
2.1
Total tax footprint 
218.7 
212.1 
Terveystalo’s 
tax footprint by country 
EUR million 
2024 
2023 
Finland 
196.3
188.8
Sweden and Estonia 
22.4
23.3
1) In addition, a total of EUR 399.4 (380.1) million in fees 
was paid to private practitioners who are responsible for 
paying taxes at their own initiative. 
2) Value-added tax is a significant factor 
for companies in the healthcare sector, 
as private healthcare companies are not, as a basic rule, eligible to 
deduct value-added tax. 
Basis of preparation of 
the indicators 
To ensure comparability, 
the basis of preparation of the tax footprint indicators 
have remained the same from one financial period to the 
next. The tax footprint is an indicator of the total 
tax revenue generated for society by the company's 
business activities. 
Statutory payments related to personnel are 
calculated on a performance basis, and they include the employer’s share of TyEL 
employee 
insurance premiums and unemployment insurance contributions, accident insurance premiums and 
group life insurance premiums, the 
employer’s health insurance contributions and social security costs outside Finland. Social security costs illustrate 
the social impact of the 
company's employer obligations. 
Taxes 
withheld from salaries are related to payments made to Terveystalo 
employees. The purpose of this calculation principle is to 
describe the positive societal impact made through Terveystalo’s 
employees. This is supplemented by the fees paid to private 
practitioners, 
for which each private practitioner pays their own taxes. 
Taxes 
paid consist of the total of taxes and tax-like 
payments that are relevant to Terveystalo 
Group. Non-deducted VAT 
consists of the total 
amount of value added taxes per financial period which Terveystalo 
Group cannot deduct in its value-added taxation due to the VAT-
exempt nature of the business. Starting from the financial period 2022, Terveystalo 
has added its net remitted VAT 
to its tax footprint 
calculation principles. This consists of the VAT 
remitted to the Finnish Tax 
Administration for Terveystalo’s 
services subject to VAT. 
The 
amount of net remitted VAT 
depends on the extent of business operations subject to VAT, 
which varies from one financial period to the 
next. Period-specific fluctuations in volume are reflected in period-specific differences 
in the amount of net remitted VAT. 

111 
The basis of preparation of the tax footprint also includes describing Terveystalo’s 
direct taxes as part of the Group's social impact. 
Terveystalo 
Group’s direct taxes 
include corporate income tax, asset transfer 
tax and real estate tax. Terveystalo’s 
income taxes are 
calculated on a cash basis, which is why the amount of corporate income 
tax varies between financial periods. The amount of corporate 
income tax depends on the taxable profit of the separate 
companies, and the taxable profit is affected 
by the Group companies’ business 
operations and changes during the financial period. In accordance with the Tax 
Accounting Act, a share of the corporate income tax 
Terveystalo 
pays is distributed to the municipalities where Terveystalo’s 
employees have worked, based on the number of employees. 
This 
means that all of Terveystalo’s 
clinics and outsourcing operations accrue tax revenue for the municipality they operate 
in. Real estate tax is 
paid on properties owned by the company, 
such as buildings and structures, and the amount of real estate tax depends on the value 
and 
purpose of the property. The Group’s 
asset transfer taxes consist 
of transactions subject to asset transfer tax during the financial period. 
The basis of preparation of the tax footprint also includes the collection of 
taxes on dividends paid, which is reported on a cash basis and 
disaggregated by financial period. The country-specific disaggregation of 
Terveystalo’s 
tax footprint illustrates the aforementioned 
taxes 
and tax-like payments from a geographical 
perspective. The disaggregation is based on a geographical division between Finland and other 
countries with business operations (Sweden and Estonia). 
All of the Group companies engage in economic activities in the countries they are domiciled in and pay taxes 
for their operations in 
accordance with the local regulations. In terms of the basis of preparation, this means that Terveystalo’s 
tax footprint reporting for Finland 
covers all of the Group's Finnish companies. In addition, for Sweden and Feelgood, 
the tax footprint includes all of the companies under the 
Swedish subgroup. As the share of revenue represented 
by the subsidiary operating in Estonia is still low compared to the Group as 
a 
whole, its share of the tax footprint is presented in combination with the figures 
for Sweden. 
 

 
112 
Consolidated financial statements, IFRS 
Consolidated statement of comprehensive income 
EUR mill. 
Note 
1.1.-31.12.2024 
1.1.-31.12.2023 
Revenue 
4, 5 
1,340.0
1,286.4
Other operating income 
6 
3.7
4.2
Materials and services 
7 
-549.8
-536.2
Employee benefit expenses 
8 
-427.8
-447.0
Depreciation, amortisation and impairment losses 
9 
-106.4
-193.8
Other operating expenses 
10 
-143.7
-128.2
Operating result 
116.1
-14.7
Financial income 
11 
2.1
1.2
Financial expenses 
11 
-28.6
-25.4
Net finance expenses 
-26.5
-24.2
Share of results in associated companies 
-
0.0
Result before taxes 
89.6
-38.9
Income tax expense 
12 
-18.0
-3.3
Net income 
71.7
-42.2
Profit attributable to 
Owners of the parent company 
71.7
-42.2
Other comprehensive adjustments 
Items that may be reclassified to profit or loss 
 
Translation differences from foreign operations 
-2.0
0.1
Items that will not be reclassified to profit or loss 
 
Remeasurements of post-employment benefit 
obligations 
28 
-0.1
-0.1
Other comprehensive income for the period, net 
of tax 
-2.1
0.0
Total comprehensive income 
69.6
-42.2
Total comprehensive income attributable to: 
Owners of the parent company 
69.6
-42.2
Earnings per share for profit attributable to the 
shareholders of the parent 
company, in euro 
Basic earnings per share 
13 
0.57
-0.33
Diluted earnings per share 
13 
0.57
-0.33
The notes are an integral part of the Consolidated 
financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
113 
Consolidated statement of financial position 
EUR mill. 
Note 
31 Dec 
2024 
31 Dec 
2023 
ASSETS 
Non-current assets 
Property, plant and equipment 
14 
87.7
84.2
Right-of-use assets 
14 
182.7
212.1
Goodwill 
15, 16 
829.4
823.5
Intangible assets 
15 
82.0
100.0
Investment properties 
17 
0.3
0.3
Investments in associates 
18 
0.0
0.0
Loan receivables 
20 
0.3
0.0
Deferred tax assets 
12 
7.1
6.0
Other non-current assets 
20 
0.7
0.8
Total non-current assets 
1,190.2
1,226.8
Current assets 
Inventories 
7.2
7.1
Trade and other receivables 
22 
135.0
143.1
Current tax receivables 
0.9
4.8
Cash and cash equivalents 
23 
65.2
37.7
Total current assets 
208.2
192.6
TOTAL ASSETS 
1,398.4
1,419.5
EQUITY AND LIABILITIES 
Equity attributable to equity holders of the Company 
Share capital 
0.1
0.1
Invested non-restricted equity reserve 
492.8
492.8
Treasury shares 
-15.2
-15.7
Translation differences 
-7.3
-5.2
Retained earnings 
77.9
43.5
Equity attributable to equity holders of the 
Company total 
548.2
515.4
TOTAL EQUITY 
548.2
515.4
Non-current liabilities 
Non-current financial liabilities 
20, 21, 25 
348.5
394.4
Non-current lease liabilities 
14, 21, 25 
144.5
172.6
Deferred tax liabilities 
12 
18.7
20.2
Provisions 
27 
3.3
2.8
Other liabilities 
15.5
13.7
Total non-current liabilities 
530.5
603.7
Current liabilities 
Current financial liabilities 
20, 21, 25 
29.7
22.3
Current lease liabilities 
14, 21, 25 
47.3
46.5
Current tax liabilities 
9.5
3.6
Provisions 
27 
2.9
3.3
Trade and other payables 
26 
230.3
224.7
Total current liabilities 
319.7
300.3
TOTAL LIABILITIES 
850.2
904.1
TOTAL EQUITY AND LIABILITIES 
1,398.4
1,419.5
The notes are an integral part of the consolidated 
financial statements. 

 
114 
Consolidated statement of cash flows 
EUR mill. 
Note 
1.1.-31.12.2024 
1.1.-31.12.2023 
Cash flows from operating activities 
Profit before income taxes 
89.6
-38.9
Adjustments for 
Non-cash transactions 
 
Depreciation, amortisation and impairment 
losses 
9 
106.4
193.8
 
Change in provisions 
27 
0.1
-2.1
 
Other non-cash transactions 
-1.5
-6.7
Gains and Losses on sale of property, plant, equipment and other changes 
-0.3
-0.2
Net finance expenses 
11 
26.5
24.2
Changes in working capital 
 
Trade and other receivables 
4.9
-8.7
 
Inventories 
-0.1
-0.5
 
Trade and other payables 
9.6
2.5
Interests received 
1.0
1.0
Income taxes paid 
-12.4
-6.6
Net cash from operating activities 
223.7
157.8
Cash flows from investing activities 
Acquisition of property, plant and equipment 
-27.3
-24.6
Acquisition of intangible assets 
-12.3
-16.4
Proceeds from sale of property, plant and equipment 
0.6
0.8
Acquisition of subsidiaries, net of cash acquired 
3 
-8.4
-4.0
Proceeds from the disposal of subsidiaries, net of 
cash disposed of 
0.3
-
Acquisition of business operations, net of cash acquired 
3 
-0.3
-0.3
Sale of business operation, net of cash disposed 
of 
-
0.3
Dividends received 
0.0
0.0
Net cash from investing activities 
-47.4
-44.2
Cash flows from financing activities 
Acquisition of non-controlling interests 
3 
-
-0.1
Proceeds from non-current borrowings 
25 
200.0
224.6
Repayment of non-current borrowings 
25 
-145.1
-210.0
Proceeds from current borrowings 
25 
9.9
26.8
Repayment of current borrowings 
25 
-100.1
-47.1
Payment of lease liabilities 
25 
-48.4
-50.9
Payment of hire purchase liabilities 
25 
-3.8
-4.3
Interests and other financial expenses paid 
-23.7
-19.9
Interests and other financial income received 
0.3
0.2
Dividends paid 
-38.0
-35.4
Net cash from financing activities 
-148.8
-116.0
Net change in cash and cash equivalents 
27.5
-2.4
Cash and cash equivalents at 1 January 
37.7
40.2
Exchange rate differences 
-0.1
-0.1
Cash and cash equivalents at 31 December 
65.2
37.7
The notes are an integral part of these Consolidated 
financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
115 
Consolidated statement of changes in equity 
 
Equity attributable to owners of the parent 
company 
EUR mill. 
Share 
capital 
Invested 
non-
restricted 
equity 
reserve 
Treasury 
shares 
Retained 
earnings 
Translation 
differences 
Total equity 
Equity 1 Jan 2024 
0.1
492.8
-15.7
43.5
-5.2
515.4
Comprehensive income 
Net income 
-
-
-
71.7
-
71.7
Other comprehensive income 
-
-
-
-0.1
-2.0
-2.1
Transactions with owners 
 
Share-based payments 
-
-
0.4
0.8
-
1.2
 
Dividends 
-
-
-
-38.0
-
-38.0
Equity 31 Dec 2024 
0.1
492.8
-15.2
77.9
-7.3
548.2
 
Equity attributable to owners of the parent 
company 
EUR mill. 
Share 
capital 
Invested 
non-
restricted 
equity 
reserve 
Treasury 
shares 
Retained 
earnings 
Translation 
differences 
Total 
Non-
controlling 
interests 
Total 
equity 
Equity 1 Jan 2023 
0.1
492.8
-15.8
120.2
-5.3
592.0
0.0
592.0
Comprehensive income 
Net income 
-
-
-
-42.2
-
-42.2
-
-42.2
Other comprehensive income 
-
-
-
-0.1
0.1
0.0
-
0.0
Transactions with owners 
Share-based payments 
-
-
0.1
1.3
-
1.4
-
1.4
Dividends 
-
-
-
-35.4
-
-35.4
-
-35.4
Transactions with non-controlling 
interests 
Transactions with non-controlling 
interest 
-
-
-
-
-
-
-0,0
-0,0
Other 
Other corrections* 
-
-
-
-0.4
-
-0.4
-
-0.4
Equity 31 Dec 2023 
0.1
492.8
-15.7
43.5
-5.2
515.4
-
515.4
* Correction to figures of previous financial years. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
116 
COMPANY INFORMATION 
Name of reporting entity or other means of identification 
Terveystalo Oyj
Country of incorporation 
Finland
Legal form of entity 
Plc
Domicile of entity 
Finland
Address of entity's registered office 
Jaakonkatu 3 A 00100 Helsinki
Principal place of business 
Finland and Sweden 
Description of nature of entitys operations and 
principal 
activities 
Terveystalo offers comprehensive wellbeing services, primary 
healthcare and specialized medical care services for corporate and 
private customers as well as the public sector.
Name of parent entity 
Terveystalo Oyj
 
1. Corporate information 
Terveystalo 
Plc 
is 
a 
Finnish 
public 
limited 
liability 
company 
organised 
under 
the 
laws 
of 
Finland 
and 
domiciled 
in 
Helsinki, Finland. 
The parent 
company, 
Terveystalo 
Plc, is 
listed on 
the Nasdaq 
Helsinki. Terveystalo 
Group (“the 
Group”, 
“Terveystalo”) 
consists 
of 
the 
parent 
company 
and 
24 
subsidiaries. 
More 
information 
on 
subsidiaries 
is 
presented 
in 
note 
31. 
A 
copy 
of 
the 
consolidated 
financial 
statements 
is 
available 
at 
the 
Group’s 
website 
www.terveystalo.com
, from Terveystalo 
Oyj / Corporate Communications, 
Jaakonkatu 3, 00100 Helsinki, 
Finland, or 
via e-mail at investors@terveystalo.com. 
 
 
Terveystalo 
is a 
leading private 
healthcare 
service 
provider 
in Finland 
and 
leading occupational 
health 
provider in 
the Nordic 
region. The 
company offers 
general practice 
and specialist 
medical care, 
diagnostic services, 
outpatient 
surgery, dental services 
and other adjacent services to corporate, private and public 
sector customers.
 
In 
its 
meeting 
on 
13 
March 
2025, 
the 
Board 
of 
Directors 
of 
Terveystalo 
Plc 
approved 
the 
publishing 
of 
these 
consolidated financial statements.
According 
to 
the 
Finnish 
Limited 
Liability 
Companies 
Act, 
shareholders 
have 
the 
right 
to 
approve 
or 
reject 
the 
financial 
statements 
in 
the 
Annual 
General 
Meeting 
held 
after 
the 
publication 
of 
the 
financial 
statements. 
The 
Annual General Meeting also has the right to make a 
decision to amend the financial statements.
2. Accounting policies for the consolidated financial 
statements 
2.1 Basis of preparation 
The consolidated financial statements of 
Terveystalo 
have been prepared in accordance with 
International Financial 
Reporting Standards 
(IFRS) as 
adopted by 
the European 
Union. The 
consolidated financial 
statements have 
been 
prepared in compliance with the IAS and IFRS standards 
as well as the SIC and IFRIC interpretations in force 
on 31 
December 2024.
 
The consolidated 
financial statements 
also comply 
with the 
regulations of 
Finnish accounting 
and 
company legislation complementing the IFRSs. 
The consolidated financial statements are 
presented in millions of euro and 
have been prepared under the historical 
cost 
basis, 
unless 
otherwise 
stated 
in 
the 
accounting 
principles. 
All 
figures 
presented 
have 
been 
rounded, 
and 
consequently the sum of individual figures may deviate from the 
presented aggregate figure.
2.2 Application of new and amended IFRSs and new 
IFRIC agenda decisions 

117

New and amended standards applied in the financial year 
2024 
The 
Group 
has 
applied 
as 
from 
1 January 
2024 
the 
following 
new 
and 
amended 
standards 
that 
have 
come 
into 
effect: 
●
 
Amendments 
to 
IFRS 
16 
– 
Lease 
Liability 
in 
a 
Sale 
and 
Leaseback: 
The 
amendments 
introduce 
a 
new 
accounting 
model for 
variable 
payments 
and will 
require 
seller-lessees 
to reassess 
and potentially 
restate 
sale-and-leaseback transactions entered into since the implementation 
of IFRS 16 in 2019. 
●
 
Amendments 
to 
IAS 
1 
– 
Classification 
of 
Liabilities 
as 
Current 
or 
Non-current 
Date; 
Classification 
of 
Liabilities 
as 
Current 
or 
Non-current 
– 
Deferral 
of 
Effective 
Date; 
Non-current 
Liabilities 
with 
Covenants
: 
The amendments are to 
promote consistency in 
application and clarify 
the requirements for 
determining if a 
liability 
is 
current 
or 
non-current. 
The 
amendments 
specify 
that 
covenants 
to 
be 
complied 
with 
after 
the 
reporting 
date 
do 
not 
affect 
the 
classification 
of 
debt 
as 
current 
or 
non-current 
at 
the 
reporting 
date. 
The 
amendments require to 
disclose information about 
these covenants in the 
notes to the financial 
statements. 
The amendments also clarify 
transfer of a company’s 
own equity instruments is regarded 
as settlement of a 
liability. 
●
 
Amendments 
to 
IAS 
7 
and 
IFRS 
7 
– 
Supplier 
Finance 
Arrangements
: 
The 
amendments 
enhance 
the 
transparency of 
supplier finance 
arrangements 
and their 
effects 
on a 
company’s 
liabilities, cash 
flows and 
exposure 
to 
liquidity 
risk. 
Amendments 
require 
to 
disclose 
quantitative 
and 
qualitative 
information 
about 
supplier finance programs. 
The above-mentioned amendments have no impact on Terveystalo’s 
consolidated financial statements. 
Adoption of new and amended standards and interpretations 
applicable in future financial years 
At 
the 
publication 
day 
of 
this 
Group 
consolidated 
financial 
statements, 
Terveystalo 
has 
not 
applied 
following 
new 
and amended standards and interpretations that are effective 
in future periods: 
●
IFRS 18 
Presentation and 
Disclosure in 
Financial Statements*
(effective for 
financial years 
beginning on 
or 
after 1 January 2027, early application is permitted) 
IFRS 18 will replace 
IAS 1
Presentation of Financial Statements
. The key new requirements are as follows: 
●
 
Income 
and 
expenses 
in 
the 
income 
statement 
to 
be 
classified 
into 
three 
new 
defined 
categories—
operating, 
investing 
and 
financing—and 
two 
new 
subtotals—“Operating 
profit 
or 
loss” 
and 
“Profit 
or 
loss 
before financing and income tax”. 
●
 
Disclosures about 
management-defined performance 
measures (MPMs) 
in the financial 
statements. MPMs 
are subtotals of 
income and expenses 
used in public 
communications to communicate 
management’s view 
of the company’s financial performance. 
●
 
Disclosure of 
information based 
on enhanced 
general requirements 
on aggregation 
and disaggregation. 
In 
addition, specific requirements to disaggregate 
certain expenses in the notes 
will be required for companies 
that present operating expenses by function in the income statement. 
Terveystalo 
has started a preliminary 
assessment of the 
impacts on its consolidated 
financial statements. The 
most 
significant 
impact 
identified 
is 
that 
Terveystalo 
will 
classify 
income 
and 
expenses 
into 
new 
categories 
in 
income 
statement. In addition, management-defined performance 
measures will be disclosed in the notes. 
New and 
amended standards 
and interpretations 
applicable in 
future financial 
years that 
are not 
expected to 
have 
significant impact on Terveystalo’s 
consolidated financial statements: 
●
 
Amendments to 
IFRS 9 
and IFRS 
7 – 
Classification and 
Measurement of 
Financial Instruments 
* (effective 
for financial years beginning on or after 1 January 2026, 
early application is permitted) 
●
Annual Improvements 
to IFRS 
Accounting 
Standards—Volume 
11*
 
(effective 
for financial 
years 
beginning 
on or after 1 January 2026, early application is permitted) 

118 
●
 
Amendments to IFRS 10 and IAS 28 – 
Sale or Contribution of Assets between an Investor 
and its Associate 
or Joint Venture
* (available for optional adoption, effective date 
deferred indefinitely) 
New and 
amended standards 
and interpretations 
applicable in 
future financial 
years that 
are not 
expected to 
have 
impact on Terveystalo’s 
consolidated financial statements: 
●
 
Amendments 
to 
IAS 
21 
– 
Lack 
of 
Exchangeability
 
(effective 
for 
financial 
years 
beginning 
on 
or 
after 
1 
January 2025, early application is permitted) 
●
IFRS 19 
Subsidiaries without 
Public Accountability: 
Disclosures* 
(effective for 
financial years 
beginning on 
or after 1 January 2027, early application is permitted) 
* not yet endorsed for use by the European Union as 
of 31 December 2024.
2.3 Critical accounting estimates and judgements 
The preparation 
of the 
financial statements 
requires management 
to make 
certain estimates 
and assumptions 
that 
are based 
on management's 
best view 
of the 
circumstances prevailing 
on the 
reporting date, 
prior experience 
and 
assumptions 
about 
future 
events 
related, 
among 
other 
things, 
to 
the 
expected 
development 
of 
the 
Group's 
economic 
environment 
in 
terms 
of 
sales 
and 
cost 
level. 
However, 
it 
is 
possible 
that 
the 
realised 
outcomes 
differ 
from the 
estimates and 
assumptions used 
in the 
financial statements. 
In addition, 
the application 
of the 
accounting 
policies requires judgement, 
especially when the current 
IFRS standards have alternative 
accounting, valuation and 
presentation methods. 
The Group 
monitors 
the realisation 
of the 
estimates 
and 
assumptions 
and changes 
in the 
underlying 
factors 
on a 
regular basis 
together with 
the operating 
units by 
using several 
internal and external 
information sources. 
Changes 
in 
estimates 
or assumptions 
are recogni 
sed 
in 
the 
period 
when 
the 
estimate 
or 
assumption 
is revised, 
and 
in 
the 
future periods if the change affects the subsequent 
periods. 
The most important issues requiring management’s judgement 
are presented below: 
Lease contracts 
Terveystalo’s 
lease contracts 
include both 
termination and 
extension options. 
Group uses 
the options 
in managing 
lease contracts 
to ensure 
the flexible 
use of 
premises in 
the Group’s 
businesses. 
Management uses 
judgement to 
determine the use 
of termination and 
extension options 
and assesses 
the lease termination 
dates and lease 
terms. 
Based on management’s 
judgement, the 
termination options 
which relate 
to perpetual 
lease contracts 
for premises 
that are significant will not be used and such lease contracts 
are recognised as long-term lease contracts. 
The critical accounting estimates are presented below: 
Provisions 
The 
most 
significant 
provisions 
in 
the 
statement 
of 
financial 
position 
relate 
mainly 
to 
loss-making 
contracts. 
Management makes estimates mainly concerning the 
total loss of the loss-making contracts. 
Intangible assets in connection with business combinations 
IFRS 3 
requires 
the 
acquirer 
to 
recognise 
intangible 
assets 
separately 
from 
goodwill, 
if 
certain 
criteria 
are 
met. 
Recognising 
intangible 
assets 
separately 
at fair 
value 
requires management 
to 
estimate the 
expected 
future 
cash 

119 
flows. 
Management 
has 
used 
available 
market 
information 
when 
possible 
in 
determining 
the 
fair 
values. 
If 
no 
market 
information 
of 
the 
asset 
has 
been 
available, 
the 
measurement 
of 
the 
intangible 
asset 
is 
based 
on 
the 
historical yield 
of the 
asset and 
the planned 
use in 
operations. The 
valuations are 
based on 
discounted cash 
flows 
and 
estimated 
disposal 
or 
replacement 
prices, 
and 
the 
valuation 
requires 
management 
to 
make 
estimates 
of 
the 
future use of the asset and impact on the company’s 
financial position. 
Management believes 
that the 
used estimates 
and assumptions 
are reasonable 
for measurement 
of fair 
values. In 
addition, the Group’s 
property, 
plant and equipment 
and intangible assets 
are assessed to determine 
whether there 
is any indication of impairment at least at each reporting 
date. 
The valuation of contingent considerations 
Management 
makes 
discretionary 
decisions 
and 
estimates 
when 
determining 
the 
valuation 
of deferred 
contingent 
considerations in business 
combinations. Judgement 
is applied especially 
when estimating the 
expected amount 
of 
payments 
and 
is 
based 
on 
potential 
scenarios 
for 
future 
returns, 
amounts 
paid 
under 
different 
scenarios 
and 
the 
probability of each scenario. 
Impairment testing 
Impairment 
testing 
for cash 
-generating 
units 
to which 
goodwill has 
been allocated 
is carried 
out 
at 
least annually. 
The 
recoverable 
amounts 
of 
cash 
generating 
units 
are 
estimated 
based 
on 
the 
calculations 
of 
their 
value 
in 
use. 
Preparation 
of 
these 
calculations 
requires 
use 
of 
estimates. 
Even 
though 
management 
believes 
that 
the 
used 
estimates and assumptions are appropriate, the estimated recoverable 
amounts may differ from the actual results.
 
2.4 Principles of consolidation 
Subsidiaries 
The 
consolidated 
financial 
statements 
include 
the 
parent 
company 
Terveystalo 
Plc 
and 
all 
its 
subsidiaries 
where 
over 50 percent of 
the voting rights 
are controlled by 
the parent company 
or the parent company 
otherwise controls 
the 
company. 
The 
Group 
controls 
an 
entity 
when 
it 
is 
exposed 
to, 
or 
has 
rights 
to 
variable 
returns 
from 
its 
involvement with the entity, 
and has the ability to affect those returns through 
its power over the entity. 
The 
subsidiaries 
are 
included 
in 
the 
consolidated 
financial 
statements 
starting 
from 
the 
date 
on 
which 
control 
commences until the date on which control ceases. 
All subsidiaries 
are consolidated 
by using 
the acquisition 
method. The 
consideration transferred 
for the 
acquisition 
of 
a 
subsidiary 
comprise 
assets 
transferred, 
liabilities 
incurred, 
and 
the 
equity 
interests 
issued 
by 
the 
Group 
measured 
at fair 
value. Identifiable 
assets 
acquired 
and 
liabilities 
and contingent 
liabilities assumed 
in a 
business 
combination are 
measured initially 
at fair 
value at 
the acquisition 
date. On 
an acquisition-by-acquisition 
basis, non-
controlling interest in the acquiree 
is measured either at fair 
value or at value which 
equals the proportional share 
of 
the non-controlling interest in the identifiable net assets 
acquired. 
All 
acquisition 
costs, 
except 
costs 
related 
to 
issue 
of 
debt 
or 
equity 
securities, 
are 
recognised 
as 
an 
expense 
as 
incurred. Transactions treated separately 
from the acquisition are recognised 
through the income statement and are 
not 
included 
in 
the 
consideration 
transferred. 
Any 
contingent 
consideration 
is 
measured 
at 
fair 
value 
and 
it 
is 
classified either 
as a 
liability or 
equity. 
Contingent consideration 
classified as 
a liability 
is measured 
at fair 
value at 
the 
end 
of 
reporting 
period 
and 
the 
resulting 
profit 
or 
loss 
is 
recognised 
in 
the 
statement 
of 
income. 
Contingent 
consideration classified as equity is not remeasured. 
If the Group gains control 
in stages in the 
acquiree, the existing interest 
will be measured at 
fair value through profit 
or loss. 
Goodwill arising 
from an 
acquisition is 
recognised as 
the excess 
of the 
aggregate of 
the consideration 
transferred, 
the amount 
of non-controlling 
interests in 
the acquiree 
and previously 
held equity 
interest in 
the acquiree 
over the 

120 
fair value of the Group’s share of the identifiable 
net assets acquired. If the consideration transferred 
is less than the 
fair value of the net assets of the subsidiary acquired, the resulting 
gain is recognised in profit or loss. 
Intra-group transactions, 
receivables, liabilities 
and unrealised 
gains, as 
well as 
the distribution 
of profits 
within the 
Group are eliminated in 
the preparation of the 
consolidated financial statements. 
Accounting policies of subsidiaries 
have been aligned where necessary to correspond to the Group’s 
principles. 
Transactions with 
non-controlling interests 
that do not 
result in the 
loss of control 
are treated as 
equity transactions 
– 
in 
other 
words, 
as 
transactions 
with 
owners 
when 
they 
are 
acting 
as 
owners. 
The 
difference 
between 
the 
fair 
value of the consideration 
paid or received and 
the book value 
of the portion of 
the net assets acquired 
or disposed 
is recognised in equity. 
When the 
Group 
ceases 
to 
have control 
or significant 
influence, 
any retained 
interest 
in the 
entity 
is measured 
at 
fair value through profit or loss.
 
Associates 
Associates 
are entities 
over 
which the 
Group 
has significant 
influence. 
Significant influence 
generally arises 
when 
the Group 
holds over 
20 percent 
of the 
voting rights, 
or otherwise 
has significant 
influence, but 
no control 
over the 
entity. 
Associates 
are 
consolidated 
using 
the 
equity 
method. 
They 
are 
initially 
recognised 
at 
cost, 
which 
includes 
transaction 
cost. 
If 
the 
Group’s 
share 
of 
the 
associated 
company’s 
losses 
exceeds 
the 
carrying 
amount 
of 
the 
investment, 
the 
investment 
is 
recognised 
at 
zero 
value 
in 
the 
consolidated 
statement 
of 
financial 
position. 
Recognition of further losses 
exceeding the carrying amount 
is discontinued, unless the 
Group has incurred legal 
or 
constructive obligations on behalf of the associate. 
Unrealised gains resulting 
from the transactions 
between the Group 
and associates are 
eliminated according 
to the 
Group’s share 
of ownership. 
Goodwill relating 
to an 
associate is 
included in 
the carrying 
amount of 
the investment. 
The 
Group’s 
share 
of 
the 
associated 
company’s 
profit 
or 
loss 
for 
the 
period 
is 
separately 
disclosed 
below 
net 
finance expenses. 
Adjustments have 
been made 
when necessary 
to the 
associate’s accounting 
policies to 
align to 
those of the Group. 
At 
each 
reporting 
date, 
the 
Group 
reviews 
the 
carrying 
amounts 
of 
the 
investments 
in 
associates 
to 
determine 
whether 
there 
is 
any 
objective 
indication 
of 
impairment. 
If 
any 
such 
evidence 
of 
impairment 
exists, 
then 
the 
impairment loss 
is determined. 
An impairment 
loss is 
the amount by 
which the carrying 
amount of 
an investment in 
associate exceeds its recoverable amount. An impairment 
loss is recognised in the statement of income. 
If the 
Group’s 
ownership 
interest 
in 
an 
associate 
is reduced, 
but significant 
influence 
is retained, 
only 
the 
relative 
portion 
of 
previously 
recognised 
amounts 
in 
other 
comprehensive 
income 
and 
the 
value 
of 
the 
investment 
in 
the 
consolidated financial statements are recognised in the 
statement of income as part of the gain or loss.
 
2.5 Foreign currency transactions 
The consolidated 
financial 
statements are 
presented in 
euros which 
is the 
functional 
and presentation 
currency 
of 
the 
parent 
company. 
Transactions 
in 
foreign 
currencies 
are 
translated 
into 
respective 
functional 
currency 
at 
the 
exchange rate prevailing on the transaction 
date. Gains and losses arising from transactions 
denominated in foreign 
currency and from translation of monetary items are recogni 
sed in profit or loss as financial income or expenses. 
The 
functional 
currency 
of 
the 
Feelgood 
subgroup 
is 
Swedish 
krona 
which 
differs 
from 
Group’s 
presentation 
currency, 
and thus 
its statement 
of income, 
statement 
of cash 
flows and 
statement 
of financial 
position have 
been 
translated into presentation currency as follows: 
-
 
Statement of income and statement of cashflows are translated 
at average exchange rates. 
-
 
Statement of financial position is translated at the closing 
exchange rate at the reporting date. 

121 
-
 
All resulting exchange differences are recognised 
in other comprehensive income.
2.6 Property, plant 
and equipment 
Items of property, 
plant and equipment are 
measured at cost less accumulated 
depreciation and impairment losses. 
Depreciation 
is 
recognised 
on 
a 
straight-line 
basis 
over 
the 
estimated 
useful 
lives 
of 
items 
of 
property, 
plant 
and 
equipment. Land is not depreciated. 
The estimated useful lives are as follows:
 
Magnetic resonance imaging equipment 
10 years 
Buildings 
10–40 years 
Machinery and equipment 
2–7 years 
Improvements to office premises 
3–10 years
Premises used 
in operations 
are depreciated 
on a 
straight-line basis 
over a 
40-year depreciation 
period. Property, 
plant and equipment also includes artwork which is not 
depreciated.
Gains 
and 
losses 
on 
the 
sale 
and 
disposal 
of 
property, 
plant 
and 
equipment 
are 
presented 
in 
other 
operating 
income or other operating expenses. 
Maintenance expenditure 
are not included 
in the carrying 
amounts of property, 
plant and equipment. 
When parts of 
the 
magnetic 
resonance 
imaging 
equipment 
are 
replaced, 
the 
Group 
capitalises 
the 
replacement 
costs 
as 
a 
separate item. 
The residual values and useful lives of property, 
plant and equipment are reviewed at each reporting date.
2.7 Investment properties 
Investment property 
refers to properties 
held by the 
Group in 
order to earn 
rental income 
or for capital 
appreciation 
or both. Apartments, which 
are not used in 
business operations, are 
mainly accounted for as 
investment properties. 
Investment 
properties 
are 
measured 
at 
acquisition 
cost 
and 
depreciated 
on 
a 
straight-line 
basis 
over 
a 
40-year 
depreciation period.
2.8 Goodwill and other intangible assets 
Goodwill 
Goodwill 
arising 
in 
a 
business 
combination 
is 
recognised 
as 
the 
excess 
of 
the 
aggregate 
of 
the 
consideration 
transferred, 
the 
amount 
of 
non-controlling 
interests 
in 
the 
acquiree 
and 
previously 
held equity 
interest 
in 
acquiree 
over the fair value of the Group’s share of the 
identifiable net assets acquired. 
Goodwill 
is 
not 
amortised 
but 
tested 
for 
impairment 
annually. 
For 
impairment 
testing, 
goodwill 
is 
allocated 
to 
cash-generating 
units 
or 
groups 
of 
cash-generating 
units. 
Goodwill 
is 
measured 
at 
cost 
less 
accumulated 
impairment losses. An impairment loss in respect of goodwill 
is not reversed. 
Gain or loss on disposed unit includes also the carrying 
amount of goodwill.
Intangible assets 
Intangible assets include software 
and licenses, as well as 
acquired companies’ customer relationships, 
trademarks 
and 
other 
intangible 
assets. 
Intangible 
assets 
are 
recognised 
initially 
at 
cost 
if 
the 
cost 
of 
the 
asset 
can 
be 
measured 
reliably 
and 
if 
it 
is 
probable 
that 
the 
future 
economic 
benefits 
attributable 
to 
the 
asset 
will 
flow 
to 
the 
Group. 

122 
Cloud computing arrangements which meet the 
definition of an intangible asset are 
recognised as intangible assets. 
Configuration and customisation 
costs which do 
not meet the definition 
of an intangible 
asset and which 
are distinct 
from the cloud computing arrangement, 
are recognised as an expense 
as the service is received. 
Configuration and 
customisation 
costs 
which 
are 
not 
distinct 
from 
the 
cloud 
computing 
arrangement, 
are 
recognised 
as 
prepaid 
expenses 
in 
the 
statement 
of 
financial 
position 
and 
expensed 
over 
the 
expected 
duration 
of 
the 
cloud 
computing 
arrangement. 
Intangible assets 
acquired in a 
business combination 
are recognised 
at fair value 
at the acquisition 
date separately 
from goodwill if the assets meet the definition of an asset, 
are identifiable or rise from contractual or legal rights. 
Intangible assets 
are measured 
at cost 
and amortised 
on a 
straight-line 
basis over 
the known 
or estimated 
useful 
lives. 
Amortisation periods used for intangible assets are as follows:
Immaterial rights 
3–7 years 
Software 
3–5 years 
Customer agreements and related customer relationships 
3–12 years 
Trademarks 
20 years or shorter useful life 
Other intangible assets 
3–5 years
Research and development 
Research 
expenditure 
are 
recognised 
as 
an 
expense 
as 
incurred 
in 
the 
statement 
of 
income. 
Development 
expenditure 
are 
capitalised 
as 
intangible 
assets 
when 
certain 
capitalisation 
criteria 
are 
met. 
Development 
expenditure 
that 
do 
not 
qualify 
for 
the 
capitalisation 
are 
recognised 
as 
an 
expense. 
The 
estimated 
useful 
lives 
of 
capitalised development expenditure are 3–5 years.
2.9 Impairment 
Tangible and intangible 
assets 
At 
the 
end 
of 
each 
reporting 
period, 
the 
Group 
assesses 
whether 
there 
are 
any 
indications 
of 
impairment. 
If 
any 
indications of 
an impairment 
exist, the 
recoverable amount 
of the 
asset is 
determined. 
For goodwill 
and intangible 
assets not yet available for use, the 
recoverable amount is determined annually, 
irrespective of whether there is 
any 
evidence of 
impairment. Evidence 
of impairment 
is assessed 
at the 
level of 
the Group’s 
cash-generating 
units, i.e. 
at the 
lowest unit 
level, which 
is largely 
independent of 
the other 
units and 
whose cash 
flows can 
be distinguished 
from the cash flows of equivalent units. 
The recoverable amount of 
an asset is the higher 
of its fair value less 
costs to sell or value-in-use. 
The value-in-use 
is the 
amount of 
estimated future 
cash flows 
of an 
asset or 
cash generating 
unit discounted 
to present 
value. The 
discount 
rate 
used 
is 
the 
pre-tax 
discount 
rate, 
which 
reflects 
the 
market 
view 
on 
the 
time 
value 
of 
money 
and 
specific risks related to the asset. 
An 
impairment 
loss 
is 
recognised 
when 
the 
carrying 
amount 
of 
an 
asset 
exceeds 
its 
recoverable 
amount. 
The 
impairment loss is recognised in 
the statement of income. If 
impairment loss is related to a 
cash generating unit, the 
impairment loss is allocated first to reduce the carrying 
amount of any goodwill allocated to the cash 
generating unit, 
and then to reduce the carrying amounts 
of the other assets on a pro 
rata basis. The useful life of an 
asset, which is 
subject to 
depreciation or 
amortisation, is 
reassessed when 
an impairment 
loss is 
recognised. The 
impairment loss 
recognised for other assets than 
goodwill is reversed if 
there has been a change 
in estimates used to determine 
the 
recoverable 
amount. 
The 
reversal 
of 
the 
impairment 
loss 
cannot 
exceed 
the 
carrying 
amount 
of 
the 
asset 
if 
impairment loss had not been recognised. Impairment 
loss recognised for goodwill is not reversed.

123 
Financial assets 
At 
the 
end 
of 
each 
reporting 
period, 
the 
Group 
evaluates 
indicators 
of 
potential 
impairment 
of 
a 
single 
financial 
asset or a group of financial assets. 
The 
Group 
recognises 
an 
expected 
credit 
loss 
for 
trade 
receivables 
and 
contract 
assets 
based 
on 
a 
simplified 
approach. Expected 
credit loss 
rates have 
been calculated 
using historical 
information of 
actual impairment 
losses, 
and 
the 
current 
conditions 
and 
the 
Group’s 
view 
of 
the 
economic 
conditions 
over 
the 
expected 
lives 
of 
the 
receivables have been taken into account.
2.10 Leases 
Group as a lessee 
The 
Group 
assesses 
whether 
a 
contract 
is 
or 
contains 
a 
lease 
at 
the 
inception 
of 
a 
contract. 
A 
contract 
is 
or 
contains a lease if the contract conveys the right 
to control the use of an identified asset for 
a period in exchange for 
consideration. A 
lessee recognises 
a right-of-use asset 
and a lease 
liability on statement 
of financial position 
at the 
lease commencement date. 
A lease term is determined as the 
non-cancellable period of a lease. The 
lease term includes periods covered 
by an 
option to extend 
or terminate the 
lease, if the 
Group is reasonably 
certain to exercise 
the extension option 
or not to 
exercise the termination 
option. Perpetual 
lease contracts related 
to significant premises 
are accounted for 
as long-
term lease contracts, 
as, according to 
management judgment, 
the termination 
options for 
such contracts 
will not be 
used. The lease term for such contracts is determined 
based on the Group’s strategy and network plan. 
The Group does not recognise short-term 
leases (a lease that has a lease 
term of 12 months or less) and 
leases for 
which 
the 
underlying 
asset 
is 
of 
low 
value. 
The 
lease 
payments 
associated 
with 
such 
leases 
are 
expensed 
on 
a 
straight-line basis. 
Initially a right-of-use asset is measured at cost, 
which comprises the amount of the initial measurement 
of the lease 
liability, any 
lease payments made at 
or before the commencement 
date, less any lease 
incentives, any initial direct 
costs incurred 
by the 
Group, and 
an estimate 
of restoration 
costs to 
be incurred 
by the 
Group. If 
a lease 
contains 
several lease components, they are accounted for separately. 
Subsequently 
right-of-use 
assets 
are 
measured 
at 
cost 
less 
any 
accumulated 
depreciation 
and 
any 
accumulated 
impairment 
losses, 
and adjusted 
for any 
remeasurements 
of the 
lease 
liability. 
A right-of-use 
asset 
is depreciated 
from the 
commencement 
date to 
the 
earlier of 
the end 
of the 
useful 
life of 
the right-of-use 
asset or 
the end 
of the 
lease term. If 
the Group 
is reasonably certain 
to exercise 
the purchase 
option, the right-of-use 
asset is 
depreciated 
over its useful life. The estimated useful lives of right-of-use 
assets are 1-13 years. 
The book 
value 
and useful 
life of 
a right-of-use 
asset 
are reviewed 
where 
necessary 
but at 
least annually 
and 
an 
impairment loss is recognised if there is a change in 
expectations of the future economic benefits. 
A 
lease 
liability 
is 
initially 
measured 
at 
the 
present 
value 
of 
the 
lease 
payments 
that 
are 
not 
paid 
at 
the 
commencement date. 
The Group uses 
an incremental 
borrowing rate as 
the discount 
rate. A 
lease liability includes 
fixed payments, including 
in-substance fixed 
payments; variable lease 
payments that depend 
on an index 
or a rate, 
initially measured 
using the 
index or 
rate as 
at the 
commencement date; 
amounts expected 
to be 
payable under 
a 
residual value 
guarantee, and 
the exercise 
price under 
a purchase 
option that 
Terveystalo 
is reasonably 
certain to 
exercise. 

124 
Subsequently 
a 
lease 
liability 
is 
measured 
at 
amortised 
cost 
using 
the 
effective 
interest 
method. 
It 
is remeasured 
when there 
is a 
change in 
future lease 
payments arising 
from a 
change in 
an index 
or rate, 
if there 
is a 
change in 
the Terveystalo’s 
estimate of 
the amount 
expected to 
be payable 
under a 
residual value 
guarantee or 
if the 
Group 
changes 
its 
assessment 
of 
whether 
it 
will 
exercise 
a 
purchase, 
extension 
or 
termination 
option. 
When 
a 
lease 
liability 
is remeasured 
in 
this 
way, 
a corresponding 
adjustment 
is 
made 
to the 
carrying 
amount 
of 
the 
right-to-use 
asset or is recorded 
in the statement of 
income if the carrying 
amount of the right-of-use 
asset has been reduced 
to 
zero.
2.11 Financial assets and 
liabilities 
Financial assets 
The 
Group’s 
financial 
assets 
are 
classified 
at 
fair 
value 
through 
the 
statement 
of 
income 
or, 
at 
amortised 
cost. 
Classification is based on the purpose of the acquisition 
of the item and is made upon initial recognition. 
Financial 
assets 
at 
fair 
value 
through 
the 
statement 
of 
income 
comprise 
of 
derivate 
assets, 
non-quoted 
equity 
instruments and 
loan receivables. 
Realised 
or unreali 
sed gains 
and losses 
arising from 
changes in 
fair values 
are 
recognised in the statement of income in the period in 
which they are incurred. 
Financial 
assets 
at 
amortised 
cost 
consist 
of 
trade 
receivables 
and 
other 
receivables. 
They 
are 
measured 
at 
amortised cost and they are 
included in non-current assets 
unless the Group has an intention 
to hold the instrument 
for less than 12 months from the reporting date, in which 
case they are included in current assets. 
The Group 
has not 
had financial 
assets at 
fair value 
through other 
comprehensive income 
during the 
periods 2023 
or 2024. 
The 
financial 
asset 
is 
derecognised 
when 
the 
contractual 
rights 
to 
the 
cash 
flows 
expire, 
or 
the 
financial 
asset 
is 
transferred to another 
party and 
the Group 
substantially transfers 
all the risks 
and rewards 
of ownership 
to another 
party.
Cash and cash equivalents 
Cash and 
cash equivalents 
include cash 
in hand, 
bank deposits 
available on 
demand, and 
other short-term 
highly 
liquid 
investments. 
Items 
included 
in 
cash 
and 
cash 
equivalents 
have 
original 
maturities 
of 
three 
months 
or 
less 
from the acquisition date.
Financial liabilities 
The Group’s financial liabilities are measured at 
fair value through the statement of income or at amortised 
cost. 
Financial 
liabilities 
at 
fair 
value 
through 
the 
statement 
of 
income 
comprise 
derivative 
liabilities 
and 
contingent 
considerations. 
Realised 
or 
unrealised 
gains 
and 
losses 
arising 
from 
changes 
in 
fair 
values 
are 
recognised 
the 
statement of income in the period in which they are incurred. 
Financial liabilities 
at amorti 
sed cost 
include loans 
from financial 
institutions, bonds, 
lease liabilities, 
hire purchase 
liabilities 
and 
trade 
and 
other 
payables. 
They 
are 
initially 
recognised 
at 
fair 
value 
which 
is 
based 
on 
the 
consideration 
received. 
Transaction 
costs 
are 
included 
in 
the 
initial 
amount 
recognised 
and 
subsequently 
the 
financial liability is measured at amortised cost using 
the effective interest method. 
Financial liabilities 
are included 
in non-current 
and current 
liabilities and 
they can 
be either 
interest-bearing or 
non-
interest-bearing. Financial 
liabilities are 
classified as 
current liabilities, 
unless the 
Group has 
an unconditional 
right 
to postpone the payment of the liability to at least 12 months 
from the reporting date. 
The 
Group 
has 
not 
had 
financial 
liabilities 
at 
fair 
value 
through 
other 
comprehensive 
income 
during 
the 
periods 
2023 or 2024. 

125 
Financial liability 
is derecognised when 
the Group either 
settles the 
liability or has 
been legally discharged 
from the 
obligation related to the liability either through a legal process 
or by the borrower.
2.12 Inventories 
Inventories 
are 
measured 
at 
the 
lower 
of 
cost 
and 
net 
realisable 
value. 
The 
cost 
of 
inventories 
is 
determined 
by 
using FIFO (first in, first out) method. Net realisable value 
is the cost of inventory less obsolescence allowance.
2.13 Employee benefits 
Pension benefits 
Pension 
plans 
are 
classified 
as 
either 
defined 
contribution 
plans 
or 
defined 
benefit 
plans. 
In 
defined 
contribution 
plans, the Group makes 
fixed contributions into 
the plan. The 
Group has no legal 
or constructive obligation 
to make 
additional 
payments 
if the 
pension insurance 
company 
is unable 
to pay 
pension 
benefits earned 
by employees 
in 
the 
reporting 
period 
or 
in 
previous 
periods. 
Contributions 
made 
into 
defined 
contribution 
plans 
are 
recognised 
through profit or loss in the reporting period to which they 
relate. 
A defined 
benefit plan 
is a 
pension plan 
under which 
the Group 
itself has 
the obligation 
to pay 
retirement benefits 
and 
bears 
the 
risk 
of change 
in 
the 
value 
of 
plan 
liability 
and 
assets. 
The 
liability 
recognised 
on 
the 
statement 
of 
financial position in 
respect of defined 
benefit pension 
plans is the 
present value 
of the defined 
benefit obligation 
at 
the end 
of the 
reporting period 
less fair 
value of 
plan assets. 
The pension 
liability is 
presented in 
other non-current 
liabilities 
in 
the 
statement 
of 
financial 
position. 
The 
defined 
benefit 
obligation 
is 
calculated 
annually 
by 
an 
independent 
actuary 
using 
the projected 
unit credit 
method. 
The 
present value 
of 
the defined 
benefit 
obligation 
is 
determined 
by 
discounting 
the 
estimated 
future 
cash 
outflows 
using 
interest 
rates 
of 
high-quality 
corporate 
or 
government 
bonds 
with 
approximating 
terms 
to 
maturity 
and 
that 
are 
denominated 
in 
the 
currency 
in 
which 
the 
benefits are expected to be paid. 
Actuarial gains 
and losses 
related to 
remeasurements of 
a defined 
benefit plan 
are recognised 
directly in 
the other 
comprehensive income. 
Interest and 
other expenses 
related to 
defined benefit 
plans are 
recognised directly 
in the 
statement of income. 
If a plan 
is amended or 
curtailed, the portion 
of the changed 
benefit related to 
past service by 
the employees, 
or the 
gain or 
loss on 
curtailment, is 
recognised directly 
in the 
statement of 
income when 
the plan 
amendment or curtailment occurs.
Share-based payment transactions 
The 
benefits 
granted 
in 
accordance 
with 
the 
incentive 
plan 
are 
measured 
at 
fair 
value 
at 
the 
grant 
date 
and 
are 
expensed 
on 
a 
straight-line 
basis 
over 
the 
vesting 
period. 
The 
share-based 
payments 
settled 
with 
equity 
instruments 
are 
not 
revalued 
subsequently, 
and 
cost 
from 
these 
arrangements 
is 
recognised 
as 
an 
increase 
in 
equity. 
The cash-settled 
share-based incentives 
are valued 
at fair 
value at 
each reporting 
date until 
the settlement 
date and recognised as a liability. 
The 
expensed 
amount 
of 
the 
benefits 
is 
based 
on 
the 
Group’s 
estimate 
of 
the 
amount 
of 
benefits 
to 
be 
paid 
in 
accordance with the fulfilment of service 
and performance-based vesting conditions 
at the end of the vesting period. 
Market conditions 
are considered 
in 
determining 
the fair 
value 
of the 
benefit. 
Instead, 
the 
non-market 
criteria, 
like 
profitability, are 
not considered in measuring 
the fair value of 
the benefit but are 
taken into account when 
estimating 
the final amount 
of benefits. The 
estimate is updated 
at each reporting 
date and changes 
in estimates are 
recorded 
through the statement of income
2.14 Provisions and contingent liabilities 
A provision is 
recognised when the 
Group has a 
present legal or 
constructive obligation 
as a result 
of a past 
event, 
and 
it 
is 
probable 
that 
an 
outflow 
of 
economic 
benefits 
will 
be 
required 
to 
settle 
the 
obligation, 
and 
a 
reliable 
estimate 
can 
be 
made 
of 
the 
amount 
of 
the 
obligation. 
Provisions 
are 
recognised 
at 
the 
present 
value 
of 
the 
expenditure 
required 
to 
fulfil 
the 
obligation. 
If 
the 
obligation 
can 
be 
partially 
compensated 
by 
a 
third 
party, 
the 
compensation 
is 
treated 
as 
a 
separate 
asset, 
but 
only 
when 
it 
is 
virtually 
certain 
that 
the 
compensation 
will 
be 
received. 

126 
A 
provision 
is 
recognised 
for 
contracts 
when 
the 
unavoidable 
costs 
of 
meeting 
the 
obligations 
under 
the 
contract 
exceed the economic benefits expected to be received 
under it.
 
A 
contingent 
liability 
is 
a 
possible 
obligation 
arising 
as 
a 
result 
of 
past 
events, 
and 
whose 
existence 
will 
be 
confirmed 
only 
when 
an uncertain 
future 
event 
takes 
place, not 
wholly within 
control 
of the 
entity. 
Also, a 
present 
obligation which 
probably does 
not require 
a cash 
settlement or 
on which 
the value 
cannot be 
reliably estimated 
is 
considered as a contingent liability. 
Contingent liabilities are disclosed in the notes.
2.15 Revenue recognition 
The 
Group’s 
revenue 
consists 
mainly 
of 
occupational 
healthcare 
services, 
general 
practice 
and 
clinic 
hospital 
operations, 
dental 
services 
as 
well 
as 
diagnostic 
services. 
The 
Group 
also 
provides 
diverse 
primary 
healthcare, 
special 
healthcare, 
child welfare 
and 
digital healthcare 
services 
for public 
sector 
as well 
as 
amongst 
other 
things, 
massage 
and 
rehabilitation 
services. 
Terveystalo 
offers 
services 
to 
three 
customer 
groups: 
corporate 
customers, 
private customers, and 
public customers. 
The Group does 
not have customers 
whose revenue exceeds 
10 percent 
of the Group's total revenue. 
The 
Group’s 
customer 
contracts 
include 
primarily 
one 
performance 
obligation, 
which 
is 
typically 
a 
single 
appointment, 
and 
the 
transaction 
prices 
are 
mainly 
fixed. 
The 
Group 
also 
has 
customer 
contracts 
that 
include 
multiple performance 
obligations. In 
some cases, 
the transaction 
price includes 
a variable 
consideration such 
as a 
discount or 
penalty. 
Possible variable 
considerations are 
assessed at 
each reporting 
date and 
are allocated 
to one 
or 
more 
performance 
obligations. 
The 
terms 
of 
payment 
and 
payment 
periods 
in 
customer 
contracts 
vary, 
but 
payment time 
is nonetheless 
clearly below one 
year. 
Consequently, 
customer contracts 
do not include 
a significant 
financing component. 
Revenue is 
recognised to 
the extent 
that the 
Group expects 
to be 
entitled to 
in exchange 
for 
the 
goods 
and 
services 
taking 
into 
account 
the 
terms 
and 
conditions 
of 
the 
customer 
contracts 
and 
business 
practices. 
Revenue from individual appointments 
is recognised at a point 
in time as the service has 
been completed. For long-
term contracts 
for predetermined 
services or 
a bundle 
of services, 
revenue is 
recognised 
as Terveystalo 
fulfils the 
performance 
obligation 
by 
performing 
the 
promised 
service. 
The 
Group’s 
long-term 
contracts 
are 
assessed 
to 
include 
a 
single 
performance 
obligation 
where 
the 
services 
provided 
by 
the 
Group 
are 
integrated 
into 
a 
single 
bundle 
of 
services. 
The 
group 
also 
has 
long-term 
customer 
contracts 
where 
the 
delivery 
of 
a 
series 
of 
distinct 
services 
to 
the 
customer 
has 
the 
same 
pattern 
of 
transfer. 
In 
long-term 
customer 
contracts, 
the 
customer 
simultaneously receives 
and consumes 
the benefits 
from the service 
and, consequently, 
the criteria 
for recognising 
revenue 
over 
time 
is 
met. 
For 
long-term 
contracts, 
Terveystalo 
measures 
the 
progress 
towards 
complete 
satisfaction of 
the performance 
obligation by 
applying the 
input method, 
in which 
the revenue 
is recognised 
based 
on 
time 
elapsed. 
The 
Group 
views 
that 
the 
used 
method 
best 
describes 
the 
transfer 
of 
control 
for 
the 
services 
provided. Estimated 
costs and 
revenues will 
be re-assessed 
regularly during 
performing the 
services. Revisions 
in 
profit estimates 
as well 
as projected 
potential losses 
on contracts 
are charged 
through the 
statement of 
income 
in 
the period 
in which 
they become 
known. The 
Group has 
not incurred 
any substantial 
costs for 
obtaining customer 
contracts. 
Regarding 
private 
practitioners, 
Terveystalo 
acts 
as 
the 
principal 
and 
recognises 
revenue 
on 
a 
gross 
basis. 
Fees 
related to purchasing these services are recognised in materials 
and services expenses.
2.16 Segment information 
The 
reporting 
structure 
reflects 
Terveystalo's 
operating 
model 
and 
is 
aligned 
with 
the 
way 
the 
company’s 
chief 
operating decision 
maker follows 
the operational 
performance of 
Terveystalo's 
businesses. The 
reporting structure 
was 
changed 
in 
the 
financial 
year 
2023 
due 
to 
the 
change 
in 
Terveystalo's 
operating 
model. 
Terveystalo 
Group 
comprises 
of 
three 
operating 
segments 
that 
are 
reportable 
segments: 
Healthcare 
Services, 
Portfolio 
Businesses, 
and Sweden. 
Monitoring of 
profitability is 
primarily based 
on operating 
segments. In 
addition, Terveystalo 
provides 
disclosure 
on 
revenue 
for 
Healthcare 
Services 
on 
customer 
and 
service 
level, 
and 
for 
Portfolio 
Businesses 
on 
service level. 

127 
Terveystalo’s 
chief 
operating 
decision 
maker 
is 
the 
CEO 
who 
is 
monitoring 
the 
operating 
results 
of 
operating 
segments for 
the purpose 
of assessing 
performance and 
making decisions 
about resource 
allocation. Key 
financial 
performance measures of the segments 
comprise primarily revenue and 
segment adjusted earnings before 
interest, 
taxes, amortisation and 
impairment (EBITA) 
. 
The evaluation of 
segment performance 
and allocation of 
resources is 
primarily based 
on segment 
adjusted EBITA, 
which the 
management estimates 
the most 
relevant measure 
for this 
purpose. 
Healthcare Services offers 
customers in Finland 
integrated care paths 
from preventive occupational 
health services 
to 
primary 
care 
services 
and 
to 
different 
fields 
of 
specialised 
care, 
diagnostic, 
and 
day 
surgery. 
In 
Healthcare 
Services, Terveystalo 
aims for industry-leading profitability and the best care 
outcomes. 
The 
Portfolio 
Businesses 
segment 
consists 
of 
business 
areas 
that 
aim 
for 
independent 
value 
creation 
utilising 
Terveystalo’s 
capabilities according 
to their 
needs. Portfolio 
Businesses segment 
include publicly 
funded services, 
such 
as 
outsourcing 
and 
staffing 
services, 
as 
well 
as 
services 
aimed 
at 
consumers, 
including 
dental 
care 
and 
massage. 
The Sweden segment 
consists of Feelgood 
subsidiaries’ operations 
in Sweden, which 
are focused on 
occupational 
health and consultation for 
organisational management and 
harmful use. In Sweden, 
Terveystalo 
aims for profitable 
growth in the medium and long term. 
In addition to operating 
segments, Terveystalo 
provides information for 
Other section. Other 
reported figures mainly 
consist of parent company expenses as well as unallocated 
Group level adjustments and provisions.
 
2.17 Government grants 
Government grants 
are presented in 
other operating income 
as far as 
they do not 
relate to acquired 
assets. Grants 
are recognised when 
there is reasonable 
assurance that grants 
will be received, and 
the Group will comply 
with the 
conditions associated with the grants.
2.18 Operating profit 
IAS 1 
standard does 
not define 
operating profit. 
The Group 
has defined 
it as 
follows: Operating 
profit is 
calculated 
by 
adding 
other 
operating 
income 
to 
revenue, 
deducting 
costs 
related 
to 
materials 
and 
services, 
deducting 
costs 
related to employee benefits, depreciation, amortisation 
and impairments as well as other operating expenses.
 
2.19
Earnings per share 
Basic 
earnings 
per 
share 
is 
calculated 
by 
dividing 
profit 
or 
loss 
attributable 
to 
the 
shareholders 
of 
the 
parent 
company 
by 
the 
weighted 
average 
number 
of 
shares 
outstanding 
during 
the 
financial 
period. 
The 
Group’s 
share-
based incentive plan has a dilution effect related to 
the earnings per share.
2.20 Income taxes 
Income 
taxes 
primarily 
include 
current 
and 
deferred 
taxes. 
Tax 
related 
to 
items 
recognised 
directly 
in equity 
or in 
other comprehensive income is also 
recognised in equity or 
in other comprehensive income. 
Current tax assets and 
liabilities are 
measured at 
the amount 
expected to 
be received 
from or 
paid to 
taxation authorities, 
using the 
rates 
and 
laws 
that 
have 
been 
enacted 
by 
the 
date 
of 
the 
statement 
of 
financial 
position. 
Income 
taxes 
include 
any 
adjustment to tax in respect of previous years. 
Deferred 
tax 
is 
recognised 
in 
respect 
of 
all 
temporary 
differences 
between 
the 
carrying 
amounts 
of 
assets 
and 
liabilities 
for 
financial 
reporting 
purposes 
and 
the 
amounts 
in 
taxation. 
Deferred 
tax 
is 
not 
recognised 
in 
the 
initial 
recognition 
of 
assets 
or 
liabilities 
in 
a 
transaction 
that 
is 
not 
a 
business 
combination 
and 
that 
affects 
neither 
accounting 
nor 
taxable 
profit 
nor 
loss 
at 
the 
date 
of 
the 
transaction. 
Deferred 
tax 
is 
not 
recognised 
for 
non-tax-
deductible 
goodwill 
or 
for 
subsidiaries’ 
retained 
earnings 
to 
the 
extent 
that 
it 
is 
probable 
that 
the 
temporary 
difference 
will 
not 
reverse 
in 
the 
foreseeable 
future. 
Deferred 
taxes 
relate 
primarily 
to 
the 
difference 
between 
the 
book value and tax base of 
capitalised customer relationships 
and trademarks, and to provisions 
related primarily to 
loss making contracts. 

128

A deferred tax asset 
is recognised to the 
extent that it is 
probable that future taxable 
profits will be available 
against 
which they can be used and using the losses is considered 
probable. 
Deferred taxes are calculated using tax rates enacted 
by the reporting date.

129 
3. Business combinations 
Business combinations 2024 
During the year 2024, the Group has made three corporate 
acquisition and one business acquisition. 
On 31 
March 
2024 Terveystalo 
Healthcare 
Oy 
acquired 
100 percent 
of the 
imaging services 
provider SRK 
Group 
Oy 
and an 
indirect 
100 percent 
ownership 
in its 
subsidiaries 
Suomen 
Radiologikeskus 
Oy, 
iRad Oy 
and Kajaanin 
Radiologikeskus Oy. 
On 1 July 
2024 Feelgood Företagshälsovård 
AB acquired 
100 percent 
of the Swedish 
occupational health 
provider 
Clarahälsan AB. 
On 6 September 2024 Suomen Terveystalo 
Oy acquired 100 percent of the general 
and specialist medical services, 
psychology services and physiotherapy services provider Cityläkarna 
Mariehamn Ab. 
On 30 November 
2024 Rela-hierojat 
Oy acquired 
massage business 
operations previously 
operated as 
franchising 
business. 
The 
following 
table 
summarises 
the 
acquisition 
date 
fair 
values 
of 
the 
consideration 
transferred 
as 
well 
as 
the 
recognised 
amounts 
of 
assets 
acquired 
and 
liabilities 
assumed 
at 
the 
acquisition 
date. 
The 
statement 
of 
financial 
position 
of 
acquired 
companies 
has 
been 
prepared 
in 
accordance 
with 
IFRS 
and 
Terveystalo’s 
accounting 
principles 
in 
all 
material 
respect. 
The 
following 
table 
is 
preliminary, 
and 
the 
information 
has 
been 
consolidated, 
because the acquisitions are not material individually.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration transferred 
EUR mill. 
Purchase price, payable in cash 
8.1 
Contingent consideration 
0.8 
Total consideration transferred 
8.9 
Identifiable assets acquired and liabilities assumed 
EUR mill. 
Cash and cash equivalents 
0.8 
Intangible assets 
0.2 
Property, plant and equipment 
0.5 
Right-of-use assets 
1.2 
Trade and other receivables 
1.5 
Financial liabilities 
-0.1 
Lease liabilities 
-1.2 
Trade and other payables 
-2.2 
Total identifiable net assets acquired 
0.6 
Goodwill 
8.3
As a 
result of 
these 
business 
combinations, 
a preliminary 
goodwill 
amounting 
to 
EUR 
8.3 
million was 
recognised. 
The goodwill is 
attributable to skills 
of the workforce 
and synergies expected 
to be achieved. 
EUR 0.0 million 
of the 
recognised goodwill 
is deductible 
in taxation. 
Cashflow impact 
of the 
acquisitions made 
during 2023 
was EUR 
-7.1 
million. 

130

The 
fair 
value 
of 
the 
acquired 
trade 
and 
other 
receivables 
amounted 
to 
EUR 
1.5 
million, 
for 
which 
the 
risk 
of 
impairment has been deemed as non-significant. 
The Group has incurred acquisition-related 
expenses of EUR 0.3 million related 
to transfer tax, consulting, valuation 
or equivalent services. The expenses have been included in 
other operating expenses. 
The contributed revenue 
recognised from 
the acquisitions 
during the 
year 2024 was 
EUR 6.8 million 
and profit was 
EUR 0.1 million. 
If the acquisition had occurred 
on 1 January 2024, management 
estimates that the Group’s 
consolidated revenue in 
2024 would 
have been 
EUR 1,345.0 
million and 
the consolidated 
result for 
the period 
would have 
been EUR 
72.0 
million.

131 
Business combinations 2023 
During the year 2023, the Group has made one corporate 
acquisition and one business acquisition. 
On 15 August 2023 Feelgood Företagshälsovård 
AB acquired 100 percent of the occupational health 
provider Växjö 
Hälsoforum AB. 
On 2
October 2023 Feelgood Sjukvård AB acquired the 
occupational healthcare business of Quality Care AB. 
The 
following 
table 
summarises 
the 
acquisition 
date 
fair 
values 
of 
the 
consideration 
transferred 
as 
well 
as 
the 
recognised 
amounts 
of 
assets 
acquired 
and 
liabilities 
assumed 
at 
the 
acquisition 
date. 
The 
statement 
of 
financial 
position 
of 
acquired 
companies 
has 
been 
prepared 
in 
accordance 
with 
IFRS 
and 
Terveystalo’s 
accounting 
principles in 
all material 
respect. The 
information has 
been consolidated, 
because the 
acquisitions are 
not material 
individually.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration transferred 
EUR mill. 
Purchase price, payable in cash 
0.6 
Contingent consideration 
0.5 
Total consideration transferred 
1.0 
Identifiable assets acquired and liabilities assumed 
EUR mill. 
Cash and cash equivalents 
0.2 
Intangible assets 
0.1 
Property, plant and equipment 
0.0 
Right-of-use assets 
0.3 
Trade and other receivables 
0.1 
Lease liabilities 
-0.3 
Trade and other payables 
-0.3 
Deferred tax liabilities 
0.0 
Total identifiable net assets acquired 
0.0 
Goodwill 
1.0
As a result 
of these 
business combinations, 
a goodwill amounting 
to EUR 
1.0 million was 
recognised. The 
goodwill 
is attributable 
to skills 
of the 
workforce and 
synergies 
expected to 
be achieved. 
EUR 0.7 
million of 
the recognised 
goodwill was deductible 
in taxation. Cashflow 
impact of the 
acquisitions made during 
2023 was EUR 
-0.3 million. In 
2024, cashflow 
impact 
arising 
from business 
combinations 
made in 
previous 
financial 
years 
was 
EUR 
-1.6 
million 
due to additional purchase prices paid. 
In 
these 
business 
combinations, 
the 
Group 
has 
acquired 
customer 
relationships. 
The 
fair 
value 
of 
customer 
contracts and 
related customer 
relationships included 
in intangible 
assets has 
been determined 
on the 
basis of 
the 
estimated duration of customer relationships and the discounted 
net cash flows from existing customer contracts. 
The 
fair 
value 
of 
the 
acquired 
trade 
and 
other 
receivables 
amounted 
to 
EUR 
0.1 
million, 
for 
which 
the 
risk 
of 
impairment has been deemed as non-significant. 

 
132 
The 
Group 
has 
incurred 
acquisition-related 
expenses 
of 
EUR 
0.1 
million 
related 
to 
consulting, 
valuation 
or 
equivalent services. The expenses have been included 
in other operating expenses. 
The contributed 
revenue recognised 
from the 
acquisitions during 
the year 
2023 was 
EUR 0.4 
million and 
loss was 
EUR 0.0 million. 
If the acquisition had occurred 
on 1 January 2023, management 
estimates that the Group’s 
consolidated revenue in 
2023 would 
have been 
EUR 1,286.9 
million and 
the consolidated 
result for 
the period 
would have 
been EUR 
-42.2 
million.
4. Segment information 
Terveystalo 
Group’s 
operating 
segments 
are 
Healthcare 
Services, 
Portfolio 
Businesses, 
and 
Sweden. 
These 
are 
also reportable segments and operating segments are 
not aggregated.
 
Segment information 
1.1.-31.12.2024 
Healthcare 
services 
Portfolio 
Businesse
s 
Sweden 
Segments 
total 
Other 
Internal 
eliminatio
ns 
Total 
EUR mill. 
Revenue 
Revenues from external customers 
1,026.8 
231.6 
81.6 
1,340.0 
- 
- 
1,340.0 
Revenues from transactions with other operating segments 
of the same entity 
16.0 
6.9 
0.2 
23.1 
- 
-23.1 
- 
Total revenue 
1,042.8 
238.5 
81.8 
1,363.1 
- 
-23.1 
1,340.0 
Adjusted EBITA 
162.0 
10.3 
-2.0 
170.3 
0.7 
- 
171.0 
Adjustments 
7.6 
0.3 
6.3 
14.2 
9.2 
- 
23.5 
Depreciations 
6.8 
1.1 
7.0
14.8 
60.1 
- 
74.9 
 
1.1.-31.12.2023 
Healthcare 
services 
Portfolio 
Businesse
s 
Sweden 
Segments 
total 
Other 
Internal 
eliminatio
ns 
Total 
EUR mill. 
 
Revenue 
Revenues from external customers 
933.5 
260.7 
92.3 
1,286.4 
- 
- 
1,286.4 
Revenues from transactions with other operating segments 
of the same entity 
15.1 
6.5 
0.2 
21.8 
- 
-21.8 
- 
Total revenue 
948.6 
267.2 
92.5 
1,308.2 
- 
-21.8 
1,286.4 
Adjusted EBITA 
109.0 
8.7 
3.7 
121.4 
4.2 
- 
125.6 
Adjustments 
1.9 
0.4 
1.6 
3.9 
17.3 
- 
21.2 
Depreciations 
5.9 
1.0 
6.9 
13.8 
60.9 
- 
74.6

133 
 
Adjustments (EBITA)*, EUR mill. 
2024 
2023 
Acquisition-related expenses 1) 
-0.7 
-0.8 
Restructuring-related expenses 2) 
1.9 
3.2 
Gains and losses on sale of assets, net 3) 
0.6 
- 
Strategic projects and other items affecting to comparability 
21.6 
18.8 
Adjustments 
23.5 
21.2 
* Adjustments are material items outside the ordinary 
course of business and these relate to acquisition-related 
expenses, restructuring-related 
expenses, gains and losses on sale of assets (net), 
and other items affecting comparability. Adjustments in Other section are mainly related 
to the 
profit improvement program. Healthcare services segment 
adjustments in the financial year 2024 
includes a one-off item of EUR 5.6 million related to 
renovation and maintenance liabilities in a single 
location over a period of more than ten 
years. 
1) Including transaction costs and expenses from integration 
of acquired businesses. 
2) Including restructuring of network and business 
operations. 
3) Including sales of business operations.
 
Reconciliation of the total of the reportable segment's adjusted EBITA to the Group's profit before 
taxes 
31 Dec 
2024 
31 Dec 
2023 
EUR mill. 
Profit before taxes 
89.6 
-38.9 
Net finance expenses 
26.5 
24.2 
Amortisation and impairment losses 
31.5 
119.1 
Adjustments 
23.5 
21.2 
Other 
-0.7 
-4.2 
Adjusted EBITA 
170.3 
121.4
 
Non-current assets by geographical areas 
Non-current assets include property, plant and equipment, right-of-use assets, goodwill, other intangible 
assets, investment properties and investments in associates. 
EUR mill. 
31 Dec 
2024 
31 Dec 
2023 
Finland 
1,112.6 
1,144.7 
Sweden 
69.5 
75.3 
Total 
1,182.1 
1,220.0
5. Revenue 
The 
Group's 
distribution 
of 
revenue 
is 
based 
on 
three 
segments: 
Healthcare 
Services, 
Portfolio 
Businesses, 
and 
Sweden. 
For 
more 
information 
on 
segments, 
refer 
to 
note 
4, 
Segment 
information. 
The 
revenue 
of 
Healthcare 
Services 
is divided 
by services 
and customer 
groups. 
The revenue 
of Portfolio 
Businesses 
is divided 
by services. 
Terveystalo 
offers 
its 
primary 
and 
outpatient 
secondary 
health 
care 
services 
to 
three 
distinct 
customer 
groups: 
corporate 
customers, 
private 
customers, 
and 
public 
customers. 
The 
Group 
does 
not 
have 
customers 
whose 
revenue exceeds 10 percent of the Group's total revenue.

134 
Corporate customers constitute 
Terveystalo’s 
largest customer group. 
Terveystalo’s 
corporate customers 
consist of 
the 
company’s 
occupational 
health 
care 
customers, 
excluding 
municipal 
occupational 
health 
care 
customers. 
The 
company provides 
statutory occupational 
health services 
and other 
occupational health 
and well-being 
services for 
corporate customers of all sizes. 
 
Private 
customers 
include 
private 
individuals 
and 
families. 
The 
company’s 
strong 
brand, 
easy 
access 
to 
services 
without 
long 
waiting 
times, 
leading 
service 
portfolio 
for 
private 
customers, 
families, 
and 
senior 
citizens, 
and 
personalised 
digital services 
give Terveystalo 
a competitive 
edge over 
public 
health care 
services 
and 
encourage 
customers 
to 
invest 
in 
their 
own 
health. 
Services 
for 
private 
customers 
are 
paid 
for 
either 
by 
the 
customers 
themselves or by their insurance companies. 
Terveystalo’s 
public 
customer 
group 
is 
made 
up 
of 
Finnish 
public 
sector 
organisations, 
such 
as 
municipalities, 
municipal federations, 
and hospital districts, 
as well as 
municipal occupational 
health care customers. 
The services 
offered 
to 
public 
sector 
customers 
include 
full 
and 
partial 
outsourcings, 
health 
care 
staffing 
services, 
specialised 
care services, 
other health 
care services, 
as well 
as occupational 
health care 
services for 
municipalities, municipal 
federations, and hospital districts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dissagregation of revenue 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Healthcare services 
1,042.8 
948.6 
Portfolio Businesses 
238.5 
267.2 
Sweden 
81.8 
92.5 
Segments total 
1,363.1 
1,308.2 
Other 
-23.1 
-21.8 
Other 
1,340.0 
1,286.4 
Healthcare services, revenue 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
By customer 
Corporate 
638.9 
564.0 
Consumer 
313.4 
296.1 
Public sector 
90.5 
88.5 
Total 
1,042.8 
948.6 
By service 
Appointments 
686.1 
618.3 
Diagnostics 
254.2 
229.6 
Other 
102.5 
100.7 
Total 
1,042.8 
948.6 
Portfolio Businesses, revenue 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Outsourcing services 
82.8 
91.1 
Staffing services 
73.1 
84.7 
Dental care 
50.3 
54.5 
Other 
32.4 
36.9 
Total 
238.5 
267.2
 
Timing of satisfying performance obligations 

135 
 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
At a point in time 
1,255.3 
1,192.9 
Over time 
84.7 
93.5 
Total 
1,340.0 
1,286.4
 
Balances in the statement of financial position 
EUR mill. 
31 Dec 2024 
31 Dec 2023 
Contract assets 
7.9 
10.2 
Contract liabilities 
7.0 
8.8
The Group will satisfy performance obligations related 
to the contract liabilities within one year.
 
6. Other operating income 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Rental income 
0.9 
0.9 
Gains on sale of property, plant and equipment 
0.3 
0.2 
Other items 
2.5 
3.1 
Total 
3.7 
4.2
 
7. Materials and services 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Purchases of materials 
-41.4 
-40.8 
Change in inventories 
0.1 
0.5 
External services 
-508.5 
-495.9 
Total 
-549.8 
-536.2
 
8. Employee benefit expenses 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Wages and salaries 
-349.5 
-363.0 
Share-based payments 
-1.6 
-1.4 
Pension expenses — defined contribution plans 
-56.9 
-58.7 
Other social security costs 
-19.8 
-23.9 
Total 
-427.8 
-447.0 
Number of personnel at the end of the reporting 
period* 
9,153 
9,824 
* Does not include the companies acquired during 2024 
in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy and Kajaanin 
Radiologikeskus Oy and Cityläkarna Mariehamn Ab).
 
9. Depreciation, amortisation and impairment 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Depreciation and amortisation by asset type

136 
 
Intangible assets 
 
Trademarks 
-4.7 
-4.7 
 
Customer relationships 
-2.2 
-9.4 
 
Other intangible assets 
-20.4 
-18.2 
Total 
-27.2 
-32.2 
Property, plant and equipment 
 
Buildings 
-0.1 
-0,0 
 
Machinery and equipment 
-16.4 
-14.9 
 
Improvement to premises 
-7.3 
-6.4 
Total 
-23.7 
-21.3 
Right-of-use assets 
-51.2 
-53.4 
Investment property 
-0,0 
-0,0 
Depreciation and amortisation total 
-102.1 
-107.0 
Impairment losses by asset groups 
 
Goodwill 
- 
-57.3 
 
Customer relationships 
- 
-29.3 
 
Other intangible assets 
-2.5 
-0,0 
 
Land and water 
-0,0 
- 
 
Buildings and structures 
-0.2 
- 
 
Other property, plant and equipment 
-0.1 
- 
 
Machinery and equipment 
-0,0 
-0,0 
 
Improvement to premises 
-0.3 
-0,0 
 
Right-of-use assets 
-1.1 
- 
 
Investment property 
- 
-0.2 
 
Stocks and shares 
-0.1 
- 
Impairment total 
-4.2 
-86.9 
Total depreciation, amortisation and impairment losses 
-106.4 
-193.8
 
10. Other operating expenses 
Specification of other operating 
expenses 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
External services 
-18.6 
-22.7 
Operating and maintenance expenses for premises 
and equipment 
-26.9 
-25.1 
ICT expenses 
-43.8 
-40.4 
Non-statutory personnel expenses 
-8.4 
-7.4 
Leases and charges 
-6.0 
-4.9 
Travel expenses 
-7.1 
-6.9 
Marketing and communication 
-11.1 
-8.7 
Acquisition-related expenses 
-0.3 
-0.1 
Other costs 
-21.6 
-12.0 
Total 
-143.7 
-128.2
 
Auditor's fees

137 
 
In thousands of euro 
1.1.-31.12.2024 
1.1.-31.12.2023 
Audit and auditor's statements based on laws 
and regulations 
 
Audit, KPMG 
-436.5 
-481.1 
 
Auditor's statements based on laws and regulations, 
KPMG* 
-123.6 
-11.0 
Total 
-560.1 
-492.1 
Non audit services 
 
Tax services, KPMG 
-9.8 
-4.3 
 
Other services, KPMG 
-30.1 
- 
Total 
-39.9 
-4.3 
Auditor's fees total 
-600.0 
-496.4 
Auditor's fees have been presented excluding value-added 
tax. Non-audit services paid for the parent company’s auditor, KPMG Oy Ab, 
were 40 (4) thousand euros in total. 
*Including limited assurance of sustainability statement.
 
11. Financial income and 
expenses 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Interest income on loans and other receivables 
2.1 
1.2 
Dividend income 
0.0 
0.0 
Total financial income 
2.1 
1.2 
Interest expense on loans from financial institutions 
-13.9 
-14.3 
Interest expense on bonds 
-5.3 
-3.2 
Interest expenses on lease liabilities 
-6.5 
-5.2 
Change in fair value of interest rate derivatives, no 
hedge accounting 
-1.6 
-1.9 
Other financial expenses 
-1.3 
-0.9 
Total financial expenses 
-28.6 
-25.4 
Net financial expenses 
-26.5 
-24.2
 
12. Taxes 
 
12.1 Income taxes 
Income taxes in the statement of income 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Current tax for the reporting year 
-20.7 
-10.8 
Income taxes for previous periods 
-0.1 
-0.1 
Change in deferred taxes 
2.8 
7.6 
Total income taxes 
-18.0 
-3.3
 
Reconciliation of the Group's tax rate to the Finnish 
tax rate 
EUR mill. 
1.1.-31.12.2024 
1.1.-31.12.2023 
Profit or loss before taxes 
89.6 
-38.9 
Tax using the parent company's tax rate 
-17.9 
7.8 
Tax rates in foreign jurisdictions 
0.1 
-0,0

138 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax exempt income 
0.5 
0.6 
Non-deductible expenses 
-0.5 
-11.7 
Share of profit in associated companies 
- 
0.0 
Recognition of previously unrecognised tax losses 
0.0 
0.2 
Tax losses for which no deferred taxes are recognised 
-0,0 
-0.2 
Taxes from previous periods 
-0.1 
-0.1 
Other 
0.1 
0.1 
Total income taxes in the statement of income 
-18.0 
-3.3
 
Global minimum top-up tax (Pillar 2) 
Terveystalo 
Group has prepared calculation on the impacts of Global 
minimum top-up tax (Pillar 2) regulation on the 
taxation of its Group companies. Besides Finland, the Group has 
operations in Sweden and to a minor extent in 
Estonia. In Finland and in Sweden, effective tax rate 
is above global minimum top-up tax rate of 15%. 
Therefore, the 
Group is not expecting to pay top tax due to Pillar 2 minimum 
top-up tax regulation.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12.2 Deferred tax assets and liabilities 
Deferred tax assets 2024 
EUR mill. 
1 Jan 2024 
Business 
combinations 
Recognised 
in the 
statement 
of income 
Translatio
n 
difference
s 
31 Dec 2024 
Provisions 
1.2 
- 
-0.2 
- 
1.0 
Tax losses carried forward 
1.5 
- 
1.1 
- 
2.6 
Leases 
1.5 
0.0 
0.4 
0.0 
1.9 
Interest rate derivatives 
0.0 
- 
0.0 
- 
0.1 
Other temporary differences 
1.8 
- 
-0.2 
- 
1.6 
Total 
6.0 
0.0 
1.2 
0.0 
7.1
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities 2024 
EUR mill. 
1 Jan 2024 
Business 
combinations 
Recognised 
in the 
statement 
of income 
Translatio
n 
difference
s 
31 Dec 2024 
Reversal of goodwill amortisation 
3.2 
- 
0.2 
- 
3.4 
Business combinations 
11.9 
- 
-1.6 
-0.1 
10.2 
Depreciation difference 
3.3 
- 
0.4 
- 
3.7 
Loan withdrawal expense 
0.2 
- 
-0.1 
- 
0.2 
Interest rate derivatives 
0.9 
- 
-0.3 
- 
0.7 
Other temporary differences 
0.8 
- 
-0.1 
- 
0.7 
Total 
20.2 
- 
-1.5 
-0.1 
18.7 
The Group has no material deductible temporary differences, unused tax losses or unused tax credits for 
which no deferred tax asset has been recognised.
 

 
 
 
139 
 
 
 
 
 
 
 
 
 
 
 
Deferred taxes from lease agreements 2024 
EUR mill. 
1 Jan 2024 
Business 
combinations 
Additions 
Disposals 
Recognised 
in the 
statement of 
income 
31 Dec 
2024 
Deferred tax asset 
44.8 
0.2 
10.5 
-1.2 
-15.8 
38.5 
Deferred tax liability 
-43.3 
-0.2 
-10.5 
1.2 
16.2 
-36.6 
Total 
1.5 
0.0 
0.0 
0.0 
0.4 
1.9
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax assets 2023 
EUR mill. 
1 Jan 2023 
Business 
combinations 
Recognise
d in the 
statement 
of income 
Translation 
difference 
31 Dec 2023 
Provisions 
1.6 
- 
-0.4 
- 
1.2 
Tax losses carried forward 
1.8 
- 
-0.3 
- 
1.5 
Leases 
1.4 
0.0 
0.1 
0.0 
1.5 
Interest rate derivatives 
0.7 
- 
-0.7 
- 
0.0 
Other temporary differences 
2.1 
- 
-0.4 
- 
1.8 
Total 
7.7 
0.0 
-1.7 
0.0 
6.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities 2023 
EUR mill. 
1 Jan 2023 
Business 
combinations 
Recognise
d in the 
statement 
of income 
Translation 
difference 
31 Dec 2023 
Reversal of goodwill amortisation 
3.0 
- 
0.2 
- 
3.2 
Business combinations 
21.1 
0.0 
-9.3 
-0,0 
11.9 
Depreciation difference 
2.5 
- 
0.8 
- 
3.3 
Loan withdrawal expense 
0.1 
- 
0.1 
- 
0.2 
Interest rate derivatives 
2.0 
- 
-1.0 
- 
0.9 
Other temporary differences 
0.8 
- 
-0,0 
- 
0.8 
Total 
29.5 
0.0 
-9.2 
-0,0 
20.2 
The Group has no material deductible temporary differences, 
unused tax losses or unused tax 
credits for which no deferred tax asset has been recognised.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred taxes from lease agreements 2023 
EUR mill. 
1 Jan 2023 
Business 
combinations 
Additions 
Disposals 
Recognised 
in the 
statement of 
income 
31 Dec 
2023 
Deferred tax asset 
36.2 
0.1 
22.8 
-3.5 
-10.7 
44.8 
Deferred tax liability 
-34.8 
-0.1 
-22.8 
3.5 
10.8 
-43.3 
Total 
1.4 
0.0 
0.0 
-0,0 
0.1 
1.5

140

 
13. Earnings per share 
1.1-31.12.2024 
1.1-31.12.2023 
Result attributable to the equity holders of the 
company, EUR mill. 
71.7 
-42.2 
Weighted average number of outstanding shares, in thousands 
126,597 
126,555 
Diluted average number of outstanding shares, in 
thousands 
126,727 
127,037 
Basic earnings per share for result attributable 
to the equity holders of the company, EUR 
0.57 
-0.33 
Diluted earnings per share for result attributable 
to the equity holders of the company, 
EUR 
0.57 
-0.33

 
141 
 
14. Tangible assets 
14.1 Property, plant 
and 
equipment 
2024 
Land and 
water, 
buildings and 
constructions 
Machinery 
and 
equipment 
Improvement to 
premises 
Other tangible 
assets and 
advances paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2024 
2.3 
179.7 
76.6 
1.1 
259.7 
Business combination 
- 
0.5 
0.0 
- 
0.5 
Additions 
- 
16.6 
1.0 
10.1 
27.6 
Disposals 
- 
-0.3 
- 
- 
-0.3 
Translation differences 
-0,0 
-0.1 
-0,0 
-0,0 
-0.1 
Transfers between items 
- 
0.4 
3.1 
-3.5 
- 
Acquisition cost 31 Dec 2024 
2.3 
196.6 
80.8 
7.7 
287.4 
Accumulated depreciation and impairment 
losses 1 Jan 2024 
-1.2 
-132.1 
-42.2 
- 
-175.5 
Depreciation 
-0.1 
-16.4 
-7.3 
- 
-23.7 
Impairment losses 
-0.2 
-0,0 
-0.3 
-0.1 
-0.5 
Translation differences 
0.0 
0.1 
0.0 
- 
0.1 
Accumulated depreciation and impairment 
losses 31 Dec 2024 
-1.5 
-148.4 
-49.7 
-0.1 
-199.7 
Carrying amount 1 Jan 2024 
1.2 
47.5 
34.5 
1.1 
84.2 
Carrying amount 31 Dec 2024 
0.8 
48.2 
31.1 
7.5 
87.7
. 
 
2023 
Land and 
water, 
buildings and 
constructions 
Machinery 
and 
equipment 
Improvement to 
premises 
Other tangible 
assets and 
advances paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2023 
2.3 
165.1 
64.4 
4.2 
236.0 
Business combination 
- 
0.0 
- 
- 
0.0 
Additions 
- 
13.8 
1.7 
8.8 
24.3 
Disposals 
- 
-0.5 
-0.1 
- 
-0.6 
Translation differences 
0.0 
0.0 
0.0 
0.0 
0.0 
Transfers between items 
- 
1.2 
10.6 
-11.8 
- 
Acquisition cost 31 Dec 2023 
2.3 
179.7 
76.6 
1.1 
259.7 
Accumulated depreciation and impairment 
losses 1 Jan 2023 
-1.2 
-117.1 
-35.8 
- 
-154.0 
Depreciation 
-0,0 
-14.9 
-6.4 
- 
-21.3 
Impairment losses 
- 
-0,0 
-0,0 
- 
-0,0 
Translation differences 
-0,0 
-0,0 
-0,0 
- 
-0,0 
Accumulated depreciation and impairment 
losses 31 Dec 2023 
-1.2 
-132.1 
-42.2 
- 
-175.5 
Carrying amount 1 Jan 2023 
1.2 
47.9 
28.7 
4.2 
82.0 
Carrying amount 31 Dec 2023 
1.2 
47.5 
34.5 
1.1 
84.2

 
142 
 
14.2 Right of-use-assets 
2024 
Premises 
Other right-of-
use assets 
Total 
EUR mill. 
Acquisition cost 1 Jan 2024 
424.0 
40.9 
464.9 
Business combination 
1.2 
- 
1.2 
Additions 
28.4 
0.2 
28.7 
Disposals 
-6.5 
-0.1 
-6.5 
Translation differences 
-0.9 
-0,0 
-0.9 
Acquisition cost 31 Dec 2024 
446.3 
41.1 
487.4 
Accumulated depreciation and impairment 
losses 1 Jan 2024 
-217.9 
-34.9 
-252.8 
Depreciation 
-48.8 
-2.4 
-51.2 
Impairment losses 
-0.6 
-0.4 
-1.1 
Translation differences 
0.4 
0.0 
0.4 
Accumulated depreciation and impairment 
losses 31 Dec 2024 
-266.9 
-37.7 
-304.7 
Carrying amount 1 Jan 2024 
206.1 
6.0 
212.1 
Carrying amount 31 Dec 2024 
179.4 
3.3 
182.7
 
2023 
Premises 
Other right-of-
use assets 
Total 
EUR mill. 
Acquisition cost 1 Jan 2023 
331.7 
41.5 
373.1 
Business combination 
0.3 
- 
0.3 
Additions 
108.2 
0.6 
108.9 
Disposals 
-16.5 
-1.2 
-17.7 
Translation differences 
0.2 
0.0 
0.3 
Acquisition cost 31 Dec 2023 
424.0 
40.9 
464.9 
Accumulated depreciation and impairment 
losses 1 Jan 2023 
-167.5 
-31.8 
-199.3 
Depreciation 
-50.2 
-3.1 
-53.3 
Translation differences 
-0.2 
-0,0 
-0.2 
Accumulated depreciation and impairment 
losses 31 Dec 2023 
-217.9 
-34.9 
252.8 
Carrying amount 1 Jan 2023 
164.2 
9.7 
173.9 
Carrying amount 31 Dec 2023 
206.1 
6.0 
212.1
 
14.3 Lease liabilities 
2024 
Premises 
Other lease 
liabilities 
Total 
EUR mill. 
Non-current lease liabilities 
141.0 
3.6 
144.5 
Current lease liabilities 
45.1 
2.2 
47.3 
Total lease liabilities 
186.1 
5.8 
191.8 
2023 
Premises 
Other lease 
liabilities 
Total 
EUR mill. 
Non-current lease liabilities 
166.8 
5.8 
172.6 
Current lease liabilities 
44.0 
2.5 
46.5 
Total lease liabilities 
210.8 
8.3 
219.1

 
143 
 
15. Intangible assets 
2024 
Goodwill 
Customer 
relationships 
Trademarks 
Other intangible 
assets and 
advances paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2024 
948.8 
167.8 
88.7 
156.6 
1,361.9 
Business combination 
8.5 
- 
- 
0.1 
8.6 
Additions 
- 
- 
- 
12.2 
12.2 
Disposals* 
-1.1 
-0.1 
- 
- 
-1.2 
Translation differences 
-1.4 
-0.2 
-0.1 
-0.4 
-2.1 
Acquisition cost 31 Dec 2024 
954.7 
167.5 
88.6 
168.6 
1,379.5 
Accumulated amortisations and impairment losses 
1 Jan 
2024 
-125.3 
-156.2 
-43.2 
-113.9 
-438.6 
Amortisation 
- 
-2.2 
-4.7 
-20.4 
-27.2 
Impairment losses 
- 
- 
- 
-2.5 
-2.5 
Translation differences 
- 
0.1 
0.0 
0.2 
0.2 
Accumulated amortisations and impairment losses 
31 
Dec 2024 
-125.3 
-158.4 
-47.8 
-136.6 
-468.1 
Carrying amount 1 Jan 2024 
823.5 
11.6 
45.6 
42.8 
923.4 
Carrying amount 31 Dec 2024 
829.4 
9.2 
40.8 
32.1 
911.4 
* Disposals to goodwill and customer relationships 
relate to the sale of entire share capital of 
Sivupersoona Oy, a company providing sign language 
interpreting services.
 
2023 
Goodwill 
Customer 
relationships 
Trademarks 
Other intangible 
assets and 
advances paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2023 
947.5 
167.8 
88.7 
140.2 
1,344.2 
Business combination 
1.3 
0.1 
- 
- 
1.4 
Additions 
- 
- 
- 
16.3 
16.3 
Disposals 
-0.2 
- 
- 
-0,0 
-0.2 
Translation differences 
0.1 
0.0 
0.0 
0.1 
0.2 
Acquisition cost 31 Dec 2023 
948.8 
167.8 
88.7 
156.6 
1,361.9 
Accumulated amortisations and impairment losses 
1 Jan 
2023 
-68.0 
-117.5 
-38.5 
-95.6 
-319.6 
Amortisation 
- 
-9.4 
-4.7 
-18.2 
-32.2 
Impairment losses* 
-57.3 
-29.3 
- 
-0,0 
-86.6 
Translation differences 
- 
-0,0 
-0,0 
-0.1 
-0.1 
Accumulated amortisations and impairment losses 
31 
Dec 2023 
-125.3 
-156.2 
-43.2 
-113.9 
-438.6 
Carrying amount 1 Jan 2023 
879.5 
50.3 
50.2 
44.6 
1,024.7 
Carrying amount 31 Dec 2023 
823.5 
11.6 
45.6 
42.8 
923.4 
* As a result of the impairment test, EUR 55.3 
million write-offs related to goodwill and EUR 29.3 million 
write-offs to purchase price allocations relating to 
public outsourcing customer relationships within the 
Portfolio Businesses segment public payor CGU were 
made. The impaired goodwill was recognised 
mainly in the acquisition of Attendo Healthcare 
Services in 2018. Customer relationship write-offs relate 
solely to the legacy Outsourcing business, 
acquired in the Attendo transaction that is gradually 
being phased out. In addition, during the year 
a EUR 2.0 million impairment of goodwill 
made related 
to reorganisation of Portfolio businesses in connection 
to sale of business operations.

 
 
 
 
 
 
 
 
144 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development expenditure 
Other intangible assets include development expenditure 
as follows: 
2024 
EUR mill. 
Acquisition cost 1 Jan 2024 
57.8 
Business combination 
0.1 
Additions 
3.9 
Transfers from advance payments 
8.3 
Translation differences 
-0.1 
Acquisition cost 31 Dec 2024 
70.0 
Accumulated amortisations and impairment losses 
1 Jan 2024 
-25.2 
Amortisation and impairment losses 
-18.3 
Accumulated amortisations and impairment losses 
31 Dec 2024 
-43.4 
Carrying amount 1 Jan 2024 
32.6 
Carrying amount 31 Dec 2024 
26.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
EUR mill. 
Acquisition cost 1 Jan 2023 
34.5 
Additions 
12.4 
Transfers from advance payments 
10.8 
Translation differences 
0.1 
Acquisition cost 31 Dec 2023 
57.8 
Accumulated amortisations and impairment losses 
1 Jan 2023 
-13.0 
Amortisation and impairment losses 
-12.2 
Accumulated amortisations and impairment losses 
31 Dec 2023 
-25.2 
Carrying amount 1 Jan 2023 
21.6 
Carrying amount 31 Dec 2023 
32.6
16. Impairment testing of cash-generating units including 
goodwill 
Goodwill is not amortised but it is tested for impairment 
at least annually. 
Terveystalo 
Group consists 
of three 
operating segments: 
Healthcare 
Services, Portfolio 
Businesses, 
and Sweden. 
Healthcare Services and Sweden are 
also cash-generating units. The 
Portfolio Businesses segment includes 
Public 
and Private payor cash-generating units. 
Healthcare Services 
and Sweden 
consist of 
units with 
their own 
budgets and 
performance 
measurement, 
and are 
centrally 
managed. 
Portfolio 
Businesses 
are 
managed 
as 
a 
whole, 
they 
partly 
share 
resources 
and 
are 
centrally 
managed, but 
cash flows 
generated, marketing 
functions and 
identifiable assets 
are different 
for Public 
and Private 
payors. 
In 
2024, 
based 
on 
impairment 
testing 
calculations 
performed, 
there 
is 
no 
impairment 
needs 
to 
goodwill 
for 
cash-
generating units. For all cash-generating units, recoverable 
amounts exceeded their carrying amounts. 
In 
2023, 
as 
a 
result 
of 
the 
impairment 
test, 
the 
Group 
made 
EUR 
55.3 
million 
impairment 
related 
to 
goodwill 
in 
Portfolio 
Businesses 
Public 
payor 
cash-generating 
unit. 
The 
impaired 
goodwill 
was 
recognised 
mainly 
in 
the 
acquisition of Attendo 
Healthcare Services in 
2018. After the 
impairment, the remaining 
goodwill related to 
Portfolio 
Businesses Public 
payor cash-generating 
unit amounts 
to EUR 
146.4 million 
in total. 
Based on 
impairment testing 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
145 
calculations performed, there 
was no impairment 
needs to goodwill 
for other cash-generating 
units. For those 
cash-
generating units, recoverable amounts exceeded their 
carrying amounts. 
Goodwill 
arising 
from 
business 
combinations 
has 
been 
allocated 
to 
cash-generating 
units 
as 
shown 
in 
the 
table 
below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
. 
31 Dec 2024 
31 Dec 2023 
31 Dec 2023 
EUR mill. 
Goodwill 
% 
Goodwill 
% 
Impairment 
Healthcare Services 
607.2 
73.2 % 
603.6 
73.3 % 
- 
Portfolio Businesses, Public payor 
149.4 
18.0 % 
146.4 
17.8 % 
55.3 
Portfolio Businesses, Private payor 
29.1 
3.5 % 
29.1 
3.5 % 
- 
Sweden 
43.7 
5.3 % 
44.4 
5.4 % 
- 
Total 
829.4 
100.0 % 
823.5 
100.0 % 
55.3
In 
financial 
years 
2023 
and 
2024 
there 
were 
four 
cash 
generating 
units 
in 
total. 
The 
recoverable 
amounts 
of 
the 
cash-generating 
units 
are 
based 
on 
value-in-use 
calculations 
which 
have 
been 
calculated 
using 
discounted 
cash 
flow projections. The 
key assumptions 
used in the 
calculations are terminal 
period revenue 
growth rate, profitability 
(EBIT %) and 
the discount 
rate. The projections 
are based on 
the budgets 
and estimates for 
the years 
2025–2028, 
including the long-term growth, which have been approved 
by the management.
 
 
 
 
 
The assumptions used in impairment calculations 
in 2024 
Healthcare 
Services 
Portfolio 
Businesses, 
Public payor 
Portfolio 
Businesses, 
Private payor 
Sweden 
The length of impairment testing period 
4 years 
4 years 
4 years 
4 years 
Terminal period revenue growth rate 
2.0 % 
2.0 % 
2.0 % 
2.0 % 
Profitability (EBIT %) during the terminal period 
13.8 % 
7.8 % 
9.4 % 
5.7 % 
Discount rate (Pre-tax WACC) 
8.5 % 
9.9 % 
8.5 % 
8.6 % 
Discount rate (Post-tax WACC) 
7.2 % 
8.3 % 
7.2 % 
7.4 %
 
 
 
 
 
 
The assumptions used in impairment calculations 
in 2023 
Healthcare 
Services 
Portfolio 
Businesses, 
Public payor 
Portfolio 
Businesses, 
Private payor 
Sweden 
The length of impairment testing period 
4 years 
4 years 
4 years 
4 years 
Terminal period revenue growth rate 
2.0 % 
2.0 % 
2.0 % 
2.0 % 
Profitability (EBIT %) during the terminal period 
13.2 % 
5.3 % 
6.2 % 
5.2 % 
Discount rate (Pre-tax WACC) 
9.6 % 
10.9 % 
9.6 % 
8.0 % 
Discount rate (Post-tax WACC) 
8.1 % 
9.1 % 
8.1 % 
6.8 %
Revenue growth 
during the 
terminal period 
is based 
on a 
flat growth 
factor which 
corresponds to 
long-term 
target 
inflation 
of 
the 
European 
Central 
Bank. 
Profitability 
during 
the 
terminal 
period 
is 
based 
on 
the 
assumed 
organic 
growth under normal market 
situation, general development 
in health care services 
market and long-term 
estimates 
by the Group’s management. 
The 
discount 
rate 
used 
in 
impairment 
testing 
has 
been 
Pre-tax 
WACC 
of 
which 
the 
components 
are 
risk-free 
interest 
rate, 
risk 
premiums, 
industry-specific 
beta, 
industry-specific 
cost 
of 
debt, 
and 
industry 
specific 
equity/debt 
ratios. 

 
 
 
 
 
 
 
 
146 
Sensitivity analysis 
The Group has assessed 
the sensitivity of 
the impairment testing 
to the effect 
of the most critical 
assumptions used 
in the 
calculation. The 
table below 
shows the 
required change 
in a 
single assumption 
that the 
recoverable amount 
would fall below the carrying amount.
 
Variable 
2024 
2023 
Terminal period revenue growth rate 
Healthcare Services 
Decrease over 24.5 percentage points 
Decrease over 17.1 percentage points 
Portfolio Businesses, Public payor 
Decrease over 2.1 percentage points 
Not applicable 
Portfolio Businesses, Private payor 
Decrease over 21.3 percentage points 
Decrease over 10.2 percentage points 
Sweden 
Decrease over 1.8 percentage points 
Decrease over 1.0 percentage points 
Profitability (EBIT %) during the terminal period 
Healthcare Services 
Decrease over 12.3 percentage points 
Decrease over 10.6 percentage points 
Portfolio Businesses, Public payor 
Decrease over 2.1 percentage points 
Not applicable 
Portfolio Businesses, Private payor 
Decrease over 8.0 percentage points 
Decrease over 4.2 percentage points 
Sweden 
Decrease over 1.5 percentage points 
Decrease over 0.9 percentage points 
Discount rate (Pre-tax WACC) 
Healthcare Services 
Increase over 18.8 percentage points 
Increase over 14.3 percentage points 
Portfolio Businesses, Public payor 
Increase over 2.2 percentage points 
Not applicable 
Portfolio Businesses, Private payor 
Increase over 15.8 percentage points 
Increase over 8.9 percentage points 
Sweden 
Increase over 1.8 percentage points 
Increase over 1.0 percentage points 
.
When 
assessing 
the 
recoverable 
amounts 
of 
cash 
generating 
units, 
management 
believes 
that 
no 
reasonably 
possible 
change 
in 
any 
of 
the 
key 
variables 
used 
would 
lead 
to 
a 
situation 
where 
the 
recoverable 
amount 
of 
the 
units 
would 
fall 
below 
their 
carrying 
amount 
in 
Healthcare 
Services 
or 
Portfolio 
Businesses, 
Private 
payor 
cash-
generating 
units. 
In 
2023, 
Portfolio 
Businesses, 
Public 
payor 
cash-generating 
unit 
value 
in 
use 
was 
equivalent 
to 
book value 
of assets 
at the 
time of 
impairment testing 
and in 
consequence sensitivity 
analysis did 
not apply 
to this 
cash-generating unit. 
According 
to 
the 
impairment 
testing, 
for 
Portfolio 
Businesses, 
Public 
payor 
and 
Sweden 
cash-generating 
units, 
changes in 
critical assumptions 
presented in 
table above 
would lead 
to carrying 
amount of 
assets to 
be equivalent 
to recoverable 
amount. Portfolio 
Businesses, 
Public payor 
cash-generating 
unit’s 
carrying amount 
of assets 
at the 
time of 
impairment testing 
was EUR 
141.7 million. 
Sweden cash-generating 
unit’s carrying 
amount of 
assets at 
the 
time of impairment testing was EUR 55.9 million.
 
17. Investment properties 
Carrying amount of investment properties 

 
 
 
147 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
1.1-31.12.2024 
1.1-31.12.2023 
Carrying amount at the beginning of the period 
0.3 
0.5 
Impairment 
- 
-0.2 
Depreciation 
-0.0 
-0.0 
Carrying amount at the end of the period 
0.3 
0.3
 
 
 
 
 
 
 
 
 
 
 
 
Income and expenses related to investment properties 
EUR mill. 
1.1-31.12.2024 
1.1-31.12.2023 
Rental income from investment properties 
0.1 
0.1 
Operating expenses for investment properties 
-0.0 
-0.0 
Total 
0.0 
0.0 
Income and expenses relating to investment properties are presented based on the Group’s ownership in the investment 
properties. There are no other contractual obligations related to investment properties.
 
 
 
 
 
 
 
 
 
 
 
Fair values of investment properties 
Investment 
m2 
Value per m2 (In thousands of euro) 
Total value (In thousands 
of euro) 
Koy Jyväskylän Väinönkatu 30 
1,348 
0.2 
269 
The value of Kiinteistö Oy Jyväskylän Väinönkatu has been 
determined based on the Group’s share 
of ownership 
(16.81%).
 
 
 
 
 
 
 
 
 
 
 
 
 
18. Associated companies 
Terveystalo 
has the following associated companies which are all consolidated using the equity method. The Group has 
no individually material associates. 
Associated companies 31 Dec 2024 
Domicile 
Ownership 
Voting rights 
Terveyden Tuottajat Oy 
Finland 
0.0 % 
47.4 %
 
 
 
 
 
 
 
 
Summarised financial information on associated companies 
EUR mill. 
2024 
2023 
Carrying amount 
0.0 
0.0 
Group's share of total comprehensive income 
- 
0.0
19. Share-based payments 
Performance Share Plan 2021 
Performance 
Share 
Plan 
2021 
is 
targeted 
to 
Terveystalo’s 
key 
employees. 
The 
long-term 
share-based 
payment 
plan 
is 
based 
on 
a 
rolling 
three 
year 
performance 
period 
structure, 
with 
a 
new 
performance 
period 
starting 
each 
year, if 
so decided by the 
Board. The Board decides 
on the participants, performance 
measures and targets as 
well 
as 
earning 
opportunities 
on 
an 
annual 
basis. 
Rewards 
are 
conditional 
on 
the 
fulfilment 
of 
a 
three-year 
service 
condition 
and 
performance 
conditions 
tied 
to 
financial 
targets 
that 
are 
set 
separately. 
The 
reward 
is 
granted 
as 
a 
gross 
number of 
Terveystalo 
shares, 
including 
a cash 
portion for 
taxes 
and 
tax-related 
expenses 
arising 
from 
the 
reward to 
the 
employee.
The 
reward 
is settled 
as 
net 
shares. 
The 
plan 
is fully 
accounted 
for 
as an 
equity 
settled 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
148 
share-based 
payment.
Under the 
plan, four 
performance 
periods, 2021
–
2023, 2022
–
2024, 2023 
–2025 and 
2024–
2026, have been launched. During the year 2024, 
Performance Period 2021
–
2023 ended, and, in consequence, the 
shares 
earned 
were 
granted 
according 
to 
realization 
of 
the 
plan’s 
conditional 
performance 
measures. 
In 
total, 
45,077 net 
shares were 
granted. The 
impact of the 
Performance Period 
2021
–
2023 to the 
result for 
the period 
has 
been 
EUR 
0.2 
million, 
and 
the 
total 
cost 
of 
the 
plan 
was 
EUR 
2.5 
million. 
36 
persons 
were 
included 
in 
the 
Performance 
Period 
2021
–
2023 
arrangement. 
The 
impact 
of 
the 
Performance 
Period 
2022
–
2024 
to the 
result 
for 
the 
period 
has 
been 
EUR 
0.4 
million, 
and 
the 
expected 
total 
cost 
of 
the 
plan 
is 
EUR 
1.6 
million. 
43 
persons 
are 
included in the 
Performance Period 2022
–
2024 arrangement. The 
impact of the 
Performance Period 2023
–
2025 to 
the result 
for 
the 
period 
has 
been EUR 
0.5 
million, 
and 
the 
expected 
total cost 
of the 
plan 
is 
EUR 
1.6 
million. 
48 
persons 
are 
included 
in the 
Performance 
Period 
2023
–
2025 arrangement. 
The 
impact 
of 
the 
Performance 
Period 
2024
–
2026 to the result 
for the period has 
been EUR 0.5 million 
, 
and the expected 
total cost of the 
plan is EUR 1.8 
million. 68 persons are included in the Performance Period 
2024
–
2026 arrangement.
 
Performance Share Plan 2021 
2024-2026 
2023-2025 
2022-2024 
2021-2023 
Grant date 
2 Apr 2024 
3 Apr 2023 
1 Apr 2022 
1 Apr 2021 
Maximum number of share awards 
640,000 
640,000 
683,085 
642,000 
Outstanding at 1 Jan 2024 
- 
533,000 
455,974 
392,556 
Granted share awards during the period 
611,000 
36,666 
18,334 
- 
Forfeited share awards during the period 
30,000 
80,815 
91,481 
301,070 
Exercised share awards during the period 
- 
- 
- 
91,486 
Outstanding at 31 Dec 2024 
581,000 
488,666 
384,308 
- 
Fair value of the share award at grant date 
6.2 
6.6 
9.2 
12.6 
End of the performance period 
28 Feb 2027 
28 Feb 2026 
28 Feb 2025 
29 Feb 2024 
End of the vesting period, expected 
31 Mar 2027 
31 Mar 2026 
31 Mar 2025 
7 Mar 2024 
Vesting conditions 
Service 
condition, 
total 
Shareholder 
Return (TSR), 
EBITA 
Service 
condition, 
total 
Shareholder 
Return (TSR) 
Service 
condition, 
total 
Shareholder 
Return (TSR) 
Service condition, 
total Shareholder 
Return (TSR), 
productivity and 
digital sales 
Exercised 
In shares and 
cash 
In shares and 
cash 
In shares and 
cash 
In shares and cash
Restricted Share Plan 
Restricted Share Plan offers individually 
selected employees an opportunity to earn 
a fixed number of shares after a 
vesting 
period. 
Rewards 
are 
conditional 
on 
the 
fulfilment 
of 
a 
service 
condition 
during 
the 
vesting 
period. 
The 
reward 
is 
granted 
as 
a 
gross 
number 
of 
Terveystalo 
shares, 
including 
a 
cash 
portion 
for 
taxes 
and 
tax-related 
expenses arising from 
the reward to 
the employee.
The reward is 
settled as net 
shares. The plan 
is fully accounted 
for as an equity settled share-based payment. 
Four vesting periods have been launched 
in the plan. During the year 
2024, 
vesting 
period 
2021
–
2023 
ended, 
and, 
in 
consequence, 
the 
shares 
earned 
were 
granted 
according 
to 
realization 
of the 
plan’s 
conditional 
performance 
measures. 
In total, 
3,448 
net shares 
were 
granted. 
At the 
end 
of 
the 
reporting 
period, 
thirteen 
persons 
were 
included 
in 
the 
arrangement. 
The 
impact 
to 
the 
result 
of 
the 
vesting 
periods 2021–2023, 2022–2024, 
2023–2025 and 2024–2026 
has been EUR 0.1 
million, and the expected 
total cost 
of the plan is EUR 0.5 million
.
 
 
Restricted Share Plan 
2024-2026 
2023-2025 
2022-2024 
2021-2023 
Grant date 
15 May 2024 
3 Apr 2023 
22 Jun 2022 
15 Apr 2021 
Maximum number of share awards 
64,000 
64,000 
68,309 
64,200 
Outstanding at 1 Jan 2024 
- 
29,000 
9,000 
7,000 
Granted share awards during the period 
23,000 
- 
- 
- 
Forfeited share awards during the period 
- 
8,000 
- 
- 
Exercised share awards during the period 
- 
- 
- 
7,000 
Outstanding at 31 Dec 2024 
23,000 
21,000 
9,000 
- 
Fair value of the share award at grant date 
7.9 
6.6 
9.5 
11.2 
End of the performance period 
28 Feb 2027 
28 Feb 2026 
28 Feb 2025 
29 Feb 2024 
End of the vesting period, expected 
31 Mar 2027 
31 Mar 2026 
31 Mar 2025 
7 Mar 2024 

 
149 
Vesting conditions 
Service 
condition 
Service 
condition 
Service condition 
Service condition 
Exercised 
In shares and 
cash 
In shares and 
cash 
In shares and 
cash 
In shares and cash
 
20. Financial assets and liabilities – carrying amount, 
fair values and fair value hierarchy 
EUR mill. 31 Dec 2024 
Financial assets 
and liabilities at 
fair value 
Financial assets and 
liabilities at 
amortised cost 
Carrying 
amount 
Fair value 
Fair value 
hierarchy 
Financial assets 
Non-current 
 
Loan receivables 
0.0 
- 
0.0 
0.0 
Level 2 
 
Unquoted equity investments 
0.7 
- 
0.7 
0.7 
Level 3 
Current 
 
Trade receivables 
- 
117.5 
117.5 
117.5 
 
Cash and cash equivalents 
- 
65.2 
65.2 
65.2 
 
Interest rate derivatives 
3.4 
- 
3.4 
3.4 
Level 2 
Total 
4.1 
182.6 
186.7 
186.7 
Financial liabilities 
Non-current 
 
Loans from financial institutions 
- 
249.2 
249.2 
249.2 
Level 2 
 
Bonds 
- 
99.3 
99.3 
104.3 
Level 1 
 
Hire purchase liabilities 
- 
0.0 
0.0 
0.0 
Level 2 
 
Contingent considerations 
2.1 
- 
2.1 
2.1 
Level 3 
Current 
 
Loans from financial institutions 
- 
29.7 
29.7 
29.7 
Level 2 
 
Hire purchase liabilities 
- 
0.0 
0.0 
0.0 
Level 2 
 
Trade payables 
- 
55.6 
55.6 
55.6 
 
Contingent considerations 
2.1 
- 
2.1 
2.1 
Level 3 
 
Interest rate derivatives 
0.3 
- 
0.3 
0.3 
Level 2 
Total 
4.6 
433.8 
438.3 
443.4 
Financial assets and liabilities classified at fair 
value hierarchy level 3 consist of unquoted 
equity investments and contingent 
considerations from business combinations. The measurement 
of unquoted equity investments is based 
on the managements 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 management estimate 
on whether the consideration will be realised. 
The effect on earnings arising 
from the changes of fair values of financial assets and 
liabilities classified at fair value hierarchy level 3 
has been EUR 1.2 (1.6) million.

 
 
 
 
 
 
150 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 31 Dec 2023 
Financial assets 
and liabilities at 
fair value 
Financial assets and 
liabilities at 
amortised cost 
Carrying 
amount 
Fair value 
Fair value 
hierarchy 
Financial assets 
Non-current 
 
Loan receivables 
0.0 
- 
0.0 
0.0 
Level 2 
 
Unquoted equity investments 
0.8 
- 
0.8 
0.8 
Level 3 
Current 
 
Trade receivables 
- 
127.6 
127.6 
127.6 
 
Cash and cash equivalents 
- 
37.7 
37.7 
37.7 
 
Interest rate derivatives 
4.8 
- 
4.8 
4.8 
Level 2 
Total 
5.6 
165.3 
170.8 
170.8 
Financial liabilities 
Non-current 
 
Loans from financial institutions 
- 
294.0 
294.0 
294.0 
Level 2 
 
Bonds 
- 
99.1 
99.1 
102.7 
Level 1 
 
Hire purchase liabilities 
- 
1.3 
1.3 
1.3 
Level 2 
 
Contingent considerations 
3.3 
- 
3.3 
3.3 
Level 3 
Current 
 
Loans from financial institutions 
- 
19.8 
19.8 
19.8 
Level 2 
 
Hire purchase liabilities 
- 
2.5 
2.5 
2.5 
Level 2 
 
Trade payables 
- 
49.5 
49.5 
49.5 
 
Contingent considerations 
2.6 
- 
2.6 
2.6 
Level 3 
 
Interest rate derivatives 
0.1 
- 
0.1 
0.1 
Level 2 
Total 
6.0 
466.2 
472.2 
475.7 
.
21. Financial risks 
21.1 Financial risk management 
The Group 
is exposed 
to various 
financial 
risks 
in its 
normal 
business 
activities. 
The objective 
of 
the Group’s 
risk 
management 
is 
to 
minimise 
the 
negative 
effects 
of 
changes 
in 
the 
financial 
markets 
on 
the 
Group’s 
result 
and 
valuation. 
The 
Group’s 
main 
financial 
risks 
are 
interest 
rate 
risk, 
credit 
risk 
and 
liquidity 
risk. 
The 
Group’s 
risk 
management principles are 
approved by the 
Board of Directors and 
the Group’s financial 
department is responsible 
for 
the 
implementation 
of 
the 
principles. 
The 
Group’s 
financial 
department 
identifies 
and 
assesses 
risks 
and 
acquires instruments needed to hedge against them.
 
21.2 Interest rate risk and currency risk 
The Group’s 
interest rate 
risk 
arises from 
its loans 
from financial 
institutions 
issued at 
a floating 
rate. In 
2024, the 
Group’s average 
interest rate 
for loans 
from financial 
institutions has 
been 4.9 
(4.0)
percent. If 
the interests 
would 
have 
been 
one 
percentage 
point 
higher 
it 
would 
have 
caused 
an 
increase 
of 
EUR 
1.6 
(2.7) 
million 
in 
interest 
expenses during the year 2024. 
The Group does not apply hedge accounting according to 
IFRS 9. The Group’s subsidiaries have the 
following open 
interest rate derivative contracts at the reporting date: 
●
 
Interest rate 
swap agreements 
based 
on which 
the Group 
pays 
fixed 2.94, 
0.48 
and 2.92 
percent 
interest 
rate and receives variable interest on EUR 30.0, 50.0 
and 50.0 million loan capital. 

151 
●
 
Interest 
rate 
swap 
agreements 
based 
on 
which 
the 
Group 
pays 
variable 
interest 
rate 
and 
receives 
fixed 
interest on EUR 15.0 and 25.0 million loan capital. 
Besides Finland, 
the Group 
has operations 
in Sweden 
and to 
a minor 
extent in 
Estonia and 
is thereby 
exposed to 
currency 
risk 
arising 
from 
Swedish 
krona. 
As 
billing 
and 
purchasing 
of 
the 
Group 
companies 
is 
conducted 
in 
the 
local 
currency, 
the 
transaction 
risk 
exposure 
for 
Terveystalo 
is 
insignificant. 
During 
the 
year 
2024, 
the 
Group 
incurred 
foreign 
exchange 
change 
of 
EUR 
-0.0 
(0.0) 
million. 
However, 
the 
group 
is 
exposed 
to 
exchange 
rate 
translation differences, which are booked in other 
comprehensive income that may be reclassified as profit 
or loss.
 
21.3 Credit risk 
The 
majority 
of 
the 
Group’s 
incoming 
cash 
flows 
are 
payments 
from 
established 
institutions, 
public 
sector 
and 
companies 
with 
appropriate 
credit rating. 
However, 
the 
Group’s 
trade receivables 
include credit 
risk. 
Credit 
risk 
is 
managed 
mainly 
by monitoring 
the 
customer’s credit 
rating 
on 
a regular 
basis 
and 
by co-operating 
with 
collection 
agencies. 
In 
addition, 
the 
Group’s 
customers 
include 
private 
people 
whose 
invoicing 
is 
primarily 
carried 
out 
in 
connection with the rendering of services. 
The 
Group 
has 
no 
major 
customer 
specific 
risk 
concentrations 
and 
its 
credit 
risk 
is 
diversified. 
Credit 
risk 
is 
managed 
by 
monitoring 
the 
amount, 
maturity 
distribution 
and 
turnover 
of 
trade 
receivables. 
Credit 
risk 
is 
also 
monitored on a client by client basis. 
The 
Group’s 
maximum 
credit 
risk 
is 
equal 
to 
the 
carrying 
amount 
of 
financial 
assets 
at 
the 
reporting 
date. 
The 
maturity distribution of the Group’s trade receivables 
is disclosed in note 22. 
Trade and other 
receivables
.
21.4 Refinancing risk and Liquidity risk 
The 
group 
aims 
to 
ensure 
sufficient 
liquidity 
through 
efficient 
cash 
management 
and 
adequate 
credit 
limits. 
Refinancing 
risk 
is managed 
through 
a balanced 
portfolio 
that 
includes 
loans 
with 
sufficiently 
long 
maturities. 
The 
Group aims 
to assess 
and monitor 
continuously the 
amount of 
funding required 
by business 
operations, in 
order to 
ensure sufficient 
liquidity to 
finance its 
operations, to 
repay maturing 
loans as 
well as 
to carry 
out investments 
and 
acquisitions of companies according to the growth strategy. 
The Group’s 
cash and cash 
equivalents comprise 
cash in 
bank accounts, 
cash in 
hand and 
cash payments 
not yet 
recorded into the Group’s bank accounts (cash 
in transit) at the reporting date. 
The Group manages liquidity risk by monitoring unused 
liquidity reserves and forecasting future cash flows. 
The Group has an 
overdraft facility and 
undrawn credit facilities, 
of which EUR 
93.0 (98.0) million 
remained unused 
at the reporting date. 
The Group has 
EUR 378.1 million 
of bank loans 
and bonds. 
Uncertainty in financial 
markets may cause 
the cost of 
financing needed for 
the group’s 
business operations to 
rise or become 
more difficult 
to obtain. The 
Group may not 
necessarily obtain financing on competitive terms 
or at all, and it may not be able 
to fulfill its obligations according to 
the financing arrangements. 
The 
table 
below 
presents 
a 
contractual 
maturity 
analysis 
of 
financial 
liabilities. 
The 
cash 
flow 
figures 
are 
undiscounted 
and they 
include both 
interest 
payments 
and repayments 
of principals. 
Interest payments 
which 
are 
based on variable rates have been presented using variable 
rates as of the end of the reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturity analysis of liquidity risk 
31 Dec 2024 
EUR mill. 
Carrying amount 
Contractual cash 
flows 
1 year 
1–2 years 
2–5 years 
Over 5 years 
Loans from financial institutions 
278.8 
274.9 
15.4 
18.6 
240.9 
- 
Bonds 
99.3 
118.8 
5.4 
5.4 
108.0 
- 

 
 
 
 
152 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease liabilities 
191.8 
214.1 
52.4 
46.9 
70.4 
44.4 
Hire purchase liabilities 
0.0 
0.0 
0.0 
0.0 
- 
- 
Trade payables 
55.6 
55.6 
55.6 
- 
- 
- 
Interest rate derivatives 
0.3 
- 
- 
- 
- 
- 
Total 
625.9 
663.5 
128.9 
70.9 
419.4 
44.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 Dec 2023 
EUR mill. 
Carrying amount 
Contractual cash 
flows 
1 year 
1–2 years 
2–5 years 
Over 5 years 
Loans from financial institutions 
313.8 
331.6 
15.8 
137.0 
167.6 
11.2 
Bonds 
99.1 
124.5 
5.4 
5.4 
113.6 
- 
Lease liabilities 
219.1 
226.5 
51.5 
47.4 
83.8 
43.9 
Hire purchase liabilities 
3.8 
3.8 
2.6 
1.2 
0.1 
- 
Trade payables 
49.5 
49.5 
49.5 
- 
- 
- 
Interest rate derivatives 
0.1 
0.4 
0.3 
0.4 
-0.4 
- 
Total 
688.6 
728.6 
122.5 
188.8 
362.1 
55.1
.
21.5 Capital management 
The 
objective 
of 
the 
Group’s 
capital 
management 
is 
to 
support 
business 
operations 
and 
to 
ensure 
competitive 
operating conditions with optimal capital structure, as 
well as to enable the implementation of the strategy. 
In 
addition 
to 
operative 
cash 
flows, 
the 
capital 
structure 
is 
managed 
by 
potential 
share 
issues, 
acquisition 
of 
treasury shares 
by increase 
or repayment 
of financial 
liabilities, possible 
conversions between 
equity and 
financial 
liabilities, 
as 
well 
as 
through 
operative 
decisions 
on 
investments 
and 
growth, 
and 
potential 
disposals 
of 
assets 
in 
order to reduce liabilities. 
The development 
of the 
Group’s 
capital structure 
is monitored, 
amongst other 
things, 
with the 
following: change 
in 
net debt, ratio of net debt to operating margin, and the cash 
flow forecast. 
The Group’s net 
debt to equity 
ratio (gearing) was 
92.1 (116.0) 
percent at the 
reporting date. The 
ratio is calculated 
by 
dividing 
interest-bearing 
net 
debt 
with 
equity. 
The 
net 
debt 
includes 
interest-bearing 
liabilities 
less 
interest-bearing receivables and cash and cash equivalents. 
The Group’s interest-bearing liabilities 
were EUR 570.0 
(635.8) million 
at 
the 
reporting 
date. 
A 
significant 
part 
of 
the 
interest-bearing 
liabilities 
consists 
of 
loans 
from 
financial institutions. 
The Group’s 
loan agreements 
include a 
covenant, 
based on 
which creditors 
can demand 
an immediate 
repayment 
of the loans if a 
certain covenant limit 
is breached. The covenant 
relates to the ratio 
between EBITDA and 
net debt. 
The Group has met all covenant terms and conditions 
during the reporting period and at the reporting date.

153 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22. Trade and other receivables 
and contract assets 
Carrying amounts of trade and other receivables and contract assets 
EUR mill. 
2024 
2023 
Non-current 
Loan receivables 
0.3 
0.0 
Total non-current receivables 
0.3 
0.0 
Current 
Trade receivables 
109.6 
117.4 
Other receivables 
1.9 
2.3 
Prepaid expenses 
12.2 
8.4 
Derivative assets 
3.4 
4.8 
Contract assets 
7.9 
10.2 
Total 
135.0 
143.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Specification of prepaid expenses 
EUR mill. 
2024 
2023 
Personnel related prepaid expenses 
0.2 
0.0 
Prepayments 
8.0 
3.1 
Other prepaid expenses 
4.1 
5.3 
Total 
12.2 
8.4
During 
the 
reporting 
period, 
the 
Group 
has 
recognised 
final 
credit 
losses 
and 
expected 
credit 
losses 
on 
trade 
receivables 
and 
contract 
assets 
through 
the 
statement 
of 
income 
totaling 
EUR 
1.9 
(2.1) million. 
Impairment 
loss 
provision is 
based on 
a simplified 
approach. Estimated 
impairment loss 
rates have 
been calculated 
using historical 
information of actual impairment losses, 
and the current conditions and the Group’s 
view of the economic conditions 
over the expected lives of the receivables have been taken into 
account. 
Based on the 
Group’s view, 
the carrying 
amount of trade 
receivables corresponds 
to the maximum 
credit risk 
if the 
contractual parties are unable to meet their obligations 
related to trade receivables. 
The fair value of other receivables and prepaid expenses corresponds 
with their carrying amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ageing of trade receivables and recognised credit losses 
2024 
EUR mill. 
Trade receivables and 
contract assets total 
Expected credit loss 
Recognised expected 
credit loss 
Carrying amount 
Contract assets 
7.9 
-0,0% 
-0,0 
7.9 
Not past due 
97.4 
-0.1 % 
-0.1 
97.3 
Past due 
 
Less than 30 days 
7.4 
-0.5 % 
-0,0 
7.4 
 
31–90 days 
1.8 
-1.3 % 
-0,0 
1.8 
 
91–180 days 
2.6 
-9.4 % 
-0.2 
2.3 
 
Over 180 days 
2.3 
-68.9 % 
-1.6 
0.7 

154 
 
Total 
119.5 
-1.9 
117.5 
Information about credit risk related to trade receivables is stated in note 21. Financial risks.
 
Ageing of trade receivables and recognised credit losses 
2023 
EUR mill. 
Trade receivables total 
Expected credit loss 
Recognised expected 
credit loss 
Carrying amount 
Contract assets 
10.2 
0.0 % 
-0,0 
10.2 
Not past due 
101.9 
-0.1 % 
-0.1 
101.8 
Past due 
 
Less than 30 days 
10.4 
-0.4 % 
-0,0 
10.3 
 
31–90 days 
2.4 
-1.3 % 
-0,0 
2.4 
 
91–180 days 
1.8 
-8.4 % 
-0.2 
1.6 
 
Over 180 days 
3.0 
-61.3 % 
-1.8 
1.1 
Total 
129.7 
-2.1 
127.6 
Information about credit risk related to trade receivables is stated in note 21. Financial risks.
23. Cash and cash equivalents 
The 
Group’s 
cash 
and 
cash 
equivalents 
on 
31 December 
2024, 
amounting 
to 
EUR 
65.2 
(37.7) 
million 
consist 
of 
cash in hand and bank as well as cash payments on the 
bank settlement account at the reporting date. 
The carrying 
amounts in 
the statement 
of financial 
position correspond 
to the 
maximum amount 
of credit 
risk if 
the 
contractual 
parties 
are unable 
to 
meet 
their 
obligations. 
However, 
no significant 
counterparty 
risks 
are associated 
with cash and cash equivalents. The fair value of cash 
and cash equivalents correspond to their carrying amounts.
 
24. Share capital and invested non-restricted equity 
reserve 
EUR mill. 
Number of 
outstanding 
shares, 1,000 
pcs 
Number 
of 
treasury 
shares, 
1,000 
pcs 
Number 
of shares 
total, 
1,000 pcs 
Share capital 
Invested non-
restricted equity 
reserve 
Treasury 
shares 
Total 
1 Jan 2023 
126,548 
489 
127,037 
0.1 
492.8 
-15.8 
477.1 
Acquisition of treasury 
shares 
8 
-8 
- 
- 
- 
0.1 
0.1 
Cancellation of treasury 
shares 
- 
- 
- 
- 
- 
- 
- 
31 Dec 2023 
126,556 
480 
127,037 
0.1 
492.8 
-15.7 
477.2 
1 Jan 2024 
126,556 
480 
127,037 
0.1 
492.8 
-15.7 
477.2 
Acquisition of treasury 
shares 
49 
-49 
- 
- 
- 
0.4 
0.4 
Cancellation of treasury 
shares 
- 
- 
- 
- 
- 
- 
-

155 
 
 
 
 
 
 
 
 
 
 
 
 
31 Dec 2024 
126,605 
432 
127,037 
0.1 
492.8 
-15.2 
477.6
Shares and share capital 
On 31 December 2024, the amount 
of shares is 127,036,531 of which 
amount of outstanding shares is 
126,604,826 
and amount of treasury shares is 431,705. 
The Company has a single share class. The 
shares have no nominal value. All shares 
issued have been paid in full. 
Each 
share 
has 
one 
vote 
at 
the 
Annual 
General 
Meeting 
and 
equal 
rights 
to 
dividends 
and 
other 
distribution 
of 
assets. 
Terveystalo 
Plc’s 
share 
is 
listed 
on 
Nasdaq 
Helsinki 
Oy. 
The 
trading 
code 
is 
TTALO. 
Terveystalo 
Plc’s 
shares 
belong to the book-entry system maintained by Euroclear 
Finland Oy.
Invested non-restricted equity reserve 
Invested non-restricted 
equity 
reserve 
consists 
of other 
investments 
similar to 
equity 
and 
the subscription 
price of 
shares to the 
extent that 
it has not 
been recorded 
in share capital 
according to specific 
resolution. According 
to the 
current Finnish Companies Act, subscription 
price of new shares is recogni 
sed in the share capital, unless it 
has not 
been according to Issuance Resolution fully or partly recognised 
in invested non-restricted equity reserve.
Distributable funds 
On 31 December 2024, 
the distributable funds 
of the parent company 
totalled EUR 558.9 
million including the 
profit 
of the 
financial 
period 2024 
of EUR 
61.0 million. 
The Board 
of Directors 
proposes 
to the 
Annual 
General 
Meeting 
that a 
dividend 
of EUR 
0.48
 
(
0.30
) 
per share 
totalling 
EUR 
60.8
 
(38.0) 
million 
be 
paid 
based 
on the 
statement 
of 
financial 
position 
adopted 
for 
the 
financial 
year 
ended 
on 
31 
December 
2024. 
The 
dividend 
would 
be 
paid 
in 
two 
instalments as follows: 
●
 
The first 
dividend installment 
of EUR 
0.24 per 
share would 
be paid 
to the 
shareholders who 
are registered 
in the shareholders' 
register of the 
Company maintained 
by Euroclear Finland 
Ltd on the 
record date of 
the 
first 
dividend 
installment 
on 
10 
April 
2025. 
The 
Board 
of 
Directors 
proposes 
that 
the 
first 
dividend 
installment would be paid on 17 April 2025. 
●
 
The second 
dividend installment 
of EUR 
0.24 per 
share would 
be paid 
to shareholders 
who are 
registered 
in the shareholders' 
register of the 
Company maintained 
by Euroclear Finland 
Ltd on the 
record date of 
the 
second dividend 
installment on 
8 October 
2025. The 
Board of Directors 
proposes that 
the second 
dividend 
installment 
would 
be 
paid 
on 
15 
October 
2025. 
The 
Board 
of 
Directors 
also 
proposes 
that 
the 
Annual 
General Meeting would 
authorize the 
Board of Directors 
to resolve, if 
necessary, 
on a new 
record date and 
date 
of 
payment 
for 
the 
second 
dividend 
installment 
should 
the 
rules 
of 
Euroclear 
Finland 
Ltd 
or 
statutes 
applicable to the Finnish book-entry system change or 
otherwise so require. 
The dividend 
proposed by 
the Board 
of Directors 
to the 
Annual General 
Meeting is 
not deducted 
from distributable 
equity until approved by the Annual General Meeting of 
Shareholders. 
No material 
changes have 
taken place 
in the 
company’s 
financial position 
since the 
end of 
the financial 
year. 
The 
liquidity of the company is good and 
the proposed allocation of funds, in 
the view of the Board of Directors, 
does not 
endanger the company's solvency.

 
156 
 
25. Financial liabilities 
Non-cash changes 
EUR mill. 
1 Jan 2024 
Cash flows 
Business 
combinations 
Other changes 
Translation 
differences 
31 Dec 2024 
Loans from financial institutions 
313.8 
-35.3 
0.1 
0.1 
- 
278.8 
Bonds 
99.1 
- 
- 
0.2 
- 
99.3 
Hire purchase liabilities 
3.8 
-3.8 
- 
- 
- 
0.0 
Lease liabilities 
219.1 
-53.6 
1.2 
25.0 
0.0 
191.8 
Total 
635.7 
-92.6 
1.3 
25.4 
0.0 
569.9
 
. 
Non-cash changes 
EUR mill. 
1 Jan 2023 
Cash flows 
Business 
combinations 
Other changes 
Translation 
differences 
31 Dec 2023 
Loans from financial institutions 
419.2 
-105.2 
- 
-0.2 
- 
313.8 
Bonds 
- 
99.6 
- 
-0.5 
- 
99.1 
Hire purchase liabilities 
8.0 
-4.3 
- 
- 
- 
3.8 
Lease liabilities 
179.8 
-50.9 
0.3 
90.4 
-0.5 
219.1 
Total 
607.0 
-60.8 
0.3 
89.7 
-0.5 
635.7
The Group’s 
loan agreements 
include a 
covenant, 
based on 
which creditors 
can demand 
an immediate 
repayment 
of the loans if a 
certain covenant limit 
is breached. The covenant 
relates to the ratio 
between EBITDA and 
net debt. 
The Group has met all covenant terms and conditions 
during the reporting period and at the reporting date.
 
26. Trade and other payables 
Carrying amounts of trade and other payables 
EUR mill. 
2024 
2023 
Trade payables 
55.6 
49.5 
Other payables 
82.3 
80.1 
Contract liabilities 
7.0 
8.8 
Derivative liabilities 
0.3 
0.1 
Accrued expenses 
85.1 
86.2 
Total 
230.3 
224.7
 
Specification of other payables 
EUR mill. 
2024 
2023 
Doctor's fee liabilities 
50.1 
48.5 
VAT 
liabilities 
23.0 
23.3 
Other 
9.1 
8.3 
Total 
82.3 
80.1

 
157 
 
Specification of accrued expenses 
EUR mill. 
2024 
2023 
Personnel-related accrued expenses 
74.6 
74.0 
Interest liabilities 
4.8 
6.3 
Other 
5.6 
5.9 
Total 
85.1 
86.2
 
27. Provisions 
Carrying amounts of provisions 
EUR mill. 
2024 
2023 
Non-current provisions 
3.3 
2.8 
Current provisions 
2.9 
3.3 
Total 
6.2 
6.1
 
EUR mill. 
2024 
2023 
Onerous contracts 
3.1 
4.1 
Other provisions 
3.1 
2.0 
Total 
6.2 
6.1
 
Changes in provisions during the financial year 2024 
EUR mill. 
Onerous 
contracts 
Other 
provisions 
Total 
1 Jan 2024 
4.1 
2.0 
6.1 
Increase in provisions 
0.0 
2.7 
2.7 
Used provisions 
-1.1 
-1.6 
-2.7 
31 Dec 2024 
3.1 
3.1 
6.2
 
Changes in provisions during the financial year 2023 
EUR mill. 
Onerous 
contracts 
Other 
provisions 
Total 
1 Jan 2023 
7.1 
4.4 
11.5 
Increase in provisions 
1.1 
0.9 
2.1 
Used provisions 
-4.1 
-3.4 
-7.5 
31 Dec 2023 
4.1 
2.0 
6.1
28. Defined benefit plans 
The Group has defined benefit plans 
in Sweden in the Feelgood subgroup 
. 
These consists of PSA and PA 
-KL plans 
which are closed 
and for which 
all the participants 
have either retired 
or left the 
Group. There are 
no assets related 
to the Group’s 
defined benefit plans. 
The defined benefit 
plans determine the 
amount of pension 
to be paid 
and the

 
 
 
158 
benefits to be paid 
for disability and at 
termination of employment. 
The benefits in 
these plans are usually 
based on 
the 
length 
of 
employment 
and 
the 
level 
of 
final 
salary. 
The 
weighted 
average 
duration 
of 
the 
defined 
benefit 
obligations was eight years at the reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
Summary of the impact of the defined benefit plans in the financial statements 
EUR mill. 
2024 
2023 
Present value of the defined benefit obligations 
1.3 
1.3 
Expenses related to defined benefit plans 
0.0 
0.0 
Remeasurements of defined benefit obligations 
0.1 
0.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of the defined benefit obligation 
EUR mill. 
2024 
2023 
1 Jan 
1.3 
1.3 
Interest expense (+) / income (-) 
0.1 
0.1 
Benefits paid 
-0.1 
-0.1 
Remeasurement of the obligation 
Actuarial gain (-) / loss (+) from change in financial 
assumptions 
0.1 
0.1 
31 Dec 
1.3 
1.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Applied actuarial assumptions 
% 
2024 
2023 
Discount rate 
2.70 
3.70 
Inflation 
1.80 
1.70 
The discount rate is determined based on 
the yield of Swedish housing market bonds which 
have a length that approximates the Group’s 
pension obligations. 
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sensitivity analysis of the relevant actuarial assumptions’ impact on defined benefit obligation 
EUR mill. 
2024 
2023 
0.5%-point increase in the principal assumption 
Discount rate 
-0,0 
-0,0 
Inflation 
0.0 
0.0 
0.5%-point decrease in the principal assumption 
Discount rate 
0.0 
0.0 
Inflation 
-0,0 
-0,0 
An external actuary has performed the sensitivity 
analysis for one variable at a time while holding 
all other variables constant and regardless 
of the actual volatility of the given variable. Consequently, the purpose of the 
analysis is not to quantify expected change in 
the defined 
benefit obligation but to illustrate the sensitivity of 
the value of the obligation to these variables. 
.
29. Collateral and contingent liabilities 

 
 
 
 
159 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
31 Dec 2024 
31 Dec 2023 
Business mortgages 
0.7 
7.5 
Real estate mortgages 
0.2 
- 
Total 
0.9 
7.5 
Securities for own debts 
Deposits 
0.2 
0.2 
Guarantees 
0.1 
0.2 
Total 
0.3 
0.4
As part of the normal development and maintenance 
of its branch and hospital network, 
the Group has entered into a 20-
year lease agreement with an estimated annual rent 
of EUR 3.5 million. The transfer of control 
of the lease property is 
planned to take place in 2027.
30. Related party transactions 
Group’s related parties 
The 
Group’s 
related 
parties 
include 
the 
parent 
company 
as 
well 
as 
subsidiaries 
and 
associated 
companies. 
In 
addition, related 
parties include 
also the 
members of 
the Board 
of Directors, 
Group management 
and the 
CEO as 
well as their close family members and entities in which they 
have control or joint control. 
The relationships of the parent company and the subsidiaries 
are disclosed in note 31. 
Group companies
.
 
 
 
 
 
 
 
 
 
 
 
Related party transactions 
2024 
Sales 
Purchases 
Receivables 
Payables 
Associated companies 
0.5 
6.1 
0.2 
0.4 
Total 
0.5 
6.1 
0.2 
0.4
 
 
 
 
 
 
 
 
2023 
Sales 
Purchases 
Receivables 
Payables 
Associated companies 
0.6 
9.7 
0.2 
0.8 
Other related parties 
0.0 
- 
- 
- 
Total 
0.6 
9.7 
0.2 
0.8
 
 
 
 
 
 
 
 
 
 
Compensation for the key management 
Remuneration to the CEO, in thousands of euro 
2024 
2023 
Fixed pay 
438.2 
397.7 
Other benefits 
13.8 
12.3 
Short-term incentives 
577.7 
402.2 
Share-based payments 
336.2 
348.1 
Pensions (statutory) 
169.1 
133.4 
Total 
1,535.0 
1,293.7 

 
 
 
 
 
 
 
 
 
 
 
 
 
160 
Renumeration to the CEO is presented on an accrual basis.
 
 
 
 
 
Remuneration to the members of the Executive 
team 
(excluding CEO), in thousands of euro 
2024 
2023 
Fixed pay 
1,568.1 
1,348.3 
Other benefits 
40.6 
28.7 
Short-term incentives 
700.5 
606.7 
Share-based payments 
308.3 
412.1 
Termination benefits 
36.0 
226.3 
Pensions (statutory) 
384.4 
330.7 
Total 
3,037.9 
2,952.8 
Renumeration to the members of the Executive team is presented on an accrual basis.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remuneration to the Board of 
Directors, in thousands of euro 
2024 
2023 
Annual fee 
settled in 
cash 
Annual fee 
settled in 
shares 
Meeting 
fees 
Other 
financial 
benefits* 
Annual fee 
settled in 
cash 
Annual fee 
settled in 
shares 
Meeting 
fees 
Other 
financial 
benefits* 
Kauniskangas Kari (Chairman of 
the board) 
54.0 
36.0 
15.8 
0.5 
52.5 
35.0 
18.7 
0.6 
Pullola Kristian 
31.8 
21.2 
10.7 
0.3 
31.2 
20.8 
11.7 
0.3 
Rosenberg Matts 
31.8 
21.2 
10.7 
0.3 
31.2 
20.8 
12.4 
0.3 
Lemne Carola 
25.4 
16.9 
14.5 
0.3 
24.9 
16.6 
18.0 
0.3 
Lehtoranta Ari 
25.4 
16.9 
10.1 
0.3 
24.9 
16.6 
8.5 
0.3 
Hasselberg Sofia 
25.4 
16.9 
17.2 
0.3 
24.9 
16.6 
15.4 
0.3 
Sarajärvi Teija** 
25.4 
16.9 
8.1 
0.3 
- 
- 
- 
- 
Member of the Board of Directors 
until 26 March 2024 
Viippola Katri 
- 
- 
2.0 
- 
24.9 
16.6 
13.7 
0.3 
Total 
219.2 
146.0 
89.0 
2.2 
214.5 
143.0 
98.1 
2.3 
* Other financial benefits include transfer tax fees 
for the annual fees paid in shares. 
** Member of the Board of Directors from 2024. 
.
Bonus Scheme 
The Company 
operates a 
bonus scheme, 
which is 
determined by 
the Board 
of Directors 
of the 
Company upon 
the 
recommendation of the Remuneration Committee. 
The CEO and the members of 
the Executive Team 
are eligible to 
participate 
in 
the 
bonus 
scheme 
in 
accordance 
with 
the 
Company’s 
bonus 
policy. 
Annual 
bonuses 
are 
payable 
based on the 
attainment of key 
performance targets of 
the Company. 
The key performance 
targets of the 
CEO and 
the 
Executive 
Team 
are 
based 
on 
the 
Company’s 
adjusted 
EBITA 
as 
well 
as 
the 
individual 
business 
and 
performance targets. 
The individual 
business and 
performance targets 
are set 
by the 
manager of 
the participant 
in 
the bonus scheme. 

161 
The Board of 
Directors of 
Terveystalo 
Plc has resolved 
on share-based 
incentive plans 
directed to 
the Group’s 
key 
employees. More information on the share-based incentive 
plans is presented in note 19.
 
Share-based payments.
 
 
 
 
 
 
 
 
 
Management holdings 
Name 
Position 
31 Dec 2024 
Kari Kauniskangas 
Chairman of the Board of Directors 
25,363 
Matts Rosenberg 
Member of the Board of Directors 
16,595 
Carola Lemne 
Member of the Board of Directors 
6,799 
Kristian Pullola 
Member of the Board of Directors 
10,304 
Ari Lehtoranta 
Member of the Board of Directors 
8,177 
Sofia Hasselberg 
Member of the Board of Directors 
4,172 
Teija Sarajärvi 
Member of the Board of Directors 
1,673 
Ville Iho 
President and CEO 
23,566 
Juuso Pajunen 
Chief Financial Officer 
20,697 
Petteri Lankinen 
Chief Medical Officer 
- 
Sari Heinonen 
Executive Vice President, Healthcare Services 
- 
Henri Mäenalanen 
Executive Vice President, Portfolio Businesses 
3,163 
Stefan Kullgren 
Executive Vice President, Swedish Business Area 
10,000 
Ilari Richard 
Senior Vice President, Digital Services 
3,834 
Minttu Sinisalo 
Senior Vice President, Human Resources 
4,081 
Petra Gräsbeck 
Senior Vice President, Communications and Public Affairs 
175

162 
 
31. Group companies 
The Group’s parent company is Terveystalo 
Plc domiciled in Finland. 
Subsidiaries as at 31 December 2024 
Company name 
Domicile 
Group's share 
Group's voting 
rights 
Cityläkarna Mariehamn AB 
Finland 
100.0 % 
100.0 % 
Clarahälsan AB 
Sweden 
100.0 % 
100.0 % 
EAM TTALO Holding Oy* 
Finland 
0.0 % 
0.0 % 
Feelgood Alna Sverige AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Företagshälsa Dalarna AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Företagshälsovård AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Hälsoforum AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Länshälsan AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Sjukvård AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Svenska AB 
Sweden 
100.0 % 
100.0 % 
Idavallen AB 
Sweden 
100.0 % 
100.0 % 
Länshälsan Skåne AB 
Sweden 
100.0 % 
100.0 % 
Medimar Scandinavia AB 
Finland 
100.0 % 
100.0 % 
Nämndemansgården i Sverige AB 
Sweden 
100.0 % 
100.0 % 
Rela-hierojat Oy 
Finland 
100.0 % 
100.0 % 
Sauma Lastensuojelupalvelut Oy 
Finland 
100.0 % 
100.0 % 
Suomen Hierojakoulut Oy 
Finland 
100.0 % 
100.0 % 
Suomen Terveystalo Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Estonia OÜ 
Estonia 
100.0 % 
100.0 % 
Terveystalo Healthcare Holding Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Healthcare Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Julkiset palvelut Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Kuntaturva Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Tactus 
Oy 
Finland 
100.0 % 
100.0 % 
TT Ålands Tandläkarna AB 
Finland 
100.0 % 
100.0 % 
*Evli Asset Management holds the ownership and voting 
rights of EAM TTALO 
Holding Oy by legal terms, but according to the 
agreement, 
Terveystalo has control 
over the company and acts as the principal, whereas EAM 
is an agent through the holding company. 
Based on this 
control arising from contractual terms, the holding company is 
consolidated into the Group's IFRS financial statements 
as a structured 
entity.
Changes in the Group structure 
Financial year 2024 
The following mergers took place during the financial year 
2024: 
●
 
31.12.2024 Kajaanin Radiologikeskus Oy merged with 
Suomen Radiologikeskus Oy. 
●
 
31.12.2024 Suomen Radiologikeskus Oy merged with 
SRK Group Oy. 
●
 
31.12.2024 IRad Oy merged with SRK Group Oy. 
●
 
31.12.2024 SRK Group Oy merged with Terveystalo 
Julkiset Palvelut Oy. 
Financial year 2023

163 
The following mergers took place during the financial year 
2023: 
●
 
31.1.2023 Kunnon Syke Oy merged with Suomen Terveystalo 
Oy. 
●
 
28.2.2023 Ludus Oy merged with Suomen Terveystalo 
Oy. 
●
 
31.3.2023 Saimaan Urheilufysioterapia Oy merged with 
Suomen Terveystalo 
Oy. 
●
 
31.5.2023 Evalua International Ltd Oy merged with Suomen 
Terveystalo 
Oy. 
●
 
31.8.2023 Somia Reality Oy merged with Suomen Terveystalo 
Oy. 
●
 
30.9.2023 Feelgood Jobbhälsan AB merged with Feelgood 
Företagshälsovård AB. 
●
 
30.9.2023 Medicin Direkt Östersund AB merged with Feelgood 
Sjukvård AB. 
●
 
30.9.2023 The Drawing Room AB merged with Nämndemansgården 
Sverige AB. 
The following companies operations have ceased during 
the financial year 2023: 
●
 
22.2.2023 Evalua Nederland B.V. 
●
 
31.12.2023 Rela Estonia ÖU
32. Subsequent events 
Terveystalo 
Plc's Board 
of Directors 
has approved 
a new 
performance period 
covering years 
2025‒2027 of 
the long-term share-based incentive plan for key personnel 
Terveystalo 
Plc's Board 
of Directors 
has approved 
a new 
performance period 
covering the 
years 2025–2027 
of the 
long-term 
share-based 
incentive 
plan 
for 
key 
personnel. 
The 
purpose 
of 
the 
program 
is 
to 
align 
the 
objectives 
of 
shareholders and 
key personnel 
to increase 
the company's 
value in 
the long 
term, and 
to commit 
key personnel 
to 
implementing Terveystalo's 
strategy by offering them a competitive, share-based 
incentive program. 
The 
Performance 
Share 
Plan 
is 
based 
on 
a 
rolling 
3-year 
performance 
period 
structure, 
with 
a 
new 
performance 
period 
starting 
at 
the 
beginning 
of 
each 
year 
if 
so 
decided 
by 
the 
Board. 
The 
Board 
decides 
on 
the 
participants, 
performance measures, 
and targets 
as well as 
earning opportunities 
on an annual 
basis. Terveystalo 
published the 
establishment of the program and its main terms in a stock 
exchange release on 3 December 2020. 
Performance Period 2025–2027of the Performance 
Share Plan (PSP) 
During the performance 
period 2025–2027, 
the participants 
are awarded 
for successful 
shareholder value 
creation. 
The performance indicators based 
on which share rewards 
may be paid to 90% of 
the participants are absolute and 
relative 
(compared 
to 
the 
OMX 
HKI 
benchmark 
CAP 
GI 
index) 
Total 
Shareholder 
Return. 
For 
10% 
of 
the 
participants, the 
value creation 
is measured 
by EBITA 
(adjusted earnings 
before interest, 
taxes, and 
amortization) 
of the business area or independent business that they 
lead. 
Terveystalo's 
Board 
of 
Directors 
confirms 
the 
total 
amount 
of 
shares 
earned 
after 
the 
end 
of 
the 
performance 
period. The share 
rewards that may 
be paid based 
on the 2025–2027 
earning period will 
be paid in Terveystalo 
Plc 
shares 
after the 
end 
of the 
performance 
period, 
provided 
that 
the 
performance 
targets 
set for 
the 
program 
by the 
Board are 
achieved. The 
maximum number 
of shares 
to be 
paid based 
on this 
plan is 
700,000 shares. 
Taxes 
and 
tax-like payments to the 
recipient are deducted from 
the reward, after which 
the remaining net amount 
is paid to the 
participants in shares. 
No 
more 
than 
approximately 
80 
people 
selected 
by 
the 
Board 
are 
eligible 
to 
participate 
in 
the 
program, 
including 
members of Terveystalo's 
Executive Team. 
Terveystalo 
applies 
a share 
ownership 
requirement 
to 
the 
members 
of 
the 
Executive 
Team. 
Each 
member 
of the 
Executive Team 
is expected 
to retain 
at least 
50 percent 
of the 
net shares 
received under 
the long-term 
incentive 
plan until his or her shareholding in Terveystalo 
is at least equal to his or her annual gross base salary. 

164

Performance Period 2025–2027of the Restricted 
Share Plan (RSP) 
The purpose 
of 
the 
Restricted 
Share 
Plan 
is to 
function 
as a 
supplementary 
structure 
for separately 
selected 
key 
personnel of Terveystalo 
in special situations. 
The share rewards 
will be paid 
in Terveystalo 
Plc shares after 
the end of 
the performance 
period, provided that 
the 
individual participants 
are still 
employed by 
Terveystalo. 
The maximum 
number of 
shares to 
be paid 
based on 
this 
plan is 70,000 shares. 
Notifications pursuant to Chapter 9, Section 10 of the Securities 
Markets Act 
After the 
end of the 
reporting period, 
on 18 
February 2025, 
OP Financial 
Group's insurance 
companies transferred 
their 
Terveystalo 
Plc 
shares 
to 
OP 
Cooperative. 
This 
transaction 
left 
OP 
Financial 
Group's 
total 
holding 
in 
Terveystalo 
Plc 
unchanged 
at 
13.91 
percent, 
equating 
to 
17,675,975 
shares. 
As 
part 
of 
the 
arrangement, 
Terveystalo 
Plc received the following flagging notifications on 19 February 
2025. 
Terveystalo 
Plc 
received 
a 
notification 
in 
accordance 
with 
Chapter 
9, 
Section 
5 
of 
the 
Securities 
Markets 
Act, 
according to which OP 
Cooperative's holding of 
Terveystalo 
Plc's shares and votes 
has exceeded 10 percent 
on 18 
February 2025. 
Terveystalo 
Plc 
received 
a 
notification 
in 
accordance 
with 
Chapter 
9, 
Section 
5 
of 
the 
Securities 
Markets 
Act, 
according to which Pohjola Insurance 
Ltd's holding in Terveystalo 
Plc's shares and votes has fallen 
below 5 percent 
on 18 February 2025. 
Terveystalo 
Plc 
received 
a 
notification 
in 
accordance 
with 
Chapter 
9, 
Section 
5 
of 
the 
Securities 
Markets 
Act, 
according 
to 
which 
OP 
Life 
Assurance 
Company 
Ltd's 
holding 
of 
Terveystalo 
Plc's 
shares 
and 
votes 
has 
fallen 
below 5 percent on 18 February 2025.

 
165 
Parent company's financial statement, FAS 
Parent company’s income statement 
EUR 
Note 
1.1.-31.12.2024 
1.1.-31.12.2023 
Revenue 
1.1 
8,062,045 
11,487,798 
Materials and supplies 
-360 
-1,684 
Employee benefit expenses 
 
Wages and salaries 
-2,406,187 
-1,889,541 
 
Social security expenses 
 
Pension expenses 
-287,420 
-232,335 
 
Other social security expenses 
-17,263 
-153,776 
Depreciation, amortisation and impairment losses 
1.2 
-22,617 
-18,227 
Other operating expenses 
1.4 
-9,476,615 
-20,555,877 
Operating loss 
-4,148,418 
-11,363,642 
Financial income and expenses 
1.5 
 
Other interest and financial income 
 
From group companies 
5,453,177 
3,194,991 
 
From others 
1,715 
- 
 
Other interest and financial expenses 
 
To group companies 
-2,389,839 
-1,126,839 
 
To others 
-5,579,405 
-3,833,481 
Loss before appropriations and taxes 
-6,662,769 
-13,128,972 
Appropriations 
1.6 
 
Increase/decrease in depreciation in excess of 
plan 
1,824 
-16,959 
 
Group contributions 
83,000,000 
63,777,000 
Taxes 
-15,293,500 
-10,132,230 
Profit for the period 
61,046,181 
40,499,784 
Parent company’s statement of financial position 
EUR 
Note 
31 Dec 2024 
31 Dec 2023 
ASSETS 
Non-current assets 
Property, plant and equipment 
2.1 
 
Machinery and equipment 
64,270 
86,887

 
166 
Investments 
 
Holdings in group companies 
2.2 
516,818,244 
516,818,244 
Loan receivables from group companies 
2.3 
105,375,000 
100,000,000 
Total non-current assets 
622,257,514 
616,905,132 
Current assets 
 
Receivables from group companies 
2.3 
94,081,527 
87,022,736 
 
Prepayments and accrued income 
2.4 
623,426 
1,030,499 
Total current assets 
90,731,399 
88,053,235 
TOTAL ASSETS 
716,962,467 
704,958,366 
EUR 
Note 
31 Dec 2024 
31 Dec 2023 
EQUITY AND LIABILITIES 
Equity 
2.5 
 
Share capital 
80,000 
80,000 
 
Invested non-restricted equity reserve 
493,503,962 
493,503,962 
 
Retained earnings 
4,373,361 
1,855,024 
Profit for the period 
61,046,181 
40,499,784 
Total equity 
559,003,504 
535,938,771 
Appropriations 
 
Depreciation in excess of plan 
24,072 
25,896 
Total appropriations 
24,072 
25,896 
Liabilities 
2.6 
Non-current liabilities 
 
Bonds 
100,000,000 
100,000,000 
Current liabilities 
 
Trade payables 
1,718,174 
2,296,985 
 
Liabilities to group companies 
45,978,136 
56,730,930 
 
Other liabilities 
148,460 
35,585 
 
Accruals and deferred income 
10,090,121 
9,930,200 
Total liabilities 
157,934,891 
168,993,700 
TOTAL EQUITY AND LIABILITIES 
716,962,467 
704,958,366

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
167 
Parent company's statement of cash flows 
EUR 
1.1.-31.12.2024 
1.1.-31.12.2023 
Cash flows from operating activities 
Profit for the period before income taxes 
76,339,055 
50,631,069 
Adjustments 
 
Depreciations according to plan 
22,617 
18,227 
 
Non-cash transactions 
-79,860,935 
-60,564,902 
 
Financial income and expenses 
2,514,351 
1,765,330 
Change in working capital 
 
Change in trade and other receivables 
7,036,904 
-16,767,585 
 
Change in trade and other payables 
-2,652,245 
878,760 
Taxes 
-13,178,727 
-4,464,873 
Net cash from operating activities 
-9,778,979 
-28,503,974 
Cash flows from investing activities 
Acquisition of tangible and intangible assets 
- 
-44,361 
Granted loan receivables to subsidiary 
- 
-100,000,000 
Net cash from investing activities 
- 
-100,044,361 
Cash flows from financial activities 
Change in group bank account 
-10,468,331 
31,521,429 
Proceeds of long-term borrowings 
- 
99,594,000 
Received group contribution 
63,777,000 
34,634,000 
Dividends paid 
-37,981,448 
-35,435,764 
Interest and other financial expenses paid 
-5,548,242 
-1,765,330 
Net cash from financial activities 
9,778,979 
128,548,335 
Net change in cash and cash equivalents 
- 
- 
Cash and cash equivalents at the start 
of the financial year 
- 
- 
Cash and cash equivalents at the end of 
the financial year 
- 
- 
Accounting policies of parent company’s 
financial statements 
The financial statements of Terveystalo 
Plc are prepared in accordance with Finnish Accounting 
Standards (FAS). 
Measurement and recognition principles and methods 
Holdings in group companies 
The carrying 
amount of 
holdings in 
group companies 
consists of 
historical costs 
less impairments. 
If the 
estimated 
future 
cash 
flows 
generated 
by 
a 
non-current 
asset 
are 
expected 
to 
be 
permanently 
lower 
than 
the 
balance 
of 
carrying amount, an 
adjustment to the value 
must be made to 
write-down the difference 
as an expense. 
If the basis 
for the impairment can no longer be justified at the reporting 
date, it is reversed. 
Property, plant 
and equipment, 
and depreciation 

 
168 
The 
carrying 
amount 
of 
property, 
plant 
and 
equipment 
consists 
of 
historical 
costs 
less 
depreciation 
and 
other 
deductions. 
Property, 
plant and 
equipment 
are depreciated 
using straight 
-line depreciation 
based on 
the expected 
useful life of the asset. 
The depreciation is based on the following expected useful 
lives: 
Machinery and equipment: 5 years 
Notes to the statement of income 
1.1 Revenue 
EUR 
2024 
2023 
Finland 
8,029,850 
11,455,589 
Sweden 
32,195 
32,209 
Total 
8,062,045 
11,487,798 
1.2 Depreciation, amortisation and impairment losses 
EUR 
2024 
2023 
Depreciation 
-22,617 
-18,227 
Total 
-22,617 
-18,227 
1.3 Personnel 
Average number of personnel during financial year 
4 
4 
1.4 Other operating expenses 
EUR 
2024 
2023 
External services 
-8,562,278 
-19,452,524 
ICT expenses 
-35,340 
-36,242 
Non-statutory personnel expenses 
-56,370 
-109,863 
Leases 
-12,817 
-14,731 
Travel expenses 
-46,102 
-51,977 
Marketing and communication 
-193,652 
-201,761 
Other costs 
-570,056 
-688,779 
Total 
-9,476,615 
-20,555,877 
Auditor's fees 
EUR 
2024 
2023 
Audit and auditor's statements based on laws 
and regulations 
 
Audit, KPMG 
-108,900 
-101,000 
 
Auditor's statements based on laws and regulations, 
KPMG* 
-89,000 
- 
Total 
-197,900 
-56,240 
Non audit services 
 
Other services, KPMG 
-14,000 
- 
Total 
-14,000 
- 
Auditor's fees total 
-211,900 
-101,000 
*Including limited assurance of sustainability statement

 
169 
1.5 Financial income and expenses 
EUR 
2024 
2023 
Other interest and financial income 
From group companies 
5,453,177 
3,194,991 
From others 
1,715 
- 
Total 
5,454,892 
3,194,991 
Other interest and financial expenses 
To group companies 
-2,389,839 
-1,126,839 
To others 
-5,579,405 
-3,833,481 
Total 
-7,969,244 
-4,960,321 
1.6 Appropriations 
EUR 
2024 
2023 
Increase/decrease in depreciation in excess of plan 
1,824 
-16,959 
Group contributions received 
83,000,000 
63,777,000 
Appropriations total 
83,001,824 
63,760,041 
Notes to the statement of the financial position 
2.1 Property, plant and equipment 
Machinery and equipment 
EUR 
2024 
2023 
Acquisition cost 1 Jan 
151,975 
107,614 
Additions 
- 
44,361 
Acquisition cost 31 Dec 
151,975 
151,975 
Accumulated depreciation and impairment losses 
1 Jan 
-65,087 
-46,861 
Depreciation for the period 
-22,617 
-18,227 
Accumulated depreciation and impairment losses 
31 Dec 
-87,704 
-65,087 
Carrying amount 1 Jan 
86,887 
60,753 
Carrying amount 31 Dec 
64,270 
86,887 
 
2.2 Investments 
Holdings in group companies 
EUR 
2024 
2023 
Acquisition cost 1 Jan 
516,818,244 
516,818,244 
Acquisition cost 31 Dec 
516,818,244 
516,818,244 
Carrying amount 1 Jan 
516,818,244 
516,818,244 
Carrying amount 31 Dec 
516,818,244 
516,818,244 
Parent company ownerships

 
170 
Holdings in group companies 
2024 
2023 
Terveystalo Healthcare Holding Oy 
100% 
100% 
2.3 Receivables from group companies 
EUR 
2024 
2023 
Loan receivables 
105,375,000 
100,000,000 
Total 
105,375,000 
100,000,000 
EUR 
2024 
2023 
Non-current receivables 
3,973,554 
4,418,475 
Trade receivables 
634,331 
827,512 
Group contribution receivables 
83,000,000 
63,777,000 
Prepayments and accrued income* 
6,473,642 
17,999,749 
Total 
94,081,527 
87,022,736 
* 2023 including rechargeable service fees EUR 14.8 
million and interest receivables EUR 3.2 million. 
2.4 Prepayments and accrued income 
EUR 
2024 
2023 
VAT 
receivables 
153,539 
477,423 
Prepayments and accrued income 
469,886 
553,076 
Total 
623,426 
1,030,499 
2.5 Changes in equity 
Restricted equity 
Share capital 
EUR 
2024 
2023 
At the beginning of the period 
80,000 
80,000 
At the end of the period 
80,000 
80,000 
Total restricted equity 
80,000 
80,000 
Unrestricted equity 
Invested non-restricted equity reserve 
EUR 
2024 
2023 
At the beginning of the period 
493,503,962 
493,503,962 
At the end of the period 
493,503,962 
493,503,962 
Retained earnings 
EUR 
2024 
2023 
Retained earnings at the beginning of the period 
42,354,808 
37,290,789

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
171 
Dividends paid 
-37,981,448 
-35,435,764 
Retained earnings at the end of the period 
4,373,361 
1,855,024 
Net income 
61,046,181 
40,499,784 
Total unrestricted equity 
558,923,504 
535,858,771 
Total equity 
559,003,504 
535,938,771 
Distributable equity 
EUR 
2024 
2023 
Invested non-restricted equity reserve 
493,503,962 
493,503,962 
Retained earnings 
4,373,361 
1,855,024 
Net income 
61,046,181 
40,499,784 
Total 
558,923,504 
535,858,771 
Shares and share capital 
On 31 December 
2024, the amount 
of shares is 
127,036,531 of which 
431,705 is held 
by EAM TTALO 
Holding Oy, 
a company which is under the control of Terveystalo 
Plc. 
The company has a single 
share class. The shares have 
no nominal value. All shares 
issued have been paid in 
full. 
Each 
share 
has 
one 
vote 
at 
the 
Annual 
General 
Meeting 
and 
equal 
rights 
to 
dividends 
and 
other 
distribution 
of 
assets. 
Terveystalo 
Plc’s 
share 
is 
listed 
on 
Nasdaq 
Helsinki 
Oy. 
The 
trading 
code 
is 
TTALO. 
Terveystalo 
Plc’s 
shares 
belong to the book-entry system maintained by Euroclear 
Finland Oy. 
Invested non-restricted equity reserve 
Invested non-restricted 
equity 
reserve 
consists 
of other 
investments 
similar to 
equity 
and 
the subscription 
price of 
shares to the 
extent that 
it has not 
been recorded 
in share capital 
according to specific 
resolution. According 
to the 
current Finnish Companies Act, subscription 
price of new shares is recognised 
in the share capital, unless it 
has not 
been according to Issuance Resolution fully or partly recognised 
in invested non-restricted equity reserve. 
2.6 Liabilities 
2.6.1 Non-current liabilities 
EUR 
2024 
2023 
Bonds 
100,000,000 
100,000,000 
Total 
100,000,000 
100,000,000 
Terveystalo Plc issued senior unsecured sustainability-linked notes in the aggregate principal 
amount of EUR 100 
million in June 2023. The Notes will mature 
on 1 June 2028 and carry initially a fixed 
annual interest of 5.375 
percent. The notes were listed on the official list maintained 
by Nasdaq Helsinki Ltd on 5 June 2023. 
2.6.2 Current liabilities 

 
172 
EUR 
2024 
2023 
Trade payables 
1,718,174 
2,296,985 
Other liabilities to group companies 
45,978,136 
56,730,930 
Other liabilities 
148,460 
35,585 
Accruals 
10,090,121 
9,930,200 
Total 
57,934,891 
68,993,700 
2.6.3 Liabilities to Group companies 
EUR 
2024 
2023 
Trade payables 
6,151 
265,918 
Group bank account payables 
45,971,985 
56,440,316 
Accruals and deferred income 
- 
24,697 
Total 
45,978,136 
56,730,930 
2.6.4 Accruals and deferred expenses 
EUR 
2024 
2023 
Personnel-related accrued expenses 
1,135,237 
841,720 
Other 
650,265 
2,845,628 
Interest liabilities 
3,142,760 
3,195,139 
Income tax liability 
5,161,860 
3,047,713 
Total 
10,090,121 
9,930,200 
Other notes 
3. Collateral and other contingent liabilities 
EUR 
2024 
2023 
Suretyship* 
253,521,166 
305,000,000 
Other guarantees 
22,607 
81,927 
* Suretyship given by Terveystalo Plc to subsidiaries' financial institution loans.

173 
Confirmation of the Board of Directors and the CEO 
We confirm that 
●
 
the 
consolidated 
financial 
statements 
prepared 
in 
accordance 
with 
the 
International 
Financial 
Reporting 
Standards (IFRS) 
as adopted 
by the 
European Union 
and the 
financial statements 
of the 
parent company 
prepared in 
accordance with 
the laws 
and regulations 
governing the 
preparation 
of financial 
statements in 
Finland give a true 
and fair view 
of the assets, 
liabilities, financial position 
and profit or loss 
of the company 
and the undertakings included in the consolidation taken as 
a whole; 
●
 
the management report 
includes a fair review 
of the development 
and performance of 
the business and 
the 
position of the 
company and 
the undertakings 
included in the 
consolidation taken 
as a whole, 
together with 
a description of the principal risks and uncertainties that 
they face and 
●
 
that 
the 
sustainability 
report 
within 
management 
report 
is 
prepared 
in 
accordance 
with 
sustainability 
reporting 
standards 
referred 
to 
in 
Chapter 
7 
of 
the 
Accounting 
Act 
and 
with 
the 
Article 
8 
of 
Taxonomy 
Regulation

174 
Signatures to the financial statements and Board of 
Director’s report 
Helsinki, 13 March 2025 
Kari Kauniskangas 
Sofia Hasselberg 
Chairman of the Board of Directors 
Member of the Board of Directors 
Ari Lehtoranta 
Carola Lemne 
Member of the Board of Directors 
Member of the Board of Directors 
Kristian Pullola 
Matts Rosenberg 
Member of the Board of Directors 
Member of the Board of Directors 
Teija 
Sarajärvi 
Ville Iho 
Member of the Board of Directors 
President and CEO 
AUDITORS NOTE 
A report on the audit has been issued today. 
Helsinki, 13 March 2025 
KPMG Oy Ab 
Audit firm 
Henrik Holmbom 
Authorised Public Accountant 

175 
This document is an English translation of 
the Finnish auditor’s report. Only the 
Finnish version of the report is legally binding. 
Auditor’s Report
To 
the Annual General Meeting of Terveystalo Plc
Report on the Audit of the Financial Statements
Opinion
We have audited 
the financial statements of 
Terveystalo 
Plc (business identity code 
2575979–3) for the year 
ended 
31 
December, 
2024. 
The 
financial 
statements 
comprise 
the 
consolidated 
balance 
sheet, 
statement 
of 
comprehensive 
income, 
statement 
of 
changes 
in 
equity, 
statement 
of 
cash 
flows 
and 
notes, 
including 
material 
accounting policy information, 
as well as the parent 
company’s balance sheet, 
income statement, statement 
of cash 
flows and notes.
In our opinion
—
the 
consolidated 
financial 
statements 
give 
a 
true 
and 
fair 
view 
of 
the 
group’s 
financial 
position, 
financial 
performance and cash flows in accordance with IFRS 
Accounting Standards as adopted by the EU 
—
the financial 
statements 
give 
a true 
and 
fair 
view 
of 
the 
parent 
company’s 
financial 
performance 
and 
financial 
position 
in 
accordance 
with 
the 
laws 
and 
regulations 
governing 
the 
preparation 
of 
financial 
statements 
in 
Finland and comply with statutory requirements. 
Our opinion is consistent with the additional report submitted to 
the Audit Committee.
Basis for Opinion
We 
conducted 
our 
audit 
in 
accordance 
with 
good 
auditing 
practice 
in 
Finland. 
Our 
responsibilities 
under 
good 
auditing 
practice 
are 
further 
described 
in 
the 
Auditor’s 
Responsibilities 
for 
the 
Audit 
of 
the 
Financial 
Statements
section of our report.
We 
are 
independent 
of 
the 
parent 
company 
and 
of 
the 
group 
companies 
in 
accordance 
with 
the 
ethical 
requirements 
that 
are 
applicable 
in 
Finland 
and 
are 
relevant 
to 
our 
audit, 
and 
we 
have 
fulfilled 
our 
other 
ethical 
responsibilities in accordance with these requirements.
In our best knowledge 
and understanding, the non-audit 
services that we have 
provided to the parent 
company and 
group companies 
are in 
compliance 
with laws 
and regulations 
applicable 
in Finland 
regarding these 
services, 
and 
we have 
not provided 
any prohibited 
non-audit services 
referred to 
in Article 
5(1) of 
regulation (EU) 
537/2014. The 
non-audit services that we have provided have been disclosed 
in note 10 to the consolidated financial statements.
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis 
for our opinion.
Materiality 
The scope 
of our 
audit was 
influenced by 
our application 
of materiality. 
The materiality 
is determined 
based on 
our 
professional 
judgement 
and 
is 
used 
to 
determine 
the 
nature, 
timing 
and 
extent 
of 
our 
audit 
procedures 
and 
to 
evaluate the effect of identified misstatements 
on the financial statements as a whole. The 
level of materiality we set 
is based 
on our 
assessment of 
the magnitude 
of misstatements 
that, individually 
or in aggregate, 
could reasonably 
be 
expected 
to 
have 
influence 
on 
the 
economic 
decisions 
of 
the 
users 
of 
the 
financial 
statements. 
We 
have 
also 
taken 
into 
account 
misstatements 
and/or 
possible 
misstatements 
that 
in 
our 
opinion 
are 
material 
for 
qualitative 
reasons for the users of the financial statements.
Key Audit Matters
Key audit matters 
are those matters 
that, in our 
professional judgment, were 
of most significance 
in our audit 
of the 
financial statements 
of the current 
period. These 
matters were addressed 
in the context 
of our audit 
of the financial 
statements 
as 
a 
whole, 
and 
in 
forming 
our 
opinion 
thereon, 
and 
we 
do 
not 
provide 
a 
separate 
opinion 
on 
these 
matters. 
The 
significant 
risks 
of 
material 
misstatement 
referred 
to 
in 
the 
EU 
Regulation 
No 
537/2014 
point 
(c) 
of 
Article 10(2) are included in the description of key audit 
matters below.
We 
have 
also 
addressed 
the 
risk 
of 
management 
override 
of 
internal 
controls. 
This 
includes 
consideration 
of 
whether there was evidence of management bias that represented 
a risk of material misstatement due to fraud.

 
 
 
 
 
 
 
 
176 
THE KEY AUDIT MATTER 
HOW THE MATTER 
WAS ADDRESSED IN THE 
AUDIT 
Valuation of Goodwill and 
acquisition related Intangible Assets (Accounting 
Principles for 
the Consolidated Financial Statements and the Notes 3, 
15 and 16) 
—
At the year-end 2024 the goodwill 
amounted to 829 M€ and accounted for 59 
% of the consolidated total assets and for 
151 % of the consolidated equity. 
—
The acquisition-related recognised assets 
for customer relationships and trademark 
and at the year-end 2024 were in total 50 
M€. 
—
Terveystalo 
determines recoverable 
amounts for impairment tests based on 
value in use. Preparation of cash flow 
projections underlying impairment tests 
requires management judgments for 
profitability, long-term 
growth rate and 
discount rate. 
—
Given the high level of management 
judgment related to the forecasts used and 
the significant carrying amounts involved, 
valuation of goodwill and acquisition related 
intangible assets is considered a key audit 
matter. 
— 
We assessed the key assumptions used in 
the impairment tests, such as profitability, 
discount rate and long-term growth rate. To 
analyse the forecasts, we applied 
professional judgement in testing the key 
assumptions and assessing the resulting 
effects on the sensitivity analysis. 
— 
We assessed the appropriateness of the 
assumptions used and the technical 
accuracy of the calculations. This included a 
comparison to external market and industry 
forecasts. 
— 
In addition, we considered the 
appropriateness of the disclosures in 
respect of goodwill, impairment testing and 
acquisition related intangible assets. 
Revenue Recognition (Accounting Principles for the Consolidated 
Financial Statements and 
the Note 5) 
—
The consolidated revenue for 2024 
amounted to 1.340 M€ and consist of 
numerous types of individual service 
transactions generated to various customer 
groups in multiple business locations. 
Volumes of sales transactions 
processed in 
the IT systems are substantial and 
Terveystalo 
also uses a number of service 
pricing models and client contract 
templates. 
—
Given the variety and large number of sales 
transactions, revenue recognition is 
considered a key audit matter. 
— 
As part of our audit procedures, we 
evaluated the sales-related internal control 
environment and the key controls. We also 
performed substantive audit procedures. 
— 
We tested the processes to record sales 
transactions as well as the sales pricing 
and invoicing processes. We assessed the 
appropriateness of the revenue recognition 
for the sales transactions. 
— 
We assessed the IT systems relevant for 
revenue recognition. 
— 
We considered the appropriateness of the 
disclosures presented for revenue in the 

 
 
 
 
177 
consolidated financial statements. 
We have not identified key audit matters relating 
to the parent company’s financial statements. 
Responsibilities of the Board of Directors and the Managing 
Director for the Financial Statements 
The 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
responsible 
for 
the 
preparation 
of 
consolidated 
financial 
statements that give a true 
and fair view in accordance 
with IFRS Accounting Standards 
as adopted by the 
EU, and 
of 
financial 
statements 
that 
give 
a 
true 
and 
fair 
view 
in 
accordance 
with 
the 
laws 
and 
regulations 
governing 
the 
preparation of 
financial statements 
in Finland 
and comply 
with statutory 
requirements. 
The Board 
of Directors 
and 
the Managing 
Director 
are also 
responsible 
for such 
internal control 
as they 
determine 
is necessary 
to enable 
the 
preparation of financial statements that are free from 
material misstatement, whether due to fraud or error.
In 
preparing 
the 
financial 
statements, 
the 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
responsible 
for 
assessing 
the parent 
company’s 
and the 
group’s 
ability 
to continue 
as 
a going 
concern, 
disclosing, 
as applicable, 
matters 
relating 
to 
going 
concern 
and 
using 
the 
going 
concern 
basis 
of 
accounting. 
The 
financial 
statements 
are 
prepared using 
the going 
concern basis 
of accounting 
unless there 
is an 
intention to 
liquidate the 
parent company 
or the group or cease operations, or there is no realistic 
alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial 
Statements
Our objectives are 
to obtain reasonable 
assurance about whether 
the financial statements 
as a whole are 
free from 
material 
misstatement, 
whether 
due 
to 
fraud 
or 
error, 
and 
to 
issue 
an 
auditor’s 
report 
that 
includes 
our 
opinion. 
Reasonable assurance 
is a 
high level 
of assurance, 
but is 
not a 
guarantee that 
an audit 
conducted in 
accordance 
with good auditing 
practice will 
always detect a 
material misstatement 
when it exists. 
Misstatements can 
arise from 
fraud or error 
and are 
considered material 
if, individually or 
in the 
aggregate, they 
could reasonably 
be expected 
to 
influence the economic decisions of users taken on the 
basis of the financial statements.
As 
part 
of 
an 
audit 
in 
accordance 
with 
good 
auditing 
practice, 
we 
exercise 
professional 
judgment 
and 
maintain 
professional skepticism throughout the audit. We 
also:
—
Identify 
and 
assess 
the 
risks 
of 
material 
misstatement 
of 
the 
financial 
statements, 
whether 
due 
to 
fraud 
or 
error, 
design 
and 
perform 
audit 
procedures 
responsive 
to 
those 
risks, 
and 
obtain 
audit 
evidence 
that 
is 
sufficient and 
appropriate to 
provide a 
basis for 
our opinion. 
The risk 
of not detecting 
a material 
misstatement 
resulting 
from 
fraud 
is 
higher 
than 
for 
one 
resulting 
from 
error, 
as 
fraud 
may 
involve 
collusion, 
forgery, 
intentional omissions, misrepresentations, or the override of 
internal control. 
—
Obtain 
an understanding 
of 
internal control 
relevant 
to 
the audit 
in order 
to design 
audit procedures 
that 
are 
appropriate in 
the circumstances, 
but not for 
the purpose 
of expressing 
an opinion 
on the effectiveness 
of the 
parent company’s or the group’s internal control. 
—
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting 
estimates 
and related disclosures made by management. 
—
Conclude 
on 
the 
appropriateness 
of 
the 
Board 
of 
Directors’ 
and 
the 
Managing 
Director’s 
use 
of 
the 
going 
concern basis 
of accounting 
and based 
on the 
audit evidence 
obtained, whether 
a material 
uncertainty exists 
related to events or conditions 
that may cast significant doubt 
on the parent company’s 
or the group’s ability 
to 
continue 
as 
a 
going 
concern. 
If 
we 
conclude 
that 
a 
material 
uncertainty 
exists, 
we 
are 
required 
to 
draw 
attention in our 
auditor’s report to the 
related disclosures in 
the financial statements 
or, if 
such disclosures are 
inadequate, to modify our opinion. 
Our conclusions are based 
on the audit evidence 
obtained up to the date 
of 
our 
auditor’s 
report. 
However, 
future 
events 
or 
conditions 
may 
cause 
the 
parent 
company 
or 
the 
group 
to 
cease to continue as a going concern. 

178 
—
Evaluate the 
overall presentation, 
structure and 
content of 
the financial 
statements, including 
the disclosures, 
and 
whether 
the 
financial 
statements 
represent 
the 
underlying 
transactions 
and 
events 
so 
that 
the 
financial 
statements give a true and fair view. 
—
Plan 
and 
perform 
the 
group 
audit 
to 
obtain 
sufficient 
appropriate 
audit 
evidence 
regarding 
the 
financial 
information 
of 
the 
entities 
or 
business 
units 
within 
the 
group 
as 
a 
basis 
for 
forming 
an 
opinion 
on 
the 
group 
financial statements. 
We are responsible 
for the direction, 
supervision and 
review of the 
audit work performed 
for purposes of the group audit. We remain solely 
responsible for our audit opinion. 
We 
communicate 
with 
those 
charged 
with 
governance 
regarding, 
among 
other 
matters, 
the 
planned 
scope 
and 
timing 
of 
the 
audit 
and 
significant 
audit 
findings, 
including 
any 
significant 
deficiencies 
in 
internal 
control 
that 
we 
identify during our audit.
We 
also 
provide 
those 
charged 
with 
governance 
with 
a 
statement 
that 
we 
have 
complied 
with 
relevant 
ethical 
requirements 
regarding 
independence, 
and 
communicate 
with 
them 
all 
relationships 
and 
other 
matters 
that 
may 
reasonably be thought to bear on our independence, and where 
applicable, related safeguards.
From 
the 
matters 
communicated 
with 
those 
charged 
with 
governance, 
we 
determine 
those 
matters 
that 
were 
of 
most 
significance 
in 
the 
audit 
of 
the 
financial 
statements 
of 
the 
current 
period 
and 
are 
therefore 
the 
key 
audit 
matters. 
We 
describe 
these 
matters 
in 
our 
auditor’s 
report 
unless 
law 
or 
regulation 
precludes 
public 
disclosure 
about 
the 
matter 
or 
when, 
in 
extremely 
rare 
circumstances, 
we 
determine 
that 
a 
matter 
should 
not 
be 
communicated 
in 
our 
report 
because 
the 
adverse 
consequences 
of 
doing 
so 
would 
reasonably 
be 
expected 
to 
outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We have 
acted as 
auditors appointed 
by the 
Annual General 
Meeting uninterrupted 
for thirteen 
years. Terveystalo 
Plc became a public interest entity on 13 October 2017.
Other Information
The Board 
of Directors 
and the 
Managing Director 
are responsible 
for the 
other information. 
The other 
information 
comprises 
the 
report 
of 
the 
Board 
of 
Directors 
and 
the 
information 
included 
in 
the 
Annual 
Report, 
but 
does 
not 
include 
the 
financial 
statements 
or 
our 
auditor’s 
report 
thereon. 
Our 
opinion 
on 
the 
financial 
statements 
does 
not 
cover the other information.
In connection 
with our 
audit of 
the financial 
statements, our 
responsibility is 
to read 
the other 
information identified 
above 
and, 
in 
doing 
so, 
consider 
whether 
the 
other 
information 
is 
materially 
inconsistent 
with 
the 
financial 
statements or our knowledge 
obtained in the 
audit, or otherwise 
appears to be 
materially misstated. With 
respect to 
the report 
of the 
Board of 
Directors, our 
responsibility also 
includes considering 
whether the 
report of 
the Board 
of 
Directors 
has 
been 
prepared 
in 
compliance 
with 
the 
applicable 
provisions, 
excluding 
the 
sustainability 
report 
information 
on 
which 
there 
are 
provisions 
in 
Chapter 
7 
of 
the 
Accounting 
Act 
and 
in 
the 
sustainability 
reporting 
standards.
In 
our 
opinion, 
the 
information 
in 
the 
report 
of 
the 
Board 
of 
Directors 
is 
consistent 
with 
the 
information 
in 
the 
financial statements 
and the 
report of 
the Board 
of Directors 
has been 
prepared in 
compliance with 
the applicable 
provisions. 
Our opinion does not cover 
the sustainability report information 
on which there are provisions 
in Chapter 
7 of the Accounting Act and in the sustainability reporting standards.
If, 
based 
on 
the 
work 
we 
have 
performed 
on 
the 
other 
information, 
we 
conclude 
that 
there 
is 
a 
material 
misstatement of this other information, we are required 
to report that fact. We have nothing to report in 
this regard.
Helsinki, 13 March 2025
KPMG OY AB

179 
HENRIK HOLMBOM 
Authorised Public Accountant, KHT

180 
This document is an English translation of the Finnish Assurance Report on the Sustainability Report. Only the Finnish version of the report is 
legally binding.
Assurance Report on the Sustainability Report 
To 
the Annual 
General 
Meeting 
of Terveystalo 
Plc 
We have performed a limited assurance engagement 
on the group sustainability report of Terveystalo 
Plc (business identity code 
2575979–
3) that is referred to in Chapter 7 of the Accounting Act and that is 
included in the report of the Board of Directors for the financial year 
1.1.–31.12.2024.
Opinion 
Based on the procedures we have performed and the evidence we have obtained, 
nothing has come to our attention that causes us to 
believe that the group sustainability report does not comply, 
in all material respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards 
(ESRS);
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of 
the Council on the 
establishment of a framework to facilitate 
sustainable investment, and amending Regulation (EU) 2019/2088 (EU 
Taxonomy).
Point 1 above also contains the process in which Terveystalo 
Plc has identified the information for reporting in accordance with 
the 
sustainability reporting standards (double materiality assessment) and the tagging of information 
as referred to in Chapter 7, Section 22 of 
the Accounting Act.
Our opinion does not cover the tagging of the group sustainability report with digital XBRL sustainability tags in accordance 
with Chapter 7, 
Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies have not had the possibility to comply 
with 
that provision in the absence of the ESEF regulation or other European Union legislation.
Basis for Opinion 
We performed the assurance of the group sustainability report 
as a limited assurance engagement in compliance with good assurance 
practice in Finland and with the International Standard on Assurance Engagements 
(ISAE) 3000 (Revised) Assurance Engagements Other 
than Audits or Reviews of Historical Financial Information. 
Our responsibilities under this standard are further described in the Responsibilities of the Authorised Sustainability Auditor section 
of our 
report.
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
Other Matter 
We draw attention to the fact 
that the group sustainability report of Terveystalo 
Plc that is referred to in Chapter 7 of the Accounting 
Act 
has been prepared and assurance has been provided for it for the first 
time for the financial year 1.1.–31.12.2024. Our opinion does not 
cover the comparative information that has been presented 
in the group sustainability report. Our opinion is not modified in respect of this 
matter.

181 
Authorised group sustainability auditor's Independence 
and Quality Management 
We are independent of the parent company and of the group companies 
in accordance with the ethical requirements that are applicable 
in 
Finland and are relevant to our engagement, and we have 
fulfilled our other ethical responsibilities in accordance with these requirements.
The authorised group sustainability auditor applies International Standard on Quality Management 
ISQM 1, which requires the authorised 
sustainability audit firm to design, implement and operate a system 
of quality management including policies or procedures regarding 
compliance with ethical requirements, professional standards 
and applicable legal and regulatory requirements.
Responsibilities of the Board 
of Directors and the Managing 
Director 
The Board of Directors and the Managing Director of Terveystalo 
Plc are responsible for:
—
the group sustainability report and for its preparation and presentation 
in accordance with the provisions of Chapter 7 of the 
Accounting Act, including the process that has been defined in the sustainability reporting standards 
and in which the information 
for reporting in accordance with the sustainability reporting standards 
has been identified as well as the tagging of information as 
referred to in Chapter 7, Section 22 of the Accounting Act and 
—
the compliance of the group sustainability report with the requirements laid down in Article 8 of the Regulation (EU) 
2020/852 of 
the European Parliament and of the Council on the establishment of a framework 
to facilitate sustainable investment, and 
amending Regulation (EU) 2019/2088; 
—
such internal control as the Board of Directors and the Managing 
Director determine is necessary to enable the preparation of a 
group sustainability report that is free from material misstatement, 
whether due to fraud or error. 
Inherent Limitations in the Preparation 
of a Sustainability Report 
Preparation of the sustainability report requires Company to 
make materiality assessment to identify relevant 
matters to report. This 
includes significant management judgement and choices. It is also characteristic to the sustainability 
reporting that reporting of this kind of 
information includes estimates and assumptions as well as measurement and estimation uncertainty. 
Furthermore, when reporting forward 
looking information company has to disclose assumptions related to 
potential future events and describe Company´s possible future actions 
in relation to these events. Actual outcome may differ 
as forecasted events do not always 
occur as expected.
Responsibilities of the Authorised 
Group Sustainability Auditor 
Our responsibility is to perform an assurance engagement to obtain 
limited assurance about whether the group sustainability report is free 
from material misstatement, whether due to fraud 
or error, and to 
issue a limited assurance report that includes our opinion. 
Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, 
they could reasonably be 
expected to influence the decisions of users taken on the basis of the group sustainability 
report.
Compliance with the International Standard on Assurance Engagements (ISAE) 
3000 (Revised) requires that we exercise 
professional 
judgment and maintain professional skepticism throughout the 
engagement. We also:
—
Identify and assess the risks of material misstatement of the group sustainability report, 
whether due to fraud or error, 
and obtain 
an understanding of internal control relevant 
to the engagement in order to design assurance procedures 
that are appropriate in 
the circumstances, but not for the purpose of expressing an opinion on the effectiveness 
of the parent company’s or the group’s 
internal control. 
—
Design and perform assurance procedures responsive to those risks to 
obtain evidence that is sufficient and appropriate to 
provide a basis for our opinion. The risk of not detecting a material misstatement resulting 
from fraud is higher than for one 

182 
resulting from error, 
as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of 
internal 
control. 
Description of the Procedures 
That Have Been Performed 
The procedures performed in a limited assurance engagement vary 
in nature and timing from, and are less in extent than for, 
a reasonable 
assurance engagement. The nature, timing and extent of assurance 
procedures selected depend on professional judgment, including the 
assessment of risks of material misstatement, whether due to fraud 
or error. 
Consequently, the level of assurance obtained 
in a limited 
assurance engagement is substantially lower than the assurance 
that would have been obtained had a reasonable assurance engagement 
been performed. 
Our procedures included for ex. the following:
—
We interviewed Terveystalo’s 
management and persons responsible for the preparation and gathering 
of the sustainability 
information. 
—
We familiarised with interviews to the key 
processes related to collecting and consolidating the sustainability information. 
—
We got acquainted with the relevant guidances and policies related 
to the sustainability information disclosed in the sustainability 
report. 
—
We acquainted ourselves to the background documentation 
and other records prepared by the Company, 
as appropriate and 
assessed how they support the information included in the sustainability report. 
—
In relation to the double materiality assessment process, we interviewed persons responsible 
for the process and familiarised 
ourselves with the process description prepared of the double materiality assessment and other documentation 
and background 
materials. 
—
In relation to the EU taxonomy information 
we interviewed the management of the company and persons with key roles 
in 
reporting taxonomy information 
to understand/examine how taxonomy 
eligible and taxonomy aligned activities have been 
identified, we obtained evidence supporting the interviews and reconciled the reported EU taxonomy 
information to supporting 
documents and to the bookkeeping, as applicable. 
—
We assessed the application of the ESRS sustainability reporting standards 
reporting principles in the presentation of the 
sustainability information. 
Helsinki, 13 March 2025
KPMG OY AB
Authorised Sustainability Audit Firm
HENRIK HOLMBOM
Authorised Sustainability Auditor, 
KRT
 

183 
Independent 
auditor's 
report 
on 
the 
ESEF 
financial 
statements of Terveystalo 
Plc
To 
the Board of Directors of Terveystalo Plc
We 
have performed 
a reasonable 
assurance 
engagement 
on the 
financial 
statements 
7437001AEZHLL3UEX093-
2024-12-31-0-en.zip 
of Terveystalo 
Plc 
(Business 
ID 2575979-3) 
that have 
been 
prepared 
in 
accordance 
with the 
Commission's regulatory technical standard for the financial year 
ended 31.12.2024.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors and the Managing 
Director are responsible for the preparation 
of the company's report of the 
Board of Directors and financial statements 
(the ESEF financial statements) 
in such a way that they 
comply with the 
requirements of the Commission's regulatory technical 
standard. This responsibility includes: 
—
preparing 
the 
ESEF 
financial 
statements 
in 
XHTML 
format 
in 
accordance 
with 
Article 
3 
of 
the 
Commission's 
regulatory technical standard 
—
tagging 
the 
primary 
financial 
statements, 
notes 
and 
company's 
identification 
data 
in 
the 
consolidated 
financial 
statements that 
are included 
in the 
ESEF financial 
statements 
with iXBRL 
tags in 
accordance with 
Article 
4 of 
the Commission's regulatory technical standard and 
—
ensuring the consistency between the ESEF financial 
statements and the audited financial statements. 
The Board of Directors and the Managing Director are 
also responsible for such internal control as they determine 
is 
necessary 
to 
enable 
the 
preparation 
of 
ESEF 
financial 
statements 
in 
accordance 
with 
the 
requirements 
of 
the 
Commission's regulatory technical standard.
Auditor’s independence and quality management
We are independent 
of the company 
in accordance with 
the ethical requirements 
that are applicable 
in Finland and 
are 
relevant 
to 
the 
engagement 
we 
have 
performed, 
and 
we 
have 
fulfilled 
our 
other 
ethical 
responsibilities 
in 
accordance with these requirements.
The 
auditor 
applies 
International 
Standard 
on 
Quality 
Management 
(ISQM) 
1, 
which 
requires 
the 
firm 
to 
design, 
implement and operate a system 
of quality management including 
policies or procedures regarding 
compliance with 
ethical requirements, professional standards and applicable 
legal and regulatory requirements. 
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 
7, Section 8 of the Securities Markets 
Act, provide assurance on 
the 
financial 
statements 
that 
have 
been 
prepared 
in 
accordance 
with 
the 
Commission's 
regulatory 
technical 
standard. 
We 
express 
an opinion 
on whether 
the consolidated 
financial 
statements 
that are 
included 
in the 
ESEF 
financial statements 
have been 
tagged, in 
all material 
respects, in 
accordance with 
the requirements 
of Article 
4 of 
the Commission's regulatory technical standard. 
Our 
responsibility 
is 
to 
indicate 
in 
our 
opinion 
to 
what 
extent 
the 
assurance 
has 
been 
provided. 
We 
conducted 
a 
reasonable assurance 
engagement in 
accordance with 
International 
Standard on 
Assurance Engagements 
(ISAE) 
3000. 
The engagement includes procedures to obtain evidence on: 
—
whether the primary 
financial statements 
in the consolidated 
financial statements 
that are included 
in the ESEF 
financial 
statements 
have 
been 
tagged, 
in 
all 
material 
respects, 
with 
iXBRL 
tags 
in 
accordance 
with 
the 
requirements of Article 4 of the Commission's regulatory 
technical standard and 
—
whether the notes and company's 
identification data in the consolidated 
financial statements that are included 
in 
the ESEF 
financial statements 
have been 
tagged, in 
all material 
respects, with 
iXBRL tags 
in accordance 
with 
the requirements of Article 4 of the Commission's regulatory 
technical standard and 
—
whether there is consistency between the ESEF financial 
statements and the audited financial statements. 

184 
The 
nature, 
timing 
and 
extent 
of 
the 
selected 
procedures 
depend 
on 
the 
auditor’s 
judgment. 
This 
includes 
an 
assessment 
of 
the 
risk 
of 
a 
material 
deviation 
due 
to 
fraud 
or 
error 
from 
the 
requirements 
of 
the 
Commission's 
regulatory technical standard. 
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
Opinion
 
Our opinion 
pursuant to 
Chapter 7, 
Section 8 
of the Securities 
Markets Act 
is that 
the primary 
financial statements, 
notes 
and 
company's 
identification 
data 
in 
the 
consolidated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
of 
Terveystalo 
Plc 
7437001AEZHLL3UEX093-2024-12-31-0-en.zip 
of 
for 
the 
financial 
year 
ended 
31.12.2024 
have 
been 
tagged, 
in 
all 
material 
respects, 
in 
accordance 
with 
the 
requirements 
of 
the 
Commission's regulatory technical standard.
Our 
opinion 
on 
the 
audit 
of 
the 
consolidated 
financial 
statements 
of 
Terveystalo 
Plc 
for 
the 
financial 
year 
ended 
31.12.2024 
has 
been 
expressed 
in 
our 
auditor's 
report 
dated 
13.3.2025. 
With 
this 
report 
we 
do 
not 
express 
an 
opinion on the audit of the consolidated financial statements 
nor express another assurance conclusion. 
Helsinki 13 March 2025
KPMG OY AB
Henrik Holmbom 
Authorised Public Accountant, KHT