Report of the Board
of Directors and
Financial statements
2 Report of the Board of Directors
23 Sustainability statement
115 Financial Statements
166 Auditor’s Report
170 Assurance Report on
the Sustainability Report
Unofficial translation.
1
Report of the
Board of Directors
3 Operating environment
4 Guidance for 2026
4 Medium-term financial targets
5 Key figures
6 Financial development
7 Seasonal variation and the impact of the number
of business days
8 Investments and acquisitions
8 Intangible assets and development expenses
8 Personnel
8 Reporting segments
9 Healthcare Services
10 Portfolio Businesses
11 Sweden
12 Shares and shareholders
14 Dividend Policy and distribution of profits for 2025
proposed by the Board
14 Decisions of the Annual General Meeting 2025
and the organising meeting of Terveystalo's Board
of Directors
14 Changes in the management team
15 Corporate governance
15 Events after the end of the reporting period
15 The most significant short-term risks and
uncertainty factors
16 Annual General Meeting in 2026
17 Calculation of financial ratios and alternative
performance measures
23 Sustainability statement
2
Report of the Board of Directors
Operating environment
Healthcare Services
Demand for healthcare services in Finland was generally strong in 2025,
although developments varied over the course of the year. In the first half,
service utilisation was supported by a higher-than-normal prevalence of
upper respiratory infections, strong demand from insurance customers,
and a slight improvement in consumer demand. In the third and fourth
quarters, overall demand weakened compared to the comparison period,
driven particularly by lower prevalence of upper respiratory infections
and subdued development of demand in occupational health services.
Companies’ caution in an uncertain economic environment was reflected in
more restricted service use and contract coverage, and the deterioration in
Finland’s employment situation affected demand for occupational health
services in the second half of the year. Demand from insurance customers
nevertheless remained strong throughout the year. Service capacity and
booking rates also remained at good levels.
The freedom-of-choice pilot for people aged 65 and over, launched in
September, started actively and brought additional service volumes towards
the end of the year.
Portfolio Businesses
The market environment for publicly funded healthcare services in Finland
remained cautious in 2025, as wellbeing services counties continued to
focus on cost savings. During the year, the market saw mainly for example
competitive tenders for digital services, but towards the end of the year
there were increasing signs of improving demand. In the second half of
the year, some broader partnership tenders were also initiated, and the
counties’ interest in procuring various service packages from the private
sector strengthened.
Market uncertainty was particularly visible in the demand for staffing
services, which weakened at the start of the year and remained subdued
throughout. In contrast, in services targeted at consumers the demand for
dental care strengthened clearly, with growth continuing steadily until the
end of the year.
Sweden
In Sweden, weak macroeconomic conditions and high unemployment
weighed on demand throughout the year. Demand for corporate health
services remained at a satisfactory level, and the anticipated recovery
did not yet materialise. Demand for organisational leadership services
and rehabilitation services for harmful use was clearly weaker than in the
comparison period.
Healthcare professional labour market in Finland
The availability of healthcare professionals remained at a good level
throughout the year, and Terveystalo’s service capacity was likewise strong.
According to the current collective agreement for nurses in the private
healthcare sector, personal and table salaries were increased by 2.5 percent
starting from 1 September 2025. In the private social services sector,
personal and table salaries were increased from 1 August 2025 by 1.0
percent, and in addition a local increment of 0.7 percent. In addition, the
minimum wages under YSOSTES (the Collective Agreement for the Private
Social Services Sector) were increased by 1.0–1.2 per cent, depending on
the pay group. The majority of the doctors working in Terveystalo are
private practitioners who are not employed by the company.
The regulatory environment and treatment queues in
Finland
The government programme published in summer 2023 aims to
enhance cooperation between private and public healthcare in order
to improve the effectiveness and cost-efficiency of the service system.
The government has implemented its programme, for example, by
increasing Kela reimbursements as of 1 January 2024 (https://www.
kela.fi/sairaanhoito). In addition, fertility treatments were reinstated as
reimbursable, and the reimbursement levels were increased from previous
rates. Reimbursements for ophthalmologists, gynaecologists, dental care,
and mental health services were revised and raised. Reimbursements for
physiotherapy and dental hygienist visits also improved. These changes
came into effect on 1 May 2025.
A freedom-of-choice pilot for those aged 65 and over began in
September 2025. This trial introduces a new Kela reimbursement model
aimed, among other things, at accelerating access to care for people aged
65 and above. Under the pilot, individuals in this age group can visit a
participating private general practitioner of their choice at the same cost
3
as a public healthcare client fee. According to Kela’s estimate, the pilot
could involve around one million client visits.
At the government’s mid-term policy session in April 2025, a
pilot scheme on care continuity and the personal doctor model was
also launched. In total, approximately EUR 500 million is planned to
be allocated during the government term for all the reforms, of which
the state’s share is EUR 335 million. By reallocating reimbursements, the
government aims to improve access to services and promote freedom of
choice. The Government has removed, and intends to further remove, other
legislative barriers that prevent wellbeing services counties from making
use of private service providers. The measures outlined in the government
programme are expected to support growing demand for private service
provision and create new opportunities for publicly funded and privately
delivered services.
Queues in the public healthcare sector remain long: at the end of
November 2025, approximately 143,200 patients were waiting for
non-urgent specialised medical care, of whom around 19,500 had been
waiting for more than six months. The National Supervisory Authority for
Welfare and Health (Valvira) have ordered nine wellbeing services counties
and the Hospital District of Helsinki and Uusimaa (HUS Group) to bring
access to non-urgent specialised medical care into compliance with the
law by 30 April 2026, under threat of fines. At the beginning of 2025, the
maximum waiting times for access to primary healthcare were extended,
effectively loosening the care guarantee. The care guarantee in outpatient
primary healthcare is now three months, and six months for oral healthcare.
The maximum waiting times for follow-up visits to doctors, dentists, and
specialist dentists have also been extended. At the start of the year, the
Health Care Act was amended to allow public service organisers, such
as wellbeing services counties, to procure surgical services from private
providers more extensively than before.
Guidance for 2026
Terveystalo expects its full-year 2026 adjusted EBIT to be EUR 135-165
million (2025: EUR 156.3 million).
The estimates are based on a gradually improving demand environment.
The prevalence of upper respiratory infections is expected to remain
low during the first half of the year and return to the long-term average
in the second half. Profitability in the first half of 2026 is expected
to be below that in the first half of 2025. Revenue from the Portfolio
Businesses segment's outsourcing operations is projected to decrease by
approximately EUR 20 million due to expiring contracts. These estimates
do not include the Hohde transaction or any other significant acquisitions
or divestments.
Medium-term financial targets
Profitable growth:
• EPS to grow on average by 10 percent p.a.
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 the net result is to be distributed as dividends
• The dividend proposal must consider the company's long-term
potential and financial status.
4
Key figures
Terveystalo Group, MEUR 2025 2024 2023
Revenue 1,278.9 1,340.0 1,286.4
Adjusted EBITDA, *
1)
252.2 245.9 200.2
Adjusted EBITDA, % *
1)
19.7 18.4 15.6
EBITDA
1)
237.5 222.5 179.2
EBITDA, %
1)
18.6 16.6 13.9
Adjusted EBITA *
1)
179.3 171.0 125.6
Adjusted EBITA, % *
1)
14.0 12.8 9.8
EBITA
1)
164.6 147.6 104.4
EBITA, %
1)
12.9 11.0 8.1
Adjusted operating profit (EBIT) *
1)
156.3 140.5 93.1
Adjusted operating profit (EBIT), % *
1)
12.2 10.5 7.2
Operating profit (EBIT)
1)
137.5 116.1 -14.7
Operating profit (EBIT), %
1)
10.8 8.7 -1.1
Return on equity (ROE), %
1)
16.4 13.5 -7.6
Equity ratio, %
1)
40.7 39.4 36.5
Earnings per share (€) 0.73 0.57 -0.33
Effective dividend yield, % 6.5 4.6 3.9
Price to earnings ratio (P/E) 13.4 18.5 neg.
Net debt 508.0 504.8 598.1
Gearing, %
1)
87.0 92.1 116.0
Net debt/EBITDA
1)
2.1 2.3 3.3
Net debt/Adjusted EBITDA
1)
2.0 2.1 3.0
Total assets 1,441.1 1,398.4 1,419.5
Average personnel FTE
2)
5,526 5,841 6,426
Personnel (end of period)
3)
8,356 9,153 9,824
Non-employees (end of period)
3)
6,017 6,015 6,092
Terveystalo Group, MEUR 2025 2024 2023
Adjusted EBITDA, excluding IFRS 16 *
1)
196.5 189.5 142.8
Net debt, excluding IFRS 16 305.4 313.0 379.0
Net debt/Adjusted EBITDA, excluding IFRS 16 *
1)
1.6 1.7 2.7
* 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.
Adjustments included an impairment charge of EUR 4.1 million related to the child welfare business sold in the fourth quarter.
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)
Financial year 2025 does not include Medimar Scandinavia Ab and Cityläkarna Mariehamn Ab nor Turun Silmälaser Oy and
Silmäsairaala Pilke Oy which were acquired 31 December2025. Recuror Oy and Veikkolan hammaslääkäriasema Oy are included since
the merger to Suomen Terveystalo Oy. Financial year 2024 does not include Medimar Scandinavia Ab and the companies acquired
during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy and Kajaanin Radiologikeskus Oy and Cityläkarna
Mariehamn Ab).
3)
Financial year 2025 does not include Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired 31.12.2025. Financial year
2024 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).
Share-related key figures
2025 2024 2023
Equity per share, EUR 4.6 4.3 4.1
Earnings per share, EUR 0.73 0.57 -0.33
Dividend per share, EUR 0.64
1)
0.48 0.30
Dividend payout ratio, % 87.7% 84.2% 190.9%
2)
Effective dividend yield, % 6.5% 4.6% 3.9%
Price to earnings ratio (P/E) 13.4 18.5 neg.
1)
Board of Directors’ proposal
2)
In 2023, the dividend payout ratio of adjusted earnings per share (0.47 EUR) was 63.8 percent.
5
Financial development
Revenue
In 2025, the Group’s revenue decreased by 4.6 percent year-on-year to EUR
1,278.9 (1,340.0) million.
The Healthcare Services segment revenue decreased by 1.1 percent and
was EUR 1,031.0 (1,042.8) million. Revenue declined due to a decrease in
occupational health visits and a lower number of connected occupational
health customers. During the second half of the year the decrease in
visit volumes was influenced by a lower prevalence of upper respiratory
infections compared to the comparison period, as well as a reduction in the
scope of agreements with client companies.
The Portfolio Businesses segment revenue decreased by 19.3 percent and
was EUR 192.5 (238.5) million. Revenue decreased year-on-year due to the
planned reduction in the outsourcing portfolio, as well as weaker demand
and proactive customer selection in staffing services. Revenue from dental
care increased due to growth in consumer demand.
The revenue from Sweden decreased by 7.5 percent due to lower
demand and ended contracts and came to EUR 75.6 (81.8) million. Without
MEUR 2025 2024 Change, %
Healthcare services 1,031.0 1,042.8 -1.1
Portfolio business 192.5 238.5 -19.3
Sweden 75.6 81.8 -7.5
Segments total 1,299.1 1,363.1 -4.7
Other -20.3 -23.1 12.0
Total 1,278.9 1,340.0 -4.6
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.
Adjusted EBIT
MEUR 2025 2024 Change, %
Healthcare services 154.6 143.7 7.6
Portfolio business 12.6 9.1 38.5
Sweden -2.6 -3.4 22.5
Segments total 164.6 149.3 10.2
Other -8.3 -8.9 6.5
Total 156.3 140.5 11.3
the currency effect, the revenue decreased by 10.5 percent. Acquisitions
increased revenue in Sweden by approximately EUR 0.9 million.
In 2025, there were 251 (252) working days.
Financial performance and cash flow
In 2025, the Group’s adjusted operating profit (EBIT) increased by 11.3
percent to EUR 156.3 (140.5) million, representing 12.2 (10.5) percent of
revenue. Profitability improved clearly across all business segments.
In Healthcare Services adjusted operating profit (EBIT) increased from the
comparison period due to improved operational efficiency and improved
sales mix.
In Portfolio Businesses adjusted operating profit (EBIT) strengthened from
the comparison period. Termination of low-margin outsourcing contracts
and improved operational efficiency improved profitability year-on-year.
In Sweden adjusted operating profit (EBIT) improved year-on-year. The
decline in revenue weakened profitability, while the cost savings from the
profitability improvement programme had a positive impact on it.
Material expenses and service purchasing decreased by 7.3 percent
year-on-year and amounted to EUR -509.8 (-549.8) million. Employee
benefit expenses decreased by 5.7 percent year-on-year and amounted to
EUR -403.5 (-427.8) 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
decreased by 8.1 percent to EUR -132.1 (-143.7) million. The comparison
period included a one-off item of EUR 5.6 million related to renovation and
maintenance liabilities in a single location.
The Group’s adjusted EBITDA increased by 2.5 percent year-on-year to
EUR 252.2 (245.9) million.
Adjusted earnings before interest, taxes, amortization, and impairment
losses (EBITA) increased by 4.8 percent and amounted to EUR 179.3 (171.0)
million. Earnings before interest, taxes, amortisation, and impairment losses
(EBITA) amounted to EUR 164.6 (147.6) million.
Adjusted EBIT amounted to EUR 156.3 (140.5) million. Operating profit
(EBIT) came to EUR 137.5 (116.1) million.
Net financing costs decreased to EUR -21.2 (-26.5) million mainly due
to lower interest rates. The result before tax was EUR 116.2 (89.6) million.
Income taxes were EUR -23,5 (-18.0) million. The result for the reporting
6
period amounted to EUR 92.6 (71.7) million, and earnings per share were
EUR 0.73 (0.57).
Cash flow from operating activities decreased to EUR 207.0 (223.7)
million, mainly due to the seasonal fluctuation in committed net working
capital, which reduced the positive effect of improved profitability, as well
as the timing of corporate tax payments.
Cash flow from investing activities amounted to EUR -69.6 (-47.4) million.
The difference compared to the comparison period was mainly due to
increased investments in intangible and tangible assets, as well as higher
joint venture investment.
Cash flow from financing activities amounted to EUR -126.8 (-148.8)
million. The difference compared to the comparison period was mainly
due to the loan refinancings carried out during the comparison period, the
repayments of long-term loans, as well as the higher dividend payment
during the reporting period.
Profit improvement and development programmes, as well as
items affecting comparability
In 2025, Terveystalo had several ongoing profitability improvement
programmes as well as a development programme, all aiming to strengthen
operational efficiency and the company’s competitiveness, and to support
profitable growth in a changing market environment. During 2025, market
conditions required faster and more wide-ranging actions across several
business areas than in a typical year, which was reflected particularly in the
amount of items affecting comparability in the fourth quarter.
The occupational healthcare development programme, launched in 2025,
focuses on renewing service models, improving pricing transparency and
utilising digital tools to optimise production. The objective is to strengthen
competitiveness and customer value over the long term.
The profitability improvement programme launched in late 2023 in
Sweden was completed at the end of 2025. The programme achieved
its objectives and resulted in significant structural improvements
in profitability. Measures included, among others, the reduction of
administrative tasks, streamlining of processes, improved utilisation rates
and a renewal of the organisational structure, all of which together provide
a strong foundation for future growth.
In the Portfolio Businesses, a profitability improvement programme
is under way. It focuses on improving operational efficiency and
strengthening capabilities to respond to a rapidly changing market. In
addition, the aim is to accelerate growth in consumer businesses – in
particular dental care and massage services – and to clarify the service
offering for the public sector.
Costs related to the profitability improvement programmes and the
development programme amounted to EUR 12.1 (18.6) million in 2025.
The costs consisted mainly of restructuring expenses and advisory
fees, the latter of which are linked to the results achieved through the
programmes. These costs are treated as items affecting comparability. In
2024, programme-related costs amounted to EUR 18.1 million. In 2026, total
programme-related costs are estimated to amount to approximately EUR
7.0 million.
Other items affecting comparability in the fourth quarter included EUR
1.8 million in taxes and related penalties arising from a partial tax audit
concerning previous financial years, as well as a EUR 4.1 million impairment
charge following the divestment of the child protection services business.
Financial position
Terveystalo’s liquidity position is strong. Cash and cash equivalents at the
end of the reporting period amounted to EUR 75.2 (65.2) million. The total
assets of the Group amounted to EUR 1,441.1 (1,398.4) million.
Equity attributable to owners of the parent company totalled EUR 584.2
(548.2) million.
Gearing (including lease liabilities) was 87.0 (92.1) percent and net debt
amounted to EUR 508.0 (504.8) million. Net debt, excluding IFRS 16 (lease
liabilities) amounted to EUR 305.4 (313.0) million. The average maturity of
Terveystalo's financial loans was 2.1 (3.0) years at the end of the reporting
period, and in the fourth quarter of 2025, the average interest rate for loans
from financial institutions was 3.4 (4.2) percent. During the reporting period,
the company fulfilled the covenant requirement included in its financing
agreements reflecting relative indebtedness.
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 (93.0) million.
Return on equity (LTM) for the reporting period was 16.4 (13.5) percent.
The equity ratio was 40.7 (39.4) percent.
Terveystalo's financing arrangements and risks are described in more
detail in note 21 to the consolidated financial statements.
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
was 63 (62) working days in October–December 2025. In 2025, there
were 251 working days. In 2026 there are 254 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 2024 2025 2026
Q1 63 62 63
Q2 61 60 61
Q3 66 66 66
Q4 62 63 64
Full year 252 251 254
7
Investments and acquisitions
Total investments in 2025 amounted to EUR 139.1 (78.4) million including
investments in right-of-use assets and M&A.
The Group’s investments, excluding M&A, amounted to EUR 121.3 (69.7)
million, of which EUR 69.1 (29.7) million consist of right-of-use assets. The
investments in right-of-use assets were mainly related to premises. Other
investments consisted mainly of investments in the digital application and
service development, IT system projects, medical equipment, and network.
The relative share of investments in right-of-use assets increased, while the
relative shares of investments in intangible and tangible assets decreased
year-on-year.
During the reporting period, Terveystalo signed an agreement on 24
April 2025 to acquire Veikkolan Hammaslääkäriasema Oy. On 30 May
2025, Terveystalo has signed an agreement to acquire Recuror Oy, which
offers mental health services.
Terveystalo joined a consortium in September, which through a jointly
owned company acquired a majority of the shares in MedHelp Care
Aktiebolag AB and initiated a squeeze-out process for the redemption of
minority shares. MedHelp is a Swedish technology company that offers
an AI-based health service platform for corporate clients in Sweden.
The company provides management of sick leave, health consultations,
early disease detection using AI, rehabilitation support, and sick leave
reporting for employers. Terveystalo's ownership stake in the arrangement
is approximately 25 percent, but Terveystalo has contractual rights under
which the joint arrangement is interpreted as having joint control and thus
the arrangement is treated as a joint venture.
On 3 December 2025, Terveystalo signed agreements to acquire all
shares in Silmäsairaala Pilke Oy and Turun Silmälaser Oy. The transactions
were completed on 31 December 2025.
On 19 December 2025, Terveystalo Plc signed an agreement to
sell Sauma Child Welfare Services Ltd to Validia Ltd. Completion of
the transaction is subject to approval by the Finnish Competition
and Consumer Authority, which was obtained after the end of
the reporting period.
On 23 December 2025, Terveystalo signed an agreement to acquire
Hohde Group, consisting of Hammas Hohde Oy dental clinics and Loisto
Laboratoriot Oy dental laboratories (the "Arrangement"). If completed,
the arrangement would strengthen the Terveystalo Group's oral health
services for different customer groups. The arrangement is expected to be
completed in 2026, subject to the approval of the Finnish Competition and
Consumer Authority. The Enterprise value (EV) of the target, according to
the agreed purchase price, is approximately EUR 88 million.
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 2025 were EUR 11.4 (12.2) million
and were included in other intangible assets.
Personnel
The number of Terveystalo’s employed staff on 31 December 2025 in Finland
was 7,691 (8,383), in Sweden 655 (770), and in total 8,356 (9,153). In FTEs, the
average number of personnel in Finland was 4,905 (5,144), in Sweden 620
(697) and in total 5,526 (5,841). The number of non-employees in Finland
was 5,967 (5,967), in Sweden 50 (48) and in total 6,017 (6,015). 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 was reduced due to
ended customer contracts as part of the profit improvement programme.
Personnel 2025 2024 Change, %
Average personnel, (FTEs)
1)
Finland 4,905 5,144 -4.6
Sweden 620 697 -11.0
Total 5,526 5,841 -5.4
Employed staff (at the end of period)
2)
Finland 7,691 8,383 -8.3
Sweden 655 770 -14.9
Total 8,356 9,153 -8.7
Non-employees (at the end of period)
2)
Finland 5,967 5,967 0.0
Sweden 50 48 4.2
Total 6,017 6,015 0.0
1)
Financial year 2025 does not include Medimar Scandinavia Ab and Cityläkarna
Mariehamn Ab nor Turun Silmälaser Oy and Silmäsairaala Pilke Oy which were acquired
31 December 2025. Recuror Oy and Veikkolan hammaslääkäriasema Oy are included
since the merger to Suomen Terveystalo Oy. Financial year 2024 does not include
Medimar Scandinavia Ab and the companies acquired during 2024 in Finland (SRK
Group Oy, Suomen Radiologikeskus Oy, iRad Oy and Kajaanin Radiologikeskus Oy and
Cityläkarna Mariehamn Ab).
2)
Financial year 2025 does not include Turun Silmälaser Oy and Silmäsairaala Pilke Oy
which were acquired 31 December 2025. Financial year 2024 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).
Reporting segments
Terveystalo Group comprises of three reporting segments: Healthcare
Services, Portfolio Businesses, and Sweden.
8
Healthcare Services
Healthcare Services – the business segment offers customers in Finland integrated care paths, ranging from preventive occupational health
services to primary care, and various fields of specialised care, diagnostics, and day surgery. In Healthcare Services, the goal is to be the best
provider of integrated care and to grow profitably.
percent from the comparison period. The decrease in visit volumes was
driven by lower prevalence of upper respiratory infections compared to
the comparison period, as well as a reduction in the scope of agreements
with client companies. Revenue from diagnostics services (laboratory and
imaging) decreased by 1.4 percent and was 250.7 (254.2) million euros.
Revenue from other services decreased by 2.9 percent and amounted to
99.5 (102.5).
In the Healthcare Services in 2025, adjusted operating profit (EBIT)
increased by 7.6 percent and amounted to EUR 154.6 (143.7) million,
representing 15.0 (13.8) percent of revenue. Profitability was supported by
improved operational efficiency and a more favourable service mix.
Healthcare Services, revenue by customer groups, and services
Healthcare services, revenue
MEUR 2025 2024 Change, %
By customer
Occupational health customers 588.5 602.2 -2.3
Consumer customers 223.7 223.8 -0.0
Insurance customers 187.6 179.5 4.5
Service sales 31.3 37.4 -16.3
Total 1,031.0 1,042.8 -1.1
By service
Appointments 680.8 686.1 -0.8
Diagnostics 250.7 254.2 -1.4
Other 99.5 102.5 -2.9
Total 1,031.0 1,042.8 -1.1
Occupational health customers include corporate customers and public sector
customers purchasing occupational health services. The company provides statutory
occupational health services and other occupational health and wellbeing services to
corporate customers of all sizes as well as public sector customers.
Consumer customers include individuals and families who pay for their services
themselves and may later seek compensation from their insurance company.
Insurance customers include services provided to occupational health customers and
consumer customers, which are paid by the insurance company through statutory or
voluntary insurance.
Service sales mainly include services provided to public sector customers, such as
specialised medical care services and other healthcare services produced in the service
network. Outsourcing and staffing services are a part of Portfolio Businesses.
Key figures
2025 2024 Change, %
Revenue, MEUR 1,031.0 1,042.8 -1.1
EBITA, MEUR 162.1 154.0 5.2
EBITA, % of revenue 15.7% 14.8% 0.9%-p.
Adjusted EBITA, MEUR 166.7 162.0 2.9
Adjusted EBITA, % of revenue 16.2% 15.5% 0.7%-p.
EBIT, MEUR 150.0 135.7 10.6
EBIT, % of revenue 14.6% 13.0% 1.6%-p.
Adjusted EBIT, MEUR 154.6 143.7 7.6
Adjusted EBIT, % of revenue 15.0% 13.8% 1.2%-p.
Healthcare Services, number of visits
Visits 2025 2024 Change, %
Appointments 5,732,624 6,058,492 -5.4
Physical appointments 4,545,906 4,758,350 -4.5
Remote appointments 1,186,718 1,300,142 -8.7
Diagnostics 1,229,287 1,304,306 -5.8
Other 59,582 62,418 -4.5
Total 7,021,493 7,425,216 -5.4
In 2025, the revenue from Healthcare Services decreased by 1.1 percent
and was EUR 1,031.0 (1,042.8) million. The reporting period had one fewer
working day than the comparison period.
Revenue from occupational health customers decreased by 2.3 percent
to EUR 588.5 (602.2) million. Revenue from consumer customers (out-of-
pocket) remained at the level of the comparison period and totalled EUR
223.7 (223.8) million. Revenue from insurance customers increased by 4.5
percent to EUR 187.6 (179.5) million. Revenue from service sales decreased
by 16.3 percent to EUR 31.3 (37.4) million.
Revenue from appointment services decreased by 0.8 percent to EUR
680.8 (686.1) million. The number of physical appointments decreased by
4.5 percent, and the number of remote appointments decreased by 8.7
9
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 includes publicly funded services, such as outsourcing and staffing services, as
well as consumer services, including dental care and massage.
In the Portfolio Businesses in 2025, adjusted operating profit (EBIT)
increased by 38.5 percent and amounted to EUR 12.6 (9.1) million,
representing 6.5 (3.8) percent of revenue. Termination of low-margin
outsourcing contracts and improved operational efficiency improved
profitability year-on-year.
The profit improvement programme in Portfolio Businesses is aimed at
increasing operational efficiency and achieving the best possible capability
to respond to the changing market. The goal is also to accelerate growth in
the consumer businesses, namely in dental health and massage services, as
well as to clarify the market offering for the public sector.
In the Portfolio Businesses, in 2025, revenue decreased by 19.3 percent and
amounted to EUR 192.5 (238.5) million. Revenue from outsourcing services
decreased by 33.8 percent due to the planned reduction of the outsourcing
portfolio and amounted to EUR 54.8 (82.8) million. Revenue from staffing
services decreased by 27.3 percent mainly due to weaker demand and
proactive customer selection and amounted to EUR 53.1 (73.1) million.
Revenue from dental care increased by 4.3 percent due to higher demand
and amounted to EUR 52.4 (50.3) million. Revenue from other services
decreased by 0.7 percent and amounted to EUR 32.2 (32.4) million.
Key figures
2025 2024 Change, %
Revenue, MEUR 192.5 238.5 -19.3
EBITA, MEUR 13.2 9.7 37.1
EBITA, % of revenue 6.9% 4.1% 2.8%-p.
Adjusted EBITA, MEUR 13.7 10.3 33.2
Adjusted EBITA, % of revenue 7.1% 4.3% 2.8%-p.
EBIT, MEUR 12.1 8.4 43.0
EBIT, % of revenue 6.3% 3.5% 2.8%-p.
Adjusted EBIT, MEUR 12.6 9.1 38.5
Adjusted EBIT, % of revenue 6.5% 3.8% 2.7%-p.
Portfolio businesses, revenue
MEUR 2025 2024 Change, %
Outsourcing services 54.8 82.8 -33.8
Staffing services 53.1 73.1 -27.3
Dental care 52.4 50.3 4.3
Other 32.2 32.4 -0.7
Total 192.5 238.5 -19.3
10
Sweden
The Sweden segment consists of Feelgood subsidiaries’ operations in Sweden, which are focused on occupational health
and consultation for organizational management and harmful use. Terveystalo aims to significantly improve profitability in
Sweden in the short term.
In the Sweden segment in 2025, revenue decreased by 7.5 percent and
amounted to EUR 75.6 (81.8) million. Without the currency effect, the
revenue decreased by 10.5 percent. Ended contracts, as well as a lower
demand for organisational leadership consultation and the harmful use
rehabilitation services had a negative year-on-year impact on revenue.
Acquisitions increased revenue in Sweden by approximately EUR 0.9 million.
In the Sweden segment in 2025, adjusted operating profit (EBIT)
amounted to EUR -2.6 (-3.4) million, representing -3.5 (-4.1) percent of
revenue. The decline in revenue weakened profitability, while the cost
savings achieved through the measures of the profitability improvement
programme had a positive impact on profitability.
The profit improvement programme, launched at the end of 2023,
aimed to achieve a structural change in profitability by 2025. During
the programme, significant improvements in operational efficiency
were achieved by reducing administrative tasks, streamlining processes,
improving utilisation rates and renewing the organisational structure. These
measures have improved operational efficiency, and this will be reflected in
profitability in 2026, creating a strong foundation for future growth.
Key figures
2025 2024 Change, %
Revenue, MEUR 75.6 81.8 -7.5
EBITA, MEUR -6.9 -8.6 19.5
EBITA, % of revenue -9.1% -10.5% 1.4%-p.
Adjusted EBITA, MEUR -1.3 -2.0 35.8
Adjusted EBITA, % of revenue -1.7% -2.5% 0.7%-p.
EBIT, MEUR -8.2 -10.8 24.0
EBIT, % of revenue -10.9% -13.2% 2.3%-p.
Adjusted EBIT, MEUR -2.6 -3.4 22.5
Adjusted EBIT, % of revenue -3.5% -4.1% 0.5%-p.
11
The largest registered shareholders on 31 December 2025
Name
Number of
shares % of shares Votes % of votes
Rettig Investment AB 21,153,191 16.65 21,153,191 16.65
Varma Mutual Pension Insurance Company 20,970,597 16.51 20,970,597 16.51
OP Cooperative 17,265,684 13.59 17,265,684 13.59
Hartwall Capital 8,231,690 6.48 8,231,690 6.48
Ilmarinen Mutual Pension Insurance Company 5,407,000 4.26 5,407,000 4.26
Elo Mutual Pension Insurance Company 2,286,688 1.80 2,286,688 1.80
Evli Finnish Small Cap Fund 1,583,000 1.25 1,583,000 1.25
The State Pension Fund of Finland 1,500,000 1.18 1,500,000 1.18
OP-Suomi Mutual Fund 1,081,143 0.85 1,081,14, 0.85
Savings Bank Interest Plus Mutual Fund 981,638 0.77 981,638 0.77
Ten largest in total 80,460,631 63.34 80,460,631 63.34
The list is based on the register of shareholdings maintained by Euroclear, and it does not include nominee-
registered shares.
Distribution of ownership 31 December 2025
Number of shares
Number of
shareholders
% of
shareholders
Number of
securities % of securities
Number of
votes % of votes
1–100 20,033 46.26 866,364 0.68 866,364 0.68
101–500 15,939 36.81 4,074,598 3.21 4,074,598 3.21
501–1,000 3,887 8.98 2,992,608 2.36 2,992,608 2.36
1,001–5,000 2,860 6.60 5,877,664 4.63 5,877,664 4.63
5,001–10,000 301 0.70 2,146,132 1.69 2,146,132 1.69
10,001–50,000 202 0.47 4,193,145 3.30 4,193,145 3.30
50,001–100,000 32 0.07 2,313,814 1.82 2,313,814 1.82
100,001–500,000 29 0.07 6,826,875 5.37 6,826,875 5.37
500,001– 18 0.04 97,745,331 76.94 97,745,331 76.94
Total 43,301 100.00 127,036,531 100.00 127,036,531 100.00
of which nominee-registered 11 0.03 13,532,239 10.65 13,532,239 10.65
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
Shares and shareholders
Terveystalo Plc has one share series (TTALO), which is listed on Nasdaq
Helsinki Ltd. At the end of 2025, Terveystalo’s market value was EUR 1,242
(1,336) million and the closing price was EUR 9,78 (10.52). During 2025, the
highest price of Terveystalo’s share was EUR 12.54 (10.88), the lowest price
was EUR 9.02 (7.09), and the average price was EUR 10.85 (8.96). A total of
44.0 (12.7) million shares were traded. The turnover of shares traded was
EUR 477.1 (115.1) 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 2025, the weighted average number of shares
outstanding was 126,647,000 (126,597,000). Terveystalo and its subsidiaries
hold 381,388 (431,705) own shares for reward purposes, corresponding to
0.3 (0.3) percent of all outstanding shares.
The total number of shareholders was 43,301 (33,544) at the end of the
reporting period.
12
Management shareholding, 31 December 2025
Nimi Position Number of shares % of shares % of votes
Kari Kauniskangas Chairman of the Board of Directors 29,285 0.02% 0.02%
Matts Rosenberg Member of the Board of Directors 18,902 0.01% 0.01%
Carola Lemne Member of the Board of Directors 11,640 0.01% 0.01%
Kristian Pullola Member of the Board of Directors 12,611 0.01% 0.01%
Ari Lehtoranta Member of the Board of Directors 10,018 0.01% 0.01%
Sofia Hasselberg Member of the Board of Directors 6,013 0.00% 0.00%
Teija Sarajärvi Member of the Board of Directors 3,514 0.00% 0.00%
Ville Iho President and CEO 33,183 0.03% 0.02%
Juuso Pajunen Chief Financial Officer 24,269 0.02% 0.02%
Petteri Lankinen Chief Medical Officer 0 0.00% 0.00%
Laura Karotie Senior Vice President, Corporate Health 0 0.00% 0.00%
Henri Mäenalanen Executive Vice President, Portfolio Businesses 4,444 0.00% 0.00%
Stefan Kullgren Executive Vice President of the Swedish Business Area 10,000 0.01% 0.01%
Ilari Richardt Senior Vice President, Digital Services 6,337 0.00% 0.00%
Minttu Sinisalo Senior Vice President, Human Resources 5,627 0.00% 0.00%
Petra Gräsbeck Senior Vice President, Communications and Public Affairs 175 0.00% 0.00%
Management shareholding in total 176,018 0.14% 0.10%
Number of shares total 127,036,531 100% 100%
Notifications of major shareholdings
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 Board’s authorisations
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 reporting period.
Shareholder groups, 31 December 2025
Shareholders by sector Number of shares % of shares
Households 16,469,026 13.0
Public entities 30,459,088 24.0
Financial and insurance institutions 37,066,137 29.2
Companies 16,028,899 12.6
Non-profit institutions 2,784,587 2.2
Foreign owners 24,228,794 19.1
Total 127,036,531 100.0
Of which nominee-registered 13,532,239 10.7
13
Dividend Policy and distribution of profits for 2025
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 2025, earnings per share were
EUR 0.73 (0.57).
The parent company’s distributable funds totaled EUR 582.1 (558.9) million,
of which EUR 83.9 (61.0) million is result for the financial year. The Board of
Directors proposes to the Annual General Meeting that a dividend of EUR
0.64 (0.48) per share totaling EUR 81.1 (60.8) million be paid based on the
balance sheet adopted for the financial year ended 31 December 2025.
The dividend would be paid in two installments as follows:
• The first dividend installment of EUR 0.32 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 26 March 2026. The Board of Directors
proposes that the first dividend installment would be paid on 8 April 2026.
• The second dividend installment of EUR 0.32 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 2026. The Board of Directors
proposes that the second dividend installment would be paid on 15
October 2026. 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.
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 jeopardized by the proposed distribution
of profits.
Decisions of the Annual General Meeting 2025 and the
organising meeting of Terveystalo's Board of Directors
The Annual General Meeting of Terveystalo Plc was held on 8 April 2025
in Helsinki, Finland. The Annual General Meeting adopted the financial
statements for the financial year 2024 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 dividend of EUR 0.48 per share will be
paid based on the balance sheet adopted for the financial year ended 31
December 2024 (which corresponds to a total of approximately EUR 60.8
million with the current number of shares in the Company).
The dividend was paid in two instalments as follows:
• The first dividend instalment of EUR 0.24 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
first dividend instalment 10 April 2025. The first dividend instalment was
paid on 17 April 2025.
• The second dividend instalment of EUR 0.24 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 8 October 2025. The second dividend
instalment was paid on 15 October 2025. 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, Matts Rosenberg and Teija Sarajärvi were re-elected
as members of the Board, for a term that ends at the end of the Annual
General Meeting 2026.
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 Authorized 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 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 2026.
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 2026, 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 Ari Lehtoranta, Carola Lemne and Teija
Sarajärvi were elected members.
14
Changes in the management team
Sari Heinonen, a member of Terveystalo's Executive Team and Executive
Vice President of Healthcare Services, left the company on 15 April 2025
to assume the position of President of LocalTapiola Group. Since 14 April
2025, the Healthcare Services business area has been led by CEO Ville Iho.
Laura Karotie, b. 1979, M.Sc. (Eng.), has been appointed SVP, Corporate
Health at Terveystalo and a member of the Group Executive Team as of 1
October 2025. Laura Karotie reports to Ville Iho, President and CEO.
Minttu Sinisalo, a member of Terveystalo's Executive Team and Senior
Vice President, People and Careers, left the company on 31 December
2025 to become Kesko's Senior Vice President, Human Resources.
Terveystalo has started the search for Sinisalo's successor.
Veera Siivonen, b. 1980, M.Sc. (Tech.), has been appointed Senior Vice
President of Digital Care, and a member of Terveystalo's Executive Team.
She will report to President and CEO Ville Iho.
Corporate governance
Terveystalo Plc’s Corporate Governance Statement, Remuneration Policy,
and Remuneration Report for 2025 is published as part of the Annual
Report 2025.
Events after the end of the reporting period
Terveystalo Plc's Board of Directors has approved a new
performance period covering years 2026–2028 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 2026–2028 of the long-term share-based
incentive plan for key personnel. The purpose of the programme 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 programme.
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 programme and its main terms in a stock exchange release on 3
December 2020.
Performance Period 2026–2028 of the Performance
Share Plan (PSP)
During the performance period 2026–2028, 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 amortization) of the business area 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 2026–2028 earning period will be paid in
Terveystalo Plc shares after the end of the performance period, provided
that the performance targets set for the programme by the Board are
achieved. The maximum number of shares to be paid based on this plan is
740,000 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 90 people selected by the Board
are eligible to participate in the programme, 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 2026–2028 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 74,000 shares.
Hilppa Rautpalo appointed Terveystalo's SVP, Human Resources
and member of the Group Management Team
Hilppa Rautpalo, Master of Laws (trained at the bench), born in 1974, has
been appointed Senior Vice President of Human Resources and a member
of the Group's Management Team. She will start in the position no later
than 14 August 2026. Hilppa Rautpalo will report to President and CEO
Ville Iho.
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, organizations,
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' realization 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.
15
• 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 realized 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.
Annual General Meeting in 2026
Terveystalo Plc's Annual General Meeting (AGM) is planned to be held on
Tuesday 24 March 2026. The meeting will be convened by the company's
Board of Directors separately.
Terveystalo Plc
Board of Directors
16
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
17
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
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, strategic projects 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
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
18
Reconciliation of alternative performance measures
Return on equity, % 2025 2024 2023
Net income 92.6 71.7 -42.2
Equity (including non-controlling interest) (average) 566.2 531.8 553.7
Return on equity, % 16.4 13.5 -7.6
Equity ratio, % 2025 2024 2023
Equity (including non-controlling interest) 584.2 548.2 515.4
Total assets 1,441.1 1,398.4 1,419.5
Advances received 6.5 6.9 6.4
Equity ratio, % 40.7 39.4 36.5
Gearing, % 2025 2024 2023
Interest-bearing liabilities 583.7 570.0 635.8
Interest-bearing receivables and cash and cash equivalents 75.7 65.2 37.7
Equity 584.2 548.2 515.4
Gearing, % 87.0 92.1 116.0
Net debt / EBITDA 2025 2024 2023
Interest-bearing liabilities 583.7 570.0 635.8
Interest-bearing receivables and cash and cash equivalents 75.7 65.2 37.7
EBITDA 237.5 222.5 179.2
Net debt / EBITDA 2.1 2.3 3.3
Net debt / Adjusted EBITDA 2025 2024 2023
Interest-bearing liabilities 583.7 570.0 635.8
Interest-bearing receivables and cash and cash equivalents 75.7 65.2 37.7
Adjusted EBITDA 252.2 245.9 200.2
Net debt / Adjusted EBITDA 2.0 2.1 3.0
Adjusted EBITDA, EUR mill. 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 23.5 18.0 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 21.2 26.5 24.2
Depreciation, amortisation and impairment losses 100.0 106.4 193.8
Adjustments* 14.7 23.5 21.2
Adjusted EBITDA 252.2 245.9 200.2
Adjusted EBITDA, % 2025 2024 2023
Adjusted EBITDA 252.2 245.9 200.2
Revenue 1,278.9 1,340.0 1,286.4
Adjusted EBITDA, % 19.7 18.4 15.6
19
Adjusted EBITA, EUR mill. 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 23.5 18.0 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 21.2 26.5 24.2
Amortisation and impairment losses 27.1 31.5 119.1
Adjustments* 14.7 23.5 21.5
Adjusted EBITA 179.3 171.0 125.6
Adjusted EBITA, % 2025 2024 2023
Adjusted EBITA 179.3 171.0 125.6
Revenue 1,278.9 1,340.0 1,286.4
Adjusted EBITA, % 14.0 12.8 9.8
Adjusted operating profit (EBIT), EUR mill. 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 23.5 18.0 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 21.2 26.5 24.2
Adjustments* 18.8 24.4 107.8
Adjusted EBIT 156.3 140.5 93.1
Adjusted operating profit (EBIT), % 2025 2024 2023
Adjusted EBIT 156.3 140.5 93.1
Revenue 1,278.9 1,340.0 1,286.4
Adjusted EBIT, % 12.2 10.5 7.2
EBITDA, EUR mill. 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 23.5 18.0 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 21.2 26.5 24.2
Depreciation, amortisation and impairment losses 100.0 106.4 193.8
EBITDA 237.5 222.5 179.2
20
EBITDA, % 2025 2024 2023
EBITDA 237.5 222.5 179.2
Revenue 1,278.9 1,340.0 1,286.4
EBITDA, % 18.6 16.6 13.9
EBITA, EUR mill. 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 23.5 18.0 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 21.2 26.5 24.2
Amortisation and impairment losses 27.1 31.5 119.1
EBITA 164.6 147.6 104.4
EBITA, % 2025 2024 2023
EBITA 164.6 147.6 104.4
Revenue 1,278.9 1,340.0 1,286.4
EBITA, % 12.9 11.0 8.1
Operating profit (EBIT), EUR mill. 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 23.5 18.0 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 21.2 26.5 24.2
EBIT 137.5 116.1 -14.7
Operating profit, (EBIT), % 2025 2024 2023
EBIT 137.5 116.1 -14.7
Revenue 1,278.9 1,340.0 1,286.4
EBIT, % 10.8 8.7 -1.1
Adjustments based on subject area* , EUR mill. 2025 2024 2023
Acquisition-related expenses
1)
-0.1 -0.7 -0.8
Restructuring-related expenses
2)
1.1 1.9 3.2
Gain on sale of asset
3)
-0.1 0.6 -
Impairment losses 4.1 0.9 80.8
Strategic projects and other items affecting to comparability 13.9 21.6 18.8
Adjustments 18.8 24.4 101.9
21
Adjustments based on account group* , EUR mill. 2025 2024 2023
Other operating income -0.9 -1.0 -0.8
Personnel expenses 2.0 1.4 3.1
Other operating expenses 13.6 23.1 18.7
Depreciation and impairment 4.1 0.9 86.7
Deferred tax - - -5.9
Adjustments 18.8 24.4 101.9
Adjusted EBITDA, excluding IFRS 16 2025 2024 2023
Net income 92.6 71.7 -42.2
Income tax expense 24.0 3.3 3.3
Share of profits in associated companies - - 0.0
Share of profit in joint ventures 0.2 - -
Net finance expenses 20.7 26.5 24.2
Depreciation, amortisation and impairment losses 100.0 106.4 193.8
Adjustments* 14.7 23.5 21.1
IFRS 16 lease expense adjustment -55.7 -56.4 -57.4
Adjusted EBITDA, excluding IFRS 16 196.5 189.5 142.8
Net debt/Adjusted EBITDA, excluding IFRS 16 2025 2024 2023
Interest-bearing liabilities 381.1 378.2 416.7
Interest-bearing receivables and cash and cash equivalents 75.7 65.2 37.7
Adjusted EBITDA 196.5 189.5 142.8
Net debt/Adjusted EBITDA, excluding IFRS 16 1.6 1.7 2.7
*
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.
22
Sustainability
statement
24 General disclosures
25 Basis for preparation of the sustainability statement
25 Governance
30 Strategy
41 Impact, risk and opportunity management
54 Environmental information
55 Climate change
65 Resource use and circular economy
68 Social information
69 Own workforce
83 Workers in the value chain
88 Consumers and end-users
104 Governance information
105 Business conduct
23
General disclosures
25 Basis for preparation of the sustainability statement
25 Governance
30 Strategy
41 Impact, risk and opportunity management
24
General disclosures
ESRS 2
Basis for preparation of the sustainability statement
BP 1, 2
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 25 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 at the
Terveystalo Group level, and the scope of consolidation is the same as in
the Group's financial statements, unless otherwise stated. The information
concerning the company's own operations covers the entire Group's
own workforce, i.e. both employees and non-employees (including
self-employed professionals), unless otherwise stated. The sustainability
statement includes the material impacts, risks, and opportunities related
to the upstream and downstream parts of Terveystalo's value chain. The
sustainability statement is published annually. The reporting period
corresponds to the financial year from 1 January 2025 to 31 December 2025.
In the sustainability statement, time horizons are defined in accordance
with the reporting time horizons set by the ESRS standard: short-term =
the reporting period (one year), medium-term = 1–5 years, and long-term:
>5 years. The necessary reporting principles for different topic areas are
presented in connection with each topic-specific standard. In the 2025
report, the employee Net Promoter Score (eNPS) has been omitted and
replaced with the Professional Engagement Index, which better reflects the
day-to-day work experience of Terveystalo’s workforce, provides deeper
insights into employee engagement, and is something that operational
leaders and managers can better influence through their actions. The
comparative figures for the sickness absence rate for 2024 and 2023 have
been corrected due to an identified calculation error. In addition, the
comparative figures for the age distribution in datapoint S1–9 for 2024 and
2023 have been corrected due to an identified error.
KPMG Oy Ab has provided limited assurance on the sustainability
statement in accordance with the ISAE 3000 assurance standard.
Governance
The role of the administrative, management and
supervisory bodies, and information provided to them
and sustainability topics they address
GOV-1, 2
The sustainability statement provides information on the governance of
sustainability. Further information on the general duties, composition,
diversity, and expertise of the administrative, management, and supervisory
bodies, as well as the processes for internal control, internal audit, and
risk management, can be found 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 carries out duties that fall under its responsibility in accordance
with applicable laws, 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.
In accordance with Terveystalo's ESG governance model, the Board of
Directors discusses and directs the sustainability strategy and decides on
key sustainability-related commitments and the setting of sustainability-
related targets, as well as monitors and oversees the achievement of these
targets. The Board of Directors also approves the most significant Group-
level 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
25
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 operating
principles for internal control, internal audit, and risk management,
and supervises compliance with these principles. In accordance with
Terveystalo's risk management policy, the Board of Directors confirms the
Group's risk management policy and addresses the Group's most significant
risks and uncertainties. Internal control is integrated into Terveystalo's
management and reporting system and is carried out by the Board of
Directors, the Audit Committee, operational management, and finance
department employees with respect to the financial reporting process. The
foundation of internal control is Terveystalo's risk management system,
business culture, and its respective operating practices. The Group's values,
Code of Conduct, and policies and principles, such as the risk management
policy, financing policy, procurement policy, disclosure policy, and approval
authorisations, guide 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 a broader review of the sustainability agenda, targets,
and performance. Sustainability matters are also discussed in Board
meetings as needed, when there are material issues to communicate or
decide on. In 2025, the Board meetings addressed, among other things, the
following sustainability-related matters: the 2024 sustainability statement
and its assurance, the double materiality assessment process, the results of
Terveystalo's updated double materiality assessment, Terveystalo's updated
material impacts, risks, and opportunities, and the structure of Terveystalo's
sustainability reporting. The Board of Directors has discussed the connection
between the double materiality assessment and Terveystalo's sustainability
programme. The Board of Directors has also discussed Terveystalo's
science-based targets (SBTi), supply chain sustainability targets and their
results, actions in 2025, and Terveystalo's ESG risk model. Risk management,
Terveystalo's human rights impacts, and information security have also been
on the agenda of the Board of Directors during the year.
To enhance the efficiency of its work, the Board of Directors has
established two committees: the Audit Committee and the Remuneration
Committee. Written charters have been prepared for the committees,
defining their duties. The duties of the Audit Committee include, among
other things, assisting the Board of Directors in fulfilling and monitoring
its supervisory responsibilities related to the financial reporting process,
audit, sustainability reporting process, and assurance, as well as supervising
matters related to reporting, internal control, internal audit, and risk
management. The Audit Committee monitors and evaluates the company's
financial and sustainability reporting system, 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, as
well as 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 the proposal
for the election of the auditor and the sustainability reporting assurance
provider, and monitors compliance with laws and regulations. In addition,
the Audit Committee monitors and evaluates the effectiveness of the
company's internal control, internal audit, and risk management systems
and assesses the performance of the internal audit function. The Group's
internal audit, which has been carried out as an outsourced service from
audit firms, reports to the Audit Committee.
The Board's Remuneration Committee, in turn, assists the Board in
preparing matters related to remuneration, among other things. The
Remuneration Committee prepares the remuneration policy and report for
the governing bodies, prepares and evaluates the remuneration of the CEO
and other members of the Executive Team reporting directly to the CEO,
and prepares the short- and long-term incentive plans. The Remuneration
Committee prepares the nomination matters of the CEO and other
members of the Executive Team reporting directly to the CEO.
The committees address sustainability matters whenever there
are material issues to communicate or decide on. In 2025, the Audit
Committee has addressed Terveystalo's 2024 sustainability statement
and topics related to its preparation and assurance. The Audit Committee
has also specifically addressed the reporting requirements brought by
the Corporate Sustainability Reporting Directive (CSRD) and the double
materiality assessment process, the results of the updated double
materiality assessment, including the identified material impacts, risks, and
opportunities and their assessment, the differences between the updated
assessment and the results of the previous assessment, and the connection
of the assessment to Terveystalo's sustainability programme. During the
year, the Remuneration Committee has prepared the short- and long-term
incentive plans for the CEO and other members of the Executive Team
reporting directly to the CEO. The aim of the incentive plans is, among other
things, to drive performance towards achieving Group-level and individual
targets based on the key strategic priorities for each year and towards
certain Group targets. When preparing the short- and long-term incentive
plans, the Remuneration Committee evaluates the relevant metrics and
performance targets for the plans, which are used as performance criteria
for remuneration. These metrics may relate to sustainability or other topics.
CEO and Executive Team
The CEO manages the day-to-day administration of the company and
implements the company's strategy in accordance with the instructions
and orders given by the Board of Directors, is responsible for the
implementation of measures approved by the Board, and supervises the
preparation of strategically important measures. Thus, Terveystalo's CEO,
together with the rest of the Executive Team, is also responsible for the
successful implementation of the company's sustainability agenda. The
CEO ensures that the company's management is adequately organised and
that the company's accounting complies with the applicable legislation.
In accordance with Terveystalo's risk management policy, the CEO leads
Terveystalo's risk management. The CEO is supported in risk management
by the CFO, who handles current risk management issues and prepares
the draft Group risk report. The CEO, together with the Executive Team,
evaluates the functionality and effectiveness of risk management in
connection with strategy and operational planning. Sustainability-related
26
risks are addressed as part of the company's overall risk management.
The CEO also ensures that the company's administration and financial
management are properly organised. The CEO acts as the Chairman of
Terveystalo's Executive Team. Ville Iho has served as Terveystalo's CEO since
December 2019. A more detailed presentation of the CEO can be found in
Terveystalo's Corporate Governance Statement.
The Executive Team assists the CEO in, among other things, the
preparation and implementation of matters related to the company's
strategy, business plans, matters of principle, and other significant topics.
Sustainability risks are assessed as part of the Terveystalo Group's overall
risk management. The key objective of risk management is to support the
Board of Directors, the Audit Committee, and the CEO in risk management
and governance, and the Group's Executive Team in identifying risks related
to strategic objectives. The objective of risk management is also to ensure
an understanding of the Group's material risks and to provide the Group's
management with high-quality and timely risk information relevant for
decision-making and risk mitigation. Furthermore, the objective of risk
management is to ensure business continuity by integrating continuity and
risk management processes, to ensure the quality of care and patient safety,
and to secure the confidentiality, integrity, and availability of information.
Risk management is an integral part of the Terveystalo Group's planning
processes and monitoring and reporting procedures, and risk appetite in
relation to risk-bearing capacity is assessed particularly in connection with
strategy discussions and when deciding on significant business projects
and investments for the Group. Risk management is an integral part of
management that promotes strategic development and helps management
make informed choices, prioritise actions, consider opportunities and
uncertainties and their impacts, and distinguish between alternative courses
of action.
As stated above, the Group's management also participates in the
implementation of internal control. The Board of Directors of Terveystalo
Plc has delegated the practical implementation of an effective control
environment and control measures related to the reliability of financial
reporting to the CFO. The CFO is also responsible for the control
environment of financial reporting, acts as the owner of reporting risks,
and reports to the Audit Committee and the Board of Directors on risk
management and internal control.
In accordance with Terveystalo's ESG governance model, the Executive
Team evaluates the Group's sustainability action plans and approach,
commitments, investments, and targets, and decides on their submission
to the Board of Directors for final approval. The Executive Team monitors
progress on sustainability-related targets, commitments, and action plans,
and is responsible for ensuring that sustainability-related commitments are
integrated into the Group's overall strategy and operations as part of the
strategy process. The Executive Team reviews the Group's sustainability-
related policies and guidelines and submits the most significant ones to the
Board for approval. The CEO and certain members of the Executive Team
also have the right to approve policies and guidelines falling within their
own authority. Terveystalo's management and supervisors are responsible
for communicating and implementing Terveystalo's Code of Conduct and
for monitoring compliance with it. 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 the CEO regularly
and as needed when there are material issues to communicate or decide
on. Sustainability-related matters are also regularly on the Executive
Team's agenda. In 2025, the CEO and the Executive Team have particularly
addressed the comprehensive reform of Terveystalo's Code of Conduct and
the content of the renewed Code of Conduct, as well as the science-based
climate targets set by Terveystalo.
Other responsibilities related to the management of
sustainability themes
Terveystalo's ESG and Quality Steering Group monitors sustainability-
related developments and regulations, and guides and supports the quality
and sustainability strategy and development within the Group. The steering
group is multi-professional, chaired by the Quality Director, who reports to
the Chief Medical Officer, and vice-chaired by Vice President in charge of
sustainability. The tasks of the steering group are defined in Terveystalo's
ESG governance model. The steering group supports the organisation in
setting sustainability and quality targets and metrics, and in achieving the
target level, commitments, and targets set by the Board of Directors. The
steering group defines and reviews the sustainability and quality strategy,
main metrics, and targets, and evaluates quality and sustainability policies
and their updates for approval by the Executive Team / Board of Directors.
The group monitors the achievement of targets during the year and ensures
the implementation of necessary analyses and corrective actions at the
Group level. The steering group reports to the Executive Team quarterly.
Terveystalo's medical management is responsible for the legality of
operations, the medical content of services, monitoring the effectiveness
of care, and patient safety. The Chief Medical Officer leads the Medical
Forum, which addresses the most significant medical issues requiring
policy decisions. In addition to the ESG and Quality Steering Group and
the Medical Forum, the assurance and development of quality and patient
safety at the Group level are guided by the Data Protection Team, the Safety
Team, and the Patient Safety Team.
The CFO is responsible for environmental matters in the Group's
Executive Team. Adherence to the environmental management system
is the responsibility of the Quality Director. The achievement of the
environmental management system's objectives is monitored by the
environmental management system's steering group, and the operational
activities are the responsibility of the environmental management
system's operational group. The operational group is a multi-professional
group that ensures and develops the functionality of the environmental
management system and prepares matters for the steering group. The
steering group reviews the environmental management system and ensures
its suitability, appropriateness, and effectiveness. Unit management is
responsible for implementing environmental targets and preparing local
environmental plans.
Terveystalo's Senior Vice President, People and Careers, who is a member
of the Group's Executive Team and reports to the CEO, is responsible for
human resources management and its development.
As required by the law, Terveystalo Group has a Data Protection Officer
who performs duties in accordance with the General Data Protection
27
Regulation and reports directly to Group management. In Sweden,
Feelgood has its own Data Protection Officer. The Group's Chief Information
Security Officer, who reports to the member of the Group's Executive Team
responsible for information security and digital services, is responsible
for day-to-day information security management. In addition, Terveystalo
has data protection and information security working groups that handle
and monitor matters related to data protection and information security
and develop data protection and information security activities. The
stakeholders within the Terveystalo organisation that are relevant to the
working groups’ areas of responsibility are represented in the groups.
Terveystalo's compliance function is responsible for creating and
updating compliance programmes and their associated policies. The
compliance function's area of responsibility also includes investigations
related to compliance with the Code of Conduct and process development
work. The compliance function reports annually to the Board of Directors
of Terveystalo Plc on the most material compliance themes and targets,
and regularly to the Group's management. Terveystalo's management
and supervisors are responsible for communicating and implementing the
Code of Conduct approved by the Board of Directors and for monitoring
compliance with it. Terveystalo's Legal and Compliance team supports with
questions related to the Code of Conduct and trains personnel on the topic.
The compliance function also trains personnel and management on tailored
compliance themes, such as the use of Terveystalo's reporting channel and
its related requirements.
Composition of the Board of Directors
According to Terveystalo Plc's Articles of Association, the company's Board
of Directors shall have a minimum of five and a maximum of eight ordinary
members. In 2025, the Board of Directors consisted of seven members.
The term of office of the Board members ends at the closing of the Annual
General Meeting following their election. In 2025, Kari Kauniskangas
(Chairman), Matts Rosenberg, Sofia Hasselberg, Ari Lehtoranta, Carola
Lemne, Kristian Pullola, and Teija Sarajärvi served on the Board of Directors
in accordance with the resolutions of the 2024 and 2025 Annual General
Meetings. There is no employee representative among the members.
The presentations of the Board members can be found in Terveystalo's
Corporate Governance Statement.
A person elected to the Board of Directors must have the competence
required for the position and the ability to devote sufficient time to
carrying out the duties. The company has prepared principles concerning
the diversity of the Board of Directors, which the company's Board of
Directors updated on 13 February 2025. According to the updated diversity
principles, the diversity of the Board is assessed from several perspectives,
including age, gender, educational and professional background,
experience in industries, services, products, or geographical areas relevant
to the company, and expertise in areas significant to the company, such as
financial administration, risk management, strategy work, sustainability,
and ethical business conduct. The number of terms of a Board member may
also be taken into account. The Board of Directors must have a balanced
representation of women and men as required by applicable legislation and
the Corporate Governance Code. The members of the Board of Directors
must have sufficient and diverse expertise, as well as complementary
experience and knowledge of industries relevant to the company. The
composition of the Board of Directors must reflect the nature of the
company's operations and its development stage.
Terveystalo considers the realisation of diversity in the Board of
Directors to be a key factor that supports the company's business and
its development, and also assists the company in achieving its strategic
objectives. The work of the Board of Directors requires an 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 expertise and skills, independence,
and other necessary qualities. When planning the composition of the Board
of Directors, the Shareholders' Nomination Board assesses the composition
of the Board of Directors from the perspective of the company's current
and future business needs and takes into account the diversity of the
Board of Directors.
Based on Terveystalo's double materiality assessment updated in 2025,
the material sustainability topics for the company were confirmed to be
climate change, resource use and circular economy, own workforce, workers
in the value chain, consumers and end-users, and good governance /
business conduct. The members of Terveystalo Plc's Board of Directors
represent expertise in, among other things, the healthcare industry and
business conduct in the company's target markets (Finland, Sweden).
The Board of Directors also includes members who have an educational
background in medicine. The members of the Board of Directors have
experience from several different industries and a wide range of different
management positions in companies serving various customer groups.
They represent expertise related to business conduct and good governance
in areas such as 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 and
its committees may also use external legal, financial, sustainability-related,
or other advisors to the extent they deem necessary.
The age range of Terveystalo Plc's Board of Directors was 42–67 years as at
31 December 2025. Of the Board members, two (29 percent) were between
the ages of 40 and 49, two (29 percent) were between the ages of 50 and 59,
and three (43 percent) were aged 60 years or older. In 2025 (and on average
during the year), three (43 percent) of the Board members were women and
four (57 percent) were men. Two (29 percent) of the Board members came
from outside Finland.
The Board of Directors evaluates its activities and working methods
annually in accordance with the Corporate Governance Code. When
preparing its proposal for the composition of the Board of Directors, the
Shareholders' Nomination Board must take into account the independence
requirements of the Corporate Governance Code, the results of the
evaluation of the Board's performance prepared in accordance with the
Corporate Governance Code, the principles concerning the diversity of
the Board of Directors, and other applicable regulations and rules. All
Board members serving on the Board of Directors on 31 December 2025
(100 percent) are, according to the Board's assessment, independent of the
company. Six of the seven members (86 percent) are also independent of
the company's significant shareholders.
28
Integration of sustainability-related performance in
incentive schemes
GOV-3
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
defined in Terveystalo Plc's Remuneration Policy for Governing Bodies.
In addition, the Shareholders' Nomination Board prepares an annual
remuneration proposal for the members of the Board of Directors. The
proposal must be based on the principles defined in Terveystalo Plc's
Remuneration Policy for Governing Bodies. The final decision on the
remuneration of the Board members is made by the General Meeting.
In accordance with the resolution of Terveystalo's Annual General
Meeting held on 8 April 2025, the remuneration of the Board of Directors
for the term beginning at the Annual General Meeting and ending at the
next Annual General Meeting consists of an annual fee and meeting fees,
in addition to which Board members are entitled to compensation for travel
expenses and other costs directly related to Board work according to the
company's practice. The annual fee for the Board is paid either partly in
Terveystalo shares and partly in cash, or entirely in cash. The 2025 Annual
General Meeting decided that for the term beginning at the Annual
General Meeting, the annual fee for the Board will be paid as a combination
of company shares and a cash portion, such that 40 percent of the annual
fee is paid in company shares acquired from the market on behalf of the
Board members at a price determined in public trading, and 60 percent is
paid in cash. The Annual General Meeting decided that the Board's meeting
fees will be paid in cash. In 2025, 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
concerning the CEO's remuneration for the Board of Directors. The Board
reviews and approves the CEO's remuneration principles as defined in
Terveystalo Plc's Remuneration Policy for Governing Bodies, based on the
preparatory work carried out by the Remuneration Committee of the Board
of Directors, and decides on the CEO's salary, incentive programmes, and
their related targets based on the 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.
The CEO's total remuneration in 2025 consisted of fixed and variable
components. The fixed component includes a 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
competence and experience, internal salary levels, and the external
market situation. The base salary is reviewed annually. Taxable benefits,
Terveystalo's standard employee benefits, and other similar benefits are
included in the base salary. Various insurance policies, such as disability,
life, travel, and leisure-time accident insurance, may be offered to the
CEO to mitigate unforeseen risks. The Board has the option to decide on
a defined contribution supplementary pension in accordance with local
market practice.
The variable components of the CEO's remuneration consist of short- and
long-term incentives. The purpose of short-term incentives is to drive
short-term performance towards achieving Group-level and individual
targets based on the key strategic priorities for each year. Performance is
measured over a one-year period, and any rewards are paid in the following
year. The Board sets the performance criteria annually based on the key
priorities of the financial year. The criteria may include both financial and
non-financial criteria. At the end of the earning period, the Board confirms
the achievement of the criteria and decides on the amount of the reward.
According to the Remuneration Policy for Governing Bodies last handled at
Terveystalo's Annual General Meeting on 8 April 2025, the amount of the
incentive at the target performance level may not exceed 100 percent of the
annual base salary. The amount of the incentive at the maximum level can
be at most twice the target level.
In 2024, the eNPS metric was one of the metrics related to the CEO's
short-term performance targets. The eNPS metric, or employee Net
Promoter Score, indicates what proportion of Terveystalo's personnel and
private practitioners would recommend Terveystalo as a place to work to
others. The short-term incentive paid to the CEO in 2025, based on the
2024 outcome, was based with a 10 percent weighting on the eNPS metric,
the target level of which was tied to Terveystalo's target level. Another
metric related to sustainability performance in 2024 was the PEI (Patient
Enablement Instrument) metric, which describes medical quality and
measures the customer's readiness to cope with their illness after their
appointment. In 2024, the CEO's short-term incentive was based with a
10 percent weighting on the PEI metric, the target level of which is defined
in the incentive programme. The third metric affecting the amount of the
short-term incentive in 2024 was adjusted EBITA.
In 2025, the professional engagement index metric was one of the
metrics related to the CEO's short-term performance targets. The
professional engagement index describes the commitment of professionals
to Terveystalo. In 2025, the CEO's short-term incentive was based with a 10
percent weighting on the professional commitment index, the target level
of which was tied to Terveystalo's target level. In 2025, the CEO's short-term
incentive was also based with a 10 percent weighting on the PEI metric, the
target level of which is defined in the incentive programme. Other metrics
affecting the amount of the short-term incentive in 2025 were adjusted EBIT
and earnings per share (EPS). The short-term incentive for 2025 will be paid
in 2026.
The Board of Directors annually decides on the participants,
metrics, target levels of the metrics, and earning opportunities for the
management's long-term incentive scheme. The purpose of long-term
incentives is to drive long-term performance towards certain Group targets
and to commit the CEO to the company and align the interests of the CEO
and shareholders. The management's long-term share-based incentive
schemes did not include metrics related to sustainability performance in
2025. For the earning periods 2022–2024, 2023–2025, 2024–2026, and
2025–2027, the earning criteria for the share-based long-term incentive
schemes for the CEO are the absolute and relative development of the
company's Total Shareholder Return (TSR).
29
Statement on due diligence
GOV-4
The table below and the references therein describe Terveystalo's current
state regarding the identification, assessment, mitigation, and monitoring
and communication of results of adverse environmental and human
rights impacts. To fulfil the human rights due diligence obligation in the
supply chain and to manage and mitigate identified risks, Terveystalo
undertook several corrective actions during 2025. These included, among
others, updating the procurement policy and guidelines, developing and
implementing a supply chain ESG risk assessment process, developing
and integrating an ESG self-assessment questionnaire for suppliers into
tendering processes, audits, and supplier management, and training
procurement personnel.
Key components of the due diligence
process
Sections in the
sustainability statement
a) Integration of due diligence into
governance, strategy, and business
model
ESRS 2 GOV-2, ESRS 2 GOV-3,
ESRS 2 SBM-3
b) Engagement with affected
stakeholders at all key stages of the
process
ESRS 2 GOV-2, ESRS 2 SBM-2,
ESRS 2 IRO-1, ESRS S1-2,
ESRS S2-2 ESRS S4-2
c) Identification and assessment of
negative impacts
ESRS 2 IRO-1, ESRS 2 SBM-3,
ESRS S1-3, ESRS S1-4, ESRS S2-4,
ESRS S4-3, ESRS S4-4
d) Monitoring and communicating the
effectiveness of these actions
ESRS 2 GOV-2, ESRS S1-4,
ESRS S1-5, ESRS S4-4,
ESRS S2-4, ESRS S4-5
In 2024, Terveystalo conducted a human rights impact assessment covering
the entire value chain. Terveystalo's human rights policy, formulated based
on the impact assessment, came into effect in January 2025. The identified
potential negative impacts from the human rights assessment have been
taken into account in the update of the double materiality assessment in
2025 and in the development of due diligence processes during 2025.
Risk management and internal controls over
sustainability reporting
GOV-5
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
and 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 four times in the company’s Audit Committee meetings in 2025.
Strategy
Strategy, business model and value chain
SBM-1
Terveystalo plays a key role in reforming Finland's healthcare, preventing
diseases, and promoting people's well-being.
Terveystalo offers, in addition to preventive occupational health services,
a wide range of primary and specialised healthcare, diagnostics, and day
surgery services, including general and specialist physician services and
imaging and laboratory tests. In addition, the company provides advanced
surgery, well-being services, oral health services, public healthcare
outsourcing services, and healthcare staffing services.
Terveystalo provides its services through an extensive network of
clinics and hospitals across Finland. Terveystalo’s digital appointments
are available anytime, anywhere, 24/7. In 2025, Terveystalo had a total
of approximately 1.2 million individual customers and 7.2 million
customer visits in Finland, as well as a total of 1.7 million end-customers of
occupational health services in the Nordics. Terveystalo's digital channels
have over 2.7 million registered users. Terveystalo provides occupational
health services to over 25,000 companies and organisations in Finland, with
approximately 722,000 employees covered by occupational health.
30
Terveystalo's value chain
Environmental impacts:
E5
– Resource use and circular economy
Equipment, supplies and
products procured by Terveystalo
• Healthcare supplies and
equipment, ICT, textiles
and protective equipment,
medicines and medical gases
Buyers and end-users of services
• Consumer customers
• Corporate customers
• Insurance customers
• Public sector
Environmental impacts:
E1
– Climate change
Economic impacts:
G1
– Dividends to owners, interest to providers of capital, taxes to the public sector
Downstream value chain
Customers
Social impacts:
S2
– Workers in the value chain Social impacts:
S1
– Own workforce Social impacts:
S4
– Consumers and end-users
Raw materials
• Raw materials used in the manufacturing of equipment, supplies,
medicines and other products procured by Terveystalo
• Raw materials used in energy production
Terveystalo’s services
• Occupational health services
• General practitioner and
specialist medical services
• Diagnostics
• Surgical procedures and
interventions
• Outsourcing and staffing services
• Dental care
• Wellbeing and rehabilitation
services
• 24/7 Digital Services
Support functions
• Development and
maintenance of digital
services, procurement,
HR, sales and marketing,
quality management,
facility maintenance, other
administrative functions
Electricity and heat purchased
by Terveystalo
• Production and distribution of
electricity and heat
Services procured by Terveystalo
• Outsourced services, cleaning
services, facility management services
Upstream value chain
Suppliers
Own operations
Terveystalo’s operations
Impacts, Risks and Opportunities (IROs)
31
In Sweden, Terveystalo offers occupational health, organisational
management consulting, and addiction prevention and rehabilitation
services to its corporate customers. Terveystalo serves approximately
5,000 corporate customers in Sweden, with approximately one million
employees covered by occupational health. Terveystalo's customer
groups and service offering are described in more detail in section S4 –
Consumers and end-users.
Terveystalo’s service offering is divided into three business areas:
Healthcare Services, Portfolio Businesses, and Sweden, which are also
Terveystalo’s reporting segments. Significant business-related events
and financial development for the reporting year for the business areas
are presented in the Business Areas section of the Report of the Board of
Directors.
Terveystalo’s values – human being at the centre, steered by medical
science and reforming healthcare – are the foundation of all of
Terveystalo’s operations.
Terveystalo's mission, "More health for everyone – seamless,
compassionate and effective” lays the foundation for even better
accessibility of services and its continuous development for different
customer groups. It emphasises Terveystalo's commitment to high-
quality care that is accessible, affordable, and easy to use through the
efficiency brought by technology. The approach also places a stronger
emphasis on preventive care.
The most significant positive sustainability impact of Terveystalo’s
operations arises from providing seamless, compassionate, and effective
integrated care to its customers, which is also 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 pathway,
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,
seamless care pathways 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 pathways
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 pathway from the first contact to the end of the care pathway.
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. Material sustainability
topics related to Terveystalo’s customers, including the targets related to
the sub-topics, are described in more detail in section S4 – Consumers and
end-users.
Terveystalo is one of the largest employers in Finland. At the end of
2025, Terveystalo's operations in Finland had 7,691 (8,383) employees and
5,967 (5,967) non-employees. In Sweden, Terveystalo’s subsidiary Feelgood
had 655 (770) employees and 50 (48) 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 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 demand and achieve its strategic
targets. Terveystalo’s goal is to be the best and most attractive employer in
its industry. Material sustainability topics related to Terveystalo’s personnel,
including targets related to the sub-topics, are described in more detail in
section S1 – Own workforce.
Each year, Terveystalo purchases services, materials and supplies for
its clinics from approximately 4,400 suppliers. Of these, the 200 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
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. Material sustainability topics related to
Terveystalo's suppliers, including the target related to the topic, is described
in more detail in section G1 – Business conduct.
32
Interests and views of stakeholders
SBM-2
Terveystalo has a societal role and consequently numerous stakeholders
with whom Terveystalo engages in active dialogue and develops its
operations based on stakeholder feedback. Key stakeholders include
customers, personnel, self-employed professionals, suppliers, and
owners, as well as authorities and societal decision-makers who influence
the industry's legislation and its preparation. Other key stakeholders
include supervisory authorities and the media. Terveystalo also interacts
closely with its industry's interest groups. Open dialogue and effective
cooperation enable a more predictable operating environment for all
parties. Stakeholder expectations and feedback are regularly discussed in
Terveystalo's Executive Team and Board of Directors. Stakeholder views were
Stakeholder
Interaction channels / stakeholder
engagement
Stakeholder expectations / themes
important to stakeholders Responding to 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 assessment
Availability, quality, and effectiveness of care,
patient data protection and security, patient
safety, functional digital services
Terveystalo continued to develop its services in numerous areas and aimed to meet growing demand by, among other things,
recruiting new professionals and further expanding its range of digital services. Terveystalo wants to differentiate itself with
an excellent customer experience in all customer encounters, regardless of the channel. At Terveystalo, customer feedback
is collected systematically, and customers are offered many different channels to provide feedback. Customer feedback is
monitored and reported regularly and is used in internal and external quality audits to evaluate implemented measures and their
effects. This ensures that customer feedback is an effective tool for improving operations and increasing customer satisfaction.
Personnel
and private
practitioners
Personnel forum, shop stewards, elected
representatives and occupational safety
representatives, employee satisfaction
surveys, development discussions,
discussions with self-employed professionals,
personal interaction, materiality assessment,
intranet, newsletters, training, webinars,
seminars, and other events, as well as the
whistleblowing channel (WhistleB)
Responsible leadership, clear management
structures, effective interaction, equality,
good working atmosphere and conditions,
competence development, competitive
remuneration
Terveystalo's goal is to be the best and most attractive place to work in the industry. Terveystalo strengthens its attractiveness
as an employer by offering professionals interesting and meaningful work, competitive remuneration, diverse career and
development opportunities, and by ensuring that professionals can do their work smoothly and focus on what is essential. The
goal is to provide a humane and well-functioning work environment where professionals can focus on essential and meaningful
tasks. In 2025, the development of tools and processes that streamline work was continued. The training of professionals and the
company’s offering were further developed and diversified. Personnel were actively informed about current issues, such as the
progress of the strategy and related measures.
taken into account in the updated double materiality assessment in 2025,
which formed the basis for confirming Terveystalo's material sustainability
topics. The materiality assessment is described in the section Material
impacts, risks, and opportunities.
The following table describes Terveystalo's dialogue with its most
important stakeholders and how their important themes are considered in
the company's strategy and business model.
33
Stakeholder
Interaction channels / stakeholder
engagement
Stakeholder expectations / themes
important to stakeholders Responding to expectations / impact on operations, business model, and strategy
Owners Open and active dialogue: regular and
continuous reporting through stock exchange
releases and reports, personal communication
channels such as meetings with investors
and analysts, general meetings, materiality
assessment, capital markets days, and other
events.
The investor relations function coordinates
investor interaction with the aim of ensuring
equal access to information and opportunities
to meet the company's management.
Creation of financial added value, transparent
and open communication about strategy
implementation and financial performance,
predictable business development,
responsible business
Terveystalo communicates regularly and continuously with its owners and investors about material matters, such as strategy
implementation, business and market environment development, and financial performance. Owners' feedback and expectations
are taken into account when updating the strategy and financial targets. Terveystalo participated in several ESG surveys that
serve responsible investment.
Suppliers Supplier cooperation and dialogue in
accordance with the Procurement Guidelines
and Supplier Management Handbook,
steering group meetings for significant
suppliers, supplier self-assessment, audits,
public reporting channel through which value
chain workers can report grievances
Reliability and financial stability; clear
contracts and payment terms; continuity
and long-term cooperation; openness;
communication, and feedback; responsibility
and ethics; competitive purchase volumes
and prices
The success of Terveystalo's business and maintaining its competitiveness require effective and responsible supplier cooperation.
Terveystalo strives for active dialogue and cooperation with its suppliers to ensure compliance with ethical guidelines, promote
positive impacts in the value chain, and better understand the context of industries and Terveystalo’s actual and potential
impacts. The supplier's perspective and expectations are heard through several channels, including dialogue as part of tendering.
Terveystalo expects its suppliers to adhere to high standards of sustainable business in terms of ethical, social, and environmental
aspects, as well as occupational health and safety conditions. The Terveystalo Group's Supplier Code of Conduct defines the
minimum requirements that all suppliers and partners must meet to do business with Terveystalo and its subsidiaries. All of
Terveystalo's contract suppliers, as well as suppliers participating in tenders, must accept Terveystalo's Supplier Code of Conduct.
Managing supplier relationships achieves better visibility into the supply chain, improving supply security, quality management,
and risk management, increasing visibility into total costs and supply chain flexibility.
Authorities and
decision-makers
Open and active dialogue, meetings, and
contact directly and in various working
groups and events. Contact is in accordance
with the obligations of the transparency
register.
Good cooperation and open access to
information and interaction that facilitates the
preparation of decisions
Terveystalo has the expertise, innovation capacity, and willingness to develop Finnish healthcare, which is why Terveystalo actively
participates in dialogue with decision-makers and authorities to advance this matter. Terveystalo participates in the formation
of opinions and influencing of the private health sector through its labour market and interest group organisations: the Finnish
Association of Private Care Providers (HALI), the Association of Private Medical Service Companies, and Healthtech Finland,
and their umbrella organisations, the Confederation of Finnish Industries and the Federation of Finnish Enterprises. In addition,
Terveystalo engages in active dialogue at the national level with ministries, political decision-makers, and key authorities, such
as Kela and THL. Through the Terveyskumppani organisation established in 2024, Terveystalo has created a closer dialogue
with the wellbeing services counties, learned about their needs, and developed its service offering to meet them. Terveystalo's
partnerships with the wellbeing services counties have expanded as a result. The model includes, among other things, account
owners for each wellbeing services county, whose task is to identify the individual needs of the regions and offer solutions for
them. Terveystalo has a special ability to increase cost-effectiveness and service availability, which are needed in Finland's social
and healthcare system.
34
Material impacts, risks and opportunities and their
interaction with the strategy and business model
SBM-3
The following tables describe the sustainability-related impacts, risks, and
opportunities that Terveystalo has identified and assessed as material as
a result of the double materiality assessment process. More information
on how Terveystalo manages its impacts and risks is described in the
topic-specific sections. The material risks or opportunities did not have
financial effects on the company's financial position, performance, or cash
flows during the financial year.
Identified material sustainability topics
E1
E2
E5
S2
S1
S4
G1
E3
MaterialNot material
Climate change
Resource use and
circular economy
Workers in
the value chain
Business
conduct
Own workforce
Consumers
and end-users
Pollution
Water and marine
resources
Biodiversity
and ecosystems
Affected
communities
Impact materiality
Environment
Social
Governance
MaterialNot material
Financial materiality
S3
E4
35
Material sustainability
topics and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
Environment
E1 Climate change
Climate change mitigation Actual negative impacts on climate change
through direct Scope 1 and indirect energy-related
Scope 2 emissions
Terveystalo's direct greenhouse gas emissions are related to medical gases used in healthcare and the company's own and
controlled vehicles. Indirect Scope 2 emissions are related to the energy use of Terveystalo's premises. In 2025, Terveystalo set
science-based emissions reduction targets in accordance with the Science Based Targets initiative and will reduce Scope 1 and
2 emissions by 55 percent from the 2024 level by 2030 and by 90 percent by 2050. The drivers for action are seen as more
comprehensive use of green energy in premises and the electrification of own and company cars where possible.
Own operations
Actual negative impacts on climate change
through indirect Scope 3 emissions
The majority (about 90 percent) of Terveystalo's total emissions are indirect Scope 3 emissions, which are related to, for example,
procurement, waste, business travel, and transport. In 2025, Terveystalo set science-based emissions reduction targets in
accordance with the Science Based Targets initiative and will reduce Scope 3 emissions by a total of 52 percent based on customer
visits by 2030 from the 2024 level and 90 percent of absolute Scope 3 emissions from the 2024 level by 2050. As drivers for action,
Terveystalo sees refining data and collaborating with suppliers, as well as investigating and enabling lower-emission procurements
and supporting lower-emission modes of transport in the supply chain.
Upstream and
downstream value chain
E5 Resource use and circular economy
Resource inflows, including resource use Actual negative impacts related to resource use As the healthcare sector is a material-intensive industry, Terveystalo uses a wide range of resources. Terveystalo assesses its
resources used through indirect Scope 3 emissions. The greatest negative impacts of Terveystalo's resource use are related to IT,
medical equipment, and product procurements. Some medical products, such as MRI machines, require large amounts of metal.
Other medical products require the production and extraction of oil, rubber, cotton, and steel. The increased use of IT equipment,
resulting from the increased use of digital solutions and services, requires the use of scarce metals and minerals. In accordance with
hygiene and quality requirements, the use of single-use products is common in the healthcare sector.
Own operations,
upstream value chain
36
Material sustainability
topics and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
Social
S1 Own workforce
Working conditions
Working time, adequate wage,
health and safety
Actual negative impacts on employee health and
safety due to the inherent risks of healthcare work
Due to the inherent risks of healthcare work, Terveystalo's employees face psychosocial stress, are exposed to various occupational
diseases and illnesses, are at risk of injury, and in some roles, also at risk of violence in customer encounters.
Own operations
Potential risk of low attraction and commitment,
which may lead to a decline in the availability of
skilled employees and professionals
Competition for qualified and skilled employees and personnel in the healthcare sector is fierce. Terveystalo's business is
dependent on its ability to find, attract, hire, and retain skilled and competent healthcare professionals, employees, and managers.
If Terveystalo fails to attract and retain the professionals it needs on reasonable terms, this may lead to an increase in Terveystalo's
personnel and recruitment costs, and Terveystalo may not be able to maintain or develop its business. In addition, if the turnover
of employees, private practitioners, or management is high, this may have a negative impact on the quality of the services
provided by Terveystalo. The materialisation of these risks could have a material negative impact on Terveystalo's business, financial
position, business performance, and future prospects.
Own operations
Opportunity related to high well-being and
health of the company’s own workforce, which can
improve productivity, employee commitment, and
employer attractiveness
Ensuring the health and safety of employees improves their work ability and job satisfaction, and reduces sickness absences and
occupational accidents. This can have a positive impact on Terveystalo's employer image, personnel recruitment and commitment,
and indirectly on Terveystalo's operational and financial performance.
Own operations
Opportunity related to efficient working methods
and effective use of human resources, which can
lead to cost savings and increased revenue
Efficient working methods and the smoothness of work 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 work, such as clear work processes, excellent management, sufficient resources, and functional digital tools, are in order,
Terveystalo's professionals can focus on high-quality customer work without unnecessary interruptions, which can improve the
quality of care and customer satisfaction. Healthy and motivated professionals are generally more committed, which can reduce
personnel turnover and sickness absences. These effects can have an indirect positive impact on Terveystalo's operational and
financial performance.
Own operations,
upstream value chain
Equal treatment and opportunities for all
Training and skills development Potential positive impacts related to training and
skills development
The systematic and business-oriented development of personnel, smooth work, and responsible, good supervisory work
strengthen the competence and well-being of Terveystalo's personnel, which in turn is usually reflected to customers as better care
and a successful customer experience.
Own operations,
downstream value chain
Measures to combat violence and harassment
in the workplace
Potential negative impacts from customer
discrimination against employees
Discrimination by customers against employees based on age, gender, ethnicity, or minority status can pose significant risks to the
health, safety, and well-being of employees, and to the ability to maintain a respectful work environment. In addition, it can affect
employees' livelihoods if appointments are not booked due to prejudices in the selection of professionals.
Own operations
37
Material sustainability
topics and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
S2 Workers in the value chain
Working conditions
Health and safety Potential negative impact on the physical health
and mental well-being of value chain workers
if occupational health and safety practices are
inadequate
Terveystalo's supply chain includes approximately 4,400 suppliers, most of whom operate in the Nordic countries. However, the
upstream operations of suppliers, such as raw material sourcing and manufacturing, partly take place in high-risk countries where
employee health and safety risks are more prevalent. Visibility and influence over actors beyond Tier 1 suppliers are limited, but
Terveystalo actively collaborates with suppliers to improve transparency and supplier commitment to ethical principles. In higher-
risk procurement categories, supply chain workers may face negative impacts such as unsafe working conditions, long working
hours, poor working conditions, and inadequate wages. Of these, the most material are assessed to be potential negative impacts
related to occupational health and safety. Medical devices in healthcare are often strictly regulated and audited, which partly
mitigates risks and reduces the negative impacts associated with these risks.
Upstream value chain
Other work-related rights
Forced labour, child labour
Potential negative impact on a child's
development, health, and well-being, if child
labour is not effectively combated in the supply
chain
Potential negative impact on the health, well-
being, safety, and human relationships of a value
chain worker if forced labour is not effectively
combated in the supply chain.
Terveystalo's supply chain includes approximately 4,400 suppliers, most of whom operate in the Nordic countries. However, the
upstream production of suppliers, such as raw material extraction and manufacturing, partly takes place in high-risk countries
where there are risks related to forced labour and the use of child labour. Visibility and influence over actors beyond Tier 1 suppliers
are limited, but Terveystalo actively collaborates with suppliers to improve transparency and supplier commitment to ethical
operating principles. Healthcare supplies are often strictly regulated and audited, which partly mitigates risks and reduces the
negative impacts associated with these risks.
Upstream value chain
S4 Consumers and end-users
Information-related impacts on consumers and/or end-users
Privacy Potential negative impacts from a data breach that
could expose sensitive personal data and could
lead to misuse of data
Weakened data protection or information security can jeopardise the privacy of Terveystalo's patients and other stakeholders,
exposing sensitive personal data to misuse. This could lead to fraud, identity theft, discrimination, and reputational damage.
Own operations,
downstream value chain
Potential risk of a data breach, which could lead to
a loss of trust and an increase in costs
A data leak of confidential customer or company information could lead to financial sanctions, operational restrictions imposed
by authorities, claims for damages, and other significant financial losses. This would have a negative impact on Terveystalo's
reputation, customer relationships, and partnerships.
Own operations
Potential negative impacts from denial-of-
service attacks and other disruptions that can
hinder customers' access to services and service
availability
Cyber-attacks, such as denial-of-service (DoS) attacks and disruptions affecting the availability or integrity of systems, could hinder
Terveystalo's operations and customers' access to and availability of services. The risk is increased by the growing number of cyber-
attacks.
Own operations,
downstream value chain
Potential risk of denial-of-service attacks and other
disruptions that can lead to a loss of trust and
cause costs
Cyber-attacks, such as denial-of-service (DoS) attacks and disruptions targeting the availability or integrity of systems, could hinder
Terveystalo's operations, weaken the customer experience and trust, and cause significant costs. Such disruptions could also have
an adverse effect on the company's reputation.
Own operations
38
Material sustainability
topics and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
Personal safety of consumers and/or end-users
Health and safety Actual positive impacts from seamless,
compassionate and effective integrated care and
customer experience
The most significant positive sustainability impact of Terveystalo's operations arises from providing seamless, compassionate
and effective integrated care to its customers, which is also the core of Terveystalo's business strategy. According to Terveystalo's
strategy, integrated care means that at Terveystalo, we understand customers and their needs, prevent and manage health risks,
guide the customer to the right service and care, take care of the patient throughout the entire care pathway, work together in
multi-professional teams, and measure and improve the effectiveness of care.
Terveystalo's strategy states that the integrated care model aims for positive societal impacts, which can be seen, for example,
in effective disease prevention, rapid access to care, smooth care pathways, and good treatment outcomes. High-quality
occupational healthcare based on integrated care is effective when it promotes employees' health, work ability, and well-being
efficiently and with measurable results. Effectiveness is reflected, for example, in reduced sickness absences, better work ability
and productivity, and increased well-being at work, which reduces premature retirements and saves costs for customer companies.
Terveystalo's digital services speed up access to care, and smooth integrated care pathways ensure effective, timely care.
Cooperation and partnerships with the public sector provide solutions for care availability.
Own operations,
downstream value chain
Opportunity related to seamless, compassionate
and effective integrated care, which can lead to
increased revenue
The most significant positive sustainability impact of Terveystalo's operations arises from providing seamless, compassionate and
effective integrated care to its customers, which is also the core of Terveystalo's business strategy. Terveystalo aims to differentiate
itself by offering an excellent customer experience in all customer encounters, regardless of the channel. The goal is for every
customer to feel they receive high-quality and smooth service and to experience the encounter as compassionate and personal.
Successful encounters and interaction support the patient's commitment to care and the effectiveness of the care. Customer
experience and the effectiveness of care are continuously measured at Terveystalo. High customer satisfaction has an indirect
positive effect on Terveystalo's operational and financial performance. This opportunity is also strengthened by demographic
factors, such as the ageing population and the growing demand for mental health services.
Own operations,
downstream value chain
Opportunity related to preventive care enabled
by digitalisation, which creates new business
opportunities and increases revenue
Terveystalo plays a key role in reforming healthcare in Finland, preventing diseases, and promoting people's well-being. Preventive
care covers health promotion, early detection, and patient selection. This opportunity is strengthened by the development of
digital solutions, data, and artificial intelligence. Research and innovation concerning prevention are likely to open up new sources
of revenue and improve reputation, as they respond to the sustainability challenges of the Finnish healthcare system.
Own operations,
downstream value chain
39
Material sustainability
topics and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
Social inclusion of consumers and/or end-users
Accessibility of products and services Actual positive impacts related to access to care
and availability of care
Terveystalo's digital services speed up access to care, and smooth integrated care pathways ensure effective and timely care.
Cooperation and partnerships with the public sector offer solutions to improve access to care.
Own operations,
downstream value chain
Potential negative impacts from barriers to access
to care and availability of care
The biggest barriers to accessing Terveystalo's services are related to the price of services and geographical location. In particular,
the chronically ill avoid using services due to financial constraints. The situation for certain patient groups is eased by increasing
the Kela reimbursements for using private medical services. Patient groups also feel that insufficient price transparency and
clarity weaken the accessibility of services. In addition, those patient groups for whom the use of digital services is challenging,
increasingly perceive digitalisation as a threat to accessibility rather than a benefit from an efficiency perspective. Other
accessibility challenges for customers and patients include the continuity of care between different organisations – especially for
the chronically ill and those receiving care in several different organisations.
Own operations,
downstream value chain
Potential risk of limited service availability and the
perceived value of services in relation to price
Terveystalo faces risks related to the accessibility, efficiency, and productivity of healthcare services due to rising costs and
increasing demand. If customers perceive that the price of services and the value received are disproportionate, this may
weaken Terveystalo's societal esteem, which could lead to a decrease in sales, weaker growth, and reputational damage. This
risk is amplified by demographic factors, such as the ageing population and growing care needs. To address these challenges,
Terveystalo has focused on improving operational efficiency and utilising digitalisation. However, recent remarks from public
authorities on pricing practices and the use of public funds pose an additional risk.
Own operations,
downstream value
chain
Governance
G1 Business conduct
Corporate culture Potential positive impact of a value-based and
ethical corporate culture on the value chain and
society, as well as on the commitment and trust of
employees, professionals, and customers
A value-based and ethical corporate culture is a prerequisite for Terveystalo's operations and existence. It prioritises doing the
right thing and can thus promote the realisation of ethical, social, and environmental aspects throughout the value chain, supply
chain, and society at large. It supports Terveystalo's attractiveness as an employer for skilled professionals and increases personnel
commitment and the sense of meaningfulness experienced by members of the work community. An ethical corporate culture also
strengthens Terveystalo's attractiveness as a reliable service provider for customers and as a partner for other stakeholders.
Upstream value chain,
own operations
Relationships with suppliers of goods and services,
including payment practices
Potential positive impact of a responsible supply
chain on the value chain and society as a whole
The selection of responsible partners who adhere to high standards of sustainable business promotes the realisation of ethical,
social, and environmental aspects throughout the value chain, supply chain, and society at large.
Upstream value chain,
own operations
40
Management of impacts, risks and opportunities
Description of the processes to identify and assess
material impacts, risks and opportunities
IRO-1
Terveystalo updated its double materiality assessment (DMA) in February–
April 2025. The previous assessment was conducted in 2023. The aim of
the assessment was to identify and evaluate the company's actual and
potential negative and positive impacts on the environment and people,
as well as sustainability-related financial risks and opportunities in the
value chain in the short, medium, and long term. The assessment was
carried out in accordance with the EU's Corporate Sustainability Reporting
Directive (CSRD) and the European Sustainability Reporting Standards
(ESRS), and its results form the basis for the content of this sustainability
statement. The implementation of the assessment process did not differ
significantly from the process carried out in 2023. However, in the updated
DMA process Terveystalo had access to new information, including the
human rights impact assessment conducted in 2024 and the refined
emissions calculations. In addition, the identified impacts, risks, and
opportunities were described at a more detailed level than in the previous
analysis. Terveystalo reviews the need to update the double materiality
assessment annually as part of the CSRD reporting process.
Stages of the assessment process
MAPPING OF IMPACTS, RISKS, AND OPPORTUNITIES
In the first stage, the potential impacts, risks, and opportunities of
Terveystalo's own operations, supply chain, and services were mapped and
identified. The assessment was based on extensive internal background
material, such as the human rights impact assessment (HRIA) conducted
at the end of 2024, supplemented Scope 3 emission calculations, the
previous 2023 materiality analysis, the company's strategy materials,
operating principles, and stakeholder feedback. In addition, external
sources such as industry reports and sustainability comparisons were
utilised. The assessment took into account the list of sustainability topics
covered by the topic-specific ESRS standards provided in the ESRS 1
standard. The assessment covered the entire Terveystalo value chain and
preliminarily identified a long list of potentially material impacts, as well as
their related risks and opportunities.
STAKEHOLDER DIALOGUE
In the second stage, a stakeholder dialogue was conducted with the aim of
supplementing and deepening the understanding of the identified impacts,
risks, and opportunities. The stakeholder interaction was carried out
through a total of 14 interviews, including representatives from Terveystalo's
management and experts, customers, suppliers, and non-governmental
organisations. The interviews provided insights into, among other things,
employee well-being, supply chain responsibility, service accessibility, and
information security. These insights were utilised in the next stage of the
materiality assessment, which was the assessment of the materiality of the
identified impacts, risks, and opportunities.
ASSESSMENT OF IMPACTS AND FINANCIAL MATERIALITY
In the third stage, two internal workshops were held to assess the
materiality of the impacts and the materiality of the financial effects
of risks and opportunities. The workshops were facilitated by an
independent expert, and representatives from Terveystalo's various
functions participated.
The assessment of impact materiality used the criteria of the severity and
likelihood of the impact. The severity of negative impacts was determined
based on their scale, scope, and irremediability. For positive impacts, their
scale and scope were assessed. Particular attention was paid to human
rights impacts, for which a lower materiality threshold was applied.
The assessment of financial materiality aimed to identify material
dependencies related to sustainability matters that could cause material
risks to Terveystalo's operations and financial performance, for example,
related to the adequacy of personnel or customer data protection or
the quality of care they receive. The criteria in the assessment were the
magnitude of the financial impact and its likelihood in the short (<1 year),
medium (1–5 years), and long term (>5 years). The magnitude of the
impact was assessed in relation to revenue and EBITDA.
VALIDATION OF RESULTS
In the fourth stage, the results of the materiality assessment were
compiled and validated by Terveystalo's core sustainability team and
management. At the same time, materiality thresholds were set, based on
which it was decided which impacts, risks, and opportunities are material,
and thus the related sustainability topic is included in the sustainability
reporting. The assessment process and its results were documented for
sustainability reporting purposes. The results of the assessment were
approved by Terveystalo's Board of Directors.
Method
The assessment included two dimensions: impact materiality and financial
materiality. According to ESRS 1, a sustainability matter is material from
an impact perspective when it relates to the company'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, in turn,
material from a financial perspective if it gives rise to, or can reasonably be
expected to give rise to, material financial effects for the company.
The assessment of impact materiality was based, in accordance with the
ESRS standards, on the severity and likelihood of the impacts. Severity
was determined based on three dimensions (on a scale of 0–5): the scale
of the impact (how large the impact is on the environment or the target
group), the scope of the impact (how widespread the impact is, e.g.
geographically or within the target group), and the irremediability of the
harm (how difficult the negative impact is to remedy). Likelihood was
assessed (on a scale of 1–5) based on how likely the impact is to occur in
the short, medium, or long term.
The assessment covered the entire Terveystalo value chain: the
company's supply chain, own operations, and the end-use of services, i.e.
customers. Particular attention was paid to high-risk areas, such as the
upstream stages of the supply chain in high-risk countries. For impacts
related to human rights, a lower materiality threshold was applied in
41
accordance with EFRAG's guidance, whereby less severe but significant
impacts were also identified as material.
Stakeholder engagement played a key role in understanding the
impacts. Through interviews and workshops, views were obtained on how
different stakeholders perceive Terveystalo's impacts. Negative impacts
were prioritised based on their severity and likelihood, while positive
impacts were assessed based on their scale and target group.
Materiality thresholds were defined in the double materiality analysis
separately for impacts and financial materiality.
For impact materiality, the threshold was based on a combination of the
severity and likelihood of the impact. All impacts with a severity of at least
four (high) were considered material, regardless of likelihood. For impacts
related to human rights, a lower threshold was applied: impacts with a
severity of at least three (medium) were considered material if they were
related to human rights, regardless of likelihood.
Based on impact materiality, the following sustainability topics were
identified as material:
• E1 – Climate change
• E5 – Resource use and circular economy
• S1 – Own workforce
• S2 – Workers in the value chain S4 - Consumers and end-users
• G1 – Business conduct
Financial materiality was assessed based on the magnitude and likelihood
of the impact. The magnitude of the impact was determined by how
significantly the risk or opportunity in question could affect Terveystalo's
revenue and EBITDA. A five-point scale was used for both dimensions
in the assessment, and materiality was determined based on their
combination.
Based on financial materiality, the following sustainability topics were
identified as material:
• S1 – Own workforce
• S4 – Consumers and end-users
Based on the double materiality assessment process, for a total of
four standards, E2 – Pollution, E3 – Water and marine resources, E4 –
Biodiversity and ecosystems, and S3 – Affected communities, no material
impacts, risks, or opportunities were identified, so these standards have
not been included in the sustainability statement.
The material impacts, risks, and opportunities identified are described
in section SBM-3 Material impacts, risks, and opportunities and their
interaction with the strategy and business model.
Sustainability risks are also assessed as part of the Terveystalo Group's
overall risk management. Risk identification utilises, among other
things, operating environment and stakeholder analyses, business key
figures, market analyses, impact data, customer feedback, register data,
authorities' inspection reports and requests for clarification, occupational
safety risk assessments, incident data, results of internal inspections 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, 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 the double materiality analysis conducted.
The double materiality assessment process focused on the largest
Healthcare Services business segment, from whose operations the
company's most significant and extensive impacts, risks, and opportunities
arise and whose operations are entirely under the company's own
operational control. The results have not been separately validated in
subsidiaries that constitute less than 10 percent of the company's revenue.
Description of the processes to identify and assess material
climate-related impacts, risks and opportunities
E1
In the double materiality analysis, material actual and potential negative
impacts related to climate change mitigation were identified in Terveystalo's
own operations and in the upstream and downstream value chains. Due
to the nature of its business, the company did not identify significant
risks or opportunities related to climate change adaptation or mitigation.
Terveystalo assesses that its resilience to climate change and adaptation to it
is high. The assessment of resilience and climate-related risks is described in
more detail in section E1. The material actual and potential negative impacts
related to climate change mitigation do not materially affect the company's
strategy or business model, nor do they have significant financial impacts.
Terveystalo's goal is to reduce carbon dioxide emissions in line with the set
emissions reduction targets (SBTi), improve energy efficiency, and develop
dialogue with its stakeholders.
Description of the processes to identify and assess material
impacts, risks and opportunities related to resource use and
circular economy
E5
Based on the double materiality analysis, resource use and circular economy
(ESRS E5) was identified as a material sustainability topic for the company.
The assessment examined several sub-topics, such as resource inflows,
outflows, and waste. The assessment of impacts and risks was based on
both quantitative data (e.g. Scope 3 emission calculations, waste volumes)
42
and qualitative information (e.g. healthcare industry reports, stakeholder
interviews). As a result of the assessment, resource inflows (E5-4) were
identified as material due to the company's actual and potential negative
impacts. These impacts arise mainly from the procurement of healthcare
materials, medical devices, and IT equipment and their value chain. Other
sub-topics of the theme, such as waste, did not emerge as material. No
significant direct financial risks or opportunities were identified.
Sustainability matters determined to be not material
Of the environmental standards, ESRS E2 – Pollution, ESRS E3 – Water
and marine resources, and ESRS E4 – Biodiversity and ecosystems did not
emerge as material topic areas based on the double materiality analysis
and have not been included in the sustainability statement.
As part of the double materiality analysis, Terveystalo's clinic locations
and the company's operating areas were taken into account. Terveystalo's
site-specific environmental programmes assess the environmental
impacts of operations from the perspectives of waste management,
chemical safety, energy use, technology utilisation, equipment safety, and
material procurement.
Terveystalo's water consumption is assessed as part of the unit-specific
environmental programmes. In operations, water use is mainly domestic
water, which is included in the rent of the premises. Terveystalo's clinics
are not located in water-risk areas. The property owner is responsible
for arranging water supply, including water treatment and proper
wastewater treatment. The water utility is responsible for the proper
treatment and discharge of wastewater in addition to supplying water.
Efforts are made to reduce water consumption, for example, by replacing
taps with automatic ones during renovations of premises. In equipment
procurement, water-consuming devices are procured centrally, taking
environmental factors into account.
The most significant part of the waste generated in Terveystalo's
operations is confidential material, mixed waste, or paper/cardboard
waste. In the vast majority of the company's clinics, the property owner
is responsible for waste management. According to the materiality
analysis, Terveystalo's annual waste volumes are small compared to other
indirect environmental impacts. Nevertheless, Terveystalo minimises
the generation of mixed waste in all its operations, delivers as large a
proportion as possible of the generated waste for recovery, and promotes
waste recycling at its clinics in accordance with the ISO 14001 certified
environmental management system.
In Terveystalo's environmental programme, equipment safety and
material procurement are assessed from a lifecycle perspective, taking into
account the environmental harms of equipment procurement and material
choices. The goal in equipment procurement is to acquire equipment
only when its estimated utilisation rate and service life are significant.
In the procurement phase, the recyclability of the equipment and the
possibilities for extending its lifecycle through regular maintenance and
upkeep are taken into account. In material procurement, the recyclability
of materials is considered, and efforts are made to minimise the logistics
related to the transport of materials.
Based on the double materiality analysis conducted, Terveystalo has
not identified material impacts, risks, or opportunities related to the
ESRS E2 – Pollution, ESRS E3 – Water and marine resources, and ESRS
E4 – Biodiversity and ecosystems standards. Terveystalo's operations are
not, or are only slightly, linked to water abstraction and treatment, marine
resources, environmental pollution, or biodiversity and ecosystems. The
company has not organised consultations related to water use, pollution,
or biodiversity.
Neither did ESRS S3 – Affected communities emerge as a material
topic, and the standard has therefore not been included in the
sustainability statement.
43
Disclosure Requirements in ESRS covered by the sustainability statement
IRO-2
Disclosure Requirement Paragraph Page number
General disclosures
ESRS 2 General disclosures
BP-1 Basis for preparation of sustainability statements Basis for preparation of sustainability statements 25
BP-2 Disclosures in relation to specific circumstances Basis for preparation of sustainability statements 25
GOV-1 The role of the administrative, management and supervisory bodies The role of the administrative, management and supervisory bodies, and information provided to them and
sustainability matters they address
25–28
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 information provided to them and
sustainability matters they address
25–28
GOV-3 Integration of sustainability-related performance in incentive schemes Integration of sustainability-related performance in incentive schemes 29
GOV-4 Statement on due diligence Statement on due diligence 30
GOV-5 Risk management and internal controls over sustainability reporting Risk management and internal controls over sustainability reporting 30
SBM-1 Strategy, business model and value chain Strategy, business model and value chain 30–32
SBM-2 Interests and views of stakeholders Interests and views of stakeholders 33–34
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Material impacts, risks and opportunities and their interaction with strategy and business model 35–40
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 41–42
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Disclosure Requirements in ESRS covered by the sustainability statement 44–53
Environmental information
ESRS E1 Climate change
ESRS 2, GOV-3 Integration of sustainability-related performance in incentive schemes Integration of sustainability-related performance in incentive schemes 29
E1-1 Transition plan for climate change mitigation Transition plan for climate change mitigation 56–57
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Material impacts, risks and opportunities and their interaction with strategy and business model 55
44
Disclosure Requirement Paragraph Page number
ESRS 2, IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities Description of the processes to identify and assess material climate-related impacts, risks and opportunities 42
E1-2 Policies related to climate change mitigation and adaptation Policies related to climate change mitigation and adaptation 59
E1-3 Actions and resources in relation to climate change policies Actions and resources in relation to climate change policies 59
E1-4 Targets related to climate change mitigation and adaptation Targets related to climate change mitigation and adaptation 60
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions Gross Scopes 1, 2, 3 and Total GHG emissions 61–64
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities
Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities
56
ESRS E5 Resource use and circular economy
ESRS 2, IRO-1 Description of the processes to identify and assess material resource use and circular economy-related impacts,
risks and opportunities
Description of the processes to identify and assess material resource use and circular economy-related impacts,
risks and opportunities
65
E5-1 Policies related to resource use and circular economy Policies related to resource use and circular economy 66
E5-2 Actions and resources related to resource use and circular economy Actions and resources related to resource use and circular economy 66
E5-3 Targets related to resource use and circular economy Targets related to resource use and circular economy 66–67
E5-4 Resource inflows Resource inflows 67
E5-6 Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities 67
Social information
ESRS S1 Own workforce
ESRS 2, SBM-2 Interests and views of stakeholders Interests and views of stakeholders 33
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Material impacts, risks and opportunities and their interaction with strategy and business model 69–71
S1-1 Policies related to own workforce Policies related to own workforce 71–73
S1-2 Processes for engaging with own workers and workers’ representatives about impacts Processes for engaging with own workers and workers’ representatives about impacts 74–75
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 74
45
Disclosure Requirement Paragraph Page number
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
74–77
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 material risks
and opportunities
77–79
S1-6 Characteristics of the undertaking’s employees Characteristics of the undertaking’s employees 79–80
S1-7 Characteristics of non-employee workers in the undertaking’s own workforce Characteristics of non-employee workers in the undertaking’s own workforce 80
S1-9 Diversity metrics Diversity metrics 81
S1-13 Training and skills development metrics Training and skills development metrics 81
S1-14 Health and safety metrics Health and safety metrics 82
S1-17 Incidents, complaints and severe human rights impacts Incidents, complaints and severe human rights impacts 82
ESRS S2 Workers in the value chain
ESRS 2, SBM-2 Interests and views of stakeholders Interests and views of stakeholders 33
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Material impacts, risks and opportunities and their interaction with strategy and business model 83–84
S2-1 Policies related to value chain workers Policies related to value chain workers 85
S2-2 Processes for engaging with value chain workers about impacts Processes for engaging with value chain workers about impacts 85
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns Processes to remediate negative impacts and channels for value chain workers to raise concerns 86
S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and
pursuing material opportunities related to value chain workers, and effectiveness of those actions
Taking action on material impacts on value chain workers, and approaches to managing material risks and
pursuing material opportunities related to value chain workers, and effectiveness of those action
86–87
S2-5 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 material risks
and opportunities
87
46
Disclosure Requirement Paragraph Page number
ESRS S4 Consumers and end-users
ESRS 2, SBM-2 Interests and views of stakeholders Interests and views of stakeholders 33
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Material impacts, risks and opportunities and their interaction with strategy and business model 88–91
S4-1 Policies related to consumers and end-users Policies related to consumers and end-users 91–94
S4-2 Processes for engaging with consumers and end-users about impacts Processes for engaging with consumers and end-users about impacts 94
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 94–95
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, and
Actions and approaches to managing material risks related to end-users, and the effectiveness of those actions
96–101
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 101–103
Governance information
ESRS G1 Business conduct
ESRS 2, GOV-1 The role of the administrative, supervisory and management bodies The role of the administrative, supervisory and management bodies 25–28
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 41–42
G1-1 Business conduct policies and corporate culture Business conduct policies and corporate culture 106–110
G1-2 Management of relationships with suppliers Relationships with suppliers of goods and services 110–111
G1-6 Payment practices Payment practices 111–114
47
List of datapoints in cross-cutting and topical standards that derive from other EU legislation
IRO-2
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
28
ESRS 2 GOV-1 Paragraph 21 (e) Percentage of board members who are
independent
Delegated Regulation (EU)
2020/1816, Annex II
28
ESRS 2 GOV-4 Paragraph 30 Statement on due
diligence
Indicator number 10 Table #3
of Annex I
30
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
Not 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
Not 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
Not 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
Not material
ESRS E1-1 Paragraph 14 Transition plan to reach climate neutrality by 2050 Regulation (EU) 2021/1119,
Article 2(1)
56
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
57
48
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 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
60
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
Not material
ESRS E1-5 Paragraph 37 Energy consumption and mix Indicator number 5 Table #1
of Annex I
Not 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
Not 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)
61
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)
61
ESRS E1-7 Paragraph 56 GHG removals and carbon credits Regulation (EU) 2021/1119,
Article 2(1)
Not 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
Phased-in
Disclosure
requirement
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.
Phased-in
Disclosure
requirement
49
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 E1-9 Paragraph 66 (c) Location of significant assets at material physical
risk
Phased-in
Disclosure
requirement
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
Phased-in
Disclosure
requirement
ESRS E1-9 Paragraph 69 Degree of exposure of the portfolio to climate-
related opportunities
Delegated Regulation (EU)
2020/1818, Annex II
Phased-in
Disclosure
requirement
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
Not material
ESRS E3-1 Paragraph 9 Water and marine resources Indicator number 7 Table #2
of Annex I
Not material
ESRS E3-1 Paragraph 13 Dedicated policy Indicator number 8 Table 2 of
Annex I
Not material
ESRS E3-1 Paragraph 14 Sustainable oceans and seas Indicator number 12 Table #2
of Annex I
Not material
ESRS E3-4 Paragraph 28 (c) Total water recycled and reused Indicator number 6.2 Table #2
of Annex I
Not 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
Not material
ESRS 2 –
IRO-1 – E4
Paragraph 16 (a) i Indicator number 7 Table #1
of Annex I
Not material
50
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 –
IRO-1 – E4
Paragraph 16 (b) Indicator number 10 Table #2
of Annex I
Not material
ESRS 2 –
IRO-1 – E4
Paragraph 16 (c) Indicator number 14 Table #2
of Annex I
Not material
ESRS E4-2 Paragraph 24 (b) Sustainable land / agriculture practices or policies Indicator number 11 Table #2
of Annex I
Not material
ESRS E4-2 Paragraph 24 (c) Sustainable oceans / seas practices or policies Indicator number 12 Table #2
of Annex I
Not material
ESRS E4-2 Paragraph 24 (d) Policies to address deforestation Indicator number 15 Table #2
of Annex I
Not material
ESRS E5-5 Paragraph 37 (d) Non-recycled waste Indicator number 13 Table #2
of Annex I
Not material
ESRS E5-5 Paragraph 39 Hazardous waste and radioactive waste Indicator number 9 Table #1
of Annex I
Not material
ESRS 2 –
SBM-3 – S1
Paragraph 14 (f) Risk of incidents of forced labour Indicator number 13 Table #3
of Annex I
69
ESRS 2 –
SBM-3 – S1
Paragraph 14 (g) Risk of incidents of child labour Indicator number 12 Table #3
of Annex I
69
ESRS S1-1 Paragraph 20 Human rights policy commitments Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex I
71
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
71
ESRS S1-1 Paragraph 22 Processes and measures for preventing trafficking in
human beings
Indicator number 11 Table #3
of Annex I
71
ESRS S1-1 Paragraph 23 Workplace accident prevention policy or
management system
Indicator number 1 Table #3
of Annex I
73
ESRS S1-3 Paragraph 32 (c) Grievance/complaints handling mechanisms Indicator number 5 Table #3
of Annex I
74
51
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 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
82
ESRS S1-14 Paragraph 88 (e) Number of days lost to injuries, accidents, fatalities
or illness
Indicator number 3 Table #3
of Annex I
82
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
Not material
ESRS S1-16 Paragraph 97 (b) Excessive CEO pay ratio Indicator number 8 Table #3
of Annex I
Not material
ESRS S1-17 Paragraph 103 (a) Incidents of discrimination Indicator number 7 Table #3
of Annex I
82
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)
82
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
83
ESRS S2-1 Paragraph 17 Human rights policy commitments Indicator number 9 Table #3
and Indicator n. 11 Table #1 of
Annex I
85
ESRS S2-1 Paragraph 18 Policies related to value chain workers Indicator number 11 and n. 4
Table #3 of Annex I
85
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)
85
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
85
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
86
52
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 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
Not 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)
Not material
ESRS S3-4 Paragraph 36 Human rights issues and incidents Indicator number 14 Table #3
of Annex I
Not 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
91–94
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)
92
ESRS S4-4 Paragraph 35 Human rights issues and incidents Indicator number 14 Table #3
of Annex I
Not material
ESRS G1-1 Paragraph 10 (b) United Nations Convention against corruption Indicator number 15 Table #3
of Annex I
Not material
ESRS G1-1 Paragraph 10 (d) Protection of whistle-blowers Indicator number 6 Table #3
of Annex I
110
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
Not material
ESRS G1-4 Paragraph 24 (b) Standards of anti-corruption and anti-bribery Indicator number 16 Table #3
of Annex I
Not material
53
Environmental information
55 Climate change
65 Resource use and circular economy
54
Climate change
E1
Material impacts, risks and opportunities and their
interaction with strategy and business model
SBM-3
Terveystalo has assessed the resilience of its strategy and business model
in relation to climate change as part of the double materiality assessment.
Based on the double materiality assessment, the company did not
identify any material financial risks related to climate change mitigation
or adaptation that would significantly affect the strategy or business
operations in the short, medium, or long term. In the spring of 2025,
Terveystalo conducted a qualitative resilience assessment covering the
company's entire operations in Finland and Sweden. In the assessment,
the company's business was mirrored against general climate trends, such
as rising average temperatures and extreme weather events, based on the
AR6 report of the Intergovernmental Panel on Climate Change (IPCC),
the WHO article on climate change and health entitled “Global health
community calls for urgent action on climate and health at COP28”, and
the Exploring Natural Capital Opportunities, Risks and Exposure (ENCORE)
tool. A detailed quantitative scenario analysis was not deemed necessary
as no material financial risks were identified. Based on the assessment,
Terveystalo's business model is resilient to the direct impacts of climate
change. Additionally, operations are not dependent on physical production
facilities or raw materials whose availability could be directly affected by
climate change. Terveystalo recognizes that climate change has broad
societal and health impacts that may affect the supply and demand for
services in the long term. However, the company does not identify these
as immediate financial risks or opportunities that would require changes
to its strategy.
In its double materiality assessment, Terveystalo identified material
negative impacts related to climate change mitigation in its own operations
and value chain. Due to the service-oriented nature of its healthcare
activities, the absence of energy-intensive manufacturing, and limited
exposure to climate-sensitive assets, the company did not identify any
significant risks or opportunities related to climate change mitigation
or adaptation. The double materiality analysis took into account the
company's total emissions. Terveystalo estimates that its resilience to
climate change mitigation and adaptation is high. The material actual and
potential negative impacts related to climate change mitigation do not
significantly affect the company's strategy or business model and do
not have a significant financial impact. Terveystalo's goal is to reduce
emissions in accordance with the set emission reduction targets (SBTi),
improve energy efficiency, and develop dialogue with its stakeholders.
Terveystalo's remuneration principles do not take climate-related
considerations into account, including the set and reported emission
reduction targets.
The material impacts, risks, and opportunities related to climate
change have been assessed as part of the double materiality assessment
and are presented in more detail in the table below. A description of the
assessment process and criteria can be found in ESRS 2, section IRO-1.
Other metrics, expect for those related to SBTi targets, are not verified
by an external party, expect for the limited assurance provided by KPMG
in this sustainability report.
55
Material sustainability topics
and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
E1 Climate change
Climate change mitigation
Actual negative impacts on climate change
through direct Scope 1 and indirect energy-related
Scope 2 emissions
Terveystalo's direct greenhouse gas emissions are related to medical gases used in healthcare and the company's own and
controlled vehicles. Indirect Scope 2 emissions are related to the energy use of Terveystalo's premises. In 2025, Terveystalo set
science-based emission reduction targets in accordance with the Science Based Targets initiative and will reduce Scope 1 and 2
emissions by 55 percent from the 2024 level by 2030 and by 90 percent by 2050. The drivers for action are seen as the more
comprehensive use of green energy in premises and the electrification of own and company cars where possible.
Own operations
Actual negative impacts on climate change
through indirect Scope 3 emissions
The majority (about 90 percent) of Terveystalo's total emissions are indirect Scope 3 emissions, which are related to, for example,
procurement, waste, business travel, and transportation. In 2025, Terveystalo set science-based emission reduction targets in
accordance with the Science Based Targets initiative and will reduce Scope 3 emissions by a total of 52 percent based on customer
visits by 2030 from the 2024 level and by 90 percent of absolute Scope 3 emissions from the 2024 level by 2050. As drivers
for action, Terveystalo sees refining data and collaborating with suppliers, as well as investigating and enabling lower-emission
procurements and supporting lower-emission modes of transport in the supply chain.
Upstream and
downstream value chain
Anticipated financial effects from material physical
and transition risks and potential climate-related
opportunities
E1-9
Terveystalo does not have significant operational or capital expenditures
(OpEx or CapEx) in accordance with the ESRS standard that would be
related to the implementation of climate considerations. In accordance with
the transitional provisions of the ESRS standards, the company does not
report anticipated financial effects in the first year of applying the standard.
Transition plan for climate change mitigation
E1-1
In 2025, Terveystalo prepared a transition plan for climate change
mitigation, which guides the company's business towards climate neutrality
by 2050 and ensures that the company's operations are in line with the 1.5°C
target of the Paris Agreement and the transition to a sustainable economy.
The transition plan was approved in late 2025 by Terveystalo's ESG and
Quality Steering Group. The ESG and Quality Steering Group coordinates
the implementation of environmental work, monitors sustainability-related
developments and regulation, guides and supports the quality and
sustainability strategy in the Group, and reports to the Executive Team
on a quarterly basis. The emission reduction targets of the transition plan
were approved by the company's Executive Team in spring 2025 and by
the Board of Directors in autumn 2025.
The transition plan and emission reduction targets cover the entire
business in Finland and Sweden, including the company's own operations
and the impacts of the upstream and downstream value chain. The
transition plan serves as a strategic tool for achieving the emission
reduction targets. The measures of the climate transition plan, such as
56
the transition to green energy, the electrification of the vehicle fleet,
and the improvement of energy efficiency, are financed as part of
Terveystalo's normal budgeting and investment planning. The company
has not identified any significant CapEx or OpEx requiring separate
financing arrangements related to the implementation of the transition
plan; instead, the measures are integrated into existing processes.
In 2025, Terveystalo set science-based emission reduction targets
for both the near and long term in accordance with the Science
Based Targets initiative (SBTi). These targets cover direct and indirect
Scope 1, 2, and 3 emissions and have been prepared to support the
transition to a 1.5°C emission reduction pathway. The targets form the
basis for Terveystalo's transition plan for climate change mitigation.
The transition plan guides the achievement of the targets through
measures aimed at reducing emissions. The achievement of the targets
is supported by practical measures, which include, among others,
more comprehensive utilization of green energy, improving energy
efficiency in premises and equipment used, supporting sustainable
modes of transport, and integrating environmental programs as part
of the operational activities of the sites. In addition, improving the
transparency of climate impacts throughout the value chain is key, with
a special focus on indirect Scope 3 emissions, the management of which
involves active cooperation with suppliers and other partners. The most
important actions in the coming years to achieve the emission reduction
targets are the following:
• More comprehensive utilization of green energy in premises
• Electrification of vehicles
• Refining the life-cycle emission data of procurements
• Reducing mixed waste and increasing the recyclability of all waste
• Supporting more sustainable commuting modes for employees
Terveystalo has conducted a qualitative assessment of emission-
intensive assets and products, and the assessment has not identified
significant locked-in greenhouse gas (GHG) emissions that would
threaten the achievement of emission reduction targets or significantly
increase transition risks. The assessment is based, among other things, on
the fact that Terveystalo's asset base, such as equipment and vehicles, is
renewed regularly, and long-term agreements, such as lease agreements,
allow for a flexible transition to lower-emission solutions. The company
continuously monitors technological developments and ensures that the
solutions in use support the transition towards a low-emission and resource-
efficient operating model.
The most significant actions related to the transition plan in 2025 were
the setting and approval of the company's SBTi targets for the near and
long term, the development of the company's GHG accounting and the
refinement of emission data for the most significant emission categories,
and the creation of the transition plan. In 2026, in accordance with the
transition plan, Terveystalo will continue to develop its GHG accounting
and refine data related to the most significant emission sources. These
actions include, but are not limited to, the following:
• Comparing the climate impacts of remote appointments and traditional
in-person appointments based on service and science. The calculation
is intended to compare the climate impacts of the services and find
solutions to reduce the impacts based on science. With the calculation,
the emission data related to single-use items for example will be refined.
• Refining the emission calculation of significant healthcare equipment to
be material-based in cooperation with stakeholders.
• Refining and reformulating the contracts of significant emission sources
to correspond with the transition plan and SBTi targets.
• Refining the emission data related to employee business travel and
finding ways to reduce them.
• Refining the emission data related to IT software and services away
from expenditure-based calculation and examining ways to reduce
the related emissions.
The actions according to the transition plan are intended to reduce
emissions by at least 2,500 tCO
2
e during 2026. During 2026, the most
significant actions of the transition plan for 2027 will be set based on the
scope and quality of the 2026 measures.
Terveystalo is not excluded from the scope of the EU Paris-aligned
Benchmarks. The transition plan is part of the company's strategy, and
its implementation is regularly monitored by the management as part of
broader sustainability management, and progress on the transition plan
is reported to the Board of Directors at least annually as part of the annual
sustainability statement.
57
Terveystalo road to net-zero
2024 2029 2034 2039 2044 2049
Near term - 2030
55.0%
reduction of absolute Scope 1 and 2 emissions
Through low-emission transport, renewable electricity and heating,
and improved energy and estate efficiency.
52.0%
reduction of Scope 3 emissions per customer visit
Through data enhancement, supplier engagement, low-carbon options,
circular-economy solutions and digitalisation.
Long term - 2050
90.0%
reduction of absolute
Scope 1,2 and 3 emissions
Scale up near-term actions to achieve a 90%
reduction in emissions. Accelerate climate
action and target-setting across the health
sector, prioritising procurement and supplier
partnerships aligned with net-zero goals.
Other indirect Scope 3 emissions
Indirect employee commuting related
Scope 3 emissions
Indirect capital goods related
Scope 3 emissions
Indirect purchased product and service
related Scope 3 emissions
Indirect energy related
Scope 2 emissions
Direct Scope 1 emissions
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
58
Policies related to climate change
mitigation and adaptation
E1-2
Terveystalo's climate work and the management of its impacts are guided
by several key policies. Terveystalo's Environmental Policy sets the general
framework for environmental responsibility, and it is supplemented by
the company's Code of Conduct and Supplier Code of Conduct, which
extend the responsibility requirements to the company's value chain. The
company's and suppliers' codes of conduct are described in more detail in
section G1 – Business conduct.
Terveystalo's Environmental Policy describes the environmental principles
that all employees, managers, officers, board members, consultants, and
other personnel working under the direction of the Terveystalo Group
are expected to follow. The Environmental Policy includes Terveystalo's
key principles regarding, among other things, emission reduction targets,
energy efficiency, waste minimization and recycling, life cycle management
of healthcare equipment, sustainable pharmaceutical care, and sustainable
procurement. The goal of the Environmental Policy is to support the
achievement of Terveystalo's environmental targets, provide a framework
for function-specific guidelines, guide the reduction of negative and
the increase of positive environmental impacts, increase environmental
and energy efficiency awareness in the organization, communicate the
company's environmental guidelines to stakeholders, and support decision-
making throughout the organization.
The management of environmental and energy work is part of
Terveystalo's management system, where the Board of Directors' task is to
address and guide the company's sustainability strategy and key action
plans and policies, as well as to decide on and oversee sustainability targets
and their achievement. The Executive Team monitors the achievement of
targets and supports the CEO in implementing risk management. The CFO
The Environmental Policy is available to everyone on the company's
external website. External communication related to the environmental
policy and system takes place at least annually in accordance with the
Corporate Sustainability Reporting Directive, as well as on the company's
website and other third-party reporting platforms.
Through these policies, climate change mitigation and adaptation,
energy efficiency, the use of renewable energy and resources, and the
circular economy are considered in the company's daily operations. The
identification and assessment of climate-related impacts and risks are
integrated into the company's overall risk management process.
Actions and resources in relation to
climate change policies
E1-3
Terveystalo has prepared a detailed transition plan for climate change
mitigation, which defines the key actions to achieve the emission reduction
targets. The actions include, among other things, improving energy
efficiency, increasing the use of renewable energy, and reducing emissions
from procurement and logistics. The actions are reported in more detail
in E1-1 above. The progress of climate actions is monitored regularly,
and the responsibility for their implementation is integrated into the
normal operations of business units and support functions. Resources for
implementing the actions are secured as part of the annual budgeting.
A key action is also to refine emission data, especially for indirect Scope 3
emissions, in cooperation with significant partners. As mentioned above,
Terveystalo has not identified any significant capital expenditures or
operational costs requiring separate financing arrangements related to the
implementation of the transition plan and thus to climate-related actions
and resources; instead, the actions are integrated into existing processes.
of Terveystalo is responsible for environmental matters and policy in the
Group's Executive Team.
Terveystalo has a multi-professional ESG and Quality Steering Group
that coordinates the implementation of environmental work, monitors
sustainability-related developments and regulation, guides and supports
the quality and sustainability strategy in the Group, and reports to the
Executive Team on a quarterly basis. Terveystalo's Environmental System
Steering Group reviews the company's environmental and energy system
and environmental policy at regular intervals, but at least annually, and
updates them as necessary to ensure they are appropriate, adequate,
and effective. The Environmental System's operational group prepares
matters for the steering group and develops the functionality of the
environmental and energy system. Furthermore, the management of
each unit is responsible for implementing environmental targets and
preparing local environmental programs. In addition to the Group's
environmental policy, Terveystalo commits to fully complying with
applicable current legislation, official regulations, industry practices
ensuring occupational and patient safety, and continuously improving
environmentally friendly practices.
Terveystalo's ISO 14001 certified environmental management system
covers all clinics in the Healthcare Services segment and some Portfolio
Business segment clinics, a total of 185 clinics, in Finland, and its
appropriateness is assessed in quality and environmental system audits.
Terveystalo has integrated the ETJ+ energy efficiency system as part of
its environmental management system. Other clinics follow the same
practices and environmental and energy efficiency system, although
they are not directly covered by the certificate. In Sweden, 90 percent of
the clinics under Feelgood's own control are also certified according to
ISO 14001. Each clinic prepares its own annual environmental program,
which is regularly monitored by the environmental system's operational
working group. The clinics and Terveystalo's personnel are regularly
trained on environmental responsibility, and best practices are shared
through common communication channels.
59
Targets related to climate change mitigation
and adaptation
E1–4
Terveystalo is committed to emission reduction targets in accordance with
the Science Based Targets initiative (SBTi), which are in line with the 1.5°C
target of the Paris Agreement. Terveystalo's near- and long-term science-
based emission reduction targets have been approved by the SBTi, and
the company is committed to achieving net-zero emissions throughout its
value chain by 2050. Scope 2 GHG emissions have been calculated on both
a location and a market basis but are considered on a market-basis in the
near- and long-term targets. The calculations used for the Scope 3 emission
targets cover all the company's significant Scope 3 emissions. A more
detailed breakdown of the company's emissions by category can be found
in the E1-6 table. The base year represents the company's normal business
operations, and no significant deviations or investments related to energy
consumption were observed in 2024. The base year 2024 is the first year for
which Terveystalo calculated Scope 1, 2, and 3 emissions comprehensively.
If significant changes were to occur in the company's operations and the
base year no longer represented the company's normal operations and
the baseline for emission targets, Terveystalo will recalculate the base year
data. More detailed information on the baseline values of the company's
emission targets can be found in the table reported alongside E1-6.
Near-term target: Terveystalo commits to reducing its absolute Scope 1
and 2 emissions by 55 percent by 2030 from the 2024 baseline. Terveystalo
also commits to reducing its Scope 3 emissions by 52 percent per customer
visit within the same timeframe. The target boundary includes land-use
related emissions and removals from bioenergy raw materials. In the Scope 3
emission intensity target, customer visits are accounted for in thousands and
include customer visits from the Healthcare services and dental care. Thirty
percent of Scope 1 emissions, 100 percent of market-based Scope 2 emissions,
and 68 percent of Scope 3 emissions are part of the near-term targets.
The development of Scope 1 and 2 emissions and progress towards the
set absolute emission reduction target of 55 percent are presented in the
table in accordance with disclosure requirement E1-6. In the reporting year
2025, Terveystalo’s Scope 3 emissions intensity was 2.7 tCO
2
e per thousand
customer visits. In the base year 2024, the intensity was 3.5 tCO
2
e per
thousand customer visits. The progress is in line with the set target of a 52
percent reduction in emissions by 2030. Despite the fact that Terveystalo’s
Scope 3 target is intensity-based, Terveystalo has calculated the absolute
values of Scope 3 emissions separately in the E1-6 table (baseline values
for Scope 3 subcategories and the absolute values for the 2030 and 2050
targets) to increase transparency in its actions.
Long-term target: Terveystalo commits to reducing its absolute Scope 1
and 2 emissions by 90 percent by 2050 from the 2024 baseline. Terveystalo
also commits to reducing its absolute Scope 3 emissions by 90 percent
within the same timeframe. The target boundary includes land-use related
emissions and removals from bioenergy raw materials. Ninety-five percent
of Scope 1 emissions, 95 percent of market-based Scope 2 emissions, and 90
percent of Scope 3 emissions are part of the long-term target.
As part of setting the targets, Terveystalo assessed its future outlook.
The company estimates that its targets will be supported by the broader
transition to lower emissions in energy and transport, for example, through
electrification. In addition, remote work and meeting opportunities, as well
as the development of greener technologies, will support the achievement
of the company's emission reduction targets. Terveystalo also estimates
that in the future, the number of in-person and digital appointments may
increase, affecting the company's Scope 3 emissions. This could increase the
procurement volumes of some healthcare supplies, for example, but at the
same time make space requirements and processes more efficient.
Terveystalo's climate transition plan describes the company's
decarbonization levers in more detail. The levers are divided according
to Scope 1, 2, and 3 categories. The effectiveness of the levers is reviewed
annually, and if it is observed that the planned actions do not lead to
the desired target, the decarbonization levers will be updated. In the
Scope 1 emission category, the most significant decarbonization levers
are related to the electrification of the company's vehicle fleet and the
general electrification of transport. In the Scope 2 emission category, the
company will switch from the remaining fossil-based electricity contracts
to green electricity contracts, expand and increase the use of renewable
heating methods, and update equipment, processes, and premises to be
more energy-efficient where possible. The decarbonization levers in the
Scope 3 emission category focus on managing supply chain emissions
by encouraging significant suppliers to adopt lower-emission practices,
favouring lower-emission procurement options where possible, updating
processes to be more efficient, and integrating circular economy principles
into procurement. In addition, to reduce Scope 3 emissions, personnel
are regularly trained on environmental responsibility. The company
strives to reduce waste and increase recycling, optimizes the life cycle of
healthcare equipment considering technological development, considers
environmental aspects in its travel and car policies, develops digital
services and transactions, enhances warehouse management, and considers
sustainable development and environmental aspects in network and
premises projects. It is important for the company that decision-making is
based on science and knowledge. Decarbonization actions will begin with
the most significant emission sources. Terveystalo is continuously increasing
the transparency of its climate impacts and wants to ensure the quality and
accuracy of the data. Terveystalo promotes cooperation with its significant
suppliers and integrates decarbonization levers into its core operations and
business processes. Despite continuous development work, the company
must in some calculations rely on the best possible estimate and make
decisions with the available information.
60
Gross Scopes 1, 2, 3 and Total GHG emissions
E1-6
Retrospective Milestones and target years
Target
Base year
(2024) 2025
% 2025 /
2024 2030 2050
Annual
% target
(2030)/
Base year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
eq) 199 281 42% 172 29 14%
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes (%) - - 0% - - -
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 3,079 2,453 -20% - - -
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 4,058 2,883 -29% 2,232 588 14%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 39,327 28,554 -27% 26,559 7,402 14%
1 Purchased goods and services 18,292 18,689 2% 12,174 1,829 15%
2 Capital goods 5,340 1,212 -77% 3,554 534 15%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 1,564 676 -57% 1,190 156 15%
4 Upstream transportation and distribution* 21 62 192% 11 10 9%
5 Waste generated in operations** 757 8 -99% 648 416 8%
6 Business travel 700 697 0% 600 448 6%
7 Employee commuting*** 10,612 6,935 -35% 7,317 3,449 11%
8 Upstream leased assets 1,972 249 -87% 1,030 552 12%
13 Downstream leased assets 42 2 -95% 22 4 15%
15 Investments 26 24 -9% 14 3 15%
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 42,604 31,288 -27% - - -
Total GHG emissions (market-based) (tCO
2
eq) 43,583 31,718 -27% 28,963 8,019 14%
*Due to the refined Scope 3 categorisation, emissions in the category ‘upstream transportation and distribution’ have increased compared to the base year.
**In 2025, Terveystalo refined its calculation methods and the emission factors used, in addition to reducing waste volumes, resulting in a significant change compared to 2024.
***Includes emissions from commuting between home and the workplace by both employees and non-employees.
Target Comparative 2025
% 2025 /
2024
GHG intensity per net revenue
Total GHG emissions
(location-based) per net revenue
(tCO
2
eq/MEUR) 30.0 24.5 -18%
Total GHG emissions
(market-based) per net revenue
(tCO
2
eq/MEUR) 30.7 24.8 -19%
61
Calculation principles
Terveystalo's greenhouse gas emissions inventory has been prepared
in accordance with the GHG Protocol, considering all emission scopes.
Greenhouse gas emissions are calculated as carbon dioxide equivalents
(CO₂e), which is based on the global warming potential of greenhouse
gases over a 100-year period. The calculation covers the following
gases: CO₂, CH₄, N₂O, HFCs, PFCs, SF₆, and NF₃. In the calculation of
biogenic emissions, only the CO₂ emissions portion is considered.
Terveystalo has not utilized carbon dioxide offsets or removals, and thus
they have not been deducted or included in the emissions inventory.
The Global Warming Potential (GWP) values for greenhouse gases
are based on AR4, AR5, and AR6, the latest assessment reports of the
Intergovernmental Panel on Climate Change (IPCC), which in turn are
based on the methodological choices of emission factor publishers.
Terveystalo's greenhouse gas emissions inventory follows the GHG
Protocol's "Corporate Accounting and Reporting Standard" and the
"Corporate Value Chain (Scope 3) Accounting and Reporting Standard."
The consolidation approach for data preparation is operational control.
In the interest of transparency, it should be noted that Terveystalo has
identified two associated companies. Full control is not met in either of
the associated companies, and thus these associated companies have not
been included as part of Terveystalo's emissions inventory.
The necessary emissions-related data is collected annually from various
systems to calculate greenhouse gas emissions and is consolidated at the
Terveystalo Group level. The data is validated by responsible persons,
and the final emissions inventory is prepared on a third-party platform
using source data and emission factors. The emissions data is reported
annually in the sustainability statement, and the results are also included
in the company's other necessary reports. The base year used is 2024,
which was the first year for which a comprehensive emissions inventory
was conducted for setting SBTi targets. The base year calculations
were reviewed by a third party in connection with setting the emission
reduction targets and verified by the Science Based Targets initiative. No
methodological changes have occurred in the reporting between the base
year and this report. In 2025, 100 percent of Scope 1 emissions, 89 percent
of Scope 2 emissions related to purchased energy, 52 percent of Scope 2
emissions related to heating, and 19 percent of Scope 3 emissions were
calculated using primary data.
Direct greenhouse gas emissions (Scope 1)
In accordance with the GHG Protocol, Scope 1 emissions cover all
direct greenhouse gas emissions from Terveystalo's own operations or
operations under its direct control. The emission factors used in the Scope
1 calculation are in line with the GWP values of the IPCC's AR6 report.
Terveystalo's Scope 1 emissions are from the following sources:
• Mobile imaging units: Fuels used by vehicles, such as diesel
and gasoline
• Medical gases: Medical gases used in the course of business, such as
medical carbon dioxide
• Cars: Cars owned or under the direct control of the company used
by employees
Energy-related indirect greenhouse gas emissions (Scope 2)
In accordance with the GHG Protocol, Scope 2 emissions cover indirect
energy-related greenhouse gas emissions resulting from the energy
(electricity and heat) consumed by Terveystalo's premises. Energy is
procured from local operators or private companies. Emissions from
energy purchased from renewable and nuclear sources are reported using
the market-based method. Since the beginning of 2020, the company's
electricity portfolio, or electricity procured for properties, has been
renewable energy or nuclear-powered electricity also referred to as green
electricity. Terveystalo procures electricity directly from an electricity
retailer under a green electricity contract. In Finland, a total of 13,400
(11,900) MWh of green electricity was procured for the consumption year
2025, which corresponds to approximately 83 (69) percent of the electricity
consumption of the company's Finnish operations. A total of 2,690 (4,660)
MWh of non-green electricity was purchased, corresponding to 1,090
(2,630) tCO
2
e (market-based) Scope 2 emissions in Finland. In 2025, an
estimated 11 percent of the heating used at Finnish sites was renewable.
In Sweden, a total of 1,765 (1,750) MWh of electricity was purchased for
the properties managed by Feelgood, of which around 81 (80) percent
was green electricity. The market-based Scope 2 emissions arising from
purchased electricity in Sweden amounted to 28 (23) tCO
2
e in total.
Scope 2 emissions are calculated using two methods:
• Location-based method: emissions are calculated according to the
average emission factors of the countries.
• Market-based method: the calculation takes into account guarantees
of origin for energy purchases and supplier-specific contracts.
The calculations are made for Terveystalo's Finnish and Swedish locations
on a site-specific basis annually. If supplier-specific emission data
(tonnes CO₂e/MWh) is not available, the supplier's reported fuel mix is
used to determine the emission factor. Sources include Power Purchase
Agreements (PPA), IEA, UK's DEFRA, Motiva Oy, and energy companies.
Indirect greenhouse gas emissions (Scope 3)
Terveystalo assesses and calculates Scope 3 emissions in all material
categories of the Corporate Value Chain (Scope 3) standard in accordance
with the GHG Protocol. The calculations are based on commonly used
scientific methods, supplier-specific data, and emission factors produced
by the UK’s Department for Environment, Food and Rural Affairs (DEFRA),
the International Energy Agency (IEA), the U.S. Environmental Protection
Agency (EPA), Ecoinvent, and the Association of Issuing Bodies (AIB).
Different emission factors and calculation methods are used depending
on the subcategory.
Depending on the waste fraction, the company has access to actual
waste generation data for the site. Approximately 19 percent of the
emissions from waste are based on actual production data. This data
has been used to estimate the waste generation of the remaining sites
62
so that the emissions calculations cover Terveystalo’s entire site network
and all waste fractions. To calculate emissions relating to employee
commuting, a commuting survey conducted in 2025 was utilized. The
survey collected sufficiently comprehensive information on employee
commuting and remote work habits to estimate the entire staff's annual
commuting emissions.
In this context, supplier-specific calculation refers to emission data
obtained directly from the respective supplier. The data may be based
on, for example, the supplier's own carbon footprint calculation, an
audit, or third-party verified environmental reports. Average-based
calculation utilizes commonly used emission factors and environmental
databases that describe the average emissions of a specific product group
or activity. Such data sources include DEFRA, which publishes annually
updated emission factors for various industries and materials, the IEA,
whose factors relate to energy consumption, the EPA, which provides
information especially on waste and chemical handling, Ecoinvent, which
is an extensive life cycle assessment database, and AIB, which produces
emission factors for guarantees of origin of electricity generation.
Consumption-based calculation is based on actual consumption.
For example, for medical gases, emissions are calculated according to
the kilogram amount consumed during 2025 using the emission factor
specified for that gas type. Spend-based calculation uses the monetary
value of procurements for the year 2025. Emissions are estimated based
on euros by applying industry-specific emission factors that describe
the average emission intensity per euro spent. In fuel-based calculation,
emissions are determined using the amount of fuel consumed and
the emission factor for the fuel type. For example, the consumption of
diesel or gasoline is converted into carbon dioxide equivalent emissions
(CO
2
e) using DEFRA factors. In distance-based calculation, emissions are
calculated based on the distance travelled and the mode of transport. For
example, a kilometer travelled by car or train is multiplied by a vehicle-
specific emission factor, which may be based on DEFRA.
The Scope 3 inventory consists of 15 subcategories (categories 1–15):
1. Purchased goods and services: supplier-specific, average-based, and
consumption- and spend-based calculation
2. Capital goods: spend-based calculation
3. Fuel- and energy-related activities (not included in
Scope 1 or Scope 2): supplier-specific, average-based and
consumption- and spend-based calculation
4. Upstream transportation and distribution: spend-based calculation
5. Waste generated in operations: average-based and consumption-
based calculation
6. Business travel: Supplier-specific calculation. Calculated using a
distance-based method applying the Thrust Carbon methodology
7. Employee commuting: fuel and distance-based calculation
8. Upstream leased assets: spend-based calculation
9. Downstream transportation: not applicable
10. Processing of sold products: not applicable
11. Use of sold products: not applicable
12. End-of-life treatment of sold products: not applicable
13. Downstream leased assets: spend-based calculation
14. Franchises: not applicable
15. Investments: supplier-specific and spend-based calculation
The most significant Scope 3 categories for Terveystalo are:
• 3.1 Purchased goods and services
• 3.2 Capital goods
• 3.7 Employee commuting
The most significant Scope 3 categories and categories 3.3–3.6, 3.8, 3.13,
and 3.15 are included in Terveystalo's near- and long-term SBTi targets, in
addition to Scope 1 and 2 emissions. Categories 3.9–3.12 and 3.14 are not
material for Terveystalo and are therefore excluded from the emissions
inventory and emission reduction targets.
Subcategory 1: Purchased goods and services: Covers all goods and
services purchased during the financial year. Procurements whose
emissions are reported in other categories have been excluded from the
calculation. These include, for example:
• Energy costs included in Scope 1 and Scope 2 emissions.
• Waste management-related procurements (included in category 5).
• Medical gases (included in Scope 1 emissions).
• Transport and distribution services (included in category 4).
• Business travel (included in category 6).
• In addition, interest and financing costs, taxes, balance sheet items,
accruals, and certain subcontracting services, such as temporary
staffing, whose emission impacts cannot be reliably assessed, have
been excluded from the calculation.
Subcategory 2: Capital goods: Includes emissions related to annually
recurring capital goods acquired during the financial year. These refer,
for example, to expenses related to Information Technology (IT) and
healthcare equipment.
Subcategory 3: Fuel- and energy-related activities: Covers indirect
emissions arising from the production of fuels and energy consumed
during the financial year, or so-called "well-to-tank" emissions, such as the
acquisition, production, storage, and distribution of raw materials.
Subcategory 4: Upstream transportation and distribution: Includes
emissions from transport and distribution services performed by third
parties related to the company's procurements during the financial year.
Subcategory 5: Waste generated in operations: Covers emissions from the
treatment and disposal of waste generated at all Terveystalo clinics.
Subcategory 6: Business travel: Includes emissions from employee
business travel by different modes of transport.
Subcategory 7: Employee commuting: Covers emissions from
employees' travel between home and workplace.
63
Terveystalo's total emissions
Scope 3
– Employee
commuting
22%
Scope 3
– Other
material
categories
3%
Scope 1
1%
Scope 2
9%
Scope 3 – Purchased
goods and services
59%
Scope 3
– Capital
goods
4%
Scope 3
– Business
travel
2%
32,000
tCO
2
e
Subcategory 8: Upstream leased assets: Includes emissions from the
operation of leased assets that are not included in the company's Scope
1 and Scope 2 calculation. These refer, for example, to costs related to
warehousing and archiving.
Subcategory 13: Downstream leased assets: Includes emissions from
the operation of the company's mobile imaging units.
Subcategory 15: Investments: Covers Scope 1 and 2 emissions from
the company's investments, considering the company's proportional
share of the investment targets.
Biogenic emissions (Scope 1, 2, and 3)
Emissions of biogenic carbon dioxide generated from the combustion of
biofuels are reported separately from Scope 1 emissions, in accordance
with the requirements of the GHG Protocol. Terveystalo takes biogenic
emissions into account as part of the company’s SBTi-aligned near- and
long-term targets. The baseline values for biogenic emissions were
161.84 tCO
2
in Scope 1, 2.12 tCO
2
in Scope 2 (market-based calculation),
and 55.80 tCO
2
in Scope 3. In line with SBTi requirements, the company
identifies and reports the upstream emissions associated with the
production and distribution of biofuels separately from other emissions
in the subcategory “Fuel- and energy-related activities (not included
in Scope 1 or Scope 2)”. These emissions are also included in the
company’s Scope 3 emissions and fall within the scope of the company’s
SBTi targets. For 2025, the absolute market-based biogenic emissions
were: Scope 1: 79.55 tCO
2
, Scope 2: 0 tCO
2
, Scope 3: 29.6 tCO
2
.
64
Resource use and circular economy
E5
IRO –Description of the processes to identify and assess
material resource use and circular economy-related
impacts, risks and opportunities
Terveystalo has identified and assessed the material impacts, risks and
opportunities related to resource use and circular economy as part of its
company-wide double materiality assessment. A general description of
this process is presented in section ESRS 2 General disclosures. Based on
the updated double materiality analysis, E5 Resource use and circular
economy was identified as a material sustainability matter for the company.
The assessment examined several sub-topics, such as resource inflows,
outflows, and waste. No consultations other than those organized as part
of the double materiality assessment were held. The assessment of impacts
and risks was based on both quantitative data, such as Scope 3 emissions
calculation and waste volumes; and qualitative information, for instance,
healthcare sector reports and stakeholder interviews. As a result of the
assessment, resource inflows (E5-4) were identified as material due to the
company's actual and potential negative impacts. These impacts arise
mainly from the procurement of healthcare materials, medical devices,
and IT equipment and their value chain. Other sub-topics, such as waste,
were not identified as material. No significant direct financial risks or
opportunities were identified. The material impacts on resource use and
circular economy are presented in the table below.
Material sustainability topics
and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
E5 Resource use and circular economy
Resource inflows, including resource use
Actual negative impacts related to
resource use
As the healthcare sector is a material-intensive
industry, Terveystalo uses a wide range of resources.
Terveystalo assesses its resources used through
indirect Scope 3 emissions. The greatest negative
impacts of Terveystalo's resource use are related to IT,
medical equipment, and product procurements. Some
medical products, such as MRI machines, require large
amounts of metal. Other medical products require
the production and extraction of oil, rubber, cotton,
and steel. The increased use of IT equipment, resulting
from the increased use of digital solutions and services,
requires the use of scarce metals and minerals. In
accordance with hygiene and quality requirements, the
use of single-use products is common in the healthcare
sector.
Own operations,
upstream value chain
65
Policies related to resource use and circular economy
E5-1
According to Terveystalo's double materiality analysis, resource use
and circular economy is a material sustainability matter for Terveystalo
from the perspective of resource inflows. Terveystalo is committed to
promoting resource efficiency and circular economy in its business
operations. The principles related to resource use and circular economy
from the perspective of inflows have been integrated into the company's
procurement policy, procurement guidelines and supplier management
handbook. In addition, the company's Supplier Code of Conduct and
environmental policy include principles related to resource use and
circular economy.
From the perspective of the company's resource inflows, the objectives
of the policies are to:
• Consider life cycle impacts: In procurement, the life cycle impacts
and costs of products and services are assessed where possible, which
guides choices towards more sustainable alternatives.
• Promote resource efficiency: The company seeks to favour energy-
efficient solutions and aims to reduce potential material waste.
• Support circular economy: While the company's policies do not
directly define targets for the use of secondary or renewable materials,
Terveystalo promotes circular economy through practical measures and
partnerships. The company's objective is to gradually increase circular
economy principles in procurement criteria.
• Ensure that economic, tax, legal, social and environmental aspects are
taken into account: In procurement and requests for proposals as well
as in general contract terms, procurement must be based on overall
economy and quality.
The Group Director of Procurement, Premises and Technology, who reports
to the Group Chief Financial Officer, is responsible for procurement-related
policies and their implementation. The Group Chief Financial Officer in
the Group Executive Team is responsible for Terveystalo’s environmental
policy. The Supplier Code of Conduct is described in more detail in section
G1 – Business conduct. The content of the environmental policy is described
in section E1 – Climate change.
Actions and resources related to resource use and
circular economy
E5-2
In 2025, Terveystalo implemented several actions to promote resource
efficiency and circular economy. The key actions and action plans include,
among others:
• Deeper integration of sustainability into procurement: Terveystalo
has developed and implemented a new Environmental, social
and governance (ESG) questionnaire to support procurement and
competitive tendering. The questionnaire is intended to ensure that
suppliers operate at the required level and meet the company's criteria
relating to sustainability, which also cover resource use.
• Deepening supplier collaboration: Terveystalo conducts ESG audits of
its significant suppliers regularly and addresses the life cycle impacts of
procurement and products as part of regular collaboration meetings. A
total of four ESG audits were carried out in the reporting year.
• Circular economy projects:
• Furniture reuse: Terveystalo collaborates with Martela to refurbish and
reuse decommissioned office furniture, which extends their lifespan
and reduces waste.
• Work clothing circulation: Terveystalo's work clothing consists of
shared rental garments, which are laundered by the company's
laundry partner. Terveystalo's workwear range was renewed at
the turn of 2024/25, with the main change being the material of
the garments. The flexible and breathable material developed by
workwear manufacturer Medanta is made from recycled polyester,
which utilises sports technology and is treated antimicrobially. By
utilising recycled polyester, the life cycle impacts of the work clothing
are lower.
• Science Based Targets initiative (SBTi): Terveystalo's emission reduction
targets guide procurement and promote the selection of low-carbon and
resource-efficient products and services.
Further information on actions and resources can also be found in section
S2–Workers in the value chain. The company has not identified significant
capital expenditure (CapEx) or operating expenses (OpEx) that would
require separate financial arrangements and relate to resource inflows
and the implementation of related actions. Actions are integrated into
existing processes.
Targets related to resource use and circular economy
E5-3
Terveystalo has set an objective to continuously improve resource efficiency.
Of the actions mentioned above, the deepening of supplier collaboration,
the deeper integration of sustainability into procurement and the science-
based emissions reduction targets are monitored at least annually, and
these actions indirectly support the goal of reducing resource use. The
company has not set separate quantitative, measurable, outcome-oriented
66
and time-bound targets for resource use, nor have stakeholders been
involved in target setting. Terveystalo's objective is to actively reduce
the life cycle emissions of purchased goods and services in collaboration
with suppliers. The company is assessing the setting of more specific
targets directly related to resource use and circular economy as part of
future planning.
Resource inflows
E5-4
The most essential resource inflows for Terveystalo's operations relate
to products and materials used in healthcare service production. These
include, amongst others, medical supplies, medicines, textiles, IT equipment
and office supplies. Currently, the company does not systematically
collect precise quantitative information on the total weight of all incoming
material flows or their breakdown into renewable and recycled materials.
The company has assessed, based on its Scope 3 emissions (tCO
2
e), that
38 percent of its procurements relate to devices, products and materials
used in the provision of healthcare services, 8 percent to IT equipment,
28 percent to facility services and construction, and 26 percent to other
procurements supporting the company's business operations. The
assessment is based on the total procurements and emissions calculations
for the year 2025. The division of total procurements has not been
evaluated by any external parties other than the company’s employees and
the provider of assurance services.
Terveystalo's objective is to develop data collection processes in
the future so that the company can report this information more
comprehensively in accordance with ESRS requirements. Through its
procurement policy and other relevant policies and agreements, the
company seeks to influence that the products and materials used
are as sustainable as possible and that their life cycle impacts are as
minimal as possible.
Anticipated financial effects from material resource use
and circular economy-related risks and opportunities
E5-6
Risks and opportunities related to resource use were not identified as
causing material financial effects in the reporting period. In accordance
with the transitional provisions of the ESRS standards, the company does
not report anticipated financial effects in the first year of application
of the standard.
67
Social
information
69 Own workforce
83 Workers in the value chain
88 Consumers and end-users
68
Own workforce
S1
Material impacts, risks and opportunities related to
own workforce
SBM-3
Terveystalo is one of the largest employers in Finland. At the end of
2025, Terveystalo's operations in Finland had 7,691 (8,383) employees
and 5,967 (5,967) non-employees. In Sweden, Terveystalo’s subsidiary
Feelgood had 655 (770) employees and 50 (48) non-employees. The
decrease in the number of personnel in Finland was influenced by
measures from the profit improvement programme and terminated
outsourcing agreements. In Sweden, the number of employees was
reduced due to terminated customer agreements as part of the profit
improvement programme.
As the population ages, the societal need for healthcare professionals
will not diminish. A key strategic objective for Terveystalo is therefore
to ensure a sufficient number of committed and competent healthcare
professionals, so that Terveystalo can meet the demand and achieve
its strategic goals. Terveystalo’s goal is to be the best and most
attractive place to work in the 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
materialisation of this risk could have a material adverse impact on
Terveystalo’s business, financial position, business performance, and future
prospects. In 2025, the availability and supply of professionals was at an
excellent level. Terveystalo's ability to attract and retain professionals was
further strengthened, 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.
The material impacts, risks, and opportunities related to the company’s
own workforce described above have been identified in the company’s
double materiality assessment and are presented in more detail in the
table below. The table also presents the sustainability topics related to
the material impacts, risks, and opportunities. The impacts, risks, and
opportunities identified in Terveystalo’s operations in relation to its own
workforce vary in nature and scope as follows:
• Broad impacts include issues related to employee health and safety,
such as psychosocial strain, exposure to occupational diseases, and
the risk of violence in customer interactions. These impacts affect a
significant proportion of personnel and are typical for the healthcare
sector. Strengthening employee competence and well-being through
training, smooth work processes and good leadership also represents a
broad positive impact, which translates into better care for customers.
• Systemic impacts relate to workforce availability and retention.
Terveystalo’s ability to attract and retain skilled employees is essential
for business continuity and quality. Impacts associated with working
conditions, leadership, and process efficiency can extend to the
organisation’s overall performance and influence the value chain.
• Case-specific impacts occur in situations where customers discriminate
against or harass employees. While these incidents can be serious, they
are isolated events.
In its double materiality assessment, Terveystalo has not identified any
of its own operations that involve significant risks related to the use of
forced labour or child labour. In the human rights impact assessment, the
results of which were taken into account in the 2025 double materiality
assessment, potential negative impacts and human rights risks were
examined considering workers in the company’s own workforce who have
special characteristics (e.g. ethnic background), workers who work in specific
contexts (e.g. those working in child welfare), and workers who perform
specific tasks. Terveystalo has not identified any material impacts on the
company’s own workforce that may arise from transition plans for reducing
negative environmental impacts and achieving greener and climate-neutral
operations. 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 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.
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Material sustainability topics and sub-topics Impact/Risk/ Opportunity Description
Location in the value
chain
S1 Own workforce
Working conditions
Health and safety Actual negative impacts on employee health and
safety due to the inherent risks of healthcare work
Due to the inherent risks of healthcare work, Terveystalo's employees face psychosocial stress, are exposed to various occupational
diseases and illnesses, are at risk of injury, and in some roles, also at risk of violence in customer encounters.
Own operations
Working time, adequate wage, health and safety Potential risk of low attraction and commitment,
which may lead to a decline in the availability of
skilled employees and professionals
Competition for qualified and skilled employees and personnel in the healthcare sector is fierce. Terveystalo's business is
dependent on its ability to find, attract, hire, and retain skilled and competent healthcare professionals, employees, and managers.
If Terveystalo fails to attract and retain the professionals it needs on reasonable terms, this may lead to an increase in Terveystalo's
personnel and recruitment costs, and Terveystalo may not be able to maintain or develop its business. In addition, if the turnover
of employees, private practitioners, or management is high, this may have a negative impact on the quality of the services
provided by Terveystalo. The materialisation of these risks could have a material negative impact on Terveystalo's business, financial
position, business performance, and future prospects.
Own operations
Health and safety Opportunity related to high well-being and
health of the company’s own workforce, which can
improve productivity, employee commitment, and
employer attractiveness
Ensuring the health and safety of employees improves their work ability and job satisfaction, and reduces sickness absences and
occupational accidents. This can have a positive impact on Terveystalo's employer image, personnel recruitment and commitment,
and indirectly on Terveystalo's operational and financial performance.
Own operations
Working time, health and safety Opportunity related to efficient working methods
and effective use of human resources, which can
lead to cost savings and increased revenue
Efficient working methods and the smoothness of work 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 work, such as clear work processes, excellent management, sufficient resources, and functional digital tools, are in order,
Terveystalo's professionals can focus on high-quality customer work without unnecessary interruptions, which can improve the
quality of care and customer satisfaction. Healthy and motivated professionals are generally more committed, which can reduce
personnel turnover and sickness absences. These effects can have an indirect positive impact on Terveystalo's operational and
financial performance.
Own operations
Equal treatment and opportunities for all
Training and skills development Potential positive impacts related to training and
skills development
The systematic and business-oriented development of personnel, smooth work, and responsible, good supervisory work
strengthen the competence and well-being of Terveystalo's personnel, which in turn is usually reflected to customers as better care
and a successful customer experience.
Own operations,
downstream value chain
Measures to combat violence and harassment in the
workplace
Potential negative impacts from customer
discrimination against employees
Discrimination by customers against employees based on age, gender, ethnicity, or minority status can pose significant risks to the
health, safety, and well-being of employees, and to the ability to maintain a respectful work environment. In addition, it can affect
employees' livelihoods if appointments are not booked due to prejudices in the selection of professionals.
Own operations
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Policies related to own workforce
S1-1
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
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 a culture that supports creativity
and continuous development. 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.
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
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.
Human Rights Policy
Terveystalo is committed to respecting the fundamental rights and
freedoms of all individuals in accordance with international human rights
norms. Terveystalo's first Human Rights Policy, approved by the Board
of Directors in January 2025, emphasises the company's commitment
and approach to respecting human rights throughout the value chain.
Terveystalo is committed to respecting human rights in accordance with
the UN Guiding Principles on Business and Human Rights (UNGP), the
fundamental conventions of the International Labour Organization (ILO),
the OECD Guidelines for Multinational Enterprises, and the ten principles
of the UN Global Compact. The Human Rights Policy identifies the material
risks related to workers in the value chain, including its own personnel, and
describes the processes for managing and mitigating these risks through
continuous due diligence. Terveystalo is committed to taking due diligence-
based measures to avoid causing or contributing to adverse human
rights impacts throughout its value chain. The content of the Human
Rights Policy is described in section G1 – Business Conduct. Terveystalo's
practices regarding interaction with its own workforce are described in
section S1-2 Processes for engaging with the own workforce and employee
representatives on impacts, and S1-3 Processes for remediation of adverse
impacts and channels for own employees to raise concerns.
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
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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 goal is to promote equality and develop various
practices to better implement equality in Terveystalo's work community and
customer encounters. In 2025, the working group included 18 Terveystalo
professionals representing different roles and functions from various
parts of the Finnish organisation. The composition of the working group
changes annually so that as many people as possible have the opportunity
to promote equality from the perspective of their own special expertise.
The equality working group continued its work in supporting the rights
of sexual and gender minorities through the Helsinki Pride partnership.
As its Pride Act for 2025, the equality working group formulated and
implemented Terveystalo's first Safer Space Principles and carried out
internal communication on the topic throughout the organisation.
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 2025 and approved
by Terveystalo’s Personnel Forum. The senior executive responsible for
the implementation of the development plan is Terveystalo's Senior Vice
President, Human Resources.
Safer Space Principles
In 2025, Terveystalo published the Safer Space Principles (Turvallisemman
tilan periaatteet), which concern the physical and digital spaces where
Terveystalo acts as the organiser. Terveystalo's Safer Space Principles consist
of six principles developed in collaboration with the personnel.
Terveystalo
aims to create spaces where everyone can feel safe, welcome, and respected.
A safe space is created through interaction, where everyone is responsible
for their own actions and for treating others with respect. The principles
are based on goodwill, open-minded encounters, and respecting the self-
determination, privacy, and integrity of every individual. With the Safer Space
Principles, Terveystalo sets clear expectations for what kind of behaviour is not
welcome or accepted in its spaces, and how inappropriate behaviour should
be addressed. The development and implementation of the Safer Space
Principles are concrete and visible actions to mitigate potential negative
impacts related to discrimination against its own workforce.
The Safer Space Principles have been published on Terveystalo's website
and are visible in all its operating locations. The successful implementation
of the Safer Space Principles was ensured by training supervisors and
occupational safety delegates, and by providing supporting material
for team-level review and discussion. The Safer Space Principles apply to
Terveystalo's operations in Finland.
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, 63 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 directors, pay is determined on the basis of the position and
the demands of the job, as well as competence, experience, performance,
and results. In 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 its implementation is promoted regularly
as part of the work community development plan and the remuneration
processes in use at Terveystalo. 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.
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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 personnel. Terveystalo works closely with lessors and the
rescue authorities to ensure the safety of its facilities.
Terveystalo has comprehensive processes, instructions, and channels
for reporting various types of inappropriate behaviour, harassment, and
discrimination, as well as processes known to the entire personnel for
investigating and handling cases reported through these channels. The
existing channels are Terveystalo's whistleblowing channel, which is open
to everyone, the channel for reporting hazardous incidents affecting
personnel, and the reporting process for harassment and inappropriate
behaviour. Based on the data from these channels, no serious cases of
discrimination were identified for the year 2025.
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 level 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
healthcare. 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.
Processes for engaging with own workers and workers’
representatives about impacts
S1-2
Terveystalo maintains a regular and multi-channel dialogue with
its personnel to promote the functionality of the work community,
develop working conditions, and enhance employees' opportunities
to influence them. The goal is to ensure sufficient and timely flow of
information between the employer and the personnel, and to provide the
personnel with the opportunity to participate in the handling of matters
concerning them.
A key interaction forum is the Personnel Forum, which convenes five
times a year and has broad representation from Terveystalo's various
business operations. The forum serves as the official discussion channel
for matters concerning the entire Group in accordance with the Act on
Co-operation within Undertakings. The meetings address, among other
things, the company's financial situation, development prospects, use of
the workforce, competence needs, and the promotion of well-being at
work. Employee representatives are elected, and the meetings are also
attended by the CEO, the Senior Vice President of Human Resources, and
other executives depending on the topic. Minutes are prepared for the
meetings and published on the intranet for all employees to see.
Employees are represented by shop stewards (as per the collective
agreement), elected representatives, and health and safety representatives,
who play a key role in monitoring terms of employment, developing
working conditions, and safeguarding employee rights. The chief shop
stewards meet weekly with the Group's Director responsible for labour
relations, and regional shop stewards engage in dialogue on local matters
with business management and HR partners. The health and safety
representative oversees workplace safety and working conditions as a
representative of the entire personnel.
Annual development discussions are held with employees, covering
successes of the previous period, future goals, competence, and well-
being at work. These themes are further explored in regular one-to-one
discussions and semi-annual reviews. Annual personal discussions are held
with self-employed professionals with the aim of developing cooperation
and working conditions at Terveystalo.
Twice a year, Terveystalo conducts a professional survey targeted at
both employees and self-employed professionals. The survey maps
experiences regarding, among other things, well-being at work, leadership,
and the functionality of the work community. The results are discussed in
management teams, teams, and the Personnel Forum, and based on them,
development measures are prepared for different organisational levels.
In addition, a lighter follow-up survey is conducted for the same target
group. A professional survey is also conducted annually at Feelgood.
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Current issues, such as the implementation of the strategy, are
communicated regularly through personnel webinars and supervisor infos.
The intranet serves as a key information-sharing channel where common
operating principles and instructions are published.
The Group's Senior Vice President, Human Resources is responsible for
ensuring that the dialogue is carried out as described above and that the
issues raised in the discussions are taken into account in the company's
operating practices.
Processes to remediate negative impacts and channels
for own workers to raise concerns
S1-3
Terveystalo's corporate culture is based on openness, low hierarchy,
transparency, and a solution-oriented approach. In addition to legislation
and regulatory obligations, Terveystalo's own operations are guided by the
company's mission, values, and strategy, as well as Terveystalo's Code of
Conduct and Supplier Code of Conduct. It is important to Terveystalo 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 and
Compliance team. 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 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. 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.
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
S1-4
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.
The measures described in the following sections form part of Terveystalo’s
people strategy and its ongoing efforts to address impacts on its own
workforce, as well as actions to manage related risks and promote
opportunities. These measures are integrated into normal business
development and are financed through Terveystalo’s regular budgeting and
investment planning processes.
Measures concerning health and safety
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.
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An annual action plan is prepared for the development of occupational
safety in Terveystalo’s operations in Finland. In 2025, the following measures
were taken, among others:
• The orientation and assumption of duties of new facility and
safety specialists were continued and supported towards a more
independent role.
• A significant number of new instructions were prepared for personnel on
the prevention of potential threatening and violent situations, how to act
in such situations, and post-incident care.
• The responsibilities of supervisors in occupational safety were
clarified by updating, among other things, the training materials of
the supervisor academy.
• Health and safety representatives developed occupational safety in their
respective areas through jointly agreed and planned projects.
• In accordance with the occupational safety annual calendar, a joint
training day for occupational safety personnel was organised in the
spring of 2025.
In accordance with the annual calendar for job-specific hazard assessment,
the focus in 2025 was on analysing previously identified hazards for
professional groups and assessing the current state of the magnitude of the
risks caused by these previously 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 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.
In the 2025 occupational safety action plan, the recorded measures
included, among others, the implementation of job-specific hazard
assessments according to the annual calendar, the assumption of the role
of facility and safety specialists, and the implementation of occupational
safety activities according to the annual calendar, taking into account, for
example, meetings, training, and the elections for the new occupational
safety period.
During 2025, no suspected or actual serious cases of discrimination,
harassment, or human rights violations or incidents targeting
Terveystalo's own personnel came to Terveystalo's attention.
The action plan that guides occupational health activities is updated
annually and is 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. In the 2025 occupational health
action plan, the main focus was on the implementation of the regional
coordinating team model, more precise recording of health check
contents and exposures, more active utilisation of the work ability
coach in the work ability process, and closer consideration of exposures
in relation to reproductive health. In line with the "Mielityössä"
(Mind at Work) campaign launched in 2025, efforts were focused on
implementing measures to support the coping at work of our own
personnel, as well as on the more detailed monitoring and analysis of
mental health-related absences.
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 training planning 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
75
next 6–12 months. Training is also discussed at the individual level as part
of development discussions.
In 2025, training was arranged at Terveystalo for an average of 11.6
(13.4) hours per employee. The implementation and volume of training
can be monitored through a reporting system. In addition, the actual
training volumes from the previous year and the planned volumes for
the following year are reviewed as part of the annual training planning
process. Significant training investments were made in, for example,
the development of supervisory work and leadership, deepening
the professional competence of different professional groups, and
strengthening the use of digital tools, such as artificial intelligence.
High-quality supervisory work and leadership are among Terveystalo’s
strengths, and significant investments were again made in their
development in 2025. All supervisors had the opportunity to participate
in training on topics such as feedback culture, rewards, and supporting
mental well-being. Each year, Terveystalo trains dozens of new supervisors
through its own orientation programme, the Academy for new supervisors.
Supervisors are also supported by means of regular supervisor infos and
letters, for example. In 2025, approximately 200 Terveystalo professionals
participated in a leadership development programme, which strengthened,
among other things, Terveystalo's common leadership practices, cross-unit
collaboration, and enabled personal competence development and growth
for leaders.
Professional competence was developed through hundreds of training
events and dozens of different online courses. In addition to these,
competence was developed, for example, through dedicated training days
for different professional groups, such as physician days, occupational
health nurse days, imaging days, and joint training days for mental health
professionals. Physicians were trained, for example, through regular
"From knowledge to skill" training sessions organised approximately
2–3 times per month, with themes such as the treatment of menopausal
symptoms and obesity. In 2025, Terveystalo also focused on developing
the competence of its professionals related to the freedom of choice
pilot for those over 65. Training opportunities in specialised fields were
developed, for example, by increasing the offering in ophthalmology and
gynaecology, and by conceptualising regular training for several specialised
fields for 2026.
Terveystalo also offered diverse specialisation opportunities, especially
in occupational health. The Occupational Health Path specialisation
programme is the most extensive of the specialisation paths, and it is
possible to specialise at almost all of Terveystalo’s occupational health
clinics in Finland. The specialisation training is carried out in close
cooperation with the medical faculties of universities. In addition, a total of
over 100 Terveystalo physicians, nurses, physiotherapists, and psychologists
were trained as occupational health specialists in 2025 through a 15-credit
study programme qualifying them for occupational healthcare. The training
provides the skills to work as an occupational healthcare professional
and specialist.
In 2025, a wide range of digital skills were strengthened at Terveystalo.
Investment in developing artificial intelligence competence included an
online course for everyone and several AI-themed webinars. AI competence
was also developed through many other means, such as training deep
experts and management, and building a network of experts. In addition
to AI, the smooth use of digital tools was supported, for example, through
tool implementation trainings and a 10-part O365 tools training series
aimed at all Terveystalo professionals.
Measures concerning efficient working methods
Terveystalo actively develops technological solutions that support the work
of healthcare professionals, reduce workload, and enable effective care.
A key strategic project in this area is the new modern patient information
system, Terveystalo Ella, which is being developed in collaboration
with healthcare professionals. The goal is to improve the smoothness
and productivity of professionals' work in both digital and physical
appointments, free up time for patient encounters, and provide a genuinely
intelligent tool for care planning and implementation. In the new system,
a professional can see the patient's treatment history, contract information,
and the most important appointment functions in a single view. This
reduces the time spent on routine tasks and improves work manageability.
Ella also supports the continuity of care processes through care pathways
based on Current Care Guidelines and offers intelligent support for
decision-making in diagnostics and treatment recommendations. The
system adapts to the user's needs and automates repetitive tasks, making
work more efficient and meaningful. The development of Ella is progressing
in stages, and the first version was deployed to a pilot group of 400 general
practitioners and occupational health physicians in the autumn of 2025. The
first users are participating in the further development of Ella and providing
valuable feedback to improve its functionalities before a wider rollout.
The development of professionals' work is also supported by Terveystalo's
extensive occupational health development programme for the years
2025–2027. The programme's objective is to strengthen Terveystalo's
position as the market leader in occupational health services and to
develop operating models, tools, and competence in occupational health.
The programme includes renewing the service model, product portfolio,
and digital solutions that streamline professionals' work and support
core occupational health processes. The first concrete development step
is the renewed workplace survey tool, which was introduced in late 2025.
The programme also includes an expert team model, which clarifies
professionals' roles and strengthens multi-professional collaboration.
In the pilot areas of Lapland and Southwest Finland, the teams began
their operations in the autumn of 2025, with the goal of expanding the
model to the entire Terveystalo area during the first half of 2026. The
team model is built around a shared customer portfolio, which improves
the planning and customer-centricity of the work. Regarding the digital
development of the programme, Terveystalo will invest in the coming
years in digital solutions that support occupational health partnerships and
create value for corporate decision-makers. The programme also supports
the implementation of MedHelp's AI-based platform, which integrates
Terveystalo's occupational health solutions into a single system and
supports professionals' work even more intelligently and efficiently.
Terveystalo also utilises artificial intelligence in other solutions that
support the work of professionals and has released, for example, AI-assisted
tools for various professional groups. Examples of these include the
AI-assisted search tools Nero for customer service support and Voltti for
occupational health nurses. Nero retrieves information from multiple
76
internal and external sources, such as instruction libraries and websites,
and significantly speeds up information retrieval for customer service
representatives. Voltti, in turn, supports occupational health nurses during
appointments, helping them to quickly find up-to-date instructions and
information. Both tools have been developed in close cooperation with
users, and their implementation has received positive feedback from
pilot groups.
Furthermore, artificial intelligence is used in the recording of patient
records and in the processing of feedback. In chat appointments,
AI-assisted recording speeds up documentation and reduces cognitive
load. An AI-based feedback filter, in turn, screens customer feedback for
offensive content, enabling the safe and constructive use of feedback to
support professional development.
Terveystalo also invests in artificial intelligence and technology from the
perspective of competence development. AI-related training is organised
for the personnel, covering the basics of the technology, rules of use,
and applications. All AI tools adhere to Terveystalo's Ethical principles
of artificial intelligence (described in more detail in the section S4 –
Consumers and end-users), which emphasise a human-centric approach,
safety, transparency, and privacy protection.
AI solutions, smart tools, and strategic development programmes
support Terveystalo's goal of being the best place to work for healthcare
professionals – they increase the smoothness of work, support competence
development, and strengthen the role of professionals as providers of
effective care.
Measures concerning remuneration
In Finland, 63 percent of Terveystalo’s employees are covered by collective
agreements, which provide the framework for the development of
remuneration.
In 2025, the wage decision for the collective agreement for the private
healthcare sector (TPTES) consisted of a general increase. The wage decision
for the collective agreement for the private social services sector (YSOSTES)
included, in addition to general increases, a local tranche. At Terveystalo,
the local tranche was implemented by increasing the job-related salary
of certain professional groups selected based on their pay level, and by
creating a market premium for the professional groups and regions with the
most significant staffing challenges.
The salary increases for senior salaried employees and directors are
guided by annual salary adjustments based on individual performance
and pay level. Adjustments are carried out as part of a centralised salary
review process.
At Terveystalo, personnel and employment benefits are an important
part of overall remuneration. Terveystalo offers its employees, among other
things, comprehensive occupational healthcare, a company bike benefit, a
lunch benefit, and a sports, culture, and well-being benefit.
In addition to employees, a significant number of self-employed
professionals work at Terveystalo. During 2025, only moderate changes were
made to the fee models for self-employed professionals, aiming to better
respond to changes in the cost structures of specific customer segments.
Targets related to managing material negative impacts,
advancing positive impacts, and managing material
risks and opportunities
S1-5
Terveystalo has set two targets for managing the impacts and risks, as well
as promoting the opportunities 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
topics 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. Metrics related to Terveystalo’s
own workforce have not been subject to separate assurance by any external
verifier other than KPMG.
77
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 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
Target Metric (KPI) Scope
Target
level
Target
year
Base
year 2025 2024
Strengthen the
commitment of
professionals to
Terveystalo
Engagement index
for Terveystalo
professionals
Terveystalo’s
employees and
private practitioners
At least 4 Continuous 2024 4.1 4.2
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. The figure
excludes employees working variable hours. The
comparative figures for the sickness absence rate
for 2024 and 2023 have been corrected due to
an identified calculation error in the data related
to Sweden. The previously reported figures were:
2024: 4.0 and 2023: 4.3.
Exceptions in the scope of data
The engagement index rate for 2025 does not
include Medimar Scandinavia Ab, Cityläkarna
Mariehamn Ab or Turun Silmälaser Oy and
Silmäsairaala Pilke Oy, which were acquired
on 31 December 2025. The 2024 figure does
not include Medimar Scandinavia Ab, nor 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.
The sickness absences figure for 2025
does not include Turun Silmälaser Oy and
Silmäsairaala Pilke Oy, which were acquired
on 31 December 2025. The 2024 figure does
not include Medimar Scandinavia Ab or the
companies acquired in Finland during 2024
(SRK Group Oy, Suomen Radiologikeskus Oy,
iRad Oy, Kajaanin Radiologikeskus Oy, and
Cityläkarna Mariehamn Ab).
Turun Silmälaser Oy and Silmäsairaala
Pilke Oy, acquired on 31 December 2025,
are excluded from all 2025 disclosures
under the S1 – Own Workforce standard.
Similarly, the 2024 disclosures exclude all
companies acquired during 2024 (SRK Group
Oy, Suomen Radiologikeskus Oy, iRad Oy,
Kajaanin Radiologikeskus Oy and Cityläkarna
Mariehamn Ab). Medimar Scandinavia Ab
and Cityläkarna Mariehamn Ab are also
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 to succeed in one’s 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 2025, the
index value was 4.1 (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
2025, the sickness absence rate of the personnel was
4.1 (3.8) percent.
Target Metric (KPI) Scope
Target
level
Target
year
Base
year 2025 2024 2023
Keeping
sickness
absences at a
low level
Sickness
absence rate, %
Terveystalo
employees
No higher
than 4
2026 2023 4.1 3.8 4.1
78
Characteristics of the undertaking’s employees
S1-6
Number of employees by gender
Gender 2025 2024
Male 1,581 1,736
Female 6,775 7,417
Total employees 8,356 9,153
Number of employees in countries in which the
undertaking has 50 or more employees
Country 2025 2024
Finland 7,691 8,383
Sweden 665 770
Rate of employee turnover and total number of
employees who have left the undertaking
2025 2024
Rate of employee turnover, % 30% 31%
The total number of employees
who left the company 2,616 2,959
Number of employees by contract type, broken down by gender
2025 2024
Women Men Total Women Men Total
Number of employees (head count) 6,775 1,581 8,356 7,417 1,736 9,153
Number of permanent employees
(head count) 5,594 1,314 6,908 6,005 1,454 7,459
Number of temporary employees
(head count) 269 89 358 358 95 453
Number of non-guaranteed hours
employees (head count) 947 199 1,146 1,167 221 1,388
Number of employees by contract type, broken down by country
2025 2024
Finland Sweden Total Finland Sweden Total
Number of employees (head count) 7,691 665 8,356 8,383 770 9,153
Number of permanent employees
(head count) 6,304 604 6,908 6,748 711 7,459
Number of temporary employees
(head count) 340 18 358 394 59 453
Number of non-guaranteed hours
employees (head count) 1,103 43 1,146 1,320 68 1,388
excluded from the 2025 and 2024 disclosures for
Health and Safety (S114), and from the 2024 disclosures
for Training and Skills Development (S113).
The professional engagement index reported above
does not include data for Medimar Scandinavia Ab or
Cityläkarna Mariehamn Ab for 2025. The figure also
excludes Turun Silmälaser Oy and Silmäsairaala Pilke
Oy, which were acquired on 31 December 2025. The
2024 figure does not include Medimar Scandinavia
Ab, nor the companies acquired in Finland during
2024 (SRK Group Oy, Suomen Radiologikeskus Oy,
iRad Oy, Kajaanin Radiologikeskus Oy and Cityläkarna
Mariehamn Ab).
For sickness-related absences, the 2025 figure does
not include Turun Silmälaser Oy or Silmäsairaala
Pilke Oy. The 2024 figures do not include Medimar
Scandinavia Ab nor the companies acquired in Finland
during 2024 (SRK Group Oy, Suomen Radiologikeskus
Oy, iRad Oy, Kajaanin Radiologikeskus Oy and
Cityläkarna Mariehamn Ab), while they are included in
the 2025 figures.
The figures reported on the following pages in
accordance with this standard do not include Turun
Silmälaser Oy or Silmäsairaala Pilke Oy. The 2025
health and safety figures (S14) exclude Medimar
Scandinavia Ab and Cityläkarna Mariehamn Ab. The
2024 training and skills development figures (S13)
as well as the 2024 health and safety figures (S14)
exclude Medimar Scandinavia Ab. None of the 2024
figures reported below include the companies acquired
in Finland during 2024 (SRK Group Oy, Suomen
Radiologikeskus Oy, iRad Oy, Kajaanin Radiologikeskus
Oy and Cityläkarna Mariehamn Ab).
79
Basis of preparation of the indicators
S1-6
The number of employees is reported as the head count 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 head count 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 percent of the total number of employees) as it is considered
to be material information.
The number is reported as the head count 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 has been calculated by dividing
the sum of the headcount on the last day of each month by twelve.
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 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.
Characteristics of non-employees in the undertaking’s
own workforce
S1-7
At the end of 2025, Terveystalo had 5,967 (5,967) non-employees in
its operations in Finland. Terveystalo also operates in Sweden, where
Terveystalo’s subsidiary Feelgood had 50 (48) private practitioners.
Characteristics of non-employees in the undertaking’s
own workforce
Non-employees in the undertaking’s own
workforce 2025 2024
Private practitioners
3,487 3,223
Others
2,530
2,792
Total number of non-employees in the undertaking’s
own workforce 6,017 6,015
80
Diversity metrics
S1-9
Gender distribution in top management
Gender 2025 2024
Men in top management, number 6 6
Men in top management, % 67% 67%
Women in top management, number 3 3
Women in top management, % 33% 33%
Age distribution of employees
Age distribution 2025 2024
Under 30 years, % 12% 13%
30–50 years, % 57% 56%
Over 50 years, % 31% 31%
Training and skills development metrics
S-13
The percentage of employees that
participated in regular performance reviews,
% 2025 2024
Salaried employees 63% 57%
Men 46% 38%
Women 67% 62%
The average number of training hours per
employee 2025 2024
Salaried employees 11.6 13.4
Men 6.5 7.0
Women 12.8 14.9
Basis of preparation of the indicators
S1-9
The top management consists of the CEO and 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. The comparative age distribution
figures for 2024 have been corrected due to an identified error. Previously,
employees aged 50 were included in the over 50 age group, but they have
now been reassigned to the 30–50 age group. The previously reported
figures were: 30–50 year olds 54% and over 50 year olds 33%.
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). For Sweden, the calculation is based on an estimate
derived from the requirement that all permanent employees must
participate in development discussions.
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 2025 or 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). For Sweden, the calculation of training
hours is based on an estimate of 5 hours per employee, which is likely
lower than the actual figure. The average number of training hours
includes Terveystalo employees.
81
Health and safety metrics
S-14
Health and safety indicators 2025 2024
The percentage of own workers who are covered by
the undertaking’s health and safety management
system, % 100 100
The number of fatalities as a result of work-related
injuries and work-related ill health 0 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 0
Number of accidents 239 299
Accident frequency (per one million working hours) 16.1 19.9
The number of cases of recordable work-related ill
health 0 0
Incidents, complaints and serious human rights impacts
S-17
In 2025, Terveystalo had six reports filed in 2025 relating to discrimination,
harassment or human rights violations involving its own employees, none of
which were found to be serious violations upon investigation.
Terveystalo has comprehensive processes, instructions, and channels
for reporting various types of inappropriate behaviour, harassment, and
discrimination, as well as processes known to the entire personnel for
investigating and handling cases reported through these channels. The
existing channels are Terveystalo's whistleblowing channel, which is open to
everyone, the channel for reporting hazardous incidents affecting personnel,
and the reporting process for harassment and inappropriate behaviour.
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.
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 figures do not include private practitioners.
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Workers in the value chain
S2
Material impacts, risks and opportunities and their
interaction with strategy and business model
SBM-3
Terveystalo has identified material impacts, risks, and opportunities
related to workers in the value chain in its materiality assessment, which
is presented in the ESRS 2 – General disclosures section under "Material
impacts, risks and opportunities”. The analysis of impacts, risks, and
opportunities related to workers in the value chain was primarily based
on the human rights impact assessment conducted by Terveystalo at the
end of 2024. The methodology of the human rights impact assessment
was based on the UN Guiding Principles on Business and Human Rights
and the OECD Due Diligence Guidance. Based on this analysis, Terveystalo
has identified potential material human rights impacts related to workers
in the value chain, which are described in the table below. The large-scale
and systemic human rights impacts identified in Terveystalo’s operations, as
described in the table, are typical of the supply chains of raw materials used
in the healthcare sector. These impacts occur on a broad scale in countries
where labour legislation and the protection of human rights are not at the
same level as in Western countries.
Terveystalo's business is based on an extensive and diverse supply chain
that enables the provision of effective, high-quality healthcare services. The
success of the strategy requires a reliable supply chain, which is based on
ethical principles and respect for human rights, among other things.
Supply chain responsibility is a key part of Terveystalo's targets. Decent
working conditions and the realisation of human rights throughout the
value chain support the promotion of health and well-being in society. At
the same time, they strengthen supply chain resilience, service and product
quality, and transparency.
Terveystalo recognises that the supply chain may involve challenges,
such as deficiencies in occupational safety or working conditions. These
risks are being mitigated proactively. Open cooperation with partners
and continuous development are key means of upholding a responsible
supply chain.
Workers in the value chain refer to all upstream and downstream
workers in the company's value chain who may be affected by Terveystalo's
operations, products, services, or business relationships. This group is
separate from the company's own workforce (S1–Own workforce).
Terveystalo's supply chain consists of thousands of suppliers of
goods and services, covering everything from medicines and healthcare
supplies to facility services and technology solutions. Terveystalo's direct
procurements are focused on Finnish and Nordic companies. Terveystalo's
supply chain indirectly employs tens of thousands of people worldwide
in a wide range of roles, for example, in the following goods and service
groups globally:
• Manufacturing of medical devices and care supplies: workers who
manufacture devices and supplies used in healthcare, as well as
upstream workers in the production chain who participate in the
sourcing of raw materials
• Support services: workers involved in the production of local services,
such as cleaning, laundry, and security services
• Technology and software: workers involved in the manufacturing and
assembly of IT hardware and in software development
• Construction and maintenance: workers involved in the construction of
new sites and the maintenance of existing facilities
• Manufacturing and distribution of medicines and pharmaceuticals:
workers in pharmaceutical production and logistics
The supply chain ESG risk assessment conducted in 2025 indicated
that although Terveystalo's direct contractual partners operate mainly
in countries with low human rights risk, the most significant identified
human rights risks are concentrated in the healthcare subcontracting
chains (a more detailed description can be found in section S2-4). As part
of its 2024 human rights impact assessment, Terveystalo has identified
vulnerable groups and geographical areas in its supply chain where human
rights risks are more likely. Children and young workers, workers in raw
material sourcing, and migrant workforce in the manufacturing industry
are particularly vulnerable. The identified negative impacts relate to health
and safety and the potential use of child and forced labour in the upstream
value chain in countries with weaker legislation and law enforcement.
The demographics, education level, and nature of employment of the
workforce vary significantly by industry and geographical location, thus
affecting their vulnerability. Terveystalo continues to identify and manage
these risks. During 2025, no suspected or actual serious human rights
violations or incidents related to workers in the value chain came to
Terveystalo's attention.
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Material sustainability
topics and sub-topics Impact/Risk/ Opportunity Description
Location in
the value chain
S2 Workers in the value chain
Working conditions
Health and safety Potential negative impact on the physical health
and mental well-being of value chain workers
if occupational health and safety practices are
inadequate
Terveystalo's supply chain includes approximately 4,400 suppliers, most of whom operate in the Nordic countries. However,
the upstream supply chain operations, such as raw material sourcing and manufacturing, partly take place in high-risk countries
where employee health and safety risks are more prevalent. Although visibility and influence over actors beyond Tier 1 suppliers
are limited, Terveystalo actively collaborates with suppliers to improve transparency and supplier commitment to ethical
principles. In higher-risk procurement categories, supply chain workers may face negative impacts such as unsafe working
conditions, long working hours, poor working conditions, and inadequate wages. Of these, the most material are assessed to be
potential negative impacts related to occupational health and safety. Medical devices in healthcare are often strictly regulated
and audited, which partly mitigates risks and reduces the negative impacts associated with these risks.
Upstream value chain
Other work-related rights
Forced labour, child labour Potential negative impact on a child's
development, health, and well-being if child
labour is not effectively combated in the supply
chain
Terveystalo's supply chain includes approximately 4,400 suppliers, most of whom operate in the Nordic countries. However, the
upstream production of suppliers, such as raw material extraction and manufacturing, partly takes place in high-risk countries
where there are risks related to forced labour and the use of child labour. Visibility and influence over actors beyond Tier 1
suppliers are limited, but Terveystalo actively collaborates with suppliers to improve transparency and supplier commitment to
ethical operating principles. Healthcare supplies are often strictly regulated and audited, which partly mitigates risks and reduces
the negative impacts associated with these risks.
Upstream value chain
Potential negative impact on the health, well-
being, safety, and human relationships of a value
chain worker if forced labour is not effectively
combated in the supply chain
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Policies related to workers in the value chain
S2-1
In 2025, Terveystalo developed its policies related to value chain workers
based on the results of the 2024 human rights impact assessment, as a
corrective measure in relation to the identified impacts.
Human Rights Policy
In January 2025, Terveystalo's Board of Directors approved the Human
Rights Policy, which emphasises the company's commitment and approach
to respecting human rights throughout the value chain. Terveystalo is
committed to respecting human rights in accordance with the UN Guiding
Principles on Business and Human Rights (UNGP), the fundamental
conventions of the International Labour Organization (ILO), the OECD
Guidelines for Multinational Enterprises, and the ten principles of the UN
Global Compact. In addition, Terveystalo considers the rights of identified
vulnerable groups through international standards that specify them. The
Human Rights Policy identifies negative impacts related to workers in the
value chain and describes the processes for managing and mitigating these
risks through continuous due diligence. Terveystalo is committed to taking
due diligence-based measures to avoid causing or contributing to negative
human rights impacts throughout its value chain. The content of the
Human Rights Policy is described in section G1 – Business conduct.
Code of Conduct
In accordance with its Code of Conduct, Terveystalo complies with laws
and regulations governing its operations and does not tolerate the use of
forced or child labour in any form. Terveystalo also requires its suppliers and
partners to adhere to the same ethical principles. The Code of Conduct is
described in more detail in section G1 – Business conduct.
Supplier Code of Conduct
The most important guiding policy concerning workers in the value
chain is Terveystalo's Supplier Code of Conduct. Terveystalo's Supplier
Code of Conduct emphasises Terveystalo's commitment to the UN
Guiding Principles on Business and Human Rights, the core conventions
of the International Labour Organization (ILO), and the ten principles
of the UN Global Compact. The Supplier Code of Conduct includes,
among other things, instructions and requirements related to human
rights, fundamental labour rights, and occupational safety and health.
Subcontracting is prohibited without Terveystalo's prior approval.
Terveystalo requires that suppliers with whom Terveystalo has a
procurement agreement comply with Terveystalo's Supplier Code of
Conduct or commit to complying with their own equivalent codes of
conduct. The Supplier Code of Conduct is an integral part of Terveystalo's
general procurement terms for suppliers. Terveystalo requires its suppliers
to communicate these requirements and promote their implementation
in their own supply chains. Terveystalo's procurement organisation is
responsible for the implementation of Terveystalo's Supplier Code of
Conduct. Failure to comply with the guidelines may lead to business
consequences, such as the termination of cooperation. The Supplier Code
of Conduct is available on Terveystalo's website. The Supplier Code of
Conduct is described in more detail in section G1 – Business conduct.
Procurement Policy, Procurement Guideline, and
Supplier Management Handbook
Terveystalo's procurements are based on Terveystalo's Code of Conduct,
as well as the principles of the Procurement Policy, Procurement
Guideline, and Supplier Management Handbook. The content of the
Procurement Policy is described in section G1-1 - Policies related to
business conduct and corporate culture.
The key contents of the policies are described in sections S2-2,3, including
engagement with workers in the value chain, and measures to enable the
remediation of human rights impacts.
Processes for engaging with workers in the value chain
about impacts
S2-2
Terveystalo strives for active dialogue and cooperation with its
suppliers to ensure compliance with the Code of Conduct, promote
responsible practices in its value chain, better understand its actual
and potential impacts, and improve its understanding of the context of
different industries.
Terveystalo communicates with suppliers and partners through several
channels based on the practices of the Procurement Guideline and the
Supplier Management Handbook. As part of competitive tendering
processes, before making a procurement decision, active dialogue is held
with suppliers and contractors to take their perspectives into account.
As part of Terveystalo's supplier management, regular steering group
meetings are held with significant suppliers, where themes related to the
promotion of human rights are discussed, identified development measures
are reviewed, and the effectiveness of the actions is ensured. Supplier
audits are a key part of the interaction, and where possible, the supplier's
employees are also interviewed to verify compliance with requirements in
practice. The scale of the supply chain, the lack of direct influence, and long
subcontracting chains are challenges for consulting upstream workers. The
supplier management model is described in section G1-2 Relationships with
suppliers of goods and services.
85
Processes to remediate negative impacts and
channels for workers in the value chain to
raise concerns
S2-3
Terveystalo encourages its stakeholders and workers in the value chain
to report any observed or suspected activity contrary to the Code of
Conduct through its reporting channel. Terveystalo's public reporting
channel enables confidential and anonymous reporting of misconduct or
grievances also for workers in the value chain. The link to the reporting
channel is available on Terveystalo's external website, and is also
mentioned in Terveystalo's Supplier Code of Conduct. Reports received
through Terveystalo's reporting channel are handled by designated
persons from the HR function or the Legal and Compliance team, as
well as experts appointed on a case-by-case basis and Terveystalo's
external advisors as needed. If a report received through the reporting
channel concerns impacts on workers in the value chain, subject matter
experts from, for example, the procurement, HR, and sustainability
teams would be involved in the investigation where possible. Findings
that may emerge from reports and concluded investigations are taken
into account in the development of Terveystalo Group's processes.
Deviations detected in suppliers' operations are addressed together
with the supplier, and a corrective action plan is drawn up for them, the
implementation of which is systematically monitored. The effectiveness
of the actions is ensured by regular monitoring. A detailed description
of the reporting channel process, by which received reports are handled
and whistleblowers are protected from retaliation, can be found in
section G1 – Business conduct.
Terveystalo's Supplier Code of Conduct requires that suppliers also
have an appropriate whistleblowing channel in place that enables
anonymous reporting. Suppliers must ensure that these channels are
known to and accessible by their employees. During 2025, no suspected
or actual serious human rights violations or individual cases relating to
workers in the value chain came to Terveystalo's attention.
Taking action on material impacts on workers in the
value chain and approaches to mitigating material
risks and pursuing material opportunities related to
workers in the value chain, and the effectiveness of
those actions
S2-4
Terveystalo actively seeks to identify, prevent, manage, and remediate
negative impacts on workers in its value chain and to develop sustainable
procurement practices. The measures described in the following section
cover the entire value chain and were implemented during 2025.
Terveystalo's systematic approach to supply chain risk management
is based on proactive risk identification, ESG verifications, supplier
development plans, and continuous improvement. Sustainability aspects
have been integrated into procurement processes by updating the
Procurement Policy, Procurement Guideline, and Supplier Management
Handbook. The chosen approach considers the recommendations of the
2024 human rights impact assessment and a third-party sustainability
assessment.
Resources for implementing the measures are secured as part of regular
business planning, meaning it does not require significant operating
expenses. The procurement organisation, the sustainability team, and
business representatives are responsible for the implementation. To
support its sustainability work, Terveystalo established a new role for
developing and managing responsible supply chain management in 2024.
Terveystalo implemented an updated and more comprehensive supplier
risk assessment process to identify and document potential impacts on
supply chain workers. The risk assessment process is based on quantitative
and qualitative analysis, utilising recognised international country risk
indices, databases, and reports. The risk mapping covered Terveystalo's
significant contractual partners, which represent approximately 80 percent
of the procurement spend.
Terveystalo's significant contractual partners operate mainly in Finland
and other Nordic countries. These countries rank very high in human rights
indices, which means that the human rights risks of direct procurements
are inherently low. In addition to its significant contractual partners,
Terveystalo also assessed the subcontracting chain of a key provider
of supplies. Terveystalo's most significant identified human rights risks
are concentrated in healthcare supplies that are being manufactured in
China, Malaysia, and Mexico. Terveystalo recognises that its ability to
influence the subcontracting chain is limited without a direct contractual
relationship. Despite this, Terveystalo has developed a contextual
understanding of its human rights impacts and has developed its
practices to manage them as part of procurement management,
considering the specific characteristics of different procurements.
As a primary means of managing risks to workers in the value
chain, Terveystalo requires all new suppliers to commit to Terveystalo's
Supplier Code of Conduct. Terveystalo's Supplier Code of Conduct sets
clear requirements regarding forced labour, child labour, and the health
and safety of workers, and is in line with international standards.
The scale of Terveystalo's supply chain and the large number of
suppliers require prioritisation of resources and measures to identify
and mitigate the most significant negative impacts first. Terveystalo
targets ESG verification actions primarily at higher sustainability
risk procurements, which include cleaning, laundry, and security
services, healthcare equipment and supplies, and IT hardware.
In the aforementioned procurements and in significant supplier
relationships, ESG verifications – such as ESG questionnaires, audits,
and investigations related to subcontractors – are emphasised as part
of supplier selection and monitoring during the contract period and
supplier cooperation.
The supplier ESG questionnaire includes specific questions about
the supplier's commitments, ethical business practices, supply chain
management, respect for employee rights, health and safety, and forced
and child labour. The ESG questionnaire seeks to identify potential
deviations, areas of improvement, and human rights risks.
Terveystalo conducts supplier audits in accordance with its planned
schedule, carrying out four audits per year. The goal of the audit
86
is to ensure that the supplier's business meets the agreed contractual
requirements. The audit also examines the availability of the supplier's
internal guidelines and their practical execution.
The effectiveness of the actions is ensured by regular monitoring.
Deviations detected in audits or ESG questionnaires are addressed together
with the supplier. Corrective action plans are made to address deviations
and the effectiveness of corrective actions is systematically monitored
as part of steering group meetings. Development plans are made with
significant and high-risk suppliers in particular. The aim is to support
suppliers in continuous improvement. If a supplier neglects the ethical
guidelines or jointly agreed measures, Terveystalo may terminate the
cooperation at its discretion.
Terveystalo engages in active dialogue with suppliers, sharing best
practices and participating in industry cooperation. In 2025, the company
participated in the UN Global Compact's Business & Human Rights
Accelerator programme and the Finnish Association of Purchasing and
Logistics (LOGY) forum for responsible procurement. The competence
of our own personnel was strengthened in 2025 by organising an ESG
training and a workshop on human rights risk management for employees
responsible for procurement. In addition, Terveystalo's sustainability team
offers support to suppliers in developing their sustainability work.
Targets related to managing material negative impacts,
advancing positive impacts, and managing material
risks and opportunities
S2-5
Suppliers who have accepted the Supplier
Code of Conduct
Terveystalo strives to ensure the realisation of ethical and responsible
business throughout its value chain. The Supplier Code of Conduct is
Terveystalo's primary tool for managing the material negative impacts
identified in the upstream value chain. By requiring contractual suppliers
and suppliers participating in tenders to commit to the ethical guidelines,
Terveystalo sets clear expectations and contractual obligations for
respecting human rights and safeguarding fundamental labour rights. The
ethical guidelines contain clear requirements that prohibit child and forced
labour and require ensuring a safe and healthy working environment.
The set target measures the extent of the supply chain's commitment to
internationally recognised standards, ILO and UN sustainable development
principles, and thus the interests of the supply chain workers have been
considered in target setting and in assessing the effectiveness of the
target. The target related to managing negative impacts is described
in section G1-1.
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Consumers and end-users
S4
Material impacts, risks and opportunities and their
interaction with strategy and business model
SBM-3
Terveystalo plays a key role in reforming healthcare in Finland, preventing
diseases, and promoting people's well-being. The company provides
private healthcare services in Finland and occupational health services
in Sweden through its subsidiary Feelgood. In 2025, Terveystalo had a
total of approximately 1.2 (1.2) million individual customers and 7.2 (7.6)
million customer visits in Finland, as well as a total of over 1.7 (1.7) million
end-customers of occupational health services in the Nordic countries.
Terveystalo's digital channels have over 2.7 (2.6) million registered
users in Finland.
Terveystalo's most significant positive sustainability impact arises from
providing seamless, compassionate, and effective integrated care to
its customers, which is also the core of Terveystalo's business strategy.
According to Terveystalo's strategy, integrated care means that Terveystalo
understands its 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 pathway, works in multidisciplinary teams,
and measures and improves the effectiveness of care.
According to Terveystalo's strategy, the integrated care model aims for
positive societal impacts, which can be seen, for example, in the effective
prevention of diseases, rapid access to care, smooth care pathways, and
good treatment outcomes. High-quality occupational healthcare based
on integrated care is effective when it promotes the health, work ability,
and well-being of employees efficiently and with measurable results.
Effectiveness is reflected, for instance, in reduced sickness absences,
improved work ability and productivity, and 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 pathways ensure effective, timely care. Cooperation and partnerships
with the public sector provide solutions for improving access to care.
Patient safety is the foundation of quality of care, ensuring the safety
of treatment and protecting the patient from harm. From the patient's
perspective, patient safety means receiving the right treatment at the
right time and in the right way. A compromise in patient safety can result
in an adverse event for a customer and, in the case of serious adverse
events, lead to liability for damages for the company. The protection of
patient data is an important part of patient safety. As the role of digital
services in healthcare grows and reshapes the industry, the requirements
for data protection and information security also increase. Everyone
working at Terveystalo and on behalf of Terveystalo must ensure the
protection of privacy and the implementation of data protection in all
activities involving the processing of patient information. A compromise in
information security or data protection can lead to operational restrictions
imposed by authorities, financial sanctions, claims for damages, and other
financial losses, which would have a detrimental effect on Terveystalo's
financial performance.
The main barriers to accessing Terveystalo's services are related to the
price and geographical location of the services. In addition, patient groups
for whom the use of digital services is challenging may increasingly perceive
digitalisation as a threat to accessibility rather than a benefit from an
efficiency perspective. Other accessibility challenges for customers and
patients include the continuity of care between different organisations –
especially for those with chronic illnesses and those receiving care from
multiple organisations.
The material impacts, risks, and opportunities related to consumers and
end-users described above have been identified in the company's double
materiality assessment and are presented in more detail in the table below.
The material impacts, risks, and opportunities related to end-users include
all end-users likely to be materially affected by Terveystalo's operations. In
the double materiality assessment, which for social impacts was also based
on the human rights impact assessment conducted in 2024, Terveystalo
formed an understanding of how end-users with certain characteristics or
who use certain services could be at a greater risk of harm.
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Material sustainability
topics and sub-topics Impact/Risk/ Opportunity Description
Location in
the value chain
S4 Consumers and end-users
Information-related impacts for consumers and/or end-users
Privacy Potential negative impacts from a data breach that could expose
sensitive personal data and could lead to misuse of data
Weakened data protection or information security can jeopardise the privacy of Terveystalo's patients and other stakeholders, exposing sensitive
personal data to misuse. This could lead to fraud, identity theft, discrimination, and reputational damage.
Own operations,
downstream value chain
Potential risk of a data breach, which could lead to a loss of
trust and an increase in costs
A data leak of confidential customer or company information could lead to financial sanctions, operational restrictions imposed by authorities,
claims for damages, and other significant financial losses. This would have a negative impact on Terveystalo's reputation, customer relationships,
and partnerships.
Own operations
Potential negative impacts from denial-of-service attacks and
other disruptions that can hinder customers' access to services
and service availability
Cyber-attacks, such as denial-of-service (DoS) attacks and disruptions affecting the availability or integrity of systems, could hinder Terveystalo's
operations and customers' access to and availability of services. The risk is increased by the growing number of cyber-attacks.
Own operations,
downstream value chain
Potential risk of denial-of-service attacks and other disruptions
that can lead to a loss of trust and cause costs
Cyber-attacks, such as denial-of-service (DoS) attacks and disruptions targeting the availability or integrity of systems, could hinder Terveystalo's
operations, weaken the customer experience and trust, and cause significant costs. Such disruptions could also have an adverse effect on the
company's reputation.
Own operations
Personal safety of consumers and/or end-users
Health and safety Actual positive impacts from seamless, compassionate and
effective integrated care and customer experience
The most significant positive sustainability impact of Terveystalo's operations arises from providing seamless, compassionate and effective
integrated care to its customers, which is also the core of Terveystalo's business strategy. According to Terveystalo's strategy, integrated care
means that at Terveystalo, we understand customers and their needs, prevent and manage health risks, guide the customer to the right service
and care, take care of the patient throughout the entire care pathway, work together in multi-professional teams, and measure and improve the
effectiveness of care.
Terveystalo's strategy states that the integrated care model aims for positive societal impacts, which can be seen, for example, in effective
disease prevention, rapid access to care, smooth care pathways, and good treatment outcomes. High-quality occupational healthcare based on
integrated care is effective when it promotes employees' health, work ability, and well-being efficiently and with measurable results. Effectiveness
is reflected, for example, in reduced sickness absences, better work ability and productivity, and increased well-being at work, which reduces
premature retirements and saves costs for customer companies. Terveystalo's digital services speed up access to care, and smooth integrated
care pathways ensure effective, timely care. Cooperation and partnerships with the public sector provide solutions for care availability.
Own operations,
downstream value chain
Opportunity related to seamless, compassionate and effective
integrated care, which can lead to increased revenue
The most significant positive sustainability impact of Terveystalo's operations arises from providing seamless, compassionate and effective
integrated care to its customers, which is also the core of Terveystalo's business strategy. Terveystalo aims to differentiate itself by offering an
excellent customer experience in all customer encounters, regardless of the channel. The goal is for every customer to feel they receive high-
quality and smooth service and to experience the encounter as compassionate and personal. Successful encounters and interaction support the
patient's commitment to care and the effectiveness of the care. Customer experience and the effectiveness of care are continuously measured at
Terveystalo. High customer satisfaction has an indirect positive effect on Terveystalo's operational and financial performance. This opportunity is
also strengthened by demographic factors, such as the ageing population and the growing demand for mental health services.
Own operations,
downstream value chain
Opportunity related to preventive care enabled by
digitalisation, which creates new business opportunities and
increases revenue
Terveystalo plays a key role in reforming healthcare in Finland, preventing diseases, and promoting people's well-being. Preventive care covers
health promotion, early detection, and patient selection. This opportunity is strengthened by the development of digital solutions, data, and
artificial intelligence. Research and innovation concerning prevention are likely to open up new sources of revenue and improve reputation, as
they respond to the sustainability challenges of the Finnish healthcare system.
Own operations,
downstream value chain
89
Material sustainability
topics and sub-topics Impact/Risk/ Opportunity Description
Location in
the value chain
Social inclusion of consumers and/or end-users
Accessibility of products
and services
Actual positive impacts related to access to care and
availability of care
Terveystalo's digital services speed up access to care, and smooth integrated care pathways ensure effective and timely care. Cooperation and
partnerships with the public sector offer solutions to improve access to care.
Own operations,
downstream value chain
Potential negative impacts from barriers to access to care and
availability of care
The biggest barriers to accessing Terveystalo's services are related to the price of services and geographical location. In particular, the chronically ill
avoid using services due to financial constraints. The situation for certain patient groups is eased by increasing the Kela reimbursements for using
private medical services. Patient groups also feel that insufficient price transparency and clarity weaken the accessibility of services. In addition,
those patient groups for whom the use of digital services is challenging, increasingly perceive digitalisation as a threat to accessibility rather than a
benefit from an efficiency perspective. Other accessibility challenges for customers and patients include the continuity of care between different
organisations – especially for the chronically ill and those receiving care in several different organisations.
Own operations,
downstream value chain
Potential risk of limited service availability and the perceived
value of services in relation to price
Terveystalo faces risks related to the accessibility, efficiency, and productivity of healthcare services. If customers perceive that the price of services
and the value received are disproportionate, this may weaken Terveystalo's societal esteem, which could lead to a decrease in sales, weaker
growth, and reputational damage. This risk is amplified by demographic factors, such as the ageing population and growing care needs. To
address these challenges, Terveystalo has focused on improving operational efficiency and utilising digitalisation. However, recent remarks from
public authorities on pricing practices and the use of public funds pose an additional risk.
Own operations,
downstream value chain
Terveystalo's customer groups
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 25,000
companies and organisations that have approximately 722,000 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 5,000
corporate customers in Sweden, which have about one million employees
covered by occupational health services.
Consumer customers
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 organising publicly funded healthcare and social welfare services, and
public sector occupational health customers. Terveystalo offers solutions
to the public sector for healthcare personnel shortages, 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 negative 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
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marketing and sales strategies. Terveystalo’s services also do not inherently
increase the risk of chronic diseases for any customer group. Engagement
with end-users about impacts is described in section SBM-2 Interests and
views of stakeholders.
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, as well as imaging and laboratory tests. In addition, the company
offers advanced surgery, well-being services, oral health services, public
healthcare outsourcing services and healthcare staffing services.
Terveystalo provides appointments with general practitioners,
occupational health physicians and specialists across various specialities at
its extensive network of clinics and hospitals throughout Finland, as well as
through digital channels via video or chat appointments.
Preventive occupational health services include workplace surveys to
assess workplace conditions and factors that expose employees to health
risks, health check-ups, and proposals for measures to improve working
conditions and promote 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, as well as
X-ray, CT, and MRI services, among others.
Terveystalo's hospital services include general surgery, orthopaedic
surgery, and eye surgery, among others. Terveystalo offers these services
through its network of 17 hospital units.
Terveystalo's well-being services include physiotherapy, psychologist
and psychotherapist services, nutritional therapy, work ability coaching,
massage, and vaccination services.
Terveystalo’s subsidiary Feelgood, which operates in Sweden, offers
services in preventive occupational health including risk assessments,
ergonomics and physiotherapy, organisation and leadership consultation,
and prevention of harmful use. In addition, the company provides private
healthcare and well-being services to its occupational care customers´
employees and their families through the digital service Feelgood Plus.
Policies related to consumers and end-users
S4-1
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 where 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 work is to ensure the availability of services,
patient safety, a high-quality and continuously improving customer
experience, the realisation of data protection and information security,
compliance with recommendations, and the development of treatment
effectiveness. Terveystalo’s quality is monitored and measured at many
levels. The results of operations are reviewed regularly, and based on
them, development areas are identified and necessary changes are made.
Terveystalo’s quality work is based on a quality management system that
meets the requirements of the international ISO 9001 quality management
system standard. Terveystalo has set quality targets that exceed the
standard's requirements. Quality is managed as part of the management
structures at all organisational levels, from senior management to the daily
work of individual 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 described in Terveystalo’s integrated management
system. The quality and operational management system serve as tools
for everyone at Terveystalo to ensure that their actions comply with the
requirements and produce the desired outcomes. Terveystalo’s policies (self-
assessment plan, operating policy, quality policy, risk management policy,
Code of Conduct, data protection and information security policy, and
environmental policy) guide operations in addition to common processes,
guidelines, procedural rules, and standards. The guidelines related to
the data protection of patient data are described in the company's Data
Protection Handbook for patient care. The Current Care Guidelines, as well
as 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.
Quality management at Feelgood in Sweden is focused on consistently
meeting customer needs and expectations. The quality level is continuously
raised through systematic improvement processes. A key element of this
work is the ongoing and structured measurement of customer perceptions
of services and performance. The results of these measurements form an
integral part of continuous development efforts, and customer complaints
and feedback are treated with the utmost seriousness.
Clear policies and uniform governance structures with defined targets
guide Feelgood’s quality management. Compliance is maintained with
the occupational health industry’s quality specifications for Swedish
occupational health services, and Feelgood has authorised membership
in Sveriges Företagshälsor (Swedish Occupational Health Services). This
authorisation entails rigorous quality assurance requirements designed to
ensure high standards and value-adding service delivery. As an authorised
provider, obligations include maintaining occupational health expertise,
continuous professional development, ISO certification, adherence to
evidence-based guidelines and methods, annual reporting of specific
indicators, and participation in industry development forums where
relevant. Feelgood holds certification under internationally recognised
ISO standards for quality, environment, occupational health and safety,
and information security. The following certificates are maintained: ISO
9001:2015, ISO 14001:2015, ISO 45001:2023 and ISO/IEC 27001:2023.
The company's policies are in line with or exceed the internationally
recognised norms concerning end-users and business and human rights,
such as the UN Guiding Principles.
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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 (the 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, and a safe
and healthy working environment). If the company's actions may 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 the 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, or the OECD
Guidelines for Multinational Enterprises.
The following paragraphs describe the key policies and procedures that
guide operations with regard to access to care, the quality and effectiveness
of care, the customer experience, and patient data protection and
information security.
Terveystalo’s Code of Conduct and risk management policy are described
in section G1 – Business conduct.
Self-assessment plan
In Finland, the Act on the Supervision of Social Welfare and Health Care
(741/2023) requires that 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 programme in electronic format regarding the tasks and services
they are responsible for, and to publish the self-assessment programme in
a public information network or in another manner that promotes public
access to the information. A service provider's self-assessment programme
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 from 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.
The Supervision Act requires that 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 four-month
intervals in a public information network or in another manner that
promotes public access to the information, 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,
as well as the measures taken as a result, must be published at four-month
intervals in a public information network or in another manner that
promotes public access to the information.
Terveystalo adheres to a self-assessment plan drawn up in accordance
with the guidelines of the National Supervisory Authority for Welfare
and Health (Valvira), which is supplemented by operating handbooks
and process maps with their work instructions. The self-assessment plan
defines how Terveystalo ensures the medical quality and patient safety of
its operations. Each clinic must have defined practices for implementing the
measures presented in the self-assessment plan.
Terveystalo's self-assessment plan is prepared by the service manager of the
patient safety team together with the persons in charge of each function and
service line. The self-assessment plan is reviewed by the Chief Administrative
Physician and approved by the Chief Medical Officer. The implementation of
the self-assessment plan is monitored, for example, in internal and external
audits. 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 Working Group, and any changes are reported every
four months when the self-assessment plan is updated.
Quality Policy
Terveystalo's Quality Policy describes Terveystalo's commitment to high
quality standards and the continuous improvement of its operations, and
includes quality objectives and principles for ensuring quality. The Quality
Policy supports Terveystalo's values and strategy.
For Terveystalo, high quality is a matter of honour, which is managed at
all levels of the organisation and implemented in everyone's daily work.
Common processes and measurability guide Terveystalo towards good and
consistent operations.
Terveystalo's high-quality and customer-oriented services promote the
health of Finns and, at the same time, the well-being of the entire society.
Terveystalo always offers customers smooth, caring, and effective integrated
care. Terveystalo is a humane workplace where professionals can focus on
what is essential. Terveystalo fosters a culture that supports continuous
development and monitors and measures its quality at many levels and
with many indicators, based on which operations are regularly reviewed,
development areas are identified, and necessary changes are made.
Terveystalo's quality work is based on medical, operational, and
experiential quality. Terveystalo's quality objectives are set based on these
aforementioned areas.
The goal of medical quality is to ensure that Terveystalo's operations
are measurably the best and medically effective. Medical quality and
effectiveness are measured extensively, and the results are utilised in
management and development.
The goal of operational quality is to ensure that Terveystalo always
offers its customers effective integrated care. The management and
development of operational quality include ensuring compliance with
operating processes and instructions, risk management, the implementation
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of data protection and information security, and the promotion of
environmental responsibility.
The goal of professional experiential quality at Terveystalo is to be
the best and most attractive workplace in the industry for professionals.
Regarding the customer's experiential quality, Terveystalo always aims for
an excellent customer experience in all channels and encounters. Customer
and professional feedback is extensively used in managing experiential
quality and effectiveness.
Terveystalo's Quality Policy is approved by the Board of Directors, and its
implementation is overseen by the ESG & Quality Steering Group.
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 lifecycle 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
Medical Officer.
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 information processing. Information security is continuously
developed based on observations, audits, and changing legislation.
Ethical principles of artificial intelligence
Terveystalo is committed to the responsible and ethical use of artificial
intelligence (AI) as part of its business and service development.
The principles guiding the use of AI are a key part of the company's
sustainability programme. Terveystalo's ethical principles for AI form a
framework that ensures AI solutions are developed and implemented
responsibly, transparently, and in a socially sustainable manner. The
principles guide the use of AI throughout its lifecycle and are regularly
updated to meet technological developments and regulatory requirements.
The key principles are:
• Responsibility: AI is used in line with sustainable development
goals, particularly to address the care deficit and improve access to
care. The aim is to maximise the societal benefit of AI and minimise
environmental impacts.
• Human-centricity: AI is used in a way that supports human rights, health,
and well-being, and strengthens the agency of healthcare professionals
in line with Terveystalo's values. AI should be used to benefit patients,
either indirectly through more efficient use of resources or directly
by improving access to care, treatment outcomes, and the customer
experience.
• Clear division of responsibility: Terveystalo takes responsibility for the AI
technologies it uses. Individual employees are responsible for using AI
technologies in accordance with Terveystalo's instructions and policies. A
clear division of responsibility is supported at Terveystalo by increasing
employees' awareness of the responsible use of AI.
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• Validity: AI solutions are based on reliable data and clearly defined
purposes. Terveystalo adheres to medical research, technological
advancements, and relevant regulations and guidelines in the use of AI.
• Safety: Terveystalo only uses AI systems that are reliable and strongly
protected against misuse and harm. This requires continuous measures to
protect against vulnerabilities and maintain integrity. Terveystalo ensures
that AI systems operate reliably and consistently, and regularly assesses
the security and compliance measures of its partners' AI systems. Strong
cybersecurity measures are essential for protecting AI systems from cyber
threats and vulnerabilities. Terveystalo continuously monitors AI systems
to detect and resolve any problems that may arise during use.
• Transparency and explainability: Terveystalo provides clear information
about the use of AI and ensures that the operation of AI is traceable and
understandable.
• Privacy and data protection: Privacy and data protection are primary
factors in the development and use of AI, and Terveystalo always strives to
ensure compliance with applicable privacy and data protection legislation
at all stages of AI development and use.
• Fairness: Terveystalo requires that AI systems do not discriminate
against individuals. AI outputs must be evaluated to ensure fairness
and non-discrimination among different population groups. Terveystalo
ensures that AI systems provide fair treatment and recommendations to
all individuals regardless of their background.
• Continuous improvement: Terveystalo continuously evaluates the
functionality and impacts of AI solutions and develops them systematically.
The ethical principles of AI are approved by the Group's Executive Team.
Processes for engaging with consumers and end-users
about impacts
S4-2
Terveystalo aims to provide excellent customer experience across all its
service channels. Customer feedback provides valuable information for
developing operations and services, with the aim of strengthening
Terveystalo’s positive impacts on end-users and to prevent negative
impacts. Terveystalo collects customer feedback systematically and
offers several channels for giving feedback, such as the Terveystalo app,
online forms, feedback forms at clinics, and oral and written feedback.
Terveystalo conducts customer satisfaction surveys for its corporate
customers to monitor the customer experience.
Customer experience and satisfaction are measured by a continuous
Net Promoter Score (NPS) survey conducted via text message with
random sampling, as well as customer experience surveys aimed at
corporate customers. Customer experience and satisfaction are also
measured on a professional-specific basis after each doctor's visit. At
that time, the visit-specific effectiveness of care is measured by the
PEI (Patient Enablement Instrument), which measures the customer's
perceived ability to cope with their illness or health condition after the
appointment. The NPS and PEI index are key performance indicators for
which measurable targets have been set. The targets are described in
section S4-5 Targets related to promoting material positive impacts on
end-users, which also provides more detailed calculation principles for
the NPS and PEI figures.
Terveystalo has a uniform procedure and monitoring for handling
customer feedback. Each clinic has a designated quality and patient
safety officer who is responsible for processing feedback and ensuring
its careful handling. Customers are always given a response if they
request one. Customer feedback is regularly monitored and reported,
and it is used in both 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 are responsible for ensuring that customer
feedback is taken into account in the monitoring, implementation, and
development of overall quality in their respective areas.
Regarding data protection or information security, Terveystalo does
not have a separate customer feedback process – instead, 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.
In Sweden, Feelgood systematically collects customer feedback and
uses it to improve services. Feedback can be provided through multiple
channels, including online forms, at service locations and verbally.
Regular satisfaction surveys are conducted for corporate customers, and
all feedback is processed in accordance with the company’s ISO-certified
quality management system and continuous improvement process. This
approach aligns with the Group’s practices and ensures that end-users
in Sweden also have the opportunity to provide feedback and influence
service development.
Processes to remediate negative impacts and channels
for consumers and end-users to raise concerns
S4-3
Terveystalo’s customers have 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 are required to file an incident report if they
observe an issue that threatens patient or customer safety, or data
protection or information security. Incidents are classified according to their
nature into near misses and adverse events.
A near miss is a situation where an event threatening patient or
customer safety or data protection was close to happening, but the harm
was avoided, for example, by chance or by intervening in the observed
hazardous situation, such as when a patient was about to be given the
wrong dose of medication, but a double-check prevented it.
An adverse event means that an incident threatening a patient's
safety or data protection occurred – for example, a patient was given
the wrong dose of medication or a patient's sensitive information was
disclosed to third parties. The report is made by Terveystalo's personnel
using an electronic form. A patient, customer, relative or family member,
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as well as a pharmacy or a wellbeing services county, can also file an
incident report using the dedicated form available on Terveystalo's website.
In the incident processing procedure, an email alert for each incident
report is sent to the clinic's quality and patient safety officer, the feedback
and incident handlers, and the physician or dentist in charge. The quality
and patient safety officer and the feedback and incident handler are
responsible for initiating the processing of the incident and coordinating it
with the persons in charge of different functions. The physician/dentist in
charge is responsible for the medical assessment of the incident. The quality
and patient safety officer and the feedback and incident handler ensure
that a root cause analysis is carried out and corrective measures are taken.
In 2025, the proportion of near-miss reports at Terveystalo was 58.9 (54.1)
percent of all 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 2025, Terveystalo's ratio of
compensated patient injuries to the total number of appointments was
0.0009 (0.0005) 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.
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
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.
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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
S4-4
The most significant positive sustainability impact of Terveystalo’s
operations arises from providing smooth, 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 pathways, 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 pathways. For insurance companies,
value is created by efficient care pathways 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 pathway, 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 pathway, 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 continuous
and planned measures, as well as the measures implemented in 2025,
to promote positive impacts on Terveystalo’s customers. These measures
are part of normal business development and are funded through
Terveystalo’s regular budgeting and investment planning.
Terveystalo as a pioneer in digitalisation
Terveystalo is a pioneer in healthcare digitalisation in Finland. Over
2.7 million Finns use Terveystalo's digital services, and over a million also
have access to Terveystalo's applications in public healthcare.
The priorities of digitalisation include:
• utilising data to identify and prevent health risks,
• speeding up access to care in a multi-channel production model,
• systematically measuring and continuously developing the
effectiveness of care.
Terveystalo develops digital solutions for both consumer and corporate
customers. Consumers are offered remote appointments, chat services,
digital care pathways, and modern health technology solutions. For
corporate customers, Terveystalo provides smart work ability management
tools, such as the Suunta and Sirius systems, and AI-powered programs for
predicting work ability risks.
Terveystalo uses a digital self-assessment of the need for care, which
facilitates access to care and interaction in case of illness by guiding
customers to the right professional and the right service channel in
a timely manner. The tool analyses the symptoms described by the
customer, makes an urgency assessment, and forwards the information
to the receiving professional in advance, which speeds up the treatment
process and reduces unnecessary visits.
In 2025, a joint venture established with the Swedish technology
company MedHelp and other owners will accelerate the development
of a modern occupational health platform. AI and data analytics enable
the identification of individual and organisational level risks and the
optimisation of occupational health services. The goal is to bring all
occupational health solutions onto a single platform, which will enhance
the efficiency of professionals' work and improve the customer experience.
Terveystalo is also developing digital services for the public sector, such as
AI-assisted documentation assistants, smart chatbots, and digital platforms
for use by wellbeing services counties. These can reduce unnecessary
patient contacts, enhance self-service, and ensure continuity of care.
Terveystalo is committed to the responsible use of AI and has published
its own ethical principles for the use of AI in healthcare. Technology is
always developed based on customer needs, and the goal is to provide
high-quality, smooth, effective, and humane services.
AI supports effective, safe, and human-centred healthcare
Terveystalo utilises artificial intelligence (AI) in various ways to develop
its services, focusing particularly on improving the availability and
quality of care, supporting the work of professionals, and enhancing
internal processes.
AI is used to improve the quality of care, for example, in imaging. In
magnetic resonance imaging (MRI), AI calculation using neural networks
improves image quality and reduces imaging time. AI can also improve
access to care by making professionals' work more efficient. For instance,
in chat appointments, AI-assisted patient record documentation is already
a daily practice: AI drafts a proposal for the patient record for the doctor
based on the patient's initial information and the chat conversation. The
doctor either approves, modifies, or rejects the record. AI is also used in
feedback processing, internal information retrieval, and streamlining daily
work, which improves the customer experience and frees up professionals'
time for patient work. The quality, patient safety, and value produced by AI
are closely monitored at Terveystalo. Patient data is processed with AI only
when it is necessary for providing care, and patient data cannot end up in
any form of unauthorised external use. The doctor is always responsible for
the care and treatment decisions.
In April 2025, Terveystalo published its ethical principles for AI,
which guide all AI development and use. The principles emphasise
human-centricity, responsibility, transparency, safety, and privacy. All
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of Terveystalo's AI projects strictly adhere to data protection legislation
and information security requirements, and new tools undergo rigorous
evaluations before deployment. Terveystalo's AI team oversees AI
governance, supports projects, and ensures regulatory compliance.
Terveystalo invests heavily in staff competence and organises AI-related
training sessions that cover the basics of AI, usage rules, and applications.
Professionals only use tools approved by Terveystalo, and AI development
is done in close collaboration with healthcare professionals. In addition,
Terveystalo extensively collects information on the impacts of AI projects on
the quality of care and conducts peer-reviewed research so that the lessons
learned can be shared more widely for use in healthcare and medicine.
Terveystalo Ella – more time for patient care
Terveystalo is developing a new modern patient information system,
Terveystalo Ella, in collaboration with healthcare professionals. The
goal of Ella is to streamline appointment work, free up time for patient
interaction, and provide a genuinely intelligent tool for care planning and
implementation. Terveystalo Ella also brings concrete benefits to customers.
The system is designed to improve the quality and continuity of care and
the customer experience.
With Ella, the treating professional can quickly access information
relevant to the patient's care, enabling more personalised and effective
treatment. When information flows smoothly and the treatment history
is visible in a single view, every doctor can act as the patient's personal
physician – regardless of where or when the care takes place.
The system supports care planning and implementation through care
pathways, ensuring that treatment proceeds as planned, in a timely manner,
and by the right professional. This reduces duplicate visits, improves
treatment outcomes, and provides assurance to the customer.
Customer-centricity is emphasised in Ella's development: when the
professional's work becomes smoother, more time is left for interaction and
listening to the patient. Terveystalo Ella is a step towards healthcare where
technology supports humane care.
A two-year development programme is
renewing occupational health services with
a technology-driven approach
Terveystalo has launched a two-year development programme in
occupational health, with a special focus on the effectiveness of preventive
services, reducing production costs, and streamlining the corporate
customer's experience. The programme will continue until 2027.
In the coming years, Terveystalo will invest heavily in digital solutions
that support work ability and create added value for corporate customers.
In 2025, a joint venture established with the Swedish technology company
MedHelp and other owners will accelerate the development of a modern
occupational health platform. The goal is to utilise MedHelp's AI-based
health service platform as part of the digital development of occupational
health. MedHelp's AI-based health platform offers employers effective tools
for managing and reducing sickness absences and will gradually replace the
current digital occupational health solutions during 2026.
The occupational health development programme is a comprehensive
development project that combines customer understanding, professional
expertise, and digital tools with the aim of further strengthening Terveystalo's
role as a partner in working life and a pioneer in sustainable healthcare.
Digital solutions to strengthen mental health support in
occupational health
Mental health problems are among the three most common diagnostic
groups at Terveystalo, and ensuring the right and effective treatment for
mental health issues is one of the priorities of Terveystalo's medical strategy.
In 2025, Terveystalo launched the "Therapies to the Frontline in Occupational
Health" project, a key objective of which is to promote well-being
more broadly.
The "Therapies to the Frontline" model provides occupational health
nurses with new, structured ways to identify various challenging situations
affecting mental health and offers clarity on how to encourage clients to
take responsibility for their own well-being in certain situations. The model's
digital tools – such as the therapy navigator, initial assessment, and self-care
programmes – support professionals in identifying clients' mental health
challenges and providing individualised support. Clients are actively guided
to reflect on their own situation and take responsibility for their well-being,
which strengthens their self-efficacy and promotes the effectiveness of care.
The "Therapies to the Frontline" operating model was first implemented
in the Pohde wellbeing services county. The implementation of the model
is supported by regional training, and the goal is to expand its use to the
entire Terveystalo occupational health network during 2026. Effectiveness is
systematically monitored through customer feedback and research evidence,
and preliminary results show that the service provides value to both clients
and organisations.
A common customer encounter model strengthens service
quality and consistency
Terveystalo has developed the HETKI model to support customer service,
serving as a practical tool for nearly 800 customer service professionals and
supporting supervisors in managing customer service. The model encapsulates
Terveystalo's way of encountering customers and ensures that every customer
interaction is as smooth, caring, and effective as possible. The idea behind the
HETKI model is that as digitalisation and self-service become more common,
the importance of human interactions is emphasised – every moment with the
customer is an opportunity to build a good customer experience.
The HETKI model was developed during 2025 in close collaboration with
customer service employees, supervisors, the customer experience team,
and an external service design agency. The design of the model also utilised
customers' views and expectations, which emphasise friendliness, competence,
quick problem-solving, and a personal touch. The implementation of
the model began in autumn 2025 in the clinics' customer service, and its
expansion to the centralised customer service centre is planned for early 2026.
The goal is that by the end of 2026, the HETKI model will be integrated into all
customer encounters at the clinics.
The HETKI model is not just a single development project but part of
the long-term development of Terveystalo's culture and operations. It
allows for the systematic improvement of customer service quality, and
the management of the customer experience becomes more uniform
throughout the organisation.
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Personal doctor model brings continuity and savings to
home care for the elderly
Terveystalo has developed a personal doctor model for home care for the
elderly, and its effectiveness has been demonstrated in an independent
study by NHG
1)
in the Kanta-Häme wellbeing services county. In the model,
a designated doctor is responsible for the health services of home care
clients in a comprehensive manner. The service includes regular doctor's
rounds – both remotely and at the client's home – an overall assessment of
medication, and the opportunity for home care nurses to consult the doctor
on residents' health issues.
According to the study, the personal doctor model lowered home care
costs by 17 percent and reduced the need for care days outside the home
by 27 percent. The effectiveness of the model is based particularly on the
strong expertise and commitment of doctors trained for the task, as well as
close cooperation with the nursing staff. The retention rate of doctors has
been exceptionally high (97 percent), which guarantees continuity of care
and improves its quality.
The wellbeing services county benefits from the service not only in the form
of cost savings but also through the predictability and continuity of care. The
model reduces the burden on the elderly caused by changes in care locations
and supports humane, home-based care. Terveystalo's personal doctor model
is easily replicable for all wellbeing services counties, and its implementation
supports meeting the needs of the ageing population in a sustainable,
high-quality, and cost-effective manner.
1)
Terveystalo x Oma-Häme x NHG Effectiveness study of the home care doctor service
model: Summary version of the final report. 30 September 2025.
Innovative self-measurement service supports disease
prevention and maintenance of work ability
Terveystalo has entered into a strategic partnership with the Finnish health
technology company MedicubeX, through which Terveystalo has access
to the e-Health Stations™ developed by MedicubeX. The aim of the
partnership is to strengthen disease prevention and support public health
through a low-threshold service.
The e-Health Station™ offers customers the opportunity to perform
a self-service health check-up in about five minutes. The measurement
includes, among other things, blood pressure, heart rate, oxygen saturation,
respiratory rate, temperature, weight, body composition, assessment of the
risk of cardiovascular diseases and type 2 diabetes using the AGE value, and
a brief ECG. The service supports the early detection of lifestyle diseases
and motivates customers to monitor their own health regularly.
The first e-Health Station™ was deployed in September 2025 for the
personnel of Teollisuuden Voima at the Olkiluoto nuclear power plant as
part of occupational health services. Customers receive reference values
from their measurement results and a recommendation to discuss the
results with the occupational health team if necessary. Terveystalo provides
expert support for interpreting the results and for further examinations if
needed. The service supports the maintenance of work ability, especially
in safety-critical work environments, and its expansion to more client
organisations is planned for the future. The innovative self-measurement
service is part of Terveystalo's long-term work to promote health and
prevent diseases.
Blood analysis technology expanded from occupational
health to consumers – prevention for an even
wider audience
From the beginning of 2024, Terveystalo's occupational health customers
in Finland gained access to Nightingale Health's blood analysis as part of
health check-ups. The technology helps to detect the risk of developing the
most common chronic diseases, and with its help, Terveystalo's occupational
health can support disease prevention. By the end of 2025, approximately
200,000 occupational health customers had received a risk report based
on a blood analysis. Terveystalo takes care of the health of over 722,000
working-age Finns and offers an increasing number of people a view of their
personal susceptibility to common chronic diseases and support for lifestyle
changes.
In 2025, the use of the technology was expanded to consumer customers
in the form of a new product, the Lifestyle Disease Risk Analysis. The
product was launched in May 2025, especially for people over 60, but it is
available to all adults over 18 without a doctor's referral. Based on a blood
test, the risk analysis indicates the risk of developing eight lifestyle diseases
and provides the customer with an illustrative report that can be used to
monitor the effect of lifestyle changes on their own risk of illness.
The results are delivered to the Terveystalo app and online service, and
the customer can, if they wish, book a separate appointment to review the
results with a nurse or a doctor specialising in lifestyle medicine.
The new product replaced the previous Terveystalo + Nightingale
wellness measurement, and its launch supports Terveystalo's strategy to
offer effective, preventive services also to customers outside of working
life. In 2025, development work also continued on the occupational health
side, especially in the development of various interventions, such as digital
lifestyle coaching. Monitoring is used to ensure that the implemented
measures actually reduce the risks of illness.
Terveystalo’s care pathways support self-care and improve
the efficiency of healthcare operations
Since 2021, Terveystalo has been developing care pathways based on the
Current Care Guidelines and other generally accepted clinical practice
guidelines. The aim of the care pathways 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 pathways serve as a tool for healthcare professionals, who see
treatment recommendations and follow-up measures based on the
working diagnosis as alerts in the patient information system. These
include suggestions for diagnostics, such as laboratory and imaging tests,
and situations where a specialist consultation or therapies, such as brief
psychotherapy or physiotherapy, are recommended. The care pathways
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 pathways enable clearer and smoother
care and a better understanding of the course of treatment. For healthcare
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professionals, they provide tools that make their work easier, reduce the
administrative burden, and support decision-making.
By the end of 2025, approximately 80 care pathways were in use,
covering, among other things, the treatment of lower back pain, depression
and anxiety, insomnia, and paediatric lower respiratory tract infections.
During the year, the care pathways were further developed, for example,
by clarifying the guidance. In addition, work was initiated to turn the
questionnaires measuring the effectiveness of care into medical devices,
which will further enhance the monitoring of care effectiveness and support
the transition towards even more effective treatments.
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 forms the
foundation of this work, and its goal is to create an open and trust-based
atmosphere where employees can raise concerns and report incidents
without fear of sanctions or blame. The systematic processing of concerns and
incidents ensures that similar situations can be prevented in the future. The
maintenance and development of patient safety culture is supported, among
other things, by a mandatory online course on patient and customer safety,
which is included in the orientation for new employees and is a prerequisite
for all employees in care work and for personnel in responsible roles.
The development of patient safety is supported by a regularly conducted
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 conducted in 2025, and it was
answered by approximately 1,600 professionals working with patients, of
whom 14 percent were doctors. The results showed that Terveystalo's patient
safety culture is widely appreciated. Awareness of incident reporting and
notification systems had improved compared to previous years, and patient
safety competence was perceived as high. The regions, service lines, and
functions identified development areas from the survey results, the impacts
of which will be assessed in the 2027 customer and patient safety culture
survey, the results of which will continue to guide strategic development work.
Health partnership and digital services support the
transformation of wellbeing services counties
The Portfolio Businesses segment strengthens its connection to Finland’s
wellbeing services counties through the Health Partner organisation
established in 2024. Finland is divided into 21 wellbeing services counties,
the City of Helsinki, and the HUS Group, the organiser of specialised
healthcare in the Uusimaa region, which are responsible for organising
public social and health services. The wellbeing services counties began 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.
Through its Health Partner organisation, Terveystalo focuses on identifying
and responding to the individual challenges of the wellbeing services
counties. The Health Partnership includes staffing, digital solutions for
public services, partnerships, service sales, rehabilitation, and child welfare
businesses. Terveystalo focuses particularly on three areas: digitalisation of
services, ensuring the availability of personnel through staffing services, and
securing the availability of services by offering its own service production
capacity to the wellbeing services counties. Through the Health Partner
organisation, Terveystalo has created a closer dialogue with the wellbeing
services counties, learned about their needs, and developed its service
offering to meet them. Terveystalo's partnerships with the wellbeing services
counties have expanded as a result. Through a deeper understanding of the
regions, Terveystalo also aims to develop new service offerings that meet the
needs of the wellbeing services counties.
The Finnish social and health 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 enhances and streamlines the
use of professionals' time, which brings cost savings to the wellbeing services
counties. Automation supports the continuity of care, increases efficiency,
improves quality, and strengthens patient safety. The use of a single
integrated electronic service platform instead of individual systems makes
using 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.
Key initiatives to enhance service quality and customer
experience at Feelgood, Sweden
In 2025, Feelgood implemented several initiatives to strengthen service
quality, improve customer experience and enhance the impact of its
occupational health services. Work began to define a standardised core
offering to simplify service ordering, and the range of psychology and
behavioural science services was clarified. Digital solutions were expanded
through the development of the subscription service “Koll på MK”, the
creation of a consolidated digital flow in “Friskkollen” from measurement
to booking, and the introduction of digital forms in the Feelgood app.
Self-service options for bookings were increased in both the web portal and
the app, and functionality was added to provide purchasers with access to
statistics. Feelgood also implemented measures to increase the proportion
of digital visits and launched a new digital platform for corporate training
and course administration. In addition, work continued on measuring and
communicating the impact of services and initiatives to ensure transparency
and effectiveness.
Actions and approaches to managing material
risks related to end-users, and the effectiveness
of those actions
S4-4
The following describes the measures for managing the material risks
related to end-users. The material risks identified in the materiality analysis
relate to the data protection and security of patients, as well as the
availability of services. The risk management process for data protection
and security has also been integrated into the company's existing general
risk management process.
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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 regularly to the Executive Team
and the Board of Directors.
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 are regularly
audited in accordance with the ISO 27001:2022 information security
management system standard and the ISO 9001:2015 quality management
system standard, both internally and by an external party. In Sweden,
Feelgood uses a patient information system that is a national medical
information system registered with the Swedish Medical Products Agency.
Feelgood’s data protection and information security are also regularly
audited in line with the ISO 27001 information security management system
standard, 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 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 employs a wide range of physical, technical and
administrative safeguards to protect data against misuse and security
threats. These measures include network traffic monitoring and filtering,
strong encryption for data transmission and storage, secure facilities and
server environments, physical protection of premises, as well as access
rights management and continuous monitoring. Terveystalo also carries
out regular technical testing and audits, provides guidance and training
for employees on information security and data protection practices,
and integrates risk management into the design, implementation and
maintenance of our services. Terveystalo carefully assesses and selects
subcontractors and monitors partners’ compliance with information security
and data protection requirements on a risk-based basis through contractual
obligations, audits and guidance. This ensures that all partners process data
in accordance with legislation and Terveystalo’s information security and
data protection standards.
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. The mandatory data protection online
course package for all Terveystalo employees was updated in 2025. In
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addition, there is an online course for those who disclose patient data, which
aims to familiarise and train Terveystalo employees who disclose patient
data on the rules and instructions concerning the disclosure of patient
data. In addition to this online training, four support clinics related to the
disclosure of patient data are organised annually.
Measures related to the accessibility of services
Terveystalo’s purpose, “More health for everyone – seamless,
compassionate, and effective,” guides everything Terveystalo does. It reflects
Terveystalo’s commitment to making healthcare accessible, affordable,
and easy to use through technology-enabled efficiency. The approach also
places a strong emphasis on preventive care. The goal is to improve the
accessibility, affordability, and effectiveness of services for all customer
groups. Rapid access to services, seamless and integrated customer
experiences, and actively guided care pathways will remain a central part of
Terveystalo's customer promise and strategy.
One key project through which Terveystalo aims to improve the
accessibility of its services is the Kela freedom of choice pilot for those aged
65 and over, which began in autumn 2025. Terveystalo opened its entire
extensive network of medical clinics to the freedom of choice pilot and is
putting effort into offering these services. The pilot covers over a fifth of
Finland's population and will continue until the end of 2027. During this
time, people over 65 can receive reimbursements for up to three general
practitioner visits per year (two in 2025) and for selected basic examinations,
such as blood tests, ECGs, and chest X-rays. Kela has set price caps for
the services, and in the pilot, a private general practitioner visit costs the
customer a maximum of EUR 28.20 (in 2025). The appointment can take
place on-site, via video, or by telephone. Kela estimates that the pilot will
cover up to one million visits annually.
The pilot started briskly, and between September and December 2025,
approximately 31,600 visits were recorded at Terveystalo across Finland.
People sought medical attention for issues requiring a doctor's examination
and treatment, the most common of which were common chronic diseases
and musculoskeletal disorders. Customers have felt that they have received
help and the care they need within the framework of the freedom of choice
pilot. The effectiveness of the care, i.e. the customer's experience of coping
after the appointment, is measured by the PEI index (Patient Enablement
Instrument). The PEI index for visits included in the freedom of choice pilot
was high (4.6/5). Terveystalo's goal is to ensure that the pilot is successful
for all parties in the best possible way and creates the conditions for the
continuation of the model and its possible expansion in the future.
Targets related to promoting material positive impacts
on end-users
S4-5
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 targets related to the management
of data protection and information security risks or risks related to service
availability 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.
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 2025, the proportion of occupational health patients referred to brief
psychotherapy was 13.7 (14.8) percent of all occupational health patients
diagnosed with anxiety or depression. The result for 2025 fell short of the
target. The reasons for this included a decrease in the number of people
covered by Terveystalo's occupational health services and a reduction
in the scope of agreements with client companies due to the uncertain
economic environment.
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Excellent customer experience
Terveystalo strives to stand out by offering seamless 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
2025, the NPS for appointments was 87.6 (87.7) and the NPS for hospitals
was 95.4 (96.2), 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
2025, the PEI index was 71 (69) percent. In other words, approximately 71
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 2025 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 13.7% 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 87.6 87.7 84.8 82.7
For hospitals, maintain a
customer satisfaction score
of 95 at a minimum
NPS (Net Promoter
Score) for hospitals
Customers who
visited Terveystalo’s
hospitals in Finland
At least 95 Continuous 2022 95.4 96.2 94.5 95.3
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 71% 69% 66% -
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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.
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 2025 the T3 indicator for appointments with a
physician was 0.7 (1.2).
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.
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 who 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.
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Governance
information
105 Business conduct
104
Business conduct
G1
A value-based, ethical, and compliant corporate culture is essential for
Terveystalo due to the nature of its industry and business. Terveystalo’s
business is guided by the legislation and regulatory obligations governing
the industry and the operations of private healthcare service providers.
In addition, Terveystalo’s own operations are guided by the company’s
mission, values, and strategy, as well as Terveystalo’s Code of Conduct and
Supplier Code of Conduct. They provide a framework that helps to ensure
operations are in line with Terveystalo’s values, internal guidelines, and
applicable laws. They also support Terveystalo’s corporate culture,
which is based on openness, a low hierarchy, transparency, and a
solution-oriented approach. Furthermore, the work of healthcare
professionals is guided by the ethical practices of their own
professional bodies. A description of the role of the administrative,
supervisory, and management bodies in matters relating to
sustainability, including sustainable business conduct, can be found in
section ESRS 2, GOV 1, 2.
The material impacts, risks, and opportunities related to business
conduct have been identified in the company’s double materiality
assessment and are presented in more detail in the table below. The
table also presents the sustainability topics related to the material
impacts, risks, and opportunities. A description of the identification and
assessment process can be found in section ESRS 2, IRO-1.
Material sustainability topics
and sub-topics Impact/Risk/Opportunity Description
Location in
the value chain
G1 Business conduct
Corporate culture
Potential positive impact of a value-based and ethical
corporate culture on the value chain and society, as well as on
the commitment and trust of employees, professionals, and
customers
A value-based and ethical corporate culture is a prerequisite for Terveystalo's operations and existence. It prioritises doing
the right thing and can thus promote the realisation of ethical, social, and environmental aspects throughout the value
chain, supply chain, and society at large. It supports Terveystalo's attractiveness as an employer for skilled professionals and
increases personnel commitment and the sense of meaningfulness experienced by members of the work community. An
ethical corporate culture also strengthens Terveystalo's attractiveness as a reliable service provider for customers and as a
partner for other stakeholders.
Upstream value chain,
own operations
Relationships with suppliers of goods and services, including payment practices
Potential positive impact of a responsible supply chain on the
value chain and society as a whole
The selection of responsible partners who adhere to high standards of sustainable business promotes the realisation of ethical,
social, and environmental aspects throughout the value chain, supply chain, and society at large.
Own operations,
upstream value chain
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Business conduct policies and corporate culture
G1-1
Business conduct policies
In addition to legislation and regulatory obligations, as well as the
company's mission, values, and strategy, Terveystalo’s own operations
are guided by Terveystalo’s Code of Conduct and Supplier Code of
Conduct. Responsible procurement and supplier coordination is defined
in Terveystalo’s Procurement Policy and in the related Procurement
Guideline and Supplier Management Handbook. The principles and
practices according to which all parties operating within the Terveystalo
organisation or as partners of the Terveystalo Group can confidentially
report a suspected crime, violation, misconduct, or other deviation, are
defined in Terveystalo's processing instructions for the reporting channel.
Terveystalo's Risk Management Policy defines the purpose and principles
of risk management, as well as the governance model and responsibilities.
Terveystalo's Human Rights Policy emphasises the company's commitment
and approach to respecting human rights. These business conduct policies
are described in more detail below.
In addition to the aforementioned policies, ethical business conduct,
corporate culture, and compliant practices are described and instructed
particularly in the following Terveystalo policies and guidelines, which
also supplement and specify the practices compliant with the principles
of the Code of Conduct. All policies have an owner who is responsible for
maintaining and updating the policy or guideline. Depending on the topic,
the policies and guidelines are approved by either the Board of Directors,
the CEO, or another member of the Executive Team who has the authority
to approve policies and guidelines within their own area of competence.
• Environmental Policy (described in section E1 – Climate change)
• Data protection and information security policies (described in section
S4 – Consumers and end-users)
• Quality policies, such as the self-assessment plan, Quality Policy, and
continuity plan (described in section S4 – Consumers and end-users)
• Ethical principles of artificial intelligence and AI guidelines (described in
section S4 – Consumers and end-users)
• Guidelines concerning anti-bribery and anti-corruption
• Guidelines on conflict of interest situations
• Competition law guidelines
• Insider Policy
• Disclosure Policy
• Company's governance principles
Code of Conduct
The Code of Conduct translates Terveystalo’s values into principles that
should always form the basis for daily operations and decision-making
at Terveystalo. The Code of Conduct supports Terveystalo's corporate
culture and provides a framework that helps to ensure operations are in
line with Terveystalo’s values, internal guidelines, and applicable laws.
The Code of Conduct provides a shared compass for everyone at
Terveystalo, guiding how we operate. It contains Terveystalo’s key
principles regarding, among other things, compliance with laws and
ethical business principles, anti-bribery and anti-corruption, avoidance
of conflicts of interest, fair competition and prevention of money
laundering, compliance with environmental requirements, ensuring
privacy and patient safety, employee equality, non-discrimination and
freedom of association, compliance with insider regulations, responsible
communication, and reporting of misconduct. The Code of Conduct
is connected to all material sustainability topics related to business
conduct as defined by Terveystalo.
The Code of Conduct also reflects Terveystalo’s commitments to
its key stakeholders. In addition to complying with legislation and
Terveystalo’s Code of Conduct, Terveystalo is committed to promoting
ethical business practices and aims to observe generally accepted ethical
norms, such as the UN Global Compact (UNGC) principles. Furthermore,
Terveystalo continuously develops its compliance programme and
its related processes, controls, policies, and guidelines to respond to
changes in the operating environment.
Terveystalo’s Board of Directors approves Terveystalo’s Code
of Conduct. Management and supervisors are responsible for
communicating and implementing the Code of Conduct and for
monitoring compliance with it. Terveystalo’s Legal and Compliance team
provides support in matters related to the Code of Conduct and trains
personnel on the topic. The Compliance function is also responsible for
investigations related to compliance with the Code of Conduct and for
process development work. Everyone at Terveystalo must comply with the
Code of Conduct, regardless of their business unit or role. The same Code
of Conduct is also observed at Feelgood in Sweden. Terveystalo’s Code of
Conduct is available to everyone on the company’s external website.
In 2025, Terveystalo carried out a complete renewal of its Code of
Conduct. The renewal is described in more detail below in the section on
actions related to business conduct. Terveystalo Plc’s Board of Directors
has approved the renewed Code of Conduct, and it came into force at the
beginning of 2026.
Supplier Code of Conduct
Terveystalo Group also expects its suppliers to adhere to high standards of
sustainable business in terms of ethical, social, and environmental aspects,
as well as occupational health and safety conditions. Each year, Terveystalo
purchases services, materials, and supplies for its clinics from approximately
4,400 suppliers, of which the approximately 200 largest suppliers account
for approximately 80 percent of the total procurement costs. The largest
procurement categories are ICT purchases, rental of premises, and
subcontracted services, such as laboratory services.
The Terveystalo Group’s Supplier Code of Conduct defines the minimum
requirements that all suppliers and partners must meet in order to do
business with Terveystalo and its subsidiaries. The Supplier Code of Conduct
is an essential and integral part of Terveystalo’s general procurement
terms for suppliers. All of Terveystalo’s contract suppliers, as well as
suppliers participating in tenders, are required to commit to Terveystalo’s
Supplier Code of Conduct or to follow their own ethical guidelinesthat
are equivalent in scope and content and meet Terveystalo’s requirements.
The Supplier Code of Conduct addresses topics such as health and safety,
environmental protection, human and labour rights, business ethics,
anti-corruption and bribery, responsible tax payment, and management
systems for responsible operations. Sustainable practices are developed in
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cooperation with Terveystalo’s contractual partners. The Supplier Code of
Conduct is connected to all material sustainability topics related to business
conduct as defined by Terveystalo. Terveystalo requires its suppliers to
communicate these requirements and promote their implementation in
their own supply chains. Failure to comply with the guidelines may lead to
business-related consequences, such as the termination of cooperation.
Terveystalo’s Supplier Code of Conduct was last updated in late 2023 and
is available to everyone on Terveystalo’s external website. Terveystalo Plc’s
Board of Directors approves Terveystalo’s Supplier Code of Conduct. Other
policies and documents supporting Terveystalo’s responsible procurement
and supplier cooperation include Terveystalo’s Procurement Policy and the
related Procurement Guideline, Supplier Management Handbook, and
audit plans.
Procurement Policy, Procurement Guideline, and Supplier
Management Handbook
Terveystalo's procurement operations are guided by the Terveystalo
Group ethical principles (Code of Conduct) and supported by a separate
Procurement Policy, Procurement Guideline, and Supplier Management
Handbook. Together, these documents form a framework that ensures
responsibility and transparency of all procurement processes. The
Procurement Policy is the highest-level document guiding procurement,
defining how procurement is managed and executed at Terveystalo. A
commitment to responsible operating practices, good business conduct,
and industry quality standards is essential to the Procurement Policy.
The Procurement Guideline and the Supplier Management Handbook
elaborate on the principles of the Procurement Policy and describe in
detail the procedures related to managing supplier relationships and risks.
These documents also comprehensively address the identification and
management of sustainability risks, such as human rights impacts, as part of
supplier risk assessment.
The Chief Financial Officer (CFO) approves the Procurement Policy,
and it is owned by the Director of Procurement, who is responsible for
its implementation and realisation throughout the organisation. The
Procurement Policy and related guidelines are updated regularly to
correspond to changing legislation and stakeholder expectations.
Terveystalo is committed to continuous development of its procurement
operations and promoting responsibility throughout its supply chain.
Terveystalo actively monitors supplier performance and collaborates with
them to achieve sustainability goals.
Processing instructions for the reporting channel
The principles and practices according to which all parties operating
within the Terveystalo organisation or as partners of the Terveystalo
Group can confidentially report a suspected crime, violation, misconduct,
or other deviation, are defined in Terveystalo's processing instructions
for the reporting channel, which are available to everyone in Finnish on
Terveystalo's external website. The processing instructions for the reporting
channel include principles and practices related to, among other things,
making reports, processing and investigating reports, sensitive data and
data storage, processing time limits, the disqualification of the processor,
protection of the reporter, and the functions and persons processing
reports. The processing instructions do not supersede regulations 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 others who have observed violations in the course of their
work and have submitted a report through Terveystalo’s reporting channel
or to another person at Terveystalo (supervisor, management), unless
otherwise stated in the processing instructions.
Terveystalo’s Legal and Compliance team is responsible for maintaining
and updating the processing instructions. The processing instructions are
updated as necessary. Any actions contrary to the processing instructions
must also be reported to Terveystalo’s Legal and Compliance team.
In Sweden, Feelgood Svenska AB and its subsidiaries have their own
internal reporting channel and processing instructions for the reporting
channel. Feelgood's processing instructions include principles and
practices related to, among other things, reporter protection, internal
reporting channels and making a report, investigating received reports, the
persons processing reports, processing time limits, and the processing of
personal data.
The processing instructions for the reporting channel are connected to
all material sustainability topics related to business conduct as defined
by Terveystalo.
Risk Management Policy
Terveystalo's Risk Management Policy defines the purpose and principles of
risk management, as well as the governance model and responsibilities. The
Risk Management Policy also covers internal control and internal audit. The
Risk Management Policy is connected to all material sustainability topics
related to business conduct as defined by Terveystalo.
Risk management is an essential part of Terveystalo's strategy process,
decision-making, daily management and operations, as well as its
monitoring and reporting procedures. Key risks are systematically identified,
assessed, managed, monitored, and reported as part of the business at the
Group and business levels. Terveystalo's risk management is also part of the
value chain's risk management, which is carried out together with suppliers
of goods and services.
The key objective of risk management is to support the Board of Directors,
the Audit Committee, and the CEO in risk management and governance,
as well as the Group's Executive Team in identifying risks related to
strategic objectives. The objective of risk management is also to ensure an
understanding of the Group's material risks and to provide the Group's
management with high-quality and timely risk information relevant for
decision-making and risk mitigation. Furthermore, the objective of risk
management is to ensure business continuity by integrating continuity
and risk management processes, to ensure the quality of care and patient
safety, and to secure the confidentiality, integrity, and availability of
data. In addition to the Risk Management Policy, policies related to risk
management include, in particular, information security and data protection
policies, as well as quality policies, such as the self-assessment plan and the
Quality Policy.
Terveystalo's Board of Directors has the overall responsibility for the
company's internal control and risk management. The Board guides the
107
risk appetite, confirms the Group's Risk Management Policy, and addresses
the Group's most significant risks and uncertainties. The CEO leads
Terveystalo's risk management. In risk management, the CEO is supported
by the CFO, who handles current risk management issues and prepares
the draft of the Group's risk report. The responsibility for implementing
risk management lies with the management of the business and shared
functions. The CFO, together with the persons they have appointed,
coordinates the risk management process, is responsible for risk reporting,
and carries out risk identification and the definition of management
measures together with the businesses and shared functions.
The purpose of internal control and compliance is to ensure compliance
with requirements, guidelines, and governance practices throughout
the Group, to guarantee sufficient internal controls, and to contribute
to ensuring the accuracy of financial reporting. The goal is to form a
unified control environment by adhering to appropriate internal control
principles in various business processes. The objective of internal control
related to the financial reporting process is to ensure that the Group's
financial reporting is reliable, that the published interim reports and
financial statements are prepared in accordance with Terveystalo's
accounting and preparation principles and give a true and fair view of
the company's finances in all material respects, and that regulations and
policies are complied with. The basis of internal control is Terveystalo's risk
management system, business culture, and its respective practices. The
Group's values, Code of Conduct, and policies and principles, such as the
Risk Management Policy, Financing Policy, Procurement Policy, Disclosure
Policy, and approval authorisations, guide internal control.
Internal control is integrated into Terveystalo's management and
reporting system and is carried out by Terveystalo Plc's Board of Directors,
the Audit Committee, operational management, and finance personnel
with respect to the financial reporting process. The Board has delegated
the practical implementation of an effective control environment and
control measures related to the reliability of financial reporting to the
CFO. The CFO is also responsible for the control environment of financial
reporting, acts as the owner of reporting risks, and reports to the Audit
Committee and the Board on risk management and internal control.
The primary objective of the internal audit is to support the Board of
Directors, other bodies, and management in carrying out their supervisory
responsibilities. The purpose of the internal audit is to produce impartial
and independent information for the use of the Board and management.
The Group has an outsourced internal audit function.
Terveystalo Plc's Board of Directors approves the Risk Management
Policy, and the policy covers all Terveystalo Group operations. Terveystalo’s
internal control, risk management, and internal audit are described in more
detail in Terveystalo’s Corporate Governance Statement.
Policies related to respecting 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. The Human Rights Policy is connected to all material
sustainability topics related to business conduct as defined by Terveystalo.
Terveystalo 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 (the 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, and a safe
and healthy working environment) . Should the company's actions affect
vulnerable groups, Terveystalo also considers 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 remediating the most significant risks, and the mechanisms for
reporting grievances. The results of the human rights impact assessment
conducted in late 2024, which form the basis of the policy, were taken
into account as part of the update of the double materiality assessment
in 2025. The process and the competence of our own personnel for
managing, mitigating, and remediating the most significant risks were
developed during 2025, especially regarding the procurement 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. In addition, the Group's
administrative teams have a critical role in implementing the Human
Rights Policy from the perspectives of customer experience, legal
affairs, procurement, quality, sustainability, and human resources. Every
Terveystalo employee and private practitioner is expected to comply
with the Human Rights Policy daily and to take the necessary measures
to ensure that it is followed in all of Terveystalo's business operations,
including its own operations and supply chain.
Terveystalo's corporate culture
Terveystalo’s purpose, “More health for everyone – seamless,
compassionate, and effective,” guides everything Terveystalo does. It
reflects Terveystalo’s commitment to making healthcare accessible,
affordable, and easy to use through technology-enabled efficiency.
Terveystalo aims to always offer its customers seamless, compassionate,
and effective integrated care. The cornerstones of Terveystalo’s
strategy are:
• Understanding customers and their needs
• Preventing and managing health risks
• Guiding people to the right service and treatment
• Caring for the patient throughout the care pathway
108
• Cooperating in multidisciplinary teams
• Measuring and improving the effectiveness of care
With the integrated care model, Terveystalo aims to achieve both a
positive societal impact and high profitability. Terveystalo’s values are 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 for the benefit of the customer, and the
customer guides us in our renewal. We help each other and value all 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 a culture that supports creativity
and continuous development. We challenge ourselves to build more
functional healthcare for everyone and to reform the entire industry with
open-minded use of technology.
Terveystalo’s corporate culture is based on openness, a low hierarchy,
transparency, and a solution-oriented approach. The goal is to strengthen
a culture that is sustainable, fair, goal-oriented, and inspiring. People at
Terveystalo must act right regardless of where they are, with whom, or in
what situation. Responsibility, strong integrity, and the desire to act right
are also written into Terveystalo's leadership principles, which are human-
centricity, effectiveness, and responsibility.
A value-based and ethical corporate culture is a prerequisite for
Terveystalo’s operations and existence. Firstly, it supports Terveystalo’s
attractiveness as a workplace for skilled professionals and increases
personnel commitment and the sense of meaningfulness experienced by
members of the work community. Professional and committed personnel
are the most important resource for Terveystalo's operations, and the
company's business depends on its ability to find and attract competent
and professional healthcare professionals, employees, and managers, and to
retain them. Terveystalo wants to be the best place to work for professionals
in the industry. Terveystalo invests in understanding and building the
professional experience. The most important channels for everyday
development are one's own work community and immediate supervisor,
with whom work, practices, and culture are built daily. At the corporate
level, professionals are heard through professional surveys. The results of
the surveys are used in the continuous development of operations, the work
community, leadership, and corporate culture.
An ethical corporate culture also strengthens Terveystalo's attractiveness
as a reliable service provider for customers and as a partner for other
stakeholders. The goal of Terveystalo's continuous improvement model is
to constantly and systematically review the company's operations and focus
on activities that bring value to the customer. By making sustainable choices
and acting right, customer trust in Terveystalo is strengthened, sustainable
partnerships are built, and value is created for the company's shareholders.
An ethical corporate culture prioritises acting right and can thus promote
the realisation of ethical, social, and environmental aspects also throughout
the value chain, supply chain, and society at large.
The Board of Directors of Terveystalo Plc is responsible for reviewing and
approving the strategic objectives and plans of the company and its various
businesses, and for monitoring their implementation. The CEO manages the
day-to-day administration of the company and implements the company's
strategy in accordance with the instructions and orders given by the Board
of Directors, is responsible for the implementation of measures approved
by the Board, and supervises the preparation of strategically important
measures. The Executive Team assists the CEO in, among other things,
the preparation and implementation of matters related to the company's
strategy, business plans, policy decisions, and other significant issues. At
Terveystalo, its management approach is evaluated based on audit findings,
received feedback, identified development areas, and the achievement of
Terveystalo's goals, and the management approach is modified as needed.
In addition to legislation and regulatory obligations, as well as the
company's mission, values, and strategy, Terveystalo’s own operations
are guided by Terveystalo’s Code of Conduct and Supplier Code of
Conduct. Terveystalo’s management and supervisors are responsible for
communicating and implementing the Code of Conduct and for monitoring
compliance with it. Terveystalo has an online training course on the Code of
Conduct for all its personnel, which aims to improve understanding of key
compliance-related themes and to further develop an ethical and compliant
culture. The online training is described in more detail below in the sections
on targets and actions related to business conduct. Terveystalo's internal
operations that are most susceptible to corruption and bribery are public
services, B2B sales, and procurement. The online training on the Code of
Conduct, which also includes content on anti-corruption and bribery, is
mandatory for all Terveystalo employees and thus also for all employed
persons working in risk functions. Terveystalo Group also expects its
suppliers to adhere to high standards of sustainable business in terms of
ethical, social, and environmental aspects, as well as occupational health
and safety conditions.
Terveystalo has signed the UN Global Compact (UNGC) initiative.
Terveystalo is committed to complying with the UN Guiding Principles
on Business and Human Rights, the core conventions of the International
Labour Organization (ILO), and the ten principles of the UN Global
Compact, and continues to integrate the Global Compact's principles
related to 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).
Mechanisms for identifying, reporting and
investigating concerns
It is important to Terveystalo that everyone who acts on behalf of or with
Terveystalo Group, and every customer, partner and supplier, can freely
raise their suspicions of misconduct and trust that Terveystalo will take
appropriate action to investigate the matter. Terveystalo Group encourages
all its employees and private practitioners to report any potential
misconduct without delay. Terveystalo has an online training course on the
Code of Conduct for all its personnel, which includes instructions on how to
raise and report misconduct. The training is described in more detail below
109
in the section on targets related to business conduct and in the section on
actions related to business conduct.
Terveystalo Group's Code of Conduct emphasises that any activity or
suspected activity contrary to the Code of Conduct must be reported
primarily to a supervisor, the supervisor's supervisor, or Terveystalo’s Legal
and Compliance team. Every person at Terveystalo is obliged to file an
incident report for any matter that threatens patient or customer safety or
data protection. Anyone can file an incident report through Terveystalo's
website if they notice that patient or customer safety or data protection has
been compromised. In HR-related matters, the primary contact channel is
Terveystalo’s HR unit.
Suspicions can also be reported through Terveystalo's whistleblowing
channel, which is open to everyone, for example, if the suspicion concerns
serious misconduct or if, due to the sensitivity of the matter, it is necessary
to report it anonymously. Through this reporting channel, it is possible to
report observations or suspicions of misconduct anonymously at https://
www.report.whistleb.com/en/terveystalo. The reporting channel has been
in use since 2017 and has become an established channel for reporting
suspected misconduct or violations. In Sweden, Feelgood Svenska AB
and its subsidiaries have their own internal reporting channel, which is
intended for Feelgood's internal use. Terveystalo and Feelgood use technical
reporting channel platforms developed by external service providers,
but process and investigate the received reports themselves as described
below. Regardless of the channel through which a suspicion of misconduct
is reported, or whether the suspicion comes to light in the course of normal
operational activities, reports and suspicions of misconduct are investigated
promptly, independently, and impartially.
The reporter has the opportunity to submit a report through the
reporting channel on violations and suspicions related to topics such
as: consumer protection, prevention of money laundering and terrorist
financing, activities contrary to financial market regulations and provisions,
activities contrary to procurement legislation or unfair competition,
environmental protection, activities contrary to data protection legislation
and security regulations for network and information systems, taxation,
product safety and compliance, and violations or suspicions related to
applicable industry-specific regulations, such as the Radiation Act or the
Medicines Act.
The identity of the reporter and the subject of the report, as well as
other matters related to the report, are kept confidential in accordance
with legislation, and the reporter is protected as required by the national
laws enacted in Finland and Sweden to implement the European Union's
Whistleblower Protection Directive (Directive (EU) 2019/1937). Even if
a reported suspicion of misconduct turns out to be unfounded upon
investigation, the reporter will not face negative consequences, provided
the report was made in good faith. No retaliatory measures, such as
threats, penalties, or discrimination against the reporter or any person who
participated in the investigation of the report, are permitted. Actions to
prevent reporting or to influence the content of a report are also prohibited.
Reports received through Terveystalo's reporting channel are processed
only by designated persons in the HR function or the Legal and Compliance
team and, as needed, by experts appointed on an investigation-specific
basis and by Terveystalo's external advisors. The designated persons
are updated as necessary. The persons processing the reports are
clearly communicated on the pages of each language version of the
reporting channel. The reporter is encouraged to mention any potential
disqualification of a processor in the report, so that the processors can take
the necessary measures to ensure the impartiality of the report's processing.
A disqualified processor does not participate in the processing of the
report. Terveystalo’s Senior Vice President, People and Careers processes
reports concerning HR matters, the Chief Administrative Physician and the
Chief Medical Officer of Healthcare Services process reports concerning
medical matters, and the Data Protection Officer processes reports related
to data protection. Other matters are handled by Terveystalo’s Legal and
Compliance team. As the investigation progresses, other experts may be
appointed to the investigation team as needed. If necessary, in reports
related to employment, the supervisor of the reporter's supervisor is also
involved in the investigation from the beginning, unless they are the subject
of the report or if it is not appropriate for another reason. The subject of the
report is heard during the investigation if possible. If necessary, assistance
may also be requested from external advisors who specialise in the subject
of the report. The persons handling reports are trained as needed on current
topics related to reporter protection. Reports received through Feelgood's
internal reporting channel are processed by Feelgood's legal department,
the Quality Manager and/or Data Protection Officer. If necessary, other
experts can also be appointed to the investigation team internally, and
assistance can be requested from external advisors as needed.
Any material observed misconduct is reported to Terveystalo's
management and the Board's Audit Committee. The Audit Committee
supervises the procedures for handling complaints and concerns received
by the company, anonymously or otherwise, regarding financial reporting,
internal control or auditing, potential violations of financial market
rules, other breaches of law or the company's Code of Conduct, or other
violations. In Sweden, observed misconduct is reported to Feelgood's CEO,
who is also a member of the Terveystalo Group's Executive Team. If they are
disqualified, the observed misconduct is reported to the Board of Directors
of Feelgood Svenska AB or to Terveystalo's General Counsel. Findings that
may have emerged from reports and concluded investigations are taken
into account in the development of Terveystalo Group's processes.
Relationships with suppliers of goods and services
G1-2
Terveystalo's business is based on a broad and diverse supply chain that
enables the production of high-quality and effective health services. The
success of Terveystalo's business and the maintenance of its competitiveness
require efficient and responsible supplier cooperation. Terveystalo strives
for active dialogue and cooperation with its suppliers and applies the
110
Supplier Relationship Management (SRM) model in the management of
significant suppliers.
The objectives of the SRM model are:
1. Ensuring the availability of supplies and services: responsible
cooperation secures business continuity even in exceptional situations.
2. Improving price predictability and cost management: close cooperation
helps to manage the total costs of procurement.
3. Ensuring responsibility: suppliers commit to Terveystalo's corporate
responsibility requirements, which cover financial, tax, social, and
environmental impacts.
4. Maintaining and improving quality levels: cooperation ensures high
and consistent quality and a good customer experience while also
taking responsibility into account.
5. Utilising innovations: close supplier cooperation provides information
on products, services, and operating models, and generates new
responsible innovations.
At Terveystalo, the implementation of the SRM model is the responsibility
of a designated expert for each significant supplier, who maintains the
supplier cooperation. The designated expert is responsible for the scope of
the procured entity and coordinates supplier cooperation with that supplier
for all of Terveystalo's functions. The SRM model covers the lifecycle
management of the supplier relationship. Procurement is responsible for
analysing supplier volume and supplier classification and participates in
supplier cooperation as needed or supports experts in implementing the
SRM model. As part of the SRM model, regular steering group meetings
are held to monitor the quality of delivered products and services, business
metrics, and the progress of any development plans and corrective actions.
Terveystalo maintains contact with suppliers and partners through several
channels based on the practices of the Procurement Guideline and the
Supplier Management Handbook. As part of tendering processes, before
a procurement decision is made, an active dialogue is held with suppliers
and contractors to take their perspectives into account. Supplier audits and
supplier surveys are a key part of the interaction.
Managing supplier relationships achieves better visibility into the supply
chain, improving delivery reliability, responsibility, quality management, and
risk management, increasing visibility into total costs, and promoting supply
chain flexibility.
Management of the procurement process
Terveystalo's procurement principles focus on supporting strategic business
objectives, sustainability, cost-effectiveness, and quality assurance.
Procurement is conducted systematically and based on need.
In accordance with Terveystalo's Procurement Policy, procurements are
primarily put out to tender (competitively bid), and decisions are made based
on offers and negotiations. Terveystalo ensures that the process is transparent,
appropriate, and cost-effective. Depending on the significance of the acquired
entity to the business, its scope, and procurement value, relevant stakeholders
participate in the procurement process. Terveystalo's procurements consider
market changes, service quality, legal constraints, and price. Selection
criteria include, among others, professional competence, reliability, solvency,
responsibility (sustainability), resources, lifecycle costs, quality, and competitive
price. Terveystalo's general terms and conditions are primarily applied to all
procurements and agreements, reviewed on a case-by-case basis.
Terveystalo's procurement is guided by the Procurement Policy,
Procurement Guideline, and Supplier Management Handbook, which define
the practices and management related to the procurement of products and
services. Sustainability perspectives and risk management are integrated
into the aforementioned policy and guidelines. The Procurement Policy
and guidelines ensure that Terveystalo's procurements are carried out
professionally, efficiently, and responsibly.
Payment practices
G1-6
Terveystalo ensures that purchase invoices are paid on time according
to their due dates. The majority, approximately 95 percent, of purchase
invoices arrive as e-invoices or via email, which streamlines the processing
and ensures the invoices are received. To facilitate efficient supplier
invoice management, Terveystalo has implemented precisely defined and
monitored internal processes that utilise system automation to ensure the
timeliness of payments.
Artificial intelligence is utilised in invoice processing, allowing the
majority of invoices to be routed automatically without delays. Invoices
requiring manual processing are forwarded during the day of arrival. The
system sends daily reminders to end-users about open tasks, and separate
reminders are sent to reviewers and approvers for overdue invoices.
Terveystalo's internal processes and division of responsibilities support
the smooth flow of invoices and their transition to the payment stage.
During holiday periods, invoice reviewers and approvers are informed about
the importance of absence settings. Approval rights can be transferred to a
substitute according to the approval matrix, which ensures that invoices are
processed on schedule even during absences.
For procurement agreements, payment terms specified in the contracts
are followed. A minimum payment term of 30 days is recommended for
invoicing address details, but efforts are made to circulate and pay invoices
from smaller companies faster. Terveystalo does not differentiate standard
payment terms by supplier group or measure the percentage of payments
made according to standard terms as part of its established invoicing
processes. Invoices are primarily paid on the due date.
Late payment interest and charges are monitored as metrics by the
accounts payable team, and processes are continuously developed through
their analysis. Responsible and smooth processing of purchase invoices
supports not only Terveystalo's operations but also the financial stability of
its partners. Terveystalo has no pending lawsuits due to payment delays.
Targets
Terveystalo has selected two key targets for managing its impacts related
to ethical business conduct, which promote the realisation of ethical and
responsible business at Terveystalo and in its value and supply chains. Both
111
targets are connected to all material sustainability topics related to business
conduct as defined by Terveystalo.
Training personnel on 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 online
training courses are available for administrative and clinical staff, taking into
account the differences in their operating environments. Completing the
course is mandatory for all employees.
The purpose of the courses is to support an understanding of why
compliant and ethically sustainable business is important, and how it
relates to the daily activities and decisions of everyone at Terveystalo. In
addition, the training aims to improve understanding of key compliance-
related themes and the reporting of misconduct, and to further develop
Terveystalo's compliant culture.
Everyone at Terveystalo must comply with the Code of Conduct,
regardless of their business unit or role, which is why the goal is for all
Terveystalo employees to have completed the training on the Code of
Conduct and correct action. In the future, the course must be completed
every two years. During the completion review period of 5/2023–12/2025,
96 percent of Terveystalo's permanent, full-time employees completed
the training. The figures include Terveystalo’s operations in Finland. In
the Swedish operations, the renewed compliance online course will be
implemented in 2026.
In 2025, a comprehensive reform of Terveystalo's Code of Conduct and
compliance online course was carried out, and the renewed online course
was introduced in Finland at the beginning of 2026. An updated online
course will also be introduced in Sweden in early 2026. The reforms of
the Code of Conduct and the course are described in more detail below
in the section on actions related to business conduct. The course must be
completed every two years, and completion activity is monitored regularly.
Terveystalo will implement the new online course within the Group as part
of the implementation measures for the new Code of Conduct during 2026.
On 1 January 2026, a new completion period for the online course began
for the entire personnel in connection with the introduction of the new
online course.
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 2025, 98 (97)
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.
Target Metric (KPI) Scope
Target
level
Target
year
Base
year 2025 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 96%
1)
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 98% 97% 81%
1)
A new compliance course was introduced and moved to a new online platform in spring 2023. The course must be completed every two years, and the completion period
from 5/2023 to 12/2025 has been ongoing. Due to the completion period, the figure reported for 2023 includes completions from 5/2023 to 12/2023 (i.e. completions made
after the course was renewed and were accomplished by 31 December 2023), the figure reported for 2024 includes completions from 5/2023 to 12/2024 (i.e. completions
made after the course was renewed and were accomplished by 31 December 2024), and the figure reported for 2025 includes completions from 5/2023 to 12/2025 (i.e.
completions made after the course was renewed and by 31 December 2025). The 2025 figure does not include Medimar Scandinavia Ab or Cityläkarna Mariehamn Ab, nor
Turun Silmälaser Oy and Silmäsairaala Pilke Oy, acquired on 31 December 2025. The 2024 figure does not include Medimar Scandinavia Ab or the companies acquired during
2024 (SRK Group Oy, Suomen Radiologikeskus Oy, Kajaanin Radiologikeskus Oy, iRad Oy and Cityläkarna Mariehamn Ab). The personnel of these companies are not in
Terveystalo's centralised personnel system and do not have access to Terveystalo's learning platform.
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.
112
Actions
Ethical corporate culture
Complete reform of the Code of Conduct
As described above in the section on business conduct policies,
Terveystalo has a Code of Conduct approved by the Board of Directors
of Terveystalo Plc, which every person at Terveystalo must follow. The
Code of Conduct supports Terveystalo's corporate culture and provides
a framework that helps people at Terveystalo to act correctly in their
daily work. The guidelines also reflect the company's commitments to its
key stakeholders. The guidelines apply to everyone at Terveystalo, both
employees and private practitioners, regardless of business unit or role.
The same Code of Conduct is also observed at Feelgood in Sweden.
In 2025, Terveystalo carried out a complete reform of its Code of
Conduct. Terveystalo's Code of Conduct was last completely renewed in
2019 and last updated in 2022, and one of the objectives of the complete
reform carried out in 2025 was to respond to the changes that have
since occurred in the company's operating environment and regulations.
Another objective of the renewal was to better crystallise Terveystalo's
values into practical principles on which daily operations and decision-
making at Terveystalo should be based. A further objective of the renewal
was to include concrete practical instructions in the Code of Conduct for
complying with the principles contained in the Code.
The renewed Code of Conduct contains Terveystalo's key principles
regarding, among other things, patient and customer safety and high-
quality care, privacy and information security, the effectiveness of work,
customer-centricity and operational transparency, non-discrimination
and respect for others, respect for human rights, occupational safety,
the use of artificial intelligence, responsible procurement and care for
common property, open and compliant communication, compliance with
insider regulations, conflicts of interest, fair competition and prevention
of money laundering, prevention of bribery and corruption, compliance
with environmental requirements, and reporting of misconduct. The
Code of Conduct and its related actions are thus connected to all
material sustainability topics related to business conduct as defined
by Terveystalo.
Terveystalo Plc's Board of Directors has approved the renewed Code
of Conduct, and it came into force at the beginning of 2026. Terveystalo
will implement measures to roll out the new Code of Conduct within the
Group during 2026.
Training on ethical conduct and complete renewal
of the online course
As described above in the section on targets related to business conduct,
Terveystalo trains its personnel on compliance with the Code of Conduct
and correct action, for example, through an online course aimed at
all Terveystalo personnel. The course is mandatory for all Terveystalo
employees and must be completed every two years.
In connection with the complete renewal of the Code of Conduct,
the online course on ethical conduct was also renewed. In connection
with the renewal, the content of the course was completely updated.
The renewed online course on ethical conduct was introduced in Finland
at the beginning of 2026. The renewed online course will also be
introduced in Sweden in early 2026.
The previous version of the online course was introduced in 2023, and
the objective of the renewal carried out in 2025 was to bring the course in
line with the renewed Code of Conduct and its structure, and to respond
to changes that have occurred in the operating environment, regulations,
and Terveystalo's internal processes and guidelines after the previous
renewal. The objective of the renewed course is to familiarise with the
content of the renewed Code of Conduct, improve understanding of key
themes related to ethical conduct and compliance, and further develop
Terveystalo's compliant culture. The aim is to get the course participant
to reflect on ethical and compliant practices through examples that
describe various practical situations. Terveystalo will implement the new
online course within the Group as part of the implementation measures for
the new Code of Conduct during 2026.
The course covers all the themes contained in the new Code of Conduct,
such as safe and high-quality care, effectiveness of work, responsible
procurement, care for the environment, privacy and information security,
respect for human rights, equality and non-discrimination, occupational
safety, ethical use of artificial intelligence, identification of conflicts of
interest, fair competition, giving and receiving gifts, and responsible
communication. The course and its related actions are connected to all
material sustainability topics related to business conduct as defined
by Terveystalo.
Terveystalo's compliance function also trains personnel and management
on tailored compliance themes, such as the use of Terveystalo's reporting
channel and its related requirements.
In 2025, the measures related to improving the reach of the compliance
online course, which began in 2024, were continued. At the same time,
the process related to other mandatory internal training for Terveystalo's
personnel was also clarified. The administration, completion, and
monitoring processes for the training have been clarified, and at the same
time, the monitoring of course completions has been further enhanced.
Other measures related to ethical corporate culture
Terveystalo continuously develops its compliance programme and its
related processes, controls, policies, and guidelines to respond to changes
in the operating environment. In 2025, among other things, the ethical
principles of artificial intelligence and new AI guidelines were published,
and Terveystalo's Risk Management Policy and Insider Policy were updated.
Responsibility, strong integrity, and the desire to act right are also
written into Terveystalo's leadership principles, which are human-centricity,
effectiveness, and responsibility. At Terveystalo, its management approach
is evaluated based on audit findings, received feedback, identified
development areas, and the achievement of Terveystalo's goals, and
the management approach is modified as needed. The most important
113
channels for everyday development are one's own work community and
immediate supervisor, with whom work, practices, and culture are built
daily. At the corporate level, professionals are heard through professional
surveys. The results of the surveys are used in the continuous development
of operations, the work community, leadership, and corporate culture.
The goal of Terveystalo's continuous improvement model is to constantly
and systematically review the company's operations and focus on activities
that bring value to the customer. By making sustainable choices and
acting correctly, customer trust in Terveystalo is strengthened, sustainable
partnerships are built, and value is created for the company's shareholders.
In addition to training personnel, regular communication on topics
related to ethical corporate culture is important for promoting an ethical
corporate culture and raising awareness. In 2025, Terveystalo renewed
its internal intranet site on ethical practices. The company published
both internal and external articles, news, and other publications related
to ethical corporate culture on selected themes on the company's
intranet, external website, and social media. In 2025, communication
related to Terveystalo's compliance online course and other mandatory
internal training was also carried out in connection with the process
development of the training package. In 2026, the intention is to carry
out communication on ethical corporate culture, especially in connection
with the implementation of the renewed Code of Conduct and the online
course on ethical conduct.
It is important to Terveystalo that everyone who acts on behalf of or
with Terveystalo Group, and every customer, partner and supplier, can
freely raise their suspicions of misconduct and trust that Terveystalo will
take appropriate action to investigate the matter. Terveystalo Group
encourages all its employees and private practitioners to report any
potential misconduct without delay. The mechanisms for identifying,
reporting, and investigating concerns are described above.
Responsible supply chain / relationships with suppliers
(including payment practices)
To ensure suppliers comply with ethical guidelines and other contractual
terms, Terveystalo conducts supplier self-assessments and regular audits.
Supplier audits are conducted in a targeted manner, and four audits were
performed in 2025. The audited parties are critical suppliers to Terveystalo
and are selected based on business significance or risk factors related
to the supplier.
Supplier audits are carried out by Terveystalo's own personnel. The
audit involves procurement, the responsible person appointed to the
supplier, and other experts participating in supplier cooperation. The audit
includes a pre-information form completed by the supplier, a supplier
interview, a site visit, and feedback sessions. The goal of supplier audits
is to develop supplier cooperation and ensure that the audited supplier's
operations meet the agreed-upon matters and requirements related to
service content, sustainability, quality, and data security. The results of the
audits may include strengths, observations regarding development areas,
minor or significant deviations, or potential contract breaches. Terveystalo
provides the audited supplier with a written summary report of the audit
results and any potential deviations, for which an action plan is required to
bring all deviations into compliance with the agreement.
114
Financial statements
Consolidated financial statements, IFRS
116 Consolidated statement of comprehensive income
117 Consolidated statement of financial position
118 Consolidated statement of cash flows
119 Consolidated statement of changes in equity
121 1. Corporate information
121 2. Accounting policies for the
consolidated financial
121 2.1 Basis of preparation
121 2.2 Application of new and amended IFRSs
and new IFRIC agenda decisions
122 2.3 Critical accounting estimates
and judgements
123 2.4 Principles of consolidation
124 2.5 Foreign currency transactions
124 2.6 Property, plant and equipment
124 2.7 Investment properties
124 2.8 Goodwill and other intangible assets
125 2.9 Impairment
125 2.10 Leases
126 2.11 Financial assets and liabilities
126 2.12 Inventories
127 2.13 Employee benefits
127 2.14 Provisions and contingent liabilities
127 2.15 Revenue recognition
128 2.16 Segment information
128 2.17 Government grants
128 2.18 Operating profit
128 2.19 Earnings per share
128 2.20 Income taxes
129 2.21 Assets held for sale
129 3. Business combinations
131 4. Segment information
133 5. Revenue
134 6. Other operating income
134 7. Materials and services
134 8. Employee benefit expenses
135 9. Depreciation, amortisation and impairment
135 10. Other operating expenses
136 11. Financial income and expenses
136 12. Taxes
136 12.1 Income taxes
137 12.2 Deferred tax assets and liabilities
138 13. Earnings per share
139 14. Tangible assets
139 14.1 Property, plant and equipment
140 14.2 Right of-use-assets
140 14.3 Lease liabilities
141 15. Goodwill and intangible assets
142 16. Impairment testing of cash-generating
units including goodwill
144 17. Investment properties
144 18. Associated companies and joint ventures
145 19. Share-based payments
146 20. Financial assets and liabilities – carrying
amount, fair values and fair value hierarchy
147 21. Financial risks
147 21.1 Financial risk management
147 21.2 Interest rate risk and currency risk
147 21.3 Credit risk
148 21.4 Refinancing risk and liquidity risk
148 21.5 Capital management
149 22. Trade and other receivables and contract assets
150 23. Cash and cash equivalents
150 24. Share capital and invested non-restricted equity
151 25. Financial liabilities
152 26. Trade and other payables
152 27. Provisions
153 28. Defined benefit plans
154 29. Collateral and contingent liabilities
154 30. Related party transactions
156 31. Group companies
157 32. Assets held for sale
157 33. Subsequent events
Parent company's financial statement, FAS
158 Parent company’s income statement
158 Parent company’s statement of financial position
159 Parent company's statement of cash flows
160 Accounting policies of parent company’s
financial statements
160 Notes to the parent company's financial statements
165 Signatures to the financial statements
and Board of Director’s report
166 Auditor’s Report
170 Assurance Report on the Sustainability Report
172 Independent Auditor's Report on the ESEF
Consolidated Financial Statements of
Terveystalo Plc
115
Consolidated financial statements, IFRS
| Consolidated statement of comprehensive income | |||
EUR mill. | Note | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Revenue | 4, 5 | ||
Other operating income | 6 | ||
Materials and services | 7 | - | - |
Employee benefit expenses | 8 | - | - |
Depreciation, amortisation and impairment losses | 9 | - | - |
Other operating expenses | 10 | - | - |
Operating result | |||
Financial income | 11 | ||
Financial expenses | 11 | - | - |
Net finance expenses | - | - | |
Share of results in joint ventures | - | ||
Result before taxes | |||
Income tax expense | 12 | - | - |
Net income | |||
Profit attributable to Owners of the parent company |
EUR mill. | Note | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| Other comprehensive adjustments | |||
| Items that may be reclassified to profit or loss | |||
Translation differences from foreign operations | - | ||
| Items that will not be reclassified to profit or loss | |||
Remeasurements of post-employment benefit obligations | 28 | - | |
Other comprehensive income for the period, net of tax | - | ||
Total comprehensive income | |||
| Total comprehensive income attributable to: | |||
Owners of the parent company | |||
Earnings per share for profit attributable to the shareholders of the parent company, in euro | |||
Basic earnings per share | 13 | ||
Diluted earnings per share | 13 |
The notes are an integral part of the consolidated financial statements.
116
| Consolidated statement of financial position | |||
EUR mill. | Note | 31 Dec 2025 | 31 Dec 2024 |
| ASSETS | |||
| Non-current assets | |||
Property, plant and equipment | 14 | ||
Right-of-use assets | 14 | ||
Goodwill | 15, 16 | ||
Intangible assets | 15 | ||
Investment properties | 17 | ||
Investments in associates and joint ventures | 18 | ||
Loan receivables | 20 | ||
Deferred tax assets | 12 | ||
Other non-current assets | 20 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | |||
Trade and other receivables | 22 | ||
Current tax receivables | |||
Cash and cash equivalents | 23 | ||
Total current assets | |||
Assets held for sale | 32 | ||
TOTAL ASSETS |
EUR mill. | Note | 31 Dec 2025 | 31 Dec 2024 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to equity holders of the Company | |||
Share capital | |||
Invested non-restricted equity reserve | |||
Treasury shares | - | - | |
Translation differences | - | - | |
Retained earnings | |||
Equity attributable to equity holders of the Company total | |||
TOTAL EQUITY | |||
| Non-current liabilities | |||
Non-current financial liabilities | 20, 21, 25 | ||
Non-current lease liabilities | 14, 21, 25 | ||
Deferred tax liabilities | 12 | ||
Provisions | 27 | ||
Other liabilities | |||
Total non-current liabilities | |||
| Current liabilities | |||
Current financial liabilities | 20, 21, 25 | ||
Current lease liabilities | 14, 21, 25 | ||
Current tax liabilities | |||
Provisions | 27 | ||
Trade and other payables | 26 | ||
Total current liabilities | |||
Liabilities directly associated with assets held for sale | 32 | ||
TOTAL LIABILITIES | |||
TOTAL EQUITY AND LIABILITIES |
The notes are an integral part of the consolidated financial statements.
117
| Consolidated statement of cash flows | |||
EUR mill. | Note | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| Cash flows from operating activities | |||
Profit before income taxes | |||
Adjustments for Non-cash transactions | |||
Depreciation, amortisation and impairment losses | 9 | ||
Change in provisions | 27 | - | |
Other non-cash transactions | - | ||
Gains and Losses on sale of property, plant, equipment and other changes | - | - | |
Net finance expenses | 11 | ||
| Changes in working capital | |||
Trade and other receivables | |||
Inventories | - | - | |
Trade and other payables | - | ||
Interests received | |||
Income taxes paid | - | - | |
Net cash from operating activities |
EUR mill. | Note | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| Cash flows from investing activities | |||
Acquisition of property, plant and equipment | - | - | |
Acquisition of intangible assets | - | - | |
Proceeds from sale of property, plant and equipment | |||
Acquisition of subsidiaries, net of cash acquired | 3 | - | - |
Proceeds from the disposal of subsidiaries, net of cash disposed of | |||
Investments to joint ventures | - | ||
Investments to shares and equity interest | - | ||
Acquisition of business operations, net of cash acquired | 3 | - | - |
Dividends received | |||
Net cash from investing activities | - | - | |
| Cash flows from financing activities | |||
Proceeds from non-current borrowings | 25 | ||
Repayment of non-current borrowings | 25 | - | |
Proceeds from current borrowings | 25 | ||
Repayment of current borrowings | 25 | - | - |
Payment of lease liabilities | 25 | - | - |
Payment of hire purchase liabilities | 25 | - | - |
Interests and other financial expenses paid | - | - | |
Interests and other financial income received | |||
Dividends paid | - | - | |
Net cash from financing activities | - | - | |
Net change in cash and cash equivalents | |||
Cash and cash equivalents at 1 January | |||
Exchange rate differences | - | ||
Transfer to assets held for sale | - | ||
Cash and cash equivalents at 31 December |
The notes are an integral part of these consolidated financial statements.
118
| Consolidated statement of changes in equity | ||||||
| Equity attributable to owners of the parent company | ||||||
| Invested | ||||||
| non-restricted | Treasury | Retained | Translation | |||
MEUR | Share capital | equity reserve | shares | earnings | differences | Total equity |
Equity 1 Jan 2025 | - | - | ||||
| Comprehensive income | ||||||
Profit for the period | ||||||
Other comprehensive income | ||||||
| Transactions with owners | ||||||
Dividend | - | - | ||||
Share-based payments | ||||||
Equity 31 Dec 2025 | - | - |
| Equity attributable to owners of the parent company | ||||||
| Invested | ||||||
| non-restricted | Treasury | Retained | Translation | |||
MEUR | Share capital | equity reserve | shares | earnings | differences | Total equity |
Equity 1 Jan 2024 | - | - | ||||
| Comprehensive income | ||||||
Profit for the period | ||||||
Other comprehensive income | - | - | - | |||
| Transactions with owners | ||||||
Dividend | - | - | ||||
Share-based payments | ||||||
Equity 31 Dec 2024 | - | - |
119
| The Group information | |
| Company information | |
Name of reporting entity or other means of identification | |
Country of incorporation | |
Legal form of entity | |
Domicile of entity | |
Address of entity's registered office | |
Principal place of business | Finland and Sweden |
| Description of nature of entitys operations and principal | |
| activities | |
Name of parent entity |
120
121
122
123
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.
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.
124
125
126
127
128
| Consideration transferred | |
EUR mill. | 2025 |
Purchase price, payable in cash | 9.9 |
Contingent consideration | 5.9 |
Total consideration transferred | 15.8 |
| Identifiable assets acquired and liabilities assumed | |
EUR mill. | 2025 |
Cash and cash equivalents | 0.3 |
Intangible assets | 0.0 |
Property, plant and equipment | 0.0 |
Right-of-use assets | 0.1 |
Trade and other receivables | 0.5 |
Lease liabilities | -0.1 |
Trade and other payables | -0.4 |
Total identifiable net assets acquired | 0.5 |
Goodwill | 15.3 |
129
| Consideration transferred | |
EUR mill. | 2024 |
Purchase price, payable in cash | 8.1 |
Contingent consideration | 0.8 |
Total consideration transferred | 8.9 |
| Identifiable assets acquired and liabilities assumed | |
EUR mill. | 2024 |
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 |
130
| 1.1.-31.12.2025 | Healthcare | Portfolio | Segments | Internal | |||
| EUR mill. | services | Businesses | Sweden | total | Other | eliminations | Total |
| Revenue | |||||||
| Revenues from external | |||||||
customers | 1,014.9 | 188.5 | 75.5 | 1,278.9 | - | - | 1,278.9 |
| Revenues from transactions | |||||||
| with other operating | |||||||
segments of the same entity | 16.2 | 4.0 | 0.1 | 20.3 | - | -20.3 | - |
Total revenue | 1,031.0 | 192.5 | 75.6 | 1,299.1 | - | -20.3 | 1,278.9 |
Adjusted EBITA | 166.7 | 13.7 | -1.3 | 179.1 | 0.2 | - | 179.3 |
Adjustments (EBITA) | 4.6 | 0.5 | 5.6 | 10.7 | 4.0 | - | 14.7 |
Adjusted EBIT | 154.6 | 12.6 | -2.6 | 164.6 | -8.3 | - | 156.3 |
Adjustments (EBIT) | 4.6 | 0.5 | 5.6 | 10.7 | 8.1 | - | 18.8 |
Depreciations | 6.4 | 0.9 | 7.2 | 14.5 | 58.4 | - | 72.9 |
| 1.1.-31.12.2024 | Healthcare | Portfolio | Segments | Internal | |||
| EUR mill. | services | Businesses | Sweden | total | Other | eliminations | Total |
| 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 (EBITA) | 7.6 | 0.3 | 6.3 | 14.2 | 9.2 | - | 23.5 |
Adjusted EBIT | 143.7 | 9.1 | -3.4 | 149.3 | -8.9 | - | 140.5 |
Adjustments (EBIT) | 7.6 | 0.3 | 7.2 | 15.1 | 9.2 | - | 24.4 |
Depreciations | 6.8 | 1.1 | 7.0 | 14.8 | 60.1 | - | 74.9 |
Adjustments (EBITA)*, EUR mill. | 2025 | 2024 |
Acquisition-related expenses 1) | -0.1 | -0.7 |
Restructuring-related expenses 2) | 1.1 | 1.9 |
Gains and losses on sale of assets, net 3) | -0.1 | 0.6 |
Strategic projects and other items affecting to comparability | 13.9 | 21.6 |
Adjustments | 14.7 | 23.5 |
131
Adjustments (EBIT)*, EUR mill. | 2025 | 2024 |
Acquisition-related expenses 1) | -0.1 | -0.7 |
Restructuring-related expenses 2) | 1.1 | 1.9 |
Gains and losses on sale of assets, net 3) | -0.1 | 0.6 |
Impairment losses | 4.1 | 0.9 |
Strategic projects and other items affecting to comparability | 13.9 | 21.6 |
Adjustments | 18.8 | 24.4 |
EUR mill. | 31 Dec 2025 | 31 Dec 2024 |
Profit before taxes | 116.6 | 89.6 |
Share of profits of joint ventures | 0.2 | - |
Net finance expenses | 20.7 | 26.5 |
Adjustments | 18.8 | 24.4 |
Other | 8.3 | 8.9 |
Segment's adjusted EBIT | 164.6 | 149.3 |
Amortisation and impairment losses | 27.1 | 31.5 |
Adjustments | -4.1 | -0.9 |
Other | -8.5 | -9.6 |
Adjusted EBITA | 179.1 | 170.3 |
EUR mill. | 31 Dec 2025 | 31 Dec 2024 |
Finland | 1,137.0 | 1,112.6 |
Sweden | 75.1 | 69.5 |
Total | 1,212.1 | 1,182.1 |
132
| Disaggregation of revenue | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Healthcare Services | 1,031.0 | 1,042.8 |
Portfolio Businesses | 192.5 | 238.5 |
Sweden | 75.6 | 81.8 |
Segments total | 1,299.1 | 1,363.1 |
Other | -20.3 | -23.1 |
Total | 1,278.9 | 1,340.0 |
| Healthcare Services, revenue | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| By customer | ||
Occupational health customers | 588.5 | 602.2 |
Consumer customers | 223.7 | 223.8 |
Insurance customers | 187.6 | 179.5 |
Service sales | 31.3 | 37.4 |
Total | 1,031.0 | 1,042.8 |
| By service | ||
Appointments | 680.8 | 686.1 |
Diagnostics | 250.7 | 254.2 |
Other | 99.5 | 102.5 |
Total | 1,031.0 | 1,042.8 |
| Portfolio Businesses, revenue | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Outsourcing services | 54.8 | 82.8 |
Staffing services | 53.1 | 73.1 |
Dental care | 52.4 | 50.3 |
Other | 32.2 | 32.4 |
Total | 192.5 | 238.5 |
133
| Timing of satisfying performance obligations | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
At a point in time | 1,222.4 | 1,255.3 |
Over time | 56.4 | 84.7 |
Total | 1,278.9 | 1,340.0 |
| Balances in the statement of financial position | ||
EUR mill. | 31 Dec 2025 | 31 Dec 2024 |
Contract assets | 6.1 | 7.9 |
Contract liabilities | 6.6 | 7.0 |
| 6. Other operating income | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Rental income | 0.7 | 0.9 |
Gains on sale of property, plant and equipment | 0.2 | 0.3 |
Other items | 3.1 | 2.5 |
Total | 4.0 | 3.7 |
| 7. Materials and services | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Purchases of materials | -38.2 | -41.4 |
Change in inventories | 0.4 | 0.1 |
External services | -472.0 | -508.5 |
Total | -509.8 | -549.8 |
| 8. Employee benefit expenses | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Wages and salaries | -328.4 | -349.5 |
Share-based payments | -1.7 | -1.6 |
Pension expenses — defined contribution plans | -53.8 | -56.9 |
Other social security costs | -19.5 | -19.8 |
Total | -403.5 | -427.8 |
Number of personnel at the end of the reporting period* | 8,356 | 9,153 |
134
| 9. Depreciation, amortisation and impairment | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| Depreciation and amortisation by asset type | ||
| Intangible assets | ||
Trademarks | -4.7 | -4.7 |
Customer relationships | -1.7 | -2.2 |
Other intangible assets | -16.5 | -20.4 |
Total | -23.0 | -27.2 |
| Property, plant and equipment | ||
Buildings | -0.0 | -0.1 |
Machinery and equipment | -14.6 | -16.4 |
Improvement to premises | -6.8 | -7.3 |
Total | -21.5 | -23.7 |
Right-of-use assets | -51.4 | -51.2 |
Investment property | -0.0 | -0.0 |
Depreciation and amortisation total | -95.8 | -102.1 |
| Impairment losses by asset groups | ||
Goodwill | -4.1 | - |
Other intangible assets | - | -2.5 |
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 | -0.0 | -0.3 |
Right-of-use assets | - | -1.1 |
Stocks and shares | - | -0.1 |
Impairment total | -4.1 | -4.2 |
Total depreciation, amortisation and impairment losses | -100.0 | -106.4 |
| Specification of other operating expenses | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
External services | -14.2 | -18.6 |
Operating and maintenance expenses for premises and equipment | -24.1 | -26.9 |
ICT expenses | -45.0 | -43.8 |
Non-statutory personnel expenses | -8.1 | -8.4 |
Leases and charges | -4.4 | -6.0 |
Travel expenses | -6.3 | -7.1 |
Marketing and communication | -13.9 | -11.1 |
Acquisition-related expenses | -0.3 | -0.3 |
Other costs | -15.8 | -21.6 |
Total | -132.1 | -143.7 |
| Auditor's fees | ||
In thousands of euro | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| Audit and auditor's statements based on laws and regulations | ||
Audit, KPMG | -425.1 | -436.5 |
Auditor's statements based on laws and regulations, KPMG* | -73.5 | -123.6 |
Total | -498.6 | -560.1 |
| Non audit services | ||
Tax services, KPMG | -4.4 | -9.8 |
Other services, KPMG | -27.8 | -30.1 |
Total | -32.2 | -39.9 |
Auditor's fees total | -530.8 | -600.0 |
135
| 11. Financial income and expenses | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Interest income on loans and other receivables | 1.8 | 2.1 |
Dividend income | 0.0 | 0.0 |
Total financial income | 1.8 | 2.1 |
Interest expense on loans from financial institutions | -8.7 | -13.9 |
Interest expense on bonds | -5.4 | -5.3 |
Interest expenses on lease liabilities | -6.5 | -6.5 |
Change in fair value of interest rate derivatives | -1.0 | -1.6 |
Other financial expenses | -1.3 | -1.3 |
Total financial expenses | -23.0 | -28.6 |
Net financial expenses | -21.2 | -26.5 |
| Income taxes in the statement of income | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Current tax for the reporting year | -27.3 | -20.7 |
Income taxes for previous periods | 0.2 | -0.1 |
Change in deferred taxes | 3.6 | 2.8 |
Total income taxes | -23.5 | -18.0 |
| Reconciliation of the Group's tax rate to the Finnish tax rate | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Profit or loss before taxes | 116.2 | 89.6 |
Tax using the parent company's tax rate | -23.2 | -17.9 |
Tax rates in foreign jurisdictions | 0.1 | 0.1 |
Tax exempt income | 0.3 | 0.5 |
Non-deductible expenses | -1.1 | -0.5 |
Share of profit in joint ventures | 0.0 | - |
Recognition of previously unrecognised tax losses | 0.1 | 0.0 |
Tax losses for which no deferred taxes are recognised | -0.3 | -0.0 |
Taxes from previous periods | 0.2 | -0.1 |
Other | 0.3 | 0.1 |
Total income taxes in the statement of income | -23.5 | -18.0 |
136
| Deferred tax assets 2025 | |||||
| Recognised in | |||||
| Business | the statement of | Translation | |||
EUR mill. | 1 Jan 2025 | combinations | income | differences | 31 Dec 2025 |
Provisions | 1.0 | - | -0.2 | - | 0.8 |
Tax losses carried forward | 2.6 | - | 1.6 | 0.2 | 4.3 |
Leases | 1.9 | 0.0 | 0.4 | 0.0 | 2.3 |
Interest rate derivatives | 0.1 | - | -0.1 | - | - |
Other temporary differences | 1.6 | - | 0.4 | - | 2.0 |
Total | 7.1 | 0.0 | 2.2 | 0.2 | 9.3 |
| Deferred tax liabilities 2025 | ||||||
| Recognised in | ||||||
| Investments in | the statement | Translation | ||||
EUR mill. | 1 Jan 2025 | joint ventures | of income | differences | Reclassification | 31 Dec 2025 |
| Reversal of goodwill | ||||||
amortisation | 3.4 | - | 0.2 | - | - | 3.6 |
Business combinations | 10.2 | 0.4 | -1.7 | 0.0 | - | 8.8 |
Depreciation difference | 3.7 | - | 0.4 | - | - | 4.1 |
Loan withdrawal expense | 0.2 | - | -0.1 | - | - | 0.2 |
Interest rate derivatives | 0.7 | - | -0.3 | - | - | 0.4 |
Other temporary differences | 0.7 | - | 0.0 | 0.0 | - | 0.7 |
Transfer to assets held for sale | - | - | - | - | -0.0 | -0.0 |
Total | 18.7 | 0.4 | -1.4 | 0.0 | -0.0 | 17.6 |
| Deferred taxes from lease agreements 2025 | |||||||
| Recognised | |||||||
| in the | |||||||
| Business | statement of | Translation | |||||
EUR mill. | 1 Jan 2025 | combinations | Additions | Disposals | income | differences | 31 Dec 2025 |
Deferred tax asset | 38.5 | 0.0 | 13.8 | -2.3 | -9.8 | 0.2 | 40.4 |
Deferred tax liability | -36.6 | -0.0 | -13.8 | 2.3 | 10.3 | -0.2 | -38.1 |
Total | 1.9 | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 | 2.3 |
| Deferred tax assets 2024 | ||||
| Recognised in | ||||
| Business | the statement of | |||
EUR mill. | 1 Jan 2024 | combinations | income | 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 | 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 | 7.1 |
137
| Deferred tax liabilities 2024 | |||||
| Recognised in | |||||
| Business | the statement of | Translation | |||
EUR mill. | 1 Jan 2024 | combinations | income | difference | 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 |
| Deferred taxes from lease agreements 2024 | |||||||
| Recognised | |||||||
| in the | |||||||
| Business | statement of | Translation | |||||
EUR mill. | 1 Jan 2024 | combinations | Additions | Disposals | income | difference | 31 Dec 2024 |
Deferred tax asset | 44.8 | 0.2 | 10.5 | -1.2 | -15.8 | -0.0 | 38.5 |
Deferred tax liability | -43.3 | -0.2 | -10.5 | 1.2 | 16.2 | 0.0 | -36.6 |
Total | 1.5 | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 1.9 |
| 13. Earnings per share | ||
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Result attributable to the equity holders of the company, EUR mill. | 92.6 | 71.7 |
Weighted average number of outstanding shares, in thousands | 126,647 | 126,597 |
Diluted average number of outstanding shares, in thousands | 126,781 | 126,727 |
Basic earnings per share for result attributable to the equity holders of the company, EUR | 0.73 | 0.57 |
Diluted earnings per share for result attributable to the equity holders of the company, EUR | 0.73 | 0.57 |
138
| Land and water, | Other tangible | ||||
| 2025 | buildings and | Machinery and | Improvement to | assets and | |
| MEUR | constructions | equipment | premises | advances paid | Total |
Acquisition cost 1 Jan 2025 | 2.3 | 196.6 | 80.8 | 7.7 | 287.4 |
Business combination | - | 0.0 | 0.0 | - | 0.0 |
Additions | - | 12.0 | 0.9 | 17.9 | 30.8 |
Disposals | - | -0.4 | - | - | -0.4 |
Translation differences | 0.0 | 0.2 | 0.0 | 0.0 | 0.3 |
Transfers between items | - | 2.9 | 12.3 | -15.2 | - |
Transfer to assets held for sale* | - | -0.6 | -0.5 | - | -1.1 |
Acquisition cost 31 Dec 2025 | 2.3 | 210.7 | 93.5 | 10.3 | 316.9 |
| Accumulated depreciation | |||||
| and impairment losses | |||||
1 Jan 2025 | -1.5 | -148.4 | -49.7 | -0.1 | -199.7 |
Depreciation | -0.0 | -14.6 | -6.8 | - | -21.5 |
Impairment losses | - | -0.0 | -0.0 | - | -0.0 |
Translation differences | -0.0 | -0.2 | -0.0 | - | -0.2 |
Transfer to assets held for sale* | - | 0.3 | 0.2 | - | 0.5 |
| Accumulated depreciation | |||||
| and impairment losses | |||||
31 Dec 2025 | -1.5 | -162.8 | -56.4 | -0.1 | -220.9 |
Carrying amount 1 Jan 2025 | 0.8 | 48.2 | 31.1 | 7.5 | 87.7 |
Carrying amount 31 Dec 2025 | 0.8 | 47.8 | 37.2 | 10.2 | 96.0 |
| Land and water, | Other tangible | ||||
| 2024 | buildings and | Machinery and | Improvement to | assets and | |
| MEUR | constructions | equipment | premises | advances paid | Total |
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 |
139
| 14.2 Right of-use-assets | |||
| 2025 | Other right-of- | ||
MEUR | Premises | use assets | Total |
Acquisition cost 1 Jan 2025 | 446.3 | 41.1 | 487.4 |
Business combination | 0.1 | - | 0.1 |
Additions | 68.3 | 0.7 | 69.0 |
Disposals | -9.0 | - | -9.0 |
Translation differences | 2.1 | 0.1 | 2.1 |
Transfers between items | -0.2 | 0.2 | - |
Transfer to assets held for sale* | -5.3 | - | -5.3 |
Acquisition cost 31 Dec 2025 | 502.3 | 42.0 | 544.4 |
Accumulated depreciation and impairment losses 1 Jan 2025 | -266.9 | -37.7 | -304.7 |
Depreciation for the reporting period | -49.4 | -2.1 | -51.4 |
Translation differences | -1.2 | -0.0 | -1.2 |
Transfer to assets held for sale* | 2.4 | - | 2.4 |
Accumulated depreciation and impairment losses 31 Dec 2025 | -315.0 | -39.9 | -354.9 |
Carrying amount 1 Jan 2025 | 179.4 | 3.3 | 182.7 |
Carrying amount 31 Dec 2025 | 187.3 | 2.2 | 189.5 |
| 2024 | Other right-of- | ||
MEUR | Premises | use assets | Total |
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 for the reporting period | -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 |
| 14.3 Lease liabilities | |||
| 31 Dec 2025 | |||
MEUR | Premises | Other | Total |
Non-current lease liabilities | 154.4 | 2.1 | 156.5 |
Current lease liabilities | 43.9 | 2.2 | 46.1 |
Transfers to liabilities directly associated with the assets held for sale | -2.9 | - | -2.9 |
Total lease liabilities | 195.4 | 4.2 | 199.7 |
| 31 Dec 2024 | |||
MEUR | Premises | Other | Total |
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 |
140
| 15. Goodwill and intangible assets | |||||
| Other intangible | |||||
| 2025 | Customer | assets and | |||
MEUR | Goodwill | relationships | Trademarks | advances paid | Total |
Acquisition cost 1 Jan 2025 | 954.7 | 167.5 | 88.6 | 168.6 | 1,379.5 |
Business combination | 15.8 | - | - | - | 15.8 |
Additions | - | - | - | 20.8 | 20.8 |
Translation differences | 2.6 | 0.3 | 0.2 | 0.8 | 3.9 |
Transfer to assets held for sale* | -8.9 | -1.4 | - | -0.0 | -10.3 |
Acquisition cost 31 Dec 2025 | 964.1 | 166.4 | 88.8 | 190.1 | 1,409.5 |
| Accumulated amortisations | |||||
| and impairment losses | |||||
1 Jan 2025 | -125.3 | -158.4 | -47.8 | -136.6 | -468.1 |
Amortisation | - | -1.7 | -4.7 | -16.4 | -22.8 |
Impairment losses* | -4.1 | - | - | - | -4.1 |
Translation differences | - | -0.1 | -0.1 | -0.4 | -0.7 |
Transfer to assets held for sale* | 4.1 | 1.2 | - | 0.0 | 5.2 |
| Accumulated amortisations | |||||
| and impairment losses | |||||
31 Dec 2025 | -125.3 | -159.1 | -52.6 | -153.5 | -490.4 |
Carrying amount 1 Jan 2025 | 829.4 | 9.2 | 40.8 | 32.1 | 911.4 |
Carrying amount 31 Dec 2025 | 838.8 | 7.4 | 36.3 | 36.7 | 919.2 |
| Other intangible | |||||
| 2024 | Customer | assets and | |||
MEUR | Goodwill | relationships | Trademarks | advances paid | Total |
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 |
141
| 2025 | |
| EUR mill. | |
Acquisition cost 1 Jan 2025 | 70.0 |
Additions | 2.0 |
Transfers from advance payments | 9.4 |
Translation differences | 0.4 |
Transfer to assets held for sale* | -0.0 |
Acquisition cost 31 Dec 2025 | 81.8 |
Accumulated amortisations and impairment losses 1 Jan 2025 | -43.4 |
Amortisation and impairment losses | -13.9 |
Transfer to assets held for sale* | 0.0 |
Accumulated amortisations and impairment losses 31 Dec 2025 | -57.4 |
Carrying amount 1 Jan 2025 | 26.5 |
Carrying amount 31 Dec 2025 | 24.4 |
| 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 |
31 Dec 2025 | 31 Dec 2024 | ||||
EUR mill. | Goodwill | % | Impairment | Goodwill | % |
Healthcare Services | 621.3 | 74.1% | - | 607.2 | 73.2% |
Portfolio Businesses, Public payor | 140.5 | 16.7% | - | 149.4 | 18.0% |
Portfolio Businesses, Private payor | 30.8 | 3.7% | - | 29.1 | 3.5% |
Sweden | 46.3 | 5.5% | - | 43.7 | 5.3% |
Total | 838.8 | 100.0% | - | 829.4 | 100.0% |
Transfer to assets held for sale | 4.9 | - | 4.1 | - | - |
142
| Portfolio | Portfolio | |||
| The assumptions used in impairment | Healthcare | Businesses, Public | Businesses, | |
| calculations in 2025 | Services | payor | 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 | 11.9% | 6.0% | 4.9% | 5.1% |
Discount rate (Pre-tax WACC) | 8.7% | 9.7% | 8.6% | 9.2% |
Discount rate (Post-tax WACC) | 7.3% | 8.2% | 7.3% | 7.8% |
| Portfolio | Portfolio | |||
| The assumptions used in impairment | Healthcare | Businesses, Public | Businesses, | |
| calculations in 2024 | Services | payor | 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% |
Variable | 2025 | 2024 |
| Terminal period revenue growth rate | ||
Healthcare Services | Decrease over 12.5 percentage points | Decrease over 24.5 percentage points |
Portfolio Businesses, Public payor | Decrease over 0.4 percentage points | Decrease over 2.1 percentage points |
Portfolio Businesses, Private payor | Decrease over 5.7 percentage points | Decrease over 21.3 percentage points |
Sweden | Decrease over 2.4 percentage points | Decrease over 1.8 percentage points |
| Profitability (EBIT %) during the terminal period | ||
Healthcare Services | Decrease over 9.0 percentage points | Decrease over 12.3 percentage points |
Portfolio Businesses, Public payor | Decrease over 0.4 percentage points | Decrease over 2.1 percentage points |
Portfolio Businesses, Private payor | Decrease over 2.7 percentage points | Decrease over 8.0 percentage points |
Sweden | Decrease over 1.6 percentage points | Decrease over 1.5 percentage points |
| Discount rate (Pre-tax WACC) | ||
Healthcare Services | Increase over 9.1 percentage points | Increase over 18.8 percentage points |
Portfolio Businesses, Public payor | Increase over 0.4 percentage points | Increase over 2.2 percentage points |
Portfolio Businesses, Private payor | Increase over 4.5 percentage points | Increase over 15.8 percentage points |
Sweden | Increase over 2.0 percentage points | Increase over 1.8 percentage points |
143
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Carrying amount at the beginning of the period | 0.3 | 0.3 |
Depreciation | -0.0 | -0.0 |
Carrying amount at the end of the period | 0.2 | 0.3 |
EUR mill. | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
Rental income from investment properties | 0.0 | 0.1 |
Operating expenses for investment properties | -0.0 | -0.0 |
Total | 0.0 | 0.0 |
Value per m 2 (In | Total value | ||
| thousands of | (In thousands | ||
Investment | m 2 | euro) | of euro) |
Koy Jyväskylän Väinönkatu 30 | 1,348 | 0.2 | 269 |
Associated companies 31 Dec 2025 | Domicile | Ownership | Voting rights |
Terveyden Tuottajat Oy | Finland | 0.0% | 48.7% |
EUR mill. | 2025 | 2024 |
Carrying amount | 0.0 | 0.0 |
Joint ventures 31 Dec 2025 | Domicile | Ownership | Voting rights |
Roxellen BidCo AB | Sweden | 25.4% | 25.4% |
EUR mill. | 2025 | 2024 |
Carrying amount | 7.2 | - |
Group's share of total comprehensive income | -0.2 | - |
144
Performance Share Plan 2021 | 2025–2027 | 2024–2026 | 2023–2025 | 2022–2024 |
Grant date | 2 Apr 2025 | 2 Apr 2024 | 3 Apr 2023 | 1 Apr 2022 |
Maximum number of share awards | 700,000 | 640,000 | 640,000 | 683,085 |
Outstanding at 1 Jan 2025 | - | 581,000 | 488,666 | 384,308 |
Granted share awards during the period | 657,000 | 17,334 | 8,666 | - |
Forfeited share awards during the period | 57,000 | 106,000 | 68,666 | 289,155 |
Exercised share awards during the period | - | - | - | 95,153 |
Outstanding at 31 Dec 2025 | 600,000 | 492,334 | 428,666 | - |
Fair value of the share award at grant date | 8.9 | 6.2 | 6.6 | 9.2 |
End of the performance period | 28 Feb 2028 | 28 Feb 2027 | 28 Feb 2026 | 28 Feb 2025 |
End of the vesting period, expected | 31 Mar 2028 | 31 Mar 2027 | 31 Mar 2026 | 17 Mar 2025 |
Vesting conditions | Service condition, | Service condition, | Service condition, | Service condition, |
| total Shareholder | total Shareholder | total Shareholder | total Shareholder | |
| Return (TSR), EBITA | Return (TSR), EBITA | Return (TSR) | Return (TSR) | |
Exercised | In shares and cash | In shares and cash | In shares and cash | In shares and cash |
145
Restricted Share Plan | 2025–2027 | 2024–2026 | 2023–2025 | 2022–2024 |
Grant date | 25 Jun 2025 | 15 May 2024 | 3 Apr 2023 | 22 Jun 2022 |
Maximum number of share awards | 70,000 | 64,000 | 64,000 | 68,309 |
Outstanding at 1 Jan 2025 | - | 23,000 | 21,000 | 9,000 |
Granted share awards during the period | 4,000 | - | - | - |
Forfeited share awards during the period | - | - | 3,000 | 2,000 |
Exercised share awards during the period | - | - | - | 7,000 |
Outstanding at 31 Dec 2025 | 4,000 | 23,000 | 18,000 | - |
Fair value of the share award at grant date | 9.9 | 7.9 | 6.6 | 9.5 |
End of the performance period | 28 Feb 2028 | 28 Feb 2027 | 28 Feb 2026 | 28 Feb 2025 |
End of the vesting period, expected | 31 Mar 2028 | 31 Mar 2027 | 31 Mar 2026 | 17 Mar 2025 |
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 |
| Financial assets | Financial assets | ||||
| and liabilities at | and liabilities at | Carrying | Fair value | ||
| EUR mill. 31 Dec 2025 | fair value | amortised cost | amount | Fair value | hierarchy |
| Financial assets | |||||
| Non-current | |||||
Loan receivables | 0.0 | - | 0.0 | 0.0 | Level 2 |
Unquoted equity investments | 1.7 | - | 1.7 | 1.7 | Level 3 |
| Current | |||||
Trade receivables | - | 103.0 | 103.0 | 103.0 | |
Cash and cash equivalents | - | 75.2 | 75.2 | 75.2 | |
Interest rate derivatives | 3.8 | - | 3.8 | 3.8 | Level 2 |
Total | 5.4 | 178.2 | 183.7 | 183.7 | |
| Financial liabilities | |||||
| Non-current | |||||
Loans from financial institutions | - | 232.8 | 232.8 | 232.8 | Level 2 |
Bonds | - | 99.5 | 99.5 | 103.4 | Level 1 |
Contingent considerations | 4.8 | - | 4.8 | 4.8 | Level 3 |
| Current | |||||
Loans from financial institutions | - | 48.8 | 48.8 | 48.8 | Level 2 |
Trade payables | - | 47.1 | 47.1 | 47.1 | |
Contingent considerations | 2.8 | - | 2.8 | 2.8 | Level 3 |
Interest rate derivatives | 0.4 | - | 0.4 | 0.4 | Level 2 |
Total | 8.0 | 428.2 | 436.2 | 440.1 |
146
147
| 31 Dec 2025 | ||||||
| Carrying | Contractual | |||||
| EUR mill. | amount | cash flows | 1 year | 1–2 years | 2–5 years | Over 5 years |
| Loans from financial | ||||||
institutions | 281.6 | 292.3 | 51.5 | 218.0 | 22.7 | - |
Bonds | 99.5 | 113.4 | 5.4 | 5.4 | 102.7 | - |
Lease liabilities | 199.7 | 227.0 | 51.2 | 44.0 | 77.9 | 53.8 |
Trade payables | 48.5 | 48.5 | 48.5 | - | - | - |
Total | 629.3 | 681.1 | 156.6 | 267.4 | 203.3 | 53.8 |
| 31 Dec 2024 | ||||||
| Carrying | Contractual | |||||
| EUR mill. | amount | 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 | - |
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 |
148
| Carrying amounts of trade and other receivables and contract assets | ||
EUR mill. | 2025 | 2024 |
| Non-current | ||
Loan receivables | 0.3 | 0.3 |
Total non-current receivables | 0.3 | 0.3 |
| Current | ||
Trade receivables | 96.9 | 109.6 |
Other receivables | 2.7 | 1.9 |
Prepaid expenses | 14.8 | 12.2 |
Derivative assets | 3.8 | 3.4 |
Contract assets | 6.1 | 7.9 |
Total | 124.2 | 135.0 |
| Specification of prepaid expenses | ||
EUR mill. | 2025 | 2024 |
Personnel related prepaid expenses | 0.2 | 0.2 |
Prepayments | 11.3 | 8.0 |
Other prepaid expenses | 3.3 | 4.1 |
Total | 14.8 | 12.2 |
| Ageing of trade receivables and recognised credit losses | ||||
| Trade receivables | Recognised | |||
| 2025 | and contract | Expected credit | expected credit | |
| EUR mill. | assets total | loss | loss | Carrying amount |
Contract assets | 6.1 | -0.0% | -0.0 | 6.1 |
Not past due | 86.6 | -0.1% | -0.1 | 86.6 |
| Past due | ||||
Less than 30 days | 6.5 | -0.5% | -0.0 | 6.4 |
31–90 days | 2.7 | -1.5% | -0.0 | 2.6 |
91–180 days | 0.8 | -6.7% | -0.1 | 0.7 |
Over 180 days | 2.0 | -74.5% | -1.5 | 0.5 |
Total | 104.7 | -1.7 | 103.0 |
149
| Ageing of trade receivables and recognised credit losses | ||||
| Recognised | ||||
| 2024 | Trade receivables | Expected credit | expected credit | |
| EUR mill. | total | loss | 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 |
Total | 119.5 | -1.9 | 117.5 |
| Invested | |||||||
| Number of | Number | non- | |||||
| outstanding | of treasury | Number of | restricted | ||||
| shares, | shares, | shares total, | Share | equity | Treasury | ||
| EUR mill. | 1,000 pcs | 1,000 pcs | 1,000 pcs | capital | reserve | shares | Total |
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 | - | - | - | - | - | - | - |
31 Dec 2024 | 126,605 | 432 | 127,037 | 0.1 | 492.8 | -15.2 | 477.6 |
1 Jan 2025 | 126,605 | 432 | 127,037 | 0.1 | 492.8 | -15.2 | 477.6 |
Acquisition of treasury shares | 50 | -50 | - | - | - | 0.5 | 0.5 |
| Cancellation of treasury | |||||||
shares | - | - | - | - | - | - | - |
31 Dec 2025 | 126,655 | 381 | 127,037 | 0.1 | 492.8 | -14.8 | 478.1 |
150
| Non-cash changes | ||||||
| Business | Translation | |||||
EUR mill. | 1 Jan 2025 | Cash flows | combinations | Other changes | differences | 31 Dec 2025 |
| Loans from financial | ||||||
institutions | 278.8 | 2.5 | - | 0.3 | - | 281.6 |
Bonds | 99.3 | - | - | 0.2 | - | 99.5 |
Hire purchase liabilities | 0.0 | -0.0 | - | - | - | - |
Lease liabilities | 191.8 | -48.8 | 0.1 | 56.7 | -0.3 | 199.7 |
Total | 569.9 | -46.3 | 0.1 | 57.2 | -0.3 | 580.8 |
| Non-cash changes | ||||||
| Business | Translation | |||||
EUR mill. | 1 Jan 2025 | Cash flows | combinations | Other changes | 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 |
151
| Carrying amounts of trade and other payables | ||
EUR mill. | 2025 | 2024 |
Trade payables | 47.1 | 55.6 |
Other payables | 84.8 | 82.3 |
Contract liabilities | 6.6 | 7.0 |
Derivative liabilities | 0.4 | 0.3 |
Accrued expenses | 73.6 | 85.1 |
Total | 212.4 | 230.3 |
| Specification of other payables | ||
EUR mill. | 2025 | 2024 |
Doctor's fee liabilities | 45.6 | 50.1 |
VAT liabilities | 27.0 | 23.0 |
Other | 12.1 | 9.1 |
Total | 84.8 | 82.3 |
| Specification of accrued expenses | ||
EUR mill. | 2025 | 2024 |
Personnel-related accrued expenses | 64.1 | 74.6 |
Interest liabilities | 4.2 | 4.8 |
Other | 5.3 | 5.6 |
Total | 73.6 | 85.1 |
| Carrying amounts of provisions | ||
EUR mill. | 2025 | 2024 |
Non-current provisions | 1.6 | 3.3 |
Current provisions | 3.1 | 2.9 |
Total | 4.8 | 6.2 |
EUR mill. | 2025 | 2024 |
Onerous contracts | 1.6 | 3.1 |
Other provisions | 3.2 | 3.1 |
Total | 4.8 | 6.2 |
| Changes in provisions during the financial year 2025 | |||
| Onerous | |||
| EUR mill. | contracts | Other provisions | Total |
1 Jan 2025 | 3.1 | 3.1 | 6.2 |
Increase in provisions | 0.0 | 0.8 | 0.8 |
Used provisions | -1.5 | -0.5 | -2.0 |
Transfer to liabilities directly associated with assets held for sale | - | -0.2 | -0.2 |
31 Dec 2025 | 1.6 | 3.2 | 4.8 |
| Changes in provisions during the financial year 2024 | |||
| Onerous | |||
| EUR mill. | 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 |
152
EUR mill. | 2025 | 2024 |
Present value of the defined benefit obligations | 1.2 | 1.3 |
Expenses related to defined benefit plans | -0.0 | 0.0 |
Remeasurements of defined benefit obligations | -0.0 | 0.1 |
EUR mill. | 2025 | 2024 |
1 Jan | 1.3 | 1.3 |
Interest expense (+) / income (-) | 0.0 | 0.1 |
Benefits paid | -0.1 | -0.1 |
| Remeasurement of the obligation | ||
Actuarial gain (-) / loss (+) from change in financial assumptions | -0.0 | 0.1 |
Translation differences | 0.1 | -0.0 |
31 Dec | 1.2 | 1.3 |
% | 2025 | 2024 |
Discount rate | 3.40 | 2.70 |
Inflation | 1.70 | 1.80 |
EUR mill. | 2025 | 2024 |
| 0.5%-point increase in the principal assumption | ||
Discount rate | -0.1 | -0.0 |
Inflation | 0.1 | 0.0 |
| 0.5%-point decrease in the principal assumption | ||
Discount rate | 0.2 | 0.0 |
Inflation | -0.2 | -0.0 |
153
EUR mill. | 31 Dec 2025 | 31 Dec 2024 |
Business mortgages | 0.7 | 0.7 |
Real estate mortgages | - | 0.2 |
Total | 0.7 | 0.9 |
| Securities for own debts | ||
Deposits | 0.1 | 0.2 |
Guarantees | 0.4 | 0.1 |
Total | 0.5 | 0.3 |
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 also include 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.
2025 | Sales | Purchases | Receivables | Payables |
Associated companies | 0.4 | 4.4 | 0.0 | 0.4 |
Joint ventures | 0.2 | 0.4 | 0.2 | 0.1 |
Total | 0.6 | 4.8 | 0.2 | 0.5 |
154
| Remuneration to the members of the Executive team | ||
(excluding CEO), in thousands of euro | 2025 | 2024 |
Fixed pay | 1,582.7 | 1,568.1 |
Other benefits | 53.2 | 40.6 |
Short-term incentives | 435.0 | 700.5 |
Share-based payments | 363.5 | 308.3 |
Termination benefits | 44.0 | 36.0 |
Pensions (statutory) | 344.8 | 384.4 |
Total | 2,823.2 | 3,037.9 |
2025 | 2024 | |||||||
| Remuneration to the | Annual fee | Annual fee | Other | Annual fee | Annual fee | Other | ||
| Board of Directors, in | settled in | settled in | Meeting | financial | settled in | settled in | Meeting | financial |
| thousands of euro | cash | shares | fees | benefits* | cash | shares | fees | benefits* |
| Kauniskangas Kari | ||||||||
(Chairman of the board) | 55.1 | 36.7 | 18.9 | 0.6 | 54.0 | 36.0 | 15.8 | 0.5 |
Pullola Kristian | 32.4 | 21.6 | 13.0 | 0.3 | 31.8 | 21.2 | 10.7 | 0.3 |
Rosenberg Matts | 32.4 | 21.6 | 13.0 | 0.3 | 31.8 | 21.2 | 10.7 | 0.3 |
Lemne Carola | 25.9 | 17.2 | 15.3 | 0.3 | 25.4 | 16.9 | 14.5 | 0.3 |
Lehtoranta Ari | 25.9 | 17.2 | 13.0 | 0.3 | 25.4 | 16.9 | 10.1 | 0.3 |
Hasselberg Sofia | 25.9 | 17.2 | 20.3 | 0.3 | 25.4 | 16.9 | 17.2 | 0.3 |
Sarajärvi Teija | 25.9 | 17.2 | 13.0 | 0.3 | 25.4 | 16.9 | 8.1 | 0.3 |
| Member of the Board of Directors until 26 March 2024 | ||||||||
Viippola Katri | - | - | - | - | - | - | 2.0 | - |
Total | 223.3 | 148.9 | 106.4 | 2.2 | 219.2 | 146.0 | 89.0 | 2.2 |
| Management holdings | ||
Name | Position | 31 Dec 2025 |
Kari Kauniskangas | Chairman of the Board of Directors | 29,285 |
Matts Rosenberg | Member of the Board of Directors | 18,902 |
Carola Lemne | Member of the Board of Directors | 11,640 |
Kristian Pullola | Member of the Board of Directors | 12,611 |
Ari Lehtoranta | Member of the Board of Directors | 10,018 |
Sofia Hasselberg | Member of the Board of Directors | 6,013 |
Teija Sarajärvi | Member of the Board of Directors | 3,514 |
Ville Iho | President and CEO | 33,183 |
Juuso Pajunen | Chief Financial Officer | 24,269 |
Petteri Lankinen | Chief Medical Officer | - |
Laura Karotie | Senior Vice President, Corporate Health | - |
Henri Mäenalanen | Executive Vice President, Portfolio Businesses | 4,444 |
Stefan Kullgren | Executive Vice President, Swedish Business Area | 10,000 |
Ilari Richard | Senior Vice President, Digital Services | 6,337 |
Minttu Sinisalo | Senior Vice President, Human Resources | 5,627 |
Petra Gräsbeck | Senior Vice President, Communications and Public Affairs | 175 |
155
| Subsidiaries as at 31 December 2025 | |||
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 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 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% |
Silmäsairaala Pilke 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% |
Company name | Domicile | Group's share | Group's voting rights |
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% |
Turun Silmälaser Oy | Finland | 100.0% | 100.0% |
156
157
Parent company’s income statement
EUR Note 1.1.–31.12.2025 1.1.–31.12.2024
Revenue 1.1 2,914,289 8,062,045
Other operating income 1,484 -
Materials and supplies - -360
Employee benefit expenses
Wages and salaries -2,503,989 -2,406,187
Social security expenses
Pension expenses -294,568 -287,420
Other social security expenses -59,980 -17,263
Depreciation, amortisation and impairment losses 1.2 -18,036 -22,617
Other operating expenses 1.4 -6,423,131 -9,476,615
Operating loss -6,383,931 -4,148,418
Financial income and expenses 1.5
Other interest and financial income
From Group companies 5,911,183 5,453,177
From others 2,278 1,715
Other interest and financial expenses
To Group companies -3,010,624 -2,389,839
To others -5,929,412 -5,579,405
Loss before appropriations and taxes -9,410,506 -6,662,769
Appropriations 1.6
Increase/decrease in depreciation in excess of plan 10,114 1,824
Group contributions 114,500,000 83,000,000
Taxes -21,150,069 -15,293,500
Profit for the period 83,949,539 61,046,181
Parent company’s statement of financial position
EUR Note 31 Dec 2025 31 Dec 2024
ASSETS
Non-current assets
Property, plant and equipment 2.1
Machinery and equipment 22,181 64,270
Investments
Holdings in Group companies 2.2 516,818,244 516,818,244
Loan receivables from Group companies 2.3 111,000,540 105,375,000
Total non-current assets 627,840,964 622,257,514
Current assets
Receivables from group companies 2.3 128,327,599 94,081,527
Prepayments and accrued income 2.4 616,807 623,426
Cash and cash equivalents 212,774 -
Total current assets 129,157,181 90,731,399
TOTAL ASSETS 756,998,145 716,962,467
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 4,625,073 4,373,361
Profit for the period 83,949,539 61,046,181
Total equity 582,158,574 559,003,504
Appropriations
Depreciation in excess of plan 13,958 24,072
Total appropriations 13,958 24,072
Liabilities 2.6
Non-current liabilities
Bonds 100,000,000 100,000,000
Current liabilities
Trade payables 521,174 1,718,174
Liabilities to Group companies 55,634,953 45,978,136
Other liabilities 2,362,159 148,460
Accruals and deferred income 16,307,328 10,090,121
Total liabilities 174,825,613 157,934,891
TOTAL EQUITY AND LIABILITIES 756,998,145 716,962,467
Parent company's
financial statement, FAS
158
Parent company's statement of cash flows
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Cash flows from operating activities
Profit for the period before income taxes 105,099,608 76,339,055
Adjustments
Depreciations according to plan 18,036 22,617
Non-cash transactions -111,846,312 -79,860,935
Financial income and expenses 3,026,575 2,514,351
Change in working capital
Change in trade and other receivables -8,654,569 7,036,904
Change in trade and other payables 1,361,990 -2,652,245
Taxes -15,289,860 -13,178,727
Net cash from operating activities -26,284,532 -9,778,979
EUR 1.1.–31.12.2025 1.1.–31.12.2024
Cash flows from investing activities
Proceeds from sale of tangible and intangible items 25,538 -
Net cash from investing activities 25,538 -
Cash flows from financial activities
Change in Group bank account 9,659,912 -10,468,331
Received Group contribution 83,000,000 63,777,000
Dividends paid -60,794,469 -37,981,448
Interest and other financial expenses paid -5,393,675 -5,548,242
Net cash from financial activities 26,471,769 9,778,979
Net change in cash and cash equivalents 212,774 -
Cash and cash equivalents at the start of the financial year - -
Cash and cash equivalents at the end of the financial year 212,774 -
159
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
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 2025 2024
Finland 2,879,023 8,029,850
Sweden 35,266 32,195
Total 2,914,289 8,062,045
1.2 Depreciation, amortisation and impairment losses
EUR 2025 2024
Depreciation -18,036 -22,617
Total -18,036 -22,617
1.3 Personnel
2025 2024
Average number of personnel during financial year 7 4
1.4 Other operating expenses
EUR 2025 2024
External services -3,221,609 -8,562,278
ICT expenses -87,810 -35,340
Non-statutory personnel expenses -147,449 -56,370
Leases -22,531 -12,817
Travel expenses -55,174 -46,102
Marketing and communication -214,698 -193,652
Other costs -2,673,860 -570,056
Total -6,423,131 -9,476,615
160
Auditor's fees
EUR 2025 2024
Audit and auditor's statements based on laws and regulations
Audit, KPMG -102,650 -108,900
Auditor's statements based on laws and regulations, KPMG* -64,800 -89,000
Total -167,450 -197,900
Non audit services
Other services, KPMG - -14,000
Total - -14,000
Auditor's fees total -167,450 -211,900
* Including limited assurance of Sustainability statement
1.5 Financial income and expenses
EUR 2025 2024
Other interest and financial income
From Group companies 5,911,183 5,453,177
From others 2,278 1,715
Total 5,913,461 5,454,892
Other interest and financial expenses
To Group companies -3,010,624 -2,389,839
To others -5,929,412 -5,579,405
Total -8,940,036 -7,969,244
1.6 Appropriations
EUR 2025 2024
Increase/decrease in depreciation in excess of plan 10,114 1,824
Group contributions received 114,500,000 83,000,000
Appropriations total 114,510,114 83,001,824
Notes to the statement of the financial position
2.1 Property, plant and equipment
Machinery and equipment
EUR 2025 2024
Acquisition cost 1 Jan 151,975 151,975
Disposals -24,054 -
Acquisition cost 31 Dec 127,921 151,975
Accumulated depreciation and impairment losses 1 Jan -87,704 -65,087
Depreciation for the period -18,036 -22,617
Accumulated depreciation and impairment losses 31 Dec -105,740 -87,704
Carrying amount 1 Jan 64,270 86,887
Carrying amount 31 Dec 22,181 64,270
2.2 Investments
Holdings in Group companies
EUR 2025 2024
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
Holdings in Group companies 2025 2024
Terveystalo Healthcare Holding Oy 100% 100%
161
2.3 Receivables from Group companies
Long-term receivables from Group companies
EUR 2025 2024
Loan receivables 111,000,540 105,375,000
Non-current receivables 3,512,202 3,973,554
Total 114,512,742 109,348,554
Short-term receivables from Group companies
EUR 2025 2024
Trade receivables 726,825 634,331
Group contribution receivables 114,500,000 83,000,000
Prepayments and accrued income 9,588,572 6,473,642
Total 124,815,397 90,107,973
2.4 Prepayments and accrued income
EUR 2025 2024
VAT receivables - 153,539
Prepayments and accrued income 616,807 469,886
Total 616,807 623,426
2.5 Changes in equity
Restricted equity
SHARE CAPITAL
EUR 2025 2024
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 2025 2024
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 2025 2024
Retained earnings at the beginning of the period 65,419,542 42,354,808
Dividends paid -60,794,469 -37,981,448
Retained earnings at the end of the period 4,625,073 4,373,361
Net income 83,949,539 61,046,181
Total unrestricted equity 582,078,574 558,923,504
Total equity 582,158,574 559,003,504
162
Distributable equity
EUR 2025 2024
Invested non-restricted equity reserve 493,503,962 493,503,962
Retained earnings 4,625,073 4,373,361
Net income 83,949,539 61,046,181
Total 582,078,574 558,923,504
Shares and share capital
On 31 December 2025, the number of shares is 127,036,531 of which 381,388 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, the 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 2025 2024
Bonds 100,000,000 100,000,000
Total 100,000,000 100,000,000
Terveystalo Plc has issued a senior unsecured sustainability-linked notes in the aggregate principal amount of EUR
100 million. The Notes will mature on 1 June 2028 and carry initially a fixed annual interest of 5.375 percent. The
notes are listed on the official list maintained by Nasdaq Helsinki Ltd.
2.6.2 Current liabilities
EUR 2025 2024
Trade payables 521,174 1,718,174
Other liabilities to Group companies 55,634,953 45,978,136
Other liabilities 2,362,159 148,460
Accruals 16,307,328 10,090,121
Total 74,825,613 57,934,891
2.6.3 Liabilities to Group companies
EUR 2025 2024
Trade payables 3,056 6,151
Group bank account payables 55,631,897 45,971,985
Total 55,634,953 45,978,136
2.6.4 Accruals and deferred expenses
EUR 2025 2024
Personnel-related accrued expenses 892,179 1,135,237
Interest liabilities 3,151,370 3,142,760
Income tax liability 11,022,069 5,161,860
Other 1,241,709 650,265
Total 16,307,328 10,090,121
163
Other notes
3. Collateral and other contingent liabilities
EUR 2025 2024
Suretyship* 250,283,616 253,521,166
Other guarantees - 22,607
* Suretyship given by Terveystalo Plc to subsidiaries' financial institution loans.
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 the 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 the EU
Taxonomy Regulation.
164
Signatures to the financial statements and Board of Director’s report
Helsinki, 26 February 2026
Kari Kauniskangas
Chairman of the Board of Directors
Sofia Hasselberg
Member of the Board of Directors
Ari Lehtoranta
Member of the Board of Directors
Carola Lemne
Member of the Board of Directors
Kristian Pullola
Member of the Board of Directors
Matts Rosenberg
Member of the Board of Directors
Teija Sarajärvi
Member of the Board of Directors
Ville Iho
President and CEO
Auditors note
A report on the audit has been issued today.
Helsinki, 26 February 2026
KPMG Oy Ab
Audit firm
Henrik Holmbom
Authorised Public Accountant
165
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, 2025. 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.
This document is an English translation of the Finnish auditor’s report.
Only the Finnish version of the report is legally binding.
166
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 2025 the goodwill amounted to 839
M€ and accounted for 58 % of the consolidated total
assets and for 144 % of the consolidated equity.
• The acquisition-related recognised assets for
customer relationships and trademark and at the
year-end 2025 were in total 44 M€.
• Terveystalo determines recoverable amounts for
impairment tests based on value in use. Preparation
of cash flow projections underlying impairment tests
requires management estimation 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.
The key audit matter How the matter was addressed in the audit
Revenue Recognition (Accounting Principles for
the Consolidated Financial Statements and the Note 5)
• The consolidated revenue for 2025 amounted
to 1.279 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 consolidated financial
statements.
We have not identified key audit matters relating to the parent company’s financial statements.
167
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.
• 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.
168
Other Reporting Requirements
Information on our audit engagement
We have acted as auditors appointed by the Annual General Meeting
uninterrupted for fourteen 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
that we obtained prior to the date of this auditor’s report, 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.
Other statements based on law
Our responsibility is to, based on our audit, express an opinion on
the registration and publication of the income tax report required in
Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible for
the registration and the publication of the income tax report.
In our opinion, the company has not been obliged to register
and publish an income tax report referred to in Chapter 7 b of the
Accounting Act for the financial year immediately preceding the
financial year.
Helsinki, February 26, 2026
KPMG OY AB
Audit Firm
Henrik Holmbom
Authorised Public Accountant, KHT
169
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.–31.12.2025.
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), and
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).
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 requirement in
the absence of requirements for the tagging of sustainability information in
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 Authorized Group 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.
Authorized 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 authorized group sustainability auditor applies International
Standard on Quality Management ISQM 1, which requires the authorized
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,
• 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, and for
• 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
Preparing a group sustainability report requires a company to make
materiality assessment to identify relevant matters to report. This
includes significant management judgement and choices. It is also
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.
170
characteristic to the sustainability reporting that reporting of this kind of
information includes estimates and assumptions as well as measurement
and estimation uncertainty.
When reporting forward-looking information in accordance with ESRS
standards, a company's management is required to make assumptions
about possible future events, and to disclose the company's possible
future actions in relation to those events, as well as to prepare the forward-
looking information based on these assumptions. Actual results are likely
to differ because forecasted events often do not occur as expected.
Responsibilities of the Authorized 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 scepticism 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 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 e.g. the following:
• We interviewed the company’s management and persons responsible
for collecting and preparing the information contained in the group
sustainability report at the group level and in subsidiaries, as well as at
different levels and business areas of the organization.
• Regarding the double materiality assessment process, we assessed the
implementation of the process carried out by the company and the
information disclosed on the double materiality assessment process in
relation to the requirements of the ESRS standards.
• Through interviews we gained understanding of the group’s key processes
related to collecting and consolidating the sustainability information.
• We got acquainted with the group’s internal guidelines and operating
principles relevant to the sustainability information disclosed in the
group sustainability report.
• We got acquainted with the background documentation and documents
prepared by the company, as applicable, and assessed whether they
support the information included in the group sustainability report.
• We conducted site visits to selected sites.
• We assessed the information disclosed on material sustainability matters
in the group sustainability report in relation to the requirements of the
ESRS standards.
• In relation to the EU taxonomy information, we gained understanding
about the process by which the company has defined taxonomy eligible
and taxonomy aligned activities, and assessed the regulatory compliance
of the information provided.
Helsinki, February 26, 2026
KPMG OY AB
Authorized Sustainability Audit Firm
Henrik Holmbom
Authorized Sustainability Auditor, KRT
171
Independent Auditor's Report on the ESEF Consolidated
Financial Statements of Terveystalo Plc
To the Board of Directors of Terveystalo Plc
We have performed a reasonable assurance engagement on the financial
statements 7437001AEZHLL3UEX093-2025-12-31-1-fi.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
31.12.2025.
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.
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 7437001AEZHLL3UEX093-2025-12-31-1-fi.zip for the financial year
ended 31.12.2025 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 31.12.2025 has been expressed in our auditor's report
dated 26.2.2026. With this report we do not express an opinion on the audit of the
consolidated financial statements nor express another assurance conclusion.
Helsinki 26 February 2026
KPMG OY AB
Henrik Holmbom
Authorised Public Accountant, KHT
(Translation of the Finnish original)
172