Terveystalo as an investment

Terveystalo has a solid base for increasing shareholder value.

Why invest in Terveystalo?

Terveystalo is Finland's #1 private healthcare service provider in terms of revenue and among the Top-3 occupational health service providers in Sweden.

Terveystalo operates in growing and profitable markets, supported by megatrends such as an aging population, growth in chronic diseases, and digitalisation of healthcare, in addition to long queues in public healthcare. Terveystalo leverages its best-in-class capabilities, such as its advanced digital platform, the wide physical footprint of clinics, expertise in integrated care chains, and its position as the preferred place to work for industry professionals.

Terveystalo’s addressable markets have good long-term growth prospects. In Finland, the private-pay, private-provision healthcare market is expected to grow by ~3% and the public-pay, private-provision healthcare market by ~6% in 2023-2028.

Terveystalo is a pioneer of data-driven, integrated care that produces top-class healthcare outcomes and an excellent customer and professional experience.

Integrated care means using data collected from diverse sources to support treatment and target preventive care. We offer effective preventive care, and quick access to treatment, connecting the various stages of treatment into smooth multi-professional, omnichannel care paths. We actively guide the patient and support the continuity of treatment, as well as measure continuously the care outcomes from the patient’s point of view, and the effectiveness of the treatment. We have developed over 70 unique care protocols for the most common diagnosis, and with these, we produce effective integrated care. For the patient, this means a clearer, smoother, and more predictable course of treatment. For the professional, care paths provide better tools and smoother work.

Terveystalo's digital solutions enable the best medical and business outcomes as part of integrated care. Our goal is a seamless hybrid care path where smart technology, digital services, and physical appointments merge perfectly, creating a cohesive and smooth hybrid care path for the customer. Digital solutions allow for the utilisation of population and organisational-level data in preventive care, streamlined access to care, optimisation of supply and demand balance, excellent professional quality, and efficiency, as well as improved continuity and effectiveness of care.


With the help of intelligent technology, we guide the customer to the right expert in the right channel, freeing up our professionals' time for the most crucial aspect, which is patient care. Terveystalo's strength lies in its unique competitiveness through the combination of medical expertise, data, and digital solutions.

Digital health care is an integral part of Terveystalo’s operations. In 2023, a total of 1.3 million appointments were remote appointments. Already more than 2.7 million users have registered for Terveystalo's digital services.

For several years, surveys* have shown Terveystalo to be the most attractive employer in its industry among professionals. In a supply-constrained market, the ability to attract and retain healthcare professionals is particularly important for Terveystalo’s growth and the implementation of the company’s strategy.

Terveystalo strongly invests in the well-being of its employees, company culture, and expertise, with the core of its strategy being to remain the most attractive employer in the industry. In its talent strategy, Terveystalo focuses on four key areas: recruiting professionals, enabling professional development and meaningful compensation, and increasing the time professionals spend on patient care.

Terveystalo has been successful in recruiting professionals and have steadily increased the supply of human resources. To strengthen supply, we also have increasingly shifted development efforts towards solutions that facilitate and enhance the work of professionals.

*Universum Professional Survey 2023

Terveystalo has a strong balance sheet. Terveystalo’s target in terms of capital structure is a net debt/adjusted EBITDA ratio of 3.5x or less (2023: 3.0). The company may temporarily exceed its net debt target due to large acquisitions. Terveystalo’s strong balance sheet and cash flow enable the development and growth of the business, both organically and through acquisitions. Due to strong cash flow generation, Terveystalo is also able to deleverage quickly if needed.

Terveystalo has distributed stable dividends, with the target of the dividend policy being to distribute at least 40% of the net profit for each financial period to shareholders. The Board of Directors proposes that a dividend of EUR 0.30 per share be paid for the financial year 2023.  This represents 190.9% of the net result and 63.8% of the adjusted net result for the financial period.

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CEO review


Financial targets and their achievement

As long-term financial goals, Terveystalo has 5 percent annual revenue growth through organic growth and acquisitions and, in terms of profitability, an adjusted EBITA margin of 12 percent in 2025.


Terveystalo’s strategy

Terveystalo’s purpose is to fight for a healthier life.


Trends influencing health care

The demand for healthcare services is increasing, among other things, due to the ageing population and growth in chronic diseases. At the same time, healthcare systems around the world face shortages of competent professionals. In addition, the COVID-19 pandemic has increased treatment backlogs. Digital services drive the renewal of health care and bring new solutions, but they also create new customer expectations. Increasing awareness of personal health and the overall trend towards healthier lifestyles make people more willing to increase spending on preventive care and well-being services.


Terveystalo's addressable markets

Terveystalo operates in Finland in occupational health, primary health care, specialty care and well-being services. In Sweden, Terveystalo is, through its subsidiary Feelgood, one of Sweden's leading occupational health companies.



Guidance for 2024 was updated in connection with the Q1 2024 results on 26 April 2024.


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 were last updated on 26 April 2024.