Operating environment

Healthcare Services
Demand for healthcare services in Finland remained below the comparison period in the second quarter. However, compared to the beginning of the year, there were signs of stabilisation in the demand environment.  According to THL visit data, the utilisation of healthcare services in Finland continued to remain below the comparison period, although demand among out-of-pocket consumer customers showed a slight improvement as consumer confidence started to recover.

In occupational health, the market remained subdued. In addition to the weak employment situation, development was driven by a lower number of occupational health end users compared to the comparison period, a lower incidence of upper respiratory tract infections, and companies’ cost-cutting measures and caution in an uncertain economic environment. During the review period, however, the number of occupational health end users stabilised.

The freedom of choice pilot for people aged 65 and over, launched in September 2025, continued at an increased activity level in the second quarter and contributed positively to service volumes. Between September 2025 and the end of June 2026, approximately 78,700 visits were carried out under the pilot at Terveystalo, while customer satisfaction remained at a high level.

Portfolio Businesses
The market environment for publicly funded healthcare services in Finland remained cautious, as the wellbeing services counties continue to focus on cost savings and balancing their finances. During the second quarter, the market continued to be characterised mainly by smaller and more targeted tenders, particularly in digital services, staffing services, and individual service packages. At the same time, several wellbeing services counties have advanced changes in their production structures and engaged in market dialogue, supporting a transition towards more phased and modular procurement models. However, large-scale outsourcing arrangements have remained limited for the time being.

In services targeted at consumers, demand for dental care remained stable, while demand for massage services showed a slight improvement.

Sweden

In Sweden, weak macroeconomic conditions and high unemployment kept demand at a low level. Demand for corporate health services has not yet shown a recovery, and demand for organisational leadership services and rehabilitation services for harmful use remained subdued.

Healthcare professional labour market in Finland

The availability of healthcare professionals remained at a good level and Terveystalo’s service capacity was strong. A collective agreement was reached in the private social services sector on 27 February 2026 and in the private healthcare services sector on 11 May 2026. Under the collective agreement for salaried employees in the staffing services sector, salaries were increased as of 1 June 2026 by a general increase of 2.2 per cent and a local increment of 0.7 per cent.

The collective agreement for the private healthcare services sector is valid from 1 May 2026 to 30 April 2028. Salary increases under the agreement will be implemented in phases during the agreement period. In 2026, salaries will be increased in September by a 2.22 per cent general and scale increase. In addition, a local increment of 0.6 per cent and a one-off payment of EUR 183 will be paid in December 2026. In job demand group 3, an additional 0.7 per cent scale increase will be implemented.

In 2027, salaries will be increased by a 2.0 per cent general and scale increase and a 0.4 per cent local increment.

In addition to salary increases, the collective agreement includes improvements to terms and conditions of employment, such as a limited extension of period-based working time arrangements and related changes to overtime provisions, as well as further development of the remuneration system. The changes are expected to impact primarily the development of personnel expenses and positively the availability of workforce in the sector in the long term.

The majority of physicians working at Terveystalo are private practitioners who are not employed by the company.

 

The regulatory environment and treatment queues in Finland

The government programme aims to enhance cooperation between private and public healthcare in order to improve the effectiveness and cost-efficiency of the service system. Reforms and increases in Kela reimbursements have expanded the range of reimbursable services. Increases and reforms related to reimbursements for ophthalmologists, gynaecologists, dental care, and mental health services came into effect in 2025.

The freedom of choice pilot for individuals aged 65 and over, launched in September 2025, was expanded in line with the decisions taken in the Government’s spring 2026 spending limits discussion. As of July 2026, 20 new laboratory and imaging examinations were added to the pilot, increasing the total number of reimbursable examinations to 42. In addition, the Government is preparing further expansions for 2027, including increasing the annual cap on general practitioner visits from three to six, incorporating direct access physiotherapy visits into the pilot, and extending the pilot until the end of 2028. These measures aim to improve access to care, strengthen continuity of care, and increase customers’ freedom of choice.

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 also launched a EUR 40 million pilot funding call related to continuity of care and the personal doctor model. 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. According to the monthly updated data of the Finnish Institute for Health and Welfare (THL), at the end of May 2026, a total of 112,810 patients were waiting for non-urgent specialised medical care, of whom 4.3 percent had been waiting for more than six months. At the beginning of 2025, the maximum waiting times for access to primary healthcare were extended, effectively loosening the care guarantee. In addition, 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 to a greater extent than before.