Terveystalo Oyj Annual Report 2024

FY2024 Annual Report · Terveystalo Oyj

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Annual Report
2024

Year 2024
3
Terveystalo in brief
4
Key figures
5
CEO's Review
7
Events in 2024
Strategy and business
9
Trends influencing healthcare
10
Terveystalo’s addressable markets
11
Strategy
15
Business areas
17
Financial targets until the end of 2024
18
Terveystalo’s sustainability themes
19
Value creation model
21
Terveystalo as an investment
22
Information for shareholders
Corporate Governance
25
Corporate Governance Statement 2024
38
Terveystalo Remuneration Policy of Governing Bodies
44
Remuneration Report
Group’s Report of the Board of Directors and
Consolidated Financial Statements
49
Report of the Board of Directors
68
Sustainability statement
134 Financial Statements
184 Auditor’s Report
188 Assurance Report on
the Sustainability Report
190 Environmental
appendix
Introduction
Terveystalo’ s Annual Report 2024 consists of six
sections: Year 2024, Strategy and business, Corporate
Governance, Report of the Board of Directors,
Sustainability Statement (part of Report of Board of
Directors) and Financial Statements.
The Year 2024 section includes basic information
on Terveystalo, the CEO’s Review and the main
events of 2024. The Strategy and business section
includes Terveystalo’ s targets, strategy, information
on business segments, market environment and
value creation, as well Terveystalo as an investment.
Report of the Board of Directors is divided into two
sections: Report of the Board of Directors on financial
development and Sustainability Statement, which is
officially part of the Report of the Board of Directors
but presented as its own section in the navigation.
The Sustainability Statement is prepared according
to the EU Sustainability Reporting Directive (CSRD).
The Corporate Governance section includes the
Corporate Governance Statement, Remuneration
Policy and Remuneration Report. The Financial
Statements section includes the Financial Statements
and notes to the financial statements as well as
the Auditor’s Report.
The Annual Report is available
in Finnish and English.
Contents
1
Terveystalo
Annual Report 2024
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3
Terveystalo in brief
4
Key figures
5
CEO's Review
7
Events in 2024
Year 2024
Terveystalo
Annual Report 2024
2
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Strategy and business
Year 2024
2
Terveystalo
Annual Report 2024

Terveystalo in brief
Terveystalo 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.
We offer our customers fluent, caring and effective integrated
care. We develop digital solutions that ensure a smooth
everyday life for our professionals, the best care outcomes
for our customers and help address the care gap of society.
Terveystalo is listed on the Helsinki Stock Exchange and has a
predominantly Finnish ownership.
Our values
Human-being at the center
We take responsibility for the health
and wellbeing 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
care efficacy and well-being of
our customers.
Reforming healthcare
We foster continuous progress. We
challenge ourselves to build more
functional healthcare for everyone
and reform the industry with open-
minded use of technology.
professionals
clinics offer
healthcare services
Sweden
360
Finland
Healthcare Services, Portfolio Businesses
14,350
professionals
clinics offer
healthcare services
140
800
1,340
Revenue
(EUR million)
7.6
1.7
million customer
visits in Finland
million end customers
of occupational health
services in Finland
and Sweden
Terveystalo
Annual Report 2024
3
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Strategy and business
Year 2024

Key figures
Terveystalo Group,
EUR million
2024
2023
2022
Revenue
1,340.0
1,286.4
1,259.1
Adjusted EBITA1)
171.0
125.6
105.2
Return on equity (ROE), %
13.5
-7.6
4.1
Equity ratio, %
39.4
36.5
40.2
Earnings per share (EUR)
0.57
-0.33
0.19
Gearing, %
92.1
116.0
95.7
Net debt/adjusted EBITDA
(last 12 months)1)
2.1
3.0
3.2
Dividend per share
0.48
2)
0.30
0.28
Salaried employees
(end of period)
9,153
9,824
10,933
Non-employees (end of period)
3)
6,015
6,092
5,928
NPS4), hospitals
88
NPS4), appointments
96
1) Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses, restructuring-
related expenses, gain / losses on sale of assets (net), impairment losses and other items affecting comparability.
2) Board’s proposal.
3) Includes private practitioners and other non-employees.
4) Customer satisfaction, Net Promoter Score.
5) The PEI index (Patient Enablement Instrument) is used to measure whether the patient feels that he is coping with his symptoms or
illness much better, better, as before, or worse after the reception. The scale is 1-4. The value of the PEI index is calculated by dividing the
proportion of patients who felt they were doing better or much better with their health condition by the total number of respondents.
6) The proportion of relevant occupational health patients diagnosed with depression or anxiety who were referred to brief psychotherapy.
2.1
Net debt / adjusted
EBITDA1)
12.8%
Adjusted EBITA %
of revenue1)
14.8%
Referral rate for
brief mental health
psychotherapy6)
69%
PEI-index5)
2021
2022
2023
2024
2020
30
25
20
15
10
5
0
%
Revenue and Adjusted EBITA-%
MEUR
1,500
1,250
1,000
750
500
250
0
Revenue, MEUR
Adj. EBITA % of revenue
1,154.6
1,286.4
1,259.1
1,340.0
986.4
Revenue breakdown
% of total revenue 2024
78% Healthcare Services
18% Portfolio Businesses
6% Sweden
-2% Others
Total
1,340.0
MEUR
(1,286.4)
2021
2021
2023
2024
2020
Own workforce
Salaried employees
Non-employees
12,000
9,000
6,000
4,000
0
Terveystalo
Annual Report 2024
4
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Strategy and business
Year 2024

Terveystalo's year 2024 was very strong by all indicators.
Our revenue grew by 4 percent to EUR 1.34 billion in
2024, and adjusted EBITA was 12.8 percent of revenue.
Earnings per share increased to EUR 0.57. The Board of
Directors proposes to the Annual General Meeting a
dividend of EUR 0.48 per share (in accordance with our
updated dividend policy) in 2025.
The Healthcare Services segment's good profit
development continued throughout the year. Brisk
revenue growth, structurally improved profitability,
and record-high customer satisfaction create a strong
foundation for the current year and the next phase
of the strategy. Following our profit improvement
In 2024, we achieved a strong result in a challenging environment.
We exceeded the profitability target ahead of schedule, our
financial position was strong, and customer satisfaction and
professional engagement were at a record level.
Stronger in the new
strategic phase
CEO of Terveystalo Ville Iho:
programme, we have accelerated investments in our
physical network and digital services to support organic
growth. Our objective is to consistently improve our
service competitiveness, customer value, medical quality,
and operational efficiency.
Revenue of the Portfolio businesses segment
decreased during the year due to the planned
termination of loss-making outsourcing agreements,
elimination of low margin staffing contracts, and weak
consumer purchasing power. However, profitability for
the full year improved thanks to determined work in
difficult market conditions. The portfolio businesses are
now on a stronger footing, and the risks of old contracts
Terveystalo
Annual Report 2024
5
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Strategy and business
Year 2024

We support the UN
Global Compact
Terveystalo has signed the UN Global Compact
(UNCG)initiative. We are committed to continuing
our work to integrate the UNCG's environmental,
human rights, labour and anti-corruption principles
into our operations, culture and value chain. We have
strengthened our commitment to human rights by
adopting Terveystalo's first human rights policy and
joining the UNGC's six-month Business & Human Rights
Accelerator 2025 programme.
Ville Iho,
CEO of Terveystalo
have been reduced. During the current strategy period,
the segment aims to enhance profitability, pursue
growth in various services, including dental health, and
explore new opportunities in public markets.
Revenue from the Swedish business also decreased
due to expired contracts and weak demand caused
by the macro environment. The market has been
challenging for 18 months, but signs of recovery are
emerging. In Sweden, the profitability programme
initiated a year ago has led to cost adjustments and
enhanced operational efficiency. The monthly financials
already show an improvement in profitability. The
programme will maintain its emphasis on enhancing
operational efficiency while progressively expanding its
focus on commercial activities. We anticipate that the
impacts of the programme will become evident as a
turnaround starting from early 2025, and the targeted
SEK 120 million annual (run-rate) EBITA improvement to
materialise during the year.
Following a successful 2024, our company is stronger
than ever. We have successfully reduced our risk profile
and developed clear strategies to further enhance
performance across our three business areas. Our focus
remains on profitable growth, continuous improvement
of service quality for our customers, and delivering
shareholder value. We target a 10 percent EPS growth
and aim to maintain a net debt to EBITDA ratio of a
maximum of 2.5 times. In line with our commitment to
our shareholders, we will distribute at least 80 percent
of net profit as dividends. Long-term trends support
the growth of private healthcare, and we have excellent
prerequisites for long-term value creation.
Advancing technology for fluent,
caring, and effective healthcare
During the Capital Markets Day in December, we outlined
our upcoming strategy phase and revised financial
targets. As a company, we have a clear purpose; We
fight for a healthier life. We want to provide solutions to
the biggest sustainability challenges in healthcare and
ensure timely access and the most effective care, while
the population ages and the need for care increases.
The chronic shortage of healthcare professionals in
the industry requires that valuable intellectual capital
is utilised in a sustainable way that creates value for
society. These themes are also at the core of our strategy
which revolves around providing fluent, caring, and
effective integrated care for our customers, ensuring their
needs are met in the best possible way. By seamlessly
integrating services across different stages of the
care path and effectively using data, we aim to offer
exceptional customer experience and medical quality.
Over the next two years, we will significantly improve
the efficiency of appointment processes and support
functions through the integration of automation and AI.
Our sustained investments in our digital platform will
facilitate this integration, ensuring that our customers
benefit from the most advanced technologies available.
We will continue to lead the industry and develop an
efficient, effective, and customer-centric healthcare
system that really works.
Meaningful matters,
Ville Iho
Terveystalo
Annual Report 2024
6
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Strategy and business
Year 2024

Terveystalo updated its medium-term financial targets
In December 2024, Terveystalo updated all its financial targets to reflect the company's
improved performance and focus on value creation. Terveystalo is targeting profitable
growth, moderate leverage ratio and attractive dividends. The target is that EPS grows on
average by 10 percent1) p.a., net debt to EBITDA shall not exceed 2.5x and at least 80 percent
of the net result is to be distributed as dividends.
Terveystalo Ella – the future of Patient Information Systems
for efficient and seamless appointments
In 2024, Terveystalo launched a new interface, Ella, for its chat professionals. Ella is an
application that combines chat interactions with patient information from the patient
records system into a single, unified view. By streamlining workflows, Ella frees up time
for professionals to engage with patients, enhances the quality of appointments, and
accelerates chat-based operations. This supports the delivery of caring and effective
care, improves the customer experience, and strengthens continuity of care. The system
is being further developed for use not only in chat appointments but also across other
appointment formats. Development is carried out in collaboration with healthcare
professionals, aiming for most appointments — whether in physical clinics or remotely —
to be managed through the new interface in the coming years. Ella saves professionals'
time, increases productivity, reduces the strain of the workday, and makes Terveystalo the
most attractive workplace, allowing professionals to focus on meaningful matters.
More effective preventive care with
a new health check-up process
Since the beginning of 2024, Terveystalo’s occupational health customers have
benefited from Nightingale Health’s blood analysis as part of their health
check-ups. This analysis helps identify the risk of developing common chronic
diseases, supporting prevention efforts and, in the long term, alleviating the strain
on healthcare services. Terveystalo is responsible for the health of approximately
744,000 working-age Finns, offering more people the opportunity to recognise their
personal health risks and receive support for lifestyle changes. Chronic diseases
impair work ability and require continuous monitoring, yet many of these conditions
are preventable. By the end of 2024, approximately 115,000 individual occupational
health customers had already received a risk report based on the blood analysis.
Finland’s most valued medical centre
In 2024, Terveystalo maintained its position as Finland’s
most valued medical centre. In the Brand Appreciation
Study conducted by Taloustutkimus and Alma
Media, Terveystalo ranked first in its industry for both
appreciation index and attractiveness. This marked the
fourth consecutive year that Terveystalo has been the
leader in its field, with its appreciation index increasing
every year. The ranking reflects our commitment to
providing fluent, caring and effective healthcare—and
how this commitment is recognised by consumers.
10%
EPS grows on
average by
p.a.
2,5x
Net debt to EBITDA
shall not exceed
of net result is to be
distributed as dividends.
80%
At least
1) We expect faster earnings per share growth in 2025, as fewer items affecting comparability are expected.
Events in 2024
Terveystalo
Annual Report 2024
7
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Strategy and business
Year 2024

Strategy and
business
9
Trends influencing healthcare
10
Terveystalo’s addressable markets
11
Strategy
15
Business areas
17
Financial targets until the end of 2024
18
Terveystalo’s sustainability themes
19
Value creation model
21
Terveystalo as an investment
22
Information for shareholders
Terveystalo
Annual Report 2024
8
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Annual Report 2024
Terveystalo
8

Four key trends are strongly
influencing the healthcare industry
and creating growth opportunities
in our core markets.
Trends influencing healthcare
Trend
Terveystalo’s response
1) Statistics Finland Forecast 2023–33.
2) Statista, Kaiser Family Foundation health cost data, Terveystalo market and sales data. Calculations based on average spend by age group.
3) Source: Ministry of Economic Affairs and Employment of Finland: Review of labour force in the healthcare and social welfare sector Examination of the operating environment in the light of the current changes and in the longer term.
Addressable
market
CAGR
~5%
Challenged
public
healthcare
systems
Finland’s Social and Healthcare Reform aims to
curb healthcare cost growth. At the same time,
the well-being services counties are challenged by
lengthening treatment queues, tight budgets and
labour shortages.
Publicly funded and privately provided healthcare in Finland
is expected to grow. Through smooth cooperation and
division of labour, the public and private sectors have the
potential to address the challenges of the healthcare system.
The shortage of professionals is the biggest challenge
facing the healthcare sector. The social welfare and
healthcare sector in Finland is predicted to need as
many as 200,000 new professionals over the next 15
years to replace retiring employees and respond to the
growing demand for services3).
Constrained
labour market
Maintaining the position as one of the most attractive
employers in the industry and developing solutions that
make professionals’ work more efficient, are essential in a
limited professional market.
The Finnish population aged over 65 is expected to
grow by 170,000 over the next 10 years.1) Spending on
healthcare is on average three times higher compared
to the population under 65.2)
Ageing
population
Demand for healthcare is growing, especially for services used
by older people. Terveystalo has the expertise and resources to
prevent chronic diseases, provide high-quality and effective care
for older people, and shorten the queues in the public sector.
Digitalisation &
remote care
The benefits of digitalisation are essential to address
the challenges in healthcare. Digitalisation can
improve the access to services, quality, effectiveness
and continuity of care, increase self-service rates,
improve cost-effectiveness, and streamline and
enhance the work of professionals.
Terveystalo's digital channels already have more than 2.6 million
registered users. With digital solutions, we make sure that our
professionals want to work for us and our customers get the
best possible care. Our digital solutions alleviate the shortage of
professionals and the care gap and enable the best medical and
business outcomes as part of integrated care.
Terveystalo
Annual Report 2024
9
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

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.
Terveystalo’s addressable
market in Finland
In Finland, the size of the healthcare market is
estimated at around EUR 18.1 billion, of which
approximately 75 percent is publicly funded and
provided. Privately provided healthcare accounts for
25 percent, corresponding to EUR 4.5 billion, which
includes publicly funded and privately provided
and privately provided and funded healthcare. The
privately provided market relevant to Terveystalo
includes primary healthcare, dental care, specialty
care, occupational healthcare and child welfare
services. Terveystalo’s share of this entire market is
about 25–30 percent. The privately provided market
is expected to grow by around 3–4 percent between
2023 and 2029. The privately funded occupational
health market is estimated to grow by approximately
3–4 percent, the consumer customer market by
about 1–2 percent, and the insurance market at the
fastest pace, around 5–6 percent.
The rapid ageing of the population, the care debt
and the challenges of public healthcare will increase the
need for privately provided care in the coming years.
Finland has a unique occupational health system that
covers 1.9 million Finns. Occupational health is associated
with a statutory pension system. The system encourages
employers to invest in occupational health to bring
down pension costs. This has effects on public health as
well as the total cost of health care. Terveystalo provides
occupational health services in Finland to over 26,000
companies and to a total of approximately 744,000
people through its corporate customers.

Terveystalo’s addressable markets
2019
2020
2021
2022
2018
2023E

Occupational healthcare
Private healthcare, consumer customers
Publicly funded private healthcare
Source: National Institute for Health and Welfare,
KELA, Statistics Finland
CAGR 3.8%
3.7
1.9
0.8
1.0
4.0
1.9
0.9
1.2
3.9
1.8
0.9
1.2
4.4
2.2
1.0
1.2
2.0
0.9
1.1
4.0
4.5
2.2
1.1
1.2
Terveystalo’s addressable
market in Sweden
In Sweden, the total cost of health care is estimated at
around EUR 25 billion. About 82 percent is publicly funded
and provided. Privately provided healthcare accounts
for around 17 percent or EUR 4.3 billion, which includes
publicly funded and privately provided and privately
provided and funded healthcare. In Sweden, the privately
provided and funded market consists largely of oral health
services that are not offered by the public sector for people
over 23 years, as well as employer-funded occupational
healthcare. The private healthcare market in Sweden is
quite fragmented; the combined market share of the ten
largest players is around 40 percent.

Market growth has historically been faster than in
the Finnish market. The ageing of the population, lifestyle
diseases, lengthened care queues in the public sector,
growing awareness of health and well-being, and the
increase in voluntary health insurance are driving the
growth of the private healthcare market also in Sweden.
Terveystalo’s subsidiary Feelgood, which operates in
Sweden, offers services in occupational health including
risk assessments, ergonomics and physiotherapy, organ-
isation 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.
The Swedish occupational health market is stable and
has a size of around EUR 0.4 billion. Feelgood is Sweden's
third largest provider of occupational health services with
a market share of around 19 percent. The Swedish occu-
pational health system includes fewer services required
by law than the Finnish system. Occupational health
and private health services are also in different systems.
However, employers are interested in offering more
extensive occupational healthcare in order to reduce sick
leave and extend working careers. Terveystalo’ s subsid-
iary Feelgood serves approximately 8,000 corporate
customers in Sweden, with a total of approximately one
million occupational health end-customers.
Sources: Terveystalo market model and internal data, National Institute for
Health and Welfare, KELA, Statistics Finland, Swedish Association of Local
Authorities and Regions.
25
18
4
5
21
14
Public provision
Private provision
Healthcare markets
EUR bn
Finland
Sweden
Terveystalo’s addressable market
in Finland, 2018–2023E
EUR bn
Terveystalo
Annual Report 2024
10
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

We fight for a healthier life
OUR PURPOSE
by focusing on the meaningful matters.
Human being
at the centre
Reforming
healthcare
Steered by
medical science
Integrated
care
We offer our customers fluent,
caring and effective integrated care.
We:
Understand our customers and their needs
Prevent and manage health risks
Guide patients to the right service and treatment
Take care throughout the care path from
booking to recovery
Cooperate as teams of experts, and
Measure and improve our outcomes.
With our integrated care model,
we strive to achieve both
a positive social impact and high profitability.
Terveystalo
Annual Report 2024
11
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
11
Terveystalo
Annual Report 2024

During the most recent strategy
period, we have focused on
achieving a clear improvement in
profitability in our core business,
Healthcare Services, and building
the conditions for independent
value creation in the Portfolio
Businesses segment. We reached
our profitability target of a 12%
EBITA margin one year ahead of
schedule, and we announced our
new financial targets in December
2024. In the next strategy
period, we will focus on five
strategic priorities.
Terveystalo’s strategy
Engaged team
At Terveystalo, our purpose is
to fight for a healthier life. We
build a humane and functional work
environment where our team can focus
on meaningful matters. Our people
strategy aims to ensure the engagement,
job satisfaction and productivity of our
professionals. Our goal is to be the best
and most attractive place to work in
our industry.
New medium-term
financial targets

Profitable growth:
EPS to grow on average
by 10% p.a.
We expect faster earnings per
share growth in 2025, as fewer
items affecting comparability
are expected.
Moderate leverage ratio:
Net debt to EBITDA not to
exceed 2.5x
Indebtedness may temporarily
surpass the target level,
particularly in conjunction
with acquisitions.
Attractive dividends:
At least 80% of net result to be
distributed as dividends
The dividend proposal must
consider the company's
long-term potential and
financial status.
Profitable, organic growth
Our goal is profitable, organic
growth. We seek growth in all
customer groups and in several different
service areas. One key area is to grow
the insurance business by developing
new partnership models, based on value
creation, with insurance companies. In the
public pay market, we seek growth through
new partnerships, staffing services, digital
solutions and network capacity sales. In
addition, in the consumer and corporate
customer segments, we focus on growth
in selected specialties — such as paediatric
health, mental health, orthopaedics and
sleep medicine — where we see significant
potential in terms of both meeting
customer needs and profitable business
growth. In dental health services, our goal
is significant growth, which will respond to
growing demand and support the overall
health of customers.
Efficiency
Although our profitability has
improved significantly over the
past two years, there is still potential for
profitability growth. The further development
of digital solutions enables the continuous
improvement of process efficiency and the
productivity of operations. The automation of
manual work, enhancing customer steering,
smart resource planning and solutions aimed
at making the work of our professionals more
fluent play a key role.
The profit improvement programme
launched in Sweden at the end of 2023 is
aimed at a structural change in profitability
in 2025.
Superior customer value
through integrated care
The core of our strategy is to
always offer fluent, caring and effective
integrated care to our customers. We
develop digital solutions that ensure a
smooth everyday life for our professionals,
the best care outcomes for our customers
and help address the care gap in the
industry. With our integrated care model,
we strive to achieve both a positive social
impact and high profitability.
Optimised business portfolio
We see growth potential in several
specialties, and our goal is to expand
our business portfolio in specialties such as
paediatrics, eye diseases and dermatology.
In the Portfolio Businesses segment,
the goal is independent value creation in
different businesses.
Terveystalo
Annual Report 2024
12
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

The core of our strategy is to always
offer fluent, caring and effective
integrated care to our customers.
We develop digital solutions that
ensure a smooth everyday life for our
professionals, the best care outcomes
for our customers and help address
the care gap in the industry. With our
integrated care model, we strive to
achieve both a positive social impact
and high profitability.
At Terveystalo, integrated care means understanding
our customers’ needs, preventing and managing
health risks, guiding the customer to the right service
and treatment, taking care of the patient throughout
the care path, cooperating as teams of experts, and
measuring and improving our outcomes.
Our digital solutions play a key role in the
development of integrated care paths. They ensure a
fluent workday experience for our professionals, the
best care and prevention outcomes for our customers,
and help address the care gap in the industry. We use
data to identify and prevent health risks and select
the right treatment. We aim to increase the overall
capacity of care through digital solutions so that we
can offer quick access to care. We make the work of our
professionals more fluent by developing digital tools
and work processes, which increases job satisfaction
and the productivity of operations. We improve the
continuity of care by guiding the customer and the
professional through the entire care path from the
first contact to the end. We systematically measure
the effectiveness of care using several different
indicators, and we develop our operations to improve
the outcomes. We support Finland’s wellbeing services
counties in the digital transformation by providing
them with modern and easy-to-use digital solutions and
highly competent service production.
Our integrated care model aims for a positive social
impact, which is reflected in maintaining the work ability
of the working-age population and the prevention of
illnesses, quick access to care, smooth care paths and the
recovery of work ability, as well as the development of
the industry as a whole.

Read more in Sustainability statement
S4- Consumers and End-user
1) Customer satisfaction, NPS (Net Promoter Score).
2) The PEI (Patient Enablement Instrument) index is used to
measure 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. The scale is 1–4. 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.
3) Proportion of relevant patients in occupational health who have
received a diagnosis of depression or anxiety and who have
received a referral to brief psychotherapy.
Key Performance Indicators
69%
Effectiveness of care
index, PEI2)
88
NPS1),
appointments
14.8%
Referral rate for
brief psychotherapy
for mental health3)
Integrated care
Strategy
96
NPS1),
hospitals
Fluent, caring and effective integrated care
• Health promotion
• Early detection
• Patient selection
We understand
our customers
and their needs
Value to customers, professionals, society, and our business
Prevention
Steering
Care paths
Follow-up
• Customer steering
to the right care
• Resource steering
to the right
services
• Care protocols in
multidisciplinary
teams
• Care paths and
continuity of care
• Customer
management
• Measuring care
outcomes
• Supporting well-being
We prevent
and manage
health risks
We guide
patients to the
right service
and treatment
We take care
throughout the care
path from booking
to recovery
We cooperate
as teams of
experts
We measure
and improve
our outcomes
Terveystalo
Annual Report 2024
13
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

At Terveystalo, our purpose is to
fight for a healthier life. We build
a humane and functional work
environment where our team can
focus on meaningful matters. Our
people strategy aims to ensure the
engagement, job satisfaction and
productivity of our professionals.
Our goal is to be the best and most
attractive place to work in our industry.
As the need for care increases due to the ageing of
the population, the shortage of professionals is the
greatest challenge in healthcare. It is a key strategic
goal for us to ensure that we have an adequate
number of engaged and highly competent healthcare
professionals to meet the growing demand and
achieve our strategic targets. Our goal is to be the best
and most attractive place to work in our industry.
As an employer, our attractiveness and the
well-being at work and job satisfaction of our
employees are the foundation for everything we do.
We strengthen our attractiveness as a workplace
by providing professionals with interesting and
meaningful work, competitive pay, diverse career and
development opportunities, good leadership and
humanely efficient workplace, as well as ensuring
that they can work smoothly and focus on meaningful
matters. We have systematically developed our
operations in these areas for years now, and we have
been ranked as one of the most attractive employers in
our industry in Finland for several consecutive years1).
Our most important strategic initiatives for the strategy
period 2024–2026 are as follows:
• developing our professionals' user experience in the
digital work environment
• developing resource management and shift
planning tools
• the renewal of remuneration models
• developing management and leadership skills
• an expanded training offering.
We invest significantly in management structures and
leadership skills. By focusing on our key leadership
roles, we build the foundation for excellence and
create a sustainable, fair, energetic and results-driven
corporate culture.
The most important indicator of our success is the
company’s long-term value creation. We measure the
success of our people strategy by means of an employee
engagement index, eNPS (Employee Net Promoter Score),
sickness absences and the exit turnover of our personnel,
among other indicators.

Read more in Sustainability statement S1 - Own workforce
Engaged team
Strategy
Key Performance
Indicators
1) Engagement index for Terveystalo professionals.
2) Terveystalo’s professional survey.
15,000
professionals
4.0 %
Sickness
absence
rate
4.2/5
2)
Engagement index
for Terveystalo
professionals
Terveystalo
Annual Report 2024
14
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

The Healthcare Services business
segment offers customers in Finland
integrated care paths from preventive
occupational health services to
primary care services and specialised
care, diagnostics and day surgery.
In the Healthcare Services segment,
Terveystalo’s goal is to be the best
provider of integrated care and to
grow profitably.
Achievements in 2024
• Revenue increased due to strong supply,
an improved sales mix and successful
commercial actions.
• Profitability clearly increased from the
comparison period.
• Customer satisfaction rose to a record-high level and
the NPS for appointments was 88.
• Terveystalo maintained its position as the most
respected private medical centre in Finland.1)
• We incorporated our partner Nightingale Health’s
blood analysis technology into occupational health
examinations, which enables more effective disease
prevention and reduces the burden of healthcare.
By the end of 2024, approximately 115,000 of our
individual occupational healthcare customers had
received a risk report based on a blood analysis.
Healthcare services
• We introduced a new treatment model for chronic
diseases for our occupational health customers.
The model ensures that the monitoring of long-term
illnesses is carried out in an optimal manner and that
challenges related to work ability are prevented even
more effectively than before.
• We achieved growth in key specialties such as
orthopaedics, gynaecology and mental health.
We launched the Terveystalo Hospital concept to
support growth.
The business segment's focus areas
• We aim to achieve EUR 1.1 billion in revenue in 2026 and
continuous profitability improvement.
• We will enhance our position as a market leader in
occupational health.
• We will grow in the insurance market and, selectively, in
the out-of-pocket consumer market.
• We will develop our digital solutions, thereby enhancing
the customer experience and the professional experience,
as well as the efficiency of our operations.
• We will develop our services across the entire care path,
including prevention, assessment of the need for care,
appointments, diagnostics, day surgery and rehabilitation.
• Our goal is to expand our business, among others,
in the specialties of paediatrics, eye diseases,
dermatology and obesity.
Business areas
Terveystalo's goal is to be the best provider of integrated care
and to grow profitably
1) In the Brand Appreciation Study conducted by Taloustutkimus and
Alma Media, Terveystalo ranked at the top of its industry in terms of both
the brand appreciation index and attractiveness.
162
15.5%
1,043
Revenue, MEUR
Adj. EBITA, MEUR
Adj. EBITA %
Terveystalo
Annual Report 2024
15
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

The Portfolio Businesses segment
consists of businesses that focus
on value creation, leveraging
Terveystalo’s capabilities as needed.
The Portfolio Businesses segment
includes publicly funded services,
such as outsourcing and staffing
services, as well as services aimed
at consumers, including dental care
and massage.
Portfolio Businesses
The Sweden segment consists of the
services provided by the Feelgood
subsidiaries, focusing on occupational
health, organisational management
consulting and addiction prevention
services. Terveystalo aims to
significantly improve profitability in
Sweden in the short term.
Sweden
Business areas
Achievements in 2024
• Revenue decreased due to proactive customer
selection in staffing services, weakened demand
for dental care and a continuation of the planned
reduction in the outsourcing portfolio.
• Profitability strengthened year-on-year due to
termination of low-margin outsourcing contracts
and improved operational efficiency.
• The new Terveyskumppani organisation
strengthens cooperation with Finland’s wellbeing
services counties.
• Terveystalo’s digital platform is already in use in
four wellbeing services counties.
The business segment's
focus areas
• We target 5 percent annual revenue growth and
10 percent EBITA margin by 2029.
• In the public pay market, we will grow through
new partnerships, staffing services, digital
solutions and network capacity sales.
• In dental health, our goal is to double our
revenue and significantly improve profitability by
expanding our services
Achievements in 2024
• Revenue decreased year-on-year due to expired
contracts and weaker demand.
• Profitability was weakened by the decline
in revenue, as well as cost inflation. A profit
improvement programme was launched towards
the end of 2023, aiming to achieve a structural
change in profitability in 2025. The programme
progressed as planned in 2024, and the cost
structure was adjusted to respond to weakened
demand. The effects of the measures were reflected
in a decline in wage costs in the second half
of the year.
The business segment's
focus areas
• The near-term focus is on ensuring the turnaround
in profitability and structurally strengthening
profitability when compared to the historical levels.
• The objective of the profit improvement programme
is to achieve an annual run-rate EBITA improvement
of at least SEK 120 million during 2025. Once the
cost structure has been adjusted, the focus of the
programme will shift to improving operational
efficiency and commercial measures.
• In the longer term, profitable growth can be
sought in high-margin services that support
occupational health.
Independent value creation
by business area
239
Revenue,
MEUR
4.3%
Adj. EBITA %
10
Adj. EBITA,
MEUR
From turnaround to
market leader
82
Revenue,
MEUR
-2.5 %
Adj. EBITA %
-2
Adj. EBITA,
MEUR
Terveystalo
Annual Report 2024
16
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Financial targets until the end of 2024
Growth
Target
Adjusted EBITA margin of at least
12 percent in 2025
Terveystalo’s EBITA grew by 36.2% to EUR 171.0 million
representing 12.8% of revenue.
12.8%
Outcome
Target
The net debt / adjusted EBITDA ratio must be 3.5x or less.
However, indebtedness may temporarily exceed the target
level, such as in conjunction with acquisitions.
Net debt / adjusted EBITDA was 2.1 at
the end of 2024.
2.1
Outcome
Target
The target is to distribute a minimum of 40 percent of net
profit as dividends annually. However, the dividend proposal
must take into account Terveystalo’s long-term development
potential and financial position.
The Board of Directors proposes that a dividend of EUR 0.48
per share be paid for the financial year 2024. This represents
85% of the net result for the financial period.
85%
Outcome
Profitability
Capital structure
Dividends
2021
2022
2023
2024
2020
MEUR
1,500
1,250
1,000
750
500
250
0
1,154.6
1,286.4
1,259,1
986.4
1,340.0
2021
2022
20232)
20241)
2020
%
240
200
160
120
80
40
0
Dividend/share, EUR
% of net profit
Dividend/share and % of net profit
Target is to distribute at least 40% of net profit as dividends.
EUR
0.48
0.6
0.5
0.4
0.3
0.2
0.1
0
0.26
0.28
0.28
0.30
1) Proposed dividend in total
2) In 2023, the dividend payout ratio of adjusted
earnings per share (0.47 EUR) was 63.8 percent.
Adjusted EBITA and EBITA-%
Target 12% of revenue in 2025
Net debt / Adjusted EBITDA
Target max 3.5
Target
Annual revenue growth of at least 5 percent
through organic growth and acquisitions
4.2%
Outcome
Terveystalo’s revenue grew by 4.2% to EUR
1,340 million.
Terveystalo published its new financial targets in December 2024. Read more from Strategy.
5
4
3
2
1
0
2021
2022
2023
2020
2024
3.0
3.0
2.5
3.2
2.1
200
160
120
80
40
0
%
2021
2022
2023
2024
2020
25
20
15
10
5
0
Adjusted EBITA, MEUR
Adjusted EBITA, % of revenue
MEUR
101.9
141.0
105.2
125.6
171.0
Revenue
Target of at least 5% growth annually
Terveystalo
Annual Report 2024
17
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Terveystalo’s sustainability themes
Superior customer value through integrated care
(ESRS S4 - Consumers and End-users)
Engaged team (ESRS S1 - Own workforce)
Ethical business (ESRS G1 - Business conduct)
The core of our strategy is to always
offer fluent, caring and effective
integrated care to our customers.
We develop digital solutions that
ensure a smooth everyday life for our
professionals, the best care outcomes
for our customers and help address
the care gap in the industry. With
our integrated care model, we aim to
achieve both a positive social impact
and high profitability.
Our achievements
Our goals
• We always offer fluent, caring
and effective integrated care to
our customers.
• We stand out by providing an
excellent customer experience.
• We promote the preventive
treatment of mental health in
occupational healthcare.
88
NPS,
appointments1) 96
NPS,
hospitals1)
14,8%
Referral rate for
brief psychotherapy
for mental health3)
1) Customer satisfaction, NPS (Net Promoter Score)
2) The PEI (Patient Enablement Instrument) index is used
to measure 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.
The scale is 1–4. 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.
3) Proportion of relevant patients in occupational health
who have received a diagnosis of depression or anxiety
and who have received a referral to brief psychotherapy
1) Universum employer survey
2) The engagement index for Terveystalo professionals is
based on four questions from Terveystalo’s annual survey
of professionals. 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).
1) Permanent, full-time employees In Finland
4.2/5
Read more
Read more
Read more
69%
Effectiveness of
care index, PEI2)
At Terveystalo, our purpose is to
fight for a healthier life. We build
a humane and functional work
environment where our team can
focus on meaningful matters. Our
people strategy aims to ensure the
engagement, job satisfaction and
productivity of our professionals.
Our achievements
Our goals
• Being the industry’s best and
most attractive employer
• Keeping sickness absences at
a low level
We are one of
the most popular
employers in
our industry
in Finland1).
Engagement
index for
Terveystalo
professionals2)
4.0
The sickness
absence rate
decreased
to 4.0 (4.3)%
91%
Operating ethically and responsibly
is an integral element of Terveystalo’s
values and strategy. Terveystalo’s
Code of Conduct and Supplier Code
of Conduct provide a framework
that helps ensure compliance
with Terveystalo’s values, internal
guidelines and the applicable
legislation. Responsible business
is also financially profitable
and sustainable.
Our achievements
Our goals
• All Terveystalo employees
have completed training on
the Code of Conduct.
• All of Terveystalo’s key
suppliers have approved the
Supplier Code of Conduct.
of Terveystalo’s
employees
completed training
on the Code of
Conduct1)
97%
of key suppliers, representing
approximately 80% of total
procurement for Terveystalo's
operations in Finland, have approved
the Supplier Code of Conduct
Terveystalo
Annual Report 2024
18
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

The foundation for value creation
Activities
Value creation model
People & culture
• Competent and committed personnel: approximately
15,000 professionals
• We invest in our personnel’s competence and
well-being, as well as our culture.
• Our goal is to be the best and most attractive place to
work in our industry.
Digital capabilities and innovation
• Digital solutions for improving clinical, operational
and experienced quality
• Terveystalo app and remote services
• Digital tools for professionals
• Care guidance tools
• Efficient and responsible use of data
Intangible resources
• Strong brand
• ISO 9001:2015 quality certification
• ISO 13485 certification
• Strong patient safety
• Data privacy and information security
• Stakeholder relations, stakeholder trust and close
cooperation with the public authorities, industry
organisations, insurance and pension companies and
sickness funds
Our purpose is to fight for a healthier life.
We always offer fluent, caring and effective integrated
care to our customers.
We offer services to:
1. Corporate customers
2. Consumer customers
3. Public sector
• Occupational health services
• GP and specialist services
• Well-being services
• Imaging and laboratory tests
• Surgeries and operations
• Dental care
• Outsourcing and staffing services
• Well-being and rehabilitation services
• Child welfare services
Infrastructure
• 24/7 digital services
• 360 clinics offer healthcare services in Finland
• 18 hospital units
• 31 dental clinics
• 73 Rela-massage units and 10 massage
schools in Finland
• 140 clinics offer occupational health services
in Sweden
Financial capital
• Net debt EUR 505 (598) million
• Equity EUR 548 (515) million
• Investments excluding M&A EUR 39 (40) million
Purchased materials and services
• Around 4,400 suppliers, of which the 180 largest
suppliers account for around 80% of the total
procurement spend
• The main categories of procurement are ICT,
premises rental and subcontracting services such as
laboratory services.
• Purchased materials and services EUR 550
(536) million
• Electricity 18,337 (18,252) MWh, of which 73 (70)%
was green electricity
24/7
digital services
7.6 M
customer visits in
Finland in 2024
Approx.
Our digital channels
in Finland have over
registered users
2.6 M
individual customers
in Finland in 2024
1.2 M
Approx.
Terveystalo
Annual Report 2024
19
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Financial impacts
We create value for our shareholders.
• Revenue growth 4 percent
• Adjusted EBITA growth 36 percent
• Earnings per share EUR 0.57 (-0.33)
• Stable dividend distribution: dividend proposal
EUR 0.48 (0.30) per share

We are a significant employer.
• We employ approximately 15,000 professionals.
• Wages and salaries paid EUR 428 (447) million1)

We are a significant taxpayer
• Tax footprint EUR 219 (212) million
Impacts
SDG
Social impacts
We have an impact on our customers’ health and
well-being.
• High customer satisfaction: NPS, appointments 88
(85), NPS, hospitals 96 (95)

Smooth care paths and digital services speed up
access to care.
• T3 (the third available non-urgent appointment with a
physician) at our clinics was 1.2 (1.7)
• Help available via the chat function in seconds
• Sickness absences and the costs of work left undone
are reduced.
• Cooperation and partnerships with the public sector
bring solutions to access to care.
An attractive place to work and a high level of
employee well-being
• Employee engagement index 4.2/5
• Personnel sickness absence rate 4.0 (4.3)
• Accident frequency 19.9
Environmental impacts
We reduce the emissions arising from our operations by using
green electricity and prioritising vehicles with low emissions.
• The carbon footprint from Scope 1 and 2 emissions has
decreased by 56 percent from year 2018.
We promote the conservation and sustainable use of natural
resources by reducing plastic consumption, recycling and
increasing the efficiency of material management.
• The recovery rate of waste generated at Terveystalo units
was 100 (100) percent.
• Waste recycling rate was 67 (68) percent.
1) Does not include fees paid to private practitioners.
Terveystalo
Annual Report 2024
20
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Terveystalo as an investment
Terveystalo is well-positioned for continued value creation.
Key commitments and sustainability indices
Terveystalo has the ISS ESG Prime sustainability
rating. This means that Terveystalo meets the
high sustainability standards of ISS ESG in its
industry and is in the top 10% globally in the
ISS ESG Prime rating framework. Terveystalo’s
scores were better than average particularly in
the areas of quality, patient safety, employee
relations, and the working environment.
In 2021, Terveystalo received a rating
of AA+ (Excellent+) in the Upright
Project’s assessment of the company’s
net impact on society. Net impact
refers to the difference between
positive and negative impacts that is
the comprehensive net value creation
of companies.
Terveystalo is a member
of the Finnish corporate
responsibility network FIBS
and an official partner of
Helsinki Pride.
profitability growth. The further development of digital
solutions enables the continuous improvement of
process efficiency and the productivity of operations.
Terveystalo's balance sheet is strong, and its robust
cash flow generation allows Terveystalo to develop and
grow its business, as well as pay attractive dividends.
Our focus on profitable growth and shareholder
value is reflected in our updated financial targets and
dividend policy.
Terveystalo is proven to be one of the most attractive
workplaces in the industry for healthcare professionals.
Our people strategy aims to ensure the engagement,
job satisfaction, and productivity of our professionals.
With our integrated care model, we strive to achieve
both a positive social impact and high profitability.
In terms of revenue, Terveystalo is the largest private
healthcare provider in Finland and one of the leading
players in occupational health in Finland and Sweden.
We operate in a growing market, supported by
healthcare trends such as an ageing population,
challenges in public healthcare, increasing prevalence of
chronic diseases, and digitalisation of healthcare.
The core of our strategy is to always offer fluent,
caring, and effective integrated care to our customers.
Our digital solutions play a key role in the development
of integrated care paths. They ensure a fluent workday
experience for our professionals, the best care and
prevention outcomes for our customers, and help
address the care gap in the industry.
Although our profitability has improved significantly
over the past two years, there is still potential for
A leader in an inflation-resilient, growing and profitable private
healthcare market, supported by structural megatrends
A proven scalable business model with leading digital
capabilities, high medical quality, and customer satisfaction
Profitable growth building on improved performance
Robust cash flow, supporting attractive dividend and
investment opportunities
One of the most attractive places to work in a supply-constrained
market and a positive social impact
We support the UN Global Compact
Terveystalo has signed the UN Global
Compact (UNCG) initiative. We have
strengthened our commitment to
human rights by joining the UNCG's
six-month Business & Human Rights
Accelerator 2025 programme.
Terveystalo
Annual Report 2024
21
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Information for shareholders
Annual General Meeting 2025
Notice is given to the shareholders of Terveystalo Plc
(the “Company”) to participate in the Annual General
Meeting to be held on Tuesday, 8 April 2025 at 3:00
p.m. (EEST) in Event center Little Finlandia at the
address Karamzininranta 4, 00100 Helsinki, Finland.
The reception of participants and the distribution of
voting tickets will commence at the meeting venue at
2:30 p.m. (EEST).
The notice to General Meeting of Shareholders, as
well as the Board of Directors’ proposals to the General
Meeting have been published in stock exchange
releases and on Terveystalo’s website: https://www.
terveystalo.com/Annual-General-Meeting-2025.
The right to attend
Each shareholder, who on the record date of the
General Meeting, 27 March 2025, is entered in the
Company’s shareholders’ register maintained by
Euroclear Finland Oy, has the right to participate in the
Annual General Meeting. A shareholder whose shares
are registered on his/her personal Finnish book-entry
account or equity savings account is registered in the
Company’s shareholders’ register. Shareholders may
also participate in the Annual General Meeting by way
of proxy representation or by voting in advance.

00520 Helsinki, Finland. Shareholder registering
by mail or e-mail shall submit the registration and
advance voting form available on the Company's
website at https://www.terveystalo.com/Annual-
General-Meeting-2025 or equivalent information to
Innovatics Oy.
In connection with the registration, a shareholder is
required to provide the requested information, such
as his/her name, date of birth or business ID, address,
as well as telephone number and e-mail address as
well as the name, date of birth as well as telephone
number and e-mail address of a possible authorised
proxy representative or legal representative and the
name of a possible assistant. The personal data given
to the Company and Innovatics Oy will be used only
in connection with the General Meeting and with the
processing of related registrations.
A shareholder, their possible authorised proxy
representative or legal representative must be able to
prove their identity and/or right of representation at
the Annual General Meeting.
Further information on registration and advance
voting is available by telephone during the
registration period for the Annual General Meeting
by calling Innovatics Oy at +358 10 2818 909 on
weekdays from 9:00 a.m. to 12:00 noon and from
1:00 p.m. to 4:00 p.m. (EET/EEST).
Registration and advance voting
Registration for the meeting and advance voting
will begin on 17 March 2025 at 10:00 a.m. (EET) and
a shareholder who is registered in the Company’s
shareholders’ register and who wishes to participate
in the Annual General Meeting must register for the
meeting and, if applicable, vote in advance no later
than by 1 April 2025 at 4:00 p.m. (EEST), by which time
the registration and possible advance votes must be
received by the Company or Innovatics Oy.
Shareholders with a Finnish book-entry account
may register from 10:00 a.m. (EET) on 17 March
2025 until 4:00 p.m. (EEST) on 1 April 2025 by the
following manners:
a) through the Company's website at https://www.
terveystalo.com/Annual-General-Meeting-2025
Electronic registration through the website requires
strong electronic authentication of the shareholder
or the shareholder’s proxy representative or legal
representative with a Finnish, Swedish or Danish bank ID
or mobile certificate.

b) by email or regular mail
A shareholder may send a notice of attendance to
Innovatics Oy by email addressed to agm@innovatics.
fi or by regular mail addressed to Innovatics Oy,
Yhtiökokous/Terveystalo Oyj, Ratamestarinkatu 13 A,
Proposal for the distribution
of profits
The parent company’s distributable funds totaled EUR 558.9
(535.9) million, of which EUR 61.0 (40.5) million is the result
for the financial year. The Board of Directors proposes to the
Annual General Meeting that a dividend of EUR 0.48 (0.30)
per share 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 (38.0)
million with the current number of shares in the Company).
The dividend would be paid in two instalments as follows:
• The first dividend instalment of EUR 0.24 per share
would be 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 Board of
Directors proposes that the first dividend instalment
would be paid on 17 April 2025.
• The second dividend instalment of EUR 0.24 per share
would be paid to shareholders who are 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 Board of
Directors proposes that the second dividend instalment
would be paid on 15 October 2025. The Board of
Directors also proposes that the Annual General Meeting
would authorize 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.
Terveystalo
Annual Report 2024
22
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Basic share information
Listing: Nasdaq Helsinki Oy
Trading ticker: TTALO ISIN code: FI4000252127
Sector: Healthcare
Number of shares on 31 December 2024: 127,036,531
Financial reporting in 2025
In 2025, Terveystalo will publish financial information
as follows:
Interim Report,
1 January 1–31 March, 2025
25 April 2025
Half-yearly Report,
1 January–30 June, 2025
17 July 2025
Interim Report,
1 January–30 September, 2025
23 October 2025
The financial reports will be published at
approximately 9:00 a.m. EET. Financial reports are
published in Finnish and English.
Silent period
Terveystalo observes a silent period of 30 days
prior to the publication of interim reports and
the year-end result. During the silent period,
Terveystalo does not comment on any business-
related matters or meet with any representatives of
the capital markets.
Changes of address
Euroclear Finland Ltd maintains lists of Terveystalo Plc’s
shares, shareholders, and options. Shareholders who wish
to make changes to their personal and contact information
are kindly asked to contact their own account operator
directly. Terveystalo does not make such updates.
Evaluation of Terveystalo as
an investment
According to our knowledge, the following analysts follow
Terveystalo Group regularly. The list is not necessarily
exhaustive. Terveystalo assumes no responsibility for any
opinions of the analysts following the company.
Q1
Interim Report
1 January 1–31 March,
2025
25 April 2025
Half-yearly Report
1 January–30 June,
2025
17 July 2025
H1
Interim Report
1 January–30
September, 2025
23 October 2025
Q3
Carnegie
Iiris Theman
+358 (0)9 618 71 241
iiris.theman@carnegie.fi
Danske Bank
Sami Sarkamies
+358 10 546 2169
sami.sarkamies@danskebank.com
Inderes
Roni Peuranheimo
+358 50 561 0455
roni.peuranheimo@inderes.fi
Nordea
Joni Sandvall
+358 9 5300 5484
joni.sandvall@nordea.com
OP
Juho Saarinen
+358 10 252 4408
juho.saarinen@op.fi
Investor relations
Please email flagging notifications to:
investors@terveystalo.com
Vice president, IR & Sustainability
Kati Kaksonen
+358 10 345 2034
kati.kaksonen@terveystalo.com
Terveystalo group services
and management
Terveystalo Piazza
Jaakonkatu 3 A, 6.krs
00100 Helsinki
SEB
Anssi Raussi
+358 9 616 28 687
anssi.raussi@seb.fi
Kepler Cheuvreux
Jon Berggren
+ 46 8 723 51 76
jberggren@keplercheuvreux.com
Terveystalo
Annual Report 2024
23
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Corporate
Governance
Terveystalo
Annual Report 2024
24
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance
Annual Report 2024
Terveystalo
24
25
Corporate Governance Statement 2024
38
Terveystalo Remuneration Policy of Governing Bodies
44
Remuneration Report

Corporate
Governance
Statement
Terveystalo
Annual Report 2024
25
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance
Annual Report 2024
Terveystalo
25

1. Introduction
Governance at Terveystalo Plc (hereinafter referred to as
“Terveystalo” or the “Company”) is based on applicable
laws, the rules and guidelines of Nasdaq Helsinki Ltd,
as well as the Articles of Association and corporate
governance principles of the Company. In addition, the
Company follows the Finnish Corporate Governance
Code (hereinafter referred to as the “Corporate
Governance Code”), issued by the Securities Market
Association and available on its website at
https://www.cgfinland.fi/en/. Terveystalo complies with
all the recommendations in the Corporate Governance
Code. Terveystalo’s Corporate Governance Statement
has been prepared in accordance with the Corporate
Governance Reporting section of the Corporate
Governance Code.
This statement has been reviewed and approved by
Terveystalo’s Audit Committee and Board of Directors,
and it has been prepared separately from the Report of
the Board of Directors. The statement is available on the
Company's website at https://www.terveystalo.com/en/
company/investors/corporate-governance/.
Corporate Governance Statement
2. Descriptions concerning
corporate governance
Terveystalo Plc is a Finnish public limited liability
company domiciled in Helsinki. The parent company,
Terveystalo Plc, and its subsidiaries form the Terveystalo
Group (hereinafter referred to as the “Group”).
The responsibility for the administration and operations
of Terveystalo Group lies with the governing bodies of
the parent company, Terveystalo Plc. These governing
bodies include the General Meeting of Shareholders,
the Board of Directors, and the CEO. The General
Meeting of Shareholders elects the members of the
Board of Directors on the basis of the proposal of the
Shareholders’ Nomination Board consisting of the
representatives of the Company’s largest shareholders.
The work of the Board of Directors is aided by two
committees. The Board of Directors elects the committee
members from among its members. The CEO appointed
by the Board of Directors manages the operational
activities of Terveystalo Group, assisted by the rest of the
Executive Team. The work of the Board of Directors, its
committees, the CEO, and the rest of the Executive Team
is governed by the Company’s corporate governance
principles, adopted by the Board of Directors. These
principles include the charters of the Board of Directors
and its committees, the division of responsibilities
between the decision-making bodies, and the principles
concerning the arrangement of internal control and risk
management. The Company’s governance structure is
presented in the chart on this page.
General Meeting
Shareholders'
Nomination Board
Audit
Audit Committee
Internal Control and
Risk Management
Remuneration
Committee
Terveystalo’s governance structure
Board of Directors
Chief Executive Officer
Executive Team
Terveystalo
Annual Report 2024
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Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

General Meeting of Shareholders
The General Meeting of Shareholders is Terveystalo’s
highest decision-making body. The Annual General
Meeting is held annually on a date determined by the
Board of Directors, within six (6) months of the end of
the financial year. An Extraordinary General Meeting is
convened when necessary.
The Annual General Meeting deals with matters
falling within its competence pursuant to the Finnish
Limited Liability Companies Act and Terveystalo’s
Articles of Association, and any possible other
matters. More detailed information about the General
Meeting of Shareholders is provided in Terveystalo’s
Articles of Association, which can be found on the
Company's website at https://www.terveystalo.com/
en/company/investors/corporate-governance/. The
Annual General Meeting for 2024 was held on 26
March 2024. The decisions of each General Meeting of
Shareholders can be found on Terveystalo's website at
https://www.terveystalo.com/en/company/investors/
corporate-governance/annual-general-meeting/.
Shareholders’ Nomination Board
In accordance with the decision of the General Meeting
of Shareholders, the Shareholders’ Nomination Board
(hereinafter referred to as the “Nomination Board”)
annually prepares proposals to the next Annual General
Meeting concerning the number of members on the
Board of Directors and their election and remuneration.
It also identifies candidates for members of the
Board of Directors. The Nomination Board consists of
the Chair of the Company’s Board of Directors and,
generally, representatives of the Company’s four largest
shareholders. If the ownership of the Company’s fifth
largest shareholder exceeds 10 percent of all the shares
and votes in the Company, the five largest shareholders
shall be represented in the Nomination Board. If a
shareholder refrains from exercising their right to
appoint a representative to the Nomination Board,
the right of appointment shall pass to the next largest
shareholder according to the shareholder register. The
composition of the Nomination Board is determined
based on the shareholdings on the first bank day of
September preceding each Annual General Meeting.
The Chair of the Board of Directors convenes
the first meeting of the Nomination Board. The
Nomination Board elects a Chair from among its
members. Subsequent meetings of the Nomination
Board are convened by the elected Chair. If more than
half of the members of the Nomination Board are
present, they constitute a quorum. The Nomination
Board has a written charter which includes a more
detailed description of the appointment process
and the duties of the Nomination Board members
as well as the procedures of the Nomination Board’s
meetings. A description of the main contents of the
charter of the Nomination Board can be found on
the Company's website at https://www.terveystalo.
com/en/company/investors/corporate-governance/
shareholders-nomination-board/.
Terveystalo’s Nomination Board consists of the
representatives of the Company’s four largest
shareholders based on the ownership situation on 2
September 2024, and the Chair of the Board of Directors.
When a shareholder refrains from exercising their right
to appoint a representative, the right of appointment
passes to the next largest shareholder according to
the shareholder register. In accordance with the above,
the following persons are members of Terveystalo’s
Nomination Board as of 27 September 2024: Risto Murto
(Varma Mutual Pension Insurance Company), Tomas von
Rettig (Rettig Investment AB), Timo Ritakallio (Pohjola
Insurance Ltd and OP Life Assurance Company Ltd),
and Kari Kauniskangas (Chair of the Board of Directors
of Terveystalo Plc). In its organising meeting held on
27 September 2024, the Nomination Board re-elected
Risto Murto as its Chair. Peter Therman (Hartwall
Capital) was a member of the Nomination Board until
27 September 2024.
Risto Murto
b. 1963, male, Ph.D. (Econ.), Finnish citizen
Chair of the Shareholders’ Nomination Board
Appointed by: Varma Mutual Pension
Insurance Company
Main occupation: President and CEO, Varma Mutual
Pension Insurance Company
Tomas von Rettig
b. 1980, male, BBA (Bachelor of Business Administration),
CEFA (Certified European Financial Analyst), Finnish
citizen
Member of the Shareholders’ Nomination Board
Appointed by: Rettig Investment AB
Main occupation: Investor, Rettig Ltd
Timo Ritakallio
b. 1962, male, D.Sc. (Tech.), LL.M., MBA, Finnish citizen
Member of the Shareholders’ Nomination Board
Appointed by: Pohjola Insurance Ltd and OP Life
Assurance Company Ltd
Main occupation: President and Group Chief
Executive Officer, OP Financial Group
The fourth member of the Nomination Board is
the Chair of the Company’s Board of Directors, Kari
Kauniskangas, whose information is presented below in
the section Board of Directors.
The Shareholders’ Nomination Board forwarded
its proposals for the Annual General Meeting to
Terveystalo’s Board of Directors on 13 December 2024.
In 2024, the Nomination Board convened four times.
The attendance rate of the members was 100 percent.
Board of Directors
According to Terveystalo’s Articles of Association,
the Board of Directors has a minimum of five (5) and a
maximum of eight (8) ordinary members. The General
Meeting of Shareholders elects the members of the
Board of Directors. The Board of Directors elects the Chair
from among its members. The term of the members
of the Board of Directors expires at the closing of the
Annual General Meeting following the election.
In 2024, the Annual General Meeting elected
seven members to the Board of Directors. Biographical
details of the members are provided on the following
pages. The current information on the Board of
Directors can be found on the Company’s website at
https://www.terveystalo.com/en/company/investors/
corporate-governance/board-of-directors.
Terveystalo
Annual Report 2024
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Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Matts Rosenberg
b. 1977, male, Ph.D. (Econ.), Finnish citizen. Vice Chairman of the
Board of Directors since 2022. Independent of the Company,
but not of its significant shareholders due to his position as
the CEO of Rettig.
Committee memberships: Member of the Audit Committee
Main occupation: Rettig, CEO
Relevant work experience: 2019– Rettig, CEO, 2018–2019
Rettig, Deputy CEO and Head of Core Investments, 2016–2018
Rettig, COO, 2014–2016 Fortaco Group, Deputy CEO and CFO,
2005–2013 IK Partners, Investment Professional
Main positions of trust: 2024– Purmo Group, Member of
the Board of Directors, 2024– Purmo Group, Chairman of
the Audit Committee, 2024– Purmo Group, Member of the
M&A Committee, 2024– Aktia, Member of the Board of
Directors, 2024– Aktia, Member of the Audit Committee,
2024– Aktia, Member of the Remuneration and Corporate
Governance Committee
Main past positions of trust: 2021–2024 Purmo Group,
Vice Chairman of the Board of Directors, 2016–2021 Purmo
Group, Member of the Board of Directors, 2021–2024 Purmo
Group, Chairman of the M&A Committee, 2018–2024
Purmo Group, Member of the Audit Committee, 2020–2021
Alandia Försäkring Abp, Chairman of the Board of Directors,
2020–2021 Alandia Försäkring Abp, Chairman of the Solvency
and Investment Committee, 2017–2020 Alandia Försäkring
Abp, Deputy member of the Board of Directors, 2018–2021
Nordkalk Corporation, Chairman of the Board of Directors,
2016–2018 Nordkalk Corporation, Member of the Board of
Directors, 2018–2021 Nordkalk Corporation, Member of the
Audit Committee
Shareholding in Terveystalo on 31 December 2024: 16,595
Kari Kauniskangas
b. 1962, male, M.Sc. (Econ.), Finnish citizen. Chairman of
the Board of Directors since 2019. Independent of the
Company and its largest shareholders.
Committee memberships: Chairman of the
Remuneration Committee, member of the Shareholders’
Nomination Board
Main occupation: Board Professional
Relevant work experience: 2008–2017, Fiskars
Corporation, President and CEO, 1999–2007 Amer Sports
Corporation, multiple executive positions, most recently
Senior Vice President, Sales & Distribution and Head of
Winter & Outdoor division
Main positions of trust: 2019– Veho Oy AB, Chairman of
the Board of Directors, 2013– Veho Oy AB, Member of
the Board of Directors
Main past positions of trust: 2020–2022 Ahlström Capital
Oyj, Chairman of the Board of Directors, 2018–2019 Raisio
Plc, Vice Chairman of the Board of Directors, 2008–2010
Wärtsilä Corporation, Member of the Board of Directors
Shareholding in Terveystalo on 31 December 2024: 25,363
Sofia Hasselberg
b. 1983, female, M.D., Licenced Physician, Swedish citizen.
Member of the Board of Directors since 2023. Independent
of the Company and its largest shareholders.
Committee memberships: Member of
the Audit Committee
Main occupation: Bonnier Capital, Investment Director
Relevant work experience: 2022– Bonnier Capital,
Investment Director, 2020–2022 Clinic Friends AB,
Co-founder and CEO, 2018–2020 MSD Sweden, Head
of Marketing and Digital Operations, 2011–2017
McKinsey& Co. Management Consultant
Main positions of trust: 2024– Safe Life AB, Member of
the Board of Directors, 2023– Acast AB, Chairwoman of
the Nomination Committee, 2022– Elypta AB, Member
of the Board of Directors, 2021– Preglife AB Member of
the Board of Directors
Main past positions of trust: 2022–2024 Medoma AB,
Member of the Board of Directors, 2020–2023 Clinic
Friends AB, Member of the Board of Directors, 2021–2022
ATOS Medical AB, Member of the Board of Directors and
Member of Remuneration Committee, 2017–2022 Getinge
AB, Member of the Board of Directors and Member of
Audit Committee
Shareholding in Terveystalo on 31 December 2024: 4,172
Ari Lehtoranta
b. 1963, male, M.Sc. (Eng.), Helsinki University of
Technology, Finnish citizen. Member of the Board of
Directors since 2023. Independent of the Company and its
largest shareholders.
Committee memberships: Member of
the Remuneration Committee
Main occupation: Board professional
Relevant work experience: 2021–2022 Parmaco Oy,
Interim CEO, 2017–2021 Caverion Corporation, CEO
and President, 2014–2017 Nokian Tyres Plc, CEO and
President, 2008–2014 Kone Corporation, multiple
executive positions, most recently Executive Vice
President, Central and Northern Europe, 1985–2008
Nokia Telecommunications/Networks, multiple VP/
EVP-level positions
Main positions of trust: 2024– SRV Oyj, Chairman of the
Board of Directors, 2021– Koiviston Auto Oy, Chairman
of the Board of Directors, 2021– Parmaco Oy, Member
of the Board of Directors, 2016– Orion Corporation,
Member of the Board of Directors (2020– Chairman of
the Audit Committee)
Main past positions of trust: 2013–2017 Caverion
Corporation, Member of the Board of Directors (2015–2016
Chairman of the Board of Directors), 2009–2014
Elisa Corporation, Member of the Board of Directors,
2012–2014 Elisa Corporation, Vice Chairman of the Board
of Directors, 2002–2003 Redback (Nasdaq), Member of
the Board of Directors
Shareholding in Terveystalo on 31 December 2024: 8,177
Terveystalo
Annual Report 2024
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Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Teija Sarajärvi
b. 1969, female, MA, Finnish citizen. Member of the Board of
Directors since 2024. Independent of the Company and its
largest shareholders.
Committee memberships: Member of
the Remuneration Committee
Main occupation: Wärtsilä Oyj, Executive Vice President,
HR and Member of the Board of Management
Relevant work experience: 2022– Wärtsilä Oyj, Executive
Vice President, HR and Member of the Board of Management,
2015–2021 Huhtamäki Oyj, multiple executive positions, most
recently Executive Vice President, HR and Safety and Member
of the Global Executive Team, 2012–2015 OP Financial Group,
Executive Vice President, HR, Member of the Executive Board,
2009–2012 Metso Oyj, multiple director-level HR positions in
different divisions, most recently Senior Vice President HR, Metso,
Pulp, Paper, and Power Segment, 1998–2009 Nokia Oyj, multiple
director-level HR positions, most recently Director, Human
Resources, Nokia Markets, 1994–1998 ABB Oyj, multiple positions
Main past positions of trust: 2020–2022 Neles, Member of the
Board of Directors and Member of the Remuneration Committee,
2019–2020 Outotec, Member of the Board of Directors and
Member of Human Capital Committee, 2017–2019 Sarlin Group,
Member of the Board of Directors, 2012–2015 OP Pension Fund,
OP Pension Foundation, Chairman of the Board of Directors,
2013–2015 Federation of Finnish Financial Services, Chairman
of the Labour Market Committee, 2014–2015 Confederation of
Finnish Industries, Member of Skilled Workforce Committee,
2013–2015 Unico Banking Group, Member of HR Committee
Shareholding in Terveystalo on 31 December 2024: 1,673
Kristian Pullola
b. 1973, male, M.Sc. (Econ.), Finnish citizen. Member of
the Board of Directors since 2021. Independent of the
Company and its largest shareholders.
Committee memberships: Chairman of
the Audit Committee
Main occupation: Finnair Oyj, CFO
Relevant work experience: 2022– Finnair Oyj, CFO,
2017–2020 Nokia Corporation, Executive Vice President
and CFO, 1999–2016 multiple executive and managerial
positions in finance and treasury at Nokia Corporation,
most recently Senior Vice President, Corporate Controller
Main positions of trust: 2022– FinanceKey Oy, Chairman
of the Board of Directors, 2021– Eduhouse Oy, Chairman
of the Board of Directors, 2021– Kemira Oyj, Member of
the Board of Directors
Main past positions of trust: 2020–2023 Antilooppi real
estate investment company, Chairman of the Board of
Directors, 2010–2020 Ilmarinen Mutual Pension Insurance
Company, Member of the Board of Directors and
Chairman of the Audit Committee
Shareholding in Terveystalo on 31 December 2024: 10,304
Carola Lemne
b. 1958, female, M.D., Licensed physician and associate professor,
Karolinska Institutet, Swedish citizen. Member of the Board
of Directors since 2022. Independent of the Company and its
largest shareholders.
Committee memberships: Member of the Remuneration Committee
Main occupation: Board Professional
Relevant work experience: 1998– Karolinska Institutet, Associate
professor, 2014–2018 Confederation of Swedish Enterprise, Director
General, 2008–2014 Praktikertjänst AB, CEO and President,
2000–2007 Danderyds University Hospital, CEO, 1993–2000
Pharmacia Corporation, Multiple managerial positions, most recently
Vice President, Clinical Development and Regulatory Affairs Strategy
Main positions of trust: 2024– Sophiahemmet, Member of the Board
of Directors, 2023– IRLAB AB, Chairman of the Board of Directors,
2022– Swedish Heart Lung Foundation, Member of the Board of
Directors, 2019– Junior Achievement Sweden, Chairman of the Board
of Directors, 2017– Arjo AB, Member of the Board of Directors
Main past positions of trust: 2019–2023 IRLAB AB, Vice Chairman
of the Board of Directors, 2019–2022 ArtClinic AB, Chairman of
the Board of Directors, 2019–2022 International English School AB,
Chairman of the Board of Directors, 2018–2019, Alecta AB, Vice
Chairman of the Board of Directors, 2015–2018 AFA Försäkringar,
Member of the Board of Directors, 2013–2017 Uppsala University,
Chancellor, 2010–2014 Investor, Independent Director, 2009–2011
Meda, Member of the Board of Directors, 2008–2018 Confederation
of Swedish Enterprise, Member of the Board of Directors, 2004–2009
Apoteket, Member of the Board of Directors, 2004–2009 Strategic
Research Foundation, Member of the Board of Directors, 2003–2017
Getinge AB, Member of the Board of Directors
Shareholding in Terveystalo on 31 December 2024: 6,799
Terveystalo
Annual Report 2024
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Sustainability statement
Financial statements
Report of the Board of Directors
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Strategy and business
Corporate Governance

until 26 March 2024 and from that date onwards, three
(43 percent) were women and four (57 percent) were men.
Description of the work of
the Board of Directors
The Board of Directors has adopted a written charter
of the Board of Directors on 23 January 2018 and
last updated it on 13 February 2025. The charter
supplements the provisions of the Company's Articles of
Association and the applicable laws and regulations. The
charter of the Board of Directors describes, among other
things, the Board’s composition, election process of the
directors reporting directly to the CEO, responsibilities
of the Board of Directors, meeting arrangements, and
Terveystalo’s executive management’s reporting to the
Board of Directors.
The Board of Directors takes care of tasks pertaining to
its area of responsibility in accordance with the applicable
legislation, Terveystalo’s Articles of Association,
the charter of the Board of Directors, the Corporate
Governance Code, and other rules and regulations
applicable to Finnish listed companies. The Board of
Directors has general competence to decide and to
act in matters that do not fall within the competence
of the General Meeting of Shareholders or the CEO’s
general authority under law or the Company’s Articles
of Association. The Board of Directors is responsible
for the Company’s governance and the appropriate
arrangement of its operations. In addition, the Board
of Directors is responsible for ensuring appropriate
supervision of the Company’s accounting and asset
management. The Board of Directors decides on matters
of principle and on any issues that can have broad-
ranging implications for the Company.
The Board of Directors decides on major corporate
plans and transactions concerning the Company. The
Board of Directors also establishes limits for capital
Independence of the Board of Directors
In accordance with the Corporate Governance Code,
the majority of the member of the Board of Directors
shall be independent of the Company and at least two
members who are independent of the Company shall
also be independent of the significant shareholders
of the Company. The Board of Directors evaluates
its independence annually in accordance with the
Corporate Governance Code.
According to the Board of Directors' assessment,
in 2024, all members of the Board of Directors were
independent of the Company. Kari Kauniskangas, Sofia
Hasselberg, Ari Lehtoranta, Carola Lemne, Kristian
Pullola and Teija Sarajärvi are in addition independent
of the major shareholders of the Company. According
to the Board of Directors’ assessment, Matts Rosenberg
(Chief Executive Officer, Rettig) is not independent
of the major shareholders of the Company due to
his main occupation. Katri Viippola, who served as
a member of the Board of Directors until 26 March
2024, was independent of the Company but not of
its major shareholders as she acted as SVP, HR and
Communications of Varma Mutual Pension Insurance
Company until spring 2023.
Changes to the Board of Directors
Kari Kauniskangas (Chair), Matts Rosenberg, Sofia
Hasselberg, Ari Lehtoranta, Carola Lemne, Kristian Pullola,
and Katri Viippola acted as members of the Board of
Directors until 26 March 2024 in accordance with the
resolution of the Annual General Meeting for 2023. Katri
Viippola announced prior to the Annual General Meeting
for 2024 that she is not available for re-election to the
Board of Directors. In the Annual General Meeting held
on 26 March 2024, Kari Kauniskangas, Sofia Hasselberg,
Ari Lehtoranta, Carola Lemne, Kristian Pullola and Matts
Rosenberg were re-elected as members of the Board of
in cultures, values, and ways of conducting business. In
accordance with the Company's principles concerning
diversity applied in 2024, diversity was assessed from a
number of aspects, including age, gender, education, and
professional background. Both genders were required to
be represented on the Board of Directors. In planning the
composition of the Board of Directors, the Nomination
Board considers the composition of the Board from the
perspective of the Company’s current and future business
needs, taking into account the diversity of the Board.
In 2024, the Company’s Board of Directors met the
diversity criteria. The members of the Board of Directors
represent expertise in, for example, the healthcare sector,
but also from various other industries. The members
have extensive experience in different leadership roles
across various industries in companies serving different
customer groups. They represent knowledge of business
conduct in the Company's target markets in Finland
and Sweden as well as, among other things, of strategic
and financial management, risk management, business
ethics, compliance, and topics related to sustainability
(ESG). The Board of Directors includes members who
are trained as doctors but it also includes members
with different educational backgrounds. Persons from
outside of Finland accounted for two (29 percent) of
both the members of the Board of Directors that served
until 26 March 2024 and of those who served from that
date onwards.
The age span of the members of the Board of Directors
that served until 26 March 2024, was 40–65 years as at
26 March 2024. Of the members, three (43 percent) were
between the ages of 30 and 49, and four (57 percent)
were aged 50 or older. The age span of the new Board of
Directors elected by the Annual General Meeting held on
26 March 2024 was 41–66 years as at 31 December 2024.
Of the members, two (29 percent) were between the ages
of 30 and 49, and five (71 percent) were aged 50 or older.
Of the members of the Board of Directors that served
Directors. Teija Sarajärvi was elected as a new member of
the Board of Directors.
Katri Viippola
b. 1976, Executive MBA, MA, Finnish citizen. Member
of the Board of Directors since 2018 until March 2024.
Independent of the Company.
Committee memberships: Member of the
Audit Committee
Main occupation: 2023– Association for Finnish Work,
CEO
Relevant work experience: 2016–2023 Varma Mutual
Pension Insurance Company, Senior Vice President,
People, Communications and Development, 2013–2015
Keva, HR and Administrative Director, HR Director,
2008–2013 Yle (Finnish Broadcasting Company), Head
of Personnel Development, HR Manager, HR Consultant,
2002–2008 Yle, Yle News and Aamu-tv morning show,
Journalist and News Anchor
Main positions of trust: 2023– Museum of Architecture
and Design ADM, Member of the Board of Directors,
2023– Baltic Sea Action Group, Member of the Board
of Directors, 2023– Digital Commerce Finland, Vice
Chairman of the Board, 2018– Junior Achievement (JA)
Finland, Member of the Board of Directors
Main past positions of trust: The Finnish Broadcasting
Company Yle, Vice Chairman of the Board
Diversity of the Board of Directors
The Company’s principles concerning the diversity of
the Board of Directors came into effect on 27 September
2017. The Board of Directors last updated the principles
concerning diversity on 13 February 2025. The Company
regards the diversity of the Board of Directors as an
essential factor which supports the Company’s business
operations and its development as well as the attainment
of the Company’s strategic targets. The work of the Board
of Directors requires understanding of the differences
Terveystalo
Annual Report 2024
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Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

expenditure, investments, divestments, and financial
commitments. 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. It also addresses and guides the
sustainability strategy and key sustainability-related
action plans. The Board of Directors is also responsible for
reviewing and approving the Company’s financial and
sustainability-related targets as well as monitoring and
overseeing the achievement of such targets. In addition,
the Board of Directors duties include monitoring and
assessing the Company’s financial and sustainability
reporting systems, approving the Company’s financial
reports and the sustainability statement, as well as
monitoring the Company’s external audit process and
the assurance process of the sustainability statement.
The Board of Directors prepares the appointment of
the Company's auditor and assurance provider of the
sustainability reporting. The Board of Directors also
ensures that the Company has defined the operating
principles of internal control, internal auditing, and risk
management, monitors compliance with these principles,
as well as monitors and evaluates the effectiveness of
internal control, internal audit, and risk management. In
all situations, the Board of Directors shall act in the best
interest of the Company and its shareholders.
The Board of Directors appoints and dismisses the
CEO, supervises the CEO’s actions, and approves
the CEO’s service contract. It also approves the
CEO’s remuneration and other benefits upon the
recommendation of the Remuneration Committee,
within the framework of the Remuneration Policy
presented to the General Meeting of Shareholders.
Upon the proposal of the CEO, the Board of Directors
also appoints the rest of the Executive Team reporting
directly to the CEO and approves their service contracts
and remuneration based on the recommendation
of the Remuneration Committee. In addition, the
CEO shall consult the Chair of the Board of Directors
on the dismissal of members of the Executive Team
reporting directly to the CEO. The number of terms
or the age of members of the Board of Directors has
not been limited. A description of the main contents
of the charter of the Board of Directors can be found at
https://www.terveystalo.com/en/company/investors/
corporate-governance/board-of-directors/.
In 2024, the Board of Directors convened ten times.
The average attendance rate at meetings of the Board of
Directors was 100 percent. The attendance rate of each
member is shown in a separate table under Attendance
of Board members at Board and Committee meetings
in 2024. In principle, the CEO attends the meetings of
the Board of Directors. The Chief Financial Officer (CFO),
other members of the Company’s Executive Team,
and the General Counsel attend the meetings upon
invitation by the Board of Directors.
Committees of the Board
of Directors
The Company’s Board of Directors has established two
committees to improve the efficacy of the work of
the Board of Directors: the Audit Committee and the
Remuneration Committee. The committees support the
Board of Directors with the preparation and performance
of its duties and responsibilities. The Board of Directors
determines the size and composition of the committees
and approves their charters.
Audit Committee
The Audit Committee carries out its responsibilities
under its charter adopted by the Board of Directors on
23 January 2018 and last updated on 13 February 2024.
The Audit Committee assists the Board of Directors in
performing and monitoring its supervisory duties related
to the financial and sustainability reporting processes as
well as auditing of the financial reports and assurance
of the sustainability statement. In addition, the Audit
Committee assists the Board of Directors in supervising
matters related to financial, and sustainability reporting,
internal control, internal auditing, and risk management.
The Audit Committee monitors and assesses the
financial and sustainability reporting systems and the
quality and integrity of the financial statements, other
financial reports and the sustainability statement. In
addition, the Audit Committee monitors the statutory
audit of the financial statements and consolidated
financial statements as well as assurance of the
sustainability statement. The Audit Committee also
monitors and assesses the effectiveness of the Company’s
internal control, internal auditing, and risk management
systems and assesses the performance of internal
auditing. Furthermore, the Audit Committee evaluates
the qualifications and independence of the external
auditor and the assurance provider and, in particular, the
provision of non-audit and non-assurance services to the
Company, prepares the proposals for the remuneration
and election or re-election of the external auditor and the
assurance provider, and monitors compliance with laws
and regulations.
The Audit Committee monitors and assesses how
agreements and other legal acts between the Company
and its related parties meet the requirements of the
ordinary course of business and arm’s length terms.
In addition, the Audit Committee shall ensure that
the Board of Directors is aware of matters which may
significantly impact the Company’s financial condition or
business operations. A description of the main contents
of the charter of the Audit Committee can be found at
https://www.terveystalo.com/en/company/investors/
corporate-governance/board-of-directors/.
The Audit Committee consists of at least three
members appointed by the Board of Directors. The Audit
Committee has a Chair, elected by the Board of Directors.
The members of the Audit Committee must meet the
expertise and independence criteria, and other criteria
applicable to Audit Committee members of publicly listed
companies in Finland. These provide, among other things,
that the majority of the Audit Committee members
shall be independent of the Company, and at least one
member shall be independent of the major shareholders
of the Company. The members of the Audit Committee
must have sufficient expertise and experience with
respect to the Committee’s area of responsibility and the
mandatory tasks relating to auditing.
Kristian Pullola served as the Chair of the Audit
Committee, and Sofia Hasselberg, Matts Rosenberg and
Katri Viippola served as Committee members until the
Annual General Meeting organised on 26 March 2024.
As of 26 March 2024, Kristian Pullola continued as the
Chair, and Sofia Hasselberg and Matts Rosenberg as
Committee members.
The Audit Committee establishes its own meeting
schedule and shall meet at least four times per year. The
Audit Committee convened six times during the year 2024.
The average attendance rate of the Committee members
was 100 percent. The attendance rate of each member
is shown in a separate table under Attendance of Board
members at Board and Committee meetings in 2024.
Remuneration Committee
The Remuneration Committee carries out its
responsibilities under its charter adopted by the Board
of Directors. The charter of the Remuneration Committee
was adopted on 23 January 2018 and last updated on
9 February 2023. The Board’s Remuneration Committee
prepares Terveystalo’s Remuneration Policy of Governing
Bodies and the Remuneration Report. The Remuneration
Committee prepares the appointment of the CEO and
the rest of the Executive Team who report directly to the
CEO. It also assists the Board of Directors with any major
management reorganisations based on the preparation
and proposals by the CEO. The Remuneration Committee
assists the Board of Directors with the performance
evaluation of the CEO and the rest of the Executive
Terveystalo
Annual Report 2024
31
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Team reporting directly to the CEO, prepares and
assesses the remuneration of the CEO and the rest of
the Management Team who report directly to the CEO,
prepares the short-term and long-term incentive plans,
as well as reviews appropriate succession planning
procedures for the CEO and the rest of the Management
Team who report directly to the CEO. A description of
the main contents of the charter of the Remuneration
Committee can be found at https://www.terveystalo.
com/en/company/investors/corporate-governance/
board-of-directors/.
The Remuneration Committee consists of a minimum
of three members elected by the Board of Directors from
among its members. The members of the Remuneration
Committee must meet the independence criteria
applicable to such committee members of publicly listed
companies in Finland, including that the majority of the
members of the committee must be independent of the
Company. Remuneration Committee members must
possess the expertise and experience required for the
performance of the duties and responsibilities of the
Remuneration Committee. Desirable qualifications for
members of the Remuneration Committee include
experience in business management, corporate
governance, human resources management, as well as
personnel and executive remuneration.
In 2024, the composition of the Remuneration
Committee was until 26 March as follows: Kari
Kauniskangas as the Chair, and Ari Lehtoranta and
Carola Lemne as members. As of 26 March 2024, Teija
Sarajärvi started as a new member. The composition of
the Committee remained otherwise unchanged.
The Remuneration Committee establishes its
own meeting schedule and meets as frequently as
necessary to carry out its responsibilities under its
charter, and in any event at least twice a year. The
Remuneration Committee convened five times during
the year 2024. The average attendance rate of the
Committee members was approximately 93 percent.
The attendance rate of each member is shown in a
separate table under Attendance of Board members at
Board and Committee meetings in 2024.
Attendance of Board members at Board and Committee meetings in 2024
Name
Attendance at
Board meetings1)
Attendance at Audit
Committee meetings1)
Attendance at Remuneration
Committee meetings1)
Kari Kauniskangas
10/10
5/5
Matts Rosenberg
10/10
6/6
Sofia Hasselberg
10/10
6/6
Ari Lehtoranta
10/10
5/5
Carola Lemne
10/10
4/5
Kristian Pullola
10/10
6/6
Teija Sarajärvi (Member of the Board of Directors
as of 26 March 2024)
8/8
4/4
Katri Viippola (Member of the Board of Directors
until 26 March 2024)
2/2
1/1
1) Attendance rates cover meetings held during each member’s term of office.
Chief Executive Officer
The CEO is responsible for the day-to-day management
of the Company and for implementing the Company
strategy in accordance with the instructions and
orders issued by the Board of Directors. The CEO
undertakes the execution of measures approved by
the Board of Directors and oversees preparations for
strategically important measures. The CEO ensures
that the management of the Company is adequately
arranged, that the Company’s accounting complies
with the applicable legislation and that the Company’s
administration and asset management have been
arranged appropriately. The CEO is also responsible
for organising risk management within the Terveystalo
Group and oversees and guides the executive
management in risk management. The CEO serves as the
Chair of Terveystalo’s Executive Team and reports to the
Board of Directors.
The Board of Directors appoints the CEO and
approves the CEO's service contract and compensation
based on the recommendation by the Remuneration
Committee and within the framework of the
Remuneration Policy presented at the General Meeting
of Shareholders. Ville Iho has served as the CEO of
Terveystalo since late 2019. Biographical details of the
CEO are provided below under Group Executive Team
and management system.
Group Executive Team and
management system
The Company’s CEO serves as the Chair of the Executive
Team. As at 31 December 2024, the Executive Team
included, in addition to the CEO, the Chief Financial
Officer, the Chief Medical Officer, the Executive Vice
President of the Healthcare Services, the Executive Vice
President of the Portfolio Businesses, the Executive
Vice President of the Swedish Business Area, the Senior
Vice President of the Digital Services, the Senior Vice
President of People and Careers and the Senior Vice
President of Communications and Public Affairs.
The Executive Team assists the CEO with tasks
such as the preparation and execution of the matters
relating to the Company’s strategy, business plans,
matters of principle, and any other important
matters. The Executive Team supports the CEO in the
implementation of risk management, in monitoring
and assessing risks, and is responsible for implementing
risk-related actions within their respective areas of
responsibility. In addition, the Executive Team assists
the CEO in ensuring the flow of information and
working internal cooperation.
The Board of Directors appoints the members of the
Executive Team and approves the their service contracts
and compensation based on the recommendation
by the Remuneration Committee. The Executive
Team meets once or twice a month or as needed. The
members of the Executive Team report to the CEO.
The members of the Executive Team as well as
their and their controlled entities' shareholdings
in Terveystalo on 31 December 2024 are presented
below. The current information on the Group Executive
Team can be found from the Company’s website at
https://www.terveystalo.com/en/company/investors/
corporate-governance/ceo-and-executive-team/.
Terveystalo
Annual Report 2024
32
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Ville Iho
President and CEO
b. 1969, male, M.Sc. (Eng.), Finnish citizen. President
and Chief Executive Officer since December 2019.
Relevant work experience: Nurminen Logistics Plc,
CEO. Prior to this, multiple managerial positions
at Finnair Plc, most recently as COO, Deputy CEO,
and acting CEO.
Main positions of trust: The Finnish Association
of Private Care Providers, Chairman of
the Board of Directors, Confederation of Finnish
Industries (EK), Member of the Board of Directors
and Member of the Executive Committee
Shareholding in Terveystalo on 31 December 2024:
23,566
Sari Heinonen
Executive Vice President, Healthcare
Services
b. 1976, female, PhD, Finnish citizen. EVP, Healthcare
Services, and Member of the Executive Team since
February 20241).
Relevant work experience: OP Life Assurance
Company, CEO. Prior to this several managerial
positions at OP Financial Group, including SVP,
retail customers in banking, Chief Marketing
Officer, and SVP Customer service channels. In
addition, managerial positions at DNA Plc.
Main past positions of trust: Member of the Board
of Directors at OP Helsinki, Kaleva Media Group,
Data & Marketing Association of Finland, and
Lähi-Tapiola Pohjoinen
Shareholding in Terveystalo on 31 December 2024:
0
1) Terveystalo announced on 15 January 2025 that
Sari Heinonen, member of Terveystalo's Executive Team
and Executive Vice President, Healthcare Services,
has announced that she will leave the Company on
15 April 2025 to move to a new position as President of
LocalTapiola Group. Terveystalo will announce Heinonen's
successor at a later date.
Juuso Pajunen
Chief Financial Officer
b. 1981, male, M.Sc. (Econ.), Finnish citizen. Chief
Financial Officer and Member of the Executive Team
since November 2022.
Relevant work experience: AFRY AB, CFO, Pöyry
Group, CFO. Prior to this, multiple senior financial
positions at Pöyry Group.
Main positions of trust: 3Step IT Group Oy, Member
of the Board of Directors, Granlund Oy, Member of
the Board of Directors
Shareholding in Terveystalo on 31 December 2024:
20,697
Petteri Lankinen
Chief Medical Officer
b. 1981, male, M.D., adjunct professor, eMBA, Finnish
Citizen. Member of the Executive Team since
November 2024.
Relevant work experience: Nordic Healthcare
Group, Chief Medical Officer and Senior Partner,
Satakunta Wellbeing Services County, Chief
Medical Officer and Director of Specialized Health
Care and Hospital Services, Satakunta Hospital
District, multiple roles, including CEO, CMO
and Managing Director of Health Care Services,
Turku University Hospital, CMO of Quality and
Evaluation. Prior to this, multiple physician roles.
Shareholding in Terveystalo on 31 December 2024:
0
Terveystalo
Annual Report 2024
33
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Henri Mäenalanen
Executive Vice President, Portfolio
Businesses
b. 1983, male, M.Sc. (Eng.), Finnish citizen. Member
of the Executive Team since April 2023.
Relevant work experience: Terveystalo Plc, multiple
managerial positions, most recently Director of
Operations (COO), Regional Director and Business
Unit Director. Prior to this, managerial positions at
Anttila Oy and Kesko Group.
Shareholding in Terveystalo on 31 December 2024:
3,163
Minttu Sinisalo
Senior Vice President, Human Resources
b. 1980, female, M.Sc. (Econ.), Finnish citizen. Senior
Vice President HR and member of the Executive
Team since 2020.
Relevant work experience: Finnair Plc, multiple
HR leadership positions, most recently VP, People
and Culture at Finnair Operations business unit.
Prior to this, August Associates, HR manager and
management consultant.
Main positions of trust: Hakonen, Member
of the Board of Directors, Ilmarinen Mutual
Pension Insurance Company, Member of
the Supervisory Board
Main past positions of trust: A-Talent Recruiting Oy,
Member of the Board of Directors, Finnair Pension
Fund Board member and Chairman of the Board
Shareholding in Terveystalo on 31 December 2024:
4,081
Terveystalo
Annual Report 2024
34
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance
Ilari Richardt
Senior Vice President, Digital Services
b. 1992, male, M.Sc. (Tech.), eMBA, Finnish citizen.
Senior Vice President Digital Services and member
of the Executive Team since March 2023.
Relevant work experience: Terveystalo Plc, multiple
managerial positions within digital development.
Prior to this, multiple software developer roles.
Shareholding in Terveystalo on 31 December 2024:
3,834
Stefan Kullgren
Executive Vice President of the Swedish
Business Area and CEO of Feelgood AB
b. 1970, male, M.Sc. (Econ.), MBA, Swedish
citizen. Member of the Executive Team since
November 2023.
Relevant work experience: Oral Care AB, Deputy
CEO and Director responsible for clinics, Evidensia
Djursjukvård, Chief Operating Officer (COO),
Ambea Group, Director Business Development and
responsible for Rent a Doctor business unit, as well
as operations in Norway, Danske Bank Corporate
Finance, Director M&A.
Shareholding in Terveystalo on 31 December 2024:
10,000

Changes in the Group Executive
Team in 2024
During 2024, the Group Executive Team also included
Mikko Tainio (Executive Vice President, Portfolio
Businesses) until February 2024 and Petri Bono (Chief
Medical Officer) until August 2024, who both left
the Company. During 2024, the following members
have started as new members: Sari Heinonen as
the Executive Vice President of the Healthcare
Services in February 2024, Petra Gräsbeck as the
Senior Vice President of Communications and
Public Affairs in August 2024 and Petteri Lankinen
as the Chief Medical Officer in November 2024.
Henri Mäenalanen acted as the interim Executive
Vice President of the Healthcare Services until Sari
Heinonen took up her position and took over the
position of the Executive Vice President of Portfolio
Businesses in February 2024.
Mikko Tainio
Senior Vice President, Portfolio Businesses
b. 1979, M.Sc (Econ), Finnish citizen. Senior Vice
President, Portfolio Businesses since 1 November 2022
and Member of the Executive Team since 2020 until
February 2024.
Relevant work experience: Finnair Cargo Oy,
Managing Director. Prior to this multiple managerial
positions at Finnair Plc
Main positions of trust: Finavia Oyj, Member of
the Board of Directors
Petri Bono
Chief Medical Officer
b. 1970, M.D., specialist in oncology, adjunct professor,
Finnish citizen. Chief Medical Officer and member
of the Terveystalo Executive Team since 2019 until
August 2024.
Relevant work experience: Hospital District of Helsinki
and Uusimaa (HUS), Deputy Chief Medical Officer,
Helsinki University Hospital (HUCH), Chief Medical
Officer, HUS Comprehensive Cancer Center, Director
Main positions of trust: Association of Finnish Private
Healthcare Providers, Vice Chairman of the Board
of Directors, Instru Science Foundation, Chairman of
the Board of Directors, Finnish Medical Association,
Chairman of the Quality Council, TILT therapeutics and
Oncorena, member of the Scientific Advisory Board
Main past positions of trust: Member of the Board
at HUS Kiinteistöt Oy and HYKS Instituutti Oy,
Faron Pharmaceuticals, member of the Scientific
Advisory Board
Suomen Terveystalo Oy and
other operative companies
The operative business
Terveystalo Plc
The parent company of the Group
Terveystalo Healthcare Holding Oy
Financing
Terveystalo Healthcare Oy
Group's centralised procurement
Subsidiaries – Operative business
Group organisation
The CEO, CFO, and General Counsel usually serve as
members of the subsidiaries’ Board of Directors with
the exception of, for example, subsidiaries of Feelgood
Svenska AB where the CFO, the Executive Vice President
of the Swedish Business Area and the Chief Financial
Officer of Feelgood usually serve as the members of
the Board of Directors. From the perspective of business
operations, the Group subsidiaries operate in accordance
with the Group’s management system. The Group’s
operative business activities are mainly carried out by
Suomen Terveystalo Oy, Terveystalo Julkiset palvelut
Oy, and Terveystalo Kuntaturva Oy in Finland and by
Feelgood Företagshälsovård AB in Sweden. Terveystalo
Healthcare Oy is the Group’s procurement company.
Terveystalo
Annual Report 2024
35
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance
Petra Gräsbeck
Senior Vice President, Communications and
Public Affairs
b. 1976, female, M.A., Finnish Citizen. Senior Vice
President, Communications and Public Affairs and
member of the Executive Team since August 2024.
Relevant work experience: Anora Group (Altia
Group), Director, Communications and Sustainability.
Prior to this several communications and public
affairs management positions, including Head of
Communications at Hartwall.
Shareholding in Terveystalo on 31 December 2024:
175

3. Descriptions of internal
control procedures and the main
features of risk management
systems
Risk management
Risk management is part of Terveystalo’s management
system. The Company applies a risk management and
internal control policy adopted by the Board of Directors.
The purpose of risk management is to ensure fulfilment
of the customer promise, patient and occupational
safety, high quality of the operations, financial
performance, business continuity, a good public image
of the Company, and corporate social responsibility.
Risk management is an integral part of the planning
processes as well as the monitoring and reporting
routines in Terveystalo Group. It is implemented in the
day-to-day management and activities at all levels of
the organisation. Risk management must be consistent
and commensurable. It is important to understand
the causes and consequences of risks and to ensure
that the risk management measures are correct and
properly targeted.
The objectives of risk management
include, among others:
• Ensuring business continuity
• Ensuring the achievement of strategic and
operative objectives
• Managing risks associated with financial transactions
• Supporting decision-making
• Ensuring top quality care and patient safety
• Ensuring employees' expertise and
occupational safety
• Avoiding operational risks and risks of damage, and
minimising damage if a risk is realised
• Ensuring data security, data protection, and
environmental responsibility
• Improving risk awareness within the organisation
• Identifying opportunities associated with risk-taking,
improving risk tolerance
• Identifying development opportunities within
the operations
• Gaining the trust of external and
internal stakeholders.
Terveystalo strives to proactively identify, analyse, and
manage major risks. Risk management is an integral part
of management. It contributes to strategic development,
helps managers make informed choices, puts measures
in an order of priority, takes into account opportunities,
uncertainties, and their effects, and distinguishes
between alternative approaches.
The Board of Directors is responsible for risk
management and its adequacy and adopts the risk
management policy. The CEO is responsible for
organising risk management in the Group. The rest of
the Executive Team support the CEO in implementing
risk management, monitoring and assessing risks, and is
responsible for implementing risk-related actions within
their respective areas of responsibility.
Risk management process
Risks are assessed on all levels of Terveystalo Group’s
organisation. Terveystalo identifies risks using, for
example, operating environment and stakeholder
analyses, performance indicators, market analyses,
effectiveness data, customer feedback, register data,
inspection reports and inquiries from the authorities,
occupational safety risk surveys, incident information,
results of audits, and competitor information. Terveystalo’s
risk management is assessed annually in internal and
external audits of the ISO 9001:2015 quality system, the
ISO 14001:2015 environmental system, and the ISO 13485
quality system for application development.
Internal control
In its operations, the Company applies a risk
management and internal control policy, adopted
by the Board of Directors. The objectives of internal
control related to the financial reporting process are to
ensure that Terveystalo Group’s financial reporting is
reliable, that interim reports and financial statements
are prepared in accordance with the accounting
principles and policies applied by Terveystalo and
give essentially correct information of the Company’s
finances, and that the regulations and principles of
operation are complied with. Internal control is based on
Terveystalo’s risk management system, business culture,
and respective practices. The Group’s values, Code of
Conduct, and Group policies and principles, such as the
risk management and internal control policy, financial
policy, procurement policy, disclosure policy, and
approval authorisations, guide the internal control. The
purpose of internal control and compliance is to ensure
compliance with policies, procedures, and corporate
governance principles throughout the Group, secure
sufficient internal controls, and ensure the accuracy of
financial reporting. It aims to create a uniform control
environment by applying appropriate internal control
principles in the various business processes. Terveystalo
uses WhistleB, a reporting channel open for everyone.
This channel enables anonymous reporting of observed
or suspected misconduct at
https://www.report.whistleb.com/en/terveystalo.
Generally, financial reporting-related policies
are owned by the Chief Financial Officer. Internal
control is carried out by the Board of Directors, Audit
Committee, operational management and, in respect
of the financial reporting process, the employees in
financial administration. Terveystalo’s Board of Directors
bears overall responsibility for internal control and risk
management in the Company. The Board of Directors has
delegated the practical implementation of an efficient
control environment and control measures related to
the reliability of financial reporting to the CEO. The CFO
is responsible for the control environment of financial
reporting. The CFO acts as the owner of reporting risks,
reporting to the Audit Committee and the Board of
Directors on risk management and internal control.
Control involves various measures, such as the revision of
financial reports, the balancing of accounts, subledgers,
and system transfers, logical analyses of reported figures,
and reference analyses of forecasts and realisations.
Monitoring of monthly performance in relation to the
specified targets is an essential factor. These control
measures are carried out at different organisational levels.
4. Other information provided
in the statement
Internal audit
The primary objective of internal audit is to support
the Board of Directors, other corporate bodies, and
Terveystalo
Annual Report 2024
36
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

the management in performing their control duties.
The Company has outsourced internal audit to be carried
out by authorised public accountants. On the basis of a
report drafted by the authorised public accountants, the
Company adopts a plan of appropriate measures and
monitors the fulfilment of that plan. The internal audit
function reports to the Audit Committee on the audits
carried out in accordance with its annual audit plan. The
report will be brought before the Board of Directors if
deemed necessary by the Audit Committee.
The key principles applied in the Company’s internal
audit are the principles of independence, objectivity,
and confidentiality. The purpose of internal audit is to
produce impartial and independent information for
the Board of Directors and the management. Internal
audit focuses, in particular, on issues that are important
both in the long and short term from the perspective of
strategy, business, and operations. When preparing the
audit plan and establishing the scope and focus areas
of internal audit, the following matters are typically
considered: business-driven internal audit, internal audit
relating to the Company’s risks and strategy execution,
and internal audit focusing on Corporate Governance
and Compliance. The planning and risk assessment
process of internal audit also include reviewing the
annual plans and work results of the other second
line of defence players. In 2024, audit was conducted
on Terveystalo’s procurement company process and
pricing process. Terveystalo’s quality system has been
certified in accordance with the ISO 9001:2015 standard.
Compliance is assessed regularly through internal audits
and audits conducted by an external accredited party.
The Company’s internal quality function ensures that
the organisation complies with the quality standards in
accordance with the certificate.
Related party transactions
To identify related party transactions, the Company
keeps a record of the individuals and legal persons
falling among its related parties. The Company’s related
parties include the Group companies and associated
companies, members of the Board of Directors, the
CEO, and the rest of the Executive Team, including
close family members of the aforementioned as well
as entities in which the aforementioned have control
or joint control. In agreements and other legal acts
between the Company or its Group companies and
its related parties, practices falling into the ordinary
course of business of the Company and market terms
shall be followed. If a transaction with the Company’s
related parties would not be part of the ordinary course
of business of the Company or if it deviates from arm’s
length terms, the decision on entering such related party
transaction should be made by the Company’s Board of
Directors. With regard to agreements or other legal acts
between the Company or its Group companies and its
related parties, provisions on conflicts of interest shall
be observed, as applicable, and the persons connected
to the related party in question shall not participate
in the decision-making process regarding the related
party transaction.
The Company has documented guidelines to identify
related party transactions as well as procedures to notify
the Company thereof, and to handle such transactions.
The Company’s financial administration monitors
related party transactions as part of the Company’s
normal reporting and control procedures and submits
regular reports on related party transactions to the
Audit Committee. The Audit Committee monitors and
evaluates transactions between the Company and its
related parties to ensure that they are in the ordinary
course of business and made with arm’s length terms.
Material transactions between the Company and its
related parties are presented annually in Notes to the
Consolidated Financial Statements.
Main procedures of
insider management
Terveystalo complies with the EU Market Abuse
Regulation (hereinafter referred to as “MAR”), the Finnish
Securities Markets Act, the guidelines and regulations
issued by the European Securities and Markets Authority
(ESMA) and the Finnish Financial Supervisory Authority
(hereinafter referred to as the “FIN-FSA”), and the
Guidelines for Insiders published by Nasdaq Helsinki
Oy. The insider policy adopted by the Company’s
Board of Directors supplements the applicable insider
regulation and specifies the procedures of the Company’s
insider management.
The Company has identified persons in charge of
insider management tasks and their substitutes. The
Company does not have a permanent, company-
specific insider list. Instead, it maintains project-specific
insider lists. In accordance with MAR, the Company
has specified the members of the Board of Directors,
the CEO, the CFO, and the General Counsel as well as
the EVPs/SVPs of business lines with profit and loss
responsibility as managers. The managers must specify
the persons and legal persons closely associated with
them and disclose them to Terveystalo as their closely
associated persons. In accordance with Terveystalo's
insider policy applied in 2024, Terveystalo’s managers
and their closely associated persons were obliged
to report to the Company and the FIN-FSA their
transactions with Terveystalo’s financial instruments after
a total euro amount defined by the applicable legislation
was reached within a calendar year. In accordance with
Terveystalo's insider policy updated on 13 February 2025,
Terveystalo's managers and their closely associated
persons must, going forward, report all transactions with
Terveystalo’s financial instruments, regardless of whether
the abovementioned threshold is met or not. Terveystalo
publishes all transactions of the managers and their
closely associated persons reported to the Company by
a stock exchange release.
The managers and persons involved in the
preparation of the Company’s financial reviews, i.e.
those who participate in the preparation or publication
of interim reports and annual financial statements
/ financial statements releases shall not, directly or
indirectly, carry out transactions with the Company’s
financial instruments themselves or on behalf of a third
party, or advise anyone to do so, during a silent period
of 30 calendar days preceding and on the date of the
publication of each of the Company’s interim reports
and annual financial statements releases.
Auditor
In 2024, Authorised Public Accountants KPMG Oy Ab
acted as the Company’s auditor. APA Henrik Holmbom,
who has served as the Company's auditor in charge
starting from the Annual General Meeting 2020, served
as the auditor in charge. In 2024, the auditor’s fees for
statutory audit (including the statutory assurance of the
sustainability report) totalled approximately EUR 560,000
and the fees for other services totalled approximately
EUR 40,000. The auditor’s fees are presented without VAT.
Terveystalo
Annual Report 2024
37
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Terveystalo
Remunera-
tion Policy of
Governing
Bodies
Terveystalo
Annual Report 2024
38
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance
38
Terveystalo
Annual Report 2024

I. Introduction
This Remuneration Policy of Terveystalo Plc is the Policy
referred to in reporting requirements of the Finnish
Corporate Governance Code 2025 for listed companies
issued by the Securities Market Association. This policy
presents the governance and principles of remuneration
for governing bodies at Terveystalo Group. This
policy has been approved by the Board of Directors of
Terveystalo Plc and will be presented to the Annual
General Meeting in the spring 2025.
The remuneration policy approved by the 2024 Annual
General Meeting has been updated, specifying that the
remuneration elements of the Board of Directors are
examples. Secondly, the section describing the travel
expenses of Board of Directors’ has been updated to
cover other expenses directly related to the work of a
Board Member. The CEO's insurance coverage has been
specified to be exemplary and to cover various insurances.
In addition, the descriptions of the CEO’s short-term and
long-term incentive earning opportunities have been
modified to include target level earnings, in addition to
the maximum level. The maximum level of the short-term
incentive has also been revised upwards. For long-term
incentive, both the target and maximum levels have been
revised upwards. With these clarifications, the section
'Proportion of remuneration elements' has been removed.
Terveystalo Remuneration
Policy of Governing Bodies
Remuneration at Terveystalo is based on the
principles of performance, fairness and competitiveness.
These remuneration principles apply to all Terveystalo
employees and the purpose is to ensure that
Terveystalo as an employer attracts motivated and
competent professionals. Remuneration shall support
the achievement of Terveystalo’s strategic goals,
align management’s priorities with the interests of
Terveystalo’s shareholders, encourage behaviour
consistent with Terveystalo’s values, and reward
excellent performance.
The Company’s compensation philosophy is based on
the underlying principle of shareholder value creation.
The incentives are aligned with the Company’s business
strategy. The objective is to reward concrete achievements
in implementing the company’s strategy and in achieving
its business targets. The Company’s compensation
structures are designed to be competitive in the relevant
market. According to the pay for performance principle,
incentive plans place emphasis on performance to ensure
that management achieves its targets.
Remuneration is designed to attract and retain
the desired talent and to motivate the employees
to deliver the strategy and to maximize shareholder
value creation. The targets and rewards in the incentive
systems are balanced between long-term value creation
and efficient achievement of short-term goals.
This policy describes the principles and governance
of the remuneration paid to the Company’s Board of
Directors and to the CEO of Terveystalo. In the event
that a Deputy was appointed to the CEO position, the
same principles would apply to the Deputy CEO.
The Board of Directors may make minor amendments
to the remuneration arrangements regarding the CEO
described in the policy for regulatory, exchange control,
tax or administrative purposes or to take account of
changes in the legislation.
2. Description of the decision-
making process
The Shareholders’ Nomination Board reviews and
prepares the remuneration principles for the members
of the Board of Directors, defined in this policy. The
Shareholders’ Nomination Board also prepares its
proposal for the remuneration of the members of the
Board of Directors annually. The proposal shall be based
on the principles defined in this policy. The Annual
General Meeting makes the final decision on the Board of
Directors’ remuneration. According to the decision of the
Annual General Meeting, the Chairman of the Board of
Directors is a member of the Shareholders’ Nomination
Board, as his/her role in providing insight regarding the
Board of Directors’ work and composition is crucial.
The Board of Directors reviews and approves the
remuneration principles for the CEO defined in this
policy based on preparatory work carried out by the
Board of Directors’ Remuneration Committee. The
Board of Directors also decides on the salary, incentive
schemes and associated targets of the CEO based on
preparatory work carried out by the Board of Directors’
Remuneration Committee. All share-based incentive
schemes are decided by the Board of Directors based on
the preparatory work of the Remuneration Committee.
The CEO normally participates in the Remuneration
Committee’s meetings, except for matters relating to the
service terms and remuneration of the CEO.
The governance principles in decision-making on
remuneration in the Company follow principles aimed
at ensuring the prevention of and the management of
conflicts of interest. The underlying principle is that the
corporate organ which elects the respective corporate
organ also decides on its remuneration. The Company
observes the rules set in its Code of Conduct, the Finnish
Companies Act and the Finnish Corporate Governance
Code, which stipulate governance procedures and rules
for the avoidance of conflicts of interest. The decision-
making process described above aims at guaranteeing
that the decisions are fair and unbiased.
Terveystalo
Annual Report 2024
39
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

3. Description of the remuneration of the Board of Directors
The purpose of the Board remuneration is to ensure that
Terveystalo has a Board consisting of highly competent
professionals representing a diverse and relevant mix of
skills, capabilities and experience. The Board of Directors’
remuneration shall be transparent, reasonable and
comparable to market levels. The Board of Directors’
remuneration is designed to align the Board’s interests
with those of all shareholders.
The Shareholders’ Nomination Board prepares and
presents its proposal on the remuneration of the members
of the Board of Directors to the Annual General Meeting.
The proposal should take into account the relevant market
level and the time and effort required from the members of
the Board of Directors, as well as additional responsibilities
assigned to the members, such as chairmanship of the
Board of Directors or its Committees.
Remuneration of the Board of Directors, example table
Remuneration
element
Purpose and link to strategy
Description
Annual
remuneration
The annual remuneration should be
sufficient to attract, retain and motivate high-
performing individuals.
The Shareholders’ Nomination Board prepares and presents
its proposal on the remuneration of the members of the
Board of Directors to the AGM based on what the AGM
decides on the Board’s remuneration annually. The proposal
should take into account the relevant market level and the
time and effort required from the members of the Board of
Directors, as well as additional responsibilities assigned to
the members, such as chairmanship of the Board of Directors
or its Committees. The annual remuneration is paid as a
combination of Terveystalo shares and cash or fully in cash.
Meeting fees
The meeting fees are intended to link part
of the remuneration to the time and effort
required from the members of the Board of
Directors in respect of the meetings.
Meeting fees are paid in cash.
Travel expenses
and other expenses
directly related
to the work of a
Board Member
Intended to reimburse the members of the
Board of Directors for reasonable costs and
expenses directly related to their work.
The members of the Board are entitled to reimbursement for
reasonable expenses directly related to their work.
Shareholders' Nomination Board
Responsible for proposing
the Board’s remuneration.
Decision-making procedure
CEO
Annual General Meeting of shareholders
Responsible for deciding the Board’s remuneration
Board of Directors
Responsible for deciding the remuneration paid
to the CEO and the Executive Team members.
Responsible for deciding short-term
and long-term incentive plans based on
company-level targets
Remuneration Committee
Responsible for preparing
remuneration-related matters
and proposals for the Board.
Executive Team
Terveystalo
Annual Report 2024
40
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

4. Description of the
remuneration of the CEO
Terveystalo’s approach to the remuneration of the CEO
is that the remuneration should align the interest of
the CEO with those of the company’s shareholders.
Terveystalo uses various remuneration elements
to attract, motivate and retain high performing
individuals with the right skills, capabilities and
mindset. Performance correlates with reward level,
and this promotes sustained high performance and
focus to business targets and strategy execution.
The remuneration structure and level should be
comparable to the relevant national and industry
benchmarks. The CEO is encouraged to accumulate
and maintain a personal shareholding in Terveystalo.
Remuneration components,
grounds for determining
variable remuneration
components and proportional
shares of overall remuneration
The remuneration of the CEO is defined to
be competitive with a significant part of the
remuneration being performance-based.
CEO fixed remuneration
Remuneration element
Purpose and link to strategy
Description
Base salary
Base salary provides a core compensation for the role and attracts,
retains and motivates high-calibre individuals.
Base salary is set by the Board of Directors, taking into account a number
of factors, such as:
• recognition of the value of an individual’s personal
• performance and contribution to the business
• individual’s skills and experience
• internal salary levels
• external market conditions
Base salary is reviewed annually.
Benefits and insurance coverage
Insurance coverages and other benefits that are in line with local
market practices attract and retain high-calibre individuals.
Taxable fringe benefits, standard Terveystalo personnel benefits, and other benefits
are included in the base salary.
Various insurances, such as disability, life, travel and leisure time accident insurance
can be provided to mitigate risks in unpredictable life events.
The Board of Directors has a possibility to decide on a supplementary defined
contribution pension in line with local market practices. In such a case the maximum
annual pension contribution may not exceed 20 percent of the annual base salary.

Terveystalo
Annual Report 2024
41
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

CEO variable remuneration
Up-to-date descriptions of ongoing incentive plans are published on the Terveystalo website, at www.terveystalo.com.
Remuneration element
Purpose and link to strategy
Description
Short-term incentives (STI)
The STI is aimed at driving short-term (annual)
performance against specific Group targets and
individual objectives based on key
strategic priorities for the year.
Performance is measured over a one-year period and potential rewards are paid in the following year. The terms of the Short-Term Incentive plan are
described on the company website.
Performance criteria:
• Performance criteria are set annually by the Board based on the key priorities for the financial year. Criteria may include both financial and non-financial
criteria. Reaching the maximum level requires exceptional performance.
• Following the end of the performance period, the Board of Directors confirms the achievement of the criteria and determines the amount of the payout.
Incentive opportunity:
• The Board of Directors confirms the target and maximum levels of the incentive on annual basis. Annual maximum level is reported in annual
remuneration report.
• Incentive opportunity at the target level of performance may not exceed 100 percent of the annual base salary. Incentive opportunity at the maximum level
can be, at maximum, twice the amount of the target level.
Long-term incentives (LTI)
LTI is aimed at driving long-term performance
against specific group targets, as well as committing
the CEO to the company and aligning the CEO’s
interests with the interests of the shareholders.
The terms and conditions for each Long-Term Incentive plan are decided by the Board of Directors. The terms of ongoing Long-Term Incentive plans are described
on the company website.
Performance criteria:
• Performance criteria for each plan are set by the Board of Directors based on the key priorities for the performance period. Reaching the maximum level
requires exceptional performance.
• Following the end of the performance period the Board of Directors confirms the achievement of the criteria and determines the amount of the payout.
• The LTI performance period shall, as a rule, be no fewer than three years. Performance criteria for each plan are set by the Board of Directors based on the key
priorities for and within the performance period.
Discretion and claw-back:
• The Board of Directors is entitled, subject to a particularly weighty reason, to change or cancel the incentive payout or to postpone its payment, and, in
exceptional cases, such as intentional misstatement of financials underlying the measures, to recover rewards paid prior to said misconduct.
Incentive opportunity:
• The Board of Directors decides on LTI allocation on an individual level.
• The Board of Directors confirms the target and maximum levels of the incentive on annual basis. Annual maximum level is reported in annual
remuneration report.
• At the target level, the amount of incentives paid in the same year may not exceed, at grant, 200 percent of the annual base salary. The amount of incentive
at the maximum level can be, at maximum, twice the amount of the target level.
Terveystalo
Annual Report 2024
42
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Other key terms applicable to
the service contract
Share ownership requirement
To encourage building a meaningful shareholding in
Terveystalo, the CEO is expected to retain at least 50
percent of the net shares received based on the LTI plans
until his/her share ownership in Terveystalo corresponds
to at least his/her annual gross base salary.
Termination of the service contract and
severance pay
Regarding the termination of the service contract and
severance pay of the CEO, the agreement may be
terminated by both parties by giving six (6) months’
notice. Should the Company terminate the agreement,
the Company is required to pay an additional severance
pay, equivalent to 12 months' base salary.
Supplementary information
As a benchmarking approach, the Remuneration
Committee reviews market benchmark data from
Finnish and, where necessary, international healthcare
companies of a similar size and complexity to Terveystalo
when setting total remuneration packages for the CEO.
This is used more as a guide than a direct determinant
of pay levels. Other factors considered include each
individual’s role and experience, as well as Company
performance and personal performance.
Terms for deferral and possible
clawback of remuneration
Clawback provisions apply to LTI and STI plan awards
in exceptional circumstances. The Board of Directors
is entitled, subject to a particularly weighty reason, to
change or cancel the incentive payout or to postpone its
payment, and, in exceptional cases, such as intentional
misstatement of financials underlying the measures, to
recover rewards paid prior to said misconduct.
Previously agreed or granted awards
The Board reserves the right to make any remuneration
payments and/or payments for loss of office (including
exercising any discretions available to it in connection
with such payments), notwithstanding that they are not
in line with the Policy set out above where the terms of
the payment were agreed prior to the presentation of
this Policy to the AGM.
5. Temporary deviation
The Board of Directors may temporarily deviate from any
sections of the Policy and from any contents of the Policy
based on its full discretion in any of the circumstances
and on any of the grounds described below:
• a structural change (change in the Company’s
corporate, group, business or organizational structure
or a material change in its ownership structure),
• a personnel change (such as changes in the Board of
Directors or in the top management of the Company
or a need to recruit a new CEO or Deputy to the CEO),
• other exceptional or unexpected event or change or
materially changed circumstances in the Company or
in its business or operating environment or a material
change in the Company’s strategy or business plan,
• material change in the Company’s financial position
or outlook,
• regulatory or judicial changes, changes in
governmental or administrative orders or in taxation
or taxation practice, or
• other change or circumstances not specified above
if the Board of Directors, after careful consideration,
deems that a deviation is necessary or advisable in
order to safeguard the Company’s long-term interests
or sustainability such as, without limitation, in order to
ensure the continuity of the Company’s management.
The procedure to be followed in the deviation from
this Policy shall be the same as the decision-making
procedure for the implementation of this Policy
described elsewhere in this policy. If the deviation
concerns Board remuneration, the decision-making may
involve an annual or extraordinary shareholder meeting
as applicable in the individual circumstances. The
deviation and its grounds shall be reported in the next
annual remuneration Report and presented to the next
AGM as part thereof.
Terveystalo
Annual Report 2024
43
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Remuneration
Report
Terveystalo
Annual Report 2024
44
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance
Annual Report 2024
Terveystalo
44

Remuneration Report
Terveystalo’s remuneration principles
are based on performance, fairness
and competitiveness. Remuneration
supports the achievement of
Terveystalo’s strategic goals and the
long-term financial success of the
Company. The remuneration policy
and the decision-making process
is described in more detail in the
Remuneration Policy for Governing
Bodies. In the Annual General Meeting
2024, the Remuneration Report 2023
was given an advisory approval, and
no further aspects were presented.
Thus, the Remuneration Report 2024
is mainly similar, but the targets and
results of the incentive schemes are
introduced broader.

Terveystalo’s revenue has improved steadily over the
last five years, excluding the exceptional year 2020.
During 2022, revenue improvement continued, but
profitability did not reach its targets. The weakening of
the profitability is visible in short-term incentives paid in
2023. In 2023, profitability improved again thanks to the
profit improvement program started in 2022, and thus
the short-term incentives earned from 2023 and paid in
the beginning of 2024 are on higher level.
The remuneration level of the Board of Directors was
reviewed and determined to correspond to the market
level by the decision of the AGM in 2020, 2022 and 2024.
In accordance with the Remuneration Policy,
remuneration of the CEO is strongly based on performance,
and a significant share of the overall remuneration of the
CEO consists of short-term and long-term incentives. The
targets of the incentive schemes are directly linked to
the Company performance. A CEO change took place at
the end of 2019, and in 2020, remuneration of the CEO
exceptionally only consisted of the base salary. In 2021, the
CEO’s remuneration included short-term incentives for the
year 2020. As a part of the Company’s mitigation measures
200
160
120
80
40
0
%
2021
2022
2023
2024
2020
25
20
15
10
5
0
Adjusted EBITA, MEUR
Adjusted EBITA, % of revenue
Adjusted EBITA and EBITA-%
Target 12% of revenue in 2025
MEUR
101.9
141.0
105.2
125.6
171.0
2021
2022
2023
2024
2020
Revenue
Target of at least 5% growth annually
MEUR
1,500
1,250
1,000
750
500
250
0
1,154.6
1,286.4
1,259,1
986.4
1,340.0
Remuneration development 2020–2024
Total remuneration, EUR1)
(rounded to the nearest thousand)
2020
2021
2022
2023
2024
Chair of the Board
101,000
102,000
102,000
109,000
112,000
Vice Chair of the Board
67,000
69,000
59,000
65,000
68,000
Other members of the Board, on average
57,000
56,000
57,000
56,000
60,000
CEO
367,000
640,000
834,000
637,000
1,007,000
Salary development of employees,
on average2)
62,000
62,000
68,000
70,000
70,000
1) Total remuneration includes other financial benefits and meeting fees for Board members, and short- and long-term incentives for the CEO in addition
to fixed annual fee/salary.
2) The average salary development of employees has been calculated by dividing the personnel costs for each year (excluding other social security
costs) by the average number of personnel.
due to the COVID-19 pandemic, the CEO’s short-term
incentive earning opportunity was restricted to 50% of the
normal level. In 2023, the overall compensation level was
significantly impacted by the low outcome of short-term
incentives from 2022. The total remuneration of the CEO
for 2024 is again at a higher level, due to good financial
development in 2023 and higher incentives paid in 2024.
The CEO's base salary was also adjusted during 2024 to
reflect the market level.
The average salary development of employees
has shown a rising trend. Approximately 65% of the
personnel is covered by collective agreements, and
the general increases determined in the collective
agreements mainly guide the salary development of this
personnel group.
Terveystalo
Annual Report 2024
45
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Remuneration of the Board of Directors for the financial year 2024
Terveystalo’s Annual General Meeting, held on
26 March, 2024, resolved in accordance with the
proposal of the Shareholders’ Nomination Board that
the Chair of the Board of Directors be paid an annual
remuneration of EUR 90,000, the Vice Chair an annual
remuneration of EUR 53,000, the members an annual
remuneration of EUR 42,300, and the Chair of the Audit
Committee an annual remuneration of EUR 53,000.
In addition, an attendance fee of EUR 675 will be paid
for members of the Board of Directors and Committee
members residing in Finland, EUR 1,400 for members
residing elsewhere in Europe, and EUR 2,800 for
members residing outside of Europe for each Board
and Committee meeting that they attend. For Board
and Committee meetings that are held by telephone or
other electronic means, the attendance fee is EUR 675.
Travel costs are reimbursed based on the company’s
travel policy.
The annual remuneration of the Board is paid as
a combination of company shares (40 percent) and
cash (60 percent). The Company will reimburse the
transaction costs and capital transfer tax related to
trading. Attendance fees are paid in cash.
The following table presents the remuneration
paid to the Board of Directors during the financial
year 2024.
Remuneration of the CEO for the financial year 2024
The following table presents the remuneration paid to the CEO during the financial year 2024.
Name
Fixed annual salary
(including taxable
benefits), EUR
Short-term
incentives, EUR
Remuneration based
on long-term incentive
schemes, EUR
In total,
EUR
Ville Iho, CEO
452,005
402,192
152,981
1,007,177
Name
Annual fee,
total, EUR1)
Annual fee in
shares, EUR
Annual fee in
cash, EUR
Other financial
benefits, EUR2)
Meeting fees of the
board of directors
and board
committees, EUR
In total,
EUR
Kari Kauniskangas
90,000
35,997
54,003
540
21,250
111,690
Kristian Pullola
53,000
21,198
31,802
318
13,975
67,293
Matts Rosenberg
53,000
21,198
31,802
318
14,625
67,943
Carola Lemne
42,300
16,912
25,388
254
19,800
62,354
Sofia Hasselberg
42,300
16,912
25,388
254
23,900
66,454
Ari Lehtoranta
42,300
16,912
25,388
254
12,650
55,204
As members of the Board from 26 March, 2024
Teija Sarajärvi
42,300
16,912
25,388
254
8,100
50,654
As members of the Board until 26 March, 2024
Katri Viippola
5,850
5,850
1) Total annual compensation consists of stock award (40%) and cash compensation (60%).
2) Other financial benefits include transfer tax fees for the annual fees paid in shares.
At the target level, CEO's short-term incentive
corresponds to 100 percent of the annual base salary.
At the maximum level, the short-term incentive can be
150 percent of the annual base salary.

In 2024, the CEO’s compensation consisted of the
fixed annual salary and the short-term incentive paid
for 2023, corresponding to 89 percent of the fixed
annual salary, and the long-term incentive paid from
2021—2023, corresponding to 34 percent of the fixed
annual salary.
The 2023 short-term incentive was based on
40 percent weight on adjusted EBITA, on 40 percent
weight on the profit improvement program started
in 2022 and on 20 percent weight on eNPS score. The
outcome of EBITA was between target and maximum
levels, profit improvement program reached the
maximum level, and eNPS was below minimum level.
Short-term incentive resulted a total outcome of
106 percent of the target level.
CEO's short-term incentive targets and results for 2023 (paid in 2024)
KPI
Weight
Result
Result, total % of
target
Result, EUR
Adjusted EBITA
40%
above target level
106%
402,192
Profit improvement
program
40%
maximum level
eNPS
20%
below minimum level
Terveystalo
Annual Report 2024
46
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

The long-term incentive 2021—2023 was based on
60 percent weight on relative Total Shareholder
Return (TSR) and on 40 percent weight on Digital
Footprint, which consisted of two components:
Productivity and Digital Sales. The outcome of the
relative TSR measurement was below minimum, but
the Digital Footprint’s outcome was between target
and maximum level. Thus, the long-term incentive
2021—2023 resulted a total outcome of 47 percent
of the target.
Based on the 2024 short-term incentive program,
the CEO will receive a payment of EUR 577,662 in
the spring of 2025, which corresponds to 123 percent
of the fixed annual salary. In the performance
period 2024, the short-term incentives were based
on the following indicators: 80 percent weight on
adjusted EBITA, 10 percent weight on eNPS score,
and 10 percent weight on medical quality score PEI
(Patient Enablement Instrument) measuring the
patients' ability to deal with their illness after the
appointment. The outcome of EBITA was between
target and maximum levels, eNPS was below the
minimum level, and PEI reached the maximum
level. Thus, the 2024 STI resulted a total outcome of
128 percent of the target.
CEO's short-term incentive targets and results for 2024 (paid in 2025)
KPI
Weight
Result
Result, total % of
target
Result, EUR
Adjusted EBITA
80%
above target level
128%
577,662
eNPS
10%
below minimum level
PEI (Patient Enablement
Instrument)
10%
maximum level

Remuneration based on long-term incentive schemes, EUR
(President and CEO Ville Iho)

Long-term
incentive plan
Grant
date
Earning
opportunity on
target level
(100%)
(number of
shares granted)
Earning
opportunity on
maximum level
(200%)
(maximum number
of shares granted)
Pay-out year
(subject
to the
achievement
of
performance
targets)
Performance
criteria
Result,
% of
target
Number
of shares
paid
Performance
Share Plan
(PSP) 2021–2023
28.4.2021
44,000
88,000
2024
TSR 60%
Digital
Footprint
40%
47%
20,827
Performance
Share Plan
(PSP) 2022–2024
9.2.2022
37,543
75,086
2025
TSR, absolute
50%
TSR, relative
50%
Performance
Share Plan
(PSP) 2023–2025
10.2.2023
44,000
88,000
2026
TSR, absolute
50%
TSR, relative
50%
Performance
Share Plan
(PSP) 2024–2026
13.2.2024
44,000
88,000
2027
TSR, absolute
50%
TSR, relative
50%
In the performance periods 2022–2024, 2023–2025, and 2024-2026 the performance criteria for the share-based
long-term incentive schemes were based on the absolute and relative Total Shareholder Return (TSR). The weight of
both criteria is 50 percent.
More information on share-based payment schemes can be found in financial statements as well as on
the company website.
Terveystalo
Annual Report 2024
47
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Corporate Governance

Report of the Board
of Directors and Finan-
cial statements
49
Report of the Board of Directors
68
Sustainability statement
134 Financial statements
184 Auditor’s Report
188 Assurance Report on the Sustainability Report
This pdf report has been published voluntarily and
is not an xHTML document compliant with ESEF
(European Single Electronic Format) regulation.
Terveystalo
Annual Report 2024
48
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors
Terveystalo
Annual Report 2024
48

Report of the
Board of Directors
50
Operating environment
51
Guidance for 2025
51
Medium term financial targets
52
Key figures
53
Financial development
54
Seasonal variation and the impact of
the number of business days
55
Investments and acquisitions
55
Intangible assets and
development expenses
55
Personnel
55
Reporting segments
56
Healthcare Services
57
Portfolio Businesses
57
Sweden
58
Shares and shareholders
59
Dividend Policy and distribution
of profits for 2024 proposed by
the Board
60
Decisions of the Annual General
Meeting 2024 and the first
Board meeting
60
Changes in the management team
60
Corporate governance
60
Events after the end of
the reporting period
61
The most significant short-term risks
and uncertainty factors
62
Annual General Meeting in 2025
63
Calculation of financial ratios and
alternative performance measures
68
Sustainability statement
Terveystalo
Annual Report 2024
49
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors
Terveystalo
Annual Report 2024
49

Report of the Board of Directors
Operating environment
Target markets
Demand for healthcare services in Finland was strong
in 2024, especially among corporate and insurance
customers. The supply and booking rates were at a good
level. The autumn flu season started earlier than usual,
and morbidity was higher than normal, leading to some
increase in visits. The overall employment situation
in Finland is good. Demand for out-of-pocket dental
care services and massage services was dampened by
weaker consumer confidence and purchasing power.
Only smaller tenders for digital services were seen in the
publicly funded market.
In Sweden, the demand for occupational health
services was satisfactory, while demand for organisation
and leadership consultation and harmful use
rehabilitation services continued to be weak. The
termination of public sector contracts at the beginning
of 2024 reduced revenue.
Terveystalo continued to invest in the recruitment of
professionals and was successful in steadily increasing
supply. To strengthen supply, development efforts have
been increasingly shifted towards solutions that enhance
the work and productivity of professionals.
The long-term growth prospects for Terveystalo’s
addressable markets in Finland and Sweden are solid;
the underlying demand is strong, and megatrends, such
In other professions, wage inflation is also present.
Most of the physicians who work in Terveystalo are
private practitioners (approximately 96 percent), who are
not in employment with the company. At the beginning
of 2024, Terveystalo introduced a new remuneration
model for private practitioners in occupational health,
which enables more effective inflation management.
In addition, Terveystalo has implemented commercial
initiatives to mitigate the effect of inflation as a part of
the profit improvement programme.
From 1 September 2024, the general VAT rate in
Finland went up from 24 percent to 25.5 percent.
The increase in the VAT rate is estimated to
increase Terveystalo's costs by approximately
EUR 2 million annually.
The treatment queues and
regulatory environment in Finland
The contraction of non-urgent care during COVID-19
restrictions resulted in a significant treatment gap
for other illnesses. According to the Finnish Institute
for Health and Welfare (THL), at the end of August
2024, more than 166,000 patients were waiting for
non-urgent specialist care in the well-being services
counties, which was 4000 more than in April 2024.
In August, almost 18 percent, or more than 31,000
patients, had been waiting more than six months
for access to treatment. The number grew by almost
as the ageing population, digitalisation of healthcare,
and lengthening queues in public healthcare, support
growth in the future. As one of the most preferred
employers, Terveystalo is well-positioned to drive
growth going forward, supported by its strong
market position.
The impacts of inflation
Inflation levelled off during the year. Terveystalo
actively negotiated with its suppliers to limit the impact
of inflation on costs. Also, electricity prices levelled off
from the comparison period. One of the key areas of
the profit improvement programme was to mitigate
the impacts of inflation and reduce costs in selected
product and service categories.
During the spring 2024, a new two-year collective
agreement was negotiated for the private healthcare
sector for the period 1 May 2024–30 April 2026,
covering the largest group of employees at Terveystalo,
nurses. In 2024, salaries were increased by 2.4 percent
with a general and scale increase on 1 September
2024, plus there was a one-off payment of 500 euros
in December 2024 and a local instalment of 0.4
percent. In 2025, from 1 May 2025 to 30 April 2026
(12 months), salaries will be increased by a general
and scaled increase, the amount and timing of which
will be determined by the salary increases in certain
benchmark sectors.
4,000 patients during the summer of 2024. Valvira
(The National Supervisory Authority for Welfare and
Health) has ordered 14 wellbeing services counties
and the HUS Group to make access to non-urgent
specialised care legally compliant by 31 March 2025
at the latest. At the beginning of 2025, the maximum
time limits for access to primary care were extended,
i.e. the guarantee of care was relaxed. The guarantee
is now three months for outpatient primary care and
six months for dental care. The maximum time limits
for follow-up visits to doctors, dentists, and specialist
dentists were also extended. At the beginning of the
year, the Health Care Act was amended to allow public
service providers, such as well-being areas, to procure
surgery from the private sector to a greater extent. The
amendment will be complemented by a decree at the
beginning of 2025. The decree will specify the services
that can be procured from the private sector.
The government programme, published in the
summer of 2023, aims to increase cooperation
between private and public healthcare to improve
the effectiveness and cost-efficiency of the service
system. The government has already followed up on
its programme by increasing Kela reimbursements
from 1 January 2024 (https://www.kela.fi/sairaanhoito).
On 9 October 2024, the Government outlined that
the Kela reimbursement system will be completely
reformed in 2025 (Government to reform Kela
reimbursements - The Ministry of Social Affairs and
Terveystalo
Annual Report 2024
50
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Health (stm.fi/en)). The reimbursement of fertility
treatments will be increased, most likely during the
spring of 2025. Reimbursements for ophthalmologists,
gynaecologists, dental care, and mental health services
will be reformed and increased. Reimbursement for
physiotherapy and visits to oral hygienists will also
be developed. The changes are planned to come
into force during the first half of 2025. A freedom-
of-choice pilot for people aged 65 and over will be
launched in autumn 2025. A personal doctor model
will be explored, and trials will be launched. In total,
EUR 500 million is planned to be allocated to all the
above reforms during the government term, of which
EUR 335 million will be provided by the state. By
reallocating reimbursements, the government aims to
promote access to services and freedom of choice. The
government also intends to remove other legal barriers
to the use of private providers in the wellbeing services
counties. The measures are expected to support the
growth in demand for private services and create new
opportunities for the delivery of publicly funded and
privately provided services.
Impact of the global political
situation and conflicts
The direct impacts of political tensions and conflicts,
such as the war in Ukraine, have been minimal to
Terveystalo. The company does not have business
operations in or with Ukraine, Israel, or countries that
are subject to sanctions. The indirect financial impact
arises from inflation and potential disruptions in
the supply chain and financial markets. The indirect
economic impacts are visible in weakened consumer
confidence and purchasing power. The impacts may
also have a delayed economic impact through declining
employment, which could negatively impact the
demand for Terveystalo’s services.
Guidance for 2025
Terveystalo expects its full-year 2025 revenue to grow
(2024: EUR 1,340 million) and adjusted EBIT to be
10.7–11.8 percent of revenue (2024: 10.5 percent).
The estimates are based on a stable demand
environment, employment levels, and typical
morbidity rates. Due to ending contracts, they account
for a decrease of approximately EUR 25 million in
revenue within the Portfolio Businesses segment's
outsourcing operations. Profitability is expected to
strengthen in all business segments. The estimates do
not account for significant acquisitions or divestments.
Medium-term financial targets
Profitable growth:
• EPS to grow on average by 10 percent p.a.
• We expect faster earnings per share growth in 2025,
as fewer items affecting comparability are expected.
Moderate leverage ratio:
• Net debt to EBITDA not to exceed 2.5x
• Indebtedness may temporarily surpass the target
level, particularly in conjunction with acquisitions.
Attractive dividends:
• At least 80 percent of net result to be distributed as
dividends
• The dividend proposal must consider the
company's long-term potential and financial status.
Financial targets until
the end of 2024
Terveystalo’s financial targets are:
• annual revenue growth of at least 5 percent through
organic growth and acquisitions
• an adjusted EBITA margin of at least 12 percent in
2025
• net debt / adjusted EBITDA ratio of 3.5x or less.
However, indebtedness may temporarily exceed the
target level, such as in conjunction with acquisitions.
• to distribute a minimum of 40 percent of net profit as
dividends annually. However, the dividend proposal
must consider Terveystalo’s long-term development
potential and financial position.
Terveystalo
Annual Report 2024
51
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

2024
2023
2022
Adjusted EBITDA, excluding IFRS 16* 1)
189.5
142.8
122.2
Net debt, excluding IFRS 16
313.0
379.0
386.8
Net debt/Adjusted EBITDA, excluding IFRS 16 * 1)
1.7
2.7
3.2
* Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses,
restructuring-related expenses, gain / losses on sale of assets (net), impairment losses, strategic and other items affecting
comparability.
1) Alternative performance measure. Terveystalo presents alternative performance measures as additional information to financial
measures defined in IFRS. Those are performance measures that the company monitors internally, and they provide management,
investors, securities analysts and other parties significant additional information related to the company's results of operations,
financial position and cash flows. These should not be considered in isolation or as a substitute to the measures under IFRS.
2) Does not include Medimar Scandinavia Ab and the companies acquired during 2024 in Finland (SRK Group Oy, Suomen
Radiologikeskus Oy, iRad Oy, Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab).
3) Does not include the companies acquired during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy, Kajaanin
Radiologikeskus Oy and Cityläkarna Mariehamn Ab).

Share-related key figures
2024
2023
2022
Equity per share, EUR
4.3
4.1
4.7
Earnings per share, EUR
0.57
-0.33
0.19
Dividend per share, EUR
0.48
1)
0.30
0.28
Dividend payout ratio, %
84.2%
190.9%
2)
145.0%
Effective dividend yield, %
4.6%
3.9%
4.5%
Price-to-earnings ratio (P/E)
18.5
neg.
32.9
1) Board of Directors’ proposal.
2) In 2023, the dividend payout ratio of adjusted earnings per share (0.47 EUR) was 63.8 percent.
Key figures
2024
2023
2022
Revenue
1,340.0
1,286.4
1,259.1
Adjusted EBITDA, * 1)
245.9
200.2
178.0
Adjusted EBITDA, % *1)
18.4
15.6
14.1
EBITDA1)
222.5
179.2
168.8
EBITDA, %1)
16.6
13.9
13.4
Adjusted EBITA *1)
171.0
125.6
105.2
Adjusted EBITA, % * 1)
12.8
9.8
8.4
EBITA 1)
147.6
104.4
95.9
EBITA, % 1)
11.0
8.1
7.6
Adjusted operating profit (EBIT)*1)
140.5
93.1
73.4
Adjusted operating profit (EBIT), %*1)
10.5
7.2
5.8
Operating profit (EBIT)
116.1
-14.7
33.9
Operating profit (EBIT), %
8.7
-1.1
2.7
Return on equity (ROE), %1)
13.5
-7.6
4.1
Equity ratio, %1)
39.4
36.5
40.2
Earnings per share (€)
0.57
-0.33
0.19
Net debt
504.8
598.1
566.6
Gearing, %1)
92.1
116.0
95.7
Net debt/EBITDA1)
2.3
3.3
3.4
Net debt/Adjusted EBITDA1)
2.1
3.0
3.2
Total assets
1,398.4
1,419.5
1,479.4
Average personnel FTE2)
5,841
6,426
6,552
Personnel (end of period)3)
9,153
9,824
10,933
Non-employees (end of period)3)
6,015
6,092
5,928
Terveystalo
Annual Report 2024
52
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Financial development
Revenue
In 2024, the Group’s revenue increased by 4.2 percent
year-on-year to EUR 1,340.0 (1,286.4) million.
The Healthcare Services segment revenue increased
by 9.9 percent and was EUR 1,042.8 (948.6) million. The
revenue increase was mainly driven by improved sales
mix and successful commercial actions. Revenue grew in
all customer and service groups.
The Portfolio Businesses segment revenue decreased
by 10.7 percent and was EUR 238.5 (267.2) million.
Revenue decreased in all businesses.
The revenue from Sweden decreased by 11.6 percent
due to lower demand and ended contracts and came
to EUR 81.8 (92.5) million. Without the currency effect,
the revenue decreased by 11.7 percent. Acquisitions
increased revenue in Sweden by approximately
EUR 2.5 million.
In 2024, there were 252 (251) working days.
Financial performance
and cash flow
The Group’s adjusted earnings in 2024 before interest,
taxes, amortisation, and impairment losses (EBITA)
increased by 36.2 percent to EUR 171.0 (125.6) million,
representing 12.8 (9.8) percent of revenue.
The profitability improved in Healthcare
Services and Portfolio Businesses. Profitability was
strengthened by successful commercial actions;
better sales mix and improved operational efficiency.
Higher personnel costs due to wage increases had a
negative impact on profitability in the fourth quarter.
In Sweden, profitability weakened clearly from the
comparison period, mainly due to decreased revenue
caused by lower demand and ended contracts.
Material expenses and service purchasing
increased by 2.5 percent year-on-year and amounted
to EUR -549.8 (-536.2) million. Employee benefit
expenses decreased by 4.3 percent year-on-year
and amounted to EUR -427.8 (-447.0) million.
Personnel costs decreased due to the actions of the
profit improvement programme, lower sick leaves
and terminated outsourcing contracts. Personnel
costs, on the other hand, increased due to new
recruitments, as well as salary increases. Other
operating expenses increased by 12.1 percent to
EUR -143.7 (-128.2) million. Of the other expenses,
around EUR 6 million was related to renovation and
maintenance liabilities in a single location.
The Group’s adjusted EBITDA increased by 22.8
percent year-on-year to EUR 245.9 (200.2) million.
Adjusted EBIT amounted to EUR 140.5 (93.1) million.
Operating profit (EBIT) came to EUR 116.1 (-14.7)
million. In the comparison period, the operating
result was negatively impacted by write-offs
totalling EUR 84.6 million related to goodwill and
to purchase price allocations relating to public
outsourcing customer relationships within the
Portfolio Businesses.
Net financing costs increased to EUR -26.5 (-24.2)
million mainly due to higher interest rates. The result
before tax was EUR 89.6 (-38.9) million. Income
taxes were EUR -18.0 (-3.3) million. The result for the
reporting period amounted to EUR 71.7 (-42.2) million,
and earnings per share were EUR 0.57 (-0.33).
Cash flow from operating activities increased to
EUR 223.7 (157.8) million, driven mainly by improved
profitability development, the impact of which was
strengthened by a decrease in working capital.
Cash flow from investing activities decreased to EUR
-47.4 (-44.2) million. The change from the comparison
period mainly consisted of an increase in investments
in acquisitions and tangible fixed assets and decrease
in investments in intangible assets.
Cash flow from financing activities amounted
to EUR -148.8 (-116.0) million. The difference to the
comparison period was mainly due to refinancing
and increased net financial expenses during the
reporting period.
EUR mill.
2024
2023
Change, %
Healthcare services
1,042.8
948.6
9.9
Portfolio business
238.5
267.2
-10.7
Sweden
81.8
92.5
-11.6
Segments total
1,363.1
1,308.2
4.2
Other
-23.1
-21.8
-5.6
Total
1,340.0
1,286.4
4.2
Other section’s reported figures mainly consist of parent company expenses, unallocated Group level adjustments, and provisions.
Other section’s revenue includes eliminations between reporting segments.
Adjusted EBITA
EUR mill.
2024
2023
Change, %
Healthcare services
162.0
109.0
48.6
Portfolio business
10.3
8.7
18.2
Sweden
-2.0
3.7
-155.0
Segments total
170.3
121.4
40.2
Other
0.7
4.2
-82.3
Total
171.0
125.6
36.2
Terveystalo
Annual Report 2024
53
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Profit improvement programmes
During the fourth quarter of 2022, Terveystalo launched
a profit improvement programme, which aimed for
an inflation-adjusted, annualised (run-rate) EBITA
improvement of at least EUR 50 million by the end of
2024. The overall target of the programme was exceeded
at the end of 2023, when the measures implemented
were estimated to have an annual run-rate impact of over
EUR 60 million on profitability. The adjusted EBITA impact
of the programme during 2023 was EUR 37 million. In
2024, measures were focused on achieving the 12 percent
profitability target (adjusted EBITA-%) during 2025. The
target was achieved already in 2024.
During the fourth quarter of 2023, a profit
improvement programme was launched in Sweden
targeting a structural change in the profitability in
2025. The cost structure has been adjusted to match the
weakened demand, which started to be reflected, among
other things, in lower personnel costs in the second half
of the year. The programme will now focus on improving
operational efficiency and commercial measures.
The total costs related to the programmes in
2022–2024 were EUR 45.1 million. The costs are related to
restructuring and advisory fees. Advisory fees are tied to
the results achieved by the programmes. The costs of the
programmes are treated as items affecting comparability.
The costs of the programmes were approximately
EUR 18.1 million in 2024. In 2023, the costs amounted to
EUR 21.7 million. In 2025 the costs are estimated to be
EUR 7 million.
Financial position
Terveystalo’s liquidity position is strong. Cash and cash
equivalents at the end of the reporting period amounted
to EUR 65.2 (37.7) million. The total assets of the Group
amounted to EUR 1,398.4 (1,419.5) million.
Equity attributable to owners of the parent company
totalled EUR 548.2 (515.4) million.
Gearing (including lease liabilities) was 92.1 (116.0)
percent and net debt amounted to EUR 504.8 (598.1)
million. Net debt, excluding IFRS 16 (lease liabilities)
amounted to EUR 313.0 (379.0) million. The average
maturity of Terveystalo's financial loans was 3.0 (3.0)
years at the end of the reporting period, and in 2024,
the average interest rate for loans from financial
institutions was 4.9 (4.0) percent. During the reporting
period, the company fulfilled the covenant requirement
included in its financing agreements reflecting
relative indebtedness.
During the reporting period, the company signed
agreements for long-term loans of total EUR 200 million
and refinanced the current revolving credit facility (RCF).
The loans are bullet loans, and the maturity of the loans
is three years supplemented by two one-year extension
options. The loans were withdrawn fully and used to
refinance bank loans maturing during 2025 and 2026.
In connection with the refinancing, the company agreed
on the refinancing of EUR 80 million revolving credit
facilities maturing in 2026 and 2027. The maturity of
the syndicated credit revolving facility is three years
supplemented by two one-year extension options.
At the end of the reporting period, the unused part
of credit based on financing agreements and bank
accounts with a credit facility amounted to EUR 93.0
(98.0) million.
Return on equity (LTM) for the reporting period
was 13.5 (-7.6) percent. The equity ratio was 39.4
(36.5) percent.
Terveystalo's financing arrangements and risks are
described in more detail in note 21 to the consolidated
financial statements.
Seasonal variation and the
impact of the number of
business days
Terveystalo’s revenue from corporate and private
customers has typically been lower during the
vacation seasons, particularly in the summer
months. The number of business days influences
the revenue and earnings development, particularly
when comparing quarterly performance. There
were 252 (251) working days in October–December
2024. In 2025, there are 251 working days. Because
of the seasonal nature of business, the required net
working capital varies during the year. Variation is
caused by the timing of pension and VAT payments,
vacation pay obligations, and service fees related to
occupational healthcare, etc.
Number of working days by quarter
2023
2024
2025
Q1
64
63
62
Q2
60
61
60
Q3
65
66
66
Q4
62
62
63
Full year
251
252
251
Terveystalo
Annual Report 2024
54
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Investments and acquisitions
Net investments* in 2024, including M&A, amounted
to EUR 47.8 (43.9) million. The Group’s net capital
expenditure, excluding M&A, amounted to EUR 39.4
(39.8) million. The investments consisted mainly of
investments in the digital application and service
development, IT system projects, medical equipment,
and network. The relative share of tangible
investments in gross investments increased year-on-
year, while the total investment level remained at
comparison year’s level.
Terveystalo sold the entire share capital of
Sivupersoona Oy, a company providing sign language
interpreting services, to the company's management
with an agreement dated in February. Terveystalo
acquired the share capital of SRK Group Oy at the
end of March. Feelgood acquired the share capital
in Clarahälsan AB in July. In September Terveystalo
acquired the share capital of Cityläkarna Mariehamn
Ab in Åland.
* Net investments do not include increases in right-of-use assets
related to leases for business premises. Net investments
include the acquisition of non-controlling interests.
Intangible assets and
development expenses
Terveystalo’s key intangible assets include the
company’s brand and reputation, built over the years,
Terveystalo’s professionals, and strategic partnerships
with key suppliers. These resources enable Terveystalo
to maintain its competitive advantage and are a
central part of Terveystalo’s strategy.
Capitalised development expenses in 2024 were
EUR 12.2 (23.2) million and were included in other
intangible assets.
Personnel
The number of Terveystalo’s salaried employees
on 31 December 2024 in Finland was 8,383 (8,950),
in Sweden 770 (874), and in total 9,153 (9,824). In
FTEs, the average number of salaried employees in
Finland was 5,144 (5,597), in Sweden 697 (829) and in
total 5,841 (6,426). The number of non-employees
in Finland was 5,967 (5,987), in Sweden 48 (105) and
in total 6,015 (6,092). The decrease in the number of
employees in Finland was affected by the measures
of the profit improvement programme and the
termination of outsourcing contracts. In Sweden the
number of employed staff and private practitioners
was reduced due to ended customer contracts as part
of the profit improvement programme.
Reporting segments
Terveystalo Group comprises of three reporting
segments: Healthcare Services, Portfolio Businesses,
and Sweden.
Personnel
2024
2023
Change, %
Average salaried employees, (FTEs)1)
Finland
5,144
5,597
-8.1
Sweden
697
829
-15.9
Total
5,841
6,426
-9.1
Salaried employees (at the end of period)2)
Finland
8,383
8,950
-6.3
Sweden
770
874
-11.9
Total
9,153
9,824
-6.8
Non-employees (at the end of period)2)
Finland
5,967
5,987
-0.3
Sweden
48
105
-54.3
Total
6,015
6,092
-1.3
1) Does not include Medimar Scandinavia Ab and the companies acquired during 2024 in Finland (SRK Group Oy, Suomen
Radiologikeskus Oy, iRad Oy, Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab).
2) Does not include the companies acquired during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy, Kajaanin
Radiologikeskus Oy and Cityläkarna Mariehamn Ab).
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Healthcare Services
Healthcare Services – business segment offers customers
in Finland integrated care paths from preventive
occupational health services to primary care services and
to different fields of specialised care, diagnostic, and day
surgery. In Healthcare Services, the goal is to be the best
provider of integrated care and to grow profitably.
In 2024, the revenue from Healthcare Services increased
by 9.9 percent and amounted to EUR 1,042.8 (948.6)
million. Revenue increased in all customer and service
groups. There was one working day more than in the
comparison period.
Revenue from corporate customers increased by
13.3 percent to EUR 638.9 (564.0) million. Revenue from
preventive occupational health services1) increased year-
on-year. Revenue from healthcare appointments also
increased year-on-year. Revenue from consumers increased
by 5.9 percent to EUR 313.4 (296.1) million. The revenue
increased due to higher sales from services produced for
insurance companies and successful commercial actions.
The revenue from public sector customers increased by
2.3 percent to EUR 90.5 (88.5) million.
The revenue from appointment services increased
by 11.0 percent to EUR 686.1 (618.3) million mainly due
to improved customer mix and successful commercial
Healthcare Services, revenue by customer groups, and services
Healthcare services, revenue
EUR mill.
2024
2023
Change, %
By customer
Corporate
638.9
564.0
13.3
Consumer
313.4
296.1
5.9
Public sector
90.5
88.5
2.3
Total
1,042.8
948.6
9.9
By service
Appointments
686.1
618.3
11.0
Diagnostics
254.2
229.6
10.7
Other
102.5
100.7
1.8
Total
1,042.8
948.6
9.9
Corporate customers constitute Terveystalo’ s largest customer group. Terveystalo’ s corporate customers consist of the company’s
occupational health customers, excluding municipal occupational healthcare customers, which are included in the public sector
customer group. The company provides statutory occupational health services and other occupational health and well-being
services for corporate customers of all sizes.
Consumer customers are Terveystalo’ s third-largest customer group. Consumer customers include private individuals and families.
Services for consumers are paid for either by the customers themselves or by their insurance companies.
The services offered to public sector customers include specialised care services, other healthcare services produced in the
clinic network, as well as occupational health services for the public sector. Outsourcing and staffing services are included in
Portfolio Businesses.
Healthcare Services, number of visits
Visits
2024
2023
Change, %
Appointments
6,058,492
6,069,111
-0.2
Physical appointments
4,758,350
4,750,619
0.2
Remote appointments
1,300,142
1,318,492
-1.4
Diagnostics
1,304,306
1,285,980
1.4
Other
62,418
48,984
27.4
Total
7,425,216
7,404,075
0.3
Key figures
2024
2023
Change, %
Revenue, MEUR
1,042.8
948.6
9.9
EBITA, MEUR
154.0
107.1
43.8
EBITA, % of revenue
14.8%
11.3%
3.5%-p.
Adjusted EBITA, MEUR
162.0
109.0
48.6
Adjusted EBITA, % of revenue
15.5%
11.5%
4.0%-p.
actions in all customer groups. The number of physical
appointments increased by 0.2 percent, and the number
of remote appointments decreased by 1.4 percent from
the comparison period. Revenue from diagnostics services
(laboratory and imaging) increased by 10.7 percent and
amounted to EUR 254.2 (229.6) million. The revenue from
other services increased by 1.8 percent and was 102.5
(100.7), driven by surgical operations.
In the Healthcare Services in 2024, adjusted earnings
before interest, taxes, amortisation, and impairment
losses (EBITA) increased by 48.6 percent and amounted to
EUR 162.0 (109.0) million, representing 15.5 (11.5) percent
of revenue. Profitability was supported by successful
commercial actions, improved operational efficiency and
improved sales mix.
1) The statutory task of occupational healthcare is to prevent
work-related adverse health effects. Preventive services include,
for example, workplace surveys to examine the conditions and
exposures at the workplace; health examinations; suggested
measures to improve work conditions and to promote the
employees’ ability to work; guidance and counselling; participation
in the planning and implementation of measures that maintain work
ability; promotion of coping at work and, when necessary, referrals
to rehabilitation in case of reduced work ability; guidance in first aid
preparedness at the workplace; and assessment and monitoring of
the quality and impact of occupational healthcare activities.
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Portfolio Businesses
The Portfolio Businesses segment consists of business
areas that aim for independent value creation utilising
Terveystalo’s capabilities according to their needs. The
Portfolio Businesses segment include publicly funded
services, such as outsourcing and staffing services, as
well as services aimed at consumers, including dental
care and massage.
In 2024, revenue decreased by 10.7 percent and
amounted to EUR 238.5 (267.2) million. Revenue from
outsourcing services decreased by 9.1 percent and
amounted to EUR 82.8 (91.1) million. The planned
reduction of the outsourcing portfolio continued, but
additional invoicing increased the revenue. Revenue
Key figures
2024
2023
Change, %
Revenue, MEUR
238.5
267.2
-10.7
EBITA, MEUR
9.7
8.3
15.7
EBITA, % of revenue
4.1%
3.1%
1.0%-p.
Adjusted EBITA, MEUR
10.3
8.7
18.2
Adjusted EBITA, % of revenue
4.3%
3.3%
1.0%-p.
Portfolio businesses, revenue
EUR mill.
2024
2023
Change, %
Outsourcing services
82.8
91.1
-9.1
Staffing services
73.1
84.7
-13.7
Dental care
50.3
54.5
-7.7
Other
32.4
36.9
-12.3
Total
238.5
267.2
-10.7
Sweden
The Sweden segment consists of Feelgood
subsidiaries’ operations in Sweden, which are
focused on occupational health and consultation
for organisational management and harmful
use rehabilitation services. Terveystalo aims to
significantly improve profitability in Sweden in the
short term.
In the Sweden segment in 2024, revenue decreased by
11.6 percent and amounted to EUR 81.8 (92.5) million.
Without the currency effect, the revenue decreased
by 11.7 percent. The increased economic uncertainty
affected the demand for organizational leadership
consultation and the harmful use rehabilitation
services, which are sensitive to macroeconomic
changes. Ended contracts also had a negative year-
on-year impact on revenue. Acquisitions increased
revenue in Sweden by approximately EUR 2.5 million.
In the Sweden segment in 2024, adjusted earnings
before interest, taxes, amortisation, and impairment
losses (EBITA) decreased to EUR -2.0 (3.7) million,
representing -2.5 (4.0) percent of revenue. Profitability
was weakened by the decline in revenue, as well as cost
inflation. In the business area, a profit improvement
programme was launched in the fourth quarter of
2023 to achieve a structural change in profitability
in 2025. The programme has progressed as planned.
The cost structure has been adjusted to match the
weakened demand, which was reflected, among other
things, in lower personnel costs in the second half of
the year. The programme will now focus on improving
operational efficiency and commercial measures.

Key figures
2024
2023
Change, %
Revenue, MEUR
81.8
92.5
-11.6
EBITA, MEUR
-8.6
2.1
>-200,0
EBITA, % of revenue
-10.5%
2.3%
-12.8%-p.
Adjusted EBITA, MEUR
-2.0
3.7
-155.0
Adjusted EBITA, % of revenue
-2.5%
4.0%
-6.5%-p.
from staffing services decreased by 13.7 percent, mainly
due to proactive customer selection and amounted
to EUR 73.1 (84.7) million. Revenue from dental care
decreased by 7.7 percent due to lower demand and
amounted to EUR 50.3 (54.5) million. Revenue from other
services decreased by 12.3 percent and amounted to EUR
32.4 (36.9) million.
In the Portfolio Businesses in 2024, adjusted earnings
before interest, taxes, amortisation, and impairment
losses (EBITA) increased by 18.2 percent and amounted
to EUR 10.3 (8.7) million, representing 4.3 (3.3) percent
of revenue. Termination of low-margin outsourcing
contracts, successful commercial actions and improved
operational efficiency improved profitability year-on-year.
The improvement was partially offset by cost inflation.
Terveystalo
Annual Report 2024
57
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Shares and shareholders
Terveystalo Plc has one share series (TTALO), which
is listed on Nasdaq Helsinki Ltd. At the end of 2024,
Terveystalo’s market value was EUR 1,336 (983) million
and the closing price was EUR 10.52 (7.74). During
2024, the highest price of Terveystalo’s share was
EUR 10.88 (8.53), the lowest price was EUR 7.09 (6.43),
and the average price was EUR 8.96 (7.70). A total of
12.7 (20.6) million shares were traded. The turnover of
The largest registered shareholders, 31 December 2024
Name
Number of
shares
% of shares
Votes
% of votes
Varma Mutual Pension Insurance Company
22,151,945
17.44
22,151,945
17.44
Rettig Investment AB
21,153,191
16.65
21,153,191
16.65
Pohjola Insurance Ltd
10,530,332
8.29
10,530,332
8.29
Hartwall Capital
8,231,690
6.48
8,231,690
6.48
OP Life Assurance Company Ltd
7,119,783
5.60
7,119,783
5.60
Ilmarinen Mutual Pension Insurance Company
5,382,000
4.24
5,382,000
4.24
LocalTapiola Mutual Insurance Company
2,600,000
2.05
2,600,000
2.05
Elo Mutual Pension Insurance Company
2,030,000
1.60
2,030,000
1.60
Evli Finnish Small Cap Fund
1,685,000
1.33
1,685,000
1.33
The State Pension Fund of Finland
1,300,000
1.02
1,300,000
1.02
Ten largest in total
82,183,941
64.69
82,183,941
64.69
The list is based on the register of shareholdings maintained by Euroclear Finland Ltd, and it does not include
nominee-registered shares.
Distribution of ownership, 31 December 2024
Number of shares
Number of
shareholders
% of
shareholders
Number of
securities
% of securities
Number of
votes
% of votes
1–100
16,025
47.77
687,080
0.54
687,080
0.54
101–500
12,218
36.42
3,079,960
2.42
3,079,960
2.42
501–1,000
2,806
8.37
2,159,705
1.70
2,159,705
1.70
1,001–5,000
2,012
6.00
4,117,385
3.24
4,117,385
3.24
5,001–10,000
223
0.66
1,652,796
1.30
1,652,796
1.30
10,001–50,000
181
0.54
3,917,865
3.08
3,917,865
3.08
50,001–100,000
27
0.08
1,986,192
1.56
1,986,192
1.56
100,001–500,000
29
0.09
5,970,475
4.70
5,970,475
4.70
500,001–
23
0.07
103,465,073
81.45
103,465,073
81.45
Total
33,544
100.00
127,036,531
100.00
127,036,531
100.00
of which
nominee-registered
11
0.03
12,854,260
10.12
12,854,260
10.12
Non-transferred, total
0
0
0
0
0
In general account
0
0
0
0
In special accounts,
total
0
0
0
0
Total issued
127,036,531
100.00
127,036,531
100.00

Shareholder groups, 31 December 2024
Shareholders by sector
Number of
shares
% of shares
Households
12,495,784
9.8
Public entities
31,014,844
24.4
Financial and insurance institutions
30,191,833
23.8
Companies
16,387,182
12.9
Non-profit institutions
2,872,164
2.3
Foreign owners
21,220,464
16.7
Total
127,036,531
100.0
of which nominee-registered
12,854,260
10.1
shares traded was EUR 115.1 (152.1) million. At the end
of the reporting period, the number of Terveystalo
shares registered in the Trade Register was 127,036,531
(127,036,531). Each share entitles its holder to one vote at
the Annual General Meeting. During 2024, the weighted
average number of shares outstanding was 126,605,000
(126,556,000). Terveystalo and its subsidiaries hold
431,705 (480,230) own shares for reward purposes,
corresponding to 0.3 (0.4) percent of all outstanding
shares. The total number of shareholders was 33,544
(34,025) at the end of 2024.
Terveystalo
Annual Report 2024
58
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Management shareholding, 31 December 2024
Name
Position
Number of
shares
% of shares
% of votes
Kari Kauniskangas
Chairman of the Board of Directors
25,363
0.02%
0.02%
Matts Rosenberg
Member of the Board of Directors
16,595
0.01%
0.01%
Carola Lemne
Member of the Board of Directors
6,799
0.01%
0.01%
Kristian Pullola
Member of the Board of Directors
10,304
0.01%
0.01%
Ari Lehtoranta
Member of the Board of Directors
8,177
0.01%
0.01%
Sofia Hasselberg
Member of the Board of Directors
4,172
0.00%
0.00%
Teija Sarajärvi
Member of the Board of Directors
1,673
0.00%
0.00%
Ville Iho
President and CEO
23,566
0.02%
0.02%
Juuso Pajunen
Chief Financial Officer
20,697
0.02%
0.02%
Petteri Lankinen
Chief Medical Officer
0
0.00%
0.00%
Sari Heinonen
Executive Vice President, Healthcare
Services
0
0.00%
0.00%
Henri Mäenalanen
Executive Vice President, Portfolio
Businesses
3,163
0.00%
0.00%
Stefan Kullgren
Executive Vice President of the Swedish
Business Area and CEO of Feelgood AB
10,000
0.01%
0.01%
Ilari Richard
Senior Vice President, Digital Services
3,834
0.00%
0.00%
Minttu Sinisalo
Senior Vice President, Human Resources
4,081
0.00%
0.00%
Petra Gräsbeck
Senior Vice President, Communications
and Public Affairs
175
0.00%
0.00%
Management shareholding in
total

130,525
0.10%
0.10%
Number of shares total
127,036,531
100.00%
100.00%
Notifications of major
shareholdings
On 28 June 2024, Terveystalo Plc received a
notification under Chapter 9, Section 5 of the
Securities Market Act, according to which the holding
of Rettig Investment AB in Terveystalo Plc’s shares and
votes had risen above 15 percent on 27 June 2024.
The holding of Rettig Investment AB has increased
to 16.65 percent and 21,153,191 shares of the total of
Terveystalo's shares and votes. This notification relates
to an internal restructuring within the group, in which
Rettig Group AB, the previous direct holder of the
shareholding notified herein, had on 27 June 2024
merged with and into Rettig Investment AB. Therefore,
Rettig Investment AB owns directly 21 153 191 shares
in Terveystalo Plc, which have transferred to the
ownership of Rettig Investment AB from Rettig Group
AB as a result of the merger.
The Board’s 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
financial period.
Dividend Policy and distribution
of profits for 2024 proposed by
the Board
The objective of Terveystalo’s Dividend Policy is to
distribute a minimum of 80 percent of earnings per
share in dividends. The current financial performance,
development potential, financial position, and capital
requirements are taken into account. In 2024, earnings
per share were EUR 0.57 (-0.33).
The parent company’s distributable funds totaled EUR
558.9 (535.9) million, of which EUR 61.0 (40.5) million is
the result for the financial year. The Board of Directors
proposes to the Annual General Meeting that a dividend
of EUR 0.48 (0.30) per share totaling EUR 60.8 (38.0)
million be paid based on the balance sheet adopted for
the financial year ended 31 December 2024.
The dividend would be paid in two
instalments as follows:
• The first dividend instalment of EUR 0.24 per share
would be paid to the shareholders who are registered
in the shareholders' register of the company
maintained by Euroclear Finland Ltd on the record
date of the first dividend instalment on 10 April 2025.
The Board of Directors proposes that the first dividend
installment would be paid on 17 April 2025.
• The second dividend instalment of EUR 0.24 per share
would be paid to shareholders who are registered in
the shareholders' register of the company maintained
by Euroclear Finland Ltd on the record date of the
second dividend instalment on 8 October 2025.
The Board of Directors proposes that the second
dividend instalment would be paid on 15 October
2025. The Board of Directors also proposes that the
Terveystalo
Annual Report 2024
59
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Annual General Meeting would authorise the Board
of Directors to resolve, if necessary, on a new record
date and date of payment for the second dividend
instalment should the rules of Euroclear Finland Ltd or
statutes applicable to the Finnish book-entry system
change or otherwise so require.
No substantial changes have occurred in the company’s
financial position since the end of the financial year. The
company’s liquidity is good and, in the Board’s opinion, will
not be jeopardised by the proposed distribution of profits.
Decisions of the Annual General
Meeting 2024 and the first
Board meeting
The Annual General Meeting of Terveystalo Plc was
held on 26 March 2024 in Helsinki, Finland. The Annual
General Meeting adopted the financial statements for
the financial year 2023 and discharged the members of
the Board of Directors and the CEO from liability. The
Annual General Meeting approved the remuneration
report for governing bodies and decided to support the
amended remuneration policy for governing bodies,
which was presented to the Annual General Meeting.
The Annual General Meeting decided, in accordance
with the proposal of the Board of Directors, that a total
dividend of EUR 0.30 per share (which corresponds to a
total of approximately EUR 38 million with the current
number of shares in the company) will be paid based on
the balance sheet adopted for the financial year ended
31 December 2023.
The dividend was paid in two instalments as follows:
• The first dividend instalment of EUR 0.15 per share
was paid to shareholders who were entered in the
shareholders’ register of the company maintained
by Euroclear Finland Oy on the record date of the
first dividend instalment on 28 March 2024. The
first dividend instalment was paid on 8 April 2024.
• The second dividend instalment of EUR 0.15 per
share was paid to shareholders who are entered
in the shareholders’ register of the company
maintained by Euroclear Finland Ltd on the record
date of the second dividend instalment 9 October
2024. The second dividend instalment was paid
on 16 October 2024. The Annual General Meeting
authorised the Board of Directors to resolve, if
necessary, on a new record date and date of
payment for the second dividend instalment
should the rules of Euroclear Finland Ltd or statutes
applicable to the Finnish book-entry system change
or otherwise so require.
The number of members of the Board of Directors was
confirmed to be seven (7). Kari Kauniskangas, Sofia
Hasselberg, Ari Lehtoranta, Carola Lemne, Kristian
Pullola and Matts Rosenberg were re-elected as
members of the Board, and Teija Sarajärvi was elected
as a new member of the Board for a term that ends at
the end of the Annual General Meeting 2025.
KPMG Oy Ab was elected as the Company's auditor
and the sustainability reporting assurance provider.
KPMG Oy Ab has notified that Henrik Holmbom, APA
and 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 2025.
As proposed by the Board of Directors, the Annual
General Meeting resolved to authorize the Board of
Directors to decide on donations in a total maximum of
EUR 150,000 for charitable or corresponding purposes.
The authorisation will remain effective until the end of
the next Annual General Meeting 2025, however no
longer than for a period of 18 months from the date of
the resolution of the Annual General Meeting.
The new Board elected Kari Kauniskangas as
Chairman of the Board and Matts Rosenberg as
Vice Chairman of the Board. Kristian Pullola was
elected Chairman of the Audit Committee and
Sofia Hasselberg and Matts Rosenberg were elected
members. Kari Kauniskangas was elected Chairman of
the Remuneration Committee and Carola Lemne, Ari
Lehtoranta and Teija Sarajärvi were elected members.
Changes in the
management team
Sari Heinonen, member of Terveystalo's Executive Team
and Executive Vice President, Healthcare Services,
has announced that she will leave the company on
15 April 2025 to move to a new position as President
of LocalTapiola Group. Terveystalo will announce
Heinonen's successor at a later date.
Corporate governance
Terveystalo Plc’s Corporate Governance Statement,
Remuneration Policy, and Remuneration Report for 2024
have been published as part of the Annual Report 2024.
Events after the end of
the reporting period

Terveystalo Plc's Board of Directors
has approved a new performance
period covering years 2025–2027
of the long-term share-based
incentive plan for key personnel
Terveystalo Plc's Board of Directors has approved a new
performance period covering the years 2025–2027 of the
long-term share-based incentive plan for key personnel.
The purpose of the program is to align the objectives of
shareholders and key personnel to increase the company's
value in the long term, and to commit key personnel to
implementing Terveystalo's strategy by offering them a
competitive, share-based incentive program.
The Performance Share Plan is based on a rolling 3-year
performance period structure, with a new performance
period starting at the beginning of each year if so decided
by the Board. The Board decides on the participants,
performance measures, and targets as well as earning
opportunities on an annual basis. Terveystalo published
the establishment of the program and its main terms in a
stock exchange release on 3 December 2020.
Terveystalo
Annual Report 2024
60
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Performance Period 2025–2027 of
the Performance Share Plan (PSP)
During the performance period 2025–2027, the
participants are awarded for successful shareholder
value creation. The performance indicators based on
which share rewards may be paid to 90 percent of the
participants are absolute and relative (compared to the
OMX HKI benchmark CAP GI index) Total Shareholder
Return. For 10 percent of the participants, the value
creation is measured by EBITA (adjusted earnings before
interest, taxes, and amortisation) of the business area or
independent business that they lead.
Terveystalo's Board of Directors confirms the
total amount of shares earned after the end of the
performance period. The share rewards that may be
paid based on the 2025–2027 earning period will
be paid in Terveystalo Plc shares after the end of the
performance period, provided that the performance
targets set for the program by the Board are achieved.
The maximum number of shares to be paid based
on this plan is 700,000 shares. Taxes and tax-like
payments to the recipient are deducted from the reward,
after which the remaining net amount is paid to the
participants in shares.
No more than approximately 80 people selected
by the Board are eligible to participate in the program,
including members of Terveystalo's Executive Team.
Terveystalo applies a share ownership requirement to
the members of the Executive Team. Each member of the
Executive Team is expected to retain at least 50 percent
of the net shares received under the long-term incentive
plan until his or her shareholding in Terveystalo is at
least equal to his or her annual gross base salary.
Performance Period 2025–2027 of
the Restricted Share Plan (RSP)
The purpose of the Restricted Share Plan is to function
as a supplementary structure for separately selected key
personnel of Terveystalo in special situations.
The share rewards will be paid in Terveystalo Plc
shares after the end of the performance period, provided
that the individual participants are still employed by
Terveystalo. The maximum number of shares to be paid
based on this plan is 70,000 shares.
Notifications pursuant to Chapter
9, Section 5 of the Securities
Markets Act
After the end of the reporting period, on 18 February
2025, OP Financial Group's insurance companies
transferred their Terveystalo Plc shares to OP
Cooperative. This transaction left OP Financial Group's
total holding in Terveystalo Plc unchanged at 13.91
percent, equating to 17,675,975 shares. As part of the
arrangement, Terveystalo Plc received the following
flagging notifications on 19 February 2025.
Terveystalo Plc received a notification in accordance
with Chapter 9, Section 5 of the Securities Markets
Act, according to which OP Cooperative's holding of
Terveystalo Plc's shares and votes has exceeded 10
percent on 18 February 2025.
Terveystalo Plc received a notification in accordance
with Chapter 9, Section 5 of the Securities Markets Act,
according to which Pohjola Insurance Ltd's holding in
Terveystalo Plc's shares and votes has fallen below 5
percent on 18 February 2025.
Terveystalo Plc received a notification in accordance
with Chapter 9, Section 5 of the Securities Markets Act,
according to which OP Life Assurance Company Ltd's
holding of Terveystalo Plc's shares and votes has fallen
below 5 percent on 18 February 2025.
The most significant short-term
risks and uncertainty factors
Terveystalo’s risk management is governed by the risk
management policy approved by the Board. The policy
defines goals, principles, organisations, responsibilities,
and practices for risk management. The management
of financial risks complies with the Group’s financing
policy approved by Terveystalo’s Board. The risks and
uncertainty factors described below are considered to
potentially have a significant impact on the company’s
business operations, financial results, and outlook
within the next 12 months. The list is not intended to be
exhaustive. The order in which the risks are presented
does not describe the magnitude of the impact of the
risks' realisation or the probability of their occurrence.
• The company’s business operations rely on its
capacity to identify, recruit, and retain competent and
professional healthcare professionals, employees,
and executives. The increased supply of services and
increased competition may affect the availability of
healthcare professionals, particularly in major cities.
Turnover in key employees involves the risk of losing
knowledge and expertise.
• 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.
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Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

• Pandemics or epidemics and related restrictive
measures may adversely affect the business
operations of Terveystalo through, among other
things, demand for certain healthcare services and
challenges in the supply chain.
• Changes in the competitive landscape, new
competitors entering the markets, and increasing
price competition may have a negative impact on the
company’s profitability and growth potential.
• Terveystalo is exposed to changes in demand for
occupational healthcare services due to demographic
trends, aging and shrinking working-age population.
• The Social Welfare and Healthcare Reform in Finland
and its legal interpretations may have impacts on
Terveystalo’s business and results of operations.
• Changes in compensation systems for healthcare
services may adversely affect Terveystalo’s business,
financial position, and results of operations.
• Failures or deficiencies in the operational risk
management, medical quality, and internal control
processes may result in failure of quality control,
including medical quality, or otherwise adversely
affect Terveystalo's profitability and reputation.
• Terveystalo’s operations could be subject to labour
disruptions or disputes.
• Ongoing profit improvement programs may fall short
of their targets and / or the improvements may not
be sustainable.
• The company is a party to and may become a party to,
legal action or administrative procedures initiated by
the authorities, patients, or third parties. According
to the company’s opinion, its currently pending
legal obligations and court cases are not significant
in nature.
Risk management at Terveystalo and risks related to the
company’s business are described in more detail on the
company’s website and in the company’s Annual Report.
Annual General Meeting
in 2025
Terveystalo Plc's Annual General Meeting (AGM) is
planned to be held on Tuesday 8 April 2025. The meeting
will be convened by the company's Board of Directors
separately at a later date.
Terveystalo Plc
Board of Directors
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Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

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
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Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

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 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
Terveystalo
Annual Report 2024
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Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Reconciliation of alternative performance measures
Return on equity, %
2024
2023
2022
Net income
71.7
-42.2
24.4
Equity (including non-controlling interest) (average)
531.8
553.7
600.4
Return on equity, %
13.5
-7.6
4.1
Equity ratio, %
2024
2023
2022
Equity (including non-controlling interest)
548.2
515.4
592.0
Total assets
1,398.4
1,419.5
1,479.4
Advances received
6.9
6.4
7.1
Equity ratio, %
39.4
36.5
40.2
Gearing, %
2024
2023
2022
Interest-bearing liabilities
570.0
635.8
607.0
Interest-bearing receivables and cash and cash equivalents
65.2
37.7
40.4
Equity
548.2
515.4
592.0
Gearing, %
92.1
116.0
95.7
Net debt / EBITDA
2024
2023
2022
Interest-bearing liabilities
570.0
635.8
607.0
Interest-bearing receivables and cash and cash equivalents
65.2
37.7
40.4
EBITDA
222.5
179.2
168.8
Net debt / EBITDA
2.3
3.3
3.4
Net debt / Adjusted EBITDA
2024
2023
2022
Interest-bearing liabilities
570.0
635.8
607.0
Interest-bearing receivables and cash and cash equivalents
65.2
37.7
40.4
Adjusted EBITDA
245.9
200.2
178.0
Net debt / Adjusted EBITDA
2.1
3.0
3.2
Adjusted EBITDA, EUR mill.
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
18.0
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
Depreciation, amortisation and impairment losses
106.4
193.8
134.9
Adjustments*
23.5
21.2
9.2
Adjusted EBITDA
245.9
200.2
178.0
Adjusted EBITDA, %
2024
2023
2022
Adjusted EBITDA
245.9
200.2
178.0
Revenue
1 340.0
1 286.4
1 259.1
Adjusted EBITDA, %
18.4
15.6
14.1
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Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Adjusted EBITA, EUR mill.
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
18.0
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
Amortisation and impairment losses
31.5
119.1
62
Adjustments*
23.5
21.5
9.2
Adjusted EBITA
171.0
125.6
105.2
Adjusted EBITA, %
2024
2023
2022
Adjusted EBITA
171.0
125.6
105.2
Revenue
1,340.0
1,286.4
1,259.1
Adjusted EBITA, %
12.8
9.8
8.4
Adjusted operating profit (EBIT), EUR mill.
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
18.0
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
Adjustments*
24.4
107.8
39.5
Adjusted EBIT
140.5
93.1
73.4
Adjusted operating profit (EBIT), %
2024
2023
2022
Adjusted EBIT
140.5
93.1
73.4
Revenue
1,340.0
1,286.4
1,259.1
Adjusted EBIT, %
10.5
7.2
5.8
EBITDA, EUR mill.
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
18.0
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
Depreciation, amortisation and impairment losses
106.4
193.8
134.9
EBITDA
222.5
179.2
168.8
EBITDA, %
2024
2023
2022
EBITDA
222.5
179.2
168.8
Revenue
1,340.0
1,286.4
1,259.1
EBITDA, %
16.6
13.9
13.4
EBITA, EUR mill.
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
18.0
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
Amortisation and impairment losses
31.5
119.1
62.0
EBITA
147.6
104.4
95.9
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Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

EBITA, %
2024
2023
2022
EBITA
147.6
104.4
95.9
Revenue
1,340.0
1,286.4
1,259.1
EBITA, %
11.0
8.1
7.6
Operating profit (EBIT), EUR mill.
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
18.0
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
EBIT
116.1
-14.7
33.9
Operating profit, (EBIT), %
2024
2023
2022
EBIT
116.1
-14.7
33.9
Revenue
1,340.0
1,286.4
1,259.1
EBIT, %
8.7
-1.1
2.7
Adjustments based on subject area* , EUR mill.
2024
2023
2022
Acquisition-related expenses 1)
-0.7
-0.8
2.8
Restructuring-related expenses 2)
1.9
3.2
1.5
Gain on sale of asset 3)
0.6
-
-
Impairment losses
0.9
80.8
30.3
Strategic projects and other items affecting to comparability
21.6
18.8
5.0
Adjustments
24.4
101.9
39.5
Adjustments based on account group* , EUR mill.
2024
2023
2022
Other operating income
-1.0
-0.8
-0.1
Personnel expenses
1.4
3.1
1.3
Other operating expenses
23.1
18.7
8
Depreciation and impairment
0.9
86.7
30.3
Deferred tax
-
-5.9
-
Adjustments
24.4
101.9
39.5
Adjusted EBITDA, excluding IFRS 16
2024
2023
2022
Net income
71.7
-42.2
24.4
Income tax expense
3.3
3.3
6.5
Share of profits in associated companies
-
0.0
0.1
Net finance expenses
26.5
24.2
2.9
Depreciation, amortisation and impairment losses
106.4
193.8
134.9
Adjustments*
23.5
21.1
9.2
IFRS 16 lease expense adjustment
-56.4
-57.4
-55.8
Adjusted EBITDA, excluding IFRS 16
189.5
142.8
122.2
Net debt/Adjusted EBITDA, excluding IFRS 16
2024
2023
2022
Interest-bearing liabilities
378.2
416.7
427.2
Interest-bearing receivables and cash and cash equivalents
65.2
37.7
40.4
Adjusted EBITDA
189.5
142.8
122.2
Net debt/Adjusted EBITDA, excluding IFRS 16
1.7
2.7
3.2
* Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses,
restructuring-related expenses, gain /losses on sale of assets (net), impairment losses, strategic projects and other items affecting
comparability.
1) Including transaction costs and expenses from integration of acquired businesses.
2) Including restructuring of network and business operations.
3) Including sales of business operations.
Terveystalo
Annual Report 2024
67
Corporate Governance
Sustainability statement
Financial statements
Year 2024
Strategy and business
Report of the Board of Directors

Sustainability statement
69
General disclosures
70
Basis for preparation of the sustainability statement
70
Governance
75
Strategy
81
Impact, risk and opportunity management
91
Environmental information
92
EU taxonomy reporting
97
Social information
98
Own workforce
112
Consumers and end-users
122 Governance information
123 Business conduct
Sustainability statement is part of the Report by the Board of Directors.
Corporate Governance
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement
Annual Report 2024
Terveystalo
68

General disclosures
70
Basis for preparation of the sustainability statement
70
Governance
75
Strategy
81
Impact, risk and opportunity management
Corporate Governance
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement
Annual Report 2024
Terveystalo
69

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
24 subsidiaries. The company is the largest private
healthcare service provider in Finland in terms of revenue,
and one of the leading occupational health providers
in Finland and Sweden. The company offers general
medicine, occupational health and specialised care
services, diagnostics services, outpatient surgery, oral
health services and other complementary health services
to corporate, private, and public sector customers.
In the sustainability statement, operations are
reported on at Terveystalo Group level, and the scope
of consolidation is the same as in the consolidated
financial statements, unless otherwise stated. The
information provided in the statement regarding
Terveystalo's own operations covers the entire
Group’s own workforce, i.e. both employees and
non-employees (including self-employed people),
unless otherwise stated. For the S-1 Own Workforce
standard, the comparative figures for the comparison
year have not been reported, with a few exceptions,
based on the transitional provision of ESRS (European
Sustainability Reporting Standards) - 1 10.3 regarding
the presentation of comparative data. The sustainability
on the general tasks, composition, diversity and
competence of the administrative, management and
supervisory bodies, as well as internal control, internal
audit and risk management processes is provided in
Terveystalo’s Corporate Governance Statement.
The Board of Directors
and its committees
Terveystalo Plc’s Board of Directors is the highest
decision-making body that oversees sustainability-
related issues within the organisation. The Board of
Directors takes care of tasks pertaining to its area
of responsibility in accordance with the applicable
legislation, Terveystalo Plc’s Articles of Association,
the charter of the Board of Directors, the Corporate
Governance Code published by the Securities Market
Association, as amended from time to time, and other
rules and regulations applicable to Finnish listed
companies. The Board of Directors is responsible
for the company’s governance and the appropriate
organisation of its operations, among other things.
The Board of Directors decides on matters of principle
and on any issues that could have broad-ranging
implications for the company. The Board of Directors'
responsibilities also include reviewing and approving
the strategic objectives and strategic plans of the
company and its various business functions as well as
monitoring their implementation. The responsibilities
of the Board of Directors are documented in its
written charter, which supplements the provisions
statement covers the material impacts, risks and
opportunities related to Terveystalo’s upstream and
downstream value chain. The sustainability report is
published annually. The reporting period corresponds
to the financial reporting period 1 January 2024–31
December 2024. In the sustainability statement, the time
horizons are defined in accordance with the reporting
time horizons provided in the ESRS standard: short-term
= reporting period (one year), medium-term = 1–5
years, and long-term: >5 years. The necessary reporting
principles concerning different topics are presented in
connection with each topic-specific standard. No metrics
that include estimates of upstream or downstream
value chain figures have been used in the sustainability
statement. KPMG Oy Ab has verified the sustainability
statement in accordance with the ISA 3000 assurance
standard as a limited assurance engagement.
Governance
The role of the administrative,
management and supervisory
bodies and the information
provided to and sustainability
matters addressed by them
GOV-1-2
The sustainability statement includes disclosures on
the management of sustainability. Further information
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 steers the
sustainability strategy and key action plans, decides
on the setting of sustainability-related targets and
monitors their achievement. The Board of Directors also
approves the Group’s key sustainability-related policies
and Terveystalo’s Code of Conduct. In accordance with
its charter, the duties of the Board of Directors include
monitoring and overseeing not only the financial
reporting process but also the sustainability reporting
process. The Board of Directors prepares the election
of the sustainability assurance provider, monitors the
sustainability reporting assurance process and approves
Terveystalo’s sustainability statement.
The Board of Directors ensures that the company
has defined policies concerning internal control,
internal auditing and risk management, and monitors
compliance with such policies. In accordance with
Terveystalo’s internal control and risk management
policy, the Board of Directors is responsible for the
adequacy of risk management and approves the
risk management policy. Internal control has been
integrated into Terveystalo’s management and reporting
system and is implemented by Terveystalo’s Board
of Directors and its Audit Committee as well as the
Group’s senior management, operational management
and employees, and the Group’s internal audit and
quality assurance function. Internal control is based on
Terveystalo’s risk management system, the company's
Terveystalo
Annual Report 2024
70
Corporate Governance
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement

business culture, and respective practices. Terveystalo’s
values and Code of Conduct and the Group’s policies
and procedures constitute part of the foundation and
organisation of internal control.
Terveystalo’s Vice President in charge of
sustainability presents material sustainability-related
matters to the Board of Directors at least once a
year in connection with the Board's discussion of the
broader sustainability agenda and review of targets
and performance. Sustainability-related matters are
also discussed in meetings of the Board of Directors
as necessary when there are material issues to
communicate or decide on. In 2024, the following
sustainability-related matters were discussed in the
Board of Directors’ meetings, among other things: The
results of Terveystalo’s double materiality assessment,
Terveystalo's material impacts, risks and opportunities,
the achievement of the sustainability targets set for
2023, progress towards the sustainability targets set
for 2024, the structure of Terveystalo’s sustainability
reporting and assessing Terveystalo's preparedness
for reporting. The Board of Directors has discussed
sustainability management at Terveystalo and
Terveystalo’s sustainability strategy and its practical
implementation as part of the overall strategy.
The Board of Directors has discussed Terveystalo’s
Environmental, Social and Governance (ESG) roadmap
and plans, as well as the impacts, risks and opportunities
related to the material sustainability themes identified
in the double materiality assessment. The Board of
Directors has also discussed and examined metrics
related to Terveystalo’s sustainability themes and their
progress. Risk management, Terveystalo’s environmental
management system and information security and
related risk management were also on the agenda of
the Board of Directors during the year. In addition, the
Board of Directors participated in training related to
sustainability reporting and assurance.
The Board of Directors has established two
committees to improve the efficacy of the Board: an
Audit Committee and a Remuneration Committee.
Written charters have been drawn up for the committees
to define their duties. The Audit Committee’s duties
include, among other things, assisting the Board of
Directors in fulfilling and monitoring its supervisory
duties pertaining to the financial reporting process
and auditing, and the sustainability reporting process
and assurance, as well as the supervision of matters
related to reporting, internal control, internal auditing,
and risk management. The Audit Committee monitors
and assesses the company’s financial and sustainability
reporting systems as well as the quality and integrity
of the financial statements, other financial reports and
sustainability statements. The Audit Committee also
monitors the statutory audit of the financial statements
and consolidated financial statements and the assurance
of the sustainability statement. The Audit Committee
also assesses the competence and independence of
the external auditor and the sustainability reporting
assurance provider, prepares a proposal for a decision
on the election of the auditor and the sustainability
reporting assurance provider, and monitors compliance
with laws and regulations. The Audit Committee also
monitors and assesses the efficiency of the company’s
internal control, internal auditing, and risk management
systems and assesses the performance of internal
auditing. The Remuneration Committee of the Board
of Directors, in turn, assists the Board in preparing
matters related to remuneration, for example. Among
other things, the Remuneration Committee prepares
the Remuneration Policy of Governing Bodies and
the Remuneration Report, prepares and assesses the
remuneration of the CEO and other members of the
Executive Team reporting directly to the CEO, and
prepares short-term and long-term incentive plans. The
Remuneration Committee prepares matters concerning
the appointment of the CEO and other members of the
Executive Team reporting directly to the CEO.
The committees discuss sustainability-related
matters whenever there are material issues to
communicate or decide on. In 2024, the Audit
Committee focused particularly on the reporting
requirements arising from the Corporate Sustainability
Reporting Directive (CSRD), Terveystalo’s preparedness
for reporting and the CSRD-compliant assurance process.
During the year, the Remuneration Committee prepared
short-term and long-term incentive plans for the CEO
and other members of the Executive Team reporting
directly to the CEO. The purpose of the incentive
plans is, among other things, to steer the performance
towards the achievement of Group-level and individual
targets based on the key strategic priorities for each
year and towards specific Group-level targets. When
preparing short-term and long-term incentive plans,
the Remuneration Committee evaluates the metrics
and performance targets relevant to the plans, which
are used as performance criteria in remuneration. These
metrics can be related to sustainability or other topics.
The committees report on their work to the Board of
Directors on a regular basis.
CEO and Executive Team
The CEO is responsible for the day-to-day management
of the company and for executing the company’s
strategy in accordance with the instructions and orders
issued by the Board of Directors. The CEO undertakes
the execution of measures approved by the Board of
Directors and oversees preparations for strategically
important measures. This means that Terveystalo’s CEO,
together with the other members of the Executive Team,
is also responsible for the successful implementation of
the company’s sustainability agenda. The CEO ensures
that the management of the company is adequately
arranged and that the company’s accounting complies
with the applicable legislation. In accordance with
Terveystalo’s internal control and risk management
policy, the CEO is also responsible for the organisation
of Terveystalo Group's risk management and the
monitoring and guidance of the senior management
with regard to risk management. The CEO manages
sustainability-related risks as part of the company’s
general risk management. The CEO also ensures
the appropriate arrangement of the company’s
administration and asset management. The CEO serves
as the Chair of Terveystalo’s Executive Team. Ville Iho has
served as the CEO of Terveystalo since December 2019.
A more detailed presentation of the CEO is provided in
Terveystalo’s Corporate Governance Statement.
The Executive Team assists the CEO with, among
other things, the preparation and execution of matters
related to the company’s strategy, business plans,
matters of principle, and any other important matters.
In accordance with Terveystalo's internal control and
risk management policy, the Executive Team supports
the CEO in implementing risk management, risk
monitoring, and risk assessment. The members of the
Executive Team are responsible for implementing risk
management-related measures in their respective areas
of responsibility. Sustainability risks are assessed as
part of Terveystalo Group’s general risk management.
The purpose of risk management is to support the
achievement of business objectives by supporting
informed decision-making and ensure the fulfilment of
the customer promise, patient safety and occupational
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safety, high-quality operations, financial performance,
business continuity, a good public image for the
company, and corporate social responsibility. Risk
management is an integral part of Terveystalo Group's
planning processes and monitoring and reporting
practices, and risk-taking relative to risk-bearing
capacity is assessed particularly in connection with
work on the strategy and when decisions are made on
business projects or investments that are significant
for the Group. Risk management is an integral part of
management. It contributes to strategic development,
helps managers make informed choices, puts measures
in priority order, takes into account opportunities,
uncertainties, and their effects, and distinguishes
between alternative approaches. As stated above,
the Group’s management also participates in the
implementation of internal control.
In accordance with Terveystalo’s ESG governance
model, the Executive Team examines the Group’s
sustainability approach, commitments, investments
and targets and decides on their submission to the
Board of Directors for final approval. The Executive Team
monitors progress with regard to sustainability targets,
commitments and the roadmap and is responsible for
ensuring that sustainability commitments are integrated
into the Group’s overall strategy and operations as part
of the strategy process. The Executive Team examines
the Group’s sustainability-related policies and guidelines
and submits the most material of them to the Board of
Directors for approval. The CEO and certain members
of the Executive Team also have the right to approve
policies and guidelines that fall within their competence.
Terveystalo’s management and supervisors are
responsible for the communication and implementation
of Terveystalo's Code of Conduct, and monitoring
compliance with the Code of Conduct. The CEO reports
to the Board of Directors of Terveystalo Plc and the other
members of the Executive Team report to the CEO.
The Vice President in charge of sustainability, who
reports to the CFO, discusses sustainability-related
matters with the CFO and CEO on a regular basis and as
necessary when there are material issues to communicate
or decide on. Sustainability-related matters are also
regularly on the agenda of the Executive Team. In 2024,
the CEO and the Executive Team particularly focused
on Terveystalo’s sustainability strategy and its practical
implementation as part of Terveystalo’s overall strategy
and sustainability management in Terveystalo.
Other responsibilities related
to the management of
the sustainability themes
Terveystalo’s Quality Steering Group and Medical Forum
are responsible for ensuring and developing quality
and patient safety. The Director of Quality leads the
Quality Steering Group, which is responsible for the
development of Terveystalo’s quality management
system in accordance with the strategic priorities
in order to achieve quality targets and results. The
medical management of Terveystalo is responsible for
the compliance of the operations, medical content of
services, monitoring of treatment effectiveness and
patient safety. The Chief Medical Officer leads the
Medical Forum, which discusses the most significant
medical issues that require policy decisions. In addition
to the Quality Steering Group and the Medical Forum,
the administrative bodies responsible for steering the
assurance and development of quality and patient safety
at the Group level include the Data Protection Team,
the Safety Team and the Patient Safety Team. Internal
control is integrated into Terveystalo’s management
and reporting system. Adherence to the environmental
management system is the responsibility of the Director
of Quality, who reports to the Chief Medical Officer.
The achievement of the goals of the environmental
management system is monitored by the environmental
management system steering group, and operational
activities are the responsibility of the operative group.
In the beginning of 2025, the Quality Steering Group
became the ESG and Quality Steering Group. It monitors
sustainability-related development and regulation and
steers and supports the Group's quality and sustainability
strategy. The steering group is chaired by the Director of
Quality, with the Vice President in charge of sustainability
as the vice chair. The duties of the steering group are
specified in Terveystalo’s ESG governance model. The
steering group supports the organisation in setting
sustainability and quality targets and metrics, and
achieving the target level, commitments and targets set
by the Board of Directors. The steering group defines
the key metrics and targets for sustainability and quality
and evaluates the quality and sustainability policies and
updates to the policies for approval by the Executive
Team or the Board of Directors. The group monitors the
achievement of targets during the year and ensures that
the necessary analyses and corrective measures are taken
at the Group level. The steering group reports to the
Executive Team on a quarterly basis.
Human resources management and its development
at Terveystalo is the responsibility of the Senior Vice
President, People and Careers, who is a member of the
Executive Team and reports to the CEO.
As required by law, Terveystalo Group has a Data
Protection Officer who performs duties in accordance
with the General Data Protection Regulation and reports
directly to Group management. In Sweden, Feelgood
has its own Data Protection Officer. The responsibility for
day-to-day information security management lies with
the Chief Information Security Officer of the Group, who
reports to the Executive Team member responsible for
information security and digital services. Terveystalo also
has data protection and information security teams that
discuss and monitor issues related to data protection
and information security and develop related functions
and activities. The teams include representatives of
stakeholders within the Terveystalo organisation that are
relevant to the teams’ areas of responsibility.
Terveystalo’s compliance function is responsible
for preparing and updating compliance programmes
and related policies. The compliance function is also
responsible for investigations and process development
related to compliance with the Code of Conduct. The
compliance function reports annually to Terveystalo
Plc’s Board of Directors on the most material compliance
themes and targets. The compliance function also reports
to the Group’s senior management on a regular basis.
Terveystalo’s senior management and supervisors are
responsible for the communication and implementation
of the Code of Conduct approved by the Board of
Directors, and monitoring compliance with the Code of
Conduct. Terveystalo’s Legal & Compliance department
supports the organisation with issues related to the Code
of Conduct and provides training to the personnel on the
Code of Conduct. The compliance function also trains
personnel and management on tailored compliance
themes, such as the use of Terveystalo’s whistleblowing
channel and related requirements.
Composition of the Board of Directors
According to Terveystalo Plc’s Articles of Association,
the Board of Directors shall have a minimum of five
and a maximum of eight ordinary members. In 2024,
the Board of Directors had seven members. The term
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of the members of the Board of Directors expires at the
closing of the Annual General Meeting following their
election. Until 26 March 2024, the Board of Directors
consisted of Kari Kauniskangas (Chairman), Matts
Rosenberg, Sofia Hasselberg, Ari Lehtoranta, Carola
Lemne, Kristian Pullola and Katri Viippola in accordance
with the decision of the 2023 Annual General Meeting.
The Annual General Meeting held on 26 March
2024 re-elected Kari Kauniskangas (Chairman), Matts
Rosenberg, Sofia Hasselberg, Ari Lehtoranta, Carola
Lemne and Kristian Pullola as members of the Board of
Directors. Teija Sarajärvi was elected as a new member.
There are no employee representatives among the
members of the Board of Directors. Presentations of
the members of the Board of Directors are provided in
Terveystalo’s Corporate Governance Statement.
Persons elected as a member of the Board of
Directors must have the qualifications required for
the position and the opportunity to devote sufficient
time to performing their duties. The company has
drafted principles concerning the diversity of the
Board of Directors. According to the principles applied
in financial year 2024, diversity was assessed from
several perspectives, including age and gender as
well as educational and professional background.
Terveystalo considers the realisation of diversity on the
Board of Directors to be a key factor that supports the
company’s business and its development as well as
the achievement of its strategic objectives. The work
of the Board of Directors requires understanding of
differences in cultures, values, and business practices.
The structure, size, composition, diversity and succession
needs of the Board of Directors are assessed annually,
including whether the Board of Directors represents
appropriate experience, diverse business knowledge and
skills, independence and other necessary qualities. The
Shareholders' Nomination Board plans the composition
of the Board of Directors from the perspective of the
company’s current and future business needs, taking
into account diversity of the Board.
Terveystalo's material sustainability themes were
confirmed on the basis of the company’s double
materiality assessment. The material themes are
own workforce, consumers and end-users and good
corporate governance/business conduct. The members
of Terveystalo Plc’s Board of Directors represent expertise
in the healthcare sector and business conduct in the
company’s target markets (Finland and Sweden), among
other areas of expertise. The Board of Directors also
includes members who have an educational background
in medicine. The members of the Board of Directors have
experience from many different industries and a wide
range of management positions in companies serving
different customer groups. They represent expertise
related to business conduct and good corporate
governance, including strategic management, financial
management and risk management, as well as business
ethics and compliance. The Board members also have
expertise in topics related to sustainability (ESG), as well
as human resources management and occupational
safety. The Board of Directors and its committees may
also use external legal, financial, sustainability-related or
other advisers to the extent they deem necessary.
The age range of the Board of Directors whose term
ended on 26 March 2024 was 40–65 years on 26 March
2024. Three (43%) of the Board members were between
the ages of 30 and 49, and four (57%) were aged 50 or
older. The age range of the new Board of Directors that
was elected by the Annual General Meeting held on 26
March 2024 was 41–66 years on 31 December 2024. Two
(29%) of the Board members were between the ages of
30 and 49, and five (71%) were aged 50 or older.
Three (43%) of the members of the Board of Directors
whose term ended on 26 March 2024 were women
and four (57%) were men. Similarly, three (43%) of the
members of the Board of Directors whose term started on
26 March 2024 were women and four (57%) were men.
On average, during the year, 43 percent of the Board
members were women and 57 percent were men. Persons
outside Finland accounted for two (29%) of the members
of the Board of Directors that served until 26 March 2024
and the Board of Directors that served thereafter.
The Board conducts an annual assessment of its
operations and working practices in accordance with
the Corporate Governance Code published by the
Finnish Securities Market Association. In preparing its
proposal on the composition of the Board of Directors,
the Shareholders' Nomination Board must take into
account the requirements concerning independence as
set out in the Corporate Governance Code, the results
of the assessment of the Board’s operations carried out
in accordance with the Corporate Governance Code,
the principles concerning the diversity of the Board of
Directors, and other applicable regulations. According
to the assessment of the Board of Directors, all of
the members (100%) of the Board of Directors on 31
December 2024 are independent of the company. Six
out of seven members (86%) are also independent of the
company’s significant shareholders.
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 set out in the Terveystalo
Plc's Remuneration Policy for Governing Bodies. Each
year, the Shareholders’ Nomination Board also prepares
a proposal for the remuneration of the members of
the Board of Directors. The proposal must be based on
the principles set out in Terveystalo Plc's Remuneration
Policy for Governing Bodies. The final decision on the
remuneration of the members of the Board of Directors is
made by the General Meeting.
In 2024, the remuneration of the Board of Directors
consisted of annual remuneration and meeting fees, in
addition to which the Board members were entitled to
compensation for reasonable travel expenses related to
their work. The annual remuneration is paid either partly
in Terveystalo’s shares and partly in cash, or fully in
cash. Terveystalo's Annual General Meeting held on 26
March 2024 resolved that, for the term starting from the
Annual General Meeting, the annual remuneration of
the Board would be paid as a combination of company
shares and cash in such a manner that 40 percent of the
annual remuneration would be paid in shares purchased
from the market on behalf of the Board members at
a price determined in public trading, and 60 percent
would be paid in cash. The Annual General Meeting
resolved that the Board of Directors’ meeting fees
would be paid in cash. In 2024, the remuneration of
the Board of Directors was not based on sustainability-
related performance.
Remuneration of the CEO
The Remuneration Committee of the Board of Directors
prepares proposals to the Board of Directors concerning
the remuneration of the CEO. The Board of Directors
reviews and approves the CEO’s remuneration principles
as set out in the Terveystalo Plc's Remuneration Policy
for Governing Bodies on the basis of preparatory work
carried out by the Remuneration Committee of the Board
of Directors, and decides on the CEO’s pay, incentive
schemes and related targets on the basis of preparatory
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work carried out by the Remuneration Committee of the
Board of Directors. The Board of Directors also decides
on all share-based incentive schemes based on the
preparatory work of the Remuneration Committee.
In 2024, the CEO’s total remuneration consisted of
fixed and variable components. The fixed component
includes the base salary, benefits and insurance. The
base salary provides core compensation for the role and
takes into account several factors, such as the individual’s
personal performance level and contribution to the
business, the individual’s skills and experience, the
internal salary levels and the external market conditions.
The base salary is reviewed annually. Taxable fringe
benefits, Terveystalo’s standard personnel benefits, and
other similar benefits are included in the base salary.
In 2024, the insurances included, among other things,
leisure-time accident insurance, travel insurance, and
liability insurance for the management. The Board of
Directors has a possibility to decide on a supplementary
defined contribution pension in line with local
market practices.
The variable components of the CEO’s remuneration
consist of short-term and long-term incentives. The
short-term incentives are aimed at driving short-term
performance towards specific Group-level targets and
individual objectives that are based on the key strategic
priorities for each year. Performance is measured over
a period of one year, and potential rewards are paid
the following year. The Board of Directors sets annual
performance criteria based on the key priorities for the
financial year. The criteria may include both financial and
non-financial criteria. Following the end of the earnings
period, the Board of Directors confirms the achievement
of the criteria and determines the amount of the payout.
According to the Remureration Policy for Governing
Bodies last handled at Terveystalo's Annual General
Meeting held on 26 March 2024, at the maximum level
of performance, the incentive opportunity could not
exceed 150% of the annual base salary.
In 2023 and 2024, the employee Net Promoter
Score (eNPS) was one of the indicators included in the
CEO’s short-term performance targets. eNPS indicates
the proportion of Terveystalo’s personnel and private
practitioners who would recommend Terveystalo as a
workplace to others. The short-term incentive paid to
the CEO in 2024, based on the performance in 2023,
was based on the eNPS indicator with a weight of 20
percent. The eNPS target for the incentive was linked
to Terveystalo’s target level. In 2023, eNPS was the only
indicator of sustainability-related performance included
in the CEO’s performance targets. The other indicators
affecting the amount of the short-term incentive
were adjusted EBITA and the progress of the profit
improvement programme initiated in 2022. In 2024,
the CEO’s short-term incentive was based on the eNPS
indicator with a weight of 10 percent. The eNPS target for
the incentive was linked to Terveystalo’s target level. The
second sustainability-related performance indicator in
2024 was the Patient Enablement Instrument (PEI), which
measures medical quality in terms of the customer’s
ability to deal with their illness after their appointment.
In 2024, the CEO’s short-term incentive was based on the
PEI indicator with a weight of 10 percent. The PEI target
is specified in the incentive scheme. The third indicator
affecting the amount of the short-term incentive in
2024 was Terveystalo's adjusted EBITA. The short-term
incentive for 2024 will be paid in 2025.
The Board of Directors decides annually on the
participants, performance indicators, targets and
earning opportunities of the long-term incentive
scheme for the management. The aim of the long-
term incentives is to drive long-term performance
toward specific Group-level targets, to engage the
CEO’s commitment to the company and to align the
interests of the CEO with interests of the shareholders.
In 2024, the long-term share-based incentive schemes
for the management did not include sustainability-
related performance indicators. In the performance
periods 2022–2024, 2023–2025 and 2024–2026, the
performance criteria for the CEO's share-based long-
term incentive schemes are the company's absolute and
relative Total Shareholder Return (TSR).
Statement on due diligence
GOV-4
The adjacent table and the references presented in it
describe Terveystalo’s current state with regard to the
identification, assessment and mitigation of adverse
environmental and human rights impacts, and the
monitoring and communication of related results. The
process will be developed with regard to the supply
chain in 2025.
In late 2024, Terveystalo carried out a human rights
impact assessment concerning the entire value chain.
Terveystalo’s human rights policy, which was formed on
the basis of the impact assessment, entered into effect in
Core elements of due diligence
Paragraphs in the sustainability statement
a) Embedding due diligence in governance, strategy and
business model
ESRS 2 GOV-2, ESRS 2 GOV-3, ESRS 2 SBM-3
b) Engaging with affected stakeholders in all key steps of
the due diligence
ESRS 2 GOV-2, ESRS 2 SBM-2, ESRS 2 IRO-1, ESRS S1-2, ESRS S4-2
c) Identifying and assessing adverse impacts
ESRS 2 IRO-1, ESRS 2 SBM-3, ESRS S1-3, ESRS S1-4, ESRS S4-3, ESRS S4-4
d) Tracking the effectiveness of these efforts and
communicating
ESRS 2 GOV-2, ESRS S1-4, ESRS S1-5, ESRS S4-4, ESRS S4-5
January 2025. The identified potential adverse impacts
will be taken into account in the update of the double
materiality assessment in 2025 and the development of
due diligence processes during 2025.
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
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practices of internal control. Risks are prioritised based
on their weighted severity and likelihood.
Sustainability reporting is centralised in the
company’s financial function under the Vice President,
Investor Relations and Sustainability. The identified
key risks of sustainability reporting are the accuracy
and coverage of the reported information. To
ensure the accuracy and coverage of the reported
information, Terveystalo has defined and implemented a
sustainability reporting governance model that specifies
the roles and responsibilities for sustainability reporting.
The content owners of the reported topic areas are
responsible for ensuring that Terveystalo’s process
environment is able to produce the necessary reportable
information. The content-related responsibility for the
accuracy of the information and the responsibility for
adherence to reporting schedules and delivering the
information to the Investor Relations and Sustainability
team lies with the content and data owners defined in
the reporting governance model, i.e. the roles defined in
Group functions such as HR, quality management, legal
& compliance, and environment.
Internal controls have been implemented to ensure
the accuracy of the reported content, and the reporting
governance model designates an ESG controller whose
task is to ensure the accuracy of the information and
compliance with the preparation principles.
Sustainability reporting and related observations were
discussed a total of five times in the company’s Audit
Committee meetings in 2024.
Strategy
Strategy, business model
and value chain
SBM-1
Terveystalo plays a key role in the renewal of healthcare in
Finland, the prevention of illnesses and the promotion of
people’s well-being.
In addition to preventive occupational health
services, Terveystalo offers a wide range of services in
primary healthcare and specialised care, diagnostics, and
day surgery, including general practitioner and specialist
services, imaging and laboratory tests. In addition, the
company offers demanding surgery, well-being services,
oral health services, public healthcare outsourcing
services, healthcare staffing services, rehabilitation
services and child welfare services.
The services are offered both digitally and at
approximately 360 Terveystalo clinics around Finland,
including 18 hospital units and 31 dental clinics. In 2024,
Terveystalo had a total of 1.2 (1.2) million customers, 7.6
(7.6) million customer visits in Finland, and a total of
1.7 (1.8) million end-customers of occupational health
services in the Nordic countries. Terveystalo’s digital
platform has more than 2.6 million registered users.
In Finland, Terveystalo provides occupational health
services to over 26,000 companies and organisations
that have approximately 744,000 employees covered by
the occupational health services.
In Sweden, Terveystalo offers occupational health,
organisational management consulting and addiction
prevention and rehabilitation services to its corporate
customers. Terveystalo has more than 800 professionals
in Sweden, serving customers digitally and in person
at approximately 140 locations. Terveystalo serves
approximately 8,000 corporate customers in Sweden,
which have about one million employees covered by
occupational health services. Terveystalo’s customer
groups and service offering are described in more detail in
section S4 – Consumers and end-users on pages 112–113.
Terveystalo’s service offering is divided into three
business areas: Healthcare Services, Portfolio Businesses
and Sweden, which are also Terveystalo’s reporting
segments. Significant events concerning the business
activitites of the business areas and their financial
performance during the reporting period are presented
in the Business Areas section of the Report of the Board
of Directors on pages 56–57.
Terveystalo’s mission is to fight for a healthier life.
Terveystalo’s values – human being at the centre, steered
by medical science and reforming healthcare – are the
foundation of all of Terveystalo’s operations. The most
significant positive sustainability impact of Terveystalo’s
operations arises from providing fluent, caring and
effective integrated care to customers, which is also at the
core of Terveystalo’s strategy. According to Terveystalo's
strategy, integrated care means that Terveystalo
understands customers and their needs, prevents
and manages health risks, guides the customer to the
right service and treatment, takes care of the patient
throughout the care path, cooperates as teams of experts,
and measures and improves the outcomes of care. The
integrated care model aims for a positive social impact,
which can be reflected in the prevention of illnesses, quick
access to care, fluent care paths and good outcomes of
care, among other things. High-quality occupational
healthcare that is based on integrated care is effective
when it promotes the health, work ability and well-being
of employees effectively and with measurable results.
Effectiveness is reflected in, for example, reduced sickness
absences, improved work ability and productivity, as
well as increased well-being at work, which reduces early
retirement and saves costs for client companies.
Terveystalo’s digital solutions play a key role in
integrated care paths and their development. They ensure
smooth workflow for Terveystalo's professionals, the best
care and prevention outcomes for its customers, and help
to address the care gap in the industry. Terveystalo uses
data to identify and prevent health risks and select the
right treatment. The aim is to increase the overall capacity
of care through digital solutions to enable quick access
to care under an optimised multi-channel production
model. Digital tools are also aimed at creating smoother
workflow for professionals through the development of
tools and processes, multidisciplinary collaboration and
the productivity of operations. The continuity of care is
improved by guiding the customer and the professional
through the entire care path from the first contact to the
end of the care path. Terveystalo systematically measures
the effectiveness of care and develops its operations to
improve the outcomes. Terveystalo supports Finland’s
wellbeing services counties in the digital transformation
by providing modern and easy-to-use digital solutions and
highly competent service production for the wellbeing
services counties. The material sustainability matters
related to Terveystalo’s customers, including the targets
related to the sub-topic, are described in more detail in
section S4 - Consumers and end-users on pages 112–121.
Terveystalo is one of the largest employers in Finland.
At the end of 2024, Terveystalo's operations in Finland had
8,383 (8,950) employees and 5,967 (5,987) non-employees.
In Sweden, Terveystalo’s subsidiary Feelgood had 770 (874)
employees and 48 (105) non-employees. The decrease
in the number of employees in Finland was affected by
the measures of the profit improvement programme and
the termination of outsourcing contracts. In Sweden the
number of employed staff and private practitioners was
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reduced due to ended customer contracts as part of
the profit improvement programme. As the need for
care increases due to the ageing of the population, the
shortage of professionals is the greatest challenge in
healthcare. With this in mind, it is a key strategic goal for
Terveystalo to ensure that the company has an adequate
number of engaged and highly competent healthcare
professionals for Terveystalo to meet the growing
demand and achieve its strategic targets. Terveystalo’s
goal is to be the best and most attractive employer in
its industry. The material sustainability matters related
to Terveystalo’s personnel, including the targets related
to the sub-topic, are described in more detail in section
S4 – Own workforce on pages 98–111.
Each year, Terveystalo purchases services, materials
and supplies for its clinics from approximately
4,400 suppliers. Of these, the 180 largest suppliers
account for about 80 percent of total purchasing
expenditure. The largest procurement categories are
ICT purchases, the rental of premises and subcontracted
services, such as laboratory services.
Terveystalo Group also expects its suppliers to
observe high standards of sustainability with regard
to ethical, social and environmental perspectives, as
well as occupational health and safety. The material
sustainability matters related to Terveystalo’s suppliers,
including the targets related to the sub-topic, are
described in more detail in section G1 – Business
conduct on pages 123–133.
Interests and views
of stakeholders
SBM-2
Terveystalo’s role in society means that the company
has several stakeholders with whom it engages in
active dialogue and develops its operations on the
basis of stakeholder feedback. In addition to customers,
personnel, private practitioners, suppliers and
shareholders, the key stakeholders include the public
authorities and societal decision-makers that influence
the legislation governing the industry and the drafting
of that legislation. Other key stakeholders include the
supervisory authorities and the media. Terveystalo
also engages in close interaction with lobbyists within
the sector. Open dialogue and effective cooperation
enable a more predictable operating environment for
all parties. Stakeholder expectations and feedback are
discussed regularly by Terveystalo’s Executive Team
and Board of Directors. Stakeholder views were taken
into account in the double materiality assessment
conducted in 2023, which served as the foundation
for confirming Terveystalo's material themes of
sustainability. The materiality assessment is described in
Material sustainability impacts, risks and opportunities
on pages 81–82.
The table below describes Terveystalo’s engagement
with the most important stakeholders and how the
themes that are important to them are taken into
account in the company’s strategy and business model.
Stakeholder
Interaction channels/Stakeholder engagement
Stakeholder expectations/Themes of
high importance to the stakeholder
Meeting the expectations/Impact on operations, business model and strategy
Customers
Physical and digital customer encounters, online services, feedback
surveys and channels, marketing communications, social media,
whistleblowing channel (WhistleB) and materiality analysis.
Access to care, quality and impact of care
Patient data protection and information security
Patient safety
Effective digital services
Terveystalo continued to develop its services in a number of different areas and sought to respond
to the growing demand by, for example, recruiting new professionals and further increasing its
digital service offering. Terveystalo aims to stand out by providing an excellent experience in all
customer encounters, irrespective of the channel. At Terveystalo, customer feedback is collected
systematically and customers are provided with many different channels for giving feedback.
Customer feedback is regularly monitored and reported on, and used in internal and external
quality audits to assess the measures taken and their impacts. This ensures that customer feedback
is an effective tool for improving operations and increasing customer satisfaction.
Personnel
and private
practitioners
Personnel Forum, shop stewards, employee representatives
and the health and safety representative, personnel satisfaction
surveys, development discussions, discussions with private
practitioners, personal interaction, materiality assessment, intranet,
newsletters, training, webinars, seminars and other events, and the
whistleblowing channel (WhistleB).
Responsible management, clear management structures, smooth
interaction, equality, a good working atmosphere and working
conditions, development of competence, competitive pay.
Terveystalo’s goal is to be the best and most attractive employer in its industry. Terveystalo
strengthens its attractiveness as a workplace by providing professionals with interesting and
meaningful work, competitive pay, diverse career and development opportunities, and ensuring
that professionals can work smoothly and focus on what matters. The aim is to provide a humane
and well-functioning working environment where the professionals can focus on meaningful
matters. The development of tools and processes to make work smoother continued in 2024.
New professionals were recruited to meet the growing demand. The training of professionals
and the training offering were developed and diversified further. Current issues were actively
communicated to the personnel, including the progress of the strategy and related measures.
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Stakeholder
Interaction channels/Stakeholder engagement
Stakeholder expectations/Themes of
high importance to the stakeholder
Meeting the expectations/Impact on operations, business model and strategy
Shareholders
Open and active dialogue; regular and continuous reporting with
stock exchange releases and reports, personal communication
channels, such as meetings with investors and analysts, general
meetings of shareholders, materiality assessment, Capital Markets
Day and other events. The Investor Relations function coordinates
interaction with investors, aiming to ensure equal opportunities to
receive information and meet with the company management.
Creating financial added value, transparent and open
communication about the implementation of the strategy
and financial performance, predictable business development,
sustainable business.
Terveystalo communicates with shareholders and investors on a regular and continuous basis
with regard to material topics, such as the implementation of the strategy, the development of
the business and market environment, and financial performance. Shareholder feedback and
expectations are taken into account when updating the strategy and financial targets. The topics
discussed during Terveystalo’s Capital Markets Day event in December 2024 included Terveystalo’s
operating environment, strategy and the future focus areas of capital allocation. Terveystalo
participated in several ESG surveys that serve responsible investing.
Suppliers
Supplier cooperation in accordance with Terveystalo’s Supplier
Relationship Management (SRM) model
Supplier self-assessment
Audits
Reliability and financial stability
Clear agreements and payment terms
Continuity and long-term cooperation
Openness, communication and feedback
Sustainability and ethics
Competitive purchasing volumes and prices
The success of Terveystalo’s business and maintaining its competitiveness require efficient and
sustainable supplier cooperation. Terveystalo expects its suppliers to observe high standards of
sustainability with regard to ethical, social and environmental perspectives, as well as occupational
health and safety. Terveystalo Group’s Supplier Code of Conduct sets out the minimum
requirements that all suppliers and partners need to satisfy in order to engage in business with
Terveystalo and its subsidiaries. All of Terveystalo’s contract suppliers and suppliers participating
in tendering processes are required to accept Terveystalo’s Supplier Code of Conduct. Supplier
relationship management provides better visibility into the supply chain, improving delivery
reliability, quality management and risk management, and increasing visibility into total costs and
the flexibility of the supply chain.
The authorities
and decision-
makers
Open and active dialogue, meetings and communication directly
and in various working groups and events.
The obligations associated with the Finnish Transparency Register
are observed in communication activities.

Good cooperation and open disclosure of information and
interaction to facilitate the preparation of decisions. The
development and renewal of healthcare is a shared goal for
Terveystalo, the authorities and decision-makers.
Terveystalo has the competence, innovation capacity and willingness to develop Finnish healthcare,
which is why Terveystalo actively participates in dialogue with decision-makers and authorities to
promote progress. Through its labour market and advocacy organisations (the Finnish Association
of Private Care Providers HALI, the Association of Finnish Private Healthcare Providers LPY and
Healthtech Finland, and their umbrella organisations, the Confederation of Finnish Industries and
Suomen Yrittäjät), Terveystalo participates in position-taking and advocacy efforts in the private
healthcare industry. Terveystalo also engages in active dialogue at the national level with ministries,
political decision-makers and key authorities, such as Kela and the Finnish Institute for Health and
Welfare. In 2024, Terveystalo also strengthened its connections to the wellbeing services counties
by establishing the Health Partner organisation. It includes, among other members, wellbeing
services county-specific customer account owners, whose task is to identify the individual needs
of the wellbeing services counties and offer solutions to the identified needs. Terveystalo has the
particular capability to increase cost efficiency and the availability of services, which are necessary
for the Finnish healthcare and social welfare service system.
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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 its double materiality assessment process. More
information on how Terveystalo manages its impacts and risks is provided in the topic-specific sections.
The material risks or opportunities had no financial effects on the company’s financial position, result or
cash flows during the financial period. As Terveystalo is reporting in compliance with the ESRS (European
Sustainability Reporting Standards) for the first time, there are no year-on-year changes with regard to the
material impacts, risks and opportunities.
Material impacts, risks and opportunities
Material sub-topic
Material impacts
Material risks and/or opportunities
S1 Own workforce
Working conditions
Adequate wages
Risk (potential): Terveystalo’s business is labour-intensive and payroll costs have a significant effect on
Terveystalo’s profitability. If Terveystalo were to fail to attract and retain professionals on reasonable terms, it
could lead to an increase in Terveystalo’s personnel and recruitment costs. Terveystalo may also be subject to
strikes or other industrial action, which may cause disruptions to Terveystalo’s business operations. Employer
organisations representing Terveystalo and other employers may not be able to negotiate satisfactory collective
agreements after previous agreements have expired. The tight labour market and increased inflation may cause
increasing pressure on personnel costs and other operating expenses.
Work-life balance
Positive impact (actual): A healthy work-life balance supports the well-being, productivity and job satisfaction
of the personnel, as well as their ability to cope with the demands of work. A healthy work-life balance is also
indirectly reflected in better treatment outcomes and a better customer experience.
Safety and health
Positive impact (actual): Ensuring the health and safety of employees improves their work ability and
job satisfaction and reduces sickness absences and work-related accidents. This has a positive impact on
Terveystalo’s employer image, employee recruitment and commitment, as well as an indirect positive impact
on Terveystalo’s operational and financial performance.
Equal treatment and opportunities for all
Training and skills development
Positive impact (actual): Systematic and business-driven personnel development, smooth work and
responsible, good supervisory work ensure the competence and well-being of Terveystalo’s personnel, which in
turn benefits customers through better care and a positive customer experience.
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Material sub-topic
Material impacts
Material risks and/or opportunities
Company-specific topics
Efficient working methods/
Efficient use of personnel
resources
Positive impact (actual), opportunity: Efficient working methods and smooth workflows have a key positive
impact on the well-being, motivation and commitment of Terveystalo’s professionals and indirectly on
Terveystalo’s operations and performance. If the factors affecting the smoothness of workflows, such as clear
work processes, excellent management, sufficient resources and effective digital tools, are in order, they
provide a competitive advantage for Terveystalo. This allows professionals to focus on high-quality customer
work without unnecessary interruptions, which improves the quality of care and customer satisfaction.
Professionals with a high level of well-being and motivation are more committed, which reduces personnel
turnover and sickness absences. These have an indirect positive impact on Terveystalo’s operational and
financial performance.
Engagement of employees and
professionals
Risk (potential): There is intense competition for qualified and competent employees and personnel in the
healthcare sector. Terveystalo's business is dependent on the company's ability to identify, recruit, and retain
qualified and competent healthcare professionals, employees and executives. If Terveystalo were to fail to
attract and retain the necessary professionals on reasonable terms, it could lead to an increase in Terveystalo’s
personnel and recruitment costs and adversely affect Terveystalo's ability to maintain or develop its business. In
addition, high turnover among employees, private practitioners or executives may have a negative impact on
the quality of Terveystalo’s services.
The realisation of these risks could have a material adverse impact on Terveystalo’s business, financial position,
profitability and future prospects.
S4 Consumers and end-users
Information-related impacts for consumers and/or end-users
Patient data protection and
information security
Negative impact (actual and potential): Compromised data protection or information security may jeopardise
the privacy and data protection of Terveystalo’s patients, customers, personnel, partners or other stakeholders.
Compromised data protection or information security may expose sensitive personal data to misuse, which
may cause both tangible and intangible damage to a person. For example, the person may be subjected
to fraud, identity theft, discrimination or bullying, or their reputation may be damaged. The person may
also suffer other financial losses or social harm. The impacts related to compromised data protection and
information security can be isolated or broad.
Risk (actual and potential): Compromised information security or data protection, such as a breach of
confidentiality, integrity or availability, may cause restrictions on operations imposed by the public authorities,
financial sanctions, claims for damages and other financial losses, which would have an adverse impact on
Terveystalo's financial performance. Compromised information security and data protection could have a
detrimental impact on Terveystalo’s reputation, which in turn could have a detrimental impact on the availability
of professionals, the cooperation partnerships available to Terveystalo, customerships and, through these, also
on the company’s productivity.
Personal safety of consumers and/or end-users
Access to care and the quality
and effectiveness of care
(including patient safety)
Positive impact (actual): The core of Terveystalo’s operations and the company’s key positive impact is the
provision of appropriate, high-quality, effective and safe care for customers. Terveystalo’s fluent integrated
care paths and digital services enable faster access to care. High-quality occupational healthcare based on the
integrated care approach helps to prevent diseases and provide early intervention, which reduces the number
of sickness absences and saves costs for client companies. The brief psychotherapy care path in occupational
health developed by Terveystalo improves the mental health of customers while reducing sickness absences
related to mental health. Cooperation and partnerships with the public sector provide solutions for improving
access to care.
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Material sub-topic
Material impacts
Material risks and/or opportunities
Company-specific topic
Customer experience
Positive impact (actual): Terveystalo aims to stand out by providing an excellent experience in all customer
encounters, irrespective of the channel. When customers use Terveystalo’s services, the aim is for each customer
to feel that they receive high-quality and smooth service and that they experience the encounter as caring
and personal. The patient experience is an important part of the overall customer experience in healthcare.
Successful encounters and interaction support the patient’s commitment to care and the effectiveness of care.
The customer experience and the effectiveness of care are measured on a continuous basis at Terveystalo. High
customer satisfaction has an indirect positive impact on Terveystalo’s operational and financial performance.
G1 Business conduct
Corporate culture
Positive impact (potential): A value-based and ethical corporate culture is a prerequisite for Terveystalo’s
operations and existence. It supports Terveystalo’s attractiveness as a workplace for highly competent
professionals and increases the commitment of the personnel and the sense of meaningfulness experienced by
the members of the work community. An ethical corporate culture also supports Terveystalo’s attractiveness as
a reliable service provider for customers and as a partner for other stakeholders.
Risk (potential): If Terveystalo's value-based and ethical corporate culture were to be jeopardised or weakened,
it could have a detrimental impact on the customer experience, the experience of professionals and the trust
of customers, professionals and partners, which, in turn, could have a detrimental impact on the availability
of professionals, the cooperation partnerships available to Terveystalo, customerships and, through these, the
company’s operational and financial performance.
Prevention of corruption and
bribery
Positive impact (potential): Effective processes for the prevention and identification of corruption and bribery
can prevent illegal incidents of corruption and bribery and ensure that potential incidents are investigated
promptly and appropriately. Potential identified incidents can be used to develop even more effective and
efficient processes for preventing and identifying corruption and bribery to enable the identification of
potential misconduct incidents and risks.
Risk (potential): If Terveystalo were to fail to prevent or detect incidents of corruption and bribery, it could
have a detrimental impact on the company's reputation and the trust of customers, partners, suppliers
and professionals, which, in turn, could have a detrimental impact on the availability of professionals, the
cooperation partnerships available to Terveystalo, customerships and, through these, the company’s operational
and financial performance. Such failures could also have other significant negative financial consequences for
the company.
Responsible supply chain
Positive impact (potential): Selecting partners that are responsible and operate in adherence to high standards
of sustainable business promotes the realisation of ethical, social and environmental aspects throughout the
value chain and supply chain and in society as a whole.
Risk (potential): Unethical or illegal practices occurring in Terveystalo’s value chain or supply chain could have
an indirect detrimental impact on the trust of customers, professionals and partners, which in turn could have
a detrimental impact on the availability of professionals, the cooperation partnerships available to Terveystalo,
customerships and, through these, the company’s operational and financial performance. Although the majority
of the company’s suppliers are domestic, there may still be unidentified risks related to the supply chain and
individual product or service categories.
Respect for human rights
Negative impact (potential): Failure to identify human rights risks and impacts and manage adverse impacts
could lead to violations of the human rights of customers, personnel, partners or other stakeholders in
Terveystalo’s value chain.
Risk (potential): Suspected or actual human rights violations in Terveystalo’s own operations or its value chain
could have a detrimental impact on Terveystalo’s reputation, which in turn could have a detrimental impact
on the availability of professionals, the cooperation partnerships available to Terveystalo, customerships and,
through these, also on the company’s operational and financial performance. Failure to protect human rights
could also cause financial losses to Terveystalo in the form of potential sanctions and legal costs.
Responsible tax payment
Positive impact (actual): The tax revenue received by the state from the financial result of Terveystalo’s
operations is used to fund public services and investments to support the state’s capabilities, responsibility
and responsiveness.
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Impact, risk and opportunity
management
Description of the processes
to identify and assess material
impacts, risks and opportunities
IRO-1
Terveystalo has defined its material sustainability matters
in cooperation with its key stakeholders. In addition to
continuous stakeholder dialogue, Terveystalo conducted
a double materiality assessment in accordance with
the principles laid down in the European Sustainability
Reporting Standards (ESRS) of the Corporate
Sustainability Reporting Directive in 2023 to identify
Terveystalo's material sustainability-related impacts,
risks and opportunities. The content of Terveystalo’s
sustainability reporting was determined on the basis of
the results of the double materiality assessment.
The double materiality assessment comprised two
dimensions: the materiality of impacts and financial
materiality. According to ESRS 1, a sustainability matter
is material from an impact perspective when it pertains
to the undertaking’s material actual or potential, positive
or negative impacts on people or the environment in the
short-, medium- or long-term. A sustainability matter
is material from a financial perspective if it triggers
or could reasonably be expected to trigger material
financial effects on the undertaking.
To identify the material impacts related to
sustainability matters, Terveystalo's materiality
assessment process assessed Terveystalo’s actual and
potential negative and positive impacts over different
time horizons, and the views of different stakeholders
were taken into account to identify and assess the
impacts. Each sustainability matter with a material
impact was also assessed with regard to whether it
triggers or could potentially trigger material financial
effects on Terveystalo.
The steps of the assessment process
Initially, a long list of sustainability matters that are
potentially relevant to Terveystalo was compiled on
the basis of various sustainability frameworks, such as
SASB (The Sustainability Accounting Standards Board),
GRI (The Global Reporting Initiative) and CSRD ESRS
1 Appendix B. The sustainability topics identified as
material in Terveystalo’s previous materiality assessment
in 2019 were also included. The identification of
potential topics also took into account the sustainability
themes and trends of the industry and Terveystalo's
competitors, as well as sustainability topics that had
received media coverage. Based on these, the first
long list of potentially material sustainability matters
was compiled.
In the subsequent steps of the process, the topics
were assessed by the core team for reporting, as well
as based on a personnel survey, internal interviews and
internal workshops. The employee survey was used
to assess Terveystalo’s most important positive and
negative impacts on its employees. Customer views were
taken into account based on previous feedback (SBM-2
on page 76). The identified sustainability matters were
scored and prioritised in two internal workshops whose
participants included specialists in the quality of care and
patient safety, legal affairs and compliance, information
security and data protection, environmental matters,
human resources and procurement. Each topic was first
assessed and scored based on the related impacts. The
impacts were assessed with regard to Terveystalo’s own
operations and the upstream and downstream value
chain. Impact materiality was assessed on a scale of 1–5
based on the severity of the impacts, i.e. the scale, scope
and irremediable character of the impacts. The likelihood
of the potential impacts was assessed and scored by
combining a qualitative assessment of the likelihood of
the impacts with Terveystalo’s measures to manage the
impacts. Positive impacts related to the sustainability
matters were assessed on the basis of their scale and
scope, and potential positive impacts were also assessed
on the basis of the combination of their likelihood and
the measures taken to pursue them.
Each sustainability matter assessed as having
material impacts was also assessed from the perspective
of risks and opportunities and the financial effects
potentially related to the sustainability matter in the
short (reporting period, i.e. one year), medium (1–5
years) and long term (>5 years). The assessment aimed
to identify material dependencies related to each
sustainability matter that may cause material risks to
Terveystalo’s operations and financial performance,
for example, in relation to the adequacy of personnel,
customer data protection or the quality of care received
by customers. The financial effects were assessed
qualitatively on a scale of 1–5 (1 = “not at all” and 5 =
“absolute”). The identification and scoring of financial
effects also took into account megatrends that have
an impact on Terveystalo and observations from
interviews with institutional investors representing
significant shareholders.
After each sustainability matter had been assessed
and scored in terms of the related impacts and risks/
opportunities, the scores were validated in a workshop
attended by specialists from different functions. Finally,
all of the scored sustainability matters were placed in
matrices, where the X-axis scores describe the severity
of impacts in terms of impact materiality and the Y-axis
scores describe the likelihood of the impacts and, with
regard to the materiality of risks/opportunities, the scale
of the financial effects and the likelihood of the risk/
opportunity. Placed on the location of the coordinates,
the threshold value was set in the top corner of the
matrix (coordinate value 3.5;3.5 on a scale of 1–5). Based
on this, the most material sustainability matters related
to Terveystalo’s personnel (ESRS S1 – Own workforce),
customers (ESRS S4 – Consumers and end-users) and
ethical business (ESRS G1 – Business conduct) were
selected. The material sustainability matters identified
on the basis of the materiality assessment were
approved by Terveystalo's Executive Team and Board of
Directors in 2023.
Sustainability risks are also assessed as part
of Terveystalo Group’s general risk management.
Terveystalo identifies risks using operating environment
and stakeholder analyses, business performance
indicators, market analyses, effectiveness information,
customer feedback, register data, inspection reports and
enquiries from the authorities, occupational safety risk
surveys, incident information, results of internal audits
and audits, and competitor information. Terveystalo’s
risk management is assessed annually in internal
and external audits of the ISO 9001:2015 quality
management system, the ISO 14001:2015 environmental
management system and the ISO 13485 quality
management system for application development.
Sustainability-related opportunities are assessed as part
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of the company’s annual strategy process. Resilience in
relation to Terveystalo’s material impacts and risks was
assessed in the short, medium and long term as part of
a double materiality assessment. The relevant personnel
resources were increased following the assessment. To
increase resilience, Terveystalo will conduct a climate risk
analysis and further specify the environmental and social
impacts of its value chain in 2025. The assessment of
resilience will be further specified in connection with the
update of the double materiality assessment in 2025.
The assessment process that served as the basis for
the 2024 report was focused on the largest business
segment, Healthcare Services, the operations of which
generate the company’s most significant and extensive
impacts, risks and opportunities, and whose activities
are fully under the company’s own operational control.
The results have not been separately validated in the
subsidiaries, which represent less than 10 percent of the
company’s revenue.
Terveystalo will update its double materiality
assessment in 2025 in accordance with the ESRS
requirements. The key results of the human rights
impact assessment carried out in late 2024 will be taken
into account in the update of the double materiality
assessment and the development of the company’s due
diligence process in 2025. The assessment of climate-
related environmental impacts will also be expanded to
cover the supply chain more comprehensively in 2025.
Non-material sustainability matters
Based on the results of the double materiality
assessment, climate change is not one of Terveystalo’s
material sustainability themes. Of the environment-
related standards, ESRS E2 – Pollution, ESRS E3 – Water
and marine resources, ESRS E4 – Biodiversity and
ecosystems, and ESRS E5 – Resource use and circular
economy have also not emerged as material topics and
have not been included in the sustainability statement.
Terveystalo assesses the climate-related impacts
of its operations by calculating and reporting the
Scope 1 and Scope 2 emissions caused by its operations
annually, and Scope 3 emissions from 2024 onwards.
From the perspective of Terveystalo’s operations, the
total emissions are not significant in scale. Terveystalo’s
value chain is clear, as is typical of service businesses, and
the number of significant operators in the value chain is
manageable. For 2024, Terveystalo voluntarily reports its
emissions in the Environment Appendix of the Annual
Report. Terveystalo does not operate in an industry
that is significantly exposed to transition risks related
to climate change. The company also does not develop
services or solutions for climate change mitigation or
adaptation. Global warming increases morbidity, which
may increase the demand for the company’s services.
Climate change or other environmental matters were
not highlighted as a material topic in the stakeholders’
expectations. Terveystalo will develop its climate
risk assessment process in 2025 to comply with the
ESRS requirements.
However, for the sake of transparency and the
continuity of reporting, Terveystalo continues to
voluntarily report information related to its key
environmental impacts in the Environment Appendix of
the Annual Report, but Terveystalo does not adhere to
the requirements of the ESRS environmental standards
with respect to the disclosures in question.
Terveystalo has not, in connection with the double
materiality assessment, assessed climate-related physical
or transition risks with the help of scenario analyses as
required by the ESRS standard. The risks have been
otherwise assessed by internal specialists. Based on
the assessment, Terveystalo’s physical risks related
to climate change concern the clinic and hospital
properties at which the company operates. All of the
company’s sites are located in Finland and Sweden,
which means that acute physical risks are low. The
chronic climate change-related risks to the property
portfolio are potentially reflected in higher rental costs.
The term of the lease agreements is typically in the
range of 3–7 years, depending on the site. However,
the company has good bargaining power, and lease
or energy costs do not represent a significant part
of its costs.
Terveystalo’s site-specific environmental
programmes assess the environmental impacts of
operations from the perspective of waste management,
chemical safety, energy use, the use of technology,
equipment safety and material procurement.
Terveystalo’s water consumption is assessed as part of
unit-specific environmental programmes. Water used in
operations is mainly municipal water, which is included
in the rent of the premises. Terveystalo strives to reduce
water use by replacing taps with automatic taps when
the company's business premises are renovated, for
example. In equipment procurement, water-consuming
equipment is procured on a centralised basis, taking
environmental factors into account. The company
has not organised any consultations with regard
to pollution or water use. Terveystalo has also not
assessed the impacts of its operations on biodiversity.
The most significant waste fractions generated
in Terveystalo’s operations are documents subject to
data protection, mixed waste and waste paper and
cardboard. At most of the company’s sites, the owner of
the property is responsible for waste management. For
2024, Terveystalo voluntarily reports on waste volumes
in the Environment Appendix on of the Annual Report.
In Terveystalo’s environmental programme, equipment
safety and material purchasing are assessed from a
life-cycle perspective, taking into account the adverse
environmental impacts of equipment purchasing and
choices of materials. In equipment purchasing, the
aim is to purchase equipment only when its estimated
utilisation rate and service life are significant. The
procurement process takes into account the equipment's
recyclability and life-cycle extension opportunities
through regular servicing and maintenance. In the
purchasing of materials, the recyclability of materials is
taken into account and the aim is to minimise logistics
related to the transport of materials.
ESRS S2 – Workers in the value chain and
ESRS S3 – Affected communities did not emerge as
material topics and are therefore not included in the
sustainability statement.
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Disclosure requirement
Paragraph
Page number
General disclosures
ESRS 2
General disclosures
BP-1
General basis for preparation of sustainability statements
Basis for preparation of the sustainability statement
70
BP-2
Disclosures in relation to specific circumstances
Basis for preparation of the sustainability statement
70
GOV-1
The role of the administrative, management and supervisory bodies
The role of the administrative, management and supervisory bodies and the information provided to and sustainability matters
addressed by them
70–73
GOV-2
Information provided to and sustainability matters addressed by the undertaking’s administrative,
management and supervisory bodies
The role of the administrative, management and supervisory bodies and the information provided to and sustainability matters
addressed by them
70–73
GOV-3
Integration of sustainability-related performance in incentive schemes
Integration of sustainability- related performance in incentive schemes
73–74
GOV-4
Statement on due diligence
Statement on due diligence
74
GOV-5
Risk management and internal controls over sustainability reporting
Risk management and internal controls over sustainability reporting
74–75
SBM-1
Strategy, business model and value chain
Strategy, business model and value chain
75–76
SBM-2
Interests and views of stakeholders
Interests and views of stakeholders
76–77
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
Material impacts, risks and opportunities and their interaction with the strategy and business model
78–80
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
81–82
IRO-2
Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
Disclosure Requirements in ESRS covered by the sustainability statement, and IRO-2 List of datapoints in cross-cutting and topical
standards that derive from other EU legislation
82–90
Environmental information
Taxonomy
EU taxonomy reporting
92–96
Social information
ESRS S1
Own workforce
ESRS 2,
SBM-2
Interests and views of stakeholders
Interests and views of stakeholders
76–77
ESRS 2,
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
Material impacts, risks and opportunities related to own workforce
98
S1-1
Policies related to own workforce
Policies related to own workforce
98–100
S1-2
Processes for engaging with own workers and workers’ representatives about impacts
Processes for engaging with own workers and workers’ representatives about impacts
100–102
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
102
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
102–105
Disclosure Requirements in ESRS covered by the sustainability statement
IRO-2
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Strategy and business
Sustainability statement

Disclosure requirement
Paragraph
Page number
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
105–106
S1-6
Characteristics of the undertaking’s employees
Characteristics of the undertaking’s employees
107
S1-7
Characteristics of non-employee workers in the undertaking’s own workforce
Characteristics of non-employees in the undertaking’s own workforce
108
S1-8
Collective bargaining coverage and social dialogue
Collective bargaining coverage and social dialogue
108
S1-9
Diversity metrics
Diversity metrics
109
S1-10
Adequate wages
Adequate wages
109
S1-13
Training and skills development metrics
Training and skills development metrics
109
S1-14
Health and safety metrics
Health and safety metrics
110
S1-15
Work-life balance metrics
Work-life balance metrics
111
Social information
ESRS S4
Consumers and end-users
ESRS 2,
SBM-2
Interests and views of stakeholders
Interests and views of stakeholders
76–77
ESRS 2,
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and business model
Material impacts, risks and opportunities related to consumers and end-users
112–113
S4-1
Policies related to consumers and end-users
Policies related to consumers and end-users
113–115
S4-2
Processes for engaging with consumers and end-users about impacts
Processes for engaging with consumers and end-users about impacts
115
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
115–116
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
117–119
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
119–121
Governance information
ESRS G1
Business conduct
ESRS 2,
GOV-1
The role of the administrative, supervisory and management bodies
The role of the administrative, management and supervisory bodies and the information provided to and sustainability matters
addressed by them
70–73
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
81–82
G1-1
Business conduct policies and corporate culture
Business conduct policies and corporate culture
123–127
G1-2
Management of relationships with suppliers
Management of relationships with suppliers
127–128
G1-3
Prevention and detection of corruption and bribery
Prevention and detection of corruption and bribery
128–131
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Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement

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
73
ESRS 2 GOV-1
Paragraph 21 (e)
Percentage of board members who
are independent
Delegated Regulation (EU)
2020/1816, Annex II
73
ESRS 2 GOV-4
Paragraph 30
Statement on due
diligence
Indicator number 10 Table #3 of Annex I
74
ESRS 2 SBM-1
Paragraph 40 (d) i
Involvement in activities related to
fossil fuel activities
Indicators number 4 Table #1 of Annex I
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Table 1: Qualitative information on
Environmental risk and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS 2 SBM-1
Paragraph 40 (d) ii
Involvement in activities related to
chemical production
Indicator number 9 Table #2 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS 2 SBM-1
Paragraph 40 (d) iii
Involvement in activities related to
controversial weapons
Indicator number 14 Table #1 of Annex I
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS 2 SBM-1
Paragraph 40 (d) iv
Involvement in activities related
to cultivation and production of
tobacco
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS E1-1
Paragraph 14
Transition plan to reach climate
neutrality by 2050
Regulation (EU) 2021/1119,
Article 2(1)
Non-material
ESRS E1-1
Paragraph 16 (g)
Undertakings excluded from Paris-
aligned Benchmarks
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453
Template 1: Banking book – Climate Change
transition risk: Credit quality of exposures by
sector, emissions and residual maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d) to (g), and
Article 12.2
Non-material
IRO-2 List of datapoints in cross-cutting and topical standards that derive from other EU legislation
IRO-2
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Sustainability statement

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
Non-material
ESRS E1-5
Paragraph 38
Energy consumption from fossil
sources disaggregated by sources
(only high climate impact sectors)
Indicator number 5 Table #1 and Indicator
n. 5 Table #2 of Annex I
Non-material
ESRS E1-5
Paragraph 37
Energy consumption and mix
Indicator number 5 Table #1 of Annex I
Non-material
ESRS E1-5
Paragraphs 40–43
Energy intensity associated with
activities in high climate impact
sectors
Indicator number 6 Table #1 of Annex I
Non-material
ESRS E1-6
Paragraph 44
Gross Scope 1, 2, 3 and Total GHG
emissions
Indicators number 1 and 2 Table #1 of
Annex I
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453
Template 1: Banking book – Climate change
transition risk: Credit quality of exposures by
sector, emissions and residual maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6 and 8(1)
Non-material
ESRS E1-6
Paragraphs 53–55
Gross GHG emissions intensity
Indicators number 3 Table #1 of Annex I
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book –
Climate change transition risk: alignment
metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
Non-material
ESRS E1-7
Paragraph 56
GHG removals and carbon credits
Regulation (EU) 2021/1119,
Article 2(1)
Non-material
ESRS E1-9
Paragraph 66
Exposure of the benchmark portfolio
to climate-related physical risks
Delegated Regulation (EU)
2020/1818, Annex II
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS E1-9
Paragraph 66 (a)
Disaggregation of monetary amounts
by acute and chronic physical risk
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraphs 46 and 47; Template 5:
Banking book - Climate change physical risk:
Exposures subject to physical risk.
Non-material
ESRS E1-9
Paragraph 66 (c)
Location of significant assets at
material physical risk
Non-material
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Sustainability statement

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 67 (c)
Breakdown of the carrying value
of its real estate assets by energy-
efficiency classes
Article 449a Regulation (EU) No 575/2013;
Commission
Implementing Regulation (EU) 2022/2453
paragraph 34; Template 2:Banking book
- Climate change transition risk: Loans
collateralised by immovable property -
Energy efficiency of the collateral
Non-material
ESRS E1-9
Paragraph 69
Degree of exposure of the portfolio
to climate-related opportunities
Delegated Regulation (EU)
2020/1818, Annex II
Non-material
ESRS E2-4
Paragraph 28
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air, water
and soil
Indicator number 8 Table #1 of Annex I
Indicator number 2 Table #2 of Annex I
Indicator number 1 Table #2 of Annex I
Indicator number 3 Table #2 of Annex I
Non-material
ESRS E3-1
Paragraph 9
Water and marine resources
Indicator number 7 Table #2 of Annex I
Non-material
ESRS E3-1
Paragraph 13
Dedicated policy
Indicator number 8 Table 2 of Annex I
Non-material
ESRS E3-1
Paragraph 14
Sustainable oceans and seas
Indicator number 12 Table #2 of Annex I
Non-material
ESRS E3-4
Paragraph 28 (c)
Total water recycled and reused
Indicator number 6.2 Table #2 of Annex I
Non-material
ESRS E3-4
Paragraph 29
Total water consumption in m3 per
net revenue on own operations
Indicator number 6.1 Table #2 of Annex I
Non-material
ESRS 2 – IRO-1 – E4
Paragraph 16
(a) i
Indicator number 7 Table #1 of Annex I
Non-material
ESRS 2 – IRO-1 – E4
Paragraph 16 (b)
Indicator number 10 Table #2 of Annex I
Non-material
ESRS 2 – IRO-1 – E4
Paragraph 16 (c)
Indicator number 14 Table #2 of Annex I
Non-material
ESRS E4-2
Paragraph 24 (b)
Sustainable land / agriculture
practices or policies
Indicator number 11 Table #2 of Annex I
Non-material
ESRS E4-2
Paragraph 24 (c)
Sustainable oceans / seas practices or
policies
Indicator number 12 Table #2 of Annex I
Non-material
ESRS E4-2
Paragraph 24 (d)
Policies to address deforestation
Indicator number 15 Table #2 of Annex I
Non-material
ESRS E5-5
Paragraph 37 (d)
Non-recycled waste
Indicator number 13 Table #2 of Annex I
Non-material
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Year 2024
Strategy and business
Sustainability statement

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 E5-5
Paragraph 39
Hazardous waste and radioactive
waste
Indicator number 9 Table #1 of Annex I
Non-material
ESRS 2 – SBM-3 – S1
Paragraph 14 (f)
Risk of incidents of forced labour
Indicator number 13 Table #3 of Annex I
98
ESRS 2 – SBM-3 – S1
Paragraph 14 (g)
Risk of incidents of child labour
Indicator number 12 Table #3 of Annex I
98
ESRS S1-1
Paragraph 20
Human rights policy commitments
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex I
99
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
99
ESRS S1-1
Paragraph 22
Processes and measures for
preventing trafficking in human
beings
Indicator number 11 Table #3 of Annex I
99
ESRS S1-1
Paragraph 23
Workplace accident prevention
policy or management system
Indicator number 1 Table #3 of Annex I
100
ESRS S1-3
Paragraph 32 (c)
Grievance/complaints handling
mechanisms
Indicator number 5 Table #3 of Annex I
102
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
110
ESRS S1-14
Paragraph 88 (e)
Number of days lost to injuries,
accidents, fatalities or illness
Indicator number 3 Table #3 of Annex I
110
ESRS S1-16
Paragraph 97 (a)
Unadjusted gender pay gap
Indicator number 12 Table #1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS S1-16
Paragraph 97 (b)
Excessive CEO pay ratio
Indicator number 8 Table #3 of Annex I
Non-material
ESRS S1-17
Paragraph 103 (a)
Incidents of discrimination
Indicator number 7 Table #3 of Annex I
Non-material
ESRS S1-17
Paragraph 104 (a)
Non-respect of UNGPs on Business
and Human Rights and OECD
Indicator number 10 Table #1 and
Indicator n. 14 Table #3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818 Art 12 (1)
Non-material
ESRS 2 – SBM-3 – S2
Paragraph 11 (b)
Significant risk of child labour or
forced labour in the value chain
Indicators number 12 and n. 13 Table #3 of
Annex I
Non-material
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Year 2024
Strategy and business
Sustainability statement

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 S2-1
Paragraph 17
Human rights policy commitments
Indicator number 9 Table #3 and Indicator
n. 11 Table #1 of Annex I
Non-material
ESRS S2-1
Paragraph 18
Policies related to value chain workers
Indicator number 11 and n. 4 Table #3 of
Annex I
Non-material
ESRS S2-1
Paragraph 19
Non-respect of UNGPs on Business
and Human Rights principles and
OECD guidelines
Indicator number 10 Table #1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non-material
ESRS S2-1
Paragraph 19
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
ESRS S2-4
Paragraph 36
Human rights issues and incidents
connected to its upstream and
downstream value chain
Indicator number 14 Table #3 of Annex I
Non-material
ESRS S3-1
Paragraph 16
Human rights policy commitments
Indicator number 9 Table #3 of Annex
1 and Indicator number 11 Table #1 of
Annex I
Non-material
ESRS S3-1
Paragraph 17
Non-respect of UNGPs on Business
and Human Rights, ILO principles or
and OECD guidelines
Indicator number 10 Table #1
Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non-material
ESRS S3-4
Paragraph 36
Human rights issues and incidents
Indicator number 14 Table #3 of Annex I
Non-material
ESRS S4-1
Paragraph 16
Policies related to consumers and
end-users
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex I
113
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)
113
ESRS S4-4
Paragraph 35
Human rights issues and incidents
Indicator number 14 Table #3 of Annex I
Non-material
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Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement

Environmental information
92
EU taxonomy reporting
Terveystalo
Annual Report 2024
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Corporate Governance
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement
Terveystalo
Annual Report 2024
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Environmental information
EU taxonomy reporting
The EU taxonomy is a classification system for
sustainable finance that establishes criteria for
determining environmentally sustainable business.
The regulation, which entered into force in July
2020, lays the foundations for the EU's taxonomy by
setting out the general conditions that an economic
activity must meet to be classified as environmentally
sustainable. The regulation sets out six environmental
objectives: climate change mitigation, climate change
adaptation, sustainable use and protection of water
and marine resources, transition to a circular economy,
prevention and reduction of pollution, and protection
and restoration of biodiversity and ecosystems.
Economic activities that contribute substantially to any
of these objectives, while doing no significant harm
to the other objectives and complying with minimum
social safeguards, can be considered environmentally
sustainable under certain criteria. Large companies must
report the proportion of sustainable activities in their
business in accordance with the taxonomy criteria.
At present, the EU taxonomy mainly concerns the
economic activities that play the most important role
in achieving the environmental objectives. As a result,
many industries, such as healthcare services, are almost
completely excluded from the scope of the current
taxonomy. Terveystalo has determined its taxonomy
eligibility by examining its activities in relation to the
economic activities listed in the taxonomy. Only one of
Terveystalo’s businesses is classified in the taxonomy
(12.1 Residential care activities).
After this, Terveystalo has evaluated the taxonomy
alignment of the activity. The activity is classified as
taxonomy-aligned if the taxonomy criteria are met: 1.
The activity contributes substantially to the achievement
of at least one environmental objective, 2. it does not
have significant adverse impacts from the perspective of
the other environmental objectives, and 3. the activity
complies with the minimum social safeguards defined
in the taxonomy. Based on this assessment, Terveystalo's
taxonomy-listed activity (12.1 Residential care activities)
cannot be considered taxonomy-aligned because the
activity, due to its nature, does not target or support
the achievement of the environmental objectives
of the taxonomy.
Based on the assessment, the significance of
Terveystalo's taxonomy-eligible activities is negligible
in terms of key performance indicators. The key
performance indicators are the taxonomy-eligible and
taxonomy-aligned activities' proportion (percent) of
turnover, operating expenditure and capital expenditure.
According to the company's estimate, 1 percent of
Terveystalo’s turnover and capital expenditure and
4 percent of Terveystalo’s operating expenditure are
taxonomy-eligible, whereas 99 percent of Terveystalo’s
turnover and capital expenditure and 96 percent of
Terveystalo’s operating expenditure are non-eligible.
The proportion of turnover is calculated by dividing
the turnover of child welfare services (taxonomy-
eligible activity) by the total turnover of the Group.
The proportion of capital expenditure (CapEx) is
calculated by dividing the investments made in child
welfare services during the year by the net investments
of the company, excluding acquisitions. The share of
operating expenditure (OpEx) is calculated by dividing
the operating expenditure for child welfare services by
the total operating expenditure of the Group (excluding
depreciation and amortisation). Taxonomy-aligned
activities account for 0 percent of Terveystalo’s turnover,
operating expenditure and capital expenditure, while
activities that are not taxonomy-aligned account
for 100 percent. The evaluation according to the
EU taxonomy described above has been performed
through an internal assessment by representatives of the
sustainability and financial management organisation.
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Year 2024
Strategy and business
Sustainability statement

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities 2024
1 January – 31 December 2024
2024
Substantial contribution criteria
DNSH criteria ("Does Not Significantly Harm")
Economic Activities (1)
Code (2)
Turnover (3)
Proportion of turnover,
year 2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy
aligned (A.1) or eligible (A.2)
turnover, year 2023 (18)
Category enabling
activity (19)
Category transitional
activity (20)
MEUR
%
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2 Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities)
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
Child welfare services
CCA 12.1
11
1%
1%
Turnover of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
11
1%
1%
A Turnover of Taxonomy-eligible activities (A1.+A.2)
11
1%
1%
B TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities
1,329
99%
99%
TOTAL
1,340
100%
100 %
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Annual Report 2024
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Year 2024
Strategy and business
Sustainability statement

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities 2024
1 January – 31 December 2024
2024
Substantial contribution criteria
DNSH criteria (“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
CapEx (3)
Proportion of CapEx,
year 2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy-
aligned (A.1.) or -eligible
(A.2.) CapEx, year 2023 (18)
Category enabling
activity (19)
Category transitional
activity (20)
MEUR
%
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2 Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities)
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
Child welfare services
CCA 12.1
0
1%
0%
CapEx of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
0
1%
0%
A. CapEx of Taxonomy-eligible activities (A1.+A.2)
0
1%
0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities
39
99%
100%
TOTAL
39
100%
100 %
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Year 2024
Strategy and business
Sustainability statement

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities 2024
1 January – 31 December 2024
2024
Substantial contribution criteria
DNSH criteria (“Does Not Significantly Harm”)
Economic Activities (1)
Code (2)
OpEx (3)
Proportion of OpEx,
year 2024 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy-
aligned (A.1.) or -eligible
(A.2.) OpEx, year 2023 (18)
Category enabling
activity (19)
Category transitional
activity (20)
MEUR
%
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y; N; N/
EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
Of which enabling
Of which transitional
A.2 Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities)
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
KEL; E/
KEL
Child welfare services
CCA 12.1
10
4%
1%
OpEx of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
10
4%
1%
A OpEx of Taxonomy-eligible activities (A1.+A.2)
10
4%
1%
B TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities
284
96%
99%
TOTAL
295
100%
100%
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Template 1: Nuclear and fossil gas related activities
Nuclear energy related activities
1.
The undertaking carries out or finances research, development, demonstration and deployment of innovative power
generation facilities that produce energy through a nuclear reaction with minimum waste in the fuel cycle, or has
responsibilities related to such activities.
NO
2.
The undertaking carries out or finances the construction and safe operation of new nuclear installations for the production
of electricity or process heat, including for district heating or industrial processes such as hydrogen production, and the
improvement of their safety, using the best available technology, or has responsibilities relating to such activities.
NO
3.
The undertaking carries out or finances the safe operation of existing nuclear installations for the production of electricity or
process heat, including for district heating or industrial processes such as the production of hydrogen from nuclear energy,
and the improvement of their safety, or has responsibilities relating to such operations.
NO
Fossil gas related activities
4.
The undertaking carries out or finances the construction or operation of electricity generation plants using fossil gaseous
fuels, or has liabilities related to such activities.
NO
5.
The undertaking carries out, finances or has responsibilities for the construction, rehabilitation and operation of combined
heat or cooling and power plants using fossil gaseous fuels.
NO
6.
The undertaking undertakes, finances or has responsibilities for the construction, rehabilitation and operation of heating or
cooling plants using fossil gaseous fuels.
NO
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Social information
98
Own workforce
112 Consumers and end-users
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97

Social information
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 2024, Terveystalo's operations
in Finland had 8,383 (8,950) employees and 5,967
(5,987) non-employees. In Sweden, Terveystalo’s
subsidiary Feelgood had 770 (874) employees and 48
(105) non-employees. The decrease in the number of
employees in Finland was affected by the measures of
the profit improvement programme and the termination
of outsourcing contracts. In Sweden the number of
employed staff and private practitioners was reduced
due to ended customer contracts as part of the profit
improvement programme.
As the need for care increases due to the ageing
of the population, the shortage of professionals is the
greatest challenge in healthcare. With this in mind, it
is a key strategic goal for Terveystalo to ensure that the
company has an adequate number of engaged and
highly competent healthcare professionals for Terveystalo
to meet the growing demand and achieve its strategic
targets. Terveystalo’s goal is to be the best and most
attractive employer in its industry. In accordance with its
strategy, Terveystalo aims to strengthen its attractiveness
as a workplace and promote its positive impacts related to
its own workforce, for example by offering professionals
competitive remuneration, a healthy and safe working
environment and diverse career and development
opportunities. Terveystalo develops the digital tools
used by its professionals to streamline work, increase
productivity and improve the quality of care.
If Terveystalo were to fail to attract and retain the
necessary professionals on competitive terms, it could
lead to an increase in Terveystalo’s personnel and
recruitment costs, which could adversely affect the
maintenance and development of business operations.
The realisation of this risk could have a material adverse
impact on Terveystalo’s business, financial position,
profitability and future prospects. In 2024, Terveystalo
was able to increase the supply of professionals through
various measures, and Terveystalo was able to meet the
demand for health services in terms of human resources,
even though the number of personnel decreased
from the comparison period. Management structures
were streamlined as part of the profit improvement
programme, and the personnel reductions made under
the programme mainly concerned administrative
roles. The supply was also affected to some extent by
measures to streamline work processes and the resulting
increase in productivity.
The material impacts, risks and opportunities related
to Terveystalo's own workforce have been identified
in the company’s double materiality assessment, and
they are presented in more detail on pages 78–79 of
the sustainability statement. Based on the material
impacts, risks and opportunities identified in the double
materiality assessment (described on pages 81–82),
Terveystalo’s material sustainability matters related to its
own workforce are:
•
adequate wages/remuneration (risk)
•
work-life balance (positive impact)
•
health and safety (positive impact)
•
training and skills development (positive impact)
•
efficient working practices/efficient use of human
resources (positive impact, opportunity)
•
engagement of employees and professionals (risk).
In the double materiality assessment, Terveystalo has
not identified any activities that involve significant
risks related to the use of forced labour or child labour.
In the materiality assessment, Terveystalo has not
separately identified negative impacts on employees
with particular characteristics, those working in particular
contexts or those undertaking particular activities.
Terveystalo has also not identified any material impacts
on the company’s own workforce that may arise from
transition plans for reducing negative impacts on the
environment and achieving greener and climate-neutral
operations. The impacts, risks and opportunities
related to the company’s own workforce have been
assessed at the level of the company’s entire workforce.
The company’s own workforce includes Terveystalo’s
employees and non-employees, such as self-employed
private practitioners and temporary agency workers.
Terveystalo’s employees include representatives of
several professional groups, with the key groups being
physicians, nurses, other healthcare professionals,
digital 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.
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
Terveystalo’s mission is to fight for a healthier
life. According to Terveystalo’s Code of Conduct,
Terveystalo’s values are the foundation for all of
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the company's operations, and they are recorded in the
Code of Conduct as follows:
•
Human being at the centre: We take responsibility
for the health and well-being of our fellow human
beings, for the opportunity to live a good life.
We work together to help our customers, and our
customer guides us in our renewal. We help each
other and value all of our experts.
•
Steered by medical science: Everything we do is
based on medical science and research. All of our
decisions are steered by the effectiveness of care and
the well-being of our customers.
•
Reforming healthcare: We foster continuous
progress. We challenge ourselves to build more
functional healthcare for everyone and reform the
industry with open-minded use of technology.
The company’s Code of Conduct states that Terveystalo
is a company with strong values operating in a value-
based industry, and that Terveystalo's corporate culture
combines a strong work ethic, professionalism, solution-
driven teamwork and the pursuit of measurable impact
in everything the company does. Terveystalo’s corporate
culture is described in more detail in section G1 –
Business conduct on page 123.
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 on page 126.
Human rights policy
Terveystalo is committed to respecting the fundamental
rights and freedoms of all individuals in accordance
with international human rights standards. Terveystalo’s
first human rights policy, approved in January 2025,
emphasises the company’s commitment and approach
to respecting human rights. The human rights policy is
described in section G1 – Business conduct on page 125.
Work community development plan
Terveystalo has, in cooperation with personnel
representatives in its Finnish operations, prepared a work
community development plan for the long-term and
systematic development of the work community. The
plan includes a description of the current state of the
personnel, as well as targets and measures for developing
and maintaining personnel competence and promoting
well-being at work. The development plan concerns the
employees of Terveystalo’s operations in Finland.
The development plan also includes Terveystalo’s
equality and non-discrimination plan. At Terveystalo,
the aim is to promote not only gender equality but also
the equality and non-discrimination of different age
groups and nationalities in the context of hiring and
employment relationships, including recruitment, pay and
terms of employment, training and career advancement,
and maintaining a healthy work-life balance. The
implementation of equality and non-discrimination
is monitored with the help of statistics reflecting the
personnel structure, among other things.
Terveystalo’s working group on equality became
operational at the beginning of 2023. Its aim is to promote
equality in Terveystalo’s work communities and customer
encounters. It meets quarterly to discuss topics related to
equality. In 2024, the main focus was on developing the
realisation of equality, particularly from the perspective of
sexual and gender minorities, and on assessing practices
that would enable equality to be realised even better
at Terveystalo and its work communities. In 2024, the
working group included 11 Terveystalo professionals
representing different parts of the Finnish organisation.
The composition of the working group changes annually
so that as many people as possible have the opportunity
to participate in the activities.
The work community development plan is updated
regularly, and it serves as a tool for dialogue with
the personnel. The most recent work community
development plan was prepared in early 2024 and
approved by Terveystalo’s Personnel Forum. Terveystalo's
Senior Vice President, Human Resources is the senior
executive responsible for the implementation of the
development plan.
Policies concerning remuneration
One of the areas of Terveystalo’s human resources
strategy is the development of meaningful and
competitive incentive and remuneration models that
strengthen the performance and commitment of
professionals and Terveystalo’s attractiveness as an
employer. Terveystalo’s remuneration principles are
defined in the Remuneration Policy approved by the
company’s Board of Directors. The Remuneration Policy
applies to the entire Group and its employees. The
remuneration principles are based on performance,
fairness and competitiveness. The aim is to ensure that
Terveystalo is an attractive employer for motivated and
skilled professionals. Remuneration must support the
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achievement of Terveystalo’s strategic targets, incentivise
behaviour that is consistent with Terveystalo’s values,
and reward excellent performance. The Group’s Senior
Vice President, Human Resources is in charge of the
implementation of the Remuneration Policy.
In Finland, 65 percent of Terveystalo’s employees
are covered by collective agreements. Three different
collective agreements are in use in Finland: The
collective agreement for the private healthcare
sector, the collective agreement for the private social
services sector and the collective agreement for the
staffing services sector. Directors and senior salaried
employees, including for example the majority of
physicians and psychologists, are not covered by
the collective agreements. For persons covered by
collective agreements, such as nurses, compensation is
based on the pay categories specified in the collective
agreement. Pay is also influenced by role-specific
responsibility supplements, the employee’s seniority,
individual performance and competence. For senior
salaried employees and managers, pay is determined
on the basis of the position and the demands of the
job, as well as competence, experience, performance
and results. In Sweden, 100 percent of the employees
are covered by collective agreements. Two collective
agreements are in use in Sweden: Healthcare Companies
Branch D Occupational Health Services, and Healthcare
Companies Branches E and F Care and Treatment.
Pay equality is assessed and promoted regularly as
part of the work community development plan. Gender,
for example, cannot be a factor that influences pay.
Terveystalo monitors the market levels of wages in both
the private and public sectors, aiming to maintain its
competitiveness also with respect to pay.
Policies concerning health and safety
The occupational safety of Terveystalo’s own workforce
in Finland is developed and managed at the Group
level, taking company-specific and business-specific
differences into account. Group-level policies and
instructions concerning occupational safety are put into
action in accordance with the management processes of
each business-specific organisation. Where necessary,
the businesses prepare targeted instructions, taking the
Group policies and guidelines into consideration. The
different levels of the organisation know and recognise
their responsibilities with regard to occupational safety
in compliance with Finnish legislation. The legally
required occupational safety and health activities are
ensured through Group-level cooperation with active
occupational safety and health personnel. The health
and safety representative is elected by the employees
from among their number.
The Group supports all of its businesses in the
development of occupational safety. Terveystalo’s goal is
to be a safer working environment every day.
Occupational healthcare plays an important
role in the identification of health risk factors and
the prevention of illnesses. In Finland, occupational
healthcare for Terveystalo's employees is organised
to prevent and control health risks and problems
related to work and working conditions and to protect
and promote the safety, work ability and health of
employees. The occupational healthcare services
offered to Terveystalo’s employees exceed the statutory
requirements to a substantial degree, as the employees
also have extensive access to other healthcare services in
addition to legally required services.
The safety of the company's operating premises
is the responsibility of the persons in charge of each
site and designated facility and safety specialists,
safety officers and safety supervisors. They implement
the practices established for the development and
assurance of facilities safety at each site to ensure that
Terveystalo's operating premises are safe for both
customers and the personnel. Terveystalo works closely
with lessors and the rescue authorities to ensure the
safety of facilities.
Terveystalo’s occupational health operations are
based on the Healthy Workplace model, which is aimed
at ensuring that work is as efficient as possible, the work
community functions well, the management approach
is active, and individuals have a high 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 health
care. Instead, as self-employed persons, they arrange
their own occupational healthcare.
In Sweden (Feelgood), the occupational safety and
health of the company's own workforce is organised in
accordance with Swedish legislation. The operations are
guided by a certified ISO 45001 occupational health and
safety system, which includes requirements concerning
the occupational health and safety policy, targets and
measures, among other things.
Processes for engaging with
own workers and workers’
representatives about impacts
S1-2
Terveystalo maintains a regular dialogue with its personnel
to develop the operations of the workplace and the work
community. The aim is to promote the sufficient and
timely exchange of information between the employer
and the personnel, and to give the personnel the
opportunity to influence matters related to their work,
working conditions and position. Dialogue between the
employer and personnel representatives takes place in
the Personnel Forum, which meets five times a year, and
whose members represent the employees of Terveystalo's
Finnish operations broadly (both professionally and
geographically). In addition, the chief shop stewards meet
regularly, on a weekly basis, with the Group-level executive
in charge of employment relationships. The chief shop
stewards are supported by regional shop stewards, who
engage in dialogue on regional matters with the business
management and the regional HR partner.
Employee representatives and their role
in engaging with own workers
Employees in Terveystalo's Finnish operations are
represented by shop stewards, employee representatives
and health and safety representatives, who all play an
important role in developing the effectiveness of the
work community and working conditions, as well as
safeguarding the rights of employees. Shop stewards
represent trade unions and their members at the
workplace. In cooperation negotiations and workplace-
specific local negotiations, the shop steward represents the
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employees covered by the relevant collective agreement.
The shop steward’s most important task is to monitor
compliance with the collective agreement and labour laws,
as well as other agreements between the employer and
the employees, at the workplace and, if necessary, take
action to address problems. The shop steward negotiates
with the employer on personnel-related matters and is
involved in developing the work community with the
represented employees and the employer. The shop
steward ensures that employees are treated fairly and
equally. Where necessary, the shop steward provides
advice and support to trade union members in working
life and related change situations. The shop steward’s
position is based on the collective agreement, the
Cooperation Act and the shop steward agreements
concluded between the health and social services sector’s
negotiation organisation Sote ry, Terveystalo and the
health services sector union Terveyspalvelualan Unioni ry.
The shop steward agreement defines the number of shop
stewards at Terveystalo and how they allocate their time,
among other things.
Employees who do not have a shop steward as
referred to in a binding collective agreement pursuant to
the Collective Agreements Act can elect a representative
from among their number, subject to an agreement with
the employer. The duties and mandate of an elected
representative are determined by the provisions of
the Employment Contracts Act and other applicable
labour legislation. At Terveystalo, psychologists have an
elected representative.
The safety and working conditions of the workplace
are monitored and supervised by a health and safety
representative. The health and safety representative
is familiar with occupational safety and health and
the applicable legislation. The health and safety
representative represents all personnel regardless of
union membership. The health and safety representative
works together with the shop steward to promote the
occupational well-being of employees. The health and
safety representative is elected by the employees from
among their number. The term of office is two years.
Broad representation of employees in
the Personnel Forum
The aim of the Personnel Forum is to promote dialogue
between the employer and the employees. The Personnel
Forum is an official forum for influence and discussion on
matters concerning the entire Terveystalo Group, and it
is an activity that is in accordance with the Cooperation
Act. The Personnel Forum discusses issues concerning
the employer’s business, finances and the position of
personnel, as provided for in Section 29 of the Cooperation
Act and the Act on Cooperation within Finnish and
Community-wide Groups of Undertakings. An annual plan
is drawn up for the activities of the Personnel Forum.
The Personnel Forum engages in regular dialogue
on the issues mentioned in Section 8 of the Cooperation
Act, such as the company's development outlook
and financial situation, workplace rules and practices,
the ways of using the workforce and the structure of
the personnel, competence needs and competence
building, as well as maintaining and promoting well-
being at work. The term of office of the Personnel Forum
is three years. The employee representatives are elected.
Candidacy is open to members of the personnel who
are in an employment relationship with the company.
The Personnel Forum includes representatives
of all of Terveystalo’s businesses. It also includes
the chief shop stewards representing Sote ry and
Terveyspalvelualan Unioni ry, the national shop steward
for partnership solutions, and one of the health and
safety representatives. The meetings are always attended
by the CEO and the Senior Vice President, Human
resources, as well as other executives depending on
the topic being discussed. Minutes are prepared on the
meetings and posted on the company's intranet, where
they are accessible to all employees. During the period
2022–2024, the Personnel Forum had 12 members and
two deputy members, and it met four times per year.
The Group’s Senior Vice President, Human
Resources is responsible for ensuring that dialogue and
communication take place as described above and that
the issues raised in the dialogue are taken into account in
the company’s operating practices.
In addition to the legally required dialogue,
Terveystalo engages in dialogue with employees in regular
development discussions that are usually held twice a
year, in one-to-one discussions that are held at least once a
month, and with private practitioners in private practitioner
discussions that are available at least once a year.
Terveystalo conducts a professional survey twice
a year. The survey is an important tool for improving
internal operating practices and supervisory work. The
survey is aimed at professionals who work at Terveystalo,
including private practitioners. The professional survey
provides information on the professionals' experiences of
well-being at work, leadership and the effectiveness of
the work community, among other things.
Terveystalo also actively shares information with the
personnel on current topics, such as the implementation
of the strategy, by organising regular personnel
webinars and supervisor briefings. The company’s
intranet is a key information sharing channel for all
common information, policies and guidelines.
Development discussions and private
practitioner discussions support
management and cooperation
At Terveystalo, annual development discussions
are held with employees to support goal-driven
and motivated work. The development discussion
includes a review of the previous period's successes
and lessons learned together with the supervisor,
and setting targets for the new period. In addition to
addressing the goals for the previous and next period,
the discussion covers competence, well-being at work,
working in accordance with Terveystalo’s defined
professional skills, and cooperation, as well as long-
term objectives and wishes. In Finland, the themes
discussed in the development discussion are revisited
in regular one-to-one discussions and more extensive
half-year reviews. The development discussions
are a key aspect of the practical implementation of
Terveystalo’s strategy, values and professional skills
as well as performance management and enhancing
the experience of Terveystalo's professionals.
Terveystalo also engages in active dialogue with the
private practitioners working at Terveystalo. The private
practitioner discussion is a regular personal discussion
with the aim of developing cooperation and the
conditions for work as a private practitioner at Terveystalo.
The professional survey as a tool
for developing operations and the
professional experience
Terveystalo conducts an annual professional survey in
Finland with the aim of giving a voice to Terveystalo’s
professionals, increasing interaction with them and,
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above all, developing operations and the professional
experience based on the results of the survey. The target
group of the survey includes both employees and private
practitioners. The results of the surveys are discussed in
management groups, teams and the Personnel Forum,
for example. Based on the results, development plans
and measures are created at the organisational level,
professional group level and team level. Examples of
topics that are closely monitored include satisfaction with
supervisory work, satisfaction with the work community
and opportunities for success in one’s work. Typically, a
second and smaller follow-up survey is carried out each
year for the same target group. An annual personnel
survey is also carried out in Sweden.
Processes to remediate negative
impacts and channels for own
workers to raise concerns
S1-3
Terveystalo’s company culture combines a high work
ethic, professionalism, solution-oriented cooperation
and the pursuit of measurable impact in everything the
company does. In addition to the company’s values,
Terveystalo’s operations are guided by Terveystalo’s
Code of Conduct. One important aspect of Terveystalo’s
culture of doing the right thing is that everyone who
acts on behalf of or with Terveystalo Group feels that
they can freely report any suspicions of misconduct and
trust that Terveystalo will take appropriate measures
to investigate any actions that are, or are suspected of
being, infringements of the Code of Conduct.
Actual or suspected infringements are primarily
reported to the supervisor, the supervisor’s supervisor
or Terveystalo’s Legal & Compliance department.
In HR-related matters, the primary contact channel
is Terveystalo’s HR unit. Terveystalo also has a
whistleblowing channel that is open to everyone. The
whistleblowing channel can be used, for example, if
the suspicion concerns serious misconduct or if, due to
the sensitivity of the matter, it is necessary to report it
anonymously. In Sweden, Feelgood Svenska AB and
its subsidiaries have their own whistleblowing channel,
which is intended for internal use within Feelgood.
Reports received via Terveystalo's whistleblowing
channel are processed only by persons designated to
process reports in Terveystalo and Feelgood and, where
necessary, specialists and external advisors appointed on
an investigation-specific basis.
The Whistleblower Protection Act does not apply to
matters that concern labour law, but the whistleblowing
channel can also be used to report actual or suspected
violations that are not within the scope of application
of the Whistleblower Protection Act. In such cases, the
whistleblower does not enjoy protection under the
Whistleblower Protection Act. Instead, labour legislation
and other applicable legislation are applied to reports
that concern labour law, for example. Even in such cases,
a whistleblower who acts in good faith is protected
against retaliation on the basis of the applicable labour
legislation. The Whistleblower Protection Act does not
apply to reports related to the following matters, for
example, which are processed by the HR unit as a rule:
•
unilateral downgrading of work duties
•
harassment or discrimination
•
occupational safety issues
•
problems related to the atmosphere at the
workplace
•
inappropriate behaviour or treatment by a
supervisor or colleague.
Terveystalo encourages all of its employees and private
practitioners to report any potential misconduct
without delay. One of the focus areas of Terveystalo's
compliance function has been to increase awareness
of the whistleblowing channel to make the threshold
for reporting as low as possible. Terveystalo estimates
that this effort has been successful. Terveystalo Group's
Code of Conduct emphasises that it is important to
report actual or suspected violations of the Code
of Conduct and describes the available reporting
mechanisms. Terveystalo also has online training
on the Code of Conduct aimed at everyone in the
organisation. The training includes instructions on
highlighting and reporting misconduct. The online
course is mandatory for all Terveystalo employees,
and its aim is to improve awareness of key themes
related to compliance and the mechanisms for
reporting non-compliance. Any suspected misconduct
and violations are investigated appropriately and
confidentially. Processes to remediate negative impacts
and channels for raising concerns are described in
more detail in section G1 – Business conduct on
page 126–127.
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.
Terveystalo measures the success of the people strategy
by means of the employee engagement index, eNPS
(Employee Net Promoter Score), sickness absences and
the exit turnover of personnel, among other indicators.
The measures described in the following paragraphs are
part of Terveystalo’s people strategy and continuous
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development with regard to the impacts on its own
workforce and, at the same time, measures for managing
risks related to its own workforce.
Measures concerning health and safety
The development of occupational safety at Terveystalo is
focused on the identification, prevention and mitigation
of health hazards and adverse health impacts arising from
working conditions, as well as protecting and promoting
the safety, work ability and health of employees.
An annual action plan is prepared for the
development of occupational safety in Terveystalo’s
operations in Finland. The following measures were
taken in 2024, among others:
•
training on threatening and violent situations
for all personnel
•
a new annual calendar for job-specific hazard
assessments was implemented
•
a new occupational safety and health period began,
and the health and safety representatives' takeover
of the new areas went according to plan
•
the Group's updated safety instructions were
deployed across all operating locations.
A new operating model for job-specific hazard
assessment was deployed in 2023 and its
implementation was continued successfully in 2024.
In accordance with the annual calendar for job-specific
hazard assessment, the focus in 2024 was on identifying
workplace hazards and estimating the magnitude of the
risks caused by the identified hazards.
All occupational accidents and commuting accidents
at Terveystalo are reported and investigated. In addition,
hazardous incidents concerning the personnel are
actively recorded and monitored in order to improve the
safety of operations. From the perspective of developing
occupational safety, it is important to identify and
report hazards and hazardous incidents in the working
environment. According to the Finnish Occupational
Safety and Health Act, employees must report any
observed occupational safety deficiencies to the employer
without delay. Terveystalo records approximately 1,400
hazardous incidents concerning the personnel each year.
Only a small fraction of these incidents causes a work-
related accident. Terveystalo has not had any occupational
accidents or commuting accidents resulting in death or
serious injury for several years.
In addition to providing the legally required
occupational health services, Terveystalo provides its
employees in Finland with a comprehensive range of
primary healthcare, specialised care and well-being
services, such as physiotherapy and Mielen Chat and
Mielen Sparri, which are digital services that support
mental well-being. Mielen Chat and Mielen Sparri are
low-threshold services that are provided remotely via
the Terveystalo app. Brief psychotherapy is also part of
Terveystalo’s occupational health services. The aim is
to seek solutions to challenges related to work ability
and occupational health at an early stage through
cooperation with occupational health services.
The safety and working conditions of the workplace
are also monitored and supervised by a health and safety
representative. The health and safety representative is
familiar with occupational safety and health and the
related legislation and regulations. The health and
safety representative represents all personnel in their
area regardless of union membership. The health and
safety representative participates in the preparation of
the occupational safety and health action programme,
the preparation of the annual occupational safety and
health action plan, job-specific hazard assessments,
workplace visits and occupational safety and health
inspections. Occupational safety and health personnel
have jointly agreed-upon meeting practices and the
training opportunities necessary for their duties.
The Group-level occupational health and safety
action plan describes the planned measures for the
development of occupational health and safety work.
The action plan is updated annually in collaboration
with the occupational health and safety personnel,
and its implementation is monitored in the Group’s
quarterly occupational health and safety meetings.
The occupational safety and health action plan for
2024 included measures such as the implementation
of training on threatening and violent situations
for all personnel and the implementation of
job-specific hazard assessments in accordance with the
annual calendar.
The action plan that guides occupational health
activities is updated annually and available to the
personnel on the company’s intranet. Advice and
guidance related to employee health and well-being
at work, the assessment of work-related health risks,
and the prevention and treatment of illnesses are
part of normal cooperation with occupational health
services and insurance company partners. In the
treatment of serious illnesses, Terveystalo cooperates
with primary healthcare and specialised healthcare.
The occupational health action plan for 2024 was
focused on the development of basic processes, such
as health check-ups and workplace surveys.
Measures concerning work-life balance
As an employer, Terveystalo strives to support its
personnel in maintaining a healthy work-life balance,
because a healthy work-life balance supports the well-
being, productivity and job satisfaction of the personnel,
which is also reflected in customer encounters. In the
healthcare sector, where work is often demanding and
there can be a lot of time pressure, finding a healthy
balance can occasionally be challenging. With this in
mind, Terveystalo aims to promote a healthy work-life
balance by means of the measures described below,
for example.
Terveystalo is flexible in its contractual relationships
and, where possible, offers different forms of
employment to its personnel depending on the
task, the need for labour and the employee’s wishes.
Employment relationships are valid indefinitely unless
there is an acceptable and clear reason for fixed-term
employment, such as substitution arrangements.
Full-time and part-time employment relationships,
hourly work contracts and framework agreements are
in use at Terveystalo. Part-time work can be agreed
upon based on the employer’s needs or the employee’s
wishes or needs. If necessary, hourly work contracts and
framework agreements are used in situations where the
need for labour is low and occasional. Temporary agency
workers are used as needed and typically in the event of
sudden substitution needs.
Employees in different life stages have different
needs regarding work-life balance. These needs can be
met through various forms of statutory leave, including
family leave, study leave, care leave and job alternation
leave. All Terveystalo employees are entitled to take
statutory leave.
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Work at Terveystalo takes place flexibly and on
a location-independent basis. The goals of the job
determine the way work is performed. Terveystalo’s
Group services have transitioned to hybrid work, where
the teams agree on the most effective way of working
for them. Terveystalo has also developed flexible
work opportunities for professionals who work at the
customer interface. Flexible work arrangements are now
routine for physicians, occupational health professionals
and those who work at customer service centres,
for example.
Measures concerning training and skills
development
Terveystalo actively develops the competence of its
personnel and supports professional growth. Diverse
training in various areas is offered to employees. Private
practitioners also have opportunities to train and
develop their competence at Terveystalo.
The annual company-level planning of training
ensures that Terveystalo anticipates training needs
and that the training activities correspond to the
competence needs of business operations. The training
plan is reviewed by the Personnel Forum as part of
the work community development plan. Terveystalo
also creates personal training paths for employees
to make training more systematic and plan driven. A
personal training path is an individual training plan
that enables the employee and the supervisor to agree
on the individual's training for the next 6–12 months.
Personal training paths had previously been introduced
for occupational health professionals, and, in 2024,
training paths were also introduced for nurses and
radiographers. Terveystalo intends to expand the use
the personalised plans in the near future to include
general practitioners and laboratory professionals.
Training is also discussed at the individual level as part
of development discussions.
In 2024, training was arranged in Terveystalo for
an average of 13.4 hours per employee. Significant
training investments were made in, for example, the
development of supervisory work and leadership,
building more in-depth professional expertise for
different professional groups, the high-quality
orientation training of new Terveystalo employees, and
enhancing the use of digital tools among professionals.
High-quality supervisory work and leadership
are among Terveystalo’s strengths, and significant
investments were again made in their development in
2024. All supervisors had the opportunity to participate
in training on topics such as feedback culture, rewards
and high-quality performance management. Each
year, Terveystalo trains dozens of new supervisors
through the supervisor orientation programme and
the Academy for new supervisors. Supervisors are also
supported by means of regular supervisor briefings
and supervisor letters, for example. In 2024, Terveystalo
also started a leadership development programme
that takes almost a year and has over 150 managers
participating in it. The programme supports managers
in their new, more demanding roles, strengthens
Terveystalo’s common management method and
enables personal competence development and growth
for managers.
Examples of training activities focused on
professional competencies included dedicated training
days for different professional groups, including
nurses, physicians, occupational physiotherapists and
occupational health psychologists. Training offered to
physicians included several webinars and online courses
as well as regular "From knowledge to skill" training
organised approximately 2–3 times per month. In 2024,
Terveystalo focused on areas such as developing the
competence of physicians and raising broader general
awareness of menopause symptoms and their diagnosis
and treatment. Physicians were also offered a wide
range of specialisation opportunities. The occupational
health path specialisation program is the most extensive
of the specialisation paths, and it is possible to specialise
at almost all Terveystalo’s occupational health clinics in
Finland. The specialisation training is carried out in close
cooperation with the medical faculties of universities.
In addition, over 100 of Terveystalo's physicians, nurses,
physiotherapists and psychologists received specialised
training on occupational health in 2024 by participating
in a 15-credit occupational health study programme
leading to a qualification in occupational healthcare.
The training prepares the participants to work as an
occupational healthcare professional and specialist.
In 2024, the orientation training of several
professional groups working in Finland, such as
dentists, physicians and nurses, was developed and
orientation paths were built in Academy, which is
Terveystalo’s online training environment. The online
learning environment enables the improved targeting
of study activities at new Terveystalo professionals and
provides increased opportunities for orientation training
regardless of time and place.
Measures concerning efficient
working methods
Terveystalo continuously develops the digital tools
used by its professionals to streamline work, increase
productivity and improve the quality of care.
In 2024, a new user interface, Ella, was introduced
for Terveystalo’s online chat professionals. Ella is
an application that combines an online chat screen
with patient information retrieved from the patient
information system. Ella provides professionals with
more time for customer encounters, improves the quality
of online appointments and speeds up online chat-
based work. This also supports the provision of care that
is effective and caring, improves the customer experience
and promotes the continuity of care. The new system
is being developed to expand its use from online chat
appointments to other types of appointments as well.
The development work is being carried out together
with healthcare professionals. The aim is that, in the next
few years, the majority of appointments, both in person
and remotely, will be handled through a completely
new user interface. The aim is for the service to save time
for the professional, increase productivity, make the
working day less burdensome and make Terveystalo the
most attractive place to work because the professional
can focus on meaningful matters. When it comes to
supporting and streamlining the work of professionals,
Terveystalo also invests in improving the content and
guidance of work by developing care guidance and
care paths. Care guidance based on care paths aims to
provide more consistent and effective care to customers
and facilitate the work of professionals. The measures
related to the development of care paths are described
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in more detail in in the section S4 - Consumers and
end-users on page 118.
All Terveystalo’s occupational health customers have
access to the Symptom Assessment tool, a CE-marked
medical device that makes the use of occupational health
services smoother in the event of illness. The Symptom
Assessment tool refers the customer to the right specialist
and the right channel in a timely manner. The Symptom
Assessment tool also supports the streamlining of the
work of professionals by taking care of certain routine
tasks on the professional’s behalf, allowing them to
allocate more time to customer encounters.
The role of customer feedback is key in the
development of work. Terveystalo’s specialists have
expressed a wish for direct, personal customer feedback
in addition to unit-specific feedback. Specialist-specific
customer feedback is collected in connection with all
of Terveystalo’s physician’s appointments and remote
appointments in Finland. Personal feedback is an
important tool for professional development.
Measures concerning remuneration
In Finland, 65 percent of Terveystalo’s employees are
covered by collective agreements, which provide the
framework for the development of remuneration.
In 2024, the wage decision concerning the collective
agreement for the private healthcare sector (TPTES)
included a local tranche in addition to general increases.
At Terveystalo, the local tranche was implemented as
personal increases. In accordance with the principles
agreed upon with personnel representatives, the
local tranche was allocated to committed and high-
performing individuals whose wages were lower than
their peer group. Terveystalo distributed 12 percent more
increases than what was required for the local tranche
under the TPTES agreement. In addition, a one-off
payment of EUR 500 was paid to those covered by the
TPTES agreement in December 2024. Personnel covered
by the collective agreement for the private social services
sector (YSOSTES) received a one-off payment of EUR 470
in addition to the general increase. The one-off payment
was made in June 2024.
At Terveystalo, personnel benefits are an important
part of overall remuneration. Terveystalo offers its
employees comprehensive occupational healthcare,
a lunch benefit and a sports, culture and well-being
benefit. In 2024, Terveystalo also introduced a company
bicycle benefit to encourage physical activity and
promote the well-being of employees.
In late 2024, Terveystalo paid its employees a
one-off bonus of EUR 500 as a reward for good work.
The bonus was paid in late 2024 to approximately 5,500
people, more than half of whom work as nurses or
customer service professionals.
Terveystalo's has a significant number of private
practitioners in addition to employees. In 2024,
Terveystalo introduced a new remuneration model for
certain groups of private practitioners to guarantee
more stable earnings for the professionals. Under the
new model, Terveystalo guarantees a minimum level
of remuneration for the private practitioners and sets a
ceiling on remuneration.
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 related to its own workforce: strengthening the
commitment of professionals and keeping the sickness
absences of the personnel at a low level. These targets
cover all of the sustainability matters described above
and measure the success of Terveystalo’s measures
pertaining to its own workforce. The targets have been
set by Terveystalo’s Senior Vice President, Human
Resources and the Vice President, Sustainability, and
approved by Terveystalo’s Executive Team and Board
of Directors. The same targets are also monitored as
part of the reporting to management, and the aim is to
develop and improve operations based on the results
of the metrics. The personnel in a broader sense or their
representatives have not been involved in the process
of setting the targets reported in the sustainability
statement. The metrics related to Terveystalo's own
workforce have not been separately verified by an
external assurance provider.
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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
Target
Metric (KPI)
Scope
Target level
Target year
Base year
2024
Strengthen the
commitment of
professionals to
Terveystalo
Engagement index
for Terveystalo
professionals
Terveystalo’s
employees
and private
practitioners
At least 4
Continuous
2024
4.2
Basis of preparation of the indicators
Entity-specific metric - Engagement index for Terveystalo professionals
The engagement index for Terveystalo professionals is based on four questions from Terveystalo’s
annual professional survey. The results are used to calculate the index value, i.e. the average of the
results. The questions concern supervisory work (I am satisfied with my supervisor’s actions), the
preconditions for success at work (I have the opportunity to succeed in my work), work communities
(We have a good team spirit in our work community) and commitment (I want to continue to work at
Terveystalo). The index is expressed on a scale of 1–5.
Entity-specific metric - Sickness absence rate
The sickness absence rate is calculated as follows: the number of sickness absence days for the
reporting period/the average number of employees * the number of working days during the reporting
period. Sickness absences are reported for Terveystalo’s employees, comprising operations in Finland
and Sweden.
Exceptions in the scope of data
The engagement index and sickness absence rate above do not include Medimar Scandinavia Ab
and the companies acquired during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy,
iRad Oy, Kajaanin Radiologikeskus Oy and Cityläkarna Mariehamn Ab), whose personnel are not
in Terveystalo’s centralised HR system. They represent 102 employees, or approximately 1.1 percent
of all employees.
Medimar Scandinavia Ab is also not included in the figures reported on the following pages for the
employee Net Promoter Score (eNPS), the figures related to training and skills development (S-13), or
the figures related to health and safety (S-14). The companies acquired during 2024 are not included in
any of the indicators in S1-Own workforce standard. For the Own Workforce standard, the comparative
figures for the comparison year have not been reported for any of the data points presented on the
following pages, based on the transitional provision of ESRS-1 10.3 regarding the presentation of
comparative data.
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
operating practices and supervisory work. The
engagement index for Terveystalo professionals is
measured as part of Terveystalo's professional survey.
The target is for the index to be at least 4 (on a scale
of 1–5) each year. In Finland, the professional survey is
aimed at both employees and private practitioners. In
Sweden, the professional survey is aimed at employees.
In 2024, the index value was 4.2.
Target
Metric (KPI)
Scope
Target level
Target
year
Base year
2024
2023
Keeping sickness
absences at a low
level
Sickness absence
rate, %
Terveystalo
employees
No higher than 4
2026
2023
4.0
4.3
healthcare focuses on maintaining the personnel's work
ability and the treatment of illnesses, which helps to
reduce absences and supports the employees' ability to
cope with the demands of work. In addition, preventive
measures, such as improvements to ergonomics and
supporting coping at work, help to reduce long sickness
absences and prevent problems related to work ability.
In 2024, the sickness absence rate of the personnel was
4.0 (4.3) percent.
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Characteristics of the undertaking’s employees
S1-6
Number of employees by gender
Gender
2024
Male
1,736
Female
7,417
Total employees
9,153
Number of employees in countries in which the undertaking has 50 or more employees
Country
2024
Finland
8,383
Sweden
770
Number of employees by contract type, broken down by gender
2024
Women
Men
Total
Number of employees (head count)
7,417
1,736
9,153
Number of permanent employees (head count)
6,005
1,454
7,459
Number of temporary employees (head count)
358
95
453
Number of non-guaranteed hours employees (head count)
1,167
221
1,388
Number of employees by contract type, broken down by country
2024
Finland
Sweden
Total
Number of employees (head count)
8,383
770
9,153
Number of permanent employees (head count)
6,748
711
7,459
Number of temporary employees (head count)
394
59
453
Number of non-guaranteed hours employees (head count)
1,320
68
1,388
Rate of employee turnover and total number of employees who have left the undertaking
2024
2024
Rate of employee turnover, %
31%
The total number of employees who left the company
2,959
Basis of preparation of the indicators
S1-6
The number of employees is reported as the
headcount of persons at the end of the reporting
period, not as full-time equivalents. The figures also
include non-active employees, such as those on study
leave or family leave. The gender breakdown of the
personnel is presented only as women and men, as
information on gender is not collected separately.
Instead, information on gender is generated in the
HR system based on the personal identity code.
Consequently, there is no "other" category in the
gender breakdown. The figures are the headcount of
persons at the end of the reporting period.
In the breakdown of personnel by country, the
number of employees in Sweden has been decided
to be reported separately (even though it is less
than 10 per cent of the total number of employees)
as it is considered to be material information. The
number is reported as the headcount of persons
at the end of the reporting period. All employees
are reported for the number of employees by
contract type. Non-guaranteed hours employees
include employees on hourly wages and employees
working under a framework agreement. The
number of employees for each contract type is
reported as the number of employees at the end
of the reporting period. The sum of the numbers
of employees for the different contract types does
not correspond to the total number of employees,
as some employees work under multiple contracts.
For example, a person may work on hourly wages
in one of the Group companies and in a permanent
part-time employment relationship in another. In
this case, the person counts as a non-guaranteed
hours employee and a permanent employee.
All employees count towards the rate of
employee turnover and the total number of
employees who have left the undertaking. The rate
of employee turnover and the number of employees
who have left the undertaking includes all reasons
for the termination of employment, except transfers
from one Group company to another. The rate of
employee turnover is calculated by dividing the
number of employees who left the undertaking
during the reporting period by the average number
of employees. The average number of employees
is calculated by dividing the number of employees
on the last day of 2023 and the number of
employees on the last day of 2024 by two. Under the
transitional provision, the numbers of full-time and
part-time employees are not reported.
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Sustainability statement

Basis of preparation of the indicators
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 2024, Terveystalo had 5,979
non-employees in its operations in Finland. Terveystalo
also operates in Sweden, where Terveystalo’s subsidiary
Feelgood had 48 private practitioners. In Sweden, the
number of private practitioners was reduced due to
terminated customer contracts.

Collective bargaining coverage and social dialogue
S1-8
Collective Bargaining Coverage
Social dialogue
Coverage Rate
Employees – EEA
(for countries with
>50 employees)
Employees – Non-EEA
(estimate for regions
with >50 empl.representing
>10% total employees)
Workplace representation
(EEA only) (for countries
with >50 employees)
0–19%

20–39%

40–59%

Finland
60–79%
Finland

80–100%
Sweden

Sweden
Basis of preparation of the indicators
S1-8
The number of personnel within the scope of collective agreements is calculated by dividing the number
of employees covered by collective agreements by the total number of employees. These numbers
of personnel are the numbers of persons at the end of the reporting period. Three different collective
agreements are in use in Finland: The collective agreement for the private healthcare sector, the collective
agreement for the private social services sector and the collective agreement for the staffing services sector.
Directors and senior salaried employees are not within the scope of the collective agreements. They include
the majority of physicians and psychologists, for example. Two collective agreements are in use in Sweden:
Healthcare Companies Branch D Occupational Health Services, and Healthcare Companies Branches E and F
Care and Treatment.
Characteristics of non-employees in the
undertaking’s own workforce
Non-employees in the
undertaking’s own workforce
2024
Private practitioners
3,223
Others
2,792
Total number of non-employees in the
undertaking’s own workforce
6,015
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Diversity metrics
S1-9
Gender distribution in top management
Gender
2024
Men in top management, number
6
Men in top management, %
67%
Women in top management, number
3
Women in top management, %
33%

Age distribution
Age distribution of employees
2024
Under 30 years
13%
30–50 years
54%
Over 50 years
33%
Adequate wages
S-10
Terveystalo pays adequate wages to all employees
in employment relationships based on collective
agreements and/or regular market wage comparisons.
Basis of preparation of
the indicators
S1-9
The top management consists of the members of
the Group's Executive Team, who report to the CEO.
The age distribution of employees takes into
account employees and their age at the end of the
reporting period. The percentages are calculated
by dividing the number of representatives of each
age group by the total number of employees. The
figures are the numbers of persons at the end of the
reporting period.
S-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).
The training hours of employees also include
part-time employees and hourly employees, for
example. For full-time employees, the number
of training hours is significantly higher than the
average. The number of training hours only includes
training completions recorded in training systems,
and since not all training activities were covered by
the training systems in 2024, the actual number
of training hours is also likely to be higher than
the reported figure. In the number of completed
training hours, only employees whose employment
relationship was valid at the end of the reporting
period are taken into account. The average number
of training hours is obtained by taking the number
of hours completed, by gender, and dividing it
by the previously reported numbers of personnel
(S1-6). The average number of training hours
includes Terveystalo’s employees, except Medimar
Scandinavia Ab and the companies acquired during
2024 in Finland.
Training and skills
development metrics
S-13
The percentage of employees
that participated in regular
performance reviews, %
2024
Salaried employees
57%
Men
38%
Women
62%
The average number of
training hours per employee
2024
Salaried employees
13.4
Men
7
Women
14.9
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Health and safety metrics
S-14
Health and safety indicators
2024
The percentage of own workers
who are covered by the
undertaking’s health and
safety management system, %
100
The number of fatalities as
a result of work-related injuries
and work-related ill health
0
The number of fatalities as a result of
work-related injuries and work-related
ill health of other workers working on
the undertaking’s sites
0
Number of accidents
299
Accident frequency
(per one million working hours)
19.9
The number of cases of
recordable work-related ill health
0
Basis of preparation of the indicators
S-14
The percentage of the undertaking's own
workforce who are covered by the undertaking’s
health and safety management system
corresponds to all persons working for
Terveystalo, as everyone has the right to a safe
working environment regardless of the type of
employment relationship.
The number of fatalities due to work-related
injuries and work-related ill health includes
work-related accidents and commuting accidents
among employees, and occupational diseases
that meet the criteria laid down in the Workers'
Compensation Act. The decision on whether the
criteria are met is made by the accident insurance
company. The number of fatalities is monitored
on the basis of statistics reported by the accident
insurance company.
The number of fatalities due to work-related
injuries and work-related ill health among workers
of other undertakings working at Terveystalo's sites
is determined on the basis of information obtained
from the employers of the workers in question.
The number of work-related accidents includes
work-related and commuting accidents among
employees that meet the criteria for work-related
and commuting accidents laid down in the Workers'
Compensation Act, regardless of whether or not
they result in sickness absence. The decision on
whether the criteria are met is made by the accident
insurance company. The number of work-related
and commuting accidents is monitored using
statistics provided by the accident insurance
company. The final number of work-related
accidents for the reporting year is usually confirmed
during the first quarter of the following year.
The calculation of the accident frequency
includes work-related and commuting accidents
and occupational diseases that have occurred
in the work of employees, based on statistics
provided by insurance companies, as well as the
actual working hours of the same personnel group
in accordance with payroll monitoring.
The number of cases of work-related ill health/
among the company’s employees, i.e. the number
of occupational diseases, includes cases that meet
the criteria for occupational diseases laid down in
the Workers' Compensation Act. The decision on
whether the criteria are met is made by the accident
insurance company. The number of occupational
diseases is monitored on the basis of statistics
reported by the accident insurance company.
Under the transitional provision, Terveystalo
has omitted from the table data points on cases of
work-related ill health and on number of days lost
to injuries, accidents, fatalities and work-related ill
health. The numbers in the table do not include
private practitioners.
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Work-life balance metrics
S-15
The percentage of entitled
employees that took family-related
leave, and a breakdown by gender
2024
Female
6%
Male
4%
Total
6%
Entity-specific metric - eNPS,
employee Net Promoter Score
In Terveystalo's professional survey, the employee Net
Promoter Score (eNPS) is used as a key indicator of well-
being and coping at work. The eNPS figure indicates the
proportion of the employees and private practitioners
who would recommend Terveystalo as a workplace to
others. In the 2024 professional survey, the eNPS was 14.
In 2023 and 2024, Terveystalo streamlined its operating
model and organisational structure as part of the profit
improvement programme. These changes affected the
willingness to recommend the company as a workplace.
Terveystalo’s strengths include well-functioning
work communities, effective cooperation and good
team leadership.
Entity-specific metric - eNPS, employee Net
Promoter Score
2024
Finland
15
Sweden
-11
Total
14
Basis of preparation of the indicators
S-15
The number of entitled employees that took family-related leave takes into account the Group's
employees whose employment relationship was valid at the end of the reporting period and who took
family-related leave during the year. The percentages are calculated by taking the number of these
persons by gender and dividing it by the previously reported number of employees at the end of the
reporting period (S1-6).
Entity-specific metric - eNPS
The employee Net Promoter Score (eNPS) is based on the question “How likely would you be to
recommend your workplace (on a scale of 0-10)?”. The respondents can choose an answer between
0 (very unlikely) and 10 (very likely), and the eNPS is reported as a score between -100 and +100. The
higher the number, the more likely the employees are to recommend the workplace to others. The
eNPS is calculated by subtracting the percentage of detractors from the percentage of promoters:
eNPS = (% of promoters) – (% of detractors). The professional survey, which includes the eNPS
question, is aimed at all of the Group’s employees and private practitioners (excluding private
practitioners in Rela, Medimar Scandinavia Ab and the companies acquired during 2024 in Finland).
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Consumers and end-users
S4
Material impacts, risks and
opportunities related to
consumers and end-users
Terveystalo plays a key role in the renewal of healthcare
in Finland, the prevention of illnesses and the promotion
of people’s well-being. The company provides private
healthcare services in Finland and occupational health
services in Sweden through its subsidiary Feelgood.
In 2024, Terveystalo had a total of 1.2 (1.2) million
customers, 7.6 (7.6) million customer visits in Finland,
and in total more than 1.7 (1.8) million end-customers
of occupational health services in the Nordic countries.
Terveystalo’s digital channels have over 2.6 million
registered users in Finland.
The most significant positive sustainability impact
of Terveystalo’s operations arises from providing fluent,
caring and effective integrated care to customers,
which is also the core of Terveystalo’s business strategy.
According to Terveystalo's strategy, integrated care
means that Terveystalo understands customers and their
needs, prevents and manages health risks, guides the
customer to the right service and treatment, takes care
of the patient throughout the care path, cooperates
as teams of experts, and measures and improves the
outcomes of care.
According to Terveystalo's strategy, the integrated
care model aims for a positive social impact, which can
be reflected in the effective prevention of illnesses, quick
access to care, fluent care paths and good outcomes of
care, among other things. High-quality occupational
healthcare that is based on integrated care is effective
when it promotes the health, work ability and well-being
of employees effectively and with measurable results.
Effectiveness is reflected in, for example, reduced sickness
absences, improved work ability and productivity, as
well as increased well-being at work, which reduces
early retirement and saves costs for client companies.
Terveystalo’s digital services speed up access to care and
smooth integrated care paths ensure effective and timely
care. Cooperation and partnerships with the public sector
provide solutions for improving access to care.
Patient safety is the foundation of the quality of care.
It ensures the safety of care and protects the patient
from injury. From the patient’s perspective, patient safety
means that they receive the right treatment at the right
time and in the right manner. Compromised patient
safety may cause an adverse event for a customer and,
in the case of serious adverse events, make the company
liable for damages.
Data protection with regard to patient data is an
important aspect of patient safety. As digital services
in healthcare increase in importance and reshape the
industry, the requirements concerning data protection
and information security increase accordingly. Everyone
working at Terveystalo and on behalf of Terveystalo must
ensure the protection of privacy and the realisation of data
protection in all activities involving the processing of patient
information. Compromised information security or data
protection may cause restrictions on operations imposed
by the public authorities, financial sanctions, claims for
damages and other financial losses, which would have an
adverse impact on Terveystalo's financial performance.
The material impacts, risks and opportunities related
to consumers and end-users have been identified in
the company’s double materiality assessment, and
they are presented in more detail on pages 79–80 of
the sustainability statement. The material impacts,
risks and opportunities related to end-users include all
end-users likely to be subject to material impacts caused
by Terveystalo’s operations. In the double materiality
assessment, Terveystalo has not separately formed
an understanding of how end-users with particular
characteristics or who use particular services may be at
greater risk of harm.
Based on the impacts, risks and opportunities
identified in the double materiality assessment
(described on pages 81–82), Terveystalo’s material
sustainability matters related to consumers and
end-users are:
•
patient data protection and information security
(adverse impact and risk)
•
access to care, availability, quality and
effectiveness of care and the customer experience
(positive impact).
Terveystalo's customer groups
Terveystalo provides services to three customer groups:
corporate customers, consumer customers and public
sector customers.
Corporate customers
Corporate customers constitute Terveystalo’s largest
customer group. Terveystalo provides statutory
occupational health services and other healthcare and
well-being services for companies of all sizes. In Finland,
Terveystalo provides occupational health services to
over 26,000 companies and organisations that have
approximately 744,000 employees covered by the
occupational health services.
In Sweden, Terveystalo offers occupational health,
organisational management consulting and addiction
prevention and rehabilitation services to its corporate
customers. Terveystalo serves approximately 8,000
corporate customers in Sweden, which have about one
million employees covered by occupational health services.
Consumer customers
Consumer customers are Terveystalo’s third-largest
customer group. Consumer customers are private
individuals who pay for their services themselves or
through health insurance. Easy and fast access to
Terveystalo’s services, a wide range of services, high-
quality and effective care and personalised digital services
can improve the health and quality of life of customers.
Public sector customers
Terveystalo’s public sector customer group consists of
Finnish public sector organisations, such as the wellbeing
services counties that are responsible for the organisation
of publicly funded healthcare and social welfare services,
and occupational health customers in the public sector.
Terveystalo offers solutions to the public sector in relation
to personnel shortages in healthcare, improved access
to care and digital services. The services offered to public
sector customers include full and partial outsourcing,
healthcare staffing services, specialised care services, and
occupational health services.
According to the double materiality assessment,
the end customers who use Terveystalo’s health services
may face adverse impacts related to the protection
of their privacy and personal data if a data protection
or information security risk were to materialise.
Terveystalo’s services are not assessed to have any
adverse impacts on the freedom of expression or
non-discrimination of end-users. In some situations,
end-users of the services may be dependent on accurate
and easily available product and service information,
such as instructions for seeking treatment, instructions
for follow-up care, or instructions on the use of a
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medicine. Based on the double materiality assessment,
Terveystalo’s customers are not particularly vulnerable
to potential negative impacts on health or privacy, nor
to marketing and sales strategies. Terveystalo’s services
also do not naturally increase the risk of chronic diseases
for any customer group. Processes for engaging with
end-users about impacts are described on page 76.
Terveystalo’s service offering
In addition to preventive occupational health services,
Terveystalo offers a wide range of services in primary
healthcare and specialised care, diagnostics, and day
surgery, including general practitioner and specialist
services, imaging and laboratory tests. In addition, the
company offers demanding surgery, well-being services,
oral health services, public healthcare outsourcing
services, healthcare staffing services, rehabilitation
services and child welfare services.
Terveystalo offers appointments with general
practitioners and occupational health physicians as well
as physicians representing different specialties, both
in person at approximately 360 units across Finland
and through digital channels in the form of video or
chat appointments.
Preventive occupational health services include
workplace surveys to evaluate workplace conditions and
factors that expose employees to health risks, health
check-ups, and action proposals for the improvement
of working conditions and the promotion of the work
ability of employees. In addition to statutory services,
Terveystalo provides a comprehensive range of primary
and specialised healthcare services, diagnostics and well-
being services for corporate customers.
Terveystalo's diagnostics services include laboratory
services, X-ray, CT, and MRI services, among others.
Terveystalo's hospital services include, among others,
general surgery, orthopaedic surgery, and eye surgery.
Terveystalo offers these services through its network of
18 hospital units.
Terveystalo's well-being services include
physiotherapy, psychologist and psychotherapist
services, nutritional therapy, work ability coaching,
massage services and vaccination services.
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 in which the company operates at the client's
premises, using the client's personnel and equipment,
the client's policies apply.
Quality is managed at all levels and
implemented in everyone’s work
The goal of Terveystalo's quality efforts is to ensure
access to services, patient safety, an excellent and
continuously improving customer experience, the
realisation of data protection and information security,
compliance with recommendations and clinical
practice guidelines, and developing the effectiveness
of treatment. Terveystalo’s quality is monitored and
measured at many levels. The results of operations
are reviewed regularly, and development areas are
identified and necessary changes made based on them.
Terveystalo’s quality efforts are based on a quality
management system that meets the requirements of
the international ISO 9001 quality management system
standard. Terveystalo has set goals for its quality efforts
that exceed the requirements of the standard. Quality
is managed as part of management structures at all
organisational levels, from senior management to the
day-to-day work of teams and individuals.
Everyone at Terveystalo is responsible for
implementing and ensuring patient safety and high-
quality care. In addition to the quality management
system, operations are guided by several other
requirements and binding obligations, which are
documented in Terveystalo’s integrated management
system. The quality management system and the
integrated management system are tools used by
everyone at Terveystalo to ensure that their actions
comply with the applicable requirements and produce
the desired outcomes. Terveystalo’s policies (self-
assessment plan, operating policy, quality policy,
internal control and risk management policy, Code of
Conduct, data protection and information security policy
and environmental policy) guide operations in addition
to common processes, guidelines, operational procedure
rules and standards. Policies and procedures pertaining
to the data protection of patient data are documented
in the company's Data Protection Handbook for patient
care. The Current Care Guidelines and the legislation
and regulatory obligations applicable to the industry
and the operations of private service providers, as well
as customer agreements, are also key requirements
implemented in operations that Terveystalo complies
with. The company’s policies are in line with, or exceed,
the internationally recognised norms related to
end-users and pertaining to business and human rights,
such as the UN Guiding Principles.
In accordance with Terveystalo’s human rights policy,
the company is committed to respecting human rights in
accordance with the UN Guiding Principles on Business
and Human Rights and the OECD Guidelines for
Multinational Enterprises. Terveystalo is also committed
to the international human rights framework (Universal
Declaration of Human Rights, the International Covenant
on Civil and Political Rights and the International
Covenant on Economic, Social and Cultural Rights)
and the ILO Declaration on Fundamental Principles
and Rights at Work (freedom of association, the right
to collective bargaining, the elimination of all forms
of forced or compulsory labour, the abolition of child
labour, the elimination of discrimination in respect of
employment and occupation, a safe and healthy working
environment). Should any activities have the potential
to affect vulnerable groups, Terveystalo also takes into
account other international norms and principles, such
as the Convention on the Rights of the Child.
During the reporting period, Terveystalo was not
made aware of any incidents related to end-users of
services that involved non-compliance with the UN
Guiding Principles on Business and Human Rights, the ILO
Declaration on Fundamental Principles and Rights at Work
and the OECD Guidelines for Multinational Enterprises.
The following paragraphs describe the key policies
and procedures that guide operations with regard
to access to care and the quality and effectiveness of
care, as well as the customer experience, patient data
protection and information security. Terveystalo’s Code of
Conduct and internal control and risk management policy
are described in section G1 – Business conduct on pages
123–125 of the sustainability statement.
Self-assessment plan
In Finland, pursuant to the Act on the Supervision of Social
Welfare and Health Care (741/2023), the service provider
must supervise the quality and appropriateness of its
own operations and those of its subcontractors, as well
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as customer and patient safety. Service organisers and
service providers that provide services at more than one
service unit are required to draw up a self-assessment plan
in electronic format regarding the tasks and services they
are responsible for, and publish the self-assessment plan
in a public information network or in another manner that
promotes public access to the information in question.
A service provider's self-assessment plan covers all of
the service provider's service units. In order to ensure the
quality, appropriateness and safety of daily operations
and to monitor the adequacy of the personnel involved in
customer and patient work, the service provider must draw
up a self-assessment plan covering all the services provided
in the service unit by and on behalf of the service provider.
The self-assessment plan must include a description
of the procedure for reporting and learning of incidents.
The service provider must draw up the self-assessment
plan electronically and publish it in a public information
network or in another manner that promotes public
access to the self-assessment plan and keep the self-
assessment plan publicly accessible at the service unit.
Pursuant to the Act on the Supervision of Social
Welfare and Health Care Services, the implementation of
the activities described in the service unit’s self-assessment
plan must be monitored and any deficiencies observed in
the course of monitoring must be rectified. A report must
be prepared on the monitoring, and changes implemented
as a result of the monitoring activities must be published
at four-month intervals in a public information network
or in another manner that promotes public access to the
information in question, and the information must be kept
publicly accessible at the service unit.
The self-assessment programme and observations
made on the basis of the monitoring of the
implementation of the self-assessment programme
must be published at four-month intervals in a public
information network or in another manner that
promotes public access to the information in question.
Terveystalo adheres to a self-assessment plan drawn
up in accordance with the guidelines of the National
Supervisory Authority for Welfare and Health (Valvira).
The self-assessment plan is supplemented by operating
handbooks and process maps with related procedures
and work instructions. The self-assessment plan defines
how Terveystalo looks after clinical quality and patient
safety in its operations. Each site must have defined
practices for implementing the measures presented in
the self-assessment plan.
Terveystalo’s self-assessment plan is drawn up by
the persons in charge of each function and approved
by the Chief Medical Officer. The implementation of
the self-assessment plan is monitored in internal and
external audits, for example. Terveystalo publishes its
self-assessment plan and programme on its website.
The monitoring of the self-assessment plan is reviewed
quarterly by the Group's Patient Safety Team and any
changes are reported every four months when the self-
assessment plan is updated.
Operating and quality policy
In all of its activities, Terveystalo is committed to the high
quality and continuous development of its operations.
Terveystalo’s quality efforts are guided by Terveystalo’s
mission, values and strategy. Terveystalo’s strategic
priorities, harmonised processes and measurability
help steer operations toward consistent high quality.
Terveystalo’s quality policy is approved by the Quality
Steering Group, which is also responsible for monitoring
its implementation.
Terveystalo’s quality policy serves as the foundation
for quality targets and the development of processes to
ensure quality management, and it describes Terveystalo’s
commitment to high quality standards and the
continuous improvement of operations. Quality efforts
support Terveystalo’s mission, values and strategy.
The cornerstones of Terveystalo’s quality
management system are patient safety and national
legislation. It comprises clinical, operational and
experienced quality. Terveystalo measures, monitors and
manages its quality systematically and in a target-driven
manner at all levels of the organisation.
Medical quality and effectiveness are measured
extensively, and the results are utilised in management
and development. Patient safety is a key part of medical
quality. Its realisation is monitored, for example, by the
number of procedure-specific and clinic-specific post-
surgery infections, reported hazardous incidents, official
requests for clarification, and the decisions of the Patient
Insurance Centre.
The management and development of operational
quality includes ensuring compliance with operating
processes and instructions, risk management, the
implementation of data protection and information
security, and the promotion of environmental
responsibility. These targets are achieved through audits
and self-assessments.
Feedback from customers and professionals is used
extensively in the management of experienced quality
and effectiveness.
In 2024, quality management was streamlined
and enhanced by harmonising management
forums and reporting practices and by further
specifying responsibilities.
Continuity plan
As a key healthcare provider, Terveystalo plays a
significant role in access to care at the national level,
also in exceptional circumstances. The continuity plan
defines and describes the organisation’s operating
models for ensuring that Terveystalo’s critical services
can be produced in exceptional circumstances and
during disruptions. This, in turn, ensures access to
medical services and the continuity of business. The
goals of the continuity plan are to ensure the availability
of critical services in medical care and customer safety,
patient safety and occupational safety in exceptional
circumstances, ensure that the organisation’s core
functions operate with minimal disruptions, maintain
the capacity to operate in exceptional circumstances and
recover quickly from disturbances, prepare for threats
and disruptions whose management requires close and
extensive cooperation between various parties, and
establish a clear picture of the key roles, responsibilities
and tasks in continuity management, as well as the
operating guidelines and instructions that ensure
continuity. Continuity management is based on risk
assessment and is part of Terveystalo’s management and
reporting system. The management teams at Terveystalo’s
various organisational levels are responsible for continuity
management in accordance with the Group’s guidance.
Data protection and information
security policies
The data protection policy sets out the principles,
obligations, responsibilities, organisation, operating
practices and monitoring practices that Terveystalo
observes in the implementation and development of
data protection. The data protection policy serves as
the basis for data protection procedures and guidelines,
and its purpose is to ensure the realisation of the rights
and freedoms of Terveystalo’s customers, personnel
and individual stakeholders with regard to personal
data. The data protection policy sets out the principles
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and methods for ensuring the appropriate processing
of personal data throughout the life-cycle of personal
data; these principles and methods guide all activities at
Terveystalo. It also ensures compliance with legislation
governing privacy, data protection and other applicable
special laws. The principles underpinning the policy
are legal compliance and transparency, purpose
limitation, data minimisation, accuracy, restriction of
storage, integrity and confidentiality. All Terveystalo
personnel must comply with the data protection policy.
The data protection policy is confirmed by Terveystalo
Group’s CEO and maintained by Terveystalo's Legal
Affairs department. The policy is updated as necessary.
In Sweden, Feelgood has its own data protection
policy, which sets out the principles, obligations,
responsibilities, organisation, operating practices and
monitoring practices that Feelgood observes in the
implementation and development of data protection.
In addition to the data protection policy, Terveystalo
has a comprehensive data protection handbook for
patient care. Its purpose is to provide guidance on the
manner and criteria of processing patient data and
personal data, the circumstances in which data can be
disclosed, and to which parties data can be disclosed.
The data protection handbook for patient care is
intended particularly for use by Terveystalo professionals
who work with patients. The handbook contains
instructions on, among other things, the processing of
patient data, informing patients and patient consent,
the disclosure of patient data, the data subject's right
of access, the rectification and erasure of patient record
entries, log data requests, suspected misuse and data
protection incidents, and the storage and destruction
of patient records. The data protection handbook for
patient care is approved by the Data Protection Officer
and confirmed by the Chief Administrative Physician.
The objectives, responsibilities, and implementation
methods of information security at Terveystalo are set
out in the information security policy. The key objectives
of the information security policy are the protection of
personal data that is in Terveystalo’s possession (e.g.
customer and patient data), as well as material subject to
intellectual property rights and copyright, and ensuring
their appropriate processing; compliance with obligations
stipulated by laws, decrees, norms, official regulations
and contracts; the identification of threats to Terveystalo’s
operations and the appropriate management of
information risks, and ensuring the reliability and cost-
effectiveness of information processing. The information
security policy is developed according to the observations
made. The Chief Information Security Officer is in charge
of the development efforts.
Processes for engaging with
consumers and end-users
about impacts
S4-2
Terveystalo aims to provide an excellent customer
experience across all of its service channels. Customer
feedback provides valuable information for the
development of operations and services, which aims to
strengthen Terveystalo’s positive impacts on end-users.
Terveystalo collects customer feedback systematically
and provides several feedback channels, including the
Terveystalo app, online forms, feedback forms at clinics,
and oral and written feedback.
The customer experience and customer satisfaction
are measured by means of a continuous Net Promoter
Score (NPS) survey that is based on random sampling
and text messages, as well as customer experience
surveys aimed at corporate customers. The customer
experience and customer satisfaction are also
measured on a professional-specific basis after each
appointment with a physician. The appointment-
specific effectiveness of care is measured by the
Patient Enablement Instrument (PEI), which measures
the customer’s perceived ability to cope with their
illness or health status after the appointment. The
NPS and the PEI index are key performance indicators
for which measurable targets have been set. The
targets are described on pages 120–121, along with
a more detailed explanation of the NPS and PEI
calculation principles.
Terveystalo has a harmonised procedure and
monitoring practices for processing customer feedback.
Each clinic has a designated quality and patient safety
officer who is in charge of processing feedback and
ensures that feedback is carefully processed. Customers
are always provided with a response if they request one.
Customer feedback is regularly monitored and reported
on, and used in internal and external quality audits to
assess the measures taken and their impacts. Customer
feedback is an important tool for developing operations
and increasing customer satisfaction. The Executive
Vice Presidents in charge of each business area are
responsible for ensuring that customer feedback is taken
into account in the monitoring, implementation and
development of overall quality in their respective areas.
Terveystalo does not have a separate customer
feedback process with regard to data protection or
information security, but the end-user can provide
feedback in the same way as for other services. Incident
reports can be made regarding information security
and data protection.
Processes to remediate negative
impacts and channels for
consumers and end-users to
raise concerns
S4-3
Terveystalo’s customers have access to several channels
to raise concerns and report any deficiencies or adverse
incidents related to the care or service they have
received. A brief description of these channels and the
processes for handling feedback or reports received
through them is provided below.
Incident report
All Terveystalo employees have an obligation to submit
an incident report if they observe an issue that jeopardises
patient safety, customer safety or data protection.
Incidents are classified as either near misses or hazardous
incidents depending on the nature of the incident. In
a near miss, an incident that jeopardises patient safety,
customer safety or data protection nearly occurred, but
the adverse incident was avoided either by chance or
because the observed hazard was addressed. For example,
if a patient was about to be given the wrong dose of
medication but this was prevented by double-checking,
the incident would be classified as a near miss.
A hazardous incident means that an incident that
jeopardises a patient’s safety or data protection actually
took place, such as when a patient is given the wrong
dose of medication or a patient's sensitive information
is disclosed to third parties. The notification is made by
Terveystalo’s personnel using an electronic form. The
patient, customer, relative or a family member, can also
submit an incident report using the dedicated form
available on Terveystalo’s website.
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In the incident processing procedure, an e-mail alert
is sent for each incident report to the clinic’s quality and
patient safety officer, the feedback and incident handlers
and the physician in charge of the clinic. The quality
and patient safety officer and the feedback and incident
handler are responsible for initiating the processing of
the incident and coordinating the processing with the
persons in charge of different functions. The physician
in charge of the clinic is responsible for the medical
assessment of the incident. The quality and patient
safety officer and the feedback and incident handler
ensure that a root cause analysis is carried out and
corrective measures are taken. In 2024, the proportion of
near-miss reports at Terveystalo was 54.1 (54.3) percent
of incidents.
Patient ombudsperson
In healthcare and social services, patient ombudspersons
and social services ombudspersons are appointed
to ensure the rights and legal protection of patients
and the clients of social services (Act on Patient
Ombudspersons and Social Services Ombudspersons
739/2023). The legislation applies to the wellbeing
services counties and the City of Helsinki and HUS
Group. The wellbeing services counties and the City
of Helsinki are responsible for patient ombudsperson
and social services ombudsperson activities also when
it comes to private service providers. If necessary,
Terveystalo's customers can contact the patient
ombudsperson of their wellbeing services county or the
City of Helsinki for help or advice.
Objections in healthcare
A patient who is not satisfied with the healthcare or
medical care or the related treatment received by him/
her has the right to file an objection on the matter to
the director responsible for healthcare in the healthcare
unit in question (Act on the Status and Rights of Patients,
Patient Act, 1992/785, section 10). If the patient is unable
to file an objection themselves due to illness, incapacity
or similar reason, or if they are deceased, the objection
may also be filed by their legitimate representative,
family member or other related party. The operational
unit must adequately inform its patients of the right to
object, and make it as convenient as possible for patients
to file an objection. As a rule, objections should be filed
in writing. However, an objection can also be submitted
orally if there is a special reason for it. The operational unit
must process the objection appropriately and provide
a written response within a reasonable period of time
after the objection has been filed. The response must be
justified in the manner required by the nature of the case.
The response to an objection cannot be appealed. Filing
an objection does not restrict the patient’s right to file a
complaint about their care, or treatment related to their
care, with the supervisory authorities for healthcare.
Complaints in healthcare
Anyone who is dissatisfied with their care, treatment or
related procedures may file a complaint in accordance
with Chapter 8a of the Administrative Procedure Act.
Filing an objection does not prevent a person from filing
a complaint. As a rule, complaints are filed with the
Regional State Administrative Agency (AVI). Complaints
can be filed with the National Supervisory Authority for
Welfare and Health (Valvira) only in special circumstances.
Notice of injury
The patient has the right to file a notice of injury with
the Patient Insurance Centre (PIC) if there is a suspicion
of patient injury or medical malpractice. In that case,
the issue is investigated and resolved by the PIC.
The patient ombudsperson for the wellbeing services
county provides advice on filing a notice of injury.
In 2024, Terveystalo's ratio of compensated patient
injuries to the total number of appointments was
0.0005 (0.0016) percent.
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.
Whistleblowing channel
Consumers and end-users can report ethics-related
shortcomings or legal violations via Terveystalo’s
whistleblowing channel (WhistleB). The whistleblowing
channel and the processing of whistleblower reports
are described in more detail in section G1 – Business
conduct on page 126–127 of the sustainability statement.
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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 fluent,
caring and effective integrated care to customers, which
is also the core of Terveystalo’s business strategy.
The goal of Terveystalo’s integrated care model is
to seamlessly combine the different stages of care and
create positive impacts on different customer groups. For
the consumer customer, value is created by quick access
to appropriate care, continuous support throughout the
care path, and the best possible outcomes of care. For
companies, value is created by reducing sickness absences
and related costs through effective preventive measures
and care paths. For insurance companies, value is created
by efficient care paths that speed up recovery and thus
reduce the total costs of the insurance event. For the
public sector, value is created by cost-effective and high-
quality partnership models for addressing bottlenecks in
the healthcare system. Terveystalo evaluates the success
of its care models from many different perspectives,
including the experiences of patients and diagnosis-
specific effectiveness indicators. In addition, quick access
to care and an excellent customer experience are key
quality criteria. Terveystalo continuously develops its
services across the entire care path, including prevention,
assessment of the need for care, appointments,
diagnostics, day surgery and rehabilitation.
The medical strategy for healthcare services,
which supports the Group’s business strategy and its
implementation, sets out the most important measures
and initiatives aimed at improving access to care and
the quality and effectiveness of care, as well as the
customer experience. Measures have been defined for
all stages of the care path, and their implementation is
monitored with the help of targets and indicators. In the
Portfolio Businesses segment, the key focus area is the
development of cooperation with Finland’s wellbeing
services counties, which are primarily responsible for
organising public healthcare and social welfare services.
The following paragraphs describe the most
significant planned measures, as well as the measures
initiated or implemented in 2024, to promote positive
impacts on Terveystalo’s customers.
Integrating blood analysis technology
into occupational health to improve
the prevention of illnesses
From the beginning of 2024, Terveystalo’s occupational
health customers in Finland gained access to Nightingale
Health blood analyses as part of occupational health
check-ups. The technology helps detect the risk of
the most common chronic diseases, and Terveystalo's
occupational health services can use it to help
prevent diseases. Terveystalo looks after the health
of approximately 730,000 Finns of working age and
offers more and more people a view of their personal
susceptibility to common chronic diseases and support
for lifestyle changes.
Common chronic diseases reduce work ability and
require continuous monitoring, but many of them are
preventable. By the end of 2024, approximately 115,000
of Terveystalo's individual occupational healthcare
customers had received a risk report based on a blood
analysis. In 2025, the aim is to particularly develop
various interventions, such as digital lifestyle coaching,
in order to reduce the risks of illness detected among
customers. Monitoring will be used to ensure that the
interventions actually reduce these risks.
Treatment model for chronic diseases
promotes the health and well-being of
occupational health customers
In 2024, Terveystalo introduced a treatment model for
chronic diseases for its occupational health customers
in Finland. In the treatment model, the customer’s
individual situation regarding the need for treatment
of a long-term illness is assessed automatically and the
customer is contacted if, based on the assessment, the
treatment of the illness at Terveystalo does not appear to
be implemented in accordance with the national Current
Care Guidelines. Medical criteria have been applied to
select the diseases covered by the treatment model. It
covers chronic illnesses that are common among people
of working age and which, when the balance of care is
poor, cause the most health problems, affect coping
and reduce work ability. The medical conditions covered
by the model are type 2 diabetes, hypertension and
high cholesterol. The treatment model aims to ensure
that monitoring is carried out in the optimal manner
and the progression of the disease and any resulting
complications and work ability-related challenges are
prevented. The plan for 2025 is to expand the model
to include other chronic diseases and develop the
automation of treatment plans.
Symptom Assessment tool facilitates
access to care and smoother workflows
for healthcare professionals
In autumn 2023, Terveystalo’s occupational health
customers in Finland were given access to the Symptom
Assessment tool, a CE-marked medical device that
makes the use of occupational health services smoother
in the event of illness. The tool refers customers to the
appropriate specialist and the right service channel in a
timely manner. In 2024, the customer guidance model
was further developed based on customer feedback in
order to improve the service so that it meets the needs
of customers and professionals even better. When an
occupational health customer uses Terveystalo’s digital
service channels, they are requested to describe their
symptoms. The Symptom Assessment tool analyses the
customer's responses and determines the urgency of the
case. Based on this assessment, the customer is referred
to the appropriate service channel and specialist. The
results of the analysis are forwarded to the receiving
specialist in advance, which speeds up the treatment
process and makes the service smoother and more
streamlined. The Symptom Assessment tool reduces the
need for the customer to make their own assessments
of whom to turn to. For example, a customer with
musculoskeletal symptoms can be referred directly to
an appointment with a physiotherapist instead of a
physician. The system also distinguishes between cases
in which care can be provided remotely and cases that
require an in-person appointment. The effectiveness and
benefits of the Symptom Assessment tool are assessed
by customer feedback, among other things; customers
have given an average score of 4/5 for the ease of use of
the tool.
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Terveystalo’s care paths support self-
care and improve the efficiency of
healthcare operations
Since 2021, Terveystalo has developed care paths based
on the Current Care Guidelines and other generally
accepted clinical practice guidelines. The aim of care
paths is to ensure the consistency and effectiveness
of care, support the work of healthcare professionals,
promote the health of customers and ensure the
implementation of diagnostics and monitoring.
Care paths serve as a tool for healthcare
professionals. The patient information system provides
them with alerts on treatment recommendations and
follow-up measures based on the working diagnosis.
They include suggested diagnostics, such as laboratory
and imaging tests, and situations in which a specialist
consultation or therapies such as brief psychotherapy or
physiotherapy are recommended. The care paths also
help the customer by providing clear instructions in the
Terveystalo app on preparing for examinations, self-care
and, if necessary, starting therapies. For the customer,
the care paths enable clearer and smoother care and
a better understanding of the course of care. For
healthcare professionals, they provide tools that make
their work easier, reduce the administrative burden and
support decision-making.
Approximately 80 care paths were in use at the
end of 2024. They included care paths related to
the treatment of lower back pain, depression and
anxiety, insomnia and paediatric lower respiratory tract
infections, for example. The aim is to further develop
the care paths in 2025 by, for example, automating the
monitoring of the effectiveness of care and visualising
the care process.
Developing patient safety culture as
part of high-quality and safe care
At Terveystalo, the development of patient safety is a key
part of the quality of care and sustainable operations.
Patient safety culture constitutes the foundation of these
efforts. Its aim is to create an open and trust-based
atmosphere in which employees can raise concerns and
report incidents without fear of sanctions or blame.
The systematic processing of concerns and incidents
ensures that similar situations can be prevented in the
future. The maintenance and development of patient
safety culture is supported in various ways, including
a mandatory online course on patient and customer
safety. The course is included in orientation training for
new employees and completing the course is mandatory
for all employees in care work and personnel whose
roles include responsibility for patient safety.
The development of patient safety is supported by
a regular customer and patient safety culture survey,
which provides valuable information on the current state
of operations and areas requiring further development.
The most recent survey was carried out in 2023. It was
responded to by 1,293 professionals working with patients,
12 percent of whom were physicians. The results showed
that Terveystalo’s patient safety culture is widely held
in high regard. Awareness of incident reporting and
notification systems had improved when compared to the
previous years, and patient safety competence was rated
as high. The results of the 2023 survey were thoroughly
analysed by the Patient Safety Working Group, on the basis
of which development areas were identified as priorities for
the next two-year period. The impacts of the development
measures will be assessed in the 2025 customer and patient
safety culture survey, the results of which will again guide
Terveystalo's strategic development efforts.
Health partnership and digital
services support the transformation of
wellbeing services counties
The Portfolio Businesses segment strengthens its
connections to Finland’s wellbeing services counties
through the new Health Partner organisation. Finland
is divided into 21 wellbeing services counties and
the City of Helsinki and HUS Group, which is the
specialised healthcare provider in the Uusimaa region.
The wellbeing services counties and the City of
Helsinki and HUS Group are responsible for organising
public healthcare and social welfare services. The
wellbeing services counties started their operations
at the beginning of 2023, but the building of their
organisations and financial challenges have limited
the opportunities for developing long-term strategic
solutions and cooperation with private service providers.
Terveystalo established the Health Partner organisation
in autumn 2024 to focus on identifying and responding
to the individual challenges of the wellbeing services
counties. Health partnership includes staffing services,
digital solutions for public services, rehabilitation,
child welfare services and public partnerships, i.e.
outsourcing. Of these, Terveystalo focuses particularly
on three areas: digital services, ensuring the availability
of personnel through staffing services and ensuring
the availability of services by offering Terveystalo's
service production capacity to the wellbeing services
counties. Through more in-depth knowledge of their
respective regions, Terveystalo also aims to develop new
services that correspond to the needs of the wellbeing
services counties.
The Finnish healthcare and social service system
is facing major challenges: the population is ageing,
the need for services is growing, and resources – both
human and financial – are limited. The production
of services must be even more efficient than before,
and digitalisation is one of the key solutions to these
challenges. Terveystalo’s digital platform enables
professionals to make more efficient use of their time,
which creates cost savings for the wellbeing services
counties. Automation supports the continuity of care,
increases efficiency, improves quality and enhances
patient safety. Using a single integrated electronic
service platform instead of multiple individual systems
makes the use of services easier and clearer for patients.
Terveystalo’s digital platform is already in use in
four wellbeing services counties: Southwest Finland,
Satakunta, South Ostrobothnia and Lapland.
Actions and approaches related
to the management of material
impacts on end-users, and the
effectiveness of those actions
S4-4
Terveystalo's actions concerning patient data protection
and information security, which is an identified material
risk related to end-users, are described below. The
process for managing risks related to data protection and
information security has also been integrated into the
company's existing general risk management process.
Actions related to patient data
protection and information security
Terveystalo’s personnel must comply with the data
protection policy and everyone has a duty to process
personal data appropriately and to highlight any
observed deficiencies in data protection.
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The parties responsible for the implementation and
management of data protection are Group management,
the directors responsible for specific functions, and unit
directors in their respective areas of responsibility. As
required by law, Terveystalo Group has a Data Protection
Officer who performs duties in accordance with the
General Data Protection Regulation and is responsible
for statutory reporting directly to Group management.
Terveystalo has data protection teams that discuss and
monitor issues related to data protection and develop
related functions and activities. The Data Protection
Officer reports on data protection to the supervisor on
a weekly basis and to Terveystalo’s Data Protection Team
on a quarterly basis. Under the General Data Protection
Regulation, the data protection requirements in Sweden
are the same as in Finland, but the local legislation
governing healthcare and social services in Sweden
differs from Finland in certain respects. For this reason,
in Sweden, Feelgood has its own data protection policy,
which sets out the principles, obligations, responsibilities,
organisation, operating practices and monitoring
practices that Feelgood observes in the implementation
and development of data protection. Feelgood has
appointed its own Data Protection Officer to monitor
compliance with data protection legislation at Feelgood.
Information security is an integral part of securing and
developing Terveystalo’s operations as a whole. Everyone
working at Terveystalo, or for Terveystalo, is responsible
for ensuring information security at work. In addition to
complying with any received instructions, everyone is also
responsible for helping others to use working practices that
ensure information security. The unit director is responsible
for ensuring that each employee and private practitioner
working at the unit is capable of taking information security
into account at work and for ensuring that any observed
deficiencies are rectified. The Chief Financial Officer is in
charge of the management and development of information
security. The Chief Information Security Officer appointed
by the Chief Financial Officer is in charge of day-to-day
information security management. The duties of the Chief
Information Security Officer include the promotion of
projects related to information security, the development of
guidelines, advice and training, the specification of technical
information security requirements, monitoring and reporting
on the information security situation, and processing
information security deviations in cooperation with the Data
Protection Officer, the Group’s general administration and
the business areas. The Chief Information Security Officer
reports to the Executive Team member responsible for
information security and digital services.
Data protection is closely linked to information
security, and the realisation of data protection is
contingent on information security measures. At
Terveystalo, patient data is stored in information security
certified patient information systems. Terveystalo’s
patient information systems in Finland are category A
systems in accordance with the regulations issued by
the Finnish Institute for Health and Welfare, and they
have undergone information security certification in
accordance with the regulations related to the provision
of Kanta services. Terveystalo currently has category
A1 certified products without a Kanta interface. In
addition, Terveystalo uses category A3 certified patient
information systems from external suppliers that are
connected to the Kanta system. Terveystalo’s data
protection and information security is regularly audited
in accordance with the ISO 9001:2015 certified quality
management system, both internally and by an external
party. In Sweden, Feelgood uses a patient information
system that is a national medical information system
registered by the Swedish Medical Products Agency.
Feelgood's data protection and information security is
regularly audited in accordance with the ISO 27001:2013
certified information security management system, both
internally and by an external party.
Terveystalo ensures the realisation of the legal rights
of data subjects by informing the data subjects about the
processing of personal data and by specifying operating
models and instructions for the situations in which the
data subjects wish to exercise the aforementioned rights.
A legally compliant data protection notice and other
documentation required by legislation or the authorities
are prepared on the processing of personal data. As
a rule, data subjects are informed of the processing
of personal data in connection with the collection of
personal data. Data subjects can read the data protection
notice on the controllers’ websites and operating
locations. Other additional information on the processing
of personal data is available on the company’s website or
in the service in question.
Terveystalo applies the appropriate physical,
technical and administrative protection measures to
protect data from misuse. These measures include,
for example, control and filtering of network traffic,
use of encryption techniques and secure data centres,
appropriate access control, controlled granting of access
rights and supervising their use, issuing instructions to
and training personnel participating in personal data
processing, and risk management related to the planning,
implementation and maintenance of services. Terveystalo
chooses its subcontractors carefully and uses agreements
and other arrangements, such as written instructions, to
ensure that they process data in compliance with the law
and good data protection practices.
The Chief Information Security Officer is authorised
and obligated to conduct assessments and audits related
to information security. The Chief Information Security
Officer is responsible for taking action to eliminate any
identified information security threats and deviations, and
reporting them to the authorities if necessary. Corrective
actions are assessed on a risk basis and they include both
technical and administrative measures. These measures
include, for example, updating information security
practices, increasing the organisation’s information
security awareness, strengthening technological solutions
and continuous risk management. Everyone working
at Terveystalo has an obligation to report any observed
information security deficiencies and problems to the
information security organisation.
Terveystalo provides its personnel with training
and instructions on the processing of personal data and
emphasises the particular confidentiality and protection
of patient data. An updated mandatory data protection
course intended for everyone at Terveystalo was
introduced in autumn 2023. In connection with this, the
course content was revised and moved to a new online
platform to improve the user experience. In 2024, a new
online course was introduced for professionals whose
work involves the disclosure of patient data. The purpose
of the course is to provide training to Terveystalo
professionals who disclose patient data on the rules
and instructions concerning the disclosure of patient
data. In addition to launching the new online course,
Terveystalo organised four support workshops related to
the disclosure of patient data during the year.
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
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care and the customer experience. Two of the targets
– the NPS for appointments and the referral rate for
brief mental health psychotherapy – are targets that
are also incorporated into the sustainability-linked
financing framework published in 2023. Customers
or their representatives have not been engaged in
the process of setting the targets described below.
The targets have been set by the Executive Team as
part of the annual strategy process and approved by
the company’s Board of Directors. The indicators used
are indirect indicators that include several material
sustainability matters. Indirect indicators are used to
ensure the broadest possible coverage. The actual
figures that reflect the achievement of the targets have
only been verified by the primary provider of third-party
assurance. Terveystalo has not set a target related to the
management of data protection and information security
risks for publication in the sustainability statement.
Effective treatment for
mental health problems
Mental health problems are among the three most
common diagnosis categories at Terveystalo, and they
are a significant cause of human suffering and related
sickness absences and early retirement in Finland. The
implementation of correct and effective treatment for
mental health problems is one of the focus areas of
Terveystalo’s medical strategy. Patients receiving brief
psychotherapy treatment have been found to recover
faster than those given only sickness absence and/
or medication. Those who receive brief psychotherapy
treatment also have fewer sick days. Terveystalo’s aim is
to increase the use of brief psychotherapy in occupational
healthcare in the treatment of people diagnosed with
depression or anxiety disorders. When more and more
people receive care at an early stage, resources are
freed up for long-term rehabilitative psychotherapy for
those who need it due to the severity of their condition.
Terveystalo has systematically developed mental health
care paths and increased the proportion of patients
referred to brief psychotherapy.
Terveystalo’s target is to increase the proportion of
people diagnosed with depression or anxiety disorders
who receive a referral to brief psychotherapy in
occupational healthcare to 25 percent by 2026.
This is an ambitious target, as the number of people
suffering from depression or anxiety increases every
year. Reaching the target will require the continued
development of processes and the training and
recruitment of professionals, among other measures.
Terveystalo’s Fokus Mieli special unit monitors
progress towards the target and supports its
achievement by means of training and communications.
Terveystalo’s Fokus Mieli special unit provides specialist
services in the fields of psychology, neuropsychology,
psychiatry, psychotherapy, substance abuse medicine
and sex therapy. The unit assesses, supports and
manages mental health by providing services to
occupational health, organisations, communities
and private customers regardless of age, also via
remote channels.
In 2023, Terveystalo deployed a reporting tool that
the physicians in charge of each Terveystalo unit can use
to examine the progress towards the target in their area
of responsibility and compare the results with those of
similar units.
In 2024, the proportion of occupational health
patients referred to brief psychotherapy was 14.8 (10.8)
percent of all occupational health patients diagnosed
with anxiety or depression. The result for 2024 was in
line with the target.
Excellent customer experience
Terveystalo strives to stand out by offering fluent and
effective healthcare services that convey a feeling of
caring to the customer. NPS (Net Promoter Score) is
Terveystalo’s most important indicator of the quality of
the customer experience. Terveystalo develops its services
by listening to its customers, streamlining processes from
both the customer’s and the professional’s perspective,
and by utilising new technology. The Net Promoter Score
(NPS) measures the individual customer’s experience of
the service they receive. NPS is closely linked to customer
loyalty: a satisfied customer is less likely to switch to
a competitor and is more committed to the company
they use and the services it offers. NPS expresses the
willingness to recommend, i.e. how likely the customers
are to recommend Terveystalo’s services to others. NPS
is a sensitive indicator – it reacts quickly to patient
satisfaction or dissatisfaction. The customer experience
can be influenced, for example, by the availability of
appointments, the perceived quality of care, interaction
with a professional or other personnel, or the feeling of
being heard.
Terveystalo’s NPS target is 83 for appointments and
95 for hospitals. In 2024, the NPS for appointments was
87.7 (84.8) and the NPS for hospitals was 96.2 (94.5),
which were in line with the targets.
Effective care at every appointment
Terveystalo aims to provide its patients with the most
effective care. The company measures the appointment-
specific effectiveness of care with the Patient Enablement
Instrument (PEI). PEI measures the customer’s perception
of coping with their illness or condition after an
appointment, i.e. whether the customer feels that
they are able to cope with their symptom or illness
much better, better, same as before, or worse after the
appointment (on a scale of 1–4). PEI is commonly used in
Finnish primary healthcare.
Terveystalo’s target for the PEI index is at least 71
percent. In 2024, the PEI index was 69 (66) percent. In
other words, approximately 69 percent of Terveystalo’s
customers felt that they are able to cope better or much
better with their illness after the appointment.
Other indicators of
the quality of care
In addition to the aforementioned targets and key
performance indicators, Terveystalo monitors its clinical,
experience-based and process results extensively.
Terveystalo publishes its continuously updated quality
indicators on its website. The achievement of the quality
targets is monitored by Terveystalo’s Quality Steering
Group on a quarterly basis. The actual figures for the
indicators have been verified only by the company’s
assurance service provider.
Availability of care as measured
by T3 (the third available
appointment), clinics
Terveystalo aims to continuously improve access to care,
for example by developing digital services and making the
work of healthcare professionals more streamlined. The
availability of care is measured by the T3 indicator, which
is the number of days until the third available non-urgent
appointment at the clinics of the Healthcare Services
business area. In 2024 the T3 indicator for appointments
with a physician was 1.2 (1.7). Access to care is improved by
the availability of 24/7 digital appointments with a general
practitioner, which are offered in addition to in-person
appointments. The waiting time for digital appointments
is measured in seconds on average.
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Target
Metric (KPI)
Scope
Target level
Target year
Base
year
2024
2023
2022
Increase the share of occupational healthcare patients diagnosed
with anxiety or depression and who are referred to brief
psychotherapy to 25% by 2026
The share of occupational healthcare patients diagnosed
with anxiety or depression and who are referred to brief
psychotherapy
Occupational health customers in Finland
25%
2026
2022
14.8
10.8%
8.5%
Maintain a customer satisfaction score of 83 at a minimum
NPS (Net Promoter Score) for appointments
Terveystalo’s customer appointments in Finland
At least 83
Continuous
2022
87.7
84.8
82.7
For hospitals, maintain a customer
satisfaction score of 95 at a minimum
NPS (Net Promoter Score) for hospitals
Customers who visited Terveystalo’s hospitals in Finland
At least 95
Continuous
2022
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
69%
66%
-
Basis of preparation of the indicators
The share of occupational healthcare
patients diagnosed with anxiety or
depression and who are referred to
brief psychotherapy
The indicator is calculated by dividing the number of
occupational healthcare patients with a diagnosis of
depression or anxiety and who are referred to brief
psychotherapy by the total number of occupational
healthcare patients with a diagnosis of depression
or anxiety. Occupational healthcare patients are in
Finland, Sweden is not included in the figure.
There was an error in the 2023 figure given for the
referral rate for brief mental health psychotherapy (12.6
percent) in the 2023 sustainability report. The figure was
restated in the 2023 status report on the sustainability-
linked bond. In 2023, the proportion of occupational
healthcare patients referred to brief psychotherapy of
all occupational healthcare patients diagnosed with
anxiety or depression was 10.8 percent, not 12.6 percent.
Sustainability reporting on the year 2023 was voluntary
and not aligned with the ESRS standards.
NPS (Net Promoter Score)
The NPS for appointments measures the individual
patient's experience of the service received shortly
after the service experience. The patient is asked
to assess how likely (on a scale of 0–10) they are to
recommend Terveystalo’s services. The Net Promoter
Score is calculated by subtracting the share of those
who gave a score of 0–6 (detractors) from the share
of those gave a score of 9–10 (promoters). The NPS
for appointments includes customers who have had
an in-person appointment with Healthcare Services
in Finland. The NPS is measured by means of a survey
sent by text message in cooperation with Confidently.
The text messages are sent to customers, based on
random sampling, four hours after the appointment
(or the next day if the appointment is in the evening).
The condition is that the same customer must not
have been sent the survey within the previous 30
days. The NPS survey for hospital services is sent after
each visit if the customer has not received the survey
within the previous 30 days.
The NPS for hospitals includes customers who
have visited the hospitals of Healthcare Services. The
Group's services in Sweden are not included in these
NPS measurements. The reported NPS figures are
based on actual results from the 90 days preceding
the end of the reporting period.
PEI index (Patient
Enablement Instrument)
The PEI index is used to measure the customer's
perceived ability to cope with their symptom or illness
after an in-person appointment. The scale is 1–4. The
customer is asked to assess whether they are able to
cope with their symptom or illness much better (4),
better (3), same as before (2), or much worse (1) after
the appointment. The PEI index is calculated by taking
the percentage of patients who felt they are able to
cope with their health condition better or much better
and comparing it to the total number of respondents.
The PEI index includes customers who have had
an appointment with a physician in Terveystalo's
Healthcare Services segment. The customers of the
Portfolio Businesses segment are not included in the
PEI measurement. The Group's services in Sweden are
also excluded from PEI measurements.
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Governance information
123 Business conduct
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Terveystalo
122

Governance information
Business conduct
G1
Operating ethically and responsibly is an integral
element of Terveystalo’s values and strategy. Terveystalo’s
Code of Conduct and Supplier Code of Conduct
provide a framework that helps ensure compliance
with Terveystalo’s values, internal guidelines and the
applicable legislation. They support a company culture
that takes ethical perspectives into account and combines
a high work ethic, professionalism, solution-oriented
cooperation and the pursuit of measurable impact in
everything the company does. Responsible business is
also financially profitable and sustainable.
The material impacts, risks and opportunities
related to business conduct have been identified in the
company’s double materiality assessment (described on
pages 78–82). The sustainability matters identified as
material in the double materiality assessment in relation
to business conduct are:
•
corporate culture (positive impact and risk),
•
responsible supply chain (positive impact and risk),
•
prevention of corruption and bribery (positive
impact and risk),
•
respect for human rights (negative impact and risk)
and
•
responsible tax payment (positive impact).
The identified material impacts, risks and opportunities
related to business conduct are presented on pages
78–80 of the sustainability statement.
Business conduct policies and
corporate culture
G1-1
Business conduct policies
Code of Conduct
The Code of Conduct translates Terveystalo’s values
into concrete principles that constitute the foundation
for Terveystalo’s day-to-day operations and decision-
making. Ethics, responsibility and compliance are
essential in Terveystalo’s operations, also due to the
sector the company operates in. Terveystalo’s business
is guided by the legislation governing the industry and
private healthcare services, as well as the regulations and
requirements established by the authorities. The work
of healthcare professionals is also guided by the ethical
standards of their specific professional groups.
The Code of Conduct supports Terveystalo's
corporate culture and provides a framework that helps
ensure compliance with Terveystalo’s values, internal
guidelines and the applicable legislation. The Code of
Conduct also reflects Terveystalo’s commitments to its
key stakeholders. Terveystalo is committed to promoting
ethical business practices and requires that all of the
company’s operations are conducted in compliance
with the applicable laws and regulations. In addition to
compliance with legislation and Terveystalo’s Code of
Conduct, Terveystalo aims to observe widely accepted
ethical standards, such as the UN Global Compact
(UNGC) principles. Terveystalo also continuously
develops its compliance program and the related
processes and controls to ensure that they correspond
to the changes in the operating environment.
The Code of Conduct serves as a shared compass
for everyone at Terveystalo. The Code of Conduct
comprises Terveystalo’s key principles regarding
compliance with legislation and ethical business
principles, anti-bribery and anti-corruption, avoidance
of conflicts of interest, fair competition and the
prevention of money laundering, environmental
compliance, ensuring privacy and patient safety,
employee equality, non-discrimination and the freedom
of association, compliance with insider regulations,
responsible communications and the reporting of
misconduct, among other things. The Code of Conduct
is connected to the following material sustainability
matters related to business conduct as defined by
Terveystalo: corporate culture, responsible supply
chain, prevention of corruption and bribery, and respect
for human rights.
Everyone at Terveystalo is required to observe the
Code of Conduct, regardless of their business unit
or role. The same Code of Conduct is also observed at
Feelgood in Sweden.
Terveystalo’s Board of Directors approves the Code of
Conduct. Management and supervisors are responsible
for the communication and implementation of the
Code of Conduct, and monitoring compliance with the
Code of Conduct. Terveystalo’s Legal and Compliance
department supports the organisation with issues
related to the Code of Conduct and provides training
to the personnel on the Code of Conduct. Terveystalo’s
Code of Conduct is published and available to everyone
on the company’s external website.
Supplier Code of Conduct
Terveystalo Group also expects its suppliers to observe
high standards of sustainability with regard to ethical,
social and environmental perspectives, as well as
occupational health and safety. Each year, Terveystalo
purchases services, materials and supplies for its clinics
from approximately 4,400 suppliers. Of these, the
180 largest suppliers account for about 80 percent of
total purchasing expenditure. The largest procurement
categories are ICT purchases, the rental of premises and
subcontracted services, such as laboratory services.
Terveystalo Group’s Supplier Code of Conduct sets
out the minimum requirements that all suppliers and
partners need to satisfy in order to engage in business
with Terveystalo and its subsidiaries. All of Terveystalo’s
contract suppliers and suppliers participating in
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tendering processes are required to accept Terveystalo’s
Supplier Code of Conduct. The topics covered by the
Supplier Code of Conduct include health and safety,
environmental protection, human rights, labour
rights, ethics and integrity in business, responsible tax
payment and systems for managing the sustainability of
operations. Sustainable operating practices are developed
in cooperation with Terveystalo’s contractual partners.
The Supplier Code of Conduct is connected to all material
sustainability matters related to business conduct as
defined by Terveystalo: corporate culture, responsible
supply chain, prevention of corruption and bribery,
respect for human rights and responsible tax payment.
Terveystalo’s Supplier Code of Conduct was last
updated in late 2023 and is available on Terveystalo’s
external website. Terveystalo Plc’s Board of Directors
approves the Supplier Code of Conduct. Other
policies and documents that support Terveystalo’s
sustainable procurement and supplier cooperation
include Terveystalo’s procurement policy, the related
procurement guidelines, the supplier management
handbook, and audit plans.
Processing instructions for
the reporting channel
The principles and practices according to which all
parties operating within Terveystalo’s organisation or
as Terveystalo Group’s partners can report suspected
crimes, violations, misconduct or other deviations
confidentially are set out in the processing instructions
for Terveystalo’s reporting channel, which are available to
everyone in Finnish on Terveystalo's external website. The
processing instructions for the reporting channel include
the principles and practices related to the submission
of reports, the processing and investigation of reports,
sensitive data and data storage, processing time limits,
disqualification of the processor, protection of the person
who submitted the report, and the functions and persons
that process reports, among other things. The processing
instructions do not supersede the rules or obligations
arising from national legislation or EU law.
The processing instructions for the reporting
channel apply to Terveystalo’s employees, private
practitioners, shareholders, management, trainees
and other persons who have observed violations in
the course of their work, and who have submitted a
report through Terveystalo’s reporting channel or to a
Terveystalo representative (supervisor, management),
unless otherwise stated in the processing instructions.
The processing instructions and the related processes
were updated in early 2023 following the entry into
force of the Act on the Protection of Persons Reporting
Infringements of European Union and National Law
(1171/2022, as amended). The processing instructions
are updated as necessary. Terveystalo’s Legal and
Compliance department is responsible for maintaining
and updating the processing instructions. Also, the
violations of the processing instructions must be reported
to Terveystalo’s Legal and Compliance department.
In Sweden, Feelgood Svenska AB and its subsidiaries
have their own reporting channel for internal use and
processing instructions for the channel. Feelgood's
processing instructions include the principles and practices
related to whistleblower protection, internal reporting
channels and the submission of reports, the investigation
of received reports, the persons processing reports,
processing time limits and the processing of personal data,
among other things.
The processing instructions for the reporting
channel are connected to all material sustainability
matters related to business conduct as defined by
Terveystalo: corporate culture, responsible supply
chain, prevention of corruption and bribery, respect for
human rights and responsible tax payment.
Competition law guidelines
Terveystalo’s Code of Conduct includes a commitment
to fair, honest and legally compliant competition. All
Terveystalo employees are required to comply with
laws, regulations and internal guidelines pertaining
to competition, including Terveystalo Group’s
competition law guidelines. The Group's competition
law guidelines include instructions on compliance with
competition rules in relation to competitors, suppliers,
independent private practitioners and customers,
as well as instructions pertaining to memberships
in industry associations, among other things. The
competition law guidelines are connected to following
material sustainability matters related to business
conduct as defined by Terveystalo: corporate culture,
responsible supply chain, prevention of corruption and
bribery, and responsible tax payment.
The Executive Team member in charge of
legal affairs is responsible for the competition law
guidelines. Each member of the Executive Team is
responsible for compliance with the guidelines in
their respective areas of responsibility. Terveystalo’s
Legal and Compliance department is responsible
for maintaining and updating the competition
law guidelines.
Internal control and risk
management policy
Terveystalo’s internal control and risk management
policy sets out the purpose, objectives and
responsibilities of internal control and risk
management, and describes the risk classification and
risk management structures and the risk assessment
process. The internal control and risk management
policy is connected to all material sustainability matters
related to business conduct as defined by Terveystalo:
corporate culture, responsible supply chain, prevention
of corruption and bribery, respect for human rights and
responsible tax payment.
The purpose of internal control is to ensure that
Terveystalo’s operations are efficient and effective, the
information used by the senior management in decision-
making is reliable, policies are observed, and Terveystalo
operates in compliance with laws and regulations.
Internal control supports the supervisory work of the
Board of Directors and comprises any measures and
procedures aiming to ensure the achievement of said
goals. Internal control covers the organisation’s internal
operating environment, goal-setting, risk management,
control measures, information flow, communications,
and monitoring. Internal control is integrated into
Terveystalo’s management and reporting system.
Internal control is carried out by Terveystalo Plc’s Board
of Directors, the Audit Committee, Group management,
operational management and employees, and the
Group’s internal audit and quality assurance function.
The Group has an outsourced internal audit function.
The purpose of risk management is to support the
achievement of business goals by supporting decision-
making. It helps to ensure the fulfillment of the customer
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promise, patient safety and occupational safety, high-
quality services, financial performance, business continuity,
a good public image for the company, and corporate social
responsibility. Risk management also involves conscious
risk-taking to seize opportunities. The objectives of risk
management include ensuring Terveystalo’s clinical quality
and patient safety, the fulfillment of customer promises,
business continuity and the achievement of strategic
and operational targets, as well as ensuring personnel
competence and occupational safety, information security
and data protection. Terveystalo Plc’s Board of Directors
is responsible for the adequacy of risk management. The
CEO is in charge of the organisation of risk management
and guides and monitors risk management at the
executive level. The other members of the Executive Team
support the CEO in implementing risk management,
monitoring operational risks, assessing risks, and
implementing measures related to risks.
The internal control and risk management policy
is approved by Terveystalo Plc's Board of Directors.
Terveystalo’s internal control, risk management and
internal auditing are described in more detail in
Terveystalo’s Corporate Governance Statement.
Policies related to respect for
human rights
Terveystalo is committed to respecting the fundamental
rights and freedoms of all individuals in accordance
with international human rights standards. Terveystalo’s
first human rights policy, approved in January 2025,
emphasises the company’s commitment and approach to
respecting human rights. Terveystalo’s mission to “fight
for a healthier life” is the foundation of the human rights
policy. The human rights policy is connected to following
material sustainability matters related to business conduct
as defined by Terveystalo: corporate culture, responsible
supply chain, and respect for human rights.
In accordance with Terveystalo’s human rights policy,
the company is committed to respecting human rights in
accordance with the UN Guiding Principles on Business
and Human Rights and the OECD Guidelines for
Multinational Enterprises. Terveystalo is also committed
to the international human rights framework (Universal
Declaration of Human Rights, the International Covenant
on Civil and Political Rights and the International
Covenant on Economic, Social and Cultural Rights)
and the ILO Declaration on Fundamental Principles
and Rights at Work (freedom of association, the right
to collective bargaining, the elimination of all forms
of forced or compulsory labour, the abolition of child
labour, the elimination of discrimination in respect of
employment and occupation, a safe and healthy working
environment). Should any activities have the potential
to affect vulnerable groups, Terveystalo also takes into
account other international norms and principles, such
as the Convention on the Rights of the Child.
The human rights policy describes the company’s
most significant human rights risks and impacts, the
processes for managing, mitigating and eliminating the
most significant risks, and whistleblowing mechanisms.
The human rights impact assessment carried out in
late 2024 constitutes the basis for the policy, and will
be taken into account as part of the update of the
double materiality assessment in 2025. The process
for managing, mitigating and eliminating the most
significant risks will be further developed in 2025,
particularly with regard to the supply chain. Terveystalo’s
human rights policy is approved by Terveystalo's Board
of Directors. Terveystalo’s Executive Team is responsible
for ensuring that the principles set out in the policy
are taken into account in the Group’s strategy and
day-to-day operations.
Policies related to the payment of taxes
Terveystalo’s tax position is guided by Terveystalo's tax
policy, which covers the group-level guideline, and is a
publicly available document. Terveystalo's tax policy is
revised regularly. The responsibility for keeping the tax
policy adequate and updated lies with Terveystalo's tax
team within the finance unit. Changes to Terveystalo's
tax policy are approved by Terveystalo's CEO. The tax
policy is based on Terveystalo's strategy and values,
according to which the company aims to be the leader
and policy maker in its industry. Further, Terveystalo’s
intention is to positively impact society. Matters
related to taxation always have business reasons at
Terveystalo – taxation does not drive the conduct of
business abroad.
In accordance with Terveystalo’s policies related to
the payment of taxes, the company pays, collects, remits
and reports its indirect and direct taxes in full at the
right time and place, i.e. where the economic activity,
value-added and work generating the profit actually
take place. This means that Terveystalo, as a Group,
pays the majority of its taxes to Finland, which is where
most of its operations take place. In addition, taxes
were paid in 2024 to Sweden for the Feelgood business
and to Estonia for the operations of Terveystalo Estonia
Oü. Terveystalo’s responsible tax policy ensures that
the company’s financial profit is divided fairly between
its key stakeholders, namely customers, shareholders,
municipalities, and the state. Tax revenue, in turn,
is used to finance public services and investments
that support the state’s capabilities, sustainability,
and responsiveness.
Terveystalo publishes its tax footprint annually. The
tax footprint describes the total sum and distribution of
taxes and tax-like charges paid to society. Terveystalo’s
direct taxes include corporate income tax, transfer tax
and real estate tax, and the company’s indirect taxes
include value added tax, for example. Terveystalo’s
income taxes are reported on a cash basis, which is why
the amount of corporate income tax varies between
financial periods. The amount of corporate income
tax depends on the taxable profit of the separate
companies, and the taxable profit is affected by the
Group companies’ business operations and changes
during the financial period. In accordance with the Tax
Accounting Act, a share of the corporate income tax
Terveystalo pays is distributed to the municipalities
where Terveystalo’s employees have worked, based
on the number of employees. This means that all of
Terveystalo’s clinics and outsourcing operations accrue
tax revenue for the municipality they operate in.
As a basic rule, private healthcare companies are not
eligible to deduct value added tax on purchases, which
means that VAT is a substantial factor for companies.
Indeed, the proportion of value added tax that is not
deducted increases Terveystalo’s tax footprint. The
healthcare services sold by a private service provider are
tax-free for customers. As in previous years, Terveystalo’s
tax footprint reporting describes the share of VAT that
is recognised as an expense for Terveystalo Group.
However, some services – such as cosmetic surgery –
may not be exempted from VAT for the customer, which
means Terveystalo collects and remits VAT. Starting
from the financial period 2022, Terveystalo has added
its net remitted VAT to its tax footprint. This consists
of the VAT remitted to the Finnish Tax Administration
for Terveystalo’s services subject to VAT. The amount
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of net remitted VAT depends on the extent of business
operations subject to VAT, which varies from one
financial period to the next. Period-specific fluctuations
in volume are reflected in period-specific differences in
the amount of net remitted VAT.
Terveystalo's corporate culture
Terveystalo’s mission is to fight for a healthier life by
focusing on the meaningful matters. Terveystalo aims
to always offer fluent, caring and effective integrated
care to its customers. The cornerstones of Terveystalo’s
strategy are:
•
Understanding customers and their needs.
•
Preventing and managing health risks.
•
Referring people to the right service and treatment.
•
Caring for the patient throughout the care pathway.
•
Cooperating in multidisciplinary teams.
•
Measuring and improving the effectiveness of care.
With the integrated care model, Terveystalo aims
to achieve both a positive social impact and high
profitability. Terveystalo’s values constitute the
foundation for all of Terveystalo’s operations:
•
Human being at the centre: We take responsibility
for the health and well-being of our fellow human
beings, for the opportunity to live a good life.
We work together to help our customers, and our
customer guides us in our renewal. We help each
other and value all of our experts.
•
Steered by medical science: Everything we do is
based on medical science and research. All of our
decisions are steered by the effectiveness of care and
the well-being of our customers.
•
Reforming healthcare: We foster continuous
development. We challenge ourselves to build more
functional healthcare for everyone and reform the
industry with open-minded use of technology.
A value-based and ethical corporate culture is a
prerequisite for Terveystalo’s operations and existence.
It supports Terveystalo’s attractiveness as a workplace
for highly competent professionals and increases
the commitment of the personnel and the sense of
meaningfulness experienced by the members of the
work community. An ethical corporate culture also
supports Terveystalo’s attractiveness as a reliable
service provider for customers and as a partner for
other stakeholders. The objectives of Terveystalo’s
corporate culture are a high work ethic, professionalism,
solution-oriented cooperation and measurable impact
in everything the company does. Highly competent and
committed personnel are the most important resource in
Terveystalo's operations, and Terveystalo’s attractiveness
as an employer and the well-being at work and job
satisfaction of Terveystalo’s employees and practitioners
constitute the foundation of everything the company
does. Terveystalo’s goal is to be the best and most
attractive employer in its industry for all professionals.
Terveystalo invests in the competence and well-being of
its personnel and the corporate culture. Equality, fairness
and non-discrimination are its key policies.
The principle of doing what is right is part of all
operations at Terveystalo, both as a company and as
individuals. Terveystalo’s employees and practitioners
must do what is right regardless of where they are,
who they are with, or what the circumstances are. A
workplace culture that does not compromise on doing
what is right creates a foundation for long-term success.
Responsible business is also financially profitable and
sustainable. An ethical corporate culture supports
Terveystalo’s attractiveness as a reliable service provider
for customers and as a partner for other stakeholders.
Making sustainable choices and doing what is right
strengthens customers’ trust in Terveystalo, builds long-
term cooperation and creates value for Terveystalo’s
shareholders. At the same time, it ensures that
Terveystalo remains an attractive workplace for people
who share its values. Terveystalo’s Code of Conduct
includes a commitment to always complying with the
laws and regulations governing Terveystalo’s operations.
The responsibilities of Terveystalo Plc's Board of
Directors include reviewing and approving the strategic
objectives and strategic plans of the company and
its various business functions as well as monitoring
their implementation. The CEO is responsible for the
day-to-day management of the company and for
executing the company’s strategy in accordance with the
instructions and orders issued by the Board of Directors.
The CEO undertakes the execution of measures
approved by the Board of Directors and oversees
preparations for strategically important measures. The
Executive Team assists the CEO with tasks such as the
preparation and execution of the company’s strategy,
business plans, matters of principle, and any other
important matters. At Terveystalo, the management
approach is evaluated on the basis of audit observations,
feedback, identified development areas and the
achievement of Terveystalo’s targets. The management
approach is adjusted as necessary.
In addition to the company’s mission, values
and strategy, Terveystalo’s operations are guided by
Terveystalo’s Code of Conduct and Supplier Code of
Conduct. Terveystalo’s management and supervisors are
responsible for the communication and implementation
of the Code of Conduct, and monitoring compliance
with the Code of Conduct. Terveystalo has online
training on the Code of Conduct for all Terveystalo
personnel. Its aim is to improve awareness of key themes
related to compliance and to promote the continued
development of an ethical and compliance-driven
culture. Terveystalo Group also expects its suppliers to
observe high standards of sustainability with regard to
ethical, social and environmental perspectives, as well as
occupational health and safety.
Terveystalo is a signatory to the UN Global Compact
(UNGC) initiative. Terveystalo is committed to the UN
Guiding Principles on Business and Human Rights, the
conventions of the International Labour Organization
(ILO) and the Ten Principles of the UN Global Compact.
Terveystalo is continuing to integrate the Global
Compact principles concerning the environment, human
rights, labour and anti-corruption into Terveystalo’s
operations, culture and value chain.
Terveystalo’s strategy and business model are
described in more detail in the section Strategy, business
model and value chain (SBM-1) on pages 75–76.
Mechanisms for identifying, reporting
and investigating concerns
One important aspect of Terveystalo’s culture of doing
the right thing is that everyone who acts on behalf of or
with Terveystalo Group, and every customer, partner and
supplier, can freely report any suspicions of misconduct
and trust that Terveystalo will take appropriate measures
to investigate the matter. Terveystalo Group encourages
all of its employees and private practitioners to report
any potential misconduct without delay. Terveystalo
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has online training on the Code of Conduct aimed at
everyone in the organisation. The training includes
instructions on highlighting and reporting misconduct.
The training is described in more detail below in the
section on targets related to business conduct on
pages 129–130 and in the section on actions related to
business conduct on page 131.
Terveystalo Group's Code of Conduct emphasises
that actual or suspected violations of the Code of
Conduct must be reported to the supervisor, the
supervisor’s supervisor or Terveystalo’s Legal and
Compliance department. As regards patient safety,
everyone at Terveystalo is under the obligation to
submit an incident report if they observe, or are made
aware of, an issue that jeopardises patient safety,
customer safety or data protection. Anyone can
submit an incident report via Terveystalo’s website if
they observe that patient safety or data protection
has been compromised. In HR-related matters, the
primary contact channel is Terveystalo’s HR unit.
Suspected misconduct can also be reported via
Terveystalo’s reporting channel, which is open to
everyone. The reporting channel can be used, for
example, if the suspicion concerns serious misconduct
or if, due to the sensitivity of the matter, it is necessary
to report it anonymously. The reporting channel
enables anonymous reporting of observed or
suspected misconduct at https://www.report.whistleb.
com/en/terveystalo. The reporting channel has been in
place since 2017, and it has become established as one
possible avenue for reporting suspected misconduct
or violations. In Sweden, Feelgood Svenska AB and its
subsidiaries have their own reporting channel, which
is intended for internal use within Feelgood. Terveystalo
and Feelgood use technical reporting channel platforms
developed by external service providers, but process and
investigate the received reports themselves as described
below. All reports and suspicions of misconduct are
investigated without delay, independently and impartially
regardless of the channel used to report the suspected
misconduct, or whether the suspicion of misconduct arises
in connection with normal operating activities.
The reporting channel can be used to submit reports
concerning actual or suspected misconduct related to the
following topics, for example: consumer protection, the
prevention of money laundering and terrorist financing,
violations of financial market rules and regulations,
violations of procurement legislation or unfair competition,
environmental protection, violations of data protection
legislation and regulations governing the security of
network and information systems, taxation, product safety
and compliance, as well as actual or suspected violations
of the applicable industry-specific regulations, including
the Radiation Act and the Medicines Act.
The identity of whistleblowers and the subjects of
whistleblower reports, as well as other matters related to
the reports, are kept confidential in accordance with the
law, and whistleblowers are protected in compliance with
the national legislation enacted in Finland and Sweden
to implement the European Union’s Whistleblower
Protection Directive (Directive (EU) 2019/1937). If a
suspected violation proves to be unwarranted, there are
no negative consequences to the reporter provided that
the reporter has acted in good faith. No retaliation of
any kind is allowed. This includes threats, punishments
or discrimination against persons who submit reports or
persons participating in investigations of reports. Actions
to prevent reporting, or to influence the content of a
report, are also prohibited.
Reports received via Terveystalo's reporting channel
are processed only by persons designated to process
reports in the HR or Legal and Compliance function and,
where necessary, specialists and Terveystalo’s external
advisors appointed on an investigation-specific basis.
The designated persons are updated as necessary. The
persons who process reports are clearly indicated on the
pages of each language version of the reporting channel.
If any of the persons who process reports are potentially
disqualified from processing a report, the reporter is
encouraged to point this out when submitting their report
so that the persons who process reports can take the
necessary measures to ensure the impartial processing
of the report. Disqualified persons will not participate
in the processing of the report. Terveystalo’s Senior Vice
President, Human Resources and the HR Director process
reports concerning HR matters, the Chief Administrative
Physician and Chief Medical Officer of the Healthcare
Services process reports concerning medical matters, and
the Data Protection Officer processes reports concerning
data protection. Reports concerning other matters
are processed by Terveystalo’s Legal and Compliance
department. During the course of an investigation, other
specialists can also be appointed to the investigation team
if necessary. Where necessary, in investigations of reports
concerning a particular employment relationship, the
supervisor of the reporter’s supervisor is also engaged in
the investigation at an early stage, unless the supervisor’s
supervisor is the subject of the report or if engaging them
in the investigation is otherwise not appropriate. The
subject of the report is heard during the investigation if
possible. Where necessary, assistance can be sought from
external advisors who are specialists in the subject matter
of the report. The persons handling reports are trained
on current themes related to whistleblower protection
as necessary. Reports received through Feelgood’s
internal reporting channel are processed by Feelgood’s
Legal Department and/or Quality Manager. If necessary,
other specialists can also be appointed internally to the
investigation team, and the assistance of external advisors
can be requested as necessary.
Any identified incidents of material misconduct
are reported to Terveystalo’s senior management and
the Audit Committee of the Board of Directors, which
monitors the procedures for handling complaints and
concerns raised anonymously or otherwise regarding
financial reporting, internal control or auditing, potential
violations of the rules governing the financial markets,
other breaches of legislation or the company’s Code of
Conduct, or other violations. In Sweden, any identified
incidents of misconduct are reported to Feelgood’s
CEO, who is also a member of the Terveystalo Group's
Executive Team. If the CEO is disqualified, the misconduct
is reported to the Board of Directors of Feelgood Svenska
AB or Terveystalo’s General Counsel. The potential
findings arising from reported incidents and completed
investigations are taken into consideration in the
development of Terveystalo Group’s processes.
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Sustainability statement

Management of relationships
with suppliers
G1-2
The success of Terveystalo’s business and maintaining
its competitiveness require efficient and sustainable
supplier cooperation. Terveystalo has a Supplier
Relationship Management (SRM) model in place for
supplier management.
The goals of the SRM model are as follows:
1.
Ensuring the availability of supply and services:
responsible cooperation ensures business continuity
even in disruptions.
2. Improving the predictability of prices and cost
control: close cooperation helps to manage the total
costs of procurement.
3. Ensuring sustainability: suppliers commit to
Terveystalo’s sustainability requirements, which
cover financial, tax-related, social and environmental
impacts.
4. Maintaining and improving quality: cooperation
ensures high and consistent quality and a good
customer experience while ensuring sustainability.
5.
Taking advantage of innovation: close supplier
cooperation provides information on products,
services and operating models and produces new
sustainable innovations.
The implementation of the SRM model at Terveystalo
is the responsibility of a specialist designated for each
supplier relationship. They maintain adherence to the
SRM model in supplier cooperation. The specialist
is responsible for the designated procurement
area and coordinates supplier cooperation with the
supplier in question for all of Terveystalo’s functions.
The SRM model covers supplier relationship life-
cycle management. The procurement function is
responsible for analysing supplier volume and the
classification of suppliers and, if necessary, participates
in supplier cooperation or supports specialists in the
implementation of the SRM model.
Supplier relationship management provides better
visibility into the supply chain, improving delivery
reliability, quality management and risk management,
and increasing visibility into total costs and the flexibility
of the supply chain.
Management of
the procurement process
Terveystalo’s procurement principles are focused on
supporting strategic business objectives, sustainability,
cost efficiency and quality assurance. Procurement is
systematic and requirements driven.
In accordance with the procurement process,
Terveystalo’s sourcing is subject to competitive
tendering, and decisions are made on the basis of
tenders and negotiations. Terveystalo ensures that the
sourcing process is transparent, appropriate and cost-
efficient. Depending on the business significance, and
its scope and contract value, the relevant stakeholders
are engaged in the procurement process. Changes in
markets, service quality, the legal framework and price
are taken into account in Terveystalo's procurement
activities. The selection criteria include professional
competence, reliability, financial stability, sustainability,
resources, life-cycle costs, quality and competitive
pricing. As a rule, Terveystalo’s general terms of
agreement apply to all procurements and agreements,
subject to case-by-case assessment.
Purchase invoice process
Terveystalo ensures that purchase invoices are paid in a
timely manner. The majority, approximately 95 percent,
of purchase invoices are received as e-invoices or by
e-mail, which makes the invoice management process
more efficient and ensures that invoices are received.
The use of artificial intelligence in invoice processing
means that most invoices are automatically circulated
without any delays. Invoices requiring manual processing
are forwarded to the relevant party on the day they are
received. The system sends daily reminders to end-users
about incomplete tasks, and separate reminders are
sent to inspectors and approvers regarding overdue
invoices. Terveystalo’s internal processes and division
of responsibilities support the smooth circulation of
invoices and the transition to the payment stage. During
holidays, invoice inspectors and approvers are reminded
of the importance of out-of-office settings. Approval
authorisations can be transferred to a substitute in
accordance with the approval matrix, which ensures
that invoices are processed on schedule even during
absences. For procurement agreements, the payment
terms stipulated by the agreement are observed. The
invoicing address information recommends a payment
term of at least 30 days, but the aim is to circulate and
pay invoices faster than that, especially with respect
to smaller companies and suppliers. Penalty interest
and related costs of late payment are monitored as
performance indicators of the accounts payable team,
and the processes are continuously developed using
based on related analyses. The responsible and smooth
processing of purchase invoices supports not only
Terveystalo’s operations but also the financial stability
of its partners.
Prevention and detection of
corruption and bribery
G1-3
In the area of anti-corruption and anti-bribery,
Terveystalo complies with the law and other
applicable regulations and guidelines. Terveystalo is
also committed to the UN Global Compact (UNGC)
initiative and its anti-corruption principles. Terveystalo’s
operations are also guided by the Code of Conduct,
which lays down the main principles for the prevention
of corruption and bribery including, for example,
giving and accepting gifts and hospitality, the
avoidance of conflicts of interest, and fair competition.
Terveystalo has an anti-corruption and anti-bribery
compliance programme that includes policies, process
instructions and other supplementary instructions on
the subject. The guidelines cover, among other things,
gifts and hospitality, disqualification, fair competition
and a sustainable supply chain and value chain.
The prevention of corruption and bribery is
included in Terveystalo’s Code of Conduct, which
addresses the giving and accepting of gifts and
hospitality, sponsorships, accepting and making
donations, understanding and avoiding conflicts of
interest, and fair competition. All of Terveystalo’s
contract suppliers and suppliers participating
in tendering processes are required to accept
Terveystalo’s Supplier Code of Conduct, which
includes guidelines and requirements concerning
the prevention of corruption and bribery, conflicts of
interest, and fair competition, amongst other things.
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Sustainability statement

The Code of Conduct, Supplier Code of Conduct
and other key policies and guidelines related to the
prevention of corruption and bribery are described
above in the section on policies related to business
conduct, on pages 123–126.
Terveystalo’s Code of Conduct emphasises that
Terveystalo does not give or accept gifts or other
benefits that could affect business decisions or have
considerable personal or financial value. Any gifts
given and hospitality offered must support a clear
business objective, be of reasonable value and be
appropriate with regard to the nature of the business
relationship. In accordance with the Code of Conduct, all
decisions and transactions made at Terveystalo must be
in Terveystalo’s best interest and not based on anyone’s
personal interests. Friends and relatives must be treated
like any other partners, and personal relationships with
partners must not influence decision-making. Everyone at
Terveystalo must recognise and avoid conflicts of interest
and refrain from making decisions that involve, or may
involve, a conflict of interest. Any circumstances that
may be considered a conflict of interest must be reported
to the supervisor immediately, and the matter must be
resolved in accordance with Terveystalo's interests.
In addition to customers, personnel, private
practitioners, shareholders and suppliers, Terveystalo’s
key stakeholders include the public authorities and
societal decision-makers that influence the legislation
governing Terveystalo’s industry and the drafting of such
legislation. The development and renewal of healthcare
is a shared goal for Terveystalo, the authorities and
decision-makers. Terveystalo engages in open dialogue
on issues related to the healthcare sector with the
authorities and societal decision-makers. The channels
of interaction include open dialogue, meetings and
staying in touch through participation in various working
groups and events, among other things. Terveystalo
also has representatives in several organisations. The
most significant of these are the Confederation of
Finnish Industries, the Finland Chamber of Commerce,
the Helsinki Region Chamber of Commerce, the
Finnish Association of Private Care Providers HALI, the
Association of Finnish Private Healthcare Providers, the
Finnish Association of Purchasing and Logistics LOGY,
and FIBS ry. Terveystalo conducts open dialogue with
industry organisations on topics related to the industry
and engages in diverse cooperation with organisations
such as the Finnish Association of Private Care Providers
HALI and the Association of Finnish Private Healthcare
Providers. The cooperation channels include working
groups and various events.
According to the Code of Conduct, Terveystalo
does not support political activities. Terveystalo does
not sponsor political parties or organisations, directly
or indirectly, nor does Terveystalo fund the election
campaigns of individual candidates.
Terveystalo’s Code of Conduct includes a
commitment to fair competition. Terveystalo competes
fairly, with integrity, and in compliance with the
applicable legislation. All Terveystalo employees are
required to comply with laws, regulations and internal
guidelines pertaining to competition, including
Terveystalo Group’s competition law guidelines.
Terveystalo has mandatory online training on the
Code of Conduct and compliance for all employees.
The aim of the training is to provide an improved
understanding of key compliance-related themes, such
as the avoidance of conflicts of interest, the prevention
of bribery, and fair competition. The content concerning
the prevention of corruption and bribery was compiled
into a separate course section in the revised online course
on compliance in 2023. Among Terveystalo’s internal
functions, public services, B2B sales and procurement
are the most susceptible to corruption and bribery.
The aforementioned online training on the Code of
Conduct, which also includes content on the prevention
of corruption and bribery, is mandatory for all Terveystalo
employees and therefore also for all employees working
in the functions identified as having an elevated risk.
The Code of Conduct, Supplier Code of Conduct and
the competition law guidelines are discussed in more detail
above in the section on policies related to business conduct,
on pages 123–126. Mechanisms for identifying, reporting
and investigating concerns and suspected misconduct
are discussed in more detail above on pages 126–127 and
supplier audits below in section on actions concerning
sustainable supply chain on pages 130–131. The training of
personnel on compliance with the Code of Conduct and
other requirements is discussed in more detail below in the
section on targets related to business conduct on pages
129–130 and in the section on actions related to business
conduct on page 131.
Targets
Terveystalo has selected two key targets for managing
its impacts related to ethical business conduct. The
selected targets promote the realisation of ethical and
sustainable business at Terveystalo and in its value and
supply chains. Both targets are connected to following
material sustainability matters related to business
conduct as defined by Terveystalo: corporate culture,
responsible supply chain, prevention of corruption and
bribery, and respect for human rights. Terveystalo has
not set a measurable target related to responsible tax
payment. Terveystalo reports its tax footprint annually
(see pages 131–132) and monitors the efficiency of its
policies and actions related to tax payment.
Training the personnel on compliance
with the Code of Conduct and
correct action
Terveystalo is committed to promoting ethical business
practices and provides training to its personnel on
compliance with the Code of Conduct and correct
action. Terveystalo has online training aimed at everyone
in the organisation on compliance with the Code of
Conduct. Separate customised online training that takes
differences in operating environments into consideration
is in place for administrative personnel and those
engaged in clinical work. Completing the course is
mandatory for all employees.
The purpose of the courses is to build an
understanding of why compliance and ethical and
sustainable business is important and how it is related
to the day-to-day actions and decisions by everyone
at Terveystalo. A further goal of the training is to
create a better understanding of key themes related to
compliance, including the prevention and detection of
corruption and bribery, fair competition, the avoidance
of conflicts of interest, and reporting misconduct, and to
further develop Terveystalo’s culture of compliance.
A new compliance course was introduced in
spring 2023. In connection with this, the course was
revised, the content of the training was customised on
a targeted basis to account for the differences between
the operating environments of administrative personnel
and those engaged in clinical work, and the training
was made more interactive. The course was moved to a
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new online platform to improve the user experience.
The development of the online compliance course
continued throughout 2024.
Everyone at Terveystalo is required to observe
the Code of Conduct, regardless of their business
unit or position, which is why the target is for all
Terveystalo employees to have completed the
training on the Code of Conduct and correct action.
Going forward, the course will need to be taken
once every two years. During the completion review
period 5/2023–12/2024, 91 percent of Terveystalo's
employees in permanent, full-time employment
relationships completed the training. The figures
include Terveystalo’s operations in Finland. A revised
online course on compliance will be deployed in
Sweden in 2025.
In 2024, measures were taken to improve
the reach of the online compliance course.
Communication concerning the course was increased
and clarified, the course completion and monitoring
process was clarified, the monitoring of course
completions was made more efficient, and the other
language versions of the course were updated to
correspond to the Finnish-language course revised in
2023. The measures taken during 2024 were reflected
in a clear increase in completion activity during the
year. Completion activity is monitored regularly.
The development of the online course completion
and monitoring process will continue in 2025, in
addition to which the content of the course will be
reviewed to ensure that it responds to changes in the
operating environment.
Target
Metric (KPI)
Scope
Target level
Target year
Base year
2024
2023
All employees have completed training
on the Code of Conduct and correct
action
Percentage of employees in permanent,
full-time employment relationships who
have completed the training relative to
all employees in permanent, full-time
employment relationships1)
Terveystalo’s Finnish operations
100%
Continuous
2023
91%
1)
72%
1)
Key suppliers accounting for over 80%
of total procurement have approved the
Supplier Code of Conduct
Percentage of suppliers who have
approved the Supplier Code of Conduct2)
Terveystalo’s Finnish operations
100%
Continuous
2023
97%
81%
1) The new compliance course was introduced and moved to a new online platform in spring 2023. Going forward, the course must be completed once every two years, and the course completion period
5/2023–12/2025 was under way during the period 5/2023–12/2024. For this reason, the reported figure for 2023 includes completions for the period 5/2023-12/2023 (i.e. completions that took place after
the course was revised and were accomplished by 31 December 2023). The reported figure for 2024, on the other hand, includes completions for the period 5/2023–12/2024 (i.e. completions that took place
after the course was revised and were accomplished by 31 December 2024). The reported figures do not include Medimar Scandinavia Ab or the companies acquired in Finland during 2024 (SRK Group Oy,
Suomen Radiologikeskus Oy, iRad Oy, Kajaanin Radiologieskus Oy, and Cityläkarna Mariehamn Ab), whose personnel are not in Terveystalo's centralized personnel system and do not have access to Terveystalo's
learning platform.
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.
Suppliers that have approved the
Supplier Code of Conduct
Terveystalo also strives to ensure ethical and sustainable
business conduct in its value and supply chains.
Contractual suppliers and suppliers participating
in tendering processes are required to approve
Terveystalo’s Supplier Code of Conduct, which includes
guidelines and requirements pertaining to supply chain
management, product safety and compliance, and
business ethics, including the prevention of corruption
and bribery, competition law, conflicts of interest and
data protection, as well as human rights, fundamental
rights at work, occupational health and safety, taxation
and environmental responsibility.
The target is for 100 percent of Terveystalo’s key
suppliers to have approved the Supplier Code of
Conduct. At the end of 2024, 97 (81) percent of key
suppliers, representing approximately 80 percent of
Terveystalo’s total procurement for operations in Finland,
had approved the Supplier Code of Conduct. The figures
include Terveystalo’s operations in Finland.
Actions
Sustainable supply chain
To ensure compliance with the Supplier Code of Conduct
and other contractual terms, Terveystalo conducts
supplier self-assessments and regular audits. Supplier
audits are carried out on a targeted basis. A total of four
supplier audits were conducted in 2024. The audited
entities are suppliers that are critical to Terveystalo. They
are selected based on their business significance or risk
factors related to the supplier.
Supplier audits are carried out by Terveystalo's
own personnel. The audit participants include the
procurement function, the designated specialist
responsible for the supplier relationship, and other
specialists involved in supplier cooperation. The audit
comprises a preliminary information form completed
by the supplier, a supplier interview, a site visit and
feedback sessions. The objective of supplier audits is
to develop supplier cooperation and ensure that the
audited supplier’s operations satisfy the contractual
requirements pertaining to the content of the service,
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sustainability, quality and information security. The
outcomes of audits can include identified strengths,
observations on development areas, slight or significant
deviations, or potential breaches of agreement.
Terveystalo provides the audited supplier with a written
summary of the audit results and potential deviations.
For any identified deviations, a corrective action plan is
required to rectify the deviations and ensure compliance
with the contractual requirements. Four supplier
audits were conducted in 2024. The audited entities
included a supplier of healthcare supplies, a supplier
of pharmaceutical products, a supplier of healthcare
equipment, and a service provider used for textile care.
Prevention of corruption and bribery
Policy and process development concerning the
prevention of corruption and bribery continued
throughout 2024. The content concerning the
prevention of corruption and bribery was compiled
into a separate course section in the revised online
compliance course in 2023. The aim was to identify
situations that may involve a risk of corruption or
bribery, and to train the personnel to act ethically and
in accordance with the requirements in the situations in
question. Sections concerning the responsible supply
chain and value chain have also been integrated into
the revised course content, complete with detailed
examples. Course content on conflicts of interest and
gifts and hospitality has also previously been integrated
into the revised online compliance course. The
development of the online compliance course continued
throughout 2024. Terveystalo also continuously
develops its compliance program and the related
processes and controls to ensure that they correspond to
the changes in the operating environment.
One important aspect of Terveystalo’s culture
of doing the right thing is that everyone who acts
on behalf of or with Terveystalo Group, and every
customer, partner and supplier, can freely report any
suspicions of misconduct and trust that Terveystalo
will take appropriate measures to investigate any
actions that are or are suspected of being in violation
of the Code of Conduct. Terveystalo encourages
all of its employees and private practitioners to
report any potential misconduct without delay.
Observed or suspected misconduct related to the
Code of Conduct, can be reported anonymously at
www.report.whistleb.com/en/terveystalo. One of the
focus areas of the Compliance function has been to
increase awareness of the reporting channel to make the
threshold for reporting as low as possible. Terveystalo
estimates that this effort has been successful. All
suspected misconduct and violations are investigated
appropriately and confidentially regardless of the channel
used to report the suspected misconduct, or whether
the suspected misconduct arises in connection with
normal operating activities. Potential incidents related to
corruption or bribery are reported to Terveystalo’s senior
management and the Audit Committee of the Board
of Directors. The processing of reports received through
the reporting channel is described in more detail above
in the section on mechanisms for identifying, reporting
and investigating concerns on pages 126–127 and in the
processing instructions for Terveystalo’s reporting channel,
which are publicly available in Finnish on Terveystalo's
external website.
Respect for human rights
Terveystalo does not tolerate any form of discrimination,
harassment, bullying, racism or inappropriate
treatment, nor does Terveystalo condone the use
of child labour, any form of forced labour, or other
human rights violations in its own operations or its
value chain or supply chain. Terveystalo respects the
human rights set out in the UN Declaration of Human
Rights as well as the workers’ rights defined by the
International Labour Organization (ILO) and related
international conventions. The company is committed
to the UN Global Compact (UNGC) initiative and
its principles pertaining to human rights and labour
rights. Terveystalo’s service providers, suppliers and
other partners are also expected to observe the same
principles and respect internationally recognised human
rights. Principles related to human rights are included
in Terveystalo’s Code of Conduct and Supplier Code of
Conduct.
In late 2024, Terveystalo carried out a human rights
impact assessment concerning the entire value chain.
Terveystalo’s human rights policy, which was formed on
the basis of the impact assessment, entered into effect in
January 2025. The identified potential adverse impacts
will be taken into account in the update of the double
materiality assessment in 2025 and the development of
due diligence processes during 2025.
Improving the reach of the online
course on compliance and the Code of
Conduct that was revised in 2023
The revised version of the online course package on
compliance and Terveystalo’s Code of Conduct was
introduced in spring 2023. In connection with this,
the course was revised, the content of the training
was customised on a targeted basis to account for the
differences between the operating environments of
administrative personnel and those engaged in clinical
work, and the training was made more interactive. One
of the focus areas of the update was also to identify
grey area situations in which a given course of action
is not illegal but nevertheless ethically problematic in
some cases. The course was also moved to a new online
platform to improve the user experience.
In 2024, measures were taken to improve the reach
of the revised online course. Communications about
the course were increased and clarified, the course
completion and monitoring process was clarified, course
completion monitoring was enhanced and the other
language versions of the course package were updated
to correspond to the Finnish-language content revised
in 2023. The measures taken during 2024 were reflected
in a clear increase in completion activity during the year.
Completion activity is monitored regularly. During the
year, the deployment of the revised online course also
began in the Group's Swedish operations. The aim is for
the revised online course on compliance to be rolled out
in Sweden during 2025.
The goal of the course package is to create a better
understanding of key themes related to compliance,
including the prevention and detection of corruption
and bribery, fair competition, the avoidance of conflicts
of interest and the reporting of misconduct, and to
further develop Terveystalo’s culture of compliance.
The course and the related actions are connected to
following material sustainability matters related to
business conduct as defined by Terveystalo: corporate
culture, responsible supply chain, prevention of
corruption and bribery, and respect for human rights.
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Sustainability statement

Terveystalo pays its taxes according to
the value-added chain
The parent company of the Terveystalo Group and
the financing and procurement companies operate
in Finland and pay their taxes to Finland. Terveystalo
has companies providing health services and other
services in Finland, Sweden and Estonia. All of the
Group companies engage in economic activities in the
countries they are domiciled in and pay taxes for their
operations in accordance with the local regulations.
Terveystalo’s tax footprint reporting covers all of the
Group’s Finnish companies. For Sweden and Feelgood,
the tax footprint includes all of the companies under
the Swedish subgroup. As the share of revenue
represented by the subsidiary operating in Estonia is
still low compared to the Group as a whole, its share of
the tax footprint is presented in combination with the
figures for Sweden.
In 2024, Terveystalo’s tax footprint totalled EUR
218.7 (212.1) million. The tax footprint is an indicator
of the total tax revenue generated for society by
Terveystalo’s business activities. In addition, Terveystalo
paid a total of EUR 399.4 (380.1) million in fees to
private practitioners, who pay their individual taxes
separately. The taxes paid by private practitioners are
not included in Terveystalo’s tax footprint.
Terveystalo's tax footprint
EUR million
2024
2023
Performance-based statutory payments related to personnel
72.9
79.7
TyEL employee insurance premiums (employer’s share)
53.2
55.1
Unemployment insurance contributions (employer’s share)
3.2
6.3
Accident insurance premiums and group life insurance premiums
+ other social security costs
0.7
0.8
Employer’s health insurance contributions
14.5
16.3
Social security costs outside Finland
1.2
1.1
Taxes withheld from pay1)
90.2
91.5
Taxes paid
55.7
40.9
Non-deducted VAT2)
35.1
31.2
VAT remitted
6.2
0.4
Real estate tax
0.5
0.5
Income tax (cash-based)
12.4
6.6
Asset transfer tax
0.1
0.0
Taxes on dividend payments
1.3
2.1
Total tax footprint
218.7
212.1
1) In addition, a total of EUR 399.4 (380.1) million in fees was paid to private practitioners who are responsible for paying taxes at their own
initiative.
2) Value-added tax is a significant factor for companies in the healthcare sector, as private healthcare companies are not, as a basic rule,
eligible to deduct value-added tax.
Terveystalo's tax footprint by country
EUR million
2024
2023
Finland
196.3
188.8
Sweden and Estonia
22.4
23.3
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Sustainability statement

Tax footprint
To ensure comparability, the basis of preparation
of the tax footprint indicators have remained
the same from one financial period to the next.
The tax footprint is an indicator of the total tax
revenue generated for society by the company's
business activities.
Statutory payments related to personnel
are calculated on a performance basis, and they
include the employer’s share of TyEL employee
insurance premiums and unemployment insurance
contributions, accident insurance premiums and
group life insurance premiums, the employer’s health
insurance contributions and social security costs
outside Finland. Social security costs illustrate the
social impact of the company's employer obligations.
Taxes withheld from salaries are related to
payments made to Terveystalo employees. The
purpose of this calculation principle is to describe the
positive societal impact made through Terveystalo’s
employees. This is supplemented by the fees paid
to private practitioners, for which each private
practitioner pays their own taxes.
Taxes paid consist of the total of taxes and
tax-like payments that are relevant to Terveystalo
Group. Non-deducted VAT consists of the total
amount of value added taxes per financial period
which Terveystalo Group cannot deduct in its value-
added taxation due to the VAT-exempt nature of the
business. Starting from the financial period 2022,
Terveystalo has added its net remitted VAT to its tax
footprint calculation principles. This consists of the
VAT remitted to the Finnish Tax Administration for
Terveystalo’s services subject to VAT. The amount
of net remitted VAT depends on the extent of
business operations subject to VAT, which varies
from one financial period to the next. Period-specific
fluctuations in volume are reflected in period-specific
differences in the amount of net remitted VAT.
The basis of preparation of the tax footprint also
includes describing Terveystalo’s direct taxes as part
of the Group's social impact. Terveystalo Group’s
direct taxes include corporate income tax, asset
transfer tax and real estate tax. Terveystalo’s income
taxes are calculated on a cash basis, which is why
the amount of corporate income tax varies between
financial periods. The amount of corporate income
tax depends on the taxable profit of the separate
companies, and the taxable profit is affected by the
Group companies’ business operations and changes
during the financial period. In accordance with the Tax
Accounting Act, a share of the corporate income tax
Terveystalo pays is distributed to the municipalities
where Terveystalo’s employees have worked, based
on the number of employees. This means that all
of Terveystalo’s clinics and outsourcing operations
accrue tax revenue for the municipality they operate
in. Real estate tax is paid on properties owned by
the company, such as buildings and structures, and
the amount of real estate tax depends on the value
and purpose of the property. The Group’s asset
transfer taxes consist of transactions subject to asset
transfer tax during the financial period. The basis
of preparation of the tax footprint also includes
the collection of taxes on dividends paid, which
is reported on a cash basis and disaggregated by
financial period. The country-specific disaggregation
of Terveystalo’s tax footprint illustrates the
aforementioned taxes and tax-like payments from
a geographical perspective. The disaggregation is
based on a geographical division between Finland
and other countries with business operations (Sweden
and Estonia).
All of the Group companies engage in economic
activities in the countries they are domiciled in and
pay taxes for their operations in accordance with the
local regulations. In terms of the basis of preparation,
this means that Terveystalo’s tax footprint reporting
for Finland covers all of the Group's Finnish
companies. In addition, for Sweden and Feelgood,
the tax footprint includes all of the companies under
the Swedish subgroup. As the share of revenue
represented by the subsidiary operating in Estonia is
still low compared to the Group as a whole, its share
of the tax footprint is presented in combination with
the figures for Sweden.
Basis of preparation of the indicators
Terveystalo
Annual Report 2024
133
Corporate Governance
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Sustainability statement

Financial Statements
Consolidated financial statements, IFRS
135 Consolidated statement of
comprehensive income
136 Consolidated statement of financial position
137 Consolidated statement of cash flows
138 Consolidated statement of changes in equity
139 1. Corporate information
139 2. Accounting policies for the consolidated
financial statements
139
2.1 Basis of preparation
139
2.2 Application of new and amended IFRSs

and new IFRIC agenda decisions
140
2.3 Critical accounting estimates and
judgements
141
2.4 Principles of consolidation
142
2.5 Foreign currency transactions
142
2.6 Property, plant and equipment
142
2.7 Investment properties
142
2.8 Goodwill and other intangible assets
143
2.9 Impairment
143
2.10 Leases
144
2.11 Financial assets and liabilities
144
2.12 Inventories
145
2.13 Employee benefits
145
2.14 Provisions and contingent liabilities
145
2.15 Revenue recognition
146
2.16 Segment information
146
2.17 Government grants
146
2.18 Operating profit
146
2.19 Earnings per share
146
2.20 Income taxes
147 3. Business Combinations
149 4. Segment information
150 5. Revenue
152 6. Other operating income
152 7. Materials and services
152 8. Employee benefit expenses
152 9. Depreciation, amortisation and impairment
153 10. Other operating expenses
153 11. Financial income and expenses
153 12. Taxes
153
12.1 Income taxes
154
12.2 Deferred tax assets and liabilities
155 13. Earnings per share
156 14. Tangible assets
156
14.1 Property, plant and equipment
157
14.2 Right of-use-assets
157
14.3 Lease liabilities
158 15. Intangible assets
159 16. Impairment testing of cash-generating
units including goodwill
161 17. Investment properties
161 18. Associated companies
162 19. Share-based payments
163 20. Financial assets and liabilities – carrying
amount, fair values and fair value hierarchy
164 21. Financial risks
164
21.1 Financial risk management
165
21.2 Interest rate risk and currency risk
165
21.3 Credit risk
165
21.4 Refinancing risk and Liquidity risk
166
21.5 Capital management
166 22. Trade and other receivables
and contract assets
167 23. Cash and cash equivalents
168 24. Share capital and invested non-restricted
equity reserve
169 25. Financial liabilities
169 26. Trade and other payables
170 27. Provisions
170 28. Defined benefit plans
171
29. Collateral and contingent liabilities
171
30. Related party transactions
173 31. Group companies
174 32. Subsequent events
Parent company's financial statement, FAS
176 Parent company’s income statement
176 Parent company’s statement of
financial position
177 Parent company's statement of cash flows
178 Accounting policies of parent company’s
financial statements
178 Notes to the parent company's
financial statements
183 Signatures to the financial
statements and Board of
Director’s report
184 Auditor’s Report
188 Assurance Report on the Sustainability Report
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements
Annual Report 2024
Terveystalo
134

Consolidated financial statements, IFRS
Consolidated statement of comprehensive income
EUR mill.
Note
1.1.-31.12.2024
1.1.-31.12.2023
Revenue
4, 5
1,340.0
1,286.4
Other operating income
6
3.7
4.2
Materials and services
7
-549.8
-536.2
Employee benefit expenses
8
-427.8
-447.0
Depreciation, amortisation and impairment losses
9
-106.4
-193.8
Other operating expenses
10
-143.7
-128.2
Operating result
116.1
-14.7
Financial income
11
2.1
1.2
Financial expenses
11
-28.6
-25.4
Net finance expenses
-26.5
-24.2
Share of results in associated companies
-
0.0
Result before taxes
89.6
-38.9
Income tax expense
12
-18.0
-3.3
Net income
71.7
-42.2
Profit attributable to
Owners of the parent company
71.7
-42.2
EUR mill.
Note
1.1.-31.12.2024
1.1.-31.12.2023
Other comprehensive adjustments
Items that may be reclassified to profit or loss
Translation differences from foreign operations
-2.0
0.1
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations
28
-0.1
-0.1
Other comprehensive income for the period, net of tax
-2.1
0.0
Total comprehensive income
69.6
-42.2
Total comprehensive income attributable to:
Owners of the parent company
69.6
-42.2
Earnings per share for profit attributable to the shareholders of the parent
company, in euro
Basic earnings per share
13
0.57
-0.33
Diluted earnings per share
13
0.57
-0.33
The notes are an integral part of the Consolidated financial statements.
Terveystalo
Annual Report 2024
135
Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Consolidated statement of financial position
EUR mill.
Note
31 Dec 2024
31 Dec 2023
ASSETS
Non-current assets
Property, plant and equipment
14
87.7
84.2
Right-of-use assets
14
182.7
212.1
Goodwill
15, 16
829.4
823.5
Intangible assets
15
82.0
100.0
Investment properties
17
0.3
0.3
Investments in associates
18
0.0
0.0
Loan receivables
20
0.3
0.0
Deferred tax assets
12
7.1
6.0
Other non-current assets
20
0.7
0.8
Total non-current assets
1,190.2
1,226.8
Current assets
Inventories
7.2
7.1
Trade and other receivables
22
135.0
143.1
Current tax receivables
0.9
4.8
Cash and cash equivalents
23
65.2
37.7
Total current assets
208.2
192.6
TOTAL ASSETS
1,398.4
1,419.5
EUR mill.
Note
31 Dec 2024
31 Dec 2023
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital
0.1
0.1
Invested non-restricted equity reserve
492.8
492.8
Treasury shares
-15.2
-15.7
Translation differences
-7.3
-5.2
Retained earnings
77.9
43.5
Equity attributable to equity holders of the Company total
548.2
515.4
TOTAL EQUITY
548.2
515.4
Non-current liabilities
Non-current financial liabilities
20, 21, 25
348.5
394.4
Non-current lease liabilities
14, 21, 25
144.5
172.6
Deferred tax liabilities
12
18.7
20.2
Provisions
27
3.3
2.8
Other liabilities
15.5
13.7
Total non-current liabilities
530.5
603.7
Current liabilities
Current financial liabilities
20, 21, 25
29.7
22.3
Current lease liabilities
14, 21, 25
47.3
46.5
Current tax liabilities
9.5
3.6
Provisions
27
2.9
3.3
Trade and other payables
26
230.3
224.7
Total current liabilities
319.7
300.3
TOTAL LIABILITIES
850.2
904.1
TOTAL EQUITY AND LIABILITIES
1,398.4
1,419.5
The notes are an integral part of the consolidated financial statements.
Terveystalo
Annual Report 2024
136
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Consolidated statement of cash flows
EUR mill.
Note
1.1.–31.12.2024
1.1.–31.12.2023
Cash flows from operating activities
Profit before income taxes
89.6
-38.9
Adjustments for
Non-cash transactions
Depreciation, amortisation and impairment losses
9
106.4
193.8
Change in provisions
27
0.1
-2.1
Other non-cash transactions
-1.5
-6.7
Gains and Losses on sale of property, plant, equipment and other changes
-0.3
-0.2
Net finance expenses
11
26.5
24.2
Changes in working capital
Trade and other receivables
4.9
-8.7
Inventories
-0.1
-0.5
Trade and other payables
9.6
2.5
Interests received
1.0
1.0
Income taxes paid
-12.4
-6.6
Net cash from operating activities
223.7
157.8
EUR mill.
Note
1.1.–31.12.2024
1.1.–31.12.2023
Cash flows from investing activities
Acquisition of property, plant and equipment
-27.3
-24.6
Acquisition of intangible assets
-12.3
-16.4
Proceeds from sale of property, plant and equipment
0.6
0.8
Acquisition of subsidiaries, net of cash acquired
3
-8.4
-4.0
Proceeds from the disposal of subsidiaries, net of cash disposed of
0.3
-
Acquisition of business operations, net of cash acquired
3
-0.3
-0.3
Sale of business operation, net of cash disposed of
-
0.3
Dividends received
0.0
0.0
Net cash from investing activities
-47.4
-44.2
Cash flows from financing activities
Acquisition of non-controlling interests
3
-
-0.1
Proceeds from non-current borrowings
25
200.0
224.6
Repayment of non-current borrowings
25
-145.1
-210.0
Proceeds from current borrowings
25
9.9
26.8
Repayment of current borrowings
25
-100.1
-47.1
Payment of lease liabilities
25
-48.4
-50.9
Payment of hire purchase liabilities
25
-3.8
-4.3
Interests and other financial expenses paid
-23.7
-19.9
Interests and other financial income received
0.3
0.2
Dividends paid
-38.0
-35.4
Net cash from financing activities
-148.8
-116.0
Net change in cash and cash equivalents
27.5
-2.4
Cash and cash equivalents at 1 January
37.7
40.2
Exchange rate differences
-0.1
-0.1
Cash and cash equivalents at 31 December
65.2
37.7
The notes are an integral part of these Consolidated financial statements.
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

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

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

2.2 Application of new and amended IFRSs and
new IFRIC agenda decisions
New and amended standards applied in the financial year 2024
The Group has applied as from 1 January 2024 the following new and amended standards that have come
into effect:
• Amendments to IFRS 16 – Lease Liability in a Sale and Leaseback: The amendments introduce a new
accounting model for variable payments and will require seller-lessees to reassess and potentially restate
sale-and-leaseback transactions entered into since the implementation of IFRS 16 in 2019.
• Amendments to IAS 1 – Classification of Liabilities as Current or Non-current Date; Classification of
Liabilities as Current or Non-current – Deferral of Effective Date; Non-current Liabilities with Covenants:
The amendments are to promote consistency in application and clarify the requirements for determining
if a liability is current or non-current. The amendments specify that covenants to be complied with after
the reporting date do not affect the classification of debt as current or non-current at the reporting date.
The amendments require to disclose information about these covenants in the notes to the financial
statements. The amendments also clarify transfer of a company’s own equity instruments is regarded as
settlement of a liability.
• Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements: The amendments enhance the
transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and
exposure to liquidity risk. Amendments require to disclose quantitative and qualitative information about
supplier finance programs.
The above-mentioned amendments have no impact on Terveystalo’s consolidated financial statements.
Adoption of new and amended standards and interpretations applicable in
future financial years
At the publication day of this Group consolidated financial statements, Terveystalo has not applied following
new and amended standards and interpretations that are effective in future periods:
• IFRS 18 Presentation and Disclosure in Financial Statements* (effective for financial years beginning on
or after 1 January 2027, early application is permitted). IFRS 18 will replace IAS 1 Presentation of Financial
Statements. The key new requirements are as follows:
• Income and expenses in the income statement to be classified into three new defined categories—
operating, investing and financing—and two new subtotals—“Operating profit or loss” and “Profit or
loss before financing and income tax”.
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

• Disclosures about management-defined performance measures (MPMs) in the financial statements.
MPMs are subtotals of income and expenses used in public communications to communicate
management’s view of the company’s financial performance.
• Disclosure of information based on enhanced general requirements on aggregation and disaggregation.
In addition, specific requirements to disaggregate certain expenses in the notes will be required for
companies that present operating expenses by function in the income statement.
Terveystalo has started a preliminary assessment of the impacts on its consolidated financial statements. The
most significant impact identified is that Terveystalo will classify income and expenses into new categories in
income statement. In addition, management-defined performance measures will be disclosed in the notes.

New and amended standards and interpretations applicable in future financial years that are not expected to
have significant impact on Terveystalo’s consolidated financial statements:
• Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments * (effective
for financial years beginning on or after 1 January 2026, early application is permitted)
• Annual Improvements to IFRS Accounting Standards—Volume 11* (effective for financial years beginning
on or after 1 January 2026, early application is permitted)
• Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture* (available for optional adoption, effective date deferred indefinitely)
New and amended standards and interpretations applicable in future financial years that are not expected to
have impact on Terveystalo’s consolidated financial statements:
• Amendments to IAS 21 – Lack of Exchangeability (effective for financial years beginning on or after
1 January 2025, early application is permitted)
• IFRS 19 Subsidiaries without Public Accountability: Disclosures* (effective for financial years beginning on
or after 1 January 2027, early application is permitted)
* Not yet endorsed for use by the European Union as of 31 December 2024.
2.3 Critical accounting estimates and judgements
The preparation of the financial statements requires management to make certain estimates and assumptions
that are based on management's best view of the circumstances prevailing on the reporting date, prior
experience and assumptions about future events related, among other things, to the expected development
of the Group's economic environment in terms of sales and cost level. However, it is possible that the realised
outcomes differ from the estimates and assumptions used in the financial statements. In addition, the
application of the accounting policies requires judgement, especially when the current IFRS standards have
alternative accounting, valuation and presentation methods.
The Group monitors the realisation of the estimates and assumptions and changes in the underlying
factors on a regular basis together with the operating units by using several internal and external information
sources. Changes in estimates or assumptions are recognised in the period when the estimate or assumption
is revised, and in the future periods if the change affects the subsequent periods.
The most important issues requiring management’s judgement are presented below:
Lease contracts
Terveystalo’s lease contracts include both termination and extension options. Group uses the options in
managing lease contracts to ensure the flexible use of premises in the Group’s businesses. Management uses
judgement to determine the use of termination and extension options and assesses the lease termination
dates and lease terms. Based on management’s judgement, the termination options which relate to
perpetual lease contracts for premises that are significant will not be used and such lease contracts are
recognised as long-term lease contracts.
The critical accounting estimates are presented below:
Provisions
The most significant provisions in the statement of financial position relate mainly to loss-making contracts.
Management makes estimates mainly concerning the total loss of the loss-making contracts.
Intangible assets in connection with business combinations
IFRS 3 requires the acquirer to recognise intangible assets separately from goodwill, if certain criteria are met.
Recognising intangible assets separately at fair value requires management to estimate the expected future
cash flows. Management has used available market information when possible in determining the fair values.
If no market information of the asset has been available, the measurement of the intangible asset is based on
the historical yield of the asset and the planned use in operations. The valuations are based on discounted
cash flows and estimated disposal or replacement prices, and the valuation requires management to make
estimates of the future use of the asset and impact on the company’s financial position.
Management believes that the used estimates and assumptions are reasonable for measurement of
fair values. In addition, the Group’s property, plant and equipment and intangible assets are assessed to
determine whether there is any indication of impairment at least at each reporting date.
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

The valuation of contingent considerations
Management makes discretionary decisions and estimates when determining the valuation of deferred
contingent considerations in business combinations. Judgement is applied especially when estimating the
expected amount of payments and is based on potential scenarios for future returns, amounts paid under
different scenarios and the probability of each scenario.
Impairment testing
Impairment testing for cash-generating units to which goodwill has been allocated is carried out at least
annually. The recoverable amounts of cash generating units are estimated based on the calculations of their
value in use. Preparation of these calculations requires use of estimates. Even though management believes
that the used estimates and assumptions are appropriate, the estimated recoverable amounts may differ
from the actual results.
2.4 Principles of consolidation
Subsidiaries
The consolidated financial statements include the parent company Terveystalo Plc and all its subsidiaries
where over 50 percent of the voting rights are controlled by the parent company or the parent company
otherwise controls the company. The Group controls an entity when it is exposed to, or has rights to variable
returns from its involvement with the entity, and has the ability to affect those returns through its power over
the entity.
The subsidiaries are included in the consolidated financial statements starting from the date on which
control commences until the date on which control ceases.
All subsidiaries are consolidated by using the acquisition method. The consideration transferred for the
acquisition of a subsidiary comprise assets transferred, liabilities incurred, and the equity interests issued
by the Group measured at fair value. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at fair value at the acquisition date. On an
acquisition by acquisition basis, non-controlling interest in the acquiree is measured either at fair value or
at value which equals the proportional share of the non-controlling interest in the identifiable net assets
acquired.
All acquisition costs, except costs related to issue of debt or equity securities, are recognised as an
expense as incurred. Transactions treated separately from the acquisition are recognised through the income
statement and are not included in the consideration transferred. Any contingent consideration is measured
at fair value and it is classified either as a liability or equity. Contingent consideration classified as a liability
is measured at fair value at the end of reporting period and the resulting profit or loss is recognised in the
statement of income. Contingent consideration classified as equity is not remeasured.
If the Group gains control in stages in the acquiree, the existing interest will be measured at fair value
through profit or loss.
Goodwill arising from an acquisition is recognised as the excess of the aggregate of the consideration
transferred, the amount of non controlling interests in the acquiree and previously held equity interest in the
acquiree over the fair value of the Group’s share of the identifiable net assets acquired. If the consideration
transferred is less than the fair value of the net assets of the subsidiary acquired, the resulting gain is
recognised in profit or loss.
Intra-group transactions, receivables, liabilities and unrealised gains, as well as the distribution of profits
within the Group are eliminated in the preparation of the consolidated financial statements. Accounting
policies of subsidiaries have been aligned where necessary to correspond to the Group’s principles.
Transactions with non-controlling interests that do not result in the loss of control are treated as equity
transactions – in other words, as transactions with owners when they are acting as owners. The difference
between the fair value of the consideration paid or received and the book value of the portion of the net
assets acquired or disposed is recognised in equity.
When the Group ceases to have control or significant influence, any retained interest in the entity is
measured at fair value through profit or loss.
Associates
Associates are entities over which the Group has significant influence. Significant influence generally arises
when the Group holds over 20 percent of the voting rights, or otherwise has significant influence, but no
control over the entity.
Associates are consolidated using the equity method. They are initially recognised at cost, which includes
transaction cost. If the Group’s share of the associated company’s losses exceeds the carrying amount of the
investment, the investment is recognised at zero value in the consolidated statement of financial position.
Recognition of further losses exceeding the carrying amount is discontinued, unless the Group has incurred
legal or constructive obligations on behalf of the associate.
Unrealised gains resulting from the transactions between the Group and associates are eliminated
according to the Group’s share of ownership. Goodwill relating to an associate is included in the carrying
amount of the investment. The Group’s share of the associated company’s profit or loss for the period is
separately disclosed below net finance expenses. Adjustments have been made when necessary to the
associate’s accounting policies to align to those of the Group.
At each reporting date, the Group reviews the carrying amounts of the investments in associates to
determine whether there is any objective indication of impairment. If any such evidence of impairment exists,
then the impairment loss is determined. An impairment loss is the amount by which the carrying amount
of an investment in associate exceeds its recoverable amount. An impairment loss is recognised in the
statement of income.
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If the Group’s ownership interest in an associate is reduced, but significant influence is retained, only
the relative portion of previously recognised amounts in other comprehensive income and the value of the
investment in the consolidated financial statements are recognised in the statement of income as part of the
gain or loss.
2.5 Foreign currency transactions
The consolidated financial statements are presented in euros which is the functional and presentation
currency of the parent company. Transactions in foreign currencies are translated into respective functional
currency at the exchange rate prevailing on the transaction date. Gains and losses arising from transactions
denominated in foreign currency and from translation of monetary items are recognised in profit or loss as
financial income or expenses.
The functional currency of the Feelgood subgroup is Swedish krona which differs from Group’s
presentation currency, and thus its statement of income, statement of cash flows and statement of financial
position have been translated into presentation currency as follows:
• Statement of income and statement of cashflows are translated at average exchange rates.
• Statement of financial position is translated at the closing exchange rate at the reporting date.
• All resulting exchange differences are recognised in other comprehensive income.
2.6 Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property,
plant and equipment. Land is not depreciated.
The estimated useful lives are as follows:
Magnetic resonance imaging equipment

10 years
Buildings

10–40 years
Machinery and equipment

2–7 years
Improvements to office premises

3–10 years
Premises used in operations are depreciated on a straight line basis over a 40 year depreciation period.
Property, plant and equipment also includes artwork which is not depreciated.
Gains and losses on the sale and disposal of property, plant and equipment are presented in other
operating income or other operating expenses.
Maintenance expenditure are not included in the carrying amounts of property, plant and equipment.
When parts of the magnetic resonance imaging equipment are replaced, the Group capitalises the
replacement costs as a separate item.
The residual values and useful lives of property, plant and equipment are reviewed at each reporting date.
2.7 Investment properties
Investment property refers to properties held by the Group in order to earn rental income or for capital
appreciation or both. Apartments, which are not used in business operations, are mainly accounted for as
investment properties. Investment properties are measured at acquisition cost and depreciated on a straight-
line basis over a 40-year depreciation period.
2.8 Goodwill and other intangible assets
Goodwill
Goodwill arising in a business combination is recognised as the excess of the aggregate of the consideration
transferred, the amount of non controlling interests in the acquiree and previously held equity interest in
acquiree over the fair value of the Group’s share of the identifiable net assets acquired.
Goodwill is not amortised but tested for impairment annually. For impairment testing, goodwill is
allocated to cash generating units or groups of cash generating units. Goodwill is measured at cost less
accumulated impairment losses. An impairment loss in respect of goodwill is not reversed.
Gain or loss on disposed unit includes also the carrying amount of goodwill.
Intangible assets
Intangible assets include software and licenses, as well as acquired companies’ customer relationships,
trademarks and other intangible assets. Intangible assets are recognised initially at cost if the cost of the
asset can be measured reliably and if it is probable that the future economic benefits attributable to the asset
will flow to the Group.
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
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service is received. Configuration and customisation costs which are not distinct from the cloud computing
arrangement, are recognised as prepaid expenses in the statement of financial position and expensed over
the expected duration of the cloud computing arrangement.
Intangible assets acquired in a business combination are recognised at fair value at the acquisition date
separately from goodwill if the assets meet the definition of an asset, are identifiable or rise from contractual
or legal rights.
Intangible assets are measured at cost and amortised on a straight line basis over the known or estimated
useful lives.
Amortisation periods used for intangible assets are as follows:
Immaterial rights

3–7 years
Software

3–5 years
Customer agreements and related customer relationships
3–12 years
Trademarks

20 years or shorter useful life
Other intangible assets

3–5 years
Research and development
Research expenditure are recognised as an expense as incurred in the statement of income. Development
expenditure are capitalised as intangible assets when certain capitalisation criteria are met. Development
expenditure that do not qualify for the capitalisation are recognised as an expense. The estimated useful lives of
capitalised development expenditure are 3–5 years.
2.9 Impairment
Tangible and intangible assets
At the end of each reporting period, the Group assesses whether there are any indications of impairment. If
any indications of an impairment exist, the recoverable amount of the asset is determined. For goodwill and
intangible assets not yet available for use, the recoverable amount is determined annually, irrespective of
whether there is any evidence of impairment. Evidence of impairment is assessed at the level of the Group’s
cash-generating units, i.e. at the lowest unit level, which is largely independent of the other units and whose
cash flows can be distinguished from the cash flows of equivalent units.
The recoverable amount of an asset is the higher of its fair value less costs to sell or value-in-use. The
value-in-use is the amount of estimated future cash flows of an asset or cash generating unit discounted to
present value. The discount rate used is the pre-tax discount rate, which reflects the market view on the time
value of money and specific risks related to the asset.
An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable
amount. The impairment loss is recognised in the statement of income. If impairment loss is related to a
cash generating unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill
allocated to the cash generating unit, and then to reduce the carrying amounts of the other assets on a pro
rata basis. The useful life of an asset, which is subject to depreciation or amortisation, is reassessed when an
impairment loss is recognised. The impairment loss recognised for other assets than goodwill is reversed
if there has been a change in estimates used to determine the recoverable amount. The reversal of the
impairment loss cannot exceed the carrying amount of the asset if impairment loss had not been recognised.
Impairment loss recognised for goodwill is not reversed.
Financial assets
At the end of each reporting period, the Group evaluates indicators of potential impairment of a single
financial asset or a group of financial assets.
The Group recognises an expected credit loss for trade receivables and contract assets based on a
simplified approach. Expected credit loss rates have been calculated using historical information of actual
impairment losses, and the current conditions and the Group’s view of the economic conditions over the
expected lives of the receivables have been taken into account.
2.10 Leases
Group as a lessee
The Group assesses whether a contract is or contains a lease at the inception of a contract. A contract is
or contains a lease if the contract conveys the right to control the use of an identified asset for a period in
exchange for consideration. A lessee recognises a right-of-use asset and a lease liability on statement of
financial position at the lease commencement date.
A lease term is determined as the non-cancellable period of a lease. The lease term includes periods covered
by an option to extend or terminate the lease, if the Group is reasonably certain to exercise the extension option
or not to exercise the termination option. Perpetual lease contracts related to significant premises are accounted
for as long-term lease contracts, as, according to management judgment, the termination options for such
contracts will not be used. The lease term for such contracts is determined based on the Group’s strategy and
network plan.
The Group does not recognise short-term leases (a lease that has a lease term of 12 months or less) and leases
for which the underlying asset is of low value. The lease payments associated with such leases are expensed on
a straight-line basis.
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Initially a right-of-use asset is measured at cost, which comprises the amount of the initial measurement of
the lease liability, any lease payments made at or before the commencement date, less any lease incentives, any
initial direct costs incurred by the Group, and an estimate of restoration costs to be incurred by the Group. If a
lease contains several lease components, they are accounted for separately.
Subsequently right-of-use assets are measured at cost less any accumulated depreciation and any
accumulated impairment losses, and adjusted for any remeasurements of the lease liability. A right-of-use asset
is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset
or the end of the lease term. If the Group is reasonably certain to exercise the purchase option, the right-of-use
asset is depreciated over its useful life. The estimated useful lives of right-of-use assets are 1-13 years.
The book value and useful life of a right-of-use asset are reviewed where necessary but at least annually and
an impairment loss is recognised if there is a change in expectations of the future economic benefits.
A lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date. The Group uses an incremental borrowing rate as the discount rate. A lease liability
includes fixed payments, including in-substance fixed payments; variable lease payments that depend on an
index or a rate, initially measured using the index or rate as at the commencement date; amounts expected to
be payable under a residual value guarantee, and the exercise price under a purchase option that Terveystalo is
reasonably certain to exercise.
Subsequently a lease liability is measured at amortised cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is
a change in the Terveystalo’s estimate of the amount expected to be payable under a residual value guarantee
or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
When a lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of
the right-to-use asset or is recorded in the statement of income if the carrying amount of the right-of-use asset
has been reduced to zero.
2.11 Financial assets and liabilities
Financial assets
The Group’s financial assets are classified at fair value through the statement of income or, at amortised cost.
Classification is based on the purpose of the acquisition of the item and is made upon initial recognition.
Financial assets at fair value through the statement of income comprise of derivate assets, non-quoted
equity instruments and loan receivables. Realised or unrealised gains and losses arising from changes in fair
values are recognised in the statement of income in the period in which they are incurred.
Financial assets at amortised cost consist of trade receivables and other receivables. They are measured
at amortised cost and they are included in non-current assets unless the Group has an intention to hold the
instrument for less than 12 months from the reporting date, in which case they are included in current assets.
The Group has not had financial assets at fair value through other comprehensive income during the
periods 2023 or 2024.
The financial asset is derecognised when the contractual rights to the cash flows expire, or the financial
asset is transferred to another party and the Group substantially transfers all the risks and rewards of
ownership to another party.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, bank deposits available on demand, and other short-term
highly liquid investments. Items included in cash and cash equivalents have original maturities of three
months or less from the acquisition date.
Financial liabilities
The Group’s financial liabilities are measured at fair value through the statement of income or at
amortised cost.
Financial liabilities at fair value through the statement of income comprise derivative liabilities and
contingent considerations. Realised or unrealised gains and losses arising from changes in fair values are
recognised the statement of income in the period in which they are incurred.
Financial liabilities at amortised cost include loans from financial institutions, bonds, lease liabilities, hire
purchase liabilities and trade and other payables. They are initially recognised at fair value which is based on
the consideration received. Transaction costs are included in the initial amount recognised and subsequently
the financial liability is measured at amortised cost using the effective interest method.
Financial liabilities are included in non-current and current liabilities and they can be either interest-
bearing or non-interest-bearing. Financial liabilities are classified as current liabilities, unless the Group has an
unconditional right to postpone the payment of the liability to at least 12 months from the reporting date.
The Group has not had financial liabilities at fair value through other comprehensive income during the
periods 2023 or 2024.
Financial liability is derecognised when the Group either settles the liability or has been legally discharged
from the obligation related to the liability either through a legal process or by the borrower.
2.12 Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is
determined by using FIFO (first in, first out) method. Net realisable value is the cost of inventory less
obsolescence allowance.
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2.13 Employee benefits
Pension benefits
Pension plans are classified as either defined contribution plans or defined benefit plans. In defined
contribution plans, the Group makes fixed contributions into the plan. The Group has no legal or constructive
obligation to make additional payments if the pension insurance company is unable to pay pension benefits
earned by employees in the reporting period or in previous periods. Contributions made into defined
contribution plans are recognised through profit or loss in the reporting period to which they relate.
A defined benefit plan is a pension plan under which the Group itself has the obligation to pay retirement
benefits and bears the risk of change in the value of plan liability and assets. The liability recognised on the
statement of financial position in respect of defined benefit pension plans is the present value of the defined
benefit obligation at the end of the reporting period less fair value of plan assets. The pension liability is
presented in other non-current liabilities in the statement of financial position. The defined benefit obligation
is calculated annually by an independent actuary using the projected unit credit method. The present value
of the defined benefit obligation is determined by discounting the estimated future cash outflows using
interest rates of high-quality corporate or government bonds with approximating terms to maturity and that
are denominated in the currency in which the benefits are expected to be paid.
Actuarial gains and losses related to remeasurements of a defined benefit plan are recognised directly in
the other comprehensive income. Interest and other expenses related to defined benefit plans are recognised
directly in the statement of income. If a plan is amended or curtailed, the portion of the changed benefit
related to past service by the employees, or the gain or loss on curtailment, is recognised directly in the
statement of income when the plan amendment or curtailment occurs.
Share-based payment transactions
The benefits granted in accordance with the incentive plan are measured at fair value at the grant date and
are expensed on a straight-line basis over the vesting period. The share-based payments settled with equity
instruments are not revalued subsequently, and cost from these arrangements is recognised as an increase
in equity. The cash-settled share-based incentives are valued at fair value at each reporting date until the
settlement date and recognised as a liability.
The expensed amount of the benefits is based on the Group’s estimate of the amount of benefits to be
paid in accordance with the fulfilment of service and performance-based vesting conditions at the end of the
vesting period. Market conditions are considered in determining the fair value of the benefit. Instead, the
non-market criteria, like profitability, are not considered in measuring the fair value of the benefit but are
taken into account when estimating the final amount of benefits. The estimate is updated at each reporting
date and changes in estimates are recorded through the statement of income.
2.14 Provisions and contingent liabilities
A provision is recognised when the Group has a present legal or constructive obligation as a result of a past
event, and it is probable that an outflow of economic benefits will be required to settle the obligation, and
a reliable estimate can be made of the amount of the obligation. Provisions are recognised at the present
value of the expenditure required to fulfil the obligation. If the obligation can be partially compensated by
a third party, the compensation is treated as a separate asset, but only when it is virtually certain that the
compensation will be received.
A provision is recognised for contracts when the unavoidable costs of meeting the obligations under the
contract exceed the economic benefits expected to be received under it.
A contingent liability is a possible obligation arising as a result of past events, and whose existence will
be confirmed only when an uncertain future event takes place, not wholly within control of the entity. Also,
a present obligation which probably does not require a cash settlement or on which the value cannot be
reliably estimated is considered as a contingent liability. Contingent liabilities are disclosed in the notes.
2.15 Revenue recognition
The Group’s revenue consists mainly of occupational healthcare services, general practice and clinic hospital
operations, dental services as well as diagnostic services. The Group also provides diverse primary healthcare,
special healthcare, child welfare and digital healthcare services for public sector as well as amongst other
things, massage and rehabilitation services. Terveystalo offers services to three customer groups: corporate
customers, private customers, and public customers. The Group does not have customers whose revenue
exceeds 10 percent of the Group's total revenue.
The Group’s customer contracts include primarily one performance obligation, which is typically a single
appointment, and the transaction prices are mainly fixed. The Group also has customer contracts that include
multiple performance obligations. In some cases, the transaction price includes a variable consideration such as
a discount or penalty. Possible variable considerations are assessed at each reporting date and are allocated to
one or more performance obligations. The terms of payment and payment periods in customer contracts vary,
but payment time is nonetheless clearly below one year. Consequently, customer contracts do not include a
significant financing component. Revenue is recognised to the extent that the Group expects to be entitled to
in exchange for the goods and services taking into account the terms and conditions of the customer contracts
and business practices.
Revenue from individual appointments is recognised at a point in time as the service has been completed.
For long-term contracts for predetermined services or a bundle of services, revenue is recognised as Terveystalo
fulfils the performance obligation by performing the promised service. The Group’s long-term contracts are
assessed to include a single performance obligation where the services provided by the Group are integrated
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into a single bundle of services. The group also has long-term customer contracts where the delivery of a
series of distinct services to the customer has the same pattern of transfer. In long-term customer contracts,
the customer simultaneously receives and consumes the benefits from the service and, consequently,
the criteria for recognising revenue over time is met. For long-term contracts, Terveystalo measures the
progress towards complete satisfaction of the performance obligation by applying the input method,
in which the revenue is recognised based on time elapsed. The Group views that the used method best
describes the transfer of control for the services provided. Estimated costs and revenues will be re-assessed
regularly during performing the services. Revisions in profit estimates as well as projected potential losses
on contracts are charged through the statement of income in the period in which they become known. The
Group has not incurred any substantial costs for obtaining customer contracts.
Regarding private practitioners, Terveystalo acts as the principal and recognises revenue on a gross basis.
Fees related to purchasing these services are recognised in materials and services expenses.
2.16 Segment information
The reporting structure reflects Terveystalo's operating model and is aligned with the way the company’s
chief operating decision maker follows the operational performance of Terveystalo's businesses. The
reporting structure was changed in the financial year 2023 due to the change in Terveystalo's operating
model. Terveystalo Group comprises of three operating segments that are reportable segments:
Healthcare Services, Portfolio Businesses, and Sweden. Monitoring of profitability is primarily based on
operating segments. In addition, Terveystalo provides disclosure on revenue for Healthcare Services on
customer and service level, and for Portfolio Businesses on service level.
Terveystalo’s chief operating decision maker is the CEO who is monitoring the operating results of
operating segments for the purpose of assessing performance and making decisions about resource
allocation. Key financial performance measures of the segments comprise primarily revenue and segment
adjusted earnings before interest, taxes, amortisation and impairment (EBITA). The evaluation of segment
performance and allocation of resources is primarily based on segment adjusted EBITA, which the
management estimates the most relevant measure for this purpose.
Healthcare Services offers customers in Finland integrated care paths from preventive occupational health
services to primary care services and to different fields of specialised care, diagnostic, and day surgery. In
Healthcare Services, Terveystalo aims for industry-leading profitability and the best care outcomes.
The Portfolio Businesses segment consists of business areas that aim for independent value creation
utilising Terveystalo’s capabilities according to their needs. The Portfolio Businesses segment include publicly
funded services, such as outsourcing and staffing services, as well as services aimed at consumers, including
dental care and massage.
The Sweden segment consists of Feelgood subsidiaries’ operations in Sweden, which are focused on
occupational health and consultation for organisational management and harmful use. In Sweden, Terveystalo
aims for profitable growth in the medium and long term.
In addition to operating segments, Terveystalo provides information for Other section. Other reported
figures mainly consist of parent company expenses as well as unallocated Group level adjustments
and provisions.
2.17 Government grants
Government grants are presented in other operating income as far as they do not relate to acquired assets.
Grants are recognised when there is reasonable assurance that grants will be received, and the Group will
comply with the conditions associated with the grants.
2.18 Operating profit
IAS 1 standard does not define operating profit. The Group has defined it as follows: Operating profit is
calculated by adding other operating income to revenue, deducting costs related to materials and services,
deducting costs related to employee benefits, depreciation, amortisation and impairments as well as other
operating expenses.
2.19 Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable to the shareholders of the parent
company by the weighted average number of shares outstanding during the financial period. The Group’s
share-based incentive plan has a dilution effect related to the earnings per share.
2.20 Income taxes
Income taxes primarily include current and deferred taxes. Tax related to items recognised directly in equity
or in other comprehensive income is also recognised in equity or in other comprehensive income. Current tax
assets and liabilities are measured at the amount expected to be received from or paid to taxation authorities,
using the rates and laws that have been enacted by the date of the statement of financial position. Income
taxes include any adjustment to tax in respect of previous years.
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Deferred tax is recognised in respect of all temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts in taxation. Deferred tax is not recognised
in the initial recognition of assets or liabilities in a transaction that is not a business combination and that
affects neither accounting nor taxable profit nor loss at the date of the transaction. Deferred tax is not
recognised for non-tax-deductible goodwill or for subsidiaries’ retained earnings to the extent that it is
probable that the temporary difference will not reverse in the foreseeable future. Deferred taxes relate
primarily to the difference between the book value and tax base of capitalised customer relationships and
trademarks, and to provisions related primarily to loss making contracts.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which they can be used and using the losses is considered probable.
Deferred taxes are calculated using tax rates enacted by the reporting date.
3. Business combinations
Business combinations 2024
During the year 2024, the Group has made three corporate acquisition and one business acquisition.
On 31 March 2024 Terveystalo Healthcare Oy acquired 100 percent of the imaging services provider
SRK Group Oy and an indirect 100 percent ownership in its subsidiaries Suomen Radiologikeskus Oy, iRad
Oy and Kajaanin Radiologikeskus Oy.
On 1 July 2024 Feelgood Företagshälsovård AB acquired 100 percent of the Swedish occupational
health provider Clarahälsan AB.
On 6 September 2024 Suomen Terveystalo Oy acquired 100 percent of the general and specialist
medical services, psychology services and physiotherapy services provider Cityläkarna Mariehamn Ab.
On 30 November 2024 Rela-hierojat Oy acquired massage business operations previously operated as
franchising business.
The following table summarises the acquisition date fair values of the consideration transferred as
well as the recognised amounts of assets acquired and liabilities assumed at the acquisition date. The
statement of financial position of acquired companies has been prepared in accordance with IFRS and
Terveystalo’s accounting principles in all material respect. The following table is preliminary, and the
information has been consolidated, because the acquisitions are not material individually.
Consideration transferred
EUR mill.
Purchase price, payable in cash
8.1
Contingent consideration
0.8
Total consideration transferred
8.9

Identifiable assets acquired and liabilities assumed
EUR mill.
Cash and cash equivalents
0.8
Intangible assets
0.2
Property, plant and equipment
0.5
Right-of-use assets
1.2
Trade and other receivables
1.5
Financial liabilities
-0.1
Lease liabilities
-1.2
Trade and other payables
-2.2
Total identifiable net assets acquired
0.6
Goodwill
8.3
As a result of these business combinations, a preliminary goodwill amounting to EUR 8.3 million was
recognised. The goodwill is attributable to skills of the workforce and synergies expected to be achieved. EUR
0.0 million of the recognised goodwill is deductible in taxation. Cashflow impact of the acquisitions made
during 2023 was EUR -7.1 million.
The fair value of the acquired trade and other receivables amounted to EUR 1.5 million, for which the risk
of impairment has been deemed as non-significant.
The Group has incurred acquisition-related expenses of EUR 0.3 million related to transfer tax, consulting,
valuation or equivalent services. The expenses have been included in other operating expenses.
The contributed revenue recognised from the acquisitions during the year 2024 was EUR 6.8 million and
profit was EUR 0.1 million.
If the acquisition had occurred on 1 January 2024, management estimates that the Group’s consolidated
revenue in 2024 would have been EUR 1,345.0 million and the consolidated result for the period would have
been EUR 72.0 million.
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Business combinations 2023
During the year 2023, the Group has made one corporate acquisition and one business acquisition.
On 15 August 2023 Feelgood Företagshälsovård AB acquired 100 percent of the occupational health
provider Växjö Hälsoforum AB.
On 2 October 2023 Feelgood Sjukvård AB acquired the occupational healthcare business of Quality Care AB.
The following table summarises the acquisition date fair values of the consideration transferred as well
as the recognised amounts of assets acquired and liabilities assumed at the acquisition date. The statement
of financial position of acquired companies has been prepared in accordance with IFRS and Terveystalo’s
accounting principles in all material respect. The information has been consolidated, because the acquisitions
are not material individually.
Consideration transferred
EUR mill.
Purchase price, payable in cash
0.6
Contingent consideration
0.5
Total consideration transferred
1.0

Identifiable assets acquired and liabilities assumed
EUR mill.
Cash and cash equivalents
0.2
Intangible assets
0.1
Property, plant and equipment
0.0
Right-of-use assets
0.3
Trade and other receivables
0.1
Lease liabilities
-0.3
Trade and other payables
-0.3
Deferred tax liabilities
0.0
Total identifiable net assets acquired
0.0
Goodwill
1.0
As a result of these business combinations, a goodwill amounting to EUR 1.0 million was recognised. The
goodwill is attributable to skills of the workforce and synergies expected to be achieved. EUR 0.7 million of
the recognised goodwill was deductible in taxation. Cashflow impact of the acquisitions made during 2023
was EUR -0.3 million. In 2024, cashflow impact arising from business combinations made in previous financial
years was EUR -1.6 million due to additional purchase prices paid.
In these business combinations, the Group has acquired customer relationships. The fair value of customer
contracts and related customer relationships included in intangible assets has been determined on the
basis of the estimated duration of customer relationships and the discounted net cash flows from existing
customer contracts.
The fair value of the acquired trade and other receivables amounted to EUR 0.1 million, for which the risk
of impairment has been deemed as non-significant.
The Group has incurred acquisition-related expenses of EUR 0.1 million related to consulting, valuation or
equivalent services. The expenses have been included in other operating expenses.
The contributed revenue recognised from the acquisitions during the year 2023 was EUR 0.4 million and
loss was EUR 0.0 million.
If the acquisition had occurred on 1 January 2023, management estimates that the Group’s consolidated
revenue in 2023 would have been EUR 1,286.9 million and the consolidated result for the period would have
been EUR -42.2 million.
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4. Segment information
Terveystalo Group’s operating segments are Healthcare Services, Portfolio Businesses, and Sweden. These are
also reportable segments and operating segments are not aggregated.
Segment information
1.1.–31.12.2024
EUR mill.
Healthcare services
Portfolio
Businesses
Sweden
Segments
total
Other
Internal
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
7.6
0.3
6.3
14.2
9.2
-
23.5
Depreciations
6.8
1.1
7.0
14.8
60.1
-
74.9
1.1.–31.12.2023
EUR mill.
Healthcare services
Portfolio
Businesses
Sweden
Segments
total
Other
Internal
eliminations
Total
Revenue
Revenues from external
customers
933.5
260.7
92.3
1,286.4
-
-
1,286.4
Revenues from
transactions with other
operating segments of the
same entity
15.1
6.5
0.2
21.8
-
-21.8
-
Total revenue
948.6
267.2
92.5
1,308.2
-
-21.8
1,286.4
Adjusted EBITA
109.0
8.7
3.7
121.4
4.2
-
125.6
Adjustments
1.9
0.4
1.6
3.9
17.3
-
21.2
Depreciations
5.9
1.0
6.9
13.8
60.9
-
74.6
Adjustments (EBITA)*, EUR mill.
2024
2023
Acquisition-related expenses1)
-0.7
-0.8
Restructuring-related expenses
2)
1.9
3.2
Gains and losses on sale of assets, net
3)
0.6
-
Strategic projects and other items affecting to comparability
21.6
18.8
Adjustments*
23.5
21.2
* Adjustments are material items outside the ordinary course of business and these relate to acquisition-related expenses, restructuring-
related expenses, gains and losses on sale of assets (net), and other items affecting comparability. Adjustments in Other section are
mainly related to the profit improvement program. Healthcare services segment adjustments in the financial year 2024 includes a one-
off item of EUR 5.6 million related to renovation and maintenance liabilities in a single location over a period of more than ten years.
1) Including transaction costs and expenses from integration of acquired businesses.
2) Including restructuring of network and business operations.
3) Including sales of business operations.
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Financial statements

5. Revenue
The Group's distribution of revenue is based on three segments: Healthcare Services, Portfolio Businesses,
and Sweden. For more information on segments, refer to note 4, Segment information. The revenue of
Healthcare Services is divided by services and customer groups. The revenue of Portfolio Businesses is divided
by services. Terveystalo offers its primary and outpatient secondary health care services to three distinct
customer groups: corporate customers, private customers, and public customers. The Group does not have
customers whose revenue exceeds 10 percent of the Group's total revenue.
Corporate customers constitute Terveystalo’s largest customer group. Terveystalo’s corporate customers
consist of the company’s occupational health care customers, excluding municipal occupational health care
customers. The company provides statutory occupational health services and other occupational health and
well-being services for corporate customers of all sizes.
Private customers include private individuals and families. The company’s strong brand, easy access
to services without long waiting times, leading service portfolio for private customers, families, and senior
citizens, and personalised digital services give Terveystalo a competitive edge over public health care services
and encourage customers to invest in their own health. Services for private customers are paid for either by
the customers themselves or by their insurance companies.
Terveystalo’s public customer group is made up of Finnish public sector organisations, such as
municipalities, municipal federations, and hospital districts, as well as municipal occupational health care
customers. The services offered to public sector customers include full and partial outsourcings, health care
staffing services, specialised care services, other health care services, as well as occupational health care
services for municipalities, municipal federations, and hospital districts.
Reconciliation of the total of the reportable segment's adjusted EBITA to the Group's
profit before taxes
EUR mill.
31 Dec 2024
31 Dec 2023
Profit before taxes
89.6
-38.9
Net finance expenses
26.5
24.2
Amortisation and impairment losses
31.5
119.1
Adjustments
23.5
21.2
Other
-0.7
-4.2
Adjusted EBITA
170.3
121.4
Non-current assets by geographical areas
Non-current assets include property, plant and equipment, right-of-use assets, goodwill, other intangible assets,
investment properties and investments in associates.
EUR mill.
31 Dec 2024
31 Dec 2023
Finland
1,112.6
1,144.7
Sweden
69.5
75.3
Total
1,182.1
1,220.0
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Financial statements

Dissagregation of revenue
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Healthcare services
1,042.8
948.6
Portfolio Businesses
238.5
267.2
Sweden
81.8
92.5
Segments total
1,363.1
1,308.2
Other
-23.1
-21.8
Other
1,340.0
1,286.4
Healthcare services, revenue, EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
By customer
Corporate
638.9
564.0
Consumer
313.4
296.1
Public sector
90.5
88.5
Total
1,042.8
948.6
By service
Appointments
686.1
618.3
Diagnostics
254.2
229.6
Other
102.5
100.7
Total
1,042.8
948.6
Portfolio Businesses, revenue, EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Outsourcing services
82.8
91.1
Staffing services
73.1
84.7
Dental care
50.3
54.5
Other
32.4
36.9
Total
238.5
267.2
Timing of satisfying performance obligations
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
At a point in time
1,255.3
1,192.9
Over time
84.7
93.5
Total
1,340.0
1,286.4
Balances in the statement of financial position
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Contract assets
7.9
10.2
Contract liabilities
7.0
8.8
The Group will satisfy performance obligations related to the contract liabilities within one year.
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Year 2024
Strategy and business
Financial statements

6. Other operating income
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Rental income
0.9
0.9
Gains on sale of property, plant and equipment
0.3
0.2
Other items
2.5
3.1
Total
3.7
4.2

7. Materials and services
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Purchases of materials
-41.4
-40.8
Change in inventories
0.1
0.5
External services
-508.5
-495.9
Total
-549.8
-536.2

8. Employee benefit expenses
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Wages and salaries
-349.5
-363.0
Share-based payments
-1.6
-1.4
Pension expenses — defined contribution plans
-56.9
-58.7
Other social security costs
-19.8
-23.9
Total
-427.8
-447.0
Number of personnel at the end of the reporting period*
9,153
9,824
* Does not include the companies acquired during 2024 in Finland (SRK Group Oy, Suomen Radiologikeskus Oy, iRad Oy and Kajaanin
Radiologikeskus Oy and Cityläkarna Mariehamn Ab).

9. Depreciation, amortisation and impairment
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Depreciation and amortisation by asset type
Intangible assets
Trademarks
-4.7
-4.7
Customer relationships
-2.2
-9.4
Other intangible assets
-20.4
-18.2
Total
-27.2
-32.2
Property, plant and equipment
Buildings
-0.1
-0.0
Machinery and equipment
-16.4
-14.9
Improvement to premises
-7.3
-6.4
Total
-23.7
-21.3
Right-of-use assets
-51.2
-53.4
Investment property
-0.0
-0.0
Depreciation and amortisation total
-102.1
-107.0
Impairment losses by asset groups
Goodwill
-
-57.3
Customer relationships
-
-29.3
Other intangible assets
-2.5
-0.0
Land and water
-0.0
-
Buildings and structures
-0.2
-
Other property, plant and equipment
-0.1
-
Machinery and equipment
-0.0
-0.0
Improvement to premises
-0.3
-0.0
Right-of-use assets
-1.1
-
Investment property
-
-0.2
Stocks and shares
-0.1
-
Impairment total
-4.2
-86.9
Total depreciation, amortisation and impairment losses
-106.4
-193.8
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Year 2024
Strategy and business
Financial statements

10. Other operating expenses
Specification of other operating expenses
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
External services
-18.6
-22.7
Operating and maintenance expenses for premises and equipment
-26.9
-25.1
ICT expenses
-43.8
-40.4
Non-statutory personnel expenses
-8.4
-7.4
Leases and charges
-6.0
-4.9
Travel expenses
-7.1
-6.9
Marketing and communication
-11.1
-8.7
Acquisition-related expenses
-0.3
-0.1
Other costs
-21.6
-12.0
Total
-143.7
-128.2
Auditor's fees
In thousands of euro
1.1.–31.12.2024
1.1.–31.12.2023
Audit and auditor's statements based on laws and regulations
Audit, KPMG
-436.5
-481.1
Auditor's statements based on laws and regulations, KPMG*
-123.6
-11.0
Total
-560.1
-492.1
Non audit services
Tax services, KPMG
-9.8
-4.3
Other services, KPMG
-30.1
-
Total
-39.9
-4.3
Auditor's fees total
-600.0
-496.4
*Including limited assurance of sustainability statement.
Auditor's fees have been presented excluding value-added tax. Non-audit services paid for the parent company’s
auditor, KPMG Oy Ab, were 40 (4) thousand euros in total.
11. Financial income and expenses
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Interest income on loans and other receivables
2.1
1.2
Dividend income
0.0
0.0
Total financial income
2.1
1.2
Interest expense on loans from financial institutions
-13.9
-14.3
Interest expense on bonds
-5.3
-3.2
Interest expenses on lease liabilities
-6.5
-5.2
Change in fair value of interest rate derivatives, no hedge accounting
-1.6
-1.9
Other financial expenses
-1.3
-0.9
Total financial expenses
-28.6
-25.4
Net financial expenses
-26.5
-24.2
12. Taxes
12.1 Income taxes

Income taxes in the statement of income
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Current tax for the reporting year
-20.7
-10.8
Income taxes for previous periods
-0.1
-0.1
Change in deferred taxes
2.8
7.6
Total income taxes
-18.0
-3.3
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Year 2024
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Financial statements

Reconciliation of the Group's tax rate to the Finnish tax rate
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Profit or loss before taxes
89.6
-38.9
Tax using the parent company's tax rate
-17.9
7.8
Tax rates in foreign jurisdictions
0.1
-0.0
Tax exempt income
0.5
0.6
Non-deductible expenses
-0.5
-11.7
Share of profit in associated companies
-
0.0
Recognition of previously unrecognised tax losses
0.0
0.2
Tax losses for which no deferred taxes are recognised
-0.0
-0.2
Taxes from previous periods
-0.1
-0.1
Other
0.1
0.1
Total income taxes in the statement of income
-18.0
-3.3
Global minimum top-up tax (Pillar 2)
Terveystalo Group has prepared calculation on the impacts of Global minimum top-up tax (Pillar 2)
regulation on the taxation of its Group companies. Besides Finland, the Group has operations in Sweden
and to a minor extent in Estonia. In Finland and in Sweden effective tax rate is above global
minimum top-up tax rate of 15%. Therefore the Group is not expecting to pay top tax due to Pillar 2
minimum top-up tax regulation.
12.2 Deferred tax assets and liabilities

Deferred tax assets 2024
EUR mill.
1 Jan 2024
Business
combinations
Recognised in the
statement
of income
Translation
differences
31 Dec 2024
Provisions
1.2
-
-0.2
-
1.0
Tax losses carried forward
1.5
-
1.1
-
2.6
Leases
1.5
0.0
0.4
0.0
1.9
Interest rate derivatives
0.0
-
0.0
-
0.1
Other temporary differences
1.8
-
-0.2
-
1.6
Total
6.0
0.0
1.2
0.0
7.1

Deferred tax liabilities 2024
EUR mill.
1 Jan 2024
Business
combinations
Recognised in the
statement
of income
Translation
differences
31 Dec 2024
Reversal of goodwill amortisation
3.2
-
0.2
-
3.4
Business combinations
11.9
-
-1.6
-0.1
10.2
Depreciation difference
3.3
-
0.4
-
3.7
Loan withdrawal expense
0.2
-
-0.1
-
0.2
Interest rate derivatives
0.9
-
-0.3
-
0.7
Other temporary differences
0.8
-
-0.1
-
0.7
Total
20.2
-
-1.5
-0.1
18.7

The Group has no material deductible temporary differences, unused tax losses or unused tax credits for
which no deferred tax asset has been recognised.
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Year 2024
Strategy and business
Financial statements

Deferred taxes from lease agreements 2024
EUR mill.
1 Jan 2024
Business
combinations
Additions
Disposals
Recognised in
the statement
of income
31 Dec 2024
Deferred tax asset
44.8
0.2
10.5
-1.2
-15.8
38.5
Deferred tax liability
-43.3
-0.2
-10.5
1.2
16.2
-36.6
Total
1.5
0.0
0.0
0.0
0.4
1.9
Deferred tax assets 2023
EUR mill.
1 Jan 2023
Business
combinations
Recognised in
the statement
of income
Translation
difference
31 Dec 2023
Provisions
1.6
-
-0.4
-
1.2
Tax losses carried forward
1.8
-
-0.3
-
1.5
Leases
1.4
0.0
0.1
0.0
1.5
Interest rate derivatives
0.7
-
-0.7
-
0.0
Other temporary differences
2.1
-
-0.4
-
1.8
Total
7.7
0.0
-1.7
0.0
6.0
Deferred tax liabilities 2023
EUR mill.
1 Jan 2023
Business
combinations
Recognised in the
statement
of income
Translation
difference
31 Dec 2023
Reversal of goodwill amortisation
3.0
-
0.2
-
3.2
Business combinations
21.1
0.0
-9.3
-0.0
11.9
Depreciation difference
2.5
-
0.8
-
3.3
Loan withdrawal expense
0.1
-
0.1
-
0.2
Interest rate derivatives
2.0
-
-1.0
-
0.9
Other temporary differences
0.8
-
-0.0
-
0.8
Total
29.5
0.0
-9.2
-0.0
20.2

The Group has no material deductible temporary differences, unused tax losses or unused tax credits for which
no deferred tax asset has been recognised.

Deferred taxes from lease agreements 2023
EUR mill.
1 Jan 2023
Business
combinations
Additions
Disposals
Recognised in
the statement
of income
31 Dec 2023
Deferred tax asset
36.2
0.1
22.8
-3.5
-10.7
44.8
Deferred tax liability
-34.8
-0.1
-22.8
3.5
10.8
-43.3
Total
1.4
0.0
0.0
-0.0
0.1
1.5
13. Earnings per share
1.1.–31.12.2024
1.1.–31.12.2023
Result attributable to the equity holders of the company, EUR mill.
71.7
-42.2
Weighted average number of outstanding shares, in thousands
126,597
126,555
Diluted average number of outstanding shares, in thousands
126,727
127,037
Basic earnings per share for result attributable to the equity holders of the company, EUR
0.57
-0.33
Diluted earnings per share for result attributable to the equity holders of the company, EUR
0.57
-0.33
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Year 2024
Strategy and business
Financial statements

14. Tangible assets
14.1 Property, plant and equipment
2024
EUR mill.
Land and water,
buildings and
constructions
Machinery and
equipment
Improvement
to premises
Other tangible
assets and
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
2023
EUR mill.
Land and water,
buildings and
constructions
Machinery and
equipment
Improvement
to premises
Other tangible
assets and
advances paid
Total
Acquisition cost 1 Jan 2023
2.3
165.1
64.4
4.2
236.0
Business combination
-
0.0
-
-
0.0
Additions
-
13.8
1.7
8.8
24.3
Disposals
-
-0.5
-0.1
-
-0.6
Translation differences
0.0
0.0
0.0
0.0
0.0
Transfers between items
-
1.2
10.6
-11.8
-
Acquisition cost 31 Dec 2023
2.3
179.7
76.6
1.1
259.7
Accumulated depreciation and
impairment losses 1 Jan 2023
-1.2
-117.1
-35.8
-
-154.0
Depreciation
-0.0
-14.9
-6.4
-
-21.3
Impairment losses
-
-0.0
-0.0
-
-0.0
Translation differences
-0.0
-0.0
-0.0
-
-0.0
Accumulated depreciation and
impairment losses 31 Dec 2023
-1.2
-132.1
-42.2
-
-175.5
Carrying amount 1 Jan 2023
1.2
47.9
28.7
4.2
82.0
Carrying amount 31 Dec 2023
1.2
47.5
34.5
1.1
84.2
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Year 2024
Strategy and business
Financial statements

14.2 Right of-use-assets
2024
EUR mill.
Premises
Other
right-of-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
-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
2024, EUR mill.
Premises
Other lease
liabilities
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
2023, EUR mill.
Premises
Other lease
liabilities
Total
Non-current lease liabilities
166.8
5.8
172.6
Current lease liabilities
44.0
2.5
46.5
Total lease liabilities
210.8
8.3
219.1
2023
EUR mill.
Premises
Other
right-of-use
assets
Total
Acquisition cost 1 Jan 2023
331.7
41.5
373.1
Business combination
0.3
-
0.3
Additions
108.2
0.6
108.9
Disposals
-16.5
-1.2
-17.7
Translation differences
0.2
0.0
0.3
Acquisition cost 31 Dec 2023
424.0
40.9
464.9
Accumulated depreciation and impairment losses 1 Jan 2023
-167.5
-31.8
-199.3
Depreciation
-50.2
-3.1
-53.3
Translation differences
-0.2
-0.0
-0.2
Accumulated depreciation and impairment losses 31 Dec 2023
-217.9
-34.9
252.8
Carrying amount 1 Jan 2023
164.2
9.7
173.9
Carrying amount 31 Dec 2023
206.1
6.0
212.1
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Year 2024
Strategy and business
Financial statements

15. Intangible assets
2024
EUR mill.
Goodwill
Customer
relationships
Trademarks
Other intangible assets
and 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
* Disposals to goodwill and customer relationships relate to the sale of entire share capital of Sivupersoona Oy, a company
providing sign language interpreting services.
2023
EUR mill.
Goodwill
Customer
relationships
Trademarks
Other intangible assets
and advances paid
Total
Acquisition cost 1 Jan 2023
947.5
167.8
88.7
140.2
1,344.2
Business combination
1.3
0.1
-
-
1.4
Additions
-
-
-
16.3
16.3
Disposals
-0.2
-
-
-0,0
-0.2
Translation differences
0.1
0.0
0.0
0.1
0.2
Acquisition cost 31 Dec 2023
948.8
167.8
88.7
156.6
1,361.9
Accumulated amortisations and
impairment losses 1 Jan 2023
-68.0
-117.5
-38.5
-95.6
-319.6
Amortisation
-
-9.4
-4.7
-18.2
-32.2
Impairment losses*
-57.3
-29.3
-
-0,0
-86.6
Translation differences
-
-0,0
-0,0
-0.1
-0.1
Accumulated amortisations and
impairment losses 31 Dec 2023
-125.3
-156.2
-43.2
-113.9
-438.6
Carrying amount 1 Jan 2023
879.5
50.3
50.2
44.6
1,024.7
Carrying amount 31 Dec 2023
823.5
11.6
45.6
42.8
923.4
* As a result of the impairment test, EUR 55.3 million write-offs related to goodwill and EUR 29.3 million write-offs to purchase
price allocations relating to public outsourcing customer relationships within the Portfolio Businesses segment public payor CGU
were made. The impaired goodwill was recognised mainly in the acquisition of Attendo Healthcare Services in 2018. Customer
relationship write-offs relate solely to the legacy Outsourcing business, acquired in the Attendo transaction that is gradually being
phased out. In addition, during the year a EUR 2.0 million impairment of goodwill made related to reorganisation of Portfolio
businesses in connection to sale of business operations.
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Development expenditure
Other intangible assets include development expenditure as follows:
2024
EUR mill.
Acquisition cost 1 Jan 2024
57.8
Business combination
0.1
Additions
3.9
Transfers from advance payments
8.3
Translation differences
-0.1
Acquisition cost 31 Dec 2024
70.0
Accumulated amortisations and impairment losses 1 Jan 2024
-25.2
Amortisation and impairment losses
-18.3
Accumulated amortisations and impairment losses 31 Dec 2024
-43.4
Carrying amount 1 Jan 2024
32.6
Carrying amount 31 Dec 2024
26.5
2023
EUR mill.
Acquisition cost 1 Jan 2023
34.5
Additions
12.4
Transfers from advance payments
10.8
Translation differences
0.1
Acquisition cost 31 Dec 2023
57.8
Accumulated amortisations and impairment losses 1 Jan 2023
-13.0
Amortisation and impairment losses
-12.2
Accumulated amortisations and impairment losses 31 Dec 2023
-25.2
Carrying amount 1 Jan 2023
21.6
Carrying amount 31 Dec 2023
32.6

16. Impairment testing of cash-generating
units including goodwill
Goodwill is not amortised but it is tested for impairment at least annually.
Terveystalo Group consists of three operating segments: Healthcare Services, Portfolio Businesses, and
Sweden. Healthcare Services and Sweden are also cash-generating units. The Portfolio Businesses segment
includes Public and Private payor cash-generating units.
Healthcare Services and Sweden consist of units with their own budgets and performance measurement,
and are centrally managed. Portfolio Businesses are managed as a whole, they partly share resources and are
centrally managed, but cash flows generated, marketing functions and identifiable assets are different for
Public and Private payors.
In 2024, based on impairment testing calculations performed, there is no impairment needs to
goodwill for cash-generating units. For all cash-generating units, recoverable amounts exceeded their
carrying amounts.
In 2023, as a result of the impairment test, the Group made EUR 55.3 million impairment related to
goodwill in Portfolio Businesses Public payor cash-generating unit. The impaired goodwill was recognised
mainly in the acquisition of Attendo Healthcare Services in 2018. After the impairment, the remaining
goodwill related to Portfolio Businesses Public payor cash-generating unit amounts to EUR 146.4 million in
total. Based on impairment testing calculations performed, there was no impairment needs to goodwill for
other cash-generating units. For those cash-generating units, recoverable amounts exceeded their carrying
amounts.
Goodwill arising from business combinations has been allocated to cash-generating units as shown in the
table below.
31 Dec 2024
31 Dec 2023
31 Dec 2023
EUR mill.
Goodwill
%
Goodwill
%
Impairment
Healthcare Services
607.2
73.2%
603.6
73.3%
-
Portfolio Businesses, Public payor
149.4
18.0%
146.4
17.8%
55.3
Portfolio Businesses, Private payor
29.1
3.5%
29.1
3.5%
-
Sweden
43.7
5.3%
44.4
5.4%
-
Total
829.4
100.0%
823.5
100.0%
55.3
In financial years 2023 and 2024 there were four cash generating units in total. The recoverable amounts
of the cash-generating units are based on value-in-use calculations which have been calculated using
discounted cash flow projections. The key assumptions used in the calculations are terminal period revenue
growth rate, profitability (EBIT %) and the discount rate. The projections are based on the budgets and
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Year 2024
Strategy and business
Financial statements

estimates for the years 2025–2028, including the long-term growth, which have been approved by the
management.
The assumptions used in impairment
calculations in 2024
Healthcare Services
Portfolio Businesses,
Public payor
Portfolio Businesses,
Private payor
Sweden
The length of impairment testing period
4 years
4 years
4 years
4 years
Terminal period revenue growth rate
2.0%
2.0%
2.0%
2.0%
Profitability (EBIT %) during the terminal period
13.8%
7.8%
9.4%
5.7%
Discount rate (Pre-tax WACC)
8.5%
9.9%
8.5%
8.6%
Discount rate (Post-tax WACC)
7.2%
8.3%
7.2%
7.4%
The assumptions used in impairment
calculations in 2023
Healthcare Services
Portfolio Businesses,
Public payor
Portfolio Businesses,
Private payor
Sweden
The length of impairment testing period
4 years
4 years
4 years
4 years
Terminal period revenue growth rate
2.0%
2.0%
2.0%
2.0%
Profitability (EBIT %) during the terminal period
13.2%
5.3%
6.2%
5.2%
Discount rate (Pre-tax WACC)
9.6%
10.9%
9.6%
8.0%
Discount rate (Post-tax WACC)
8.1%
9.1%
8.1%
6.8%

Revenue growth during the terminal period is based on a flat growth factor which corresponds to long-
term target inflation of the European Central Bank. Profitability during the terminal period is based on the
assumed organic growth under normal market situation, general development in health care services market
and long-term estimates by the Group’s management.
The discount rate used in impairment testing has been Pre-tax WACC of which the components are risk-
free interest rate, risk premiums, industry-specific beta, industry-specific cost of debt, and industry specific
equity/debt ratios.
Sensitivity analysis
The Group has assessed the sensitivity of the impairment testing to the effect of the most critical
assumptions used in the calculation. The table below shows the required change in a single assumption that
the recoverable amount would fall below the carrying amount.
Variable
2024
2023
Terminal period revenue growth rate
Healthcare Services
Decrease over 24.5 percentage points
Decrease over 17.1 percentage points
Portfolio Businesses, Public payor
Decrease over 2.1 percentage points
Not applicable
Portfolio Businesses, Private payor
Decrease over 21.3 percentage points Decrease over 10.2 percentage points
Sweden
Decrease over 1.8 percentage points
Decrease over 1.0 percentage points
Profitability (EBIT %) during the terminal period
Healthcare Services
Decrease over 12.3 percentage points Decrease over 10.6 percentage points
Portfolio Businesses, Public payor
Decrease over 2.1 percentage points
Not applicable
Portfolio Businesses, Private payor
Decrease over 8.0 percentage points
Decrease over 4.2 percentage points
Sweden
Decrease over 1.5 percentage points
Decrease over 0.9 percentage points
Discount rate (Pre-tax WACC)
Healthcare Services
Increase over 18.8 percentage points
Increase over 14.3 percentage points
Portfolio Businesses, Public payor
Increase over 2.2 percentage points
Not applicable
Portfolio Businesses, Private payor
Increase over 15.8 percentage points
Increase over 8.9 percentage points
Sweden
Increase over 1.8 percentage points
Increase over 1.0 percentage points

When assessing the recoverable amounts of cash generating units, management believes that no reasonably
possible change in any of the key variables used would lead to a situation where the recoverable amount
of the units would fall below their carrying amount in Healthcare Services or Portfolio Businesses, Private
payor cash-generating units. In 2023, Portfolio Businesses, Public payor cash-generating unit value in use was
equivalent to book value of assets at the time of impairment testing and in consequence sensitivity analysis
did not apply to this cash-generating unit.
According to the impairment testing, for Portfolio Businesses, Public payor and Sweden cash-generating
units, changes in critical assumptions presented in table above would lead to carrying amount of assets to be
equivalent to recoverable amount. Portfolio Businesses, Public payor cash-generating unit’s carrying amount
of assets at the time of impairment testing was EUR 141.7 million. Sweden cash-generating unit’s carrying
amount of assets at the time of impairment testing was EUR 55.9 million.
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Year 2024
Strategy and business
Financial statements

17. Investment properties
Carrying amount of investment properties
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Carrying amount at the beginning of the period
0.3
0.5
Impairment
-
-0.2
Depreciation
-0.0
-0.0
Carrying amount at the end of the period
0.3
0.3
Income and expenses related to investment properties
EUR mill.
1.1.–31.12.2024
1.1.–31.12.2023
Rental income from investment properties
0.1
0.1
Operating expenses for investment properties
-0.0
-0.0
Total
0.0
0.0
Income and expenses relating to investment properties are presented based on the Group’s ownership in the
investment properties. There are no other contractual obligations related to investment properties.
Fair values of investment properties
Investment
m2
Value per m2
(In thousands
of euro)
Total value
(In thousands
of euro)
Koy Jyväskylän Väinönkatu 30
1,348
0.2
269
The value of Kiinteistö Oy Jyväskylän Väinönkatu has been determined based on the Group’s share of ownership
(16.81%).
18. Associated companies
Terveystalo has the following associated companies which are all consolidated using the equity method. The Group
has no individually material associates.
Associated companies 31 Dec 2024
Domicile
Ownership
Voting rights
Terveyden Tuottajat Oy
Finland
0.0%
47.4%
Summarised financial information on associated companies
EUR mill.
2024
2023
Carrying amount
0.0
0.0
Group's share of total comprehensive income
-
0.0
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Financial statements

Performance Share Plan 2021
2024–2026
2023–2025
2022–2024
2021–2023
Grant date
2 Apr 2024
3 Apr 2023
1 Apr 2022
1 Apr 2021
Maximum number of share awards
640,000
640,000
683,085
642,000
Outstanding at 1 Jan 2024
-
533,000
455,974
392,556
Granted share awards during the period
611,000
36,666
18,334
-
Forfeited share awards during the period
30,000
80,815
91,481
301,070
Exercised share awards during the period
-
-
-
91,486
Outstanding at 31 Dec 2024
581,000
488,666
384,308
-
Fair value of the share award at grant date
6.2
6.6
9.2
12.6
End of the performance period
28 Feb 2027
28 Feb 2026
28 Feb 2025
29 Feb 2024
End of the vesting period, expected
31 Mar 2027
31 Mar 2026
31 Mar 2025
7 Mar 2024
Vesting conditions
Service condition,
total Shareholder
Return (TSR), EBITA
Service condition,
total Shareholder
Return (TSR)
Service condition,
total Shareholder
Return (TSR)
Service condition,
total Shareholder
Return (TSR),
productivity and
digital sales
Exercised
In shares and cash
In shares and cash
In shares and cash
In shares and cash

19. Share-based payments
Performance Share Plan 2021
Performance Share Plan 2021 is targeted to Terveystalo’s key employees. The long-term share-based payment
plan is based on a rolling three year performance period structure, with a new performance period starting
each year, if so decided by the Board. The Board decides on the participants, performance measures and
targets as well as earning opportunities on an annual basis. Rewards are conditional on the fulfilment of
a three-year service condition and performance conditions tied to financial targets that are set separately.
The reward is granted as a gross number of Terveystalo shares, including a cash portion for taxes and
tax-related expenses arising from the reward to the employee. The reward is settled as net shares. The
plan is fully accounted for as an equity settled share-based payment. Under the plan, four performance
periods, 2021–2023, 2022–2024, 2023-2025 and 2024–2026, have been launched. During the year 2024,
Performance Period 2021–2023 ended, and, in consequence, the shares earned were granted according to
realization of the plan’s conditional performance measures. In total, 45,077 net shares were granted. The
impact of the Performance Period 2021–2023 to the result for the period has been EUR 0.2 million, and the
total cost of the plan was EUR 2.5 million. 36 persons were included in the Performance Period 2021–2023
arrangement. The impact of the Performance Period 2022–2024 to the result for the period has been
EUR 0.4 million, and the expected total cost of the plan is EUR 1.6 million. 43 persons are included in the
Performance Period 2022–2024 arrangement. The impact of the Performance Period 2023–2025 to the result
for the period has been EUR 0.5 million, and the expected total cost of the plan is EUR 1.6 million. 48 persons
are included in the Performance Period 2023–2025 arrangement. The impact of the Performance Period
2024–2026 to the result for the period has been EUR 0.5 million, and the expected total cost of the plan is
EUR 1.8 million. 68 persons are included in the Performance Period 2024–2026 arrangement.
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Year 2024
Strategy and business
Financial statements

Restricted Share Plan

Restricted Share Plan offers individually selected employees an opportunity to earn a fixed number of shares
after a vesting period. Rewards are conditional on the fulfilment of a service condition during the vesting
period. The reward is granted as a gross number of Terveystalo shares, including a cash portion for taxes and
tax-related expenses arising from the reward to the employee. The reward is settled as net shares. The plan
is fully accounted for as an equity settled share-based payment. Four vesting periods have been launched
in the plan. During the year 2024, vesting period 2021–2023 ended, and, in consequence, the shares earned
were granted according to realization of the plan’s conditional performance measures. In total, 3,448 net
shares were granted. At the end of the reporting period, thirteen persons were included in the arrangement.
The impact to the result of the vesting periods 2021–2023, 2022–2024, 2023-2025 and 2024–2026 has been
EUR 0.1 million, and the expected total cost of the plan is EUR 0.5 million.
Restricted Share Plan
2024–2026
2023–2025
2022–2024
2021–2023
Grant date
15 May 2024
3 Apr 2023
22 Jun 2022
15 Apr 2021
Maximum number of share awards
64,000
64,000
68,309
64,200
Outstanding at 1 Jan 2024
-
29,000
9,000
7,000
Granted share awards during the period
23,000
-
-
-
Forfeited share awards during the period
-
8,000
-
-
Exercised share awards during the period
-
-
-
7,000
Outstanding at 31 Dec 2024
23,000
21,000
9,000
-
Fair value of the share award at grant date
7.9
6.6
9.5
11.2
End of the performance period
28 Feb 2027
28 Feb 2026
28 Feb 2025
29 Feb 2024
End of the vesting period, expected
31 Mar 2027
31 Mar 2026
31 Mar 2025
7 Mar 2024
Vesting conditions
Service condition
Service condition
Service condition
Service condition
Exercised
In shares and cash
In shares and cash
In shares and cash
In shares and cash
20. Financial assets and liabilities – carrying amount,
fair values and fair value hierarchy
EUR mill.
31 Dec 2024
Financial assets and
liabilities at fair value
Financial assets and
liabilities at amortised cost
Carrying
amount
Fair
value
Fair value
hierarchy
Financial assets
Non-current
Loan receivables
0.0
-
0.0
0.0
Level 2
Unquoted equity investments
0.7
-
0.7
0.7
Level 3
Current
Trade receivables
-
117.5
117.5
117.5
Cash and cash equivalents
-
65.2
65.2
65.2
Interest rate derivatives
3.4
-
3.4
3.4
Level 2
Total
4.1
182.6
186.7
186.7
Financial liabilities
Non-current
Loans from financial institutions
-
249.2
249.2
249.2
Level 2
Bonds
-
99.3
99.3
104.3
Level 1
Hire purchase liabilities
-
0.0
0.0
0.0
Level 2
Contingent considerations
2.1
-
2.1
2.1
Level 3
Current
Loans from financial institutions
-
29.7
29.7
29.7
Level 2
Hire purchase liabilities
-
0.0
0.0
0.0
Level 2
Trade payables
-
55.6
55.6
55.6
Contingent considerations
2.1
-
2.1
2.1
Level 3
Interest rate derivatives
0.3
-
0.3
0.3
Level 2
Total
4.6
433.8
438.3
443.4
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Year 2024
Strategy and business
Financial statements

Financial assets and liabilities classified at fair value hierarchy level 3 consist of unquoted equity investments
and contingent considerations from business combinations. The measurement of unquoted equity
investments is based on the managements estimate of future cash flows arising from the investments and
the measurement of contingent considerations is based on the amounts specified in purchase agreements
and the management estimate on whether the consideration will be realised. The effect on earnings arising
from the changes of fair values of financial assets and liabilities classified at fair value hierarchy level 3 has
been EUR 1.2 (1.6) million.
EUR mill.
31 Dec 2023
Financial assets and
liabilities at fair value
Financial assets and
liabilities at amortised cost
Carrying
amount
Fair
value
Fair value
hierarchy
Financial assets
Non-current
Loan receivables
0.0
-
0.0
0.0
Level 2
Unquoted equity
investments
0.8
-
0.8
0.8
Level 3
Current
Trade receivables
-
127.6
127.6
127.6
Cash and cash equivalents
-
37.7
37.7
37.7
Interest rate derivatives
4.8
-
4.8
4.8
Level 2
Total
5.6
165.3
170.8
170.8
Financial liabilities
Non-current
Loans from financial
institutions
-
294.0
294.0
294.0
Level 2
Bonds
-
99.1
99.1
102.7
Level 1
Hire purchase liabilities
-
1.3
1.3
1.3
Level 2
Contingent considerations
3.3
-
3.3
3.3
Level 3
EUR mill.
31 Dec 2023
Financial assets and
liabilities at fair value
Financial assets and
liabilities at amortised cost
Carrying
amount
Fair
value
Fair value
hierarchy
Current
Loans from financial
institutions
-
19.8
19.8
19.8
Level 2
Hire purchase liabilities
-
2.5
2.5
2.5
Level 2
Trade payables
-
49.5
49.5
49.5
Contingent considerations
2.6
-
2.6
2.6
Level 3
Interest rate derivatives
0.1
-
0.1
0.1
Level 2
Total
6.0
466.2
472.2
475.7
21. Financial risks
21.1 Financial risk management
The Group is exposed to various financial risks in its normal business activities. The objective of the Group’s
risk management is to minimise the negative effects of changes in the financial markets on the Group’s result
and valuation. The Group’s main financial risks are interest rate risk, credit risk and liquidity risk. The Group’s
risk management principles are approved by the Board of Directors and the Group’s financial department
is responsible for the implementation of the principles. The Group’s financial department identifies and
assesses risks and acquires instruments needed to hedge against them.
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Year 2024
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Financial statements

21.2 Interest rate risk and currency risk
The Group’s interest rate risk arises from its loans from financial institutions issued at a floating rate.
In 2024, the Group’s average interest rate for loans from financial institutions has been 4.9 (4.0)
percent. If the interests would have been one percentage point higher it would have caused an
increase of EUR 1.6 (2.7) million in interest expenses during the year 2024.
The Group does not apply hedge accounting according to IFRS 9. The Group’s subsidiaries have
the following open interest rate derivative contracts at the reporting date:
• Interest rate swap agreements based on which the Group pays fixed 2.94, 0.48 and 2.92 percent
interest rate and receives variable interest on EUR 30.0, 50.0 and 50.0 million loan capital.
• Interest rate swap agreements based on which the Group pays variable interest rate and receives
fixed interest on EUR 15.0 and 25.0 million loan capital.
Besides Finland, the Group has operations in Sweden and to a minor extent in Estonia and is
thereby exposed to currency risk arising from Swedish krona. As billing and purchasing of the
Group companies is conducted in the local currency, the transaction risk exposure for Terveystalo is
insignificant. During the year 2024, the Group incurred foreign exchange change of EUR -0.0 (0.0)
million. However, the group is exposed to exchange rate translation differences, which are booked in
other comprehensive income that may be reclassified as profit or loss.
21.3 Credit risk
The majority of the Group’s incoming cash flows are payments from established institutions, public
sector and companies with appropriate credit rating. However, the Group’s trade receivables include
credit risk. Credit risk is managed mainly by monitoring the customer’s credit rating on a regular
basis and by co-operating with collection agencies. In addition, the Group’s customers include
private people whose invoicing is primarily carried out in connection with the rendering of services.
The Group has no major customer specific risk concentrations and its credit risk is diversified.
Credit risk is managed by monitoring the amount, maturity distribution and turnover of trade
receivables. Credit risk is also monitored on a client by client basis.
The Group’s maximum credit risk is equal to the carrying amount of financial assets at the
reporting date. The maturity distribution of the Group’s trade receivables is disclosed in note 22.
Trade and other receivables.
21.4 Refinancing risk and Liquidity risk
The group aims to ensure sufficient liquidity through efficient cash management and adequate credit
limits. Refinancing risk is managed through a balanced portfolio that includes loans with sufficiently long
maturities. The Group aims to assess and monitor continuously the amount of funding required by business
operations, in order to ensure sufficient liquidity to finance its operations, to repay maturing loans as well as
to carry out investments and acquisitions of companies according to the growth strategy.
The Group’s cash and cash equivalents comprise cash in bank accounts, cash in hand and cash payments
not yet recorded into the Group’s bank accounts (cash in transit) at the reporting date.
The Group manages liquidity risk by monitoring unused liquidity reserves and forecasting future
cash flows.
The Group has an overdraft facility and undrawn credit facilities, of which EUR 93.0 (98.0) million remained
unused at the reporting date.
The Group has EUR 378.1 million of bank loans and bonds. Uncertainty in financial markets may cause the
cost of financing needed for the group’s business operations to rise or become more difficult to obtain. The
Group may not necessarily obtain financing on competitive terms or at all, and it may not be able to fulfill its
obligations according to the financing arrangements.
The table below presents a contractual maturity analysis of financial liabilities. The cash flow figures
are undiscounted and they include both interest payments and repayments of principals. Interest
payments which are based on variable rates have been presented using variable rates as of the end of the
reporting date.
Maturity analysis of liquidity risk
31 Dec 2024
EUR mill.
Carrying
amount
Contractual
cash flows
1 year
1–2 years
2–5 years
Over 5 years
Loans from financial institutions
278.8
274.9
15.4
18.6
240.9
-
Bonds
99.3
118.8
5.4
5.4
108.0
-
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
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Sustainability statement
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Year 2024
Strategy and business
Financial statements

31 Dec 2023
EUR mill.
Carrying
amount
Contractual
cash flows
1 year
1–2 years
2–5 years
Over 5 years
Loans from financial institutions
313.8
331.6
15.8
137.0
167.6
11.2
Bonds
99.1
124.5
5.4
5.4
113.6
-
Lease liabilities
219.1
226.5
51.5
47.4
83.8
43.9
Hire purchase liabilities
3.8
3.8
2.6
1.2
0.1
-
Trade payables
49.5
49.5
49.5
-
-
-
Interest rate derivatives
0.1
0.4
0.3
0.4
-0.4
-
Total
688.6
728.6
122.5
188.8
362.1
55.1
21.5 Capital management
The objective of the Group’s capital management is to support business operations and to ensure
competitive operating conditions with optimal capital structure, as well as to enable the implementation of
the strategy.
In addition to operative cash flows, the capital structure is managed by potential share issues, acquisition
of treasury shares by increase or repayment of financial liabilities, possible conversions between equity and
financial liabilities, as well as through operative decisions on investments and growth, and potential disposals
of assets in order to reduce liabilities.
The development of the Group’s capital structure is monitored, amongst other things, with the following:
change in net debt, ratio of net debt to operating margin, and the cash flow forecast.
The Group’s net debt to equity ratio (gearing) was 92.1 (116.0) percent at the reporting date. The ratio is
calculated by dividing interest bearing net debt with equity. The net debt includes interest bearing liabilities
less interest bearing receivables and cash and cash equivalents. The Group’s interest bearing liabilities were
EUR 570.0 (635.8) million at the reporting date. A significant part of the interest bearing liabilities consists of
loans from financial institutions.
The Group’s loan agreements include a covenant, based on which creditors can demand an immediate
repayment of the loans if a certain covenant limit is breached. The covenant relates to the ratio between
EBITDA and net debt. The Group has met all covenant terms and conditions during the reporting period and
at the reporting date.
22. Trade and other receivables and contract assets
Carrying amounts of trade and other receivables and contract assets
EUR mill.
2024
2023
Non-current
Loan receivables
0.3
0.0
Total non-current receivables
0.3
0.0
Current
Trade receivables
109.6
117.4
Other receivables
1.9
2.3
Prepaid expenses
12.2
8.4
Derivative assets
3.4
4.8
Contract assets
7.9
10.2
Total
135.0
143.1
Specification of prepaid expenses
EUR mill.
2024
2023
Personnel related prepaid expenses
0.2
0.0
Prepayments
8.0
3.1
Other prepaid expenses
4.1
5.3
Total
12.2
8.4
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

During the reporting period, the Group has recognised final credit losses and expected credit losses on trade
receivables and contract assets through the statement of income totaling EUR 1.9 (2.1) million. Impairment
loss provision is based on a simplified approach. Estimated impairment loss rates have been calculated using
historical information of actual impairment losses, and the current conditions and the Group’s view of the
economic conditions over the expected lives of the receivables have been taken into account.
Based on the Group’s view, the carrying amount of trade receivables corresponds to the maximum credit
risk if the contractual parties are unable to meet their obligations related to trade receivables.
The fair value of other receivables and prepaid expenses corresponds with their carrying amount.
Ageing of trade receivables and recognised credit losses
2024
EUR mill.
Trade receivables and
contract assets total
Expected credit loss
Recognised expected
credit loss
Carrying
amount
Contract assets
7.9
-0.0%
-0.0
7.9
Not past due
97.4
-0.1%
-0.1
97.3
Past due
Less than 30 days
7.4
-0.5%
-0.0
7.4
31–90 days
1.8
-1.3%
-0.0
1.8
91–180 days
2.6
-9.4%
-0.2
2.3
Over 180 days
2.3
-68.9%
-1.6
0.7
Total
119.5
-1.9
117.5
Information about credit risk related to trade receivables is stated in note 21. Financial risks.
Ageing of trade receivables and recognised credit losses
2023
EUR mill.
Trade receivables and
contract assets total
Expected credit loss
Recognised expected
credit loss
Carrying
amount
Contract assets
10.2
0.0%
-0.0
10.2
Not past due
101.9
-0.1%
-0.1
101.8
Past due
Less than 30 days
10.4
-0.4%
-0.0
10.3
31–90 days
2.4
-1.3%
-0.0
2.4
91–180 days
1.8
-8.4%
-0.2
1.6
Over 180 days
3.0
-61.3%
-1.8
1.1
Total
129.7
-2.1
127.6
Information about credit risk related to trade receivables is stated in note 21. Financial risks.
23. Cash and cash equivalents
The Group’s cash and cash equivalents on 31 December 2024, amounting to EUR 65.2 (37.7) million consist of
cash in hand and bank as well as, cash payments on the bank settlement account at the reporting date.
The carrying amounts in the statement of financial position correspond to the maximum amount of credit
risk if the contractual parties are unable to meet their obligations. However, no significant counterparty risks
are associated with cash and cash equivalents. The fair value of cash and cash equivalents correspond to their
carrying amounts.
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

24. Share capital and invested non-restricted equity reserve
EUR mill.
Number of
outstanding
shares,
1,000 pcs
Number
of treasury
shares,
1,000 pcs
Number
of shares
total,
1,000 pcs
Share
capital
Invested
non-restricted
equity reserve
Treasury
shares
Total
1 Jan 2023
126,548
489
127,037
0.1
492.8
-15.8
477.1
Acquisition of
treasury shares
8
-8
-
-
-
0.1
0.1
Cancellation of
treasury shares
-
-
-
-
-
-
-
31 Dec 2023
126,556
480
127,037
0.1
492.8
-15.7
477.2
1 Jan 2024
126,556
480
127,037
0.1
492.8
-15.7
477.2
Acquisition of
treasury shares
49
-49
-
-
-
0.4
0.4
Cancellation of
treasury shares
-
-
-
-
-
-
-
31 Dec 2024
126,605
432
127,037
0.1
492.8
-15.2
477.6
Shares and share capital
On 31 December 2024, the amount of shares is 127,036,531 of which amount of outstanding shares is
126,604,826 and amount of treasury shares is 431,705.
The Company has a single share class. The shares have no nominal value. All shares issued have been
paid in full. Each share has one vote at the Annual General Meeting and equal rights to dividends and other
distribution of assets.
Terveystalo Plc’s share is listed on Nasdaq Helsinki Oy. The trading code is TTALO. Terveystalo Plc’s shares
belong to the book-entry system maintained by Euroclear Finland Oy.
Invested non restricted equity reserve
Invested non restricted equity reserve consists of other investments similar to equity and the subscription
price of shares to the extent that it has not been recorded in share capital according to specific resolution.
According to the current Finnish Companies Act, subscription price of new shares is recognised in the share
capital, unless it has not been according to Issuance Resolution fully or partly recognised in invested non-
restricted equity reserve.
Distributable funds
On 31 December 2024, the distributable funds of the parent company totalled EUR 558.9 million including
the profit of the financial period 2024 of EUR 61.0 million. The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.48 (0.30) per share totalling EUR 60.8 (38.0) million be paid
based on the statement of financial position adopted for the financial year ended on 31 December 2024. The
dividend would be paid in two instalments as follows:
• The first dividend installment of EUR 0.24 per share would be paid to the shareholders who are registered
in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of
the first dividend installment on 10 April 2025. The Board of Directors proposes that the first dividend
installment would be paid on 17 April 2025.
• The second dividend installment of EUR 0.24 per share would be paid to shareholders who are registered
in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of
the second dividend installment on 8 October 2025. The Board of Directors proposes that the second
dividend installment would be paid on 15 October 2025. The Board of Directors also proposes that the
Annual General Meeting would authorize the Board of Directors to resolve, if necessary, on a new record
date and date of payment for the second dividend installment should the rules of Euroclear Finland Ltd or
statutes applicable to the Finnish book-entry system change or otherwise so require.
The dividend proposed by the Board of Directors to the Annual General Meeting is not deducted from
distributable equity until approved by the Annual General Meeting of Shareholders.
No material changes have taken place in the company’s financial position since the end of the financial
year. The liquidity of the company is good and the proposed allocation of funds, in the view of the Board of
Directors, does not endanger the company's solvency.
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

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

Specification of other payables
EUR mill.
2024
2023
Doctor's fee liabilities
50.1
48.5
VAT liabilities
23.0
23.3
Other
9.1
8.3
Total
82.3
80.1
Specification of accrued expenses
EUR mill.
2024
2023
Personnel-related accrued expenses
74.6
74.0
Interest liabilities
4.8
6.3
Other
5.6
5.9
Total
85.1
86.2
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Annual Report 2024
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

27. Provisions
Carrying amounts of provisions
EUR mill.
2024
2023
Non-current provisions
3.3
2.8
Current provisions
2.9
3.3
Total
6.2
6.1
EUR mill.
2024
2023
Onerous contracts
3.1
4.1
Other provisions
3.1
2.0
Total
6.2
6.1

Changes in provisions during the financial year 2024
EUR mill.
Onerous contracts
Other provisions
Total
1 Jan 2024
4.1
2.0
6.1
Increase in provisions
0.0
2.7
2.7
Used provisions
-1.1
-1.6
-2.7
31 Dec 2024
3.1
3.1
6.2
Varausten muutokset vuoden 2023 aikana
EUR mill.
Onerous contracts
Other provisions
Total
1 Jan 2023
7.1
4.4
11.5
Increase in provisions
1.1
0.9
2.1
Used provisions
-4.1
-3.4
-7.5
31 Dec 2023
4.1
2.0
6.1
28. Defined benefit plans
The Group has defined benefit plans in Sweden in the Feelgood subgroup. These consists of PSA and PA-KL
plans which are closed and for which all the participants have either retired or left the Group. There are no
assets related to the Group’s defined benefit plans. The defined benefit plans determine the amount of
pension to be paid and the benefits to be paid for disability and at termination of employment. The benefits in
these plans are usually based on the length of employment and the level of final salary. The weighted average
duration of the defined benefit obligations was eight years at the reporting date.
Summary of the impact of the defined benefit plans in the financial statements
EUR mill.
2024
2023
Present value of the defined benefit obligations
1.3
1.3
Expenses related to defined benefit plans
0.0
0.0
Remeasurements of defined benefit obligations
0.1
0.1
Reconciliation of the defined benefit obligation
EUR mill.
2024
2023
1 Jan
1.3
1.3
Interest expense (+) / income (-)
0.1
0.1
Benefits paid
-0.1
-0.1
Remeasurement of the obligation
Actuarial gain (-) / loss (+) from change in financial assumptions
0.1
0.1
31 Dec
1.3
1.3
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Annual Report 2024
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Applied actuarial assumptions
%
2024
2023
Discount rate
2.70
3.70
Inflation
1.80
1.70
The discount rate is determined based on the yield of Swedish housing market bonds which have a length
that approximates the Group’s pension obligations.
Sensitivity analysis of the relevant actuarial assumptions’ impact
on defined benefit obligation
EUR mill.
2024
2023
0.5%-point increase in the principal assumption
Discount rate
-0.0
-0.0
Inflation
0.0
0.0
0.5%-point decrease in the principal assumption
Discount rate
0.0
0.0
Inflation
-0.0
-0.0
An external actuary has performed the sensitivity analysis for one variable at a time while holding all other
variables constant and regardless of the actual volatility of the given variable. Consequently, the purpose
of the analysis is not to quantify expected change in the defined benefit obligation but to illustrate the
sensitivity of the value of the obligation to these variables.
29. Collateral and contingent liabilities
EUR mill.
31 Dec 2024
31 Dec 2023
Business mortgages
0.7
7.5
Real estate mortgages
0.2
-
Total
0.9
7.5
Securities for own debts
Deposits
0.2
0.2
Guarantees
0.1
0.2
Total
0.3
0.4
As part of the normal development and maintenance of its branch and hospital network, the Group has entered
into a 20-year lease agreement with an estimated annual rent of EUR 3.5 million. The transfer of control of the
lease property is planned to take place in 2027.
30. Related party transactions
Group’s related parties
The Group’s related parties include the parent company as well as subsidiaries and associated companies. In
addition, related parties include also the members of the Board of Directors, Group management and the CEO
as well as their close family members and entities in which they have control or joint control.
The relationships of the parent company and the subsidiaries are disclosed in note 31. Group companies.
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Annual Report 2024
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Related party transactions
2024
Sales
Purchases
Receivables
Payables
Associated companies
0.5
6.1
0.2
0.4
Total
0.5
6.1
0.2
0.4
2023
Sales
Purchases
Receivables
Payables
Associated companies
0.6
9.7
0.2
0.8
Other related parties
0.0
-
-
-
Total
0.6
9.7
0.2
0.8

Compensation for the key management
Remuneration to the CEO, in thousands of euro
2024
2023
Fixed pay
438.2
397.7
Other benefits
13.8
12.3
Short-term incentives
577.7
402.2
Share-based payments
336.2
348.1
Pensions (statutory)
169.1
133.4
Total
1,535.0
1,293.7

Renumeration to the CEO is presented on an accrual basis.
Remuneration to the members of the Executive team
(excluding CEO), in thousands of euro
2024
2023
Fixed pay
1,568.1
1,348.3
Other benefits
40.6
28.7
Short-term incentives
700.5
606.7
Share-based payments
308.3
412.1
Termination benefits
36.0
226.3
Pensions (statutory)
384.4
330.7
Total
3,037.9
2,952.8
Renumeration to the members of the Executive team is presented on an accrual basis.
2024
2023
Remuneration to the
Board of Directors, in
thousands of euro
Annual fee
settled in
cash
Annual fee
settled in
shares
Meeting
fees
Other
financial
benefits*
Annual fee
settled in
cash
Annual fee
settled in
shares
Meeting
fees
Other
financial
benefits*
Kauniskangas Kari
(Chairman of the
board)
54.0
36.0
15.8
0.5
52.5
35.0
18.7
0.6
Pullola Kristian
31.8
21.2
10.7
0.3
31.2
20.8
11.7
0.3
Rosenberg Matts
31.8
21.2
10.7
0.3
31.2
20.8
12.4
0.3
Lemne Carola
25.4
16.9
14.5
0.3
24.9
16.6
18.0
0.3
Lehtoranta Ari
25.4
16.9
10.1
0.3
24.9
16.6
8.5
0.3
Hasselberg Sofia
25.4
16.9
17.2
0.3
24.9
16.6
15.4
0.3
Sarajärvi Teija**
25.4
16.9
8.1
0.3
-
-
-
-
Member of the Board of Directors until 26 March 2024
Viippola Katri
-
-
2.0
-
24.9
16.6
13.7
0.3
Total
219.2
146.0
89.0
2.2
214.5
143.0
98.1
2.3
* Other financial benefits include transfer tax fees for the annual fees paid in shares.
** Member of the Board of Directors from 2024.

Bonus Scheme
The Company operates a bonus scheme, which is determined by the Board of Directors of the Company upon
the recommendation of the Remuneration Committee. The CEO and the members of the Executive Team are
eligible to participate in the bonus scheme in accordance with the Company’s bonus policy. Annual bonuses
are payable based on the attainment of key performance targets of the Company. The key performance
targets of the CEO and the Executive Team are based on the Company’s adjusted EBITA as well as the
individual business and performance targets. The individual business and performance targets are set by the
manager of the participant in the bonus scheme.
The Board of Directors of Terveystalo Plc has resolved on share-based incentive plans directed to the
Group’s key employees. More information on the share-based incentive plans is presented in note 19. Share-
based payments.
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Management holdings
Name
Position
31 Dec 2024
Kari Kauniskangas
Chairman of the Board of Directors
25,363
Matts Rosenberg
Member of the Board of Directors
16,595
Carola Lemne
Member of the Board of Directors
6,799
Kristian Pullola
Member of the Board of Directors
10,304
Ari Lehtoranta
Member of the Board of Directors
8,177
Sofia Hasselberg
Member of the Board of Directors
4,172
Teija Sarajärvi
Member of the Board of Directors
1,673
Ville Iho
President and CEO
23,566
Juuso Pajunen
Chief Financial Officer
20,697
Petteri Lankinen
Chief Medical Officer
-
Sari Heinonen
Executive Vice President, Healthcare Services
-
Henri Mäenalanen
Executive Vice President, Portfolio Businesses
3,163
Stefan Kullgren
Executive Vice President, Swedish Business Area
10,000
Ilari Richard
Senior Vice President, Digital Services
3,834
Minttu Sinisalo
Senior Vice President, Human Resources
4,081
Petra Gräsbeck
Senior Vice President, Communications and Public Affairs
175
31. Group companies
The Group’s parent company is Terveystalo Plc domiciled in Finland.
Subsidiaries as at 31 December 2024
Company name
Domicile
Group's share
Group's voting rights
Cityläkarna Mariehamn AB
Finland
100.0%
100.0%
Clarahälsan AB
Sweden
100.0%
100.0%
EAM TTALO Holding Oy*
Finland
0.0%
0.0%
Company name
Domicile
Group's share
Group's voting rights
Feelgood Alna Sverige AB
Sweden
100.0%
100.0%
Feelgood Företagshälsa Dalarna AB
Sweden
100.0%
100.0%
Feelgood Företagshälsovård AB
Sweden
100.0%
100.0%
Feelgood Hälsoforum AB
Sweden
100.0%
100.0%
Feelgood Länshälsan AB
Sweden
100.0%
100.0%
Feelgood Sjukvård AB
Sweden
100.0%
100.0%
Feelgood Svenska AB
Sweden
100.0%
100.0%
Idavallen AB
Sweden
100.0%
100.0%
Länshälsan Skåne AB
Sweden
100.0%
100.0%
Medimar Scandinavia AB
Finland
100.0%
100.0%
Nämndemansgården i Sverige AB
Sweden
100.0%
100.0%
Rela-hierojat Oy
Finland
100.0%
100.0%
Sauma Lastensuojelupalvelut Oy
Finland
100.0%
100.0%
Suomen Hierojakoulut Oy
Finland
100.0%
100.0%
Suomen Terveystalo Oy
Finland
100.0%
100.0%
Terveystalo Estonia OÜ
Estonia
100.0%
100.0%
Terveystalo Healthcare Holding Oy
Finland
100.0%
100.0%
Terveystalo Healthcare Oy
Finland
100.0%
100.0%
Terveystalo Julkiset palvelut Oy
Finland
100.0%
100.0%
Terveystalo Kuntaturva Oy
Finland
100.0%
100.0%
Terveystalo Tactus Oy
Finland
100.0%
100.0%
TT Ålands Tandläkarna AB
Finland
100.0%
100.0%
* Evli Asset Management holds the ownership and voting rights of EAM TTALO Holding Oy by legal terms, but according to the
agreement, Terveystalo has control over the company and acts as the principal, whereas EAM is an agent through the holding
company. Based on this control arising from contractual terms, the holding company is consolidated into the Group's IFRS financial
statements as a structured entity.
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Changes in the Group structure
Financial year 2024
The following mergers took place during the financial year 2024:
• 31.12.2024 Kajaanin Radiologikeskus Oy merged with Suomen Radiologikeskus Oy.
• 31.12.2024 Suomen Radiologikeskus Oy merged with SRK Group Oy.
• 31.12.2024 IRad Oy merged with SRK Group Oy.
• 31.12.2024 SRK Group Oy merged with Terveystalo Julkiset Palvelut Oy.
Financial year 2023
The following mergers took place during the financial year 2023:
• 31.1.2023 Kunnon Syke Oy merged with Suomen Terveystalo Oy.
• 28.2.2023 Ludus Oy merged with Suomen Terveystalo Oy.
• 31.3.2023 Saimaan Urheilufysioterapia Oy merged with Suomen Terveystalo Oy.
• 31.5.2023 Evalua International Ltd Oy merged with Suomen Terveystalo Oy.
• 31.8.2023 Somia Reality Oy merged with Suomen Terveystalo Oy.
• 30.9.2023 Feelgood Jobbhälsan AB merged with Feelgood Företagshälsovård AB.
• 30.9.2023 Medicin Direkt Östersund AB merged with Feelgood Sjukvård AB.
• 30.9.2023 The Drawing Room AB merged with Nämndemansgården Sverige AB.
The following companies operations have ceased during the financial year 2023:
• 22.2.2023 Evalua Nederland B.V.
• 31.12.2023 Rela Estonia ÖU
32. Subsequent events
Terveystalo Plc's Board of Directors has approved a new performance
period covering years 2025–2027 of the long-term share-based
incentive plan for key personnel
Terveystalo Plc's Board of Directors has approved a new performance period covering the years 2025–2027
of the long-term share-based incentive plan for key personnel. The purpose of the program is to align the
objectives of shareholders and key personnel to increase the company's value in the long term, and to
commit key personnel to implementing Terveystalo's strategy by offering them a competitive, share-based
incentive program.
The Performance Share Plan is based on a rolling 3-year performance period structure, with a new
performance period starting at the beginning of each year if so decided by the Board. The Board decides on
the participants, performance measures, and targets as well as earning opportunities on an annual basis.
Terveystalo published the establishment of the program and its main terms in a stock exchange release on 3
December 2020.
Performance Period 2025–2027 of the Performance
Share Plan (PSP)
During the performance period 2025–2027, the participants are awarded for successful shareholder value
creation. The performance indicators based on which share rewards may be paid to 90% of the participants
are absolute and relative (compared to the OMX HKI benchmark CAP GI index) Total Shareholder Return. For
10% of the participants, the value creation is measured by EBITA (adjusted earnings before interest, taxes, and
amortization) of the business area or independent business that they lead.
Terveystalo's Board of Directors confirms the total amount of shares earned after the end of the performance
period. The share rewards that may be paid based on the 2025–2027 earning period will be paid in Terveystalo
Plc shares after the end of the performance period, provided that the performance targets set for the program
by the Board are achieved. The maximum number of shares to be paid based on this plan is 700,000 shares.
Taxes and tax-like payments to the recipient are deducted from the reward, after which the remaining net
amount is paid to the participants in shares.
No more than approximately 80 people selected by the Board are eligible to participate in the program,
including members of Terveystalo's Executive Team.
Terveystalo applies a share ownership requirement to the members of the Executive Team. Each member
of the Executive Team is expected to retain at least 50 percent of the net shares received under the long-term
incentive plan until his or her shareholding in Terveystalo is at least equal to his or her annual gross base salary.
Performance Period 2025–2027of the Restricted Share Plan (RSP)
The purpose of the Restricted Share Plan is to function as a supplementary structure for separately selected key
personnel of Terveystalo in special situations.
The share rewards will be paid in Terveystalo Plc shares after the end of the performance period, provided
that the individual participants are still employed by Terveystalo. The maximum number of shares to be paid
based on this plan is 70,000 shares.
Terveystalo
Annual Report 2024
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Notifications pursuant to Chapter 9, Section 10 of the Securities
Markets Act
After the end of the reporting period, on 18 February 2025, OP Financial Group's insurance companies
transferred their Terveystalo Plc shares to OP Cooperative. This transaction left OP Financial Group's
total holding in Terveystalo Plc unchanged at 13.91 percent, equating to 17,675,975 shares. As part of the
arrangement, Terveystalo Plc received the following flagging notifications on 19 February 2025.
Terveystalo Plc received a notification in accordance with Chapter 9, Section 5 of the Securities Markets Act,
according to which OP Cooperative's holding of Terveystalo Plc's shares and votes has exceeded 10 percent
on 18 February 2025.
Terveystalo Plc received a notification in accordance with Chapter 9, Section 5 of the Securities Markets Act,
according to which Pohjola Insurance Ltd's holding in Terveystalo Plc's shares and votes has fallen below 5
percent on 18 February 2025.
Terveystalo Plc received a notification in accordance with Chapter 9, Section 5 of the Securities Markets Act,
according to which OP Life Assurance Company Ltd's holding of Terveystalo Plc's shares and votes has fallen
below 5 percent on 18 February 2025.
Terveystalo
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Parent company's financial
statement, FAS
Parent company’s income statement
EUR
Note
1.1.-31.12.2024
1.1.-31.12.2023
Revenue
1.1
8,062,045
11,487,798
Materials and supplies
-360
-1,684
Employee benefit expenses
Wages and salaries
-2,406,187
-1,889,541
Social security expenses
Pension expenses
-287,420
-232,335
Other social security expenses
-17,263
-153,776
Depreciation, amortisation and impairment losses
1.2
-22,617
-18,227
Other operating expenses
1.4
-9,476,615
-20,555,877
Operating loss
-4,148,418
-11,363,642
Financial income and expenses
1.5
Other interest and financial income
From group companies
5,453,177
3,194,991
From others
1,715
-
Other interest and financial expenses
To group companies
-2,389,839
-1,126,839
To others
-5,579,405
-3,833,481
Loss before appropriations and taxes
-6,662,769
-13,128,972
Appropriations
1.6
Increase/decrease in depreciation in excess of plan
1,824
-16,959
Group contributions
83,000,000
63,777,000
Taxes
-15,293,500
-10,132,230
Profit for the period
61,046,181
40,499,784
Parent company’s statement of financial position
EUR
Note
31 Dec 2024
31 Dec 2023
ASSETS
Non-current assets
Property, plant and equipment
2.1
Machinery and equipment
64,270
86,887
Investments
Holdings in group companies
2.2
516,818,244
516,818,244
Loan receivables from group companies
2.3
105,375,000
100,000,000
Total non-current assets
622,257,514
616,905,132
Current assets
Receivables from group companies
2.3
94,081,527
87,022,736
Prepayments and accrued income
2.4
623,426
1,030,499
Total current assets
90,731,399
88,053,235
TOTAL ASSETS
716,962,467
704,958,366
EQUITY AND LIABILITIES
Equity
2.5
Share capital
80,000
80,000
Invested non-restricted equity reserve
493,503,962
493,503,962
Retained earnings
4,373,361
1,855,024
Profit for the period
61,046,181
40,499,784
Total equity
559,003,504
535,938,771
Appropriations
Depreciation in excess of plan
24,072
25,896
Total appropriations
24,072
25,896
Liabilities
2.6
Non-current liabilities
Bonds
100,000,000
100,000,000
Current liabilities
Trade payables
1,718,174
2,296,985
Liabilities to group companies
45,978,136
56,730,930
Other liabilities
148,460
35,585
Accruals and deferred income
10,090,121
9,930,200
Total liabilities
157,934,891
168,993,700
TOTAL EQUITY AND LIABILITIES
716,962,467
704,958,366
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Parent company's statement of cash flows
EUR
1.1.–31.12.2024
1.1.–31.12.2023
Cash flows from operating activities
Profit for the period before income taxes
76,339,055
50,631,069
Adjustments
Depreciations according to plan
22,617
18,227
Non-cash transactions
-79,860,935
-60,564,902
Financial income and expenses
2,514,351
1,765,330
Change in working capital
Change in trade and other receivables
7,036,904
-16,767,585
Change in trade and other payables
-2,652,245
878,760
Taxes
-13,178,727
-4,464,873
Net cash from operating activities
-9,778,979
-28,503,974
EUR
1.1.–31.12.2024
1.1.–31.12.2023
Cash flows from investing activities
Acquisition of tangible and intangible assets
-
-44,361
Granted loan receivables to subsidiary
-
-100,000,000
Net cash from investing activities
-
-100,044,361
Cash flows from financial activities
Change in group bank account
-10,468,331
31,521,429
Proceeds of long-term borrowings
-
99,594,000
Received group contribution
63,777,000
34,634,000
Dividends paid
-37,981,448
-35,435,764
Interest and other financial expenses paid
-5,548,242
-1,765,330
Net cash from financial activities
9,778,979
128,548,335
Net change in cash and cash equivalents
-
-
Cash and cash equivalents at the start of the financial year
-
-
Cash and cash equivalents at the end of the financial year
-
-
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Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

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
2024
2023
Finland
8,029,850
11,455,589
Sweden
32,195
32,209
Total
8,062,045
11,487,798

1.2 Depreciation, amortisation and impairment losses
EUR
2024
2023
Depreciation
-22,617
-18,227
Total
-22,617
-18,227

1.3 Personnel
2024
2023
Average number of personnel during financial year
4
4

1.4 Other operating expenses
EUR
2024
2023
External services
-8,562,278
-19,452,524
ICT expenses
-35,340
-36,242
Non-statutory personnel expenses
-56,370
-109,863
Leases
-12,817
-14,731
Travel expenses
-46,102
-51,977
Marketing and communication
-193,652
-201,761
Other costs
-570,056
-688,779
Total
-9,476,615
-20,555,877

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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Auditor's fees
EUR
2024
2023
Audit and auditor's statements based on laws and regulations
Audit, KPMG
-108,900
-101,000
Auditor's statements based on laws and regulations, KPMG*
-89,000
-
Total
-197,900
-56,240
Non audit services
Other services, KPMG
-14,000
-
Total
-14,000
-
Auditor's fees total
-211,900
-101,000
* Including limited assurance of sustainability statement.

1.5 Financial income and expenses
EUR
2024
2023
Other interest and financial income
From group companies
5,453,177
3,194,991
From others
1,715
-
Total
5,454,892
3,194,991
Other interest and financial expenses
To group companies
-2,389,839
-1,126,839
To others
-5,579,405
-3,833,481
Total
-7,969,244
-4,960,321

1.6 Appropriations
EUR
2024
2023
Increase/decrease in depreciation in excess of plan
1,824
-16,959
Group contributions received
83,000,000
63,777,000
Appropriations total
83,001,824
63,760,041
Notes to the statement of the financial position
2.1 Property, plant and equipment
Machinery and equipment
EUR
2024
2023
Acquisition cost 1 Jan
151,975
107,614
Additions
-
44,361
Acquisition cost 31 Dec
151,975
151,975
Accumulated depreciation and impairment losses 1 Jan
-65,087
-46,861
Depreciation for the period
-22,617
-18,227
Accumulated depreciation and impairment losses 31 Dec
-87,704
-65,087
Carrying amount 1 Jan
86,887
60,753
Carrying amount 31 Dec
64,270
86,887
2.2 Investments
Holdings in group companies
EUR
2024
2023
Acquisition cost 1 Jan
516,818,244
516,818,244
Acquisition cost 31 Dec
516,818,244
516,818,244
Carrying amount 1 Jan
516,818,244
516,818,244
Carrying amount 31 Dec
516,818,244
516,818,244
Terveystalo
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Parent company ownerships
Holdings in group companies
2024
2023
Terveystalo Healthcare Holding Oy
100%
100%
2.3 Receivables from group companies
EUR
2024
2023
Loan receivables
105,375,000
100,000,000
Total
105,375,000
100,000,000
EUR
2024
2023
Non-current receivables
3,973,554
4,418,475
Trade receivables
634,331
827,512
Group contribution receivables
83,000,000
63,777,000
Prepayments and accrued income*
6,473,642
17,999,749
Total
94,081,527
87,022,736
* 2023 including rechargeable service fees EUR 14.8 million and interest receivables EUR 3.2 million.
2.4 Prepayments and accrued income
EUR
2024
2023
VAT receivables
153,539
477,423
Prepayments and accrued income
469,886
553,076
Total
623,426
1,030,499
2.5 Changes in equity

Restricted equity
Share capital
EUR
2024
2023
At the beginning of the period
80,000
80,000
At the end of the period
80,000
80,000
Total restricted equity
80,000
80,000
Unrestricted equity

Invested non-restricted equity reserve
EUR
2024
2023
At the beginning of the period
493,503,962
493,503,962
At the end of the period
493,503,962
493,503,962
Retained earnings
EUR
2024
2023
Retained earnings at the beginning of the period
42,354,808
37,290,789
Dividends paid
-37,981,448
-35,435,764
Retained earnings at the end of the period
4,373,361
1,855,024
Net income
61,046,181
40,499,784
Total unrestricted equity
558,923,504
535,858,771
Total equity
559,003,504
535,938,771
Terveystalo
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Distributable equity
EUR
2024
2023
Invested non-restricted equity reserve
493,503,962
493,503,962
Retained earnings
4,373,361
1,855,024
Net income
61,046,181
40,499,784
Total
558,923,504
535,858,771
Shares and share capital
On 31 December 2024, the amount of shares is 127,036,531 of which 431,705 is held by EAM TTALO Holding
Oy, a company which is under the control of Terveystalo Plc.
The company has a single share class. The shares have no nominal value. All shares issued have been
paid in full. Each share has one vote at the Annual General Meeting and equal rights to dividends and other
distribution of assets.
Terveystalo Plc’s share is listed on Nasdaq Helsinki Oy. The trading code is TTALO. Terveystalo Plc’s shares
belong to the book-entry system maintained by Euroclear Finland Oy.
Invested non restricted equity reserve
Invested non restricted equity reserve consists of other investments similar to equity and the subscription
price of shares to the extent that it has not been recorded in share capital according to specific resolution.
According to the current Finnish Companies Act, subscription price of new shares is recognised in the share
capital, unless it has not been according to Issuance Resolution fully or partly recognised in invested non
restricted equity reserve.
2.6 Liabilities
2.6.1 Non-current liabilities
EUR
2024
2023
Bonds
100,000,000
100,000,000
Total
100,000,000
100,000,000
Terveystalo Plc issued senior unsecured sustainability-linked notes in the aggregate principal amount of EUR
100 million in June 2023. The Notes will mature on 1 June 2028 and carry initially a fixed annual interest of
5.375 percent. The notes were listed on the official list maintained by Nasdaq Helsinki Ltd on 5 June 2023.
2.6.2 Current liabilities
EUR
2024
2023
Trade payables
1,718,174
2,296,985
Other liabilities to group companies
45,978,136
56,730,930
Other liabilities
148,460
35,585
Accruals
10,090,121
9,930,200
Total
57,934,891
68,993,700
2.6.3 Liabilities to Group companies
EUR
2024
2023
Trade payables
6,151
265,918
Group bank account payables
45,971,985
56,440,316
Accruals and deferred income
-
24,697
Total
45,978,136
56,730,930
2.6.4 Accruals and deferred expenses
EUR
2024
2023
Personnel-related accrued expenses
1,135,237
841,720
Other
650,265
2,845,628
Interest liabilities
3,142,760
3,195,139
Income tax liability
5,161,860
3,047,713
Total
10,090,121
9,930,200
Terveystalo
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181
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Other notes
3. Collateral and other contingent liabilities
EUR
2024
2023
Suretyship*
253,521,166
305,000,000
Other guarantees
22,607
81,927
* Suretyship given by Terveystalo Plc to subsidiaries' financial institution loans.
Confirmation of the Board of Directors and the CEO
We confirm that
• the consolidated financial statements prepared in accordance with the International Financial Reporting
Standards (IFRS) as adopted by the European Union and the financial statements of the parent company
prepared in accordance with the laws and regulations governing the preparation of financial statements
in Finland give a true and fair view of the assets, liabilities, financial position and profit or loss of the
company and the undertakings included in the consolidation taken as a whole;
• the management report includes a fair review of the development and performance of the business
and the position of the company and the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties that they face and
• that the sustainability report within management report is prepared in accordance with sustainability
reporting standards referred to in Chapter 7 of the Accounting Act and with the Article 8 of
Taxonomy Regulation.
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Signatures to the financial statements and
Board of Director’s report
Helsinki, 13 March 2025
Kari Kauniskangas

Sofia Hasselberg
Chairman of the Board of Directors

Member of the Board of Directors
Ari Lehtoranta

Carola Lemne
Member of the Board of Directors

Member of the Board of Directors

Kristian Pullola

Matts Rosenberg
Member of the Board of Directors

Member of the Board of Directors
Katri Viippola

Ville Iho
Member of the Board of Directors

President and CEO
Auditors note
A report on the audit has been issued today.
Helsinki, 13 March 2025
KPMG Oy Ab
Audit firm
Henrik Holmbom
Authorised Public Accountant
Terveystalo
Annual Report 2024
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Auditor’s Report
Report on the Audit of
the Financial Statements
Opinion
We have audited the financial statements of Terveystalo
Plc (business identity code 2575979–3) for the year
ended 31 December, 2024. The financial statements
comprise the consolidated balance sheet, statement of
comprehensive income, statement of changes in equity,
statement of cash flows and notes, including material
accounting policy information, as well as the parent
company’s balance sheet, income statement, statement
of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS
Accounting Standards as adopted by the EU
• the financial statements give a true and fair view
of the parent company’s financial performance
and financial position in accordance with the laws
and regulations governing the preparation of
financial statements in Finland and comply with
statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good
auditing practice in Finland. Our responsibilities
under good auditing practice are further described
in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report.
We are independent of the parent company
and of the group companies in accordance with the
ethical requirements that are applicable in Finland
and are relevant to our audit, and we have fulfilled
our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding,
the non-audit services that we have provided to
the parent company and group companies are in
compliance with laws and regulations applicable
in Finland regarding these services, and we have
not provided any prohibited non-audit services
referred to in Article 5(1) of regulation (EU) 537/2014.
The non-audit services that we have provided have
been disclosed in note 10 to the consolidated
financial statements.
To the Annual General Meeting of Terveystalo Plc
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.
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

The key audit matter
How the matter was addressed in the audit
Valuation of Goodwill and acquisition related Intangible Assets
(Accounting Principles for the Consolidated Financial Statements and the Notes 3, 15 and 16)
• At the year-end 2024 the goodwill amounted to 829 M€
and accounted for 59 % of the consolidated total assets
and for 151 % of the consolidated equity.
• The acquisition-related recognised assets for customer
relationships and trademark and at the year-end 2024
were in total 50 M€.
• Terveystalo determines recoverable amounts for
impairment tests based on value in use. Preparation
of cash flow projections underlying impairment tests
requires management judgments for profitability, long-
term growth rate and discount rate.
• Given the high level of management judgment related to
the forecasts used and the significant carrying amounts
involved, valuation of goodwill and acquisition related
intangible assets is considered a key audit matter.
• We assessed the key assumptions used in the
impairment tests, such as profitability, discount
rate and long-term growth rate. To analyse the
forecasts, we applied professional judgement in
testing the key assumptions and assessing the
resulting effects on the sensitivity analysis.
• We assessed the appropriateness of the
assumptions used and the technical accuracy of
the calculations. This included a comparison to
external market and industry forecasts.
• In addition, we considered the appropriateness
of the disclosures in respect of goodwill,
impairment testing and acquisition related
intangible assets.
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 2024 amounted to 1.340 M€
and consist of numerous types of individual service
transactions generated to various customer groups in
multiple business locations. Volumes of sales transactions
processed in the IT systems are substantial and Terveystalo
also uses a number of service pricing models and client
contract templates.
• Given the variety and large number of sales transactions,
revenue recognition is considered a key audit matter.
• As part of our audit procedures, we evaluated
the sales-related internal control environment
and the key controls. We also performed
substantive audit procedures.
• We tested the processes to record sales
transactions as well as the sales pricing
and invoicing processes. We assessed the
appropriateness of the revenue recognition for
the sales transactions.
• We assessed the IT systems relevant for
revenue recognition.
• We considered the appropriateness of the
disclosures presented for revenue in the
consolidated financial statements.
We have not identified key audit matters relating to the parent company’s financial statements.
Terveystalo
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Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Responsibilities of the Board
of Directors and the Managing
Director for the Financial
Statements
The Board of Directors and the Managing Director
are responsible for the preparation of consolidated
financial statements that give a true and fair view
in accordance with IFRS Accounting Standards as
adopted by the EU, and of financial statements
that give a true and fair view in accordance with the
laws and regulations governing the preparation of
financial statements in Finland and comply with
statutory requirements. The Board of Directors and
the Managing Director are also responsible for such
internal control as they determine is necessary to
enable the preparation of financial statements that are
free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the Board of
Directors and the Managing Director are responsible
for assessing the parent company’s and the group’s
ability to continue as a going concern, disclosing,
as applicable, matters relating to going concern
and using the going concern basis of accounting.
The financial statements are prepared using the
going concern basis of accounting unless there is
an intention to liquidate the parent company or the
group or cease operations, or there is no realistic
alternative but to do so.
Auditor’s Responsibilities for the
Audit of the Financial Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an
audit conducted in accordance with good auditing
practice will always detect a material misstatement
when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in
the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with good
auditing practice, we exercise professional judgment and
maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the financial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the
effectiveness of the parent company’s or the group’s
internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures made
by management.
• Conclude on the appropriateness of the Board of
Directors’ and the Managing Director’s use of the
going concern basis of accounting and based on
the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
that may cast significant doubt on the parent
company’s or the group’s ability to continue as
a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events
or conditions may cause the parent company or the
group to cease to continue as a going concern.
• 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.
Terveystalo
Annual Report 2024
186
Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Other Reporting Requirements
Information on our audit
engagement
We have acted as auditors appointed by the Annual
General Meeting uninterrupted for thirteen years.
Terveystalo Plc became a public interest entity on
13 October 2017.
Other Information
The Board of Directors and the Managing Director
are responsible for the other information. The other
information comprises the report of the Board
of Directors and the information included in the
Annual Report, but does not include the financial
statements or our auditor’s report thereon. Our
opinion on the financial statements does not cover the
other information.
In connection with our audit of the financial
statements, our responsibility is to read the other
information identified above and, in doing so, consider
whether the other information is materially inconsistent
with the financial statements or our knowledge obtained
in the audit, or otherwise appears to be materially
misstated. With respect to the report of the Board of
Directors, our responsibility also includes considering
whether the report of the Board of Directors has been
prepared in compliance with the applicable provisions,
excluding the sustainability report information on which
there are provisions in Chapter 7 of the Accounting Act
and in the sustainability reporting standards.
In our opinion, the information in the report of the
Board of Directors is consistent with the information in
the financial statements and the report of the Board
of Directors has been prepared in compliance with the
applicable provisions. Our opinion does not cover the
sustainability report information on which there are
provisions in Chapter 7 of the Accounting Act and in the
sustainability reporting standards.
If, based on the work we have performed on the
other information, we conclude that there is a material
misstatement of this other information, we are required
to report that fact. We have nothing to report in
this regard.
Helsinki, 13 March 2025
KPMG Oy Ab
Henrik Holmbom
Authorised Public Accountant, KHT
Terveystalo
Annual Report 2024
187
Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Assurance Report on the Sustainability Report
We have performed a limited assurance engagement
on the group sustainability report of Terveystalo Plc
(business identity code 2575979–3) that is referred to in
Chapter 7 of the Accounting Act and that is included in
the report of the Board of Directors for the financial year
1.1.–31.12.2024.
Opinion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the group
sustainability report does not comply, in all material
respects, with
1) the requirements laid down in Chapter 7 of the
Accounting Act and the sustainability reporting
standards (ESRS);
2) the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment
of a framework to facilitate sustainable investment,
and amending Regulation (EU) 2019/2088
(EU Taxonomy).
Point 1 above also contains the process in which
Terveystalo Plc has identified the information for
reporting in accordance with the sustainability
reporting standards (double materiality assessment)
and the tagging of information as referred to in Chapter
7, Section 22 of the Accounting Act.
Our opinion does not cover the tagging of
the group sustainability report with digital XBRL
sustainability tags in accordance with Chapter 7,
Section 22, Subsection 1(2), of the Accounting Act,
because sustainability reporting companies have not
had the possibility to comply with that provision in
the absence of the ESEF regulation or other European
Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability
report as a limited assurance engagement in
compliance with good assurance practice in Finland
and with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) Assurance
Engagements Other than Audits or Reviews of
Historical Financial Information.
Our responsibilities under this standard are further
described in the Responsibilities of the Authorised
Sustainability Auditor section of our report.
We believe that the evidence we have obtained
is sufficient and appropriate to provide a basis
for our opinion.
To the Annual General Meeting of Terveystalo Plc
Other Matter
We draw attention to the fact that the group
sustainability report of Terveystalo Plc that is referred to
in Chapter 7 of the Accounting Act has been prepared
and assurance has been provided for it for the first time
for the financial year 1.1.–31.12.2024. Our opinion does
not cover the comparative information that has been
presented in the group sustainability report. Our opinion
is not modified in respect of this matter.
Authorised group sustainability
auditor's Independence and
Quality Management
We are independent of the parent company and of
the group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our engagement, and we have fulfilled
our other ethical responsibilities in accordance with
these requirements.
The authorised group sustainability auditor applies
International Standard on Quality Management ISQM
1, which requires the authorised sustainability audit
firm to design, implement and operate a system of
quality management including policies or procedures
regarding compliance with ethical requirements,
professional standards and applicable legal and
regulatory requirements.
Responsibilities of the
Board of Directors and the
Managing Director
The Board of Directors and the Managing Director of
Terveystalo Plc are responsible for:
• the group sustainability report and for its
preparation and presentation in accordance with
the provisions of Chapter 7 of the Accounting Act,
including the process that has been defined in the
sustainability reporting standards and in which
the information for reporting in accordance with
the sustainability reporting standards has been
identified as well as the tagging of information
as referred to in Chapter 7, Section 22 of the
Accounting Act and
• the compliance of the group sustainability report
with the requirements laid down in Article 8 of
the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment
of a framework to facilitate sustainable investment,
and amending Regulation (EU) 2019/2088;
• such internal control as the Board of Directors and
the Managing Director determine is necessary to
enable the preparation of a group sustainability
report that is free from material misstatement,
whether due to fraud or error.
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.
Terveystalo
Annual Report 2024
188
Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Inherent Limitations
in the Preparation of
a Sustainability Report
Preparation of the sustainability report requires
Company to make materiality assessment to identify
relevant matters to report. This includes significant
management judgement and choices. It is also
characteristic to the sustainability reporting that
reporting of this kind of information includes estimates
and assumptions as well as measurement and
estimation uncertainty. Furthermore, when reporting
forward looking information company has to disclose
assumptions related to potential future events and
describe Company´s possible future actions in relation
to these events. Actual outcome may differ as forecasted
events do not always occur as expected.
Responsibilities of the Authorised
Group Sustainability Auditor
Our responsibility is to perform an assurance
engagement to obtain limited assurance about whether
the group sustainability report is free from material
misstatement, whether due to fraud or error, and to issue
a limited assurance report that includes our opinion.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
decisions of users taken on the basis of the group
sustainability report.
Compliance with the International Standard on
Assurance Engagements (ISAE) 3000 (Revised) requires
that we exercise professional judgment and maintain
professional skepticism throughout the engagement.
We also:
• Identify and assess the risks of material misstatement
of the group sustainability report, whether due
to fraud or error, and obtain an understanding of
internal control relevant to the engagement in order
to design assurance procedures that are appropriate
in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
• Design and perform assurance procedures
responsive to those risks to obtain evidence
that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud
is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
Description of the Procedures
That Have Been Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and
are less in extent than for, a reasonable assurance
engagement. The nature, timing and extent of
assurance procedures selected depend on professional
judgment, including the assessment of risks of
material misstatement, whether due to fraud or error.
Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower
than the assurance that would have been obtained had
a reasonable assurance engagement been performed.
Our procedures included for ex. the following:
• We interviewed Terveystalo’s management and
persons responsible for the preparation and
gathering of the sustainability information.
• We familiarised with interviews to the key processes
related to collecting and consolidating the
sustainability information.
• We got acquainted with the relevant guidances and
policies related to the sustainability information
disclosed in the sustainability report.
• We acquainted ourselves to the background
documentation and other records prepared by
the Company, as appropriate and assessed how
they support the information included in the
sustainability report.
• In relation to the double materiality assessment
process, we interviewed persons responsible for the
process and familiarised ourselves with the process
description prepared of the double materiality
assessment and other documentation and
background materials.
• In relation to the EU taxonomy information we
interviewed the management of the company
and persons with key roles in reporting taxonomy
information to understand/examine how taxonomy
eligible and taxonomy aligned activities have been
identified, we obtained evidence supporting the
interviews and reconciled the reported EU taxonomy
information to supporting documents and to the
bookkeeping, as applicable.
• We assessed the application of the ESRS
sustainability reporting standards reporting
principles in the presentation of the sustainability
information.
Helsinki, 13 March 2025
KPMG OY AB
Authorised Sustainability Audit Firm
HENRIK HOLMBOM
Authorised Sustainability Auditor, KRT
Terveystalo
Annual Report 2024
189
Corporate Governance
Sustainability statement
Report of the Board of Directors
Year 2024
Strategy and business
Financial statements

Environmental
Appendix
191 Sustainable consumption and climate action
Terveystalo
Annual Report 2024
190
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business
Annual Report 2024
Terveystalo
190

Environmental Appendix
Sustainable consumption
and climate action
Based on the results of the double materiality
assessment, climate change is not one of Terveystalo’s
material sustainability themes. However, for the
sake of transparency and the continuity of reporting,
Terveystalo continues to voluntarily report information
related to its key environmental impacts in this
Environment Appendix of the Annual Report, but
Terveystalo does not adhere to the requirements of
the ESRS environmental standards with respect to the
disclosures in question. The information included in the
Environmental Appendix has not been assured.
Terveystalo is committed to the targets agreed upon
at international climate summits for the mitigation of
climate change. Terveystalo’s goal is zero emissions from
its own operations in 2030. Terveystalo has committed
to the Science Based Targets Initiative (SBTi) and will set
science-based short- and long-term emissions reduction
targets by 2027. Terveystalo promotes the conservation
and sustainable use of natural resources in its supply
chains by minimising the generation of waste in all of
its operations and forwarding all waste to be recovered.
Terveystalo’s digital services enable Terveystalo to
simultaneously improve access to care and reduce the
emissions generated by unnecessary travel.
Terveystalo’s environmental policy
Terveystalo Group’s environmental policy describes
the environmental principles that all employees,
managers, officials, board members, consultants and
other personnel working under the management
of Terveystalo Group are expected to follow.
Terveystalo operates in line with the principles of
sustainable development in order to reduce and
eliminate environmental risks. In addition to being
committed to the Group’s environmental policy,
Terveystalo is committed to full compliance with the
applicable legislation, the regulations issued by the
authorities, industry operating practices that ensure
occupational safety and patient safety, and the
continuous improvement of environmentally friendly
operating practices.
Adverse environmental impacts are prevented,
among other things, by reducing energy consumption
and by transitioning to renewable energy or nuclear
power, reducing the amount of waste generated and
increasing the recycling rate, optimizing the lifecycle
of healthcare equipment, considering environmental
aspects in travel and car policies, and developing
digital services. Adverse environmental impacts are
also prevented through planned pharmaceutical
management, route optimization for mobile units, taking
sustainability perspectives into account in centralized
procurement, network, and business premises projects,
as well as with efficient inventory management.
Terveystalo's environmental management system
covers all locations within the Healthcare Services
segment (a total of 203 units) in Finland, and its
appropriateness is assessed in quality and environmental
system audits. Terveystalo's environmental management
system and all the locations of Healthcare Services
segment are certified according to the ISO 14001
standard. Other locations follow the same practices
and the environmental management system, even if
they are not directly covered by the certificate. The
standard provides a framework for the continuous
development of processes and practices that minimize
negative environmental impacts. In 2024, Terveystalo's
quality and environmental management systems were
recertified to cover the years 2025–2027. Most (90
percent) of the locations under Feelgood's own control in
Sweden are also certified according to ISO 14001:2015.
Zero emissions from own
operations in 2030
Terveystalo’s goal is to reduce its carbon footprint so that
its own operations will generate zero emissions in 2030.
A further goal was also to reduce direct and indirect CO2
emissions (Scope 1 and 2) by 80 percent by 2025 (from
the 2018 level). Terveystalo did not achieve this target.
This was largely because Terveystalo does not manage
nor have control over the properties of all its locations,
so they could not be centralized into Terveystalo's
electricity portfolio. As regards energy consumption,
the goal was for the share of green electricity in the
electricity purchased to be 100 percent by 2025 in the
units where Terveystalo purchases the electricity itself.
This goal was already achieved in 2020, when Terveystalo
switched to using green electricity in the centralized
electricity portfolio. The recycling and recovery of waste
was another key theme in environmental responsibility,
with the goal being to minimise waste in all operations.
The indicators used for this are the recovery rate and
recycling rate of waste generated at Terveystalo’s
units. The recycling rate-related goal was not achieved,
as Terveystalo does not manage the properties and
recycling opportunities at all its locations. Additionally,
obtaining reliable waste data is challenging due to
varying recycling possibilities.
Terveystalo has committed to the Science Based
Targets initiative and will set science-based emissions
reduction targets by 2027. These emissions reduction
targets will cover both the short and long term and
will include both direct and indirect greenhouse
gas emissions. The short-term emissions reduction
targets will include the current target set for 2030.
Additionally, the target will include a portion (at least
67 percent) of identified indirect Scope 3 emissions in
accordance with the Science Based Targets initiative.
The long-term targets will be set for 2050 in accordance
with the initiative and will cover at least 95 percent of
Terveystalo’s Scope 1 and 2 emissions and 90 percent of
indirect Scope 3 emissions.
Terveystalo
Annual Report 2024
191
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Sustainable consumption and climate action
Target
Indicator (KPI)
Scope of application
Target level
Target year
Base year level
Base year
2024
2023
2022
Zero emissions from own
operations in 2030
1)
Reduction of direct
(Scope 1) and indirect
(Scope 2) greenhouse
gas emissions compared
to 2018
Finnish and Swedish
operations
-100%
2030
6,316.8
2018
-56%
-56%
-76%
Reduce direct and indirect
CO2 emissions (Scope 1 and
Scope 2) by 80% by 2025
(using 2018 as the baseline)
Direct (Scope 1) and
indirect (Scope 2)
greenhouse gas
emissions, tCO2
Finnish and Swedish
operations
-80%
2025
6,316.8
2018
2,763.5
2,755.4
1,544.1
Purchase 100% green
electricity by 2025
2)
Share of green electricity
of all purchased
electricity, %
Finnish and Swedish
operations
100%
2025
62%
2020
100%
100%
100%
Minimise waste in all
operations and forward all
waste to be recovered
The recovery rate of waste
generated at Terveystalo
units, %
3)
Finnish operations
100%
2025
99%
2020
100%
100%
100%
The recycling rate of waste
generated at Terveystalo
units, %
3)
Finnish operations
100%
2025
61%
2020
67%
68%
67%
1) Scope 2 emissions are calculated as market based. The market-based Scope 2 emissions calculation considers the green electricity guarantees of origin purchased by Terveystalo, which in 2024 covered approximately 73 (70) percent of the electricity consumption. The
emissions of the remaining purchased electricity have been calculated using the residual mix emission factors for Finland and Sweden (AIB, European Residual Mixes). Finland's residual emission factor in 2024 was 0.565 kgCO2e/kWh. Sweden’s residual factor increased by 75
percent from 2023 (Sweden’s residual emission factor in 2023 was 0.039 kgCO2e/kWh and in 2024 0.068 kgCO2e/kWh). The reported figures for 2024 are not directly comparable to previous years, as those also include emissions from vehicles used in imaging.
2) In units where Terveystalo purchases electricity itself. The reported figures for the years 2022–2023 have been adjusted to reflect the actual data.
3) Excludes waste fractions that cannot be recycled or recovered under any circumstances.
Terveystalo
Annual Report 2024
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Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Terveystalo’s carbon footprint
In 2024, Terveystalo's carbon footprint in Finland,
including Scope 1 and 2 emissions (market-based),
was 2,737.6 (2,716.0) tCO2e (tons of carbon dioxide
equivalent). In Sweden, Feelgood's operations had
Scope 1 and 2 emissions totalling 26.0 (39.4) tCO2e.
In 2024, Terveystalo assessed its Scope 3 emissions as
spend-based for the first time. The Scope 3 emissions
in 2024 were estimated to be approximately 53,900
tCO2e, including both Finnish and Swedish operations.
Terveystalo's carbon footprint mainly consists of
emissions from the production of electricity consumed
by properties, transportation, IT equipment, travel,
waste generated at hospitals and clinics, and healthcare
equipment and goods procurement. Emissions from
operations are reduced, for instance, by increasingly
switching to only green electricity, favouring
low-emission vehicles, and considering environmental
aspects in procurement. Terveystalo is developing its
impact measurement across the entire value chain
and working with key suppliers to reduce emissions
generated in the value chain.
Terveystalo reports direct (Scope 1) and indirect
(Scope 2) greenhouse gas emissions from its operations,
as well as all relevant categories of indirect Scope 3
emissions for Terveystalo's business. The reported
emission data have not been verified by a third party.
Terveystalo acknowledges that the calculation of Scope 3
emissions is not perfect, and will refine these calculations
in the coming years.
Scope 1
Terveystalo does not primarily own or manage the
properties in which it operates, so direct greenhouse
gas emissions mainly consist of emissions from the
vehicle fleet managed by Terveystalo and vehicles
used for imaging purposes. Emissions from own and
company-controlled journeys are calculated based on
fuel consumption or kilometres driven. Of the calculated
emissions, 15.7 percent have been estimated by using
Finland's average fuel price coefficients (euros/litre). In
2024, Scope 1 CO2 emissions in Finland totalled 103.7
(137.5) tCO2e. In Sweden, Scope 1 emissions were 2.6
(18.2) tCO2e. The reported Scope 1 emissions for 2024 are
not directly comparable to previous years, as the scope
of reporting has been refined.
Scope 2
IIndirect Scope 2 greenhouse gas emissions arise from
the company’s electric cars consumption and from the
production of electricity purchased by Terveystalo. In
2024, a total of 16,586 (16,171) MWh of electricity was
purchased for properties controlled by Terveystalo in
Finland and 16,2 MWh of electricity was purchased for
company’s electric cars. Since the beginning of 2020,
the company’s electricity portfolio (electricity purchased
for properties) has consisted of renewable energy
or nuclear-generated electricity ("green electricity").
In Finland, the green electricity purchased for the
consumption year 2024 was 11,927 (11,220) MWh,
which corresponds to approximately 72 (69) percent
of the company’s electricity consumption in its Finnish
operations. The amount of electricity purchased for
properties outside the company’s green electricity
portfolio was 4,659 (4,951) MWh, which corresponds
to 2,633.9 (2,578.5) tCO2e (market-based) Scope 2
emissions. In Sweden, Feelgood’s operations purchased
1,751 (2,081) MWh of electricity for managed properties,
of which about 80 (74) percent was green electricity.
Market-based Scope 2 emissions from purchased
electricity and electric car charging in Sweden were
23.4 (21.2) tCO2e. The increase in market-based Scope
2 emissions in Sweden is mainly due to a 75 percent
increase in the residual mix emission factor used in the
emission calculation for Sweden's electricity production
from the previous year.
Scope 3
For indirect Scope 3 emissions, Terveystalo reports the
following relevant categories in accordance with the
GHG Protocol:
1.
Purchased goods and services
2. Capital goods
3. Fuel- and energy-related activities not included in
Scope 1 and 2 calculations
4. Upstream transportation and distribution
5.
Waste generated in operations
6. Business travel
7.
Employee commuting
8. Leased assets
Most of the Scope 3 emission categories are calculated
as spend-based. Emissions from IT equipment under
category "1. Purchased goods and services" are
calculated on a product-specific basis. Categories "5.
Waste generated in operations," "6. Business travel,"
and "7. Employee commuting" are calculated based
on quantity, consumption, or weight. Category "7.
Employee commuting" does not include employees'
travel to offices. Terveystalo aims to refine the reported
Scope 3 emissions in the coming years.
Terveystalo strives to avoid unnecessary work-related
travel by favouring remote meetings whenever possible.
In 2024, Terveystalo’s personnel in Finland accumulated
0.8 (0.8) million flight kilometres, corresponding
to 110.6 (85.5) tons of CO2e in Scope 3 emissions.
Reimbursable work-related travel by Terveystalo’s
personnel in Finland totalled 2.8 (2.7) million kilometres,
corresponding to 462.3 (448.2) tons of CO2e in Scope
3 emissions. Terveystalo encourages its personnel
to choose low-emission vehicles as company cars.
The average emissions of the company cars used by
Terveystalo in Finland amounted to 27 (64) g CO2e/
km. In Sweden, the work-related travel by air generated
41.6 (60.8) tons of CO2e. The total emissions from work-
related travel by the personnel in Sweden amounted to
232.0 (260.4) tons of CO2e.
Terveystalo aims to minimize the generation of
mixed waste in all its operations and to ensure that as
much waste as possible is utilized. Indirect emissions
from waste (considering Terveystalo locations where
waste fraction data is available) in Finland were
36.0 (44.0) tons of CO2e. In Sweden, the amount of
waste generated and emissions from waste are very
low since waste is mainly generated in offices. The
emissions arising from waste in Sweden totalled
1.4 (3.4) tons of CO2e.
Terveystalo
Annual Report 2024
193
Corporate Governance
Sustainability statement
Financial statements
Report of the Board of Directors
Year 2024
Strategy and business

Greenhouse gas emissions (Scope 1 and 2)
Metric tons of CO2 eq.
2024
2023
2022
Direct (Scope 1)
Finland
103.7
137.5
134.5
Sweden
2.6
18.2
39.9
Total
106.3
155.7
174.4
Indirect (Scope 2, market-based)
Finland
2,633.9
2,578.5
1,267.4
Sweden
23.4
21.2
102.3
Total
2,657.3
2,599.7
1,369.7
Indirect (Scope 2, location-based)
Finland
1,159.8
1,284.0
1,156.4
Sweden
20.3
23.7
13.3
Total
1,180.1
1,307.7
1,169.7
Scope 1 and 2 (market-based) total
2,763.6
2,755.4
1,544.1
Change from 2018
-56%
-56%
-76%
Change from previous year
0%
78%
133%
Scope 1 and 2 (location-based) total
1,286.4
1,463.4
1,344.1
The reported figures for 2024 are not directly comparable to previous years, as those also include emissions from vehicles used in imaging.
Scope 2 emissions are calculated as market-based and location-based. The market-based Scope 2 emission calculation considers the
green electricity guarantees of origin purchased by Terveystalo, which in 2024 covered approximately 73 (70) percent of the electricity
consumption. The emissions of the remaining purchased electricity have been calculated using the residual mix emission factors for
Finland and Sweden (AIB, European Residual Mixes). Finland's residual emission factor in 2024 was 0.565 kgCO2e/kWh. Sweden’s residual
factor increased by 75 percent from 2023 (Sweden’s residual emission factor in 2023 was 0.039 kgCO2e/kWh and in 2024 0.068 kgCO2e/
kWh). In the calculation of location-based Scope 2 emissions, the emission factors (IEA Emissions Factors) of the average electricity
production in Finland and Sweden have been used for Terveystalo’s total electricity consumption, i.e. the guarantees of origin of green
electricity purchased by Terveystalo have not been taken into account. In 2024, Scope 2 emissions also include the electricity consumed
by the company's electric vehicles.
Greenhouse gas emissions (Scope 3)
Metric tons of CO2 eq.
2024
2023
2022
1. Purchased goods and services
Finland
26,676.0
N/A
N/A
Sweden
2,974.2
N/A
N/A
Total
29,650.2
N/A
N/A
2. Capital goods
Finland
9,279.4
N/A
N/A
Sweden
69.8
N/A
N/A
Total
9,349.2
N/A
N/A
3. Fuel- and energy-related activities not included
in Scope 1 and 2 calculations
Finland
150.7
N/A
N/A
Sweden
N/A
N/A
N/A
Total
150.7
N/A
N/A
4. Upstream transportation and distribution
Finland
13.0
N/A
N/A
Sweden
8.3
N/A
N/A
Total
21.3
N/A
N/A
5. Waste generated in operations
Finland
549.2
44.0
42.2
Sweden
1.4
3.4
2.1
Total
550.6
47.4
44.3
6. Business travel
Finland
110.7
100.7
108.9
Sweden
44.6
73.4
53.7
Total
155.2
174.1
162.6
7. Employee commuting
Finland
462.3
448.2
440.8
Sweden
187.4
187.0
208.9
Total
649.6
635.2
649.7
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Metric tons of CO2 eq.
2024
2023
2022
8. Leased assets
Finland
12,293.8
N/A
N/A
Sweden
1,057.8
N/A
N/A
Total
13,351.6
N/A
N/A
Indirect Scope 3 emissions total
53,878.3
856.7
856.6
Previously, categories "6. Business travel" and "7. Employee commuting" were reported together under the heading "Employee travel."
The reported emissions from waste in 2024 are not directly comparable to previous years, as the 2024 data covers waste emissions more
comprehensively. The emission data for Finland's "5. Waste" category for the years 2023 and 2022 has been revised to reflect actual
figures. Previously reported figures: 2023: 42.6 tCO2e and 2022: 41.7 tCO2e.
The total figure for reported Scope 3 emissions in 2024 is not comparable to previous years, as it covers Terveystalo's indirect Scope 3
emissions more comprehensively.
Purchased electricity
MWh
2024
2023
2022
Finland
Purchased electricity
16,586
16,171
15,842
of which green electricity (CO2-free)
11,927
11,220
11,395
share of electricity consumption, %
72%
69%
72%
Sweden
Purchased electricity
1,751
2,081
1,328
of which green electricity (CO2-free)
1,407
1,536
889
Purchased electricity total
18,337
18,252
17,170
of which green electricity (CO2-free)
13,334
12,756
12,284
share of electricity consumption, %
73%
70%
72%
The amount of green electricity from the electricity purchased for the Swedish operations in 2022 has been calculated according to the
average share of green electricity in the Swedish market, as supplier-specific information was not available.
Waste
Metric tons
2024
2023
2022
Finland
Documents subject to data protection
104.4
108.6
113.5
Residual waste
65.2
67.7
68.7
Cardboard waste
37.3
34.7
31.7
Paper waste
13.3
15.8
10.3
Sorted waste
20.2
16.4
20.8
Plastic waste
0.0
3.4
3.6
Glass waste
6.5
6.0
6.5
Metal waste
1.3
1.2
1.4
Organic waste
6.8
5.7
5.5
Hazardous waste
1.3
1.1
1.2
Electronic waste
2.6
2.6
1.9
Total
259.0
263.3
265.3
Sweden
Documents subject to data protection
0.0
0.0
0.0
Residual waste
0.0
0.0
0.0
Cardboard waste
1.5
1.7
5.0
Paper waste
6.0
12.2
0.0
Sorted waste
0.0
0.1
0.0
Plastic waste
0.2
0.1
0.0
Glass waste
0.0
0.1
0.0
Metal waste
0.0
0.0
0.0
Organic waste
0.0
0.0
0.0
Hazardous waste
1.5
2.4
1.7
Electronic waste
0.0
0.0
0.0
Total
9.3
16.6
6.7
Total waste
268.3
279.9
272.0
The categorization of reported waste data was expanded in 2024. The reported waste data for 2023 and 2022 have been refined and differ
slightly from the information in previous annual reports.
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Terveystalo’s emission intensity
Terveystalo’s CO2 emission intensity is low due to the nature of the Group’s operations. In
2024, Terveystalo’s emission intensity (Scope 1 and 2, market-based) relative to revenue
was 1.9 (2.1) gCO2e/EUR. Relative to the number of employees, the emission intensity was
0.4 (0.4) tCO2e. The figures also include Terveystalo’s operations in Sweden.
Emission intensity
2024
2023
2022
Emission intensity: Scope 1+2/revenue, gCO2-eq./EUR
Finland
2.0
2.2
1.2
Sweden
0.3
0.4
1.5
Total
1.9
2.1
1.2
Emission intensity: Scope 1+2 /full-time equivalent, tCO2-eq.
Finland
0.5
0.5
0.2
Sweden
0
0.0
0.2
Total
0.4
0.4
0.2
Scope 2 emissions have been calculated as market based. The reported Scope 1 emissions for 2024 include emissions from vehicles used in
imaging, and therefore, the reported data for 2024 are not directly comparable to previous years.
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Report of the Board of Directors
Year 2024
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Terveystalo Oyj
Jaakonkatu 3 A, 6th floor
00100 Helsinki
Exchange: 030 633 11
www.terveystalo.com