Operating environment
Healthcare Services
In the first quarter of 2026, demand for healthcare services in Finland was clearly weaker than in the comparison period. Service utilisation was reduced, particularly by a lower prevalence of upper respiratory infections, as well as weak consumer purchasing power and the employment situation.
In occupational health services, demand remained subdued. Developments continued to be driven by a decrease in the number of occupational health end users, a lower prevalence of upper respiratory infections, and a narrowing of contract coverage and caution among corporate customers in an uncertain economic environment. The weak employment situation was reflected in demand for occupational health services. Demand from insurance customers remained at a good level but was slightly weaker than in the comparison period, also due to the lower prevalence of upper respiratory infections.
The freedom-of-choice pilot for people aged 65 and over, launched in September 2025, continued to operate actively and generated additional service volumes. Between September 2025 and the of March 2026, there were approximately 50,500 visits at Terveystalo, and customer satisfaction was at a high level.
Portfolio Businesses
The market environment for publicly funded healthcare services in Finland remained cautious in early 2026, as Wellbeing Services Counties continued to focus on cost savings. Market uncertainty was particularly visible in the demand for staffing services, which remained subdued. During the latter part of 2025, the market saw some broader competitive tenders, but in early 2026, the overall picture remained cautious. In services targeted at consumers, demand for dental care remained at a good level.
Sweden
In Sweden, weak macroeconomic conditions and high unemployment kept demand at a low level. Demand for corporate health services did not yet show a recovery, and demand for organisational leadership services and rehabilitation services for harmful use remained subdued.
Healthcare professional labour market in Finland
The availability of healthcare professionals remained at a good level and Terveystalo’s service capacity was likewise strong.
According to the current collective agreement for nurses in the private healthcare sector, personal and table salaries were increased by 2.5 percent starting from 1 September 2025. In the private social services sector, personal and table salaries were increased from 1 August 2025 by 1.0 percent, and in addition a local increment of 0.7 percent. In addition, the minimum wages under YSOSTES (the Collective Agreement for the Private Social Services Sector) were increased by 1.0–1.2 per cent, depending on the pay group. The majority of the doctors working in Terveystalo are private practitioners who are not employed by the company.
The regulatory environment and treatment queues in Finland
The government programme aims to enhance cooperation between private and public healthcare in order to improve the effectiveness and cost-efficiency of the service system. Reforms and increases in Kela reimbursements expand the range of reimbursable services. Increases and reforms related to reimbursements for ophthalmologists, gynaecologists, dental care, and mental health services came into effect on in 2025. In addition, the freedom-of-choice pilot for those aged 65 and over began in September 2025 and will continue until the end of 2027. The government has also launched a pilot scheme on care continuity and the personal doctor model.
In total, approximately EUR 500 million is planned to be allocated during the government term for all the reforms, of which the state’s share is EUR 335 million. By reallocating reimbursements, the government aims to improve access to services and promote freedom of choice. The government has removed, and intends to further remove, other legislative barriers that prevent wellbeing services counties from making use of private service providers. The measures outlined in the government programme are expected to support growing demand for private service provision and create new opportunities for publicly funded and privately delivered services.
Queues in the public healthcare sector remain long. According to the monthly updated data of the Finnish Institute for Health and Welfare (THL), at the end of February 2026, a total of 128,900 patients were waiting for non-urgent specialised medical care, of whom 9,564 had been waiting for more than six months. The National Supervisory Authority for Welfare and Health (Valvira) have ordered nine Wellbeing Services Counties and the Hospital District of Helsinki and Uusimaa (HUS Group) to bring access to non-urgent specialised medical care into compliance with the law by 30 April 2026, under threat of fines. At the beginning of 2025, the maximum waiting times for access to primary healthcare were extended, effectively loosening the care guarantee. In addition, at the start of the year, the Health Care Act was amended to allow public service organisers, such as wellbeing services counties, to procure surgical services from private providers to a greater extent than before.