Good morning all. My name is Juuso Pajunen, and I will be having today a dual role as the host of the Terveystalo half-year result presentation, and as a CFO at a later stage.

Let's now give the word to Ville Iho, President and CEO of Terveystalo, and let's start the webcast for the half-year results. Ville, please.

Thank you Juuso, and good morning from sunny Helsinki. Let's start recapping Terveystalo second quarter.

Of course, it was a busy quarter for Terveystalo. We, of course, released multiple big things, not the least Silmäasema acquisition, our new financial targets, and our new strategy.

On a business side, it was still a challenging quarter. The market conditions continued to be abnormally negative, and that has been reflecting into our revenue line, and with that one also to profitability to our numbers.

We made adjustments according to the lower volumes, and given the actions we took, we can be, of course, pleased with the customer service results. Customer experience numbers are all-time high, as well as medical quality key indicator PAY.

Revenue line, obviously negative, as well as adjusted EBIT, EPS, and also net debt to EBITDA leverage ratio went slightly up. Double-clicking on those negative market drivers.

Public purchases from private healthcare, which are not even seen in this slide, were still almost non-existent. Healthcare counties have insourced quite a bit of their activities, and they are still reorganizing the cooperation models with the private healthcare providers.

That was clearly negative. Then, from our biggest business, occupational healthcare services, the number of employed persons in Finland, which is the baseline of the baseline, was negative.

It was still down from the previous Q2. On top of that one, frequency of use was still down, and a negative counts negative is, of course, negative.

That's been reflecting into our numbers in occupational healthcare. On consumer side, it's still negative.

The consumer confidence grew slightly, which is, of course, positive news. All in all, in market volumes we cannot see a positive trend, but in Terveystalo numbers actually, the consumer-driven services grew during Q2, which is, of course, positive, but given the occupational healthcare headwind, the full volumes of Terveystalo were down.

Looking at the different segments and business lines. Healthcare Services, clearly down due to lower volumes and lower revenue line with negative occupational healthcare numbers.

Positive is the fact that consumer demand grew, especially towards latter part of Q2, and that can be seen as trend change in that segment, which obviously is positive. Portfolio businesses are down due to low demand and some structural changes, obviously, termination of old outsourcing contracts and then a sale of our childcare business earlier.

Sweden, volumes are still under pressure, but the efficiency development has been really positive, and we can see the trend changing in profitability as well. We cannot yet claim a win in Sweden, but clearly, we have been able to turn the trend around, and platform is there, efficiency is there.

With those numbers, of course, Group numbers were negative, or trend was negative. Still double-clicking a little bit on the core business, classic business within Healthcare Services.

Occupational healthcare with our largest segment is the key for turning around our big machine, and we have been conducting a major overhaul in that business line. Commercial, Operations, Digital all are going or have gone through a major overhaul.

We are pleased with the progress of the program, occupational healthcare turnaround, but it is slowly turning a sticky business model where turning around the contracts, gaining wins take time, and now when looking at H2, looking at future quarters, we don't see yet a big uptake in the connected employee numbers. It's rather a more stagnant view for H2, and bigger gains have been postponed to 2027.

We are moving forward, we are making progress, we are renewing our commercial model, our operational model, and introducing world-class digital tools to this business line. As said, turning around the bottom line for the business takes time.

We are in very interesting state in our business where classic business, of course, needs full focus in turning around that one, specifically occupational healthcare. We have a great agenda there, a great team conducting that part of our agenda.

At the same time, as we see, the whole healthcare services industry is in a transformational mode, and for that reason, we have renewed our strategy. We released our ARC strategy earlier, and there are a couple of major shifts that we start conducting, and the new directions where we start moving towards.

From value creation point of view, obviously, there will be way more weight on growth rather than protecting profitability. First example, obviously, is Silmäasema acquisition.

In Products and Pricing, we see, as megatrends continue to be positive, we, of course, need to tackle reasons not to buy services from private healthcare providers, and one of them is uncertainty around pricing packages, and not being adequately transparent towards organizations, corporates, or private consumers. We are moving ahead with more fixed-price products, productizing more of our services in retail mode, and with that one, increase demand and volumes.

Service delivery side, there we need to have our eye on value for money. We will continue investing in high-value care chains in brick-and-mortar, so that continues to be a big part of our business going forward.

On the other hand, more simplistic services will be steered more aggressively to digital channels, and there we have a great agenda, great tools already in place. With this combination, a value for money for users, for payers will be protected and improved going forward.

In customer relationships, with a new expanded, more versatile portfolio, of course, we need to be able to leverage that customer base with upcoming Silmäasema acquisition. We are talking about 2 million customer base only in Finland, and that creates a lot of opportunities for cross-selling, increased, enhanced loyalty.

Of course, we need to create a engine for running the loyalty and cross-selling, and that's a focus area for our ARC strategy. On top of this one, we are making a gradual shift from reactive, episodic care chains, and complementing them with more continuous care type of models, and that's going to be visible during H2 this year.

We are on the move. This is again not a PowerPoint slide.

It's a living agenda where we are already moving forward. When we are talking about growth, of course, biggest components currently, most visible components are Höhde and Silmäasema acquisitions, we are going to create a 1.5 billion outpatient masterclass.

In Products and Pricing, we have started already last year scaling these fixed-price products, and I will show some deep dives into the impacts of that one. In service delivery, on top of the earlier world-class digital platform, we have introduced new type of service modalities, specifically asynchronous service model, which is even more efficient, more accessible, with a lower price point, but at the same time, still high margin.

In customer engagement, as I said, will start rolling out continuous services during H2. We are on the move.

A little bit double-clicking on the key points in already implemented ARC initiatives. Obviously, Silmäasema, highly visible acquisition, as said, will create 1.5 billion outpatient care masterclass jointly with Silmäasema.

It's a highly synergistic case with a lot of potential to grow beyond first phase in long term in this market and upcoming markets. It will balance our revenue mix and tilt that one more to growing private-pay domain, which is, of course, positive for Terveystalo, and evens up the cycles.

As I already mentioned, we are creating a 2 million customer base with respective opportunities for cross-selling and increased loyalty models. This is clearly spot on against our strategic targets and themes.

Then discussing a little bit about these fixed-price models. Some from the audience have asked, why are we moving this direction?

Hasn't it been easy enough to buy services already earlier? Our data shows clearly that reason not to buy private healthcare services many times is not the price as such.

It's uncertainty around, what do you pay for? What do you get?

Do you understand what type of package you are getting? There we need to make a move as an industry, and of course, we need to lead the way.

We have started scaling fixed-price packages in various services, and we can clearly see a stimulation effect in all of these services that we have launched already. Tackling those reasons not to buy clearly will increase volumes, increase demand, and that is going to be way forward.

Of course, not all of the services can be fixed price because healthcare is healthcare, but we can scale this one quite a bit. As I said, we have launched new asynchronous digital service for use in occupational healthcare specifically.

It's a new modality which is even more efficient than the previous digital chat and video appointment models with a lower price point, a little bit different type of service package. It's fast, it's accessible, and complement our package, and creates new line for growth in digital domain.

With ARC, with our new strategy, of course, we also released new financial targets. We are still, of course, aiming at growth, annual adjusted EPS growth of 10% stays, but we create more headroom for growth with the new leverage ratio and profit distribution targets, as stated here.

We are embarking into the ARC growth journey from H2 onwards. Double- and triple-clicking on ARC, save the date: Capital Markets Day 2026 will be held 1st of December this year, and there we will share a lot of insights around what has already been done and what's going to happen for Terveystalo, new Terveystalo in 2027 and onwards.

With that one, I'll invite Juuso on stage.

Good. Thank you, Ville.

Let's talk about the financial performance in the first half of the year, and especially on the second quarter. Second quarter was as difficult as expected.

We are in decline in revenues, in EPS, and in EBIT. The market did not materially change if we look the conditions during the quarter or when entering the quarter.

If we see the in-quarter development, it is good to note that especially the consumer market started to pick up, and we saw a clear stabilization what comes to occupational healthcare. Also in Sweden, we have seen the first glimpses of positiveness in the market.

With all of that one, obviously we are behind, as expected, for the second quarter with our numbers. On the positive side, our cash flow was solid, especially compared to income statement performance, and our NPS, and also the PAY describing the efficacy of care were on all-time high numbers.

Let's then double-click it a bit further. Basically, the weak demand continued in all business areas.

If we start from the Healthcare Services, the occupational health demand remained weak both from the upper respiratory perspective, but also we have the connected employees that are lower than in previous year. Consumer out-of-pocket market was already measured in visits in growth during the quarter; on revenues, it was stable.

Then if we look on the portfolios, we have the known reduction of outsourcing business, but the public sector remains to be very sticky. Sweden, as said, is little by little now seeing improvement in our own performance, but also the market is more and more solid when looking forward.

In Healthcare Services, if we look on different segments, occupational health, let's look a bit further on the following slide as you have now gotten used to on the visit growth component both in occupational and out-of-pocket part. It was sticky.

The connected employees, they are now stabilizing. If we compare to Q1 to Q2, we are now in a more stable base, but at the same time, it is still below previous year, and basically the demand drivers in the occupational health remained the same as earlier.

At the same time, it's good to note that now the visit frequency is stabilizing, and the other KPIs are also getting more and more stable. Sales pipeline remained at a good level, but the conversion, as Ville also explained, into new contracts has been slower than we have expected.

Then if we look on the operational efficiency, that continues to be in place. We have taken restructuring measures.

We announced statutory negotiations in April that were concluded in May. The outcome of those one will start to support further and further in the second-half numbers.

At the same time, if you look the decline in revenues, the decline in visits, and then you compare the change in our number of people, for example, you can see that we have taken efficiency measures, and our efficiency remained on a good level. We will continue, obviously, addressing the market conditions also going forward.

Then looking on the volume development, it continues to be challenging. The underlying factors that contribute on the decline in occupational health visits have not gone anywhere.

We didn't expect them to go anywhere also when we talk about Q2 numbers. Basically, the general decrease in the employed population, we have the employers who are still in the cost-cutting mode and they are addressing the scopes of the contracts, and basically the number of connected employees in total, they contribute into the decline in the occupational health.

At the same time, as said, the further we have gone during the quarter, we have seen stability and we have seen, for example, the visit frequencies to stabilize. If we are looking forward, we have, as Ville explained, a solid sales pipeline.

Then on the positive side, when we are looking the consumers, again, the further you look from April to June, we have seen that the consumer market has been picking up and has continued to pick up, and we are now in the visit frequency actually above previous year's second quarter. All in all, this contributes into a 6.5 percentage decline in the visits, which is also a better number compared to Q1, but obviously the weight of the upper respiratory diseases is smaller in the slower quarter.

Looking on the Portfolio Businesses, our story has continued pretty much as expected on the trends from Q1. We have the outsourcing businesses; those legacy contracts are declining as we have known, as we have communicated.

It is also good to note that these contracts have now been margin positive, and thus also the reduction of the revenues is visible on the reduction of the profits. Staffing business and the public sector in total has continued to be in decline.

However, the rate of decline has continuously stabilized, and the situation has been improving compared to earlier quarters. Public sector in general has been very sticky and is on a very low level continuously.

We have seen some positive glimpses that have not yet materialized, and there are some contract tenders out there also in the outsourcing side that will come out to play at the later part of second half. On the Dental, this is positive.

We are gaining market share. We are positive both in revenues and visits.

At the same time, it confirms the trend that we have on out-of-pocket customers in the Healthcare Services perspective. We will get a further boost on the dental with the Höhde acquisition.

The approval is pending, and at the moment, we are expecting that we would gain the approvals during third quarter. It would mean that we would be within our own expectations both from the approval timing perspective and the content perspective when getting to the status that we would get the approvals.

Obviously, it is a authority process, and it is completed when it is completed. Our expectation is after the summer.

This will also double our dental business, and it is exactly in line with our ARC strategy. Moving into Sweden, I'm really happy that now we are little by little getting clear improvement what comes to the both EBITDA in absolute terms and in relative terms.

Both EBITA and EBIT are improving against still a declining revenues. What we have seen during the quarter, and what we have seen during the year is that our efficiency starts to be really strong, and now on the next step, we will have more and more eyes on the growth, and the operating leverage will support the business.

At the same time, the market environment is slightly better than it has been earlier, and when going forward within the quarter, we have seen that, for example, the purchase frequency of our clients has been growing first time in a long time, which is a positive signal for the market recovery being in action. Our investments: we have not changed our strategy.

We are accelerating digital. You have seen the M&A.

We have announced Silmäasema. We are expecting to close the Höhde deal during the Q3.

We will continue to invest into future growth. M&As will be selective, will be value-creating, and organic investments, they are basically especially in digital infrastructure digitalization, and then on the physical infrastructure, including also the leasehold improvements and medical equipment.

We have not changed our investment strategy when going forward. Looking on the cash flow, Q2 cash flow was actually fairly solid.

We are at €175 million operating cash flow on the last 12 months, and we saw a positive development especially in net working capital. The net working capital was supported on the inflow side with the two last banking days of June being Monday and Tuesday, which is always positive.

All in all, our cash machine continues to work like a Swiss clock. What we deliver on the income statement, we deliver on balance sheet also.

Our net debt amounted to €560 million, and net debt to EBITDA, on adjusted EBITDA was 2.5 and on EBITDA was 2.7. We are within our target range, and we have a solid balance sheet also when going forward.

At the same time, we all know the announcements on the M&A, and now during the quarter, we have renewed our funding structure to fund the ongoing acquisitions and to refinance our old loans. During the quarter, we have secured €550 million of committed bank financing both for the Höhde and Silmäasema acquisitions, and as said, to further push the maturities.

We have also increased our revolving credit facilities from 80 to €100 million and completed a tap issue under the existing sustainability-linked bond. With all of that one, the maturity curve is very stable, and it is good to note that the '27 and '29 packages are also including extension options.

Our funding is at a very good place when looking forward and supporting our strategy. Then going into the markets.

Markets: the demand environment is anticipated to improve during the next 12 months and at the end of this year at the same time. Also looking the trends, they have not materially changed.

If we look the second quarter, consumer market has been better. In Q1, it was a red, downward arrow.

Now we have the visits are in growth and the revenues are stable, hence we are at yellow in the Q2 performance. At the same time, the next 12 months in all of the market segments remain to be within the same trends as we have communicated earlier.

Public sector is on a very low level. We see some movement and positive indications that it has bottomed out, and it could be also at least stabilizing forward.

Consumer pull is good both in out-of-pocket, dental, and massage services, and it is expected to continue on a positive trend. Insurance follows fairly well the consumer market.

Occupational health that has been widely explained during this call also, has been red and has started to stabilize during the year and then improve little by little within the next 12 months. Sweden sees a positive indications on market recovery when looking forward.

With these ones, let's go to the guidance. You have seen that we updated our guidance two days ago.

We expect our full-year adjusted operating profit to be between 120 and €140 million. Previous year was €156 million.

Profitability in the first half was clearly below the level of comparable period in '25, and that has been impacting the guidance, and the environment has been challenging. When looking forward, we are expecting the demand environment to gradually improve, and upper respiratory diseases are anticipated to return to long-term averages during the second half of the year.

At the same time, we are not expecting material improvement from the connected employees for the second half, and we are expecting the wins to materialize in '27. No changes for the outsourcing operations in the Portfolio Businesses, and these do not include material transactions, not Höhde, not Silmäasema.

At the same time, having said that one, it is good to note that if Höhde transaction closes within our expectations, we are getting, let's say, couple of months of performance, it would not materially change our guidance range at that point of time. With these words, let's invite Ville back and let's start the Q&A.

As explained in the beginning, I will work at the same time as a CFO and host what comes to the questions. We will start with the questions from the lines.

We have nobody sitting in the room, we start with the questions coming from the webcast listeners, and then we will go if there are questions remaining on online posted questions.

Hi, I have couple of questions. We'll take this one by one.

Firstly, regarding the guidance cut this week, how much of the reduction is driven by Q2 performance and how much is related to the second half outlook?

Thanks for the question. It's both obviously.

We are trailing during Q2 slightly against our targets. That's one factor.

The other one, as Juuso and hopefully also I explained, is the stickiness of the occupational healthcare market. Despite the healthy sales pipeline, we have not been able to materialize major increase for the connected employee numbers for H2.

Rather, the increase is expected to time at the year-end. Those are the two drivers.

Maybe Juuso wants to double-click on the ratio between those?

I'd say that like Ville said, it is both components, and the ratio, this is a bit academic. Maybe we have a bit more emphasis on the occupational health connected employees development compared to the performance in Q2 specifically, which was slightly below our expectations when entering the quarter.

Okay. Then continuing on this outlook, if we think about the new midpoint, what needs to happen for you to get there?

What are you kind of assuming regarding second half developments related to current trading, for example in Q2? How much improvement is assumed?

Basically, if we look the midpoint, 120, 140, the midpoint is 130, which basically means that the in-year or the second half development is broadly in line with the second half development previous year. What we are expecting in there is that we have the upper respiratory diseases would remain into the long-term average, and we have a slight pick-up in the market, let's say, especially in the consumer side.

What we are not expecting is a material increase in the connected employees that would generate revenue during the second half in that guidance.

Then regarding the development in connected employees during second half, it seems that you are now quite a bit more negative on that. You said that you're expecting the situation to improve at the year-end, but not before the year-end.

Have you already won those deals, or do you have visibility on this sort of stronger '27 on this front?

It's always a mathematical exercise when you are looking at the sales pipeline and renewal pipeline, as we have discussed earlier. Then you estimate the win rates in respective categories, and then you push that forecast forward.

There are obviously couple of wins won already, which will start at next year, 1st of January. Really, what we are looking at is forecast based on our pipelines.

As to the more negative, basically during Q2, the number of connected employees has been stagnant or stable, there we are not more negative. We are rather slightly more negative on the forecast because we see how the earlier pipeline has turned to actual revenue-generating deals for H2.

The real change in second half outlook within connected employees is that during Q2, sort of your win rates were not as high as expected.

You are right. In new sales, yes.

Then you're talking a lot about growth investments, but I'm not hearing much regarding cost savings. Your competitors talk more about those.

Given the oversupply situation during the past year, can you summarize what cost measures you have taken and what are you still planning to do during the remainder of the year?

If I start, then Juuso can follow. We are, of course, when we are talking about frontline services and lower volumes, we are adjusting.

Actually, we can be quite pleased how the operations have been reacting to new situations. The number of FTEs actually in our frontline services in as ratio is lower than negative volumes that we have seen.

We have slightly overreacted in frontline to lower volumes, which is a sign of good sort of ops leadership. Where we are not saving, we are not in restructuring mode, we are not in the saving mode is investments and focus on growth.

We have recruited quite a bit of new people to our sales organization, to digital organization, to customer account management organizations, the areas where we see that we need to invest to boost growth. We are having our foot on brake and accelerator at the same time.

Yes, and

just to complement that, obviously we don't tell future items in that sense, but if you simply see what we have done, we will continue to react on the market environment. If you a bit interpret the future, you see that our average numbers were 11% down in Finland on the personnel for the quarter, and the end of period was actually 13% down.

Obviously, like I said during my slides, that the restructuring measures taken in second quarter will support the second half profitability than they have been supporting second quarter profitability. Yeah.

Maybe one additional element which we also little bit discussed in our release is back office efficiency acceleration that we are now pushing forward with the AI-driven NOVA project. It has kicked off, and it will yield more efficiency and lower headcount to respective back office functions.

Then

my final question would be on the new commercial offering. You're planning to introduce more fixed-price contracts.

Your competitor has been having bad experiences from these. How do you make sure that, for example, these new pricing models cater for potential cost inflation in the future?

There are two different buckets. You are more alluding to corporate contracts which are fixed price.

In our strategy, of course, that's in the play as well depending on the customer needs. We are not big fans of fully fixed-price corporate contracts.

The experiences from both clients and suppliers are not great. There we push more like a semi-fixed-price contract where we are jointly setting a target price, and then you have a bonus and malus around that one.

That seems to work well. That's a winning recipe for corporates, not fully fixed price.

When we are talking about fixed packages, we are talking about consumer products, be it health check, or joint replacement, or that type of clear packages that are clearly priced, easy to buy, easy to understand what you are getting. As I showed in the presentation, first of all, we have data stating clearly that main reason not to buy from us or from any private player is not the price as such, it's uncertainty around the price and package.

Then when we have applied these fixed models, we can see that it stimulates nicely the market and demand. That's what we continue scaling.

Thanks. I don't have any further questions.

Good. Do we have...

Good. Thank you.

Thank you, Sami, for the questions. It's a busy day for analysts.

There are a couple of questions coming from online, I will put them one by one on the table. The first set of questions is related to the pricing that we already touched on the final remarks.

There's question from Roni that, has the price competition intensified further during second quarter, and has it also gone into the old customers and not only into the new ones?

We discussed the pricing schemes quite a bit earlier, no need to go back there. We also a little bit commented in our release the price competition.

Obviously, we are in an abnormal situation in healthcare services industry with a really, really abnormal, rare oversupply situation. That's not going to stay around, that's first thing to remember.

This is from megatrend point of view, this is a growing business where demand will continue to grow and supply is limited. In this cycle, we are seeing oversupply and that of course, is reflected to higher price pressure.

We cannot say that it has intensified. We have seen in corporate market price pressure since the maybe Q1 Q4 last year, Q1 this year.

It's due to the pressure on the corporates and their drive to save cost and oversupply in the market. No real changes there.

We are reacting to market environment, as explained earlier. As said, this is not a permanent state of the things.

This is mostly cyclical. On the other hand, of course, we need to create all the time all new pricing schemes, we need to adjust to customer needs, etc., etc.

Thank you. I think that covers very well the question.

Then the second set of questions relates to our guidance and future expectations. There's the other part is that how much the flu season drives the guidance range, and then the second component relates to our statement, especially in the Wednesday, that the recovery of net sales and profitability is expected to lag behind the improvement in demand.

There's a question to elaborate that one a bit further, how the work goes. Let's take the flu season and the totality of the guidance.

As we have stated in the guidance that we expect the flu season to jump back into the long-term averages, which means that it is more intense than it was in the second half of '25. Then obviously, these type of expectations they are expectations and estimates by nature that creates always a range.

Then if you kind of try to put that one to some kind of a perspective, you can pick a average price between €100 and €200 per episode. You need to remember that it's not only a one single flu, but it is also the length of the care path, how much it generates diagnostics, it's also the type of the flu that impacts on that one, and that creates one mix component.

Then you need to take the long-term averages and what it would mean if it would be on the same level or if it go to the long-term averages, and you get kind of a range impact calculated on that part. Then on why we are expecting that the net sales and the profitability will lag behind, this is especially coming for the connected employees and the occupational health.

Obviously, when a flu patient comes into our appointment, that income comes in immediately, it contributes to our revenue immediately, it contributes to our profit immediately. When we win a occupational health contract, for example, then obviously only when the connected employees are rolling in, it starts to generate revenue.

That is the reference to lag.

As we have always said, and as especially the occupational healthcare market is post-cyclical. We can see post-cycle as a negative phenomena currently, and then when the cycle turns, as it seems to do in Finland, there's a lag and delay.

Then

we have further two questions what comes to Sweden and portfolios. Sweden basically: our performance relative to market in Sweden, and what do we see for the pipeline forward?

It's good to note that in Sweden already since end of previous year, we have been net positive in winning. We have been winning more contracts than we have been losing contracts, and that tendency has continued in '26.

At the same time, it has been countered by the purchase frequency of the clients, and that's why we don't see revenue increase in the Swedish numbers. All in all, in the markets, we have been performing fairly well.

It is a different structured market and a competitive market, but the recent developments, we are net positive what comes to wins. On portfolios, there's a question coming from the profitability, and as I explained also in my slides, that legacy contracts, we have been fighting hard to make them at least somewhat profitable, and that's why the decline in those ones has eaten and will continue to eat the profitability when we are going forward in absolute terms.

That one is fair to say, and I think we said it also earlier. With these ones, then we have two questions remaining.

The other one is to Ville, clearly, on Silmäasema and new markets: that could we think that Silmäasema platform can be scaled to new markets in the future, and do we see opportunity to scale also digital capabilities to new markets as the domestic market is fairly sluggish? Yes,

clearly. Starting from Silmäasema, the model they have sort of perfected is unique.

It's a winning formula, and there's no reason to believe that one not to be winning formula in other markets with a specific fitting characteristics. I'm optimistic around that one.

Silmäasema can scale also outside Finland. There, I know that there has been some concrete plans as well, and, of course, we will dive deeper into those once the integration starts.

Then digital platforms: we have now one concrete example that we are applying with a certain model, it's a MedHelp platform, our joint venture in occupational healthcare. We have been now busy in applying that new digital world-class digital platform into our own corporate clients in Finland.

That roll-out is progressing well. It's scaling nicely, and customer feedback is very, very positive.

Then beyond that one, of course, we will have more focus in scaling that one. There are some other assets that we could envision scaling, but mostly, as we have said in our strategy earlier, we want to combine services, we want to be close to the client, specifically private-paying clients, and combine digital assets to services.

Thank you. Then finally, we have a one nitty-gritty coming from the tax consequences and then we are through.

We communicated in Q4 last year that we had a tax audit ongoing, and we got a retrospective component on that one that was stay impacting Q4 results. The follow-up of that tax audit was concluded in the second quarter of '26, and there was no material tax consequences for Terveystalo in retrospective for that audit, and thus we don't have ongoing tax audits in Terveystalo Group.

With these ones, I thank you all. I wish you very pleasant summer, and hopefully everybody can get a bit of time off before the summer ends and we are back in business.

Thank you all.

Thank you. Be safe.