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Pihlajalinna (PIHLIS) investor relations material
Pihlajalinna Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Full-year revenue for 2025 was €652.3 million, down 7.4% year-over-year, mainly due to expiring outsourcing agreements and divestments in Public Services.
Adjusted EBITA reached a record €65.3 million, up 18.3% year-over-year, with a Q4 margin of 12.1%.
EPS rose to €1.58 from €1.13, supported by sales gains from divestments and tax asset recognition.
The Board proposes a dividend of €0.53 per share for 2025, a 39% increase from the prior year.
The healthcare services market remained challenging, with cost control a priority and gradual public market opening.
Financial highlights
Q4 revenue was €150.9 million, down 17.3% year-over-year; full-year revenue fell 7.4%.
Adjusted EBITA for Q4 was €18.2 million, up 18.6% year-over-year; full-year adjusted EBITA was €65.3 million, up 18.3%.
Net cash flow from operating activities was €75.6 million, down from €100.8 million.
Net debt/adjusted EBITDA improved to 2.5x from 2.9x; equity ratio increased to 32.2%.
Gross investments totaled €46.6 million, up from €31.3 million.
Outlook and guidance
2026 revenue is expected at €570–600 million, reflecting contract expirations and divestments.
Adjusted EBITA margin forecast at 9–10% of revenue.
Focus will be on organic growth and further profitability improvement.
Medium-term targets: revenue ≥ €700 million, adjusted EBITA margin 12%, net debt/EBITDA <2.5x, NPS >80.
Economic environment and demand trends may impact results more than currently anticipated.
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