Translation: Original published in Finnish on 11/26/2025 at 7:15 pm EET.

Nightingale Health and Terveystalo announced a new strategic agreement on Tuesday, which continues and expands the companies' cooperation that began in 2021. With the new agreement, Nightingale's blood analysis technology will be made available to all Terveystalo customer groups, whereas previously it has mainly been used in health check-ups for occupational health customers. The agreement strengthens our view of the commercial value of the company's technology, but does not cause immediate pressure for changes in our forecasts.

The well-functioning partnership was expected to continue

Terveystalo has been Nightingale's most important commercial partner in the early stages and a key reference that its technology can be utilized in routine healthcare on a large scale. The companies' initial collaboration in building a consumer service was not successful, but the high-volume collaboration started at the beginning of 2024 in Terveystalo's routine occupational health check-ups has been very successful. According to the release, over 200,000 Finns have already received Nightingale's test results as part of Terveystalo's occupational health examinations. In light of the success of the occupational health cooperation, we expected the companies' partnership to at least continue, but the expansion of the partnership was a naturally positive addition to this.

The new expanded agreement improves the accessibility of Nightingale's service within Terveystalo's customer base and opens up new potential for commercial growth of the cooperation. However, the financial impact of the expansion depends on how widely Terveystalo's other customer groups adopt the service. If the service can be packaged as part of some of Terveystalo's existing high-volume services, we believe growth could also be very rapid. However, we are still awaiting further information on the new areas of use for the service and evidence of demand development in the new segments. The release supports our current growth forecasts, but does not create an immediate need for forecast changes.