Mehiläinen’s financial year 2024: A year of stable development

Mehiläinen’s revenue for 2024 increased by 11.5% from the previous year to EUR 2,063.5 (1,850.2) million. While growth was mainly organic, the company also completed business acquisitions.

– 2024 did not include any significant irregularities or surprises in terms of the external operating environment, and we were able to focus on the continuous improvement of the quality and efficiency of operations. We made significant investments, our revenue continued to increase, and we were also able to improve profitability from the previous year, says Janne-Olli Järvenpää, CEO of Mehiläinen Group.

Mehiläinen’s underlying operating profit before the depreciation of intangible assets generated by business acquisitions, impairment and items affecting comparability (underlying EBITA) was EUR 289.1 (215.7) million. The financial result for the year was EUR 39.2 (40.1) million, or approximately 1.9% of revenue. Investments in facilities, digital development, medical devices, and other fixed assets grew by about 70.5% from the previous year and amounted to 69.8 (40.9) million euros. Investments, including acquisitions, increased to 192,3 (88,1) million euros.

Mehiläinen’s tax footprint increased to EUR 446.9 (389.4) million during the year. Corporate income taxes amounted to EUR 33.1 (22.6) million.

Service expansions in private healthcare services

Various investments were made in private healthcare services in the facilities and equipment of medical clinics. Revenue continued to grow organically in all private healthcare business areas. Services expanded to cancer care when Docrates Cancer Center, which operates at the forefront of the industry in Europe, was merged with Mehiläinen. Mehiläinen also completed a few other smaller complementary acquisitions. The growth of Working Life Services was driven by the transfer of the City of Helsinki’s occupational healthcare services to Mehiläinen in November.

– During the year, we were able to ensure high availability of services and rapid access to care for our customers. The Net Promoter Score (NPS), which measures the customer experience in private healthcare services, increased further to an all-time high level at 91, Järvenpää says.

Long-term cooperation with the wellbeing services counties in a difficult financial situation

During 2024, Mehiläinen continued its long-term cooperation with the wellbeing services counties as a provider of public healthcare and social care services. The situation was challenging amidst the counties’ savings pressures.

– As a result of savings, the wellbeing services counties significantly reduced their purchases of leased employees and postponed the placement of customers in our residential care units. Short-term savings place patient safety at risk, strain the healthcare and social care service system, and may backfire as higher costs in the long run, says Järvenpää.

During the year, Mehiläinen’s social care services focused on good care and the high quality of services. The availability of and customer satisfaction with public primary and specialist healthcare services remained high, and Mehiläinen signed significant new agreements. In Finland the company started as the health centre service provider in Kannelmäki in Helsinki and as a provider of digital appointment services in the wellbeing services county of Pirkanmaa. Customer volumes increased in therapy services and home services provided by Mehiläinen. BeeHealthy, Mehiläinen’s subsidiary, signed several agreements with the wellbeing services counties on the delivery of its digital platform.

– In addition to providing healthcare and social care services for the wellbeing services counties, Mehiläinen has become a significant technology supplier, enabling the development of productivity in the provision of public services through innovation, Järvenpää says.

Strong growth also continued outside Finland

Mehiläinen operates under the brand Meliva in Estonia, Sweden and Germany. Significant growth continued in these market areas.

In Sweden, the number of customers listed at Meliva crossed the milestone of 155,000. The company opened three new health centres and expanded its operations to outpatient services in specialist healthcare. Growth also continued through business acquisitions. In Estonia, the service range expanded when a new medical clinic and hospital were opened in Tallinn. In Germany, Mehiläinen made investments that will almost double its revenue in 2025. Significant investments were also made in expanding the service network. BeeHealthy’s mobile app received the TÜVIT certification in Germany, which enables the provision of remote appointments in the country.

In Lithuania, Mehiläinen signed an agreement on the acquisition of InMedica Group, the country’s largest private healthcare service company. The transaction still needs to be approved by the authorities to be completed. The expansion to Lithuania is a natural next step in Mehiläinen’s growth strategy, and with the transaction, Mehiläinen will become the largest private healthcare service provider in the Baltic region.

Patient and resident safety emphasised in sustainability activities

In its sustainability activities, Mehiläinen developed even better tools for professionals for the management of patient and resident safety. The company also prepared for reporting in accordance with the Corporate Sustainability Reporting Directive (CSRD). The results of the personnel survey improved from the previous year in several metrics.

Key figures

1) EBITDA before items affecting comparability.
2) Operating profit before the depreciation and amortisation of intangible assets arising from business acquisitions, impairments and items affecting comparability.
3) Operating profit before the depreciation and amortisation of intangible assets arising from business acquisitions and impairments.
4) Tax footprint, including employer contributions. The tax footprint of private practitioners operating at Mehiläinen, estimated at EUR 142.0 (105.2) million, is added to Mehiläinen’s tax footprint.
5) Corporate income taxes include all income taxes recognised in the result for the financial year and income taxes recognised during the financial year due to adjusted income for the previous financial years (not including deferred taxes). Corporate income taxes paid during the financial period amounted to EUR 32.4 (2023: 15.6, 2022: 17.9) million.

Read the Annual Report and Financial Statements on Mehiläinen’s website: Mehiläinen's Year 2024

Mehiläinen’s Sustainability Report will be published on 14 February 2025.