Harvia’s revenue and operating result especially strong during the first quarter of 2021

Harvia Oyj, Insider information, 16 April 2021, at 7.30 p.m. EET

During the first quarter of 2021 Harvia experienced very strong demand. Traditionally the first quarter tends to be strong in Sauna & Spa business. The favourable development of revenue and profitability was driven by the exceptionally good sales performance in most of Harvia’s key markets as well as solid continuous improvement in the whole supply chain. Despite of the challenging situation in the markets, the availability and pricing of key materials have remained favourable. However, the outlook for the rest of the year regarding the availability and pricing of key raw materials and componentry is volatile.    

The awareness, popularity and usage of sauna has increased during the pandemic and hence further boosted the underlying solid demand in the Sauna & Spa market.  The management of the company estimates that part of this growth is generated by some advanced demand and hence will not affect long-term growth expectations of the sauna and spa market or Harvia’s long-term targets.

Harvia has maintained a good operational capability despite the pandemic, and we have continued the systematic improvement of productivity. Once again, the Harvia team has done an excellent effort together with our customers and suppliers. Special thanks for the great work done.

Harvia’s key figures in the first quarter of 2021 according to preliminary calculations (unaudited):

Q1/2021

• Revenue grew by 94% to approximately EUR 39.6 million (20.4)
• Organic revenue growth in the period was 62% (EOS Group consolidated for the first time as of May 1, 2020)
• Operating result increased to approximately EUR 11.0 million (3.1)
• Adjusted operating result increased to approximately EUR 11.1 million (4.2)

Harvia will publish its first quarter 2021 financial report on May the 5th, 2021. Due to the silent period, Harvia will not give any further comments on its result before publishing the quarter-end report. In accordance with its normal practice, Harvia will hold a webcast conference on the day of the results release. The participants will have the opportunity to ask questions during the webcast.

For further information, please contact:

CEO Tapio Pajuharju, tel. 0

CFO Ari Vesterinen, tel. +358 40 505 0440

Harvia in short

Harvia is one of the leading companies operating in the sauna and spa market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna and spa market of both private and professional customers.

Harvia’s revenue totaled EUR 109.1 million in 2020. Harvia Group employs more than than 600 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany, Estonia and Russia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.