Harvia Q4 2025: Growth in all sales regions continued
Harvia Plc, Financial statements bulletin, 12 February 2026 at 9:00 a.m. EET
This release is a summary of Harvia Plc’s Financial statements bulletin 2025. The complete report is attached to this release as a pdf file. It is also available on Harvia’s website at .
Highlights of the review period
October–December 2025:
- Revenue increased by 5.3% to EUR 53.7 million (51.0). At comparable exchange rates, revenue increased by 10.2% to EUR 56.2 million.
- Operating profit was EUR 10.4 million (8.4), making up 19.3% (16.5%) of the revenue.
- Adjusted operating profit was EUR 10.5 million (8.7), making up 19.5% (17.1%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 11.8 million (21.0% of the revenue).
- Operating free cash flow amounted to EUR 13.3 million (15.0) and cash conversion was 107.1% (140.4%).
January–December 2025:
- Revenue increased by 13.5% to EUR 198.9 million (175.2). At comparable exchange rates, revenue increased by 16.0% to EUR 203.3 million. Organic revenue growth at comparable exchange rates was 14.4%.
- Operating profit was EUR 38.3 million (35.5), making up 19.3% (20.3%) of the revenue.
- Adjusted operating profit was EUR 39.1 million (37.1), making up 19.6% (21.2%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 41.0 million (20.2% of the revenue).
- Operating free cash flow amounted to EUR 26.5 million (35.0) and cash conversion was 57.0% (79.4%).
- Net debt amounted to EUR 57.7 million (57.2), and leverage, calculated as net debt divided by last 12 months’ adjusted EBITDA, was 1.2 (1.3).
- Equity ratio was 48.3% (47.2%).
- Earnings per share were EUR 1.41 (1.30).
- The Board of Directors’ dividend proposal is EUR 0.77 (0.75) per share in total, to be paid in two instalments.
Key figures
| EUR million | 10-12/ 2025 | 10-12/ 2024 | Change % | 1-12/ 2025 | 1-12/ 2024 | Change % |
| Revenue | 53.7 | 51.0 | 5.3% | 198.9 | 175.2 | 13.5% |
| EBITDA | 12.3 | 10.4 | 18.7% | 45.7 | 42.5 | 7.8% |
| % of revenue | 23.0% | 20.4% | 23.0% | 24.2% | ||
| Items affecting comparability * | 0.1 | 0.3 | -64.4% | 0.8 | 1.6 | -52.7% |
| Adjusted EBITDA ** | 12.4 | 10.7 | 16.5% | 46.5 | 44.1 | 5.6% |
| % of revenue | 23.2% | 21.0% | 23.4% | 25.1% | ||
| Operating profit | 10.4 | 8.4 | 23.0% | 38.3 | 35.5 | 7.9% |
| % of revenue | 19.3% | 16.5% | 19.3% | 20.3% | ||
| Adjusted operating profit ** | 10.5 | 8.7 | 20.1% | 39.1 | 37.1 | 5.3% |
| % of revenue | 19.5% | 17.1% | 19.6% | 21.2% | ||
| Basic EPS (EUR) | 0.40 | 0.29 | 38.9% | 1.41 | 1.30 | 9.1% |
| Operating free cash flow | 13.3 | 15.0 | -11.1% | 26.5 | 35.0 | -24.3% |
| Cash conversion | 107.1% | 140.3% | 57.0% | 79.4% | ||
| Investments in tangible and intangible assets | -4.0 | -1.8 | 120.2% | -14.8 | -6.1 | 140.2% |
| Net debt | 57.7 | 57.2 | 0.9% | 57.7 | 57.2 | 0.9% |
| Leverage | 1.2 | 1.3 | 1.2 | 1.3 | ||
| Net working capital | 47.9 | 45.0 | 6.5% | 47.9 | 45.0 | 6.5% |
| Adjusted return on capital employed (ROCE) | 41.3% | 45.5% | 41.3% | 45.5% | ||
| Equity ratio | 48.3% | 47.2% | 48.3% | 47.2% | ||
| Number of employees at end of period | 735 | 696 | 5.6% | 735 | 696 | 5.6% |
* Consists of items outside the ordinary course of business, relating to the Group’s strategic development projects, acquisitions, business divestments, restructuring and loss on sale of fixed assets, and affecting comparability.
** Adjusted by items affecting comparability.
Financial targets and outlook
The company has set long-term targets related to growth, profitability and leverage. Harvia targets an average annual revenue growth of 10%, an adjusted operating profit margin exceeding 20%, and a net debt/adjusted EBITDA below 2.5x. The future impacts of changes in IFRS accounting standards have been excluded from the net debt/adjusted EBITDA ratio target.
Harvia does not publish a short-term outlook.
Harvia’s dividend policy is to pay a regularly increasing dividend with a bi-annual payout.
Matias Järnefelt, CEO:
In the last quarter of 2025, Harvia continued to grow in all sales regions despite facing a very strong comparison period and unfavorable exchange rates. The quarter was a good ending for 2025 that showed how Harvia can deliver solid financial results and make excellent progress in its strategy execution, even if the world around us has become increasingly uncertain.
Harvia’s revenue in the fourth quarter totaled EUR 53.7 million, representing a 5.3% increase year-on-year. All revenue growth was organic, and at comparable exchange rates, total revenue grew by 10.2%.
In North America, the sauna market demand continued to be strong, and Harvia’s revenue increased especially in heating equipment. Our sales performance was particularly good during large campaigns such as Black Friday sales. Our revenue growth was 2.8% during the fourth quarter compared to 62.7% growth in North America a year ago. The revenue was also impacted by significant headwind from the weak U.S. dollar.
In Europe, the sauna market continued to improve gradually, even if the macroeconomic conditions remained largely unchanged and somewhat challenging, especially in Northern Europe. Overall, our sales performance in Europe was good. Northern Europe was our fastest-growing sales region in the fourth quarter with 11.6% increase in revenue, and the region returned to growth also on a full-year level after two years of sales decline. In Continental Europe, we continued to achieve solid sales progress in most of our key markets and product groups, including Germany, France, and the United Kingdom.
In APAC & MEA, we posted only small growth during the fourth quarter, driven largely by timing of large deliveries rather than any significant changes in the underlying market or Harvia’s performance. Looking at the full year 2025, Harvia’s revenue in APAC & MEA increased by 25.4%, driven by substantial progress in several markets. Moving into 2026, the region continues to be one of our strategically most important areas and long-term growth engines.
Harvia’s adjusted operating profit in the fourth quarter was EUR 10.5 million, representing 19.5% of revenue. At comparable exchange rates, Harvia’s fourth quarter adjusted operating profit was EUR 1.3 million higher and our adjusted operating profit margin exceeded 20% both in the fourth quarter and for the full year. During the quarter, the prices of key materials and components as well as most significant tariff levels remained relatively stable when compared to the previous quarter. Harvia was also able to mitigate most of the impact from tariff increases that took place in the third quarter. We carried out significant well-planned campaigns, for example, during Black Friday weekend that resulted in excellent sales volumes with healthy gross margins.
Throughout 2025, Harvia continued to invest significantly in its production facilities, innovation pipeline, and IT landscape, which are all essential enablers of our long-term growth and success. In the fourth quarter, we introduced MyHarvia Smart Sauna Sensor, a unique product that can turn any sauna into a smart sauna, which is a great example of our market-leading innovation and an exciting step in our digital journey. Harvia’s growth-fueling actions have increased our investment and indirect cost levels in the short term and somewhat decreased our profitability margin in the fourth quarter.
2025 was a good year for both the sauna market and Harvia. Despite the exceptional uncertainty in the market conditions and trade policies, the demand in the sauna market remained firm, which is a strong signal of resilience and interest in wellbeing through sauna. Throughout the year, Harvia proved its ability to deliver solid financial results, including 13.5% revenue growth, while taking leaps forward in strategic initiatives that ensure the company’s success in the future. I am pleased to see how the annual customer and employee surveys carried out during the fourth quarter confirm that Harvia is a great company to partner with and to work for. I want to thank the entire Team Harvia and our partners for their efforts and dedication in 2025 – a work well done!
Harvia enters 2026 in an excellent position. It seems that the broader economic and geopolitical uncertainty is here to stay, at least for some time, but as in 2025, we expect that the sauna market and Harvia will both succeed well in these conditions. We remain fully focused on capturing the market demand in all sales regions while ensuring healthy profitability also in the short term. At the same time, we continue to invest and drive the company’s long-term success. Our updated sustainability program for 2026–2030 outlines how we are committed to our objective of contributing to a good and long life with minimal environmental impact, safely and fairly. If the right opportunity emerges, we are prepared to act swiftly also on the M&A front. Year 2026 is full of possibilities for Harvia.
Press conference on financial results
Harvia will hold a webcast for analysts, investors and media on 12 February 2026 at 11:00 a.m. EET. The conference will be held in English. Harvia’s CEO Matias Järnefelt and CFO Ari Vesterinen will host the event. The webcast can be followed at .
A recording of the webcast will be available after the event on the company’s website .
For more information, please contact:
Matias Järnefelt, CEO, tel. 0
Ari Vesterinen, CFO, tel. 0
Harvia is one of the leading companies operating in the sauna 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 market of both private and professional customers.
Harvia’s revenue totaled EUR 198.9 million in 2025. Harvia Group employs over 700 professionals in Finland, United States, Germany, Romania, China and Hong Kong, Austria, Italy, and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.
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