Harvia’s Interim Report 1 January – 31 March 2025
Harvia Plc, Interim report 7 May 2025 at 9:00 a.m. EEST
Harvia Q1 2025: Strong profitability – growth in all regions
This release is a summary of Harvia Plc’s Interim Report January–March 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
January–March 2025:
- Revenue increased by 22.7% to EUR 52.0 million (42.4). At comparable exchange rates, revenue increased by 21.4% to EUR 51.4 million. Organic revenue growth was 14.1%.
- Operating profit was EUR 11.9 million (9.9), making up 22.9% (23.3%) of the revenue.
- Adjusted operating profit was EUR 11.9 million (10.1), making up 22.9% (23.8%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 11.9 million (23.1% of the revenue).
- Operating free cash flow amounted to EUR 10.2 million (11.1) and cash conversion was 73.7% (95.0%).
- Net debt amounted to EUR 51.1 million (26.5), and leverage, calculated as net debt divided by last 12 months’ adjusted EBITDA, was 1.1 (0.6).
- Equity ratio was 47.7% (52.4%).
- Earnings per share were EUR 0.45 (0.40).
Key figures
| EUR million | 1–3/2025 | 1–3/2024 | Change | 1–12/2024 |
| Revenue | 52.0 | 42.4 | 22.7% | 175.2 |
| EBITDA | 13.8 | 11.5 | 20.5% | 42.5 |
| % of revenue | 26.5% | 27.0% | 24.2% | |
| Items affecting comparability * | 0.0 | 0.2 | -90.6% | 1.6 |
| Adjusted EBITDA ** | 13.8 | 11.7 | 18.2% | 44.1 |
| % of revenue | 26.6% | 27.6% | 25.2% | |
| Operating profit | 11.9 | 9.9 | 20.8% | 35.5 |
| % of revenue | 22.9% | 23.3% | 20.3% | |
| Adjusted operating profit ** | 11.9 | 10.1 | 18.1% | 37.1 |
| % of revenue | 22.9% | 23.8% | 21.2% | |
| Basic EPS (EUR) | 0.45 | 0.40 | 11.9% | 1.30 |
| Operating free cash flow | 10.2 | 11.1 | -8.4% | 35.0 |
| Cash conversion | 73.7% | 95.0% | 79.4% | |
| Investments in tangible and intangible assets | -2.0 | -2.2 | -9.0% | -6.1 |
| Net debt | 51.1 | 26.5 | 93.0% | 57.2 |
| Leverage | 1.1 | 0.6 | 1.3 | |
| Net working capital | 46.7 | 34.9 | 33.9% | 45.0 |
| Adjusted return on capital employed (ROCE) | 48.4% | 47.1% | 45.5% | |
| Equity ratio | 47.7% | 52.4% | 47.2% | |
| Number of employees at end of period | 728 | 625*** | 16.5% | 696 |
* 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.
*** The comparison period does not include the personnel of ThermaSol Steam Bath LLC that was acquired in July 2024.
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:
Harvia’s performance in the first quarter of 2025 was strong with record-high sales. We grew in all regions, with clearly the highest growth in North America. At the same time, Harvia delivered strong profitability and advanced key strategic initiatives and investments to support long-term success.
Harvia’s revenue in the first quarter totaled EUR 52.0 million, representing an increase of 22.7% compared to the same period last year. North America contributed over 80% of our total revenue growth. As in the previous two quarters, the acquisition of ThermaSol supported our overall sales as expected. Organic revenue growth was 14.1%.
Overall uncertainty arising from the global economy and trade policies increased in the first quarter, but this had only a limited impact on the sauna market conditions and Harvia’s performance. In North America, market demand remained strong as the high-demand winter season progressed. Compared to the fourth quarter of 2024, promotions and campaigns had a smaller role in our sales in the region. We also implemented pricing actions to reflect changes in material costs. The integration of ThermaSol continued to progress well, contributing positively to sales and the realization of planned cost synergies. All this had a positive impact on Harvia’s global EBIT margin.
In the APAC & MEA region, we continued to grow while driving strategic initiatives to support future success in the key countries. Compared to Harvia’s other sales regions, the revenue from APAC & MEA is still small and fluctuates more easily, especially due to large individual deliveries and project sales. These factors contributed to the excellent Q4 2024 sales performance in the region but resulted in lower growth in the first quarter of 2025.
Market conditions in Europe and Harvia’s sales performance in the region saw only minor changes during the first quarter. While the European sauna market has shown gradual positive development over the past several quarters, the conditions remained challenging – particularly in Northern Europe. The recovery was slowest in Finland, where consumer confidence and construction sector activity remained at a low level.
Adjusted operating profit for the first quarter reached EUR 11.9 million, up by 18.1% year-on-year, and accounted for 22.9% of the revenue. During the same period, Harvia’s operating free cash flow totaled EUR 10.2 million, with a cash conversion rate of 73.7%. Our successful actions in the supply chain, pricing and net working capital management contributed positively to Harvia’s strong profitability and cash flow. In addition, our profitability was supported by increased sales volumes and a reduced proportion of promotional sales at lower price levels. Our financial performance during the quarter was strong, and I want to express my sincere appreciation to the entire Team Harvia and our partners for their outstanding efforts.
In addition to delivering solid short-term results, we have continued to invest systematically in our innovation and portfolio development, brand building, commercial execution, and developing our people and organization to strengthen the foundations for profitable long-term growth. To highlight a few initiatives from the quarter, we upgraded our key digital U.S. sales channel, almostheaven.com, and refreshed the ThermaSol brand. I am also pleased that one of our key innovations from 2024, the woodburning version of our top selling Cilindro heater, has gained strong traction in the market and achieved significant sales already in its first quarter on the market.
The key drivers supporting Harvia’s long-term growth are solid. Global interest in saunas and their health benefits continues to rise, and the sauna market offers both organic and inorganic growth opportunities for Harvia. We are well-positioned to shape the sauna market so that everyone has a reason to experience sauna. In the short-term, the high pace and unpredictability of shifts in global economic conditions and especially U.S. tariffs may pose occasional challenges to Harvia. However, compared to many of our key competitors, Harvia’s position is relatively strong. For example, approximately 70% of the products we sell in North America are manufactured locally in the United States, reducing our exposure to tariffs. In addition, our ten production facilities in Europe, Asia and the U.S. increase our flexibility to react to changing market dynamics and supply chain conditions.
Overall, Harvia is well on track towards continued success as the global sauna market leader. Our 75th anniversary year has started on a strong note.
Press conference on financial results
Harvia will hold a webcast for analysts, investors and media on 7 May 2025 at 11:00 a.m. EEST. 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. 440
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 175.2 million in 2024. Harvia Group employs approximately 700 professionals in Finland, United States, Germany, Romania, China and Hong Kong, Austria, Italy, Estonia, and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.
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