Harvia’s Interim report 1 January – 30 September 2025
Harvia Plc, Interim report 6 November 2025 at 9:00 a.m. EET
Harvia Q3 2025: Strong revenue growth – all regions contributing
This release is a summary of Harvia Plc’s Interim Report January–September 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
July–September 2025:
- Revenue increased by 18.8% to EUR 46.0 million (38.7). At comparable exchange rates, revenue increased by 22.3% to EUR 47.3 million. Organic revenue growth was 16.1%.
- Operating profit was EUR 8.7 million (8.3), making up 18.9% (21.4%) of the revenue.
- Adjusted operating profit was EUR 8.8 million (8.9), making up 19.1% (22.9%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 9.1 million (19.2% of the revenue).
- Operating free cash flow amounted to EUR -0.6 million (3.4) and cash conversion was -5,8% (31.7%). The change was mostly due to the significant investments Harvia made during the third quarter to improve operational efficiency and its facilities.
January–September 2025:
- Revenue increased by 16.9% to EUR 145.2 million (124.3). At comparable exchange rates, revenue increased by 18.4% EUR 147.2 million. Organic revenue growth was 10.7%.
- Operating profit was EUR 27.9 million (27.1), making up 19.2% (21.8%) of the revenue.
- Adjusted operating profit was EUR 28.6 million (28.4), making up 19.7% (22.8%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 29.3 million (19.9% of the revenue).
- Operating free cash flow amounted to EUR 13.2 million (20.0) and cash conversion was 38.6% (60.0%).
- Net debt amounted to EUR 62.1 million (61.8), and leverage, calculated as net debt divided by last 12 months’ adjusted EBITDA, was 1.4 (1.4).
- Equity ratio was 45.4% (44.8%).
- Earnings per share were EUR 1.01 (1.01).
Key figures
| EUR million | 7-9/2025 | 7-9/2024 | Change % | 1-9/2025 | 1-9/2024 | Change % | 1-12/2024 |
| Revenue | 46.0 | 38.7 | 18.8% | 145.2 | 124.3 | 16.9% | 175.2 |
| EBITDA | 10.5 | 10.1 | 4.8% | 33.4 | 32.1 | 4.2% | 42.5 |
| % of revenue | 22.9% | 26.0% | 23.0% | 25.8% | 24.2% | ||
| Items affecting comparability * | 0.1 | 0.6 | -83.5% | 0.7 | 1.3 | -50.2% | 1.6 |
| Adjusted EBITDA ** | 10.6 | 10.7 | -0.2% | 34.1 | 33.4 | 2.0% | 44.1 |
| % of revenue | 23.1% | 27.5% | 23.5% | 26.9% | 25.0% | ||
| Operating profit | 8.7 | 8.3 | 5.3% | 27.9 | 27.1 | 3.2% | 35.5 |
| % of revenue | 18.9% | 21.4% | 19.2% | 21.8% | 20.3% | ||
| Adjusted operating profit ** | 8.8 | 8.9 | -0.7% | 28.6 | 28.4 | 0.7% | 37.1 |
| % of revenue | 19.1% | 22.9% | 19.7% | 22.8% | 21.2% | ||
| Basic EPS (EUR) | 0.33 | 0.29 | 11.9% | 1.01 | 1.01 | 0.4% | 1.30 |
| Operating free cash flow | -0.6 | 3.4 | -118.3% | 13.2 | 20.0 | -34.2% | 35.0 |
| Cash conversion | -5.8% | 31.7% | 38.6% | 60.0% | 79.4% | ||
| Investments in tangible and intangible assets | -4.9 | -1.5 | 224.8% | -10.7 | -4.3 | 148.8% | -6.1 |
| Net debt | 62.1 | 61.8 | 0.5% | 62.1 | 61.8 | 0.5% | 57.2 |
| Leverage | 1.4 | 1.4 | 1.4 | 1.4 | 1.3 | ||
| Net working capital | 53.6 | 42.8 | 25.4% | 53.6 | 42.8 | 25.4% | 45.0 |
| Adjusted return on capital employed (ROCE) | 40.8% | 48.5% | 40.8% | 48.5% | 45.5% | ||
| Equity ratio | 45.4% | 44.8% | 45.4% | 44.8% | 47.2% | ||
| Number of employees at end of period | 728 | 675 | 7.9% | 728 | 675 | 7.9% | 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.
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 third quarter of 2025, Harvia achieved strong sales growth, supported by solid performance in all regions despite a certain level of unpredictability in some of our markets.
Harvia’s revenue in the third quarter totaled EUR 46.0 million, representing a 18.8% increase year-on-year. Organic revenue growth was 16.1%, and at comparable exchange rates, total revenue grew by 22.3%.
In North America, we returned to strong double-digit growth of 24% after a softer second quarter, even though the weak U.S. dollar reduced our reported growth. Uncertainty in the region continued due to ongoing volatility in tariff policies and their implementation, combined with consumer confidence remaining lower than in recent years. As the majority of Harvia’s revenue in the United States comes from products manufactured within the country, the company is partly shielded from the impact of U.S. tariffs. While price increases are being implemented to offset higher costs of doing business in the region, pricing adjustments for certain customers have a lead time before taking effect.
Our sales performance in Europe improved during the third quarter, with Northern Europe growing by 14.8% and Continental Europe growing by 10.1%. Growth in Northern Europe was driven especially by Sweden and the Baltic countries, and we also grew in Finland. Restoring Northern Europe to a clear growth trajectory and strengthening our position in Continental Europe have been key priorities for us in 2025, and I am pleased with our third-quarter performance in both regions.
APAC & MEA was our fastest-growing region in the third quarter, with sales increasing by 36.4%. Growth was broad-based across the region, supporting our objective to achieve sustainable expansion while reducing dependency on any single country. As we continue to see significant potential in the region, we are continuing our systematic work to strengthen our capabilities for long-term growth.
Harvia’s adjusted operating profit in the third quarter was EUR 8.8 million, representing 19.1% of revenue. Our gross margin was negatively impacted by the tariffs in North America and currency developments. The weakening of the U.S. dollar had an adverse effect on both our revenue and profitability, and our adjusted operating profit was approximately EUR 0.3 million lower than at comparable exchange rates. We continued to strengthen our organization, product portfolio, and IT capabilities to build a solid platform for future growth, which was reflected in higher operating expenses also during the third quarter. Overall, our operational performance and service level remained strong, and I want to thank the entire Harvia team and our partners for their excellent efforts during the quarter.
Looking ahead, we remain focused on executing our strategy and achieving profitable growth in both the short and long term. To secure strong profitability in the near term, we are continuing to actively manage key profit levers such as pricing, sourcing efficiency, and indirect costs. While we are focused on successfully navigating in the volatile operating environment, we continue to advance development activities in areas that enable sustainable long-term growth. These include developing market-leading innovations, strengthening our multi-channel sales capabilities, as well as modernizing our IT landscape. As an example of our innovation work, we launched the upgraded MyHarvia app, representing a significant leap forward in sauna connectivity and seamless integration with our new Fenix touchscreen control panel. We also introduced an exciting collection of premium saunas for the North American market under the ThermaSol brand. In addition to the measures supporting organic growth, Harvia continues to actively evaluate inorganic growth opportunities and is ready to move forward swiftly when the timing and conditions are right. We see strong long-term growth drivers in the sauna and spa market and want to ensure that Harvia remains the clear market leader in the future.
Press conference on financial results
Harvia will hold a webcast for analysts, investors and media on 6 November 2025 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 175.2 million in 2024. Harvia Group employs approximately 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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