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Investor Relations14 Oct 2025
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Harvia (HARVIA) investor relations material
Harvia Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Revenue grew 9.4% year-over-year to €47.3M in Q2 2025, with organic growth at 2.4%, and H1 revenue up 16% to €99.2M; growth was led by APAC & MEA and North America, supported by the ThermaSol acquisition.
Profitability was impacted by higher operating expenses, a one-off €800K inventory adjustment from a new ERP system in the US, and currency headwinds.
Adjusted operating profit in Q2 was €8.2M (17.3% margin), below the 20% target; H1 adjusted operating margin was 20.2%.
Strategic initiatives advanced, including IT modernization, marketing investments, and product innovation; partnership with Toyota on hydrogen-powered sauna technology was announced.
The company remains focused on long-term growth and operational efficiency despite market volatility.
Financial highlights
Q2 2025 revenue: €47.3M (+9.4% YoY); organic growth 2.4%; adjusted operating profit: €8.2M (17.3% margin, -13.3% YoY).
H1 2025 revenue: €99M (+16% YoY); adjusted operating profit: €20M (20% margin, +2.9% YoY); net income: €12.7M.
Operating free cash flow: Q2 €4M (40% cash conversion); H1 €14.1M (59.4% cash conversion).
Net debt at end of Q2: €57.9M; leverage at 1.3x adjusted EBITDA.
Basic EPS in Q2: €0.23 (-25.3% YoY); H1 EPS: €0.68.
Outlook and guidance
No short-term outlook published; focus remains on long-term growth, with annual revenue growth target over 10%, adjusted operating profit margin over 20%, and leverage under 2.5.
Dividend policy: regularly increasing, bi-annual payouts; €0.75 per share for 2025.
Confident in handling US tariff situation due to local production and pricing power.
Assess tariff impact on North American business.
Explain APAC & MEA sales fluctuation.
How will Harvia achieve its profitability goals?
Explain the impact of IT modernization.
Detail APAC sauna type popularity.
Assess North America tariff impact.
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Next Harvia earnings date
Q3 20256 Nov, 2025
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Eferix Drawings Google Play
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Frequently asked questions
Harvia Oyj engages in the manufacture and sale of sauna products. Its products include sauna heaters and accessories, steam generators, control panels, sauna benches and parts, steam generator kits and steam room package, infrared rooms and equipment, fireplaces and barbecues, foot baths, lighting solutions and lamps, solariums and parts. The company was founded by Tuomo Harvia in 1950 and is headquartered in Pieksamaki Finland.
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