Harvia (HARVIA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 18.8% year-over-year to EUR 46 million, with 16.1% organic growth and all regions contributing; North America and APAC & MEA led gains.

• Adjusted operating profit was EUR 8.8 million (19.1% margin), slightly below long-term target, with profitability up from Q2 but gross margin pressured by tariffs and FX.

• Investments continued in operational efficiency, capacity expansion, product development, and digital innovation, including site upgrades in Germany and the U.S.

• Strategic focus remains on commercial excellence, pricing, sourcing, and operational efficiency to manage volatility and cost pressures.

• New product launches included the MyHarvia app, Fenix control panel, and premium sauna models for North America.

Financial highlights

• Q3 revenue: EUR 46 million (+18.8% YoY); 9M revenue: EUR 145.2 million (+16.9% YoY).

• Adjusted operating profit Q3: EUR 8.8 million (19.1% margin); 9M: EUR 28.6 million (19.7% margin).

• Adjusted EBITDA Q3: EUR 10.6 million (23.1% margin); 9M: EUR 34.1 million (23.5% margin).

• Operating free cash flow Q3: -EUR 0.6 million; 9M: EUR 13.2 million.

• Basic EPS Q3: EUR 0.33 (+11.9% YoY); 9M: EUR 1.01 (flat YoY).

Outlook and guidance

• Focused on executing strategy for long-term growth and commercial excellence, with no short-term outlook published.

• Q4 expected to benefit from inventory build and campaign participation, with less aggressive campaigns to support margins.

• Price increases to offset tariffs are being implemented, with full impact expected over the next six months.

• CapEx expected to decline in 2026 after elevated levels in 2024 and 2025.

• Dividend policy targets regularly increasing, bi-annual payouts.