Harvia (HARVIA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 17.0% YoY to EUR 53.9m, all organic, with growth in every region; ~EUR 4m of deliveries shifted from Q2 supported the increase.

• Adjusted operating profit increased 7.9% to EUR 9.5m, while margin fell to 17.7% from 19.1%, amid higher indirect costs and an accounting adjustment.

• Long-term sauna-market prospects remained favorable despite macroeconomic and geopolitical uncertainty.

Financial highlights

• Q3 revenue was EUR 53.9m, up 17.0% YoY and 16.2% at comparable exchange rates; all growth was organic.

• Q3 adjusted EBITDA rose 10.4% to EUR 11.7m; adjusted operating profit rose 7.9% to EUR 9.5m.

• 9M revenue increased 13.8% to EUR 165.2m; adjusted operating profit rose 8.3% to EUR 31.0m.

• Q3 basic EPS was EUR 0.37, up 12.7%; 9M basic EPS was EUR 1.16, up 15.2%.

• Q3 North America accounting adjustment reduced revenue by EUR 0.7m and adjusted operating profit by EUR 0.8m.

Outlook and guidance

• Long-term targets: average annual revenue growth of 10%, adjusted operating profit margin above 20%, and net debt/adjusted EBITDA below 2.5x.

• More than 10 product innovations were developed, with launches scheduled for Q4 2026 and Q1 2027.

• The global sauna market is expected to grow faster than its historical 5% annual average over the next five years.