Harvia (HARVIA) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached a record EUR 51.0 million, up 29.3% year-over-year, with organic growth at 21.7%.

• Full-year 2024 revenue was EUR 175.2 million, up 16.4%, driven by strong growth in North America, APAC & MEA, and the ThermaSol acquisition.

• ThermaSol acquisition strengthened steam product category, with steam products up nearly 300% in Q4.

• Launched innovative products, including a solar-powered sauna and new control panels, and updated strategy in May 2024.

• Strongest growth in North America and APAC & MEA; modest gains in Europe, with high-end segments performing best.

Financial highlights

• Q4 adjusted operating profit was EUR 8.7 million (17.1% margin), down 8.6% year-over-year; full-year adjusted operating profit was EUR 37.1 million (21.2% margin), up 10.2%.

• Q4 adjusted EBITDA was EUR 10.7 million (21.0% margin); full-year adjusted EBITDA EUR 44.1 million (25.1% margin).

• Operating free cash flow for Q4 was EUR 15.0 million (cash conversion 140.3%); full-year free cash flow EUR 35.0 million (79.4% cash conversion).

• Net debt increased to EUR 57.2 million due to ThermaSol acquisition; cash at year-end EUR 46.4 million.

• Equity ratio at year-end was 47.2%; adjusted ROCE was 45.5%.

Outlook and guidance

• No short-term financial guidance due to short order cycles and campaign fluctuations; long-term targets: average annual revenue growth 10%, adjusted operating profit margin above 20%, net debt/EBITDA below 2.5x.

• Management confident in long-term growth and ability to meet updated financial targets.

• Dividend proposal of EUR 0.75 per share, to be paid in two instalments.