Harvia (HARVIA) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 5.3% to EUR 53.7 million, with all growth organic and positive across all regions; at comparable exchange rates, Q4 revenue growth was 10.2%.

• Full-year 2025 revenue increased by 13.5% to EUR 198.9 million, with organic growth at comparable exchange rates of 14.4%.

• Adjusted operating profit for Q4 was EUR 10.5 million (19.5% margin); full-year adjusted operating profit was EUR 39.1 million (19.6% margin).

• Growth was driven by strong performance in Northern Europe and North America, with heating equipment as the main product growth driver.

• Continued strategic investments in capacity, innovation, digitalization, and IT, including new product launches and production expansion.

Financial highlights

• Q4 adjusted operating profit margin improved to 19.5% (21% at comparable rates), up 20% year-over-year.

• Adjusted EBITDA for Q4 was EUR 12.4 million (23.2% of revenue); full-year EUR 46.5 million (23.4%).

• Basic EPS in Q4 was EUR 0.40 (up 38.9% year-over-year); full-year EPS EUR 1.41 (up 9.1%).

• Operating free cash flow for the year was EUR 26.5 million, with cash conversion at 57.0%.

• Net debt stood at EUR 57.7 million; leverage improved to 1.2x adjusted EBITDA.

Outlook and guidance

• No short-term outlook published; long-term targets remain: average annual revenue growth of 10%, adjusted operating profit margin above 20%, and net debt/adjusted EBITDA below 2.5x.

• Management expects continued market volatility in 2026 but is confident in the ability to drive profitable organic growth.

• CapEx in 2026 projected to be between 2024 and 2025 levels, with continued substantial investments.

• Updated sustainability program for 2026–2030 aligns with strategic priorities.

• Dividend policy aims for a regularly increasing, bi-annual payout.