Harvia Plc, Half-year financial review 6 August 2026 at 9:00 a.m. EEST
Harvia Q2 2026: Strong revenue growth driven by North America, growth and profitability temporarily impacted by major IT and process project
This release is a summary of Harvia Plc’s Half-year financial review January–June 2026. The complete report is attached to this release as a pdf file. It is also available on Harvia’s website at https://harviagroup.com/.
Highlights of the review period
April–June 2026:
- Revenue grew by 11.7% to EUR 52.8 million (47.3). At comparable exchange rates, revenue increased by 12.9% to EUR 53.3 million. All revenue growth was organic.
- Operating profit reached EUR 8.4 million (7.6), making up 15.9% (16.1%) of the revenue.
- Adjusted operating profit was EUR 8.6 million (8.2), making up 16.2% (17.3%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 8.5 million (16.0% of the revenue).
- Operating free cash flow amounted to EUR 3.1 million (3.9) and cash conversion was 29.2% (39.4%).
January–June 2026:
- Revenue grew by 12.2% to EUR 111.4 million (99.2). At comparable exchange rates, revenue increased by 15.7% to EUR 114.8 million. All revenue growth was organic.
- Operating profit reached EUR 21.2 million (19.5), making up 19.1% (19.7%) of the revenue.
- Adjusted operating profit was EUR 21.4 million (20.1), making up 19.3% (20.2%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 22.4 million (19.5% of the revenue).
- Operating free cash flow amounted to EUR 15.1 million (14.1), and cash conversion was 59.2% (59.4%).
- Net debt amounted to EUR 57.2 million (57.9), and leverage, calculated as net debt divided by last 12 months’ adjusted EBITDA, was 1.2 (1.3).
- Equity ratio was 47.4% (43.6%).
- Earnings per share were EUR 0.80 (0.68).
Key figures
| EUR million | 4-6/ 2026 | 4-6/ 2025 | Change % | 1-6/ 2026 | 1-6/ 2025 | Change % | 1-12/ 2025 |
| Revenue | 52.8 | 47.3 | 11.7% | 111.4 | 99.2 | 12.2% | 198.9 |
| EBITDA | 10.4 | 9.4 | 11.4% | 25.2 | 23.2 | 8.9% | 45.7 |
| % of revenue | 19.8% | 19.8% | 22.7% | 23.4% | 23.0% | ||
| Items affecting comparability * | 0.2 | 0.5 | -71.4% | 0.2 | 0.6 | -59.7% | 0.8 |
| Adjusted EBITDA ** | 10.6 | 9.9 | 6.8% | 25.5 | 23.7 | 7.3% | 46.5 |
| % of revenue | 20.1% | 21.0% | 22.9% | 23.9% | 23.4% | ||
| Operating profit | 8.4 | 7.6 | 10.2% | 21.2 | 19.5 | 8.7% | 38.3 |
| % of revenue | 15.9% | 16.1% | 19.1% | 19.7% | 19.3% | ||
| Adjusted operating profit ** | 8.6 | 8.2 | 4.8% | 21.4 | 20.1 | 6.8% | 39.1 |
| % of revenue | 16.2% | 17.3% | 19.3% | 20.2% | 19.6% | ||
| Basic EPS (EUR) | 0.30 | 0.23 | 25.9% | 0.80 | 0.68 | 16.5% | 1.41 |
| Operating free cash flow | 3.1 | 3.9 | -17.1% | 15.1 | 14.1 | 6.9% | 26.5 |
| Cash conversion | 29.2% | 39.4% | 59.2% | 59.4% | 57.0% | ||
| Investments in tangible and intangible assets | -3.4 | -3.8 | -9.7% | -5.3 | -5.8 | -9.0% | -14.8 |
| Net debt | 57.2 | 57.9 | -1.3% | 57.2 | 57.9 | -1.3% | 57.7 |
| Leverage | 1.2 | 1.3 | 1.2 | 1.3 | 1.2 | ||
| Net working capital | 46.9 | 46.8 | 0.2% | 46.9 | 46.8 | 0.2% | 47.9 |
| Adjusted return on capital employed (ROCE) | 43.8% | 48.6% | 43.8% | 48.6% | 41.3% | ||
| Equity ratio | 47.4% | 43.6% | 47.4% | 43.6% | 48.3% | ||
| Number of employees at end of period | 806 | 742 | 8.6% | 806 | 742 | 8.6% | 735 |
* Consists of items outside the ordinary course of business, relating to the Group’s strategic development projects, acquisitions, business divestments, restructuring and loss on sale of fixed assets, and affecting comparability.
** Adjusted by items affecting comparability.
Financial targets and outlook
The company has set long-term targets related to growth, profitability and leverage. Harvia targets an average annual revenue growth of 10%, an adjusted operating profit margin exceeding 20%, and a net debt/adjusted EBITDA below 2.5x. The future impacts of changes in IFRS accounting standards have been excluded from the net debt/adjusted EBITDA ratio target.
Harvia does not publish a short-term outlook.
Harvia’s dividend policy is to pay a regularly increasing dividend with a bi-annual payout.
Matias Järnefelt, CEO:
Harvia’s revenue in the second quarter was EUR 52.8 million, up by 11.7% from the corresponding period last year. All revenue growth was organic, and at comparable exchange rates, total revenue grew by 12.9%.
This double-digit revenue growth was driven particularly by the strong performance in North America. As anticipated, our growth and profitability were weakened by a major IT and process project implementation at the Muurame factory and headquarters. This postponed approximately EUR 4 million of deliveries, a majority of which will be realized in the third quarter.
In North America, demand in the sauna market remained strong. Furthermore, our performance reflects the growing awareness and adoption of saunas in North America, where they are increasingly becoming a mainstream wellness product rather than a niche offering. In North America, Harvia’s revenue increased by 38.6%. Our sales were also supported by the expanded distribution of our sauna cabins. Conversely, softer market demand in the steam sauna segment resulted in lower Group-level revenue from steam products. Recognizing steam as a core strategic category, we are actively executing targeted initiatives to optimize our product offering and accelerate sales momentum.
In Europe, the market conditions remained broadly stable, and we made progress with our commercial initiatives across several key markets and product groups. Reported revenue in both Northern Europe and in Continental Europe declined slightly, primarily due to the postponement of deliveries from our Muurame factory. Within Northern Europe, Scandinavia and the Baltics demonstrated robust momentum, which helped offset softer demand dynamics in the Finnish market.
In the APAC & MEA region, key markets such as Japan, China, and Australia demonstrated sustained positive momentum. However, this was offset by the geopolitical headwinds in the Persian Gulf region, which constrained our performance in the Middle East. Consequently, revenue of the APAC & MEA region declined by 4.9%. This was primarily due to customers postponing projects in the Middle East, a strong comparison period that included a high level of project deliveries in the region, and the postponement of some deliveries from our Muurame factory. The situation in the Middle East will likely continue to be unpredictable, and we expect this to negatively influence our sales in the region also in the second half of the year.
Harvia’s adjusted operating profit in the second quarter was EUR 8.6 million, corresponding to a margin of 16.2%.
During the second quarter, we completed the implementation of a major IT infrastructure and business process upgrade project at our Muurame factory and headquarters. The strategic investment enhances automation, improves transparency across our operations, and solidifies the foundation for Harvia’s profitable long-term growth. As anticipated, the upgrade temporarily extended lead times and postponed approximately EUR 4 million of deliveries and related gross margin, a majority of which will be realized in the third quarter. This had a negative one-off impact on our sales and profitability, affecting especially Northern Europe and Continental Europe, where heaters produced in Muurame account for a significant share of revenue. The project also resulted in some additional one-off costs, although their impact on profitability was significantly smaller. Despite these temporary effects, the increase in our indirect costs remained below our revenue growth, and our gross margin remained healthy, although product and channel mix had a slight negative effect.
Entering the third quarter, our delivery performance from the Muurame factory had almost returned to a normal level, and we expect to reach operating at full capacity during the quarter. I would like to thank Team Harvia and our partners for their outstanding support throughout the implementation. I also want to thank our customers for their cooperation and patience during this important transformation.
Looking ahead, Harvia remains fully focused on driving profitable growth across all our regions. We continue to shape the global sauna market through product innovation and by increasing awareness of the health benefits of sauna. Underscoring this commitment, our Harvia Fenix control unit recently received the prestigious Red Dot Award for design excellence. We also published groundbreaking research on the physiological effects of sauna and its humidity together with the University of Jyväskylä, further advancing the science of sauna. While global macroeconomic and geopolitical uncertainty is expected to remain elevated, we continue to view the long-term outlook for the sauna market positively. We see compelling opportunities for both organic growth and value-creating acquisitions, and Harvia is well positioned to capitalize on them.
Press conference on financial results
Harvia will hold a webcast for analysts, investors and media on 6 August 2026 at 11:00 a.m. EEST. The webcast will be held in English. Harvia’s CEO Matias Järnefelt and CFO Ari Vesterinen will host the event. The webcast can be followed at https://harvia.events.inderes.com/q2-2026.
A recording of the webcast will be available after the event on the company’s website https://harviagroup.com/reports-and-presentations/.
For more information, please contact:
Matias Järnefelt, CEO, tel. +358 40 5056 080
Ari Vesterinen, CFO, tel. +358 40 5050 440
Harvia is one of the leading companies operating in the sauna market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna market of both private and professional customers.
Harvia’s revenue totaled EUR 198.9 million in 2025. Harvia Group employs over 700 professionals in Finland, United States, Germany, Romania, China and Hong Kong, Austria, Italy and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.
Read more: https://harviagroup.com
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