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 for January–June 2026. The complete report is attached to this release as a PDF file. It is also available on Harvia's website at

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), or 15.9% (16.1%) of revenue.

Adjusted operating profit was EUR 8.6 million (8.2), or 16.2% (17.3%) of revenue. At comparable exchange rates, adjusted operating profit was EUR 8.5 million, or 16.0% of 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), or 19.1% (19.7%) of revenue.

Adjusted operating profit was EUR 21.4 million (20.1), or 19.3% (20.2%) of revenue. At comparable exchange rates, adjusted operating profit was EUR 22.4 million, or 19.5% of 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). The equity ratio was 47.4% (43.6%). Earnings per share were EUR 0.80 (0.68).

*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

Harvia has set long-term targets for growth, profitability and leverage. The company targets average annual revenue growth of 10%, an adjusted operating profit margin above 20%, and a net debt/adjusted EBITDA ratio 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.

CEO comment

Matias Järnefelt, CEO, said Harvia's revenue in the second quarter was EUR 52.8 million, up 11.7% from the corresponding period last year. All revenue growth was organic, and at comparable exchange rates, total revenue grew by 12.9%.

He said the double-digit revenue growth was driven particularly by the strong performance in North America. He added that growth and profitability were weakened, as anticipated, by the implementation of a major IT and process project at the Muurame factory and headquarters. The project postponed approximately EUR 4 million of deliveries, most of which will be realized in the third quarter.

In North America, demand in the sauna market remained strong. Järnefelt said the company's performance also reflected the growing awareness and adoption of saunas in North America, where they are increasingly becoming a mainstream wellness product rather than a niche offering. This trend aligns with broader consumer interest in wellness-adjacent home and lifestyle categories, where premium experiences such as saunas, cold plunges, and home fitness have gained traction among both residential buyers and hospitality operators. In North America, Harvia's revenue increased by 38.6%. Sales were also supported by expanded distribution of sauna cabins. Softer market demand in the steam sauna segment led to lower Group-level revenue from steam products. Harvia said steam remains a core strategic category and that it is executing targeted initiatives to optimize its product offering and accelerate sales momentum.

In Europe, market conditions remained broadly stable, and Harvia said it made progress with commercial initiatives across several key markets and product groups. Reported revenue in both Northern Europe and Continental Europe declined slightly, mainly because deliveries from the Muurame factory were postponed. Within Northern Europe, Scandinavia and the Baltics showed robust momentum, helping offset softer demand in the Finnish market.

In the APAC & MEA region, key markets such as Japan, China and Australia showed sustained positive momentum. However, geopolitical headwinds in the Persian Gulf region constrained performance in the Middle East. As a result, APAC & MEA revenue declined by 4.9%. The decline was mainly 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 the Muurame factory. Harvia said the situation in the Middle East will likely remain unpredictable and expects it to negatively influence sales in the region 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%. Both the Q2 and first-half adjusted operating margins of 16.2% and 19.3% respectively remained below Harvia's long-term target of above 20%, largely reflecting the one-off impact of the Muurame IT and process project. For the first half of the year, the margin was within closer range of the target.

Järnefelt said Harvia completed the implementation of a major IT infrastructure and business process upgrade project at its Muurame factory and headquarters during the second quarter. He said the strategic investment enhances automation, improves transparency across operations, and strengthens the foundation for profitable long-term growth. As anticipated, the upgrade temporarily extended lead times and postponed approximately EUR 4 million of deliveries and related gross margin, most of which will be realized in the third quarter. The deferred deliveries represented roughly 7.6% of Q2 reported revenue, providing a sense of scale for the temporary disruption. Harvia said this had a negative one-off impact on sales and profitability, especially in Northern Europe and Continental Europe, where heaters produced in Muurame account for a significant share of revenue. The project also generated some additional one-off costs, although their impact on profitability was significantly smaller.

Despite these temporary effects, Harvia said the increase in indirect costs remained below revenue growth, and gross margin remained healthy, although product and channel mix had a slight negative effect.

Entering the third quarter, delivery performance from the Muurame factory had almost returned to normal, and Harvia expects to operate at full capacity during the quarter. The anticipated recognition of most of the EUR 4 million in postponed deliveries during Q3 will be a factor to monitor in the next interim report. Järnefelt thanked Team Harvia and its partners for their support throughout the implementation and thanked customers for their cooperation and patience during the transformation.

Looking ahead, Harvia said it remains focused on driving profitable growth across all regions. The company said it continues to shape the global sauna market through product innovation and by increasing awareness of the health benefits of sauna. It noted that the Harvia Fenix control unit recently received the Red Dot Award for design excellence. Harvia also said it published research on the physiological effects of sauna and humidity together with the University of Jyväskylä, further advancing the science of sauna. While global macroeconomic and geopolitical uncertainty is expected to remain elevated, Harvia said it continues to view the long-term outlook for the sauna market positively and sees opportunities for both organic growth and value-creating acquisitions. With leverage at 1.2x — less than half of the company's 2.5x ceiling — Harvia retains balance sheet capacity consistent with its stated appetite for value-creating acquisitions.

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

A recording of the webcast will be available after the event on the company's website at

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 global sauna market, as measured by revenue. Harvia's brands and product portfolio are well known in the market, and the company's comprehensive product range aims to meet the needs of the international sauna market for both private and professional customers.

Harvia's revenue totaled EUR 198.9 million in 2025. Harvia Group employs over 700 professionals in Finland, the 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.

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Harvia-Plc-Interim Report-Q2-2026-ENG