Harvia Oyj
OTC:HRVFF
Harvia Oyj
Harvia Oyj engages in the manufacture of sauna and spa products. The company is headquartered in Muurame, Lansi-Suomen and currently employs 824 full-time employees. The company went IPO on 2018-03-22. Its product and service offering is divided into five groups: sauna heaters, sauna rooms, control units, steam generators and spare parts, services and other products. Heaters comprise products for small, family and commercial saunas. Sauna rooms include infrared and steam rooms. Other products are comprised of spa modules, digital control units and various sauna accessories suitable for different sauna and spa cultures. Additionally, the Company offers a range of interior solutions from panelling boards to speakers and lighting. Harvia Oyj operates in China, Estonia, Finland and Russia. Its primary markets consist of Finland, Germany, Russia, Sweden and the United States. Clients mainly consist of retailers and wholesale customers, who sell products to builders and end customers.
Harvia Oyj engages in the manufacture of sauna and spa products. The company is headquartered in Muurame, Lansi-Suomen and currently employs 824 full-time employees. The company went IPO on 2018-03-22. Its product and service offering is divided into five groups: sauna heaters, sauna rooms, control units, steam generators and spare parts, services and other products. Heaters comprise products for small, family and commercial saunas. Sauna rooms include infrared and steam rooms. Other products are comprised of spa modules, digital control units and various sauna accessories suitable for different sauna and spa cultures. Additionally, the Company offers a range of interior solutions from panelling boards to speakers and lighting. Harvia Oyj operates in China, Estonia, Finland and Russia. Its primary markets consist of Finland, Germany, Russia, Sweden and the United States. Clients mainly consist of retailers and wholesale customers, who sell products to builders and end customers.
Record Revenue: Q1 revenue reached EUR 52 million, up 22.7% year-on-year, marking an all-time high for the company.
North America Growth: North America was the main growth engine, with revenues up nearly 60% and now making up 42% of group revenues.
Strong Profitability: Adjusted operating profit rose to EUR 11.9 million, 22.9% of revenue, supported by strong operational performance and pricing actions.
ThermaSol Acquisition: ThermaSol contributed significantly to growth, especially in steam products (over 300% growth), and synergy realization is ahead of schedule.
Cash Flow & Leverage: Cash conversion remained strong at 74%; net debt decreased to EUR 51 million, and leverage is well below target at 1.1.
Strategic Investments: Continued investments in operations, IT, and innovation, with new product launches supporting top line.
Market Resilience: Despite global uncertainty and weak consumer confidence, sauna demand and long-term market prospects remain robust.
No Short-Term Guidance: Harvia does not provide short-term guidance but maintains a positive outlook for long-term growth.
