Harvia H1 2024: Q2 Revenue Jumps 20.7% as Strike Catch-up Lands

Harvia Plc published its H1 2024 half-year financial review on 8 August 2024. Q2 2024 revenue hit EUR 43.2 million, up 20.7% year-over-year (20.1% organic). H1 revenue of EUR 85.5 million was up 10.9%, with adjusted operating profit of EUR 19.5 million at a 22.8% margin. The print landed eight days after Harvia closed the USD 30.4 million ThermaSol acquisition, which was announced on 23 July 2024. (Prior: Q1 2024. Next: Q3 2024. All quarters in one place: Harvia News hub.)

The bounce investors wanted

Q1 2024 had printed modest 2.3% revenue growth, muted by Finnish strike-delayed shipments. Q2 confirmed that the Q1 weakness was entirely a timing issue. Organic revenue growth of 20.1% in Q2 was the strongest single-quarter organic figure Harvia had delivered since Q4 2021, late in the pandemic demand boom. The combination of strike catch-up, accelerating North American demand, and the first quarter of year-over-year Northern European growth in two years drove the result.

Q2 was a strong quarter operationally. North America market demand was high, APAC growth continued rapidly, Continental Europe improved gradually, and in Northern Europe revenue growth resumed after two years of declining revenue. Harvia executed well across the board.

Regional rebalance

The Northern Europe reacceleration was the single most important regional data point. Finnish and Swedish consumer demand had dragged on Harvia for seven consecutive quarters. Q2 2024 broke that pattern, with modest but positive year-over-year growth across the Nordic markets. Management did not declare the recovery complete, but did note that new-construction indicators and consumer sentiment were trending in the right direction.

North America delivered strong performance with market demand described as high across heaters, sauna components, and prefabricated rooms. APAC continued its multi-year run of rapid growth, supported by larger commercial deliveries in Japan and steady Australian expansion. Continental Europe, led by EOS in Germany, showed the gradual improvement management had forecast earlier in the year.

The ThermaSol wrapper

Harvia announced the ThermaSol acquisition on 23 July, closed it on 31 July, and reported H1 results on 8 August. The three events occurred within 16 days of each other. ThermaSol’s financials would begin consolidating in Q3 2024, and the H1 figures did not include any ThermaSol contribution. That meant the 20.7% Q2 growth was fully organic, adding further evidence that underlying Harvia demand was accelerating independent of any inorganic help.

Management framed the ThermaSol deal consistently with the long-stated M&A criteria: strategically adjacent, North American platform, accretive on a reasonable timeline. The deal, financed with a EUR 20 million bullet loan and cash, lifted leverage to 1.4x by the end of September, still well below the 2.5x long-term ceiling, preserving optionality for further deals if opportunities arose.

Margin discussion

H1 adjusted operating margin of 22.8% was above the 20% long-term target but slightly below the 24.2% Q4 2023 peak. Management attributed the modest step-down to increased sales and marketing investment, particularly in North American growth initiatives and ThermaSol integration preparation. Gross margin remained strong, cost inputs remained benign, and the operational leverage was evident in the Q2 print.

Analyst Q&A

The call focused on three things: the sustainability of Q2’s 20% organic growth (management said durable underlying demand plus strike catch-up, with the underlying pace settling in low-teens), ThermaSol integration expectations (management described the team as high-quality and the technology as complementary), and Northern European recovery shape (management declined to extrapolate Q2 into a trend). Inderes raised estimates; Danske maintained a buy.

Correction, September 25, 2026: an earlier version of this article said Harvia published its H1 2024 review on 2 August 2024, two days after closing ThermaSol; that Q2 organic growth of 20.1% was the strongest since Q2 2021; and that the ThermaSol financing kept leverage at 0.8x pro forma. The review was published on 8 August 2024, eight days after the 31 July closing; organic growth was 21.0% in Q4 2021, so Q2 2024 was the strongest since then; and the acquisition lifted leverage to 1.4x at the end of September 2024, per Harvia’s half-year release of 8 August 2024, Financial Statements Bulletin 2021 and January to September 2024 interim report. Its summary also said all four regions grew in the first half and that ThermaSol was announced 21 days before the review. Northern Europe revenue fell 7.6% in the first half and grew 4.2% in Q2, and the 23 July announcement came 16 days before the 8 August review, per Harvia’s Half-year Review 2024.