Harvia H1 2025: Revenue Up 16%, North America Grows 35%

Harvia Plc published its half-year financial review for January to June 2025 on 7 August 2025. Total revenue for the first half reached EUR 99.2 million, up 16.0% (16.7% at comparable exchange rates). Q2 2025 alone delivered revenue of EUR 47.3 million. That was slower than Q1’s 22.7%. (Prior quarter: Q1 2025. All earnings and investor data: Harvia News hub.)

ThermaSol supplied most of the growth

Organic revenue growth for H1 was 8.2%, slowing to 2.4% in Q2. Most of the rest of the 16.0% total growth came from ThermaSol, acquired in late July 2024 and now fully consolidated into Harvia’s North American business. That makes H1 2025 the first half-year in which ThermaSol was part of Harvia for all six months, and with no ThermaSol sales in H1 2024, all of it still counted as inorganic growth. North America grew 35.1% in the half, supported by a very strong first quarter, a year after the ThermaSol deal was announced.

At comparable exchange rates, Q2 revenue was up 12.2%, with operating profit of EUR 7.6 million (16.1% of revenue) and adjusted operating profit of EUR 8.2 million (17.3% of revenue). For the half year, adjusted operating profit margin reached 20.2%, just above Harvia’s long-term target of more than 20%.

North America grew 35.1% in the half

North America’s H1 revenue rose 35.1% on a very strong first quarter and the ThermaSol acquisition. Q2 growth in the region slowed to 12.9% as consumer confidence weakened, trade policy turned volatile and the US dollar fell; the year-earlier quarter had also been lifted by delayed winter-season deliveries. APAC & MEA delivered 35.8% H1 growth (53.7% in Q2), helped by the timing of project deliveries. Continental Europe posted modest growth, while Northern Europe remained weak as Finnish consumer demand continued to lag.

“All in all, Harvia’s growth in North America in the second quarter was driven by the inorganic growth from ThermaSol, which has now been fully integrated as a core part of our North American business and team.” Matias Järnefelt, CEO, Harvia half-year financial review, 7 August 2025

Half-year margin stayed above target

Harvia reiterated its long-term financial targets: 10% average annual revenue growth, adjusted operating margin above 20%, and net debt/adjusted EBITDA below 2.5x. The H1 adjusted margin of 20.2% kept the company above its profitability target even as Q2 slipped to 17.3%, hit by indirect costs growing faster than revenue, a one-off inventory adjustment of about EUR 0.8 million during North American IT upgrades, and the weaker dollar. H1 cash conversion fell to 59.4% from 73.2%. Harvia does not publish a short-term outlook. Järnefelt said around 70% of the products Harvia sells in the United States are made there, and that with the new EU-US tariff agreement he felt rather optimistic about managing the tariff impact.

Dividend timing

Harvia’s two-installment dividend structure for 2024 paid EUR 0.38 per share on 17 April 2025 and is scheduled to pay EUR 0.37 per share in October 2025 (record date 21 October 2025, payment 28 October 2025). Total 2024 dividend: EUR 0.75 per share, as the board proposed.