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. The headline number looked weaker than Q1’s 22.7%, but the composition of growth tells a more nuanced story. (Prior quarter: Q1 2025. All earnings and investor data: Harvia News hub.)

The growth composition matters

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 full six-month period in which ThermaSol appears in year-over-year comparisons as inorganic rather than fully owned. The North American growth of 35.1% is the clearest read on the ThermaSol integration: the deal is driving outsized regional growth and is on track with the deal thesis laid out one year ago.

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%, squarely within Harvia’s long-term target band above 20%.

Regional performance

North America remained the standout, with H1 revenue growing 35.1% on the strength of ThermaSol and continued Almost Heaven momentum. APAC & MEA delivered 35.8% H1 growth, continuing multi-year share gains for Harvia in that region. Continental Europe posted modest growth, while Northern Europe remained weak as Finnish consumer demand continued to lag.

Our North American platform is now the primary engine of growth. ThermaSol has integrated into our dealer network faster than we expected, and the category crossover between steam and sauna is playing out as we hoped.

Outlook and margins

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% and ongoing cash flow strength indicate that the company is tracking at or near its long-term profile even while integrating a meaningful acquisition. Guidance for the full year was unchanged in tone: continued strong North American growth, cautious optimism on European recovery, and APAC momentum sustained.

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.

Correction, September 25, 2026: an earlier version of this article said H1 2025 revenue was EUR 99.3 million, up 16.0% at comparable exchange rates, with organic growth of 2.4% and the rest from ThermaSol; that the first 2024 dividend instalment was EUR 0.36; and that the 2024 dividend totalled EUR 0.73 against a proposed EUR 0.72. H1 revenue was EUR 99.2 million, up 16.0% (16.7% at comparable exchange rates), with H1 organic growth of 8.2% (2.4% was the Q2 figure); the first instalment was EUR 0.38, paid 17 April 2025; and the 2024 dividend was EUR 0.75, as proposed, per Harvia’s January to June 2025 half-year financial review.