Harvia Reports H1 on Thursday. The Soft Quarter Inside It Was Announced in May.

Harvia publishes its January to June 2026 half-year report on Thursday 6 August at around 9:00 a.m. EEST, with a webcast for analysts, investors and media at 11:00 hosted by CEO Matias Järnefelt and CFO Ari Vesterinen. The company confirmed the date in a release on 30 July.

Q2 revenue is supposed to look soft, and management said so three months ago. Anyone reading Thursday’s print cold is going to misread it.

The EUR 3 to 5 million that moved on purpose

When Harvia reported record Q1 revenue in May, it also flagged a major IT and process overhaul at its headquarters and production facility in Muurame, Finland. In its Q1 interim report management expected that changeover to shift EUR 3 to 5 million in deliveries, and the related gross margin, out of Q2 and into Q3, and flagged “additional temporary costs resulting from the upgrade process” on top. The deliveries come back in Q3. Those costs do not.

Q2 sits inside Thursday’s half-year report. Q3 does not. So the H1 numbers carry the cost of that shift and none of the catch-up, entirely by design.

That makes the interesting question not “did revenue grow” but whether the shift came in at the guided size. Three to five million against a business that did EUR 58.6 million in a single quarter is a manageable, pre-announced dent. A figure meaningfully above five million could point to execution issues rather than timing.

What Q1 actually established

The March quarter was the strongest set of numbers Harvia has posted. Revenue hit an all-time high of EUR 58.6 million, up 12.7%, and up 18.3% at comparable exchange rates. Earnings per share rose 11.9% to EUR 0.50. Three of four regions delivered double-digit gains. Every euro of that growth was organic, with no contribution from acquisitions.

The gap between 12.7% reported and 18.3% at comparable rates is the whole currency story in one line. Roughly five and a half points of real growth were erased by translation. Harvia sells heavily into North America and reports in euros, and a weakening dollar takes the difference.

The market liked it, briefly. Shares closed at EUR 41.05 on 7 May, up 14.7%, then gave back 6.1% the next session. Harvia’s report days swing hard in both directions: reading back from May, the last four moved the stock 14.7% up, 10.6% down, 22.5% up and 14.1% down. The 22.5% came on Q3 in November. The 14.1% drop came on the last half-year report, a year ago this week.

The number that has been the pressure point

North America is Harvia’s largest region and the one the market watches. It delivered EUR 75.8 million in FY 2025, up 22.1%, on group revenue of EUR 198.9 million, or 38% of the group total.

But the fourth quarter is where the wobble showed. North America grew 2.8% in Q4 2025 against 62.7% in the same quarter a year earlier. Harvia named the causes in its own bulletin: some North American deliveries postponed from December into early 2026, which hit saunas and hot tubs in particular, and “significant headwind from the weak U.S. dollar.” Demand itself, the company said, “continued to be strong,” and heating equipment grew through the quarter.

Q1 then answered part of that. North American sales in local currency grew more than 20%, which says the deceleration was translation and timing rather than a market that stopped buying. H1 is the second data point, and two data points make a line.

Where sentiment sits going in

Analyst opinion is constructive, and rating-wise slightly less so than it was in the spring. Inderes, the primary Finnish research house on the stock, upgraded to Buy in February 2026 on a EUR 44 target, arguing the value case rests on acquisitions or larger dividends rather than organic growth alone. After the May rally it cut back to Accumulate while holding the EUR 44 target, on valuation rather than doubts about the business. Its note on the quarter is titled “Strong start to the year, temporary weakness in Q2,” which is the same call this piece is making. Across the four houses compiling the stock, the average target is EUR 47.25 in a EUR 44 to 49 range, against a share price of EUR 41.25 on 31 July.

The bull case as the analysts frame it is not simply that Harvia sells more heaters. It is that Harvia is the consolidator in a fragmented market, and it has the balance sheet to keep buying. The company has completed seven acquisitions since its 2018 listing, including ThermaSol in the United States for USD 30.4 million in 2024.

Shareholders also have a payment coming: the second installment of the FY 2025 dividend, EUR 0.38 per share, following EUR 0.39 paid in April. The April AGM left the exact timing to a board meeting on 15 October, with a record date of 19 October and payment on 26 October expected.

Three things we will be reading for

1. The size of the Muurame shift. Guided at EUR 3 to 5 million out of Q2. Anything materially above that changes the read from timing to execution.
2. North America at comparable exchange rates. The reported figure will be muddied by the dollar again. The local-currency number is the one that says whether US demand held after Q4’s stumble.
3. What management says about tariffs. Harvia has already put a number on its exposure: roughly 70% of what it sells in the United States is made there, which it argues cuts its tariff exposure against many of its competitors, and it runs a factory in Lewisburg, West Virginia through Almost Heaven Saunas. Q1 gross margin held on “commercial actions” taken against tariffs and currency. Whether those actions keep holding margin, or start reaching dealer cost as price, is the part that reaches American dealers.

What it means if you sell their equipment

The share price is not the story for anyone in this trade. Two things in this report will show up in your business.

The first is lead times. A production and IT changeover at the main Finnish plant that moves several million euros of deliveries by a quarter is, on the ground, a scheduling problem for whoever was expecting those units. If you have Harvia, EOS or Kirami product on order into the back half of the year, Thursday is the day to find out whether the catch-up is on track.

The second is pricing. If management’s answer on tariffs is price rather than absorbed margin, that flows to dealer cost, and it flows before the end of the year. Ask your rep after the call, not in January.

We will cover the report when it publishes. Our Harvia hub carries the full investor calendar, the acquisition timeline and every story we have filed on the company.

Share price and analyst consensus figures are as of 31 July 2026 and move.