Harvia Q3 2025: Revenue Up 18.8% as All Regions Grow

Harvia Plc reported Q3 2025 revenue of EUR 46.0 million on 6 November 2025, up 18.8% year-over-year, with organic revenue growth of 16.1% and total growth of 22.3% at comparable exchange rates. Revenue beat the EUR 42.8 million consensus of six analysts that Helsinki-based research firm Inderes published, and the shares closed 22.5% higher on the day. (Prior: H1 2025. Next up: Q4/FY 2025. Full coverage: Harvia News hub.)

All regions contributing

All four reporting regions posted positive growth in Q3, after Northern Europe slipped 0.7% in Q2. North America rebounded to 24% growth, up sharply from softer Q2 performance. Northern Europe grew 14.8%, its first double-digit gain since Harvia began reporting the region in 2024, after an extended period of Finnish consumer weakness. Continental Europe grew 10.1% as demand showed signs of improving. APAC & MEA maintained its multi-year trajectory with 36.4% Q3 growth and a 36.0% year-to-date figure.

CEO Matias Järnefelt said on the 6 November webcast that North America had returned to solid double-digit growth after a modest second quarter.

“We are very pleased that it’s back on strong growth trajectory.” Matias Järnefelt, CEO, Harvia Q3 2025 earnings call, 6 November 2025

On Northern Europe, Järnefelt credited Sweden in particular and said Finland, which had been struggling for some time, had “actually turned back to growth.” Northern Europe represented 24% of total Q3 revenue.

Adjusted operating profit was EUR 8.8 million, or 19.1% of revenue, down slightly from EUR 8.9 million (22.9%) in Q3 2024. The margin improved from 17.3% in Q2 but remained below Harvia’s long-term target above 20%. Basic earnings per share rose 11.9% to EUR 0.33. CFO Ari Vesterinen called 2025 an “exceptionally high investment year,” which explains why operating free cash flow ran lower than a year ago.

Why the market moved

The report beat forecasts on three fronts. First, revenue of EUR 46.0 million topped the EUR 42.8 million consensus, and Inderes had expected Europe to return to only slight growth before Northern Europe posted 14.8%. Second, North America’s rebound was organic: Inderes estimated the region’s organic growth in local currencies at over 20%, against close to zero in Q2, with ThermaSol adding acquired revenue for only one month of the quarter. Third, adjusted operating profit of EUR 8.8 million beat the EUR 8.1 million consensus, and the 19.1% margin was up from 17.3% in Q2, though still below 22.9% a year earlier.

Järnefelt used the call to reiterate his thesis on the category’s macro resilience.

“The story resonates extremely well, almost no matter what the economic times are.” Matias Järnefelt, CEO, Harvia Q3 2025 earnings call, 6 November 2025

Tariffs

Järnefelt said higher cost of goods sold from tariffs and currency exchange rates weighed on the margin, mainly in heaters, which Harvia largely makes in Europe and sells into the United States. Harvia has already raised prices, he said, but called the pricing response “a little bit of a balancing act.” (Context: tariff exposure analysis across the sauna industry.)

ThermaSol update

ThermaSol continues to contribute to North American revenue, and Järnefelt said Harvia’s steam products and complete sauna solutions in North America are branded ThermaSol. A telling cross-pollination: he said the new ThermaSol saunas will be equipped with EOS heaters, a concrete example of the intra-group product architecture Harvia has been building. Alongside Q3 results, Harvia also announced that the ThermaSol Solaris solar-powered sauna was named one of TIME Magazine’s Best Inventions of 2025, and launched a new ThermaSol premium sauna collection (Astra, Fortis, Ombra). Nathan Hagemeier was also appointed Head of Region, North America, effective 1 November 2025, succeeding interim head Nick Larrick, who had led the region since Jennifer Thayer left at the end of May 2025.

Fenix controller launch

CEO Matias Järnefelt spent meaningful airtime on the call introducing the new Harvia Fenix control panel and MyHarvia 2 app, which Harvia’s results presentation describes as a 4.3-inch full-touch screen with three presets (Mild, Cozy, Hot), Wi-Fi and over-the-air updates, compatible with Harvia’s Xenio control panel. Järnefelt emphasized the intelligence baked into the device: “It’s smart, so actually it learns about your sauna.” He also pitched the paired MyHarvia smartphone app as “definitely the most advanced” sauna app. Sales started in Q3. The product would go on to deliver “really great performance” in Q4, per management’s prepared remarks on the Q4 call. Harvia also sponsored the 2025 Aufguss World Championships in Verona, Italy, with the event sauna powered by an EOS heater.

A cabin factory for Asia, when volumes justify it

One of the more substantive strategic disclosures came in answer to a question about capacity in APAC & MEA. Järnefelt pointed to Harvia’s heater factory in Guangzhou, China, which has operated since 2005, and said Harvia wants to grow its full-solutions business in Asia, so far mostly through partnerships, with some cabins shipped from Europe. Management is assessing the right time to establish a sauna cabin factory in that region once volumes justify it, he said. He did not commit to a timeline.

Capital return

The second installment of Harvia’s 2024 dividend (EUR 0.37 per share) was paid on 28 October 2025, with a record date of 21 October. Harvia’s net debt to adjusted EBITDA remained below the 2.5x long-term target.