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. The print exceeded the consensus compiled by Helsinki-based analyst Inderes and sent the stock sharply 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%, supported by commercial and hospitality demand across Germany, France, and the UK. APAC & MEA maintained its multi-year trajectory with 36.4% Q3 growth and a 36.0% year-to-date figure.

CEO Matias Järnefelt framed the North American snapback directly on the 6 November webcast.

“Modest quarter two in North America. Now, returning to a solid double-digit growth. North America, of course, we are very pleased that it’s back on a strong growth trajectory.” Matias Järnefelt, CEO, Harvia Q3 2025 earnings call, 6 November 2025

On Northern Europe, Järnefelt was equally direct about the Finnish recovery that had eluded Harvia for two years: “Finland, that has been also struggling already quite some time, 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%. CFO Ari Vesterinen flagged the EPS expansion: “Earnings per share increased about 12% now.” He was careful to remind analysts that 2025 is “an exceptionally high investment year. We are investing for the growth,” which explains why operating free cash flow ran lower than a year ago.

Why the market moved

Three factors explain the positive Q3 stock reaction. First, the Northern European return to double-digit growth was not in consensus forecasts, which had modeled a slower Finnish recovery. Second, organic growth of 16.1% confirmed that Harvia’s US platform is now driving durable organic revenue, not just the ThermaSol inorganic contribution. Third, the margin expansion back toward the 20% long-term target reassured analysts who had questioned margin trajectory during the ThermaSol integration.

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

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

Tariffs

Asked about the margin impact of US tariffs on European-manufactured heaters, Järnefelt acknowledged the drag and described management’s posture as measured. “Tariffs also apply higher cost of goods sold due to tariffs and currency exchange rates,” he said. On the pricing response, he added: “It’s also a little bit of a balancing act, what’s the right strategy and right pace?” (Context: tariff exposure analysis across the sauna industry.)

ThermaSol update

ThermaSol continues to contribute meaningfully to North American revenue. Management described the cross-selling program as maturing, with ThermaSol steam products increasingly being sold alongside Harvia, Almost Heaven, and EOS sauna products through overlapping dealer channels. A telling cross-pollination: Järnefelt noted that “the ThermaSol saunas that we launched will be equipped with EOS heaters,” a concrete example of the intra-group product architecture Harvia has been building. The ThermaTouch smart-shower platform is also beginning to inform Harvia’s digital controls roadmap, which remains a priority investment area. 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, described as “an exciting 4.3-inch full touchscreen product” with preset scenes (mild, cozy, hot), WiFi, over-the-air firmware updates, and critically, backward-compatible wiring with the large Xenio installed base. Järnefelt emphasized the intelligence baked into the device: “It’s smart, so actually it learns about your sauna.” He also pitched the paired app as “the MyHarvia smartphone app and definitely the most advanced sauna app there.” 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.

North America factory question

One of the more substantive strategic disclosures on the call: Järnefelt confirmed management is evaluating whether to add a sauna cabin factory in North America to sit alongside the existing Almost Heaven operation in Lewisburg, West Virginia. “We are assessing what potentially could be the right time for us to have a sauna cabin factory in that region,” 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.

Correction, September 25, 2026: an earlier version of this article said Q3 2025 was the first quarter since 2023 in which all four regions grew, that operating profit was EUR 7.7 million, that adjusted operating profit rose in value and margin from Q3 2024, that APAC & MEA grew modestly in Q3 with 25.4% year to date, that Northern Europe’s double-digit growth was the first since early 2023, that Nathan Hagemeier succeeded Jennifer Thayer, and that Harvia typically gives guidance with its year-end bulletin. All four regions also grew in Q2 and Q4 2024; operating profit was EUR 8.7 million; adjusted operating profit slipped to EUR 8.8 million (19.1%) from EUR 8.9 million (22.9%); APAC & MEA grew 36.4% in Q3 and 36.0% year to date; Q3 2025 was Northern Europe’s first double-digit quarter since Harvia began reporting the region in 2024; Thayer left in May 2025 and Nick Larrick led the region on an interim basis until Hagemeier started on 1 November; and Harvia does not publish a short-term outlook, per Harvia’s January to September 2025 interim report and Financial Statements Bulletin 2024. Its summary also said Northern Europe returned to growth in Q3 after two years; the region had also grown in Q2 and Q4 2024, per the same reports.