Harvia Posts Record Q4 and FY 2024 Results: Revenue Hits EUR 175.2M

Harvia Plc reported full-year 2024 revenue of EUR 175.2 million on 13 February 2025, including a record fourth quarter of EUR 51.0 million, up 29.3% year-over-year. The results mark Harvia’s strongest quarterly revenue performance in its history as a public company and reflect a full quarter of consolidated contribution from ThermaSol, the Texas-based steam specialist Harvia acquired in July 2024. (Prior quarter: Q3 2024. All earnings, stock, and investor dates: Harvia News hub.)

Revenue up 16.4% to EUR 175.2 million

For the full year 2024, Harvia reported revenue of EUR 175.2 million, up from EUR 150.5 million in 2023, a growth rate of roughly 16.4%. Adjusted operating profit came in at EUR 37.1 million, or 21.2% of revenue, above Harvia’s long-term target of more than 20%. Operating free cash flow was EUR 35.0 million, down from EUR 44.6 million in 2023, with a strong fourth quarter of EUR 15.0 million.

Q4 2024 alone delivered revenue of EUR 51.0 million, up 29.3% from EUR 39.4 million in Q4 2023. That represents Harvia’s highest quarterly revenue to date. Q4 operating profit was EUR 8.4 million, or 16.5% of revenue, with adjusted operating profit of EUR 8.7 million, or 17.1% of revenue. The company attributed the sub-20% Q4 margin to a large share of lower-margin campaign sales, especially in North America, partly one-off sales and marketing costs such as large trade fairs, and ThermaSol’s lower-than-group profit margin.

North America and APAC & MEA led growth

North America remained Harvia’s largest growth region, supported by ThermaSol’s partial-year contribution and continued organic growth. Northern Europe was weaker year-over-year, reflecting softer Finnish consumer sentiment, while Continental Europe grew 5.1% and APAC & MEA grew 51.8%. APAC & MEA Q4 revenue rose 94.1%, helped in part by the favorable timing of certain large project deliveries.

The integration of ThermaSol progressed well during the quarter. However, the acquisition had a small negative effect on our fourth quarter profitability as the company has lower profit margin than the group average and delivering full synergies takes some time, as expected.Matias Järnefelt, CEO, Harvia Financial Statements Bulletin 2024

ThermaSol integration

The ThermaSol acquisition, announced in late July 2024 and closed 31 July, contributed to Q3 and Q4 North American revenue. Harvia said the integration progressed well during the quarter, but that ThermaSol, with a lower profit margin than the group average, had a small negative effect on fourth-quarter profitability and that delivering full synergies would take some time. ThermaSol’s Texas operation also gives Harvia a second US manufacturing footprint.

Dividend and capital return

Harvia’s board proposed a total dividend of EUR 0.75 per share for 2024, paid in two installments: EUR 0.38 in April 2025 and EUR 0.37 in October 2025. Net debt to adjusted EBITDA remained below the 2.5x long-term target.