Harvia Posts Record Q4 and FY 2024 Results: Revenue Hits EUR 175.2M
The Finnish sauna maker reported full-year 2024 revenue of EUR 175.2 million on 13 February 2025, with a record Q4 of EUR 51.0 million (+29.3%) as ThermaSol consolidated for two full quarters.
Harvia CEO Matias Jarnefelt presented Q4 and FY 2024 results on 13 February 2025.
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.)
Headline Figures
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 33.8 million, or 19.3% of revenue, just below Harvia's 20% long-term target. Net cash from operations was strong, with operating free cash flow meaningfully higher year over year.
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 winter campaign promotions, growth investments in the North American commercial channel, and one-time costs associated with the ThermaSol integration.
Regional Mix
North America remained Harvia's largest growth region, supported by ThermaSol's partial-year contribution and continued organic gains in Almost Heaven. Northern Europe was weaker year-over-year, reflecting softer Finnish consumer sentiment, while Continental Europe and APAC & MEA delivered solid double-digit growth. APAC & MEA was a particular bright spot, with double-digit Q4 growth continuing a multi-year trend of Harvia share gains in that region.
2024 closed at the strong end of our expectations. Q4 was a record, ThermaSol is integrating ahead of plan, and we enter 2025 with growth momentum in North America that we expect to continue.
ThermaSol Integration
The ThermaSol acquisition, announced in late July 2024 and closed 31 July, contributed to Q3 and Q4 North American revenue. Harvia disclosed that cross-selling ThermaSol steam products through its existing US dealer relationships has outperformed initial expectations, and integration milestones on controls technology and supply chain are tracking ahead of plan. ThermaSol's Texas assembly operation also provides a domestic US manufacturing footprint that materially reduces Harvia's exposure to the EU tariff framework that took effect later in 2025.
Dividend and Capital Return
Harvia's board proposed a total dividend of EUR 0.72 per share for 2024, paid in two installments: EUR 0.36 in April 2025 and EUR 0.36 in October 2025. The board also renewed share buyback and share issuance authorizations, consistent with prior years. Net debt to adjusted EBITDA remained below the 2.5x long-term target.
Harvia's guidance for 2025 was described in qualitative terms: management expects continued strong growth in North America supported by a full year of ThermaSol contribution, and is cautiously optimistic on Northern European recovery. The first interim report of 2025 will be published on 7 May 2025. The Annual General Meeting is scheduled for 16 April 2025 in Helsinki.
Harvia just put up a record quarter and a record year. The ThermaSol integration is clearly paying off. With North America now Harvia's largest growth lane, Europe stable to recovering, and APAC accelerating, the base case for 2025 is growth above the 10% long-term target. Anyone benchmarking sauna valuations now has a clearer picture of what pure-play category leadership is worth.
Arlene Scott
Senior Wellness Correspondent & Hospitality Consultant
Arlene Scott brings over fifteen years of reporting and consulting experience across energy infrastructure, sustainable design, and thermotherapy-focused hospitality.
Full byline
Arlene Scott is a Senior Wellness Correspondent for SaunaNews.com, bringing over fifteen years of experience at the intersection of energy infrastructure, sustainable design, and thermotherapy. Her work focuses on the physiological benefits of passive heat therapies and the sustainable integration of sauna culture into modern wellness routines.
Arlene's background is rooted in the clean energy transition. She was a founding writer at MicrogridMedia.com, where she covered the technical and economic viability of desalination projects, microgrid deployments, and distributed renewable energy systems. During the mid-2010s, she was a regular contributor to Greentech Media (GTM) during its independent era — prior to the Wood Mackenzie acquisition in 2016 — reporting on the early integration of thermal energy storage and sustainable infrastructure.
Transitioning her focus from macro-energy systems to human-scale wellness, Arlene now applies her technical background to the hospitality sector. She operates as an independent consultant, advising boutique hotels and eco-resorts on the design, energy efficiency, and historical authenticity of commercial sauna and thermal spa installations. Her consulting work ensures that high-end wellness facilities balance traditional Nordic bathing principles with modern sustainable engineering.
Arlene holds a specialized certification in Applied Thermic Wellness from the Nordic Institute of Passive Heat Studies (NIPHS) and is a recognized associate member of the International Sauna Association (ISA). When she isn't reviewing the latest innovations in infrared technology or consulting on a new resort project, Arlene can be found tending to her own traditional wood-fired sauna in the Pacific Northwest. You can read her complete archive of essays on energy, wellness, and sustainable living at www.arlenescott.com.
