Harvia Posts Record Q4 and FY 2024 Results: Revenue Hits EUR 175.2M
By Arlene Scott
Senior Wellness Correspondent & Hospitality Consultant
- Published
- Reading time
- 6 min
SaunaNews is published by SaunaShare, Inc., which also runs SaunaShare.com and SaunaMarketplace.com, where we sell many of the products we write about. Assume that experience shapes what we cover and what we don't. Who owns SaunaNews · The ownership announcement
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.
In this story4 sections
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 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.
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 grew 5.1% and APAC & MEA grew 51.8%. APAC & MEA was a particular bright spot, with double-digit Q4 growth continuing a multi-year trend of Harvia share gains in that region.
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. 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 8 May 2025. The Annual General Meeting is scheduled for 8 April 2025 in Helsinki.
Harvia just put up a record quarter. 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.
Correction, September 25, 2026: an earlier version of this article said 2024 adjusted operating profit was EUR 33.8 million (19.3% of revenue), below the 20% target; that operating free cash flow rose year over year; that Continental Europe grew at a double-digit rate; that the proposed dividend was EUR 0.72 (EUR 0.36 plus EUR 0.36); that the AGM was set for 16 April 2025; that the first 2025 interim report was due 7 May 2025; that 2024 was a record year; that ThermaSol was consolidated for two full quarters; that Harvia disclosed ThermaSol cross-selling had beaten expectations and integration was ahead of plan; and it attributed the Q4 margin partly to ThermaSol one-time costs. Adjusted operating profit was EUR 37.1 million (21.2%), operating free cash flow fell to EUR 35.0 million from EUR 44.6 million, Continental Europe grew 5.1%, the proposed dividend was EUR 0.75 (EUR 0.38 in April and EUR 0.37 in October 2025), the AGM was set for 8 April 2025, the January to March 2025 interim report was scheduled for 8 May 2025, Q4 revenue of EUR 51.0 million was an all-time quarterly record while full-year 2024 revenue of EUR 175.2 million stayed below 2021’s EUR 179.1 million, ThermaSol was consolidated from 31 July 2024, and Harvia said the integration progressed well while ThermaSol’s lower margin weighed slightly on Q4 profitability, per Harvia’s Financial Statements Bulletin 2024 and Financial Statements Bulletin 2021. A clause about tariffs that took effect after publication has been removed.
Harvia events
1 event
