Harvia FY 2025 Revenue Hits EUR 198.9M, Just Short of EUR 200M; Adjusted EBIT 19.6%

Harvia Plc reported full-year 2025 revenue of EUR 198.9 million on 12 February 2026, up 13.5% year-over-year (16.0% at comparable exchange rates). Q4 2025 revenue of EUR 53.7 million marked a new quarterly record. Adjusted operating profit for the year reached EUR 39.1 million, or 19.6% of revenue, just below the 20% long-term target. EPS grew 9.1% to EUR 1.41. (Prior: Q3 2025. Full investor calendar, stock chart, and 9-year financials: Harvia News hub.)

Headline figures

The 2025 full-year print leaves Harvia within striking distance of EUR 200 million in annual revenue. At comparable exchange rates, the company grew 16.0% for the year, comfortably above the 10% long-term target. Operating free cash flow for the year fell to EUR 26.5 million from EUR 35.0 million as investments rose, though the fourth quarter brought in EUR 13.3 million.

Q4 was notable for both the absolute revenue record and for the distribution of growth. On the 12 February webcast, CFO Ari Vesterinen framed the period bluntly.

“Quarter four 2025 was the strongest sales quarter really in the history of the company.” Ari Vesterinen, CFO, Harvia Q4 2025 earnings call, 12 February 2026

At comparable FX, Q4 revenue was up 10.2%. CEO Matias Järnefelt noted the growth was broad-based: “Our revenue increased by 5.3% to EUR 53.7 million, and we delivered positive growth in all regions.” Adjusted operating profit of EUR 10.5 million represented 19.5% of Q4 revenue. Q4 operating free cash flow was EUR 13.3 million, down from EUR 15.0 million a year earlier.

Regional performance

North America slowed to 2.8% Q4 growth, primarily due to the weaker US dollar against the euro during the quarter. Underlying demand in local currency was stronger: Järnefelt noted that “North America in local currencies grew double-digit” and pointed out that the comparison period was tough, with Q4 2024 North America up more than 60%. Northern Europe grew 11.6% in Q4, delivering what Järnefelt called “the second consecutive double-digit growth quarter” and making it the “fastest-growing region” for the period. Continental Europe made solid progress in Germany, France, and the UK. APAC & MEA posted modest Q4 growth but delivered 25.4% for the full year, reinforcing the region’s multi-year trajectory as a material revenue contributor.

The margin story

Management did not gloss over the miss against the 20% adjusted EBIT target.

“Unfortunately, we didn’t quite reach the ... targeted 20% adjusted EBIT level.” Ari Vesterinen, CFO, Harvia Q4 2025 earnings call, 12 February 2026

Järnefelt framed the path back to the target through pricing and operating leverage. “We can push our gross margin through price increases, which we have been actually doing during 2025,” he said. And: “We see clear operational leverage.” When volumes come through, he said, that has “a very positive impact on the bottom line.” Vesterinen added that “the profitability, relative profitability improved compared to last year’s Q4 substantially.”

Capital return and dividend

Harvia’s board proposed a total 2025 dividend of EUR 0.77 per share, up 2.7% from the EUR 0.75 paid for 2024. The dividend will be paid in two installments, EUR 0.39 per share in April 2026 and EUR 0.38 per share in October 2026. Leverage ended the year at 1.2x net debt to EBITDA, comfortably below the 2.5x long-term target. Vesterinen noted Harvia finished the year with about EUR 45 million in cash and cash equivalents.

The dividend increase was smaller than some analysts had modeled; Inderes had forecast EUR 0.85 per share. Järnefelt explained the deliberate caution: “We want to reserve firepower as the market is growing, and we have plenty of opportunities.”

M&A back on the table

The most substantive forward-looking commentary on the call came on M&A. Järnefelt was direct about Harvia’s position as a consolidator in a fragmented global category.

“Harvia, I think, has the right to play and right to win as a consolidator of this industry.” Matias Järnefelt, CEO, Harvia Q4 2025 earnings call, 12 February 2026

Asked specifically what is on the acquisition wish list, Järnefelt named the category first: “One of the prime candidates, of course, for us is infrared sauna business in the United States.” He also pointed to “other significant sized markets with clear potential, both in Asia and also some of the fastest growing big countries in Europe,” and to “categories such as cold wellness” and “digital wellness capabilities.” On ThermaSol, Järnefelt said “we are pleased with ThermaSol,” that it gives Harvia “a solid base to grow our position in” steam, and that “integration is working as planned.”

The strategic ambition was unambiguous. Harvia wants to be “an aggressive, offensive market leader,” Järnefelt said in his prepared remarks. In his answer to the call’s final question, he drew a brand comparison that would have been hard to imagine from a Finnish industrial company a decade ago: “I have a dream that Harvia could be” a brand the way “Google is practically a synonym for internet search,” or the way “Tesla became the icon for electric cars,” so “that Harvia would be the icon of sauna.”

The US thesis

Järnefelt spent notable airtime articulating why North America remains the single biggest long-term growth opportunity. “We see a market with significant growth potential,” he said of the United States, where Harvia sees an opportunity for “more than 10 million saunas to be built or purchased in the United States in the coming years.” He also framed the competitive positioning for Almost Heaven, Harvia’s US-made barrel sauna brand, as “kind of like the IKEA” of saunas. And on the broader category: “sauna is becoming much more of a volume category.”

On macro resilience, Järnefelt said “sauna is a strong trend that even defies the kind of environment outside the sauna market.”

Product callouts

Management highlighted two product lines in the Q4 2025 prepared remarks: the Harvia Fenix control panel, which began sales in Q3 2025 and, per Järnefelt, showed “really great performance” in the fourth quarter, and the newly launched MyHarvia Smart Sauna Sensor. Järnefelt framed the sensor as “a completely new category,” a “smart sauna sensor” that “really turns any sauna into a smart sauna, whether it’s a wood burning sauna without electricity” or a sauna with no other Harvia equipment. Heating equipment, the category that includes heaters such as the Cilindro and Virta Pro, grew 13% in the quarter and delivered most of the growth.

2026 outlook

Harvia did not provide specific numeric guidance for 2026, consistent with its practice of not publishing a short-term outlook. In the bulletin, Järnefelt said Harvia expects that “the sauna market and Harvia will both succeed well” as economic and geopolitical uncertainty persists, while “ensuring healthy profitability also in the short term.” On currency, a viewer noted that Harvia has never bought protection against currency changes. Vesterinen answered that “in the field of currency, we haven’t been so much protecting,” that “we have to really consider that in future,” and that such protection lasts “only about six to 12 months on decent terms.”