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 “Harvia’s 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.

“We didn’t quite reach the financial 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 rather than cost-cutting. “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. So when we have the volumes and volumes come through,” margin expansion should follow. 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 “cash or cash equivalents, EUR 45 million on our accounts.”

The dividend increase was smaller than some analysts had modeled. 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 is in a very interesting position. It has the right to play and right to win as a consolidator.” 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 is infrared sauna business in the United States.” He also flagged adjacent categories: “We are looking at other significant-sized markets in categories such as cold wellness, digital wellness.” The integration of ThermaSol is now considered largely complete, with Järnefelt noting: “We are pleased with ThermaSol. It’s providing us a solid base.”

The strategic ambition was unambiguous. “We wanna be an aggressive, offensive market leader that shapes the global sauna market,” Järnefelt said, drawing a brand comparison that would have been hard to imagine from a Finnish industrial company a decade ago: “Harvia could be a brand like Google is. 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. We believe there is more than 10 million saunas” in the US installed base, he said. He also framed the competitive positioning for Almost Heaven, Harvia’s US-made barrel sauna brand: “Almost Heaven is the brand which you could consider like the IKEA of the saunas.” And on the broader category: “Sauna is becoming much more of a volume category.”

On macro resilience, Järnefelt reached back to a framing he has used in multiple prior calls: “I think that 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, “shown really great performance during quarter four,” and the newly launched MyHarvia Smart Sauna Sensor. Järnefelt framed the sensor as “a completely new category never seen in the sauna market before. So this is a smart sauna sensor” that “really turns any sauna into a smart sauna, whether it’s a wood-burning sauna without electricity” or an electric unit. The core heater line, anchored by the Cilindro and Virta Pro, drove the 13% heating-equipment growth.

2026 outlook

Harvia did not provide specific numeric guidance for 2026, consistent with its disclosure practice. Management’s qualitative commentary pointed to continued growth in North America, further recovery in Northern Europe, steady growth in Continental Europe, and continued momentum in APAC & MEA. Margin progression back toward the 20% long-term target is expected to continue. On currency, Vesterinen confirmed Harvia’s unhedged posture: “Harvia has never bought protection against the currency changes,” noting that available hedges “typically give protection only about 6-12 months on decent terms.”

Correction, September 25, 2026: an earlier version of this article said the 2024 dividend was EUR 0.73, that EUR 200 million in annual revenue was a milestone management had flagged, that operating free cash flow remained strong, and that Q4 2025 operating free cash flow of EUR 13.3 million was the highest fourth quarter on record. The 2024 dividend was EUR 0.75, so the proposed EUR 0.77 is a 2.7% increase; Harvia’s stated growth target is 10% a year on average; full-year operating free cash flow fell to EUR 26.5 million from EUR 35.0 million; and Q4 operating free cash flow was EUR 15.0 million in 2024 and EUR 15.5 million in 2023, per Harvia’s Financial Statements Bulletin 2025 and Financial Statements Bulletin 2023. Its headline also said Harvia crossed EUR 200 million in revenue; 2025 revenue was EUR 198.9 million, per the Financial Statements Bulletin 2025.