Harvia Posts Record Q1 Revenue After ThermaSol Integration Accelerates Growth
The Helsinki-listed sauna giant reported Q1 2025 revenue of 52 million euros, up 22.7% year-over-year, as its ThermaSol acquisition pays off ahead of schedule.
Harvia's growing product portfolio spans sauna heaters, steam technology, and smart controls across 10 countries.
Harvia, the Helsinki-listed sauna and spa company, reported first-quarter 2025 revenue of EUR 52.0 million — a 22.7% increase over the same period last year. The results mark the company's strongest quarterly growth since its post-pandemic surge and reflect the accelerating contribution of ThermaSol, the U.S. steam technology company Harvia acquired in July 2024.
ThermaSol Integration Ahead of Schedule
The ThermaSol acquisition, which closed in the second half of 2024, has been the primary engine of growth. The U.S.-based steam shower and smart-home controls manufacturer has integrated ahead of plan, with management noting that synergy realization and cross-selling into Harvia's existing dealer network exceeded initial projections.
ThermaSol gives us a direct entry into the premium U.S. residential steam market — a category that's growing faster than traditional sauna in several key metro areas.
Harvia now operates across approximately 700 employees in Finland, the United States, Germany, Romania, China, Hong Kong, Austria, Italy, Estonia, and Sweden. The company targets average annual revenue growth of 10% and an adjusted operating profit margin exceeding 20%.
What It Means for the Market
Harvia's 2024 full-year revenue totaled EUR 175.2 million. With Q1 2025 already at EUR 52 million, the company appears on pace to significantly exceed that figure this fiscal year. The growth reinforces Harvia's position as the largest publicly traded pure-play sauna and spa company in the world.
Competitors including TyloHelo, KLAFS, and HUUM are also investing in growth, but none match Harvia's scale or public-market access to capital. The ThermaSol deal in particular has expanded Harvia's addressable market beyond traditional sauna into the broader steam and connected wellness space.
Harvia's Q1 results signal that the sauna industry's largest player is pulling further ahead. For dealers and distributors, Harvia's expanding portfolio — now spanning sauna, steam, and smart controls — creates a one-stop procurement option that competitors will struggle to match.
Investor and Analyst Reaction
Harvia shares trade on the Nasdaq Helsinki exchange. Analysts at Inderes maintain coverage, noting the company's strong margin trajectory and expanding geographic reach. The stock has outperformed the broader Finnish market over the trailing 12 months.
Harvia's Q2 results will be closely watched for signs of sustained ThermaSol contribution and progress on the company's stated goal of exceeding EUR 200 million in annual revenue. Further M&A activity remains possible given the fragmented nature of the European sauna market.
Harvia's 22.7% Q1 growth — driven by a smart acquisition and expanding dealer network — cements its position as the category leader. The rest of the industry is now playing catch-up.
Sofia Mäkelä
Industry Reporter, SaunaNews
Sofia Mäkelä is an industry reporter based in Helsinki with deep ties to the Nordic sauna manufacturing community. A graduate of Aalto University, she spent five years covering industrial technology for Kauppalehti before turning her focus to the sauna sector full-time. Her reporting on supply-chain dynamics and manufacturer strategy has broken several major stories in the trade press.
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