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 Texas-based steam technology company Harvia acquired in late July 2024 for USD 30.4 million. (Full earnings history, investor calendar, and stock chart in our Harvia News hub.)
ThermaSol Integration Ahead of Schedule
The ThermaSol acquisition, which closed on July 31, 2024, has been the primary engine of growth. The steam shower and smart-home controls manufacturer has integrated ahead of plan, with management noting that 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 employs approximately 700 people 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 only publicly traded pure-play sauna and spa company in the world.
Competitors including TyloHelo (now part of Sauna360), KLAFS (acquired by Kohler in 2023), and HUUM are also investing in growth, but none match Harvia's scale or public-market access to capital. The ThermaSol deal 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 under the ticker HARVIA. 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.
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.
