Harvia Posts Record Q1 Revenue After ThermaSol Integration Accelerates Growth
By Arlene Scott
Senior Wellness Correspondent & Hospitality Consultant
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The Helsinki-listed sauna giant reported Q1 2025 revenue of 52 million euros, up 22.7% year-over-year, with organic growth of 14.1% and its ThermaSol acquisition contributing as expected.
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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 set a new quarterly revenue record and include the 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 on track
The ThermaSol acquisition, which closed on July 31, 2024, supported growth as expected, but most of the increase was organic: organic revenue growth was 14.1%, and North America contributed over 80% of total revenue growth. Management said the integration of the steam shower and steam room equipment maker continued to progress well, contributing to sales and to the planned cost synergies. Steam product sales rose 367.6% to EUR 4.9 million.
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 a sauna and spa company listed on Nasdaq Helsinki.
Competitors including Sauna360 (formerly TyloHelo, now owned by Masco), KLAFS (owned by Kohler since January 2024) and HUUM are also investing in growth. The ThermaSol deal has expanded Harvia’s addressable market beyond traditional sauna into the broader steam and connected wellness space.
Harvia, which estimates that it leads the global sauna market, grew at more than twice its 10% long-term target in Q1. For dealers and distributors, Harvia’s expanding portfolio now spans sauna, steam, and smart controls from one supplier.
Investor and analyst reaction
Harvia shares trade on the Nasdaq Helsinki exchange under the ticker HARVIA. Inderes, which covers the stock, called the quarter in line with its expectations, raised its target price to EUR 42 from EUR 40 and kept its Reduce recommendation.
Harvia’s Q2 results will be closely watched for signs of sustained ThermaSol contribution and progress toward 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 came mostly from North America. Organic growth was 14.1%, and most of the rest came from the ThermaSol acquisition.
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