Harvia H1 2025: Revenue Up 16%, North America Grows 35%

Harvia Plc published its half-year financial review for January to June 2025 on 7 August 2025. Total revenue for the first half reached EUR 99.3 million, up 16.0% at comparable exchange rates. Q2 2025 alone delivered revenue of EUR 47.3 million. The headline number looked weaker than Q1's 22.7%, but the composition of growth tells a more nuanced story. (Prior quarter: Q1 2025. All earnings and investor data: Harvia News hub.)

The Growth Composition Matters

Organic revenue growth for H1 was 2.4%. The remainder of the 16.0% total growth came from ThermaSol, acquired in late July 2024 and now fully consolidated into Harvia's North American business. That makes H1 2025 the first full six-month period in which ThermaSol appears in year-over-year comparisons as inorganic rather than fully owned. The North American growth of 35.1% is the clearest read on the ThermaSol integration: the deal is driving outsized regional growth and is on track with the deal thesis laid out one year ago.

At comparable exchange rates, Q2 revenue was up 12.2%, with operating profit of EUR 7.6 million (16.1% of revenue) and adjusted operating profit of EUR 8.2 million (17.3% of revenue). For the half year, adjusted operating profit margin reached 20.2%, squarely within Harvia's long-term target band above 20%.

H1 2025 key figures: H1 revenue EUR 99.3M (+16.0% at comparable FX). Organic H1 growth: 2.4%. Q2 revenue EUR 47.3M (+12.2% at comparable FX). Q2 operating profit EUR 7.6M (16.1% margin). Q2 adjusted operating profit EUR 8.2M (17.3% margin). H1 adjusted operating profit margin 20.2%. North America H1 growth: +35.1%. APAC & MEA H1 growth: +35.8%.

Regional Performance

North America remained the standout, with H1 revenue growing 35.1% on the strength of ThermaSol and continued Almost Heaven momentum. APAC & MEA delivered 35.8% H1 growth, continuing multi-year share gains for Harvia in that region. Continental Europe posted modest growth, while Northern Europe remained weak as Finnish consumer demand continued to lag.

Our North American platform is now the primary engine of growth. ThermaSol has integrated into our dealer network faster than we expected, and the category crossover between steam and sauna is playing out as we hoped.

Outlook and Margins

Harvia reiterated its long-term financial targets: 10% average annual revenue growth, adjusted operating margin above 20%, and net debt/adjusted EBITDA below 2.5x. The H1 adjusted margin of 20.2% and ongoing cash flow strength indicate that the company is tracking at or near its long-term profile even while integrating a meaningful acquisition. Guidance for the full year was unchanged in tone: continued strong North American growth, cautious optimism on European recovery, and APAC momentum sustained.

Dividend Timing

Harvia's two-installment dividend structure for 2024 paid EUR 0.36 per share in April 2025 and is scheduled to pay EUR 0.37 per share in October 2025 (record date 21 October 2025, payment 28 October 2025). Total 2024 dividend: EUR 0.73 per share, modestly above the initially proposed EUR 0.72.

The Q3 2025 interim report (January-September) is scheduled for 6 November 2025. Harvia's guidance did not include specific numeric targets but management was clear that the current trajectory supports the long-term growth plan.

The organic 2.4% number will get attention, but the real story is North America at +35% on a mix of ThermaSol and organic Almost Heaven. If Northern Europe recovers in H2, Harvia is positioned for a strong full-year 2025. If Europe stays flat, the US platform is already covering the gap. Either way, ThermaSol has been a good deal.