Harvia Crosses EUR 200M: FY 2025 Revenue Hits EUR 198.9M, 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 the EUR 200 million annual revenue threshold that management has flagged as a medium-term milestone. At comparable exchange rates, the company grew 16.0% for the year, comfortably above the 10% long-term target. Operating free cash flow remained strong, with Q4 cash flow of EUR 13.3 million reflecting continued working capital discipline.

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. Operating free cash flow of EUR 13.3 million was the highest Q4 on record.

FY 2025 key figures: Revenue EUR 198.9M (+13.5% YoY; +16.0% at comparable FX). Organic revenue growth: 14.4% at comparable FX. Operating profit EUR 38.3M (19.3% margin). Adjusted operating profit EUR 39.1M (19.6% margin). EPS EUR 1.41 (+9.1%). Q4 2025 revenue EUR 53.7M (all-time quarterly record). Operating free cash flow Q4 EUR 13.3M. Net debt EUR 57.7M. Leverage: 1.2x. Employees: 735 (+5.6% YoY).

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 from the EUR 0.73 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."

Harvia's 2026 AGM is scheduled for 15 April 2026 in Helsinki. The Q1 2026 interim report is scheduled for 7 May 2026. The first installment of the 2025 dividend (EUR 0.39 per share) has a record date of 17 April 2026 and a payment date of 24 April 2026.

Harvia is now within 1.1% of EUR 200 million in annual revenue, growing at 16% at constant currency, with margins near the 20% long-term target and a balance sheet ready to absorb another acquisition. The Finnish sauna category leader has crossed from an M&A integration story to a compounder story. The next question is whether another bolt-on is coming.