Harvia Posts Record Q1 Revenue After ThermaSol Integration Accelerates Growth

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.

Key Figures: Q1 2025 revenue: EUR 52.0M (+22.7% YoY). FY 2024 revenue: EUR 175.2M. ~700 employees across 10 countries. Long-term target: 10% annual growth, 20%+ adjusted operating margin.

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.