Harvia Reports H1 on Thursday. The Soft Quarter Inside It Was Announced in May.

Harvia publishes its January to June 2026 half-year report on Thursday 6 August at around 9:00 a.m. EEST, with a webcast for analysts, investors and media at 11:00 hosted by CEO Matias Järnefelt and CFO Ari Vesterinen. The company confirmed the date in a release on 30 July.

Here is the part worth knowing before the number lands: Q2 revenue is supposed to look soft, and management said so three months ago. Anyone reading Thursday's print cold is going to misread it.

The EUR 3 to 5 million that moved on purpose

When Harvia reported record Q1 revenue in May, it also flagged a major IT and process overhaul at its headquarters and production facility in Muurame, Finland. Management expected that changeover to shift EUR 3 to 5 million in deliveries, and the related gross margin, out of Q2 and into Q3.

Q2 sits inside Thursday's half-year report. Q3 does not. So the H1 numbers carry the cost of that shift and none of the catch-up, entirely by design.

That makes the interesting question not "did revenue grow" but whether the shift came in at the guided size. Three to five million against a business that did EUR 58.6 million in a single quarter is a manageable, pre-announced dent. Meaningfully more than five million would mean the changeover ran longer or harder than management expected, and that is a different story about execution rather than demand.

What Q1 actually established

The March quarter was the strongest set of numbers Harvia has posted. Revenue hit an all-time high of EUR 58.6 million, up 12.7%, and up 18.3% at constant exchange rates. Earnings per share rose 11.9% to EUR 0.50. Three of four regions delivered double-digit gains. Every euro of that growth was organic, with no contribution from acquisitions.

The gap between 12.7% reported and 18.3% constant-currency is the whole currency story in one line. Roughly five and a half points of real growth were erased by translation. Harvia sells heavily into North America and reports in euros, and a weakening dollar takes the difference.

The market liked it. Shares closed at EUR 41.05 on 7 May, a gain of nearly 15% and the strongest single-day move in over a year.

The number that has been the pressure point

North America is Harvia's largest region and the one the market watches. It delivered EUR 75.8 million in FY 2025, up 22.1%, on group revenue of EUR 198.9 million.

But the fourth quarter is where the wobble showed. North America grew 2.8% in Q4 2025 against 62.7% in the same quarter a year earlier. Harvia named the causes in its own bulletin: deliveries postponed from December into early 2026, significant headwind from the weak US dollar, and tariffs as a margin drag.

Q1 then answered part of that. North American sales in local currency grew more than 20%, which says the deceleration was translation and timing rather than a market that stopped buying. H1 is the second data point, and two data points make a line.

Where sentiment sits going in

Analyst opinion is constructive and has been for months. Consensus sits in the EUR 41.50 to 45.00 range depending on which compiler you read, with a Buy consensus. Inderes, the primary Finnish research house on the stock, raised its target to EUR 44 and upgraded to Buy in February 2026, arguing the value case rests on acquisitions or larger dividends rather than organic growth alone.

That last point is worth holding onto. The bull case as the analysts frame it is not simply that Harvia sells more heaters. It is that Harvia is the consolidator in a fragmented market, and it has the balance sheet to keep buying. The company has completed seven acquisitions since 2016, including ThermaSol in the United States for USD 30.4 million in 2024.

Shareholders also have a payment coming: the second installment of the FY 2025 dividend, EUR 0.38 per share, with a record date of 19 October and payment on 26 October, following EUR 0.39 paid in April.

Three things we will be reading for

The size of the Muurame shift. Guided at EUR 3 to 5 million out of Q2. Anything materially above that changes the read from timing to execution.

North America at constant currency. The reported figure will be muddied by the dollar again. The local-currency number is the one that says whether US demand held after Q4's stumble.

What management says about tariffs. Harvia named tariffs as a margin drag in the FY 2025 bulletin and has a US factory in Lewisburg, West Virginia through Almost Heaven Saunas. Whether the answer is price increases, more US assembly, or absorbed margin is the part that reaches American dealers.

What it means if you sell their equipment

The share price is not the story for anyone in this trade. Two things in this report will show up in your business.

The first is lead times. A production and IT changeover at the main Finnish plant that moves several million euros of deliveries by a quarter is, on the ground, a scheduling problem for whoever was expecting those units. If you have Harvia, EOS or Kirami product on order into the back half of the year, Thursday is the day to find out whether the catch-up is on track.

The second is pricing. If management's answer on tariffs is price rather than absorbed margin, that flows to dealer cost, and it flows before the end of the year. Ask your rep after the call, not in January.

We will cover the report when it publishes. Our Harvia hub carries the full investor calendar, the acquisition timeline and every story we have filed on the company.

Sources: Harvia Plc release of 30 July 2026 confirming the reporting date; Harvia Q1 2026 interim report and FY 2025 financial statements bulletin; analyst consensus as compiled by Investing.com, MarketScreener and Inderes. Share price and consensus figures move; they are stated as of the dates given.