SaunaNews
The Sauna Industry's Record of Note
SaunaNews Weekly|The sauna industry's most essential briefing, every Thursday.
Get the weekly briefing
Complete SaunaNews coverage of Harvia Plc, the only publicly traded pure-play sauna company in the world. Earnings, stock, investor calendar, acquisitions, and every major story since the 2018 IPO.
Harvia Plc (Nasdaq Helsinki: HARVIA) is a Finnish sauna and spa company based in Muurame, Finland. Founded in 1950, IPO'd in March 2018, Harvia now owns six brands across Finland, Germany, Austria, Italy, and the United States, with approximately 735 employees. FY 2025 revenue of EUR 198.9 million. Primary listing: Nasdaq Helsinki under ticker HARVIA. ISIN: FI4000306873.
Harvia's 15 April 2026 Annual General Meeting approved a total dividend of EUR 0.77 per share, re-elected six directors, added Martin Richter to the board, and authorized buybacks and share issuance.
Sofia Mäkelä · 5 min read
Harvia closed 2025 with full-year revenue of EUR 198.9 million, just short of the EUR 200 million threshold but up 13.5% year over year (16.0% at comparable exchange rates). Q4 revenue reached EUR 53.7 million, a fresh quarterly record. Adjusted operating margin of 19.6% held near Harvia's 20% long-term target. Proposed total dividend of EUR 0.77 per share.
Harvia's Q3 2025 interim report showed revenue of EUR 46.0 million, up 18.8% year-over-year (22.3% at comparable FX), with all regions contributing. North America rebounded to 24% growth, Northern Europe returned to double-digit growth, and APAC continued its multi-year run. Adjusted operating profit of EUR 8.8 million reflected 19.1% margin.
Harvia's digital platform got its biggest upgrade in years at Q3 2025: a new Fenix full-touch controller with a 4.3-inch screen, three ready-made presets (Mild, Cozy, Hot), customizable user profiles, smart "ready-by" timer, and Wi-Fi over-the-air updates. A rebuilt MyHarvia 2 app adds personal sauna statistics, user profiles, tips, and multi-sauna control from a single interface.
Real-time price, volume, and historical performance for Harvia Plc on Nasdaq Helsinki. Chart and data provided by TradingView.
Product and factory photography courtesy of Harvia Plc investor materials.
Every Harvia financial report and capital-return event. Upcoming dates reflect the company's published 2026 calendar. Past dates link to the SaunaNews story covering that release.
Harvia reports in euros and publishes interim reports quarterly, an H1 half-year report in August, and a financial statements bulletin in February. Dividends are paid in two installments, one after the AGM in April and one in October.
Dividend Record Date (1st installment)
EUR 0.39 per share
Dividend Payment (1st installment)
EUR 0.39 per share
Q1 2026 Interim Report
Jan–Mar 2026, ~09:00 EET
H1 2026 Half-Year Report
Jan–Jun 2026, ~09:00 EET
Dividend Record Date (2nd installment)
EUR 0.38 per share
Dividend Payment (2nd installment)
EUR 0.38 per share
Q3 2026 Interim Report
Jan–Sep 2026, ~09:00 EET
Helsinki, 10:00 EET
FY revenue EUR 198.9M
Revenue EUR 46.0M (+18.8%)
First solar-powered off-grid US sauna
New premium US sauna collection
4.3" full-touch, 3 presets, Wi-Fi OTA updates
Succeeds Jennifer Thayer
Dividend Payment (2nd installment 2024)
EUR 0.37 per share
Verona, Italy; event sauna powered by EOS
Revenue EUR 99.3M (+16.0% FX-adj)
Revenue EUR 52.0M (+22.7%)
Dividend Payment (1st installment 2024)
EUR 0.36 per share
FY revenue EUR 175.2M
First ThermaSol consolidation, EUR 38.7M (+14.0%)
Q2 revenue EUR 43.2M (+20.7%)
USD 30.4M US steam platform
Growth target doubled to 10%; Muurame factory tour
Revenue EUR 42.4M (+2.3%)
Q4 return to growth, FY EUR 150.5M
Italian timer switch maker — supply chain integration
FY EUR 172.4M, post-pandemic reset
Historical annual revenue and adjusted operating margin since Harvia's 2018 IPO. The EOS (2020), Kirami (2021), and ThermaSol (2024) acquisitions are reflected in the year-over-year jumps. FY 2025 brought the business to the edge of EUR 200 million in annual revenue.
| Year | Revenue (EUR M) | YoY Growth | Adj. EBIT margin | Notes |
|---|---|---|---|---|
| 2017 | 64.2 | — | — | Final private year |
| 2018 | 68.5 | +6.7% | 21.1% | IPO year (March 2018) |
| 2019 | 73.8 | +7.7% | 20.2% | Almost Heaven full year |
| 2020 | 101.4 | +37.4% | 22.7% | EOS majority acquired |
| 2021 | 165.0 | +62.7% | 22.4% | Kirami acquired; pandemic surge |
| 2022 | 150.5 | -8.8% | 18.3% | Post-peak normalization |
| 2023 | 150.5 | ~0% | 19.1% | Europe soft, US resilient |
| 2024 | 175.2 | +16.4% | 19.3% | ThermaSol H2 contribution |
| 2025 | 198.9 | +13.5% | 19.6% | Q4 record EUR 53.7M |
Sources: Harvia IPO prospectus, annual reports 2018-2024, financial statements bulletins 2025. 2017 figure reflects the final year before listing.
Harvia has executed a disciplined M&A program since its 2018 IPO, rolling up assets across sauna heaters, barrel saunas, commercial controls, steam, wood-fired hot tubs, and components. Brands acquired operate independently under their own names where useful.
Infrared and wellness technology
Approx. EUR 4M. Largest US barrel sauna manufacturer.
Premium commercial heaters, infrared, spa controls
EUR 7M + up to EUR 4M earnout. Wood-fired hot tubs.
Full ownership completed
Electromechanical timer switches. Vertical integration on a 10-year supplier relationship.
USD 30.4M. Steam generators, controls, smart-shower platform.
Each product page pulls real specs, sizing tables, CEO and investor-call quotes, Harvia.com source material, and insider install notes that only pros know. Click any product below for the full breakdown.
flagshipCilindro PC series (electric) · electric heater
The cylindrical tower electric heater that made Harvia famous
flagshipCilindro WKPC16 / WKPC20 · wood burning-heater
The 75th anniversary wood-fired pillar. Launched January 2025.
commercialVirta Pro HL series · electric heater
Commercial electric workhorse for hotels, gyms, and spa operators
midSpirit SP series · electric heater
Wall-mount residential heater with 110 lbs of stone and WiFi
entryVega BC series · electric heater
Entry-level workhorse — the heater Harvia ships in real volume
premiumForte AF series · electric heater
Heat-storing "Ever-Ready" heater — EU-market only, not sold in North America
flagshipLegend 150 / 240 / 240SL · wood burning-heater
Wood-burning flagship — the commercial wood-fired standard
commercialPro 20 / Pro 36 (WK-series) · wood burning-heater
Commercial wood-burning stoves for large public saunas
flagshipXenio CX / Fenix FX · controller
Smart-control platform: Xenio installed base, Fenix 2025 flagship
premiumMyHarvia Smart Sensor · smart sensor
A retrofit smart sensor that turns any sauna — even wood-burning — into a connected sauna
midKIP 45 / KIP 60 / KIP 80 (JH-series, US; HBK-series, EU) · electric heater
The wall-mounted workhorse electric heater Harvia has been building since the 1980s
commercialHarvia 50 / WK500 · wood burning-heater
The 40 kW commercial wood-fired stove sized for large public saunas
premiumFrosty · electric heater
The oval cold plunge Harvia launched in 2023 for hot-cold alternation at home
premiumEOS Structure · electric heater
The matte-black rod-structure design heater from EOS Driedorf
midSöpö · electric heater
The Japan-focused precision sauna cabin line launched in 2023
Harvia operates two global master brands, Harvia and EOS, complemented by regional and tactical brands. The portfolio spans entry-level consumer, premium residential, and commercial wellness installations.
Core Finnish heater and sauna room brand
German premium commercial and spa controls
US barrel and kit saunas (West Virginia)
Finnish wood-fired and electric hot tubs
US residential steam and smart-shower controls
Austrian infrared and wellness technology
The Aufguss World Championships, the global competition for the choreographed towel-waving German sauna ritual, returned in 2025 in Verona, Italy. Harvia Group sponsored the event, and the competition sauna was powered by an EOS heater. The sponsorship is part of Harvia's broader marketing push to build sauna culture beyond Finland and Germany, aligning the Harvia and EOS master brands with the growing global Aufguss community.
Harvia announced in its Q3 2025 results that Nathan Hagemeier was appointed Head of Region, North America and President of Harvia US Inc., joining the Harvia Group management team as of 1 November 2025. Jennifer Thayer had held the role since February 2024 and led the company through the ThermaSol acquisition, US integration, and record North American growth in the first three quarters of 2025.
Harvia's half-year financial review for January-June 2025 showed 16.0% total revenue growth at comparable exchange rates, with North America growing 35.1% on ThermaSol contribution and APAC & MEA growing 35.8%. Organic growth was 2.4%. Adjusted operating margin of 20.2% held within the long-term target band.
Harvia's first-quarter revenue surged 22.7% to EUR 52 million, driven by strong contributions from its ThermaSol steam acquisition and continued growth in both North American and European commercial markets.
Harvia closed 2024 with record Q4 revenue of EUR 51.0 million, up 29.3% year-over-year, and full-year revenue of EUR 175.2 million. ThermaSol, acquired in late July 2024, contributed meaningfully to North American growth. Adjusted operating margin of 19.3% hit Harvia's long-term target band.
Harvia's Q3 2024 interim report, published 7 November 2024, showed revenue of EUR 38.7 million, up 14.0% year-over-year (7.9% organic), with the first two months of consolidated ThermaSol revenue. Adjusted operating profit of EUR 8.9 million represented a 22.9% margin. Nine-month revenue reached EUR 124.3 million.
Harvia's H1 2024 half-year review, published 2 August 2024, reported Q2 revenue of EUR 43.2 million, up 20.7% year-over-year (20.1% organic). H1 revenue of EUR 85.5 million was up 10.9%, with adjusted operating margin of 22.8%. All four regions grew in H1 for the first time in two years. Twenty-one days before the print, Harvia had announced the USD 30.4 million ThermaSol acquisition.
Harvia Plc announced on 23 July 2024 that it had signed an agreement to acquire 100% of ThermaSol, a Round Rock, Texas manufacturer of residential steam showers, generators, and digital controls, for USD 30.4 million. The deal strengthens Harvia's US platform and adds a steam category where Harvia has been underweight.
Harvia operates five core production facilities across four continents: Muurame (Finland), Lewisburg (West Virginia), Gheorgheni (Romania), Guangzhou (China), and Driedorf (Germany). Each plant has a specialty. Together they handle over 150,000 heaters per year and more than 10,000 saunas per year for a business doing nearly EUR 200 million in annual revenue.
Harvia hosted its first Capital Markets Day as a public company on 29 May 2024, walking investors through every layer of the business: factory capacity, regional mix, product strategy, brand architecture, and updated long-term targets. The headline: a 10% average annual revenue growth target, double the prior 5% guide, backed by a EUR 150M+ acquisition war chest and a commitment to consolidate the fragmented global sauna market.
Harvia's Q1 2024 interim report, published on 3 May 2024, showed revenue of EUR 42.4 million, up 2.3%, with an adjusted operating margin of 23.8%. North America and APAC continued to drive growth; Northern Europe remained weak. Finnish industrial action during the quarter pushed some shipments into Q2, muting the headline growth number relative to underlying demand.
Harvia closed FY 2023 with revenue of EUR 150.5 million, down 12.7%, as the destocking cycle that began in mid-2022 persisted through most of the year. But Q4 2023 marked the inflection: revenue grew 3.4% year-over-year to EUR 39.4 million at a record 24.2% adjusted operating margin. Cash flow was exceptional, with EUR 44.6 million of operating free cash flow for the year.
Harvia announced on 26 September 2023 that it had acquired 100% of Phoenix El-Mec srl, an electromechanical timer switch manufacturer in Belluno, Italy. Phoenix had been Harvia's supplier since 2013. Deal terms were not disclosed. The acquisition adds vertical integration in a category that had become a supply chain bottleneck through COVID.
Harvia reported FY 2022 revenue of EUR 172.4 million on 9 February 2023, down 3.7% from the EUR 179.1 million pandemic peak in 2021. Management framed the year as a reset, with North America and APAC still growing while Central Europe faced the brunt of destocking and weak consumer confidence. Adjusted operating margin held at 19.7%.
Harvia expanded beyond sauna with the May 2021 acquisition of Kirami, a Forssa, Finland manufacturer of wood-fired and electric hot tubs. The deal closed at EUR 7 million with an earnout of up to EUR 4 million. The stock hit an all-time high on the news.
Harvia announced a majority acquisition of EOS Group, the German premium sauna heater and spa-controls manufacturer based in Driedorf. The deal, consideration undisclosed at signing, moves Harvia decisively into the commercial and ultra-premium residential segment and brings Germany into the Harvia manufacturing map.
Harvia, three months after its Nasdaq Helsinki IPO, announced the acquisition of Almost Heaven Saunas, a Renick, West Virginia barrel sauna manufacturer. The deal, valued at approximately EUR 4 million, gives Harvia a US factory, a consumer brand, and the distribution reach to accelerate its North American strategy.
Harvia Plc began trading on the Helsinki pre-list on 22 March 2018 at EUR 5.00 per share, after an oversubscribed offering that raised approximately EUR 45 million in gross proceeds. CapMan-backed Harvia became the only publicly traded pure-play sauna manufacturer in the world.
North Conway has been named America's best ski town five times. It now has a communal sauna to match: two wood-fired rooms running a Harvia 50, three cold plunges, a Nordic cafe, and a Faraday cage that kills your phone signal. Walk-in only, $36, no reservations.
A new peer-reviewed study published in Temperature (Taylor & Francis) finds that a single 30-minute traditional sauna session at 163°F significantly raises white blood cell counts, with some immune cell populations staying elevated 30 minutes after the heat ends. The cytokine data, including correlations with interferon activity, points toward a biological mechanism for sauna's long-documented benefits against infection and respiratory disease.
On June 27, 2025, Underwriters Laboratories published ANSI/UL 60335-2-53, the first U.S. adoption of the international sauna heater safety standard. It is the most significant regulatory shift in North American sauna history. Here is what it changes, what it doesn't, and why your building inspector might not care yet.
With China tariffs at 145% and a 15% surcharge on European imports, we mapped which sauna brands carry the most tariff exposure. Sauna360, whose Finnleo-branded prefab kits are primarily manufactured in China, faces the steepest cost pressure of any major brand.
Announced alongside Harvia's Q3 2025 earnings on 6 November 2025, the ThermaSol Solaris is a fully off-grid solar-powered outdoor sauna that operates without a power connection. TIME Magazine named it one of the year's best inventions, a meaningful marketing win for Harvia's year-old ThermaSol acquisition and the first time any sauna product has landed on the TIME list.
ThermaSol introduced a refreshed North American sauna collection in Q3 2025: Astra, Fortis, and Ombra. The launch expands ThermaSol beyond its legacy steam shower and steam generator business into Harvia's core traditional sauna category, leveraging Harvia Group engineering and the ThermaTouch digital platform. Harvia confirmed the collection as part of its Q3 2025 results presentation on 6 November 2025.
Harvia Plc is listed on the main market of Nasdaq Helsinki under the ticker HARVIA. ISIN: FI4000306873. Its IPO priced at EUR 5.00 per share on 22 March 2018, valuing the company at approximately EUR 93.5 million. The company is the only publicly traded pure-play sauna manufacturer in the world.
FY 2025 revenue was EUR 198.9 million with adjusted operating margin of 19.6%. The company employs approximately 735 people across Finland, Germany, Austria, Italy, the United States, Romania, China, Hong Kong, Estonia, and Sweden. Market capitalization is approximately EUR 629 million at current share prices.
The Q1 2026 interim report (January-March 2026) is scheduled for 7 May 2026 at approximately 09:00 Finnish time. The H1 2026 half-year report follows on 6 August 2026, and the Q3 2026 interim report on 29 October 2026. The FY 2026 financial statements bulletin is expected in February 2027.
Harvia operates six brands: Harvia (core Finnish heaters and rooms), EOS (German premium commercial and controls), Almost Heaven Saunas (US barrel and kit saunas), Kirami (Finnish wood-fired and electric hot tubs), ThermaSol (US steam generators and smart-shower controls), and Sentiotec (Austrian infrared).
Harvia's 2026 AGM approved a total dividend of EUR 0.77 per share for FY 2025, up from EUR 0.73 for FY 2024. The dividend is paid in two installments: EUR 0.39 on 24 April 2026 (record date 17 April) and EUR 0.38 on 26 October 2026 (record date 19 October). Dividend yield is approximately 2.3% at current share prices.
Inderes is the primary Finnish equity research house covering Harvia. Additional coverage is published by Danske Bank Markets and OP Financial Group. The current analyst consensus is Buy, with four analysts covering the stock. Consensus 12-month price target is approximately EUR 41-45 per share.
One email per week with the stories, data, and analysis that matter most in the sauna industry.
SaunaNews is an independent publication. This page summarizes public information about Harvia Plc for editorial purposes and is not investment advice, a solicitation, or an offer to buy or sell securities. Last updated April 17, 2026.