Finland · Delayed Price · Currency is EUR Harvia Oyj Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw 5.3% revenue growth (10.2% at comparable rates) and a 19.5% adjusted operating margin, with all regions contributing organically. Full-year revenue rose 13.5%, and strong cash flow and investments supported innovation and capacity, despite currency and tariff headwinds.
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Q3 saw 19% revenue growth and 19% adjusted EBIT margin, with all regions delivering double-digit growth. Investments in efficiency and capacity continued, while pricing actions and less aggressive campaigns are expected to support margins amid tariff and currency pressures.
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Revenue grew 9.4% to €47.3M in Q2, with strong gross margin but lower operating profit due to subdued North America growth, currency headwinds, and a one-off inventory correction. Strategic investments and innovation continue, with robust H1 results and positive long-term outlook.
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Q1 2025 saw 22.7% revenue growth to EUR 52 million, led by North America and steam products, with adjusted operating profit up 18%. ThermaSol integration and new product launches drove performance, while strong cash flow and low leverage support future growth.
Fiscal Year 2024
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Record Q4 and full-year revenue driven by strong growth in North America, APAC, and steam products, though profitability was impacted by higher material costs and marketing investments. ThermaSol acquisition and product innovation strengthened market position, with robust cash flow and a proposed EUR 0.75 dividend.
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Q3 saw 14% revenue growth, driven by North America and APAC, and boosted by the ThermaSol acquisition. Gross margin rose to 69%, and adjusted operating profit increased 28.8%. Inventory and investments rose to capture high winter demand, with strong outlook in key markets.
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Revenue grew 20.7% year-over-year in Q2, with strong gains across all regions and a return to growth in Europe. Adjusted operating profit rose 18%, and the Thermasol acquisition expands presence in the U.S. steam sauna market. Leverage remains moderate post-acquisition.