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Harvia
Harvia (HARVIA) investor relations material
Harvia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 revenue grew 5.3% to EUR 53.7 million, with all growth organic and positive across all regions; at comparable exchange rates, Q4 revenue growth was 10.2%.
Full-year 2025 revenue increased by 13.5% to EUR 198.9 million, with organic growth at comparable exchange rates of 14.4%.
Adjusted operating profit for Q4 was EUR 10.5 million (19.5% margin); full-year adjusted operating profit was EUR 39.1 million (19.6% margin).
Growth was driven by strong performance in Northern Europe and North America, with heating equipment as the main product growth driver.
Continued strategic investments in capacity, innovation, digitalization, and IT, including new product launches and production expansion.
Financial highlights
Q4 adjusted operating profit margin improved to 19.5% (21% at comparable rates), up 20% year-over-year.
Adjusted EBITDA for Q4 was EUR 12.4 million (23.2% of revenue); full-year EUR 46.5 million (23.4%).
Basic EPS in Q4 was EUR 0.40 (up 38.9% year-over-year); full-year EPS EUR 1.41 (up 9.1%).
Operating free cash flow for the year was EUR 26.5 million, with cash conversion at 57.0%.
Net debt stood at EUR 57.7 million; leverage improved to 1.2x adjusted EBITDA.
Outlook and guidance
No short-term outlook published; long-term targets remain: average annual revenue growth of 10%, adjusted operating profit margin above 20%, and net debt/adjusted EBITDA below 2.5x.
Management expects continued market volatility in 2026 but is confident in the ability to drive profitable organic growth.
CapEx in 2026 projected to be between 2024 and 2025 levels, with continued substantial investments.
Updated sustainability program for 2026–2030 aligns with strategic priorities.
Dividend policy aims for a regularly increasing, bi-annual payout.
Q4 margin impact from growth investments?
APAC & MEA underlying market trends?
Readiness to shift China production to Finland?
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Next Harvia earnings date
Q1 20267 May, 2026
Harvia
Next Harvia earnings date
Q1 20267 May, 2026
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Frequently asked questions
Harvia Oyj engages in the manufacture and sale of sauna products. Its products include sauna heaters and accessories, steam generators, control panels, sauna benches and parts, steam generator kits and steam room package, infrared rooms and equipment, fireplaces and barbecues, foot baths, lighting solutions and lamps, solariums and parts. The company was founded by Tuomo Harvia in 1950 and is headquartered in Pieksamaki Finland.
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