Harvia (HARVIA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 11.7% year-over-year to EUR 52.8 million, driven by strong North American performance and organic growth; H1 2026 revenue up 12.2% to EUR 111.4 million.

• Profitability was temporarily impacted by a major IT and process project, postponing EUR 4 million in deliveries, mostly shifting to Q3.

• Strategic investments advanced in capacity, IT, R&D, and product innovation, including research collaborations.

• Net income for H1 2026 was EUR 14.9 million, with EPS at EUR 0.80, up 16.5% year-over-year.

• Product mix shift toward sauna cabins and hot tubs, with lower-margin impact.

Financial highlights

• Q2 adjusted operating profit: EUR 8.6 million (16.2% margin); H1 adjusted operating profit: EUR 21.4 million (19.3% margin).

• Q2 EBITDA: EUR 10.4 million (19.8% margin); H1 EBITDA: EUR 25.2 million (22.7% margin).

• Operating free cash flow: EUR 3.1 million in Q2, EUR 15.1 million in H1 (59.2% cash conversion).

• Net debt at end of June: EUR 57.2 million; leverage at 1.2x adjusted EBITDA.

• Equity ratio improved to 47.4% year-over-year.

Outlook and guidance

• Majority of EUR 4 million in postponed Q2 deliveries expected to be realized in Q3, with some risk of further slippage.

• No short-term outlook published; long-term targets: >10% annual revenue growth, >20% adjusted operating profit margin, leverage <2.5x.

• North America expected to continue strong growth, supported by expanded capacity and direct-to-consumer channels.

• APAC and Middle East sales likely to decline year-over-year in H2 due to geopolitical risks, with Gulf region impact estimated at EUR 2 million for the year.

• Gross margin expected to improve as high-margin product output ramps up post-IT upgrade.