Slide 1: Half-year financial review January−June 2025
Harvia Plc Half-year financial review | January−June 2025 Harvia PLC Interim Report | January-June 2024 Strong profitability CONTINUED SALES GROWTH ― IN UNCERTAIN MARKET Good growth CONDITIONS outside Europe Matias Järnefelt, CEO | Ari Vesterinen, CFO Matias Järnefelt, CEO | Ari Vesterinen, CFO | 8
Slide 2: Welcome! Agenda for today
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q2/2025 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q2/2025 2 Copyright © 2025 Harvia Plc
Slide 3: Q2 2025 highlights
Q2 2025 highlights Growth continued, but slowed down especially in North America • Revenue increased by 9.4% to EUR 47.3 million. Organic growth at 2.4%. • Growth in North America slower than in past quarters due to volatility in the market environment, timing of deliveries, and weaker U.S. dollar.
Slide 4: Q2 2025 key figures
Q2 2025 key figures Revenue Adjusted operating profit Operating free cash flow 47.3 (43.2) 8.2 (9.4) 3.9(5.5) EUR million EUR million EUR million +9.4% YoY growth 17.3% (21.8%) 39.4% (50.0%) of revenue cash conversion Organic revenue growth: 2.4% Growth at comparable exchange rates: 12.2% Adjusted o
Slide 5: H1 2025 key figures
H1 2025 key figures Revenue Adjusted operating profit Operating free cash flow 99.2 (85.5) 20.1 (19.5) 14.1 (16.6) EUR million EUR million EUR million +16.0% YoY growth 20.2% (22.8%) 59.4% (73.2%) of revenue cash conversion Organic revenue growth: 8.2% Growth at comparable exchange rates: 16.7% Adju
Slide 6: Q2 2025: Revenue growth driven by growth in APAC & MEA and acquisition of ThermaSol
Q2 2025: Revenue growth driven by growth in APAC & MEA and acquisition of ThermaSol Revenue by sales region 4–6/2024 vs 4–6/2025 EUR million • Total revenue grew by 9.4% to EUR 47.3 million in Q2/2025. 50 • Growth was largely driven by the 49 acquisition of ThermaSol and growth in +2.2 48 (+53.7%) 4
Slide 7: Northern Europe: Flat sales as slow market demand continued
Northern Europe: Flat sales as slow market demand continued Q2 revenue in Northern Europe, 2022−2025 • Revenue decreased by 0.7% to EUR 11.5 million in Q2. EUR • Market in Finland continues to be challenging due to million weakness in overall economy. 18 • Positive performance continued especially i
Slide 8: Continental Europe: Revenue close to last year's level
Continental Europe: Revenue close to last year’s level Q2 revenue in Continental Europe, 2022−2025 • Revenue grew by 0.2% to EUR 12.8 million in Q1. • Despite small overall growth, good progress seen in EUR million several markets, for example in Germany. 18 • New Head of Region Continental Europe,
Slide 9: North America: Slower growth due to increased market uncertainty
North America: Slower growth due to increased market uncertainty Q2 revenue in North America, 2022−2025 • Revenue grew by 12.9% to EUR 16.6 million in Q2. • Slower growth than in previous quarters due to market EUR conditions, timing of deliveries and weaker U.S. dollar. million • Overall economical
Slide 10: APAC & MEA: Strong growth continued
APAC & MEA: Strong growth continued Q2 revenue in APAC & MEA, 2022−2025 • Revenue grew by 53.7% to EUR 6.4 million in Q2. • Revenue growth supported by timing of project deliveries – EUR the growth rate in the region that is Harvia’s smallest sales- million wise fluctuates more easily than in other
Slide 11: Harvia offers products and solutions for all sauna types and cultures
Harvia offers products and solutions for all sauna types and cultures, for both private and professional customers Traditional sauna Infrared Steam 11 Copyright © 2025 Harvia Plc
Slide 12: Heating equipment continues as the largest product group
Heating equipment continues as the largest product group, share of Steam products boosted by ThermaSol acquisition Share of Group’s total revenue in Q2 2025 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 53% 23% 10% 7% 7% (
Slide 13: Q2 2025: Growth in most product groups
Q2 2025: Growth in most product groups Revenue by product group 4–6/2024 vs 4–6/2025 • Growth in majority of product groups. EUR million • The high growth in steam products was 50 driven by the acquisition of ThermaSol 49 in July 2024. 48 +0.2 +0.4 • Slower sales growth in North America +3.4 (+14.1%
Slide 14: Harvia's strategic role: Shaping the global sauna market
Harvia’s strategic role: Shaping the global sauna market so that everyone has a reason to experience sauna Four strategic focus areas WHAT WHERE TO WHOM Delivering Winning Leading in strategically important the full sauna experience in key channels markets HOW Best-in-class operations & great people
Slide 15: Executing strategic focus areas in Q2 2025
Executing strategic focus areas in Q2 2025 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Nordic/traditional saunas: Strong • North America: Adjusting fast to • Deepening co-operation with old and market position maintained in, among changin
Slide 16: Q2 innovation news: Harvia and Toyota hydrogen-powered sauna
Q2 innovation news: Harvia and Toyota teamed up to produce world’s first hydrogen-powered sauna • Harvia partnered with Toyota, and the companies together developed the world’s first hydrogen-powered sauna. • The collaboration represents a step toward a more sustainable future for saunas by combinin
Slide 17: Financials
Financials Ari Vesterinen, CFO 17 Copyright © 2025 Harvia Plc
Slide 18: Revenue continued to grow also in Q2, profitability slightly below typical strong level
Revenue continued to grow also in Q2, profitability slightly below typical strong level Revenue and adjusted operating profit EUR million 60 • Harvia achieved again year-on-year 51.0 52.0 growth, even though the previous 50 47.3 two high-demand winter season 43.2 quarters had slightly higher sales.
Slide 19: Harvia's key figures in the review period
Harvia’s key figures in the review period EUR million 4-6/2025 4-6/2024 Change 1-6/2025 1-6/2024 Change 1-12/2024 Revenue 47.3 43.2 9.4% 99.2 85.5 16.0% 175.2 Adjusted EBITDA* 9.9 11.0 -10.1% 23.7 22.7 4.4% 44.1 % of revenue 21.0% 25.6% 23.9% 26.6% 25.2% Adjusted operating profit* 8.2 9.4 -13.3% 20.
Slide 20: Operating free cash flow and cash conversion impacted by elevated investment level
Operating free cash flow and cash conversion impacted negatively especially by elevated investment level Operating free cash flow and cash conversion* EUR million 16 15.5 160% • In Q2, Harvia’s operating free cash flow was 15.0 EUR 3.9 million (5.5) and cash conversion was 14 140% 39.4% (50.0%). 12
Slide 21: Some fluctuation in net debt, but leverage on a sustainable level
Some fluctuation in net debt, but leverage overall on a very sustainable level Net debt and leverage EUR million 70 • At the end of June 2025, the company’s 61.8 net debt amounted to EUR 57.9 million 60 57.2 57.9 3 (32.6). Loans from credit institutions 51.1 were EUR 95.4 million (75.4) and lease 50
Slide 22: Net financial items increased due to exchange rate changes and ThermaSol acquisition
Net financial items increased due to exchange rate changes and ThermaSol acquisition Net financial items EUR million 2.5 • The increase in financial expenses in 2.21 Q2 is attributable to exchange rate losses resulting from recent USD 2.0 fluctuations and to the ThermaSol acquisition in Q3/2024. 1.5
Slide 23: Elevated investment level in Q2 driven by IT upgrades and facilities
Elevated investment level in Q2 driven by upgrades in IT landscape and investments in several facilities Investments in tangible and intangible assets EUR million 4.0 3.8 • During the review period, Harvia made significant investments 3.5 especially in its IT landscape in the United States, but cont
Slide 24: Harvia's long-term financial targets
Harvia’s long-term financial targets GROW TH P R O F I TA B I L I T Y LEVERAGE 10% >20% <2.5x Average annual Adjusted operating Net debt/adjusted revenue growth profit margin1 EBITDA2 Harvia does not publish a short-term outlook. Harvia’s dividend policy is to pay a regularly increasing dividend wit
Slide 25: Distribution of dividend
Distribution of dividend • The Annual General Meeting held on 8 April 2025 approved the Board of Directors’ proposal that EUR 0.75 per share be paid as dividend and that the remainder of the distributable funds be transferred to shareholders’ equity. • The dividend is paid in two installments. • The
Slide 26: Year 2025 marks the 75th anniversary of Harvia
Year 2025 marks the 75th anniversary of Harvia Throughout the year, Harvia will host events and activities, including webinars, podcasts, and open house events, to share its expertise and express gratitude to its global community. Follow Harvia’s 75th anniversary events and activities at harvia.com/
Slide 27: Copyright © 2025 Harvia Plc
27 Copyright © 2025 Harvia Plc
Slide 28: Disclaimer
Disclaimer This material contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or Harvia Plc’s future financial performance, for example, market growth and developments, Harvia Plc’s strategic plans, potential growth, planned operational develo
Slide 29: Appendix
Appendix 29 Copyright © 2025 Harvia Plc
Slide 30: H1 2025: Growth in all sales regions
H1 2025: Growth in all sales regions Revenue by sales region 1–6/2024 vs 1–6/2025 EUR million • Total revenue grew by 16.0% to EUR 99.2 million in H1/2025. 105 • Revenue increased in all sales regions, +2.7 but the total revenue growth was 100 (+35.8%) 99.2 driven especially by the growth in +10.0 (
Slide 31: H1 2025: Growth in most product groups
H1 2025: Growth in most product groups, steam product sales accelerated by ThermaSol acquisition Revenue by product group 1–6/2024 vs 1–6/2025 • Growth in most product groups, EUR million revenue growth driven by heating 105 equipment and steam products. +0.3 • Slower sales growth in North America i
Slide 32: Harvia's shareholders (30 June 2025)
Harvia’s shareholders (30 June 2025) Distribution by segment Number of shareholders 11.8% 0.02% (0.02%) (9.7%) 50,000 46,011 45,000 41,328 40,000 33,879 34,808 35,000 32,934 31,716 30,752 29,991 17.6% 30,000 (19.1%) 25,000 51.4% 20,000 (48.0%) 13,551 15,000 10,000 5,249 5,000 0 19.2% 31 Dec 31 Dec 3
Slide 33: Copyright © 2025 Harvia Plc
33 Copyright © 2025 Harvia Plc