Harvia Oyj · OMXHEX:HARVIA
Harvia Oyj — Q2 2026 Earnings Presentation
32 slides from Harvia Oyj's earnings presentation, Aug 6, 2026
Slide 1: Harvia Plc Half-year financial review January-June 2026
Harvia Plc Half-year financial review| January−June 2026 HARVIAHarvia Q2:PLC STRONG Interim ReportREVENUE GROWTH | January-June 2024 DRIVEN BY NORTHprofitability Strong AMERICA, GROWTH ― AND PROFITABILITY TEMPORARILY IMPACTED BY Good growth outside Europe MAJOR IT AND PROCESS PROJECT Matias Järnefel
Slide 2: Welcome! Agenda for today
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q2 2026 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q2 2026 2 Copyright © 2026 Harvia Plc
Slide 3: Q2 2026 highlights
Q2 2026 highlights Double-digit revenue growth driven by North America • Revenue increased by 11.7% to EUR 52.8 million. All growth was organic. • North America drove overall growth with 38.6% revenue increase, boosting also the growth of especially Saunas and Scandinavian hot tubs. • Growth and pro
Slide 4: Q2 2026 key figures
Q2 2026 key figures Revenue Adjusted operating profit Operating free cash flow 52.8 (47.3) 8.6 (8.2) 3.1(3.9) EUR million EUR million EUR million +11.7% YoY growth 16.2% (17.3%) 29.2% (39.4%) of revenue cash conversion Growth at comparable exchange rates: 12.9% Adjusted operating profit growth: 4.8%
Slide 5: H1 2026 key figures
H1 2026 key figures Revenue Adjusted operating profit Operating free cash flow 111.4 (99.2) 21.4 (20.1) 15.1 (14.1) EUR million EUR million EUR million +12.2% YoY growth 19.3% (20.2%) 59.2% (59.4%) of revenue cash conversion Growth at comparable exchange rates: 15.7% Adjusted operating profit growth
Slide 6: Q2 2026: Strong revenue growth driven by North America
Q2 2026: Strong revenue growth driven by North America Revenue by sales region 4–6/2025 vs 4–6/2026 EUR million • Total revenue grew by 11.7% to EUR 52.8 million in Q2/2026. 55 54 +6.4 -0.3 • Revenue growth was driven by (+38.6%) (-4.9%) North America’s reported growth 53 52.8 of 38.6%. 52 51 • Reve
Slide 7: Northern Europe: Solid sales performance continued
Northern Europe: Solid sales performance continued, even though revenue declined due to postponed deliveries Q2 revenue in Northern Europe, 2023−2026 • Revenue decreased by 1.7% to EUR 11.3 million in Q2. EUR million • As in many previous quarters, positive development 18 especially in Scandinavia a
Slide 8: Continental Europe: Continuing progress in multiple markets
Continental Europe: Continuing progress in multiple markets Q2 revenue in Continental Europe, 2023−2026 • Revenue decreased by 2.9% to EUR 12.4 million in Q2. EUR million • Continuing progress in several key markets. -2.9% 14 • Revenue declined due to postponed deliveries from the Muurame factory, a
Slide 9: North America: Strong growth supported by market demand and expanded distribution
North America: Strong growth supported by market demand and expanded distribution Q2 revenue in North America, 2023−2026 • Revenue grew by 38.6% to EUR 23.0 million in Q2. • Revenue growth reflects the strong market demand EUR million in North America, especially in traditional saunas. 26 +38.6% • R
Slide 10: APAC & MEA: Ongoing progress in the region
APAC & MEA: Ongoing progress in the region, but war in the Middle East visible in revenue decline Q2 revenue in APAC & MEA, 2023−2026 • Revenue decreased by 4.9% to EUR 6.1 million in Q2. • Ongoing war impacted business in the Middle East. EUR million The comparison period was also very strong in th
Slide 11: Technical equipment for sauna and spa remains at the core
Technical equipment for sauna and spa remains at the core of Harvia’s business Share of Group’s total revenue in Q2 2026 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 48% 30% 8% 7% 7% (53%) (23%) (10%) (7%) (7%) *Sauna hea
Slide 12: Q2 2026: Revenue growth driven by Saunas and Scandinavian hot tubs
Q2 2026: Revenue growth driven by Saunas and Scandinavian hot tubs Revenue by product group 4–6/2025 vs 4–6/2026 • Revenue grew in most product EUR million groups but was driven especially 55 by Saunas and Scandinavian hot 54 +4.8 +0.2 52.8 tubs, a category that is heavily -0.6 +0.7 (+6.5%) weighted
Slide 13: Harvia's strategic role
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 peop
Slide 14: Executing strategic focus areas in Q2 2026
Executing strategic focus areas in Q2 2026 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Excellent performance in full sauna • North America: Very strong • Channel expansion in North America, cabins in North America. performance driving glo
Slide 15: In June, Harvia published groundbreaking research on the health benefits of sauna
In June, Harvia published groundbreaking research on the health benefits of sauna • Together with the University of Jyväskylä and KIHU (Finnish institute of high performance sport), Harvia published groundbreaking research on the health benefits of sauna. • The key factors behind the physiological e
Slide 16: Harvia Fenix has been awarded the Red Dot Design Award 2026
Harvia Fenix has been awarded the Red Dot Design Award 2026, one of the world’s most prestigious design awards 16 August 5, 2026
Slide 17: Financials
Financials Ari Vesterinen, CFO 17 Copyright © 2026 Harvia Plc
Slide 18: Strong revenue growth continued, profitability margin somewhat below past quarters
Strong revenue growth continued, profitability margin somewhat below past quarters Revenue and adjusted operating profit EUR million 70 • Strong revenue growth even if 58.6 approximately EUR 4 million of 60 53.7 52.8 deliveries was postponed from 51.0 52.0 47.3 Q2, of which majority to Q3. 50 46.0 •
Slide 19: Harvia's key figures in the review period
Harvia’s key figures in the review period EUR million 4-6/2026 4-6/2025 Change 1-6/2026 1-6/2025 Change 1-12/2025 Revenue 52.8 47.3 11.7% 111.4 99.2 12.2% 198.9 Adjusted EBITDA* 10.6 9.9 6.8% 25.5 23.7 7.3% 46.5 % of revenue 20.1% 21.0% 22.9% 23.9% 23.4% Adjusted operating profit* 8.6 8.2 4.8% 21.4
Slide 20: Operating free cash flow and cash conversion weakened
Operating free cash flow and cash conversion weakened by postponed deliveries and investments Operating free cash flow and cash conversion* EUR million • In Q2, Harvia’s operating free cash flow 17 170% was EUR 3.1 million (3.9) and cash 15.0 conversion was 29.2% (39.4%). 15 150% 13.3 • Operating fr
Slide 21: Leverage remained well below the long-term target level
Leverage remained well below the long-term target level Net debt and leverage EUR million 70 • At the end of June 2026, the 61.8 62.1 company’s net debt amounted to 57.2 57.9 57.7 57.2 60 3 EUR 57.2 million (57.9). Loans 51.1 49.4 Long-term leverage from credit institutions were EUR 50 target < 2.5x
Slide 22: Net financial items on a typical historical level
Net financial items on a typical historical level Net financial items EUR million 2.5 • Net financial items were on a 2.2 rather typical historical level. 2.0 • Harvia has two interest rate swap 1.5 agreements. A significant portion 1.5 1.4 of the fluctuation in net financial 1.3 items is typically
Slide 23: Significant investments especially into facilities and IT infrastructure continued
Significant investments especially into facilities and IT infrastructure continued Investments in tangible and intangible assets EUR million 6.0 • During Q2, Harvia continued its 5.0 4.9 investments related to, for example, modernizing its IT infrastructure, 3.8 4.0 expanding the Lewisburg facility
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 in 2026
Distribution of dividend in 2026 • The Annual General Meeting held on 15 April 2026 approved the Board of Directors’ proposal that EUR 0.77 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 instalment
Slide 26: Copyright © 2026 Harvia Plc
26 Copyright © 2026 Harvia Plc
Slide 27: 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 28: Appendix
Appendix 28 Copyright © 2026 Harvia Plc
Slide 29: H1 2026: Growth in all sales regions
H1 2026: Growth in all sales regions Revenue by sales region 1–6/2025 vs 1–6/2026 EUR million • Total revenue grew by 12.2% to EUR 111.4 million in H1/2026. 115 113 +9.0 +0.8 • Revenue grew in all sales regions (+8.1%) 111.4 111 (+23.5%) but was driven especially by the 23.5% revenue growth in North
Slide 30: H1 2026: Growth in most product groups
H1 2026: Growth in most product groups Revenue by product group 1–6/2025 vs 1–6/2026 • Revenue of most product groups EUR million grew. Growth was fastest in 115 Saunas and Scandinavian hot tubs, +1.0 driven by the strong overall 113 +5.1 -1.2 +1.0 111.4 (+15.0%) 111 (+21.3%) (-12.6%) (+15.7%) perfo
Slide 31: Harvia's shareholders (30 June 2026)
Harvia’s shareholders (30 June 2026) Distribution by segment Number of shareholders 15.9% 0.02% (0.02 %) 50,000 46,011 (11.8%) 45,000 41,328 40,000 33,879 38.4% 35,000 31,716 31,910 33,431 29,991 30,576 30,425 (51.4%) 30,000 25,000 20,000 24.8% 15,000 13,551 (17.6%) 10,000 5,249 5,000 0 31 Dec 31 De
Slide 32: Copyright © 2026 Harvia Plc
32 Copyright © 2026 Harvia Plc