Harvia Oyj · OMXHEX:HARVIA
Harvia Oyj — Q3 2026 Earnings Presentation
31 slides from Harvia Oyj's earnings presentation, Oct 29, 2026
Slide 1: Harvia Q3: Strong revenue growth in all sales regions
Harvia Plc Interim report| January−September 2026 HARVIA Q3: STRONG REVENUE GROWTH IN ALL SALES REGIONS Matias Järnefelt, CEO | Ari Vesterinen, CFO 29 October 2026 Copyright © 2026 Harvia Plc
Slide 2: Welcome! Agenda for today
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q3 2026 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q3 2026 2 Copyright © 2026 Harvia Plc
Slide 3: Q3 2026 highlights
Q3 2026 highlights Strong revenue growth in all sales regions • Revenue increased by 17.0% to EUR 53.9 million. All growth was organic. • All regions contributed to revenue growth, which was supported by approximately EUR 4 million of deliveries postponed from the second quarter, when we carried out
Slide 4: Q3 2026 key figures
Q3 2026 key figures Revenue Adjusted operating profit Operating free cash flow 53.9 (46.0) 9.5 (8.8) -0.1(-0.6) EUR million EUR million EUR million +17.0% YoY growth 17.7% (19.1%) -1.2% (-5.8%) of revenue cash conversion Growth at comparable exchange rates: 16.2% Adjusted operating profit growth: 7.
Slide 5: January–September 2026 key figures
January–September 2026 key figures Revenue Adjusted operating profit Operating free cash flow 165.2 (145.2) 31.0 (28.6) 14.9 (13.2) EUR million EUR million EUR million 0 +13.8% YoY growth 18.7% (19.7%) 40.1% (38.6%) of revenue cash conversion Growth at comparable exchange rates: 15.9% Adjusted opera
Slide 6: Q3 2026: All regions contributed strongly to the revenue growth
Q3 2026: All regions contributed strongly to the revenue growth Revenue by sales region 7–9/2025 vs 7–9/2026 EUR million • Total revenue grew by 17.0% to EUR 53.9 million in Q3/2026. 55 +0.7 54 +3.0 (+12.3%) 53.9 • All regions contributed strongly to (+18.1%) the revenue growth. 53 52 • Revenue grow
Slide 7: Northern Europe: Strong sales growth
Northern Europe: Strong sales growth Q3 revenue in Northern Europe, 2023−2026 • Revenue increased by 23.5% to EUR 13.7 million in Q3. EUR million • Positive development in all countries. 18 • Revenue growth supported by deliveries from the Muurame factory postponed from Q2. 16 +23.5% 14 13.7 25% 12
Slide 8: Continental Europe: Improvement continued
Continental Europe: Improvement continued Q3 revenue in Continental Europe, 2023−2026 • Revenue increased by 12.1% to EUR 14.1 million in Q3. EUR million • Overall market continued to develop positively, 18 even though each market has its own dynamics and trends. 16 +12.1% • Good progress and growth
Slide 9: North America: Strong market demand and performance
North America: Strong market demand and performance Q3 revenue in North America, 2023−2026 • Revenue grew by 18.1% to EUR 19.6 million in Q3. • Strong market demand and performance EUR million continued, especially in traditional saunas. 22 +18.1% • Weaker market in steam equipment continued to 20 i
Slide 10: APAC & MEA: Strong performance in Asia, conflicts weighed in Middle East
APAC & MEA: Strong performance in Asia, while the conflicts in the Middle East weighed on regional growth Q3 revenue in APAC & MEA, 2023−2026 • Revenue increased by 12.3% to EUR 6.4 million in Q3. EUR million • In Asia-Pacific, market development and our 8 performance were strong in the key sauna ma
Slide 11: Technical equipment for sauna and spa remains at the core of Harvia's business
Technical equipment for sauna and spa remains at the core of Harvia’s business Share of Group’s total revenue in Q3 2026 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 58% 22% 7% 6% 7% (56%) (23%) (8%) (6%) (7%) *Sauna heat
Slide 12: Q3 2026: Growth in all product groups
Q3 2026: Growth in all product groups Revenue by product group 7–9/2025 vs 7–9/2026 • Revenue grew in all product EUR million groups but was driven especially 55 +0.6 by heating equipment growth, +0.6 54 +1.4 +0.1 (+20.2%) (+17.7%) 53.9 boosted by deliveries that were (+3.3%) postponed from Q2. 53 (
Slide 13: 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 peop
Slide 14: Executing strategic focus areas in Q3 2026
Executing strategic focus areas in Q3 2026 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Strong performance of full sauna cabins • North America: Again, strong revenue • Broad-based growth and progress in North America continued. growth and
Slide 15: Product development of several innovations was finalized during the quarter
Product development of several innovations was finalized during the quarter ONLY SELECTED EXAMPLES FROM OVER 10 INNOVATIONS WITH LAUNCHES IN Q4 AND EARLY 2027 Kaski Cube View Harvia Cinder MyHarvia2 for EOS Mythos sauna cabin control unit Apple smartwatch water reflection Copyright © 2026 Harvia Plc
Slide 16: Financials
Financials Ari Vesterinen, CFO 16 Copyright © 2026 Harvia Plc
Slide 17: Strong revenue growth continued, profitability below comparison period
Strong revenue growth continued, profitability below comparison period Revenue and adjusted operating profit EUR million 70.0 • Strong revenue growth, 58.6 supported by approximately 60.0 53.7 52.8 53.9 EUR 4 million of deliveries that 51.0 52.0 47.3 were postponed from Q2. 50.0 46.0 • Historically,
Slide 18: Harvia's key figures in the review period
Harvia’s key figures in the review period EUR million 7-9/2026 7-9/2025 Change 1-9/2026 1-9/2025 Change 1-12/2025 Revenue 53.9 46.0 17.0% 165.2 145.2 13.8% 198.9 Adjusted EBITDA* 11.7 10.6 10.4% 37.2 34.1 9.2% 46.5 % of revenue 21.8% 23.1% 22.5% 23.5% 23.4% Adjusted operating profit* 9.5 8.8 7.9% 31
Slide 19: Operating free cash flow and cash conversion low, but typical for third quarter
Operating free cash flow and cash conversion low, but typical for third quarter Operating free cash flow and cash conversion* EUR million • In Q3, Harvia’s operating free cash flow 17 170% was EUR -0.1 million (-0.6) and cash 15.0 conversion was -1.2% (-5.8%). 15 150% 13.3 • Cash flow and cash conve
Slide 20: 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 September 2026, the 62.1 60.8 company’s net debt amounted to 57.2 57.9 57.7 57.2 60 3 EUR 60.8 million (62.1). Loans 51.1 49.4 Long-term leverage from credit institutions were EUR 50 target <
Slide 21: No major changes in net financial items
No major changes in net financial items Net financial items EUR million 2.5 • Net financial items were broadly in 2.2 line with recent historical levels. 2.0 • Harvia has two effective interest rate swap agreements. A significant 1.5 1.4 portion of the fluctuation in net 1.3 financial items is typic
Slide 22: Investments into facilities, product development and IT infrastructure continued
Investments into facilities, product development and IT infrastructure continued Investments in tangible and intangible assets EUR million 6.0 • Overall, investments during the third 5.0 4.9 quarter were on a rather typical level, with incremental investments done in, 3.8 4.0 for example, facilities
Slide 23: 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 24: Copyright © 2026 Harvia Plc
24 Copyright © 2026 Harvia Plc
Slide 25: 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 26: Appendix
Appendix 26 Copyright © 2026 Harvia Plc
Slide 27: January–September 2026: Sales growth driven especially by North America
January–September 2026: Sales growth driven especially by North America Revenue by sales region 1–9/2025 vs 1–9/2026 EUR million • Total revenue grew by 13.8% to EUR 165.2 million. 170 +1.5 +12.0 • Revenue grew in all sales regions (+9.6%) 165.2 165 (+21.9%) but was driven especially by the 21.9% re
Slide 28: January–September 2026: Growth in most product groups
January–September 2026: Growth in most product groups Revenue by product group 1–9/2025 vs 1–9/2026 • Revenue grew in most product EUR million groups. The growth was driven 175 especially by the heating equipment as well as saunas and 170 +1.6 +1.6 Scandinavian hot tubs. +6.4 -1.1 (+15.9%) 165.2 165
Slide 29: Harvia's shareholders (30 September 2026)
Harvia’s shareholders (30 September 2026) Distribution by segment Number of shareholders 16.4% 0.02% (0.02%) 50,000 46,011 (13.1%) 45,000 41,328 40,000 33,879 33,431 33,504 38.4% 35,000 31,716 30,576 30,425 31,910 (47.7%) 30,000 25,000 20,000 24.3% 15,000 13,551 (19.6%) 10,000 5,249 5,000 0 31 Dec 3
Slide 30: 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 was paid in two instalmen
Slide 31: Copyright © 2026 Harvia Plc
31 Copyright © 2026 Harvia Plc