Harvia Oyj · OMXHEX:HARVIA
Harvia Oyj — Q3 2025 Earnings Presentation
34 slides from Harvia Oyj's earnings presentation, Nov 6, 2025
Slide 1: Strong profitability and revenue growth
Harvia Plc Interim report | January−September 2025 Harvia PLC Interim Report | January-June 2024 Strong Q3 2025: profitability STRONG ― REVENUE GROWTH – ALL REGIONS Good CONTRIBUTING growth outside Europe Matias Järnefelt, CEO | Ari Vesterinen, CFO Matias Järnefelt, CEO | Ari Vesterinen, CFO | 8 Aug
Slide 2: Welcome!
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q3 2025 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q3 2025 2 Copyright © 2025 Harvia Plc
Slide 3: Q3 2025 highlights
Q3 2025 highlights Strong overall revenue growth • Revenue increased by 18.8% to EUR 46.0 million. Organic growth was 16.1%. • Growth was broad-based, supported by solid performance in all regions despite continued uncertainty in some markets. • North America returned to double-digit growth despite
Slide 4: Q3 2025 key figures
Q3 2025 key figures Revenue Adjusted operating profit Operating free cash flow 46.0 (38.7) 8.8 (8.9) -0.6(3.4) EUR million EUR million EUR million +18.8% YoY growth 19.1% (22.9%) -5.8% (31.7%) of revenue cash conversion Organic revenue growth: 16.1% Growth at comparable exchange rates: 22.3% Adjuste
Slide 5: January–September 2025 key figures
January–September 2025 key figures Revenue Adjusted operating profit Operating free cash flow 145.2 (124.3) 28.6 (28.4) 13.2 (20.0) EUR million EUR million EUR million +16.9% YoY growth 19.7% (22.8%) 38.6% (60.0%) of revenue cash conversion Organic revenue growth: 10.7% Growth at comparable exchange
Slide 6: Q3 2025: Solid performance in all regions
Q3 2025: Solid performance in all regions Revenue by sales region 7–9/2024 vs 7–9/2025 EUR million • Total revenue grew by 18.8% to EUR 46.0 million in Q3/2025. 49 • All regions grew with the largest contribution to growth from North +1.5 47 (+36.4%) 46.0 America and APAC & MEA. +3.2 45 (+23.7%) • S
Slide 7: Northern Europe: Turning to growth after a challenging period
Northern Europe: Turning to growth after a challenging period Q3 revenue in Northern Europe, 2022−2025 • Revenue increased by 14.8% to EUR 11.1 million in Q3. EUR • Positive performance continued especially in Sweden and million the Baltic countries. Sales grew also in Finland. 18 • Focus remains on
Slide 8: Continental Europe: Solid growth in the region
Continental Europe: Solid growth in the region Q3 revenue in Continental Europe, 2022−2025 • Revenue grew by 10.1% to EUR 12.6 million in Q3. • Growth driven especially by strong performance in Eastern EUR million Europe, the United Kingdom and Spain. 16 • Modest growth in German-speaking Central Eu
Slide 9: North America: Region returned to double-digit growth after softer Q2
North America: Region returned to double-digit growth after softer Q2 Q3 revenue in North America, 2022−2025 • Revenue grew by 23.7% to EUR 16.6 million in Q3. • Sales accelerated despite market headwinds such as volatile tariff EUR environment, a weaker U.S. dollar and lower overall consumer millio
Slide 10: APAC & MEA: Continuing strong growth across markets
APAC & MEA: Continuing strong growth across markets Q3 revenue in APAC & MEA, 2022−2025 • Revenue grew by 36.4% to EUR 5.7 million in Q3. • Growth was broad-based across markets, supporting the EUR goal of reducing dependency on any single country. million • Systematic capability building continued,
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 Q3 2025 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 56% 23% 8% 6% 7% (54%) (24%) (8%) (7%) (6%) *Sauna heat
Slide 12: Q3 2025: Growth in all product groups
Q3 2025: Growth in all product groups, Heating equipment performing especially strong Revenue by product group 7–9/2024 vs 7–9/2025 • Double-digit growth across most EUR million product groups, with Accessories and Heater Stones showing single-digit 49 growth. +0.8 • Heating equipment led the growth
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 people
Slide 14: Executing strategic focus areas in Q3 2025
Executing strategic focus areas in Q3 2025 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Strong core in technical equipment. • North America: Strong growth • Deepening co-operation with existing supported by operational agility, new and new
Slide 15: Harvia Fenix
Harvia Fenix New full-touch control-unit for volume segment • 4.3 inch full-touch screen • 3 ready-made presets: Mild, Cozy and Hot • Customizable user profiles • Smart ”ready-by” timer • Wi-Fi, over-the-air updates • Compatible with Harvia Xenio (installed base for upgrades) Partner confidential –
Slide 16: MyHarvia
MyHarvia 2 The most advanced Sauna app • Modern and intuitive user interface • User profiles and personal sauna data • Statistics: Track and learn from your sauna routines • Tips for sauna use, installation and maintenance • Over-the-air updates • Control multiple saunas from a single interface • De
Slide 17: Introducing premium sauna collection for North America
Introducing premium sauna collection for North America under ThermaSol brand ThermaSol Astra ThermaSol Fortis ThermaSol Ombra 17 November 5, 2025
Slide 18: ThermaSol Solaris
ThermaSol Solaris: Harvia Group’s solar powered sauna named as one of the best inventions in 2025 by TIME Magazine The first fully off-grid, solar-powered sauna available in the U.S., Solaris is a breakthrough in sustainable outdoor wellness. Designed for freedom and flexibility, it operates entirel
Slide 19: Sponsoring Aufguss World Championships 2025
Sponsoring Aufguss World Championships 2025 in Verona, Italy; Event sauna powered by EOS heater Copyright © 2023 Harvia Plc
Slide 20: Financials
Financials Ari Vesterinen, CFO 20 Copyright © 2025 Harvia Plc
Slide 21: Solid revenue growth across all regions, adjusted operating profit improved
Solid revenue growth across all regions, adjusted operating profit improved significantly Revenue and adjusted operating profit EUR million 60 • Year-on-year overall revenue 51.0 52 growth strong in the third quarter. 50 47.3 • APAC & MEA and North America 46.0 42.4 43.2 continued strong sales growt
Slide 22: Harvia's key figures in the review period
Harvia’s key figures in the review period EUR million 7-9/2025 7-9/2024 Change 1-9/2025 1-9/2024 Change 1-12/2024 Revenue 46.0 38.7 18.8% 145.2 124.3 16.9% 175.2 Adjusted EBITDA* 10.6 10.7 -0.2% 34.1 33.4 2.0% 44.1 % of revenue 23.1% 27.5% 23.5% 26.9% 25.2% Adjusted operating profit* 8.8 8.9 -0.7% 2
Slide 23: Operating free cash flow and cash conversion
Operating free cash flow and cash conversion affected by elevated investment level and increase of inventory levels Operating free cash flow and cash conversion* EUR million • In Q3, Harvia’s operating free cash flow was 17 170% EUR -0.6 million (3.4) and cash conversion 15.5 was -5.8% (31.7%). 15 1
Slide 24: Leverage remained well below 2.5 long-term target
Leverage remained well below 2.5 long-term target Net debt and leverage EUR million 70 • At the end of September 2025, the 61.8 62.1 company’s net debt amounted to EUR 60 57.2 57.9 3 62.1 million (61.8). Loans from credit 51.1 institutions were EUR 95.4 million 50 Long-term leverage (95.4) and lease
Slide 25: Net financial items closely aligned with cash-based net financing costs
Net financial items closely aligned with the cash-based net financing costs Net financial items EUR million 2.5 • Development of net financial items 2.21 closely mirrored the cash-based net financing costs. 2.0 • Harvia has two interest rate swap 1.52 agreements. A significant portion of 1.5 1.39 th
Slide 26: High investment level in Q3
High investment level in Q3 – upgrading facilities, machinery, and IT landscape Investments in tangible and intangible assets EUR million 6.0 • During the review period, Harvia 4.9 continued investing in its facilities, 5.0 machinery, and a common IT landscape as part of efforts to support 4.0 3.8 H
Slide 27: 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 28: Copyright © 2025 Harvia Plc
28 Copyright © 2025 Harvia Plc
Slide 29: 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 30: Appendix
Appendix 30 Copyright © 2025 Harvia Plc
Slide 31: January–September 2025: Revenue growth driven by North America and APAC & MEA
January–September 2025: Revenue growth driven by North America and APAC & MEA Revenue by sales region 1–9/2024 vs 1–9/2025 • Total revenue grew by 16.9% to EUR million EUR 145.2 million. 150 +4.2 • Revenue increased in all sales regions, (+36.0%) 145.2 but the total revenue growth was 145 +13.2 driv
Slide 32: January–September 2025: Revenue growth driven by heating equipment and steam products
January–September 2025: Revenue growth driven by heating equipment and steam products Revenue by product group 1–9/2024 vs 1–9/2025 • Growth in all product groups, revenue EUR million growth driven by heating equipment 150 and steam products. +0.8 +1.1 • The demand for heating equipment +7.6 (+12.9%
Slide 33: Harvia's shareholders
Harvia’s shareholders (30 September 2025) Distribution by segment Number of shareholders 13.1% 0.02% (0.02%) 50,000 46,011 (10.2%) 45,000 41,328 40,000 33,879 32,934 35,000 31,716 30,752 30,576 29,991 30,000 19.6% 25,000 47.7% (18.6%) (49.6%) 20,000 15,000 13,551 10,000 5,249 5,000 0 31 Dec 31 Dec 3
Slide 34: Copyright © 2025 Harvia Plc
34 Copyright © 2025 Harvia Plc