Harvia Oyj · OMXHEX:HARVIA
Harvia Oyj — Q1 2026 Earnings Presentation
29 slides from Harvia Oyj's earnings presentation, May 7, 2026
Slide 1: Q1 2026: Record revenue with strong profitability
Harvia Plc Interim report| January−March 2026 Harvia PLC Interim Report | January-June 2024 Strong Q1 2026: profitability RECORD REVENUE ―WITH STRONG Good growthPROFITABILITY outside Europe Matias Järnefelt, CEO | Ari Vesterinen, CFO Matias Järnefelt, CEO | Ari Vesterinen, CFO | 8 August 2024 7 May
Slide 2: Welcome! Agenda for today
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q1 2026 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q1 2026 2 Copyright © 2026 Harvia Plc
Slide 3: Q1 2026 highlights
Q1 2026 highlights Double-digit revenue growth with all regions contributing • Revenue increased by 12.7% to EUR 58.6 million. • All growth was organic, and revenue grew by 18.3% at comparable exchange rates. • Revenue grew across all regions, with particularly strong performance in APAC & MEA and N
Slide 4: Q1 2026 key figures
Q1 2026 key figures Revenue Adjusted operating profit Operating free cash flow 58.6 (52.0) 12.9 (11.9) 12.0 (10.2) EUR million EUR million EUR million +12.7% YoY growth 22.0% (22.9%) 80.5% (73.7%) of revenue cash conversion Growth at comparable exchange rates: 18.3% Adjusted operating profit growth:
Slide 5: Q1 2026: Growth in all sales regions
Q1 2026: Growth in all sales regions Revenue by sales region 1–3/2025 vs 1–3/2026 EUR million • Total revenue grew by 12.7% to EUR 58.6 million in Q1/2026. 60 +1.1 59 (+29.7%) 58.6 • All regions grew, with the largest +2.6 58 (+12.0%) contribution from North America and Northern Europe. 57 56 +0.9 •
Slide 6: Northern Europe: Third consecutive quarter of double-digit growth
Northern Europe: Third consecutive quarter of double-digit growth Q1 revenue in Northern Europe, 2023−2026 • Revenue increased by 16.7% to EUR 13.9 million in Q1. EUR • Strong sales performance with all markets growing. million • Signs of gradual market improvement, while growth 18 was primarily dri
Slide 7: Continental Europe: Steady progress in several markets
Continental Europe: Steady progress in several markets Q1 revenue in Continental Europe, 2023−2026 • Revenue grew by 6.0% to EUR 15.3 million in Q1. EUR • Overall, steady progress in key markets and million product groups continued. Germany and the UK 18 leading growth. +6.0% 16 • Particularly good
Slide 8: North America: Good growth continued, but currency headwinds
North America: Good growth continued, but currency headwinds impacted euro-based growth figures Q1 revenue in North America, 2023−2026 • Revenue grew by 12.0% to EUR 24.4 million, on top of a very strong comparison quarter. EUR • The weakened U.S. dollar impacted negatively reported euro- million ba
Slide 9: APAC & MEA: Strong revenue growth
APAC & MEA: Strong revenue growth Q1 revenue in APAC & MEA, 2023−2026 • Revenue increased by 29.7% to EUR 4.9 million in Q1. • Strong revenue growth driven especially by sales EUR progress in China and Japan. million 6 • Escalating geopolitical situation in Middle East had +29.7% only a limited impa
Slide 10: 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 Q1 2026 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 57% 22% 7% 6% 7% (53%) (25%) (9%) (7%) (6%) *Sauna heat
Slide 11: Q1 2026: Growth in heating equipment drove overall growth
Q1 2026: Growth in heating equipment drove overall growth Revenue by product group 1–3/2025 vs 1–3/2026 • Most of the revenue growth came EUR million from heating equipment, although 60 +0.8 most product groups contributed +0.3 -0.6 59 +5.8 (+2.0%) +0.3 (+24.0%) 58.6 positively. (-11.4%) (+21.0%) (+
Slide 12: 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 13: Executing strategic focus areas in Q1 2026
Executing strategic focus areas in Q1 2026 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Most of growth driven by heating • North America: Good performance even • Successful gross margin management equipment, Harvia’s traditional core. if w
Slide 14: New D2C webstore operational in Germany and Austria
During Q1, Harvia’s new D2C webstore became fully operational in Germany and Austria https://shop.harvia.com/en-de Copyright © 2026 Harvia Plc
Slide 15: Upgrading IT infrastructure and business processes in Muurame
Upgrading our IT infrastructure and business processes in Muurame in Q2 will give Harvia significant benefits Upgrading our IT infrastructure & business processes Transition to new system will temporarily extend supports our growth & efficiency in multiple ways lead times in Q2, with catch-up expect
Slide 16: Financials
Financials Ari Vesterinen, CFO 16 Copyright © 2026 Harvia Plc
Slide 17: All-time high revenue quarter
All-time high revenue quarter Revenue and adjusted operating profit EUR million 70 • First quarter revenue all-time 58.6 high for Harvia, following all- 60 53.7 time high revenue in the 51.0 52.0 47.3 fourth quarter of 2025. 50 46.0 43.2 • Adjusted operating profit 38.7 margin strong at 22.0%. 40 30
Slide 18: Harvia's key figures in the review period
Harvia’s key figures in the review period EUR million 1-3/2026 1-3/2025 Change 1-12/2025 Revenue 58.6 52.0 12.7% 198.9 Adjusted EBITDA* 14.9 13.8 7.6% 46.5 % of revenue 25.4% 26.6% 23.4% Adjusted operating profit* 12.9 11.9 8.1% 39.1 % of revenue 22.0% 22.9% 19.6% Basic EPS (EUR) 0.50 0.45 11.9% 1.4
Slide 19: Operating free cash flow and cash conversion
Operating free cash flow and cash conversion on a healthy, rather typical level Operating free cash flow and cash conversion* EUR million • In Q1, Harvia’s operating free cash flow was 17 170% EUR 12.0 million (10.2) and cash conversion 15.0 was 80.5% (73.7%). 15 150% 13.3 • Q1 cash flow and cash co
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 March 2026, the 61.8 62.1 company’s net debt amounted to 57.2 57.9 57.7 60 3 EUR 49.4 million (51.1). Loans 51.1 49.4 Long-term leverage from credit institutions were EUR 50 target < 2.5x 95.
Slide 21: 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 items is typically due
Slide 22: Investments into facilities, product development and IT landscape
Investments into facilities, product development and IT landscape continued Investments in tangible and intangible assets EUR million 6.0 • During Q1, Harvia continued its 5.0 4.9 investments related to, for example, its IT infrastructure, product 3.8 4.0 development, and expansion of the 4.0 Lewisb
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: 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 25: Copyright © 2026 Harvia Plc
25 Copyright © 2026 Harvia Plc
Slide 26: 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 27: Appendix
Appendix 27 Copyright © 2026 Harvia Plc
Slide 28: Harvia's shareholders (31 March 2026)
Harvia’s shareholders (31 March 2026) Distribution by segment Number of shareholders 16.1% 0.04% (0.03%) 50,000 46,011 (11.8%) 45,000 41,328 40,000 33,879 35,000 31,716 30,752 31,910 39.1% 29,991 30,576 30,425 (50.3%) 30,000 25,000 20,000 24.2% 15,000 13,551 (18.0%) 10,000 5,249 5,000 0 31 Dec 31 De
Slide 29: Copyright © 2026 Harvia Plc
29 Copyright © 2026 Harvia Plc