Slide 1: Q4 2025: Strong profitability
Harvia Plc Financial statements bulletin | January−December 2025 Harvia PLC Interim Report | January-June 2024 Strong Q4 2025: profitability GROWTH IN ALL ―SALES GoodREGIONS CONTINUED growth outside Europe Matias Järnefelt, CEO | Ari Vesterinen, CFO Matias Järnefelt, CEO | Ari Vesterinen, CFO | 8 Au
Slide 2: Welcome! Agenda for today
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q4 2025 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q4 2025 and full year 2025 2 Copyright © 2026 Harvia Plc
Slide 3: Q4 2025 highlights
Q4 2025 highlights Revenue growth in all sales regions – fully organic • Revenue increased by 5.3% to EUR 53.7 million and grew in all regions. All growth was organic, and at comparable exchange rates, revenue grew by 10.2%. • Growth in North America was slowed down by weakening of the U.S. dollar,
Slide 4: Q4 2025 key figures
Q4 2025 key figures Revenue Adjusted operating profit Operating free cash flow 53.7 (51.0) 10.5 (8.7) 13.3 (15.0) EUR million EUR million EUR million +5.3% YoY growth 19.5% (17.1%) 107.1% (140.4%) of revenue cash conversion Growth at comparable exchange rates: 10.2% Adjusted operating profit growth:
Slide 5: January–December 2025 key figures
January–December 2025 key figures Revenue Adjusted operating profit Operating free cash flow 198.9 (175.2) 39.1 (37.1) 26.5 (35.0) EUR million EUR million EUR million +13.5% YoY growth 19.6% (21.2%) 57.0% (79.4%) of revenue cash conversion Organic revenue growth at comparable exchange rates: 14.4% A
Slide 6: Q4 2025: Growth in all sales regions
Q4 2025: Growth in all sales regions Revenue by sales region 10–12/2024 vs 10–12/2025 EUR million • Total revenue grew by 5.3% to EUR 53.7 million in Q4/2025. 55 • All regions grew with the largest 55 contribution to growth from Northern +0.0 54 +0.6 Europe and Continental Europe. (+0.9%) 53.7 (+2.8
Slide 7: Northern Europe: Strong sales performance
Northern Europe: Strong sales performance Q4 revenue in Northern Europe, 2022−2025 • Revenue increased by 11.6% to EUR 12.1 million in Q4. EUR • Strong sales performance in several markets, also some million positive signs in market conditions. 18 • On a full-year level, Northern Europe returned to
Slide 8: Continental Europe: Growth continued in several markets and product groups
Continental Europe: Growth continued in several markets and product groups Q4 revenue in Continental Europe, 2022−2025 • Revenue grew by 5.7% to EUR 15.8 million in Q4. • Growth driven by several key markets and product groups EUR million as well as gradually improving market conditions. 18 +5.7% •
Slide 9: North America: Growth slowed down by exchange rates and strong comparison period
North America: Growth slowed down by exchange rates and strong comparison period Q4 revenue in North America, 2022−2025 • Revenue grew by 2.8% to EUR 20.7 million in Q4. • Growth continued but was slowed down by the weak U.S. EUR dollar and a strong comparison period. million • Growth was particular
Slide 10: APAC & MEA: Small revenue growth especially due to delivery timings
APAC & MEA: Small revenue growth especially due to delivery timings Q4 revenue in APAC & MEA, 2022−2025 • Revenue increased by 0.9% to EUR 5.1 million in Q4. • Reported growth impacted negatively by timing of EUR large deliveries and strong comparison period. million • On a full-year level, revenue
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 Q4 2025 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 54% 24% 9% 7% 7% (51%) (27%) (9%) (7%) (6%) *Sauna heat
Slide 12: Q4 2025: Heating equipment driving overall growth
Q4 2025: Heating equipment driving overall growth Revenue by product group 10–12/2024 vs 10–12/2025 • Growth in heating equipment, EUR million accessories and heater stones, and 55 spare parts and services. +3.4 -0.6 55 (+13.0%) • Heating equipment drove overall (-4.3%) -0.6 +0.3 revenue growth, inc
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 people
Slide 14: Executing strategic focus areas in Q4 2025
Executing strategic focus areas in Q4 2025 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Strong performance especially in • North America: Largest growth engine • Development of new direct-to- heating equipment, Harvia’s traditional with st
Slide 15: Example of Harvia’s digital innovation: MyHarvia Smart Sauna Sensor
Example of Harvia’s digital innovation: MyHarvia Smart Sauna Sensor • MyHarvia Smart Sauna Sensor is an example of Harvia’s leading digital innovation: A device that turns any sauna into a smart sauna – even a woodburning one. • The sensor monitors temperature, humidity, and sauna usage. It even est
Slide 16: Financials
Financials Ari Vesterinen, CFO 16 Copyright © 2026 Harvia Plc
Slide 17: All-time high revenue during Q4
All-time high revenue during Q4 Revenue and adjusted operating profit EUR million 60 • Fourth quarter revenue all-time 53.7 51.0 52.0 highest for Harvia, strong growth 50 47.3 throughout the year. 46.0 42.4 43.2 • Adjusted operating profit margin 40 38.7 slightly under 20% during the fourth quarter
Slide 18: Harvia’s key figures in the review period
Harvia’s key figures in the review period EUR million 10-12/2025 10-12/2024 Change 1-12/2025 1-12/2024 Change Revenue 53.7 51.0 5.3% 198.9 175.2 13.5% Adjusted EBITDA* 12.4 10.7 16.5% 46.5 44.1 5.6% % of revenue 23.2% 21.0% 23.4% 25.1% Adjusted operating profit* 10.5 8.7 20.1% 39.1 37.1 5.3% % of re
Slide 19: Operating free cash flow and cash conversion supported by decreasing inventories
Operating free cash flow and cash conversion supported by decreasing inventories even with high investment level Operating free cash flow and cash conversion* EUR million • In Q4, Harvia’s operating free cash flow was 17 170% EUR 13.3 million (15.0) and cash conversion 15.0 was 107.1% (140.4%). 15 1
Slide 20: Leverage remained well below the 2.5 long-term target
Leverage remained well below the 2.5 long-term target Net debt and leverage EUR million 70 • At the end of December 2025, the 61.8 62.1 company’s net debt amounted to EUR 60 57.2 57.9 57.7 3 57.7 million (57.2). Loans from credit 51.1 institutions were EUR 95.4 million 50 Long-term leverage (95.4) a
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 typical 2.21 historical level. 2.0 • Harvia has two interest rate swap agreements. A significant portion of 1.52 the fluctuation in net financial items is 1.5 1.39 typically due to c
Slide 22: High investment level in Q4 – continuing investments into facilities, product development and IT
High investment level in Q4 – continuing investments into facilities, product development and IT landscape Investments in tangible and intangible assets EUR million 6.0 • During Q4, Harvia continued its 4.9 investments related to, for example, 5.0 its IT landscape, product 4.0 development, a state-o
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: Dividend proposal
Dividend proposal • Harvia’s Board of Directors proposes to the Annual General Meeting that the company distributes a dividend of EUR 0.77 (0.75) per share, EUR 14,394,561.72 in total, for the financial period ended 31 December 2025. • The Board of Directors proposes the dividend to be paid in two i
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: January–December 2025: Revenue increased in all regions with North America as the largest growth driver
January–December 2025: Revenue increased in all regions with North America as the largest growth driver Revenue by sales region 1–12/2024 vs 1–12/2025 • Total revenue grew by 13.5% to EUR million EUR 198.9 million. 205 +4.3 • Revenue increased in all sales regions, 200 (+25.4%) 198.9 but total reven
Slide 29: January–December 2025: Growth in all product groups
January–December 2025: Growth in all product groups Revenue by product group 1–12/2024 vs 1–12/2025 • Growth in all product groups, revenue EUR million growth driven by heating equipment 205 and steam products. +1.0 +1.4 • Revenue from heating equipment grew 200 +6.6 198.9 (+8.3%) (+12.3%) in all sa
Slide 30: Harvia’s shareholders (31 December 2025)
Harvia’s shareholders (31 December 2025) Distribution by segment Number of shareholders 13.5% 0.02% (0.08%) 50,000 46,011 (11.4%) 45,000 41,328 40,000 33,879 35,000 31,716 30,752 30,576 29,991 30,425 30,000 20.2% 47.0% 25,000 (18.2%) (49.7%) 20,000 15,000 13,551 10,000 5,249 5,000 0 31 Dec 31 Dec 31
Slide 31: Copyright © 2026 Harvia Plc
31 Copyright © 2026 Harvia Plc