Harvia Oyj · OMXHEX:HARVIA
Harvia Oyj — Q1 2025 Earnings Presentation
30 slides from Harvia Oyj's earnings presentation, May 7, 2025
Slide 1: Harvia Plc Interim report | January−March 2025
Harvia Plc Interim report | January−March 2025 Harvia PLC Interim Report | January-June 2024 STRONG StrongPROFITABILITY profitability ― − GROWTH Good IN outside growth ALL REGIONS Europe Matias Järnefelt, Matias Järnefelt, CEO | AriCEO | Ari Vesterinen, Vesterinen, CFO 2024 CFO | 8 August 7 May 2025
Slide 2: Welcome! Agenda for today
Welcome! Agenda for today Matias Järnefelt, CEO • Highlights of Q1/2025 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q1/2025 2 Copyright © 2025 Harvia Plc
Slide 3: Q1 2025 highlights
Q1 2025 highlights Growth in all regions • Revenue up 22.7% to EUR 52.0 million. Organic growth at 14.1%. • Strongest momentum in North America while all regions contributed to growth. • All product groups grew except spare parts and services. • Steam product sales boosted by the ThermaSol acquisiti
Slide 4: Q1 2025 key figures
Q1 2025 key figures Revenue Adjusted operating profit Operating free cash flow 52.0 (42.4) 11.9 (10.1) 10.2 (11.1) EUR million EUR million EUR million +22.7% YoY growth 22.9% (23.8%) 73.7% (95.0%) of net sales cash conversion Organic revenue growth: 14.1% Growth at comparable exchange rates: 21.4% A
Slide 5: Q1 2025: Growth in all regions
Q1 2025: Growth in all regions Revenue by sales region 1–3/2024 vs 1–3/2025 EUR million • Total revenue grew by 22.7% to EUR 52.0 million in Q1/2025. This is a 54 +0.5 new record for Harvia’s quarterly +8.1 (+13.7%) 52.0 revenue. 52 (+58.8%) • Revenue increased in all sales regions, 50 but the total
Slide 6: Northern Europe: Slight growth achieved despite subdued market conditions
Northern Europe: Slight growth achieved despite subdued market conditions Q1 revenue in Northern Europe, 2022−2025 • Revenue increased by 1.6% to EUR 11.9 million in Q1. EUR • Market in Finland has remained challenging due to million weakness in consumer confidence, construction and property market.
Slide 7: Continental Europe: Gradual positive development continued
Continental Europe: Gradual positive development continued Q1 revenue in Continental Europe, 2022−2025 • Revenue grew by 6.5% to EUR 14.5 million in Q1. • Gradual sales recovery continued since late 2023. EUR million • Despite the positive development, Continental Europe still 22 clearly below 2022
Slide 8: North America: Strong organic and inorganic growth during the high-demand winter season
North America: Strong organic and inorganic growth during the high-demand winter season Q4 revenue in North America, 2022−2025 • Revenue grew by 58.8% to EUR 21.8 million in Q1. • Strong market demand continued as the high-demand EUR winter season progressed. Sales driven less by promotions million
Slide 9: APAC & MEA: Continuing growth and work to secure future performance
APAC & MEA: Continuing growth and work to secure future performance Q4 revenue in APAC & MEA, 2022−2025 • Revenue grew by 13.7% to EUR 3.8 million in Q1. • Revenue growth slower than in Q4/2024 due to fluctuations EUR from individual large deliveries and project sales in our million smallest region.
Slide 10: Harvia offers products and solutions for all sauna types and cultures
Harvia offers products and solutions for all sauna types and cultures, for both private and professional customers Traditional sauna Infrared Steam 10 Copyright © 2025 Harvia Plc
Slide 11: Heating equipment continues as the largest product group
Heating equipment continues as the largest product group, share of Steam products boosted by ThermaSol acquisition Share of Group’s total revenue in Q1 2025 Heating Saunas and Steam Accessories and Spare parts and equipment* Scandinavian hot tubs products** heater stones services 53% 25% 9% 7% 6% (5
Slide 12: Q1 2025: Growth in all product categories except spare parts and services
Q1 2025: Growth in all product categories except spare parts and services Revenue by product group 1–3/2024 vs 1–3/2025 • Strong overall revenue development EUR million was supported by broad-based growth 54 +0.5 -0.1 across product groups during Q1. +3.8 (+16.8%) (-4.1%) 52.0 • The high growth in s
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 Q1 2025
Executing strategic focus areas in Q1 2025 Delivering Winning Leading the full sauna experience in strategically important markets in key channels • Nordic/traditional saunas: Strong • North America: Strong performance • Overall, strong performance in the growth continued in both equipment across pr
Slide 15: Harvia has lately introduced several new exciting products
Harvia has lately introduced several new exciting products with good response and traction in the market Kirami Tile – world’s first Woodburning version of Harvia Fenix full-touch BlackWater Cube Sauna by solar-powered outdoor Cilindro heater control panel Almost Heaven Saunas electric sauna Company
Slide 16: Financials
Financials Ari Vesterinen, CFO 16 Copyright © 2025 Harvia Plc
Slide 17: Second consecutive all-time high sales quarter with strong profitability
Second consecutive all-time high sales quarter with strong profitability Revenue and adjusted operating profit EUR million 60 • Harvia’s sales reached the second 51.0 52.0 consecutive all-time high quarter 50 in Q1. 42.4 43.2 • After weaker Q4, Harvia’s adjusted 40 39.4 38.7 operating profit was aga
Slide 18: Harvia's key figures in the review period
Harvia’s key figures in the review period EUR million 1-3/2025 1-3/2024 Change 1-12/2024 Revenue 52.0 42.4 22.7% 175.2 Adjusted EBITDA* 13.8 11.7 18.2% 44.1 % of revenue 26.6% 27.6% 25.2% Adjusted operating profit* 11.9 10.1 18.1% 37.1 % of revenue 22.9% 23.8% 21.2% Basic EPS (EUR) 0.45 0.40 11.9% 1
Slide 19: Good operating free cash flow and cash conversion in Q1
Good operating free cash flow and cash conversion in Q1 Operating free cash flow and cash conversion* EUR million 16 15.5 160% • In the review period, Harvia’s operating free 15 cash flow was EUR 10.2 million (11.1) and 14 140% cash conversion was 73.7% (95.0%). 12 11.1 120% • Cash conversion was at
Slide 20: Continuing decline in net debt after Q3 increase due to the ThermaSol acquisition
Continuing decline in net debt after Q3 increase due to the ThermaSol acquisition Net debt and leverage EUR million 70 • At the end of March 2025, the 61.8 company’s net debt amounted to EUR 60 57.2 3 51.1 million (26.5). Loans from credit 51.1 institutions were EUR 95.4 million 50 (75.4) and lease
Slide 21: Net financial items increased due to ThermaSol acquisition and exchange rate changes
Net financial items increased due to ThermaSol acquisition and exchange rate changes Net financial items EUR million 2.0 • The rise in financial expenses in Q1 is attributable to the ThermaSol 1.8 acquisition in Q3/2024 and exchange 1.6 1.52 rate losses resulting from recent USD 1.4 1.39 fluctuation
Slide 22: Several investments during Q1 to support long-term success
Several investments during Q1 to support long-term success Investments in tangible and intangible assets EUR million 2.5 • During the review period, Harvia 2.2 made several investments in its 2.0 production facilities and equipment as 2.0 well as IT systems. 1.8 1.6 • In the next 2 years, investment
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
Distribution of dividend • The Annual General Meeting held on 8 April 2025 approved the Board of Directors’ proposal that EUR 0.75 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 installments. • The
Slide 25: 2025 marks the 75th anniversary for Harvia
2025 marks the 75th anniversary for Harvia Throughout the year, Harvia will host events and activities, including webinars, podcasts, and open house events, to share its expertise and express gratitude to its global community. Follow Harvia’s 75th anniversary events and activities at harvia.com/en/h
Slide 26: Copyright © 2025 Harvia Plc
26 Copyright © 2025 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 © 2025 Harvia Plc
Slide 29: Harvia's shareholders (31 March 2025)
Harvia’s shareholders (31 March 2025) Distribution by segment Number of shareholders 11.8% 0.03% (0.03%) (11.6%) 50,000 46,011 45,000 41,328 40,000 37,830 33,879 34,808 35,000 32,934 31,716 30,752 18.0% 30,000 (16.2%) 25,000 50.3% 20,000 (44.1%) 15,000 13,551 10,000 5,249 5,000 0 19.9% 31 Dec 31 Dec
Slide 30: Copyright © 2025 Harvia Plc
30 Copyright © 2025 Harvia Plc