Harvia Oyj (HRVFF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and welcome to Harvia's first quarter 2025 earnings webcast. My name is Mattias Järenfelt. I'm the CEO of Harvia. And with me, I have Ari Vesterinen, our chief financial officer. Hello. As usual, we have this flow for the session today. I will start by covering the highlights of the quarter one in terms of business results and also key activities. I will also shed light on the recent developments and progress in terms of strategy implementation. After that, Ari will cover the financial performance more in detail. After that, we're again welcoming questions that you can submit via the chat box in this webcast. So let's summarize the quarter one first, starting with the top line. Revenue was 52 million euros, and that's up 22.7% from last year. Organic growth was at 14%. We were pleased to see that all of the regions contributed positively to the growth, but clearly North America had a dominant role in driving growth for Harvia Group. With these strong topline results, we also saw broad-based growth across product groups, except spare parts and services, but all the main product categories contributed very nicely to this growth. Steam products is a real standout there with strong triple digit growth, and that's because of the boost from our Thermosol acquisition that we completed in the summer of 24. Then let's move to profitability and cash flow. Adjusted operating profit was 11.9 million euros, and that's 22.9% of our revenue. And this was a result of strong operational performance across regions and functions such as supply chain operations, manufacturing, logistics, and very much also related to our pricing management. In particular in North America, which continued to grow very strongly, we had a smaller share of campaign driven sales during quart...