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1. Company Snapshot

1.a. Company Description

Harvia Oyj, through its subsidiaries, manufactures and distributes traditional, steam, and infrared saunas.The company provides sauna heaters, sauna rooms, hot tubs, control units, and steam generators; sauna heater spare parts, sauna stones, steam room elements, infrared components, sound and lighting solutions, and water hygiene products; and sauna accessories, such as sauna scents, buckets, and ladles, as well as thermometers and sauna textiles.It also offers electric and wood-burning heaters; ready-made saunas; infrared and hybrid cabins; and steam rooms and spa modules.


In addition, the company provides sauna installation, maintenance, and repair services; and engages in the real estate business.It offers its products to retailers and wholesalers through a network of dealers.The company operates in Finland, other EU countries, North America, Germany, Russia, other Scandinavia countries, and internationally.


Harvia Oyj was founded in 1950 and is headquartered in Muurame, Finland.

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1.b. Last Insights on HARVIA

Negative drivers behind Harvia Plc's recent performance include the Annual General Meeting's approval of the remuneration report for governing bodies and the revised remuneration policy for the company's governing bodies, which may lead to increased costs. Additionally, several senior managers, including Timo Harvia, Ari Vesterinen, Päivi Juolahti, Anssi Pelkonen, Markus Wörmanseder, and Mika Suoja, have made initial notifications of their share transactions, which may indicate changes in their ownership or trading activities.

1.c. Company Highlights

2. Harvia's Q4 '25 Earnings: A Strong Finish to a Robust Year

Harvia's Q4 '25 revenue increased by 5.3% to EUR 53.7 million, with a 10.2% growth at comparable exchange rates, driven by positive growth across all regions. The adjusted operating profit was EUR 10.5 million, representing 19.5% of revenue. For the full-year '25, revenue grew by 13.5% to EUR 198.9 million, with an adjusted operating profit margin of 19.6%. Earnings per share (EPS) came in at EUR 0.4016, slightly below estimates of EUR 0.4304. The company's gross margin improvement was driven by well-executed campaigns, particularly in North America.

Publication Date: Mar -08

📋 Highlights
  • Q4 Revenue Growth:: Revenue rose 5.3% to EUR 53.7M, with 10.2% growth at comparable exchange rates, driven by all regions.
  • Operating Profit Margin:: Adjusted operating profit reached EUR 10.5M (19.5% of revenue), supported by gross margin improvements, especially in North America.
  • Full-Year Performance:: 2025 revenue grew 13.5% to EUR 198.9M, maintaining an adjusted operating profit margin of 19.6%.
  • Product Category Growth:: Heating equipment drove EUR 3.4M in top-line growth with a 13% increase.
  • Financial Position:: EUR 45M cash reserves and a leverage ratio of 1.2 highlight strong liquidity and financial stability.

Regional Growth

The company delivered double-digit growth in Northern Europe, with revenue increasing by 11.6% to EUR 12.1 million, while Continental Europe grew by 5.7% to EUR 15.8 million. North America reported 2.8% growth in euro terms but achieved double-digit growth in local currencies. The APAC and Middle East and Africa regions saw modest growth. Heating equipment drove growth, with a 13% increase adding EUR 3.4 million to top-line growth.

Strategic Execution and Investments

Harvia has been executing its strategy, enhancing its portfolio with innovations like the Harvia Phoenix control panel and the Harvia Smart sauna sensor. The company also upgraded its direct-to-consumer digital touch points, including a new web store for German-speaking Continental Europe. Investments have been high, focusing on scalability and ESG-related projects. The company's strong cash position, with EUR 45 million in cash and cash equivalents, and a leverage of 1.2, supports future growth.

Valuation and Dividend

With a P/E Ratio of 25.8 and a Dividend Yield of 2.06%, Harvia's valuation suggests a premium for its growth prospects. The proposed dividend of EUR 0.77 for 2025 represents a slight increase from EUR 0.75 last year, aligning with the company's aim to pay increasing dividends. Harvia's long-term financial targets remain unchanged, with growth of at least 10% on average annually, profitability over 20% adjusted operating profit margin, and leverage under 2.5.

Outlook and Risks

The main variables with the biggest swing risks for 2026 include volume, mix, price, input costs, and foreign exchange. Harvia believes demand for sauna and wellness will remain robust, supporting growth. Analysts estimate next year's revenue growth at 10.0%. The company's ability to manage investments, maintain profitability, and execute its strategy will be crucial in achieving its targets.

3. NewsRoom

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Harvia Plc: Managers' transactions - Petri Castrén

Mar -04

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Harvia completed repurchase of own shares

Feb -23

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Harvia starts repurchasing own shares for its incentive plan

Feb -18

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Harvia Q4 2025: Growth in all sales regions continued

Feb -12

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Harvia Plc: Managers' transactions - Olli Liitola

Feb -10

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Harvia will publish its Financial Statements Bulletin 2025 on Thursday, 12 February 2026 at around 9:00 a.m. EET

Feb -05

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Proposals of Harvia Plc’s Shareholders’ Nomination Board to the Annual General Meeting 2026

Jan -30

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European Value Stock Picks For January 2026

Jan -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.92%)

6. Segments

Heating Equipment

Expected Growth: 9%

Harvia Oyj's 9% growth in Heating Equipment is driven by increasing demand for energy-efficient and eco-friendly solutions, rising adoption in wellness and spa industries, and expanding distribution channels in Europe and Asia. Additionally, growing consumer preference for sauna and bathing experiences, and investments in product innovation and digitalization are contributing to the segment's growth.

Sauna and Scandinavian Hot Tubs

Expected Growth: 7%

Harvia Oyj's Sauna and Scandinavian Hot Tubs segment growth is driven by increasing wellness trends, rising disposable incomes, and a growing demand for home spa experiences. Additionally, the company's strong brand reputation, innovative products, and expanding distribution channels contribute to its 7% growth rate.

Spare Parts and Services

Expected Growth: 6%

Harvia Oyj's Spare Parts and Services segment growth is driven by increasing demand for sauna and spa solutions, expanding global presence, and strategic partnerships. Additionally, the company's focus on digitalization and e-commerce platforms enhances customer experience, leading to higher sales and revenue growth.

Accessories and Heater Stones

Expected Growth: 5%

Harvia Oyj's Accessories and Heater Stones segment growth is driven by increasing demand for sauna and wellness experiences, rising health awareness, and growing popularity of home spas. Additionally, expanding distribution channels, product innovation, and strategic partnerships contribute to the 5% growth rate.

Steam Generators

Expected Growth: 8%

Harvia Oyj's Steam Generators segment growth is driven by increasing demand for wellness and relaxation, rising adoption of sauna and spa culture, and growing popularity of home wellness solutions. Additionally, the company's focus on innovation, quality, and customer satisfaction contributes to its market share expansion.

7. Detailed Products

Saunas

Harvia Oyj offers a wide range of sauna products, including electric and wood-heated saunas, sauna heaters, and sauna accessories.

Steam Rooms

Harvia's steam rooms offer a luxurious and relaxing experience, providing a calming atmosphere for relaxation and detoxification.

Heat Pumps

Harvia's heat pumps are designed for efficient and eco-friendly heating solutions, suitable for residential and commercial applications.

Swimming Pool Heating

Harvia's swimming pool heating solutions provide efficient and reliable heating for indoor and outdoor pools.

Components and Accessories

Harvia offers a range of components and accessories, including heaters, controls, and accessories for saunas, steam rooms, and heat pumps.

8. Harvia Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Harvia Oyj is moderate due to the availability of alternative heating solutions such as electric and gas heaters.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Harvia Oyj's products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers for raw materials and components.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the sauna and spa industry, including significant capital investments and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the sauna and spa industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.08%
Debt Cost 6.38%
Equity Weight 57.92%
Equity Cost 11.34%
WACC 9.25%
Leverage 72.65%

11. Quality Control: Harvia Oyj passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Technogym

A-Score: 6.5/10

Value: 1.5

Growth: 6.6

Quality: 7.5

Yield: 6.2

Momentum: 9.0

Volatility: 8.0

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Compagnie des Alpes

A-Score: 5.6/10

Value: 8.1

Growth: 1.1

Quality: 3.8

Yield: 6.9

Momentum: 8.0

Volatility: 5.7

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Hollywood Bowl

A-Score: 5.3/10

Value: 5.1

Growth: 7.3

Quality: 5.9

Yield: 5.0

Momentum: 1.5

Volatility: 7.0

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Sats

A-Score: 5.0/10

Value: 5.3

Growth: 5.9

Quality: 5.7

Yield: 1.2

Momentum: 8.5

Volatility: 3.7

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Harvia

A-Score: 3.5/10

Value: 1.3

Growth: 5.1

Quality: 6.6

Yield: 3.1

Momentum: 3.5

Volatility: 1.7

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Stock-Card
Profoto

A-Score: 3.5/10

Value: 6.6

Growth: 2.1

Quality: 3.8

Yield: 8.8

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

36.4$

Current Price

36.4$

Potential

-0.00%

Expected Cash-Flows