Harvia's Interim Report 1 January 30 September 2026

(MENAFN- GlobeNewsWire - Nasdaq) Harvia Plc, Interim report 29 October 2026 at 9:00 a.m. EET

Harvia Q3 2026: Strong revenue growth in all sales regions

This release is a summary of Harvia Plc's Interim Report January–September 2026. The complete report is attached to this release as a pdf file. It is also available on Harvia's website at .

Highlights of the review period

July–September 2026:

• Revenue grew by 17.0% to EUR 53.9 million (46.0). At comparable exchange rates, revenue increased by 16.2% to EUR 53.5 million. All revenue growth was organic.
• Operating profit reached EUR 9.4 million (8.7), making up 17.5% (18.9%) of the revenue. During the quarter, Harvia made an accounting adjustment to the timing of revenue recognition for certain sales and related costs in North America. The adjustment reduced third-quarter revenue by EUR 0.7 million and both operating profit and adjusted operating profit by EUR 0.8 million.
• Adjusted operating profit was EUR 9.5 million (8.8), making up 17.7% (19.1%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 9.4 million (17.5% of the revenue).
• Operating free cash flow amounted to EUR -0.1 million (-0.6) and cash conversion was -1.2% (-5.8%). The negative cash flow reflects the seasonality of Harvia's business as during the summer months, demand is slightly lower and net working capital is deliberately increased ahead of high-demand winter season.

January–September 2026:

• Revenue grew by 13.8% to EUR 165.2 million (145.2). At comparable exchange rates, revenue increased by 15.9% to EUR 168.3 million. All revenue growth was organic.
• Operating profit reached EUR 30.7 million (27.9), making up 18.6% (19.2%) of the revenue.
• Adjusted operating profit was EUR 31.0 million (28.6), making up 18.7% (19.7%) of the revenue. At comparable exchange rates, the adjusted operating profit was EUR 31.7 million (18.9% of the revenue).
• Operating free cash flow amounted to EUR 14.9 million (13.2), and cash conversion was 40.1% (38.6%).
• Net debt amounted to EUR 60.8 million (62.1), and leverage, calculated as net debt divided by last 12 months' adjusted EBITDA, was 1.2 (1.4).
• Equity ratio was 49.1% (45.4%).
• Earnings per share were EUR 1.16 (1.01).

Key figures

EUR million	7-9/ 2026	7-9/ 2025	Change %	1-9/ 2026	1-9/ 2025	Change %	1-12/ 2025
Revenue	53.9	46.0	17.0%	165.2	145.2	13.8%	198.9
EBITDA	11.7	10.5	10.7%	36.9	33.4	10.5%	45.7
% of revenue	21.7%	22.9%		22.3%	23.0%		23.0%
Items affecting comparability *	0.1	0.1	-25.4%	0.3	0.7	-54.6%	0.8
Adjusted EBITDA **	11.7	10.6	10.4%	37.2	34.1	9.2%	46.5
% of revenue	21.8%	23.1%		22.5%	23.5%		23.4%
Operating profit	9.4	8.7	8.2%	30.7	27.9	9.7%	38.3
% of revenue	17.5%	18.9%		18.6%	19.2%		19.3%
Adjusted operating profit **	9.5	8.8	7.9%	31.0	28.6	8.3%	39.1
% of revenue	17.7%	19.1%		18.7%	19.7%		19.6%
Basic EPS (EUR)	0.37	0.33	12.7%	1.16	1.01	15.2%	1.41
Operating free cash flow	-0.1	-0.6	-76.8%	14.9	13.2	13.4%	26.5
Cash conversion	-1.2%	-5.8%		40.1%	38.6%		57.0%
Investments in tangible and intangible assets	-2.7	-4.9	-45.9%	-7.9	-10.7	-26.0%	-14.8
Net debt	60.8	62.1	-2.2%	60.8	62.1	-2.2%	57.7
Leverage	1.2	1.4		1.2	1.4		1.2
Net working capital	56.7	53.6	5.8%	56.7	53.6	5.8%	47.9
Adjusted return on capital employed (ROCE)	39.9%	40.8%		39.9%	40.8%		41.3%
Equity ratio	49.1%	45.4%		49.1%	45.4%		48.3%
Number of employees at end of period	816	728	12.1%	816	728	12.1%	735

* Consists of items outside the ordinary course of business, relating to the Group's strategic development projects, acquisitions, business divestments, restructuring and loss on sale of fixed assets, and affecting comparability.

** Adjusted by items affecting comparability.

Financial targets and outlook

The company has set long-term targets related to growth, profitability and leverage. Harvia targets an average annual revenue growth of 10%, an adjusted operating profit margin exceeding 20%, and a net debt/adjusted EBITDA below 2.5x. The future impacts of changes in IFRS accounting standards have been excluded from the net debt/adjusted EBITDA ratio target.

Harvia does not publish a short-term outlook.

Harvia's dividend policy is to pay a regularly increasing dividend with a bi-annual payout.

Matias Järnefelt, CEO:

Harvia's revenue grew strongly in all our sales regions in the third quarter, increasing by 17.0% to EUR 53.9 million. All growth was organic, and at comparable exchange rates revenue grew by 16.2%. Harvia's revenue growth was supported by approximately EUR 4 million of deliveries postponed from the second quarter. The postponement was due to a major IT and business process upgrade at our main heater factory and headquarters in Muurame, Finland. Our delivery capability returned to normal during the third quarter. In North America, we made an accounting adjustment to the timing of revenue recognition for certain sales and related costs. The adjustment reduced the third-quarter revenue by EUR 0.7 million and adjusted operating profit by EUR 0.8 million.

Demand in the North American sauna market remained strong. Our reported revenue in the region grew by 18.1% in the third quarter, following an excellent 38.6% growth in the second quarter. The growth was broad-based: our sales developed well across products and in all our key channels. As in the previous quarters, revenue growth was fastest in sauna cabins and heaters and slower in steam products, where also market demand has been softer. Excluding the accounting adjustment, revenue in North America grew by 22.5%.

In Europe, market conditions continued to improve. Revenue in Northern Europe grew by 23.5% and in Continental Europe by 12.1%. As in several previous quarters, we made good progress across our European key markets, including Sweden, the Baltic countries, Germany, and the United Kingdom. The growth was driven especially by heating equipment sales to the residential sector, and it was further supported by the deliveries postponed from the second quarter. As our Muurame factory in Finland mainly produces sauna heaters, the postponed deliveries strongly increased the Group's heating equipment revenue.

Revenue in the APAC & MEA region grew by 12.3%, driven by double-digit growth in our strategically important markets such as China, Japan, and Australia. However, the ongoing conflicts in the Middle East continued to directly affect our business in the area. They weighed on market sentiment also more broadly across the region. Our continued strong growth, in APAC & MEA and globally, suggests that the sauna market is only partly tied to the high geopolitical and economic uncertainty and is driven more by growing awareness of and interest in sauna and its health and wellbeing benefits.

Our adjusted operating profit in the third quarter amounted to EUR 9.5 million. The adjusted operating profit margin was 17.7%, compared with 19.1% in the comparison period. Harvia's operating profit was negatively impacted by personnel costs and other operating expenses growing faster than revenue, as well as the EUR 0.8 million adjustment in North America. Our gross margin remained healthy, despite some inflation pressures especially in transportation. The increase in costs reflects targeted investments in marketing, portfolio management, and our strategic focus areas. During the quarter, we completed the development of several new products, many of which will be launched in the fourth quarter. These investments are important for our future growth and for our ability to shape the global sauna market.

Our delivery capability returned back to normal after the second-quarter IT and business process upgrade at Muurame. The expansion of our factory in Lewisburg, West Virginia, was nearly complete at the end of the quarter. It will be finalized in the fourth quarter, increasing our capacity to serve the growing North American market. We continue to develop our common IT and process platform, which will help us to unlock global synergies and increase transparency and automation across the business. I want to thank Team Harvia and our partners for their hard work and successful efforts.

Overall, Harvia is well on track to strengthen its position as the global sauna market leader. Despite the continued global geopolitical and macroeconomic uncertainty, the long-term outlook for the sauna market remains favorable, and we are well positioned to capture both organic and inorganic growth opportunities.

Press conference on financial results

Harvia will hold a webcast for analysts, investors and media on 29 October 2026 at 11:00 a.m. EET. The webcast will be held in English. Harvia's CEO Matias Järnefelt and CFO Ari Vesterinen will host the event. The webcast can be followed at .

A recording of the webcast will be available after the event on the company's website reports-and-presentations/.

For more information, please contact:

Matias Järnefelt, CEO, tel. +358 40 5056 080
Ari Vesterinen, CFO, tel. +358 40 5050 440

Harvia is one of the leading companies operating in the sauna market globally, as measured by revenue. Harvia's brands and product portfolio are well known in the market, and the company's comprehensive product portfolio strives to meet the needs of the international sauna market of both private and professional customers.

Harvia's revenue totaled EUR 198.9 million in 2025. Harvia Group employs approximately 800 professionals in Finland, United States, Germany, Romania, China and Hong Kong, Austria, Italy and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.

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