Core Viewpoint - Harvia Plc demonstrated solid financial performance in 2025, achieving significant revenue growth and maintaining profitability despite challenging market conditions and unfavorable exchange rates [10][18]. Financial Performance - Revenue for Q4 2025 increased by 5.3% to EUR 53.7 million, with organic growth contributing to a 10.2% increase at comparable exchange rates [5][11]. - Full-year revenue for 2025 reached EUR 198.9 million, marking a 13.5% increase compared to EUR 175.2 million in 2024, with a 16.0% increase at comparable exchange rates [5][21]. - EBITDA for Q4 2025 was EUR 12.3 million, up 18.7% from EUR 10.4 million in Q4 2024, while full-year EBITDA was EUR 45.7 million, a 7.8% increase from EUR 42.5 million [4][5]. - Operating profit for Q4 2025 was EUR 10.4 million, representing 19.3% of revenue, and for the full year, it was EUR 38.3 million, accounting for 19.3% of revenue [5][6]. - Basic EPS for 2025 was EUR 1.41, up from EUR 1.30 in 2024, reflecting a 9.1% increase [5][6]. Market Performance - In North America, revenue growth was 2.8% in Q4 2025, significantly lower than the 62.7% growth in the same quarter of the previous year, impacted by a weak U.S. dollar [12]. - Northern Europe showed a strong recovery with an 11.6% revenue increase in Q4 2025, returning to growth after two years of decline [13]. - The APAC & MEA region experienced a 25.4% revenue increase for the full year 2025, indicating strong long-term growth potential [14]. Strategic Initiatives - Harvia continued to invest in production facilities, innovation, and IT, which are crucial for long-term growth [16][17]. - The introduction of the MyHarvia Smart Sauna Sensor exemplifies the company's commitment to innovation and digital transformation [17]. - The company aims for an average annual revenue growth of 10% and an adjusted operating profit margin exceeding 20% in the long term [8]. Dividend Policy - The Board of Directors proposed a dividend of EUR 0.77 per share for 2025, an increase from EUR 0.75 in 2024, to be paid in two installments [5][9].

Core Points - Jennifer Thayer, Head of Region, North America and President of Harvia US Inc, will resign from her position to join another employer, continuing until May 30, 2025 [1] - Nick Larrick, Vice President of Operations at Harvia North America, will take over as Interim Head of Region, North America starting June 1, 2025, bringing 25 years of experience in the sauna market [2] - Harvia will begin the recruitment process for a new Head of Region, North America immediately following Thayer's departure [2] Company Overview - Harvia Plc is a leading company in the global sauna market, recognized for its revenue and comprehensive product portfolio catering to both private and professional customers [4] - In 2024, Harvia's revenue reached EUR 175.2 million, with approximately 700 employees across various countries including Finland, the United States, and Germany [5] - The company is headquartered in Muurame, Finland, near its largest manufacturing facility for saunas and sauna components [5]

Financial Performance - The Tulikivi Group's first-quarter net sales were EUR 6.0 million, a decrease of 28.6% compared to EUR 8.5 million in the same period of 2024 [1][3] - The operating profit for the first quarter was EUR -0.7 million, a decline of 319.0% from EUR 0.3 million in the previous year [1][3] - Profit before tax was EUR -0.9 million, representing a significant drop of 902.6% from EUR 0.1 million in Q1 2024 [1][3] - The equity ratio at the end of the review period was 49.4%, slightly down from 49.5% [1][3] - The order book stood at EUR 4.3 million, down from EUR 5.4 million [1] Market and Strategic Developments - The company is experiencing low net sales due to the seasonal nature of the fireplace sector and economic uncertainty, which has led consumers to postpone renovation and construction projects [4] - The order flow increased moderately during the quarter, reaching EUR 7.8 million, compared to EUR 7.6 million in the previous year [4] - Strategic projects are underway to grow market share in the Central European fireplace market and to advance the Suomussalmi talc project to the investment stage [5] - The expansion of the sales and distribution network for the new compact Jero collection in Central Europe is ongoing, with a goal to increase dealer sales offices by 50% by the end of 2026 [6] Product Developments - The sauna business launched a new collection of electric sauna heaters, the Kevo collection, which was introduced at the Interbad trade fair in October 2024 [7] - The company is focusing on the environmental permit process for the Suomussalmi talc project, with the application submitted to the Regional Office of Northern Finland on 9 May 2025 [8]

Core Viewpoint - Harvia Plc reported strong profitability and growth across all regions in Q1 2025, with significant contributions from North America and the successful integration of the ThermaSol acquisition [1][8][9]. Financial Performance - Revenue increased by 22.7% to EUR 52.0 million compared to EUR 42.4 million in Q1 2024, with organic revenue growth at 14.1% [3][5]. - EBITDA rose by 20.5% to EUR 13.8 million, representing 26.5% of revenue [3][5]. - Operating profit reached EUR 11.9 million, accounting for 22.9% of revenue, an increase of 20.8% year-on-year [3][5]. - Basic EPS improved to EUR 0.45 from EUR 0.40, marking an 11.9% increase [3][5]. - Operating free cash flow was EUR 10.2 million, with a cash conversion rate of 73.7% [3][5]. Regional Performance - North America contributed over 80% of total revenue growth, with strong market demand during the high-demand winter season [9][10]. - The APAC & MEA region experienced growth but had lower revenue due to fluctuations from large individual deliveries [11]. - European market conditions remained challenging, particularly in Northern Europe, with slow recovery in Finland [12]. Strategic Initiatives - The company is focused on long-term growth targets, aiming for an average annual revenue growth of 10% and an adjusted operating profit margin exceeding 20% [6]. - Harvia continues to invest in innovation, brand building, and digital sales channels to support future growth [14]. - The integration of ThermaSol is progressing well, contributing positively to sales and cost synergies [10][14]. Market Outlook - Global interest in saunas is rising, presenting both organic and inorganic growth opportunities for Harvia [15]. - The company is well-positioned to navigate challenges posed by global economic conditions and tariffs, with a significant portion of products manufactured locally in the U.S. [16]. Company Overview - Harvia is a leading player in the global sauna market, employing approximately 700 professionals across multiple countries [19][20]. - The company is headquartered in Muurame, Finland, adjacent to its largest manufacturing facility [20].