Harvia (HARVIA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 11.7% year-over-year to EUR 52.8 million, driven by strong North American performance; H1 2026 revenue up 12.2% to EUR 111.4 million.

• Growth and profitability were temporarily impacted by a major IT and process project, postponing about EUR 4 million in deliveries, mostly shifting to Q3.

• Strategic investments advanced in capacity, IT, R&D, and product innovation, including research collaborations.

• Profitability was affected by a shift in product mix toward lower-margin sauna cabins.

• Net income for H1 2026 was EUR 14.9 million, with EPS at EUR 0.80, up 16.5% year-over-year.

Financial highlights

• Q2 adjusted operating profit was EUR 8.6 million (16.2% margin); H1 adjusted operating profit was EUR 21.4 million (19.3% margin).

• Q2 EBITDA was EUR 10.4 million (19.8% margin); H1 EBITDA was EUR 25.2 million (22.7% margin).

• Operating free cash flow in Q2 was EUR 3.1 million; H1 free cash flow was EUR 15.1 million (59.2% cash conversion).

• Equity ratio improved to 47.4%; net debt at end of June was EUR 57.2 million; leverage at 1.2x.

• Basic EPS for Q2 was EUR 0.30, up 25.9% year-over-year.

Outlook and guidance

• Majority of EUR 4 million in postponed Q2 deliveries expected to be realized in Q3, with full operational capacity anticipated after IT upgrades.

• No short-term outlook published; long-term targets: >10% annual revenue growth, >20% adjusted operating profit margin, leverage <2.5x.

• Management remains positive on long-term sauna market growth, despite macroeconomic and geopolitical uncertainties.

• Gulf region conflict may reduce annual revenue by about EUR 2 million (1% impact).