Translation: Original published in Finnish on 8/4/2026 at 8:03 am EEST.

Source: Inderes & Modular Finance, 7 analysts (consensus)

Harvia will publish its Q2 report on Thursday, August 6, at 9 am EEST. The company's earnings release can be followed here at 11:00 am EEST. We expect the company's revenue to grow moderately and its earnings to decline from the comparison period due to temporary delivery delays caused by IT and process upgrades at the Muurame factory. However, we consider these weaknesses to be short-lived and expect the company's long-term outlook to remain strong.

Upgrades at Muurame factory will delay deliveries until Q3

We expect Harvia's Q2 revenue to grow by 6% to 50 MEUR (Q2'25 47 MEUR). Growth is being hampered by IT and process upgrades at the Muurame headquarters and factory, which have temporarily extended delivery times. As a result, we estimate that deliveries totaling around 5 MEUR will shift from Q2 to Q3, corresponding to the upper end of the company's projected range of 3–5 MEUR. Without this shift, growth would naturally be significantly stronger. According to the company, the effects will affect all geographical areas, but we estimate the impact will be relatively largest in Northern Europe because Muurame is primarily a sauna heater factory and Northern Europe is a key sauna heater market for the company. In the APAC & MEA region, the comparison figure is relatively high. Thus, we expect the group's Q2 growth to come mainly from North America, where we estimate growth of around 20%.

Profitability drops to unusually low levels due to temporary factors

We expect adjusted EBIT to decrease to 7.3 MEUR (Q2’25: 8.2 MEUR), which corresponds to an uncharacteristically weak EBIT margin of just under 15% for Harvia. This decrease in profitability is due to part of the gross margin shifting to Q3, along with revenue, even though production personnel costs remain relatively normal in Q2 despite the production break. In addition, we have included approximately 0.5 MEUR in additional expenses related to the upgrade project in our Q2 forecast, which we expect will be reflected in normal operating expenses. Since the comparison period was also weak, we believe the company will be able to grow its revenue despite the production stoppage, though earnings are likely to remain at the level of the comparison period.

Focus on returning to normalcy in Muurame and the US market

In line with its tradition, Harvia does not provide short-term guidance. In the report, we will pay attention to the effects of the production stoppage on both Q2 and the full year. The company has so far estimated that it will not experience a full-year revenue decline, but the situation is weighing on earnings as Q2 revenue is not keeping pace with expenses.

Furthermore, we will monitor comments on the US market situation and the development of demand for steam and infrared products in the report, as these will be key growth drivers for the company in the future. Harvia's balance sheet is very strong (net debt/adj. EBITDA of 1.0x at the end of Q1'26), which gives the company excellent capabilities to continue its strategy-driven growth, including through complementary acquisitions.