companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_1TiJKa
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_1TiJKa on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        companies {
          name
          id
        }
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      researchId
      researchTitle
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

slug

feedContent

Harvia

Harvia Plc, Webcast, Q1'26

Decisions of the Organisational Meeting of Harvia Plc’s Board of Directors on 15 April 2026

Resolutions of Harvia Plc’s Annual General Meeting on 15 April 2026

Harvia: Still against strong comparables in Q1

The Board of Directors of Harvia Plc have decided on a new performance period for the Long-term Performance Share Plan for the key employees

Harvia Plc: Managers' transactions - Anssi Pelkonen

Harvia Plc: Managers' transactions - Markus Wörmanseder

Harvia Plc: Managers' transactions - Mika Suoja

Harvia Plc: Managers' transactions - Timo Harvia

Harvia Plc: Managers' transactions - David Ahonen

Harvia Plc: Managers' transactions - Ari Vesterinen

Harvia Plc: Managers' transactions - Matias Järnefelt

Harvia Plc: Managers' transactions - Päivi Juolahti

TRANSFER OF HARVIA’S OWN SHARES AS REWARDS UNDER INCENTIVE PROGRAM

Notice to the Annual General Meeting of Harvia Plc

Harvia Plc’s annual reporting package 2025 published

Harvia Plc: Managers' transactions - Petri Castrén

Harvia Q4’25: Hot expectations

Harvia completed repurchase of own shares

Harvia Oyj: Acquisition of own shares on February 20, 2026

Harvia Oyj: Acquisition of own shares on February 19, 2026

Harvia starts repurchasing own shares for its incentive plan

Modelportefølje: Vi vender tilbage til saunaen

Harvia Q4'25: Valuation cooled, but growth outlook remains hot

Harvia Plc, Webcast, Q4'25

Analyst

Rauli Juva

NASDAQ Helsinki

Harvia is a manufacturer of sauna systems. The product range consists of complete solutions that include ready-made sauna and spa systems, as well as electric sauna heaters, wood-burning sauna stoves and related furnishings. In addition, the company manufactures infrared sauna systems. Operations are held on a global level, where the company's products are found through partners. The company was founded in 1950 and has its headquarters in Muurame.

Greetings to the Harvia forum (Haarumi), today I visited Harvia’s AGM and thought I’d write a short review of what we took away from the meeting. Right off the bat, I’ll say these are my own interpretations based on what I heard and my own train of thought. My thoughts don’t always run the same way as others, so it’s good to take this with a grain of salt. The information value is again questionable, but I thought I’d share if anyone is interested  The event was the first AGM of my life, so I had many questions beforehand, such as how much “real dividend” (catering) was on offer at the AGM and whether I’d get an amount of sauna stones corresponding to my share ownership as a souvenir. (The real dividends were good, I didn’t find any sauna stones). I was accompanied by The Compounding Tortoise, originally from Belgium, who produces investment content professionally and traveled to Helsinki specifically for the AGM. He has followed and owned Harvia for several years and has produced content about the company. Before the start of the AGM, we got to talk with CEO Järnefelt. I have no prior experience communicating with CEOs, but I must say that Matias’s enthusiasm and authenticity shine through him. He left a really positive impression on me, emphasizing that the communication felt genuine and wasn’t some pre-rehearsed CEO jargon. The CEO’s presentation contained much of the familiar information we’ve heard before, and the main focus was, of course, on the past year. However, let me highlight a few of my own notes:  Harvia gets recurring revenue from accessories. The current international business model also enables Harvia to optimize production chains and respond better to global events and uncertainty factors. During the year 2025 [sic], there were both tailwinds and headwinds. The company gained tailwinds from increased sauna awareness and enthusiasm for health. Here, the CEO often mentioned the importance of social media. Steel tariffs imposed on the EU were previously around 4%, now they have been as high as 20%. Additionally, there was a headwind from the dollar. These had to be compensated for with price increases. During the year, the company has invested more and more in product development, sales channels, and brands so that Harvia remains a competitive global player in the future. Sales in the Nordic countries have partly struggled since Kesko discontinued K-rauta in Sweden. Harvia has had to rebuild its sales channel in Sweden, and now these investments are starting to bear fruit (indications may have already been visible in Q4?). Control centers and applications provide the company with important user data and facilitate the use of saunas worldwide. Many people don’t know the optimal temperature for a sauna, which is why the sauna can be easily set to different levels like “Cozy, Warm, Hot” etc. via control centers, as this makes usage easier. A better customer experience was brought to the AHS and Thermasol online stores during the year, enabling customers to plan sauna order customizations on the ordering pages and see how much it affects the price at the same time. Regarding the potential of the US market, the CEO believed/hoped that one day there will be more saunas than swimming pools in that market. Part of the reasoning was that saunas are much more easily available today than before. The other was price and ease. You can order a sauna room for your backyard and set it up in a few days. Building a swimming pool requires significant investment and a lot of work.  After the review, it was time for the CEO’s Q&A, for which my AGM friend had prepared a few questions.  His question concerned the improvement of the gross margin and also the operating profit margin. Briefly and freely phrased: On an annual level, the company has been able to continuously improve its gross margin, even though the sales mix has not been as favorable as in previous years; despite this, the gross margin has improved. How has the company succeeded in this? To this, we heard that profitability on Harvia’s products is, to put it simply, better the further the products travel from Finland. Thus, the more Harvia grows outside of Finland, the better the gross margin has the potential to become. It was also interesting to hear that Harvia is investing quite a bit in creating a platform for growth by investing in supply chains, the brand, and new products. As it looks now, the company will be making higher investments for 3–4 years. Without these investments, the company could not, of course, grow in the current way, but the investments increase costs and mean that the EBIT margin is not where it could certainly be if the company wanted to scale back investments. The uncertainty in Iran and general geopolitical uncertainty was also a question, to which we heard that the direct effects are small, but indirect uncertainty, inflation, etc., always have an impact. Another thing I hadn’t considered at all myself was a possible component shortage. AI has caused a significant shortage of many components, or prices have skyrocketed. This hasn’t affected Harvia so far because the components Harvia uses are not the same as those used in other “hot” industries. The final question concerned AI and what kind of opportunities Harvia sees in it. The CEO said that the world is becoming more hectic, stress and pressure in working life are increasing, so people crave a place to relax. The sauna is a great opportunity for that. Operationally, AI can bring more efficiency; the company can benefit from targeting marketing and understanding data, etc. Finally, we got to meet the new member of Harvia’s board, Martin Richter. He has a background in scaling global businesses, including experience at Spotify and Peloton. My own intuition based on his presentation was that his experience could bring strong benefits to Harvia. All in all, it was an interesting and positive experience to attend my first AGM. Additionally, it was really interesting to exchange thoughts for a couple of days with a very knowledgeable owner. He is the first person I’ve met who knows by heart which heater model it is just from pictures   A few brave fellow owners came to ask who we were; if anyone is interested in my friend’s blog, you can check it out here: Deep Dive - Harvia - The Compounding Tortoise – though it’s good to note that most of the texts are behind a paywall.

I also attended the Annual General Meeting in person, as it was conveniently located next to the office in Ruoholahti. There was a pretty comprehensive overview above. Nothing much new for me, perhaps the only nuance worth mentioning was Matias’s offhand comment about the goal to continue “tens of percent” growth in the USA in the coming years as well. That probably wasn’t a carefully considered statement about the future, but in my opinion, it is a faster pace than our forecasted growth of about 15%. If the USA/North America grows by over 20%, then at the group level, they should be able to exceed the target growth rate of 10% (our forecasts are currently pretty much exactly 10% for the coming years). Apparently, there’s even a bit of a rush to increase capacity in the USA so that production keeps up with growth, which is naturally a positive problem to have.  In my opinion, Matias is definitely, if not an outright exception, then at least among the very best CEOs in this regard.

Generally, if you want more comments on an analysis, a good starting point is the latest comprehensive report. On this topic, you can find this excerpt:  The mention of Harvia as a potential target has indeed been around for a long time, after the acquisitions of the mentioned competitors. Generally, one could say Harvia is a potential acquisition target, as it is a leader in a globally growing industry, yet still small enough in size that many larger players or private equity firms could quite easily (in terms of size) buy the company out.

Rauli has prepared a new company report on Harvia.  We do not expect the war in Iran to have a significant impact on Harvia. However, we predict that the Q1 result will be slightly lower than last year due to strong comparable figures. We expect Harvia to continue its strong growth and value creation in the coming years. Since the valuation (e.g., 2026 P/E 21x) is, in our opinion, at an acceptable level, the stock offers a good expected return. We reiterate our buy recommendation and a target price of 44 euros.                   Inderes              Harvia: Q1:llä vastassa vielä vahva vertailukausi - Inderes    Emme odota Iranin sodan aiheuttavan merkittäviä vaikutuksia Harvialle.

Yle Uutiset – 26 Apr 26              Maailman isoimmat mediat innostuivat suomalaistutkimuksista – puolen tunnin...    Professori Jari Laukkasen ryhmän saunatutkimuksista ovat uutisoineet BBC, New York Times, Reuters, CNN ja monet muut.                             These positive signals keep coming from all over. This was more of an elaboration on previous news, but Harvia definitely has good prospects to continue strong growth for a long time to come.

Here’s a Yle article about how, according to The Guardian, Britain could become the leading sauna market by 2033.  Perhaps if Britain really gets into saunas, Harvia might benefit from it too.   In Finland, there are an estimated three million saunas. Matias Järnefelt, CEO of the Finnish sauna and heater manufacturer Harvia, dismisses estimates of Great Britain becoming the number one sauna market. – That can’t be true. The direction is right, of course. The number one sauna market is the United States. According to statistics, Britain has a long way to go to reach the top. The British sauna market was approximately 86 million dollars, or about 74 million euros, in 2025. It is expected to grow to 168 million euros by 2032. Harvia’s turnover alone was 200 million euros last year.                    Yle Uutiset – 6 Apr 26              The Guardian: Britanniasta voi tulla maailman johtava saunamaa    Suomalaisen sauna- ja kiuasvalmistaja Harvian toimitusjohtaja tyrmää arvion.

Harvia reports Q1 results on May 7th  Following the stock? I recommend checking out the Pinpoint tool at Inderes. It was recently upgraded to make it easier to understand market expectations. What’s new?   Analyst estimates: Compare your view with FactSet analyst estimates.   Comments: Read comments from other investors about their estimates (and submit your own if you want).   Track your performance: See your own accuracy and rankings over time (updated as soon as results are out).   Long-term forecasts: View and submit estimates for 2026–2028.   How it works:  Just enter your own Q1 estimates for Net Sales and EBIT. In return, you get instant access to the Pinpoint Consensus—currently based on 30 investors and 6 analysts (including Inderes’ Rauli Juva). Check it out here:                   Inderes              Harvia - Investor Consensus - Inderes    Investor consensus and estimates for Harvia. Save your own estimates to access consensus data

Nordea Funds

Van Lanschot Kempen Investment Management

Isa Hudd

Harvia

35.75 EUR

-0.83 %