In the United States, the “Sauna penetration” coined by Pajuharju seems to be progressing strongly. I’m looking at the trends data for the interim report, and it indicates a strong Q4, as noted above.
I think the 21.8% EBIT expected by Rauli won’t materialize; instead, we’ll be at around the 21% level. However, in euro terms, I believe Rauli’s target will be exceeded, as the revenue (LV) forecast of €53.2m is quite conservative.
I suspect that much more merchandise has been sold, and especially regarding the US, the forecast will be clearly exceeded. My own guess is revenue of €57m and EBIT of approx. €12m.
Europe is likely to pick up as well, and the year '26 looks quite good in that regard. Smaller regions are also seeing strong growth, and there’s hardly any fault to be found in Harvia’s performance.