CEO Matias Järnefelt’s review from last week’s annual general meeting! 
@Osakesaastaja2 was already looking forward to this! 
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An interesting review. A profitably growing company, the growth has indeed been remarkable, both organic and through acquisitions. Losing sales in Russia cut into revenue, but it has been made up for. More important than revenue, I consider profitability here, which has remained excellent even in difficult turns. It has certainly been a pleasure to own this.
What I missed from the presentation was a bit of an opening up of risks, e.g., acquisitions are always risky, and even though things have gone very well so far, there’s always a risk of stepping on a mine in an acquisition.
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Harvia has a clear list with names of companies they are interested in. This, of course, doesn’t eliminate the risk, but at least it somewhat limits the chance of driving completely into a landmine.
Of the acquisitions, Kirami is probably the only one that hasn’t gone perfectly.
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I was surprised that the review didn’t address customs or similar issues at all. Was anyone present; was the matter brought up in the questions?
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Now that the dividend has been decided, in the autumn, after the second installment of the dividend payment, Harvia has cumulatively paid over 4 euros in dividends (4.11 euros to be exact). Harvia was available in 2018 at the beginning of its stock market journey for 5.00 euros, both from the offering and from the stock market after the offering.
Growing dividends have brought significant returns to long-term investors despite share price fluctuations. (Nevertheless, the dividend distribution is still on a sustainable basis considering the company’s earnings and financing needs.)
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Danske Bank published its updated view on Harvia. The recommendation remains at BUY, the target price is adjusted to EUR 47.00 (previous: EUR 53.00). 
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Here is a pre-earnings report from Raul as Harvia releases its Q1 results on May 7th. 
The USA is Harvia’s largest market and growth driver. US tariffs and the decline in consumer confidence, and possibly demand, affect the company in many ways. We have lowered our forecasts by 3-5% for the coming years and our target price to 40 euros (previously 46). We reiterate our Reduce recommendation.
Quoted from the report:
We believe the company’s outlook remains positive
Harvia does not provide guidance, but we believe the company will reiterate the message of significant growth potential in the sauna markets, especially outside Europe. The company will also likely emphasize its local manufacturing in the USA, which can offer a relative advantage, as we mentioned on the front page. Of particular interest would naturally be the very recent (April) demand development, but we may not get very precise comments on that.
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In small steps. The story made me laugh, but what is obvious to us is Greek to others. That towel-waving is familiar from Austria and a strange thing to many. From an investor’s perspective, it looks good that new territories are being conquered.
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Just a big SAUNA!!
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Robo-comment
America 
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Wow, the train is really chugging along strongly. The US market is performing incredibly well, single-handedly sending revenue through the roof! Now, other sales regions should also start to wake up a bit; maybe Europe will perk up from this as well.
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How do you see the short-term development of the US market, say for the rest of the year? Now there were strong numbers from across the pond, but what if (when) with the tariff mess, the American consumer can soon only afford food - if even that? One would think that a sauna would be last on the shopping list in this scenario.
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As I said in the live stream, the figures were practically exactly as expected. The US indeed grew well, others a bit less than expected. The material margin saw a larger increase than expected from Q4’s weaker level, which is certainly good.
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North America’s QoQ growth 8.2% 
That’s strong performance, hopefully, the consumer economy’s downturn and the deep slump in construction will also turn around here in the Nordics someday.
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It’s not worth reading too much tabloid media; you might lose your own sense of perspective. Americans can surely afford, for example, a McDonald’s restaurant manager’s monthly salary of 5-8k per month vs. Finland’s 2.5k per month, etc. You can certainly buy an outdoor sauna with that. Harvia still has production in the US. The tariff madness can largely end as quickly as it began.
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Indeed, studies are conducted from time to time on the wealth of American consumers. The result is almost always that the majority would not be able to cover an unexpected thousand-dollar expense with their savings. And that in the worst case, it would go on a credit card.
Only 41% of Americans said they would be able to tap their savings to cover an unexpected $1,000 expense, according to Bankrate’s report. That’s down 3% from 2024 and the lowest the percentage since 2021 (39%)
Another 25% said they would use a credit card to pay for a $1,000 bill, 13% said they would turn to a family member for the money and 5% said they would take out a personal loan. In total, about 43% of respondents told Bankrate they would have to borrow money to pay for an emergency expense of $1,000.
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It’s important to remember, however, that Harvia operates in a quite different customer segment in the USA than, for example, in Finland. Here, saunas are a commodity that almost everyone has in their own apartment, cottage, etc.
In America, they sell more of a luxury product with a focus on well-being and status. The target customer is certainly not a McDonald’s shift manager, but a wealthy individual or a business, such as a gym, hotel, etc.
Harvia is doing great work!
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Fortunately, Harvia still had room for improvement; for me, Northern Europe is still a disappointment.
Well, maybe the sauna’s “visibility and awareness” in Q2/25 will serve as a boost.
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I personally assume that Northern Europe will recover when the economy (mainly construction & housing market) recovers. And gradually, light is starting to appear at the end of the tunnel for these. It will naturally show with a delay in Harvia’s results eventually.
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In Northern Europe, Finland in particular has been weak, and Matias indeed referred to the same drivers in the interview (at the 3-4 min mark).
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