Affärsvärlden notes in its recent article the influence of celebrities on Harvia’s brand value and visibility.
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Harvia has updated its website. Investors might be interested to know that, at the same time, the reporting practices for the list of largest shareholders maintained by Harvia have been changed. Previously, the list consisted of the hundred largest shareholders registered in the nominee register. Practically, the listed entities were Finnish parties and private individuals. Currently, only the largest shareholders are listed. Consequently, many private individuals have dropped off the list, replaced by global investment and fund companies, making the examination of Harvia’s ownership structure now somewhat more meaningful. Historical data has also been updated, and through it, one can now browse the ownership structure from the time of Harvia’s listing, first on a quarterly basis and currently on a monthly basis.
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This collaboration was hoped for, and here it is:
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From the Swedish news flow, I noticed an article in Dagens PS magazine about the Gaia Microcap fund, which started its operations in May. At the end of the article, it is stated that Harvia is the largest investment of the fund managed by Matilda Karlsson and Helen Groth.
Not much more was said about Harvia in the Dagens PS article, but more information can be found in the Gaia fund’s May report.
The TOP10 investments were:
Harvia 5.1%, Lime 4.9%, BioGaia 4.2%, Envipco 4.0%, Yubico 3.9%, Revenio 3.9%, Dynavox 3.9%, Swedencare 3.8%, Karnell 3.7%, Proact 3.4%
The portfolio managers write in the May report that, in their opinion, Harvia has good opportunities to continue organic growth and gain market share. They also believe that Harvia will continue its successful growth through acquisitions, thereby strengthening its position both geographically and in certain product areas. They believe the company will achieve its long-term goals over time (an adjusted operating profit margin of over 20 percent and annual sales growth of 10 percent).
“Potential: With its strong market position, we see good opportunities for Harvia to continue to grow organically and gain market share. We also believe that Harvia will continue to grow successfully through acquisitions and thereby strengthen its position both geographically and within specific product areas. We believe that the company can deliver according to their goals of an adjusted operating margin of 20 percent and sales growth of 10 percent over time.”
At Harvia’s Annual General Meeting in 2024, CEO Järnefelt’s review mentioned that Harvia had developed the Harvia Söpö bathroom sauna specifically for the Japanese market.
In connection with this, cooperation between Harvia and Japanese Kensei Home was reported yesterday in Japan. On July 5, Kensei will open a new model home that also features the Harvia Söpö bathroom sauna. At the same time, a promotional offer is available for the Söpö sauna.
In the pictures of house builder Kensei Home’s new model home, there is only one picture of a sauna, but it appears to be the Söpö sauna in the pictures. 春日町〈グレース･レポ〉モデルハウス|建成ホーム｜室蘭・登別・苫小牧の工務店｜自然素材の高性能・無添加住宅｜新築・リノベーション
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Observations from the local K-Rauta.. Rarely has the product display been renewed and grown! Nicely displayed with visual backgrounds. A small row of Narvia is also on display, but for example, Mondex products have disappeared.
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This doesn’t really relate to Harvia, but I’ll write about it anyway, as I just happened to be talking about the topic with my Australian friend.
Talking about what? Well, the Australian sauna boom. Of course.
Apparently, that’s a fact. After spending time in Finland, this friend of mine has become almost a full-fledged sauna master. He literally fell in love with sauna bathing, and this love has lasted. Now he has been working with saunas in his home country and dreams of developing Australian sauna culture. People apparently sauna bath far too much in exceptionally poorly ventilated barrel saunas and sad infrared sauna closets, even though better options could be implemented (for us Harvia people, it’s all the same, as long as the cash register rings).
But all in all, Australians enjoy the heat.
In Australia, the shift is especially visible to Anthony Lombardi, Harvia’s local Product Manager. He notes:
“The volume of Harvia products sold in Australia has increased exponentially.”
“New sauna retailers are popping up regularly—many of them exclusively using Harvia equipment.”
His personal experience reflects the scale of this momentum:
“My mobile used to ring once or twice a day. Now it can ring all day.”
“Each month I learn of a new sauna shop in Australia selling our products.”
While Harvia can’t share specific sales figures due to its publicly listed status, this on-the-ground activity paints a vivid picture of a market in motion.
(As I was writing this message, I realized that this text actually started to relate quite a bit to Harvia after all.)
The home sauna market is booming: Google searches for “home sauna” jumped 84% in early 2024. Australians are investing AUD 1,000–5,000 (portable to built-in) for personal installations
According to the Australia Sauna & Spa Market report, rising wellness awareness, disposable income, and demand for smart, compact units are major growth drivers
The shift to remote work and influencers like Joe Rogan have pushed wellness tech, making home saunas mainstream among young professionals
If one cannot afford to buy an Italian yacht (see the excellent company thread started by @Ituhippinen), then in Australia and similar sauna markets, a middle-class up-and-comer can always invest in a sauna and thus elevate their status among their peers.
This next excerpt sounds terrible to a Finnish berry-picker-birdsong-listener-cottage-sauna-goer, but I repeat the phrase “as long as the cash register rings”:
One emerging trend he’s noticed? A shift from passive relaxation to performance optimisation. “People are timing their sessions around workouts, humidity levels, temperature—it’s sauna as part of a training schedule,” he explains. This health-first mentality is a growing theme among Australians who are redefining sauna use for modern lifestyles.
Australia is, of course, an almost marginal market on Harvia’s scale. What makes the development interesting is that there are many wealthy countries like Australia in the world with low sauna penetration (I got to use that term).
Youth out of pubs and into the sauna:
Let’s add a disclaimer at the end: Harvia’s valuation has indeed been excruciatingly tight lately, and in weak moments (perhaps due to supervising children), I even considered temporarily reducing my Harvia holdings. Let’s not rush things just yet, though.
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Something like that caught my eye this morning. Of course, it doesn’t matter to us long-term sauna-goers 
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Many companies have reported the weakening of the dollar negatively impacting Q2 revenue and profit.
How do you see the impact on Harvia’s results?
Can this come as a surprise to the market?
During Q2, the Dollar weakened by about 10% against the Euro.
In Q1, North America’s share of Harvia’s revenue was approximately 42%, making it Harvia’s largest sales region:
Of course, this includes the United States and Canada, but I suspect the majority of it is the United States (someone correct me if there’s better information).
As I understand it, Harvia does not report results by sales region, but one could assume that the result for a sales region is also close to its revenue share. In any case, a 10% currency headwind will inevitably create a headwind for the results. Of course, if one looks at the euro-dollar relationship over, for example, 5 years, this spring’s dollar weakening falls within normal seasonal fluctuations:
So, at some point, this may be recovered if the dollar strengthens, so in the long run, I would not pay attention to the effects caused by currency rate changes.
Yes, and my view is that it probably will. Harvia’s stock price is rallying near its yearly highs, so it is likely essential whether North America can achieve similar growth to Q1 (~60%) or not. If growth is really high, the currency headwind won’t be very noticeable. If the currency headwind is more significantly reflected in the results and stock price, I will utilize the price drop as a buying opportunity. As I already said above, currency fluctuations do not matter for long-term business, so for a long-term owner, I see the resulting price drops as a buying opportunity.
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This interview might be of particular interest to those following this thread. 
So, @Saapasjalkakissa’s interview:
https://keskustelut.inderes.fi/t/alokas-haastattelee/35425/808?u=sijoittaja-alokas
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Any fresh insights from anyone after the customs deal? The stock has risen to yearly highs and the earnings report is just around the corner.
The open question for the quarter in the rearview mirror is probably how much was lost due to tariffs and exchange rates. This has been a fairly common story in recent weeks in connection with earnings reports for companies that sell significant amounts to the US.
And beyond that, it’s anyone’s guess how the stock price reacts when this data becomes available.
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Mika’s comments.
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You surely did read it, indeed, the above message from @Housumies described the situation excellently.
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Yle’s news about Harvia’s hydrogen sauna.
Although there are no commercialization plans yet, there is potential. Perhaps one day we’ll see more of these?
The sauna’s emissions are just water and heat. A chimney is not needed, as the water vapor generated during combustion remains in the sauna as part of its steam.
According to test sauna sessions, the steam of the small sauna standing on a trailer is what the marketing pitch says: the basic humidity is high, the steam is soft, and the heat creeps around the bather as if in a single-heated smoke sauna.
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The sauna boom in the United States is heating up and is visible with several operators in Finland too:
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Here are Rauli’s preliminary comments as Harvia releases its results on Thursday.
Harvia reports its Q2 results on Thursday around 9 AM. We expect the company’s revenue to have continued strong organic growth, with the ThermaSol acquisition supporting growth well over 10%. We expect relative profitability to remain strong. We expect Harvia’s growth outlook to remain good this year as well. We will comment on Harvia’s results on Thursday in a results live stream starting at 8:55 AM.
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Let’s get Harvia’s results live stream fired up again in 25 minutes! https://www.inderes.fi/videos/harvia-q225-tuloslive-to-78-klo-855
And let’s also add the forecast table from the pre-commentary:
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"Key Highlights of the Review Period
April–June 2025:
- Revenue increased by 9.4% to EUR 47.3 million (43.2). Revenue calculated at comparable exchange rates increased by 12.2% to EUR 48.4 million. Organic revenue growth was 2.4%.
- Operating profit was EUR 7.6 million (8.9), or 16.1% (20.7%) of revenue. The increase in personnel expenses and other operating expenses, a one-time adjustment to inventory value, and a weakened US dollar negatively impacted operating profit.
- Adjusted operating profit was EUR 8.2 million (9.4), or 17.3% (21.8%) of revenue. Adjusted operating profit calculated at comparable exchange rates was EUR 8.7 million (17.9% of revenue).
- Operating free cash flow was EUR 3.9 million (5.5) and the cash flow ratio was 39.4% (50.0%)."
Disappointment across all lines
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Well, it’s not the hottest stuff, Trump’s maneuvering is visible and felt even in the US…
Matias Järnefelt, CEO at KL
General economic uncertainty and changes in trade policy rapidly increased in North America during the second quarter, although the situation showed signs of stabilization towards the end of the quarter. The weakening of consumer confidence and the general predictability of the market was reflected in cautious market demand and Harvia’s slower growth compared to many previous quarters. The significant weakening of the US dollar also decreased our sales and profitability in the region. At comparable exchange rates, our North American sales would have been approximately 6 percentage points higher.
Reviewing the results for the first half of 2025, I am pleased to note that Harvia achieved 16.0% revenue growth and maintained a strong 20.2% adjusted operating profit margin despite increased market uncertainty and volatility.
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