A bit more unpleasant news for a change, presumably.
Jennifer Thayer, Harvia’s North American Regional Director and CEO of Harvia US Inc., has decided to resign from Harvia to join another employer. Thayer will continue in her current role until May 30, 2025.
Jennifer only stayed at Harvia for just over a year, which is, of course, too short a time from the company’s perspective. When the press release directly states that she is moving elsewhere, her departure is unlikely to be directly related to Harvia’s business operations. And on the other hand, Jennifer was there for such a short time that Harvia’s success in the USA is not dependent on her either. So, in my opinion, it’s not a very big deal, but certainly not a positive one, of course.
It’s funny how Matias even in the Q1 call specifically praised Jennifer by name as an example of how good she is in that role. Too bad she left! Hopefully, however, we’ll get someone more committed in her place, e.g., the gentleman who will soon be acting (in the role)? 
I just started watching Karo’s Grill, where @Karo_Hamalainen interviewed Harvia’s CEO Matias Järnefelt. 
The industry is in transition, as consumer demand begins to grow rapidly. Growth forecasts are being revised upwards. A Finnish company is the global market leader in the industry and generates strong profits with high margins.
Is it depicting Nokia of the 1990s or Harvia of the 2020s?
A sauna boom is prevalent in the United States. Health benefits are discussed in podcasts, celebrities showcase their saunas on social media. Will Americans start equipping their homes with saunas? And the rest of the world follow suit?
Harvia is growing strongly in the United States and craves more growth. But will the sauna boom lead to increased competition and shrinking margins, just like the hot tub craze at the end of the last millennium?
At the Grill, Harvia’s CEO Matias Järnefelt is asked about the company’s claim that the sauna market is defensive. And how does a company that spans every geographical area and every sauna type maintain focus?
In collaboration with: Harvia
By the way, here’s a pretty cool and promising startup from the US that makes cold plunge pools and mini saunas. I wonder if it’s on the list of potential acquisition targets, given that Harvia’s cold plunge offerings are still pretty much at zero? 
Edit: that’s quite a bold statement, that “leading sauna brand” 
Harvia and Toyota Jointly Develop Hydrogen-Powered Sauna Concept Model Utilizing Hydrogen Combustion Technology - Exploring New Potential Applications for Hydrogen and Promoting Carbon Neutrality in Finland
Harvia Plc (CEO: Matias Järnefelt; hereinafter “Harvia”) and Toyota Motor Corporation (Operating Officer, President: Koji Sato; hereinafter “Toyota”) have joined forces to develop a concept model believed to be the world’s first hydrogen-powered sauna (at the time of this writing, according to Harvia’s and Toyota’s research). This collaboration represents a step towards a more sustainable future for saunas, combining Harvia’s sauna expertise with Toyota’s hydrogen combustion technology.
The companies will showcase the hydrogen-powered sauna concept at two upcoming events in Jyväskylä. The aim of these demonstrations is to explore new applications for hydrogen and promote carbon neutrality. The hydrogen-powered sauna concept will be presented at the “World Sauna Forum” (June 4–5, 2025) and as part of Rally Finland (July 31–August 2, 2025) in Jyväskylä.
By using hydrogen in the sauna heater, the system produces only steam and warm air, with no carbon dioxide emissions, offering an attractive alternative to traditional heating methods.
The concept model aims to replicate the traditional smoke sauna, known for its gentle and pleasant warmth. The hydrogen combustion heater directs flames and warm air through the sauna stones, heating them evenly from all sides. This process envelops the space in soft warmth and produces pleasant steam, or löyly, when water is poured onto the stones.
“Our collaboration with Toyota allows us to expand innovation in the sauna industry and demonstrate our commitment to environmental responsibility,” says Timo Harvia, Harvia’s Chief Innovation and Technology Officer. “Toyota’s deep expertise in hydrogen handling and combustion provided us with a safe and efficient way to pursue hydrogen as a clean energy source – something we might not have considered so soon without such a reliable partner. In doing so, we are not only exploring ways to minimize environmental impact but also creating a new kind of sauna experience that respects tradition while looking to the future.”
“Jyväskylä is a key location for Toyota and TOYOTA GAZOO Racing World Rally Team (CEO: Yuichiro Haruna, hereinafter “TGR-WRT”), and we have been collaborating with Jyväskylä for many years,” says Mitsumasa Yamagata, Head of Toyota’s Hydrogen Factory. “This project builds on the strong trust established with the local community under the leadership of Chairman Akio Toyoda. Thanks to the initiative of the Central Finland Mobility Foundation (Cefmof, Executive Director: Haruka Arai), we have had the opportunity to collaborate with Harvia. Harvia’s dedication to craftsmanship has been truly inspiring, and I believe this hydrogen-powered sauna will open up new possibilities for hydrogen use in the future.”
Harvia, the world’s leading provider of sauna and spa experiences, is committed to promoting well-being through sustainable and innovative solutions. The company integrates environmental responsibility into its operations – from product development and manufacturing to energy efficiency and supply chain management – continuously seeking ways to minimize environmental impact while providing high-quality well-being experiences globally.
Toyota considers hydrogen an important fuel in the pursuit of carbon neutrality and has promoted various initiatives in the areas of hydrogen “creation, transportation, storage, and use” in collaboration with partners from various industries. Going forward, Toyota will continue its efforts to promote the use of hydrogen to realize a hydrogen society.
It caught my eye that a minister’s family also has a significant ownership in Harvia.
Nice 7000 share position, not bad at all.
There was an article in Turun Sanomat about Narvi. It’s a much smaller company than Harvia, but interesting information nonetheless.
The article probably requires a subscription, but here are a few highlights below.
Narvi Oy
A company manufacturing sauna products, especially in Rauma Lappi
Established in 1937
Employs approximately 60 people
Turnover approximately 12 million euros
Their main focus is on Europe, although heavily dependent on domestic business:
"Currently, about a third of Narvi’s turnover comes from exports, and according to Nurminen, the focus of growth is precisely on exports, which are made to 40 countries. The main market is Europe, where only Southern Europe still plays a smaller role.
However, according to Nurminen, France, Spain, and Northern Italy have also started to emerge. Outside Europe, export countries include North American countries, Japan, and Australia, where many Finnish immigrants once traveled.”
Edit: One observation from this is that Harvia’s turnover per employee was around 250k in 2024 figures, while Narvi’s was approximately 200k. In my opinion, quite an impressive difference in Harvia’s favor, considering how much larger an organization it is.
Affärsvärlden notes in its recent article the influence of celebrities on Harvia’s brand value and visibility.
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.
This collaboration was hoped for, and here it is:
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
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.
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.
Something like that caught my eye this morning. Of course, it doesn’t matter to us long-term sauna-goers 
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.
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
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.