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Preannouncement regarding Harvia’s second quarter of 2021 financial performance: Strong demand resulting in strong profitability

·3-min read

Stock Exchange Release | 16 July 2021
Harvia Oyj, Insider information, 16 July 2021, at 1:30 p.m. EET


The sauna and spa business is seasonal by nature, the first and fourth quarters traditionally being the strongest. After a very strong first quarter, Harvia has enjoyed an exceptionally strong demand also during the second quarter. Demand has been strong in almost all of the key markets, and despite the challenges concerning the availability of key raw materials and componentry, we have been able to supply the needed products. The high demand combined with strong operational execution is also resulting in higher than anticipated profitability.

Our supply chain has been affected by increased prices and exceptional volatility in availability of raw materials and key componentry, but thanks to our partners and multiple sourcing strategy, we have been able to keep the impact under control. Going forward, we anticipate the same challenging situation to continue at least for the rest of the year.

The awareness, popularity and usage of sauna has increased during the pandemic in multiple markets and hence, further boosted the underlying solid demand in the sauna and spa market. By the same token, it is good to reinforce the estimate of Harvia’s management that part of this growth is generated by so-called advance demand and thus, will not affect the long-term growth expectations of the sauna and spa market or Harvia’s long-term targets.

Thanks to the excellent effort of the whole Harvia team and our dedicated partners, we have been able to maintain full operational capability despite the pandemic, and we have continued the systematic improvement of productivity. The performance of recently acquired Kirami, the Scandinavian still water hot tub provider, was also on a very good level. Kirami’s figures have been consolidated into Harvia’s figures starting from 28 May 2021.

Harvia’s key figures in the second quarter of 2021 according to preliminary calculations (unaudited):

Q2/2021

  • Revenue grew by 83% to approximately EUR 46.8 million (25.5)

  • Organic revenue growth in the period was 60%

  • Operating result increased to approximately EUR 12.8 million (4.6)

  • Adjusted operating result increased to approximately EUR 13.2 million (5.4)

H1/2021

  • Revenue grew by 88% to approximately EUR 86.4 million (45.9)

  • Organic revenue growth in the period was 61%

  • Operating result increased to approximately EUR 23.9 million (7.7)

  • Adjusted operating result to approximately EUR 24.4 million (9.6)

Harvia will publish its half-year financial report on 12 August 2021. Due to the silent period, Harvia will not give any further comments on its result before publishing the half-year report. In accordance with its normal practice, Harvia will hold a webcast conference on the day of the results release. The participants have the opportunity to ask questions during the webcast.


For further information, please contact:

CEO Tapio Pajuharju, tel. +358 50 577 4200
CFO Ari Vesterinen, tel. +358 40 505 0440


Harvia in short

Harvia is one of the leading companies operating in the sauna and spa market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna and spa market of both private and professional customers.

Harvia’s revenue totaled EUR 109.1 million in 2020. Harvia Group employs more than 700 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany, Estonia and Russia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.


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