Annual Report 2022

We grew in new markets, optimized our business model and operations, and continued to develop our sustainability

CEO’s review: Tapio Pajuharju

I am extremely proud of Harvia’s performance in 2022. The market conditions were exceptionally stormy, yet team Harvia did its utmost with excellent commitment in maintaining solid profitability.

Key figures
172.4 M€
36.5 M€
Adjusted operating profit
34.0 M€
Operating free cash flow
47.3 %
Equity ratio
1.45 EUR
Earnings per share
3.6 M€

Flexibility in a year of changes

We delivered a solid performance in a challenging market. We divested our share of EOS Russia and exited the Russian market. We adapted to the changes by adjusting our capacity and cost structure and increasing our sales efforts in the professional and premium offering and in the emerging sauna markets, such as North America and Japan.


Delivering on our strategic priorities, we increased the value of the average purchase, expanded our global reach and market share and improved operational efficiency in 2022.

Harvia continued close collaboration with its strategic partner Bergman Ltd to build awareness and demand for Harvia in Japan.
Healing with heat
A new study from Finland is revealing the impressive benefits of sauna and excercise for the cardiovascular system.
Harvia as an investment
Harvia is well positioned to strengthen its leading role in the global sauna and spa market which has grown historically by 5% per year on average.

Innovations and offering

In 2022, new product development focused on innovation around multisensorial sauna experience, backyard relaxation, and cleaner burning. We also carried out research in energy consumption and explored wellness technologies.


Our ambition is to drive the sustainability agenda in our industry. We are committed to carbon neutrality in our operations by 2030 as well as to continuously improving the sustainability of sauna and spa experiences with a safe and warm community of employees, customers and partners.

Downloadable materials
Harvia Plc Annual Report 2022
Harvia Plc Corporate Governance Statement 2022
Harvia Plc Remuneration Report 2022
Report by the Board of Directors and Consolidated Financial Statements 2022
Harvia Plc Annual Report 2022 XHTML