Annual Report 2023

We drove growth in markets outside Europe and delivered a strong operational performance in a mixed market environment

CEO’s review: Matias Järnefelt

I started as Harvia’s CEO in June 2023. I am proud to be part of team Harvia and want to express my thanks for their excellent work that helped us to achieve strong profitability and cash flow in 2023.

Key figures
150.5 M€
33.7 M€
Adjusted operating profit
44.6 M€
Operating free cash flow
51.0 %
Equity ratio
22.4 %
Adjusted operating profit margin
1.25 EUR
Earnings per share

Key events in 2023

We continued to grow our foothold in Japan and, for example, established a joint venture with Bergman Ltd. To drive growth and leverage synergies across the Group, we prepared for a new organizational structure that took effect on 1 January 2024. We also acquired a manufacturer of electromechanical timers for sauna heaters, Phoenix El-Mec srl, in Italy to improve supply chain resilience.


In line with the strategy, we successfully focused on increasing the value of the average purchase, expanding Harvia’s global reach and market share, and improving operational efficiency in 2023. We are well positioned to strengthen our standing as industry leader.

North America
Sales in North America grew strongly in 2023, driven by complete sauna solutions, and the region became Harvia’s largest market.
Harvia has identified four megatrends that are expected to drive market demand also in the coming years. These are related to longer life expectancy, growing middle class, environmental consciousness, and digitalization.
Harvia as an investment
Harvia has a strong position in the global, growing sauna and spa market. The global wellness trend is one of its key business drivers.

Products & innovations

Key innovation themes in 2023 included energy efficiency and optimization of the combustion process of wood-burning stoves. We also explored how wellness technologies could further enhance the sauna experience, as well as studied the health benefits of both the healing heat of sauna and cold exposure therapy. In addition, we introduced new products to different markets.


We continued to work determinedly to further develop the sustainability of Harvia’s products and operations and prepare for the upcoming EU sustainability reporting requirements. Our ambition is to drive the sustainability agenda in our industry.

Downloadable materials
Harvia Plc Annual Report 2023
Harvia Plc Corporate Governance Statement 2023
Harvia Plc Remuneration Report 2023
Report by the Board of Directors and Consolidated Financial Statements 2023
Report by the Board of Directors and Consolidated Financial Statements 2023 XHTML