Financial information and targets

Harvia has set long-term financial targets for the company. On this page, you can read more about the company’s targets and key financial figures.

Financial targets

Harvia’s long-term financial targets are:

Revenue: Average annual revenue growth of 10%
Profitability: Adjusted operating profit margin¹⁾ exceeding 20%
Leverage: Net debt/adjusted EBITDA²⁾ below 2.5x

¹⁾ Adjusted operating profit is operating profit before items affecting comparability.
²⁾ Excluding the future impacts of changes in IFRS reporting standards.

Harvia does not publish short-term financial targets.

Financial information

Revenue

Adjusted operating profit

Cash flow and cash conversion

Net debt and leverage

Key figures per quarter

Key figures per year

Harvia’s financial year is the calendar year, and the reporting currency is the euro. Pages containing financial information are updated when financial reviews are published.

The consolidated financial statements of Harvia Group have been prepared in accordance with International Financial Accounting Standards (IFRS). Interim information has been prepared in compliance with the IAS 34 Interim Financial Reporting Standard. Interim information does not contain all the notes presented in the Consolidated Financial Statements, meaning that interim reports should therefore be read in conjunction with the Consolidated Financial Statements 2024 prepared in accordance with IFRS Accounting Standards. The same accounting principles have been applied to the interim information as to the consolidated financial statements.

Calculation of key figures

Key figure	Definition
Operating profit	Profit before income taxes, finance income and finance costs.
EBITDA	Operating profit before depreciation and amortisation
Items affecting comparability	Material items outside the ordinary course of business, which relate to i) costs related to the listing ii) strategic development projects, iii) acquisition and integration related expenses, iv) restructuring expenses and v) net gains or losses on sale of assets and grants received.
Adjusted operating profit	Operating profit before items affecting comparability.
Adjusted EBITDA	EBITDA before items affecting comparability.
Adjusted profit before income taxes	Profit before income taxes excluding items affecting comparability.
Earnings per share, undiluted	Profit for the period attributable to the owners of the parent divided by weighted average number of shares outstanding.
Earnings per share, diluted	Profit for the period attributable to the owners of the parent divided by weighted average number of shares outstanding taken into consideration the effects associated with any parent company’s obligations regarding the possible share issue in the future.
Net debt	Lease liabilities, shareholder loans and current and non-current loans from credit institutions less cash and cash equivalents.
Leverage	Net debt divided by adjusted EBITDA (12 months).
Net working capital	Inventories, trade and other receivables less trade and other payables.
Capital employed excluding goodwill	Capital employed excluding goodwill is total equity and net debt less goodwill.
Adjusted return on capital employed (ROCE)	Adjusted operating profit (12 months) divided by average capital employed excluding goodwill.
Operating free cash flow	Adjusted EBITDA added/subtracted by the change in net working capital in consolidated statement of cash flows less investments in tangible and intangible assets.
Cash conversion	Operating free cash flow divided by adjusted EBITDA.
Equity ratio	Total equity divided by total assets less advances received.