Harvia’s revenue and operating result increased significantly in the second quarter of 2020

Stock Exchange Release | 16 July 2020

Harvia Oyj, Insider information, 16 July 2020, at 6.30 p.m. EET

Traditionally, Harvia’s sales in the second quarter are lower than in the first quarter. However, demand has fluctuated rapidly and significantly in many of Harvias’s key markets due to the COVID-19 pandemic. Therefore, Harvia exceptionally shares advance information on the company’s revenue and operating result during the second quarter and first half of 2020.

During the second quarter of 2020, Harvia’s revenue and operating result increased significantly compared to the corresponding period in the previous year. The positive development of revenue and profitability was supported by the exceptionally good sales performance in many of Harvia’s key markets.

During the COVID-19 pandemic, there has been a strong increase in different home improvement and repair projects. The management of the company estimates that part of this growth is generated by advance demand and will not affect long-term growth expectations of the sauna and spa market or Harvia’s long-term targets.

Despite the positive overall impact, some of Harvia’s key markets are still clearly affected by the COVID-19 pandemic. Harvia has maintained a good operational capability despite the pandemic, and we have continued the systematic improvement of productivity.

Harvia’s key figures in the second quarter and first half of 2020 according to preliminary calculations (unaudited):


  • Revenue grew by 50% to approximately EUR 25.5 million (17.0)
  • Organic revenue growth in the period was 32%
  • Operating result increased by 70% to approximately EUR 4.6 million (2.7)
  • Adjusted operating result increased by 91% to approximately EUR 5.4 million (2.8)


  • Revenue grew by 26% to approximately EUR 45.9 million (36.3)
  • Organic revenue growth in the period was 18%
  • Operating result increased by 18% to approximately EUR 7.7 million (6.5)
  • Adjusted operating result increased by 41% to approximately EUR 9.6 million (6.8)

Harvia will publish its half-year financial report on August 13, 2020. 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 74.1 million in 2019, and with EOS the pro-forma net sales of the group are estimated to exceed 90 million. The company employs more than 500 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.