Translation: Original published in Finnish on 10/27/2026 at 07:50 am EET

Source: Inderes & Modular Finance, 7 analysts (consensus)

Harvia will publish its Q3 report on Thursday, October 29, at 9:00 am EET.  You can follow the company’s earnings call here at 11:00 am EET. We expect the company's revenue to grow strongly and earnings to rise to an excellent level, supported by deliveries carried over from the previous quarter and continued strong momentum in North America. We expect the company's long-term outlook to remain strong, and we do not expect any changes to the communication regarding the market situation.

Deliveries postponed from Q2 and momentum in the US propel strong growth

We expect Harvia's Q3 revenue to grow by 19% to 55 MEUR (Q2'25 46 MEUR). Growth is significantly supported by revenue of around 4 MEUR that shifted from Q2 to Q3 due to the IT and process overhaul at the Muurame plant. We estimate that this will be reflected particularly in the European market, where the majority of Muurame's heater shipments are directed. In addition, we expect North America to continue to drive growth, as we believe demand there has remained strong. In the APAC & MEA region, growth is being slowed by ongoing project postponements and cancellations in the Middle East, but thanks to weak comparison figures, we expect this region to grow as well. Of the product categories, we will closely monitor the development of steam products, as their sales declined earlier in the year, and the company has stated that it is taking corrective measures, particularly in the US market.

Profitability rises to an excellent level thanks to shifted volume

We expect adjusted EBIT to rise to 11.7 MEUR (Q3’ 25: 8.5 MEUR), which corresponds to an excellent EBIT margin of 21.3% for Harvia (18.5%), considering the typical seasonal weakness of Q3. The significant jump in profitability is largely explained by deliveries postponed from Q2, which boost revenue. We expect the material margin to remain at a good level of about 64%. Although Harvia continues to invest in growth, which keeps fixed costs growing, the exceptionally strong volume of Q3 should scale effectively to the bottom line.

Focus on the US market momentum and new product categories

In line with its tradition, Harvia does not provide short-term guidance. In the report, we pay particular attention to the market situation in the US, as the region is by far the company's most important growth driver. We expect management's comments on whether the strong demand trend has continued as expected and how the turnaround in steam products has progressed.

Harvia's balance sheet is very strong (net debt/adj. EBITDA of 1.2x at the end of Q2'26), which gives the company excellent capabilities to continue its strategy-driven growth, including through complementary acquisitions. The company has stated that it is actively seeking acquisition targets, particularly in the infrared sauna category, which would open access to the most significant sauna category in the US. Any comments on the activity of the M&A market will be of particular interest.