companyName

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_3adRh7
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    regions
    varaConsensus {
      surveyDate
      targetPriceSummary {
        numberOfEstimates
        highest
        mean
        median
        lowest
        lastClose
      }
      recommendationSummary {
        positive
        neutral
        negative
        total
      }
      analysts {
        institution
        analyst
        target
        targetPrevious
        targetChangePercent
        upDownsidePercent
        recommendation
        recommendationStd
        date
      }
      kpiClusters {
        clusterId
        clusterName
        kpis {
          name
          periods {
            period
            isEstimate
            numberOfEstimates
            highest
            mean
            consensus
            lowest
          }
        }
      }
      targetPriceHistory {
        period
        targetPrice
        sharePrice
      }
      recommendationHistory {
        period
        positive
        neutral
        negative
      }
    }
    id
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasVaraConsensus
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveResearchExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    websiteUrl
    logoUrl
    squareLogoUrl
    defaultInstrument {
      isin
      symbol
      marketplace {
        name
      }
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_3adRh7 on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyAnalystConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_36E2lH
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_36E2lH on Query {
  company(companySlug: $companyName) {
    extensiveResearch(researchId: $researchId) {
      publishedAt
      pageUrl
      pdfUrl
      title
      lang
      relatedContent {
        __typename
        type
        ...PublishingDetails
        ...Reactions
        id
      }
      content {
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
        isPremium
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        companies {
          name
          id
        }
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EQUITY_BRIEF, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      publishedAt
      pdfUrl
      title
      lang
      relatedContent {
        __typename
        type
        ...PublishingDetails
        ...Reactions
        id
      }
      content {
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isPremium
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

websiteUrl

logoUrl

squareLogoUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasVaraConsensus

hasDividendHistory

sector

regions

extensiveResearchExists

researchContentExists

topOwners

insiderTransactions

varaConsensus

isPayingCustomerOf

isFormerCustomerOf

extensiveResearch

slug

feedContent

Harvia

Harvia Plc: Managers' transactions - Castrén

Harvia Plc: Managers' transactions - Richter

Harvia Plc: Managers' transactions - Liitola

Harvia Plc: Managers' transactions - Holmén

Harvia Plc: Managers' transactions - Von Stackelberg-Hammarén

Harvia Plc: Managers' transactions - Korhonen

CHANGES IN HARVIA PLC’S OWN SHARES

Harvia's markets and market shares are growing

Harvia Q1'26: A strong start to the year

Harvia Q1'26: Strong start to the year, temporary weakness in Q2

Harvia Plc, Webcast, Q1'26

Harvia’s Interim report 1 January – 31 March 2026

Harvia Q1'26 preview: We expect earnings to fall from the strong comparison period

Harvia will publish its Interim Report for January−March 2026 on Thursday, 7 May 2026 at around 9:00 a.m. EEST

Decisions of the Organisational Meeting of Harvia Plc’s Board of Directors on 15 April 2026

Resolutions of Harvia Plc’s Annual General Meeting on 15 April 2026

Harvia: Still against strong comparables in Q1

The Board of Directors of Harvia Plc have decided on a new performance period for the Long-term Performance Share Plan for the key employees

Harvia Plc: Managers' transactions - Anssi Pelkonen

Harvia Plc: Managers' transactions - Markus Wörmanseder

Harvia Plc: Managers' transactions - Mika Suoja

Harvia Plc: Managers' transactions - Timo Harvia

Harvia Plc: Managers' transactions - David Ahonen

Harvia Plc: Managers' transactions - Ari Vesterinen

Harvia Plc: Managers' transactions - Matias Järnefelt

Analyst

Rauli Juva

NASDAQ Helsinki

Harvia is a manufacturer of sauna systems. The product range consists of complete solutions that include ready-made sauna and spa systems, as well as electric sauna heaters, wood-burning sauna stoves and related furnishings. In addition, the company manufactures infrared sauna systems. Operations are held on a global level, where the company's products are found through partners. The company was founded in 1950 and has its headquarters in Muurame.

Target price increases: OP: €38 → €43 (“strong growth will continue in the coming years”), recommendation ACCUMULATE. Danske: €47 → €49 Nordea: €49 → €52

Matias went through the impacts of the IT reforms in the webcast. I will directly quote a couple of points from the webcast transcript here. Matias: "Now, this is quite a significant piece of work for us, and it will have an impact on our deliveries during Quarter Two. It will include such things as actually ramping down production for a temporary period of time in Muurame, transforming the systems from the old to new, and then ramping the production up. And because of this, we estimate that there will be roughly €3 to €5 million worth of shipments shifting from Q2 to Q3. And this will, of course, move also the related gross margin from quarter two to quarter three. And as we will be working long hours, there will not be savings in, for example, employee costs, as direct labor will still be present and involved in these transitions and ramp-ups. So we also expect that there’s going to be some impact on the OpEx level as well during the quarter. Now. However, this is very well planned. The customers have been informed in advance. We have confidence that we will not be losing any sales. So while this would have a negative impact on our quarter two, it should have a clear positive impact on our quarter three. And in addition to having the sales back in the quarter three, we believe that this transition to the more modern, efficient, and scalable system will start to pay back rather soon." Second Q&A question: "Was there anything in Q1 revenue that would not occur again later in the year? Or was everything just driven by robust normal demand? " Matias Järnefelt: "There’s nothing particular to mention. I think one question might be that since we informed the customers about the longer lead times during Q2, whether that has turned into what I would call advanced buying. But as we’ve been analyzing that, our assessment is that that didn’t have any significant impact on our Q1 results. The impact will be seen in quarter two and quarter three, and hopefully we will be able to catch up fully by the end of quarter three. Of course, that remains to be seen, but we feel fairly confident about that." So, in short: They have analyzed the situation and concluded that there was no significant impact on Q1. The effects of the IT reform will be seen in Q2 and Q3. An estimated €3–5 million worth of deliveries will shift from Q2 to Q3. This will also be reflected in the Q2 results, as production must be temporarily ramped down, while the cost side remains fixed.

I can’t say for sure; there might be some residual tails from the Thermasol integration, but other things are perhaps more likely. It’s no secret that Harvia is constantly scouting for new acquisitions. In connection with the Q4 results, the commentary sounded to me like something might happen soon, so a process could well have been underway. It didn’t come up in the same way during Q1, although Matias did say in our interview (again) that they should find an acquisition target in the infrared segment.  I added this potential “front-loaded demand” to my list of questions yesterday when I noticed @Black_Swan’s comment, but it was forgotten during the interview. But that is indeed what they said. It’s perhaps worth noting that Harvia cannot know with absolute certainty what thoughts all customers have behind their orders, though they likely have some idea regarding larger ones, e.g., customer inventory levels. Ultimately, we will see later in the year how sales have performed overall during the year. Let’s hope the company handles this IT system renewal efficiently; there are examples of these where operations get quite badly tied up in knots for a long time.

Almanakka has written about Harvia once again   Valuation: Harvia is valued at ~16x the next 12-month forward EBIT. In my opinion, this is closer to a buying level than a trimming level. If Harvia weren’t already the largest holding in my portfolio, I would certainly be adding at prices below forty euros. The stock isn’t dirt cheap even now, but for a high-quality company that I believe will grow structurally for a long time to come, this is not a bad price. Some value must also be given to Järnefelt, who has at least convinced me. However, it should be noted that things also looked good at Harvia’s helm under Tapio Pajuharju, who suffered a complete crash at Kamux. A good enough company can be led even by a ham sandwich, but on the other hand, when leading a poor enough company, even a good management’s polished image starts to tarnish easily. This is loosely quoting W. E. Buffett.                    Sijoitustieto.fi              Harvia Q1/26: Järnefelt heittää lisää löylyä    Harvia avasi vuoden 2026 vankalla Q1-raportilla. Liikevaihto kasvoi 12,7 % ja vertailukelpoisilla valuuttakursseilla peräti 18,3 %. Kasvu oli vieläpä täysin orgaanista. Oikaistu liikevoittomarginaali pysyi hyvällä 22,0 % tasolla, vaikka laski hieman...

An interview with the well-spoken CEO, Järnefelt.    Harvia Q1’26: The year began with record-breaking heat Harvia’s revenue rose to a record level driven by strong organic growth, and the gross margin remained high. Particularly positive was the broad-based nature of the growth across all geographical regions, as well as North America’s strong performance on top of a very tough comparison period. Harvia CEO Matias Järnefelt interviewed by analyst Rauli Juva.

The sauna folk of the North are starting to wake up from their hibernation and the US continues to roll forward excellently; this is a joy to own. It would be interesting to hear how the revenue is distributed between the APAC & MEA countries—which Asian countries are seen as having the greatest potential? If, for example, the middle class in China, Japan, and Korea can be inspired by the sauna culture, it wouldn’t take many years for Northern Europe to be overtaken in sales.

Yeah, after Friday’s share price drop, the gap to the target prices just keeps growing… Rauli remains on a cautious stance…

Nordea Funds

Van Lanschot Kempen Investment Management

Pia Maljanen

Harvia

40.50 EUR

+0.75 %

Harvia

40.50 EUR

+0.75 %