Harvia's US bet pays off as sauna boom lifts shares 41%
What's the deal? Finnish sauna and stove maker HarviaDealroom has a profile for this one. Try Dealroom → is reaping the rewards of its US expansion, which began with the low-cost acquisition of barrel-sauna maker Almost Heaven for a few million dollars. Roughly half of the company's more than €800 million market value now comes from the US, where a sauna boom continues.
By the numbers: North America drove group revenue to about 13% comparable growth in the spring reporting season, with regional sales up 38.6%. Adjusted operating profit rose clearly in the April–June quarter, with an operating margin of 16.2% — still short of the company's 20% long-term target.
Why now? The positive quarterly result pushed Harvia's shares up 6% at the time of review. From the lows of the Iran crisis, the stock has gained 41% to around €45, closing the gap left by Donald Trump's tariff announcement a year earlier.
What's the endgame? A newer acquisition, ThermaSolDealroom has a profile for this one. Try Dealroom →, is the fresh growth driver in the US, covering high-price steam-sauna rooms and products. Much of Harvia's future US growth potential is tied to such deals.
"Saunas are becoming more of a mainstream wellness product rather than a rare specialty product," chief executive officer Matias Järnefelt said. He credited "strong development in North America" for the double-digit revenue growth.
What could go wrong? Weak demand for high-priced steam products showed as a drop in steam-product revenue at group level, and the company plans "targeted actions" to optimise its range and boost sales. Geopolitical turbulence forced Harvia to shift US stove production from Asia to Muurame, while oil prices raised shipping costs and weighed on demand.
The signal: Harvia still trails in infrared saunas, the top favourites of US sauna celebrities, and catching up would require further successful acquisitions. Its US story shows how a Finnish niche manufacturer can ride a wellness trend into a mainstream market — if it can keep dealmaking on track.
Read more: Talouselämä
