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Copyright © 2026 Harvia Plc Harvia Plc Half - year financial review | January - June 2026 HARVIA Q2 : STRONG REVENUE GROWTH DRIVEN BY NORTH AMERICA , GROWTH AND PROFITABILITY TEMPORARILY IMPACTED BY MAJOR IT AND PROCESS PROJECT Matias Järnefelt , CEO | Ari Vesterinen , CFO 6 August 2026 HARVIA
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Welcome! Agenda for today 2 Matias Järnefelt, CEO • Highlights of Q2 2026 business and financial performance • Strategy implementation Ari Vesterinen, CFO • Financial performance details in Q2 2026 Copyright © 2026 Harvia Plc
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0 Q2 2026 highlights 3 Double-digit revenue growth driven by North America • Revenue increased by 11.7% to EUR 52.8 million. All growth was organic. • North America drove overall growth with 38.6% revenue increase, boosting also the growth of especially Saunas and Scandinavian hot tubs. • Growth and profitability were weakened by major IT and process project implementation at the Muurame factory and headquarters. This postponed approximately EUR 4 million of deliveries, a majority of which will be realized in Q3. • As a result, revenue in Northern Europe, Continental Europe and APAC & MEA declined slightly. APAC & MEA was also affected by the war in the Persian Gulf region. Profitability impacted by postponed deliveries • Adjusted operating profit was EUR 8.6 million, representing 16.2% of revenue. • Profitability was impacted especially by postponed deliveries, and to significantly smaller extent by one-off costs related to the upgrades. In addition, product and channel mix had a slight negative impact. • Overall, a healthy gross margin and indirect cost growth below revenue growth. Continuing progress on strategic initiatives • In Muurame, delivery ability returned close to normal, full operational capacity to be reached during Q3. • Ongoing investments especially in facilities, IT infrastructure and product development. • Harvia continues to shape the global sauna market through product innovation and by increasing awareness of the health benefits of sauna. Examples: Harvia Fenix winning prestigious Red Dot design award, groundbreaking research published with the University of Jyväskylä. Copyright © 2026 Harvia Plc
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Q2 2026 key figures 4 Revenue 52.8 (47.3) EUR million Adjusted operating profit 8.6 (8.2) EUR million +11.7% 16.2% (17.3%) of revenue YoY growth 29.2% (39.4%) cash conversion Operating free cash flow 3.1 (3.9) EUR million Growth at comparable exchange rates: 12.9% All growth organic Copyright © 2026 Harvia Plc Adjusted operating profit growth: 4.8%
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H1 2026 key figures 5 Revenue 111.4 (99.2) EUR million Adjusted operating profit 21.4 (20.1) EUR million +12.2% 19.3% (20.2%) of revenue YoY growth 59.2% (59.4%) cash conversion Operating free cash flow 15.1 (14.1) EUR million Growth at comparable exchange rates: 15.7% All growth organic Copyright © 2026 Harvia Plc Adjusted operating profit growth: 6.8%
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Copyright © 2026 Harvia Plc Q2 2026: Strong revenue growth driven by North America • Total revenue grew by 11.7% to EUR 52.8 million in Q2/2026. • Revenue growth was driven by North America’s reported growth of 38.6%. • Revenue in other sales regions declined, mainly due to by postponed deliveries related to major IT and process project implementation at Muurame factory and headquarters. APAC & MEA was also affected by the war in the Persian Gulf region. 47.3 -0.2 (-1.7%) -0.4 (-2.9%) +6.4 (+38.6%) -0.3 (-4.9%) 52.8 45 46 47 48 49 50 51 52 53 54 55 2025 Q2 Northern Europe Continental Europe North America APAC & MEA 2026 Q2 EUR million Revenue by sales region 4–6/2025 vs 4–6/2026 1) Finland, Sweden, Denmark, Norway, Iceland, Estonia, Latvia, Lithuania 2) Europe excluding countries specified as Northern Europe 3) The United States and Canada 4) The region Asia-Pacific, Middle East, Africa, and all other countries excluding the above 1 2 3 4 66
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11.1 11.6 11.5 11.3 0 2 4 6 8 10 12 14 16 18 Q2 2023 Q2 2024 Q2 2025 Q2 2026 EUR million Northern Europe: Solid sales performance continued, even though revenue declined due to postponed deliveries 21% (24%) Share of Harvia’s total revenue Q2 revenue in Northern Europe, 2023−2026 • Revenue decreased by 1.7% to EUR 11.3 million in Q2. • As in many previous quarters, positive development especially in Scandinavia and in the Baltic countries. • Revenue declined due to postponed deliveries from the Muurame factory. Copyright © 2026 Harvia Plc7 -1.7%
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Continental Europe: Continuing progress in multiple markets 12.0 12.7 12.8 12.4 0 2 4 6 8 10 12 14 Q2 2023 Q2 2024 Q2 2025 Q2 2026 EUR million 23% (27%) Share of Harvia’s total revenue Q2 revenue in Continental Europe, 2023−2026 • Revenue decreased by 2.9% to EUR 12.4 million in Q2. • Continuing progress in several key markets. • Revenue declined due to postponed deliveries from the Muurame factory, as the overall market demand remained rather stable. Copyright © 2026 Harvia Plc8 -2.9%
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North America: Strong growth supported by market demand and expanded distribution 10.3 14.7 16.6 23.0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Q2 2023 Q2 2024 Q2 2025 Q2 2026 EUR million 44% (35%) Share of Harvia’s total revenue Q2 revenue in North America, 2023−2026 • Revenue grew by 38.6% to EUR 23.0 million in Q2. • Revenue growth reflects the strong market demand in North America, especially in traditional saunas. • Revenue was also boosted by the expanded distribution of our sauna cabins. Copyright © 2026 Harvia Plc9 +38.6%
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APAC & MEA: Ongoing progress in the region, but war in the Middle East visible in revenue decline 2.3 4.2 6.4 6.1 0 2 4 6 8 Q2 2023 Q2 2024 Q2 2025 Q2 2026 EUR million 11% (14%) Share of Harvia’s total revenue Q2 revenue in APAC & MEA, 2023−2026 • Revenue decreased by 4.9% to EUR 6.1 million in Q2. • Ongoing war impacted business in the Middle East. The comparison period was also very strong in the area with significant project deliveries. • In Asia, market development remained positive in the key sauna markets, such as Japan, China and Australia. Copyright © 2026 Harvia Plc10 -4.9%
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Technical equipment for sauna and spa remains at the core of Harvia’s business 11 Heating equipment* 48% (53%) 7% (7%) 30% (23%) 7% (7%) 8% (10%) *Sauna heaters, control units, IR components **Including steam generators and other steam equipment Note: Figures may not add up to 100% due to rounding Saunas and Scandinavian hot tubs Accessories and heater stones Spare parts and services Share of Group’s total revenue in Q2 2026 Steam products** Copyright © 2026 Harvia Plc
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Q2 2026: Revenue growth driven by Saunas and Scandinavian hot tubs • Revenue grew in most product groups but was driven especially by Saunas and Scandinavian hot tubs, a category that is heavily weighted toward North America. • Revenue of steam products declined due to the category’s softer market development and performance in North America. 47.3 +0.4 (+1.7%) +4.8 (+44.0%) -0.6 (-13.8%) +0.7 (+22.7%) +0.2 (+6.5%) 52.8 45 46 47 48 49 50 51 52 53 54 55 2025 Q2 Heating equipment* Saunas and Scandinavian hot tubs Steam products** Accessories and heater stones Spare parts and services 2026 Q2 EUR million Revenue by product group 4–6/2025 vs 4–6/2026 * Sauna heaters, control units, IR components ** Including steam generators and other steam equipment Copyright © 2026 Harvia Plc
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- Winning in strategically important markets Delivering the full sauna experience Best-in-class operations & great people Leading in key channels 13 Harvia’s strategic role: Shaping the global sauna market so that everyone has a reason to experience sauna Four strategic focus areas Copyright © 2026 Harvia Plc WHAT WHERE TO WHOM HOW
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Executing strategic focus areas in Q2 2026 • Excellent performance in full sauna cabins in North America. • Continuing strong demand for heating equipment, Harvia’s core. • Red Dot design award for Harvia Fenix control unit, which continues to sell very well. • North America: Very strong performance driving global growth. • APAC & MEA: Good development in Asia despite Middle East turmoil. • Continental Europe: Steady progress in several markets. • Northern Europe: Clear growth in received orders continued, especially Scandinavia and Baltic countries strong. • Implementation of a major IT infrastructure and business process upgrade project at the Muurame factory and headquarters was completed as planned. • Continuing investments also in production facilities and product development – such as ongoing facility expansion in Lewisburg, West Virginia. • These investments will enhance capacity, scalability, and operational resilience, while improving transparency and efficiency across the business. • Channel expansion in North America, improving sauna cabin distribution and availability. • Successful margin management despite somewhat unfavorable sales mix. • Ramp-up of direct-to-consumer webstore continuing in Germany and Austria. 14 Winning in strategically important markets Delivering the full sauna experience Leading in key channels Best-in-class operations & great people Copyright © 2026 Harvia Plc
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Copyright © 2026 Harvia Plc In June, Harvia published groundbreaking research on the health benefits of sauna • Together with the University of Jyväskylä and KIHU (Finnish institute of high performance sport), Harvia published groundbreaking research on the health benefits of sauna. • The key factors behind the physiological effects of the sauna and the overall sauna experience are not solely the high temperature, but also the humidity and its effective regulation through water thrown onto the hot stones. • The research is a key example of Harvia’s active role in driving awareness and understanding of sauna as well as its close cooperation with universities and other institutions.
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August 5, 202616 Harvia Fenix has been awarded the Red Dot Design Award 2026, one of the world’s most prestigious design awards
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Financials Ari Vesterinen, CFO 17 Copyright © 2026 Harvia Plc
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Strong revenue growth continued, profitability margin somewhat below past quarters Revenue and adjusted operating profit • Strong revenue growth even if approximately EUR 4 million of deliveries was postponed from Q2, of which majority to Q3. • Historically, market seasonality has resulted in lower demand during the summer months. • Adjusted operating profit margin moderate, somewhat below past quarters. 38.7 51.0 52.0 47.3 46.0 53.7 58.6 52.8 8.9 (22.9%) 8.7 (17.1%) 11.9 (22.9%) 8.2 (17.3%) 8.8 (19.1%) 10.5 (19.5%) 12.9 (22.0%) 8.6 (16.2%) 0 10 20 30 40 50 60 70 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 EUR million Copyright © 2026 Harvia Plc18
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Harvia’s key figures in the review period *Adjusted by items affecting comparability related mainly to acquisitions, divestments of subsidiaries and restructuring. EUR million 4-6/2026 4-6/2025 Change 1-6/2026 1-6/2025 Change 1-12/2025 Revenue 52.8 47.3 11.7% 111.4 99.2 12.2% 198.9 Adjusted EBITDA* 10.6 9.9 6.8% 25.5 23.7 7.3% 46.5 % of revenue 20.1% 21.0% 22.9% 23.9% 23.4% Adjusted operating profit* 8.6 8.2 4.8% 21.4 20.1 6.8% 39.1 % of revenue 16.2% 17.3% 19.3% 20.2% 19.6% Basic EPS (EUR) 0.30 0.23 25.9% 0.80 0.68 16.5% 1.41 Operating free cash flow 3.1 3.9 -20.8% 15.1 14.1 6.9% 26.5 Investments in tangible and intangible assets -3.4 -3.8 -9.7% -5.3 -5.8 -9.0% -14.8 Net debt 57.2 57.9 -1.3% 57.2 57.9 -1.3% 57.7 Leverage 1.2 1.3 1.2 1.3 1.2 Net working capital 46.9 46.8 0.2% 46.9 46.8 0.2% 47.9 Adjusted return on capital employed (ROCE) 43.8% 48.6% 43.8% 48.6% 41.3% Equity ratio 47.4% 43.6% 47.4% 43.6% 48.3% Number of employees at end of period 806 742 8.6% 806 742 8.6% 735 Copyright © 2026 Harvia Plc19
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Operating free cash flow and cash conversion weakened by postponed deliveries and investments 3.4 15.0 10.2 3.9 -0.6 13.3 12.0 3.1 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% -1 1 3 5 7 9 11 13 15 17 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Operating free cash flow Cash conversion Operating free cash flow and cash conversion* EUR million • In Q2, Harvia’s operating free cash flow was EUR 3.1 million (3.9) and cash conversion was 29.2% (39.4%). • Operating free cash flow was weakened by postponed deliveries and rather high investment level. • Historically, Harvia’s operating free cash flow and cash conversion have been lower during summer months, when also demand is slightly lower and when net working capital is deliberately increased ahead of high-demand winter season. * Cash conversion defined as operating free cash flow divided by adjusted EBITDA Copyright © 2026 Harvia Plc20
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Leverage remained well below the long-term target level • At the end of June 2026, the company’s net debt amounted to EUR 57.2 million (57.9). Loans from credit institutions were EUR 95.4 million (95.4) and lease liabilities were EUR 7.2 million (7.7). Cash and cash equivalents were EUR 45.3 million (45.2). • Leverage was 1.2 (1.3). The leverage has remained well below the company’s long-term financial target of under 2.5. Net debt and leverage EUR million 61.8 57.2 51.1 57.9 62.1 57.7 49.4 57.2 0 1 2 3 0 10 20 30 40 50 60 70 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Net debt Leverage Copyright © 2026 Harvia Plc21 Long-term leverage target < 2.5x
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Net financial items on a typical historical level • Net financial items were on a rather typical historical level. • Harvia has two interest rate swap agreements. A significant portion of the fluctuation in net financial items is typically due to changes in the fair value of the swaps. These changes in fair value have no cash flow impact . Net financial items EUR million 1.5 1.0 1.4 2.2 0.8 1.1 0.7 1.3 0.0 0.5 1.0 1.5 2.0 2.5 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Net financial items Financial expense and income, cash Copyright © 2026 Harvia Plc22
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Significant investments especially into facilities and IT infrastructure continued • During Q2, Harvia continued its investments related to, for example, modernizing its IT infrastructure, expanding the Lewisburg facility in the U.S, and driving the product development of the company’s digital offering. • Overall, investments during the second quarter were on a rather high level, while declining slightly from the comparison period. 1.6 1.8 2.0 3.8 4.9 4.0 1.9 3.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 Investments in tangible and intangible assets EUR million Copyright © 2026 Harvia Plc23
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Harvia’s long-term financial targets 1) Adjusted operating profit is operating profit before items affecting comparability. 2) Excluding the future impacts of changes in IFRS reporting standards. GROWTH 10% Average annual revenue growth PROFITABILITY >20% Adjusted operating profit margin1 LEVERAGE <2.5x Net debt/adjusted EBITDA2 Harvia does not publish a short-term outlook. Harvia’s dividend policy is to pay a regularly increasing dividend with a bi-annual payout. Copyright © 2026 Harvia Plc24
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25 Distribution of dividend in 2026 • The Annual General Meeting held on 15 April 2026 approved the Board of Directors’ proposal that EUR 0.77 per share be paid as dividend and that the remainder of the distributable funds be transferred to shareholders’ equity. • The dividend is paid in two instalments. • The first instalment, EUR 0.39 per share, was paid to shareholders who were registered in the shareholders’ register maintained by Euroclear Finland Ltd on the record date of the dividend of 17 April 2026. The dividend was paid on 24 April 2026. • The second instalment, EUR 0.38 per share, shall be paid in October 2026. Copyright © 2026 Harvia Plc
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Copyright © 2026 Harvia Plc26
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This material contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or Harvia Plc’s future financial performance, for example, market growth and developments, Harvia Plc’s strategic plans, potential growth, planned operational developments, expected financial developments that involve known and unknown risks, uncertainties and other factors that may cause Harvia Plc’s or its business’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. All forward-looking statements made in this material are based on information presently available to the management of Harvia Plc. Harvia Plc assumes no obligation to update or revise any forward-looking statements except to the extent legally required. Nothing in this material constitutes investment advice, and this material shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities or otherwise to engage in any investment activity. Disclaimer Copyright © 2026 Harvia Plc27
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Appendix 28 Copyright © 2026 Harvia Plc
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Copyright © 2026 Harvia Plc H1 2026: Growth in all sales regions • Total revenue grew by 12.2% to EUR 111.4 million in H1/2026. • Revenue grew in all sales regions but was driven especially by the 23.5% revenue growth in North America. 99.2 +1.8 (+7.7%) +0.5 (+1.8%) +9.0 (+23.5%) +0.8 (+8.1%) 111.4 95 97 99 101 103 105 107 109 111 113 115 2025 H1 Northern Europe Continental Europe North America APAC & MEA 2026 H1 EUR million Revenue by sales region 1–6/2025 vs 1–6/2026 1) Finland, Sweden, Denmark, Norway, Iceland, Estonia, Latvia, Lithuania 2) Europe excluding countries specified as Northern Europe 3) The United States and Canada 4) The region Asia-Pacific, Middle East, Africa, and all other countries excluding the above 1 2 3 4 2929
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H1 2026: Growth in most product groups • Revenue of most product groups grew. Growth was fastest in Saunas and Scandinavian hot tubs, driven by the strong overall performance of North America, where saunas make most of the region’s revenue. • Revenue of steam products declined as it was affected by the category’s softer market demand and performance in North America. 99.2 +6.3 (+11.9%) +5.1 (+21.3%) -1.2 (-12.6%) +1.0 (+15.7%) +1.0 (+15.0%) 111.4 95 97 99 101 103 105 107 109 111 113 115 2025 H1 Heating equipment* Saunas and Scandinavian hot tubs Steam products** Accessories and heater stones Spare parts and services 2026 H1 EUR million Revenue by product group 1–6/2025 vs 1–6/2026 * Sauna heaters, control units, IR components ** Including steam generators and other steam equipment Copyright © 2026 Harvia Plc
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Harvia’s shareholders (30 June 2026) • On 30 June 2026, the number of shareholders totaled 33,431 (including nominee registers). • Harvia held a total of 4,184 own shares. The shares correspond to 0.02% of the total number of shares. • The shareholding of the Board of Directors, management and personnel was 3.3%. • The market value of Harvia’s share capital on 30 June 2026 was EUR 777.7 million (906.7). Distribution by segment Number of shareholders 5,249 13,551 33,879 46,011 41,328 31,716 29,991 30,576 30,425 31,910 33,431 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 31 Dec 2019 31 Dec 2020 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 30 Jun 2025 30 Sept 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 Copyright © 2026 Harvia Plc 38.4% (51.4%) 20.9% (19.2%) 24.8% (17.6%) 15.9% (11.8%) 0.02% (0.02 %) Nominee registered and outside Finland Households Corporations Banks and insurance companies Harvia Plc's own shares 31
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