Q2 2025 Harvia Oyj Earnings Call Transcript
Key Points
- Harvia PLC (HRVFF) reported a 9.4% increase in revenue to EUR47.3 million for Q2 2025, with organic growth at 2.4%.
- The company maintained a strong materials margin of around 66%, indicating high gross margin levels.
- Harvia PLC (HRVFF) achieved a 16% revenue growth in the first half of 2025, with a 20% adjusted operating profit margin.
- The company is making significant investments in modernizing its IT infrastructure and expanding its marketing and product innovation efforts.
- Harvia PLC (HRVFF) is strategically positioned in the growing global sauna market, driven by long-term trends in health and wellness.
- Sales growth in North America was slower than expected, impacted by timing of deliveries, a weaker US dollar, and market volatility.
- The adjusted operating profit margin fell to 17.3%, below the company's 20% target, due to subdued sales growth and increased operating expenses.
- The company faced a EUR800,000 inventory valuation correction in the US, affecting material costs.
- Organic revenue growth in North America was slightly negative in Q2 2025, partly due to currency fluctuations.
- Higher personal expenses were noted, driven by investments in new product development and operational efficiencies.
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Hello, everyone, and welcome to Harvia's second quarter '25 earnings webcast. My name is Matias Jarnefelt, I'm the CEO of Harvia, and with me I have Ari Vesterinen, our Chief Financial Officer. Hello.
Today our presentation outline is here, so I will start by covering the highlights of the second quarter in terms of the business events and financial performance, and I will also update you on our strategy implementation. After my part, I will then cover more in detail the financial side of our earnings release.
So, let's start.
First of all, the highlights of the second quarter starting with the top line.
Harvia's top line growth continued, but on a more modest level than we have seen in the past quarters.
So, revenue increased by 9.4% to EUR47.3 million. In organic growth, that's 2.4%. When you look at our numbers,
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