contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
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) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
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}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
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  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
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  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
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      defaultInstrument {
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        marketplace {
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        returns {
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    tags {
      viewerIsFollowing
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    ... on Video {
      liveTime
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    ... on Webcast {
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    slug
    ... on CompanyReport {
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    ... on ThirdPartyCompanyReport {
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    ... on StockExchangeRelease {
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    ...ContentBasicInfo
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    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
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  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
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  author
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  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
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      id
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    id
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}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
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      snapshot {
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        transaction {
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        prevTransaction {
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      id
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    id
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}

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

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

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
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      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


decisions-of-the-organisational-meeting-of-harvia-plcs-board-of-directors-on-15-april-2026

__typename

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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.

I also attended the Annual General Meeting in person, as it was conveniently located next to the office in Ruoholahti. There was a pretty comprehensive overview above. Nothing much new for me, perhaps the only nuance worth mentioning was Matias’s offhand comment about the goal to continue “tens of percent” growth in the USA in the coming years as well. That probably wasn’t a carefully considered statement about the future, but in my opinion, it is a faster pace than our forecasted growth of about 15%. If the USA/North America grows by over 20%, then at the group level, they should be able to exceed the target growth rate of 10% (our forecasts are currently pretty much exactly 10% for the coming years). Apparently, there’s even a bit of a rush to increase capacity in the USA so that production keeps up with growth, which is naturally a positive problem to have.  In my opinion, Matias is definitely, if not an outright exception, then at least among the very best CEOs in this regard.

Greetings to the Harvia forum (Haarumi), today I visited Harvia’s AGM and thought I’d write a short review of what we took away from the meeting. Right off the bat, I’ll say these are my own interpretations based on what I heard and my own train of thought. My thoughts don’t always run the same way as others, so it’s good to take this with a grain of salt. The information value is again questionable, but I thought I’d share if anyone is interested  The event was the first AGM of my life, so I had many questions beforehand, such as how much “real dividend” (catering) was on offer at the AGM and whether I’d get an amount of sauna stones corresponding to my share ownership as a souvenir. (The real dividends were good, I didn’t find any sauna stones). I was accompanied by The Compounding Tortoise, originally from Belgium, who produces investment content professionally and traveled to Helsinki specifically for the AGM. He has followed and owned Harvia for several years and has produced content about the company. Before the start of the AGM, we got to talk with CEO Järnefelt. I have no prior experience communicating with CEOs, but I must say that Matias’s enthusiasm and authenticity shine through him. He left a really positive impression on me, emphasizing that the communication felt genuine and wasn’t some pre-rehearsed CEO jargon. The CEO’s presentation contained much of the familiar information we’ve heard before, and the main focus was, of course, on the past year. However, let me highlight a few of my own notes:  Harvia gets recurring revenue from accessories. The current international business model also enables Harvia to optimize production chains and respond better to global events and uncertainty factors. During the year 2025 [sic], there were both tailwinds and headwinds. The company gained tailwinds from increased sauna awareness and enthusiasm for health. Here, the CEO often mentioned the importance of social media. Steel tariffs imposed on the EU were previously around 4%, now they have been as high as 20%. Additionally, there was a headwind from the dollar. These had to be compensated for with price increases. During the year, the company has invested more and more in product development, sales channels, and brands so that Harvia remains a competitive global player in the future. Sales in the Nordic countries have partly struggled since Kesko discontinued K-rauta in Sweden. Harvia has had to rebuild its sales channel in Sweden, and now these investments are starting to bear fruit (indications may have already been visible in Q4?). Control centers and applications provide the company with important user data and facilitate the use of saunas worldwide. Many people don’t know the optimal temperature for a sauna, which is why the sauna can be easily set to different levels like “Cozy, Warm, Hot” etc. via control centers, as this makes usage easier. A better customer experience was brought to the AHS and Thermasol online stores during the year, enabling customers to plan sauna order customizations on the ordering pages and see how much it affects the price at the same time. Regarding the potential of the US market, the CEO believed/hoped that one day there will be more saunas than swimming pools in that market. Part of the reasoning was that saunas are much more easily available today than before. The other was price and ease. You can order a sauna room for your backyard and set it up in a few days. Building a swimming pool requires significant investment and a lot of work.  After the review, it was time for the CEO’s Q&A, for which my AGM friend had prepared a few questions.  His question concerned the improvement of the gross margin and also the operating profit margin. Briefly and freely phrased: On an annual level, the company has been able to continuously improve its gross margin, even though the sales mix has not been as favorable as in previous years; despite this, the gross margin has improved. How has the company succeeded in this? To this, we heard that profitability on Harvia’s products is, to put it simply, better the further the products travel from Finland. Thus, the more Harvia grows outside of Finland, the better the gross margin has the potential to become. It was also interesting to hear that Harvia is investing quite a bit in creating a platform for growth by investing in supply chains, the brand, and new products. As it looks now, the company will be making higher investments for 3–4 years. Without these investments, the company could not, of course, grow in the current way, but the investments increase costs and mean that the EBIT margin is not where it could certainly be if the company wanted to scale back investments. The uncertainty in Iran and general geopolitical uncertainty was also a question, to which we heard that the direct effects are small, but indirect uncertainty, inflation, etc., always have an impact. Another thing I hadn’t considered at all myself was a possible component shortage. AI has caused a significant shortage of many components, or prices have skyrocketed. This hasn’t affected Harvia so far because the components Harvia uses are not the same as those used in other “hot” industries. The final question concerned AI and what kind of opportunities Harvia sees in it. The CEO said that the world is becoming more hectic, stress and pressure in working life are increasing, so people crave a place to relax. The sauna is a great opportunity for that. Operationally, AI can bring more efficiency; the company can benefit from targeting marketing and understanding data, etc. Finally, we got to meet the new member of Harvia’s board, Martin Richter. He has a background in scaling global businesses, including experience at Spotify and Peloton. My own intuition based on his presentation was that his experience could bring strong benefits to Harvia. All in all, it was an interesting and positive experience to attend my first AGM. Additionally, it was really interesting to exchange thoughts for a couple of days with a very knowledgeable owner. He is the first person I’ve met who knows by heart which heater model it is just from pictures   A few brave fellow owners came to ask who we were; if anyone is interested in my friend’s blog, you can check it out here: Deep Dive - Harvia - The Compounding Tortoise – though it’s good to note that most of the texts are behind a paywall.

Rauli has prepared a new company report on Harvia.  We do not expect the war in Iran to have a significant impact on Harvia. However, we predict that the Q1 result will be slightly lower than last year due to strong comparable figures. We expect Harvia to continue its strong growth and value creation in the coming years. Since the valuation (e.g., 2026 P/E 21x) is, in our opinion, at an acceptable level, the stock offers a good expected return. We reiterate our buy recommendation and a target price of 44 euros.                   Inderes              Harvia: Q1:llä vastassa vielä vahva vertailukausi - Inderes    Emme odota Iranin sodan aiheuttavan merkittäviä vaikutuksia Harvialle.

Here’s a Yle article about how, according to The Guardian, Britain could become the leading sauna market by 2033.  Perhaps if Britain really gets into saunas, Harvia might benefit from it too.   In Finland, there are an estimated three million saunas. Matias Järnefelt, CEO of the Finnish sauna and heater manufacturer Harvia, dismisses estimates of Great Britain becoming the number one sauna market. – That can’t be true. The direction is right, of course. The number one sauna market is the United States. According to statistics, Britain has a long way to go to reach the top. The British sauna market was approximately 86 million dollars, or about 74 million euros, in 2025. It is expected to grow to 168 million euros by 2032. Harvia’s turnover alone was 200 million euros last year.                    Yle Uutiset – 6 Apr 26              The Guardian: Britanniasta voi tulla maailman johtava saunamaa    Suomalaisen sauna- ja kiuasvalmistaja Harvian toimitusjohtaja tyrmää arvion.

Generally, if you want more comments on an analysis, a good starting point is the latest comprehensive report. On this topic, you can find this excerpt:  The mention of Harvia as a potential target has indeed been around for a long time, after the acquisitions of the mentioned competitors. Generally, one could say Harvia is a potential acquisition target, as it is a leader in a globally growing industry, yet still small enough in size that many larger players or private equity firms could quite easily (in terms of size) buy the company out.

My understanding is that this speculation has been part of analyses for quite some time, with 5/2025 mentioned, for example. I haven’t seen any concrete evidence or further details on this topic. Perhaps those wiser than me can correct my view if needed?

Harvia

STOCK EXCHANGE RELEASE 15 April 2026, at 3:00 P.M. EEST DECISIONS OF THE ORGANISATIONAL MEETING OF HARVIA PLC’S BOARD OF DIRECTORS ON 15 APRIL 2026 Catharina Stackelberg-Hammarén was elected...

STOCK EXCHANGE RELEASE 15 April 2026, at 3:00 P.M. EEST DECISIONS OF THE ORGANISATIONAL MEETING OF HARVIA PLC’S BOARD OF DIRECTORS ON 15 APRIL 2026 Catharina Stackelberg-Hammarén was elected the Chair and Markus Lengauer was elected the Deputy Chair of the Board of Directors at the Board of Directors’ organisational meeting that took place today after Harvia Plc’s Annual General Meeting. The Board of Directors elected from among its members Petri Castrén (Chair), Hille Korhonen, Markus Lengauer and Martin Richter as members of the Audit Committee. The Board of Directors elected from among its members Catharina Stackelberg-Hammarén (Chair), Anders Holmén and Olli Liitola as members of the Personnel and Remuneration Committee. Independence of the members of the Board of Directors The Board of Directors assessed the independence of its members in accordance with the Finnish Corporate Governance Code 2025 for listed companies. All members of the Board of Directors are independent of the company and its significant shareholders. HARVIA PLC BOARD OF DIRECTORS For further information Catharina Stackelberg-Hammarén, Chair of the Board of Directors, tel. +358&nbsp;400 218 224 Distribution: Nasdaq Helsinki Ltd Main media <a href="https://www.globenewswire.com/Tracker?data=hj81R09CWATUDnx9OP9nuqGGnja2P3JL8h4vrtpRYi8MK7ytPMzCo6kSAWj8nc8iimq14a8teQve-sDewCiI3uahnsZog9-fHYA9A9EWrYY=">www.harviagroup.com</a> Harvia is one of the leading companies operating in the sauna market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna market of both private and professional customers. Harvia’s revenue totaled EUR 198.9 million in 2025. Harvia Group employs over 700 professionals in Finland, United States, Germany, Romania, China and Hong Kong, Austria, Italy and Sweden. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility. Read more:&nbsp;<a href="https://www.globenewswire.com/Tracker?data=awE_JvuWXcqUEMn1n6MHJ0Lo6VdbT8TZQ2dseFq7mYcyFcRXi0ZEJmHSYgn0BMQIXteRnia3RpyO04uICFem88WKUlT6c2GDuZFGlTxQU0tRFlCYmFQVqfYx8cW9wMEQ19KiI2VqmbdQwSAm6KM1mq44n0JJrYY11rQmqf_slOSBQStuBUNPLi-avMoKPoVex4B_hf_c3eL7QgBNI8j3--nTNbH3FUmD10g2WNKlxcNRf3tbK1O-blj5Eel7o-YPsH0uhs_s2t8ClvBTdMPjeXF_5ad2BZle1s_PKCnXH01CW9fWnSTiy9wOiyq_QH2P4wOyGqvUFUJlyHa4K68CieyqtMI3LouzzghPAR1qJhPW2s8VDANqmObTz-EhzcHglmrQmohJRo9vQSeploiMmi0En9OW-U0GmKqnmTJcibDB9d0OdtQ6HAoaHvGJoQb3sLHpDIg7msLM8P50KZymsHcps7o-HMb5aYDsYFKBE1J_BQZbPpWedxS8r1xOuZ6vnFsSbKsWsaSd1HaRcPhP6i6OhJzx3BTnGSkG20K9_G2v8kooHAfBJBjcC44M4mn5pR1GIwWEqEhuJeZzSbpoIgI6FW8JKXLink0hLMrIub30LZM7mdpqorgfbNUYYQYmVDboH9QnC-xJfe0lFf-SneupzZ0APzhL_vZ9yJaMMoIwXMd08SoovdTeIdYDQVcYcCD6sG3YS0PNaV9werSG_TYM9ENgwGFVH69BjBRhBCyAyE5IHnEnrChd7ZlMiVJWZEIvWck1WESmfrc8HN8fU7ISmOQg8zoYd6IQe19QGtc=">https://harviagroup.com</a> <img alt="" src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMTE3NTk2MCM0MDIzNzUyMzAjMjA5ODI5OA=="> <img alt="" src="https://ml-eu.globenewswire.com/media/OWE4MDk0MjItMzU2ZC00NjRjLTkwODYtOTY4ZjI0MDY0NzNhLTExMDk4NjktMjAyNi0wNC0xNS1lbg==/tiny/Harvia-Oyj.png">