contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

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

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  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
  ... 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 {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      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 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
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

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 follow Almost Heaven’s online store from time to time; it seems that delivery times have stretched during the autumn from about 3 weeks in the summer to the current two months. Based on that, one could assume sales have been good if there haven’t been any major bottlenecks in production. Through Costco, one can certainly get it a bit faster, usually always 3-4 weeks delivery. In my opinion, there’s also more value for the customer in those Almost Heaven packages priced by Costco. Of course, for Harvia, it’s certainly a clearly lower-margin business than sales obtained through their own online store. Are there still people on the forum following these numbers more closely or following European resellers? I’d be interested to hear views on the current situation. My own monitoring is mainly occasional glances without any precise tabulation. My long-term trust in Harvia is strong, and the intention is to stay invested for at least 5-10 years, if nothing unexpected happens.

Continuation of the series “celebrities enjoying Harvia products”:  This will likely have a very moderate impact on the share price

It’s a pity that Mr. Olbrich had to step down from the position after a rather short (1.5-year) chairmanship. But Harvia will surely do well under someone else’s leadership too. The change seems to stem from Olbrich’s own reasons, so it’s unlikely to have much of an impact on the company.  Hille certainly has a long career in leading consumer product companies, which should be a perfectly suitable background for Harvia. The stint leading Renkaat was not very successful, but otherwise, I cannot evaluate him.

Hille Korhonen’s track record in operational activities isn’t very flattering. Of course, on the board, she is just one among others, and naturally, these days, when there needs to be an equal distribution of members, that can give a boost to some.

At one point, I didn’t invest in tires because Hille Korhonen was the CEO. And when I heard information from someone who worked there, I apparently made the right decision. The role of board work is, of course, different. Is there any information and/or insight here regarding Hille’s competence and added value for board work at Harvia?

Harvia’s Chairman of the Board Changes: Stock Exchange Release 17 November 2025 at 7:00 p.m. Following the announcement by Chairman of the Board Heiner Olbrich that he will step down from his position as Chairman, the Board of Directors of Harvia Oyj has, in its meeting on 17 November 2025, elected from among its members Vice Chairman of the Board Catharina Stackelberg-Hammarén as the new Chairman of the Board. Stackelberg-Hammarén succeeds Olbrich in the position. Olbrich has served as a member of Harvia’s Board of Directors since 2022 and as Chairman since 2024. The aim of the change is to ensure the seamless continuity of the Board’s work following Olbrich’s announcement that he will step down from his position as Chairman, and that he will not be available for re-election to the Board at the Annual General Meeting in April 2026 due to personal reasons. Olbrich will continue as a Board member until the end of the current term. Markus Lengauer was elected Vice Chairman. Catharina Stackelberg-Hammarén has served as a member of Harvia’s Board of Directors since 2023, and as Vice Chairman and a member of the Board’s Human Resources and Remuneration Committee since 2024. With the change in the Chairman of the Board, the Board also decided on changes to the composition of the Board committees. As of 17 November 2025, they are as follows: Human Resources and Remuneration Committee: Chairman Catharina Stackelberg-Hammarén, members Anders Holmén and Olli Liitola. Audit Committee: Chairman Petri Castrén, members Hille Korhonen and Markus Lengauer. As Chairman of Harvia’s Board of Directors, Catharina Stackelberg-Hammarén will, starting from her election as Chairman, serve as an expert in Harvia Oyj’s Shareholders’ Nomination Board in place of Heiner Olbrich, without being a member of the committee. The Nomination Board will submit its proposal for Board members to the company’s Board of Directors for the Annual General Meeting no later than 31 January 2026. HARVIA OYJ Board of Directors

Harvia

In the Value Creators concept, we highlight companies that have created substantial shareholder value. In this report, we introduce Harvia.

Translation: Original published in Finnish on 10/7/2024 at 3:41 pm EEST.
In the Value Creators concept, we highlight companies that have created substantial shareholder value. The reports do not include forecasts; they are based solely on historical data and key figures derived from it.
We evaluate companies based on the following indicators: &#xa0;
<ul>
<li>Revenue development</li>
<li>Operating profit development and profitability (%)</li>
<li>Return on capital (%)</li>
<li>Cash flow generated from operations</li>
<li>Share price development and historical valuations &#xa0;</li>
<li>Data is primarily sourced from Bloomberg</li>
</ul>
We look at the long-term development and all figures are presented with the time series 2014-2023. The reports do not constitute investment recommendations.
In this report we focus on Harvia, the world&apos;s leading sauna and spa company. Harvia&apos;s product range includes mainly traditional heaters and complete saunas. Harvia has clear competitive advantages that enable it to generate a good return on capital and value creation, and the company&apos;s capital allocation has been successful.

	2023	24e	25e
Revenue	150.5	171.9	200.1
growth-%	-12.7 %	14.2 %	16.4 %
EBIT (adj.)	33.7	38.4	44.2
EBIT-% (adj.)	22.4 %	22.4 %	22.1 %
EPS (adj.)	1.28	1.46	1.71
Dividend	0.68	0.72	0.80
Dividend %	2.7 %	1.8 %	1.9 %
P/E (adj.)	19.8	28.2	24.1
EV/EBITDA	13.1	18.6	15.7

Value Creators: Harvia

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