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Harvia: A Hidden European Growth Story With A Powerful Replacement Flywheel
Harvia Oyj (HRVFF) is a vertically integrated sauna pure-play with strong recurring revenue from heaters, parts, and complete solutions. I see Harvia as a serial acquirer in a fragmented market, leveraging bolt-on M&A to drive accretive growth and synergies. Organic revenue grew 12.7% to €58.6M, FCF remains robust post-Capex, and net LT debt/EBITDA is comfortably below 1x.
Harvia Oyj (HRVFF) Q1 2026 Earnings Call Transcript
Harvia Oyj (HRVFF) Q1 2026 Earnings Call Transcript
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