Harvia Oyj

“The transition to efficient and circular resource use poses a regulatory risk, as regulators introduce reporting requirements, efficiency standards, and material phase-outs. This may affect raw materials' profitability and increase costs due to higher material prices, additional costs to update products and manufacturing methods when shifting to sustainable alternatives, availability issues due to high-demand, supplier lock-ins and negative impacts on product reliability and quality.”

Annual report 2025A · The company itself

“Circular economy products & solutions opportunity Shifting consumer expectations around circular economy solutions create a products & services opportunity, as demand grows for offerings that reduce material use, extend product lifecycles, and enable waste recovery. By providing circular alternatives — such as spare parts, clear recycling alternatives, or waste-to-resource infrastructure — the company may increase revenue by supporting low-waste lifestyles and positioning itself as a sustainability enabler.”

Annual report 2025A · The company itself

“Read more As demand for responsible and safe sauna solutions increases, sustainability becomes a competitive advantage. Harvia leverages its market leadership and engineering expertise to set the industry standard for environmental and social responsibility.”

Annual report 2025A · The company itself

“Our systematic approach encompasses energy eciency, the integration of renewable energy, optimized logistics, and circular economy principles.”

Annual report 2025A · The company itself

“This commitment underscores Harvia’s dedication to develop durable, safe products that utilize materials wisely.”

Annual report 2025A · The company itself

“Increased availability of products and solutions with reduced environmental impact Harvia products are designed to be durable and repairable, and Harvia offers spare parts services for them. Another significant positive factor is the good recyclability of both the materials used in the products and the product itself.”

Annual report 2025A · The company itself

“Extension of the lifespan of products, thereby reducing the demand for raw materials Harvia considers the entire product lifecycle when designing the products: Material usage and circularity of the materials to ensure durability of the product, spare parts and services to extend the product lifecycle, and recyclability of the product at the end of product lifecycle.”

Annual report 2025A · The company itself

“RESOURCE OUTFLOWS AND WASTE Opportunity Actual Resource use efficiency opportunity Improved resource efficiency has been a strength for Harvia with reduced material costs and efficient production performance. By using fewer materials, optimizing material use for products, and adopting and increasing the amount of recycled material, Harvia has gained lower long-term cost of revenue andincreased operational efficiency.”

Annual report 2025A · The company itself

“Design for circularity and longevity: Harvia focuses on ensuring the lasting quality and durability of its products. Products are specifically designed to be durable, repairable, and maintainable, incorporating modular construction to facilitate part replacement and extend their lifespan.”

Annual report 2025A · The company itself

“Together with its key partners, Harvia is aiming to seek ways to increase the recyclable content in materials and components used in Harvia’s products where possible.”

Annual report 2025A · The company itself

“The products are designed to be repairable, and Harvia offers spare parts and maintenance services to extend the lifetime of the products. - Material recyclability.”

Annual report 2025A · The company itself

“The materials used in manufacturing Harvia products, and the products themselves have good recyclability at the end of the product lifecycle. Harvia’s most significant product group, heating equipment, are 99% recyclable.”

Annual report 2025A · The company itself

“Read more Sauna culture is gaining significant momentum in the U.S. and Asian markets. Driven by social media and public wellness trends, the total addressable market is continuously expanding.”

Annual report 2025A · The company itself

“In North America and APAC & MEA, awareness of sauna and its health benefits continued to grow and market demand developed favorably.”

Annual report 2025A · The company itself

“We continued pursuing growth instrategically important markets in North America and the APAC &MEA region and made growth-fueling investments in common IT infrastructure and our facilities, supportingbest-in-class operational eciency.”

Annual report 2025A · The company itself

“Harvia pursues growth in strategically important markets outside Europe in North America and the APAC & MEA region. In Europe, the company focuses on further strengthening its position and capturing growth.”

Annual report 2025A · The company itself

“Infrared saunas are the most popular sauna type in North America, but also traditional saunas and steam saunas have a growing presence in the region.”

Annual report 2025A · The company itself

“It is notable that our growth is increasingly global, with revenue outside Europe already at 49% in 2025.”

Annual report 2025A · The company itself

“With an installed base of just over 1million saunas, the sauna penetration in North America is still low when compared to many mature sauna markets.”

Annual report 2025A · The company itself

“North America achieved 22.1% sales growth in 2025.”

Annual report 2025A · The company itself

“The North American wellness market is experiencing rapid expansion, with sauna emerging as one of the growth categories. North America is Harvia’s largest sales region with 38.1% share of revenue in 2025 and the key market for driving growth, in line with the company’s strategic focus areas.”

Annual report 2025A · The company itself

“The share in sauna heaters and components is estimated to be well over 20%. • Harvia is the leading player in its main markets: North America (38% of revenue in 2025), Continental Europe (28%) and Northern Europe (23%).”

Annual report 2025A · The company itself

“Harvia has four geographical sales regions, which are North America, Northern Europe, Continental Europe, and Asia-Pacific-MEA (Middle East & Africa) and Harvia’s products are sold in nearly 100 countries.”

Annual report 2025A · The company itself

“The number of personnel at the end of December 2025 in countries where Harvia has personnel is presented in the table below.”

Annual report 2025A · The company itself

“Sauna provides significant health and wellness benefits, which people are willing to invest in. Regular sauna bathing several times a week has been scientifically proven to reduce the risk of cardiovascular disease, stroke, and dementia, while improving sleep and skin health.”

Annual report 2025A · The company itself

“Harvia oers investors the opportunity to be part of a globally growing wellness trend.”

Annual report 2025A · The company itself

“Changing customer behavior and expectations If evolving customer expectations or needs are not met, this may lead to unwanted changes in customer behavior and decreased revenue as in transitioning to a lower-carbon economy consumers are expected to prefer climate-aligned brands.”

Annual report 2025A · The company itself

“Changing customer behavior and expectations If evolving customer expectations or needs are not met, this may lead to unwanted changes in customer behavior and decreased revenue as the transition to a lower-carbon economy isexpected consumers to prefer climate-aligned brands. Also, energy availability and energy price changes as well as acute weather hazards may have impact on consumer confidence and frequency of sauna use and result in changing customer behavior.”

Annual report 2025A · The company itself

“The transition to a low-carbon economy creates opportunities for sustainable products & services, as demand grows for solutions that enable climate mitigation. By providing low-emission solutions and innovations, Harvia may increase revenue through customer acquisition, market expansion, and strengthened climate positioning.”

Annual report 2025A · The company itself

“Harvia has defined its strategic role in the industry as “shaping the global sauna market so that everyone has a reason to experience sauna”.”

Annual report 2025A · The company itself

“Harvia’s strategic role is shaping the global sauna market so that everyone has a reason to experience sauna, its health benefits, the enjoyment and entertainment.”

Annual report 2025A · The company itself

“Harvia promotes the overall health and wellbeing of consumers and end-users by offering sauna solutions that support relaxation, recovery, and balance in everyday life. Through safe, durable, and user-friendly products, Harvia enables people to experience the scientifically proven physical and mental health benefits of sauna bathing while enjoying the joy and cultural heritage of sauna experiences.”

Annual report 2025A · The company itself

“Use of Harvia’s products promotes health and well-being of consumers and end-users having positive impact.”

Annual report 2025A · The company itself

“Harvia’s business is dependent on the availability of main raw materials, which are wood and steel, used in the manufacturing of Harvia’s products, as well as heater stones. material impacts, risks and opportunities related to own workforce Harvia identified and assessed material own workforce-related impacts, risks and opportunities in its double materiality assessment.”

Annual report 2025A · The company itself

“Consumption of natural resources Natural resources, non-renewable virgin materials and non-recyclable content in raw materials will always be needed to some extent.”

Annual report 2025A · The company itself

“The main materials used in manufacturing Harvia’s products are steel and wood.”

Annual report 2025A · The company itself

“This may affect raw materials' profitability and increase costs due to higher material prices, updating products and manufacturing methods when shifting to sustainable alternatives, availability issues due to high-demand, supplier lock-ins and negative impacts on product reliability and quality.”

Annual report 2025A · The company itself

“Harvia manages waste creation by preventing it at the source, improving process efficiency, and promoting recycling and reuse throughout its operations. responsible sourcing, with a commitment to using recycled stainless steel (averaging approximately 90% recycled content) and sustainably sourced, deforestation-free wood materials.”

Annual report 2025A · The company itself

“Harvia sources wood from certified suppliers, depending on availability in various markets.”

Annual report 2025A · The company itself

“Resource use efficiency opportunity Improved resource efficiency has been a strength for Harvia with reduced material costs and efficient production performance. By using fewer materials, optimizing material use for products, and adopting and increasing the amount of recycled material Harvia has gained lower long-term cost of revenue and increased operational efficiency.”

Annual report 2025A · The company itself

“The European sauna factories of Harvia procure their wood materials from suppliers with a valid Chain of Custody certification. During production, scrap wood is minimized by techniques such as finger jointing, which enables the use of shorter wood pieces.”

Annual report 2025A · The company itself

“Saunas and Scandinavian hot tubs, which represent the second largest product group and account for 24% of total revenue, contribute to the material flow of wood.”

Annual report 2025A · The company itself

“Read more Sauna culture is gaining significant momentum in the U.S. and Asian markets. Driven by social media and public wellness trends, the total addressable market is continuously expanding.”

Annual report 2025A · The company itself

“In North America and APAC & MEA, awareness of sauna and its health benefits continued to grow and market demand developed favorably.”

Annual report 2025A · The company itself

“We continued pursuing growth instrategically important markets in North America and the APAC &MEA region and made growth-fueling investments in common IT infrastructure and our facilities, supportingbest-in-class operational eciency.”

Annual report 2025A · The company itself

“Harvia pursues growth in strategically important markets outside Europe in North America and the APAC & MEA region. In Europe, the company focuses on further strengthening its position and capturing growth.”

Annual report 2025A · The company itself

“It is notable that our growth is increasingly global, with revenue outside Europe already at 49% in 2025.”

Annual report 2025A · The company itself

“With 25.4% revenue growth year-on-year, APAC & MEA was Harvia’s fastest growing region in 2025 driven by positive development in several key markets, such as Japan and China.”

Annual report 2025A · The company itself

“In addition to North America, APAC & MEA (11%) hasbeen one of Harvia’s fastest growing regions in the past few years and is one of its strategically most important growth areas going forward.”

Annual report 2025A · The company itself

“Harvia has four geographical sales regions, which are North America, Northern Europe, Continental Europe, and Asia-Pacific-MEA (Middle East & Africa) and Harvia’s products are sold in nearly 100 countries.”

Annual report 2025A · The company itself

“Also, energy availability and energy price changes as well as acute weather hazards may have impact on consumer confidence and frequency of sauna use and result in changing customer behavior.”

Annual report 2025A · The company itself

“Biggest increases were in consumption from nuclear sources, 11%, and renewable energy consumption, 6%, while the total fossil energy consumption decreased by 5%. The increase in nuclear power is a result from the increase in production volumes and business, as nuclear power is widely used in different Harvia Group companies.”

Annual report 2025A · The company itself

“In Germany, a new state-of-the art coating system was installed at the EOS factory in Driedorf to support production capacity. This was complemented by a new hybrid thermal power plant, which became operational in late 2025 and significantly reduces the factory’s energy footprint.”

Annual report 2025A · The company itself

“Another major project was the comprehensive modernization of a paint shop line in our German factory, resulting in substantially improved energy eciency and the transition from oil to emission-free energy source.”

Annual report 2025A · The company itself

“Risk of cost increase from dependency of energy Rising prices can substantially increase costs of production processes in own operations and upstream.”

Annual report 2025A · The company itself

“Non-renewable energy production 1.6 2.2 -27% Renewable energy production 1.7 1.2 42% Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/EUR million) 78.4 86.8 -10% The total energy use of Harvia Group increased by 3% in 2025 compared to 2024.”

Annual report 2025A · The company itself

“Harvia’s energy efficient operations can realize both energy source and resource efficiency opportunities by reducing overall energy consumption and shifting to cleaner, more cost-stable energy inputs.”

Annual report 2025A · The company itself

“This addresses supply chain disruption risks and fosters a climate-resilient supply chain. - Energy and emissions: Prioritizing emission-free and renewable energy sources, reducing energy consumption in production facilities, optimizing transportation, and promoting cleaner combustion.”

Annual report 2025A · The company itself

“Harvia’s business is dependent on the availability of main raw materials, which are wood and steel, used in the manufacturing of Harvia’s products, as well as heater stones. material impacts, risks and opportunities related to own workforce Harvia identified and assessed material own workforce-related impacts, risks and opportunities in its double materiality assessment.”

Annual report 2025A · The company itself

“Consumption of natural resources Natural resources, non-renewable virgin materials and non-recyclable content in raw materials will always be needed to some extent.”

Annual report 2025A · The company itself

“The main materials used in manufacturing Harvia’s products are steel and wood. On average, the stainless steel Harvia uses is approximately 90% recycled steel.”

Annual report 2025A · The company itself

“This may affect raw materials' profitability and increase costs due to higher material prices, updating products and manufacturing methods when shifting to sustainable alternatives, availability issues due to high-demand, supplier lock-ins and negative impacts on product reliability and quality.”

Annual report 2025A · The company itself

“Harvia manages waste creation by preventing it at the source, improving process efficiency, and promoting recycling and reuse throughout its operations. responsible sourcing, with a commitment to using recycled stainless steel (averaging approximately 90% recycled content) and sustainably sourced, deforestation-free wood materials.”

Annual report 2025A · The company itself

“The absolute weight of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the undertaking’s products and services (including packaging) (1,000 kg) 4,200 2,500 68% Percentage of secondary reused or recycled components, secondary intermediary products and secondary materials 16% 12% +4 p.p.”

Annual report 2025A · The company itself

“Resource use efficiency opportunity Improved resource efficiency has been a strength for Harvia with reduced material costs and efficient production performance. By using fewer materials, optimizing material use for products, and adopting and increasing the amount of recycled material Harvia has gained lower long-term cost of revenue and increased operational efficiency.”

Annual report 2025A · The company itself

“Climate-related transition opportunity due to evolving expectations from customers and other stakeholders Meeting the evolving requirements and expectations around sauna business builds trust for stakeholders. The transition to a low-carbon economy creates opportunities for sustainable products & services, as demand grows for solutions that enable climate mitigation.”

Annual report 2025A · The company itself

“By providing low-emission solutions and innovations, Harvia may increase revenue through customer acquisition, market expansion, and strengthened climate positioning.”

Annual report 2025A · The company itself

“The transition to a low-carbon economy creates opportunities for sustainable products & services, as demand grows for solutions that enable climate mitigation. By providing low-emission solutions and innovations, Harvia may increase revenue through customer acquisition, market expansion, and strengthened climate positioning.”

Annual report 2025A · The company itself

“This may affect raw materials' profitability and increase costs due to higher material prices, updating products and manufacturing methods when shifting to sustainable alternatives, availability issues due to high-demand, supplier lock-ins and negative impacts on product reliability and quality.”

Annual report 2025A · The company itself

“Harvia conducts continuous development and research to develop energy-efficiency in products and new innovations taking climate matters into account.”

Annual report 2025A · The company itself

“Policies related to climate change mitigation and adaptation Harvia Group is committed to operating responsibly and minimizing the environmental impacts of its operations and products throughout their entire lifecycle, with an overarching climate target to achieve net zero emissions by 2050. This commitment is formally articulated in the Harvia Group Environmental Policy and further detailed in the Climate Transition Program, which together establish a framework for managing climate-related material impacts, risks, and opportunities.”

Annual report 2025A · The company itself

“While the macroeconomic landscape stabilized in terms of material availability and inflation, the geopolitical uncertainty and volatility in U.S. tari policies created a level of unpredictability in the market, highlighting the need to adapt to rapid changes in the cost structure.”

Annual report 2025A · The company itself

“Harvia’s business is global, and key market areas are widely spread, which reduces geographical risk.”

Annual report 2025A · The company itself

“In Germany, a new state-of-the art coating system was installed at the EOS factory in Driedorf to support production capacity. This was complemented by a new hybrid thermal power plant, which became operational in late 2025 and significantly reduces the factory’s energy footprint.”

Annual report 2025A · The company itself

“Stricter energy efficiency requirements will require investments to upgrade equipment and improve energy performance.”

Annual report 2025A · The company itself

“The new MyHarvia smart sauna app and technology platform enhanced our digital leadership, while theworld’s first o-the-grid electric sauna including a solar panel and the hydrogen-powered sauna showcased Harvia’s industry-leading energy saving solutions.”

Annual report 2025A · The company itself

“In 2025, we advanced our digital capabilities and deepened our understanding of the sauna experience to optimize energy consumption, enhance user well-being, and strengthen our product oering.”

Annual report 2025A · The company itself

“In Germany, a new hybrid power plant was installed. Its phased commissioning began in late 2025, and the plant will reach its full operational capacity in early 2026.”

Annual report 2025A · The company itself

“Harvia aims to deliver the full sauna experience and enables that by bringing new solutions and innovations to meet the needs of different sauna cultures. From the sustainability point of view, this means educating people about the sauna, especially the right way of using different saunas, guiding customers in selecting sustainable solutions suited to their needs, and introducing products that utilize energy-efficient technologies and alternative zeroemission energy sources, such as digital solutions for optimized energy use and sauna concepts powered by hydrogen or solar energy.”

Annual report 2025A · The company itself

“Harvia conducts continuous development and research to develop energy-efficiency in products and new innovations taking climate matters into account.”

Annual report 2025A · The company itself

“- Continuous improvement: Optimizing productivity and operating practices across the value chain, from purchasing to logistics, to reduce environmental impacts, directly contributing to energy efficiency opportunities and GHG emission reductions. - Product innovation, design, energy efficiency, andlife cycle management: Developing new concepts and solutions to minimize environmental impacts, improve energy efficiency, and extend product lifespan.”

Annual report 2025A · The company itself

“Harvia’s R&D and operations evaluate the products to improve material efficiency in production, and the company offers maintenance services and spare parts.”

Annual report 2025A · The company itself

“The program addresses the most significant topics to Harvia Group: climate change, circular economy, own workforce, workers in the value chain, consumers and end-users, and business conduct.”

Annual report 2025A · The company itself

“Working conditions and opportunities not meeting employee expectations Risk of inability to attract, retain and motivate qualified individuals in key roles and unsuccessful career planning if working conditions and opportunities are not meeting employee expectations may have a negative impact on the company’s ability to make profitable business, develop the business and on employer brand.”

Annual report 2025A · The company itself

“Harvia employs over 700 professionals across Europe, North America, and Asia. Roughly one-third of the workforce is based in Muurame, Central Finland, home to the company’s global headquarters and largest production facility.”

Annual report 2025A · The company itself

“Employee well-being and engagement are cornerstones of the Harvia community. The 2025 Employee Survey yielded positive results, with the eNPS score rising significantly from 10 to 19.”

Annual report 2025A · The company itself

“Harvia’s business model relies on a range of inputs, including raw materials, energy, people, financial resources, intellectual property, and digital technologies.”

Annual report 2025A · The company itself

“Harvia’s business, innovations and business growth are dependent on talented workforce.”

Annual report 2025A · The company itself

“TYÖOLOSUHTEET JA MUUT TYÖHÖN LIITTYVÄT OIKEUDET Impact Potential Negative Working conditions or work-related rights of the value chain not up to requirements or expectations Inadequate working time conditions, paying inadequate wages for employees and potential deficiencies in working safety and health.”

Annual report 2025A · The company itself

“Identified and assessed material impacts, risks and opportunities relate to Harvia’s business model and environment and are focused on Harvia’s upstream value chain, promoting good working conditions, potential misconduct among its suppliers or on work-related rights or deeper in the upstream value chain in the 82Harvia 2025 Strategy Business operations Sustainability Investors Governance Financial statements purchasing of raw materials and components used in Harvia’s products.”

Annual report 2025A · The company itself

“Best-in-class operations & great people are the basis for Harvia’s success. The wellbeing of the employees and partners alike is of great importance.”

Annual report 2025A · The company itself

“Furthermore, AI training was introduced for all white-collar sta to enhance their understanding and safe application of artificial intelligence.”

Annual report 2025A · The company itself

“During the year, we strengthened our product and portfolio leadership with several innovations.”

Annual report 2025A · The company itself

“The integration of saunas into smart homes opens new revenue streams and value propositions.”

Annual report 2025A · The company itself

“diverse brand portfolio and enable smarter sauna solutions. It ensures better device management and seamless connectivity for the current and future products.”

Annual report 2025A · The company itself

“From the sustainability point of view, this means educating people about the sauna, especially the right way of using different saunas, guiding customers in selecting sustainable solutions suited to their needs, and introducing products that utilize energy-efficient technologies and alternative zeroemission energy sources, such as digital solutions for optimized energy use and sauna concepts powered by hydrogen or solar energy.”

Annual report 2025A · The company itself

“• Future growth is supported by market-leading and sustainable innovations with winning design, unparalleled user experience and cutting-edge digital solutions to elevate the sauna experience.”

Annual report 2025A · The company itself

“This may include making the current offering more sustainable but also developing completely new products, such as digital solutions.”

Annual report 2025A · The company itself

“In 75 years, Harvia has evolved from a Finnish heater workshop in 1950s into the global sauna market leader. Following the 1980s entry into electric heaters, 1990s export expansion, and a strategic shift to full sauna solutions in the 2000s, Harvia now has a comprehensive portfolio encompassing all sauna types, serving consumers and professionals alike.”

Annual report 2025A · The company itself

“Today, Harvia oers a comprehensive ecosystem of products for all sauna types, from heaters and their components to full-scale sauna solutions.”

Annual report 2025A · The company itself

“Read more Executing strategic focus areas in 2025 Harvia seeks to make sauna a broader experience, oering a complete portfolio of all sauna types, cold plunges, hot tubs, and other sauna related extensions, and constantly bringing new, exciting innovations to the market.”

Annual report 2025A · The company itself

“The region also has a sizeable infrared and steam sauna market.”

Annual report 2025A · The company itself

“Harvia’s largest product group is heating equipment, which equals 54% of Harvia’s total revenue.”

Annual report 2025A · The company itself

“Harvia’s leading market position, strong brands, and business model create a solid foundation for the company to lead the sauna market also in the future – demonstrating growth, strong margins, and increasing dividends. • Harvia’s business model is very capital ecient due to typically low investment needs as well as ecient and flexible production processes. • Harvia demonstrates robust operational eciency, supported by unified processes and modern production facilities. • Key elements in ecient operations include advanced sales & operations planning, global sourcing strategy, automating operations, as well as agile transportation network. • Sustainability across the supply chain is one of the key focus areas. • Harvia serves a large and diverse customer base in nearly 100 countries, including sauna specialist stores, retail stores, wholesalers, sauna integrators and sauna builders, DIY chains as well as renovation and construction companies.”

Annual report 2025A · The company itself

“The new MyHarvia smart sauna app and technology platform enhanced our digital leadership, while theworld’s first o-the-grid electric sauna including a solar panel and the hydrogen-powered sauna showcased Harvia’s industry-leading energy saving solutions.”

Annual report 2025A · The company itself

“In addition, Harvia introduced the first solar-powered sauna in theUnited States, which operates completely o-grid.”

Annual report 2025A · The company itself

“An investment decision has been made for a solar power plant in China, with commissioning planned for 2026.”

Annual report 2025A · The company itself

“Harvia aims to deliver the full sauna experience and enables that by bringing new solutions and innovations to meet the needs of different sauna cultures. From the sustainability point of view, this means educating people about the sauna, especially the right way of using different saunas, guiding customers in selecting sustainable solutions suited to their needs, and introducing products that utilize energy-efficient technologies and alternative zeroemission energy sources, such as digital solutions for optimized energy use and sauna concepts powered by hydrogen or solar energy.”

Annual report 2025A · The company itself

“This addresses supply chain disruption risks and fosters a climate-resilient supply chain. - Energy and emissions: Prioritizing emission-free and renewable energy sources, reducing energy consumption in production facilities, optimizing transportation, and promoting cleaner combustion.”

Annual report 2025A · The company itself

“At Harvia’s headquarters and largest manufacturing site in Muurame, Harvia has a solar power plant to increase the share of renewable and emission-free energy sources.”

Annual report 2025A · The company itself

“Also, energy availability and energy price changes as well as acute weather hazards may have impact on consumer confidence and frequency of sauna use and result in changing customer behavior.”

Annual report 2025A · The company itself

“Climate-related physical hazards – including acute events such as floods, storms, and wildfires, and chronic stressors such as droughts and extreme heat – may disrupt supplier operations or logistics infrastructure, leading to supply chain interruptions that increase input costs or delay deliveries, thereby raising the company’s cost of revenue.”

Annual report 2025A · The company itself

“Climate-related opportunity for resilient supply chain Growing climate-related disruptions to global supply chains expose companies to increased input volatility and delivery risk. The rapidly changing market conditions of the past years have proven that Harvia has a strong ability to ensure availability.”

Annual report 2025A · The company itself

“Harvia puts effort in long-term supplier relationships, climate-resilient supply network with supplier diversification and backup supplier systems for material, and weather-adaptive logistics systems to increase the resilience of the supply chain. Harvia’s own operations are flexible and capable of acting as back up ifsupplier availability issues occur.”

Annual report 2025A · The company itself

“The new MyHarvia smart sauna app and technology platform enhanced our digital leadership, while theworld’s first o-the-grid electric sauna including a solar panel and the hydrogen-powered sauna showcased Harvia’s industry-leading energy saving solutions.”

Annual report 2025A · The company itself

“The company’s collaboration with Toyota Motor Corporation yielded the innovative hydrogen sauna project, which has shown promising results related to clean energy and minimal environmental impact.”

Annual report 2025A · The company itself

“Harvia aims to deliver the full sauna experience and enables that by bringing new solutions and innovations to meet the needs of different sauna cultures. From the sustainability point of view, this means educating people about the sauna, especially the right way of using different saunas, guiding customers in selecting sustainable solutions suited to their needs, and introducing products that utilize energy-efficient technologies and alternative zeroemission energy sources, such as digital solutions for optimized energy use and sauna concepts powered by hydrogen or solar energy.”

Annual report 2025A · The company itself

“- Supply-chain decarbonization: introducing climate criteria in procurement and improving supplier GHG data management. - Product and service portfolio changes: developing low-emission sauna concepts and designs for durability and recyclability. - Adoption of new technologies: developing sauna solutions utilizing new technologies such as hydrogen and future energy storage solutions.”

Annual report 2025A · The company itself

“Read more The global sauna market remains highly fragmented, oering consolidation opportunities. As the industry matures and large players enter the market, the pace of development accelerates.”

Annual report 2025A · The company itself

“Taking an active consolidator role in the industry through M&A is a strategic focus area for Harvia.”

Annual report 2025A · The company itself

“In 2025, the steam product category grew due to the acquisition of steam solutions manufacturer ThermaSol in 2024 and represented 8.7% of the total revenue.”

Annual report 2025A · The company itself

“This approach leverages positive impacts and opportunities related to changing customer behavior and market expectations for sustainable solutions. - Responsible sourcing and supply chain management: Ensuring resilient and responsible sourcing, supporting suppliers in improving their environmental performance, and requiring legal compliance.”

Annual report 2025A · The company itself

“Modernized IT systems were rolled out especially in the U.S. operations during the year, already delivering results in the form of improved demand and capacity forecasting, proactive inventory management, and a more ecient and transparent production environment.”

Annual report 2025A · The company itself

“Upholding the continuous improvement of the company’s production processes and operations as a whole is highly important from both efficiency and sustainability point of view.”

Annual report 2025A · The company itself

“Over the years, Harvia has increased automation in its manufacturing facilities and developed its own equipment and ways of working to optimize material use and to reduce waste. - Extending product lifecycle.”

Annual report 2025A · The company itself

“There were some positive signs of slowly improving market sentiment, even if the macroeconomic challenges – including weak consumer confidence and challenges in the construction sector – remained largely unchanged.”

Annual report 2025A · The company itself

“To support continued double-digit growth and drive operational excellence, Harvia also made several strategic investments in its facilities in 2025. In United States, the expansion of the Lewisburg factory in West Virginia was initiated. Harvia also opened a second logistics center near the factory to improve delivery capacity.”

Annual report 2025A · The company itself

“Harvia’s leading market position, strong brands, and business model create a solid foundation for the company to lead the sauna market also in the future – demonstrating growth, strong margins, and increasing dividends. • Harvia’s business model is very capital ecient due to typically low investment needs as well as ecient and flexible production processes. • Harvia demonstrates robust operational eciency, supported by unified processes and modern production facilities. • Key elements in ecient operations include advanced sales & operations planning, global sourcing strategy, automating operations, as well as agile transportation network. • Sustainability across the supply chain is one of the key focus areas. • Harvia serves a large and diverse customer base in nearly 100 countries, including sauna specialist stores, retail stores, wholesalers, sauna integrators and sauna builders, DIY chains as well as renovation and construction companies.”

Annual report 2025A · The company itself

“Despite general economic uncertainty, currency headwinds and trade policy uncertainty, the demand in the sauna market remained firm, which is a strong signal of resilience and interest in wellbeing through sauna.”

Annual report 2025A · The company itself

“The company has demonstrated average annual revenue growth of approx. 17% since the IPO and delivered consistently strong adjusted EBIT margin over 20%. • Harvia’s dividend policy is to pay a regularly increasing dividend with a bi-annual payout, and the dividend per share has increased annually since the IPO in 2018.”

Annual report 2025A · The company itself

“Harvia actively provides customers, consumers, and distributors with information on the correct use of its products to maximize their energy efficiency and extend their service life.”

Annual report 2025A · The company itself

“With their wide range of products, Harvia oers customized solutions for consumers and professionals alike.”

Annual report 2025A · The company itself

“Harvia carried out a customer satisfaction survey with approximately 4,000 reseller customers at the end of 2025 (compared to 11,000 in 2024).”

Annual report 2025A · The company itself

“Harvia’s leading market position, strong brands, and business model create a solid foundation for the company to lead the sauna market also in the future – demonstrating growth, strong margins, and increasing dividends. • Harvia’s business model is very capital ecient due to typically low investment needs as well as ecient and flexible production processes. • Harvia demonstrates robust operational eciency, supported by unified processes and modern production facilities. • Key elements in ecient operations include advanced sales & operations planning, global sourcing strategy, automating operations, as well as agile transportation network. • Sustainability across the supply chain is one of the key focus areas. • Harvia serves a large and diverse customer base in nearly 100 countries, including sauna specialist stores, retail stores, wholesalers, sauna integrators and sauna builders, DIY chains as well as renovation and construction companies.”

Annual report 2025A · The company itself

“The integration of saunas into smart homes opens new revenue streams and value propositions.”

Annual report 2025A · The company itself

“diverse brand portfolio and enable smarter sauna solutions. It ensures better device management and seamless connectivity for the current and future products.”

Annual report 2025A · The company itself

“With their wide range of products, Harvia oers customized solutions for consumers and professionals alike.”

Annual report 2025A · The company itself

“The direct-to-consumer channel has been a significant part of Harvia’s success in North America, and its development continued in 2025.”

Annual report 2025A · The company itself

“Harvia aims to develop its channel strategy and the Group-level sales and customer service capabilities to drive synergies and cross-sell opportunities.”

Annual report 2025A · The company itself

“Harvia’s leading market position, strong brands, and business model create a solid foundation for the company to lead the sauna market also in the future – demonstrating growth, strong margins, and increasing dividends. • Harvia’s business model is very capital ecient due to typically low investment needs as well as ecient and flexible production processes. • Harvia demonstrates robust operational eciency, supported by unified processes and modern production facilities. • Key elements in ecient operations include advanced sales & operations planning, global sourcing strategy, automating operations, as well as agile transportation network. • Sustainability across the supply chain is one of the key focus areas. • Harvia serves a large and diverse customer base in nearly 100 countries, including sauna specialist stores, retail stores, wholesalers, sauna integrators and sauna builders, DIY chains as well as renovation and construction companies.”

Annual report 2025A · The company itself

“Climate-related physical hazards – including acute events such as floods, storms, and wildfires, and chronic stressors such as droughts and extreme heat – may disrupt supplier operations or logistics infrastructure, leading to supply chain interruptions that increase input costs or delay deliveries, thereby raising the company’s cost of revenue.”

Annual report 2025A · The company itself

“Harvia has also optimized road freight routes in the EU, reduced overlapping inventories and selected a contract with a key logistics partner that enables approximately 60% fewer emissions than a standard contract to reduce transportation carbon footprint.”

Annual report 2025A · The company itself

“MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS INCLUDING PAYMENT PRACTICES Impact Actual Positive Long-term relationships with Harvia suppliers and partners and together developing sustainability Harvia’s long-term supplier relationships enable continuous collaboration to improve sustainability performance across the value chain. Through its Supplier Code of Conduct, assessments, commitment from suppliers and joint development, Harvia promotes ethical, responsible, and transparent business practices.”

Annual report 2025A · The company itself

“Long-term relationships with key suppliers and customers provide stability and flexibility in a balanced manner.”

Annual report 2025A · The company itself

“Harvia’s largest product group is heating equipment, which equals 54% of Harvia’s total revenue.”

Annual report 2025A · The company itself

“- Supply-chain decarbonization: introducing climate criteria in procurement and improving supplier GHG data management. - Product and service portfolio changes: developing low-emission sauna concepts and designs for durability and recyclability. - Adoption of new technologies: developing sauna solutions utilizing new technologies such as hydrogen and future energy storage solutions.”

Annual report 2025A · The company itself

“• Products are sold globally mainly via the distributor network as well as directly to end users. • Harvia strengthens its distributor network continuously in both B2B and D2C channels in order to gain a wider customer base and drive growth in the key markets. • The stability of the business, typically strong cash conversion and low investment needs together with Harvia’s performance provide a solid foundation for healthy profits.”

Annual report 2025A · The company itself

“To support sustainable mobility, a substantial number of electric vehicle (EV) charging stations were installed at our Muurame factory.”

Annual report 2025A · The company itself

“EXAMPLES OF OTHER ACTIONS TO ADDRESS IMPACTS, RISKS AND OPPORTUNITIES OF CLIMATE CHANGE To drive electrification, Harvia has invested in electrical forklifts and charging stations for electrical vehicles.”

Annual report 2025A · The company itself

“Harvia’s largest product group is heating equipment, which equals 54% of Harvia’s total revenue.”

Annual report 2025A · The company itself

“This addresses supply chain disruption risks and fosters a climate-resilient supply chain. - Energy and emissions: Prioritizing emission-free and renewable energy sources, reducing energy consumption in production facilities, optimizing transportation, and promoting cleaner combustion.”

Annual report 2025A · The company itself

“Despite general economic uncertainty, currency headwinds and trade policy uncertainty, the demand in the sauna market remained firm, which is a strong signal of resilience and interest in wellbeing through sauna.”

Annual report 2025A · The company itself

“Read more Sauna culture is gaining significant momentum in the U.S. and Asian markets. Driven by social media and public wellness trends, the total addressable market is continuously expanding.”

Annual report 2025A · The company itself

“There were some positive signs of slowly improving market sentiment, even if the macroeconomic challenges – including weak consumer confidence and challenges in the construction sector – remained largely unchanged.”

Annual report 2025A · The company itself

“Growing global sauna market Leading global player Strong brands, comprehensive product and service oering and market-leading innovations • Market potential is significant: the global sauna market is close to 4 billion euros and highly fragmented. • Thanks to the increasing awareness of sauna and its health benefits, the market is poised for growth, estimated to exceed the historical average of 5% for the next five years. • The sauna market boasts resilience, especially inthe more mature regions, thanks to consistent replacement demand. • Harvia’s management estimates that the company’s market share has increased during the last few years and surpassed 5% in 2025.”

Annual report 2025A · The company itself

“Despite general economic uncertainty, currency headwinds and trade policy uncertainty, the demand in the sauna market remained firm, which is a strong signal of resilience and interest in wellbeing through sauna.”

Annual report 2025A · The company itself

“While the macroeconomic landscape stabilized in terms of material availability and inflation, the geopolitical uncertainty and volatility in U.S. tari policies created a level of unpredictability in the market, highlighting the need to adapt to rapid changes in the cost structure.”

Annual report 2025A · The company itself

“The company’s global manufacturing and operations network is helping it to navigate the volatile tari environment. The majority of Harvia’s revenue in the United States comes from products manufactured within the country, which also partly shields the company from tari impacts.”

Annual report 2025A · The company itself

“Going forward, the region continues Sauna market demand continued to increase in the region in 2025. Despite volatility related to trade policies and the weak U.S. dollar, the positive longterm fundamentals of the high-potential market – including growing awareness of sauna and its health benefits – continued to support demand.”

Annual report 2025A · The company itself

“In summary, Harvia proved throughout the year its ability to deliver solid financial results, exemplified by a 13.5% revenue growth to EUR 198.9 million.”

Annual report 2025A · The company itself

“The mining process creates material for various needs, from which approximately 20–30% is for heater stones and the rest 70–80% for gravel or other stone-based material for example for construction use. The excess stone material from heater stone manufacturing is recycled back to the mining site or sold to local companies to be used for construction or landscaping.”

Annual report 2025A · The company itself

“Stones account for the biggest amount of resource inflow in kilograms with over 67% (70% in 2024) of total resource inflow weight.”

Annual report 2025A · The company itself

“Also, energy availability and energy price changes as well as acute weather hazards may have impact on consumer confidence and frequency of sauna use and result in changing customer behavior.”

Annual report 2025A · The company itself

“This transformation was powered by significant developments in Harvia’s IT infrastructure.”

Annual report 2025A · The company itself

“Going forward, the region continues Sauna market demand continued to increase in the region in 2025. Despite volatility related to trade policies and the weak U.S. dollar, the positive longterm fundamentals of the high-potential market – including growing awareness of sauna and its health benefits – continued to support demand.”

Annual report 2025A · The company itself

“It is notable that our growth is increasingly global, with revenue outside Europe already at 49% in 2025.”

Annual report 2025A · The company itself

“The gradually improving market conditions supported solid sales in most of Harvia’s key markets, including Germany, France, and the United Kingdom.”

Annual report 2025A · The company itself

“The share in sauna heaters and components is estimated to be well over 20%. • Harvia is the leading player in its main markets: North America (38% of revenue in 2025), Continental Europe (28%) and Northern Europe (23%).”

Annual report 2025A · The company itself

“Harvia has four geographical sales regions, which are North America, Northern Europe, Continental Europe, and Asia-Pacific-MEA (Middle East & Africa) and Harvia’s products are sold in nearly 100 countries.”

Annual report 2025A · The company itself

“The number of personnel at the end of December 2025 in countries where Harvia has personnel is presented in the table below.”

Annual report 2025A · The company itself

“Harvia’s home market, Finland has the highest number ofsaunas per capita in the world, overone sauna per two persons.”

Annual report 2025A · The company itself

“The number of personnel at the end of December 2025 in countries where Harvia has personnel is presented in the table below.”

Annual report 2025A · The company itself

“The adoption of a new digital training platform has facilitated group-wide training in IT security, covering topics like phishing and identity theft, and enabled the rollout of an updated Code of Conduct training for white-collar employees.”

Annual report 2025A · The company itself

“Sales performance in Northern Europe improved especially during the second half of the year and in Finland, andthe region returned to 6.4% growth in2025 after two years of sales decline.”

Annual report 2025A · The company itself

“These have resulted in a 20% decrease in fuel consumption from crude oil and petroleum products.”

Annual report 2025A · The company itself

“The main materials in Harvia’s material inflows in the upstream value chain include the following: - Stainless steel - Cold and hot-rolled steel - Other metals (such as aluminum, copper, Aluzinc alloy coated steel) - Wood - Electrical components and electronics - Cardboard - Glass - Plastic - Stones RESOURCE INFLOWS 2025 2024 Change Overall total weight of products and technical and biological materials used (1,000 kg) 78,500 67,000 17% Percentage of biological materials 20% 21% -1 p.p.”

Annual report 2025A · The company itself

“Harvia aims to minimize the use of plastic in packaging, but at the same time considers the optimal packaging method to keep the goods in good condition and to avoid damages during transport or warehousing. The plastics Harvia uses in its products andpackaging are recyclable.”

Annual report 2025A · The company itself

“The main materials in Harvia’s material inflows in the upstream value chain include the following: - Stainless steel - Cold and hot-rolled steel - Other metals (such as aluminum, copper, Aluzinc alloy coated steel) - Wood - Electrical components and electronics - Cardboard - Glass - Plastic - Stones RESOURCE INFLOWS 2025 2024 Change Overall total weight of products and technical and biological materials used (1,000 kg) 78,500 67,000 17% Percentage of biological materials 20% 21% -1 p.p.”

Annual report 2025A · The company itself