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"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
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"f1__s6__6__5": {
"value": "Notes to the Financial Statements This section presents the Group\u2019s accounting policies to the extent that they are not disclosed in other notes. These principles have been applied consistently in all the periods presented, unless otherwise stated.Section 1: Basis Of Preparation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s6__6__6": {
"value": "1.1 GENERAL INFORMATIONHarvia Plc (the \u201cParent company\u201d) is a Finnish limited liability company and the parent company of the Harvia Group (\u201cHarvia\u201d, \u201cHarvia Group\u201d or the \u201cGroup\u201d). The registered address of Harvia Plc is Teollisuustie 1-7, PO BOX 12, 40951 Muurame, Finland.Harvia is a leading global sauna company with five brands well known in the market: Harvia, EOS, Almost Heaven Saunas, Kirami, and ThermaSol. For over 75 years, Harvia has expanded its operations from a manufacturer of heaters to a provider of wide range of sauna products. Harvia\u2019s products are exported to over 90 countries. The Group\u2019s product range includes sauna heaters, sauna rooms, infrared and steam saunas, steam showers, spa components, Scandinavian hot tubs, control units, heater stones, sauna accessories and sauna interior solutions such as sauna benches, audio speakers and lighting solutions. The Group also provides limited range of sauna installations, maintenance and repair services. At the end of the financial year 2025 the company had 735 employees (31.12.2024: 696), of which 260 (255) worked in Finland, 158 (145) in the United States, 141 (125) in Germany, 61 (61) in Romania, 57 (56) in Chinaand Hong Kong, 40 (34) in Austria, 16 (12) in Italy, 0(6) in Estonia and 2 (2) in Sweden.Harvia Plc is the parent company of the Group. The following subsidiaries are consolidated to the Group\u2019s financial statements: - Harvia Group Oy which is the second managementcompany of the Group- Harvia Finland Oy, manufacturing heaters and saunaand steam bath products- Harvia Austria GmbH subgroup specialized incontrol units, sauna products and electric heaters(acquired on 4 November 2016)- Harvia (HK) Sauna Co. Ltd subgroup manufacturingsauna heaters, steam generators and components ofsimilar equipment- Harvia Estonia O\u00fc, former steam room equipmentand sauna products manufacturer (businessoperations sold on 4 August 2025)- LLC Harvia RUS, a former sales company. Thecompany has not been operative since Harvia\u2019s exitfrom Russia in 2022.- Holding company Harvia US Holdings Inc. andsauna manufacturing company Harvia US Inc. Thecompany also sells Harvia sauna products in theUnites States. The companies were established inNovember 2018.- Harvia Holding GmbH which is parent of EOSSaunatechnik GmbH in Germany. EOS manufacturesheaters and other sauna products. (78.6% acquiredon 30 April 2020, in July 2022 Harvia acquired theminority shareholding)- Kirami Oy manufacturing Scandinavian stillwater hottubs (acquired on 28 May 2021)- Sauna-Eurox Oy specializing in selling heater stones(acquired on 31 August 2021)- Harvia Japan Limited, a company selling heaters andsaunas (established in August 2023)- Phoenix El-Mec srl, a manufacturer of electromechanical timers (acquired on 29 September 2023)- Holding company TS Spa Holdings LLC (established in July 2024) and ThermaSol Steam Bath LLC, a manufacturer of high-end steam showers and steam rooms (acquired on 31 July 2024).The parent company Harvia Plc is a Finnish public company, established according to the Finnish legislation. Harvia Plc shares are traded at NASDAQ OMX Helsinki main list. The Group financial statements are available at the head office at Teollisuustie 1-7, 40950 Muurame and at the Group\u2019s home pages harviagroup.com.The Board of Directors of Harvia Plc has approved these consolidated financial statements for issue on 11 February 2026. Under the Finnish Limited Liability Companies Act, shareholders can approve or disapprove the consolidated financial statements in the Annual General Meeting held after the release. The Annual General Meeting is also entitled to amend the consolidated financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__13": {
"value": "Harvia Plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s6__6__12": {
"value": "Harvia Plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__7": {
"value": "Harvia Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__11": {
"value": "Plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__10": {
"value": "Finnish",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s6__6__9": {
"value": "Teollisuustie 1-7, PO BOX 12, 40951 Muurame",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__14": {
"value": "Muurame",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__8": {
"value": "Muurame",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__16": {
"value": "Harvia is a leading global sauna company with five brands well known in the market: Harvia, EOS, Almost Heaven Saunas, Kirami, and ThermaSol. For over 75 years, Harvia has expanded its operations from a manufacturer of heaters to a provider of wide range of sauna products. Harvia\u2019s products are exported to over 90 countries. The Group\u2019s product range includes sauna heaters, sauna rooms, infrared and steam saunas, steam showers, spa components, Scandinavian hot tubs, control units, heater stones, sauna accessories and sauna interior solutions such as sauna benches, audio speakers and lighting solutions. The Group also provides limited range of sauna installations, maintenance and repair services. At the end of the financial year 2025 the company had 735 employees (31.12.2024: 696), of which 260 (255) worked in Finland, 158 (145) in the United States, 141 (125) in Germany, 61 (61) in Romania, 57 (56) in Chinaand Hong Kong, 40 (34) in Austria, 16 (12) in Italy, 0(6) in Estonia and 2 (2) in Sweden.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__15": {
"value": "Harvia is a leading global sauna company with five brands well known in the market: Harvia, EOS, Almost Heaven Saunas, Kirami, and ThermaSol. For over 75 years, Harvia has expanded its operations from a manufacturer of heaters to a provider of wide range of sauna products. Harvia\u2019s products are exported to over 90 countries. The Group\u2019s product range includes sauna heaters, sauna rooms, infrared and steam saunas, steam showers, spa components, Scandinavian hot tubs, control units, heater stones, sauna accessories and sauna interior solutions such as sauna benches, audio speakers and lighting solutions. The Group also provides limited range of sauna installations, maintenance and repair services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__17": {
"value": "The following subsidiaries are consolidated to the Group\u2019s financial statements: - Harvia Group Oy which is the second managementcompany of the Group- Harvia Finland Oy, manufacturing heaters and saunaand steam bath products- Harvia Austria GmbH subgroup specialized incontrol units, sauna products and electric heaters(acquired on 4 November 2016)- Harvia (HK) Sauna Co. Ltd subgroup manufacturingsauna heaters, steam generators and components ofsimilar equipment- Harvia Estonia O\u00fc, former steam room equipmentand sauna products manufacturer (businessoperations sold on 4 August 2025)- LLC Harvia RUS, a former sales company. Thecompany has not been operative since Harvia\u2019s exitfrom Russia in 2022.- Holding company Harvia US Holdings Inc. andsauna manufacturing company Harvia US Inc. Thecompany also sells Harvia sauna products in theUnites States. The companies were established inNovember 2018.- Harvia Holding GmbH which is parent of EOSSaunatechnik GmbH in Germany. EOS manufacturesheaters and other sauna products. (78.6% acquiredon 30 April 2020, in July 2022 Harvia acquired theminority shareholding)- Kirami Oy manufacturing Scandinavian stillwater hottubs (acquired on 28 May 2021)- Sauna-Eurox Oy specializing in selling heater stones(acquired on 31 August 2021)- Harvia Japan Limited, a company selling heaters andsaunas (established in August 2023)- Phoenix El-Mec srl, a manufacturer of electromechanical timers (acquired on 29 September 2023)- Holding company TS Spa Holdings LLC (established in July 2024) and ThermaSol Steam Bath LLC, a manufacturer of high-end steam showers and steam rooms (acquired on 31 July 2024).The parent company Harvia Plc is a Finnish public company, established according to the Finnish legislation. Harvia Plc shares are traded at NASDAQ OMX Helsinki main list. The Group financial statements are available at the head office at Teollisuustie 1-7, 40950 Muurame and at the Group\u2019s home pages harviagroup.com.The Board of Directors of Harvia Plc has approved these consolidated financial statements for issue on 11 February 2026. Under the Finnish Limited Liability Companies Act, shareholders can approve or disapprove the consolidated financial statements in the Annual General Meeting held after the release. The Annual General Meeting is also entitled to amend the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__18": {
"value": "The Board of Directors of Harvia Plc has approved these consolidated financial statements for issue on 11 February 2026. Under the Finnish Limited Liability Companies Act, shareholders can approve or disapprove the consolidated financial statements in the Annual General Meeting held after the release. The Annual General Meeting is also entitled to amend the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__22": {
"value": "1.2 ACCOUNTING POLICIESThe consolidated financial statements of Harvia Group have been prepared in accordance with International Financial Accounting Standards (IFRS) as adopted by the European Union. IFRS Accounting Standards refer to the standards and interpretations applicable by corporations set out by the Finnish Accounting Act and other regulations set out on basis of this ordinance enforced for application in accordance with the procedure stipulated in the regulation (EC) No 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation complementing the IFRS Accounting Standards.The figures presented in the financial statements are rounded and therefore the sum of individual figures may differ from the presented sum figure.How should Harvia Group\u2019s accounting policies be read?Harvia Group\u2019s accounting policies of the financial statements are described in conjunction with each note in the aim of providing enhanced understanding of each accounting area. The table below summarizes the note in which each accounting policy is presented and the relevant IFRS Accounting Standard.Accounting principle Note IFRS standardRevenue 2.1 Revenue IFRS 152.3 Other income and expense itemsEmployee benefits IAS 19 5.6 Defined benefit obligationsBusiness combinations 3.1 Business combinations IFRS 3Intangible assets 3.2 Intangible assets IAS 36, IAS 38Property, plant and equipment 3.3 Property, plant and equipment IAS 16, IAS 36Leases 3.4 Leases IFRS 16Provisions 3.5 Provisions IAS 37Inventories 4.1 Inventories IAS 2Financial assets and liabilities 5.1, 5.2 Financial assets and liabilities IAS 32, IFRS 7, IFRS 13, IFRS 9Financial risk management 5.3 Financial risk management IAS 32, IFRS 7, IFRS 13, IFRS 9Share based payments 6.2 Related party transactions IFRS 2Taxes 6.3 Taxes IAS 12 Shareholder\u2019s equity 6.4 Shareholder\u2019s equity IAS 1Historical cost conventionThe consolidated financial statements of Harvia Group have been prepared on a historical cost basis, unless otherwise stated.Foreign currency translationItems included in the financial statements of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in thousands of euros unless otherwise stated. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognized in profit or loss. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet- income and expenses for each statement of profit or loss are translated at average exchange rates, and- all resulting exchange differences are recognized in other comprehensive income.New and amended standards and interpretationsHarvia has not applied any new standards or interpretations with material impact on consolidated financial statements. Harvia has not early adopted any new or amended standards or interpretations that have been issued but are not yet effective. The new and amended standards and interpretations issued by the IASB that are effective in future periods are not expected to have a material impact on the consolidated financial statements of Harvia when adopted. The effects of implementing IFRS 18 on the financial statements are currently under evaluation. Harvia intends to adopt these new and amended standards and interpretations, if applicable, when they become effective and are endorsed by the EU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__19": {
"value": "The consolidated financial statements of Harvia Group have been prepared in accordance with International Financial Accounting Standards (IFRS) as adopted by the European Union. IFRS Accounting Standards refer to the standards and interpretations applicable by corporations set out by the Finnish Accounting Act and other regulations set out on basis of this ordinance enforced for application in accordance with the procedure stipulated in the regulation (EC) No 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements also comply with the Finnish accounting and corporate legislation complementing the IFRS Accounting Standards.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__21": {
"value": "Foreign currency translationItems included in the financial statements of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in thousands of euros unless otherwise stated. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognized in profit or loss. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet- income and expenses for each statement of profit or loss are translated at average exchange rates, and- all resulting exchange differences are recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__20": {
"value": "Foreign currency translationItems included in the financial statements of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in thousands of euros unless otherwise stated. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognized in profit or loss. The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet- income and expenses for each statement of profit or loss are translated at average exchange rates, and- all resulting exchange differences are recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__23-1": {
"value": "1.3 CRITICAL ACCOUNTING ESTIMATES AND SIGNIFICANT MANAGEMENT JUDGMENTSThe Group\u2019s most significant accounting policies are primarily described together with the applicable note. The preparation of Harvia Group\u2019s consolidated financial statements requires the use of estimates, judgment and assumptions that may affect the application of accounting policies and the recognized amounts of assets and liabilities at the date of the financial statements. In addition, the recognized amounts of revenue and expenses during the periods presented are affected. Actual results may differ from previously made estimates and judgments. Estimates and judgments are reviewed regularly. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in all subsequent periods.The sources of uncertainty and management judgment which have been identified by the Group, and which are considered to fulfill these criteria are presented in connection with the items considered to be affected. The table below discloses where to find these descriptions.Sources of major estimation uncertainty and management judgment NoteSegment reporting 2.2Research and development expenses 3.2Provisions 3.5Defined benefit obligations 5.6Share-based payments 6.2Taxes 6.32.2.1 SIGNIFICANT MANAGEMENT JUDGMENTDetermining operating segments The management of Harvia Group has used judgment when determining Group\u2019s segment reporting. Areas requiring judgment have been the determination of CODM, the decisions made and reports used when managing the Group. The Board of Directors has been determined as the chief operating decision maker. The Board of Directors, taking into account its composition and its active participation in key strategic and operative decision-making, is responsible for allocating resources and assessing the performance. The management of Harvia Group, using its judgment, has determined that the Group has one operating segment. The company operates as a unified entity, with all operations closely interconnected. The board monitors the overall organization and ensures the achievement of shared goals.3.1.2 ACCOUNTING ESTIMATES AND MANAGEMENT JUDGMENTNet assets acquired through business combinations are measured at fair value. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgment and assumptions. The management trusts that the applied estimates and assumptions are sufficiently reliable for determining fair values.3.5.2 ACCOUNTING ESTIMATESThe amount of warranty provision involves uncertainty as estimated warranty claims may not be realized as predicted. Typically the claims are realised frontloaded during the warranty period. Estimates and assumptions are reviewed quarterly. The differences between actual and estimated warranty claims may affect the amount of the provisions to be recognised in future financial periods.6.3.3 MANAGEMENT JUDGMENTDetermining to which extent deferred tax assets can be recognised requires management judgment. The management of Harvia Group has used judgment when determining if deferred tax asset is recognised for an unused tax loss carryforward or unused tax credits. Recognition is done only to the extent that it is probable that future taxable profits will be available against which the loss or credit carryforward can be utilised.The Group estimates positions taken in tax return with respect to situations in which applicable tax regulation is subject to interpretation. If necessary, the booked amounts are adjusted to correspond to amounts expected to be paid to the tax authorities.Harvia\u2019s tax assets include old tax assets arising from intra-group interest payments. The deductibility of these interest expenses is limited by tax legislation. In 2025 EUR 2,947 thousand intra-group interests were deducted in taxation (2024: EUR 2,947 thousand). There were EUR 306 thousand remaining intra-group interest expenses at 31 December 2025. There is no time limit for the deduction of net interest expenses in taxation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__24": {
"value": "Section 2: Group PerformanceThis section focuses on the Group\u2019s result and how it is formed. The notes presented on the following pages explain the different components of the Group\u2019s operating profit and provide information on the company\u2019s earnings per share. COMPONENTS OF OPERATING PROFITEUR thousand 2025 % of revenue 2024 % of revenueRevenue 198,900 175,206 Other operating income 1,528 1% 1,001 1%Materials and services -71,229 -36% -62,602 -36%Employee benefit expenses -42,029 -21% -35,213 -20%Other operating expenses -41,428 -21% -35,929 -21%Depreciation and amortization -7,447 -4% -6,976 -4%Operating profit 38,301 19% 35,486 20%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__26-1": {
"value": "2.1 REVENUEHarvia is one the world\u2019s leading sauna companies. The Group\u2019s product range includes sauna heaters, sauna rooms, infrared and steam saunas, steam showers and steam rooms, steam sauna and spa components, Scandinavian hot tubs, control units, sauna accessories and sauna interior solutions such as sauna benches, audio speakers and lighting solutions. The Group also provides a limited range of sauna installation, maintenance and repair services. In 2025, the biggest market areas of Harvia were North America and Continental Europe.Harvia Group\u2019s revenue includes mainly sales of products. Only minor part comes from selling of sauna installation, maintenance and repair services provided by Group companies. Harvia sells most of its products to retailers, distributors or sauna builders. Harvia has customer contracts with clients, but typically the contracts are short term (most typical contract type is an annual contract). Long-term customer relationships are based on customer loyalty. Harvia\u2019s largest customer relationship accounted for a total of approximately 11% of the Group\u2019s net sales in 2025 (2024: 9%).During the period, revenue increased in all sales regions, with significant growth in APAC & MEA and North America. Growth in the APAC & MEA region was driven by multiple key markets, such as China and Japan. In North America, sauna market demand continued to increase. While consumer confidence remained below the recent years\u2019 level, the sauna market demand was driven by affluent consumers rather than the general economic sentiment.Sales in Continental Europe and Northern Europe grew moderately. In Continental Europe, gradually improving market conditions supported sales throughout the year, while in Northern Europe, Harvia\u2019s sales performance improved especially during the second half of the year and in Finland. In Northern Europe, there were some positive signs of slowly improving market sentiment, also in Finland, even if the macroeconomic challenges \u2013 including weak consumer confidence and challenges in the construction sector \u2013 remained largely unchanged.Revenue by sales regionHarvia reports its revenue by sales region and by product group. EUR thousand 2025 % 2024 %Northern Europe* 46,560 23% 43,757 25%Continental Europe** 55,596 28% 52,686 30%North America*** 75,778 38% 62,049 35%APAC & MEA**** 20,967 11% 16,714 10%Total 198,900 100% 175,206 100%* Finland, Sweden, Denmark, Norway, Iceland, Estonia, Latvia, Lithuania ** Europe excluding countries specified as Northern Europe *** The United States and Canada **** The region Asia-Pacific, Middle East, Africa, and all other countries excluding aboveRevenue by product groupEUR thousand 2025 % 2024 %Heating equipment* 107,937 54% 94,012 54%Saunas and Scandinavian hot tubs 47,522 24% 46,758 27%Steam products** 17,239 9% 10,675 6%Accessories and heater stones 13,057 7% 12,060 7%Spare parts and services 13,144 7% 11,700 7%Total 198,900 100% 175,206 100%* Sauna heaters, control units, IR components** Including steam generators and other steam equipmentRevenue from projects recognized over time was EUR 0 thousand in 2025 (2024: EUR 0 thousand). Group does not disclose transaction price allocated to fully or partly unfilled performance obligations, because performance obligation is part of a contract where contract period is less than one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__25-1": {
"value": "COMPONENTS OF OPERATING PROFITEUR thousand 2025 % of revenue 2024 % of revenueRevenue 198,900 175,206 Other operating income 1,528 1% 1,001 1%Materials and services -71,229 -36% -62,602 -36%Employee benefit expenses -42,029 -21% -35,213 -20%Other operating expenses -41,428 -21% -35,929 -21%Depreciation and amortization -7,447 -4% -6,976 -4%Operating profit 38,301 19% 35,486 20%This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing. Harvia\u2019s production facilities are characterized by efficient production. Harvia has a long experience in manufacturing of heaters and other sauna and spa products, and the staff is qualified and experienced. The company\u2019s operations are highly integrated. Own R&D department is specialized in the development of production process and products. The company\u2019s own department in Muurame, specialized in tools and machinery used in production, ensures the cost-effectiveness of the production equipment and machinery maintenance and repair.2.4 DEPRECIATION AND AMORTIZATION2.4.1 ACCOUNTING POLICYProperty, plant and equipmentLand and buildings are recognized at historical cost. Land is not depreciated. Buildings are depreciated over their useful lives. Machinery and equipment as well as other tangible assets are depreciated over their useful lives. Most machinery and equipment are depreciated in 3 to 10 years and exceptionally long-lasting machines in 20 years. Useful lives are based on estimates of the period over which the assets will generate revenue. Depreciation is recognized on a straight-line basis based on the cost of the assets and estimated useful lives. Impairment tests for depreciable non-current assets are performed if there are indications of impairment at the balance sheet date. Land areas are also assessed for any possible impairment indicators.- The useful lives of the assets are as follows:- Buildings 15-30 years- Machinery and equipment 3-20 years- Other tangible assets 3-5 yearsIntangible assetsPurchased and internally generated intangible assets are recognized at historical cost. Intangible assets acquired in business combinations are measured at fair value at acquisition. Intangible assets are amortized over 10 to 15 years except for capitalized development costs and software licenses, which are amortized in 3 to 5 years.The following table presents depreciation and amortization by asset class:EUR thousand 2025 2024Depreciation by classBuildings and constructions 1,088 1,017Machinery and equipment 2,207 1,923Other tangible assets 162 149Total property, plant and equipment 3,457 3,089Leased buildings and structures 934 706Leased machinery and equipment 260 199Total right-of-use assets 1,194 905EUR tuhatta 2025 2024Amortization by class Development costs 653 489Customer relationships 756 1,074Brand 805 618Technology 179 111Other intangible assets 403 371Impairment charges 0 318Total intangible assets 2,797 2,982Total depreciation and amortization 7,447 6,976",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__29": {
"value": "2.1.1 ACCOUNTING POLICYHarvia\u2019s revenue mainly consists of the sales of sauna and spa products that it has produced. Harvia sells most of its products to retailers, distributors or export companies. Sales of goods are recognized when the control is transferred to the buyer. This is when the goods have been delivered to the buyer. Delivery is deemed to have taken place when the products have been delivered to the agreed location, and the risk of obsolescence and damage of products has been transferred to the customer. In addition, for certain contract terms, a transportation service is considered to be a separate performance obligation when control to the goods is transferred to the buyer before the goods are delivered. However, transportation service is typically performed during the same day as control is transferred to the customer and therefore the revenue from goods and transportation service is recognized at the same time.Amounts disclosed as revenue are net of returns, volume-based marketing subsidies and rebates. Goods are often sold with volume discounts based on aggregate sales over a 12-month period. Revenue from sales is recognized based on the price specified in the contract, net of the estimated volume-based discounts. A contract liability is recognized for expected volume discounts and marketing subsidies payable to customers in relation to sales made until the end of the reporting period. Certain wholesale customers are given a right of return in respect of certain campaign products if the goods are not sold within six months after the purchase or the legislation concerning products will change. Products directly sold to consumers via online shops are subject to a 14-day return policy. A contract liability for the expected refunds to customers is recognized as adjustment to revenue. Accumulated experience is used to estimate and provide for the discounts, volume-based marketing subsidies and returns, and revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur.As for the sold products, they are usually given a payment period between 30 and 120 days which is consistent with the market practice, and thus no finance element is included in the sales. A receivable is recognized when the goods are delivered. This is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Minority of Harvia Group\u2019s revenue comes from rendering services, but mainly from installation and maintenance services. Revenue from services is recognized in the accounting period in which the services are rendered. Marketing subsidies are allocated to allowances included in the revenue and marketing costs included in other expenses. Marketing subsidies determined as the percentage of sales volume and against which marketing services are not obtained, are reducing the revenue. Other marketing subsidies are allocated to operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__28": {
"value": "2.1.1 ACCOUNTING POLICYHarvia\u2019s revenue mainly consists of the sales of sauna and spa products that it has produced. Harvia sells most of its products to retailers, distributors or export companies. Sales of goods are recognized when the control is transferred to the buyer. This is when the goods have been delivered to the buyer. Delivery is deemed to have taken place when the products have been delivered to the agreed location, and the risk of obsolescence and damage of products has been transferred to the customer. In addition, for certain contract terms, a transportation service is considered to be a separate performance obligation when control to the goods is transferred to the buyer before the goods are delivered. However, transportation service is typically performed during the same day as control is transferred to the customer and therefore the revenue from goods and transportation service is recognized at the same time.Amounts disclosed as revenue are net of returns, volume-based marketing subsidies and rebates. Goods are often sold with volume discounts based on aggregate sales over a 12-month period. Revenue from sales is recognized based on the price specified in the contract, net of the estimated volume-based discounts. A contract liability is recognized for expected volume discounts and marketing subsidies payable to customers in relation to sales made until the end of the reporting period. Certain wholesale customers are given a right of return in respect of certain campaign products if the goods are not sold within six months after the purchase or the legislation concerning products will change. Products directly sold to consumers via online shops are subject to a 14-day return policy. A contract liability for the expected refunds to customers is recognized as adjustment to revenue. Accumulated experience is used to estimate and provide for the discounts, volume-based marketing subsidies and returns, and revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur.As for the sold products, they are usually given a payment period between 30 and 120 days which is consistent with the market practice, and thus no finance element is included in the sales. A receivable is recognized when the goods are delivered. This is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Minority of Harvia Group\u2019s revenue comes from rendering services, but mainly from installation and maintenance services. Revenue from services is recognized in the accounting period in which the services are rendered. Marketing subsidies are allocated to allowances included in the revenue and marketing costs included in other expenses. Marketing subsidies determined as the percentage of sales volume and against which marketing services are not obtained, are reducing the revenue. Other marketing subsidies are allocated to operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__30-1": {
"value": "2.2 SEGMENT REPORTINGThe Group constitutes a single operating segment. This is consistent with the way that internal reporting is provided to the chief operating decision maker (\u201dCODM\u201d) and the way that chief operating decision maker determines allocation of resources and assesses the performance.The Group\u2019s non-current assets are allocated geographically as follows:EUR thousand 31-Dec-2025 31-Dec-2024Finland 66,887 65,072Germany 18,350 15,486United States 58,542 60,717Other European countries 2,922 2,884Asia 1,969 1,848Total non-current assets 148,669 146,007Revenue by sales regions has been presented in note 2.1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__32": {
"value": "The Group constitutes a single operating segment. This is consistent with the way that internal reporting is provided to the chief operating decision maker (\u201dCODM\u201d) and the way that chief operating decision maker determines allocation of resources and assesses the performance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__34": {
"value": "2.3 OPERATING INCOME AND EXPENSESThis note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing. Harvia\u2019s production facilities are characterized by efficient production. Harvia has a long experience in manufacturing of heaters and other sauna and spa products, and the staff is qualified and experienced. The company\u2019s operations are highly integrated. Own R&D department is specialized in the development of production process and products. The company\u2019s own department in Muurame, specialized in tools and machinery used in production, ensures the cost-effectiveness of the production equipment and machinery maintenance and repair.2.3.1 ACCOUNTING POLICYA defined contribution plan is a pension plan under which the Group pays fixed contributions into pension insurances. The Group has no legal or constructive obligations to pay further contributions if the insurance does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.The following table presents different components of employee benefit expenses:EUR thousand 2025 2024Wages and salaries 35,979 29,913Pension costs 2,608 2,496Other employee benefit expenses 3,442 2,804Total 42,029 35,213Harvia Group employed a total of 735 employees as of 31 December 2025 (2024: 696 employees). Of the total average number of employees in 2025, 289 were officers and 446 workers. Pension plans of employees of the Group in Finland, Austria, Romania, China, USA and Hong Kong are defined contribution plans. Harvia has a defined benefit pension plan in Germany, which is described further in the note 5.6.Other significant expense items are as follows:Other operating expensesEUR thousand 2025 2024Sales and marketing* 21,304 19,175Travel and cars 2,132 1,883Plant & machinery maintenance 3,064 2,712Electricity, heating and water 1,889 1,910Audit, accounting, consulting and legal expenses 1,981 2,938Rents 691 642IT and telecommunication 3,309 2,068Voluntary staff expenses 1,557 985Insurances 1,009 943Office & administration 1,879 1,221Other** 2,606 1,451Total 41,423 35,929* Sales and marketing include, among others, warranty costs, sales freight costs, sales commissions, and marketing expenses.** Other expenses include patent expenses, membership fees, exchange rate differences, and other minor expense categories.Audit, accounting, consulting and legal expenses and other expense items include items that are related to the Group\u2019s strategic development projects, acquisitions and loss on sales of assets and affect the comparability between the different periods.The auditor\u2019s fees recognized during 2025 to Deloitte Oy amounted to 266 EUR thousand (in 2024, fees to PricewaterhouseCoopers: EUR 10 thousand and to Deloitte Oy EUR 241 thousand). Of these, EUR 253 thousand were fees relating to statutory audit (2024: EUR 235 thousand to Deloitte and EUR 10 thousand to PricewaterhouseCoopers). EUR 12 thousand were related to auditor opinions and certificates (2024: EUR 6 thousand) and EUR 0 thousand were related to other fees (2024: EUR 26 thousand). Audit fees paid to other auditors were EUR 59 thousand (2024: EUR 69 thousand) and EUR 0 thousand was related to auditor opinions and certificates (2024: EUR 18 thousand) and EUR 0 thousand were related to other fees EUR 46 thousand. Harvia Group\u2019s research and development department employed an average of 27 people (2024: 21 persons), and expensed research and development costs totaled EUR 2,136 thousand in the financial year 2025 (2024: EUR 1,759 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__43-1": {
"value": "This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing. Harvia\u2019s production facilities are characterized by efficient production. Harvia has a long experience in manufacturing of heaters and other sauna and spa products, and the staff is qualified and experienced. The company\u2019s operations are highly integrated. Own R&D department is specialized in the development of production process and products. The company\u2019s own department in Muurame, specialized in tools and machinery used in production, ensures the cost-effectiveness of the production equipment and machinery maintenance and repair.2.3.1 ACCOUNTING POLICYA defined contribution plan is a pension plan under which the Group pays fixed contributions into pension insurances. The Group has no legal or constructive obligations to pay further contributions if the insurance does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.2.4.1 ACCOUNTING POLICYProperty, plant and equipmentLand and buildings are recognized at historical cost. Land is not depreciated. Buildings are depreciated over their useful lives. Machinery and equipment as well as other tangible assets are depreciated over their useful lives. Most machinery and equipment are depreciated in 3 to 10 years and exceptionally long-lasting machines in 20 years. Useful lives are based on estimates of the period over which the assets will generate revenue. Depreciation is recognized on a straight-line basis based on the cost of the assets and estimated useful lives. Impairment tests for depreciable non-current assets are performed if there are indications of impairment at the balance sheet date. Land areas are also assessed for any possible impairment indicators.- The useful lives of the assets are as follows:- Buildings 15-30 years- Machinery and equipment 3-20 years- Other tangible assets 3-5 yearsIntangible assetsPurchased and internally generated intangible assets are recognized at historical cost. Intangible assets acquired in business combinations are measured at fair value at acquisition. Intangible assets are amortized over 10 to 15 years except for capitalized development costs and software licenses, which are amortized in 3 to 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__40": {
"value": "This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing. Harvia\u2019s production facilities are characterized by efficient production. Harvia has a long experience in manufacturing of heaters and other sauna and spa products, and the staff is qualified and experienced. The company\u2019s operations are highly integrated. Own R&D department is specialized in the development of production process and products. The company\u2019s own department in Muurame, specialized in tools and machinery used in production, ensures the cost-effectiveness of the production equipment and machinery maintenance and repair.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__39": {
"value": "This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing. Harvia\u2019s production facilities are characterized by efficient production. Harvia has a long experience in manufacturing of heaters and other sauna and spa products, and the staff is qualified and experienced. The company\u2019s operations are highly integrated. Own R&D department is specialized in the development of production process and products. The company\u2019s own department in Muurame, specialized in tools and machinery used in production, ensures the cost-effectiveness of the production equipment and machinery maintenance and repair.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__38": {
"value": "This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__37": {
"value": "This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__36": {
"value": "This note provides information on other components of operating profit: other operating income, material and service expenses, employee benefit expenses, other operating expenses as well as depreciations and amortizations. Other operating income includes gains on the sale of property plants and equipment and sales of scrap metal, which is generated from production. Materials and services in the consolidated statement of comprehensive income consist mainly purchases of electricity and electronic components such as heating elements, control units and wood timber for saunas. The change in inventories of finished goods and work in progress will adjust the income statement by the cost effect of items booked and removed from inventory at the end of the period. The most significant items of other operating expenses relate to sales (such as sales freight costs), IT costs and marketing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__42": {
"value": "The auditor\u2019s fees recognized during 2025 to Deloitte Oy amounted to 266 EUR thousand (in 2024, fees to PricewaterhouseCoopers: EUR 10 thousand and to Deloitte Oy EUR 241 thousand). Of these, EUR 253 thousand were fees relating to statutory audit (2024: EUR 235 thousand to Deloitte and EUR 10 thousand to PricewaterhouseCoopers). EUR 12 thousand were related to auditor opinions and certificates (2024: EUR 6 thousand) and EUR 0 thousand were related to other fees (2024: EUR 26 thousand). Audit fees paid to other auditors were EUR 59 thousand (2024: EUR 69 thousand) and EUR 0 thousand was related to auditor opinions and certificates (2024: EUR 18 thousand) and EUR 0 thousand were related to other fees EUR 46 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__41": {
"value": "Harvia Group\u2019s research and development department employed an average of 27 people (2024: 21 persons), and expensed research and development costs totaled EUR 2,136 thousand in the financial year 2025 (2024: EUR 1,759 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__48": {
"value": "2.4.1 ACCOUNTING POLICYProperty, plant and equipmentLand and buildings are recognized at historical cost. Land is not depreciated. Buildings are depreciated over their useful lives. Machinery and equipment as well as other tangible assets are depreciated over their useful lives. Most machinery and equipment are depreciated in 3 to 10 years and exceptionally long-lasting machines in 20 years. Useful lives are based on estimates of the period over which the assets will generate revenue. Depreciation is recognized on a straight-line basis based on the cost of the assets and estimated useful lives. Impairment tests for depreciable non-current assets are performed if there are indications of impairment at the balance sheet date. Land areas are also assessed for any possible impairment indicators.- The useful lives of the assets are as follows:- Buildings 15-30 years- Machinery and equipment 3-20 years- Other tangible assets 3-5 yearsIntangible assetsPurchased and internally generated intangible assets are recognized at historical cost. Intangible assets acquired in business combinations are measured at fair value at acquisition. Intangible assets are amortized over 10 to 15 years except for capitalized development costs and software licenses, which are amortized in 3 to 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__46": {
"value": "The following table presents depreciation and amortization by asset class:EUR thousand 2025 2024Depreciation by classBuildings and constructions 1,088 1,017Machinery and equipment 2,207 1,923Other tangible assets 162 149Total property, plant and equipment 3,457 3,089Leased buildings and structures 934 706Leased machinery and equipment 260 199Total right-of-use assets 1,194 905EUR tuhatta 2025 2024Amortization by class Development costs 653 489Customer relationships 756 1,074Brand 805 618Technology 179 111Other intangible assets 403 371Impairment charges 0 318Total intangible assets 2,797 2,982Total depreciation and amortization 7,447 6,976",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__50": {
"value": "2.5 EARNINGS PER SHAREBasic earnings per share is calculated by dividing the profit for the period attributable to the owners of the parent company by the weighted average number of shares outstanding during the financial period. Diluted earnings per share is calculated on the same basis as basic earnings per share unless it takes into consideration the effects associated with any parent company\u2019s obligations regarding the possible share issue in the future. 2025 2024Profit for the period attributable to the owners of the parent company, EUR thousand 26,437 24,242Weighted average number of shares outstanding during the financial period, \u2019000 18,688 18,689Basic earnings per share, EUR 1.41 1.30Share-based long-term incentive plan 132 137Weighted average number of shares outstanding during the year, diluted, \u2019000 18,820 18,827Diluted earnings per share, EUR 1.40 1.29",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__49": {
"value": "Basic earnings per share is calculated by dividing the profit for the period attributable to the owners of the parent company by the weighted average number of shares outstanding during the financial period. Diluted earnings per share is calculated on the same basis as basic earnings per share unless it takes into consideration the effects associated with any parent company\u2019s obligations regarding the possible share issue in the future. 2025 2024Profit for the period attributable to the owners of the parent company, EUR thousand 26,437 24,242Weighted average number of shares outstanding during the financial period, \u2019000 18,688 18,689Basic earnings per share, EUR 1.41 1.30Share-based long-term incentive plan 132 137Weighted average number of shares outstanding during the year, diluted, \u2019000 18,820 18,827Diluted earnings per share, EUR 1.40 1.29",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__51": {
"value": "Section 3: Capital EmployedThis section describes the assets that are required to have to run the business and Harvia\u2019s acquisitions. The Information on net working capital is presented in section 4. 3.1 BUSINESS COMBINATIONSFor Harvia, acquisitions are a way to speed up the implementation of its strategy. In 2025, Harvia had no business combinations. In 2024, Harvia acquired ThermaSol Steam Bath LLC, which is a leading manufacturer of high-end steam showers and steam rooms in the United States.3.1.1 ACCOUNTING POLICYThe acquisition method is applied for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the shares issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and identifiable liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Identifiable assets include tangible assets as well as intangible assets, such as customer relationships, brand and technology.Acquisition related costs are expensed as incurred and presented as other operating expenses in the income statement.3.1.2 ACCOUNTING ESTIMATES AND MANAGEMENT JUDGMENTNet assets acquired through business combinations are measured at fair value. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgment and assumptions. The management trusts that the applied estimates and assumptions are sufficiently reliable for determining fair values.In the comparison period 2024, Harvia acquired ThermaSol Steam Bath LLC, which is a leading manufacturer of high-end steam showers and steam rooms in the United States. The transaction was closed on 31 July 2024. The purchase price was USD 30.4 million and Harvia financed the acquisition with a bullet loan of EUR 20 million and with cash funds. In 2024, other non-current liabilities included EUR 2,739 thousand holdback of purchase price consideration related to the acquisition of ThermaSol. In 2025, Harvia paid EUR 930 thousand of the withheld purchase price. 3.2 INTANGIBLE ASSETS AND IMPAIRMENT TESTINGThe majority of the goodwill was recognized in connection to the formation of Harvia group companies in 2014. There were no additions to goodwill in 2025. In the previous year, goodwill increased due to the acquisition of ThermaSol.3.2.1 ACCOUNTING POLICYGoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to cash generating units (CGU\u2019s), that are expected to benefit from the synergies of the combination. This unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed.Intangible assetsIntangible assets mainly include customer relationships, brands and technology acquired in business combinations that are recognized in fair value at the date of acquisition. These are amortized on a straight-line basis over 10-15 years. Other intangible assets also include capitalized development expenditures and software licenses and are amortized on a straight\u2013line basis in 3 to 5 years.Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.The following tables present the movements in intangible assets including goodwill during the reported periods:Development Advance Customer Other intangible EUR thousand Goodwillexpenditurepaymentsrelationships Brand Technologyassets Total2025 Cost at 1 January 91,046 4,252 1,451 10,311 9,581 1,836 4,351 122,827Business combinations 0Additions 886 4,875 755 6,516Disposals -104 -92 -293 -489Reclassifications 1,214 -1,805 496 -95Exchange differences -1,796 -9 0 -267 -499 -93 -35 -2,700Cost at 31 December 89,250 6,239 4,429 10,044 9,082 1,742 5,273 126,060Accumulated depreciation at 1 January -2,919 -5,889 -2,603 -475 -3,024 -14,909Amortization -653 -756 -805 -179 -403 -2,797Disposals 104 52 157Exchange differences -25 -26 -9 -61Accumulated depreciation at 31 December 0 -3,468 0 -6,671 -3,435 -663 -3,374 -17,610Net book amount at 1 January 91,046 1,334 1,451 4,422 6,978 1,361 1,327 107,918Net book amount at 31 December 89,250 2,772 4,429 3,373 5,647 1,079 1,899 108,451Development Advance Customer Other intangible EUR thousand Goodwillexpenditurepaymentsrelationships Brand Technologyassets Total2024 Cost at 1 January 73,402 3,771 491 7,391 4,961 746 3,614 94,377Business combinations 17,580 2,920 4,590 1,090 306 26,485Additions 311 1,541 63 1,916Disposals -54 -40 -95Reclassifications 166 -527 409 48Exchange differences 63 4 30 0 98Cost at 31 December 91,046 4,252 1,451 10,311 9,581 1,836 4,352 122,828Accumulated depreciation at 1 January -2,436 -4,818 -1,976 -358 -2,682 -12,271Amortization -489 -1,074 -618 -111 -371 -2,664Disposals 30 30Exchange differences 6 4 -9 -5 0 -5Accumulated depreciation at 31 December 0 -2,919 0 -5,889 -2,603 -475 -3,024 -14,909Net book amount at 1 January 73,402 1,335 491 2,573 2,985 388 932 82,106Net book amount at 31 December 91,046 1,334 1,451 4,422 6,978 1,361 1,328 107,919IMPAIRMENT TEST FOR GOODWILLThe allocation of goodwill to the Group\u2019s cash-generating units is presented below:EUR thousand 31-Dec-2025 31-Dec-2024Northern Europe 41,422 42,476Central Europe 10,899 10,899North America 36,929 37,671Total 89,250 91,046The management monitors goodwill at the level of Northern Europe, Central Europe and North America CGU. The recoverable amount of cash-generating units has been determined based on value-in-use calculations using the projected discounted cash flows. These calculations use pre-tax cash flow projections based on the budgets and forecasts approved by management covering a five-year period. Key assumptions in the projections are the development of net sales and key cost items; the discount rate used in the calculation as well as the cash flow growth rate after the five-year forecast period. The projections have been prepared to reflect the past performance and expectations for the future considering the Group\u2019s market position and the general economic environment. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The discount rate used in the impairment testing is weighted average pre-tax cost of capital (WACC). The discount rate reflects the total cost of equity and debt, and the market risks related to the Group. The key assumptions used for value-in-use calculations and basic information are as follows: 31-Dec-2025 31-Dec-2024Long-term growth rate 1.0% 1.0%Average revenue growth for the forecast period Northern Europe 8.2% 7.4%Central Europe 7.1% 7.3%North America 15.6% 21.3%Average EBITDA for the forecast period (% of revenue)Northern Europe 28.3% 27.0%Central Europe 25.4% 24.9%North America 18.6% 23.4%Pre-tax discount rate Northern Europe 8.7% 9.4%Central Europe 9.3% 10.8%North America 10.5% 11.5%As a result of the impairment tests performed no impairment loss has been recognized for any period presented. 3.3 PROPERTY, PLANT, AND EQUIPMENTIn 2025, Harvia invested in its facilities in multiple sites, including a production layout change in the Muurame factory and work to expand the facility in the Lewisburg, West Virginia. In the US, Harvia also sold its former production site and the surrounding land area in Renick, West Virginia that had previously been used for production purposes. Harvia invested in a new state-of-the art coating system in Germany to increase operational reliability and to support production capacity.Harvia\u2019s most significant land areas are located in Muurame and West Virginia. Harvia\u2019s biggest factory and office buildings are in Muurame, Finland, where the Harvia Group\u2019s management companies operate. The Group has large production and warehouse facilities in West Virginia, USA. The production and office facilities of EOS Saunatechnik GmbH are located in Diedorf, Germany. The factory in Gheorgheni, Romania, is owned by a Romanian real estate company, K&R Imobiliare, which is wholly owned by the Harvia Group. Kirami\u2019s production and office premises are in Sastamala, Finland, and Sauna-Eurox\u2019s premises in Luvia, Finland. The factory in Guangzhou, China, ThermaSol\u2019s factory in Texas, USA and the factory in Belluno, Italy, operate on leased premises. Harvia also has significant production machinery located in the factories mentioned above. For depreciations see also note 2.4.3.3.1 ACCOUNTING POLICYProperty, plant and equipment are presented at acquisition cost less depreciation and potential impairment losses. Subsequent costs are included in the carrying amount when they can be measured reliably and future economic benefits associated with the these will flow to the entity.Significant leasehold improvements are included in the asset\u2019s carrying amount or are separated as a separate asset when it is probable that they will be economically useful in the future and the costs incurred can be distinguished from normal repair and maintenance costs. The Group assesses at every reporting date whether there is any indication of impairment of an asset. If there are any indications, the asset is tested for impairment. An impairment test estimates the recoverable amount of the asset. The recoverable amount is the higher of the asset\u2019s fair value less costs to sell or cash flow-based value-in-use. If the recoverable amount cannot be determined at the level of an individual asset, the need for impairment is reviewed at the level of the lowest cash generating unit (CGU), which is largely independent of other units and its cash flows can be distinguished from the cash flows of other similar entities.Changes in property, plant and equipment are presented in the following tables for the financial periods presented in the financial statements.Buildings and Machinery and Other tangible Construction in EUR thousand Landstructuresequipmentassetsprogress Total2025 Cost at 1 Jan 3,086 31,067 28,468 2,215 382 65,218Business combinations 0Additions 16 916 2,226 158 5,798 9,114Disposals -155 -780 -39 -35 -116 -1,125Reclassifications 0 174 592 0 -1,105 -339Exchange differences -154 -395 -280 -31 -33 -893Cost at 31 Dec 2,793 30,982 30,968 2,307 4,925 71,975Accumulated depreciation at 1 Jan -16,198 -19,314 -1,533 -37,045Depreciation -1,088 -2,207 -162 -3,457Disposals 35 35Reclassifications 0Exchange differences 1 49 -4 46Accumulated depreciation at 31 Dec -17,285 -21,472 -1,663 0 -40,421Net book amount at 1 Jan 3,086 14,869 9,154 682 382 28,173Net book amount at 31 Dec 2,793 13,697 9,495 643 4,925 31,554Buildings and Machinery and Other tangible Construction in EUR thousand Landstructuresequipmentassetsprogress Total2024 Cost at 1 Jan 2,083 29,889 24,934 1,871 2,006 60,783Business combinations 18 15 17 50Additions 967 510 1,712 337 707 4,233Disposals -119 -119Reclassifications 471 1,804 1 -2,331 -56Exchange differences 17 183 120 6 326Cost at 31 December 3,086 31,067 28,468 2,215 382 65,218Accumulated depreciation at 1 Jan -15,139 -17,348 -1,393 -33,879Depreciation -1,017 -1,923 -149 -3,089Impairment 0Disposals 79 79Reclassifications 0Exchange differences -42 -121 8 -155Accumulated depreciation at 31 Dec -16,198 -19,314 -1,533 0 -37,045Net book amount at 1 Jan 2,083 14,750 7,586 478 2,006 26,904Net book amount at 31 Dec 3,086 14,869 9,154 682 382 28,1733.4 RIGHT-OF-USE ASSETSIFRS 16 Leases standard specifies the definition of leases, recognition and valuation of the lease agreements and disclosures of the leases. According to the standard, a lease is recognized as a right-of-use-asset (the right to use the leased asset) and as a lease liability to pay rentals, recorded under interest-bearing liabilities. 3.4.1 ACCOUNTING POLICYAccording to IFRS 16 Leases standard a lease is recognized as a right-of-use-asset (the right to use the leased asset) and as a lease liability to pay rentals, recorded under interest-bearing liabilities.Lease liability is calculated discounting the future lease payments with the incremental borrowing rate. The Group is implementing the exemptions provided by the standard and is not recognizing low-value or short-term leases as right-to-use-assets or lease liability. The Group applies same discount rate to a group of similar lease contracts.Lease period is the non-cancellable period of the lease plus periods covered by an option to extend or an option to terminate if the lessee is reasonably certain to exercise the extension option or not exercise the termination option. Right-of-use assets are depreciated over their useful lives.Lease liability and interest payment is presented in cash flow from financing activities in the consolidated statement of cash flows.Harvia\u2019s most significant right-of-use assets are the factories in China and Italy, as well as ThermaSol\u2019s manufacturing facility in the United States.Leases were recognized in the balance sheet and profit and loss statement as follows:AMOUNTS RECOGNIZED IN THE BALANCE SHEETBuildings and Machinery and EUR thousandstructuresequipmentRight-of-use assets Book amount at 1 Jan 2024 2,120 369Additions 158 104Acquisitions 6,182 Exchange differences 65 Depreciations -706 -199Book value at 31 Dec 2024 7,818 274Book amount at 1 Jan 2025 7,818 274Additions 20 550Acquisitions Disposals Exchange differences -205 Depreciations -934 -260Book value at 31 Dec 2025 6,700 564EUR thousand 2025 2024Lease liabilities Non-current 6,230 7,307Current 1,303 951Book value at 31 Dec 7,533 8,258AMOUNTS RECOGNIZED IN PROFIT AND LOSSEUR thousand 2025 2024Depreciation Buildings and structures -934 -706Machinery and equipment -260 -199 -1,194 -905Interest expense (included in finance cost) -223 -167Expense relating to short-term and low-value leases (other operating expenses) -691 -642Total amounts recognized in profit and loss -2,108 -1,714Amounts booked to balance sheet are considered in the IAS 36 impairment testing. Cash flows resulting from lease contracts have been disclosed in the consolidated statement of cash flows and maturities of the lease contracts in note 5.3.3.5 PROVISIONSThe Group provides warranties for its products and recognizes provision for this obligation. The warranty provision includes all expenses required to settle the present obligation. The amount of accrued estimated warranty costs is primarily based on historical experience and current information on repair costs and processing costs of the claims. Changes in warranty provisions are as follows:EUR thousand 31-Dec-2025 31-Dec-2024At 1 January 1,274 623Additions 1,221 1,274Reversed provisions -1,274 -623At 31 December 1,221 1,274of which current 305 295non-current 916 979Total 1,221 1,274In 2025, Harvia\u2019s provision decreased to EUR 1,221 thousand relating to revenue 2025 (2024: EUR 1,274 thousand). The provision is divided into current and non-current liability. Most of the Harvia\u2019s products sold have two years\u2019 warranty for private use and one years\u2019 warranty for professional use. Warranty provision is calculated for external warranty costs, for employees processing complaints and for warranty parts. For exported products, no warranty provision is recognized as under these contracts, the counterparty is responsible for warranty work. 3.5.1 ACCOUNTING POLICYProvision is made for estimated warranty claims in respect of products sold which are still under warranty at the end of the reporting period. Management estimates the provision based on historical warranty claim information and any recent trends that may suggest future claims could differ from historical amounts.3.5.2 ACCOUNTING ESTIMATESThe amount of warranty provision involves uncertainty as estimated warranty claims may not be realized as predicted. Typically the claims are realised frontloaded during the warranty period. Estimates and assumptions are reviewed quarterly. The differences between actual and estimated warranty claims may affect the amount of the provisions to be recognised in future financial periods.",
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"value": "3.1 BUSINESS COMBINATIONSFor Harvia, acquisitions are a way to speed up the implementation of its strategy. In 2025, Harvia had no business combinations. In 2024, Harvia acquired ThermaSol Steam Bath LLC, which is a leading manufacturer of high-end steam showers and steam rooms in the United States.3.1.1 ACCOUNTING POLICYThe acquisition method is applied for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the shares issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and identifiable liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Identifiable assets include tangible assets as well as intangible assets, such as customer relationships, brand and technology.Acquisition related costs are expensed as incurred and presented as other operating expenses in the income statement.3.1.2 ACCOUNTING ESTIMATES AND MANAGEMENT JUDGMENTNet assets acquired through business combinations are measured at fair value. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgment and assumptions. The management trusts that the applied estimates and assumptions are sufficiently reliable for determining fair values.In the comparison period 2024, Harvia acquired ThermaSol Steam Bath LLC, which is a leading manufacturer of high-end steam showers and steam rooms in the United States. The transaction was closed on 31 July 2024. The purchase price was USD 30.4 million and Harvia financed the acquisition with a bullet loan of EUR 20 million and with cash funds. In 2024, other non-current liabilities included EUR 2,739 thousand holdback of purchase price consideration related to the acquisition of ThermaSol. In 2025, Harvia paid EUR 930 thousand of the withheld purchase price.",
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"value": "3.1.1 ACCOUNTING POLICYThe acquisition method is applied for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the shares issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and identifiable liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Identifiable assets include tangible assets as well as intangible assets, such as customer relationships, brand and technology.Acquisition related costs are expensed as incurred and presented as other operating expenses in the income statement.",
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"value": "3.1.1 ACCOUNTING POLICYThe acquisition method is applied for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the shares issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and identifiable liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Identifiable assets include tangible assets as well as intangible assets, such as customer relationships, brand and technology.Acquisition related costs are expensed as incurred and presented as other operating expenses in the income statement.",
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"value": "3.2 INTANGIBLE ASSETS AND IMPAIRMENT TESTINGThe majority of the goodwill was recognized in connection to the formation of Harvia group companies in 2014. There were no additions to goodwill in 2025. In the previous year, goodwill increased due to the acquisition of ThermaSol.3.2.1 ACCOUNTING POLICYGoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to cash generating units (CGU\u2019s), that are expected to benefit from the synergies of the combination. This unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed.Intangible assetsIntangible assets mainly include customer relationships, brands and technology acquired in business combinations that are recognized in fair value at the date of acquisition. These are amortized on a straight-line basis over 10-15 years. Other intangible assets also include capitalized development expenditures and software licenses and are amortized on a straight\u2013line basis in 3 to 5 years.Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.The following tables present the movements in intangible assets including goodwill during the reported periods:Development Advance Customer Other intangible EUR thousand Goodwillexpenditurepaymentsrelationships Brand Technologyassets Total2025 Cost at 1 January 91,046 4,252 1,451 10,311 9,581 1,836 4,351 122,827Business combinations 0Additions 886 4,875 755 6,516Disposals -104 -92 -293 -489Reclassifications 1,214 -1,805 496 -95Exchange differences -1,796 -9 0 -267 -499 -93 -35 -2,700Cost at 31 December 89,250 6,239 4,429 10,044 9,082 1,742 5,273 126,060Accumulated depreciation at 1 January -2,919 -5,889 -2,603 -475 -3,024 -14,909Amortization -653 -756 -805 -179 -403 -2,797Disposals 104 52 157Exchange differences -25 -26 -9 -61Accumulated depreciation at 31 December 0 -3,468 0 -6,671 -3,435 -663 -3,374 -17,610Net book amount at 1 January 91,046 1,334 1,451 4,422 6,978 1,361 1,327 107,918Net book amount at 31 December 89,250 2,772 4,429 3,373 5,647 1,079 1,899 108,451Development Advance Customer Other intangible EUR thousand Goodwillexpenditurepaymentsrelationships Brand Technologyassets Total2024 Cost at 1 January 73,402 3,771 491 7,391 4,961 746 3,614 94,377Business combinations 17,580 2,920 4,590 1,090 306 26,485Additions 311 1,541 63 1,916Disposals -54 -40 -95Reclassifications 166 -527 409 48Exchange differences 63 4 30 0 98Cost at 31 December 91,046 4,252 1,451 10,311 9,581 1,836 4,352 122,828Accumulated depreciation at 1 January -2,436 -4,818 -1,976 -358 -2,682 -12,271Amortization -489 -1,074 -618 -111 -371 -2,664Disposals 30 30Exchange differences 6 4 -9 -5 0 -5Accumulated depreciation at 31 December 0 -2,919 0 -5,889 -2,603 -475 -3,024 -14,909Net book amount at 1 January 73,402 1,335 491 2,573 2,985 388 932 82,106Net book amount at 31 December 91,046 1,334 1,451 4,422 6,978 1,361 1,328 107,919IMPAIRMENT TEST FOR GOODWILLThe allocation of goodwill to the Group\u2019s cash-generating units is presented below:EUR thousand 31-Dec-2025 31-Dec-2024Northern Europe 41,422 42,476Central Europe 10,899 10,899North America 36,929 37,671Total 89,250 91,046The management monitors goodwill at the level of Northern Europe, Central Europe and North America CGU. The recoverable amount of cash-generating units has been determined based on value-in-use calculations using the projected discounted cash flows. These calculations use pre-tax cash flow projections based on the budgets and forecasts approved by management covering a five-year period. Key assumptions in the projections are the development of net sales and key cost items; the discount rate used in the calculation as well as the cash flow growth rate after the five-year forecast period. The projections have been prepared to reflect the past performance and expectations for the future considering the Group\u2019s market position and the general economic environment. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The discount rate used in the impairment testing is weighted average pre-tax cost of capital (WACC). The discount rate reflects the total cost of equity and debt, and the market risks related to the Group. The key assumptions used for value-in-use calculations and basic information are as follows: 31-Dec-2025 31-Dec-2024Long-term growth rate 1.0% 1.0%Average revenue growth for the forecast period Northern Europe 8.2% 7.4%Central Europe 7.1% 7.3%North America 15.6% 21.3%Average EBITDA for the forecast period (% of revenue)Northern Europe 28.3% 27.0%Central Europe 25.4% 24.9%North America 18.6% 23.4%Pre-tax discount rate Northern Europe 8.7% 9.4%Central Europe 9.3% 10.8%North America 10.5% 11.5%As a result of the impairment tests performed no impairment loss has been recognized for any period presented.",
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"value": "3.2 INTANGIBLE ASSETS AND IMPAIRMENT TESTINGThe majority of the goodwill was recognized in connection to the formation of Harvia group companies in 2014. There were no additions to goodwill in 2025. In the previous year, goodwill increased due to the acquisition of ThermaSol.3.2.1 ACCOUNTING POLICYGoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to cash generating units (CGU\u2019s), that are expected to benefit from the synergies of the combination. This unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed.Intangible assetsIntangible assets mainly include customer relationships, brands and technology acquired in business combinations that are recognized in fair value at the date of acquisition. These are amortized on a straight-line basis over 10-15 years. Other intangible assets also include capitalized development expenditures and software licenses and are amortized on a straight\u2013line basis in 3 to 5 years.Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.The following tables present the movements in intangible assets including goodwill during the reported periods:Development Advance Customer Other intangible EUR thousand Goodwillexpenditurepaymentsrelationships Brand Technologyassets Total2025 Cost at 1 January 91,046 4,252 1,451 10,311 9,581 1,836 4,351 122,827Business combinations 0Additions 886 4,875 755 6,516Disposals -104 -92 -293 -489Reclassifications 1,214 -1,805 496 -95Exchange differences -1,796 -9 0 -267 -499 -93 -35 -2,700Cost at 31 December 89,250 6,239 4,429 10,044 9,082 1,742 5,273 126,060Accumulated depreciation at 1 January -2,919 -5,889 -2,603 -475 -3,024 -14,909Amortization -653 -756 -805 -179 -403 -2,797Disposals 104 52 157Exchange differences -25 -26 -9 -61Accumulated depreciation at 31 December 0 -3,468 0 -6,671 -3,435 -663 -3,374 -17,610Net book amount at 1 January 91,046 1,334 1,451 4,422 6,978 1,361 1,327 107,918Net book amount at 31 December 89,250 2,772 4,429 3,373 5,647 1,079 1,899 108,451Development Advance Customer Other intangible EUR thousand Goodwillexpenditurepaymentsrelationships Brand Technologyassets Total2024 Cost at 1 January 73,402 3,771 491 7,391 4,961 746 3,614 94,377Business combinations 17,580 2,920 4,590 1,090 306 26,485Additions 311 1,541 63 1,916Disposals -54 -40 -95Reclassifications 166 -527 409 48Exchange differences 63 4 30 0 98Cost at 31 December 91,046 4,252 1,451 10,311 9,581 1,836 4,352 122,828Accumulated depreciation at 1 January -2,436 -4,818 -1,976 -358 -2,682 -12,271Amortization -489 -1,074 -618 -111 -371 -2,664Disposals 30 30Exchange differences 6 4 -9 -5 0 -5Accumulated depreciation at 31 December 0 -2,919 0 -5,889 -2,603 -475 -3,024 -14,909Net book amount at 1 January 73,402 1,335 491 2,573 2,985 388 932 82,106Net book amount at 31 December 91,046 1,334 1,451 4,422 6,978 1,361 1,328 107,919IMPAIRMENT TEST FOR GOODWILLThe allocation of goodwill to the Group\u2019s cash-generating units is presented below:EUR thousand 31-Dec-2025 31-Dec-2024Northern Europe 41,422 42,476Central Europe 10,899 10,899North America 36,929 37,671Total 89,250 91,046The management monitors goodwill at the level of Northern Europe, Central Europe and North America CGU. The recoverable amount of cash-generating units has been determined based on value-in-use calculations using the projected discounted cash flows. These calculations use pre-tax cash flow projections based on the budgets and forecasts approved by management covering a five-year period. Key assumptions in the projections are the development of net sales and key cost items; the discount rate used in the calculation as well as the cash flow growth rate after the five-year forecast period. The projections have been prepared to reflect the past performance and expectations for the future considering the Group\u2019s market position and the general economic environment. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The discount rate used in the impairment testing is weighted average pre-tax cost of capital (WACC). The discount rate reflects the total cost of equity and debt, and the market risks related to the Group. The key assumptions used for value-in-use calculations and basic information are as follows: 31-Dec-2025 31-Dec-2024Long-term growth rate 1.0% 1.0%Average revenue growth for the forecast period Northern Europe 8.2% 7.4%Central Europe 7.1% 7.3%North America 15.6% 21.3%Average EBITDA for the forecast period (% of revenue)Northern Europe 28.3% 27.0%Central Europe 25.4% 24.9%North America 18.6% 23.4%Pre-tax discount rate Northern Europe 8.7% 9.4%Central Europe 9.3% 10.8%North America 10.5% 11.5%As a result of the impairment tests performed no impairment loss has been recognized for any period presented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__60": {
"value": "3.2.1 ACCOUNTING POLICYGoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to cash generating units (CGU\u2019s), that are expected to benefit from the synergies of the combination. This unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed.Intangible assetsIntangible assets mainly include customer relationships, brands and technology acquired in business combinations that are recognized in fair value at the date of acquisition. These are amortized on a straight-line basis over 10-15 years. Other intangible assets also include capitalized development expenditures and software licenses and are amortized on a straight\u2013line basis in 3 to 5 years.Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__59": {
"value": "3.2.1 ACCOUNTING POLICYGoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to cash generating units (CGU\u2019s), that are expected to benefit from the synergies of the combination. This unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed.Intangible assetsIntangible assets mainly include customer relationships, brands and technology acquired in business combinations that are recognized in fair value at the date of acquisition. These are amortized on a straight-line basis over 10-15 years. Other intangible assets also include capitalized development expenditures and software licenses and are amortized on a straight\u2013line basis in 3 to 5 years.Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__61": {
"value": "Intangible assetsIntangible assets mainly include customer relationships, brands and technology acquired in business combinations that are recognized in fair value at the date of acquisition. These are amortized on a straight-line basis over 10-15 years. Other intangible assets also include capitalized development expenditures and software licenses and are amortized on a straight\u2013line basis in 3 to 5 years.Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__62": {
"value": "Capitalized development costsDevelopment costs are capitalized when certain criteria related to economic and technical feasibility are met and when it is expected that the product will generate economic benefits in the future. Capitalized development costs mainly include materials, supplies and direct labor costs. Development costs booked earlier as expenses will not capitalized later. Intangible assets under development are not amortized but are tested for impairment at least annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__58": {
"value": "IMPAIRMENT TEST FOR GOODWILLThe allocation of goodwill to the Group\u2019s cash-generating units is presented below:EUR thousand 31-Dec-2025 31-Dec-2024Northern Europe 41,422 42,476Central Europe 10,899 10,899North America 36,929 37,671Total 89,250 91,046The management monitors goodwill at the level of Northern Europe, Central Europe and North America CGU. The recoverable amount of cash-generating units has been determined based on value-in-use calculations using the projected discounted cash flows. These calculations use pre-tax cash flow projections based on the budgets and forecasts approved by management covering a five-year period. Key assumptions in the projections are the development of net sales and key cost items; the discount rate used in the calculation as well as the cash flow growth rate after the five-year forecast period. The projections have been prepared to reflect the past performance and expectations for the future considering the Group\u2019s market position and the general economic environment. Cash flows beyond the five-year period are extrapolated using the estimated growth rates. The discount rate used in the impairment testing is weighted average pre-tax cost of capital (WACC). The discount rate reflects the total cost of equity and debt, and the market risks related to the Group. The key assumptions used for value-in-use calculations and basic information are as follows: 31-Dec-2025 31-Dec-2024Long-term growth rate 1.0% 1.0%Average revenue growth for the forecast period Northern Europe 8.2% 7.4%Central Europe 7.1% 7.3%North America 15.6% 21.3%Average EBITDA for the forecast period (% of revenue)Northern Europe 28.3% 27.0%Central Europe 25.4% 24.9%North America 18.6% 23.4%Pre-tax discount rate Northern Europe 8.7% 9.4%Central Europe 9.3% 10.8%North America 10.5% 11.5%As a result of the impairment tests performed no impairment loss has been recognized for any period presented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__63-1": {
"value": "3.3 PROPERTY, PLANT, AND EQUIPMENTIn 2025, Harvia invested in its facilities in multiple sites, including a production layout change in the Muurame factory and work to expand the facility in the Lewisburg, West Virginia. In the US, Harvia also sold its former production site and the surrounding land area in Renick, West Virginia that had previously been used for production purposes. Harvia invested in a new state-of-the art coating system in Germany to increase operational reliability and to support production capacity.Harvia\u2019s most significant land areas are located in Muurame and West Virginia. Harvia\u2019s biggest factory and office buildings are in Muurame, Finland, where the Harvia Group\u2019s management companies operate. The Group has large production and warehouse facilities in West Virginia, USA. The production and office facilities of EOS Saunatechnik GmbH are located in Diedorf, Germany. The factory in Gheorgheni, Romania, is owned by a Romanian real estate company, K&R Imobiliare, which is wholly owned by the Harvia Group. Kirami\u2019s production and office premises are in Sastamala, Finland, and Sauna-Eurox\u2019s premises in Luvia, Finland. The factory in Guangzhou, China, ThermaSol\u2019s factory in Texas, USA and the factory in Belluno, Italy, operate on leased premises. Harvia also has significant production machinery located in the factories mentioned above. For depreciations see also note 2.4.Changes in property, plant and equipment are presented in the following tables for the financial periods presented in the financial statements.Buildings and Machinery and Other tangible Construction in EUR thousand Landstructuresequipmentassetsprogress Total2025 Cost at 1 Jan 3,086 31,067 28,468 2,215 382 65,218Business combinations 0Additions 16 916 2,226 158 5,798 9,114Disposals -155 -780 -39 -35 -116 -1,125Reclassifications 0 174 592 0 -1,105 -339Exchange differences -154 -395 -280 -31 -33 -893Cost at 31 Dec 2,793 30,982 30,968 2,307 4,925 71,975Accumulated depreciation at 1 Jan -16,198 -19,314 -1,533 -37,045Depreciation -1,088 -2,207 -162 -3,457Disposals 35 35Reclassifications 0Exchange differences 1 49 -4 46Accumulated depreciation at 31 Dec -17,285 -21,472 -1,663 0 -40,421Net book amount at 1 Jan 3,086 14,869 9,154 682 382 28,173Net book amount at 31 Dec 2,793 13,697 9,495 643 4,925 31,554Buildings and Machinery and Other tangible Construction in EUR thousand Landstructuresequipmentassetsprogress Total2024 Cost at 1 Jan 2,083 29,889 24,934 1,871 2,006 60,783Business combinations 18 15 17 50Additions 967 510 1,712 337 707 4,233Disposals -119 -119Reclassifications 471 1,804 1 -2,331 -56Exchange differences 17 183 120 6 326Cost at 31 December 3,086 31,067 28,468 2,215 382 65,218Accumulated depreciation at 1 Jan -15,139 -17,348 -1,393 -33,879Depreciation -1,017 -1,923 -149 -3,089Impairment 0Disposals 79 79Reclassifications 0Exchange differences -42 -121 8 -155Accumulated depreciation at 31 Dec -16,198 -19,314 -1,533 0 -37,045Net book amount at 1 Jan 2,083 14,750 7,586 478 2,006 26,904Net book amount at 31 Dec 3,086 14,869 9,154 682 382 28,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__65": {
"value": "3.3.1 ACCOUNTING POLICYProperty, plant and equipment are presented at acquisition cost less depreciation and potential impairment losses. Subsequent costs are included in the carrying amount when they can be measured reliably and future economic benefits associated with the these will flow to the entity.Significant leasehold improvements are included in the asset\u2019s carrying amount or are separated as a separate asset when it is probable that they will be economically useful in the future and the costs incurred can be distinguished from normal repair and maintenance costs. The Group assesses at every reporting date whether there is any indication of impairment of an asset. If there are any indications, the asset is tested for impairment. An impairment test estimates the recoverable amount of the asset. The recoverable amount is the higher of the asset\u2019s fair value less costs to sell or cash flow-based value-in-use. If the recoverable amount cannot be determined at the level of an individual asset, the need for impairment is reviewed at the level of the lowest cash generating unit (CGU), which is largely independent of other units and its cash flows can be distinguished from the cash flows of other similar entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__66-1": {
"value": "3.4 RIGHT-OF-USE ASSETSIFRS 16 Leases standard specifies the definition of leases, recognition and valuation of the lease agreements and disclosures of the leases. According to the standard, a lease is recognized as a right-of-use-asset (the right to use the leased asset) and as a lease liability to pay rentals, recorded under interest-bearing liabilities.Harvia\u2019s most significant right-of-use assets are the factories in China and Italy, as well as ThermaSol\u2019s manufacturing facility in the United States.Leases were recognized in the balance sheet and profit and loss statement as follows:AMOUNTS RECOGNIZED IN THE BALANCE SHEETBuildings and Machinery and EUR thousandstructuresequipmentRight-of-use assets Book amount at 1 Jan 2024 2,120 369Additions 158 104Acquisitions 6,182 Exchange differences 65 Depreciations -706 -199Book value at 31 Dec 2024 7,818 274Book amount at 1 Jan 2025 7,818 274Additions 20 550Acquisitions Disposals Exchange differences -205 Depreciations -934 -260Book value at 31 Dec 2025 6,700 564EUR thousand 2025 2024Lease liabilities Non-current 6,230 7,307Current 1,303 951Book value at 31 Dec 7,533 8,258AMOUNTS RECOGNIZED IN PROFIT AND LOSSEUR thousand 2025 2024Depreciation Buildings and structures -934 -706Machinery and equipment -260 -199 -1,194 -905Interest expense (included in finance cost) -223 -167Expense relating to short-term and low-value leases (other operating expenses) -691 -642Total amounts recognized in profit and loss -2,108 -1,714Amounts booked to balance sheet are considered in the IAS 36 impairment testing. Cash flows resulting from lease contracts have been disclosed in the consolidated statement of cash flows and maturities of the lease contracts in note 5.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__68": {
"value": "3.4.1 ACCOUNTING POLICYAccording to IFRS 16 Leases standard a lease is recognized as a right-of-use-asset (the right to use the leased asset) and as a lease liability to pay rentals, recorded under interest-bearing liabilities.Lease liability is calculated discounting the future lease payments with the incremental borrowing rate. The Group is implementing the exemptions provided by the standard and is not recognizing low-value or short-term leases as right-to-use-assets or lease liability. The Group applies same discount rate to a group of similar lease contracts.Lease period is the non-cancellable period of the lease plus periods covered by an option to extend or an option to terminate if the lessee is reasonably certain to exercise the extension option or not exercise the termination option. Right-of-use assets are depreciated over their useful lives.Lease liability and interest payment is presented in cash flow from financing activities in the consolidated statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__69-1": {
"value": "The Group provides warranties for its products and recognizes provision for this obligation. The warranty provision includes all expenses required to settle the present obligation. The amount of accrued estimated warranty costs is primarily based on historical experience and current information on repair costs and processing costs of the claims.Changes in warranty provisions are as follows:EUR thousand 31-Dec-2025 31-Dec-2024At 1 January 1,274 623Additions 1,221 1,274Reversed provisions -1,274 -623At 31 December 1,221 1,274of which current 305 295non-current 916 979Total 1,221 1,274In 2025, Harvia\u2019s provision decreased to EUR 1,221 thousand relating to revenue 2025 (2024: EUR 1,274 thousand). The provision is divided into current and non-current liability. Most of the Harvia\u2019s products sold have two years\u2019 warranty for private use and one years\u2019 warranty for professional use. Warranty provision is calculated for external warranty costs, for employees processing complaints and for warranty parts. For exported products, no warranty provision is recognized as under these contracts, the counterparty is responsible for warranty work.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__71": {
"value": "3.5.1 ACCOUNTING POLICYProvision is made for estimated warranty claims in respect of products sold which are still under warranty at the end of the reporting period. Management estimates the provision based on historical warranty claim information and any recent trends that may suggest future claims could differ from historical amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__73-1": {
"value": "Section 4: Net Working CapitalThis section describes components of net working capital. Net working capital management is one of the key elements of Harvia\u2019s cash flow management. At times, Harvia increases its level of net working capital due to risk management in procurement or preparation for high-demand seasons.EUR thousand 31-Dec-2025 31-Dec-2024Net working capital Inventories 52,078 49,151Trade receivables 20,702 19,173Other receivables 3,892 3,105Trade payables -13,668 -13,070Other payables -15,125 -13,404Total 47,879 44,955Change in net working capital in the statement of financial position 2,924 8,823Items not taken into account in change in net working capital in the statement of cash flows and the effect of which is included elsewhere in the statement of cash flows* 2,323 -5,907Change in net working capital in the statement of cash flows** 5,248 2,916* The most significant items are related to finance costs, unrealized exchange rate gains and losses, acquisitions and investments.** An increase in net working capital decreases cash flow, and a decrease in net working capital increases cash flow.4.2 TRADE AND OTHER RECEIVABLES Trade and other receivables consist of trade receivables, other receivables (mainly VAT receivables) and prepayments and accrued income. Income tax receivables are presented on a separate row in the consolidated statement of financial position. Payment terms of trade receivables vary according to customer type and creditworthiness. Advance payment is required from certain customers. Information on the impairment of trade and other receivables and the Group\u2019s exposure to credit risk, refer to note 5.3.The following tables present the different components of trade receivables and other receivables:EUR thousand 31-Dec-2025 31-Dec-2024Trade receivables 20,702 19,173Prepayments and accrued income 2,520 1,845Other receivables 1,373 1,260Total 24,595 22,278Material items included in prepayments and accrued income:EUR thousand 31-Dec-2025 31-Dec-2024Social costs 1 13Insurances 107 93Advance payments 1,083 898Other 1,328 842Total 2,520 1,845Other accrued income included mainly items related to materials costs, marketing and IT. Due to the short-term nature of the current receivables, their carrying amount at initial recognition is assumed to be the same as their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__76": {
"value": "This section describes components of net working capital. Net working capital management is one of the key elements of Harvia\u2019s cash flow management. At times, Harvia increases its level of net working capital due to risk management in procurement or preparation for high-demand seasons.EUR thousand 31-Dec-2025 31-Dec-2024Net working capital Inventories 52,078 49,151Trade receivables 20,702 19,173Other receivables 3,892 3,105Trade payables -13,668 -13,070Other payables -15,125 -13,404Total 47,879 44,955Change in net working capital in the statement of financial position 2,924 8,823Items not taken into account in change in net working capital in the statement of cash flows and the effect of which is included elsewhere in the statement of cash flows* 2,323 -5,907Change in net working capital in the statement of cash flows** 5,248 2,916* The most significant items are related to finance costs, unrealized exchange rate gains and losses, acquisitions and investments.** An increase in net working capital decreases cash flow, and a decrease in net working capital increases cash flow.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__75-1": {
"value": "This section describes components of net working capital. Net working capital management is one of the key elements of Harvia\u2019s cash flow management. At times, Harvia increases its level of net working capital due to risk management in procurement or preparation for high-demand seasons.EUR thousand 31-Dec-2025 31-Dec-2024Net working capital Inventories 52,078 49,151Trade receivables 20,702 19,173Other receivables 3,892 3,105Trade payables -13,668 -13,070Other payables -15,125 -13,404Total 47,879 44,955Change in net working capital in the statement of financial position 2,924 8,823Items not taken into account in change in net working capital in the statement of cash flows and the effect of which is included elsewhere in the statement of cash flows* 2,323 -5,907Change in net working capital in the statement of cash flows** 5,248 2,916* The most significant items are related to finance costs, unrealized exchange rate gains and losses, acquisitions and investments.** An increase in net working capital decreases cash flow, and a decrease in net working capital increases cash flow.4.1 INVENTORIESThe inventory of the Group consists of raw materials such as steel, stone, and wood, work in progress, as well as finished goods on sale (sauna heaters, barrel saunas, Scandinavian hot tubs, and other Harvia Group\u2019s products).The inventory is divided as follows:EUR thousand 31-Dec-2025 31-Dec-2024Materials and supplies 21,521 22,684Work in progress 3,787 3,322Finished goods 26,770 23,145Total 52,078 49,151Harvia recognized items related to changes in the value and quantity of inventories in its profit and loss for a total of EUR 343 thousand (in 2024: EUR 664 thousand). Harvia\u2019s material and service costs totaled EUR 71,229 thousand (2024: EUR 62,602 thousand). The inventory obsolescence reserve was EUR 1,145 thousand (31 December 2024: EUR 1,279 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__74-1": {
"value": "This section describes components of net working capital. Net working capital management is one of the key elements of Harvia\u2019s cash flow management. At times, Harvia increases its level of net working capital due to risk management in procurement or preparation for high-demand seasons.EUR thousand 31-Dec-2025 31-Dec-2024Net working capital Inventories 52,078 49,151Trade receivables 20,702 19,173Other receivables 3,892 3,105Trade payables -13,668 -13,070Other payables -15,125 -13,404Total 47,879 44,955Change in net working capital in the statement of financial position 2,924 8,823Items not taken into account in change in net working capital in the statement of cash flows and the effect of which is included elsewhere in the statement of cash flows* 2,323 -5,907Change in net working capital in the statement of cash flows** 5,248 2,916* The most significant items are related to finance costs, unrealized exchange rate gains and losses, acquisitions and investments.** An increase in net working capital decreases cash flow, and a decrease in net working capital increases cash flow.4.3 TRADE AND OTHER PAYABLES Trade and other payables include trade payables, other liabilities, advance payments and accrued expenses related the usual operating activities of the Group.The following tables present the different components of trade and other payables:EUR thousand 31-Dec-2025 31-Dec-2024Trade payables 13,668 13,070Advance payments 914 1,745Accrued expenses 11,737 11,246Other liabilities 2,324 413Total 28,644 26,474Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.Material items included in accrued expenses:EUR thousand 31-Dec-2025 31-Dec-2024Accrued personnel costs 6,395 5,748Accrued annual discounts 1,063 1,145Accrued interests 720 980Other 3,560 3,373Total 11,737 11,246Other accrued expenses included items related to material costs, marketing, and sales commissions. At initial recognition the carrying amounts of trade and other payables are assumed to be the same as their fair values due to their short-term nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__79": {
"value": "4.1.1 ACCOUNTING POLICYMaterials and supplies, work in progress and finished goods are measured at the lower of cost and net realizable value. Cost of work in progress and finished goods comprises direct materials, direct labor costs and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated based on normal operating capacity. The acquisition cost is assigned to individual items of inventory based on weighted average cost formula. The cost of purchased inventory is determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__81": {
"value": "The following tables present the different components of trade receivables and other receivables:EUR thousand 31-Dec-2025 31-Dec-2024Trade receivables 20,702 19,173Prepayments and accrued income 2,520 1,845Other receivables 1,373 1,260Total 24,595 22,278Material items included in prepayments and accrued income:EUR thousand 31-Dec-2025 31-Dec-2024Social costs 1 13Insurances 107 93Advance payments 1,083 898Other 1,328 842Total 2,520 1,845Other accrued income included mainly items related to materials costs, marketing and IT. Due to the short-term nature of the current receivables, their carrying amount at initial recognition is assumed to be the same as their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__82": {
"value": "4.2.1 ACCOUNTING POLICYTrade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are classified as at amortized cost if collection of the amounts is expected in one year or less, they are classified as current assets. Otherwise, they are presented as non-current assets. Trade receivables are generally due for settlement within 30-120 days and therefore are all classified as current. Impairment and other accounting policies for trade and other receivables are outlined in note 5.3.Other receivables include mainly prepaid expenses and accrued income from the usual operating activities of the Group. The receivables are included in current assets, except for maturities longer than 12 months after the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__85-1": {
"value": "The following tables present the different components of trade and other payables:EUR thousand 31-Dec-2025 31-Dec-2024Trade payables 13,668 13,070Advance payments 914 1,745Accrued expenses 11,737 11,246Other liabilities 2,324 413Total 28,644 26,474Trade payables are unsecured and are usually paid within 30 to 60 days of recognition.Material items included in accrued expenses:EUR thousand 31-Dec-2025 31-Dec-2024Accrued personnel costs 6,395 5,748Accrued annual discounts 1,063 1,145Accrued interests 720 980Other 3,560 3,373Total 11,737 11,246Other accrued expenses included items related to material costs, marketing, and sales commissions. At initial recognition the carrying amounts of trade and other payables are assumed to be the same as their fair values due to their short-term nature.4.3.1 ACCOUNTING POLICYTrade payables are payment obligations arising from goods or services acquired from suppliers or service providers in the ordinary course of business. Trade payables are classified as current liabilities if payment is due within one year or less. Trade and other payables are classified as other financial liabilities at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__86": {
"value": "Material items included in accrued expenses:EUR thousand 31-Dec-2025 31-Dec-2024Accrued personnel costs 6,395 5,748Accrued annual discounts 1,063 1,145Accrued interests 720 980Other 3,560 3,373Total 11,737 11,246Other accrued expenses included items related to material costs, marketing, and sales commissions. At initial recognition the carrying amounts of trade and other payables are assumed to be the same as their fair values due to their short-term nature.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__88": {
"value": "4.3.1 ACCOUNTING POLICYTrade payables are payment obligations arising from goods or services acquired from suppliers or service providers in the ordinary course of business. Trade payables are classified as current liabilities if payment is due within one year or less. Trade and other payables are classified as other financial liabilities at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__87": {
"value": "4.3.1 ACCOUNTING POLICYTrade payables are payment obligations arising from goods or services acquired from suppliers or service providers in the ordinary course of business. Trade payables are classified as current liabilities if payment is due within one year or less. Trade and other payables are classified as other financial liabilities at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__90-1": {
"value": "Section 5: Net Debt And ContingenciesThis section describes how the Group has financed its operations. This section also describes exchange rate, interest rate, liquidity and credit risks related to financial assets and liabilities. This section also provides information how the Group addresses above mentioned risks.5.1 BORROWINGS AND OTHER FINANCIAL LIABILITIESIn 2025, Harvia renegotiated the terms of EUR 36,5 million term loan and EUR 5 million revolving credit limit, which mature in February 2029. The Group uses interest rate swap agreements to hedge against interest rate risk arising from variable rate of bank loans. The following tables present the classification of the financial liabilities as well as carrying values:Other financial liabilities at EUR thousandamortized cost31-Dec-2025 Liabilities per balance sheet Loans from credit institutions 95,376Lease liabilities 7,533Other non-current liabilities 931Trade and other payables 15,992Total 119,833Financial liabilities at amortized cost31-Dec-2024 Liabilities per balance sheet Loans from credit institutions 95,405Lease liabilities 8,258Other non-current liabilities 2,965Trade and other payables 13,483Total 120,1115.1.1 ACCOUNTING POLICYBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn down, the fees are recognized as transaction costs when the loan is drawn down and recognized in profit and loss using the effective interest rate method.Financial instruments measured at fair value under IFRS13 are divided into three different levels according to their valuation principles: level 1 instruments are valued at the quoted market price; level 2 instruments are valued using information other than quoted market prices and level 3 instruments are valued based solely on information other than quoted market prices.LOANS FROM CREDIT INSTITUTIONS AND SHAREHOLDER LOANS Loans from credit institutionsHarvia has term loans totaling EUR 95,500 thousand and EUR 10,000 thousand revolving credit limit. Harvia has not utilized the revolving credit limit. The term loans mature in three instalments. In 2025, Harvia renegotiated the terms of EUR 36,500 thousand term loans and 5,000 thousand revolving credit limit which mature in February 2029. The term loan of EUR 39,000 thousand and the revolving credit limit EUR of 5,000 thousand mature in March 2027, and the term loan of EUR 20,000 thousand matures in July 2027. The nominal interest of the loans is tied to Euribor, and its margin is tied to the Group\u2019s net debt / adjusted EBITDA ratio.Compliance with loan covenantsThe bank loans include covenants according to the financing agreement, such as net debt to adjusted EBITDA ratio and interest cover ratio. Covenants are monitored quarterly. The Group has complied with all covenants related to new bank loans in 2025 and 2024.Fair valuesThe fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 2 in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.The Group\u2019s management has determined that there is no essential difference between carrying value and fair value. Margins of loans are considered to reflect different conditions and the subordination of the loans with reasonable accuracy.DERIVATIVE FINANCIAL INSTRUMENTS5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy. OTHER NON-CURRENT LIABILITIES5.1.3 ACCOUNTING POLICYHarvia\u2019s other long-term liabilities consist of redemption and additional purchase price liabilities related to acquisitions. Redemption and additional purchase liabilities are initially recognized at fair value at the date of acquisition of the subsidiaries. Subsequently, they are measured at fair value through profit or loss or equity. The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA). Additionally, Harvia paid EUR 953 thousand purchase price holdback related to the acquisition of ThermaSol in 2024. Following this payment, other long-term liabilities include EUR 930 thousand of the purchase price withheld from the ThermaSol acquisition, which is scheduled to be paid in two instalments over the next two years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__95": {
"value": "5.1.1 ACCOUNTING POLICYBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn down, the fees are recognized as transaction costs when the loan is drawn down and recognized in profit and loss using the effective interest rate method.Financial instruments measured at fair value under IFRS13 are divided into three different levels according to their valuation principles: level 1 instruments are valued at the quoted market price; level 2 instruments are valued using information other than quoted market prices and level 3 instruments are valued based solely on information other than quoted market prices.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__94": {
"value": "5.1.1 ACCOUNTING POLICYBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn down, the fees are recognized as transaction costs when the loan is drawn down and recognized in profit and loss using the effective interest rate method.Financial instruments measured at fair value under IFRS13 are divided into three different levels according to their valuation principles: level 1 instruments are valued at the quoted market price; level 2 instruments are valued using information other than quoted market prices and level 3 instruments are valued based solely on information other than quoted market prices.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__93": {
"value": "5.1.1 ACCOUNTING POLICYBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn down, the fees are recognized as transaction costs when the loan is drawn down and recognized in profit and loss using the effective interest rate method.Financial instruments measured at fair value under IFRS13 are divided into three different levels according to their valuation principles: level 1 instruments are valued at the quoted market price; level 2 instruments are valued using information other than quoted market prices and level 3 instruments are valued based solely on information other than quoted market prices.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__96": {
"value": "5.1 BORROWINGS AND OTHER FINANCIAL LIABILITIESIn 2025, Harvia renegotiated the terms of EUR 36,5 million term loan and EUR 5 million revolving credit limit, which mature in February 2029. The Group uses interest rate swap agreements to hedge against interest rate risk arising from variable rate of bank loans. The following tables present the classification of the financial liabilities as well as carrying values:Other financial liabilities at EUR thousandamortized cost31-Dec-2025 Liabilities per balance sheet Loans from credit institutions 95,376Lease liabilities 7,533Other non-current liabilities 931Trade and other payables 15,992Total 119,833Financial liabilities at amortized cost31-Dec-2024 Liabilities per balance sheet Loans from credit institutions 95,405Lease liabilities 8,258Other non-current liabilities 2,965Trade and other payables 13,483Total 120,1115.1.1 ACCOUNTING POLICYBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn down, the fees are recognized as transaction costs when the loan is drawn down and recognized in profit and loss using the effective interest rate method.Financial instruments measured at fair value under IFRS13 are divided into three different levels according to their valuation principles: level 1 instruments are valued at the quoted market price; level 2 instruments are valued using information other than quoted market prices and level 3 instruments are valued based solely on information other than quoted market prices.LOANS FROM CREDIT INSTITUTIONS AND SHAREHOLDER LOANS Loans from credit institutionsHarvia has term loans totaling EUR 95,500 thousand and EUR 10,000 thousand revolving credit limit. Harvia has not utilized the revolving credit limit. The term loans mature in three instalments. In 2025, Harvia renegotiated the terms of EUR 36,500 thousand term loans and 5,000 thousand revolving credit limit which mature in February 2029. The term loan of EUR 39,000 thousand and the revolving credit limit EUR of 5,000 thousand mature in March 2027, and the term loan of EUR 20,000 thousand matures in July 2027. The nominal interest of the loans is tied to Euribor, and its margin is tied to the Group\u2019s net debt / adjusted EBITDA ratio.Compliance with loan covenantsThe bank loans include covenants according to the financing agreement, such as net debt to adjusted EBITDA ratio and interest cover ratio. Covenants are monitored quarterly. The Group has complied with all covenants related to new bank loans in 2025 and 2024.Fair valuesThe fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 2 in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.The Group\u2019s management has determined that there is no essential difference between carrying value and fair value. Margins of loans are considered to reflect different conditions and the subordination of the loans with reasonable accuracy.DERIVATIVE FINANCIAL INSTRUMENTS5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy. OTHER NON-CURRENT LIABILITIES5.1.3 ACCOUNTING POLICYHarvia\u2019s other long-term liabilities consist of redemption and additional purchase price liabilities related to acquisitions. Redemption and additional purchase liabilities are initially recognized at fair value at the date of acquisition of the subsidiaries. Subsequently, they are measured at fair value through profit or loss or equity. The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA). Additionally, Harvia paid EUR 953 thousand purchase price holdback related to the acquisition of ThermaSol in 2024. Following this payment, other long-term liabilities include EUR 930 thousand of the purchase price withheld from the ThermaSol acquisition, which is scheduled to be paid in two instalments over the next two years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__92": {
"value": "The following tables present the classification of the financial liabilities as well as carrying values:Other financial liabilities at EUR thousandamortized cost31-Dec-2025 Liabilities per balance sheet Loans from credit institutions 95,376Lease liabilities 7,533Other non-current liabilities 931Trade and other payables 15,992Total 119,833Financial liabilities at amortized cost31-Dec-2024 Liabilities per balance sheet Loans from credit institutions 95,405Lease liabilities 8,258Other non-current liabilities 2,965Trade and other payables 13,483Total 120,1115.1.1 ACCOUNTING POLICYBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn down, the fees are recognized as transaction costs when the loan is drawn down and recognized in profit and loss using the effective interest rate method.Financial instruments measured at fair value under IFRS13 are divided into three different levels according to their valuation principles: level 1 instruments are valued at the quoted market price; level 2 instruments are valued using information other than quoted market prices and level 3 instruments are valued based solely on information other than quoted market prices.LOANS FROM CREDIT INSTITUTIONS AND SHAREHOLDER LOANS Loans from credit institutionsHarvia has term loans totaling EUR 95,500 thousand and EUR 10,000 thousand revolving credit limit. Harvia has not utilized the revolving credit limit. The term loans mature in three instalments. In 2025, Harvia renegotiated the terms of EUR 36,500 thousand term loans and 5,000 thousand revolving credit limit which mature in February 2029. The term loan of EUR 39,000 thousand and the revolving credit limit EUR of 5,000 thousand mature in March 2027, and the term loan of EUR 20,000 thousand matures in July 2027. The nominal interest of the loans is tied to Euribor, and its margin is tied to the Group\u2019s net debt / adjusted EBITDA ratio.Compliance with loan covenantsThe bank loans include covenants according to the financing agreement, such as net debt to adjusted EBITDA ratio and interest cover ratio. Covenants are monitored quarterly. The Group has complied with all covenants related to new bank loans in 2025 and 2024.Fair valuesThe fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 2 in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.The Group\u2019s management has determined that there is no essential difference between carrying value and fair value. Margins of loans are considered to reflect different conditions and the subordination of the loans with reasonable accuracy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__109": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__108": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__107": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__106": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__105-1": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity.5.3.1 ACCOUNTING POLICYClassification and measurement of financial assetsThe Group\u2019s financial assets consist of trade receivables, certain other receivables and accrued income as well as cash and cash equivalents. A financial asset is measured at fair value at initial recognition, to which are added transaction costs directly attributable to the acquisition, excluding trade receivables that are measured at transaction price when they do not contain a significant financing component. Harvia\u2019s management has determined which business models are applied for the Group\u2019s financial assets at the date of application of IFRS 9 as of January 1, 2018, and classified financial assets into categories according to IFRS 9. All financial assets of the group, excluding possible derivative assets, are classified as at amortized cost. Impairment of financial assetsFinancial assets consist mainly of trade receivables and for the recognition of expected credit losses the group applies the simplified approach, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Expected credit losses also incorporate forward looking information.Classification and measurement of financial liabilitiesLoans from credit institutions are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn, the fees are partly recognized as transaction costs, when the loan is drawn, recognized in the income statement over the period of the borrowings using the effective interest rate method.Derivative financial instrumentsDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__101": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__100": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__99": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__98": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__97": {
"value": "5.1.2 ACCOUNTING POLICYDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve. The fair value of an interest rate swap varies according to the expectations of the interest rate markets and the change in value is recognized, on a contract-by-contract basis, either in the income statement under changes in the fair value of financial items or, by using hedge accounting, in the fair value reserve in equity. The Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. The fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded per contract in either net financial items as changes in fair value or by hedging it in the fair value reserve in equity. Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreements. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations to manage exposure to interest rate risk. on the Group\u2019s annual result. Nature of the risk being hedged is the interest rate risk relating to cash flows from the increase and variability in 1-months Euribor. This hedge is classified as a cash flow hedge, and it\u2019s categorized under Level 2 of the fair value hierarchy.Harvia is exposed to interest rate risk in the floating interest rate payments on loans drawn under the Loan Facility agreement. The interest rate risk is that the future cash flows will fluctuate because of changes in market interest rates. The objective is to minimize the effect of interest rate fluctuations on the Group\u2019s annual result. There is an economic relationship between the hedged item and the hedging instrument: The loan interest payments are linked to 1-month Euribor and derivative payments received are linked to 1-month Euribor. The interest rate setting for both hedging instrument and the hedged item are defined on the same date.The effect of credit risk does not dominate the value changes that result from that economic relationship. A condition for applying hedge accounting is that the effect of credit risk does not dominate the value changes that result from the economic relationship that is the subject of the hedge. Standard & Poor\u2019s long-term rating for the derivative counterparty Danske Bank is AA-. The credit risk is considered low and does not dominate the hedge relationship.The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity hedges and the quantity of the hedging instrument that the entity uses to hedge that quantity of hedged item. The hedge ratio is 1:1 e.g. EUR 20 million/EUR 20 million and 1-month Euribor/1-month Euribor. Prospectively the hedged item and the hedge instruments have terms and conditions that meet 1:1. Harvia will evaluate qualitatively each quarter that the conditions have not changed.The Group had interest rate swap agreements with fair value of EUR 468 thousand and -13 thousand at the end of 2025 (2024: EUR 982 thousand and EUR -4 thousand). Changes in the fair value of the swap have no impact on cash flow. Nominal values of the interest rate swap contracts were EUR 36,500 thousand and EUR 20,00 thousand as of 31 December 2025 (2024: EUR 36,500 thousand and EUR 20,000 thousand). The interest rate swap contracts mature on 15 December 2026 and 22 July 2027. The fair value of interest rate swap is calculated as the present value of the estimated future cash flows based on observable yield curves. The fair value is level 2 in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__111": {
"value": "OTHER NON-CURRENT LIABILITIES5.1.3 ACCOUNTING POLICYHarvia\u2019s other long-term liabilities consist of redemption and additional purchase price liabilities related to acquisitions. Redemption and additional purchase liabilities are initially recognized at fair value at the date of acquisition of the subsidiaries. Subsequently, they are measured at fair value through profit or loss or equity. The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA). Additionally, Harvia paid EUR 953 thousand purchase price holdback related to the acquisition of ThermaSol in 2024. Following this payment, other long-term liabilities include EUR 930 thousand of the purchase price withheld from the ThermaSol acquisition, which is scheduled to be paid in two instalments over the next two years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__110": {
"value": "OTHER NON-CURRENT LIABILITIES5.1.3 ACCOUNTING POLICYHarvia\u2019s other long-term liabilities consist of redemption and additional purchase price liabilities related to acquisitions. Redemption and additional purchase liabilities are initially recognized at fair value at the date of acquisition of the subsidiaries. Subsequently, they are measured at fair value through profit or loss or equity. The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA). Additionally, Harvia paid EUR 953 thousand purchase price holdback related to the acquisition of ThermaSol in 2024. Following this payment, other long-term liabilities include EUR 930 thousand of the purchase price withheld from the ThermaSol acquisition, which is scheduled to be paid in two instalments over the next two years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__104-1": {
"value": "The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA).5.5 COMMITMENTS AND CONTINGENT LIABILITIESThis note provides information about items not recognized in the financial statements as they do not yet satisfy the recognition criteria in the reporting period. These are guarantees, pledges, and contingent liabilities.EUR thousand 31-Dec-2025 31-Dec-2024Other guarantees: Pledged accounts 25 19Customs guarantee 50 50Total 75 69OTHER COMMITMENTSHarvia becomes involved from time to time in various claims and lawsuits arising in the ordinary course of its business, such as disputes with customers and proceedings initiated by public authorities. During the reporting periods, Harvia has not been a party to legal, arbitration or administrative proceedings, which could have a significant impact on the Group\u2019s financial position or profitability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__103-1": {
"value": "The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA).This note provides information about items not recognized in the financial statements as they do not yet satisfy the recognition criteria in the reporting period. These are guarantees, pledges, and contingent liabilities.EUR thousand 31-Dec-2025 31-Dec-2024Other guarantees: Pledged accounts 25 19Customs guarantee 50 50Total 75 69OTHER COMMITMENTSHarvia becomes involved from time to time in various claims and lawsuits arising in the ordinary course of its business, such as disputes with customers and proceedings initiated by public authorities. During the reporting periods, Harvia has not been a party to legal, arbitration or administrative proceedings, which could have a significant impact on the Group\u2019s financial position or profitability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__102": {
"value": "The Group had long-term additional purchase price liabilities related to acquisitions of EUR 0 thousand (2024: 226 thousand). In 2025, Harvia paid EUR 300 thousand purchase price related to the acquisition of Sauna-Eurox Oy in 2021. Harvia\u2019s additional purchase price liabilities were linked to the development of the key performance indicators of the acquired company (typically to EBITDA).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__112": {
"value": "5.2 CASH AND CASH EQUIVALENTSCash and cash equivalents amounted to EUR 45,183 thousand at the end of 2025 (31 December 2024: EUR 46,447 thousand). In the consolidated statement of cash flow, cash and cash equivalents include cash in hand and deposits held at call from banks. The short-term deposits are considered readily convertible to cash as those have original maturities of three months or less. Cash and cash equivalents on the statement of financial position equals the cash and cash equivalents of the consolidated statement of cash flows. Cash and cash equivalents are financial assets and valued at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__113": {
"value": "Cash and cash equivalents amounted to EUR 45,183 thousand at the end of 2025 (31 December 2024: EUR 46,447 thousand). In the consolidated statement of cash flow, cash and cash equivalents include cash in hand and deposits held at call from banks. The short-term deposits are considered readily convertible to cash as those have original maturities of three months or less. Cash and cash equivalents on the statement of financial position equals the cash and cash equivalents of the consolidated statement of cash flows. Cash and cash equivalents are financial assets and valued at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__118": {
"value": "5.3.1 ACCOUNTING POLICYClassification and measurement of financial assetsThe Group\u2019s financial assets consist of trade receivables, certain other receivables and accrued income as well as cash and cash equivalents. A financial asset is measured at fair value at initial recognition, to which are added transaction costs directly attributable to the acquisition, excluding trade receivables that are measured at transaction price when they do not contain a significant financing component. Harvia\u2019s management has determined which business models are applied for the Group\u2019s financial assets at the date of application of IFRS 9 as of January 1, 2018, and classified financial assets into categories according to IFRS 9. All financial assets of the group, excluding possible derivative assets, are classified as at amortized cost. Impairment of financial assetsFinancial assets consist mainly of trade receivables and for the recognition of expected credit losses the group applies the simplified approach, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Expected credit losses also incorporate forward looking information.Classification and measurement of financial liabilitiesLoans from credit institutions are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn, the fees are partly recognized as transaction costs, when the loan is drawn, recognized in the income statement over the period of the borrowings using the effective interest rate method.Derivative financial instrumentsDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__117": {
"value": "5.3.1 ACCOUNTING POLICYClassification and measurement of financial assetsThe Group\u2019s financial assets consist of trade receivables, certain other receivables and accrued income as well as cash and cash equivalents. A financial asset is measured at fair value at initial recognition, to which are added transaction costs directly attributable to the acquisition, excluding trade receivables that are measured at transaction price when they do not contain a significant financing component. Harvia\u2019s management has determined which business models are applied for the Group\u2019s financial assets at the date of application of IFRS 9 as of January 1, 2018, and classified financial assets into categories according to IFRS 9. All financial assets of the group, excluding possible derivative assets, are classified as at amortized cost. Impairment of financial assetsFinancial assets consist mainly of trade receivables and for the recognition of expected credit losses the group applies the simplified approach, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Expected credit losses also incorporate forward looking information.Classification and measurement of financial liabilitiesLoans from credit institutions are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest rate method. Fees paid on the revolving credit facility arrangements are capitalized as a prepayment for liquidity services and amortized as expense over the period of the facility to which it relates, if there is no certainty that some or all of the facility will be drawn down. This reflects the finance cost of the undrawn facility. To the extent that it is probable that some or all of the facility will be drawn, the fees are partly recognized as transaction costs, when the loan is drawn, recognized in the income statement over the period of the borrowings using the effective interest rate method.Derivative financial instrumentsDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into and subsequently measured per contract at their fair value through profit or loss if they do not qualify for hedge accounting. If a derivative is designated as a hedging instrument, its fair value is recognized in the balance sheet in the fair value reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__114-1": {
"value": "5.3 FINANCIAL RISK MANAGEMENT AND CAPITAL MANAGEMENTThis note explains Harvia Group\u2019s exposure to financial risks and how these risks could affect Harvia Group\u2019s future financial performance. Profit and loss information for the period has been included where relevant to add further context.This note also describes how the Group monitors its capital structure and what are the targets for the structure.The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. Derivative financial instruments are used to hedge certain risk exposures.The Group\u2019s risk management is carried out by a finance department under guidelines provided by the Board of Directors. Finance department identifies, evaluates and hedges financial risks in close co-operation with the Group\u2019s business operations.FOREIGN EXCHANGE RISKHarvia operates in several countries. In 2024, Harvia was mainly exposed to transaction risk and translation risk associated with the US dollar arising when the parent company\u2019s investments to subsidiaries outside euro area are converted into euros. Transaction risk associated with subsidiaries outside the euro area consists primarily of trade receivables and trade payables from these subsidiaries arising in the operational business of the Group companies.Due to the fluctuation of US dollar, the transaction risks have been on the rise during 2025, but Harvia has not yet hedged against these risks by currency derivatives. In other respects, the Group\u2019s income and expenses are denominated almost exclusively in euros and U.S. dollars. The Group\u2019s net investment to units outside the euro area consist of the investments in subsidiaries in China, Hong Kong, Sweden, Japan, Russia, Romania and the United States. Foreign exchange risk related to net investments is not hedged.During the financial period, the following foreign exchange-related amounts were recognized in profit or loss and other comprehensive income:EUR thousand 2025 2024Amounts recognized in profit or loss Net foreign exchange gains/losses included in operating income/expenses 9 56Net foreign exchange gains/losses included in finance income/costs -1,313 451Total net foreign exchange gains/losses recognized in profit before income tax for the period -1,303 507Gains/losses recognized in other comprehensive incomeTranslation differences of foreign operations -7,031 2,778INTEREST RATE RISKThe Group faces interest rate risk primarily from its non-current borrowings with variable rates, which expose it to cash flow interest rate risk. To manage this risk, Harvia converts a portion of its floating-rate loans into fixed-rate loans using interest-rate swaps. As a result, the overall interest rates are lower than what the Group would have paid if it had borrowed at fixed rates directly. Harvia has interest rate swaps with nominal values of EUR 36.5 million and 20.0 million.The following table shows the sensitivity analysis of Harvia\u2019s interest-bearing liabilities to a 1% increase in interest rates:EUR thousand 2025 2024Interest bearing liabilities 95,376 95,405Leasing liabilities 7,533 8,258Interest rate swap 56,500 56,500Share of liabilities covered with interest rate swaps 55% 55%Impact on interest costs if interest rates were to rise by 1% 1,029 1,037Interest rate swap -565 -565Total, Impact on interest costs if interest rates were to rise by 1% 464 472* The amount of debt to be tested is the nominal value of Harvia\u2019s cash flows related to loan and lease agreements, which is also presented in the reconciliation of net debt and cash flow.The Group\u2019s target is to keep closer to 60% of its borrowings at fixed rates and, if necessary, use interest rate swaps to achieve this. The Group\u2019s variable rate loans in 2025 and 2024 were mainly denominated in euros and the interest rate swaps covered 55% of principal outstanding on 31 December 2025 and 55% on 31 December 2024. Based on the sensitivity analysis, if the interest rate on uncovered variable rate borrowings were to increase by one percentage point with all other variables held constant, the Group\u2019s interest expense would increase by EUR 464 thousand (in 2024: EUR 488 thousand). CREDIT RISKCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the company. Credit risk arises from cash and cash equivalents, as well as from credit exposures to customers from outstanding receivables. Insurance for certain customers and for some customers advance payments are in use. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. To spread the credit risk, Harvia deposits its cash reserves with different banks. The Group considers that there is evidence of impairment if any of the following indicators are present:- significant financial difficulties of the debtor- probability that the debtor will enter bankruptcy or financial reorganization, and- default or delinquency in paymentsIn certain circumstances, Harvia has supported its distribution and dealership relationships by accepting longer than ordinary terms of payment periods and by agreeing on a new payment plan in respect of receivables due. Trade receivables increased due to strong demand in North America supported by the growing awareness of sauna and its health benefits as well as strong consumer confidence and economic conditions. North American customers have short payment times, as most transactions are made with credit cards. Harvia has no significant concentration of credit risks due to the large number and geographic dispersion of companies that comprise the Group\u2019s customer base. During 2025, EUR 249 thousand (2024: EUR 96 thousand) was recognized in the profit and loss statement in relation to credit losses. The loss allowance on 31 December 2025, EUR 922 thousand (2024: EUR 788 thousand), is specified as follows:31-Dec-2025Allowance for EUR thousand Gross book valuebad debtNot due 16,476 8Overdue by 0Less than 30 days 1,714 730-60 days 949 1261-90 days 414 1091-180 days 874 87181-360 days 476 119Over 360 days 720 678Total 21,624 92231-Dec-2024Allowance for EUR thousand Gross book valuebad debtNot due 14,895 8Overdue by Less than 30 days 2,578 1030-60 days 1,006 1361-90 days 143 491-180 days 296 30181-360 days 401 100Over 360 days 642 623Total 19,961 788The other classes within other receivables do not contain essentially impaired or overdue assets. Based on the credit history of these other classes, it is expected that these amounts will be received when they are due. The Group does not hold any collateral in relation to these receivables.LIQUIDITY RISKCash flow forecasting is performed at the Group level. Group finance department monitors Harvia Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed loan facility so that the Group does not breach loan limits or covenants on its loan facility. At the end of the reporting period, Harvia is in clear compliance with the loan covenants. The Group has undrawn interest-bearing facilities (revolving credit facility) of EUR 10,000 thousand as of 31 December 2025 (EUR 10,000 thousand as of 31 December 2024). The undrawn interest-bearing facility is available constantly. Operating cash flows and liquid funds are the main source of financing for the future payments together with possible new debt or equity financing. The table below shows future repayments, interest expenses and capitalized interest expenses of Group\u2019s financial liabilities divided into maturity groupings based on the remaining contractual maturity at the balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows. Harvia has interest rate swaps with nominal values of EUR 36.5 million and EUR 20.0 million that mature on 15 December 2026 and 22 July 2027. Fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded in the net financial items as changes in fair value for the old contract, and for the new contract, in the fair value reserve in equity. Between 1 and Between 2 and Total contractual EUR thousand Less than 6 months 6 \u2013 12 months2 years5 years Over 5 yearscash flows Carrying amount31-Dec-2025Non-derivativesLoans from credit institutions 4 36,500 59,000 95,504 95,376Lease liabilities 700 534 1,030 2,110 4,271 8,646 7,533Pension liabilities 75 75 145 406 841 1,541 1,612Redemption and purchase price liabilityOther liabilities 930 930 1,860 1,860Trade payables 13,668 13,668 13,668Non-derivatives 14,447 1,538 38,605 61,516 5,112 121,218 120,049Interest rate swapsInterest rate swaps -238 -241 -471 495 -455 -455Total derivatives -238 -241 -471 495 -455 -455Between 1 and Between 2 and Total contractual EUR thousand Less than 6 months 6 \u2013 12 months2 years5 years Over 5 yearscash flows Carrying amount31-Dec-2024Non-derivativesLoans from credit institutions 5 36,500 59,000 95,505 95,405Lease liabilities 583 535 993 2,197 5,474 9,784 8,258Pension liabilities 80 80 155 438 1,099 1,852 1,914Redemption and purchase price liability 250 250 226Other liabilities 913 1,826 2,739 2,739Trade payables 13,070 13,070 13,070Non-derivatives 13,988 1,528 39,474 61,635 6,573 123,200 121,612Interest rate swapsInterest rate swaps -612 -619 -1,211 1,463 -979 -979Total derivatives -612 -619 -1,211 1,463 -979 -979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__122": {
"value": "Harvia operates in several countries. In 2024, Harvia was mainly exposed to transaction risk and translation risk associated with the US dollar arising when the parent company\u2019s investments to subsidiaries outside euro area are converted into euros. Transaction risk associated with subsidiaries outside the euro area consists primarily of trade receivables and trade payables from these subsidiaries arising in the operational business of the Group companies.Due to the fluctuation of US dollar, the transaction risks have been on the rise during 2025, but Harvia has not yet hedged against these risks by currency derivatives. In other respects, the Group\u2019s income and expenses are denominated almost exclusively in euros and U.S. dollars. The Group\u2019s net investment to units outside the euro area consist of the investments in subsidiaries in China, Hong Kong, Sweden, Japan, Russia, Romania and the United States. Foreign exchange risk related to net investments is not hedged.During the financial period, the following foreign exchange-related amounts were recognized in profit or loss and other comprehensive income:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__121": {
"value": "INTEREST RATE RISKThe Group faces interest rate risk primarily from its non-current borrowings with variable rates, which expose it to cash flow interest rate risk. To manage this risk, Harvia converts a portion of its floating-rate loans into fixed-rate loans using interest-rate swaps. As a result, the overall interest rates are lower than what the Group would have paid if it had borrowed at fixed rates directly. Harvia has interest rate swaps with nominal values of EUR 36.5 million and 20.0 million.The following table shows the sensitivity analysis of Harvia\u2019s interest-bearing liabilities to a 1% increase in interest rates:EUR thousand 2025 2024Interest bearing liabilities 95,376 95,405Leasing liabilities 7,533 8,258Interest rate swap 56,500 56,500Share of liabilities covered with interest rate swaps 55% 55%Impact on interest costs if interest rates were to rise by 1% 1,029 1,037Interest rate swap -565 -565Total, Impact on interest costs if interest rates were to rise by 1% 464 472* The amount of debt to be tested is the nominal value of Harvia\u2019s cash flows related to loan and lease agreements, which is also presented in the reconciliation of net debt and cash flow.The Group\u2019s target is to keep closer to 60% of its borrowings at fixed rates and, if necessary, use interest rate swaps to achieve this. The Group\u2019s variable rate loans in 2025 and 2024 were mainly denominated in euros and the interest rate swaps covered 55% of principal outstanding on 31 December 2025 and 55% on 31 December 2024. Based on the sensitivity analysis, if the interest rate on uncovered variable rate borrowings were to increase by one percentage point with all other variables held constant, the Group\u2019s interest expense would increase by EUR 464 thousand (in 2024: EUR 488 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__120": {
"value": "INTEREST RATE RISKThe Group faces interest rate risk primarily from its non-current borrowings with variable rates, which expose it to cash flow interest rate risk. To manage this risk, Harvia converts a portion of its floating-rate loans into fixed-rate loans using interest-rate swaps. As a result, the overall interest rates are lower than what the Group would have paid if it had borrowed at fixed rates directly. Harvia has interest rate swaps with nominal values of EUR 36.5 million and 20.0 million.The following table shows the sensitivity analysis of Harvia\u2019s interest-bearing liabilities to a 1% increase in interest rates:EUR thousand 2025 2024Interest bearing liabilities 95,376 95,405Leasing liabilities 7,533 8,258Interest rate swap 56,500 56,500Share of liabilities covered with interest rate swaps 55% 55%Impact on interest costs if interest rates were to rise by 1% 1,029 1,037Interest rate swap -565 -565Total, Impact on interest costs if interest rates were to rise by 1% 464 472* The amount of debt to be tested is the nominal value of Harvia\u2019s cash flows related to loan and lease agreements, which is also presented in the reconciliation of net debt and cash flow.The Group\u2019s target is to keep closer to 60% of its borrowings at fixed rates and, if necessary, use interest rate swaps to achieve this. The Group\u2019s variable rate loans in 2025 and 2024 were mainly denominated in euros and the interest rate swaps covered 55% of principal outstanding on 31 December 2025 and 55% on 31 December 2024. Based on the sensitivity analysis, if the interest rate on uncovered variable rate borrowings were to increase by one percentage point with all other variables held constant, the Group\u2019s interest expense would increase by EUR 464 thousand (in 2024: EUR 488 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__124": {
"value": "During 2025, EUR 249 thousand (2024: EUR 96 thousand) was recognized in the profit and loss statement in relation to credit losses. The loss allowance on 31 December 2025, EUR 922 thousand (2024: EUR 788 thousand), is specified as follows:31-Dec-2025Allowance for EUR thousand Gross book valuebad debtNot due 16,476 8Overdue by 0Less than 30 days 1,714 730-60 days 949 1261-90 days 414 1091-180 days 874 87181-360 days 476 119Over 360 days 720 678Total 21,624 92231-Dec-2024Allowance for EUR thousand Gross book valuebad debtNot due 14,895 8Overdue by Less than 30 days 2,578 1030-60 days 1,006 1361-90 days 143 491-180 days 296 30181-360 days 401 100Over 360 days 642 623Total 19,961 788The other classes within other receivables do not contain essentially impaired or overdue assets. Based on the credit history of these other classes, it is expected that these amounts will be received when they are due. The Group does not hold any collateral in relation to these receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__123": {
"value": "CREDIT RISKCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the company. Credit risk arises from cash and cash equivalents, as well as from credit exposures to customers from outstanding receivables. Insurance for certain customers and for some customers advance payments are in use. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. To spread the credit risk, Harvia deposits its cash reserves with different banks. The Group considers that there is evidence of impairment if any of the following indicators are present:- significant financial difficulties of the debtor- probability that the debtor will enter bankruptcy or financial reorganization, and- default or delinquency in paymentsIn certain circumstances, Harvia has supported its distribution and dealership relationships by accepting longer than ordinary terms of payment periods and by agreeing on a new payment plan in respect of receivables due. Trade receivables increased due to strong demand in North America supported by the growing awareness of sauna and its health benefits as well as strong consumer confidence and economic conditions. North American customers have short payment times, as most transactions are made with credit cards. Harvia has no significant concentration of credit risks due to the large number and geographic dispersion of companies that comprise the Group\u2019s customer base. During 2025, EUR 249 thousand (2024: EUR 96 thousand) was recognized in the profit and loss statement in relation to credit losses. The loss allowance on 31 December 2025, EUR 922 thousand (2024: EUR 788 thousand), is specified as follows:31-Dec-2025Allowance for EUR thousand Gross book valuebad debtNot due 16,476 8Overdue by 0Less than 30 days 1,714 730-60 days 949 1261-90 days 414 1091-180 days 874 87181-360 days 476 119Over 360 days 720 678Total 21,624 92231-Dec-2024Allowance for EUR thousand Gross book valuebad debtNot due 14,895 8Overdue by Less than 30 days 2,578 1030-60 days 1,006 1361-90 days 143 491-180 days 296 30181-360 days 401 100Over 360 days 642 623Total 19,961 788The other classes within other receivables do not contain essentially impaired or overdue assets. Based on the credit history of these other classes, it is expected that these amounts will be received when they are due. The Group does not hold any collateral in relation to these receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__125": {
"value": "LIQUIDITY RISKCash flow forecasting is performed at the Group level. Group finance department monitors Harvia Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed loan facility so that the Group does not breach loan limits or covenants on its loan facility. At the end of the reporting period, Harvia is in clear compliance with the loan covenants. The Group has undrawn interest-bearing facilities (revolving credit facility) of EUR 10,000 thousand as of 31 December 2025 (EUR 10,000 thousand as of 31 December 2024). The undrawn interest-bearing facility is available constantly. Operating cash flows and liquid funds are the main source of financing for the future payments together with possible new debt or equity financing. The table below shows future repayments, interest expenses and capitalized interest expenses of Group\u2019s financial liabilities divided into maturity groupings based on the remaining contractual maturity at the balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows. Harvia has interest rate swaps with nominal values of EUR 36.5 million and EUR 20.0 million that mature on 15 December 2026 and 22 July 2027. Fair value of the interest rate swap fluctuates according to interest rate market expectations, and the change in value is recorded in the net financial items as changes in fair value for the old contract, and for the new contract, in the fair value reserve in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__126": {
"value": "CAPITAL MANAGEMENTThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns and increase in value of invested capital for shareholders. The Group monitors net debt to adjusted EBITDA ratio and to net working capital. Net debt is calculated as loans from credit institutions (included in the current and non-current interest-bearing liabilities) less cash and cash equivalents. The target of the net debt and net debt position to EBITDA are linked to a covenant of borrowing facilities. The ratio of net debt to EBITDA has an impact on the loan margins of the Harvia\u2019s loan agreements.The table below shows the net debt position.EUR thousand 31-Dec-2025 31-Dec-2024Loans from credit institutions 95,376 95,405Lease liabilities 7,533 8,258Less cash and cash equivalents -45,183 -46,447Net debt 57,726 57,216Reconciliation of net debt:Loans from credit institutions Loans from credit institutions EUR thousand Cash and cash equivalentsdue within 1 yeardue after 1 year Lease liabilities Total net debt1-Jan-2024 40,581 -6 -75,404 -2,741 -37,569Cash flows 30,173 1 -19,970 951 11,154Acquisitions -24,908 -6,182 -31,320Dissolution of an associated company 61 61Exchange differences 540 540Other non-cash movements -26 -287 -84 -57,21631-Dec-2024 46,447 -5 -95,400 -8,258 -57,216Cash flows 1,223 1 28 1,006 2,258Acquisitions -1,253 -1,253Exchange differences -1,234 -1,234Other non-cash movements -1 -281 -28131-Dec-2025 45,183 -4 -95,372 -7,533 -57,726",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__135": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__134": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__133": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__132": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__131": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__130": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__129": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__128": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__127": {
"value": "5.4 FINANCE INCOME AND COSTSThis note presents the finance income and finance costs of the Group. The Group has entered into interest rate swap agreements to hedge against interest rate changes arising from the variable rate external bank loans.For information about derivatives and financial liabilities, refer note 5.1.For information about cash and cash equivalents, refer note 5.2.Group\u2019s interest and other finance income are related mainly to foreign exchange gains, interest income from trade receivables and gains on valuation of derivative contracts. They amounted to EUR 1,087 thousand during 2025 (2024: EUR 1,959 thousand). Finance costs are related mainly to loans from financial institutions, exchange differences, and losses on the valuation of derivative contracts. See the following table:EUR thousand 2025 2024Finance incomeInterest income766 1,126Exchange rate gains 150 786Other finance income 166 47Total 1,081 1,959Finance costs Interest costs -3,208 -3,405Other finance charges paid/payable for financial liabilities not at fair value through profit or loss -896 -861Exchange rate losses -1,463 -335Changes in fair values -119Fair value losses on interest rate swaps -514 -887Total -6,200 -5,488Finance costs, net -5,118 -3,529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__136": {
"value": "This note provides information about items not recognized in the financial statements as they do not yet satisfy the recognition criteria in the reporting period. These are guarantees, pledges, and contingent liabilities.EUR thousand 31-Dec-2025 31-Dec-2024Other guarantees: Pledged accounts 25 19Customs guarantee 50 50Total 75 69OTHER COMMITMENTSHarvia becomes involved from time to time in various claims and lawsuits arising in the ordinary course of its business, such as disputes with customers and proceedings initiated by public authorities. During the reporting periods, Harvia has not been a party to legal, arbitration or administrative proceedings, which could have a significant impact on the Group\u2019s financial position or profitability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__140": {
"value": "5.6.1 ACCOUNTING POLICYA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into an insurance company or a separate entity fund. The entity will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Contributions to the defined contribution plans are charged directly to the profit or loss in the year to which these contributions relate. Defined benefit plans are post-employment benefit plans other than defined contribution plans.Under defined benefit plans both actuarial and investment risks are on the responsibility of the Group, and the defined benefit obligation is recognized. The defined benefit obligation represents the present value of future cash flows from payable benefits, which are calculated for by using the projected unit credit method. The discount rate used in calculating the present value of the defined benefit obligation is based on the market yields of high-quality corporate bonds with appropriate durations. Pension expenses are recognized in the profit or loss by allocating the current service cost over the service lives of employees based on actuarial calculations. The net interest is included as part of the personnel expenses.The liability (or asset) recognized in the consolidated statement of financial position is the defined benefit obligation at the closing date less the fair value of plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. The valuation of defined benefit obligation is based on management\u2019s estimates about actuarial assumptions such as discount rate, inflation and future mortality rates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__139": {
"value": "5.6 DEFINED BENEFIT OBLIGATIONSDefined benefit obligations are recognized according to IAS 19. Harvia has an unfunded defined benefit pension plan in Germany. German pension plan was acquired at 1.5.2020. Harvia\u2019s other pension plans, such as statutory Finnish TyEL plan are classified as defined contribution plans.German pension plan is a salary-based plan which provides old-age, disability and survivor benefits for plan members. The pension plan is administrated according to local legislation and practices. The pension plan includes pensioners, active and deferred vested plan members. Defined benefit plans expose Harvia to risks the most relevant being the interest risk relating to the discount rate. If the discount rate decreases, the defined benefit obligation will increase. Changes in an inflation assumption or mortality models may also increase the defined benefit obligation.5.6.1 ACCOUNTING POLICYA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into an insurance company or a separate entity fund. The entity will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. Contributions to the defined contribution plans are charged directly to the profit or loss in the year to which these contributions relate. Defined benefit plans are post-employment benefit plans other than defined contribution plans.Under defined benefit plans both actuarial and investment risks are on the responsibility of the Group, and the defined benefit obligation is recognized. The defined benefit obligation represents the present value of future cash flows from payable benefits, which are calculated for by using the projected unit credit method. The discount rate used in calculating the present value of the defined benefit obligation is based on the market yields of high-quality corporate bonds with appropriate durations. Pension expenses are recognized in the profit or loss by allocating the current service cost over the service lives of employees based on actuarial calculations. The net interest is included as part of the personnel expenses.The liability (or asset) recognized in the consolidated statement of financial position is the defined benefit obligation at the closing date less the fair value of plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. The valuation of defined benefit obligation is based on management\u2019s estimates about actuarial assumptions such as discount rate, inflation and future mortality rates. The actuarial gains and losses and defined benefit expense recognized in comprehensive income and other comprehensive income are as follows:EUR thousand 2025 2024Net interest59 73Actuarial gains (-) / losses (+) caused by changes in financial assumptions113 66Experience adjustments-110 -149Total in Group profit and comprehensive income62 -11The reconciliation of the net defined benefit liability and the defined benefit obligation is as follows:EUR thousand 2025 2024The defined benefit obligation 1.1. 1,852 2,023Net interest 59 73Actuarial gains (-) / losses (+) -224 -84Benefits paid 146 -160Total 1,833 1,852Actuarial assumptions used in calculating the defined benefit obligation are as follows:2025 2024Discount rate 4.22% 3.33%Benefit increase 2.00% 2.00%Salary increase 1.00% 1.00%Turnover rate 0.00% 0.00%Mortality model Richttafeln 2018 GThe sensitivity analysis of the defined benefit obligation is as follows. The sensitivity analysis below is based on a change in an assumption while holding all other assumptions constant:EUR thousand 2025 2024Impact of the change in the discount rate (+0.50%) on the defined benefit obligation -58 -76Impact of the change in the discount rate (0.50%) on the defined benefit obligation 62 82The duration of the defined benefit pension obligation is approximately 9 years in 2025. The defined benefit plan has no plan assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__141-1": {
"value": "Section 6: Other NotesThis section of the notes includes other information that must be disclosed to comply with accounting standards and other pronouncements.6.1 GROUP STRUCTURE AND CONSOLIDATIONThis note provides information of the Group structure and accounting principles for consolidation.6.1.1 ACCOUNTING POLICYSubsidiaries are all entities over which the Group has control. The Group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. When needed, the financial statements by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies.SUBSIDIARIESThe Group\u2019s subsidiaries as of 31 December 2025 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests.Acquired / established Parent company Country of incorporation Nature of business Parent ownership (%) Group ownership (%)(month/year)Harvia Oyj Finland Parent companySubsidiariesHarvia Group Oy Finland Holding 100 100 4/2014Harvia Finland Oy Finland Manufacturing 100 4/2014Harvia (Hong Kong) Sauna Co. Ltd Hong Kong Sales 100 4/2014Guangzhou City Harvia Sauna Co. Ltd China Manufacturing 100 4/2014Harvia Estonia O\u00fc Estonia Not operational 100 12/2014LLC Harvia RUS Russia Not operational 100 6/2015Harvia Austria GmbH Austria Sales 100 11/2016Domo Wellness Romania Srl Romania Manufacturing 100 11/2016K&R Imobiliare Romania Real estate 100 11/2016Harvia US Holdings Inc. United States Holding 100 11/2018Harvia US Inc. United States Manufacturing 100 11/2018Harvia Holding GmbH Germany Holding 100 02/2020EOS Saunatechnik GmbH Germany Manufacturing 100 04/2020Kirami Oy Finland Manufacturing 100 05/2021Sauna-Eurox 0y Finland Manufacturing 100 08/2021Harvia Japan Limited Japan Sales 51 08/2023Phoenix El-Mec srl Italy Manufacturing 100 09/2023TS Spa Holdings LLC United States Holding 100 0 7/ 2 024ThermaSol Steam Bath LLC United States Manufacturing 100 07/2 0 24TS Spa Holdings LLC United States Holding 100 0 7/ 2 024ThermaSol Steam Bath LLC United States Manufacturing 100 07/2 0 24",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__144": {
"value": "6.1 GROUP STRUCTURE AND CONSOLIDATIONThis note provides information of the Group structure and accounting principles for consolidation.6.1.1 ACCOUNTING POLICYSubsidiaries are all entities over which the Group has control. The Group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. When needed, the financial statements by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies.SUBSIDIARIESThe Group\u2019s subsidiaries as of 31 December 2025 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests.Acquired / established Parent company Country of incorporation Nature of business Parent ownership (%) Group ownership (%)(month/year)Harvia Oyj Finland Parent companySubsidiariesHarvia Group Oy Finland Holding 100 100 4/2014Harvia Finland Oy Finland Manufacturing 100 4/2014Harvia (Hong Kong) Sauna Co. Ltd Hong Kong Sales 100 4/2014Guangzhou City Harvia Sauna Co. Ltd China Manufacturing 100 4/2014Harvia Estonia O\u00fc Estonia Not operational 100 12/2014LLC Harvia RUS Russia Not operational 100 6/2015Harvia Austria GmbH Austria Sales 100 11/2016Domo Wellness Romania Srl Romania Manufacturing 100 11/2016K&R Imobiliare Romania Real estate 100 11/2016Harvia US Holdings Inc. United States Holding 100 11/2018Harvia US Inc. United States Manufacturing 100 11/2018Harvia Holding GmbH Germany Holding 100 02/2020EOS Saunatechnik GmbH Germany Manufacturing 100 04/2020Kirami Oy Finland Manufacturing 100 05/2021Sauna-Eurox 0y Finland Manufacturing 100 08/2021Harvia Japan Limited Japan Sales 51 08/2023Phoenix El-Mec srl Italy Manufacturing 100 09/2023TS Spa Holdings LLC United States Holding 100 0 7/ 2 024ThermaSol Steam Bath LLC United States Manufacturing 100 07/2 0 24TS Spa Holdings LLC United States Holding 100 0 7/ 2 024ThermaSol Steam Bath LLC United States Manufacturing 100 07/2 0 24",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__143-1": {
"value": "6.1.1 ACCOUNTING POLICYSubsidiaries are all entities over which the Group has control. The Group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. When needed, the financial statements by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies.6.4.1 ACCOUNTING POLICYTranslation differences that arise when translating the Exchange rate differences arising on translation of financial statements of subsidiaries are recognized the foreign controlled entity are recognized in other in other comprehensive income and accumulated in comprehensive income as described in note 5.3 and translation differences reserve in equity. accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__145": {
"value": "The Group\u2019s subsidiaries as of 31 December 2025 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests.Acquired / established Parent company Country of incorporation Nature of business Parent ownership (%) Group ownership (%)(month/year)Harvia Oyj Finland Parent companySubsidiariesHarvia Group Oy Finland Holding 100 100 4/2014Harvia Finland Oy Finland Manufacturing 100 4/2014Harvia (Hong Kong) Sauna Co. Ltd Hong Kong Sales 100 4/2014Guangzhou City Harvia Sauna Co. Ltd China Manufacturing 100 4/2014Harvia Estonia O\u00fc Estonia Not operational 100 12/2014LLC Harvia RUS Russia Not operational 100 6/2015Harvia Austria GmbH Austria Sales 100 11/2016Domo Wellness Romania Srl Romania Manufacturing 100 11/2016K&R Imobiliare Romania Real estate 100 11/2016Harvia US Holdings Inc. United States Holding 100 11/2018Harvia US Inc. United States Manufacturing 100 11/2018Harvia Holding GmbH Germany Holding 100 02/2020EOS Saunatechnik GmbH Germany Manufacturing 100 04/2020Kirami Oy Finland Manufacturing 100 05/2021Sauna-Eurox 0y Finland Manufacturing 100 08/2021Harvia Japan Limited Japan Sales 51 08/2023Phoenix El-Mec srl Italy Manufacturing 100 09/2023TS Spa Holdings LLC United States Holding 100 0 7/ 2 024ThermaSol Steam Bath LLC United States Manufacturing 100 07/2 0 24TS Spa Holdings LLC United States Holding 100 0 7/ 2 024ThermaSol Steam Bath LLC United States Manufacturing 100 07/2 0 24",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__149": {
"value": "6.2 RELATED PARTY TRANSACTIONSThis note provides information of Harvia Group\u2019s related parties and transactions with related parties. The Group\u2019s related parties include the parent company, the Group companies mentioned in note 6.1 above. The related parties include also key management personnel and their family members as well as companies controlled by these. Key management personnel are members of the Board of Directors, Chief Executive Officer and management team. For share-based payments, see also Note 6.4.RELATED PARTY TRANSACTIONSHarvia\u2019s key management personnel, the members of the Board of Directors, and their family members are entitled to purchase sauna products from Harvia in accordance with the policy applying to the entire personnel of Harvia. Transactions with related parties have been made on an arm\u2019s length basis. EUR thousand 2025 2024Sales of goods and services 44 63Purchases of goods and services 76 2426.2.1 ACCOUNTING POLICYShare-based paymentsShare-based incentive plans have been recognized as an expense during the earnings period in the income statement item personnel expenses. The fair value of the arrangement is the share value at benefit\u2019s grant date. The amount to be recognized as an expense is based on estimate of the number of shares, which are expected to be earned during the vesting period. The estimate of the shares earned will be assessed at every balance sheet date. If the estimate of the shares change in later periods, the change shall be adjusted in the income statement at that period the change is noticed. The contra account for shares to be granted according to the incentive plans is invested unrestricted equity reserve. Harvia\u2019s share-based incentive plans, that are paid net in shares after deducting withholding tax, are booked as share paid arrangements although Harvia pays taxes in cash in favor of the incentive plan participant.MANAGEMENT HOLDINGSThe following table indicates the ownership interests of the members of the Board of Directors, the Chief Executive Officer and the members of the management team in the parent company\u2019s shares outstanding on 31 December 2025: 2025 2024Members of the Board of Directors 0.3% 0.3%Chief Executive Officer 0.0% 0.0%Other Management team 2.9% 3.0%MANAGEMENT HOLDINGS The Board of Directors decides on the amount of and basis for the remuneration of the Chief Executive Officer (CEO) and the members of the management team. The remuneration of the CEO and the members of the management team consist of a monthly salary plus a bonus. The bonus to the CEO and the members of the management team is paid based on the achievement of personal objectives as well as objectives relating to profitability for the financial year. The bonus including the performance-based bonus and short-term incentive scheme must not exceed 56% of the fixed salary of the CEO and of the other members of the management team.The CEO of the Group is entitled to statutory pension, and the age of retirement is determined in accordance with the statutory employee pension system. The term of notice for the CEO has been specified as 6 months, and he is entitled to salary for the term of notice. If the company terminates the employment contract of the CEO, he is, under certain conditions, entitled to compensation that equals full salary for 6 months.KEY MANAGEMENT PERSONNEL COMPENSATIONEUR thousand 2025 2024Chief executive officer Salaries and other short-term employee benefits 839 581Pension costs - defined contribution plans 150 105Total 989 686Other management team Salaries and other short-term employee benefits 2,185 1,662Long-term incentive program 680 62Pension costs - defined contribution plans 244 219Total 3,108 1,943REMUNERATION TO MEMBERS OF BOARD OF DIRECTORSEUR thousand 2025 2024Olli Liitola (as of 11 March 2014) 49 36Olbrich Heiner (as of 7 April 2022) 65 58Anders Holm\u00e9n (as of 8 April 2021) 50 36Hille Korhonen (as of 8 April 2021) 50 40Catharina Stackelberg-Hammar\u00e9n (as of 20 April 2023) 60 35Markus Lengauer (as of 20 April 2023) 43 40Petri Castr\u00e9n (as of 8 April 2025) 41 0Total 357 246SHARE-BASED INCENTIVE PLANHarvia has a share-based long-term incentive plan for the CEO and Management Team members. The plan forms a part of Harvia Plc\u2019s remuneration program for its executives, and the aim of the plan is to support the implementation of the company\u2019s strategy, to align the interests of the executives with interests of the shareholders to increase the value of the company, to improve the performance of the company, and to retain the executives.The long-term incentive plan consists of three performance periods of three calendar years each, 2023-2025, 2024-2026 and 2025-2027. During 2025 Harvia paid out the rewards regarding the performance period 2022-2024. The Board of Directors decides separately for each performance period the plan participants, performance criteria, and related targets, as well as the minimum, target, and maximum reward potentially payable based on target attainment.In the performance period 2022-2024, the plan had at most 16 participants and the targets for the performance period related to company\u2019s total shareholder return, revenue growth, sustainability targets and EBIT margin. The maximum number of shares in Harvia Plc to be paid based on the performance period 2022-2024 was 73,600. This number of shares represents gross earnings, from which the withholding of tax and possibly other applicable contributions are deducted, and the remaining net amount was paid in shares. Costs from share-based incentive plans totaling EUR 2,005 thousand were recognized as an expense during the financial year.On 25 February 2025, The Board of Directors of Harvia decided on a directed share issue without consideration for the payment of rewards earned under the company\u2019s share-based incentive program. The share payments concern the performance period 2022\u20132024 of the company\u2019s share-based incentive program launched in 2022. In the share issue, 9,852 own shares held by the company were transferred without consideration to the key employees participating in the share-based incentive program in accordance with the terms and conditions of the program. In the performance period 2023-2025, the plan has 16 participants at most and the targets for the performance period relate to company\u2019s total shareholder return, revenue growth, sustainability targets and EBIT margin. The maximum number of shares in Harvia Plc to be paid based on the performance period 2023-2025 is 61,600. Potential rewards from the performance period 2023-2025 will be paid during spring 2026.In the performance period 2024\u20132026, the plan has 27 participants at most and the targets for the performance period relate to the company\u2019s total shareholder return, revenue growth, CO2 emissions and EBIT margin. The maximum number of Harvia Plc shares to be paid based on the performance period 2024\u20132026 is 68,100. This number of shares represents the gross earnings, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period 2024\u20132026 will be paid out during spring 2027.On 10 March 2025, The Board of Directors of Harvia Plc decided to continue the Long-term Performance Share Plan for the management team and other key employees for the performance period 2025-2027. In the performance period 2025-2027, the plan has 34 participants at most and the targets for the performance period relate to the company\u2019s total shareholder return, revenue growth, EBIT margin and CO2 emissions. The number of shares to be paid based on the performance period 2025-2027 is a maximum of 79,100 Harvia Plc\u2019s shares. This number of shares represents the gross earnings, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period 2025-2027 will be paid out during spring 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__146": {
"value": "6.2 RELATED PARTY TRANSACTIONSThis note provides information of Harvia Group\u2019s related parties and transactions with related parties. The Group\u2019s related parties include the parent company, the Group companies mentioned in note 6.1 above. The related parties include also key management personnel and their family members as well as companies controlled by these. Key management personnel are members of the Board of Directors, Chief Executive Officer and management team. For share-based payments, see also Note 6.4.RELATED PARTY TRANSACTIONSHarvia\u2019s key management personnel, the members of the Board of Directors, and their family members are entitled to purchase sauna products from Harvia in accordance with the policy applying to the entire personnel of Harvia. Transactions with related parties have been made on an arm\u2019s length basis. EUR thousand 2025 2024Sales of goods and services 44 63Purchases of goods and services 76 2426.2.1 ACCOUNTING POLICYShare-based paymentsShare-based incentive plans have been recognized as an expense during the earnings period in the income statement item personnel expenses. The fair value of the arrangement is the share value at benefit\u2019s grant date. The amount to be recognized as an expense is based on estimate of the number of shares, which are expected to be earned during the vesting period. The estimate of the shares earned will be assessed at every balance sheet date. If the estimate of the shares change in later periods, the change shall be adjusted in the income statement at that period the change is noticed. The contra account for shares to be granted according to the incentive plans is invested unrestricted equity reserve. Harvia\u2019s share-based incentive plans, that are paid net in shares after deducting withholding tax, are booked as share paid arrangements although Harvia pays taxes in cash in favor of the incentive plan participant.MANAGEMENT HOLDINGSThe following table indicates the ownership interests of the members of the Board of Directors, the Chief Executive Officer and the members of the management team in the parent company\u2019s shares outstanding on 31 December 2025: 2025 2024Members of the Board of Directors 0.3% 0.3%Chief Executive Officer 0.0% 0.0%Other Management team 2.9% 3.0%MANAGEMENT HOLDINGS The Board of Directors decides on the amount of and basis for the remuneration of the Chief Executive Officer (CEO) and the members of the management team. The remuneration of the CEO and the members of the management team consist of a monthly salary plus a bonus. The bonus to the CEO and the members of the management team is paid based on the achievement of personal objectives as well as objectives relating to profitability for the financial year. The bonus including the performance-based bonus and short-term incentive scheme must not exceed 56% of the fixed salary of the CEO and of the other members of the management team.The CEO of the Group is entitled to statutory pension, and the age of retirement is determined in accordance with the statutory employee pension system. The term of notice for the CEO has been specified as 6 months, and he is entitled to salary for the term of notice. If the company terminates the employment contract of the CEO, he is, under certain conditions, entitled to compensation that equals full salary for 6 months.KEY MANAGEMENT PERSONNEL COMPENSATIONEUR thousand 2025 2024Chief executive officer Salaries and other short-term employee benefits 839 581Pension costs - defined contribution plans 150 105Total 989 686Other management team Salaries and other short-term employee benefits 2,185 1,662Long-term incentive program 680 62Pension costs - defined contribution plans 244 219Total 3,108 1,943REMUNERATION TO MEMBERS OF BOARD OF DIRECTORSEUR thousand 2025 2024Olli Liitola (as of 11 March 2014) 49 36Olbrich Heiner (as of 7 April 2022) 65 58Anders Holm\u00e9n (as of 8 April 2021) 50 36Hille Korhonen (as of 8 April 2021) 50 40Catharina Stackelberg-Hammar\u00e9n (as of 20 April 2023) 60 35Markus Lengauer (as of 20 April 2023) 43 40Petri Castr\u00e9n (as of 8 April 2025) 41 0Total 357 246SHARE-BASED INCENTIVE PLANHarvia has a share-based long-term incentive plan for the CEO and Management Team members. The plan forms a part of Harvia Plc\u2019s remuneration program for its executives, and the aim of the plan is to support the implementation of the company\u2019s strategy, to align the interests of the executives with interests of the shareholders to increase the value of the company, to improve the performance of the company, and to retain the executives.The long-term incentive plan consists of three performance periods of three calendar years each, 2023-2025, 2024-2026 and 2025-2027. During 2025 Harvia paid out the rewards regarding the performance period 2022-2024. The Board of Directors decides separately for each performance period the plan participants, performance criteria, and related targets, as well as the minimum, target, and maximum reward potentially payable based on target attainment.In the performance period 2022-2024, the plan had at most 16 participants and the targets for the performance period related to company\u2019s total shareholder return, revenue growth, sustainability targets and EBIT margin. The maximum number of shares in Harvia Plc to be paid based on the performance period 2022-2024 was 73,600. This number of shares represents gross earnings, from which the withholding of tax and possibly other applicable contributions are deducted, and the remaining net amount was paid in shares. Costs from share-based incentive plans totaling EUR 2,005 thousand were recognized as an expense during the financial year.On 25 February 2025, The Board of Directors of Harvia decided on a directed share issue without consideration for the payment of rewards earned under the company\u2019s share-based incentive program. The share payments concern the performance period 2022\u20132024 of the company\u2019s share-based incentive program launched in 2022. In the share issue, 9,852 own shares held by the company were transferred without consideration to the key employees participating in the share-based incentive program in accordance with the terms and conditions of the program. In the performance period 2023-2025, the plan has 16 participants at most and the targets for the performance period relate to company\u2019s total shareholder return, revenue growth, sustainability targets and EBIT margin. The maximum number of shares in Harvia Plc to be paid based on the performance period 2023-2025 is 61,600. Potential rewards from the performance period 2023-2025 will be paid during spring 2026.In the performance period 2024\u20132026, the plan has 27 participants at most and the targets for the performance period relate to the company\u2019s total shareholder return, revenue growth, CO2 emissions and EBIT margin. The maximum number of Harvia Plc shares to be paid based on the performance period 2024\u20132026 is 68,100. This number of shares represents the gross earnings, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period 2024\u20132026 will be paid out during spring 2027.On 10 March 2025, The Board of Directors of Harvia Plc decided to continue the Long-term Performance Share Plan for the management team and other key employees for the performance period 2025-2027. In the performance period 2025-2027, the plan has 34 participants at most and the targets for the performance period relate to the company\u2019s total shareholder return, revenue growth, EBIT margin and CO2 emissions. The number of shares to be paid based on the performance period 2025-2027 is a maximum of 79,100 Harvia Plc\u2019s shares. This number of shares represents the gross earnings, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period 2025-2027 will be paid out during spring 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__148": {
"value": "6.2.1 ACCOUNTING POLICYShare-based paymentsShare-based incentive plans have been recognized as an expense during the earnings period in the income statement item personnel expenses. The fair value of the arrangement is the share value at benefit\u2019s grant date. The amount to be recognized as an expense is based on estimate of the number of shares, which are expected to be earned during the vesting period. The estimate of the shares earned will be assessed at every balance sheet date. If the estimate of the shares change in later periods, the change shall be adjusted in the income statement at that period the change is noticed. The contra account for shares to be granted according to the incentive plans is invested unrestricted equity reserve. Harvia\u2019s share-based incentive plans, that are paid net in shares after deducting withholding tax, are booked as share paid arrangements although Harvia pays taxes in cash in favor of the incentive plan participant.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__147": {
"value": "6.2.1 ACCOUNTING POLICYShare-based paymentsShare-based incentive plans have been recognized as an expense during the earnings period in the income statement item personnel expenses. The fair value of the arrangement is the share value at benefit\u2019s grant date. The amount to be recognized as an expense is based on estimate of the number of shares, which are expected to be earned during the vesting period. The estimate of the shares earned will be assessed at every balance sheet date. If the estimate of the shares change in later periods, the change shall be adjusted in the income statement at that period the change is noticed. The contra account for shares to be granted according to the incentive plans is invested unrestricted equity reserve. Harvia\u2019s share-based incentive plans, that are paid net in shares after deducting withholding tax, are booked as share paid arrangements although Harvia pays taxes in cash in favor of the incentive plan participant.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__150": {
"value": "MANAGEMENT HOLDINGSThe following table indicates the ownership interests of the members of the Board of Directors, the Chief Executive Officer and the members of the management team in the parent company\u2019s shares outstanding on 31 December 2025: 2025 2024Members of the Board of Directors 0.3% 0.3%Chief Executive Officer 0.0% 0.0%Other Management team 2.9% 3.0%MANAGEMENT HOLDINGS The Board of Directors decides on the amount of and basis for the remuneration of the Chief Executive Officer (CEO) and the members of the management team. The remuneration of the CEO and the members of the management team consist of a monthly salary plus a bonus. The bonus to the CEO and the members of the management team is paid based on the achievement of personal objectives as well as objectives relating to profitability for the financial year. The bonus including the performance-based bonus and short-term incentive scheme must not exceed 56% of the fixed salary of the CEO and of the other members of the management team.The CEO of the Group is entitled to statutory pension, and the age of retirement is determined in accordance with the statutory employee pension system. The term of notice for the CEO has been specified as 6 months, and he is entitled to salary for the term of notice. If the company terminates the employment contract of the CEO, he is, under certain conditions, entitled to compensation that equals full salary for 6 months.KEY MANAGEMENT PERSONNEL COMPENSATIONEUR thousand 2025 2024Chief executive officer Salaries and other short-term employee benefits 839 581Pension costs - defined contribution plans 150 105Total 989 686Other management team Salaries and other short-term employee benefits 2,185 1,662Long-term incentive program 680 62Pension costs - defined contribution plans 244 219Total 3,108 1,943REMUNERATION TO MEMBERS OF BOARD OF DIRECTORSEUR thousand 2025 2024Olli Liitola (as of 11 March 2014) 49 36Olbrich Heiner (as of 7 April 2022) 65 58Anders Holm\u00e9n (as of 8 April 2021) 50 36Hille Korhonen (as of 8 April 2021) 50 40Catharina Stackelberg-Hammar\u00e9n (as of 20 April 2023) 60 35Markus Lengauer (as of 20 April 2023) 43 40Petri Castr\u00e9n (as of 8 April 2025) 41 0Total 357 246SHARE-BASED INCENTIVE PLANHarvia has a share-based long-term incentive plan for the CEO and Management Team members. The plan forms a part of Harvia Plc\u2019s remuneration program for its executives, and the aim of the plan is to support the implementation of the company\u2019s strategy, to align the interests of the executives with interests of the shareholders to increase the value of the company, to improve the performance of the company, and to retain the executives.The long-term incentive plan consists of three performance periods of three calendar years each, 2023-2025, 2024-2026 and 2025-2027. During 2025 Harvia paid out the rewards regarding the performance period 2022-2024. The Board of Directors decides separately for each performance period the plan participants, performance criteria, and related targets, as well as the minimum, target, and maximum reward potentially payable based on target attainment.In the performance period 2022-2024, the plan had at most 16 participants and the targets for the performance period related to company\u2019s total shareholder return, revenue growth, sustainability targets and EBIT margin. The maximum number of shares in Harvia Plc to be paid based on the performance period 2022-2024 was 73,600. This number of shares represents gross earnings, from which the withholding of tax and possibly other applicable contributions are deducted, and the remaining net amount was paid in shares. Costs from share-based incentive plans totaling EUR 2,005 thousand were recognized as an expense during the financial year.On 25 February 2025, The Board of Directors of Harvia decided on a directed share issue without consideration for the payment of rewards earned under the company\u2019s share-based incentive program. The share payments concern the performance period 2022\u20132024 of the company\u2019s share-based incentive program launched in 2022. In the share issue, 9,852 own shares held by the company were transferred without consideration to the key employees participating in the share-based incentive program in accordance with the terms and conditions of the program. In the performance period 2023-2025, the plan has 16 participants at most and the targets for the performance period relate to company\u2019s total shareholder return, revenue growth, sustainability targets and EBIT margin. The maximum number of shares in Harvia Plc to be paid based on the performance period 2023-2025 is 61,600. Potential rewards from the performance period 2023-2025 will be paid during spring 2026.In the performance period 2024\u20132026, the plan has 27 participants at most and the targets for the performance period relate to the company\u2019s total shareholder return, revenue growth, CO2 emissions and EBIT margin. The maximum number of Harvia Plc shares to be paid based on the performance period 2024\u20132026 is 68,100. This number of shares represents the gross earnings, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period 2024\u20132026 will be paid out during spring 2027.On 10 March 2025, The Board of Directors of Harvia Plc decided to continue the Long-term Performance Share Plan for the management team and other key employees for the performance period 2025-2027. In the performance period 2025-2027, the plan has 34 participants at most and the targets for the performance period relate to the company\u2019s total shareholder return, revenue growth, EBIT margin and CO2 emissions. The number of shares to be paid based on the performance period 2025-2027 is a maximum of 79,100 Harvia Plc\u2019s shares. This number of shares represents the gross earnings, from which the withholding of tax and possible other applicable contributions are deducted, and the remaining net amount is paid in shares. However, the company has the right to pay the reward fully in cash under certain circumstances. Potential rewards from the performance period 2025-2027 will be paid out during spring 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__154": {
"value": "6.3.1 ACCOUNTING POLICYThe tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated profit or loss statement or if tax relates to items recognized in profit and loss statement or directly in equity, then the related tax is recognized in other comprehensive income or equity correspondingly.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__151": {
"value": "6.3 TAXESThis note provides an analysis of the Group\u2019s taxes.6.3.1 ACCOUNTING POLICYThe tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated profit or loss statement or if tax relates to items recognized in profit and loss statement or directly in equity, then the related tax is recognized in other comprehensive income or equity correspondingly.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.INCOME TAX EXPENSEEUR thousand 2025 2024Current tax: Current tax on profits for the year -7,743 -7,985Adjustments in respect of prior years 6 -17Total current tax expense -7,737 -8,001Deferred tax: Change in deferred taxes 961 363Income taxes -6,776 -7,638RECONCILIATION OF INCOME TAX EXPENSE AND TAXES CALCULATED AT THE FINNISH TAX RATE 20%EUR thousand 2025 2024Profit before tax 33,182 31,880Tax calculated at Finnish tax rate 20% -6,636 -6,376Effect of other tax rates for foreign subsidiaries -985 -939Expenses not deductible for tax purposes -322 -328Income not subject to tax 258 -84Currency translation on subsidiary net investments 652 242Other items* 257 -153Taxes in income statement -6,776 -7,638* Comparative information has been reclassified so that currency translation on subsidiary net investments is presented as a separate line item, consistent with the presentation of the current period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__153": {
"value": "DEFERRED TAXES6.3.2 ACCOUNTING POLICYDeferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred tax assets are recognized only to the extent that it is probable that future taxable amounts will be available to utilize those temporary differences.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.6.3.3 MANAGEMENT JUDGMENTDetermining to which extent deferred tax assets can be recognised requires management judgment. The management of Harvia Group has used judgment when determining if deferred tax asset is recognised for an unused tax loss carryforward or unused tax credits. Recognition is done only to the extent that it is probable that future taxable profits will be available against which the loss or credit carryforward can be utilised.The Group estimates positions taken in tax return with respect to situations in which applicable tax regulation is subject to interpretation. If necessary, the booked amounts are adjusted to correspond to amounts expected to be paid to the tax authorities.Harvia\u2019s tax assets include old tax assets arising from intra-group interest payments. The deductibility of these interest expenses is limited by tax legislation. In 2025 EUR 2,947 thousand intra-group interests were deducted in taxation (2024: EUR 2,947 thousand). There were EUR 306 thousand remaining intra-group interest expenses at 31 December 2025. There is no time limit for the deduction of net interest expenses in taxation.Harvia has no expiring deferred tax assets. The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within same tax jurisdiction, is as follows:Recognized in Recognized in Translation At 31 EUR thousand At 1 Januaryprofit or lossequitydifferencesDecember2025 Deferred tax assets Tax losses and net interest costs 53 225 393 671Internal margin of inventories 574 227 -58 743Provisions 281 4 -19 267Derivative financial instruments 1 2 3Loans from credit institutions 0 0Other items 814 27 -393 -13 435Total 1,723 485 0 -90 2,118Netting of deferred taxes -882 163 -719Net deferred tax asset 841 485 163 -90 1,3992025 Deferred tax liabilities Measurement of acquired net assets at fair value 3,062 -400 -234 2,428Accumulated depreciation differences 209 11 220Property, plant and equipment 336 -39 297Inventories 47 -47 0Other items 1 0 15 16Total 3,655 -475 0 -219 2,960Netting of deferred taxes -882 163 -719Net deferred tax liabilities 2,773 -475 163 -219 2,241Recognized in Recognized in Business At 31 EUR thousand At 1 Januaryprofit or lossequitycombinationsDecember2024 Deferred tax assets Tax losses and net interest costs 642 -589 53Internal margin of inventories 401 173 574Provisions 99 19 163 281Derivative financial instruments 0 1 1Other items 639 324 -149 814Total 1,782 -73 1,723Netting of deferred taxes -737 18 -163 -882Net deferred tax asset 1,045 -73 8412024 Deferred tax liabilities Measurement of acquired net assets at fair value 1,416 -462 -34 2,142 3,062Accumulated depreciation differences 138 71 209Property, plant and equipment 341 -39 34 336Inventories 0 0 47 47Other items 24 -5 -18 1Total 1,919 -436 3,655Netting of deferred taxes -737 18 -163 -882Net deferred tax liabilities 1,182 -436 2,773The Group has not recognized deferred tax liability on the undistributed profits of its subsidiaries in the countries where the dividend distribution causes tax penalties, but dividend distribution is considered unlikely.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__155": {
"value": "6.3.2 ACCOUNTING POLICYDeferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred tax assets are recognized only to the extent that it is probable that future taxable amounts will be available to utilize those temporary differences.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__152": {
"value": "Harvia has no expiring deferred tax assets. The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within same tax jurisdiction, is as follows:Recognized in Recognized in Translation At 31 EUR thousand At 1 Januaryprofit or lossequitydifferencesDecember2025 Deferred tax assets Tax losses and net interest costs 53 225 393 671Internal margin of inventories 574 227 -58 743Provisions 281 4 -19 267Derivative financial instruments 1 2 3Loans from credit institutions 0 0Other items 814 27 -393 -13 435Total 1,723 485 0 -90 2,118Netting of deferred taxes -882 163 -719Net deferred tax asset 841 485 163 -90 1,3992025 Deferred tax liabilities Measurement of acquired net assets at fair value 3,062 -400 -234 2,428Accumulated depreciation differences 209 11 220Property, plant and equipment 336 -39 297Inventories 47 -47 0Other items 1 0 15 16Total 3,655 -475 0 -219 2,960Netting of deferred taxes -882 163 -719Net deferred tax liabilities 2,773 -475 163 -219 2,241Recognized in Recognized in Business At 31 EUR thousand At 1 Januaryprofit or lossequitycombinationsDecember2024 Deferred tax assets Tax losses and net interest costs 642 -589 53Internal margin of inventories 401 173 574Provisions 99 19 163 281Derivative financial instruments 0 1 1Other items 639 324 -149 814Total 1,782 -73 1,723Netting of deferred taxes -737 18 -163 -882Net deferred tax asset 1,045 -73 8412024 Deferred tax liabilities Measurement of acquired net assets at fair value 1,416 -462 -34 2,142 3,062Accumulated depreciation differences 138 71 209Property, plant and equipment 341 -39 34 336Inventories 0 0 47 47Other items 24 -5 -18 1Total 1,919 -436 3,655Netting of deferred taxes -737 18 -163 -882Net deferred tax liabilities 1,182 -436 2,773The Group has not recognized deferred tax liability on the undistributed profits of its subsidiaries in the countries where the dividend distribution causes tax penalties, but dividend distribution is considered unlikely.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__157": {
"value": "6.4 EQUITYThis note describes what is included in the equity of Harvia Group. The total equity consists of the share capital, the invested unrestricted equity reserve, currency translation differences and accumulated profits.SHARE CAPITAL AND NUMBER OF SHARESHarvia has one share class, and shares entitle the holders equal rights to dividends and votes in the general meeting of Harvia. Number of EUR thousand Share capitalsharesAt 31 December 2024 80 18,694,236At 31 December 2025 80 18,694,236Harvia Plc held a total of 3,800 own shares on 31 December 2025. The repurchased shares were acquired based on the Company\u2019s incentive program.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__160": {
"value": "This note describes what is included in the equity of Harvia Group. The total equity consists of the share capital, the invested unrestricted equity reserve, currency translation differences and accumulated profits.SHARE CAPITAL AND NUMBER OF SHARESHarvia has one share class, and shares entitle the holders equal rights to dividends and votes in the general meeting of Harvia. Number of EUR thousand Share capitalsharesAt 31 December 2024 80 18,694,236At 31 December 2025 80 18,694,236Harvia Plc held a total of 3,800 own shares on 31 December 2025. The repurchased shares were acquired based on the Company\u2019s incentive program.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__159": {
"value": "This note describes what is included in the equity of Harvia Group. The total equity consists of the share capital, the invested unrestricted equity reserve, currency translation differences and accumulated profits.SHARE CAPITAL AND NUMBER OF SHARESHarvia has one share class, and shares entitle the holders equal rights to dividends and votes in the general meeting of Harvia. Number of EUR thousand Share capitalsharesAt 31 December 2024 80 18,694,236At 31 December 2025 80 18,694,236Harvia Plc held a total of 3,800 own shares on 31 December 2025. The repurchased shares were acquired based on the Company\u2019s incentive program.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__158": {
"value": "This note describes what is included in the equity of Harvia Group. The total equity consists of the share capital, the invested unrestricted equity reserve, currency translation differences and accumulated profits.SHARE CAPITAL AND NUMBER OF SHARESHarvia has one share class, and shares entitle the holders equal rights to dividends and votes in the general meeting of Harvia. Number of EUR thousand Share capitalsharesAt 31 December 2024 80 18,694,236At 31 December 2025 80 18,694,236Harvia Plc held a total of 3,800 own shares on 31 December 2025. The repurchased shares were acquired based on the Company\u2019s incentive program.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__161": {
"value": "OTHER RESERVESThe following table shows a breakdown of the balance sheet line-item other reserves and the movements in the reserves during the year. A description of the nature and purpose of each reserve is provided on the table below.Fair value Invested unrestricted Translation EUR thousandreserveequitydifferences TotalAt 1 January 2024 0 33,334 -921 32,414Share-based incentive plan 1,430 1,430Revaluation of minority redemption liability Repurchase of own shares -483 -483Share-based payments -43 -43Gains and losses on cash flow hedges, net of tax -4 -4Actuarial gains and losses -156 -156Translation differences 2,778 2,778At 31 December 2024 -4 34,081 1,857 35,935Share-based incentive plan 2,005 2,005Revaluation of minority redemption liability Repurchase of own shares 73 73Share-based payments -558 -558Gains and losses on cash flow hedges, net of tax -9 -9Actuarial gains and losses -224 -224Translation differences -7,031 -7,031At 31 December 2025 -13 35,377 -5,174 30,191INVESTED UNRESTRICTED EQUITY RESERVEUnder the Finnish Companies Act, the subscription price of new shares is credited to the share capital, unless it is provided in the share issue resolution that it is to be credited in full or in part to the invested unrestricted equity reserve. Contributions to the reserve for invested unrestricted equity can also be made without share issues.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__168": {
"value": "INVESTED UNRESTRICTED EQUITY RESERVEUnder the Finnish Companies Act, the subscription price of new shares is credited to the share capital, unless it is provided in the share issue resolution that it is to be credited in full or in part to the invested unrestricted equity reserve. Contributions to the reserve for invested unrestricted equity can also be made without share issues.TRANSLATION DIFFERENCES",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__163": {
"value": "RETAINED EARNINGSMovements in retained earnings were as follows:EUR thousand 2025 2024At 1 January 86,825 75,081Dividend distribution -14,017 -12,709Prior year adjustment -111 210Profit for the period 26,437 24,242At 31 December 99,133 86,825In 2025, Harvia paid a dividend of EUR 0.75 per share, in total EUR 14,017 thousand. Harvia identified an adjustment of EUR 111 thousand related to foreign exchange losses attributable to the financial year 2024. The adjustment was recognized in the financial year 2025 as an adjustment to retained earnings. The adjustment is considered immaterial in accordance with IAS 8, and therefore the comparative financial information for the year ended 31 December 2024 has not been restated.Harvia Plc\u2019s total unrestricted equity amounts to EUR 78,653,392.73 in total, of which profit for the period accounts for EUR 11,553,096.02. Harvia targets a regularly increasing dividend with a bi-annual dividend payout. In order to determine the amount of dividend, the Board of Directors has assessed the company\u2019s solvency and financial standing after the end of the period. Harvia\u2019s Board of Directors proposes to the Annual General Meeting that the company distributes a dividend of EUR 0.77 (0.75) per share, EUR 14,394,561.72 in total, for the financial period ended 31 December 2025. The Board of Directors proposes the dividend to be paid in two instalments, EUR 0.39 per share in April 2026 and EUR 0.38 per share in October 2026.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__162": {
"value": "RETAINED EARNINGSMovements in retained earnings were as follows:EUR thousand 2025 2024At 1 January 86,825 75,081Dividend distribution -14,017 -12,709Prior year adjustment -111 210Profit for the period 26,437 24,242At 31 December 99,133 86,825In 2025, Harvia paid a dividend of EUR 0.75 per share, in total EUR 14,017 thousand. Harvia identified an adjustment of EUR 111 thousand related to foreign exchange losses attributable to the financial year 2024. The adjustment was recognized in the financial year 2025 as an adjustment to retained earnings. The adjustment is considered immaterial in accordance with IAS 8, and therefore the comparative financial information for the year ended 31 December 2024 has not been restated.Harvia Plc\u2019s total unrestricted equity amounts to EUR 78,653,392.73 in total, of which profit for the period accounts for EUR 11,553,096.02. Harvia targets a regularly increasing dividend with a bi-annual dividend payout. In order to determine the amount of dividend, the Board of Directors has assessed the company\u2019s solvency and financial standing after the end of the period. Harvia\u2019s Board of Directors proposes to the Annual General Meeting that the company distributes a dividend of EUR 0.77 (0.75) per share, EUR 14,394,561.72 in total, for the financial period ended 31 December 2025. The Board of Directors proposes the dividend to be paid in two instalments, EUR 0.39 per share in April 2026 and EUR 0.38 per share in October 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__164": {
"value": "0.75",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s6__6__165": {
"value": "0.77",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s6__6__167": {
"value": "EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTSMovements in non-controlling interests were as follows:EUR thousand 2025 20241-Jan 1,244 1,082Disposals -75 163Dividend distribution 0 0Loss for the period -30 031-Dec 1,139 1,244The non-controlling interest consists of minority interests in Harvia Japan Limited.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__166": {
"value": "EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTERESTSMovements in non-controlling interests were as follows:EUR thousand 2025 20241-Jan 1,244 1,082Disposals -75 163Dividend distribution 0 0Loss for the period -30 031-Dec 1,139 1,244The non-controlling interest consists of minority interests in Harvia Japan Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__170": {
"value": "6.5 EVENTS OCCURRING AFTER THE REPORTING DATEOn 20 January 2026, Harvia announced that it had received a notification pursuant to Chapter 9, section 5 of the Securities Markets Act, according to which the total holding of SEB Funds AB (Stockholm, Sweden) in Harvia Plc shares and votes had fallen below five percent on 19 January 2026 and was 4.34%.On 30 January 2026, Harvia published the proposals by the Shareholders\u2019 Nomination Board to the Annual General Meeting, planned to be held on 15 April 2026. The Nomination Board proposes that the number of members of the Board of Directors shall be seven. The Nomination Board also proposes that the current members Catharina Stackelberg-Hammar\u00e9n, Petri Castr\u00e9n, Anders Holm\u00e9n, Hille Korhonen, Markus Lengauer and Olli Liitola be re-elected to the Board of Directors. In addition, the Nomination Board proposes that Martin Richter be elected as a new member to the Board of Directors. The Nomination Board also proposes changes to the monthly remuneration and meeting fees of the members of the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:7437002ULTBOWQQOXL69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}