Tulikivi Corporation

Tulikivi Oyj is a publicly listed family business and the world's largest manufacturer of heat-retaining fireplaces. The company operates through three main product groups: Fireplaces, Sauna, and Interior. Tulikivi emphasizes wellness, interior design, and the benefits of bioenergy in its offerings. With a significant portion of its revenue derived from exports, Tulikivi maintains a strong presence in international markets.

179

1.16

0.28

— Tulikivi Corporation
%
Fireplaces50% Includes heat-retaining and soapstone fireplaces.
Sauna30% Comprises sauna heaters and related products.
Interior20% Covers stone countertops and interior stone products.

Tulikivi's customer base includes homeowners and builders who value the aesthetic and functional benefits of natural...

  • Homeownersprimary

    Buy fireplaces and sauna heaters for eco-friendly heating.

  • Builders and Renovatorsprimary

    Purchase stone products for new constructions and renovations.

  • Interior Designerssecondary

    Select stone products for their aesthetic and durability.

Tulikivi is headquartered in Juuka, Finland, and has manufacturing facilities in Juuka, Suomussalmi, and Heinävesi...

  • •Headquartered in Juuka, Finland
  • •Manufacturing facilities in Juuka, Suomussalmi, and Heinävesi
  • •Exports over 50% of products to Europe and North America
  • •Expanding market presence in Central Europe

Tulikivi's strategic priorities include expanding its market share in Central Europe and growing its sauna business...

01
Expand market share in Central Europemedium-term

To capture growing demand for compact fireplaces.

02
Grow sauna businessmedium-term

Increase revenue from new product lines.

03
Advance Suomussalmi talc projectlong-term

Diversify product offerings.

Tulikivi faces several risks, including economic uncertainty and inflation, which can impact consumer demand for its...

high

Economic uncertainty

Can reduce consumer demand for discretionary products.

Materiality
high
high

Inflation

Increases costs of raw materials and energy.

Materiality
high
medium

Geopolitical tensions

Affect international trade and regulatory environment.

Materiality
medium
Seasonal fluctuations
high
IFRS 15
Revenue recognition under IFRS 15
medium
Currency exchange rates
medium

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: 11/08/2026