# Tulikivi Corporation

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/tulikivi).

## Overview

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.

## Products & services

• Heat-retaining fireplaces
• Sauna heaters
• Interior stone products
• Soapstone fireplaces
• Electric sauna heaters
• Stone countertops

- **Fireplaces** (50%) — Includes heat-retaining and soapstone fireplaces.
- **Sauna** (30%) — Comprises sauna heaters and related products.
- **Interior** (20%) — Covers stone countertops and interior stone products.

- Heat-retaining fireplaces
- Sauna heaters
- Interior stone products
- Soapstone fireplaces
- Electric sauna heaters
- Stone countertops

## Customers

Tulikivi's customer base includes homeowners and builders who value the aesthetic and functional benefits of natural stone products. The company's fireplaces and sauna heaters are popular among those seeking eco-friendly and energy-efficient home heating solutions. Interior designers and construction companies also form a significant part of Tulikivi's clientele, attracted by the durability and timeless appeal of the company's stone products. The company's products are sold directly to new home builders and renovators who appreciate the natural beauty and sustainability of Tulikivi's offerings.

- **Homeowners** (primary) — Buy fireplaces and sauna heaters for eco-friendly heating.
- **Builders and Renovators** (primary) — Purchase stone products for new constructions and renovations.
- **Interior Designers** (secondary) — Select stone products for their aesthetic and durability.

- Homeowners seeking eco-friendly heating solutions
- Builders and renovators valuing aesthetic and functional stone products
- Interior designers attracted by the durability of natural stone
- Construction companies looking for sustainable building materials

## Geography

Tulikivi is headquartered in Juuka, Finland, and has manufacturing facilities in Juuka, Suomussalmi, and Heinävesi. The company exports over half of its products, with significant markets in Europe and North America. Tulikivi's strategic expansion in Central Europe aims to capture growing demand for compact fireplaces. The company's geographic presence is supported by subsidiaries and partnerships in countries like Germany, the UK, and the USA.

- 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

## Strategy

Tulikivi's strategic priorities include expanding its market share in Central Europe and growing its sauna business. The company is focused on launching new product lines, such as the Jero fireplace series and Kevo sauna heaters, to meet evolving consumer preferences. Tulikivi is also advancing its Suomussalmi talc project to diversify its product offerings. These strategic initiatives are aimed at achieving a revenue target of over €50 million by 2027.

- **Expand market share in Central Europe** (medium-term) — To capture growing demand for compact fireplaces.
- **Grow sauna business** (medium-term) — Increase revenue from new product lines.
- **Advance Suomussalmi talc project** (long-term) — Diversify product offerings.

- Expand market share in Central Europe
- Grow sauna business with new product launches
- Advance Suomussalmi talc project
- Achieve €50 million revenue target by 2027

## Risks

Tulikivi faces several risks, including economic uncertainty and inflation, which can impact consumer demand for its products. The company is also exposed to fluctuations in raw material and energy costs, which can affect profitability if not offset by price adjustments. Geopolitical tensions and regulatory changes, such as stricter environmental standards, pose additional challenges. The company's reliance on export markets makes it vulnerable to international trade disputes and currency fluctuations.

- **Economic uncertainty** [high] — Can reduce consumer demand for discretionary products.
- **Inflation** [high] — Increases costs of raw materials and energy.
- **Geopolitical tensions** [medium] — Affect international trade and regulatory environment.

- Economic uncertainty affecting consumer demand
- Inflation impacting raw material and energy costs
- Geopolitical tensions and regulatory changes
- Vulnerability to international trade disputes

## Accounting

Tulikivi's financial statements are influenced by seasonal fluctuations typical of the fireplace industry, with higher sales in colder months. The company follows IFRS 15 for revenue recognition, which impacts how sales are recorded based on customer contracts. Fluctuations in currency exchange rates also affect reported revenues due to the company's significant export activities. Tulikivi must carefully manage inventory and production costs to maintain profitability amidst volatile raw material prices.

- **Seasonal fluctuations** — high
- **Revenue recognition under IFRS 15** — medium
- **Currency exchange rates** — medium

- Seasonal fluctuations in sales due to colder months
- Revenue recognition under IFRS 15 based on customer contracts
- Currency exchange rate impacts on export revenues
- Management of inventory and production costs

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*Last updated: 2026-08-11T04:04:56.769937+00:00*