For those who haven’t heard of Tulikivi before, could you tell us a bit more about your company, what you do, and which markets you address?

Tulikivi is a Finnish company whose name means “fire stone,” reflecting its focus on manufacturing fireplaces, sauna heaters, and architectural stone products. These are primarily made from soapstone, a material sourced from Tulikivi’s own reserves in Eastern Finland. The company is the world’s northernmost producer of fireplaces and sauna heaters, combining centuries of Finnish expertise with soapstone to create highly functional heating products suited for Arctic climates. Export is approximately 70% of the turnover, which totaled €45 million last year, with main markets in Central and Western Europe, including Germany, Switzerland, France, and Italy. These markets primarily demand premium-quality products which we offer.

Could you tell us more about Tulikivi’s core product offerings? What advantages do these products offer, and how do they compare to competing solutions in the European market?

Tulikivi’s product lineup includes heat-storing fireplaces and sauna heaters, which stand apart due to the use of soapstone—a natural material celebrated for its superior heat-retention capabilities. Unlike traditional metal stoves that lose heat rapidly, soapstone absorbs warmth during combustion and releases it gradually as radiant heat, creating a steady and comfortable environment. This unique property makes Tulikivi’s products particularly suited for colder climates where energy efficiency and consistent heating are essential.

Beyond functionality, Tulikivi seamlessly integrates premium design and durability into its products. The natural textures and aesthetics of soapstone make each fireplace and heater a stylish centerpiece for any home. Positioned firmly in the high-end market, Tulikivi distinguishes itself from competitors such as Nibe Group and Contura by focusing on its innovative material and unwavering commitment to quality. The company likens its products to the ”Land Rover of fireplaces,” underlining their robustness, performance, and premium appeal.

Tulikivi has made significant strides in its strategic projects, including the Jero collection and the Suomussalmi talc project. Could you share how these initiatives are expected to drive growth in the coming years?

The Jero collection marks a pivotal step for Tulikivi, introducing smaller, more affordable heat-storing fireplaces designed to cater to the mainstream market while maintaining the signature benefits of radiant heat. This initiative has already gained traction in regions like Sweden, where smaller stoves are more popular. By aligning with consumer concerns about budget-conscious spending, the Jero collection opens the door to a broader customer base and aids in expanding Tulikivi’s dealer network.

Simultaneously, the Suomussalmi talc project represents a major diversification effort. Utilizing the soapstone reserves, Tulikivi is advancing the production of high-quality talc, a resource in high demand across numerous industries. As the project approaches the investment phase, it is poised to become a substantial revenue driver, complementing Tulikivi’s existing product lines and strengthening its long-term growth prospects. Tulikivi´s goal is to find a industrial partner to develop the talc business further in a joint venture or in other form. Industrial minerals business is quite different from our current businesses, so we are not going to develop it under the “same roof”.

The decline in sales in the German market was notable in the Q3 report. What are the primary challenges you see in this region, and what steps is Tulikivi taking to address them?

Germany’s market challenges stem largely from political and financial instability, which have significantly impacted consumer confidence. However, regulatory changes, such as stricter emission standards under the EU Ecodesign Directive, have had minimal effect on Tulikivi, as its products already meet or exceed these requirements. To counteract the current hurdles, Tulikivi is focusing on its premium product segment and fortifying its presence in resilient markets like Switzerland and France, where demand remains steady.

Expanding the dealer network, particularly in Central Europe, is a key part of Tulikivi’s growth strategy. Could you provide more insight into the challenges and opportunities you face in scaling this network? 

Tulikivi collaborates with a carefully selected group of dealers and employs both one-step and two-step distribution models, depending on the market. Dealers benefit from the unique value of Tulikivi’s products, which allow for higher pricing and better margins compared to metal stoves. Challenges include identifying the right partners who align with Tulikivi’s premium positioning and providing them with the necessary training. We plan to increase our dealer network by 50% by 2026, and the Jero collection plays a crucial role in attracting new partners due to its ease of installation and mainstream appeal​.

With the launch of new sauna heaters, how do you plan to position this product line against competitors? Are there specific features or innovations that you believe will resonate most with consumers?

Tulikivi’s sauna heaters emphasize the unique properties of soapstone combined with energy-efficient and safety-focused designs. These products cater to consumers who prioritize durability, functionality, and high-quality craftsmanship. Positioned as natural extensions of Tulikivi’s expertise in heating solutions, these sauna heaters are particularly well-suited for the Scandinavian market, where sauna culture is deeply ingrained. 

Given the stricter regulations under the EU Ecodesign Directive, how is Tulikivi adapting its product offerings, and do you see this as an opportunity to gain a competitive edge in the European market?

Tulikivi’s products already meet the stricter emission standards introduced by the EU Ecodesign Directive, thanks to its advanced combustion technology. This compliance provides Tulikivi with a competitive advantage, particularly in markets with stringent regulations, such as Germany and Italy. The Jero collection, with its efficient combustion system, further solidifies Tulikivi’s position as a leader in eco-friendly heating solutions.

Is there a recent significant event or upcoming milestone that you believe will play a key role in shaping Tulikivi’s future trajectory?

Two significant milestones include the ongoing expansion of the Jero collection and the progress of the Suomussalmi talc project. The Jero collection enables Tulikivi to access new market segments and expand its distribution network, while the talc project offers the potential to become a key revenue driver as it moves toward the investment phase​

Where do you see Tulikivi in three years from now?

In three years, Tulikivi is expanding the Jero collection and the progress of the Suomussalmi talc project. The Jero collection represents a strategic shift by offering smaller, more affordable heat-storing fireplaces designed to appeal to cost-conscious customers and mainstream markets. This product line allows Tulikivi to penetrate new market segments, particularly in Central Europe and regions like Sweden, where smaller stoves are in high demand. Additionally, the Jero collection facilitates the expansion of Tulikivi’s dealer network, as its ease of installation and design flexibility make it an attractive option for new distributors.

Meanwhile, the Suomussalmi talc project focuses on leveraging Tulikivi’s soapstone reserves for high-quality talc production. With significant progress made toward the investment phase, this initiative has the potential to diversify Tulikivi’s business by entering the industrial talc market, which is in demand across various sectors. The scale and quality of the deposit provide a competitive advantage, and the project could become a key driver of revenue growth once operational. Together, these milestones are pivotal in strengthening Tulikivi’s market position and ensuring sustainable long-term growth.

Could you mention three reasons as to why Tulikivi is a good investment today?

• Innovative Product Line: Tulikivi’s use of soapstone, known for its exceptional heat-retention properties, makes the products stand out. Combined with advanced combustion technology and elegant designs, Tulikivi offers a unique value proposition that aligns with growing consumer demand for eco-friendly and energy-efficient heating solutions.

• Strategic Initiatives: Tulikivi is actively working on three major projects: the Jero collection, and the Suomussalmi talc project and growing the sauna heater business. The Jero collection broadens Tulikivi’s market reach by targeting more cost-conscious customers, while the talc project leverages the company’s soapstone reserves for industrial talc production, diversifying its revenue streams and tapping into a lucrative market. In sauna business the goal in to reach the premium segment in traditional sauna market and take advantage of the wellness trend in the sauna market such as USA and Japan.
• Loyal Customer base: Tulikivi has a loyal customer base and strong distribution network in Central Europe, supported by durable, high-quality products that drive repeat purchases and referrals. Despite challenges in Germany, its adaptability and investments in dealer expansion and new markets like the U.S. and Asia position it for long-term growth.