NoHo Partners Plc’s Interim Report 1 January–30 September 2025: Stable performance in a challenging market

This release is a summary of NoHo Partners’ Interim Report for 1 January–30 September 2025. The complete report is attached to this release and is also available at www.noho.fi/en.

JULY–SEPTEMBER IN BRIEF

• Turnover was MEUR 91.4 (88.5) and increased by 3.3%.
• Operational EBITDA was MEUR 9.6 (10.4) and decreased by 7.7%.
• EBIT was MEUR 7.6 (8.8) and decreased by 12.8%.
• EBIT margin was 8.4% (9.9%).
• The result for the period (continuing operations) was MEUR 2.3 (3.4) and decreased by 31.2%.
• Earnings per share (continuing operations) were EUR 0.09 (0.13) and decreased by 34.3%.
• The result for the period (discontinued operation) was MEUR 0.0 (0.1) and decreased by 100.0%.
• The result for the period was MEUR 2.3 (3.5) and decreased by 33.6%.
• Earnings per share were EUR 0.09 (0.14) and decreased by 37.3%.

JANUARY–SEPTEMBER IN BRIEF

• Turnover was MEUR 256.2 (250.5) and increased by 2.3%.
• Operational EBITDA was MEUR 25.7 (26.8) and decreased by 3.9%.
• EBIT was MEUR 20.5 (21.8) and decreased by 5.9%.
• EBIT margin was 8.0% (8.7%).
• The result for the period (continuing operations) was MEUR 5.7 (5.0) and increased by 14.6%.
• Earnings per share (continuing operations) were EUR 0.19 (0.17) and increased by 9.2%.
• The result for the period (discontinued operation) was MEUR 23.5 (1.9) and increased by 1119.5%.
• The result for the period was MEUR 29.2 (6.9) and increased by 322.3%.
• Earnings per share were EUR 1.28 (0.22) and increased by 485.2%.

As of 1 April 2025, Better Burger Society has been presented as a discontinued operation. The result of the discontinued operations is presented as a separate line in the income statement, and the comparative figures have been adjusted accordingly.

KEY FIGURES

*The balance sheets for the comparison periods also include Better Burger Society.

FUTURE OUTLOOK

Profit guidance as of 12 February 2025

NoHo Partners estimates that, during the financial year 2025, the EBIT margin of Finnish operations will remain at the current good level, and the Group's earnings per share will increase.

Financial targets for the strategy period 2025–2027

The company’s long-term guidance is as follows:

In Finnish operations the group aims to achieve a turnover of approx. MEUR 350 and to maintain the current good level of the EBIT margin. In international business, the target is profitable growth and creation of shareholder value. In the long-term, the company aims to decrease the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, to the level of approx. 2 and to distribute annually increasing dividend.

CEO REVIEW

The turnover for the third quarter of 2025 fell short of our expectations as the market environment continues to be challenging in Finland and Norway. The reasonably high EBIT margin of 8.4%, considering the market environment, however, indicates that the company’s business is on a stable basis even in a more difficult environment. Consumers’ purchasing power is recovering more cautiously than expected for the time being, and consumption is not expected to accelerate in the coming months, with the exception of the seasonally busier Christmas season. However, our view of the positive long-term development of the restaurant market remains unchanged.

Despite negative news from the industry, Finland’s turnover grew and profitability remained at a strong level of more than 10%. This shows that the company’s operational excellence and restaurant portfolio are in excellent shape and ready to perform once the market environment provides support again. During the review period, the company opened new nightclubs, Lumo in Seinäjoki and Sin City in Tampere, and the repair debt of the nightclubs was reduced by renovating Apollo Live Club in Helsinki. After the review period, the Spanish restaurant Bonito was opened in Helsinki. In addition, the development of the Hanko Aasia concept has now been completed, and the operations of the new unit opened in Rovaniemi have gotten off to a strong start.

The smoothie and juice bar chain Jungle Juice Bar, acquired during the review period, is an excellent addition to the Finnish restaurant portfolio and supports the group’s long-term growth targets. The integration of the chain into NoHo Partners is progressing according to plan, and the expected synergy benefits for 2026 will clearly exceed the threshold of half a million euros.

The development of the international business was twofold. The turnover in Denmark grew as expected and profitability was on the good target level. The integration of the Halifax Burgers restaurant chain, acquired in the spring, into the group has progressed on schedule and is now in the final stages. In Norway, on the other hand, the situation was very challenging. Turnover was significantly below the set targets, and profitability for the quarter was negative for the first time in a normal operating environment. The problems in Norway have continued for a long time, but the measures taken were expected to turn the trend around by the end of the year. However, the measured have not been effective enough, and the necessary changes have not been achieved. Responsibility for day-to-day operational management has now been partly shifted to Finland, which creates the conditions for the recovery of the business and profitability. The goal is that operations in Norway are back on a profitable basis by the end of the first half of 2026.

The busiest season in the restaurant industry is just about to start. The basic prerequisites for the company’s operations are strong, and operational efficiency supports maintainig profitability at a good level also during the rest of the year. Even though the challenges in the market environment continue, I believe the company will be able to take advantage of the opportunities offered by the season.

TURNOVER AND INCOME

In July–September 2025, the Group’s turnover increased by 3.3% to MEUR 91.4 (88.5). Operational EBITDA was MEUR 9.6 (10.4) and decreased by 7.7%. EBIT was MEUR 7.6 (8.8) with an EBIT margin of 8.4% (9.9%). The result of continuing operations was MEUR 2.3 (3.4), and the result of discontinued operation was MEUR 0.0 (0.1). The result of the Group for July–September was MEUR 2.3 (3.5).

In January–September 2025, the Group’s turnover increased by 2.3% to MEUR 256.2 (250.5). Operational EBITDA was MEUR 25.7 (26.8) and decreased by 3.9% compared to the corresponding period in the previous year. EBIT was MEUR 20.5 (21.8) with an EBIT margin of 8.0% (8.7%). The result of continuing operations was MEUR 5.7 (5.0), and the result of discontinued operation was MEUR 23.5 (1.9). The result of the Group for January–September was MEUR 29.2 (6.9).

The company was able to balance the effects of inflation on its business, among other things, through centralised purchasing agreements. With the effective operational control, gross profit and personnel costs have remained at a competitive level.

Finnish operations

In July–September 2025, turnover increased by 1.1% from the previous year to MEUR 67.1 (66.3). Operational EBITDA was MEUR 8.1 (7.8). EBIT in July–September was MEUR 7.0 (6.8) with a 10.5% (10.2%) EBIT margin.

In January–September 2025, turnover decreased by 1.5% from the previous year to MEUR 188.1 (191.0). Operational EBITDA was MEUR 19.5 (19.9). EBIT was MEUR 16.5 (16.8) with an 8.7% (8.8%) EBIT margin.

International operations

In July–September 2025, turnover increased by 9.7% from the comparison period of the previous year to MEUR 24.3 (22.2). Operational EBITDA was MEUR 1.5 (2.6). EBIT was MEUR 0.6 (2.0) with a 2.5% (8.9%) EBIT margin.

In January–September 2025, turnover increased by 14.5% from the comparison period of the previous year to MEUR 68.1 (59.5). Operational EBITDA was MEUR 6.2 (6.9). EBIT was MEUR 4.1 (4.9) with a 6.0% (8.3%) EBIT margin.

BRIEFING FOR THE ANALYSTS, INVESTORS AND MEDIA

The company will present the results for the reporting period to analysts, investors and media over a webcast today at 10:00 EET. In the webcast held in Finnish, Noho Partners’ CEO Jarno Suominen and CFO Jarno Vilponen will present the company’s financial performance and key events during the reporting period as well as the current state of business and the outlook.

The live webcast can be followed at https://noho.events.inderes.com/q3-2025.

During and after the presentation, the questions can be placed through the webcast chat function or by phone. To ask questions by phone, the participant is required to register at https://events.inderes.com/noho/q3-2025/dial-in. After the registration you will receive the phone number and conference ID to access the conference. If you wish to ask a question, please press *5 on your telephone keypad to enter the queue.

The recording of the webcast will be available on the company’s website later on the same day.

Additional information
Jarno Suominen, CEO, jarno.suominen@noho.fi (Executive assistant Niina Kilpeläinen, tel. +358 50 413 8158)
Jarno Vilponen, CFO, tel. +358 40721 9376
Sanna Sandvall, Head of IR & Communications, tel. +358 40 760 0794

NoHo Partners Plc

NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history.

The Group companies include some 300 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts include Elite, Savoy, Teatteri, Sea Horse, Stefan’s Steakhouse, Palace, Löyly, Strindberg, Jungle Juice Bar, Campingen and Cock’s & Cows. Depending on the season, NoHo Partners employs approx. 2,800 people converted into full-time employees, and in 2024, Group’s turnover amounted to approx. MEUR 430. Additionally, NoHo Partners acts as an active investor in Better Burger Society Group with a holding of over 50%. The well-known brands of Better Burger Society, that operates in the growing European premium burger market, are Friends&Brgrs and Holy Cow!. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe. More information is available at noho.fi/en.