NoHo Partners (NOHO) Q1 2025 earnings summary

Executive summary

• Revenue/turnover grew to €99.3m in Q1 2025, up 6.2% year-over-year, with a 7.4% operating margin, reflecting strong performance in a seasonally weak quarter.

• EPS improved to €0.04 from -€0.03 year-over-year, and net profit rose to €1.9m from a loss of €0.1m, supporting full-year guidance.

• Strategic moves included the spin-off of Better Burger Society (BBS) and the acquisition of Denmark's Halifax restaurant chain.

• BBS separation provided a one-time positive impact of €20m–€23m on earnings and equity, boosting EPS by ~€1.0.

• Consumer purchasing power is recovering, and strong bookings in Finland set a positive outlook for the summer season.

Financial highlights

• Operating profit (EBIT) reached €7.3m (7.4% margin), up from €6.9m (7.3%) year-over-year.

• EBITDA (operational) was €9.7m, up 6.2% year-over-year.

• Net financial expenses decreased to €4.9m–€5.0m from €6.5m year-over-year.

• Dividend of €0.46 per share for 2024, paid in three installments, with a 5.8% yield on the 2024 closing price.

• Return on equity was 7.3%; adjusted equity ratio improved to 28.9%–34% after BBS transaction.

Outlook and guidance

• 2025 guidance: Finnish business profitability to remain strong, and EPS to grow.

• Long-term targets: maintain ~€350m revenue, current operating margin, growing annual dividends, and net debt/EBITDA to ~2x.

• International business targets profitable growth and shareholder value creation.