NoHo Partners (NOHO) Q2 2024 earnings summary

Executive summary

• Maintained strong profitability and international growth, with foreign operations now accounting for about one-third of total revenue.

• Turnover grew 18.5% year-over-year to €200.5M for H1 2024, despite weak market demand and sluggish domestic performance.

• Seamless leadership transition to new CEO Jarno Suominen, effective September 1, 2024.

Financial highlights

• Q2 2024 revenue was €107.0M, up from €93.3M in Q2 2023; H1 2024 revenue reached €200.5M, up from €169.2M year-over-year.

• Q2 2024 operating profit was €9.7M (9.1% margin), compared to €10.7M (11.5%) in Q2 2023; H1 2024 operating profit was €16.6M (8.3% margin).

• Adjusted net income for Q2 2024 was €5.9M, up from €4.6M in Q2 2023; adjusted EPS was €0.25, up from €0.14.

• H1 2024 EPS was €0.08, down 69.7% year-over-year; adjusted EPS (excluding Eezy Plc) was €0.14, down 55.6%.

• International segment revenue more than doubled year-over-year in H1 2024, reaching €61.3M.

Outlook and guidance

• 2024 revenue guidance is €430M, with EBIT margin around 9.5%.

• Long-term targets: maintain EBIT margin, profitable international growth, net debt/EBITDA ~2, and growing annual dividends.

• Market outlook for the rest of 2024 remains stable, with most profits seasonally in H2.