NoHo Partners (NOHO) Q2 2025 earnings summary

Executive summary

• Profitability remained high at 8.5% in Q2 2025 despite a slight revenue decline, supported by a significant one-time gain from the Better Burger Society divestment.

• Acquisition of Halifax Burgers in Denmark expanded the portfolio and strengthened international growth.

• Better Burger Society was divested, resulting in a one-time gain of approximately €22 million and a €1.07 per share EPS impact.

• Turnover for H1 2025 rose 1.7% to €164.8M, with long-term growth prospects in the restaurant sector remaining strong.

• Strategic acquisitions in Finland and Denmark supported growth and market position.

Financial highlights

• Q2 2025 revenue was €87.6M, down from €88.2M in Q2 2024; H1 2025 revenue was €164.8M, up from €162.0M year-over-year.

• Operating profit margin in Q2 2025 was 8.5%, compared to 9.5% in Q2 2024.

• Q2 operational EBITDA was €9.1M, down 10.7% year-over-year; H1 operational EBITDA was €16.1M, down 1.6%.

• Net result for the period, including discontinued operations, was €24.9M in Q2 2025, up from €3.5M in Q2 2024, driven by a one-time gain.

• EPS for Q2 2025 was €1.15, up 985.8% due to the discontinued operation.

Outlook and guidance

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

• Long-term targets include maintaining a strong operating margin, reaching €350M in revenue by 2027, and net debt/EBITDA of 2x.

• Market recovery is expected to continue as consumer purchasing power improves.