NoHo Partners (NOHO) Q3 2024 earnings summary

Executive summary

• Maintained strong profitability and 11% Q3 turnover growth despite challenging market conditions, supported by a diversified restaurant portfolio and operational scale.

• New long-term financing agreement signed post-period, reducing amortisation and supporting growth and dividend targets.

• Strategic expansion continued with new restaurant openings and acquisitions in Finland, Switzerland, and Denmark, including H5 Ravintolat and Triple Trading.

• Profitability in Finland remained above 10% and international business EBIT margin exceeded 7%, with Switzerland's Q3 being seasonally weakest.

Financial highlights

• Q1–Q3 2024 revenue/turnover €307.1m (up 15.8% year-over-year); Q3 revenue/turnover €106.6m (up 11%).

• Q1–Q3 operating profit/EBIT €26.5m (8.6%), Q3 €9.9m (9.3%).

• Q1–Q3 net result €6.9m (up 8.8%), Q3 net result €3.5m (vs. -0.2 in Q3 2023).

• EPS Q1–Q3 €0.22, Q3 €0.14; adjusted EPS Q1–Q3 €0.28.

• Cash flow from operations Q1–Q3 €59.3m (up from €46.3m); investment cash flow €-6.8m (improved from €-22.6m).

Outlook and guidance

• 2024 revenue/turnover guidance €430m, EBIT margin around 9.5%.

• Long-term targets: maintain EBIT margin, annual revenue/turnover ~€400m, net debt/EBITDA target ~2, and growing dividend.

• Consumer purchasing power expected to recover in 2025, supporting demand and sector growth.