NoHo Partners (NOHO) Q3 2025 earnings summary

Executive summary

• Revenue increased year-over-year but fell short of expectations, with an 8.4% operating margin reflecting business stability in a challenging environment.

• Turnover for Q3 2025 increased by 3.3% to €91.4M, but operational EBITDA declined by 7.7% and EBIT by 12.8% due to market challenges, especially in Norway.

• The result for the period was significantly boosted by a non-recurring gain from the separation of Better Burger Society, classified as a discontinued operation.

• Finnish operations showed resilience and stable profitability, while Norway experienced revenue decline and losses.

• Acquisition of Jungle Juice Bar strengthens the Finnish restaurant portfolio and supports long-term growth goals.

Financial highlights

• Q3 2025 revenue: €91.4M (up from €88.5M in Q3 2024); Q1–Q3 2025 revenue: €256.2M (up from €250.5M year-over-year).

• Q3 operating profit/EBIT: €7.6M (8.4% margin, down from 9.9%); Q1–Q3 operating profit: €20.5M (8.0% margin).

• Net profit for Q1–Q3: €29.2M (including discontinued operations), EPS €1.28 (up 485.2% year-over-year, driven by discontinued operations).

• Net cash from operating activities for January–September was €42.8M, down from €59.3M prior year.

• Interest-bearing net liabilities (excluding IFRS 16) decreased to €123.3M; gearing ratio improved to 100.5%.

Outlook and guidance

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

• Long-term targets: ~€350M revenue, maintain current operating margin, profitable international growth, and reduce net debt/EBITDA to ~2x by 2027.

• Market demand is expected to remain modest through H1 2026, with gradual recovery anticipated.