NoHo Partners (NOHO) Q3 2026 earnings summary

Executive summary

• Q3 turnover rose 8.0% YoY to €98.7m; EBIT margin improved to 9.5% from 8.4%, and period result increased to €4.2m from €2.3m.

• Q1–Q3 turnover grew 7.7% to €276.0m; continuing-operations result rose 55.3% to €8.9m, while total result fell to €8.9m from €29.2m due to prior-year discontinued-operation gains.

• Growth and profitability improved in Finland and international operations; Norway remained seasonally subdued in Q3.

Financial highlights

• Q3 operational EBITDA was €10.5m versus €9.6m; EBIT was €9.4m versus €7.6m.

• Q1–Q3 operational EBITDA rose 7.9% to €27.8m and EBIT rose 14.0% to €23.4m; continuing-operations EPS was €0.28 versus €0.19.

• Q1–Q3 total EPS was €0.28 versus €1.28; 2025 total result included €23.5m from discontinued operations.

• Q1–Q3 net cash from operating activities was €34.9m versus €42.8m; cash flow before working-capital changes was €64.7m and working-capital change was -€14.1m.

• Q1–Q3 net financial expenses were €12.6m versus €13.4m; taxes were €1.9m versus €1.4m.

Outlook and guidance

• FY 2026 guidance targets profitability at the current good level and growth in comparable EPS.

• 2025–2027 strategy targets Finnish turnover of ~€350m while maintaining the current good EBIT margin; international operations target profitable growth and shareholder value creation.

• Long-term targets include net debt to operational EBITDA, adjusted for IFRS 16 lease liabilities, of ~2x and annual dividends of at least 50% of comparable FY EPS.

• Demand is expected to remain moderate through the rest of 2026 and strengthen gradually in 2027; reservations for the remainder of 2026 were developing positively.