NoHo Partners Plc | Stock Exchange Release | 5 August 2025 at 08:00 EEST
NoHo Partners Plc's Half Year Financial Report 1 January-30 June 2025: Profitability endures through challenging market
This release is a summary of NoHo Partner's Half Year Financial Report for 1 January-30 June 2025. The complete report is attached to this release and is also available at www.noho.fi/en.
APRIL-JUNE IN BRIEF
- Turnover was MEUR 87.6 (88.2) and decreased by 0.7%.
- Operational EBITDA was MEUR 9.1 (10.1) and decreased by 10.7%.
- EBIT was MEUR 7.4 (8.3) and decreased by 10.9%.
- EBIT margin was 8.5% (9.5%).
- The result for the period (continuing operations) was MEUR 2.5 (2.8) and decreased by 11.6%.
- Earnings per share (continuing operations) were EUR 0.09 (0.09) and decreased by 3.4%.
- The result for the period (discontinued operation) was MEUR 22.4 (0.6) and increased by 3515.5%.
- The result for the period was MEUR 24.9 (3.5) and increased by 621.6%.
- Earnings per share were EUR 1.15 (0.11) and increased by 985.8%.
JANUARY-JUNE IN BRIEF
- Turnover was MEUR 164.8 (162.0) and increased by 1.7%.
- Operational EBITDA was MEUR 16.1 (16.4) and decreased by 1.6%.
- EBIT was MEUR 12.9 (13.0) and decreased by 1.2%.
- EBIT margin was 7.8% (8.0%).
- The result for the period (continuing operations) was MEUR 3.4 (1.6) and increased by 112.2%.
- Earnings per share (continuing operations) were EUR 0.10 (0.04) and increased by 159.0%.
- The result for the period (discontinued operation) was MEUR 23.5 (1.8) and increased by 1204.1%.
- The result for the period was MEUR 26.8 (3.4) and increased by 694.6%.
- Earnings per share were EUR 1.19 (0.08) and increased by 1414.2%.
As of 1 April 2025, Better Burger Society is presented as a discontinued operation. The result of the discontinued operations is presented as a separate line in the income statement, and the comparative figures have been adjusted accordingly.
KEY FIGURES
| MEUR | Q2 2025 | Q2 2024 | Change, % | Q1-Q2 2025 | Q1-Q2 2024 | Change, % | 2024 |
| Turnover | 87.6 | 88.2 | -0.7 | 164.8 | 162.0 | 1.7 | 347.1 |
| Operational EBITDA | 9.1 | 10.1 | -10.7 | 16.1 | 16.4 | -1.6 | 41.0 |
| EBIT | 7.4 | 8.3 | -10.9 | 12.9 | 13.0 | -1.2 | 34.0 |
| EBIT, % | 8.5 | 9.5 | 7.8 | 8.0 | 9.8 | ||
| Gross profit, % | 75.9 | 75.5 | 75.7 | 75.6 | 76.1 | ||
| Personnel expenses, % | 34.1 | 33.3 | 34.1 | 33.5 | 32.7 | ||
| Result for the financial period, continuing operations | 2.5 | 2.8 | -11.6 | 3.4 | 1.6 | 112.2 | 11.4 |
| Result for the financial period, discontinued operation | 22.4 | 0.6 | 3,515.5 | 23.5 | 1.8 | 1,204.1 | 3.5 |
| Result for the financial period | 24.9 | 3.5 | 621.6 | 26.8 | 3.4 | 694.6 | 14.9 |
| Earnings per share of continuing operations | 0.09 | 0.09 | -3.4 | 0.10 | 0.04 | 159.0 | 0.45 |
| Earnings per share for the review period attributable to the owners of the company, EUR | 1.15 | 0.11 | 985.8 | 1.19 | 0.08 | 1,414.2 | 0.54 |
| Ratio of net debt to operational EBITDA (excluding IFRS 16 impact) | 3.0 | 3.1 | 2.8 | ||||
| Interest-bearing net liabilities excluding IFRS 16 impact* | 123.3 | 125.4 | 125.3 | ||||
| Gearing ratio excluding IFRS 16 impact, %* | 103.1 | 122.2 | 110.1 | ||||
| Adjusted equity ratio, %* | 31.6 | 26.4 | 28.2 |
*The balance sheets for the comparison periods also include Better Burger Society
The calculation formulas for key figures are presented on page 35 of the Interim Report.
FUTURE OUTLOOK
Profit guidance as of 12 February 2025
NoHo Partners estimates that, during the financial year 2025, the EBIT margin of Finnish operations will remain at the current good level, and the Group's earnings per share will increase.
Financial targets for the strategy period 2025-2027
The company's long-term guidance is as follows:
In Finnish operations the group aims to achieve a turnover of approx. MEUR 350 and to maintain the current good level of the EBIT margin. In international business, the target is profitable growth and creation of shareholder value. In the long-term, the company aims to decrease the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, to the level of approx. 2 and to distribute annually increasing dividend.
CEO REVIEW
To my mind, the result for the second quarter of 2025 demonstrates a reasonable performance in the current market environment. Excellent operational expertise and a broad and diverse restaurant portfolio helped us to achieve, even in these circumstances, an EBIT margin of 8.5%, which is exceptionally high for the industry. Consumer purchasing power has been under pressure for some time, especially in Finland and Norway.
The challenges in the Finnish market continued in the second quarter, and the conditions in spring and early summer did not allow the terrace sales typical for the review period. Turnover in Finland declined by 5.1% year-on-year, despite which the company managed to achieve a good profitability level of 8.3%. The warmer period that began after the review period has encouraged people to go out, which has been reflected in an upturn in customer flows.
In international business, the company grew in line with its strategy during the review period, maintaining a strong EBIT margin of 8.9%. The Danish business continued its organic growth, complemented by the acquisition of the Halifax Burgers restaurant chain during the review period. For several years now, we have shown determination in building a stable and profitable business in Denmark, and this was the right time for the next leap in growth. Halifax Burgers is a significant addition to NoHo Partners' restaurant portfolio in Denmark. The market is developing favourably, and the company's current portfolio also supports future growth opportunities. The market in Norway was challenging, and turnover declined.
An integral part of NoHo Partners' strategy is international investment activities that create shareholder value. The strategy reached an important milestone when Better Burger Society, which operates in the growing European premium burger market, separated from NoHo Partners group on 1 April 2025. NoHo Partners continues to be the largest owner of the company. The value of NoHo Partners' holding in Better Burger Society was approximately EUR 45 million at the time of the separation. The original investment of EUR 7 million has generated value of around EUR 38 million so far, which we can be proud of. Going forward, Better Burger Society will be a significant investment for NoHo Partners, and we will develop and grow it in our role as an active owner, with operational cooperation continuing unchanged.
We will continue our growth in line with our strategy, both in Finland and internationally. I strongly believe in the restaurant industry's long-term growth prospects, and as the challenges related to consumer purchasing power ease, we have a clear strategic advantage.
TURNOVER AND INCOME
In April-June 2025, the Group's turnover decreased by 0.7% to MEUR 87.6 (88.2). Operational EBITDA was MEUR 9.1 (10.1) and decreased by 10.7%. EBIT was MEUR 7.4 (8.3) with an EBIT margin of 8.5% (9.5%). The result of continuing operations was MEUR 2.5 (2.8), and the result of discontinued operation was MEUR 22.4 (0.6). The result of the Group for April-June was MEUR 24.9 (3.5).
In January-June 2025, the Group's turnover increased by 1.7% to MEUR 164.8 (162.0). Operational EBITDA was MEUR 16.1 (16.4) and decreased by 1.6% compared to the corresponding period in the previous year. EBIT was MEUR 12.9 (13.0) with an EBIT margin of 7.8% (8.0%). The result of continuing operations was MEUR 3.4 (1.6), and the result of discontinued operation was MEUR 23.5 (1.8). The result of the Group for January-June was MEUR 26.8 (3.4).
The company was able to balance the effects of inflation on its business, among other things, through centralised purchasing agreements. With the effective operational control, gross profit and personnel costs have remained at a competitive level.
Finnish operations
| MEUR | Q2 2025 | Q2 2024 | Q1-Q2 2025 | Q1-Q2 2024 | 2024 |
| Turnover | 63.0 | 66.4 | 121.0 | 124.7 | 266.4 |
| Operational EBITDA | 6.3 | 7.4 | 11.4 | 12.1 | 31.4 |
| EBIT | 5.3 | 6.4 | 9.4 | 10.1 | 27.2 |
| EBIT, % | 8.3 | 9.6 | 7.8 | 8.1 | 10.2 |
| Gross profit, % | 75.8 | 75.2 | 75.4 | 75.2 | 76.0 |
| Personnel expenses, % | 34.4 | 33.2 | 34.1 | 33.4 | 32.6 |
In April-June 2025, the turnover decreased by 5.1% to MEUR 63.0 (66.4) compared to the previous year. Operational EBITDA was MEUR 6.3 (7.4). EBIT in April-June was MEUR 5.3 (6.4) with an 8.3% (9.6%) EBIT margin.
In January-June 2025, the turnover decreased by 2.9% to MEUR 121.0 (124.7) compared to the previous year. Operational EBITDA was MEUR 11.4 (12.1). EBIT was MEUR 9.4 (10.1) with a 7.8% (8.1%) EBIT margin.
International business
| MEUR | Q2 2025 | Q2 2024 | Q1-Q2 2025 | Q1-Q2 2024 | 2024 |
| Turnover | 24.6 | 21.8 | 43.8 | 37.3 | 80.7 |
| Operational EBITDA | 2.8 | 2.7 | 4.7 | 4.3 | 9.6 |
| EBIT | 2.2 | 2.0 | 3.4 | 3.0 | 6.8 |
| EBIT, % | 8.9 | 9.0 | 7.9 | 7.9 | 8.5 |
| Gross profit, % | 76.3 | 76.8 | 76.7 | 77.0 | 76.7 |
| Personnel expenses, % | 33.0 | 33.5 | 34.1 | 33.6 | 33.2 |
In April-June 2025, turnover increased by 12.7% from the previous year to MEUR 24.6 (21.8). Operational EBITDA was MEUR 2.8 (2.7). EBIT was MEUR 2.2 (2.0) with an 8.9% (9.0%) EBIT margin.
In January-June 2025, turnover increased by 17.4% from the previous year to MEUR 43.8 (37.3). Operational EBITDA was MEUR 4.7 (4.3). EBIT was MEUR 3.4 (3.0) with a 7.9% (7.9%) EBIT margin.
BRIEFING FOR THE ANALYSTS, INVESTORS AND MEDIA
The company will present the results for the reporting period to analysts, investors and media over a webcast today at 10:00 EET. In the webcast held in Finnish, Noho Partners' CEO Jarno Suominen and CFO Jarno Vilponen will present the company's financial performance and key events during the reporting period as well as the current state of business and the outlook.
The live webcast can be followed at https://noho.events.inderes.com/q2-2025.
During and after the presentation, the questions can be placed through the webcast chat function or by phone. To ask questions by phone, the participant is required to register at https://events.inderes.com/noho/q2-2025/dial-in. After the registration you will receive the phone number and conference ID to access the conference. If you wish to ask a question, please press *5 on your telephone keypad to enter the queue.
The recording of the webcast will be available on the company's website later on the same day.
Additional information
Jarno Suominen, CEO, jarno.suominen@noho.fi (Executive assistant Niina Kilpeläinen, tel. +358 50 413 8158)
Jarno Vilponen, CFO, tel. +358 40721 9376
Sanna Sandvall, Head of IR & Communications, tel. +358 40 760 0794
NoHo Partners Plc
NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history.
The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts include Elite, Savoy, Teatteri, Sea Horse, Stefan's Steakhouse, Palace, Löyly, Strindberg, Campingen and Cock's & Cows. Depending on the season, NoHo Partners employs approx. 2,500 people converted into full-time employees, and in 2024, Group's turnover amounted to approx. MEUR 430. Additionally, NoHo Partners acts as an active investor in Better Burger Society Group with a holding of over 50%. The well-known brands of Better Burger Society, that operates in the growing European premium burger market, are Friends&Brgrs and Holy Cow!. NoHo Partners' vision is to be the leading restaurant operator in Northern Europe. More information is available at noho.fi/en.
