NoHo Partners Plc’s Financial Statements Release 1 January–31 December 2025: A challenging year ended with a strong final quarter

This release is a summary of NoHo Partner’s Financial Statements Release for January-December 2025. The complete report is attached to this release and is also available at www.noho.fi/en.

OCTOBER–DECEMBER IN BRIEF

• Turnover was MEUR 101.8 (96.6) and increased by 5.3%.
• Operational EBITDA was MEUR 13.8 (14.2) and decreased by 3.3%.
• EBIT was MEUR 11.8 (12.2) and decreased by 3.7%.
• EBIT margin was 11.6% (12.7%).
• The result for the period (continuing operations) was MEUR 6.2 (6.5) and decreased by 3.8%.
• Earnings per share (continuing operations) were EUR 0.27 (0.28) and decreased by 2.9%.
• The result for the period (discontinued operation) was MEUR 0.0 (1.6) and decreased by 100.0%.
• The result for the period was MEUR 6.2 (8.0) and decreased by 22.4%.
• Earnings per share were EUR 0.27 (0.32) and decreased by 16.1%.

JANUARY–DECEMBER IN BRIEF

• Turnover was MEUR 358.0 (347.1) and increased by 3.1%.
• Operational EBITDA was MEUR 39.5 (41.0) and decreased by 3.7%.
• EBIT was MEUR 32.3 (34.0) and decreased by 5.1%.
• EBIT margin was 9.0% (9.8%).
• The result for the period (continuing operations) was MEUR 11.9 (11.4) and increased by 4.2%.
• Earnings per share (continuing operations) were EUR 0.46 (0.45) and increased by 1.7%.
• The result for the period (discontinued operation) was MEUR 23.5 (3.5) and increased by 574.7%.
• The result for the period was MEUR 35.4 (14.9) and increased by 137.2%.
• Earnings per share were EUR 1.55 (0.54) and increased by 187.6%.
• The proposed dividend to the Annual General Meeting is EUR 0.23 (0.46) per share.

KEY FIGURES

*The balance sheets for the comparison periods also include Better Burger Society.

FUTURE OUTLOOK

Profit guidance as of 11 February 2026

NoHo Partners estimates that, during the financial year 2026, the Group's EBIT margin will remain at the current good level, and comparable earnings per share will increase.

Financial targets for the strategy period

The Company updated it’s long-term financial targets related to dividend distribution on 11 February 2026.

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 at least 50 per cent of comparable earnings per share for the financial year as dividends.

CEO REVIEW

The year 2025 was challenging, but it ended with a strong final quarter. Turnover increased by 5% in the most important quarter, and we achieved an EBIT margin of 11.6%. I also consider the profitability level of 9% achieved for the full financial period to be a good performance as consumers continue to be cautious in their spending decisions and the recovery in demand was slower than expected.

During the busiest season in the restaurant industry, the profitability of the Finnish business was once again excellent, at over 13%. In particular, classic restaurants with a strong market position are performing well in this operating environment. The development of the Hanko Aasia concept is also paying off, and the chain’s result more than doubled compared to the previous year. In addition, the investments made in entertainment venues in Helsinki, Tampere and Seinäjoki during the second half of the year were successful.

The business model of Jungle Juice Bar, acquired in the second half of the year, has been refined to meet the requirements for profitable growth by leveraging the Group’s operational expertise and actively negotiating with both existing and new lessors. The first new Jungle Juice Bar unit was opened at Messukeskus in Helsinki after the end of the review period, and several new openings have already been confirmed for the current year.

International business achieved an EBIT margin of approx. 6%, which we cannot be satisfied with. The growth of the business in Denmark continued, and long-term efforts to strengthen profitability are bearing fruit. The integration of the Halifax Burgers restaurant chain acquired in the spring into the Group was completed during the review period. The problems in Norway have continued for a long time. After hitting a low point in early autumn, operational control has been strengthened, and EBIT was now positive in the seasonally strong quarter. The work to revitalise the business and restore profitability continues, and the goal is that operations in Norway are back on a profitable basis by the end of first half in 2026.

The business of Better Burger Society has continued its strategy-driven and profitable growth. The company’s turnover increased by 17% in 2025 to MEUR 94 (2024: 80). Better Burger Society aims to open at least five new restaurants annually in each market. For 2026, three openings in Finland have already been confirmed, one of which has already been completed, and five in Switzerland. We expect the value of the investment in Better Burger Society to continue to develop positively in the coming years.

After the review period, NoHo Partners revised its long-term financial targets related to dividend distribution. Going forward, NoHo Partners aims to distribute annually at least 50 per cent of comparable earnings per share for the financial year as dividends. The change in the dividend policy safeguards the continuation of long-term growth and supports the reduction of the net debt ratio towards the target level of approximately two. The Company’s long-term growth drivers remain unchanged, and its stable financial position creates capacity to respond to growth in consumer demand as it recovers. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.23 per share be paid for the financial year 2025 (2024: EUR 0.46 per share), corresponding to 50% of the comparable earnings per share for the financial year.

I would like to thank our customers for the past year, as well as our personnel and partners for their committed work in developing Northern European restaurant culture. Our diverse restaurant portfolio is on a solid basis, and we are entering 2026 from a strong position. For the financial period, we expect the Group's EBIT margin to remain at the current good level and comparable earnings per share to increase.

TURNOVER AND INCOME

In October–December 2025, the Group’s turnover increased by 5.3% to MEUR 101.8 (96.6). Operational EBITDA was MEUR 13.8 (14.2) and decreased by 3.3%. EBIT was MEUR 11.8 (12.2) with an EBIT margin of 11.6% (12.7%). The result of continuing operations was MEUR 6.2 (6.5), and the result of discontinued operation was MEUR 0.0 (1.6). The result of the Group for October–December was MEUR 6.2 (8.0).

In January–December 2025, the Group’s turnover increased by 3.1% to MEUR 358.0 (347.1). Operational EBITDA was MEUR 39.5 (41.0) and decreased by 3.7% compared to the corresponding period in the previous year. EBIT was MEUR 32.3 (34.0) with an EBIT margin of 9.0% (9.8%). The result of continuing operations was MEUR 11.9 (11.4), and the result of discontinued operation was MEUR 23.5 (3.5). The result of the Group for January–December was MEUR 35.4 (14.9).

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

In October–December 2025, turnover increased by 1.8% from the previous year to MEUR 76.7 (75.4). Operational EBITDA was MEUR 11.5 (11.6). EBIT in October–December was MEUR 10.2 (10.4) with a 13.3% (13.7%) EBIT margin.

In January–December 2025, turnover decreased by 0.6% from the previous year to MEUR 264.8 (266.4). Operational EBITDA was MEUR 31.0 (31.4). EBIT was MEUR 26.7 (27.2) with a 10.1% (10.2%) EBIT margin.

International operations

In October–December 2025, turnover increased by 17.9% from the comparison period of the previous year to MEUR 25.1 (21.3). Operational EBITDA was MEUR 2.3 (2.7). EBIT was MEUR 1.6 (1.9) with a 6.2% (8.9%) EBIT margin.

In January–December 2025, turnover increased by 15.4% from the comparison period of the previous year to MEUR 93.2 (80.7). Operational EBITDA was MEUR 8.5 (9.6). EBIT was MEUR 5.6 (6.8) with a 6.0% (8.5%) EBIT margin.

DIVIDEND

NoHo Partners Plc’s distributable assets on 31 December 2025 were EUR 121,053,034.56, of which the share of the financial period’s result is EUR 24,792,513.41.

NoHo Partners Plc’s Board of Directors proposes to the Annual General Meeting convening on 15 April 2026 that, a dividend of EUR 0.23 (0.46) per share will be paid based on the adopted balance sheet of the financial period ending on 31 December 2025.

The Board of Directors proposes that the dividend shall be paid in three instalments. The first instalment of EUR 0.07 per share shall be paid to a shareholder who is registered in the shareholder register of the Company maintained by Euroclear Finland Oy on the dividend record date 8 May 2026. The payment date proposed by the Board of Directors for this instalment is 15 May 2026.

The second instalment of EUR 0.08 per share shall be paid to a shareholder who is registered in the shareholder register of the Company maintained by Euroclear Finland Oy on the dividend record date 12 August 2026. The payment date proposed by the Board of Directors for this instalment is 19 August 2026.

The third instalment of EUR 0.08 per share shall be paid to a shareholder who is registered in the shareholder register of the Company maintained by Euroclear Finland Oy on the dividend record date 11 November 2026. The payment date proposed by the Board of Directors for this instalment is 18 November 2026.

At the time of the financial statements on 31 December 2025, the total number of shares was 21,044,405.

BRIEFING FOR ANALYSTS, INVESTORS AND MEDIA

A briefing for the analysts, investors and media will be held today at 10:00 EET at Kulttuurikasarmi Event venue (2nd floor, Narinkka 2, 00100 Helsinki). At the event 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. In addition, the Chairman of the Board, Timo Laine, will provide an overview of the development of the company´s strategy.

The event can be followed as a live webcast at https://noho.events.inderes.com/q4-2025. 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/q4-2025/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 40 721 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 300 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts include Elite, Savoy, Teatteri, Sea Horse, Stefan’s Steakhouse, Palace, Löyly, Strindberg, Jungle Juice Bar, Campingen and Cock’s & Cows. Depending on the season, NoHo Partners employs approx. 2,800 people converted into full-time employees, and in 2025, Group’s turnover amounted to approx. MEUR 360. Additionally, NoHo Partners acts as an active investor in Better Burger Society Group. 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.