Q1 2025 Result review by Jarno Suominen

The year began according to plan and the results speak for themselves. We achieved an EBIT margin of 7.4% and the Group’s turnover increased by 6%, which is an excellent performance in the current market environment for the traditionally weakest quarter for the industry. Earnings per share increased year-on-year to EUR 0.04, which supports the full-year guidance. The strong development of the Finnish operations continued with 7.6% profitability, which demonstrates our ability to generate profits even in quieter months. The international business developed in line with our expectations, driven by the Danish packaging material supplier Triple Trading. Our diverse restaurant portfolio combined with excellent operational competence and geographic expansion creates sustainable growth even in a weaker economic cycle.

During the review period, the company continued to develop its diverse portfolio in Finland and opened the entertainment venue Gloria in Jyväskylä and the French-style Brasserie Deux in Tampere just after the end of the review period. The next opening will be in May with the omakase restaurant Shii in Helsinki. In addition, the company acquired Wanha Satama’s restaurant operations in Helsinki, which adds capacity and diversity to the already strong event venue portfolio.

Internationally, the company focused on developing its restaurant business and prepared for growth in line with its strategy. After the review period, we completed the acquisition of the Halifax Burgers restaurant chain, which is a significant step in international investment activities in line with the strategy and strengthens NoHo Partners’ market position in Denmark. Halifax Burgers’ business is on a stable basis, and with our strong operational expertise, we can accelerate its growth and profitability even further. Local financing for Denmark was restructured in connection with the acquisition. The Danish business is now built on a very strong foundation with good growth prospects.

”After the review period, we completed the acquisition of the Halifax Burgers restaurant chain, which is a significant step in international investment activities in line with the strategy.”

After the review period, the company announced that Better Burger Society, which operates in the growing European premium burger market, will separate from the NoHo Partners group. Better Burger Society is an excellent example of the investment activities that create shareholder value that we carry out together with competent partners. Going forward, NoHo Partners will be a minority shareholder in Better Burger Society while still actively participating in the company’s development, and operative cooperation will also continue unchanged. The original investment of approx. MEUR 7 made in 2020 in the Friends&Brgrs chain has grown in five years so that our share in Better Burger Society measured at fair value is approx. MEUR 45 today. This means that the investment has generated approx. MEUR 38 of value so far at an internal interest rate of 45%.

The ratio of net debt to operational EBITDA was approximately 2.5 at the end of the review period, approaching the company’s long-term target level of approx. two. In accordance with the resolution of the Annual General Meeting held in April 2025, the company will again pay an increasing dividend of EUR 0.46 for the financial period ended 31 December 2024. The strong cash flow facilitates investments in line with the strategy and increasing dividend payments also in the future.

There were slight signs of a recovery in consumer purchasing power also in the first quarter, and the number of reservations for the following quarters looks good. We are well positioned for the busy summer season. In the long term, the company expects the restaurant market to continue to grow despite possible cyclical fluctuations. The tax decisions made by the Finnish Government in its mid-term policy review session will also support the development of the market and consumer purchasing power in the coming years.

6 May 2025

Jarno Suominen

CEO