Q1-Q3 2025 Result review by Jarno Suominen

The turnover for the third quarter of 2025 fell short of our expectations as the market environment continues to be challenging in Finland and Norway. The reasonably high EBIT margin of 8.4%, considering the market environment, however, indicates that the company’s business is on a stable basis even in a more difficult environment. Consumers’ purchasing power is recovering more cautiously than expected for the time being, and consumption is not expected to accelerate in the coming months, with the exception of the seasonally busier Christmas season. However, our view of the positive long-term development of the restaurant market remains unchanged.

Despite negative news from the industry, Finland’s turnover grew and profitability remained at a strong level of more than 10%. This shows that the company’s operational excellence and restaurant portfolio are in excellent shape and ready to perform once the market environment provides support again. During the review period, the company opened new nightclubs, Lumo in Seinäjoki and Sin City in Tampere, and the repair debt of the nightclubs was reduced by renovating Apollo Live Club in Helsinki. After the review period, the Spanish restaurant Bonito was opened in Helsinki. In addition, the development of the Hanko Aasia concept has now been completed, and the operations of the new unit opened in Rovaniemi have gotten off to a strong start.

”The reasonably high EBIT margin of 8.4%, considering the market environment indicates that the company’s business is on a stable basis even in a more difficult environment.”

The smoothie and juice bar chain Jungle Juice Bar, acquired during the review period, is an excellent addition to the Finnish restaurant portfolio and supports the group’s long-term growth targets. The integration of the chain into NoHo Partners is progressing according to plan, and the expected synergy benefits for 2026 will clearly exceed the threshold of half a million euros.

The development of the international business was twofold. The turnover in Denmark grew as expected and profitability was on the good target level. The integration of the Halifax Burgers restaurant chain, acquired in the spring, into the group has progressed on schedule and is now in the final stages. In Norway, on the other hand, the situation was very challenging. Turnover was significantly below the set targets, and profitability for the quarter was negative for the first time in a normal operating environment. The problems in Norway have continued for a long time, but the measures taken were expected to turn the trend around by the end of the year. However, the measured have not been effective enough, and the necessary changes have not been achieved. Responsibility for day-to-day operational management has now been partly shifted to Finland, which creates the conditions for the recovery of the business and profitability. The goal is that operations in Norway are back on a profitable basis by the end of the first half of 2026.

The busiest season in the restaurant industry is just about to start. The basic prerequisites for the company’s operations are strong, and operational efficiency supports maintainig profitability at a good level also during the rest of the year. Even though the challenges in the market environment continue, I believe the company will be able to take advantage of the opportunities offered by the season.

4 November 2025

Jarno Suominen

CEO