Q1-Q4 2025 Financial Statements Release review by Jarno Suominen

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 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 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.

11 February 2026

Jarno Suominen

CEO