NoHo Partners Oyj

Quarterly Report • May 6, 2025

Interim Report

Q1 2025

Strong performance during the industry's traditionally weakest quarter

JANUARY–MARCH 2025 IN BRIEF

• Turnover increased by 6.2% and was MEUR 99.3 (93.5).
• Operational EBITDA increased by 6.2% to MEUR 9.7 (9.1).
• EBIT increased by 6.5% and was MEUR 7.3 (6.9).
• EBIT margin was 7.4% (7.3%)
• The result for the period increased by 2,490.4% and was MEUR 1.9 (-0.1).
• Earnings per share increased by 247.8% and were EUR 0.04 (-0.03).

Unless otherwise stated, figures in parentheses refer to the corresponding period last year.

KEY FIGURES

MEUR	Q1 2025	Q1 2024	Change, %	2024
Turnover	99.3	93.5	6.2	427.1
Operational EBITDA	9.7	9.1	6.2	51.3
EBIT	7.3	6.9	6.5	41.5
EBIT, %	7.4	7.3		9.7
Result of the financial period	1.9	-0.1	2,490.4	14.9
Earnings per share for the review period attributable to the owners of the company, EUR	0.04	-0.03	247.8	0.54
Interest-bearing net liabilities excluding IFRS 16 impact	128.1	126.9		125.3
Gearing ratio excluding IFRS 16 impact, %	110.5	110.1		110.1
Ratio of net debt to operational EBITDA excluding IFRS 16 impact	2.5	2.8		2.4
Adjusted equity ratio, %	28.9	30.3		28.2
Gross profit, %	74.2	74.3		74.8
Personnel expenses, %	33.3	33.0		32.3

The calculation formulas for key figures are presented on page 32 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 EBIT margin. In international business, the target is profitable growth and creating 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.

MARKET ENVIRONMENT

The business outlook for the tourism and restaurant sector has been challenging in recent years. However, signs of the gradual recovery that began in late 2024 were also visible during the first quarter of 2025. The group expects the business outlook to improve and the recovery of customers' purchasing power to continue over the course of the year in accordance with external economic forecasts. The group continues to take active measures to prepare for potentially rapid changes in the market situation by actively monitoring operational efficiency and pricing, using centralised procurement agreements and engaging in regular dialogue with suppliers and other partners. In the long term, the restaurant market is expected to develop positively and the growth is expected to continue.

Most of the profits in the restaurant business are made during the second half of the year due to the seasonality of the business. The demand for restaurant services is according to company's evaluation less susceptible to cyclical fluctuations compared to other service and retail industries. The group's size and versatile portfolio protect it from the strongest fluctuations.

CEO REVIEW

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 fullyear 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.

"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."

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, 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.

Jarno Suominen

CEO

IMPLEMENTATION OF THE STRATEGY

During the first months of the year, the company focused on executing its core business in Finland and strengthening its diverse portfolio. The portfolio of event venues was expanded, and the company opened new restaurants in Jyväskylä and Tampere to support its core operations. The next new opening is scheduled for May in Helsinki.

In international business, the company prepared for growth in line with the strategy during the review period. After the review period, NoHo Partners acquired the majority stake in the Halifax Burgers chain, which includes 11 restaurants. Halifax Burgers become part of NoHo Partners as of 1 May 2025. At the same time, the local financing in Denmark was reorganised. The acquisition strengthens NoHo Partners' market position in Denmark, and cooperation with founding partners enhances knowledge of the local market. The company also sees significant synergies between Halifax Burgers and Cocks & Cows, which is already a part of company's portfolio in Denmark. The business in Denmark is now on a strong foundation and the profitability level is good, opening up opportunities for growth that supports the strategy also in the future.

After the review period, the company also took a significant step in its international investment activities in line with its strategy, when Better Burger Society, which operates in the growing premium burger market in Europe, was announced to be separated from the NoHo Partners group. NoHo Partners' voting rights in the company dropped to 49.6 per cent, while NoHo Partners continued as its largest owner with a 50.7 per cent ownership stake. As of April 1, 2025, Better Burger Society will no longer be a subgroup of the NoHo Partners group, but will instead be consolidated into the NoHo Partners group in accounting as an associated company. The share of the associated company's result based on holding will be recorded in NoHo Partners Plc's financial income, thereby impacting the group's earnings per share, the growth of which the company also provides guidance for 2025. NoHo Partners' initial investment in 2020 was approximately MEUR 7, with which it acquired an approximately 70% ownership stake in the Friends&Brgrs chain. Over the past five years, the business has been grown, developed and expanded in Finland as well as internationally in Switzerland, and today NoHo Partner's share of the company measured at fair value is approximately MEUR 45. This means that the investment has generated approximately MEUR 38 value in five years.

With Better Burger Society separating from the NoHo Partners group, the amount of Friends & Brgrs' turnover estimated by the company for 2027 will also be omitted from the long-term turnover target for Finnish operations. As a result, NoHo Partners revised its long-term financial targets for Finnish operations after the review period. Other long-term financial targets remained unchanged.

During the strategy period 2025–2027 the group aims in Finnish operations to achieve a turnover of approx. MEUR 350 and to maintain the current good level of EBIT margin. In international business, the target is profitable growth and creating 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.

NoHo Partners' strategic focus areas for 2025–2027 are:

• Profitability accelerating growth
  • o Efficient capital allocation and profit
  • o Growth in Finnish operations and international growth through investment activities
• Strengthening the balance sheet
  • o Controlled debt level
  • o Decreasing financial expenses
  • o Improving equity ratio
• Increasing dividend

The core of the company's strategy is on profitable growth, which sets a clear framework on the acquisition targets. Growth is not pursued too aggressively at the expense of profitability.

TURNOVER AND INCOME

In January–March 2025, the Group's turnover increased by 6.2% to MEUR 99.3 (93.5). Operational EBITDA was MEUR 9.7 (9.1) and increased by 6.2% compared to the corresponding period in the previous year. EBIT was MEUR 7.3 (6.9) with an EBIT margin of 7.4% (7.3%). The result for the period was MEUR 1.9 (-0.1).

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 and revenue growth, personnel costs have remained at a competitive level.

BUSINESS SEGMENTS

NoHo Partners' business consists of two business segments, which are reported separately:

• Finnish operations
• International business

The business segments are divided into business areas for which turnover and number of units are reported. The Finnish operations include three business areas: restaurants, entertainment venues and event venues. The international business includes three business areas: Norway, Denmark and Switzerland (until 31 March 2025). The business of the one Swedish unit is managed from Denmark and it is reported as a part of Denmark's business area.

FINNISH OPERATIONS

MEUR	Q1 2025	Q1 2024	2024
Turnover	67.1	65.7	298.2
Operational EBITDA	6.2	5.7	35.3
EBIT	5.1	4.5	30.4
EBIT, %	7.6	6.9	10.2
Gross profit, %	75.3	75.5	76.2
Personnel expenses, %	33.7	33.5	32.6

In January–March 2025, the turnover increased by 2.2% to MEUR 67.1 (65.7) compared to the previous year. Operational EBITDA was MEUR 6.2 (5.7). EBIT was MEUR 5.1 (4.5) with an 7.6% (6.9%) EBIT margin.

Changes in the restaurant portfolio in January–March 2025

• Gloria, Jyväskylä (new)
• Hook, Seinäjoki (new)
• Wanha Satama, Helsinki (new)
• Friends & Brgrs Jumbo, Vantaa (new)
• Poro & Ranta, Tampere (sold)
• Casino Helsinki -restaurants (closed)

INTERNATIONAL BUSINESS

MEUR	Q1 2025	Q1 2024	2024
Turnover	32.1	27.8	128.9
Operational EBITDA	3.5	3.4	16.1
EBIT	2.2	2.3	11.1
EBIT, %	6.8	8.5	8.7
Gross profit, %	71.5	71.5	71.4
Personnel expenses, %	32.3	31.7	31.5

In January–March 2025, turnover increased by 15.7% from the previous year to MEUR 32.1 (27.8). Operational EBITDA was MEUR 3.5 (3.4). EBIT was MEUR 2.2 (2.3) with an 6.8% (8.5%) EBIT margin.

There were no changes in the restaurant portfolio in January–March 2025.

TURNOVER BY BUSINESS AREA

Business segments are divided into business areas, for which the company reports revenue and the number of units. As part of the company's updated strategy, the company has changed the division of business areas as of 1 January 2025 so that the Finnish operations are divided into food restaurants, entertainment venues and event venues, and international business are divided into the Norway and Denmark business areas. Previously, Finnish operations were divided into food, entertainment, and fast food restaurants, and international business into the Norway, Denmark, and Switzerland business areas. The figures for the comparison periods have been adjusted to correspond to the new division adopted on 1 January 2025. Better Burger Society will be an associated company as of April 1, 2025, and will not be reported as part of the NoHo Partners group.

FINNISH OPERATIONS	Q1 2025	Q1 2024	2024	INTERNATIONAL BUSINESS	Q1 2025	Q1 2024	2024
Restaurants				Norway
Turnover, MEUR	31.7	32.2	138.2	Turnover, MEUR	8.9	10.0	41.2
Share of total turnover, %	31.9	34.5	32.3	Share of total turnover, %	8.9	10.7	9.6
Change in turnover, %	-1.7	-	-	Change in turnover, %	-11.2	-	-
Units at the end of period, number	95	96	94	Units at the end of period, number	24	23	24
Entertainment venues				Denmark
Turnover, MEUR	15.9	15.4	81.9	Turnover, MEUR	10.3	5.5	39.6
Share of total turnover, %	16.0	16.5	19.2	Share of total turnover, %	10.4	5.9	9.3
Change in turnover, %	3.4	-	-	Change in turnover, %	87.4	-	-
Units at the end of period, number	62	59	64	Units at the end of period, number	18	17	18
Event venues				Better Burger Society (Swiss restaurants)
Turnover, MEUR	10.4	10.7	46.3	Turnover, MEUR	12.9	12.3	48.1
Share of total turnover, %	10.5	11.4	10.8	Share of total turnover, %	13.0	13.1	11.3
Change in turnover, %	-2.2	-	-	Change in turnover, %	5.3	-	-
Units at the end of period, number	49	47	48	Units at the end of period, number	17	16	17
Better Burger Society (Finnish restaurants)				Total turnover, MEUR	32.1	27.8	128.9
Turnover, MEUR	9.1	7.4	31.8	Units total, number	59	56	59
Share of total turnover, %	9.2	7.9	7.4
Change in turnover, %	22.8	-	-
Units at the end of period, number	33	29	32
Total turnover, MEUR	67.1	65.7	298.2
Units total, number	239	231	238
				8

CASH FLOW, INVESTMENTS AND FINANCING

The Group's operating net cash flow in January–March was MEUR 14.8 (14.4). Cash flow before change in working capital was MEUR 22.3 and changes in working capital MEUR -1.2.

The investment net cash flow in January–March was MEUR -5.6 (2.9). The comparison period included a cash flow of MEUR 7.2 from the sale of Eezy Plc shares. Among ordinary maintenance investments acquisition of tangible and intangible assets in January–March mainly included opening investments of new restaurants in Finland and Switzerland. The new restaurant openings this spring include among others Brasserie Deux in Tampere, Gloria in Jyväskylä and Shii in Helsinki.

Financial net cash flow amounted to MEUR -10.8 (-18.6), including loan amortisations of MEUR 2.2 and a MEUR 2.3 loan raised for operations in Switzerland. Financial net cash flow also includes amortisations of MEUR 10.2 (9.7) of IFRS 16 lease liability payments.

The Group's interest-bearing net liabilities excluding the impact of IFRS 16 liabilities increased during January–March by MEUR 2.8 and amounted to MEUR 128.1 at the end of the review period. The Group's gearing ratio excluding the impact of IFRS 16 liabilities increased from 110.1% at the beginning of the financial period to 110.5%.

Adjusted net finance costs in January–March were MEUR 5.0 (5.2). IFRS 16 interest expenses included in adjusted net finance costs in January–March were MEUR 2.6 (2.5).

SIGNIFICANT EVENTS DURING THE REPORTING PERIOD

NoHo Partners' Board of Directors resolved to establish a performance share plan for the key employees of the company

On 12 February 2025, NoHo Partners announced that the Board of Directors of the company resolved to establish a performance share plan for the key employees of the company. The new performance share plan contains three earning periods between 1 January 2025 and 31 December 2028. The length of the first earning period is 24 months, from 1 January 2025 to 31 December 2026. After the first earning period a maximum amount of 275,000 Noho Partners Plc's shares can be paid as reward to the key employees based on achieving growth goals essential to the business of the company as determined by the Board of Directors. The reward criteria set for the first earning period are based on the profitability of the company's business. The incentive plan will cover 10 people in the first earning period.

The Board of Directors of NoHo Partners Oyj resolved on a directed share issue without payment to the company's key employees based on the share-based incentive plan

On 28 March 2025, NoHo Partners announced that the Board of Directors of the company resolved on a directed share issue without payment to the key employees of the company in order to pay the reward for the fourth earning period of the long-term share-based incentive plan from 1 January 2023 to 31 December 2024. The share issue resolution is based on the authorization given by the Annual General Meeting on 10 April 2024. A total of 34,690 new shares were issued without payment in the share issue to 9 key employees participating in the share-based incentive plan. As a result of the share issue the total number of shares in NoHo Partners Plc is 21,044,405. The new shares were registered with the Trade Register on 1 April 2025. The new shares have been admitted to trading on the official list of Nasdaq Helsinki Ltd.

EVENTS AFTER THE REPORTING PERIOD

Better Burger Society separated from NoHo Partners group, with NoHo Partners remaining the largest shareholder

On 1 April 2025, NoHo Partners announced that NoHo Partners and private equity investor Intera Partners have agreed on an arrangement whereby Intera Partners will increase its voting rights in Better Burger Society, which operates in the growing European premium burger market, with its convertible shares. As a result of the arrangement, NoHo Partners' voting rights in Better Burger Society will drop to 49.6 %, with NoHo Partners continuing to be the largest owner of the company with a holding of 50.7 %. As of 1 April 2025, Better Burger Society will no longer be NoHo Partners group's subgroup, but will instead be consolidated into NoHo Partners group as an associated company. The share of associated company's result based on holding will be recognised in NoHo Partners Plc's financial income, thereby impacting the group's earnings per share. The arrangement supports NoHo Partners' strategy, according to which the company focuses on active investment activities in its international business.

NoHo Partners Plc revised the long-term financial targets of its Finnish business

On 1 April 2025, NoHo Partners announced, that it will revise the long-term financial targets of its Finnish business as Better Burger Society separates from the NoHo Partners group. In Finnish operations, the Group aims to achieve a turnover of approx. MEUR 350 and to maintain the current good level of EBIT margin. In international business, the target is profitable growth and creating 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.

Decisions by NoHo Partners Plc's Annual General Meeting and Board of Directors

NoHo Partners Plc's Annual General Meeting (AGM) was held on 9 April 2025 in Tampere. The meeting adopted the Financial Statements, and discharged the members of the Board of Directors as well as the CEO from liability for the financial year 2024. In addition, the AGM made an advisory decision on the adoption of the Remuneration Report of the governing bodies. The decisions of the Annual General Meeting were disclosed with a stock exchange release on 9 April 2025 and are available at the company's website at www.noho.fi/en/investors/. The company also announced that the Board of Directors has decided the composition of the Audit Committee and the Remuneration Committee. Kai Seikku was elected as Chairman and Petri Olkinuora and Timo Mänty as members of the Audit Committee. Timo Mänty was elected as Chairman and Maarit Vannas and Timo Laine as members of the Remuneration Committee.

NoHo Partners acquires the Danish restaurant chain Halifax Burgers

On 5 May 2025, NoHo Partners announced, that it has acquired the majority stake in the Danish restaurant chain Halifax Burgers, which includes 11 restaurants in Denmark. The operations of Halifax Burgers will become part of NoHo Partners as of 1 May 2025. The company's founders, Peter Ahn and Ulrich Dehler, will remain as minority shareholders of Halifax Burgers, with Ahn also continuing in the company's operational management, reporting to Daniel Vesti Knuttel, NoHo Partners' Country Director in Denmark. Halifax Burgers was founded in 2007, being the first high-quality sit-down burger concept in Denmark. The annual revenue of the company in 2024 was MEUR 14.

PERSONNEL

During January–March 2025, NoHo Partners Group employed on average 1,317 (1,356) full-time employees and 606 (640) part-time employees converted into full-time employees as well as 345 (314) rented employees converted into full-time employees.

Depending on the season, some 2,800 people converted into full-time employees work at the Group at the same time under normal circumstances.

NEAR-TERM RISKS AND UNCERTAINTIES

The near-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners' business, financial results and future outlook over the next 12 months. The table describes the risks as well as measures to prepare for them and minimise them.

Geopolitical situation	The uncertain geopolitical situation may have an impact on the company's market environment. For the time being, the company does not see a significant impact on demand in its operating countries.
	The rise in the general cost level caused by the prevailing global situation has an impact on the company's business. To mitigate the impact, the company has prepared for increasing raw material prices, for example, through the centralisation of purchase and sales agreements as well as price increases.
General financial situation and changes in customer demand	The sales and profitability of restaurant services are affected by the financial situation of households and the development of purchasing power and corporate sales. The business outlook for the tourism and restaurant sector and consumer confidence have been weakened by the uncertain geopolitical climate and the general increase in costs and interest rate. Demand for restaurant services has, however, remained at a good level.
	Inflation and weakening consumer purchasing power and confidence constitute a risk to the development of NoHo Partners' turnover and cash flow. The adaptation of operating costs and the ability to mount an agile response to changes in customer demand are the key factors for the company to influence the development of turnover and EBIT.
Liquidity risk	The Group's financing needs will be covered by optimising working capital and through external financing arrangements so that the Group has sufficient liquidity or unwithdrawn committed credit arrangements at its disposal. The operational monitoring and management of liquidity risk are centralised in the Group's finance department, where the sufficiency of financing is managed based on rolling forecasts.
	Unexpected legislative amendments related to the company's business, might have a negative effect on the company's liquidity.
Financial risks	The Group strives to assess and track the amount of funding required by the business, for example by performing a monthly analysis of the utilisation rate of the restaurants and the development of sales, in order to ensure that the Group has sufficient working capital and liquid assets to fund the operations and repay loans that fall due. The aim is to ensure the availability and flexibility of Group financing through sufficient credit limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well as using several financial institutions and forms of financing, when necessary. Market interest rates may have a negative impact on the company's financial expenses.
	Changes in the macroeconomic environment or the general financing market situation may negatively affect the company's liquidity as well as the availability, price and other terms and conditions of financing.
Amendments to legislation	Changes in regulations governing the restaurant business in the Group's various markets may have a negative impact on the Group's operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the company's business.

INTERIM REPORT Q1 2025 | 6 MAY 2025

Rent level development	Business premises expenses constitute a significant share of NoHo Partners' operating expenses. The Group's business premises are primarily leased, so the development of the general level of rents has a significant impact on the Group's operations.
Labour market situation and labour supply	The availability of skilled part-time labour particularly during high seasons and on the weekends can be seen as an uncertainty factor, that may affect the company's business operations.
Goodwill write-off risk	The Group has a significant amount of goodwill on the consolidated balance sheet, which is subject to a write-off risk in case the Group's expected future cash flows decline permanently due to external or internal factors.

Tampere, 6 May 2025

NOHO PARTNERS PLC

Board of Directors

For more information, please contact:

Jarno Suominen, CEO, (Executive assistant Niina Kilpeläinen tel. +358 50 413 8158) Jarno Vilponen, CFO, tel. +358 40 721 9376

NoHo Partners Plc Hatanpään valtatie 1 B FI-33100 Tampere, Finland

Consolidated statement of profit or loss and other comprehensive income

MEUR	Q1 2025	Q1 2024	2024
Turnover	99.3	93.5	427.1
Other operating income	2.0	1.9	7.3
Materials and services	-33.3	-29.8	-141.0
Employee benefits	-26.8	-25.7	-109.5
Other operating expenses	-18.8	-18.5	-82.5
Depreciation, amortisation and impairment losses	-15.2	-14.6	-59.9
EBIT	7.3	6.9	41.5
Financial income	0.2	0.4	1.2
Interest expenses on financial liabilities	-2.0	-2.6	-9.4
Interest expenses for right-of-use assets	-2.6	-2.5	-10.0
Other finance costs	-0.6	-1.9	-5.5
Net finance costs	-4.9	-6.5	-23.7
Result before taxes	2.4	0.3	17.9
Tax based on the taxable income from the financial period	-1.5	-1.7	-4.1
Change in deferred taxes	1.0	1.3	1.2
Income taxes	-0.5	-0.4	-3.0
RESULT FOR THE FINANCIAL PERIOD	1.9	-0.1	14.9
Result of the financial period attributable to
Owners of the Company	0.8	-0.6	11.3
Non-contorolling interests	1.0	0.5	3.6
Total	1.9	-0.1	14.9

MEUR	Q1 2025	Q1 2024	2024
Earnings per share calculated from the result of the review period for owners of the Company
Basic earnings per share (EUR)	0.04	-0.03	0.54
Diluted earnings per share (EUR)	0.04	-0.03	0.53
Consolidated statement of comprehensive income Result of the financial period	1.9	-0.1	14.9
Other comprehensive income items (after tax)
Other comprehensive income items that may be subsequently reclassified to profit or loss later
Foreign currency translation differences, foreign operations	0.1	-1.4	-0.7
Change in fair value of hedging instruments	0.0	0.6	0.6
Total	0.1	-0.8	-0.1
Other comprehensive income items that will not be reclassified to profit or loss later
Items arising from the remeasurement of defined benefit plans	0.0	0.0	-0.1
Total	0.0	0.0	-0.1
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	2.0	-0.9	14.8
Distribution of the comprehensive income for the financial period
Owners of the Company	1.0	-0.9	11.0
Non-contorolling interests	0.9	0.0	3.7
Total	2.0	-0.9	14.8

Non-recurring items for the comparison period 1 January – 31 March 2024

Net finance costs for Q1 2024 of the comparison period include a sales loss of MEUR 1.2 from the sale of shares in Eezy Plc.

Consolidated Balance Sheet

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
ASSETS
Non-current assets
Goodwill	194.3	180.5	193.4
Intangible assets	47.7	45.0	48.2
Property, plant and equipment	63.2	60.3	61.9
Right-of-use assets	202.2	198.2	201.8
Shares in associated companies and joint ventures	0.5	0.0	0.1
Other investments	0.4	0.3	0.4
Loan receivables	0.7	2.6	0.5
Other receivables	1.8	2.0	1.7
Deferred tax assets	17.3	15.0	16.3
Total non-current assets	528.0	504.0	524.2
Current assets
Inventories	11.0	7.5	11.9
Loan receivables	0.6	0.9	0.9
Trade and other receivables	29.1	38.8	31.0
Cash and cash equivalents	13.2	10.0	14.8
Total current assets	53.8	57.3	58.6
TOTAL ASSETS	581.8	561.2	582.9

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
EQUITY AND LIABILITIES
Equity
Share capital	0.2	0.2	0.2
Hedging reserve	0.0	-0.1	0.0
Invested unrestricted equity fund	71.7	71.7	71.7
Retained earnings	9.0	4.5	8.4
Total equity attributable to owners of the Company	80.9	76.3	80.3
Non-controlling interests	23.7	29.4	22.5
Total equity	104.6	105.7	102.8
Non-current liabilities
Deferred tax liabilities	12.5	10.7	12.6
Financial liabilities	117.6	97.5	117.5
Liabilities for right-of-use assets	176.8	170.8	175.3
Other payables	9.7	10.4	12.7
Total non-current liabilities	316.5	289.5	318.2
Current liabilities
Financial liabilities	25.0	42.9	23.9
Provisions	0.1	0.0	0.1
Liabilities for right-of-use assets	39.5	39.1	39.9
Income tax liability	4.4	2.9	4.0
Derivative financial instruments	0.0	0.1	0.0
Trade and other payables	91.7	81.0	94.0
Total current liabilities	160.7	166.0	161.8
Total liabilities	477.2	455.6	480.0
TOTAL EQUITY AND LIABILITIES	581.8	561.2	582.9

Consolidated Statement of Changes in Equity 2025

	Equity attributable to owners of the Company
MEUR	Share capital	Invested unrestricted equity fund	Fair value reserve and other comprehen sive income items	Translation difference	Retained earnings	TOTAL	Non-controlling interests	TOTAL EQUITY
Equity at 1 January	0.2	71.7	-0.1	-2.6	11.0	80.3	22.5	102.8
Total comprehensive income for the period
Result of the financial period					0.8	0.8	1.0	1.9
Other comprehensive income items (after tax)
Foreign currency translation differences, foreign operations				0.2		0.2	-0.1	0.1
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	0.0	0.0	0.0	0.2	0.8	1.0	0.9	2.0
Transactions with shareholders
Changes in ownership interests
Changes in non-controllling interests					-0.4	-0.4	0.2	-0.2
TOTAL	0.0	0.0	0.0	0.0	-0.4	-0.4	0.2	-0.2
Total transactions with owners of the Company	0.0	0.0	0.0	0.0	-0.4	-0.4	0.2	-0.2
Equity at 31 March	0.2	71.7	-0.1	-2.4	11.4	80.9	23.7	104.6

Consolidated Statement of Changes in Equity 2024

	Equity attributable to owners of the Company
MEUR	Share capital	Invested unrestricted equity fund	Fair value reserve and other comprehen sive income items	Translation difference	Retained earnings	TOTAL	Non-controlling interests	TOTAL EQUITY
Equity at 1 January	0.2	71.7	-0.6	-1.8	8.6	78.0	28.7	106.7
Total comprehensive income for the period
Result of the financial period					-0.6	-0.6	0.5	-0.1
Other comprehensive income items (after tax)
Change in fair value of hedging instruments			0.6			0.6		0.6
Foreign currency translation differences, foreign operations				-0.9		-0.9	-0.5	-1.4
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	0.0	0.0	0.6	-0.9	-0.6	-0.9	0.0	-0.9
Transactions with shareholders
Contributions and distributions
Other changes					-0.6	-0.6		-0.6
Share-based payments	0.0	0.0	0.0	0.0	0.1	0.1		0.1
TOTAL	0.0	0.0	0.0	0.0	-0.5	-0.5	0.0	-0.5
Changes in ownership interests
Changes in non-controllling interests					-0.3	-0.3	0.7	0.4
TOTAL	0.0	0.0	0.0	0.0	-0.3	-0.3	0.7	0.4
Total transactions with owners of the Company	0.0	0.0	0.0	0.0	-0.8	-0.8	0.6	-0.1
Equity at 31 March	0.2	71.7	-0.1	-2.7	7.3	76.3	29.4	105.7

Consolidated statement of cash flows

MEUR	Q1 2025	Q1 2024	2024
Cash flows from operating activities
Result of the financial period	1.9	-0.1	14.9
Adjustments to the result of the reporting
period
Non-cash transactions	-0.2	0.0	-1.2
Depreciation, amortisation and impairment losses	15.2	14.6	59.9
Net finance costs	4.9	6.5	23.7
Income taxes	0.5	0.4	3.0
Cash flow before change in working capital	22.3	21.4	100.2
Changes in working capital
Trade and other receivables	2.2	0.6	0.4
Inventories	1.1	0.1	-2.7
Trade and other payables	-4.5	-1.4	3.1
Changes in working capital	-1.2	-0.6	0.7
Interest paid and other finance costs	-5.1	-6.1	-23.5
Interest received and other finance income	0.1	0.4	0.9
Income taxes paid	-1.3	-0.7	-3.3
Net cash from operating activities	14.8	14.4	75.0
Cash flows from investing activities Acquisition of tangible and intangible assets	-5.1	-2.7	-12.5
Change in other non-current receivables	-0.2	-1.7	-0.5
Acquisition of subsidiaries with time-of acquisition liquid assets deducted	0.0	0.1	-5.4
Business acquisitions	-0.2	0.0	-2.2
Business divestment	0.0	0.0	0.2
Sales of shares of associated companies	0.0	7.2	7.2
Associated company shares purchased	-0.1	0.0	-0.1
NCI investments into subsidiaries	0.0	0.0	0.4
Net cash from investing activities	-5.6	2.9	-13.1

MEUR	Q1 2025	Q1 2024	2024
Cash flows from financing activities
Proceeds from non-current loans and borrowings	2.3	0.0	119.9
Payment of non-current loans and borrowings	-2.2	-10.6	-116.2
Proceeds from/ repayments of current loans and borrowings	-0.7	2.0	-0.2
Current commercial papers drawn/repaid	0.0	0.0	-10.0
Acquisition of non-controlling interests	0.0	-0.3	-1.8
Payment of liabilities for right-of-use assets	-10.2	-9.7	-39.9
Dividend distribution	0.0	0.0	-10.2
Cash flows from financing activities	-10.8	-18.6	-58.4
Change in cash and cash equivalents	-1.7	-1.3	3.5
Cash and cash equivalents at the beginning of the financial period	14.8	11.3	11.3
Cash and cash equivalents at the end of the reporting period	13.2	10.0	14.8
Change in cash and cash equivalents	-1.7	-1.3	3.5

Notes

1. ACCOUNTING PRINCIPLES

This unaudited interim report has been prepared observing the IAS 34 Interim Financial Reporting standard. The interim report should be read together with the 2024 IFRS consolidated financial statements. The interim report has been prepared by observing the same accounting principles as with the 2024 IFRS consolidated financial statements, with the exception of the new amendments to the IFRS standards effective as of 1 January 2025. The changes are described in the 2024 IFRS consolidated financial statements.

Preparing the consolidated financial statements under the IFRS requires the use of the management's estimates and assumptions, which affects the amounts of assets and liabilities as well as revenue and costs on the balance sheet. Although the assessments are based on the management's best perception at the moment, it is possible that realisations may deviate from the original assessments and presumptions.

All figures are presented as millions of euros (MEUR) and have been rounded to the nearest 0.1 million euros; thus, the sum of individual figures may deviate from the total sum presented.

2. TURNOVER

DISTRIBUTION OF TURNOVER BETWEEN GOODS AND SERVICES

MEUR	Q1 2025	Q1 2024	2024
Sales of goods	90.9	85.1	389.1
Sales of services	8.4	8.4	38.0
Total	99.3	93.5	427.1

DISTRIBUTION OF TURNOVER BY BUSINESS AREA

MEUR	Q1 2025	Q1 2024	2024
Restaurants	31.7	30.8	130.4
Entertainment venues	15.9	16.7	89.7
Event venues	10.4	10.7	46.3
Better Burger Society (Finnish restaurants)	9.1	7.4	31.8
Norway	8.9	10.0	41.2
Denmark	10.3	5.5	39.6
Better Burger Society (Swiss restaurants)	12.9	12.3	48.1
Total	99.3	93.5	427.1

The Group monitors sales separately for goods and services. The sale of goods primarily comprises food and beverage sales by restaurant operations to private and corporate customers. The services include restaurants' game, sauna and ticket revenue and marketing support payments received. The Group has sales in Finland, Denmark, Norway and Switzerland.

Asset and debt items based on contracts with customers

Of asset items based on contracts, a total of MEUR 0.0 (-0.1) was recognised as credit losses and IFRS 9 credit loss provisions during the period 1 January–31 March 2025.

The Group has no asset items recognised for the costs of obtaining or fulfilling contracts with customers. The Group's contracts with customers do not include restitution or repayment obligations or special warranty terms.

Restaurants sell gift cards, which are presented in current liabilities. Gift card revenue is recognised when the card is used. On 31 March 2025, the value of gift cards sold was MEUR 3.2 (3.1), and they are expected to be recognised as revenue during the next 12 months.

3. SEGMENT INFORMATION

MEUR	Q1 2025	Q1 2024	2024
Turnover
Finland	67.1	65.7	298.2
International	32.1	27.8	128.9
Group	99.3	93.5	427.1
Other operating income
Finland	1.7	1.5	6.1
International	0.3	0.4	1.2
Group	2.0	1.9	7.3
Depreciation, amortisation and impairment losses
Finland	-10.9	-10.8	-43.8
International	-4.3	-3.8	-16.0
Group	-15.2	-14.6	-59.9
EBIT
Finland	5.1	4.5	30.4
International	2.2	2.3	11.1
Group	7.3	6.9	41.5
Operational EBITDA
Finland	6.2	5.7	35.3
International	3.5	3.4	16.1
Group	9.7	9.1	51.3
Assets
Finland	433.4	437.8	438.8
International	201.8	176.5	202.2
Eliminations	-53.4	-53.1	-58.1
Group	581.8	561.2	582.9
Liabilities
Finland	342.8	337.4	349.3
International	187.8	171.3	188.8
Eliminations	-53.4	-53.1	-58.1
Group	477.2	455.6	480.0
Liabilities excluding IFRS 16 impact
Finland	186.9	185.6	194.3
International	127.4	113.1	128.6
Eliminations	-53.4	-53.1	-58.1
Group	260.9	245.6	264.8

The business operations of NoHo Partners are divided into two operational reported segments: the Finnish operations and the International business. The segments' business operations are monitored separately, and they are managed as separate units. The Country Managers of the international business are responsible for their business areas and participate in the international business steering group work on their business areas. Selections, product pricing and marketing measures are decided at the country level.

Business management needs vary from segment to segment, as the maturity of the business operations is very different. The Group's position in the Finnish market has stabilised, and in addition to managing daily operational activities, it aims for strong and profitable growth in the Finnish restaurant and entertainment market. International growth continues with a new operating model, as the company focuses on being an active investor in the international restaurant market.

The Group's supreme operational decision-maker, the Executive Team of NoHo Partners Group, is responsible for resource allocation and income estimates. The segment information presented by the Group is based on the management's internal reporting that is prepared in accordance with the IFRS standards. The pricing between segments is based on a fair market price.

The Group's evaluation of profitability and decisions concerning the resources to be allocated to a segment are based on the segments' EBIT. It is the understanding of the management that this is the most suitable benchmark for comparing the profitability of the segments to other companies in their respective fields. Financial income and expenses are not monitored at the segment level, as the Group financing mainly manages the Group's liquid assets and financial liabilities.

4. CHANGES IN GROUP STRUCTURE

ACQUIRED SUBSIDIARIES AND BUSINESSES

	Business acquired	Shareholding acquired, %	Group ownership interest, %	Transfer of the right of ownership and management	Country
Finnish operations
Wanha Satama, Helsinki	x			1.3.2025	Finland
Hook, Seinäjoki	x			5.3.2025	Finland
Wallis' Entertainment Group Oy, Helsinki		70	70	21.3.2025	Finland

International business

-

Finnish operations

NoHo Partners Pls's subsidiary RR Holding Oy acquired the Wanha Satama restaurant business located in Helsinki on 1 March 2025.

NoHo Partners Plc's subsidiary Seinäjoen Koukkuravintolat Oy acquired the HOOK restaurant business located in Seinäjoki from the franchise entrepreneur on 5 March 2025.

NoHo Partners Plc acquired a 70% ownership stake in Wallis' Entertainment Group Oy on 21 March 2025.

International business

No acquisitions during the review period.

VALUE OF THE ASSETS AND LIABILITIES ACQUIRED BY THE GROUP AT THE MOMENT OF TRANSFER OF CONTROL

MEUR	Finnish operations	International business	Total
Assets
Intangible assets	0.1	0.0	0.1
Property, plant and equipment	0.1	0.0	0.1
Current receivables	0.1	0.0	0.1
Assets in total	0.4	0.0	0.4
Liabilities
Other payables	0.1	0.0	0.1
Liabilities in total	0.1	0.0	0.1
Net assets	0.3	0.0	0.3
Total purchase consideration at time of acquisition
Share of purchase consideration consisting of cash and cash equivalents	0.7	0.0	0.7
Total purchase consideration	0.7	0.0	0.7
Generation of goodwill through acquisitions
Total purchase consideration	0.7	0.0	0.7
Net identifiable assets of the acquired entity	0.3	0.0	0.3
Goodwill	0.5	0.0	0.5

The acquisition cost calculations are preliminary. The acquisitions do not involve material costs of external expert services.

IFRS 16 RIGHT-OF-USE ASSETS OF THE ACQUIRED BUSINESSES

MEUR	Total acquisitions
Finnish operations	1.2
International business	0.0

Acquired subsidiaries or businesses	Transfer of the right of ownership and management	Determination of contingent transaction prices	Estimated total of the management MEUR	Country
Finnish operations
Restaurant business, Fame Club	1.9.2024	Revenue accumulated over 24 months	0.1	Finland
Calos Oy (H5 Ravintolat Oy)	15.10.2024	Profitability of the years 2025-2026	2.5	Finland
Calos Oy (H5 Ravintolat Oy)	15.10.2024	Put and call option	1.3	Finland
International business
Danish business	20.3.2018	Put and call option	1.7	Denmark
Norwegian business	1.4.2019	Put and call option	1.2	Norway
Triple Trading ApS	1.4.2024	Profitability of the year 2024	6.0	Denmark

SOLD BUSINESS OPERATIONS

GROUP'S SHARES IN SUBSIDIARIES AND BUSINESSES SOLD DURING THE FINANCIAL PERIOD

Name	Business sold	Shareholding sold, %	Group ownership interest, %	Date of control transfer	Country
Rivermax Oy, Tampere		100	100	5.2.2025	Finland

TOTAL VALUE OF THE ASSETS AND LIABILITIES SOLD BY THE GROUP AT THE MOMENT OF TRANSFER OF CONTROL

MEUR	Total
Goodwill	0.0
Property, plant and equipment	0.1
Right-of-use assets	0.3
Other asset items	0.1
Liabilities	-0.4
Liabilities for right-of-use assets	-0.3
Net assets in total	-0.1

Gains on disposal totalling MEUR 0.1 were recognised in the income statement.

EVENTS AFTER THE REPORTING PERIOD

NoHo Partners and the private equity investor Intera Partners have agreed on a arrangement in which Intera Partners will increase its voting power in Better Burger Society, which operates in the growing premium hamburger market in Europe, by utilizing its convertible shares. As a result of the arrangement, NoHo Partners' voting power in Better Burger Society will drop to 49.6%, while NoHo Partners will continue to be the largest shareholder in the company with a 50.7% ownership stake. Starting from 1 April 2025, Better Burger Society will no longer be a subsidiary of the NoHo Partners Group but will be consolidated in the accounting as an associated company. The share of the associated company's profit corresponding to the ownership will be recorded as financial income for NoHo Partners Plc, thereby affecting the group's earnings per share.

The one-time positive impact on NoHo Partners Group's earnings from the divestment of Better Burger Society is approximately MEUR 20, and the impact on earnings per share is about EUR 1.0 in 2025. As a result of the arrangement, NoHo Partners Plc's balance sheet will be significantly strengthened. The arrangement supports NoHo Partners' strategy, which focuses on active investment activities in its international business.

The impact of Better Burger Society on NoHo Partners Group's figures in Q1 2025

MEUR	NoHo Partners	BBS subgroup	NoHo Partners without BBS subgroup
Turnover	99.3	22.1	77.2
Operational EBITDA	9.7	2.6	7.1
EBIT	7.3	1.9	5.4
EBIT, %	7.4 %	8.5 %	7.0 %

The impact of Better Burger Society on NoHo Partners Group's segment-specific figures in Q1 2025

MEUR	NoHo Partners, Finnish operations	BBS, Finnish operations	NoHo Partners, Finnish operations without BBS
Turnover	67.1	9.1	58.0
Operational EBITDA	6.2	1.1	5.1
EBIT	5.1	0.9	4.2
EBIT, %	7.6 %	10.1 %	7.2 %

MEUR	NoHo Partners, International business	BBS, International business	NoHo Partners, Internation business without BBS
Turnover	32.1	12.9	19.2
Operational EBITDA	3.5	1.5	2.0
EBIT	2.2	0.9	1.3
EBIT, %	6.8 %	7.3 %	6.5 %

The estimated impact of Burger Society's separation on the balance sheet of the NoHo Partners Group

The entries for the divestment of Better Burger Society will be recorded during Q2 2025. The effects on NoHo Partners' balance sheet according to preliminary calculations are presented in the following table.

MEUR	NoHo Partners 31 March 2025		NoHo Partners as of 1 April 2025, taking into account the impact of the BBS sub group's separation
ASSETS
Non-current assets
Goodwill, intangible assets, property, plant and equipment	305.1	-56.4	248.7
Right-of-use assets	202.2	-23.1	179.1
Shares in associated companies	0.5	44.6	45.1
Loan receivables	0.7	0.0	0.7
Other investments and receivables	19.5	-1.0	18.5
Total non-current assets	528.0	-35.9	492.1
Loan receivables	0.6	0.0	0.6
Inventories and other receivables	40.1	-5.5	34.6
Cash and cash equivalents	13.2	-7.9	5.2
Total surrent assets	53.8	-13.4	40.4
TOTAL ASSETS	581.8	-49.3	532.5
EQUITY AND LIABILITIES
Total equity	104.6	11.2	115,8 *
Non-current liabilities
Financial liabilities	117.6	-18.6	99.0
Liabilities for right-of-use assets	176.8	-18.9	157.8
Other liabilities	22.2	-1.8	20.4
Total non-current liabilities	316.5	-39.4	277.2
Current liabilities
Financial liabilities	25.0	-2.9	22.1
Liabilities for right-of-use assets	39.5	-5.3	34.3
Other liabilities	96.2	-12.9	83.2
Total current liabilities	160.7	-21.1	139.6
TOTAL EQUITY AND LIABILITIES	581.8	-49.3	532.5

*Equity attributable to the owners of the Company is estimated to increase by approximately MEUR 23.

5. INTANGIBLE AND TANGIBLE ASSETS

GOODWILL

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Book value at the beginning of the period	193.4	181.3	181.3
Business acquisitions	0.5	0.5	12.9
Deductions	0.0	0.0	-0.1
Translation differences	0.4	-1.3	-0.7
Book value at the end of the review period	194.3	180.5	193.4

INTANGIBLE ASSETS

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Book value at the beginning of the period	48.2	46.3	46.3
Business acquisitions	0.1	0.0	5.8
Increase	0.8	0.0	0.1
Depreciation, amortisation and impairment losses	-1.1	-1.0	-4.0
Translation differences	0.0	-0.3	0.1
Transfers between account types	-0.3	0.0	0.0
Book value at the end of the review period	47.7	45.0	48.2

PROPERTY, PLANT AND EQUIPMENT

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Book value at the beginning of the period	61.9	62.0	62.0
Business acquisitions	0.1	0.0	1.3
Increase	4.2	2.5	13.2
Depreciation, amortisation and impairment losses	-3.4	-3.1	-13.4
Deductions	-0.3	-0.4	-0.5
Translation differences	0.2	-0.7	-0.6
Transfers between account types	0.3	0.0	0.0
Book value at the end of the review period	63.2	60.3	61.9

6. LEASE AGREEMENTS

The Group applies a practical relief to equipment leases, in accordance with which the Group combines leases with similar characteristics in the portfolio. The Group regularly assesses the size and composition of the portfolio of equipment leases. The incremental borrowing rate applied to new leases is 5.0%.

RIGHT-OF-USE ASSETS

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Book value at the beginning of the period	201.8	202.6	202.6
Business acquisitions	1.2	0.2	5.7
Increase	2.3	1.8	5.1
Reassessments and modifications	7.1	6.3	33.1
Depreciation, amortisation and impairment losses	-10.7	-10.5	-42.4
Deductions	-0.2	-0.2	-0.6
Translation differences	0.8	-1.9	-1.7
Book value at the end of the review period	202.2	198.2	201.8

CHANGE IN LEASE LIABILITY

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Book value at the beginning of the period	215.2	213.7	213.7
Net increases	10.4	8.0	43.3
Rent payments	-12.8	-12.2	-49.9
Interest expenses	2.6	2.5	10.0
Translation differences	0.9	-2.1	-2.0
Book value at the end of the review period	216.3	210.0	215.2

LEASE LIABILITY

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Non-current	176.8	170.8	175.3
Current	39.5	39.1	39.9
Total	216.3	210.0	215.2

LEASES IN THE INCOME STATEMENT

MEUR	Q1 2025	Q1 2024	2024
Expenses related to short-term leases, leases for underlying assets of low value and variable leases	-3.1	-3.1	-15.4
Depreciation of right-of-use assets	-10.7	-10.5	-42.4
Interest expenses on lease liabilities	-2.6	-2.5	-10.0
Total	-16.4	-16.1	-67.8

7. FINANCIAL LIABILITIES

The implementation of NoHo Partners' strategy and the financing of its business growth are partly dependent on outside financing. The company continuously strives to assess and monitor the amount of financing required for business in order to have sufficient liquidity to finance operations and repay maturing loans. Changes in the macroeconomic environment or the general financing market situation may negatively affect the company's liquidity as well as the availability, price and other terms and conditions of financing. Changes in the availability of equity and credit capital financing and in the terms and conditions of available financing may affect the company's ability to invest in business development and growth in the future.

NoHo Partners entered into a new long-term financing agreement in the fourth quarter of 2024, aimed at supporting the company's growth targets for the 2025-2027 strategy period. With the new financing agreement, the company raised a total financing amount of MEUR 102.

The Better Burger Society subgroup has its own financing package that is separate from NoHo Partners' financing.

The covenant review is carried out in both the parent company and the BBS subgroup on a quarterly basis, and both fulfilled the covenants imposed.

MATURITY DISTRIBUTION OF FINANCIAL LIABILITIES

MEUR	Balance sheet value	<1 year	1-2 years	2-5 years	>5 years
Financial loans	108.6	9.4	8.0	90.4	0.8
Financial loans of BBS group	21.2	2.9	2.9	8.7	6.8
Account limits in use *	12.8
Total	142.6	12.2	10.8	99.1	7.7

The table indicating the maturity dates of financial liabilities includes all interest-bearing financial liabilities as well as other liabilities classified as financial liabilities.

* The account limits in use are in effect indefinitely and no due date has been specified for them. The account limits are classified as current liabilities.

MATURITY DISTRIBUTION OF INTEREST ON FINANCIAL LIABILITIES

MEUR	<1 year	1-2 years	2-5 years	>5 years
Interest on financial liabilities	6.3	5.8	13.5	0.7
Interest on financial liabilities, BBS group	0.8	0.7	1.2	0.1

Calculations are based on the Euribor rates as of 31 March 2025.

MATURITY DISTRIBUTION OF TRADE PAYABLES AND LIABILITIES FOR RIGHT-OF-USE ASSETS

MEUR	Discounted balance sheet value	Undiscounted value	<1 year	1-2 years	2-5 years	>5 years
Non-interest-bearing transaction price liabilities	9.0	9.1	6.3	2.5	0.3
Trade payables	39.9	39.9	39.9
Liabilities for right-of-use assets	216.3	259.5	48.9	42.9	90.2	77.5
Total	265.2	308.4	95.0	45.4	90.5	77.5

The Group does not have material extended debt repayment periods in effect.

On 31 March 2025, the Group's cash and cash equivalents totalled MEUR 13.2 and the unwithdrawn loan and account limits available to the Group amounted to MEUR 8.6.

8. FINANCIAL ASSETS AND LIABILITIES BY CATEGORY AND FAIR VALUE HIERARCHY

31.3.2025		Fair		Fair value
MEUR	Level	value through profit or loss	Amortised acquisition cost	through other comprehen sive income	Fair value
Non-current financial assets
Other investments	2	0.4			0.4
Loan receivables	2		0.7		0.7
Other receivables	2		1.8		1.8
Non-current financial assets total		0.4	2.5		2.8
Current financial assets
Loan receivables	2		0.6		0.6
Trade and other receivables	2		29.1		29.1
Cash and cash equivalents	2		13.2		13.2
Current financial assets total			42.9		42.9
Carrying amount total		0.4	45.3		45.7
Non-current financial liabilities Financial liabilities	2		117.6		117.6
Liabilities for right-of-use assets			176.8		176.8
Liabilities for business acquisitions	3		2.7		2.7
Other liabilities	2		7.0		7.0
Non-current financial liabilities total			304.0		304.0
Current financial liabilities
Financial liabilities	2		25.0		25.0
Liabilities for right-of-use assets			39.5		39.5
Liabilities for business acquisitions	3		6.4		6.4
Trade payables	2		39.9		39.9
Current financial liabilities total			110.8	0.0	110.8
Carrying amount total			414.8	0.0	414.8

31.3.2024		Fair		Fair value
MEUR	Level	value through profit or loss	Amortised acquisition cost	through other comprehen sive income	Fair value
Non-current financial assets
Other investments	2	0.3			0.3
Loan receivables	2		2.6		2.6
Other receivables	2		2.0		2.0
Non-current financial assets total		0.3	4.6		4.9
Current financial assets
Loan receivables	2		0.9		0.9
Trade and other receivables	2		38.8		38.8
Cash and cash equivalents	2		10.0		10.0
Current financial assets total			49.7		49.7
Carrying amount total		0.3	54.3		54.6
Non-current financial liabilities
Financial liabilities	2		97.5		97.5
Liabilities for right-of-use assets			170.8		170.8
Liabilities for business acquisitions	3		2.1		2.1
Other liabilities	2		8.4		8.4
Non-current financial liabilities total			278.8		278.8
Current financial liabilities
Financial liabilities	2		42.9		42.9
Liabilities for right-of-use assets			39.1		39.1
Liabilities for business acquisitions	3		1.8		1.8
Derivative financial instruments	2			0.1	0.1
Trade payables	2		34.3		34.3
Current financial liabilities total			118.2	0.1	118.3
Carrying amount total			397.0	0.1	397.1

Hierarchy levels

Level 1	The fair values are based on the quoted prices of similar asset items or liabilities on the market.
Level 2	The fair values for the instruments are based on significantly different input information than the quoted prices at level 1, but they are, nevertheless, based on information (i.e. prices) or indirect information (i.e. derived from prices). In determining the fair value of these instruments, the Group uses generally accepted measurement models whose input information is largely based on verifiable market data.
Level 3	The fair values of the instruments are based on input data concerning the asset item or liability that is not based on verifiable market data; instead, they are largely based on the management's estimates and their use in generally accepted measurement models.

9. RELATED PARTY TRANSACTIONS

The Group's related parties are the parent company, subsidiaries, associated company and the key management personnel. Key management personnel include the members of the Board of Directors, the Group's Executive Team, the Chief Executive Officer and his/her deputy, as well as their close family members. Furthermore, related entities include any owners who can exercise control or significant influence in NoHo Partners, the companies where the said owners have a controlling interest, and companies where a person exercising control over NoHo Partners exercises significant influence or works in the management of the company or its parent company.

TRANSACTIONS WITH RELATED ENTITIES

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Lease costs	0.0	0.1	0.2
Purchases	0.5	0.1	0.7
Receivables	0.5	0.0	0.4
Liabilities	0.4	0.0	0.3

Transactions with related entities have been completed applying the same terms as transactions with independent parties.

SHARE-BASED INCENTIVE SCHEME FOR KEY PERSONNEL

The board of NoHo Partners Plc decided on 28 March 2025, to carry out a directed free share issue to the company's CEO and Deputy CEO to pay the reward earned from the share-based incentive plan for the fourth earning period ending on 31 December 2024. The decision on the share issue has been made based on the authorization granted by the Annual General Meeting on 10 April 2024. Information about the long-term share-based incentive plan aimed at key personnel has been communicated in a stock exchange release published on 30 November 2018, as well as on the company's website. It was decided to issue a total of 34,690 new shares of the company free of charge in connection with the share-based incentive plan. With the issuance of the new shares, the total number of NoHo Partners Plc shares will increase to 21,044,405 shares. The new shares were registered after the end of the reporting period on 1 April 2025.

Share-based incentive plan starting from 1 January 2025

NoHo Partners Plc announced on 12 February 2025, that the company's board has decided on a new share-based incentive plan aimed at the company's key personnel, which includes three earning periods from 1 January 2025 to 31 December 2028. The length of the first earning period is 24 months, from 1 January 2025 to 31 December 2026. A total of up to 275,000 NoHo Partners Plc reward shares can be paid as a reward for the first earning period. The earning criteria for the first earning period are based on the profitability of the company's business. The share-based incentive plan includes 10 participants during the first earning period.

The cost of the share-based incentive plan will be recorded as a personnel expense and as retained earnings in equity during the effective period. Based on management's assessment, a cumulative total of MEUR 0.0 has been recorded as an expense for the first earning period of the incentive plan by 31 March 2025.

INTERIM REPORT Q1 2025 | 6 MAY 2025

10. CONTINGENT ASSETS AND LIABILITIES AND COMMITMENTS

11. KEY FIGURES

GUARANTEES AND CONTINGENT LIABILITIES

MEUR	31 Mar 2025	31 Mar 2024	31 Dec 2024
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current	113.8	93.0	114.8
Loans from financial institutions, current	22.3	31.2	21.6
Total	136.1	124.2	136.4
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage Real estate mortgage	181.5 4.0	60.9 4.0	181.5 4.0
Subsidiary shares	141.6	126.9	143.1
Bank guarantees	9.3	9.4	9.3
Other guarantees	1.3	1.4	1.3
Total	337.7	202.6	339.2
Contingent transactions prices	8.9	4.2	10.7

MEUR	Q1 2025	Q1	2024 2024
Earnings per share, EUR	0.04	-0.03	0.54
EBIT, %	7.4	7.3	9.7
Gross profit, %	74.2	74.3	74.8
Personnel expenses, %	33.3	33.0	32.3
Average personnel
Registered personnel
Full-time personnel	1,317	1,356	1,373
Part-time personnel converted into full-time personnel	606	640	687
Rented workforce, converted to full-time equivalents	345	314	403
Return on equity, % (p.a.)	7.3	-0.3	14.2
Return on investment % (p.a.)	6.5	6.3	9.2
Equity ratio, %	18.1	18.9	17.7
Adjusted equity ratio, %	28.9	30.3	28.2
Gearing ratio, %	329.4	318.8	331.1
Interest-bearing net liabilities	344.4	336.9	340.5
Adjusted net finance costs	5.0	5.2	22.1
Key figures excluding the IFRS 16 effect
Gearing ratio, %	110.5	110.1	110.1
Interest-bearing net liabilities	128.1	126.9	125.3
Operational EBITDA, bridge calculation
EBIT	7.3	6.9	41.5
Depreciation, amortisation and impairment losses	15.2	14.6	59.9
Translating IFRS 16 lease expenses to be cash flow based	-12.8	-12.3	-50.1
Operational EBITDA	9.7	9.1	51.3

The calculation formulas for key figures are presented on page 32.

CALCULATION FORMULAS OF KEY FIGURES

Key figures required by the IFRS standards

Earnings per share

Parent company owners' share of result of the financial period Average number of shares

Earnings per share (diluted)

Parent company owners' share of result of the financial period

Diluted average number of shares

Alternative performance measures

NoHo Partners presents certain comparable financial key figures (alternative performance measures) that are not included in the IFRS standards. The alternative performance measures presented by NoHo Partners should not be reviewed separately from the corresponding IFRS key figures and should be read together with the most closely corresponding IFRS key figures.

Return on equity, %

Result of the financial period (result attributable to the owners of the * parent + result attributable to NCIs)		100
Equity on average (attributable to owners of the company and NCIs)
Equity ratio, %
Equity (attributable to owners of the company and NCIs)	*	100
Total assets – advances received
Adjusted equity ratio, %
Equity (attributable to owners of the company and NCIs)	*	100
Total assets – advances received – liabilities according to IFRS 16
Return on investment, %
Result of the financial period before taxes + finance costs	*	100
Equity (attributable to owners of the company and NCIs) + interest-bearing financial liabilities on average
Interest-bearing net liabilities
Interest-bearing liabilities – non-current interest-bearing receivables – cash and cash equivalents
Interest-bearing net liabilities excluding IFRS 16 impact
Interest-bearing liabilities without IFRS 16 liabilities – non-current interest-bearing receivables – cash and cash equivalents

Gearing ratio, %
Interest-bearing net liabilities	*
Equity (attributable to owners of the company and NCIs)
Gearing ratio, % excluding IFRS 16 impact
Interest-bearing net liabilities excluding IFRS 16 impact Equity (attributable to owners of the company and NCIs) – depreciations, amortisations, lease costs and finance costs recorded in the income statement with regard to IFRS 16 impact	*
Personnel expenses, % (without Triple Trading**)
Employee benefits + leased labour	*
Turnover
Gross profit, % (without Triple Trading*)
Turnover – raw materials and consumables	*
Turnover
Adjusted net finance costs
Financial income – finance costs (adjusted by acquisition-related entries in accordance with the IFRS standards, the exchange rate differences of financial items and entries related to Eezy Plc shares)
Equity excluding IFRS 16 impact
Equity adjusted by cumulative IFRS 16 bookings related to the income statement
Operational EBITDA
EBIT + depreciation and impairment – share of associated company's result – adjustment of IFRS 16 lease expenses to cash flow based
Ratio of net debt to operational EBITDA
Interest-bearing net liabilities adjusted for IFRS 16 lease liability
Operational EBITDA (last 12 months)

*From 1 Januray 2025 term change to Gross Profit (previously Material margin)

**As Triple Trading's operations deviate from the nature of normal restaurant operations, the company's impact is not considered in the calculation of material margin and personnel expenses.

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. 2,800 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.

WWW.NOHO.FI/EN

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