NoHo Partners Oyj

Earnings Release • May 6, 2025

NoHo Partners Plc's Interim Report 1 January-31 March 2025: Strong performance during the industry's traditionally weakest quarter

NoHo Partners Plc's Interim Report 1 January-31 March 2025: Strong performance during the industry's traditionally weakest quarter

NoHo Partners Plc, Stock Exchange Release, 6 May 2025 at 8:00 EET

NoHo Partners Plc's Interim Report 1 January-31 March 2025: Strong performance
during the industry's traditionally weakest quarter

This release is a summary of NoHo Partner's Interim Report for 1 January-31
March 2025. The complete report is attached to this release and is also
available at www.noho.fi/en

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).

KEY FIGURES

MEUR Q1 Q1 2024 Change, % 2024
2025
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 0.04 -0.03 247.8 0.54
attributable to the owners of the company,
EUR
Interest-bearing net liabilities excluding 128.1 126.9 125.3
IFRS 16 impact
Gearing ratio excluding IFRS 16 impact, % 110.5 110.1 110.1
Ratio of net debt to operational EBITDA 2.5 2.8 2.4
excluding IFRS 16 impact
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

FUTURE OUTLOOK

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.

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 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, 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.

TURNOVER AND INCOME

TURNOVER AND INCOMEIn 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.

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.

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.

BRIEFING FOR ANALYSTS, INVESTORS AND MEDIA

The company will present the results for the reporting period to analysts,
investors and media over a webcast today at 10:00 EET. In the webcast 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.

The live webcast can be followed https://noho.events.inderes.com/q1-2025.

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 athttps://events.inderes.com/noho/q1-2025/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 40721 9376
Sanna Sandvall, Head of IR & Communications, tel. +358 40760 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 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.More information is available at
noho.fi/en (https://www.noho.fi/en/).

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