NoHo Partners Oyj

Quarterly Report • May 9, 2023

Interim Report

Strong start to the year – the record streak continues

JANUARY–MARCH 2023 IN BRIEF

• Turnover increased by 56.5% and was MEUR 75.9 (48.5).
• EBIT increased by 554.6% and was MEUR 5.9 (-1.3).
• EBIT margin was 7.8% (-2.7%)
• The result for the period increased by 168.7% and was MEUR 2.4 (-3.6). The result adjusted by the change in Eezy Plc share price was MEUR 1.8.
• Earnings per share increased by 150.8% and were EUR 0.09 (-0.18). Earnings per share adjusted by entries related to Eezy Plc shares was EUR 0.06.
• Operational EBITDA increased by 654.7% to MEUR 8.1 (1.1).

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

KEY FIGURES

MEUR	Q1 2023	Q1 2022	Change, %	Q1–Q4 2022
Turnover	75.9	48.5	56.5	312.8
Operational EBITDA	8.1	1.1	654.7	41.6
EBIT	5.9	-1.3	554.6	31.6
EBIT, %	7.8	-2.7		10.1
Result of the financial period	2.4	-3.6	168.7	4.9
Earnings per share for the review period attributable to the owners of the company, EUR	0.09	-0.18	150.8	0.07
Earnings per share adjusted by entries related to Eezy Plc shares, EUR	0.06	-0.20		0.56
Interest-bearing net liabilities excluding IFRS 16 impact	117.6	148.7	-20.9	121.0
Gearing ratio excluding IFRS 16 impact, %	131.4	208.0		135.1
Adjusted equity ratio, %	29.5	23.1		29.1
Material margin, %	75.1	74.1		75.3
Personnel expenses, %	33.2	37.8		33.2

The calculation formulas for key figures are presented on page 27 of the Interim Report.

PROFIT GUIDANCE AS OF 16 FEBRUARY 2023

NoHo Partners estimates that, during the financial year 2023, it will achieve total turnover of over MEUR 350 and EBIT margin of approximately 9% in the restaurant business.

FINANCIAL TARGETS FOR THE STRATEGY PERIOD 2022-2024

The company's long-term guidance is as follows:

The Group aims to achieve turnover of approximately MEUR 400 and an EBIT margin of approximately 10% during 2024. In the long-term, the company aims to keep the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, under 3 and distribute annually increasing dividend.

MARKET ENVIRONMENT

The business outlook for the tourism and restaurant sector has improved from recent years to a pre-pandemic level, but the outlook and consumer confidence continue to be weakened by the uncertain geopolitical climate, consumers' reduced purchasing power and the general rise in costs. The company 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. Customer demand is estimated to continue at a good level during 2023.

In a normal operating environment in the restaurant business, most of the profits are made during the second half of the year due to the seasonal nature of the business. The demand for restaurant services is usually less susceptible to cyclical fluctuations compared to other service and retail industries. The company's size and large portfolio protect it from the strongest fluctuations.

CEO REVIEW

The year started strong as an excellent EBIT margin of 7.8% was reached in the seasonally weakest quarter. This is the highest profitability level in the history of the company for this quarter. At the same time, it is the fourth consecutive quarter of improving profitability in both absolute and relative terms. The positive profitability development is due to three main factors, the most important one being the structural changes in our portfolio. The other two factors include the company's flexible business model, which enables adjusting to a rapidly changing market environment, and the significant scale benefits from central purchases.

"7.8% in EBIT margin is the highest profitability level in the history of the company in this quarter."

Supported by the good profitability development and strong cash flow, we have continued to pay off the debt, and the targeted level of net debt ratio to operational EBITDA was achieved, which is now under 2.5. With a solid cash flow and the excellent result from last year, we also return to paying dividends. Dividends shall be paid in two instalments this year. The target is to continue paying increasing dividends.

The profitable growth strategy, which is based on good return on equity and acquisitionspowered growth, has proven its effectiveness. The market environment is continuously evolving, and the impacts to decision-making are constantly evaluated and reviewed. The higher cost of money sets tougher requirements for the return on equity but, at the same time, the availability of acquisition targets has improved and valuations have

decreased to some extent. This enables moving into the next phase of fully implementing growth driven by acquisitions. The higher risk factor, which is always connected to strong growth, can be managed by specifically acquiring companies with strong cash flows in all markets and by being increasingly selective when creating new concepts.

Market demand has remained at a good level. At NoHo Partners, we believe that the cultural transformation in the restaurant market continues and compensates for the pressured purchasing power. The demand in the second quarter is essentially impacted by the weather in spring and early summer. For the remaining part of the year, the outlook is cautiously optimistic. The order book for corporate events looks good for the autumn and the restaurant operations at the Helsinki Expo and Convention Centre will give a significant growth boost in the second half of the year. The fundaments of the company's balance sheet and performance are solid and we are getting ready to define the targets for the next strategy cycle and continue evaluating growth opportunities in domestic and international markets.

Aku Vikström CEO

IMPLEMENTATION OF THE STRATEGY

The Group aims to achieve turnover of approximately MEUR 400 and an EBIT margin of approximately 10% during 2024. In the long-term, the company aims to keep the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, under 3 and distribute annually increasing dividend.

NoHo Partners' growth strategy focuses on the following three key areas:

• Profitable growth in the Norwegian restaurant market through acquisitions (50 million growth target)
• Scaling up the Friends & Brgrs chain in Finland (30 million growth target)
• Large and profitable urban projects (30 million growth target)

In Norway, after a strong growth period, the company has focused on optimising its restaurant portfolio by combing out non-profitable units and strengthening the organisation in preparation for the next growth phase. When it comes to growth in Norway, the focus is on

acquisitions and particularly on pubs and restaurants with proven concepts and stable cash flows.

The expansion of the Friends & Brgrs chain is progressing as planned. The concept has been finetuned to enable increasingly better scalability, the operational process taking place in the restaurants has been streamlined and the design of the restaurants has been unified. During the quarter, two new Friends & Brgrs restaurants were opened. One of the two openings was the chain's first ever drive-in restaurant, which is a strategic growth channel in the future.

The MEUR 30 million growth target set for the strategy cycle concerning large urban projects was achieved as the multiyear partnership agreement with the Helsinki Expo and Convention Centre was signed in January. The restaurant operations at the Helsinki Expo and Convention Centre are estimated to contribute approximately MEUR 15 in annual turnover. The company will take over responsibility for the restaurant operations at the Helsinki Expo and Convention Centre as of 1 July 2023.

TURNOVER AND INCOME

In January–March 2023, the Group's turnover increased by 56.5% to MEUR 75.9 (48.5). Compared to the corresponding period in 2019 prior to the Covid-19 pandemic, turnover increased by 42.5%. Operational EBITDA increased by 654.7% compared to the corresponding period in the previous year and was MEUR 8.1 (1.1). EBIT was MEUR 5.9 (-1.3) with an EBIT margin of 7.8 (-2.7). The result for the period was MEUR 2.4 (-3.6). The result adjusted by the MEUR 0.6 income resulting from the cancellation of fair value impairment, following the increase in market value of Eezy Plc shares, classified as assets held for sale, was MEUR 1.8.

The company was able to balance the effects of inflation on its business through centralised purchasing agreements and price increases, and the general rise in prices did not significantly affect the material margin. In spite of the labour shortages in the industry, the company also performed well in recruitment and resource allocation, and the growth in turnover as well as operational efficiency has kept personnel expenses 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 further divided into business areas for which turnover is reported. The Finnish operations include three business areas: restaurants, entertainment venues and fast food restaurants. The international business includes two business areas: Norway and Denmark.

FINNISH OPERATIONS

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Turnover	61.5	37.3	251.2
Operational EBITDA	6.5	-0.8	34.8
EBIT	5.1	-2.4	28.2
EBIT, %	8.3	-6.3	11.2
Material margin, %	74.7	73.5	75.3
Personnel expenses, %	33.1	36.3	32.8

In January–March 2023, the turnover of Finnish operations increased by 56.5% to MEUR 61.5 (37.3) compared to the previous year. Compared to the corresponding period in 2019 turnover increased by 26.4%. In Finland, Covid-19 pandemic-related restrictions were lifted in March 2022. Operational EBITDA was MEUR 6.5 (-0.8). EBIT was MEUR 5.1 (-2.4) with a 8.3% (-6.3) EBIT margin.

Changes in the restaurant portfolio in January–March 2023

• Friends & Brgrs, Kokkola and Raisio (new)
• Pub-restaurant Ruma, Tampere (concept change)
• Hanko Aasia Lauttasaari, Tripla, Kaari, Sello, Jumbo, Tampere city centre, Ratina, Raisio (concept change)
• American Diner Jyväskylä (closed)
• Hanko Sushi, Kuopio (closed)
• Sandro Ratina, Tampere (closed)

INTERNATIONAL BUSINESS

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Turnover	14.4	11.2	61.6
Operational EBITDA	1.6	1.9	6.8
EBIT	0.8	1.1	3.4
EBIT, %	5.6	9.4	5.5
Material margin, %	76.5	76.3	75.3
Personnel expenses, %	33.8	42.5	35.1

In January–March 2023, turnover in the international business increased by 64.9% from the previous year to MEUR 14.4 (11.2) and by 211.5% compared to the corresponding period in 2019. In Norway and Denmark, the restrictions related to the Covid-19 pandemic were lifted in February 2022. Operational EBITDA was MEUR 1.6 (1.9). EBIT was MEUR 0.8 EBIT (1.1) with a 5.6% (9.4) EBIT margin.

There were no changes in the restaurant portfolio in January–March 2023.

TURNOVER BY BUSINESS AREA

FINNISH OPERATIONS	Q1 2023	Q1 2022	Q1–Q4 2022
Restaurants
Turnover, MEUR	28.5	17.2	112.2
Share of total turnover, %	37.6	35.4	35.9
Change in turnover, %	66.0	-	54.4
Units at the end of period, number	90.0	94.0	93.0
Entertainment venues
Turnover, MEUR	21.0	11.4	97.2
Share of total turnover, %	27.7	23.6	31.1
Change in turnover, %	83.5	-	91.9
Units at the end of period, number	71.0	72.0	71.0
Fast food -restaurants
Turnover, MEUR	12.0	8.7	41.9
Share of total turnover, %	15.7	17.9	13.4
Change in turnover, %	38.0	-	20.6
Units at the end of period, number	53	46	52
Total, MEUR	61.5	37.3	251.2

INTERNATIONAL BUSINESS	Q1 2023	Q1 2022	Q1–Q4 2022
Norway
Turnover, MEUR	9.0	7.9	39.7
Share of total turnover, %	11.9	16.2	12.7
Change in turnover, %	14.3	-	136.1
Units at the end of period, number	21	20	21
Denmark
Turnover, MEUR	5.4	3.3	21.9
Share of total turnover, %	7.2	6.9	7.0
Change in turnover, %	62.8	-	95.3
Units at the end of period, number	19	18	19
Total, MEUR	14.4	11.2	61.6

CASH FLOW, INVESTMENTS AND FINANCING

The Group's operating net cash flow in January–March was MEUR 16.3 (8.7). Cash flow before change in working capital was MEUR 18.2 and changes in working capital MEUR 1.7.

The investment net cash flow in January–March was MEUR -2.1 (1.8) The investments in January–March in Finland included, for example, the opening of two new Friends & Brgrs restaurants and eight concept changes from Hanko Sushi restaurant to Hanko Aasia restaurant. The positive net cash from investing activities in Q1 2022 included MEUR 4.2 sale of Eezy Plc's shares, classified as assets held for sale.

Financial net cash flow amounted to MEUR -13.4 (-14.8), including MEUR 8.0 of IFRS 16 lease liability payments and MEUR 3.0 in amortisation of financial institution loans. Financial cash flow also includes a repayment of MEUR 2.0 related to the Group's commercial paper programme.

The Group's interest-bearing net liabilities excluding the impact of IFRS 16 liabilities decreased during January–March by MEUR 3.4 and amounted to MEUR 117.6 at the end of the review period. The Group's gearing ratio excluding the impact of IFRS 16 liabilities decreased from 135.1% at the beginning of the financial period to 131.4%.

Adjusted net finance costs in January–March were MEUR 3.5 (3.4), which included income of MEUR 0.6 due to increase of the market value of Eezy Plc shares classified as assets held for sale. IFRS 16 interest expenses in January–March were MEUR 1.9 (1.8).

SIGNIFICANT EVENTS DURING THE REPORTING PERIOD

NoHo Partners selected as the main supplier for restaurant services by Helsinki Expo and Convention Centre

On 18 January 2023, NoHo Partners announced that company NoHo Partners has been selected as the main supplier for restaurant services by Helsinki Expo and Convention Centre (brand name Messukeskus) as of 1 July 2023. Helsinki Expo and Convention Centre is the largest venue for exhibitions, meetings and congresses in Finland, hosting national and international events for about a million visitors annually. The annual revenue from the restaurant services at the convention centre is approximately EUR 15 million.

NoHo Partners becomes market leader in the Helsinki entertainment and nightclub market through a strategic acquisition

On 27 March 2023, NoHo Partners Plc announced that it had signed an agreement through which the Helsinki nightlife classics, Apollo Live Club, nightclub Maxine and Kaivohuone restaurant, transfer under the ownership of the Group's subsidiary Stadin Night Oy. The seller in the transaction is Night People Group, a Finnish restaurant Group. The businesses are recorded in Group figures as of 1 April 2023.

In January 2023, Group turnover in line with expectations at approximately MEUR 29.1

NoHo Partners' turnover in January 2023 was in line with expectations at previous year's level at approximately MEUR 29.1 (28.9).

NoHo Partners publishes in the interim reports the Group turnover for the first month of the commencing quarter. The target is to provide better service to investors through timely and transparent investor communications.

Decisions by NoHo Partners Plc's Annual General Meeting

The Annual General Meeting of NoHo Partners Plc was held on 19 April 2023. The AGM approved all of the proposals submitted to the AGM and approved the Remuneration Report. The AGM adopted the financial statements for 2022 and discharged the company's management from liability for the financial period 1 January 2022–31 December 2022. The decisions of the Annual General Meeting were disclosed with a stock exchange release and are available at the company's website at https://www.noho.fi/en/investors/.

NoHo Partners acquires the popular Sauna Restaurant Kuuma in Tampere, Finland

On 27 April 2023, NoHo Partners Plc announced that the company has acquired Sauna Restaurant Kuuma located in Tampere in central Finland. 100% of the shares of the company to be acquired, Lumo Laukontori Oy, transfer into NoHo Partners' ownership as of 1.6.2023.

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

On 3 May 2023, NoHo Partners Plc 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 third earning period of the long-term share-based incentive plan from 1 December 2021 to 31 March 2023. The share issue resolution is based on the authorization given by the Annual General Meeting on 19 April 2023. A total of 106 877 new shares were issued without payment in the share issue to eight key employees participating in the share-based incentive plan. As a result of the share issue the total number of shares in NoHo Partners Oyj will be 20,806,678. The new shares were registered with the Trade Register on 8 May 2023. The new shares were admitted to trading on the official list of Nasdaq Helsinki Ltd. on 9 May 2023.

PERSONNEL

During January–March 2023, NoHo Partners Group employed on average 1,158 (998) fulltime employees and 478 (549) part-time employees converted into full-time employees as well as 337 (227) rented employees converted into full-time employees.

Depending on the season, some 2,000 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 rising 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 rise in costs. 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 key ways for the Group 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.
	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.

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 the event that the Group's expected future cash flows decline permanently due to external or internal factors.

Tampere, 9 May 2023

NOHO PARTNERS PLC

Board of Directors

For more information, please contact:

Aku Vikström, CEO, contact through tel. +358 10 229 3068 Jarno Suominen, Deputy CEO, tel. +358 40 721 5655 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 2023	Q1 2022	Q1–Q4 2022
Turnover	75.9	48.5	312.8
Other operating income	1.7	3.7	13.4
Materials and services	-24.8	-16.3	-105.7
Employee benefits	-19.9	-15.1	-77.7
Other operating expenses	-14.9	-10.4	-63.4
Depreciation, amortisation and impairment losses	-12.2	-11.7	-47.8
EBIT	5.9	-1.3	31.6
Financial income	0.7	0.2	1.8
Interest expenses on financial liabilities	-1.6	-1.4	-5.0
Interest expenses for right-of-use assets	-1.9	-1.8	-7.4
Other finance costs	-0.2	0.0	-11.9
Net finance costs	-3.0	-3.0	-22.5
Result before taxes	2.9	-4.3	9.1
Tax based on the taxable income from the financial period	-1.6	-0.7	-3.1
Change in deferred taxes	1.1	1.4	-1.2
Income taxes	-0.5	0.7	-4.3
RESULT FOR THE FINANCIAL PERIOD	2.4	-3.6	4.9
Result of the financial period attributable to
Owners of the Company	1.9	-3.5	1.5
Non-contorolling interests	0.5	-0.1	3.4
Total	2.4	-3.6	4.9

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Earnings per share calculated from the result of the review period for owners of the Company
Basic earnings per share (EUR)	0.09	-0.18	0.07
Diluted earnings per share (EUR)	0.09	-0.18	0.07
Consolidated statement of comprehensive income Result of the financial period	2.4	-3.6	4.9
Other comprehensive income items (after tax)
Foreign currency translation differences, foreign operations	-0.9	0.1	-1.1
Other comprehensive income items that may be subsequently reclassified to profit or loss, total	-0.9	0.1	-1.1
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	1.5	-3.5	3.8
Distribution of the comprehensive income for the financial period
Owners of the Company	1.0	-3.4	0.4
Non-controlling interests	0.5	-0.1	3.4
Total	1.5	-3.5	3.8

Non-recurring items for the financial period 1 January – 31 March 2023

Due to the change in the fair value of Eezy Plc share MEUR 0.6 has been recognised as financial income during the reporting period. During the financial year 2022, MEUR 10.4 reduction of the fair value was recognised in finance cost. More information on the treatment of Eezy Plc shares in the income statement is presented in the notes on page 17.

Consolidated Balance Sheet

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
ASSETS
Non-current assets
Goodwill	139.9	137.8	141.0
Intangible assets	36.5	39.4	38.0
Property, plant and equipment	50.4	47.0	50.3
Right-of-use assets	158.6	162.9	159.4
Shares in associated companies and joint ventures	0.0	0.1	0.0
Other investments	0.3	0.3	0.3
Loan receivables	0.2	0.3	0.2
Other receivables	1.8	2.7	1.8
Deferred tax assets	13.8	15.9	13.0
Total non-current assets	401.5	406.3	403.9
Current assets
Inventories	6.1	5.3	5.6
Loan receivables	0.6	1.0	0.7
Trade and other receivables	16.9	13.9	21.8
Cash and cash equivalents	5.9	2.1	5.2
Total current assets	29.5	22.3	33.3
Total non-current assets held for sale	16.7	26.4	16.0
TOTAL ASSETS	447.7	455.0	453.2

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
EQUITY AND LIABILITIES
Equity
Share capital	0.2	0.2	0.2
Invested unrestricted equity fund	70.2	58.7	70.2
Retained earnings	4.3	2.1	4.4
Total equity attributable to owners of the Company	74.6	61.0	74.8
Non-controlling interests	7.1	4.6	7.2
Total equity	81.7	65.6	82.0
Non-current liabilities
Deferred tax liabilities	9.0	9.5	9.2
Financial liabilities	95.1	100.8	98.0
Liabilities for right-of-use assets	135.8	140.4	137.9
Other payables	5.2	2.9	6.1
Total non-current liabilities	245.1	253.6	251.1
Current liabilities
Financial liabilities	29.2	51.3	29.1
Provisions	0.1	0.0	0.1
Liabilities for right-of-use assets	32.4	29.9	30.8
Income tax liability	3.0	2.4	2.3
Trade and other payables	56.1	52.2	57.8
Total current liabilities	120.8	135.8	120.1
Total liabilities	365.9	389.4	371.2
TOTAL EQUITY AND LIABILITIES	447.7	455.0	453.2

Consolidated Statement of Changes in Equity 2023

	Equity attributable to owners of the Company
MEUR	Share capital	Invested unrestricted equity fund	Translation difference	Retained earnings	TOTAL	Non-controlling interests	TOTAL EQUITY
Equity at 1 January	0.2	70.2	-1.2	5.6	74.8	7.2	82.0
Total comprehensive income for the period
Result of the financial period				1.9	1.9	0.5	2.4
Other comprehensive income items (after tax)
Foreign currency translation differences, foreign operations			-0.8		-0.8	-0.1	-0.9
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	0.0	0.0	-0.8	1.9	1.1	0.4	1.5
Transactions with shareholder
Contributions and distributions
Share-based payments				0.3	0.3		0.3
TOTAL	0.0	0.0	0.0	0.3	0.3	0.0	0.3
Changes in ownership interests
No change in control				-1.5	-1.5	-0.6	-2.1
Change in control					0.0		0.0
TOTAL	0.0	0.0	0.0	-1.5	-1.5	-0.6	-2.1
Total transactions with owners of the Company	0.0	0.0	0.0	-1.2	-1.2	-0.6	-1.8
Equity at 31 March	0.2	70.2	-2.0	6.3	74.6	7.1	81.7

Consolidated Statement of Changes in Equity 2022

MEUR	Equity attributable to owners of the Company
	Share capital	Invested unrestricted equity fund	Translation difference	Retained earnings	TOTAL	Non-controlling interests	TOTAL EQUITY
Equity at 1 January	0.2	58.4	-0.1	5.9	64.4	5.0	69.4
Total comprehensive income for the period
Result of the financial period				-3.5	-3.5	-0.1	-3.6
Other comprehensive income items (after tax)
Foreign currency translation differences, foreign operations			0.1		0.1	0.0	0.1
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	0.0	0.0	0.1	-3.5	-3.4	-0.1	-3.5
Transactions with shareholder
Contributions and distributions
Issue of ordinary shares					0.3		0.3
Convertible bond conversion					0.0		0.0
TOTAL	0.0	0.3	0.0	0.0	0.3	0.0	0.3
Changes in ownership interests
No change in control				-0.3	-0.3	-0.4	-0.7
TOTAL	0.0	0.0	0.0	-0.3	-0.3	-0.4	-0.7
Total transactions with owners of the Company	0.0	0.3	0.0	-0.3	0.0	-0.4	-0.4
Equity at 31 March	0.2	58.7	0.0	2.1	61.0	4.6	65.6

Consolidated statement of cash flows

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Cash flows from operating activities
Result of the financial period	2.4	-3.6	4.9
Adjustments to the result of the reporting period
Non-cash transactions	0.2	-1.9	0.9
Depreciation, amortisation and impairment losses	12.2	11.7	47.8
Net finance costs	3.0	3.0	22.5
Income taxes	0.5	-0.7	4.3
Cash flow before change in working capital	18.2	8.5	80.3
Changes in working capital
Trade and other receivables	3.9	2.5	-4.8
Inventories	-0.5	-0.2	-0.5
Trade and other payables	-1.6	1.6	9.6
Changes in working capital	1.7	3.9	4.3
Dividend income	0.0	0.0	0.8
Interest paid and other finance costs	-3.3	-3.4	-12.9
Interest received and other finance income	0.0	0.0	0.2
Income taxes paid	-0.5	-0.3	-2.1
Net cash from operating activities	16.3	8.7	70.5
Cash flows from investing activities
Acquisition of tangible and intangible
assets	-3.0	-1.5	-14.7
Change in other non-current receivables	0.0	-0.3	-0.3
Acquisition of subsidiaries with time-of- acquisition liquid assets deducted	0.0	-0.1	-2.4
Business acquisitions	0.0	-0.6	-3.6
Business divestment	0.8	0.1	0.4
Sales of shares of associated companies	0.0	4.2	4.2
Net cash from investing activities	-2.1	1.8	-16.4

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Cash flows from financing activities
Payment of non-current loans and borrowings	-3.0	-6.0	-26.0
Proceeds from/ repayments of current loans and borrowings	0.6	-1.6	3.4
Current commercial papers repaid	-2.0	0.0	0.0
Acquisition of non-controlling interests	-0.9	-0.1	-1.9
Payment of liabilities for right-of-use assets	-8.0	-7.1	-30.0
Dividend distribution	0.0	0.0	-0.8
Cash flows from financing activities	-13.4	-14.8	-55.4
Change in cash and cash equivalents	0.7	-4.3	-1.2
Cash and cash equivalents at the beginning of the financial period	5.2	6.4	6.4
Cash and cash equivalents at the end of the reporting period	5.9	2.1	5.2
Change in cash and cash equivalents	0.7	-4.3	-1.2

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 2022 IFRS consolidated financial statements. The interim report has been prepared by observing the same accounting principles as with the 2022 IFRS consolidated financial statements, with the exception of the new amendments to the IFRS standards effective as of 1 January 2023. The changes are described in the 2022 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.

Valuation and classification of the associated company Eezy Plc

On 11 June 2021, the Group published its updated strategy and financial targets for the strategy period 2022–2024. In connection with this, the Group decided to classify its shareholding in Eezy Plc as an asset held for sale. The Group plans to gradually reduce its shareholdings in Eezy to finance future growth projects and, if necessary, strengthen its balance sheet position.

Non-current assets are classified as held for sale if the amount equivalent to their carrying amount will primarily accumulate from the sale of the assets rather than their continued use. The prerequisites for classification as held for sale are considered to be met when the sale is highly probable and the asset item can be immediately sold in its present condition using common terms, and when the management is committed to the sale and the sale is expected to take place within one year from the classification.

Immediately before the classification, the asset items classified as held for sale are measured according to the applicable IFRS standards. Starting from the moment of classification, the asset items held for sale are measured at carrying amount or fair value less the costs of selling, whichever is lower. Depreciation on these asset items is discontinued and the share of the associated company's result is no longer recognised after the classification. Assets held for sale are presented separately from other assets on the balance sheet.

After the classification, the company's shareholding in Eezy Plc has decreased from 25.3% to 20.5% and the company's representation on the Board of Directors of Eezy Plc decreased from two members to one member in the second quarter of 2022. Taking into account the classification of the shareholding as an asset held for sale, the decrease in the shareholding and the change in the number of the company's representatives on the Board of Directors of Eezy Plc, the company has changed the treatment of Eezy Plc from a business-related asset to an investment asset effective from 12 April 2022. As a result of the change in classification, items related to Eezy Plc will be recognised in financial items, below EBIT, going forward.

On 31 March 2023, NoHo Partners owned 5,139,745 shares in Eezy Plc, corresponding to a holding of approximately 20.5%. The book value of the shares on NoHo Partners Plc's balance sheet is MEUR 16.7, corresponding to EUR 3.24 per share at the end of the review period. Due to the change in the fair value of the share MEUR 0.6 has been recognised as financial income during the reporting period. During the financial year 2022, MEUR 10.4 reduction of the fair value was recognised in finance cost: thus, the cumulative reduction in the fair value since the classification related to the number of shares at the end of the reporting period amounts to MEUR 9.7. If the fair value of Eezy Plc returns to its original book value, the recognised impairment will be reversed up the original value (EUR 5.14/share).

2. TURNOVER

DISTRIBUTION OF TURNOVER BETWEEN GOODS AND SERVICES

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Sales of goods	68.7	44.3	283.7
Sales of services	7.2	4.2	29.1
Total	75.9	48.5	312.8

DISTRIBUTION OF TURNOVER BY BUSINESS AREA

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Restaurants	28.5	17.2	112.2
Entertainment venues	21.0	11.4	97.2
Fast food restaurants	12.0	8.7	41.9
Restaurants in Norway	9.0	7.9	39.7
Restaurants in Denmark	5.4	3.3	21.9
Total	75.9	48.5	312.8

The sale of goods primarily comprises food and beverage sales by restaurant operations to private and corporate customers. The services include restaurants' service sales and marketing support payments received. The Group has sales in Finland, Denmark and Norway.

Asset and debt items based on contracts with customers

Of asset items based on contracts, a total of MEUR 0.1 (0.0) was recognised as credit losses and reduction of IFRS 9 credit loss provisions during the period 1 January–31 March 2023.

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 2023, the value of gift cards sold was EUR 3.0 million, and they are expected to be recognised as revenue during the next 12 months.

3. SEGMENT INFORMATION

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Turnover
Finland	61.5	37.3	251.2
International	14.4	11.2	61.6
Group	75.9	48.5	312.8
Other operating income
Finland	1.5	1.5	10.1
International	0.2	2.2	3.3
Group	1.7	3.7	13.4
Depreciation, amortisation and impairment losses
Finland	-9.6	-9.0	-36.5
International	-2.6	-2.7	-11.3
Group	-12.2	-11.7	-47.8
EBIT
Finland	5.1	-2.4	28.2
International	0.8	1.1	3.4
Group	5.9	-1.3	31.6
Operational EBITDA
Finland	6.5	-0.8	34.8
International	1.6	1.9	6.8
Group	8.1	1.1	41.6
Assets
Finland	397.8	395.6	396.9
International	99.7	107.9	105.9
Eliminations	-49.8	-48.5	-49.5
Group	447.7	455.0	453.2
Liabilities
Finland	299.0	318.3	301.0
International	116.8	119.6	119.7
Eliminations	-49.8	-48.5	-49.5
Group	366.0	389.4	371.2

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 company's position in the Finnish market has stabilised, and in addition to managing daily operational activities, it focuses on seeking growth in accordance with its strategy, both from the scaling up of the Friends & Brgrs chain to the national level as well as from large and profitable urban projects. With regard to international business operations, the company focuses on maintaining profitability level in Denmark and profitable international growth through acquisitions in Norway and Denmark.

The Group's supreme operational decision-maker, NoHo Partners' Executive Team, 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. GOVERNMENT GRANTS

The Group received government grants in all its operating countries during the financial year 2022. The comparative data is presented in the Note 2.3. of the Consolidated Financial Statements of NoHo Partners.

SPECIFICATION OF GOVERNMENT GRANTS

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Finland
Business cost support/ compensation for fixed expenses	0.0	0.0	4.3
Norway
Compensation for fixed expenses	0.0	1.0	1.3
Compensation related to wage expenses	0.0	0.3	0.4
Denmark
Compensation for fixed expenses	0.0	0.5	0.6
Compensation related to wage expenses	0.0	0.2	0.2
Total	0.0	2.1	6.9

Government grants are recognised when it is reasonably certain that the related conditions are met and the grants will be received. The management estimates that the aforementioned conditions are satisfied for the grants recognised during the financial period. The Group has not received direct benefits from government support of any other type.

Government grants related to expenses are entered on the balance sheet as deferred income and recognised through profit or loss under other operating income for the periods corresponding to the expenses that they cover.

5. CHANGES IN GROUP STRUCTURE

The Group didn´t have any acquisitions or disposals during the reporting period.

Determination of contingent transaction prices

The amount of the transaction price for Sea Horse and Fat Lizard, acquired in 2022, that was paid at the time of acquisition was in total MEUR 4.0, of which the share of the share issue to the sellers of Sea Horse was MEUR 1.3. The contingent transaction prices related to the transactions are in total MEUR 1.9, of which MEUR 0.3 relates to the Sea Horse acquisition and MEUR 1.6 to the Fat Lizard acquisition. The remaining contingent transaction prices are based on the achievement of the financial targets in 2023.

The amount of the transaction price for Dubliners, DOD, MEO, Rådhuskroken, SFB and Complete Security, acquired in 2019, that was paid at the time of acquisition was MEUR 7.2. The acquisition related put and call options for redeeming shares in non-controlling interests' possession were extended to year 2026. The company has estimated that the probability of exercising the options is high. The shareholding of non-controlling interests, MEUR 1.2, is presented as a contingent additional transaction price under liabilities. According to the contracts, the fair value of the companies will be determined in 2026.

EVENTS AFTER THE REPORTING PERIOD

THE VALUE OF THE BUSINESSES ACQUIRED AT THE MOMENT OF TRANSFER OF CONTROL

On 27 March 2023, NoHo Partners Plc announced that it had signed an agreement through which the Helsinki nightlife classics, Apollo Live Club, nightclub Maxine and Kaivohuone restaurant, transfer under the ownership of the Group's subsidiary Stadin Night Oy, of which the Group owns 60%. The businesses of the acquired operations are consolidated to Group figures as of 1 April 2023.

The overall turnover of the acquired businesses from the previous twelve months' period was approximately MEUR 9 and EBITDA adjusted by grants and rent concessions was approximately MEUR 1.3. The total purchase consideration was EUR 0. In connection to the transaction, NoHo Partners Plc took over MEUR 10.2 worth of liabilities, of which MEUR 1.7 consisted of interest-bearing bank loan and the rest of supplier liabilities with negotiated long, non-interest-bearing payment terms.

Preliminary acquisition cost calculation is presented below:

MEUR	Total
Assets
Intangible assets	1.5
Property, plant and equipment	0.4
Current receivables	0.4
Inventories	0.1
Assets in total	2.5
Liabilities
Deferred tax liabilities	0.4
Trade payables	8.1
Interest-bearing liabilities	1.7
Other payables	0.1
Liabilities in total	10.2
Net assets	-7.8
Total purchase consideration at time of acquisition
Total purchase consideration	0.0
Generation of goodwill through acquisitions
Total purchase consideration	0.0
Net identifiable assets of the acquired entity	-7.8
Goodwill	7.8

The 40% non-controlling interest related to the acquisition of the night clubs in Helsinki (Apollo Live Club, Maxine and Kaivohuone) does no impact the net assets at the time of the acquisition.

The acquisition does not involve material costs of external expert services.

The cost calculation of the acquisition of Sauna Restaurant Kuuma (100% acquired Lumo Laukontori Plc), announced on 27 April 2023, has not yet been started. Sauna Restaurant Kuuma will be consolidated to Group figures as of 1 June 2023.

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

MEUR	Total
Finnish operations	12.4

6. INTANGIBLE AND TANGIBLE ASSETS

GOODWILL

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Book value at the beginning of the period	141.0	137.1	137.1
Business acquisitions	0.0	0.4	5.5
Deductions	0.0	-0.1	-0.9
Translation differences	-1.1	0.4	-0.7
Book value at the end of the review period	139.9	137.8	141.0

INTANGIBLE ASSETS

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Book value at the beginning of the period	38.0	40.4	40.4
Business acquisitions	0.0	0.1	2.5
Increase	0.0	0.0	0.1
Depreciation, amortisation and impairment losses	-1.2	-1.2	-4.9
Translation differences	-0.2	0.1	-0.2
Book value at the end of the review period	36.6	39.4	38.0

PROPERTY, PLANT AND EQUIPMENT

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Book value at the beginning of the period	50.3	47.2	47.2
Business acquisitions	0.0	0.1	1.3
Increase	3.1	1.8	13.8
Depreciation, amortisation and impairment losses	-2.4	-2.3	-9.8
Deductions	0.0	-0.1	-1.6
Translation differences	-0.5	0.3	-0.3
Transfers between account types	0.0	0.0	-0.2
Book value at the end of the review period	50.4	47.0	50.3

7. 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 2023	31 Mar 2022	31 Dec 2022
Book value at the beginning of the period	159.4	162.2	162.2
Business acquisitions	0.0	0.0	4.5
Increase	0.2	4.6	10.7
Reassessments and modifications	9.5	4.4	21.7
Depreciation, amortisation and impairment losses	-8.5	-8.2	-33.1
Deductions	0.0	-1.0	-5.2
Translation differences	-2.0	0.9	-1.5
Book value at the end of the review period	158.6	162.9	159.4

CHANGE IN LEASE LIABILITY

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Book value at the beginning of the period	168.7	169.0	169.0
Net increases	9.7	8.0	31.7
Rent payments	-9.9	-8.8	-37.4
Rent concessions, Covid-19	0.0	-0.5	-0.5
Interest expenses	1.9	1.8	7.4
Translation differences	-2.2	0.8	-1.6
Book value at the end of the review period	168.2	170.3	168.7

LEASE LIABILITY

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Non-current	135.8	140.4	137.9
Current	32.4	29.9	30.8
Total	168.2	170.3	168.7

LEASES IN THE INCOME STATEMENT

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Rent concessions, Covid-19	0.0	0.5	0.5
Expenses related to short-term leases, leases for underlying assets of low value and variable leases	-2.0	-1.4	-10.4
Depreciation of right-of-use assets	-8.5	-8.2	-33.1
Interest expenses on lease liabilities	-1.9	-1.8	-7.4
Total	-12.4	-10.9	-50.4

8. FINANCIAL LIABILITIES

The implementation of NoHo Partners' strategy and the financing of its business growth is 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.

On 4 November 2022, the company renewed its financing agreement, through which the company's financial position essentially stabilised to the state prior to the Covid-19 crisis. The renewed financing agreement enables growth investments during the strategy period.

Covenant review is carried out on quarterly basis and the company 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	114.5	19.3	13.0	81.2	0.9
Account limits in use *	9.9
Total	124.4

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	6.5	5.6	6.3	0.3

The Group has made interest payments on loans in accordance with the normal terms of the financing agreement.

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

MEUR	Discounted balance sheet value	Undiscounted value	<1 year	1-2 years	2-5 years	>5 years
Non-interest-bearing transaction price liabilities	3.6	3.8	0.9	1.6	1.2
Trade payables	21.9	21.9	21.9
Liabilities for right-of-use assets	168.2	200.5	38.9	35.5	67.1	58.9
Total	193.7	226.1	61.8	37.1	68.4	58.9

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

On 31 March 2023, the Group's cash and cash equivalents totalled MEUR 5.9 and the unwithdrawn loan and account limits available to the Group amounted to MEUR 2.5. In addition, the Group owned 5,139,745 shares in the listed company Eezy Plc, corresponding to a holding of 20.5%. At the closing share price on 31 March 2023, the market value of this shareholding was MEUR 16.7.

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 2023	31 Mar 2022	31 Dec 2022
Sales	0.0	0.0	0.1
Lease costs	0.1	0.1	0.4
Purchases	3.4	2.6	18.1
Receivables	0.0	1.0	0.1
Liabilities	1.2	2.2	2.0

EEZY PLC'S SHARE OF RELATED PARTY TRANSACTIONS

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Sales	0.0	0.0	0.1
Purchases	3.1	2.3	16.3
Liabilities	1.2	2.2	1.9

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

SHARE-BASED INCENTIVE SCHEME FOR KEY PERSONNEL

NoHo Partners Plc has given announcements of the third earning period of the share-based remuneration scheme aimed at the company's key employees on 30 November 2021and 22 March 2022. The third earning period lasts 16 months and it started on 1 December 2021 and ended on 31 March 2023. The earning criteria for the third earning period are based on NoHo Partners Plc's relative EBIT. Costs from the share-based incentive plan are recognised as staff expenses over time and in equity under earnings.

On 3 May 2023, NoHo Partners Plc 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 third earning period of the long-term share-based incentive plan from 1 December 2021 to 31 March 2023. A total of 106 877 new shares were issued without payment in the share issue to 8 key employees participating in the share-based incentive plan. MEUR 2.3 has been cumulatively recognised as expenses for the third earning period by 31 March 2023.

On 22 December 2022, NoHo Partners Plc announced the fourth earning period of the longterm share-based remuneration scheme for key personnel. The fourth earning period is 24 months, starting on 1 January 2023, and ending on 31 December 2024.The reward criteria for the fourth earning period are based on NoHo Partners Plc's profitable growth. There are ten participants in the long-term incentive plan's fourth earning period.

A maximum of 280,420 reward shares could be awarded for the fourth earning period. The value of the maximum reward at the average share price on the trading day on 21 December would be approximately EUR 2.0 million. The Board of Directors estimates that if the reward is fully paid in new shares, the maximum dilutive effect on the number of the company's registered shares for the fourth earning period is 1.34%. Based on the management's estimate, MEUR 0.3 has been recognised as expenses for the fourth earning period during the financial year.

10. CONTINGENT ASSETS AND LIABILITIES AND COMMITMENTS

11. KEY FIGURES

GUARANTEES AND CONTINGENT LIABILITIES

MEUR	31 Mar 2023	31 Mar 2022	31 Dec 2022
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current	94.2	95.2	96.9
Loans from financial institutions, current	23.0	35.0	22.4
Total	117.2	130.2	119.3
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage	37.3	37.5	37.3
Real estate mortgage	5.1	5.1	5.1
Subsidiary shares	106.9	103.9	106.9
Other shares	16.7	30.1	16.0
Bank guarantees	9.6	9.6	9.7
Other guarantees	3.2	3.2	3.1
Total	178.8	189.4	178.1
Purchase commitments Eezy Plc	30.3	47.4	33.4
Contingent transactions prices	3.1	2.0	3.2

The Eezy Plc shares pledged as security for liabilities have been measured at market price.

MEUR	Q1 2023	Q1 2022	Q1–Q4 2022
Earnings per share, EUR	0.09	-0.18	0.07
Earnings per share adjusted by entries related to Eezy Plc shares, EUR	0.06	-0.20	0.56
EBIT, %	7.8	-2.7	10.1
Material margin, %	75.1	74.1	75.3
Personnel expenses, %	33.2	37.8	33.2
Average personnel
Registered personnel
Full-time personnel	1,158	998	1,211
Part-time personnel converted into full-time personnel	478	549	680
Rented workforce, converted to full-time equivalents	337	227	386
Return on equity, % (p.a.)	11.9	-21.1	6.5
Return on investment % (p.a.)	7.0	-1.1	8.6
Equity ratio, %	18.4	14.4	18.2
Adjusted equity ratio, %	29.5	23.1	29.1
Gearing ratio, %	349.7	486.7	353.1
Interest-bearing net liabilities	285.9	319.0	289.6
Adjusted net finance costs	3.5	3.4	23.2
Key figures excluding the IFRS 16 effect
Gearing ratio, %	131.4	208.0	135.1
Interest-bearing net liabilities	117.6	148.7	121.0
Operational EBITDA, bridge calculation
EBIT	5.9	-1.3	31.6
Depreciation, amortisation and impairment losses	12.2	11.7	47.8
Translating IFRS 16 lease expenses to be cash flow based	-10.0	-9.3	-37.8
Operational EBITDA	8.1	1.1	41.6

The calculation formulas for key figures are presented on page 27.

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, %

equivalents

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

Interest-bearing net liabilities excluding IFRS 16

Interest-bearing liabilities without IFRS 16 liabilities – non-current interest-bearing receivables – cash and cash equivalents

Gearing ratio, %

Interest-bearing net liabilities	*	100
Equity (attributable to owners of the company and non-controlling
interests)

Gearing ratio, % excluding IFRS 16

Interest-bearing net liabilities excluding IFRS 16	*	100
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

Personnel expenses, %

Employee benefits + leased labour	*	100
Turnover

Material margin, %

Turnover – raw materials and consumables	*	100
Turnover

Adjusted net finance costs

Financial income – finance costs (adjusted by acquisition-related entries in accordance with the IFRS standards and the exchange rate differences of financial items)

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

NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on Nasdaq Helsinki in 2013 and became the first Finnish listed restaurant company, 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 of the company include Elite, Savoy, Teatteri, Sea Horse, Stefan's Steakhouse, Palace, Löyly, Hanko Aasia, Friends & Brgrs, Campingen and Cock's & Cows. Depending on the season, the Group employs approximately 2,300 people converted into full-time employees. The Group aims to achieve a turnover of EUR 400 million by the end of 2024. The company's vision is to be the leading restaurant company in Northern Europe.

WWW.NOHO.FI/EN

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