NoHo Partners Plc’s Financial Statements Release 1 January–31 December 2024: Turnover and EBIT to a record driven by the best quarter of all time

NoHo Partners Plc, Stock Exchange Release, 12 February 2025 at 8:00 EET

NoHo Partners Plc’s Financial Statements Release 1 January–31 December 2024: Turnover and EBIT to a record driven by the best quarter of all time

This release is a summary of NoHo Partner’s Financial Statements Release for January-December 2024. The complete report is attached to this release and is also available at www.noho.fi/en.

OCTOBER–DECEMBER IN BRIEF

• Turnover was MEUR 120.0 (107.1) and increased by 12.0%.
• Operational EBITDA was MEUR 17.8 (13.5) and increased by 32.2%.
• EBIT was MEUR 15.1 (10.6) and increased by 42.8%.
• EBIT margin was 12.6% (9.9%).
• The result for the period was MEUR 8.0 (4.0) and increased by 99.5%. The result adjusted by entries related to Eezy Plc was MEUR 8.0 (6.7).
• Earnings per share were EUR 0.32 (0.15) and increased by 113.0%. Earnings per share adjusted by entries related to Eezy Plc were EUR 0.32 (0.28).

JANUARY–DECEMBER IN BRIEF

• Turnover was MEUR 427.1 (372.4) and increased by 14.7%.
• Operational EBITDA was MEUR 51.3 (44.7) and increased by 14.7%.
• EBIT was MEUR 41.5 (35.9) and increased by 15.6%.
• EBIT margin was 9.7% (9.7%).
• The result for the period was MEUR 14.9 (10.4) and increased by 43.9%. The result adjusted by entries related to Eezy Plc shares was MEUR 16.2 (17.8).
• Earnings per share were EUR 0.54 (0.38) and increased by 41.7%. Earnings per share adjusted by entries related to Eezy Plc shares were EUR 0.60 (0.73).

KEY FIGURES

MEUR	Q4 2024	Q4 2023	Change, %	2024	2023	Change, %
Turnover	120.0	107.1	12.0	427.1	372.4	14.7
Operational EBITDA	17.8	13.5	32.2	51.3	44.7	14.7
EBIT	15.1	10.6	42.8	41.5	35.9	15.6
EBIT, %	12.6	9.9		9.7	9.7
Result of the financial period	8.0	4.0	99.5	14.9	10.4	43.9
Earnings per share for the review period attributable to the owners of the company, EUR	0.32	0.15	113.0	0.54	0.38	41.7
Earnings per share adjusted by entries related to Eezy Plc shares, EUR	0.32	0.28	14.1	0.60	0.73	-18.2
Interest-bearing net liabilities excluding IFRS 16 impact				125.3	134.6
Gearing ratio excluding IFRS 16 impact, %				110.1	116.2
Ratio of net debt to operational EBITDA excluding IFRS 16 impact				2.4	3.0
Adjusted equity ratio, %				28.2	29.7
Material margin, %	75.7	75.2		74.8	75.2
Personnel expenses, %	31.6	32.8		32.3	32.5

In 2023, the comparable EBIT adjusted by BBS transaction costs was MEUR 37.5 (10.1%).

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

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

In Finnish operations the group aims to achieve a turnover of approx. MEUR 400 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 fourth quarter of 2024 was the best quarter in NoHo’s history. Turnover increased by 12% and profitability was excellent at 12.6%. I also consider the full-year EBIT margin of 9.7% to be an excellent achievement in a challenging market environment, and I am satisfied with the profitability levels in both business segments. All of our professional and committed employees and restaurant operators are to thank for this success. Our partner model, combined with the economies of scale, management model and operational excellence of a large company, creates sustainable and profitable growth despite the softness of the market.

The challenges that have long been tormenting the restaurant market are gradually starting to subside, and a cautious recovery was seen towards the end of the year. In the long term, there is considerable potential in the Finnish restaurant market in particular as restaurant culture develops and becomes more European, while the generational change is bringing an increasing amount and more active customers to restaurants.

The fourth quarter of the year is traditionally the busiest season, and it was also reflected in the successful business and event sales. However, the challenges facing consumer purchasing power continued to be reflected in the business of nightclubs in particular. During the review period, we strengthened our market share in Finland by acquiring a majority stake in H5 Ravintolat Oy, which includes eight restaurants in Tampere.

The year 2025 has also started actively. After the review period, we announced an acquisition of Wanha Satama's restaurant business in Helsinki. This supports the company’s already strong portfolio of event venues, adding more capacity and diversity. Openings have already been confirmed for this year in Helsinki, Tampere and Jyväskylä. In addition, the company will carry out concept changes at selected sites.

The Better Burger Society subgroup, which operates in the premium burger market, increased its turnover to MEUR 80 while maintaining excellent profitability. In addition to Friends & Brgrs Jumbo, which opened in January 2025, the aim is to open five units in Finland this year. Six new Holy Cow! restaurants will open in Switzerland during the financial period. With the new openings, the number of restaurants will increase to approximately 60. In line with BBS’ strategy, the acceleration of growth will be continued in the current operating countries, with the aim of geographical expansion in the near future.

In Denmark, the profitability of the business was at an excellent level and the portfolio creates a sustainable basis for future growth. The packaging material supplier Triple Trading acquired during the financial period continued profitable growth and is a good example of synergistic investments that support the core business in line with the strategy. In Norway, we fell short of our expectations as the challenges of the nightclub business burdened profitability during the review period.

The new Group-wide financing agreement concluded in the fourth quarter frees up capital for growth investments and the payment of growing dividends through a lighter amortisation programme. With the new financing agreement and falling reference interest rates, the company’s cost of financing are expected to decrease significantly in the coming years. The financing agreement also makes it possible to achieve the long-term target set for debt, according to which the company’s objective is to lower the ratio of net debt to operational EBITDA, adjusted for IFRS16 lease liabilities, to approximately two.

In accordance with the dividend policy and long-term financial targets, the company aims to distribute an annually growing dividend. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.46 per share be paid for the financial year 2024 (2023: 0.43).

We are starting from a good position towards the goals we have set for the strategy period 2025–2027. We have defined clear long-term numerical targets for our Finnish business, and we aim for profitable growth and the creation of shareholder value in international business. For the financial period 2025, we expect the profitability of the Finnish business operations to remain at the current good level and the Group’s earnings per share to increase.

TURNOVER AND INCOME

In October–December 2024, the Group’s turnover increased by 12.0% to MEUR 120.0 (107.1). Operational EBITDA was MEUR 17.8 (13.5) and increased by 32.2%. EBIT was MEUR 15.1 (10.6) with an EBIT margin of 12.6% (9.9%). The result for October–December was MEUR 8.0 (4.0). During the comparison period, the result adjusted by entries related to Eezy Plc shares was MEUR 6.7.

In January–December 2024, the Group’s turnover increased by 14.7% to MEUR 427.1 (372.4). Operational EBITDA was MEUR 51.3 (44.7) and increased by 14.7% compared to the corresponding period in the previous year. EBIT was MEUR 41.5 (35.9) with an EBIT margin of 9.7% (9.7%). The result for the period was MEUR 14.9 (10.4). During the comparison period, BBS transaction cost adjusted operational EBITDA was MEUR 46.3, EBIT MEUR 37.5 and EBIT margin 10.1%. The result adjusted by entries related to Eezy Plc shares and BBS transaction costs was MEUR 16.2 (19.3).

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. With the effective operational control and revenue growth, personnel costs have remained at a competitive level.

Finnish operations

MEUR	Q4 2024	Q4 2023	2024	2023
Turnover	84.8	78.2	298.2	292.6
Operational EBITDA	13.0	9.5	35.3	35.6
EBIT	11.7	8.3	30.4	30.7
EBIT, %	13.7	10.6	10.2	10.5
Material margin, %	77.5	76.7	76.2	75.5
Personnel expenses, %	32.4	33.8	32.6	32.7

In October–December 2024, the turnover increased by 8.4% to MEUR 84.8 (78.2) compared to the previous year. Operational EBITDA was MEUR 13.0 (9.5). EBIT in October–December was MEUR 11.7 (8.3) with an 13.7% (10.6%) EBIT margin.

In January–December 2024, the turnover increased by 1.9% to MEUR 298.2 (292.6) compared to the previous year. Operational EBITDA was MEUR 35.3 (35.6). EBIT was MEUR 30.4 (30.7) with an 10.2% (10.5%) EBIT margin.

International business

MEUR	Q4 2024	Q4 2023	2024	2023
Turnover	35.2	28.9	128.9	79.7
Operational EBITDA	4.8	4.0	16.1	9.1
EBIT	3.4	2.3	11.1	5.3
EBIT, %	9.7	7.9	8.7	6.6
Material margin, %	70.7	71.0	71.4	73.9
Personnel expenses, %	29.4	30.0	31.5	31.7

In October–December 2024, turnover increased by 21.7% from the previous year to MEUR 35.2 (28.9). Operational EBITDA was MEUR 4.8 (4.0). EBIT was MEUR 3.4 (2.3) with an 9.7% (7.9%) EBIT margin.

In January–December 2024, turnover increased by 61.6% from the previous year to MEUR 128.9 (79.7). Of the turnover increase, MEUR 30.4 is explained by the expansion into Switzerland from 1 September 2023. Operational EBITDA was MEUR 16.1 (9.1). EBIT was MEUR 11.1 (5.3) with an 8.7% (6.6%) EBIT margin.

DIVIDEND

NoHo Partners Plc’s distributable assets on 31 December 2024 were EUR 105,940,945.62, of which the share of the financial period’s result is EUR 11,224,968.82.

NoHo Partners Plc’s Board of Directors proposes to the Annual General Meeting convening on 9 April 2025 that, a dividend of EUR 0.46 (0.43) per share will be paid based on the adopted balance sheet of the financial period ending on 31 December 2024.

The Board of Directors proposes that the dividend shall be paid in three instalments. The first instalment of EUR 0.15 per share shall be paid to a shareholder who is registered in the shareholder register of the Company maintained by Euroclear Finland Oy on the dividend record date 8 May 2025. The payment date proposed by the Board of Directors for this instalment is 15 May 2025.

The second instalment of EUR 0.15 per share shall be paid to a shareholder who is registered in the shareholder register of the Company maintained by Euroclear Finland Oy on the dividend record date 7 August 2025. The payment date proposed by the Board of Directors for this instalment is 14 August 2025.

The third instalment of EUR 0.16 per share shall be paid to a shareholder who is registered in the shareholder register of the Company maintained by Euroclear Finland Oy on the dividend record date 6 November 2025. The payment date proposed by the Board of Directors for this instalment is 13 November 2025.

At the time of the financial statements on 31 December 2024, the total number of shares was 21,009,715.

BRIEFING FOR ANALYSTS, INVESTORS AND MEDIA

A briefing for the analysts, investors and media will be held today at 10:00 EET at Restaurant Nokka (Kanavaranta 7 F, 00160 Helsinki). At the event 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. In addition, the Chairman of the Board, Timo Laine, will provide an overview of the new strategy period that have just commenced.

The event can be followed as a live webcast at https://noho.videosync.fi/q4-2024. 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 at https://palvelu.flik.fi/teleconference/?id=50051859. 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, [email protected] (Executive assistant Niina Kilpeläinen, tel. +358 50 413 8158)
Jarno Vilponen, CFO, tel. +358 40 721 9376
Sanna Sandvall, Head of IR & Communications, tel. +358 40 760 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 300 restaurants in Finland, Denmark, Norway and Switzerland. The well-known restaurant concepts include Elite, Savoy, Teatteri, Sea Horse, Stefan’s Steakhouse, Palace, Löyly, Friends & Brgrs, Campingen, Cock’s & Cows and Holy Cow!. Depending on the season, NoHo Partners employs approx. 2,800 people converted into full-time employees, and in 2024, company’s turnover amounted to approx. MEUR 430. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe. More information is available at noho.fi/en.