NoHo Partners (NOHO) Q1 2026 earnings summary

Executive summary

• Revenue increased year-over-year in Q1 2026 to €81.7M, despite seasonal weakness and heightened consumer caution due to global uncertainty.

• Operating profit margin reached 6% in the weakest quarter, with Finland maintaining a 7% margin, but overall profitability declined.

• Growth was driven by acquisitions, notably Jungle Juice Bar in Finland and Halifax Burgers in Denmark, with continued integration and selective international expansion.

• Danish operations were impacted by an exceptionally cold start to the year but recovered as weather improved.

• The second quarter started stronger than the previous year, with a positive booking outlook.

Financial highlights

• Q1 2026 revenue: €81.7M (up 5.8% from €77.2M in Q1 2025).

• Operating profit: €4.9M (6.0% margin), down from €5.4M (7.0%) year-over-year.

• Net result from continuing operations: €0.8M; EPS €0.01.

• Finnish segment revenue: €60.2M (+3.7% YoY), operating margin stable at 7%.

• International segment revenue: €21.5M (+11.9% YoY), with Denmark up 29.2% and Norway down 8.2%.

Outlook and guidance

• Profitability for 2026 is expected to remain at a good level, with comparable EPS projected to increase.

• Q2 2026 has started better than the previous year, with a positive outlook for bookings.

• Long-term targets include turnover of approx. €350M in Finland, EBIT margin maintenance, and net debt to operational EBITDA (excl. IFRS 16) to approx. 2.

• Dividend policy updated: at least 50% of comparable EPS to be distributed annually.