We are fairly in line with consensus ahead of Q2 - Nordea

NoHo Partners will publish its Q2 2025 results on 5 August, at around 8:00 EET. Although the Finnish consumer confidence is still below its historical average and the Nordea card data points to a sluggish spending in restaurants during Q2, we believe that NoHo has nevertheless performed relatively well, thanks to its diversified portfolio and the most recent acquisition, Halifax Burgers in Denmark (as of 1 May). However, taking into account the separation of Better Burger Society and the cool start to the summer in Finland, we expect NoHo's sales to decline by 10% y/y in Q2 and EBIT by 9%, implying a slightly stronger margin of 9.2% (9.1% in Q2 2024). Our estimates are 1% below Vara  Research post-Q1 consensus on the top-line and 2% ahead on EBIT for Q2. For 2025E, we are fairly in line with consensus, and we expect NoHo to reach its guidance of increasing EPS and its Finnish EBIT margin to remain at the current good level (2024: 10.2%). Going forward, we expect NoHo to benefit from the gradually recovering Finnish economy and further acquisitions, aligned with its strategy.