NoHo Partners reported Q3 EBIT of EUR 7.6m from continuing operations (down 13% y/y), 12% below Vara Research consensus and 9% below our estimate. Net sales from continuing operations were up 3% y/y to EUR 91.4m, but were 4% below consensus and in line with our estimate. Operational EBITDA (operating cash flow) was EUR 9.6m (EUR 10.4m a year ago). We believe the EBIT miss was mainly attributable to Norway, where turnaround has not been successful and EBIT was negative in Q3. Guidance for 2025 was reiterated: NoHo expects the EBIT margin of the Finnish operations to remain at the current good level (2024: 10.2%) and EPS to increase (2024: EUR 0.54; consensus: EUR 1.66). While we believe the important Q4 is likely to develop well in Finland and Denmark, the ongoing challenges in Norway and the Q3 miss are likely to result in 2-3% negative consensus estimate revisions for 2025E-27E. Nevertheless, we still expect NoHo to be well on track to deliver on its guidance for 2025, especially given its strong track record during the Q4 peak season.
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