NoHo Partners' Q3 2025 was challenging, mainly due to Norway, where the market keeps declining and the anticipated turnaround has not yet emerged. The market remained muted also in Finland, although we expect the pre-Christmas season to ease the situation slightly in Q4. Overall, the weak Q3 and ongoing challenges in Norway prompt us to trim our EBIT estimates for 2025-27 by 5-7% and our fair value range to EUR 10.0-11.2 (10.0-12.8) per share. However, we remain optimistic about NoHo's medium-term performance, particularly if the turnaround in Norway proceeds according to plan (by H2 2026) and the Finnish market continues to recover.
