NoHo Partners reported Q2 EBIT of EUR 9.1m (+22% y/y), 15% above Vara Research consensus and 14% above our estimate, which we believe stemmed from e.g. successful terrace sales, growth in entertainment venues and the turnaround in Norway. Net sales were up 9.2% y/y to EUR 95.6m, and were 3% above consensus and 2% above our estimate. Finland EBIT was 6% above our estimate, while International stood 42% above, Norway now reporting clearly positive EBIT. Operational EBITDA (operating cash flow) was EUR 10.7m in Q2 (EUR 9.1m a year ago). Guidance for 2026 was reiterated: NoHo expects the EBIT margin to remain at the current good level (2025: 9.0%; consensus: 9.2%) and comparable EPS to increase (2025: EUR 0.46; consensus: EUR 0.60). After the strong rebound in Q2 with Norwegian challenges now mostly behind, we believe the company is on track to deliver on its guidance, despite the still-cautious consumer purchasing behaviour in the Nordics. Mathematically, the Q2 EBIT beat translates into ~3% positive consensus estimate revisions for 2026-28.
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