NoHo Partners: Solid performance broadly in line with expectations - Nordea

NoHo Partners reported Q3 EBIT of EUR 9.4m (+23% y/y), in line with Vara Research consensus and 5% above our estimate. Net sales were up 8.0% y/y, to EUR 98.7m, and were 2% above consensus and 5% above our estimate, driven by e.g. large concerts in Finland and steady restaurant business and growth of Triple Trading in Denmark, but slightly offset by planned closure of an unprofitable unit in Norway. The closure should support Norway's profitability already in Q4. Finland EBIT was 11% above our estimate, while International was 18% below. Operational EBITDA (operating cash flow) was EUR 10.5m in Q3 (EUR 9.6m 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 0.62). Initially, we view the Q3 report as solid in all geographies, despite the somewhat poor weather in the Nordics and sluggish consumer confidence in Finland. Mathematically, the Q3 report would not imply consensus estimate revisions for 2026-28.