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Third party research

NoHo Partners: Rain, no shine, Q2 not in line - Nordea

NoHo Partners

This is a third party research report and does not necessarily reflect our views or values

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NoHo Partners' Q2 2025 results fell short of Vara Research consensus expectations, mainly due to the cold start to the summer in Finland and challenging market conditions in Norway. We argue, however, that the company's performance will likely improve towards the end of the year. NoHo has demonstrated a turnaround in the Danish market (sales up 41% y/y in Q2), while its portfolio has performed well both organically and through acquisitions. We expect the learnings to be applied in Norway as well. While the Q2 results prompt us to trim our fair value range to EUR 10.0-12.8 (11.8-14.8) per share, we remain optimistic towards the company's growth prospects, especially in the longer term.
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