Privacy preferences
Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
  • Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Short SellingSee which listed companies have disclosed short interest
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

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

NOHOThird party research03.11.2026, 08.39
Discuss

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

Download report (PDF)
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.