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NoHo Partners reported Q1 EBIT of EUR 6.9m, 2% above Vara consensus and our estimate. Q1 net sales were up 23% y/y at EUR 93.5m, fairly in line with consensus and our estimate. Finland profitability came 16% below our expectations, while International was clearly above. The strong profitability development (EBIT +17% y/y) was mainly thanks to the Holy Cow! business and the stable profitability of Norway and Denmark. In the CEO comments, the company notes that the market is expected to remain fluctuating also in Q2, while a possible interest rate cut should boost demand in H2. We believe this is true especially in Finland. Guidance for 2024 was reiterated: NoHo expects around EUR 430m sales and around 9.5% EBIT margin from restaurant business, implying a 15% sales growth y/y and slight pressure on EBIT. Pre-Q1 Vara consensus has expected EUR 433m sales and an 9.5% EBIT margin in 2024. Following the solid Q1 results, we expect to see limited consensus estimate revisions.
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