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NoHo Partners reported Q3 EBIT of EUR 9.9m (+14% y/y), 5% below Vara Research consensus and 11% below our estimate. Q3 net sales were up 11% y/y at EUR 107m, but fell 3% below consensus and 5% below our estimate. We believe the miss was mainly attributable to the International operations, which fell 34% below our expectations on EBIT. We believe this was mainly due to the seasonally softer quarter in Switzerland. The Finnish operations’ EBIT beat our estimate by 8% despite the weak market. NoHo expects demand to recover during 2025 and notes a good number of event reservations for H2. Guidance for 2024 was reiterated: NoHo expects around EUR 430m sales and around 9.5% EBIT margin, implying a 15% sales growth y/y and slight pressure on EBIT. For Q4, the reiterated guidance indicates significant y/y improvement (+15% for sales and +35% for EBIT). However, we continue to view the guidance as challenging, and expect moderate revisions on 2024E consensus EBIT following the Q3 results.
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