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NoHo Partners reported Q4 EBIT of EUR 15.1m (+42%% y/y), 19% above Vara Research consensus and 13% above our estimate. Q4 net sales were up 12% y/y at EUR 120.0m, fairly in line with consensus and our estimate. Operational EBITDA (operating cash flow) was EUR 17.8m in Q4 (EUR 13.5m a year ago), and the dividend proposal was EUR 0.46 per share, fairly in line with LSEG Data & Analytics consensus at EUR 0.47. Guidance for 2025 is now consistent with the financial targets for 2025-2027, and expects the EBIT margin of the Finnish operations to remain at the current good level (2024: 10.2%) and EPS to increase (2024: EUR 0.54; LSEG consensus: EUR 0.75). We view the guidance as reasonable, given the increased focus on international expansion through investment activities and thus on EPS. Mathematically, the Q4 EBIT beat translates into ~6% positive consensus estimate revisions for 2025E-26E.
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