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NoHo Partners has executed on its strategy by separating its subcompany Better Burger Society (BBS) while retaining majority ownership and operational power. At first glance, we view the arrangement as positive, as it not only unlocks hidden value, but it should also improve NoHo's balance sheet in order to boost growth and enable it to conduct similar transactions in the future. For 2025, we believe NoHo will benefit from the gradually recovering Finnish economy, while BBS should accelerate its growth with 11 new restaurant openings. Going forward, we expect more BBS-like arrangements to unlock further shareholder value, and hence we continue to view the investment case as compelling, especially in the longer term. Marketing material commissioned by NoHo Partners.
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