NoHo Partners reported Q2 EBIT of EUR 7.4m from continuing operations (down 11% y/y), 15% below Vara Research consensus and 16% below our estimate. Net sales were stable y/y at EUR 87.6m, but were 9% below consensus and our estimate. Operational EBITDA (operating cash flow) was EUR 9.1m (EUR 10.1m a year ago). We believe the EBIT miss was mainly attributable to the poor weather in Finland, as its EBIT was down 17% y/y and fell 16% below our expectations, while International operations EBIT improved 10% y/y (continuing operations). Guidance for 2025 was reiterated: NoHo 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; consensus: EUR 1.75). We believe that the warm July bodes well for Q3, and hence the weather impact could level out during H2. Mathematically, the Q2 EBIT miss translates into 2-3% negative consensus estimate revisions for 2025E-27E, but we still expect NoHo to be well on track to deliver on its guidance for 2025, especially given its strong track record during the Q4 peak season.
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