We hosted NoHo Partners' CEO Jarno Suominen for a lunch meeting today in Helsinki. The most insightful discussion topics, in our view, included acquisition targets and synergies, Nokia Arena operations, a possible loyalty program and the impact of tourism. We were left with an impression that while NoHo's Q2 sales were negatively impacted by unfavorable weather conditions, July and August have developed in line with the company's expectations, although they are not as weather-sensitive as early summer months. Pre-Christmas season reservation levels also appear promising at this stage. We maintain our outlook for solid underlying development in 2025, supported by acquisitions (such as Halifax Burgers in Denmark) and new openings, despite the anticipated 13% sales decline resulting from the separation of Better Burger Society. Our EBIT margin estimate for the Finnish operations 2025 is stable y/y at 10.2%, while NoHo guides for it to remain on a good level (2024: 10.2%).
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