Interim report
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Half Year Financial Report Q1–Q2 2026
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 2 A successful quarter across all markets – turnover, profitability, and earnings per share growing APRIL–JUNE 2026 IN BRIEF JANUARY–JUNE 2026 IN BRIEF • Turnover was MEUR 95.6 (87.6) and increased by 9.2%. • Operational EBITDA was MEUR 10.7 (9.1) and increased by 17.7%. • EBIT was MEUR 9.1 (7.4) and increased by 21.9%. • EBIT margin was 9.5% (8.5%). • The result for the period (continuing operations) was MEUR 3.9 (2.5) and increased by 54.0%. • Earnings per share (continuing operations) were EUR 0.13 (0.09) and increased by 50.7%. • The result for the period (discontinued operation) was MEUR 0.0 (22.4) and decreased by 100.0%. • The result for the period was MEUR 3.9 (24.9) and decreased by 84.5%. • Earnings per share were EUR 0.13 (1.15) and decreased by 88.8%. • Turnover was MEUR 177.3 (164.8) and increased by 7.6%. • Operational EBITDA was MEUR 17.2 (16.1) and increased by 6.9%. • EBIT was MEUR 14.0 (12.9) and increased by 8.7%. • EBIT margin was 7.9% (7.8%). • The result for the period (continuing operations) was MEUR 4.7 (3.4) and increased by 38.1%. • Earnings per share (continuing operations) were EUR 0.14 (0.10) and increased by 44.1%. • The result for the period (discontinued operation) was MEUR 0.0 (23.5) and decreased by 100.0%. • The result for the period was MEUR 4.7 (26.8) and decreased by 82.7%. • Earnings per share were EUR 0.14 (1.19) and decreased by 88.0%. Unless otherwise stated, figures in parentheses refer to the corresponding period last year. As of 1 April 2025, Better Burger Society has been presented as a discontinued operation. The result of the discontinued operations is presented as a separate line in the income statement. KEY FIGURES MEUR Q2 2026 Q2 2025 Change, % Q1–Q2 2026 Q1–Q2 2025 Change, % 2025 Turnover 95.6 87.6 9.2 177.3 164.8 7.6 358.0 Operational EBITDA 10.7 9.1 17.7 17.2 16.1 6.9 39.5 EBIT 9.1 7.4 21.9 14.0 12.9 8.7 32.3 EBIT, % 9.5 8.5 7.9 7.8 9.0 Gross profit, % 76.1 75.9 76.1 75.7 76.0 Personnel expenses, % 33.9 34.1 34.3 34.1 33.5 Result for the financial period, continuing operations 3.9 2.5 54.0 4.7 3.4 38.1 11.9 Result for the financial period, discontinued operation 0.0 22.4 -100.0 0.0 23.5 -100.0 23.5 Result for the financial period 3.9 24.9 -84.5 4.7 26.8 -82.7 35.4 Earnings per share of continuing operations, EUR 0.13 0.09 50.7 0.14 0.10 44.1 0.46 Earnings per share for the review period attributable to the owners of the Company, EUR 0.13 1.15 -88.8 0.14 1.19 -88.0 1.55 Ratio of net debt to operational EBITDA (excluding IFRS 16 impact) 2.9 3.0 3.0 Interest-bearing net liabilities excluding IFRS 16 impact 117.4 123.3 118.0 Gearing ratio excluding IFRS 16 impact, % 94.2 103.1 92.6 Adjusted equity ratio, % 32.2 31.6 33.6 The calculation formulas for the key figures are presented on page 34 of the Interim Report.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 3 FUTURE OUTLOOK PROFIT GUIDANCE AS OF 11 FEBRUARY 2026 NoHo Partners estimates that, during the financial year 2026, the Group's profitability will remain at the current good level, and comparable earnings per share will increase. FINANCIAL TARGETS FOR THE STRATEGY PERIOD 2025–2027 The Company’s long-term guidance is as follows: In Finnish operations the Group aims to achieve a turnover of approx. MEUR 350 and to maintain the current good level of the EBIT margin. In International business, the target is profitable growth and creation of shareholder value. In the long-term, the Company aims to decrease the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, to the level of approx. 2 and to distribute annually at least 50% of comparable earnings per share for the financial year as dividends. MARKET ENVIRONMENT The business outlook for the tourism and restaurant sector has been challenging in recent years. The gradual recovery that began with easing inflation and declining interest rates has proceeded at a slow pace, and market demand is likely to remain modest also through the second half of 2026. The Company continues to take active measures to prepare for potentially rapid changes in the market situation by actively monitoring operational efficiency and pricing, using centralised procurement agreements and engaging in regular dialogue with suppliers and other partners. In the long term, the restaurant market is expected to develop positively, and the growth is expected to continue. Most of the profits in the restaurant business are made during the second half of the year due to the seasonality of the business. The demand for restaurant services is according to Company’s evaluation less susceptible to cyclical fluctuations compared to other service and retail industries. The Company’s size and versatile portfolio protect it from the strongest fluctuations.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 4 CEO REVIEW The second quarter was strong with growth in all business areas. The Group’s turnover increased by nearly 10% and the EBIT margin increased to an excellent level of 9.5%, which is a significant improvement year-on-year. During the first half of the year, earnings per share increased year-on-year to EUR 0.14, which supports the full-year guidance. Profitable growth continued in the Finnish business, and the EBIT margin increased significantly from the previous year to 9.5%. I am particularly pleased with the growth in entertainment venues after a long time. Sports and entertainment events organised at Nokia Arena during the spring accelerated the growth of event restaurants, and the early summer being sunnier than last year supported the terraces, which are important for the season. During the autumn, the Company will strengthen its foothold in the attractive Rovaniemi area, which is important for tourism, by opening its ninth Stefan’s Steakhouse in Finland and a Hook chicken wing restaurant. The openings of Hook restaurants in Tampere, Pori and Oulu have also been confirmed. The EBIT margin of the international business strengthened to an excellent level of 9.3%. In Norway, the streamlining of the restaurant portfolio and the development of operations have yielded results and the business is once again on a profitable basis with clearly positive EBIT. Structural measures are largely behind us and the focus is being shifted to the operational development of the business. In Denmark, the profitability of the restaurant business recovered as expected, and organic growth continued in both the core business and Triple Trading. The recovery in consumer purchasing power has remained cautious, although there were some positive signs in the market during the quarter. However, the development of our Company’s business makes us well positioned for the rest of the year. The highlights of the late summer include the three sold-out farewell concerts by the band Eppu Normaali in Tampere, with NoHo Partners fully responsible for the restaurant services. The events are expected to bring tens of thousands of visitors to the city and thus provide additional momentum for the third quarter’s business. Jarno Suominen CEO “The Group’s turnover increased by nearly 10% and the EBIT margin increased to an excellent level of 9.5%, which is a significant improvement year-on-year.”
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 5 IMPLEMENTATION OF THE STRATEGY Our Finnish business rests on three strong pillars. At the core of our strategy is profitable growth across restaurants, entertainment venues and event venues, regardless of market conditions. We pursue growth organically, through new restaurant openings, and through carefully selected acquisitions. During the first half of the year, the Company’s strategic focus in Finland was on its core business. During the reporting period, the Company completed few carefully selected restaurant openings and accelerated the expansion of the wing restaurant chain Hook by signing three new agreements. Hook is one of NoHo Partners’ strong and scalable restaurant concepts, with an established presence in multiple cities across Finland. Expanding the concept is an integral part of the Company’s domestic growth strategy, with nationwide growth driven by carefully selected openings in both existing and new markets. The concept’s scalable operating model and strong customer demand provide a solid foundation for continuing the chain’s profitable expansion in the years ahead. The concept of Jungle Juice Bar, acquired in the previous financial year, has also proven its scalability, and the units will continue to be located in prime locations easily accessible to large crowds. In line with its strategy, the Company opened new Jungle Juice Bar locations at the busy Tikkurila and Tampere railway stations during the reporting period, while closing two loss-making units to further strengthen the chain’s profitability. Significant profitability- enhancing synergies, particularly in the procurement of ingredients and packaging, as well as in the unit locations will be achieved. Synergy benefits of more than half a million euros will be achieved in 2026. The business in Denmark is on a strong foundation, opening up opportunities for profitable growth in line with the strategy. NoHo Partners continues to develop its restaurant operations in Denmark through selective growth investments, while focusing on operational efficiency and synergies between concepts, particularly between Halifax Burgers and Cocks & Cows. At the same time, the Company aims to accelerate the organic growth of the packaging material supplier Triple Trading. The business of Triple Trading is on a sustainable basis, the growth so far has met expectations, and the rollout of its products across NoHo Partners’ operating countries is progressing according to plan. During 2026, the packaging supplied by Triple Trading will also be introduced in Jungle Juice Bar. In response to the prolonged challenges in its Norwegian operations, NoHo Partners centralised part of the day-to-day operational management of the business to Finland at the end of the previous year. The objective of the reorganization was to improve operational efficiency and create the conditions for business recovery and the restoration of profitability. The turnaround has progressed as planned, and EBIT is once again positive. Going forward, the focus will shift to the long-term development of the business. An integral part of the international investment activities in line with the Company’s strategy, is Better Burger Society, which operates in the growing premium burger market in Europe. Better Burger Society separated from the NoHo Partners group during the previous financial year and continues as an associated company. The share of the associated company's result based on holding is recognised in NoHo Partners Plc's financial income, thereby impacting the Group’s earnings per share, which is guided by the Company to grow on a comparable basis in 2026. The development and expansion of Better Burger Society will continue under the role of an active owner. At the moment, Better Burger Society has 37 Friends&Brgrs restaurants in Finland and 23 Holy Cow! restaurants in Switzerland, and the goal is to expand into a new country in the near future. During the strategy period 2025–2027, NoHo Partners will focus on profitable growth and strengthening its financial position. The Company aims to ensure efficient capital allocation and profit while driving growth both in Finnish operations and internationally through investment activities.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 6 TURNOVER AND INCOME April–June In April–June 2026, the Group’s turnover increased by 9.2% to MEUR 95.6 (87.6). Operational EBITDA was MEUR 10.7 (9.1) and increased by 17.7%. EBIT was MEUR 9.1 (7.4) with an EBIT margin of 9.5% (8.5%). The result of continuing operations was MEUR 3.9 (2.5), and the result of discontinued operation was MEUR 0.0 (22.4). The result of the Group for April–June was MEUR 3.9 (24.9). January–June In January–June 2026, the Group’s turnover increased by 7.6% to MEUR 177.3 (164.8). Operational EBITDA was MEUR 17.2 (16.1) and increased by 6.9 % compared to the corresponding period in the previous year. EBIT was MEUR 14.0 (12.9) with an EBIT margin of 7.9% (7.8%). The result of continuing operations was MEUR 4.7 (3.4), and the result of discontinued operation was MEUR 0.0 (23.5). The result of the Group for January– June was MEUR 4.7 (26.8). The Company was able to balance the effects of inflation on its business, among other things, through centralised purchasing agreements. With the effective operational control, gross profit and personnel expenses have remained at a competitive level.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 7 BUSINESS SEGMENTS NoHo Partners' business consists of two business segments, which are reported separately: • Finnish operations • International business The business segments are divided into business areas for which turnover and number of units are reported. The Finnish operations include three business areas: restaurants, entertainment venues and event venues. The International business includes two business areas: Norway and Denmark. The business of the one Swedish unit is managed from Denmark and it is reported as a part of Denmark’s business area. FINNISH OPERATIONS MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Turnover 67.7 63.0 127.9 121.0 264.8 Operational EBITDA 7.5 6.3 12.7 11.4 31.0 EBIT 6.5 5.3 10.6 9.4 26.7 EBIT, % 9.5 8.3 8.3 7.8 10.1 Gross profit, % 75.9 75.8 75.8 75.4 75.7 Personnel expenses, % 34.0 34.4 34.1 34.1 33.2 In April–June 2026, turnover increased by 7.4% from the previous year to MEUR 67.7 (63.0). Operational EBITDA was MEUR 7.5 (6.3). EBIT was MEUR 6.5 (5.3) with a 9.5% (8.3%) EBIT margin. In January–June 2026, turnover increased by 5.7% from the previous year to MEUR 127.9 (121.0). Operational EBITDA was MEUR 12.7 (11.4). EBIT was MEUR 10.6 (9.4) with a 8.3% (7.8%) EBIT margin. Changes in the restaurant portfolio in April–June 2026 • SushiBar+Wine, Tampere (new) • Aseman Kahvila, Tampere (new) • Jungle Juice Bar Dixi, Vantaa (new) • Jungle Juice Bar Rautatieasema, Tampere (new) • Jungle Juice Bar Zeppelin, Kempele (closed) • Jungle Juice Bar Keskuskatu, Helsinki (closed) INTERNATIONAL BUSINESS MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Turnover 27.9 24.6 49.4 43.8 93.2 Operational EBITDA 3.2 2.8 4.6 4.7 8.5 EBIT 2.6 2.2 3.4 3.4 5.6 EBIT, % 9.3 8.9 6.8 7.9 6.0 Gross profit, % 76.7 76.3 76.9 76.7 77.1 Personnel expenses, % 34.0 33.0 35.0 34.1 34.3 In April–June 2026, turnover increased by 13.5% from the previous year to MEUR 27.9 (24.6). Operational EBITDA was MEUR 3.2 (2.8). EBIT was MEUR 2.6 (2.2) with a 9.3% (8.9%) EBIT margin. In January–June 2026, turnover increased by 12.8% from the previous year to MEUR 49.4 (43.8). Operational EBITDA was MEUR 4.6 (4.7). EBIT was MEUR 3.4 (3.4) with a 6.8% (7.9%) EBIT margin. There were no changes in the restaurant portfolio in April–June 2026.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 8 TURNOVER BY BUSINESS AREA Business segments are divided into business areas, for which the Company reports revenue and the number of units. Finnish operations are divided into restaurants, entertainment venues and event venues, and international business is divided into the Norway and Denmark business areas. FINNISH OPERATIONS Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Restaurants Turnover, MEUR 35.7 33.2 69.5 64.8 138.0 Share of total turnover, % 37.3 37.8 39.2 39.3 38.6 Change in turnover, % 7.7 - 7.2 - - Units at the end of period, number* 133 94 133 94 132 Entertainment venues Turnover, MEUR 21.6 20.1 36.8 36.1 80.3 Share of total turnover, % 22.6 23.0 20.8 21.9 22.4 Change in turnover, % 7.2 - 2.2 - - Units at the end of period, number 62 62 62 62 62 Event venues Turnover, MEUR 10.4 9.7 21.6 20.2 46.5 Share of total turnover, % 10.9 11.1 12.2 12.2 13.0 Change in turnover, % 7.3 - 6.9 - - Units at the end of period, number 50 49 50 49 49 Total turnover, MEUR 67.7 63.0 127.9 121.0 264.8 Units total, number 245 205 245 205 243 INTERNATIONAL BUSINESS Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Norway Turnover, MEUR 9.8 9.3 18.0 18.2 36.9 Share of total turnover, % 10.3 10.7 10.1 11.1 10.3 Change in turnover, % 5.2 - -1.3 - - Units at the end of period, number 22 24 22 24 23 Denmark Turnover, MEUR 18.1 15.2 31.4 25.6 56.3 Share of total turnover, % 18.9 17.4 17.7 15.5 15.7 Change in turnover, % 18.7 - 22.9 - - Units at the end of period, number 28 29 28 29 28 Total turnover, MEUR 27.9 24.6 49.4 43.8 93.2 Units total, number 50 53 50 53 51 * The units of the Jungle Juice Bar chain are reported as a part of the restaurants business area as of 1 September 2025. The unit size is significantly smaller compared to other restaurant units.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 9 CASH FLOW, INVESTMENTS AND FINANCING The Group’s net cash generated from operating activities in January–June was MEUR 26.5 (27.4). The comparison period included a cash flow of MEUR 0.7 from discontinued operation. Cash flow before change in working capital was MEUR 41.6 and change in working capital MEUR -5.5. The net cash used in investing activities in January–June was MEUR -3.1 (-13.7). The comparison period included a cash flow of MEUR -3.0 from discontinued operations. Investments in January–June included ordinary maintenance investments and opening investments of new restaurants. Among the recent openings is SushiBarWine in Tampere. Net cash used in financing activities amounted to MEUR -23.2 (-18.8). The comparison period included a cash flow of MEUR 0.4 from discontinued operation. The cash flow from financing activities includes repayments of long-term loans amounting to MEUR 5.9 (4.1) as well as amortisations of MEUR 19.7 (19.4) of IFRS 16 lease liability payments. The Group’s interest-bearing net liabilities excluding the impact of IFRS 16 liabilities decreased during January–June by MEUR 0.5 and amounted to MEUR 117.4 at the end of the review period. The Group’s gearing ratio excluding the impact of IFRS 16 liabilities increased from 92.6% at the beginning of the financial period to 94.2%. Adjusted net finance costs in January–June were MEUR 9.2 (9.1). IFRS 16 interest expenses included in adjusted net finance costs in January–June were MEUR 4.9 (5.0).
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 10 SIGNIFICANT EVENTS DURING THE REPORTING PERIOD Decisions by NoHo Partners Plc’s Annual General Meeting and Board of Directors NoHo Partners Plc’s Annual General Meeting (AGM) for 2026 was held on 15 April 2026 in Tampere. The meeting approved the Financial Statements for the year 2025 and discharged the members of the Board of Directors and the CEO from liability for the financial year 2025. In addition, the AGM approved the Remuneration Report for governing bodies through an advisory decision. The resolutions of the Annual General Meeting were announced in a stock exchange release on 15 April 2026 and are available on the Company’s website at www.noho.fi/investors. At the same time, the Company announced that the Board of Directors had decided on the compositions of the Audit Committee and the Remuneration Committee. Mammu Kaario was elected Chair of the Audit Committee, and Kai Seikku and Timo Mänty were elected as members. Timo Mänty was elected Chair of the Remuneration Committee, and Maarit Vannas and Timo Laine were elected as members. EVENTS AFTER THE REPORTING PERIOD No significant events after the reporting period.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 11 PERSONNEL During January–June 2026, NoHo Partners group employed on average 997 (1,129) full- time employees and 602 (731) part-time employees converted into full-time employees as well as 392 (354) rented employees converted into full-time employees. Depending on the season, some 2,800 people converted into full-time employees work at the Group at the same time under normal circumstances.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 12 NEAR-TERM RISKS AND UNCERTAINTIES The short-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners’ business, financial results and future outlook over the next 12 months. The table describes the risks as well as measures to prepare for them and minimise them. Geopolitical situation The uncertain geopolitical situation may have an impact on the Company’s market environment. For the time being, the Company does not see a significant impact on demand in its operating countries. The rise in the general cost level caused by the prevailing global situation has an impact on the Company’s business. To mitigate the impact, the Company has prepared for increasing raw material prices, for example, through the centralisation of purchase and sales agreements as well as price increases. General financial situation and changes in customer demand The sales and profitability of restaurant services are affected by the financial situation of households and the development of purchasing power and corporate sales. The business outlook for the tourism and restaurant sector and consumer confidence have been weakened in recent years by the uncertain geopolitical climate and the general increase in costs and interest rate. Demand for restaurant services has, however, remained at a good level, even though the overall economic recovery has been slow. Inflation and weakening consumer purchasing power and confidence constitute a risk to the development of NoHo Partners’ turnover and cash flow. The adaptation of operating costs and the ability to mount an agile response to changes in customer demand are the key factors for the Company to influence the development of turnover and EBIT. Liquidity risk The Company’s financing needs will be covered by optimising working capital and through external financing arrangements so that the Company has sufficient liquidity or unwithdrawn committed credit arrangements at its disposal. The operational monitoring and management of liquidity risk are centralised in the Group’s finance department, where the sufficiency of financing is managed based on rolling forecasts. Unexpected legislative amendments related to the Company’s business, might have a negative effect on the Company’s liquidity. Financial risks The Group strives to assess and track the amount of funding required by the business, for example by performing a monthly analysis of the utilisation rate of the restaurants and the development of sales, in order to ensure that the Group has sufficient working capital and liquid assets to fund the operations and repay loans that fall due. The aim is to ensure the availability and flexibility of Group financing through sufficient credit limit reserves, a balanced loan maturity distribution and sufficiently long loan periods as well as using several financial institutions and forms of financing, when necessary. Market interest rates may have a negative impact on the Company’s finance expenses. Changes in the macroeconomic environment or the general financing market situation may negatively affect the Company’s liquidity as well as the availability, price and other terms and conditions of financing. Amendments to legislation Changes in regulations governing the restaurant business in the Company’s various markets may have a negative impact on the Company’s operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the Company’s business.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 13 Rent level development Business premises expenses constitute a significant share of NoHo Partners’ operating expenses. The Company’s business premises are primarily leased, so the development of the general level of rents has a significant impact on the Company’s operations. Labour market situation and labour supply The availability of skilled part-time labour particularly during high seasons and on the weekends can be seen as an uncertainty factor, that may affect the Company’s business operations. Goodwill write-off risk The Group has a significant amount of goodwill on the consolidated balance sheet, which is subject to a write-off risk in case the Group’s expected future cash flow decline permanently due to external or internal factors. Tampere, 4 August 2026 NOHO PARTNERS PLC Board of Directors For more information, please contact: Jarno Suominen, CEO, (Executive assistant Niina Kilpeläinen tel. +358 50 413 8158) Jarno Vilponen, CFO, tel. +358 40 721 9376 NoHo Partners Plc Hatanpään valtatie 1 B FI-33100 Tampere, Finland
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 14 Consolidated statement of profit or loss and other comprehensive income MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Continuing operations Turnover 95.6 87.6 177.3 164.8 358.0 Other operating income 1.7 1.9 3.6 3.5 7.1 Materials and services -34.5 -30.6 -62.8 -57.0 -124.1 Employee benefits -23.3 -22.2 -44.7 -42.3 -88.3 Other operating expenses -16.6 -16.1 -31.5 -30.2 -66.1 Depreciation, amortisation and impairment -13.9 -13.3 -27.9 -26.0 -54.4 Share of results of operational associated companies 0.1 0.0 0.2 0.0 0.1 EBIT 9.1 7.4 14.0 12.9 32.3 Finance income 0.0 0.0 0.4 0.1 0.6 Share of result of associated company 0.3 0.4 0.8 0.4 1.5 Interest expenses on financial liabilities -1.6 -1.6 -3.2 -3.3 -6.6 Interest expenses for right-of-use assets -2.4 -2.4 -4.9 -4.7 -9.6 Other finance expenses -0.4 -1.0 -1.4 -1.5 -3.5 Net finance expenses -4.2 -4.6 -8.2 -9.0 -17.6 Result before taxes 4.9 2.8 5.8 3.9 14.7 Tax based on the taxable income from the financial period -0.9 -1.5 -2.0 -2.6 -2.4 Change in deferred taxes -0.1 1.2 0.8 2.1 -0.4 Income taxes -1.0 -0.3 -1.1 -0.6 -2.8 RESULT FOR THE PERIOD, CONTINUING OPERATIONS 3.9 2.5 4.7 3.4 11.9 Result for the period, discontinued operation 0.0 22.4 0.0 23.5 23.5 RESULT FOR THE PERIOD 3.9 24.9 4.7 26.8 35.4 MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Result from continuing operations attributable to Owners of the Company 2.7 1.8 3.0 2.1 9.6 Non-controlling interests 1.1 0.7 1.6 1.2 2.3 Result for the period attributable to Owners of the Company 2.7 24.2 3.0 25.1 32.6 Non-controlling interests 1.1 0.7 1.6 1.7 2.8 Earnings per share calculated from the result for the review period for owners of the Company, EUR Basic earnings per share 0.13 1.15 0.14 1.19 1.55 Diluted earnings per share 0.13 1.15 0.14 1.19 1.54 Consolidated statement of comprehensive income Continuing and discontinued operations Result for the period 3.9 24.9 4.7 26.8 35.4 Other comprehensive income items Items that may be subsequently reclassified to profit or loss Translation differences from foreign operations -0.1 -0.4 0.5 -0.3 -0.2 Other comprehensive income items after tax -0.1 -0.4 0.5 -0.3 -0.2 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3.8 24.5 5.2 26.5 35.2 Distribution of the comprehensive income for the period to Owners of the Company 2.6 23.9 3.4 25.0 32.6 Non-controlling interests 1.1 0.6 1.7 1.5 2.6
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 15 Consolidated Balance Sheet MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 161.7 159.6 160.7 Intangible assets 40.5 41.3 42.4 Property, plant and equipment 43.9 47.0 46.4 Right-of-use assets 183.8 191.4 185.0 Shares in associated companies 47.7 45.5 46.7 Other investments 0.4 0.4 0.4 Loan receivables 2.4 0.7 0.6 Other receivables 2.0 2.0 1.9 Deferred tax assets 16.1 18.1 14.9 Total non-current assets 498.5 506.0 499.0 Current assets Inventories 12.0 11.0 11.4 Loan receivables 0.4 0.7 0.4 Trade and other receivables 33.9 29.9 30.3 Cash and cash equivalents 4.5 1.8 4.4 Total current assets 50.7 43.4 46.5 TOTAL ASSETS 549.3 549.4 545.5 MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity Share capital 0.2 0.2 0.2 Invested unrestricted equity fund 71.7 71.7 71.7 Retained earnings 27.4 23.4 29.9 Total equity attributable to owners of the Company 99.3 95.3 101.7 Non-controlling interests 12.4 12.6 13.1 Total equity 111.6 107.9 114.8 Non-current liabilities Deferred tax liabilities 11.7 11.3 11.8 Financial liabilities 94.5 103.0 99.9 Liabilities for right-of-use assets 161.1 168.7 161.3 Other payables 6.1 8.9 9.2 Total non-current liabilities 273.4 292.0 282.1 Current liabilities Financial liabilities 30.3 23.5 23.3 Provisions 0.0 0.1 0.0 Liabilities for right-of-use assets 37.9 35.9 38.1 Income tax liabilities 3.9 4.8 3.3 Trade and other payables 92.1 85.2 83.8 Total current liabilities 164.3 149.6 148.6 Total liabilities 437.6 441.5 430.7 TOTAL EQUITY AND LIABILITIES 549.3 549.4 545.5
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 16 Consolidated Statement of Changes in Equity 2026 Equity attributable to owners of the Company Share capital Invested unrestricted equity fund Fair value reserve and other comprehen- sive income items Translation differences Retained earnings TOTAL Non-controlling interests TOTAL EQUITY MEUR Equity at 1 January 0.2 71.7 0.0 -2.5 32.4 101.7 13.1 114.8 Total comprehensive income for the period Result for the period 3.0 3.0 1.6 4.7 Other comprehensive income items after tax, continuing and discontinued operations Translation differences from foreign operations 0.4 0.4 0.1 0.5 Total comprehensive income for the period 0.0 0.0 0.0 0.4 3.0 3.4 1.7 5.2 Other changes 0.3 0.3 0.3 Transactions with shareholders Dividend distribution* -4.8 -4.8 -3.0 -7.8 Changes in non-controllling interests -1.3 -1.3 0.6 -0.7 Total transactions with owners of the Company 0.0 0.0 0.0 0.0 -6.1 -6.1 -2.4 -8.5 Equity at 30 June 0.2 71.7 0.0 -2.2 29.6 99.3 12.4 111.6 * The Annual General Meeting approved on 15 April 2026 a dividend payment of EUR 0.23 per share. The dividend will be paid in three instalments. The first instalment of EUR 0.07 per share was paid on 15 May 2026. The second instalment of EUR 0.08 per share will be paid on 19 August 2026, and the third instalment of EUR 0.08 per share on 18 November 2026.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 17 Consolidated Statement of Changes in Equity 2025 Equity attributable to owners of the Company Share capital Invested unrestricted equity fund Fair value reserve and other comprehen- sive income items Translation differences Retained earnings TOTAL Non-controlling interests TOTAL EQUITY MEUR Equity at 1 January 0.2 71.7 -0.1 -2.6 11.0 80.3 22.5 102.8 Total comprehensive income for the period Result for the period 25.1 25.1 1.7 26.8 Other comprehensive income items after tax, continuing and discontinued operations Translation differences from foreign operations -0.1 -0.1 -0.2 -0.3 Total comprehensive income for the period 0.0 0.0 0.0 -0.1 25.1 25.0 1.5 26.5 Other changes 0.1 0.1 0.2 0.0 0.2 Transactions with shareholders Dividend distribution -9.7 -9.7 -1.0 -10.7 Changes in non-controllling interests -0.6 -0.6 -10.5 -11.1 Total transactions with owners of the Company 0.0 0.0 0.0 0.0 -10.3 -10.3 -11.5 -21.8 Equity at 30 June 0.2 71.7 0.0 -2.7 26.1 95.3 12.6 107.9
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 18 Consolidated statement of cash flows MEUR Q1–Q2 2026 Q1–Q2 2025 2025 Cash flow from operating activities Result for the reporting period 4.7 26.8 35.4 Adjustments Non-cash transactions -0.2 -22.9 -23.7 Depreciation, amortisation and impairment 27.9 28.4 56.8 Net finance expenses 8.2 9.6 18.2 Income taxes 1.1 0.8 3.0 Share of results of operational associated companies -0.2 -0.5 -0.1 Cash flow before change in working capital 41.6 42.2 89.6 Change in working capital Trade and other receivables -4.6 -1.8 -2.7 Inventories -0.5 0.5 0.2 Trade and other payables -0.4 -2.8 0.8 Change in working capital -5.5 -4.1 -1.7 Interest paid and other finance expenses -8.6 -9.4 -19.5 Interest received and other finance income 0.1 0.1 0.1 Income taxes paid -1.0 -1.4 -2.5 NET CASH GENERATED FROM OPERATING ACTIVIES 26.5 27.4 66.0 Cash flow from investing activities Acquisition of tangible and intangible assets -2.0 -6.3 -10.6 Change in other non-current receivables -0.1 -0.4 0.0 Acquisition of subsidiaries with time-of- acquisition liquid assets deducted -0.7 -6.6 -8.1 Business acquisitions -0.4 -0.2 -0.5 Business divestments 0.0 0.0 0.2 Sales of non-controlling interests’ shares 0.0 0.0 0.1 Associated company shares purchased 0.0 -0.1 -0.1 NET CASH USED IN INVESTING ACTIVITIES -3.1 -13.7 -19.1 MEUR Q1–Q2 2026 Q1–Q2 2025 2025 Cash flow from financing activities Proceeds from non-current loans and borrowings 0.0 10.6 12.8 Payment of non-current loans and borrowings -5.9 -4.1 -8.1 Proceeds from/ repayments of current loans and borrowings 7.1 -2.0 -3.4 Acquisition of non-controlling interests -0.3 -0.1 -1.2 Payment of liabilities for right-of-use assets -19.7 -19.4 -38.8 Dividend distribution -4.5 -3.9 -10.8 NET CASH USED IN FINANCING ACTIVITIES -23.2 -18.8 -49.5 Change in cash and cash equivalents 0.2 -5.1 -2.5 Cash and cash equivalents at 1 January 4.4 14.8 14.8 Cash and cash equivalents exited (BBS) 0.0 -7.9 -7.9 Cash and cash equivalents at 30 June 4.5 1.8 4.4 Change in cash and cash equivalents 0.2 -5.1 -2.5 The cash flow statements for the comparative periods also include the discontinued operation.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 19 Notes 1. ACCOUNTING PRINCIPLES This unaudited half-year report has been prepared observing the IAS 34 Interim Financial Reporting standard. The half-year report should be read together with the 2025 IFRS consolidated financial statements. The half-year report has been prepared by observing the same accounting principles as with the 2025 IFRS consolidated financial statements, with the exception of the new amendments to the IFRS standards effective as of 1 January 2026. The changes are described in the 2025 IFRS consolidated financial statements. Preparing the consolidated financial statements under the IFRS requires the use of the management’s estimates and assumptions, which affects the amounts of assets and liabilities as well as revenue and costs on the balance sheet. Although the assessments are based on the management’s best perception at the moment, it is possible that realisations may deviate from the original assessments and presumptions. All figures are presented as millions of euros (MEUR) and have been rounded to the nearest 0.1 million euros; thus, the sum of individual figures may deviate from the total sum presented. Discontinued Operation Better Burger Society has been classified as a discontinued operation as of April 2025. In the consolidated income statement, continuing and discontinued operations are presented separately. Internal transactions between continuing and discontinued operations have been eliminated from the figures. As of 1 April 2025, Better Burger Society has been consolidated in the accounts of the NoHo Partners group as an associated company. The share of the associated company's result based on holding has been recorded in the financial income of NoHo Partners Plc. The financial effects of the discontinued operation are presented in Note 2.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 20 2. DISCONTINUED OPERATION NoHo Partners announced on 1 April 2025, that it had reached an agreement with private equity investor Intera Partners regarding an arrangement in which Intera Partners increased its voting rights in Better Burger Society, a company operating in the growing European premium burger market, by exercising its conversion rights. As a result of the arrangement, NoHo Partners’ voting rights in Better Burger Society decreased to 49.6%, while NoHo Partners remains the company’s largest shareholder with a 50.7% ownership stake. As of 1 April 2025, Better Burger Society has been consolidated in the NoHo Partners group’s accounts as an associated company. The share of the associated company’s result corresponding to the ownership stake has been recorded in NoHo Partners Plc’s financial income, thereby affecting the Group’s earnings per share. Better Burger Society has been classified as a discontinued operation as of April 2025. In the Group’s income statement, continuing and discontinued operations are presented separately. Internal transactions between continuing and discontinued operations have been eliminated from the figures. The balance sheet as of 1 April 2025 has been used in the BBS exit. The note presents financial information related to the result of the discontinued operation up to the date of disposal. The calculation presents information that represents the business of Better Burger Society as it will be carried out in the future as an entity outside the NoHo Partners group. At the end of the note, a calculation is presented regarding the recorded result arising from the revaluation of the discontinued operation. The fair value of the shares in the associated company has been determined based on the consolidated 12-month EBITDA. Result of discontinued operation MEUR Q2 2025 2025 Turnover 0.0 22.1 Other operating income 0.0 0.5 Materials and services 0.0 -6.9 Employee benefits 0.0 -6.7 Other operating expenses 0.0 -4.7 Depreciation, amortisation and impairment 0.0 -2.4 EBIT 0.0 1.9 Interest expenses on financial liabilities 0.0 -0.2 Interest expenses for right-of-use assets 0.0 -0.3 Other finance expenses 0.0 -0.1 Net finance expenses 0.0 -0.6 Result before taxes 0.0 1.3 Tax based on the taxable income for the period 0.0 -0.4 Change in deferred taxes 0.0 0.2 Income taxes 0.0 -0.2 Result for the period 0.0 1.0 Revaluation to fair value 22.4 22.4 Result of the discontinued operation 22.4 23.5 Result for the period attributable to NoHo Partners Plc 22.4 23.0 Non-controlling interests 0.0 0.5 Total 22.4 23.5 Earnings per share calculated from the result for the review period for owners of the Company, EUR Basic earnings per share 1.07 1.09 Diluted earnings per share 1.06 1.09
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 21 Net cash flows of discontinued operation MEUR 2025 Net cash generated from operating activities 0.7 Net cash used in investing activities -3.0 Net cash used in financing activities 0.4 The result recorded from the revaluation of discontinued operation MEUR 1 Apr 2025 Net assets transferred at book value ASSETS Non-current assets Goodwill, intangible assets, property, plant and equipment -56.4 Right-of-use assets -23.2 Other investments and receivables -1.0 Total -80.5 Current assets Inventories and other receivables -5.7 Cash and cash equivalents -7.9 Total -13.6 TOTAL ASSETS -94.1 LIABILITIES Non-current liabilities Financial liabilities 18.6 Liabilities for right-of-use assets 18.9 Other liabilities 1.8 Total 39.4 Current liabilities Financial liabilities 2.9 Liabilities for right-of-use assets 5.3 Other liabilities 13.0 Total 21.2 TOTAL LIABILITIES 60.6 TOTAL TRANSFERRED NET ASSETS -33.5 Translation differences -0.4 Non-controlling interests 11.7 Valuation of associated company 44.6 PROFIT 22.4
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 22 3. TURNOVER DISTRIBUTION OF TURNOVER BETWEEN GOODS AND SERVICES MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Sales of goods 86.8 79.2 160.5 148.1 320.8 Sales of services 8.8 8.4 16.8 16.8 37.2 Total 95.6 87.6 177.3 164.8 358.0 DISTRIBUTION OF TURNOVER BY BUSINESS AREA MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Restaurants 35.7 33.2 69.5 64.8 138.0 Entertainment venues 21.6 20.1 36.8 36.1 80.3 Event venues 10.4 9.7 21.6 20.2 46.5 Norway 9.8 9.3 18.0 18.2 36.9 Denmark 18.1 15.2 31.4 25.6 56.3 Total 95.6 87.6 177.3 164.8 358.0 The Group monitors sales separately for goods and services. The sale of goods primarily comprises food and beverage sales by restaurant operations to private and corporate customers. The services include restaurants’ game, sauna and ticket revenue and marketing support payments received. The Group has sales in Finland, Denmark and Norway. Asset and debt items based on contracts with customers Of asset items based on contracts, a total of MEUR 0.0 (0.1) was recognised as credit losses and IFRS 9 credit loss provisions during the period 1 January–30 June 2026. The Group has no asset items recognised for the costs of obtaining or fulfilling contracts with customers. The Group’s contracts with customers do not include restitution or repayment obligations or special warranty terms. Restaurants sell gift cards, which are presented in current liabilities. Gift card revenue is recognised when the card is used. On 30 June 2026, the value of gift cards sold was MEUR 3.0 (2.8), and they are expected to be recognised as revenue during the next 12 months.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 23 4. SEGMENT INFORMATION MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Turnover Finland 67.7 63.0 127.9 121.0 264.8 International 27.9 24.6 49.4 43.8 93.2 Group 95.6 87.6 177.3 164.8 358.0 Other operating income Finland 1.4 1.4 2.9 2.8 5.5 International 0.3 0.5 0.8 0.7 1.7 Group 1.7 1.9 3.6 3.5 7.1 Depreciation, amortisation and impairment Finland -10.4 -9.9 -20.8 -19.8 -40.6 International -3.5 -3.4 -7.1 -6.2 -13.8 Group -13.9 -13.3 -27.9 -26.0 -54.4 EBIT Finland 6.5 5.3 10.6 9.4 26.7 International 2.6 2.2 3.4 3.4 5.6 Group 9.1 7.4 14.0 12.9 32.3 Operational EBITDA Finland 7.5 6.3 12.7 11.4 31.0 International 3.2 2.8 4.6 4.7 8.5 Group 10.7 9.1 17.2 16.1 39.5 Assets Finland 444.0 450.1 453.6 International 157.5 153.1 150.7 Eliminations -52.2 -53.8 -58.8 Group 549.3 549.4 545.5 Liabilities Finland 321.6 330.7 329.4 International 168.3 164.5 160.2 Eliminations -52.2 -53.8 -58.8 Group 437.6 441.5 430.7 Liabilities excluding IFRS 16 impact Finland 182.2 186.3 187.2 International 108.8 104.4 102.9 Eliminations -52.2 -53.8 -58.8 Group 238.7 236.9 231.3 The business operations of NoHo Partners are divided into two operational reported segments: the Finnish operations and the International business. The segments’ business operations are monitored separately, and they are managed as separate units. The Country Managers of the international business are responsible for their business areas and participate in the international business steering group work on their business areas. Selections, product pricing and marketing measures are decided at the country level. Business management needs vary from segment to segment, as the maturity of the business operations is very different. The Group’s position in the Finnish market has stabilised, and in addition to managing daily operational activities, it aims for strong and profitable growth in the Finnish restaurant and entertainment market. International growth continues with a new operating model, as the Company focuses on being an active investor in the international restaurant market. The Group’s supreme operational decision-maker, the Executive Team of NoHo Partners group, is responsible for resource allocation and income estimates. The segment information presented by the Group is based on the management’s internal reporting that is prepared in accordance with the IFRS standards. The pricing between segments is based on a fair market price. The Group’s evaluation of profitability and decisions concerning the resources to be allocated to a segment are based on the segments’ EBIT. It is the understanding of the management that this is the most suitable benchmark for comparing the profitability of the segments to other companies in their respective fields. Financial income and expenses are not monitored at the segment level, as the Group financing mainly manages the Group’s liquid assets and financial liabilities.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 24 5. CHANGES IN GROUP STRUCTURE ACQUIRED BUSINESS OPERATIONS Acquired company or business Business acquired Shareholding acquired, % Group ownership interest, % Date of transfer Country Finnish operations Aseman Kahvila, Tampere x 31 May 2026 Finland Hook, Rovaniemi x 1 Jun 2026 Finland Restaurant business, Rovaniemi x 1 Jun 2026 Finland International business Brdr. Price Tivoli, Copenhagen x 2 Feb 2026 Denmark Finnish operations NoHo Partners Plc’s subsidiary Restanelonen Oy acquired the Aseman Kahvila business located in Tampere on 31 May 2026. NoHo Partners Plc’s subsidiary Suomen Siipiravintolat Oy acquired the Restaurant Hook business located in Rovaniemi on 1 June 2026, which had operated under a franchise agreement. NoHo Partners Plc’s subsidiary SRMax Oy acquired a restaurant business located in Rovaniemi on 1 June 2026. International business NoHo Partners Plc's subsidiary NoHo JAP Group ApS acquired the Brdr. Price Tivoli restaurant business, located in Copenhagen, on 2 February 2026.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 25 VALUE OF THE ASSETS AND LIABILITIES ACQUIRED BY THE GROUP AT THE MOMENT OF TRANSFER OF CONTROL MEUR Finnish operations International business Total Assets Property, plant and equipment 0.5 0.2 0.7 Total assets 0.5 0.2 0.7 Net assets 0.5 0.2 0.7 Total purchase consideration at time of acquisition Share of purchase consideration consisting of cash and cash equivalents 0.6 0.2 0.8 Total purchase consideration 0.6 0.2 0.8 Generation of goodwill through acquisitions Total purchase consideration 0.6 0.2 0.8 Acquired identifiable net assets 0.5 0.2 0.7 Goodwill 0.1 0.0 0.1 The acquisition cost calculations are preliminary. The acquisitions do not involve material external advisory costs. IFRS 16 RIGHT-OF-USE ASSETS OF THE ACQUIRED BUSINESSES MEUR Total Finnish operations 2.1 International business 1.2
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 26 DETERMINATION OF CONTINGENT CONSIDERATIONS Acquired subsidiary or business Date of transfer Determination of contingent considerations Liability* Country MEUR Finnish operations Calos Oy (H5 Ravintolat Oy) 15 Oct 2024 Profitability of the years 2025-2026 2.5 Finland Calos Oy (H5 Ravintolat Oy) 15 Oct 2024 Put and call option 1.3 Finland International business Danish business 20 Mar 2018 Put and call option 1.4 Denmark Norwegian business 1 Apr 2019 Put and call option 1.3 Norway *Balance sheet value as of 30 June 2026. Contingent consideration liabilities are based on management estimates.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 27 SOLD BUSINESS OPERATIONS Sold subsidiary and business Business sold Shareholding sold, % Group ownership interest sold, % Date of transfer Country Emmas, Tromsø x 28 Feb 2026 Norway THE VALUE OF SOLD ASSETS AND LIABILITIES AT THE MOMENT OF TRANSFER OF CONTROL MEUR Total Right-of-use assets 1.1 Liabilities for right-of-use assets -1.2 Total net assets -0.1 Gains on disposals totalling MEUR 0.1 were recognised in the income statement.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 28 6. INTANGIBLE AND TANGIBLE ASSETS GOODWILL MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Book value at the beginning of the period 160.7 193.4 193.4 Business acquisitions 0.1 0.8 2.0 Deductions 0.0 -34.2 -34.3 Translation differences 0.9 -0.4 -0.4 Book value at the end of the review period 161.7 159.6 160.7 INTANGIBLE ASSETS MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Book value at the beginning of the period 42.4 48.2 48.2 Business acquisitions 0.0 2.2 5.1 Additions 0.0 0.8 1.0 Depreciation, amortisation and impairment -2.0 -2.0 -3.9 Deductions 0.0 -7.6 -7.6 Translation differences 0.1 0.0 0.0 Transfers between account types 0.0 -0.3 -0.3 Book value at the end of the review period 40.5 41.3 42.4 PROPERTY, PLANT AND EQUIPMENT MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Book value at the beginning of the period 46.4 61.9 61.9 Business acquisitions 0.7 0.1 1.8 Additions 2.5 5.6 9.6 Depreciation, amortisation and impairment -5.6 -6.1 -12.0 Deductions -0.3 -14.9 -15.2 Translation differences 0.2 0.0 0.0 Transfers between account types 0.0 0.3 0.3 Book value at the end of the review period 43.9 47.0 46.4 7. LEASE AGREEMENTS The Group applies a practical relief to equipment leases, in accordance with which the Group combines leases with similar characteristics in the portfolio. The Group regularly assesses the size and composition of the portfolio of equipment leases. The incremental borrowing rate applied to new leases is 5.0%. RIGHT-OF-USE ASSETS MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Book value at the beginning of the period 185.0 201.8 201.8 Business acquisitions 3.3 4.6 8.4 Additions 0.4 2.3 4.3 Reassessments and modifications 15.0 26.5 35.1 Depreciation, amortisation and impairment -20.4 -20.4 -40.9 Deductions -1.1 -23.4 -23.7 Translation differences 1.5 0.0 0.1 Book value at the end of the review period 183.8 191.4 185.0 CHANGE IN LEASE LIABILITY MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Book value at the beginning of the period 199.4 215.2 215.2 Net additions 17.6 8.9 23.0 Rent payments -24.5 -24.4 -48.7 Interest expenses 4.9 5.0 9.9 Translation differences 1.6 0.0 0.0 Book value at the end of the review period 198.9 204.6 199.4
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 29 LEASE LIABILITY MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Non-current 161.1 168.7 161.3 Current 37.9 35.9 38.1 Total 198.9 204.6 199.4 LEASES IN THE INCOME STATEMENT MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Expenses related to short-term leases, leases for underlying assets of low value and variable leases -2.4 -2.6 -4.2 -5.7 -11.4 Depreciation of right-of-use assets -10.1 -9.6 -20.4 -20.4 -40.9 Interest expenses on lease liabilities -2.4 -2.4 -4.9 -5.0 -9.9 Total -15.0 -14.7 -29.4 -31.1 -62.2 8. FINANCIAL LIABILITIES The implementation of NoHo Partners’ strategy and the financing of its business growth are partly dependent on outside financing. The Company continuously strives to assess and monitor the amount of financing required for business to ensure that it has sufficient liquidity to finance its operations and to repay maturing loans. Changes in the macroeconomic environment or the general financing market situation may negatively affect the Company’s liquidity as well as the availability, price and other terms and conditions of financing. Changes in the availability of equity and credit capital financing and in the terms and conditions of available financing may affect the Company’s ability to invest in business development and growth in the future. The covenant related to the Company’s loans are reviewed quarterly, and the Company fulfilled the set covenants.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 30 MATURITY DISTRIBUTION OF FINANCIAL LIABILITIES MEUR Balance sheet value <1 year 1-2 years 2-5 years >5 years Financial liabilities 105.9 11.4 8.7 85.7 Account limits in use * 18.9 Total 124.8 11.4 8.7 85.7 The table indicating the maturity dates of financial liabilities includes all interest-bearing financial liabilities as well as other liabilities classified as financial liabilities. * The account limits in use are in effect indefinitely and no due date has been specified for them. The account limits are classified as current liabilities. MATURITY DISTRIBUTION OF INTEREST ON FINANCIAL LIABILITIES MEUR <1 year 1-2 years 2-5 years >5 years Interest on financial liabilities 6.1 5.6 8.0 Calculations are based on the Euribor rates as of 30 June 2026. MATURITY DISTRIBUTION OF TRADE PAYABLES AND LIABILITIES FOR RIGHT-OF-USE ASSETS MEUR Discounted balance sheet value Undiscounted value <1 year 1-2 years 2-5 years >5 years Non-interest-bearing transaction price liabilities 3.1 3.1 2.8 0.3 0.1 Trade payables 41.7 41.7 41.7 Liabilities from right-of-use assets 198.9 235.6 46.5 41.6 87.8 59.6 Total 243.7 280.4 91.0 41.9 87.9 59.6 The Group does not have material extended debt repayment periods in effect. On 30 June 2026, the Group’s cash and cash equivalents totalled MEUR 4.5 and the unwithdrawn loan and account limits available to the Group amounted to MEUR 9.8.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 31 9. FINANCIAL ASSETS AND LIABILITIES BY CATEGORY AND FAIR VALUE HIERARCHY 30 Jun 2026 Fair value through profit or loss Amortised acquisition cost Fair value MEUR Level Non-current financial assets Other investments 2 0.4 0.4 Loan receivables 2 2.4 2.4 Other receivables 2 2.0 2.0 Total 0.4 4.5 4.8 Current financial assets Loan receivables 2 0.4 0.4 Trade and other receivables 2 33.9 33.9 Cash and cash equivalents 2 4.5 4.5 Total 38.8 38.8 Carrying amount total 0.4 43.3 43.6 Non-current financial liabilities Financial liabilities 2 94.5 94.5 Liabilities for right-of-use assets 161.1 161.1 Liabilities for business acquisitions 3 0.5 0.5 Other liabilities 2 5.6 5.6 Total 261.6 261.6 Current financial liabilities Financial liabilities 2 30.3 30.3 Liabilities for right-of-use assets 37.9 37.9 Liabilities for business acquisitions 3 2.6 2.6 Trade payables 2 41.7 41.7 Total 112.5 112.5 Carrying amount total 374.1 374.1 30 Jun 2025 Fair value through profit or loss Amortised acquisition cost Fair value MEUR Level Non-current financial assets Other investments 2 0.4 0.4 Loan receivables 2 0.7 0.7 Other receivables 2 2.0 2.0 Total 0.4 2.7 3.1 Current financial assets Loan receivables 2 0.7 0.7 Trade and other receivables 2 29.9 29.9 Cash and cash equivalents 2 1.8 1.8 Total 32.4 32.4 Carrying amount total 0.4 35.2 35.5 Non-current financial liabilities Financial liabilities 2 103.0 103.0 Liabilities for right-of-use assets 168.7 168.7 Liabilities for business acquisitions 3 2.7 2.7 Other liabilities 2 6.2 6.2 Total 280.6 280.6 Current financial liabilities Financial liabilities 2 23.5 23.5 Liabilities for right-of-use assets 35.9 35.9 Liabilities for business acquisitions 3 0.4 0.4 Trade payables 2 38.6 38.6 Total 98.5 98.5 Carrying amount total 379.1 379.1 Hierarchy levels Level 1 The fair values are based on the quoted prices of similar asset items or liabilities on the market. Level 2 The fair values for the instruments are based on significantly different input information than the quoted prices at level 1, but they are, nevertheless, based on information (i.e. prices) or indirect information (i.e. derived from prices). In determining the fair value of these instruments, the Group uses generally accepted measurement models whose input information is largely based on verifiable market data. Level 3 The fair values of the instruments are based on input data concerning the asset item or liability that is not based on verifiable market data; instead, they are largely based on the management's estimates and their use in generally accepted measurement models.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 32 10. RELATED PARTY TRANSACTIONS The Group’s related parties include the parent company, subsidiaries, associates, key management personnel, their close family members, and any entities over which a key management person or a family member exercises control. Key management personnel include members of the Board of Directors and the Group Executive Management Team, the CEO, and the CEO’s deputy. TRANSACTIONS WITH RELATED ENTITIES MEUR Q1–Q2 2026 Q1–Q2 2025 2025 Sales 0.1 0.2 0.3 Rental income 0.4 0.1 0.5 Purchases -6.0 -1.4 -4.7 Rental expenses -0.1 -0.1 -0.2 MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Receivables 0.6 0.6 0.6 Liabilities 2.2 0.8 1.0 Transactions with related entities have been completed applying the same terms as transactions with independent parties. SHARE-BASED INCENTIVE PLAN FOR KEY PERSONNEL NoHo Partners Plc announced on 12 February 2025 that the Company’s Board of Directors had decided on a share‑based incentive plan directed at the Company’s key personnel. The plan includes three earning periods during 1 January 2025 – 31 December 2028. The first earning period is 24 months long, covering 1 January 2025 – 31 December 2026. A maximum of 275,000 NoHo Partners Plc reward shares may be paid as a reward for the first earning period. The earning criteria for the first earning period are based on the profitability of the Company’s business operations. The share‑based incentive plan covers 10 participants during the first earning period. The second earning period is 24 months long and runs from 1 January 2026 to 31 December 2027. A maximum of 137,500 NoHo Partners Plc reward shares may be paid as a reward for the second earning period. The earning criteria for the second earning period are based on the profitability of the Company’s business operations and the growth of turnover in Finland. The share‑based incentive plan covers 10 participants during the second earning period. The cost of the share-based incentive plan is recognised during the effective period as a personnel expense and recorded in equity under retained earnings. Based on management’s assessment, no expense related to the first or second earning period of the incentive plan had been recognised as of 30 June 2026.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 33 11. CONTINGENT ASSETS AND LIABILITIES AND COMMITMENTS GUARANTEES AND CONTINGENT LIABILITIES MEUR 30 Jun 2026 30 Jun 2025 31 Dec 2025 Liabilities with guarantees included in the balance sheet Loans from financial institutions, non-current 92.3 101.6 97.6 Loans from financial institutions, current 28.4 19.0 21.4 Total 120.7 120.6 119.0 Guarantees given on behalf of the Group Collateral notes secured by a mortgage 154.7 154.8 154.7 Real estate mortgage 4.0 4.0 4.0 Subsidiary shares 118.5 116.6 117.7 Bank guarantees 11.4 9.3 11.5 Other guarantees 1.0 0.9 1.1 Total 289.6 285.7 289.0 Contingent considerations 2.7 2.9 3.1 12. KEY FIGURES MEUR Q2 2026 Q2 2025 Q1–Q2 2026 Q1–Q2 2025 2025 Key figures of continuing operations Earnings per share, EUR 0.13 0.09 0.14 0.10 0.46 EBIT, % 9.5 8.5 7.9 7.8 9.0 Gross profit, % 76.1 75.9 76.1 75.7 76.0 Personnel expenses, % 33.9 34.1 34.3 34.1 33.5 Adjusted net finance expenses 4.4 4.7 9.2 9.1 19.0 Average number of personnel Registered personnel Full-time personnel 997 1,129 1,049 Part-time personnel converted into full-time personnel 602 731 652 Rented workforce converted to full-time equivalents 392 354 410 Operational EBITDA, bridge calculation EBIT 9.1 7.4 14.0 12.9 32.3 Depreciation, amortisation and impairment 13.9 13.3 27.9 26.0 54.4 Share of results of operational associated companies -0.1 0.0 -0.2 0.0 -0.1 Translating IFRS 16 lease expenses to be cash flow based -12.2 -11.6 -24.5 -22.8 -47.1 Operational EBITDA 10.7 9.1 17.2 16.1 39.5 Group key figures (continuing and discontinued operations) Earnings per share, EUR 0.13 1.15 0.14 1.19 1.55 Return on equity, % (p.a.) 8.2 29.7 32.5 Return on investment, % (p.a.) 7.0 11.7 13.0 Equity ratio, % 20.5 19.7 21.2 Adjusted equity ratio, % 32.2 31.6 33.6 Gearing ratio, % 283.5 304.0 276.5 Interest-bearing net liabilities 316.4 328.0 317.4 Key figures excluding the impact of IFRS 16 Gearing ratio, % 94.2 103.1 92.6 Interest-bearing net liabilities 117.4 123.3 118.0 The calculation formulas for key figures are presented on page 34.
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HALF YEAR FINANCIAL REPORT Q1–Q2 2026 | 4 AUGUST 2026 34 CALCULATION FORMULAS OF KEY FIGURES Key figures required by the IFRS standards Earnings per share Result for the period attributable to owners of the Company Average number of shares Earnings per share (diluted) Result for the period attributable to owners of the Company Diluted average number of shares Alternative performance measures NoHo Partners presents certain comparable financial key figures (alternative performance measures) that are not included in the IFRS standards. The alternative performance measures presented by NoHo Partners should not be reviewed separately from the corresponding IFRS key figures and should be read together with the most closely corresponding IFRS key figures. Return on equity, % Result for the period (attributable to owners of the Company + attributable to NCIs) * 100 Equity on average (attributable to owners of the Company + attributable to NCIs) Equity ratio, % Equity (attributable to owners of the Company + attributable to NCIs) * 100 Total assets – Advances received Adjusted equity ratio, % Equity (attributable to owners of the Company + attributable to NCIs) * 100 Total assets – Advances received – Liabilities according to IFRS 16 Return on investment, % Result for the period before taxes + Finance expenses * 100 Equity (attributable to owners of the Company and attributable to NCIs) + Interest- bearing financial liabilities on average Interest-bearing net liabilities Interest-bearing liabilities – Non-current interest-bearing receivables – Cash and cash equivalents Interest-bearing net liabilities excluding the impact of IFRS 16 Interest-bearing liabilities excluding IFRS 16 liabilities – Non-current interest-bearing receivables – Cash and cash equivalents Gearing ratio, % Interest-bearing net liabilities * 100 Equity (attributable to owners of the Company + attributable to NCIs) Gearing ratio, % excluding the impact of IFRS 16 Interest-bearing net liabilities excluding IFRS 16 liabilities * 100 Equity (attributable to owners of the Company and attributable to NCIs) – depreciations, amortisations, lease and finance expenses recognised in the income statement under IFRS 16 Personnel expenses, % (excluding Triple Trading*) Employee benefits + Leased labour * 100 Turnover Gross profit, % (excluding Triple Trading*) Turnover – Raw materials and consumables * 100 Turnover Adjusted net finance expenses Finance income – Finance expenses (adjusted by acquisition-related entries in accordance with IFRS standards, exchange rate differences of financial items and share of result of the BBS associated company) Equity excluding the impact of IFRS 16 Equity adjusted by IFRS 16 entries' cumulative income statement impact Operational EBITDA EBIT + Depreciation and impairment – Share of results of operational associated companies – conversion of IFRS 16 lease expenses to cash flow based Ratio of net debt to operational EBITDA Interest-bearing net liabilities excluding IFRS 16 liability Operational EBITDA (last 12 months) *As Triple Trading's operations deviate from the nature of normal restaurant operations, the company's impact is not considered in the calculation of material margin and personnel expenses.
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35 NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history. The Group companies include some 300 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts include Elite, Savoy, Teatteri, Sea Horse, Stefan’s Steakhouse, Palace, Löyly, Strindberg, Campingen and Cock’s & Cows. Depending on the season, NoHo Partners employs approx. 2,800 people converted into full-time employees, and in 2025, Group’s turnover amounted to approx. MEUR 360. Additionally, NoHo Partners acts as an active investor in Better Burger Society Group, the well-known brands of which are Friends&Brgrs and Holy Cow!. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe. WWW.NOHO.FI/EN