Interim report
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Interim Report Q1–Q3 2026
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 2 Profitability improvement and turnover growth continued both in Finland and internationally JULY–SEPTEMBER 2026 IN BRIEF JANUARY–SEPTEMBER 2026 IN BRIEF • Turnover was MEUR 98.7 (91.4) and increased by 8.0%. • Operational EBITDA was MEUR 10.5 (9.6) and increased by 9.7%. • EBIT was MEUR 9.4 (7.6) and increased by 22.8%. • EBIT margin was 9.5% (8.4%). • The result for the period was MEUR 4.2 (2.3) and increased by 80.0%. • Earnings per share were EUR 0.14 (0.09) and increased by 56.4%. • Turnover was MEUR 276.0 (256.2) and increased by 7.7%. • Operational EBITDA was MEUR 27.8 (25.7) and increased by 7.9%. • EBIT was MEUR 23.4 (20.5) and increased by 14.0%. • EBIT margin was 8.5% (8.0%). • The result for the period (continuing operations) was MEUR 8.9 (5.7) and increased by 55.3%. • Earnings per share (continuing operations) were EUR 0.28 (0.19) and increased by 49.6%. • 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 8.9 (29.2) and decreased by 69.6%. • Earnings per share were EUR 0.28 (1.28) and decreased by 78.1%. 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 Q3 2026 Q3 2025 Change, % Q1–Q3 2026 Q1–Q3 2025 Change, % 2025 Turnover 98.7 91.4 8.0 276.0 256.2 7.7 358.0 Operational EBITDA 10.5 9.6 9.7 27.8 25.7 7.9 39.5 EBIT 9.4 7.6 22.8 23.4 20.5 14.0 32.3 EBIT, % 9.5 8.4 8.5 8.0 9.0 Gross profit, % 76.3 76.2 76.2 75.9 76.0 Personnel expenses, % 32.5 32.7 33.7 33.6 33.5 Result for the financial period, continuing operations 8.9 5.7 55.3 11.9 Result for the financial period, discontinued operation 0.0 23.5 -100.0 23.5 Result for the financial period 4.2 2.3 80.0 8.9 29.2 -69.6 35.4 Earnings per share of continuing operations, EUR 0.28 0.19 49.6 0.46 Earnings per share for the review period attributable to the owners of the Company, EUR 0.14 0.09 56.4 0.28 1.28 -78.1 1.55 Ratio of net debt to operational EBITDA (excluding IFRS 16 impact) 3.0 3.1 3.0 Interest-bearing net liabilities excluding IFRS 16 impact 123.8 123.3 118.0 Gearing ratio excluding IFRS 16 impact, % 95.7 100.5 92.6 Adjusted equity ratio, % 32.8 32.2 33.6 The calculation formulas for the key figures are presented on page 33 of the Interim Report.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 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. According to external estimates, the economy has nevertheless returned to growth, although the recovery in consumer demand remains slow. Demand is expected to remain moderate for the rest of the year and to strengthen gradually in 2027. 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 4 CEO REVIEW Strong development continued in the third quarter. The Group’s turnover increased by 8% and the EBIT margin improved by more than one percentage point to 9.5%. Turnover has increased and profitability has improved in both segments, both in the quarter and cumulatively year-to-date, indicating that the development is on a sustainable basis. The comparable earnings per share increased significantly in January–September and amounted to EUR 0.28. Finnish operations continued to grow, and the EBIT margin was strong, 10.7%. The growth was boosted by Eppu Normaali’s farewell concerts in Tampere, with NoHo Partners fully responsible for the restaurant services. The three sold-out concerts generated approximately MEUR 3 of turnover. This is an excellent performance and a strong demonstration of the company’s expertise in major events. Confidence in NoHo Partners as an experienced restaurant operator was also reflected when the company was selected to provide restaurant services for the National Museum, which opens next spring, and for the sauna restaurant Vulcan Spa, to be completed in Turku later the same year. The turnover of the International business grew and profitability improved year-on-year. In Denmark, the restaurant business developed steadily, and Triple Trading’s growth continued. In Norway, the third quarter is seasonally the quietest of the year, and the focus during the review period was on operational activities. In addition, the lease of a unit that generated significant turnover but was unprofitable was terminated by mutual agreement with the lessor after lengthy negotiations. The solution will reduce the annual turnover in Norway by approximately MEUR 3 going forward, but will improve profitability immediately from the last quarter of the year. The refinancing carried out during the review period supports the company’s future growth objectives, extends the maturity of financing and increases financial flexibility without a material impact on the company’s finance costs. The arrangement involved a complete renewal of the company’s bank financing, while we also returned to the bond markets. The MEUR 50 senior secured floating rate bond issued was very well received by investors. The strong demand is a testament to confidence in the company’s business and strategy. NoHo Partners is growing profitably and clearly outperforming the market, even though data describing the general development of the industry shows that consumer activity remains at a modest level. The restaurant portfolio is in good shape, and the reservation situation for the remainder of the year is developing positively. Supported by strong operational expertise, we are well positioned as we head into the busiest season of the year. Jarno Suominen CEO “Strong development continued in the third quarter. The Group’s turnover increased by 8% and the EBIT margin improved by more than one percentage point to 9.5%.”
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 5 IMPLEMENTATION OF THE STRATEGY Our Finnish business rests on three strong pillars. At the core of our strategy is growth across restaurants, entertainment venues and event venues, regardless of market conditions. Growth is pursued organically, through new restaurant openings, and through carefully selected acquisitions. In the third quarter, the Company’s focus in Finland was on developing its restaurant business further. The portfolio was streamlined by closing a few unprofitable units, while the expansion of the wing restaurant chain Hook continued. The Company strengthened its position in the geographically important Rovaniemi area, as Hook Rovaniemi, previously operated under a franchise model, was transferred to NoHo Partners during the review period. In November, Finland’s ninth Stefan’s Steakhouse will open adjacent to the restaurant. After the review period, the Company opened Tampere’s second Hook restaurant. Over the next six months, the aim is to open Hook restaurants in Pori, Kouvola and Järvenpää, as well as a franchise restaurant in Oulu. 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. Jungle Juice Bar is one of Finland’s best-known smoothie and juice bar chains and the market leader in its sector. It offers the potential for significant profitability-enhancing synergies, particularly in the procurement of ingredients and packaging, as well as in the unit locations. During the review period, the company closed three loss-making Jungle Juice Bar units in order to concentrate the chain’s network in prime locations easily accessible to large crowds. 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. The packaging supplied by Triple Trading has also been 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 structural and operational measures required for the turnaround have now been completed, and the focus has shifted to the long-term development of the business. During the review period, NoHo Partners strengthened its financial position through a new financing arrangement. In September, the company issued a 50 MEUR senior secured bond maturing in September 2030, which is listed on the regulated market maintained by Nasdaq Helsinki Ltd. At the same time, the previous loan agreement was replaced with a new senior facilities agreement. The facilities agreement comprises a 60 MEUR term loan, a 10 MEUR capex facility and a 27 MEUR revolving credit facility. The proceeds received from the bond will be used to refinance existing liabilities and for general corporate purposes. The arrangement supports the company’s future growth objectives, extends the maturity of financing and increases financial flexibility. 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 38 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 6 TURNOVER AND INCOME July–September In July–September 2026, the Group’s turnover increased by 8.0% to MEUR 98.7 (91.4). Operational EBITDA was MEUR 10.5 (9.6) and increased by 9.7%. EBIT was MEUR 9.4 (7.6) with an EBIT margin of 9.5% (8.4%). The result of the Group for July–September was MEUR 4.2 (2.3). January–September In January–September 2026, the Group’s turnover increased by 7.7% to MEUR 276.0 (256.2). Operational EBITDA was MEUR 27.8 (25.7) and increased by 7.9 % compared to the corresponding period in the previous year. EBIT was MEUR 23.4 (20.5) with an EBIT margin of 8.5% (8.0%). The result of continuing operations was MEUR 8.9 (5.7), and the result of discontinued operation was MEUR 0.0 (23.5). The result of the Group for January– September was MEUR 8.9 (29.2). 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 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. The Danish packaging materials supplier Triple Trading reports its sales companies outside Denmark as part of the Denmark’s business area. FINNISH OPERATIONS MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Turnover 71.4 67.1 199.3 188.1 264.8 Operational EBITDA 8.6 8.1 21.3 19.5 31.0 EBIT 7.6 7.0 18.3 16.5 26.7 EBIT, % 10.7 10.5 9.2 8.7 10.1 Gross profit, % 75.7 75.7 75.8 75.5 75.7 Personnel expenses, % 31.8 32.0 33.3 33.4 33.2 In July–September 2026, turnover increased by 6.5% from the previous year to MEUR 71.4 (67.1). Operational EBITDA was MEUR 8.6 (8.1). EBIT was MEUR 7.6 (7.0) with a 10.7% (10.5%) EBIT margin. In January–September 2026, turnover increased by 6.0% from the previous year to MEUR 199.3 (188.1). Operational EBITDA was MEUR 21.3 (19.5). EBIT was MEUR 18.3 (16.5) with a 9.2% (8.7%) EBIT margin. Changes in the restaurant portfolio in July–September 2026 • Hook, Rovaniemi (new) • Jungle Juice Bar Goodman, Hämeenlinna (closed) • Jungle Juice Bar Iso Kristiina, Lappeenranta (closed) • Jungle Juice Bar Willa, Hyvinkää (closed) INTERNATIONAL BUSINESS MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Turnover 27.3 24.3 76.7 68.1 93.2 Operational EBITDA 1.9 1.5 6.5 6.2 8.5 EBIT 1.7 0.6 5.1 4.1 5.6 EBIT, % 6.4 2.5 6.7 6.0 6.0 Gross profit, % 78.8 78.1 77.5 77.2 77.1 Personnel expenses, % 35.5 35.0 35.2 34.4 34.3 In July–September 2026, turnover increased by 12.2% from the previous year to MEUR 27.3 (24.3). Operational EBITDA was MEUR 1.9 (1.5). EBIT was MEUR 1.7 (0.6) with a 6.4% (2.5%) EBIT margin. In January–September 2026, turnover increased by 12.6% from the previous year to MEUR 76.7 (68.1). Operational EBITDA was MEUR 6.5 (6.2). EBIT was MEUR 5.1 (4.1) with a 6.7% (6.0%) EBIT margin. Changes in the restaurant portfolio in July–September 2026 • The Wild Rover, Oslo (closed)
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 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 Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Restaurants Turnover, MEUR 36.3 34.2 105.8 99.1 138.0 Share of total turnover, % 36.7 37.5 38.3 38.7 38.6 Change in turnover, % 6.0 - 6.8 - - Units at the end of period, number* 131 133 131 133 132 Entertainment venues Turnover, MEUR 22.3 23.2 59.1 59.2 80.3 Share of total turnover, % 22.6 25.4 21.4 23.1 22.4 Change in turnover, % -3.9 - -0.2 - - Units at the end of period, number 62 61 62 61 62 Event venues Turnover, MEUR 12.9 9.6 34.4 29.8 46.5 Share of total turnover, % 13.0 10.6 12.5 11.6 13.0 Change in turnover, % 33.4 - 15.5 - - Units at the end of period, number 50 49 50 49 49 Total turnover, MEUR 71.4 67.1 199.3 188.1 264.8 Units total, number 243 243 243 243 243 INTERNATIONAL BUSINESS Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Norway Turnover, MEUR 9.1 9.0 27.0 27.2 36.9 Share of total turnover, % 9.2 9.8 9.8 10.6 10.3 Change in turnover, % 0.6 - -0.7 - - Units at the end of period, number 21 24 21 24 23 Denmark Turnover, MEUR 18.2 15.3 49.7 40.9 56.3 Share of total turnover, % 18.5 16.8 18.0 16.0 15.7 Change in turnover, % 19.0 - 21.5 - - Units at the end of period, number 28 29 28 29 28 Total turnover, MEUR 27.3 24.3 76.7 68.1 93.2 Units total, number 49 53 49 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 9 CASH FLOW, INVESTMENTS AND FINANCING The Group’s net cash generated from operating activities in January–September was MEUR 34.9 (42.8). The comparison period included a cash flow of MEUR 0.7 from discontinued operation. Cash flow before change in working capital was MEUR 64.7 and change in working capital MEUR -14.1. The net cash used in investing activities in January–September was MEUR -3.8 (-16.0). The comparison period included a cash flow of MEUR -3.0 from discontinued operations. Investments in January–September included ordinary maintenance investments and opening investments of new restaurants, such as SushiBarWine, as well as Bar Tullari and Hook Tullinaukio in Tampere, which opened just after the reporting period. Net cash used in financing activities amounted to MEUR -27.1 (-31.8). The comparison period included a cash flow of MEUR 0.4 from discontinued operation. The cash flow from financing activities includes loan withdrawals of MEUR 110.0 related to the new financing agreement as well as payments of MEUR 97.9 related to the old financing agreement and other amortisations. The cash flow from financing activities includes amortisations of MEUR 30.0 (29.0) of IFRS 16 lease liability payments. The Group’s interest-bearing net liabilities excluding the impact of IFRS 16 liabilities increased during January–September by MEUR 5.8 and amounted to MEUR 123.8 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 95.7%. Adjusted net finance costs in January–September were MEUR 14.1 (13.7). IFRS 16 interest expenses included in adjusted net finance costs in January–September were MEUR 7.2 (7.5). SIGNIFICANT EVENTS DURING THE REPORTING PERIOD NoHo Partners Plc issued senior secured notes as part of a refinancing arrangement On 3 September 2026, NoHo Partners Plc announced that it had issued MEUR 50.0 senior secured floating rate notes. The Notes were allocated to a mix of domestic and international investors. The Notes were admitted to trading on a regulated market maintained by Nasdaq Helsinki Ltd on 25 September 2026. The Notes issue is part of the Company’s refinancing arrangement, which, in addition to the notes, includes a senior facilities agreement replacing the existing loan agreement. The facilities agreement comprises a term loan facility of MEUR 60.0, a capex facility of MEUR 10.0 and a revolving credit facility of MEUR 27.0. The successful issue of the Notes, together with the new facilities agreement, supports the company’s future growth objectives, extends the maturity of financing and increases financial flexibility.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 10 EVENTS AFTER THE REPORTING PERIOD No significant events after the reporting period. PERSONNEL During January–September 2026, NoHo Partners group employed on average 981 (1,153) full-time employees and 832 (909) part-time employees converted into full-time employees as well as 410 (387) 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 11 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 centralised procurement 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 rates. 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’ EBIT 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 12 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 impairment risk The Group has a significant amount of goodwill on the consolidated balance sheet, which is subject to impairment risk in case the Group’s expected future cash flow decline permanently due to external or internal factors. FINANCIAL REPORTING AND ANNUAL GENERAL MEETING 2027 NoHo Partners Plc publishes financial reports for 2027 as follows: • Financial Statements Release 2026 on Wednesday 10 February 2027 • Interim report for 1 January–31 March 2027 on Tuesday 4 May 2027 • Half-year report for 1 January–30 June 2027 on Tuesday 3 August 2027 • Interim report for 1 January–30 September 2027 on Tuesday 2 November 2027 NoHo Partners’ Annual Report for 2026, including the Financial Statements and the Report of the Board of Directors, will be published during week 11. NoHo Partners Plc's Annual General Meeting is planned to be held on Wednesday 14 April 2027. Tampere, 3 November 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 13 Consolidated statement of profit or loss and other comprehensive income MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Continuing operations Turnover 98.7 91.4 276.0 256.2 358.0 Other operating income 1.7 1.7 5.3 5.2 7.1 Materials and services -36.1 -32.2 -98.9 -89.2 -124.1 Employee benefits -21.8 -21.2 -66.5 -63.5 -88.3 Other operating expenses -19.3 -18.0 -50.9 -48.2 -66.1 Depreciation, amortisation and impairment -13.9 -14.0 -41.8 -40.1 -54.4 Share of results of operational associated companies 0.1 0.0 0.3 0.1 0.1 EBIT 9.4 7.6 23.4 20.5 32.3 Finance income 0.2 0.0 0.6 0.2 0.6 Share of result of associated company 0.4 0.2 1.2 0.6 1.5 Interest expenses on financial liabilities -1.7 -1.6 -4.9 -5.0 -6.6 Interest expenses for right-of-use assets -2.4 -2.4 -7.2 -7.2 -9.6 Other finance expenses -0.9 -0.7 -2.3 -2.1 -3.5 Net finance expenses -4.4 -4.5 -12.6 -13.4 -17.6 Result before taxes 5.0 3.1 10.8 7.1 14.7 Tax based on the taxable income from the financial period -2.2 -0.8 -4.1 -3.4 -2.4 Change in deferred taxes 1.4 0.0 2.2 2.1 -0.4 Income taxes -0.8 -0.8 -1.9 -1.4 -2.8 RESULT FOR THE PERIOD, CONTINUING OPERATIONS 4.2 2.3 8.9 5.7 11.9 Result for the period, discontinued operation 0.0 0.0 0.0 23.5 23.5 RESULT FOR THE PERIOD 4.2 2.3 8.9 29.2 35.4 MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Result from continuing operations attributable to Owners of the Company 2.9 1.8 5.9 3.9 9.6 Non-controlling interests 1.3 0.5 3.0 1.8 2.3 Result for the period attributable to Owners of the Company 2.9 1.8 5.9 26.9 32.6 Non-controlling interests 1.3 0.5 3.0 2.2 2.8 Earnings per share calculated from the result for the review period for owners of the Company, EUR Basic earnings per share 0.14 0.09 0.28 1.28 1.55 Diluted earnings per share 0.14 0.09 0.28 1.28 1.54 Consolidated statement of comprehensive income Continuing and discontinued operations Result for the period 4.2 2.3 8.9 29.2 35.4 Other comprehensive income items Items that may be subsequently reclassified to profit or loss Translation differences 0.4 0.1 0.9 -0.2 -0.2 Other comprehensive income items after tax 0.4 0.1 0.9 -0.2 -0.2 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 4.6 2.4 9.8 29.0 35.2 Distribution of the comprehensive income for the period to Owners of the Company 3.3 1.9 6.7 26.9 32.6 Non-controlling interests 1.3 0.5 3.1 2.0 2.6
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 14 Consolidated Balance Sheet MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 162.5 160.9 160.7 Intangible assets 39.6 43.2 42.4 Property, plant and equipment 42.3 47.8 46.4 Right-of-use assets 170.4 189.5 185.0 Shares in associated companies 48.2 45.8 46.7 Other investments 0.4 0.4 0.4 Loan receivables 2.4 0.7 0.6 Other receivables 2.1 1.9 1.9 Deferred tax assets 17.6 17.8 14.9 Total non-current assets 485.4 507.9 499.0 Current assets Inventories 13.1 11.2 11.4 Loan receivables 0.4 0.5 0.4 Trade and other receivables 35.8 29.0 30.3 Cash and cash equivalents 8.4 1.9 4.4 Total current assets 57.6 42.6 46.5 TOTAL ASSETS 543.1 550.5 545.5 MEUR 30 Sep 2026 30 Sep 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 30.9 25.4 29.9 Total equity attributable to owners of the Company 102.8 97.2 101.7 Non-controlling interests 13.6 13.3 13.1 Total equity 116.4 110.6 114.8 Non-current liabilities Deferred tax liabilities 11.7 12.0 11.8 Financial liabilities 110.4 104.5 99.9 Liabilities for right-of-use assets 148.7 165.5 161.3 Other payables 5.7 9.4 9.2 Total non-current liabilities 276.6 291.4 282.1 Current liabilities Financial liabilities 24.6 21.9 23.3 Liabilities for right-of-use assets 36.8 37.8 38.1 Income tax liabilities 5.0 3.9 3.3 Trade and other payables 83.8 85.0 83.8 Total current liabilities 150.1 148.5 148.6 Total liabilities 426.7 439.9 430.7 TOTAL EQUITY AND LIABILITIES 543.1 550.5 545.5
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 15 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 Result for the period 5.9 5.9 3.0 8.9 Other comprehensive income items after tax, continuing and discontinued operations Translation differences 0.8 0.8 0.1 0.9 Total comprehensive income for the period 0.0 0.0 0.0 0.8 5.9 6.7 3.1 9.8 Other changes 0.3 0.3 0.3 Transactions with shareholders Dividend distribution* -4.8 -4.8 -3.0 -7.8 Share-based payments 0.1 0.1 0.1 Changes in non-controlling interests -1.1 -1.1 0.4 -0.7 Total transactions with owners of the Company 0.0 0.0 0.0 0.0 -5.8 -5.8 -2.6 -8.4 Equity at 30 September 0.2 71.7 0.0 -1.7 32.6 102.8 13.6 116.4 * 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 and the second instalment of EUR 0.08 per share was paid on 19 August 2026. The third instalment of EUR 0.08 per share will be paid on 18 November 2026.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 16 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 Result for the period 26.9 26.9 2.2 29.2 Other comprehensive income items after tax, continuing and discontinued operations Translation differences 0.0 0.0 -0.2 -0.2 Total comprehensive income for the period 0.0 0.0 0.0 0.0 26.9 26.9 2.0 29.0 Other changes 0.1 0.1 0.2 0.2 Transactions with shareholders Dividend distribution -9.7 -9.7 -1.0 -10.7 Changes in non-controlling interests -0.5 -0.5 -10.3 -10.8 Total transactions with owners of the Company 0.0 0.0 0.0 0.0 -10.2 -10.2 -11.3 -21.5 Equity at 30 September 0.2 71.7 0.0 -2.6 28.0 97.2 13.3 110.6
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 17 Consolidated statement of cash flows MEUR Q1–Q3 2026 Q1–Q3 2025 2025 Cash flow from operating activities Result for the reporting period 8.9 29.2 35.4 Adjustments Non-cash transactions -0.2 -23.5 -23.7 Depreciation, amortisation and impairment 41.8 42.4 56.8 Net finance expenses 12.6 14.1 18.2 Income taxes 1.9 1.6 3.0 Share of results of operational associated companies -0.3 -0.7 -0.1 Cash flow before change in working capital 64.7 63.1 89.6 Change in working capital Trade and other receivables -7.6 -2.3 -2.7 Inventories -1.5 0.5 0.2 Trade and other payables -5.0 -2.2 0.8 Change in working capital -14.1 -4.0 -1.7 Interest paid and other finance expenses -14.0 -14.1 -19.5 Interest received and other finance income 0.1 0.1 0.1 Income taxes paid -1.7 -2.3 -2.5 NET CASH GENERATED FROM OPERATING ACTIVITIES 34.9 42.8 66.0 Cash flow from investing activities Acquisition of tangible and intangible assets -2.8 -7.5 -10.6 Change in other non-current receivables 0.0 -0.2 0.0 Acquisition of subsidiaries with time-of- acquisition liquid assets deducted -0.7 -8.1 -8.1 Business acquisitions -0.4 -0.2 -0.5 Business divestments 0.0 0.2 0.2 Sales of non-controlling interests’ shares 0.0 0.1 0.1 Associated company shares purchased 0.0 -0.1 -0.1 NET CASH USED IN INVESTING ACTIVITIES -3.8 -16.0 -19.1 MEUR Q1–Q3 2026 Q1–Q3 2025 2025 Cash flow from financing activities Proceeds from non-current loans and borrowings 110.0 12.6 12.8 Payment of non-current loans and borrowings -100.3 -6.1 -8.1 Proceeds from/ repayments of current loans and borrowings 2.4 -2.1 -3.4 Acquisition of non-controlling interests -3.0 -0.1 -1.2 Payment of liabilities for right-of-use assets -30.0 -29.0 -38.8 Dividend distribution -6.2 -7.2 -10.8 NET CASH USED IN FINANCING ACTIVITIES -27.1 -31.8 -49.5 Change in cash and cash equivalents 4.0 -5.0 -2.5 Cash and cash equivalents at the beginning of the period 4.4 14.8 14.8 Cash and cash equivalents exited (BBS) 0.0 -7.9 -7.9 Cash and cash equivalents at the end of the period 8.4 1.9 4.4 Change in cash and cash equivalents 4.0 -5.0 -2.5 The cash flow statements for the comparative periods also include the discontinued operation.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 18 Notes 1. ACCOUNTING PRINCIPLES This unaudited interim report has been prepared observing the IAS 34 Interim Financial Reporting standard. The interim report should be read together with the 2025 IFRS consolidated financial statements. The interim 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, liabilities, income and expenses recognised in the financial statements. 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 19 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 2025 Turnover 22.1 Other operating income 0.5 Materials and services -6.9 Employee benefits -6.7 Other operating expenses -4.7 Depreciation, amortisation and impairment -2.4 EBIT 1.9 Interest expenses on financial liabilities -0.2 Interest expenses for right-of-use assets -0.3 Other finance expenses -0.1 Net finance expenses -0.6 Result before taxes 1.3 Tax based on the taxable income for the period -0.4 Change in deferred taxes 0.2 Income taxes -0.2 Result for the period 1.0 Revaluation to fair value 22.4 Result of the discontinued operation 23.5 Result for the period attributable to NoHo Partners Plc 23.0 Non-controlling interests 0.5 Total 23.5 Earnings per share calculated from the result for the review period for owners of the Company, EUR Basic earnings per share 1.09 Diluted earnings per share 1.09
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 20 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 21 3. TURNOVER DISTRIBUTION OF TURNOVER BETWEEN GOODS AND SERVICES MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Sales of goods 88.6 81.8 249.1 230.0 320.8 Sales of services 10.2 9.6 26.9 26.2 37.2 Total 98.7 91.4 276.0 256.2 358.0 DISTRIBUTION OF TURNOVER BY BUSINESS AREA MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Restaurants 36.3 34.2 105.8 99.1 138.0 Entertainment venues 22.3 23.2 59.1 59.2 80.3 Event venues 12.9 9.6 34.4 29.8 46.5 Norway 9.1 9.0 27.0 27.2 36.9 Denmark 18.2 15.3 49.7 40.9 56.3 Total 98.7 91.4 276.0 256.2 358.0 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. Contract assets and liabilities Credit losses and an IFRS 9 credit loss provision totalling MEUR 0.0 (0.0) were recognised on contract assets during 1 January–30 September 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 September 2026, the value of gift cards sold was MEUR 2.6 (2.5), and they are expected to be recognised as revenue during the next 12 months.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 22 4. SEGMENT INFORMATION MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Turnover Finland 71.4 67.1 199.3 188.1 264.8 International 27.3 24.3 76.7 68.1 93.2 Group 98.7 91.4 276.0 256.2 358.0 Other operating income Finland 1.5 1.3 4.4 4.1 5.5 International 0.3 0.4 1.1 1.1 1.7 Group 1.7 1.7 5.3 5.2 7.1 Depreciation, amortisation and impairment Finland -10.4 -10.2 -31.3 -30.0 -40.6 International -3.5 -3.8 -10.6 -10.1 -13.8 Group -13.9 -14.0 -41.8 -40.1 -54.4 EBIT Finland 7.6 7.0 18.3 16.5 26.7 International 1.7 0.6 5.1 4.1 5.6 Group 9.4 7.6 23.4 20.5 32.3 Operational EBITDA Finland 8.6 8.1 21.3 19.5 31.0 International 1.9 1.5 6.5 6.2 8.5 Group 10.5 9.6 27.8 25.7 39.5 Assets Finland 450.6 456.4 453.6 International 150.1 148.5 150.7 Eliminations -57.6 -54.4 -58.8 Group 543.1 550.5 545.5 Liabilities Finland 324.4 333.5 329.4 International 160.0 160.8 160.2 Eliminations -57.6 -54.4 -58.8 Group 426.7 439.9 430.7 Liabilities excluding IFRS 16 impact Finland 189.5 189.0 187.2 International 109.3 102.0 102.9 Eliminations -57.6 -54.4 -58.8 Group 241.2 236.6 231.3 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 23 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 24 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 25 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 September 2026. Contingent consideration liabilities are based on management estimates.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 26 SOLD BUSINESS OPERATIONS Sold subsidiary or 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 27 6. INTANGIBLE AND TANGIBLE ASSETS GOODWILL MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Book value at the beginning of the period 160.7 193.4 193.4 Business acquisitions 0.1 2.0 2.0 Deductions 0.0 -34.3 -34.3 Translation differences 1.6 -0.2 -0.4 Book value at the end of the review period 162.5 160.9 160.7 INTANGIBLE ASSETS MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Book value at the beginning of the period 42.4 48.2 48.2 Business acquisitions 0.0 5.1 5.1 Additions 0.1 0.8 1.0 Depreciation, amortisation and impairment -3.0 -2.7 -3.9 Deductions 0.0 -7.9 -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 39.6 43.2 42.4 PROPERTY, PLANT AND EQUIPMENT MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Book value at the beginning of the period 46.4 61.9 61.9 Business acquisitions 0.7 1.8 1.8 Additions 3.5 7.8 9.6 Depreciation, amortisation and impairment -8.3 -8.4 -12.0 Deductions -0.3 -15.7 -15.2 Translation differences 0.4 0.1 0.0 Transfers between account types 0.0 0.3 0.3 Book value at the end of the review period 42.3 47.8 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 Sep 2026 30 Sep 2025 31 Dec 2025 Book value at the beginning of the period 185.0 201.8 201.8 Business acquisitions 3.3 8.4 8.4 Additions 1.0 3.8 4.3 Reassessments and modifications 10.0 29.4 35.1 Depreciation, amortisation and impairment -30.5 -30.4 -40.9 Deductions -1.1 -23.6 -23.7 Translation differences 2.7 0.2 0.1 Book value at the end of the review period 170.4 189.5 185.0 CHANGE IN LEASE LIABILITY MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Book value at the beginning of the period 199.4 215.2 215.2 Net additions 13.2 16.8 23.0 Rent payments -37.2 -36.4 -48.7 Interest expenses 7.2 7.5 9.9 Translation differences 2.9 0.2 0.0 Book value at the end of the review period 185.5 203.3 199.4
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 28 LEASE LIABILITY MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current 148.7 165.5 161.3 Current 36.8 37.8 38.1 Total 185.5 203.3 199.4 LEASES IN THE INCOME STATEMENT MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Expenses related to short-term leases, leases for underlying assets of low value and variable leases -4.0 -3.0 -8.2 -8.8 -11.4 Depreciation of right-of-use assets -10.1 -10.0 -30.5 -30.4 -40.9 Interest expenses on lease liabilities -2.4 -2.4 -7.2 -7.5 -9.9 Total -16.5 -15.5 -45.9 -46.6 -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. In September 2026, NoHo Partners issued new MEUR 50.0 senior secured floating rate notes. The Notes have a term of four years and mature on 10 September 2030. The Notes bear interest at three-month EURIBOR plus an annual margin of 4.375 percentage points. The Notes are listed on the regulated market operated by Nasdaq Helsinki Ltd. In addition, in connection with the Notes issue, NoHo Partners entered into a new senior facilities agreement comprising a term loan facility of MEUR 60.0, a capex facility of MEUR 10.0 and a revolving credit facility of MEUR 27.0. NoHo Partners and certain group companies have provided security for the obligations under both the bonds and the facilities agreement. Transaction costs of MEUR 1.2 relating to the new financing arrangement have been capitalised as part of the amortised cost of the financial liabilities and will be recognised as an expense over the loan term using the effective interest method. Previously capitalised transaction costs of MEUR 0.4 relating to the previous financing arrangement were recognised in profit or loss upon derecognition of the previous financial liabilities. The first test of the covenants under the new financing agreement will be performed for the financial year ending on 31 December 2026, after which the covenants will be tested quarterly.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 29 MATURITY DISTRIBUTION OF FINANCIAL LIABILITIES MEUR Balance sheet value <1 year 1-2 years 2-5 years >5 years Financial liabilities 120.9 10.5 7.8 102.6 Account limits in use * 14.1 Total 135.0 10.5 7.8 102.6 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 7.3 6.9 11.4 The calculation is based on the interest rates specified in the financing agreements. 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 2.9 2.9 2.7 0.2 Trade payables 41.8 41.8 41.8 Liabilities from right-of-use assets 185.5 218.9 44.8 39.7 81.4 53.1 Total 230.1 263.6 89.3 39.8 81.4 53.1 The Group does not have material extended debt repayment periods in effect. On 30 September 2026, the Group’s cash and cash equivalents totalled MEUR 8.4 and the unwithdrawn loan and account limits available to the Group amounted to MEUR 21.1.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 30 9. FINANCIAL ASSETS AND LIABILITIES BY CATEGORY AND FAIR VALUE HIERARCHY 30 Sep 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 2.1 2.1 Total 0.4 4.5 4.8 Current financial assets Loan receivables 2 0.4 0.4 Trade and other receivables 2 35.8 35.8 Cash and cash equivalents 2 8.4 8.4 Total 44.6 44.6 Total 0.4 49.1 49.4 Non-current financial liabilities Senior notes 2 49.2 50.0 Financial liabilities 2 61.2 61.2 Liabilities for right-of-use assets 148.7 148.7 Liabilities for business acquisitions 3 0.3 0.3 Other liabilities 2 5.4 5.4 Total 264.9 265.6 Current financial liabilities Financial liabilities 2 24.6 24.6 Liabilities for right-of-use assets 36.8 36.8 Liabilities for business acquisitions 3 2.6 2.6 Trade payables 2 41.8 41.8 Total 105.7 105.7 Total 370.6 371.3 30 Sep 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 1.9 1.9 Total 0.4 2.6 3.0 Current financial assets Loan receivables 2 0.5 0.5 Trade and other receivables 2 29.0 29.0 Cash and cash equivalents 2 1.9 1.9 Total 31.4 31.4 Total 0.4 34.0 34.3 Non-current financial liabilities Senior notes 2 0.0 0.0 Financial liabilities 2 104.5 104.5 Liabilities for right-of-use assets 165.5 165.5 Liabilities for business acquisitions 3 3.1 3.1 Other liabilities 2 6.2 6.2 Total 279.4 279.4 Current financial liabilities Financial liabilities 2 21.9 21.9 Liabilities for right-of-use assets 37.8 37.8 Liabilities for business acquisitions 3 0.3 0.3 Trade payables 2 44.1 44.1 Total 104.1 104.1 Total 383.5 383.5 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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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 31 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–Q3 2026 Q1–Q3 2025 2025 Sales 0.1 0.1 0.3 Rental income 0.6 0.3 0.5 Purchases -10.1 -2.9 -4.7 Rental expenses -0.2 -0.1 -0.2 MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Receivables 0.6 0.6 0.6 Liabilities 2.9 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, a cumulative expense of MEUR 0.1 has been recognised for the first earning period of the incentive scheme as of 30 September 2026.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 32 11. CONTINGENT ASSETS AND LIABILITIES AND COMMITMENTS GUARANTEES AND CONTINGENT LIABILITIES MEUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 Liabilities with guarantees included in the balance sheet Loans from financial institutions, non-current 58.2 99.5 97.6 Loans from financial institutions, current 22.6 20.9 21.4 Senior notes 50.0 0.0 0.0 Total 130.8 120.4 119.0 Guarantees given on behalf of the Group Collateral notes secured by a mortgage 191.1 154.8 154.7 Real estate mortgage 10.0 4.0 4.0 Subsidiary shares 163.1 117.1 117.7 Bank guarantees 20.3 10.3 11.5 Other guarantees 1.1 1.0 1.1 Total 385.5 287.3 289.0 Contingent considerations 2.7 3.2 3.1 As a result of the change of bank in connection with the refinancing, some of the bank guarantees relating to lease agreements are temporarily in effect at both banks as of 30 September 2026. The group companies’ current and future intragroup receivables have been pledged as collateral for the Group’s financial liabilities. These receivables and the corresponding intragroup liabilities have been eliminated in the consolidated financial statements and therefore have no carrying amount in the consolidated balance sheet. 12. KEY FIGURES MEUR Q3 2026 Q3 2025 Q1–Q3 2026 Q1–Q3 2025 2025 Key figures of continuing operations Earnings per share, EUR 0.14 0.09 0.28 0.19 0.46 EBIT, % 9.5 8.4 8.5 8.0 9.0 Gross profit, % 76.3 76.2 76.2 75.9 76.0 Personnel expenses, % 32.5 32.7 33.7 33.6 33.5 Adjusted net finance expenses 4.9 4.7 14.1 13.7 19.0 Average number of personnel Registered personnel Full-time personnel 981 1,153 1,049 Part-time personnel converted into full-time personnel 832 909 652 Rented workforce converted to full-time equivalents 410 387 410 Operational EBITDA, bridge calculation EBIT 9.4 7.6 23.4 20.5 32.3 Depreciation, amortisation and impairment 13.9 14.0 41.8 40.1 54.4 Share of results of operational associated companies -0.1 0.0 -0.3 -0.1 -0.1 Translating IFRS 16 lease expenses to be cash flow based -12.6 -12.0 -37.2 -34.8 -47.1 Operational EBITDA 10.5 9.6 27.8 25.7 39.5 Group key figures (continuing and discontinued operations) Earnings per share, EUR 0.14 0.09 0.28 1.28 1.55 Return on equity, % (p.a.) 10.2 29.5 32.5 Return on investment, % (p.a.) 7.7 11.8 13.0 Equity ratio, % 21.5 20.2 21.2 Adjusted equity ratio, % 32.8 32.2 33.6 Gearing ratio, % 265.8 295.3 276.5 Interest-bearing net liabilities 309.3 326.5 317.4 Key figures excluding the impact of IFRS 16 Gearing ratio, % 95.7 100.5 92.6 Interest-bearing net liabilities 123.8 123.3 118.0 The calculation formulas for key figures are presented on page 33.
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INTERIM REPORT Q1–Q3 2026 | 3 NOVEMBER 2026 33 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 gross profit margin and personnel expenses ratio.
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34 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