NoHo Partners' Q1 2025 results missed Vara Research expectations on several items, but we argue that the seasonally small quarter should not be taken as a bellwether for the full year. Reservation levels ahead of the busy summer season are solid, and...

NoHo Partners reported seasonally small Q1 EBIT of EUR 7.3m (up 6% y/y), 7% below Vara Research consensus and our estimate. Q1 net sales were also up 6% y/y to EUR 99.3m, 3% below consensus and 1% below our estimate. Operational EBITDA (operating cash...

NoHo Partners has acquired a 65% stake in the Danish restaurant chain Halifax Burgers. The founders will remain minority owners. Halifax Burgers is a high-quality sit-down burger concept, and it has 11 restaurants in Denmark. According to our understanding...

NoHo Partners has executed on its strategy by separating its subcompany Better Burger Society (BBS) while retaining majority ownership and operational power. At first glance, we view the arrangement as positive, as it not only unlocks hidden value, but...

NoHo Partners is separating its subgroup Better Burger Society from the group, while retaining a majority ownership in the company. We view this arrangement as being in line with NoHo’s current strategy, where it aims to create shareholder value through...