NoHo Partners Oyj: Better Burger Society separates from NoHo Partners group, with NoHo Partners remaining the largest shareholder

NoHo Partners Plc, Stock Exchange Release, 1 April 2025 at 8:00 EET

Better Burger Society separates from NoHo Partners group, with NoHo Partners remaining the largest shareholder

NoHo Partners and private equity investor Intera Partners have agreed on an arrangement whereby Intera Partners will increase its voting rights in Better Burger Society, which operates in the growing European premium burger market, with its convertible shares. As a result of the arrangement, NoHo Partners' voting rights in Better Burger Society will drop to 49.6 per cent, with NoHo Partners continuing to be the largest owner of the company with a holding of 50.7 per cent. As of 1 April 2025, Better Burger Society will no longer be NoHo Partners group's subgroup, but will instead be consolidated into NoHo Partners group as an associated company. The share of associated company's result based on holding will be recognised in NoHo Partners Plc's financial income, thereby impacting the group's earnings per share. The transaction is subject to approval by the Finnish Competition and Consumer Authority.

The estimated positive non-recurring impact of the separation of Better Burger Society on the result of the NoHo Partners group is approx. MEUR 20 and on earnings per share approx. 1.0 euros in 2025. The arrangement will significantly optimise NoHo Partners Plc's balance sheet. The arrangement supports NoHo Partners' strategy, according to which the company focuses on active investment activities in its international business.

"The separation of Better Burger Society from the NoHo Partners group is a significant step in international investment activities in line with our strategy. Our initial investment in 2020 was approx. MEUR 7, with which we acquired a holding of approximately 70 per cent in the Friends&Brgrs chain. Over the past five years, we have grown, developed and expanded the business in Finland as well as internationally. Today, our share of the company measured at fair value is approximately MEUR 45. This means that our investment has generated MEUR 38 of value in five years. We will continue to be active owners and serve on the Board of Directors of Better Burger Society. Operational cooperation will also continue unchanged," says Jarno Suominen, CEO of NoHo Partners.

Better Burger Society currently has 31 Friends&Brgrs restaurants in Finland and 18 Holy Cow! restaurants in Switzerland. The company's strategy is to continue to expand through acquisitions, combining Europe's leading local premium burger brands with an efficient operating model and procurement synergies.

Better Burger Society will continue growth and internationalisation in line with its strategy also in the future. In 2024, Better Burger Society's turnover was MEUR 80. The company's expansion has progressed according to plan, and this year the aim is to open five more Friends&Brgrs restaurants in Finland and six Holy Cow! restaurants in Switzerland. With the new openings, the number of restaurants will increase to approximately 60. The target is also to expand into a new country in the near future.

Impact of Better Burger Society on NoHo Partners group's figures in 2024

Impact of Better Burger Society on NoHo Partners group's segment figures in 2024

NoHo Partners revises the long-term financial targets of its Finnish business

In a separate stock exchange release published today, NoHo Partners announced that as a result of the Better Burger Society arrangement, it revises the long-term financial targets set for business operations in Finland. During the strategy period 2025-2027, the Group aims in Finnish operations to achieve a turnover of approx. MEUR 350 and to maintain the current good level of EBIT margin. The company's other long-term financial targets remain unchanged.

Additional information:
Jarno Suominen, CEO, jarno.suominen@noho.fi (Management Assistant Niina Kilpeläinen, tel. +358 50 413 8158)
Jarno Vilponen, CFO, tel. +358 40 721 9376
Sanna Sandvall, Head of Investor Relations and Communications, tel. +358 40 760 0794

NoHo Partners Plc

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, Norway and Switzerland. 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 2024, the company's turnover amounted to approx. MEUR 430. NoHo Partners' vision is to be the leading restaurant operator in Northern Europe. For more information, visit noho.fi.