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1. GENERAL ACCOUNTING PRINCIPLES
The notes to the consolidated financial statements are grouped according to their nature.
The principles of preparation, management decisions based on discretion, and key
uncertainties related to estimates are presented in connection with each note. This section
describes the principles of preparation that apply to the consolidated financial statements as
a whole.
1.1. BASIC INFORMATION
ABOUT THE GROUP
NoHo Partners Plc group
(\u201cNoho Partners\u201d or \u201cGroup\u201d) is a Finnish Group founded in 1996
that
specialises in restaurant services
. The Group\u2019s parent company is
NoHo Partners Plc
.
The parent company\u2019s registered office is in Tampere,
at
Hatanp\u00e4\u00e4n valtatie 1 B, FI-33100
Tampere
, Finland. The parent company\u2019s home country is
Finland
. NoHo Partners Plc is listed
on Nasdaq OMX Helsinki stock exchange.
At the end of the financial year 2025, the Group comprised
approximately
300
restaurants in
Finland
, Denmark and Norway. The well-known restaurant concepts of the Group include
Elite, Savoy, Teatteri,
Sea Horse, Stefan\u2019s Steakhouse, Palace, L\u00f6yly, Strindberg, Campingen
and Cock's & Cows.
The official consolidated financial statements of the NoHo Partners group have been
published as an xHTML file in accordance with the European Single Electronic Format (ESEF)
reporting requirements. In accordance with ESEF requirements, the main financial statements
are tagged with XBRL tags, and the notes are tagged with XBRL block tags. The audit firm
Ernst & Young Oy provides an independent assurance report with reasonable assurance
regarding the ESEF financial statements prepared by NoHo Partners Plc. In addition, a PDF
version of the consolidated financial statements, in Finnish and English (an unofficial
translation), is available on the Company\u2019s website at noho.fi or from the parent company\u2019s
headquarters at the address mentioned previously.
NoHo Partners Plc
\u2019s Board of Directors has approved these financial statements for
publication at its meeting on 17 March 2026. According to the Finnish Limited Liability
Companies Act, the Annual General Meeting decides on the adoption of the financial
statements.
1.2. ACCOUNTING PRINCIPLES
These financial statements of NoHo Partners group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2025 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The information in the consolidated financial statements is based on original acquisition costs,
except where otherwise stated in the accounting principles.
The figures in the consolidated financial statements 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. The comparative data is presented in
brackets after the figures for the financial period. The Company's functional currency is euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_2": { "value": "
1. GENERAL ACCOUNTING PRINCIPLES
The notes to the consolidated financial statements are grouped according to their nature.
The principles of preparation, management decisions based on discretion, and key
uncertainties related to estimates are presented in connection with each note. This section
describes the principles of preparation that apply to the consolidated financial statements as
a whole.
1.2. ACCOUNTING PRINCIPLES
These financial statements of NoHo Partners group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2025 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The information in the consolidated financial statements is based on original acquisition costs,
except where otherwise stated in the accounting principles.
The figures in the consolidated financial statements 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. The comparative data is presented in
brackets after the figures for the financial period. The Company's functional currency is euro.
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
1.6. DISCONTINUED OPERATIONS
A discontinued operation is a part of the Group that has been disposed of and meets the
classification criteria for a discontinued operation in accordance with IFRS 5. The result of
discontinued operations is presented as a separate item in the consolidated income
statement, and the comparative period figures have been adjusted accordingly.
Better Burger Society is classified as a discontinued operation in these financial statements.
In the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operations are shown as a separate line item, and comparative
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information has been adjusted accordingly. Internal transactions between continuing and
discontinued operations have been eliminated from the figures. Information on the
discontinued operation is presented on page
. Other notes to the income statement are
presented only for continuing operations.
1.7. ITEMS DENOMINATED IN FOREIGN CURRENCIES
The consolidated financial statements are presented in euros, which is the operating and
presentation currency of the Group\u2019s parent company.
Transactions denominated in foreign currencies are entered in the accounts at the
exchange rate in effect on the date of the transaction. The closing rates of the European
Central Bank are used in the translation of receivables and liabilities denominated in foreign
currencies. The translation differences arising from transactions denominated on foreign
currencies and the conversion of financial items are recognised through profit or loss.
Foreign exchange gains and losses are included in the corresponding items above EBIT.
Intra-group loans for which no repayment period has been defined are classified as net
investments. Exchange differences related to these loans are recognised in other
comprehensive income and presented in equity translation differences from the date of
classification.
1.8. ADOPTION OF NEW AND AMENDED STANDARDS
The new standards, amendments, or interpretations adopted on 1 January 2025 have not
had a significant impact on NoHo Partners\u2019 consolidated financial statements.
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is a
small number of contract customers. The amount of profit recorded for the sale of goods
at the time of sale comprises the fair value of the compensation that is or will be received
for the sold item, less any VAT
as well as volume discounts and other discounts. Most of
the Group\u2019s income is generated from retail sales, where the payment instruments are
cash and credit cards. Contract customers\u2019 sales revenue is recognised immediately after
the restaurant services have been provided in connection with invoicing. In the restaurant
business, the revenue for sold gift cards is recognised when the cards are used. Gift card
revenue is expected to be recognised in the following 12 months. Turnover for services is
recorded as the Group performs the service and the customer receives control over it.
ACCOUNTING PRINCIPLES
The segment information presented by the Group is based on the management\u2019s internal
reporting that is prepared in accordance with the IFRS standards. The pricing between
segments is based on a fair market price. The Group\u2019s assets and liabilities are not
allocated or monitored segment-by-segment in internal financial reporting.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 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.
ACCOUNTING PRINCIPLES
Rental income includes lease income for premises. Rental income is recognised as
revenue on a straight-line basis over the lease term. Gains from the sale of tangible
assets are recognised in other operating income. The profit from a sale is determined by
the difference between the sale price and the remaining acquisition cost.
ACCOUNTING PRINCIPLES
Purchases include food, beverages and other supplies and services related to the
production of restaurant services. External services consist mainly of leased restaurant
employees.
ACCOUNTING PRINCIPLES
The Group has pension arrangements based on local practices in Finland, Norway and
Denmark.
Pension obligations are classified as either defined benefit or defined contribution plans.
The Group\u2019s statutory pension arrangements are classified as defined contribution plans,
and the Group currently has no active defined benefit pension plans.
In a defined contribution plan, the Group pays fixed fees for a pension plan to a pension
insurance company. The Group is not legally or constructively obligated to make
additional payments if the recipient of the payments does not have sufficient funds to pay
the pension benefits that the employees have earned for the current period or periods
preceding it. In a defined contribution plan, the payments made are recorded into the
income statement for the financial period that the charge applies to.
ACCOUNTING PRINCIPLES
The fair value of shares given without consideration to key personnel within the share
reward system is recorded as an expense for the period to which the arrangement is
related. The fair value is determined at the time of giving the shares, recorded as staff
expenses and listed as earnings under equity. The number of shares that key personnel
are expected to become entitled to is determined based on the assessed completion of
the financial conditions set by the Board. The assessments are reviewed at the end of
every reporting period and the adjustments are recognised in personnel expenses
through profit or loss and under equity.
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
and
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ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income for the financial
period and deferred tax. Taxes are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax based on the taxable income for the financial period is calculated using
the taxable income and the applicable tax rate in each country. The taxes are adjusted by
any taxes related to previous financial periods. The accounting principles for deferred
taxes are presented on page
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
ACCOUNTING PRINCIPLES
Basic earnings per share are calculated by dividing the profit for the financial period
attributable to the owners of the parent company by the weighted average number of
outstanding shares for the financial period.
Diluted earnings per share are calculated by adjusting the weighted average number of
shares by the dilutive effect of potential share-based payments.
ACCOUNTING PRINCIPLES
The shares of non-controlling interests of subsidiaries\u2019 income and equity are presented as
separate items in the Group\u2019s income statement, statement of comprehensive income,
statement of changes in equity and balance sheet.
Transactions completed with non-controlling interests that do not result in a loss of control
are treated as transactions with shareholders. A change in holding results in the
adjustment of carrying amounts between the holdings of the Group and noncontrolling
interests. The difference between the adjustment made to non-controlling interests\u2019 holding
and the paid or received consideration is recognised in earnings.
The non-controlling interests in an acquired company are recognised at either fair value or
the amount corresponding to the proportion of the non-controlling interests in the net
identifiable assets of the company acquired.
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ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
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Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
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party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of changes to meet the requirements for the restaurant use and to fit the concept
in question.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
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Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
Buildings
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is used to impair the unit's
asset items on a pro rata basis. The useful life of a depreciable asset item is reassessed
when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
ACCOUNTING
PRINCIPLES
The Group as a lessee
The Group has leased many of the restaurant and office premises that it uses. The
lengths of lease agreements vary from short contracts lasting less than a year to long
contracts lasting decades. The agreements are either fixed leases with an index
condition, turnover-based or combination of these. Some of the lease agreements are
valid until further notice, with notice periods ranging from one to six months.
The lease term of the lease of an individual restaurant operating on leased premises
determines the lease term lengths of any underlying assets on said premises that are
based on a basic non-fixed-term lease or a shorter lease. For example, if the lease term
of restaurant premises is 4 years, the lease term of beverage taps based on a non-fixed-
term lease or a shorter lease is also specified to be 4 years.
Agreements can include lease components and non-lease components. The contractual
consideration is allocated to the lease component and non-lease components based on
their relative stand-alone prices. However, it has been decided not to separate the
components in property lease contracts where the Group is the lessee, and they are
accounted for as a single lease component in Group\u2019s accounting.
The lease agreements are negotiated on a case-by-case basis, and they include a large
number of various terms. The leases do not generally include covenants other than the
lessee\u2019s security deposit interest related to the leased assets. Leased assets cannot be
used as security for loans.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022
Fixed payments (including in-substance fixed payments), less any lease incentives
receivable
\u2022
Variable lease payments that are based on an index or a rate and which are initially
measured using the index or rate at the time of signing the agreement
\u2022
Amounts expected to be payable by the Group under residual value guarantees
\u2022
The exercise price of a purchase option if the Group is reasonably certain to
exercise that option
\u2022
Payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
The liability also includes leases based on extension options that are relatively certain to
be exercised.
The Company will use the lessee\u2019s incremental borrowing rate of interest to define the
discount rate of future lease payments. The management has estimated the incremental
borrowing rate in accordance with what the interest rate would be if the asset were
obtained with outside financing. The incremental borrowing rate has been specified
separately for each asset, considering the risk-free interest rate, lease term, economic
environment and underlying asset. The incremental borrowing rate will be re-assessed
for material new lease agreement and the changing situations specified in the standard.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease payments are allocated
between principal and finance cost. The finance cost is recognised through profit or loss
over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets at cost
\u2022
The amount of the initial measurement of lease liability
\u2022
Any lease payments made at or before the commencement date less any lease
incentives received
\u2022
Any initial direct costs
\u2022
Restoration costs
Right-of-use assets are generally depreciated over the shorter of the asset's useful life
and the lease term on a straight-line basis. If the Group is reasonably certain to exercise
a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful
life.
Payments associated with short-term leases of equipment and vehicles and all leases of
low-value assets are recognised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12 months or less. Low value assets
comprise IT equipment and small items of office furniture.
Rent concessions and practical expedients for handling equipment are discussed at the
beginning of this note.
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The Group as a lessor
Commodities leased out are included in property, plant and equipment on the balance
sheet. They are depreciated over their useful life, similarly to property, plant and
equipment used by the Group for similar purposes. Rental income is recorded into the
income statement as annuities over the lease term. The Group is not a lessor in any
finance leases. The Group continues to sublease certain premises, which constitute the
majority of the Group's rental income.
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
ACCOUNTING PRINCIPLES
Inventories are measured according to their acquisition cost or their net realisable value,
whichever is lower. Acquisition cost is determined using a weighted average price
method. Acquisition cost includes the immediate expenses for the purchase less value
added tax. The net realisable value is the estimated selling price that can be achieved
during ordinary course of business less the costs of selling. Inventories include
ingredients for restaurant food, alcohol products and packaging materials that are part of
Triple Trading\u2019s inventories.
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ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
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ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
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ACCOUNTING PRINCIPLES
A provision is recorded when the Group has a judicial and constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. The provisions mainly include termination
costs for closed sites.
ACCOUNTING PRINCIPLES
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial liabilities
The Group\u2019s financial liabilities are, in accordance with IFRS 9, classified as financial
liabilities measured at amortised cost and consist of loans from financial institutions,
trade payables, and other financial liabilities. Financial liabilities are initially recognised at
fair value. Transaction costs are included in the original carrying amount of financial
liabilities. Subsequently, all financial liabilities are measured at amortised cost using the
effective interest method. Financial liabilities are included in both long-term and short-
term liabilities.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. The Group does not have
investments that are measured at fair value through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, funds in bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_3": { "value": "NoHo Partners Plc group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_4": { "value": "specialises in restaurant services", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_5": { "value": "NoHo Partners Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_6": { "value": "Hatanp\u00e4\u00e4n valtatie 1 B, FI-33100 Tampere", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_7": { "value": "Tampere", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_8": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_9": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_10": { "value": "
NoHo Partners Plc
\u2019s Board of Directors has approved these financial statements for
publication at its meeting on 17 March 2026. According to the Finnish Limited Liability
Companies Act, the Annual General Meeting decides on the adoption of the financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_11": { "value": "NoHo Partners Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_12": { "value": "
1.2. ACCOUNTING PRINCIPLES
These financial statements of NoHo Partners group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2025 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
The information in the consolidated financial statements is based on original acquisition costs,
except where otherwise stated in the accounting principles.
The figures in the consolidated financial statements 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. The comparative data is presented in
brackets after the figures for the financial period. The Company's functional currency is euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_13": { "value": "
1.2. ACCOUNTING PRINCIPLES
These financial statements of NoHo Partners group have been prepared based on the
International Financial Reporting Standards (IFRS) in accordance with the IAS and IFRS
standards in force as of 31 December 2025 as well as the SIC and IFRIC interpretations
issued in relation to them. International Financial Reporting Standards refer to the standards
and their interpretations approved for application in the EU in accordance with the procedure
stipulated in the EU Regulation (EC) No. 1606/2002 and embodied in the Finnish Accounting
Act and provisions issued under it. The notes to the consolidated financial statements have
also been prepared in accordance with the requirements in Finnish accounting legislation and
Community law that complement the IFRS regulations.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_14": { "value": "
The figures in the consolidated financial statements 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. The comparative data is presented in
brackets after the figures for the financial period. The Company's functional currency is euro.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_15": { "value": "
1.3. ASSESSMENT OF RISKS AND UNCERTAINTIES RELATED
TO THE COMPANY\u2019S OPERATIONS
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The short-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners\u2019 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\u2019s 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\u2019s 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\u2019 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\u2019s 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\u2019s finance department, where the sufficiency of financing is managed based on rolling forecasts.
Unexpected legislative amendments related to the Company\u2019s business, might have a negative effect on the Company\u2019s 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\u2019s finance expenses.
Changes in the macroeconomic environment or the general financing market situation may negatively affect the Company\u2019s 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\u2019s various markets may have a negative impact on the Company\u2019s
operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the Company\u2019s
business.
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Rent level development
Business premises expenses constitute a significant share of NoHo Partners\u2019 operating expenses. The Company\u2019s business premises are
primarily leased, so the development of the general level of rents has a significant impact on the Company\u2019s 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\u2019s 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\u2019s
expected future cash flow decline permanently due to external or internal factors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_16": { "value": "
1.3. ASSESSMENT OF RISKS AND UNCERTAINTIES RELATED
TO THE COMPANY\u2019S OPERATIONS
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The short-term risks and uncertainties described in this section can potentially have a significant impact on NoHo Partners\u2019 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\u2019s 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\u2019s 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\u2019 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\u2019s 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\u2019s finance department, where the sufficiency of financing is managed based on rolling forecasts.
Unexpected legislative amendments related to the Company\u2019s business, might have a negative effect on the Company\u2019s 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\u2019s finance expenses.
Changes in the macroeconomic environment or the general financing market situation may negatively affect the Company\u2019s 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\u2019s various markets may have a negative impact on the Company\u2019s
operations. Regulatory changes concerning, for example, alcohol, food and labour laws and value-added taxation may affect the Company\u2019s
business.
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Rent level development
Business premises expenses constitute a significant share of NoHo Partners\u2019 operating expenses. The Company\u2019s business premises are
primarily leased, so the development of the general level of rents has a significant impact on the Company\u2019s 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\u2019s 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\u2019s
expected future cash flow decline permanently due to external or internal factors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_17": { "value": "
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1.4. KEY ESTIMATES AND JUDGEMENTS
The preparation of consolidated financial statements in accordance with the IFRS standards
requires the use of certain estimates and assumptions that affect the reported figures. The
estimates and assumptions used in these financial statements are based on the
management\u2019s best estimate at the time of closing the books. These estimates and
assumptions influence the application of the accounting principles used in the financial
statements, the amounts of assets and liabilities on the balance sheet, the presentation of
contingent assets and liabilities in the notes to the financial statements as well as the
income and expenses for the financial period. The estimates are based on previous
experience, market data and several other assumptions that are deemed reasonable, but
the actual figures may deviate from these estimates due to different assumptions or
circumstances. The management must exercise judgement in applying the accounting
principles of the financial statements and making estimates related to income taxes,
goodwill impairment testing, provisions and contingent liabilities, for example. These
principles and estimates require the management to make subjective and complex
judgement-based estimates, such as those concerning the effects of factors that are
uncertain by nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_18": { "value": "
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
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4.4. SHARES IN ASSOCIATED COMPANIES
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MEUR
2025
2024
Balance sheet value 1 January
0.1
0.0
Additions
44.9
0.1
Share of profit for the financial period
1.6
0.0
Balance sheet value 31 December
46.7
0.1
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During the financial year, NoHo Partners Plc acquired a 25% share of ownership in Staff
Invest Oy. During the financial year,
NoHo Partners Plc's voting power in Better Burger
Society decreased to 49.6%, and as of 1 April 2025, the company has been consolidated
into the Group as an associated company.
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Financial information on associated companies
2025
Assets
Liabilities
Ownership interest,
%
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Finnish operations
Better Burger Society
92.9
14.7
45.3
24.8
93.9
3.8
51
Hook Restaurantes SL
0.0
0.4
0.4
0.0
0.0
0.0
49
Repa Service Oy
0.0
0.1
0.0
0.0
0.3
0.0
30
Staff Invest Oy
0.1
0.0
0.0
0.0
0.0
0.1
25
YES HR One Oy
0.0
0.6
0.0
0.4
1.8
0.2
20
YES HR Three Oy
0.0
0.0
0.0
0.0
0.0
0.0
20
YES HR Two Oy
0.0
0.8
0.0
0.6
2.7
0.3
20
Total
92.9
16.6
45.7
25.8
98.6
4.4
International business
Torggata Camping As
0.1
0.1
0.0
0.0
0.2
0.0
33
Total
0.1
0.1
0.0
0.0
0.2
0.0
2024
Assets
Liabilities
Ownership interest,
%
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Finnish operations
Hook Restaurantes SL
0.0
0.4
0.4
0.0
0.0
0.0
49
Repa Service Oy
0.0
0.1
0.0
0.0
0.2
0.0
30
YES HR One Oy
0.0
0.3
0.0
0.1
0.9
0.1
20
YES HR Three Oy
0.0
0.0
0.0
0.0
0.0
0.0
20
YES HR Two Oy
0.0
0.1
0.0
0.1
0.2
0.0
20
Total
0.0
0.8
0.5
0.2
1.3
0.1
International business
Torggata Camping As
0.1
0.1
0.0
0.0
0.3
0.0
33
Total
0.1
0.1
0.0
0.0
0.3
0.0
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ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
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6.2. SHARES IN SUBSIDIARIES AND ASSOCIATED COMPANIES
The group structure is presented in below table so, that the ownership interest marked after
the company in indentation presents the ownership interest of its parent company.
Additionally, the table shows the group's ownership percentage in each company.
Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Calos Oy
Finland
75
75
H5 Ravintolat Oy
Finland
100
75
Commodus Oy
Finland
70
70
El Rey Group Oy
Finland
60
60
Fatmax Oy
Finland
75
75
Hankinta Unioni Oy
Finland
60
60
Harry's Ravintolat Oy
Finland
100
100
Hispania Group Oy
Finland
70
70
Kampin Sirkus Oy
Finland
90
90
Katang MGMT Oy
Finland
94
94
Koskimax Oy
Finland
60
60
Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Latitude 25 Oy
Finland
65
65
Local Brewery Restaurants Oy
Finland
70
70
Lumo Laukontori Oy
Finland
100
100
Pyynikin Brewery Restaurants Oy
Finland
85
85
Nordic Gourmet Oy
Finland
100
100
Northmax Oy
Finland
70
70
Nunc est Bibendum Oy
Finland
70
70
Poolmax Oy
Finland
80
80
Priima-Ravintolat Oy
Finland
100
100
Rengasravintolat Oy
Finland
100
100
Restaykk\u00f6nen Oy
Finland
100
100
RR Holding Oy
Finland
100
100
Restanelonen Oy
Finland
100
100
Royal Ravintolat Oy
Finland
100
100
Aunt Florentine's Oyster Oy
Finland
100
100
Financier Group Oy
Finland
73
73
Shii Restaurant Oy
Finland
80
58
Mother of Pearl Oy
Finland
100
100
Pihka Ravintolat Oy
Finland
100
100
Ravintola F9 Oy
Finland
70
70
Sushi World Oy
Finland
100
100
Wild & Finnish Oy
Finland
75
75
Yes Yes
Yes Oy
Finland
70
70
Sea Horse Oy
Finland
100
100
Shinobi Group Oy
Finland
70
70
Smoothie Heaven Oy
Finland
75
75
Jungle Juice Bar Finland Oy
Finland
100
75
Soolo Max Oy
Finland
70
70
SRMax Oy
Finland
85
85
Stadin Night Oy
Finland
100
100
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Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Suomen Koukkuravintolat Oy
Finland
90
90
Espoon Koukkuravintolat Oy
Finland
90
81
Jyv\u00e4skyl\u00e4n Koukkuravintolat Oy
Finland
90
81
Lahden Koukkuravintolat Oy
Finland
90
81
Sein\u00e4joen Koukkuravintolat Oy
Finland
80
72
Suomen Ravintolatoimi Oy
Finland
100
100
Suomen Siipiravintolat Oy
Finland
100
100
SushiBarWine Oy
Finland
100
100
Tillikka Oy
Finland
70
70
Tunturimax Oy
Finland
76
76
Ski or Die Oy
Finland
80
61
Unioninkadun Keidas Oy
Finland
100
100
Urban Expo Oy
Finland
100
100
Wallis' Entertainment Group Oy
Finland
70
70
NoHo Partners International Oy
Finland
100
100
NoHo Norway AS
Norway
87
87
Countryfestivalen AS
Norway
100
87
Christian August AS
Norway
54
47
Complete Security AS
Norway
91
79
Complete Cleaning AS
Norway
100
79
DOD AS
Norway
100
87
Dubliners AS
Norway
100
87
Eilefs Landhandleri AS
Norway
100
87
Emmas Drift As
Norway
100
87
Klingenberg Bardrift AS
Norway
100
87
Kulturhuset i Oslo AS
Norway
100
87
YGT3 AS
Norway
100
87
Youngs AS
Norway
100
87
Lab Drift AS
Norway
100
87
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Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
M12 Mor AS
Norway
77
67
M12 Datter AS
Norway
100
67
M12 Kristiansand AS
Norway
100
67
M12 Stavanger AS
Norway
100
67
M12 Troms\u00f8 AS
Norway
91
61
M12 Trondheim AS
Norway
100
67
M12 Vest AS
Norway
100
67
MEO AS
Norway
100
87
Nieu Soria moria AS
Norway
55
48
\u00d8slo AS
Norway
90
78
R\u00e5dhuskroken AS
Norway
100
87
SBF AS
Norway
100
87
Scene og Pubdrift AS
Norway
100
87
T\u00f8yen Kulturhus AS
Norway
100
87
TW Rover AS
Norway
100
87
Vulkan Catering AS
Norway
100
87
Nordic Hospitality Partners Denmark A/S
Denmark
88
88
Chicks by Chicks Tivoli ApS
Denmark
100
88
Camping Denmark ApS
Denmark
100
88
Camping Malm\u00f6 AB
Sweden
100
88
Cock's & Cows ApS
Denmark
100
88
Cock's & Cows CPH Airport ApS
Denmark
100
88
Halifax A/S
Denmark
70
61
Luca Lyngby ApS
Denmark
100
88
NoHo TT Holding ApS
Denmark
80
70
Triple Trading Aps
Denmark
51
36
Triple Trading AS
Norway
100
36
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Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Ruby Group Holding ApS
Denmark
100
88
Bronnum ApS
Denmark
99
87
Ebony & Ivory ApS
Denmark
100
88
Lidkoeb ApS
Denmark
100
88
The Bird Mother ApS
Denmark
100
88
Luca Gl. Strand ApS
Denmark
100
88
The Bird ApS
Denmark
100
88
Merging company
Receiving company
Are you who Oy
Suomen Ravintolatoimi Oy
Beaniemax Oy
Harry's Ravintolat Oy
Bistromax Oy
Suomen Ravintolatoimi Oy
Camping Minigolf Oy
NoHo International Oy
Helsingin Kaivohuone Oy
Stadin Night Oy
Italpal Oy
Harry's Ravintolat Oy
Levin Ravintolakatu Oy
Unioninkadun Keidas Oy
Suomen Karaokebaarit Oy
Stadin Night Oy
Hook AS
NoHo Norway AS
M12 Roller AS
M12 Mor AS
NoHo Skagstind Holding AS
NoHo Norway AS
The operations of SBF AS have ceased after the end of the financial period.
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Associated companies
Country
Ownership
interest, %
Better Burger Society Group Oy*
Finland
51
Repa Service Oy
Finland
30
Staff Invest Oy
Finland
25
YES HR One Oy
Finland
20
YES HR Three Oy
Finland
20
YES HR Two Oy
Finland
20
Hook Restaurantes SL
Spain
49
Torggata Camping As
Norway
33
*NoHo Partners Plc's ownership in Better Burger Society is 50.7% and voting rights 49.6%.
The accounting principles for associated companies are presented on page
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Share of the most significant minority shareholders
Subgroup
Share of profit for
the financial
period
Share of
capital
MEUR
2025
2024
2025
2024
NoHo Norway AS subgroup
0.0
0.3
1.6
2.4
Nordic Hospitality Partners Denmak A/S subgroup
1.1
1.2
6.7
5.6
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Financial information on sub-groups
MEUR
2025
2024
NoHo Norway AS subgroup
Turnover
36.6
41.2
Result for the financial period
-0.8
-0.8
Non-current assets
63.1
59.3
Current assets
5.7
6.4
Non-current liabilities
41.5
42.1
Current liabilities
32.5
28.6
Cash flows from operating activities
4.8
5.0
Cash flows from investing activities
-1.6
-2.5
Cash flows from financing activities
-3.1
-3.2
Nordic Hospitality Partners Denmak A/S subgroup
Turnover
56.3
39.6
Result for the financial period
0.8
1.2
Non-current assets
63.1
56.3
Current assets
15.5
13.7
Non-current liabilities
40.9
30.8
Current liabilities
30.9
33.9
Cash flows from operating activities
2.4
6.6
Cash flows from investing activities
-5.3
-3.3
Cash flows from financing activities
1.3
-1.7
The financial information of the group's international operations is presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_19": { "value": "
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
\n
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\n
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\n
\n
\n
\n
\n
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\n
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\n
\n
\n
\n
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\n
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\n
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_20": { "value": "
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
\n
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\n
\n
\n
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
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\n
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\n
\n
\n
\n
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\n
\n
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_21": { "value": "
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
3. ACQUISITIONS AND DISPOSALS OF BUSINESS OPERATIONS
3.1. ACQUIRED BUSINESS OPERATIONS
ACQUISITIONS IN 2025
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Acquired company or
business
Date of
transfer
Business
acquired
Shares
acquired, %
Group
ownership
interest, %
Finnish operations
Wanha Satama, Helsinki
1 Mar 2025
x
Hook, Sein\u00e4joki
5 Mar 2025
x
Wallis' Entertainment
Group Oy, Helsinki
21 Mar 2025
70
70
Smoothie Heaven Oy
(Jungle Juice Bar),
Helsinki
1 Sep 2025
75
75
International business
Halifax A/S (former Ahn
& Dehler Dining A/S),
Copenhagen, Denmark
1 May 2025
65
49
Most significant acquisitions in the financial period
Finnish Operations
NoHo Partners Plc's subsidiary RR Holding Oy acquired the Wanha Satama restaurant
business located in Helsinki on 1 March 2025.
NoHo Partners Plc's subsidiary Sein\u00e4joen Koukkuravintolat Oy acquired the Hook
restaurant business located in Sein\u00e4joki from the franchise entrepreneur on 5 March 2025.
NoHo Partners Plc acquired a 70% ownership stake in Wallis\u2019 Entertainment Group Oy on
21 March 2025.
NoHo Partners Plc acquired a 75% ownership stake in Smoothie Heaven Oy on 1
September 2025. The company operates the smoothie and juice bar chain Jungle Juice Bar.
At the time of the acquisition, the chain had 41 units across various locations.
International Business
NoHo Partners Plc's subsidiary Nordic Hospitality Partners Denmark A/S acquired a 65%
ownership in Halifax A/S (former Ahn & Dehler Dining A/S) on 1 May 2025. At the time of
the acquisition, the company had 11 Halifax Burgers -restaurants in Denmark.
Nordic Hospitality Partners Denmark A/S\u2019s ownership share in Halifax A/S increased from
the original 65% to 70 % in December 2025, due to an additional share transfer carried out
in accordance with the terms of the purchase agreement.
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Total value of acquired assets and liabilities at the moment of transfer of control
Finnish
operations
International
business
Total
MEUR
Assets
Intangible assets
2.9
2.1
5.1
Property, plant and equipment
0.6
1.2
1.8
Current receivables
0.5
0.8
1.3
Inventories
0.1
0.1
0.2
Cash and cash equivalents
0.9
1.2
2.1
Total
5.0
5.5
10.5
Liabilities
Deferred tax liabilities
0.6
0.4
1.0
Other payables
2.5
2.7
5.3
Total
3.1
3.2
6.3
Net assets
1.9
2.3
4.2
Total purchase consideration at time of
acquisition
Share of purchase consideration consisting of cash
and cash equivalents
2.7
1.9
4.7
Contingent purchase consideration
0.4
0.0
0.4
Total purchase consideration
3.1
1.9
5.1
Generation of goodwill through acquisitions
Total purchase consideration
3.1
1.9
5.1
Non-controlling interests
0.5
0.7
1.2
Net identifiable assets of the
acquired entity
1.9
2.3
4.2
Goodwill
1.7
0.3
2.0
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The fair value of acquired receivables and the contractual gross amounts correspond to the
carrying amounts of the receivables at the time of the acquisition. The tax-deductible
goodwill amounts to MEUR 0.5.
The acquisition cost calculations are preliminary. The acquisitions do not involve significant
expenses from external experts.
IFRS 16 right-of-use assets of the acquired businesses
MEUR
Total
Finnish operations
5.0
International business
3.4
Effect of acquisitions
MEUR
Finnish
operations
International
business
Total
Impact on the Group\u2019s profit for the period
figures
Turnover
5.0
8.3
13.3
Net income
-0.3
-0.1
-0.4
Estimated effect if the acquisition were made at
the beginning of the financial period
Turnover
13.7
12.8
26.4
Net income
-0.5
0.0
-0.5
The figures include amortisation of intangible assets related to the acquisitions and the
related change in deferred tax.
Group in total
The acquisitions generated a total of MEUR 2.0 in goodwill based on expected synergy
benefits and gains from combining the acquired restaurants with the Group\u2019s other
restaurant concepts and services. The acquisitions generated a total of MEUR 4.9 in fair
value allocation in intangible rights.
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Determination of contingent transaction prices
Acquired company or business
Date of
transfer
Basis
Total*
MEUR
Finnish operations
Restaurant business,
Fame Club
1 Sep 2024
24-month accumulated
revenue
0.1
Calos Oy
(H5 Ravintolat Oy)
15 Oct 2024
Profitability of the years
2025-2026
2.5
Calos Oy
(H5 Ravintolat Oy)
15 Oct 2024
Put and call option
1.3
Smoothie Heaven Oy
1 Sep 2024
Potential change in the
Excise Tax Law
0.3
International business
Danish business
20 Mar 2018
Put and call option
1.4
Norwegian business
1 Apr 2019
Put and call option
1.2
*Balance sheet value as of 31 December 2025. The contingent transaction price liabilities
are based on management\u2019s estimates.
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ACQUISITIONS IN 2024
Acquired company or
business
Date of
transfer
Business
acquired
Shares
acquired, %
Group
ownership
interest, %
Finnish operations
Fame Club, Tampere
1 Sep 2024
x
Calos Oy
(H5 Ravin-
tolat), Tampere
15 Oct 2024
75
75
International business
Vulkan Catering AS,
Oslo, Norway
1 Jan 2024
100
100
Triple Trading ApS,
Lyngby, Denmark
1 Apr 2024
51
36
Total value of acquired assets and liabilities at the moment of transfer of control
Finnish
operations
International business
Total
MEUR
Triple
Trading
ApS
Other Int.
business
Assets
Intangible assets
0.9
4.9
0.0
5.8
Property, plant and equipment
1.2
0.1
0.0
1.2
Non-current receivables
0.0
0.0
0.0
0.1
Current receivables
0.5
3.5
0.1
4.1
Inventories
0.3
1.1
0.0
1.4
Cash and cash equivalents
0.2
0.1
0.1
0.3
Total
3.1
9.6
0.2
12.9
Liabilities
Deferred tax liabilities
0.2
1.1
0.0
1.3
Provisions
0.0
0.5
0.0
0.5
Other payables
0.9
1.2
0.2
2.2
Total
1.1
2.9
0.2
4.1
Net assets
2.0
6.8
0.0
8.8
Total purchase consideration at time of
acquisition
Share of purchase consideration
consisting of cash and cash
equivalents
1.9
2.3
0.0
4.2
Share of debt
3.8
0.0
0.0
3.8
Contingent purchase consideration
0.2
6.7
0.5
7.3
Total purchase consideration
5.8
9.0
0.5
15.3
Generation of goodwill through acquisitions
Total purchase consideration
5.8
9.0
0.5
15.3
Non-controlling interests
0.5
3.3
0.0
3.8
Net identifiable assets of the
acquired entity
2.0
6.8
0.0
8.8
Goodwill
4.3
5.6
0.5
10.3
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The fair value of acquired receivables and the contractual gross amounts correspond to the
carrying amounts of the receivables at the time of the acquisition. The tax-deductible
goodwill amounts to MEUR 0.2.
IFRS 16 right-of-use assets of the acquired businesses
MEUR
Total
Finnish operations
2.4
International business
0.2
Effect of acquisitions
MEUR
Finnish
operations
International
business
Total
Impact on the Group\u2019s profit for the period
figures
Turnover
2.7
14.5
17.2
Net income
0.2
1.6
1.8
Estimated effect if the acquisition were made at
the beginning of the financial period
Turnover
9.7
19.0
28.7
Net income
0.7
2.1
2.8
The depreciation of intangible assets related to acquisitions and the associated change in
deferred taxes have been taken into account in the figures.
Group in total
The acquisitions generated a total of MEUR 10.3 in goodwill based on expected synergy
benefits, establishment into new market areas and expected gains from combining the
acquired restaurants with the Group\u2019s other restaurant concepts and services. The
acquisitions generated a total of MEUR 5.8 in fair value allocation in intangible rights.
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3.3. SOLD BUSINESS OPERATIONS
DISPOSALS 2025
Sold subsidiary or business
Date of
transfer
Business
sold
Direct
shareholding
sold, %
Group
ownership
interest
sold, %
Finnish operations
Rivermax Oy, Tampere
5 Feb 2025
100
100
Restaurant business,
Pihka, Helsinki
1 Jul 2025
x
NoHo Partners' voting share in Better Burger Society decreased as a result of a share
conversion agreed with Intera Partners, a more detailed description can be found on the
page
The values of the assets and liabilities sold from the Group at the time control was
transferred
MEUR
Total
Property, plant and equipment
0.2
Right-of-use assets
0.3
Other asset items
0.1
Liabilities
-0.5
Liabilities for right-of-use assets
-0.4
Total net assets
-0.2
From the completed transactions, a total of MEUR 0.2 in capital gains was recognised in the
income statement.
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DISPOSALS 2024
Sold subsidiary or business
Date of
transfer
Business
sold
Shareholding
sold, %
Group
ownership
interest
sold, %
Finnish operations
Restaurant business,
HSF,
Hanko
12 Mar
2024
x
Restaurant business,
YO-talo, Tampere
1 Jun 2024
x
The values of the assets and liabilities sold from the Group at the time control was
transferred
MEUR
Total
Goodwill
0.1
Property, plant and equipment
0.2
Right-of-use assets
0.3
Liabilities for right-of-use assets
-0.3
Total net assets
0.2
From the completed transactions, a total of MEUR 0.1 in capital losses was recognised in
the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_22": { "value": "
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_23": { "value": "
1.5. CONSOLIDATION PRINCIPLES
These consolidated financial statements comprise the parent company NoHo Partners
Plc
,
the subsidiaries it owns, and their subsidiaries. The subsidiaries and associates
consolidated in the consolidated financial statements are specified on page
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_24": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_25": { "value": "
Subsidiaries
Subsidiaries are companies where the Group has a controlling interest. Control is created
when the Group, through involvement in the entity, is exposed to the entity's variable returns
or is entitled to them and can influence these returns by exercising its power on the entity.
The Group\u2019s control is based on voting rights. Subsidiaries are consolidated into the
consolidated financial statements starting from the date when control is transferred to the
Group; assigned subsidiaries are retained in the consolidated financial statements until the
date when control ceases to exist.
The acquisition method has been used to eliminate mutual share ownership between the
Group's companies. The amount by which the acquisition cost exceeds the Group's share of
the fair value of the purchased net identifiable assets is recorded as goodwill. If the
acquisition cost is lower than the net assets of the acquired subsidiary, the difference is
recognised as income in the income statement.
Acquisition-related expenditure, excluding the expenditure from issuing current liability and
equity convertible securities, has been recorded as expense. Any conditional additional
purchase price has been measured at fair value at the moment of acquisition and has been
classified as liability or equity. Additional purchase price classified as liability is measured at
fair value on each closing date, and the generated profit or loss is recorded through profit or
loss. Additional purchase price classified as equity is not re-measured. Any non-controlling
interests in the object acquired are measured at either fair value or an amount
corresponding to the proportion of the non-controlling interests in the net identifiable assets
of the object acquired. The measurement principle is defined separately for each business
acquisition.
Intra-group transactions, receivables and payables as well as unrealised gains are
eliminated when drawing up the consolidated financial statements. Unrealised losses are
not eliminated if the loss is caused by impairment. Where necessary, the accounting
principles of the financial statements of subsidiaries have been amended to correspond to
those of the Group.
The distribution of the profit or loss for the financial period between the owners of the parent
company and the minority shareholders is presented in the income statement. The
distribution of the comprehensive income between the owners of the parent company and
the minority shareholders is presented together with the comprehensive income statement.
Comprehensive income is allocated to minority shareholders, even if this would lead to the
non-controlling interest becoming negative.
The portion of equity attributable to non-controlling interests is presented as a separate item
in the balance sheet as part of equity. Changes in the parent company\u2019s ownership interest
in a subsidiary that do not result in loss of control are treated as equity transactions. In the
case of a step acquisition, the previously held interest is measured at fair value, and any
resulting gain or loss is recognised in profit or loss. When the Group loses control of a
subsidiary, the remaining interest is measured at fair value on the date control is lost, and
any resulting difference is recognised in profit or loss.
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6.2. SHARES IN SUBSIDIARIES AND ASSOCIATED COMPANIES
The group structure is presented in below table so, that the ownership interest marked after
the company in indentation presents the ownership interest of its parent company.
Additionally, the table shows the group's ownership percentage in each company.
Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Calos Oy
Finland
75
75
H5 Ravintolat Oy
Finland
100
75
Commodus Oy
Finland
70
70
El Rey Group Oy
Finland
60
60
Fatmax Oy
Finland
75
75
Hankinta Unioni Oy
Finland
60
60
Harry's Ravintolat Oy
Finland
100
100
Hispania Group Oy
Finland
70
70
Kampin Sirkus Oy
Finland
90
90
Katang MGMT Oy
Finland
94
94
Koskimax Oy
Finland
60
60
Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Latitude 25 Oy
Finland
65
65
Local Brewery Restaurants Oy
Finland
70
70
Lumo Laukontori Oy
Finland
100
100
Pyynikin Brewery Restaurants Oy
Finland
85
85
Nordic Gourmet Oy
Finland
100
100
Northmax Oy
Finland
70
70
Nunc est Bibendum Oy
Finland
70
70
Poolmax Oy
Finland
80
80
Priima-Ravintolat Oy
Finland
100
100
Rengasravintolat Oy
Finland
100
100
Restaykk\u00f6nen Oy
Finland
100
100
RR Holding Oy
Finland
100
100
Restanelonen Oy
Finland
100
100
Royal Ravintolat Oy
Finland
100
100
Aunt Florentine's Oyster Oy
Finland
100
100
Financier Group Oy
Finland
73
73
Shii Restaurant Oy
Finland
80
58
Mother of Pearl Oy
Finland
100
100
Pihka Ravintolat Oy
Finland
100
100
Ravintola F9 Oy
Finland
70
70
Sushi World Oy
Finland
100
100
Wild & Finnish Oy
Finland
75
75
Yes Yes
Yes Oy
Finland
70
70
Sea Horse Oy
Finland
100
100
Shinobi Group Oy
Finland
70
70
Smoothie Heaven Oy
Finland
75
75
Jungle Juice Bar Finland Oy
Finland
100
75
Soolo Max Oy
Finland
70
70
SRMax Oy
Finland
85
85
Stadin Night Oy
Finland
100
100
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Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Suomen Koukkuravintolat Oy
Finland
90
90
Espoon Koukkuravintolat Oy
Finland
90
81
Jyv\u00e4skyl\u00e4n Koukkuravintolat Oy
Finland
90
81
Lahden Koukkuravintolat Oy
Finland
90
81
Sein\u00e4joen Koukkuravintolat Oy
Finland
80
72
Suomen Ravintolatoimi Oy
Finland
100
100
Suomen Siipiravintolat Oy
Finland
100
100
SushiBarWine Oy
Finland
100
100
Tillikka Oy
Finland
70
70
Tunturimax Oy
Finland
76
76
Ski or Die Oy
Finland
80
61
Unioninkadun Keidas Oy
Finland
100
100
Urban Expo Oy
Finland
100
100
Wallis' Entertainment Group Oy
Finland
70
70
NoHo Partners International Oy
Finland
100
100
NoHo Norway AS
Norway
87
87
Countryfestivalen AS
Norway
100
87
Christian August AS
Norway
54
47
Complete Security AS
Norway
91
79
Complete Cleaning AS
Norway
100
79
DOD AS
Norway
100
87
Dubliners AS
Norway
100
87
Eilefs Landhandleri AS
Norway
100
87
Emmas Drift As
Norway
100
87
Klingenberg Bardrift AS
Norway
100
87
Kulturhuset i Oslo AS
Norway
100
87
YGT3 AS
Norway
100
87
Youngs AS
Norway
100
87
Lab Drift AS
Norway
100
87
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Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
M12 Mor AS
Norway
77
67
M12 Datter AS
Norway
100
67
M12 Kristiansand AS
Norway
100
67
M12 Stavanger AS
Norway
100
67
M12 Troms\u00f8 AS
Norway
91
61
M12 Trondheim AS
Norway
100
67
M12 Vest AS
Norway
100
67
MEO AS
Norway
100
87
Nieu Soria moria AS
Norway
55
48
\u00d8slo AS
Norway
90
78
R\u00e5dhuskroken AS
Norway
100
87
SBF AS
Norway
100
87
Scene og Pubdrift AS
Norway
100
87
T\u00f8yen Kulturhus AS
Norway
100
87
TW Rover AS
Norway
100
87
Vulkan Catering AS
Norway
100
87
Nordic Hospitality Partners Denmark A/S
Denmark
88
88
Chicks by Chicks Tivoli ApS
Denmark
100
88
Camping Denmark ApS
Denmark
100
88
Camping Malm\u00f6 AB
Sweden
100
88
Cock's & Cows ApS
Denmark
100
88
Cock's & Cows CPH Airport ApS
Denmark
100
88
Halifax A/S
Denmark
70
61
Luca Lyngby ApS
Denmark
100
88
NoHo TT Holding ApS
Denmark
80
70
Triple Trading Aps
Denmark
51
36
Triple Trading AS
Norway
100
36
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Group companies
Country
Ownership
interest,
%
Group
ownership
interest, %
Ruby Group Holding ApS
Denmark
100
88
Bronnum ApS
Denmark
99
87
Ebony & Ivory ApS
Denmark
100
88
Lidkoeb ApS
Denmark
100
88
The Bird Mother ApS
Denmark
100
88
Luca Gl. Strand ApS
Denmark
100
88
The Bird ApS
Denmark
100
88
Merging company
Receiving company
Are you who Oy
Suomen Ravintolatoimi Oy
Beaniemax Oy
Harry's Ravintolat Oy
Bistromax Oy
Suomen Ravintolatoimi Oy
Camping Minigolf Oy
NoHo International Oy
Helsingin Kaivohuone Oy
Stadin Night Oy
Italpal Oy
Harry's Ravintolat Oy
Levin Ravintolakatu Oy
Unioninkadun Keidas Oy
Suomen Karaokebaarit Oy
Stadin Night Oy
Hook AS
NoHo Norway AS
M12 Roller AS
M12 Mor AS
NoHo Skagstind Holding AS
NoHo Norway AS
The operations of SBF AS have ceased after the end of the financial period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_26": { "value": "
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
4.4. SHARES IN ASSOCIATED COMPANIES
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MEUR
2025
2024
Balance sheet value 1 January
0.1
0.0
Additions
44.9
0.1
Share of profit for the financial period
1.6
0.0
Balance sheet value 31 December
46.7
0.1
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During the financial year, NoHo Partners Plc acquired a 25% share of ownership in Staff
Invest Oy. During the financial year,
NoHo Partners Plc's voting power in Better Burger
Society decreased to 49.6%, and as of 1 April 2025, the company has been consolidated
into the Group as an associated company.
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\n
Financial information on associated companies
2025
Assets
Liabilities
Ownership interest,
%
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Finnish operations
Better Burger Society
92.9
14.7
45.3
24.8
93.9
3.8
51
Hook Restaurantes SL
0.0
0.4
0.4
0.0
0.0
0.0
49
Repa Service Oy
0.0
0.1
0.0
0.0
0.3
0.0
30
Staff Invest Oy
0.1
0.0
0.0
0.0
0.0
0.1
25
YES HR One Oy
0.0
0.6
0.0
0.4
1.8
0.2
20
YES HR Three Oy
0.0
0.0
0.0
0.0
0.0
0.0
20
YES HR Two Oy
0.0
0.8
0.0
0.6
2.7
0.3
20
Total
92.9
16.6
45.7
25.8
98.6
4.4
International business
Torggata Camping As
0.1
0.1
0.0
0.0
0.2
0.0
33
Total
0.1
0.1
0.0
0.0
0.2
0.0
2024
Assets
Liabilities
Ownership interest,
%
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Finnish operations
Hook Restaurantes SL
0.0
0.4
0.4
0.0
0.0
0.0
49
Repa Service Oy
0.0
0.1
0.0
0.0
0.2
0.0
30
YES HR One Oy
0.0
0.3
0.0
0.1
0.9
0.1
20
YES HR Three Oy
0.0
0.0
0.0
0.0
0.0
0.0
20
YES HR Two Oy
0.0
0.1
0.0
0.1
0.2
0.0
20
Total
0.0
0.8
0.5
0.2
1.3
0.1
International business
Torggata Camping As
0.1
0.1
0.0
0.0
0.3
0.0
33
Total
0.1
0.1
0.0
0.0
0.3
0.0
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
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Associated companies
Country
Ownership
interest, %
Better Burger Society Group Oy*
Finland
51
Repa Service Oy
Finland
30
Staff Invest Oy
Finland
25
YES HR One Oy
Finland
20
YES HR Three Oy
Finland
20
YES HR Two Oy
Finland
20
Hook Restaurantes SL
Spain
49
Torggata Camping As
Norway
33
*NoHo Partners Plc's ownership in Better Burger Society is 50.7% and voting rights 49.6%.
The accounting principles for associated companies are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_27": { "value": "
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_28": { "value": "
Associated companies
Associated companies are companies over which the Group has significant influence.
Significant influence generally arises when the Group owns more than 20 % of the voting
rights in a company or otherwise has significant influence but not control. Associates are
consolidated into the Group\u2019s financial statements using the equity method. If the Group\u2019s
share of an associate\u2019s losses exceeds the carrying amount of the investment, the
investment is recorded at zero value in the balance sheet, and losses exceeding the
carrying amount are not consolidated unless the Group has committed to fulfilling the
associate\u2019s obligations. The investment in an associate includes goodwill arising from its
acquisition. Unrealised gains between the Group and associates are eliminated in
accordance with the Group\u2019s ownership interest. The Group\u2019s share of the results of
associates related to operational activities is presented as a separate item above operating
profit, and the share of results from investment-related associates is presented in financial
income. The Group\u2019s share of other comprehensive income items recorded by associates is
recognised in the Group\u2019s other comprehensive income.
Better Burger Society has been consolidated into the NoHo Partners group as an
associated company as of 1 April 2025. The share of the associated company's result
based on holding has been recorded in the financial income of NoHo Partners Plc.
The Company sold all its shares in Eezy Plc in January 2024.
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_29": { "value": "
1.6. DISCONTINUED OPERATIONS
A discontinued operation is a part of the Group that has been disposed of and meets the
classification criteria for a discontinued operation in accordance with IFRS 5. The result of
discontinued operations is presented as a separate item in the consolidated income
statement, and the comparative period figures have been adjusted accordingly.
Better Burger Society is classified as a discontinued operation in these financial statements.
In the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operations are shown as a separate line item, and comparative
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information has been adjusted accordingly. Internal transactions between continuing and
discontinued operations have been eliminated from the figures. Information on the
discontinued operation is presented on page
. Other notes to the income statement are
presented only for continuing operations.
2.2. DISCONTINUED OPERATIONS
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\u2019 voting rights in Better Burger Society decreased to 49.6%, while NoHo
Partners remains the company\u2019s largest shareholder with a 50.7% ownership stake. As of 1
April 2025, Better Burger Society has been consolidated in the NoHo Partners group\u2019s
accounts as an associated company. The share of the associated company\u2019s result
corresponding to the ownership stake has been recorded in NoHo Partners Plc\u2019s financial
income, thereby affecting the Group\u2019s earnings per share.
Better Burger Society has been classified as a discontinued operation as of April 2025. In
the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operation is shown on a separate line, and the comparative figures
have been adjusted accordingly. 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.
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Result of discontinued operations
MEUR
2025
2024
Turnover
22.1
80.0
Other operating income
0.5
1.9
Materials and services
-6.9
-25.7
Employee benefits
-6.7
-24.2
Other operating expenses
-4.7
-15.9
Depreciation, amortisation and impairment
-2.4
-8.5
EBIT
1.9
7.5
Finance income
0.0
0.6
Interest expenses on financial liabilities
-0.2
-1.6
Interest expenses for right-of-use assets
-0.3
-1.1
Other finance expenses
-0.1
-0.8
Net finance expenses
-0.6
-2.9
Result before taxes
1.3
4.6
Tax based on the taxable income for the period
-0.4
-1.2
Change in deferred taxes
0.2
0.1
Income taxes
-0.2
-1.1
Result for the period
1.0
3.5
Revaluation to fair value
22.4
0.0
RESULT OF THE DISCONTINUED OPERATION
23.5
3.5
Result for the period attributable to
NoHo Partners Plc
23.0
1.9
Non-controlling interests
0.5
1.6
Earnings per share calculated from the result for the
review period for owners of the Company, EUR
Basic earnings per share
1.09
0.09
Diluted earnings per share
1.09
0.09
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Net cash flows from discontinued operations
MEUR
2025
2024
Net cash generated from operating activities
0.7
12.9
Net cash used in investing activities
-3.0
-6.4
Net cash used in financing activities
0.4
-4.0
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Result recognised from the revaluation of a discontinued operation
MEUR
1 April 2025
Book values of the net assets to be transferred
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
LIABILITIIES
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
NET ASSETS TO BE TRANSFERRED, TOTAL
-33.5
Translation differences
-0.4
Non-controlling interests
11.7
Valuation of associated company
44.6
PROFIT
22.4
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KEY NOTES TO THE FINANCIAL STATEMENTS
Below are notes significantly related to the business of Better Burger Society. The business
of Better Burger Society is described in more detail in the Group\u2019s 2024 financial
statements.
Acquisitions 2025
No acquisitions
Acquisitions 2024
Acquired
subsidiaries and
businesses
Business
acquired
Shares
acquired, %
Group
ownership
interest, %
Date of
transfer
Country
VCSB SA, Vevey
100
100
1 Jul 2024
Switzerland
Bern business
acquisition
x
4 Jul 2024
Switzerland
Lucern business
acquisition
x
6 Jul 2024
Switzerland
DP Gastronomie
Sarl, Yverdon
100
100
1 Aug 2024
Switzerland
MEUR
Total
IFRS16 right-of-use assets of the acquired businesses
3.0
The impact of acquisitons on the Group\u2019s profit for the period figures
Turnover
0.9
Net income
-0.1
Estimated effect if the acquisition were made at the beginning of the
financial period
Turnover
2.3
Net income
-0.3
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Values of acquired assets and liabilities at the time of transfer of control
MEUR
Total
acquisition
s
Assets
Property, plant and equipment
0.1
Non-current receivables
0.1
Current receivables
0.3
Cash and cash equivalents
0.8
Total
1.2
Liabilities
Financial liabilities
0.1
Other payables
0.7
Total
0.8
Net assets
0.4
Total purchase consideration at time of acquisition
Share of purchase consideration consisting of cash and cash equivalents
2.9
Total purchase consideration
2.9
Generation of goodwill through acquisitions
Total purchase consideration
2.9
Net identifiable assets of the acquired entity
0.4
Goodwill
2.5
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Information on defined benefit pension plan
BBS group has a defined benefit pension plan in Switzerland.
MEUR
Present
value of
pension
obligation
Fair value
of plan
assets
Net defined
benefit
obligation
Balance 1 January 2024
4.8
4.5
0.3
Current service costs
0.3
0.0
0.3
Net interest costs
0.1
0.1
0.0
Components of defined benefit costs
recognised in the consolidated statements
of income
0.4
0.1
0.4
Remeasurements
0.1
0.0
0.1
Other comprehensive income items total
0.1
0.0
0.1
Employer contributions
0.0
0.5
-0.5
Plan participants' contributions
0.4
0.4
0.0
Benefits paid
-0.9
-0.9
0.0
Business combinations
0.7
0.7
0.0
Other
0.2
0.7
-0.6
Balance 31 January 2024
5.4
5.2
0.2
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Allocation of assets included in the plan
MEUR
2024
Equities
2.0
Bonds
2.1
Real estate
1.3
Alternative investments
0.1
Cash
0.1
Assets that are not available to the Company
-0.4
Net plan assets
5.2
Key actuarial assumptions
Principal actuarial assumptions
2024
Discount rate, %
1.0
Salary increase, %
1.3
Inflation rate, %
1.0
Average remaining working time, years
2.8
Sensitivity analysis of changes in key actuarial assumptions
MEUR
2024
Discount rate -0.25%
0.1
Discount rate +0.25%
-0.1
The duration of the pension obligation is 10.3 years. The duration has been calculated using
a discount rate of 0.95%.
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Accounting principles regarding defined benefit pension plans
In a defined benefit pension plan, the pension benefit that an employee will receive upon
retirement is determined. The amount of the benefit depends, among other things, on age,
years of service, and salary level. The present value of the defined benefit pension plan
earned by work performed during the financial year is recognised as an expense based on
employee service. The liability recognised in the balance sheet for defined benefit pension
plans is the present value of the obligation at the end of the reporting period, less the fair
value of the plan assets. The amount of obligation arising from defined benefit plans is
based on annual calculations by independent actuaries using the projected unit credit
method. The present value of the obligation is determined by discounting the estimated
future cash flows using a discount rate that corresponds to the yield on high-quality
corporate bonds. The bonds used for determining the discount rate are issued in the same
currency as the benefits to be paid and mature at approximately the same time as the
related pension obligation. Actuarial gains and losses arising from experience adjustments
and changes in actuarial assumptions are recognised in other comprehensive income as a
credit or charge to equity in the period in which they arise.
KEY ESTIMATES AND JUDGEMENTS
The fair value of the Better Burger Society associated company shares has been
determined based on the consolidated 12-month EBITDA of the BBS group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_30": { "value": "
1.6. DISCONTINUED OPERATIONS
A discontinued operation is a part of the Group that has been disposed of and meets the
classification criteria for a discontinued operation in accordance with IFRS 5. The result of
discontinued operations is presented as a separate item in the consolidated income
statement, and the comparative period figures have been adjusted accordingly.
Better Burger Society is classified as a discontinued operation in these financial statements.
In the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operations are shown as a separate line item, and comparative
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information has been adjusted accordingly. Internal transactions between continuing and
discontinued operations have been eliminated from the figures. Information on the
discontinued operation is presented on page
. Other notes to the income statement are
presented only for continuing operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_31": { "value": "
1.6. DISCONTINUED OPERATIONS
A discontinued operation is a part of the Group that has been disposed of and meets the
classification criteria for a discontinued operation in accordance with IFRS 5. The result of
discontinued operations is presented as a separate item in the consolidated income
statement, and the comparative period figures have been adjusted accordingly.
Better Burger Society is classified as a discontinued operation in these financial statements.
In the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operations are shown as a separate line item, and comparative
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information has been adjusted accordingly. Internal transactions between continuing and
discontinued operations have been eliminated from the figures. Information on the
discontinued operation is presented on page
. Other notes to the income statement are
presented only for continuing operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_32": { "value": "
1.6. DISCONTINUED OPERATIONS
A discontinued operation is a part of the Group that has been disposed of and meets the
classification criteria for a discontinued operation in accordance with IFRS 5. The result of
discontinued operations is presented as a separate item in the consolidated income
statement, and the comparative period figures have been adjusted accordingly.
Better Burger Society is classified as a discontinued operation in these financial statements.
In the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operations are shown as a separate line item, and comparative
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information has been adjusted accordingly. Internal transactions between continuing and
discontinued operations have been eliminated from the figures. Information on the
discontinued operation is presented on page
. Other notes to the income statement are
presented only for continuing operations.
2.2. DISCONTINUED OPERATIONS
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\u2019 voting rights in Better Burger Society decreased to 49.6%, while NoHo
Partners remains the company\u2019s largest shareholder with a 50.7% ownership stake. As of 1
April 2025, Better Burger Society has been consolidated in the NoHo Partners group\u2019s
accounts as an associated company. The share of the associated company\u2019s result
corresponding to the ownership stake has been recorded in NoHo Partners Plc\u2019s financial
income, thereby affecting the Group\u2019s earnings per share.
Better Burger Society has been classified as a discontinued operation as of April 2025. In
the Group\u2019s income statement, continuing and discontinued operations are presented
separately. Discontinued operation is shown on a separate line, and the comparative figures
have been adjusted accordingly. 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.
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Result of discontinued operations
MEUR
2025
2024
Turnover
22.1
80.0
Other operating income
0.5
1.9
Materials and services
-6.9
-25.7
Employee benefits
-6.7
-24.2
Other operating expenses
-4.7
-15.9
Depreciation, amortisation and impairment
-2.4
-8.5
EBIT
1.9
7.5
Finance income
0.0
0.6
Interest expenses on financial liabilities
-0.2
-1.6
Interest expenses for right-of-use assets
-0.3
-1.1
Other finance expenses
-0.1
-0.8
Net finance expenses
-0.6
-2.9
Result before taxes
1.3
4.6
Tax based on the taxable income for the period
-0.4
-1.2
Change in deferred taxes
0.2
0.1
Income taxes
-0.2
-1.1
Result for the period
1.0
3.5
Revaluation to fair value
22.4
0.0
RESULT OF THE DISCONTINUED OPERATION
23.5
3.5
Result for the period attributable to
NoHo Partners Plc
23.0
1.9
Non-controlling interests
0.5
1.6
Earnings per share calculated from the result for the
review period for owners of the Company, EUR
Basic earnings per share
1.09
0.09
Diluted earnings per share
1.09
0.09
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Net cash flows from discontinued operations
MEUR
2025
2024
Net cash generated from operating activities
0.7
12.9
Net cash used in investing activities
-3.0
-6.4
Net cash used in financing activities
0.4
-4.0
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Result recognised from the revaluation of a discontinued operation
MEUR
1 April 2025
Book values of the net assets to be transferred
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
LIABILITIIES
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
NET ASSETS TO BE TRANSFERRED, TOTAL
-33.5
Translation differences
-0.4
Non-controlling interests
11.7
Valuation of associated company
44.6
PROFIT
22.4
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KEY NOTES TO THE FINANCIAL STATEMENTS
Below are notes significantly related to the business of Better Burger Society. The business
of Better Burger Society is described in more detail in the Group\u2019s 2024 financial
statements.
Acquisitions 2025
No acquisitions
Acquisitions 2024
Acquired
subsidiaries and
businesses
Business
acquired
Shares
acquired, %
Group
ownership
interest, %
Date of
transfer
Country
VCSB SA, Vevey
100
100
1 Jul 2024
Switzerland
Bern business
acquisition
x
4 Jul 2024
Switzerland
Lucern business
acquisition
x
6 Jul 2024
Switzerland
DP Gastronomie
Sarl, Yverdon
100
100
1 Aug 2024
Switzerland
MEUR
Total
IFRS16 right-of-use assets of the acquired businesses
3.0
The impact of acquisitons on the Group\u2019s profit for the period figures
Turnover
0.9
Net income
-0.1
Estimated effect if the acquisition were made at the beginning of the
financial period
Turnover
2.3
Net income
-0.3
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Values of acquired assets and liabilities at the time of transfer of control
MEUR
Total
acquisition
s
Assets
Property, plant and equipment
0.1
Non-current receivables
0.1
Current receivables
0.3
Cash and cash equivalents
0.8
Total
1.2
Liabilities
Financial liabilities
0.1
Other payables
0.7
Total
0.8
Net assets
0.4
Total purchase consideration at time of acquisition
Share of purchase consideration consisting of cash and cash equivalents
2.9
Total purchase consideration
2.9
Generation of goodwill through acquisitions
Total purchase consideration
2.9
Net identifiable assets of the acquired entity
0.4
Goodwill
2.5
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Information on defined benefit pension plan
BBS group has a defined benefit pension plan in Switzerland.
MEUR
Present
value of
pension
obligation
Fair value
of plan
assets
Net defined
benefit
obligation
Balance 1 January 2024
4.8
4.5
0.3
Current service costs
0.3
0.0
0.3
Net interest costs
0.1
0.1
0.0
Components of defined benefit costs
recognised in the consolidated statements
of income
0.4
0.1
0.4
Remeasurements
0.1
0.0
0.1
Other comprehensive income items total
0.1
0.0
0.1
Employer contributions
0.0
0.5
-0.5
Plan participants' contributions
0.4
0.4
0.0
Benefits paid
-0.9
-0.9
0.0
Business combinations
0.7
0.7
0.0
Other
0.2
0.7
-0.6
Balance 31 January 2024
5.4
5.2
0.2
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Allocation of assets included in the plan
MEUR
2024
Equities
2.0
Bonds
2.1
Real estate
1.3
Alternative investments
0.1
Cash
0.1
Assets that are not available to the Company
-0.4
Net plan assets
5.2
Key actuarial assumptions
Principal actuarial assumptions
2024
Discount rate, %
1.0
Salary increase, %
1.3
Inflation rate, %
1.0
Average remaining working time, years
2.8
Sensitivity analysis of changes in key actuarial assumptions
MEUR
2024
Discount rate -0.25%
0.1
Discount rate +0.25%
-0.1
The duration of the pension obligation is 10.3 years. The duration has been calculated using
a discount rate of 0.95%.
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Accounting principles regarding defined benefit pension plans
In a defined benefit pension plan, the pension benefit that an employee will receive upon
retirement is determined. The amount of the benefit depends, among other things, on age,
years of service, and salary level. The present value of the defined benefit pension plan
earned by work performed during the financial year is recognised as an expense based on
employee service. The liability recognised in the balance sheet for defined benefit pension
plans is the present value of the obligation at the end of the reporting period, less the fair
value of the plan assets. The amount of obligation arising from defined benefit plans is
based on annual calculations by independent actuaries using the projected unit credit
method. The present value of the obligation is determined by discounting the estimated
future cash flows using a discount rate that corresponds to the yield on high-quality
corporate bonds. The bonds used for determining the discount rate are issued in the same
currency as the benefits to be paid and mature at approximately the same time as the
related pension obligation. Actuarial gains and losses arising from experience adjustments
and changes in actuarial assumptions are recognised in other comprehensive income as a
credit or charge to equity in the period in which they arise.
KEY ESTIMATES AND JUDGEMENTS
The fair value of the Better Burger Society associated company shares has been
determined based on the consolidated 12-month EBITDA of the BBS group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_33": { "value": "
1.7. ITEMS DENOMINATED IN FOREIGN CURRENCIES
The consolidated financial statements are presented in euros, which is the operating and
presentation currency of the Group\u2019s parent company.
Transactions denominated in foreign currencies are entered in the accounts at the
exchange rate in effect on the date of the transaction. The closing rates of the European
Central Bank are used in the translation of receivables and liabilities denominated in foreign
currencies. The translation differences arising from transactions denominated on foreign
currencies and the conversion of financial items are recognised through profit or loss.
Foreign exchange gains and losses are included in the corresponding items above EBIT.
Intra-group loans for which no repayment period has been defined are classified as net
investments. Exchange differences related to these loans are recognised in other
comprehensive income and presented in equity translation differences from the date of
classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_34": { "value": "
1.7. ITEMS DENOMINATED IN FOREIGN CURRENCIES
The consolidated financial statements are presented in euros, which is the operating and
presentation currency of the Group\u2019s parent company.
Transactions denominated in foreign currencies are entered in the accounts at the
exchange rate in effect on the date of the transaction. The closing rates of the European
Central Bank are used in the translation of receivables and liabilities denominated in foreign
currencies. The translation differences arising from transactions denominated on foreign
currencies and the conversion of financial items are recognised through profit or loss.
Foreign exchange gains and losses are included in the corresponding items above EBIT.
Intra-group loans for which no repayment period has been defined are classified as net
investments. Exchange differences related to these loans are recognised in other
comprehensive income and presented in equity translation differences from the date of
classification.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_35": { "value": "
1.8. ADOPTION OF NEW AND AMENDED STANDARDS
The new standards, amendments, or interpretations adopted on 1 January 2025 have not
had a significant impact on NoHo Partners\u2019 consolidated financial statements.
6.6. NEW AND AMENDED STANDARDS APPLICABLE IN FUTURE ACCOUNTING
PERIODS
IFRS 18 Presentation of Financial Statements and Disclosures in Financial Statements
standard will come into force for financial years beginning on or after 1 January 2027 and
will replace IAS 1 Presentation of Financial Statements. The most significant changes
brought by IFRS 18 relate to the structure of the income statement and the subtotals
presented therein. Income and expenses are presented in the following groups in the
income statement: operating, investing, financing, discontinued operations, and taxes. The
standard also defines more precisely the criteria for aggregation and disaggregation of
information, which apply to both the main statements and the notes to the financial
statements. In addition, disclosures must be provided for certain performance measures
defined by management.
NoHo Partners has started to assess the impacts of IFRS 18, and the analysis will continue
during 2026. According to a preliminary assessment, the standard will affect the operating
profit presented in the income statement due to changes in the classification of income
statement items.
With IFRS 18, changes to IAS 7 Statement of Cash Flows will also become applicable. The
changes include definitions for the presentation of the cash flow statement. The starting
point for the indirect cash flow statement is defined as operating profit or loss. In addition,
the options for presenting paid and received interest and dividends are removed.
For NoHo Partners, the change means that interest paid and received, currently presented
in operating cash flows, will be presented in financing cash flows (interest paid) and
investing cash flows (interest received). Adjustments presented in cash flows from operating
activities will change due to the shift in the starting point of the indirect calculation method to
operating profit.
Other new standards or amendments published by the reporting date and effective on or
after 1 January 2026 are not expected by management to have a material impact on the
consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_36": { "value": "
1.8. ADOPTION OF NEW AND AMENDED STANDARDS
The new standards, amendments, or interpretations adopted on 1 January 2025 have not
had a significant impact on NoHo Partners\u2019 consolidated financial statements.
6.6. NEW AND AMENDED STANDARDS APPLICABLE IN FUTURE ACCOUNTING
PERIODS
IFRS 18 Presentation of Financial Statements and Disclosures in Financial Statements
standard will come into force for financial years beginning on or after 1 January 2027 and
will replace IAS 1 Presentation of Financial Statements. The most significant changes
brought by IFRS 18 relate to the structure of the income statement and the subtotals
presented therein. Income and expenses are presented in the following groups in the
income statement: operating, investing, financing, discontinued operations, and taxes. The
standard also defines more precisely the criteria for aggregation and disaggregation of
information, which apply to both the main statements and the notes to the financial
statements. In addition, disclosures must be provided for certain performance measures
defined by management.
NoHo Partners has started to assess the impacts of IFRS 18, and the analysis will continue
during 2026. According to a preliminary assessment, the standard will affect the operating
profit presented in the income statement due to changes in the classification of income
statement items.
With IFRS 18, changes to IAS 7 Statement of Cash Flows will also become applicable. The
changes include definitions for the presentation of the cash flow statement. The starting
point for the indirect cash flow statement is defined as operating profit or loss. In addition,
the options for presenting paid and received interest and dividends are removed.
For NoHo Partners, the change means that interest paid and received, currently presented
in operating cash flows, will be presented in financing cash flows (interest paid) and
investing cash flows (interest received). Adjustments presented in cash flows from operating
activities will change due to the shift in the starting point of the indirect calculation method to
operating profit.
Other new standards or amendments published by the reporting date and effective on or
after 1 January 2026 are not expected by management to have a material impact on the
consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_37": { "value": "
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2.1. ADJUSTED INCOME STATEMENT
AND KEY FIGURES FOR CONTINUING
OPERATIONS
In this note, the figures are presented for continuing operations. The adjusted turnover,
EBIT,
and result for the period from continuing operations have been calculated by adding
the intra-group transactions between Better Burger Society and other NoHo Partners group
companies that occurred before the arrangement, which will be in the future presented as
external items for the Group. The most significant item affecting comparability is included in
other operating expenses.
The share of Better Burger Society\u2019s result for the period 1 April\u201331 December 2025 is
included in the item Share of result of associated company.
MEUR
2025
2024
Turnover
358.0
347.2
Other operating income
7.1
5.5
Materials and services
-124.1
-115.3
Employee benefits
-88.3
-85.3
Other operating expenses
-66.3
-67.3
Depreciation, amortisation and impairment
-54.4
-51.4
Share of results of operational associated companies
0.1
0.0
EBIT
32.1
33.5
Finance income
0.6
0.7
Share of result of associated company
1.5
0.0
Interest expenses on financial liabilities
-6.6
-7.8
Interest expenses for right-of-use assets
-9.6
-8.9
Other finance expenses
-3.5
-4.7
Net finance expenses
-17.6
-20.7
Result before taxes
14.5
12.7
Tax based on the taxable income for the period
-2.4
-2.9
Change in deferred taxes
-0.4
1.1
Income taxes
-2.8
-1.8
RESULT FOR THE PERIOD
11.7
10.9
MEUR
2025
2024
Result for the period attributable to
Owners of the Company
9.4
8.9
Non-controlling interests
2.3
2.0
Earnings per share calculated from the result for the
period attributable to owners of the Company, EUR
Basic earnings per share
0.45
0.42
Key figures
EBIT,
%
9.0
9.6
Gross profit, %
76.0
76.1
Personnel expenses, %
33.5
32.7
Adjusted net finance expenses
19.0
19.3
Operational EBITDA
39.3
40.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_38": { "value": "
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2.3. TURNOVER
DISTRIBUTION OF TURNOVER
MEUR
2025
2024
Sales of goods
320.8
309.9
Sales of services
37.2
37.3
Total
358.0
347.1
DISTRIBUTION OF TURNOVER BY BUSINESS AREA
MEUR
2025
2024
Restaurants
138.0
138.2
Entertainment venues
80.3
81.9
Event venues
46.5
46.3
Restaurants in Norway
36.9
41.2
Restaurants in Denmark
56.3
39.6
Total
358.0
347.1
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\u2019 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 (-0.5) was recognised as credit
losses and IFRS 9 credit loss provisions during the period 1 January\u201331 December 2025.
The Group has no asset items recognised for the costs of obtaining or fulfilling contracts
with customers. The Group\u2019s 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 31 December 2025, the value of gift cards sold was
MEUR 3.6 (3.8), and they are expected to be recognised as revenue during the next 12
months.
The total impact from the company acquisitions carried out in 2025 on trade receivables and
other non-interest-bearing receivables was MEUR 1.0 (4.3), see page
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is a
small number of contract customers. The amount of profit recorded for the sale of goods
at the time of sale comprises the fair value of the compensation that is or will be received
for the sold item, less any VAT
as well as volume discounts and other discounts. Most of
the Group\u2019s income is generated from retail sales, where the payment instruments are
cash and credit cards. Contract customers\u2019 sales revenue is recognised immediately after
the restaurant services have been provided in connection with invoicing. In the restaurant
business, the revenue for sold gift cards is recognised when the cards are used. Gift card
revenue is expected to be recognised in the following 12 months. Turnover for services is
recorded as the Group performs the service and the customer receives control over it.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_39": { "value": "
Of asset items based on contracts, a total of MEUR 0.0 (-0.5) was recognised as credit
losses and IFRS 9 credit loss provisions during the period 1 January\u201331 December 2025.
Credit risk
Credit risk is the risk that one party to a financial instrument is unable to meet its obligations,
thereby creating a financial loss for the other party. The Group's operating procedures
define the creditworthiness requirements for the customers' counterparties. The primary
method of payment within the Group is cash. The credit risk management and credit control
have been centralised to be handled by country-specific financial management.
As regards receivables, the Group does not have any material credit risk concentration,
since the receivables consist of several items. Risks related to trade receivables and other
receivables are minimised using short payment terms, customer-specific monitoring of trade
receivables and effective collection.
The provision matrix is established based on the age distribution of the open trade
receivables and other receivables by using the percentages determined by the Group.
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Credit loss allowance for trade and other receivables
Balance
sheet
value 31
Dec 2025
Provision
%
Credit
loss
Balance
sheet
value 31
Dec 2024
Provision
%
Credit
loss
MEUR
Not due
15.6
0.2
0.0
16.5
0.2
0.0
Due, 1\u201330 days
2.0
0.8
0.0
1.2
0.8
0.0
Due, 31\u201360 days
0.0
1.5
0.0
0.3
1.5
0.0
Due, 61\u201390 days
0.4
12.0
0.1
0.3
12.0
0.0
Due, 91\u2013180 days
0.1
20.0
0.0
-0.3
20.0
-0.1
Due, more than 180
days
0.3
85.0
0.3
0.8
85.0
0.7
Total
18.5
0.5
18.7
0.8
The balance sheet values of the receivables correspond to the best estimate of the
monetary amount that is the maximum credit risk if the counterparties cannot fulfil their
obligations related to the receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_40": { "value": "
Restaurants sell gift cards, which are presented in current liabilities. Gift card revenue is
recognised when the card is used. On 31 December 2025, the value of gift cards sold was
MEUR 3.6 (3.8), and they are expected to be recognised as revenue during the next 12
months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_41": { "value": "
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is a
small number of contract customers. The amount of profit recorded for the sale of goods
at the time of sale comprises the fair value of the compensation that is or will be received
for the sold item, less any VAT
as well as volume discounts and other discounts. Most of
the Group\u2019s income is generated from retail sales, where the payment instruments are
cash and credit cards. Contract customers\u2019 sales revenue is recognised immediately after
the restaurant services have been provided in connection with invoicing. In the restaurant
business, the revenue for sold gift cards is recognised when the cards are used. Gift card
revenue is expected to be recognised in the following 12 months. Turnover for services is
recorded as the Group performs the service and the customer receives control over it.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_42": { "value": "
ACCOUNTING PRINCIPLES
In the restaurant business, the customers are mainly private individuals and there is a
small number of contract customers. The amount of profit recorded for the sale of goods
at the time of sale comprises the fair value of the compensation that is or will be received
for the sold item, less any VAT
as well as volume discounts and other discounts. Most of
the Group\u2019s income is generated from retail sales, where the payment instruments are
cash and credit cards. Contract customers\u2019 sales revenue is recognised immediately after
the restaurant services have been provided in connection with invoicing. In the restaurant
business, the revenue for sold gift cards is recognised when the cards are used. Gift card
revenue is expected to be recognised in the following 12 months. Turnover for services is
recorded as the Group performs the service and the customer receives control over it.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_43": { "value": "
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2.4. OPERATING SEGMENTS
2025
Finland
Inter-
national
Discon-
tinued
operations
Elimi-
nations
Group
MEUR
Turnover
264.8
93.2
22.1
-
380.0
Other operating income
5.5
1.7
0.5
-
7.5
Depreciation, amortisation and
impairment
-40.6
-13.8
-2.4
-
-56.8
EBIT
26.7
5.6
1.9
-
34.2
Operational EBITDA
31.0
8.5
2.6
-
42.1
Assets
453.6
150.7
0.0
-58.8
545.5
Liabilities
329.4
160.2
0.0
-58.8
430.7
Liabilities excluding IFRS 16
impact
187.2
102.9
0.0
-58.8
231.3
2024
Finland
Inter-
national
Discon-
tinued
operations
Elimi-
nations
Group
MEUR
Turnover
266.4
80.7
80.0
-
427.1
Other operating income
4.8
0.7
1.9
-
7.3
Depreciation, amortisation and
impairment
-40.3
-11.1
-8.5
-
-59.9
EBIT
27.2
6.8
7.5
-
41.5
Operational EBITDA
31.4
9.6
10.3
-
51.3
Assets
387.1
136.0
117.0
-57.3
582.9
Liabilities
327.1
148.4
61.8
-57.3
480.0
Liabilities excluding IFRS 16
impact
175.5
104.4
42.2
-57.3
264.8
The business operations of NoHo Partners are divided into two operational reported
segments: the Finnish operations and the International business. The segments\u2019 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\u2019s 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\u2019s 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\u2019s internal reporting that is
prepared in accordance with the IFRS standards. The pricing between segments is based
on a fair market price.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 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\u2019s
liquid assets and financial liabilities.
ACCOUNTING PRINCIPLES
The segment information presented by the Group is based on the management\u2019s internal
reporting that is prepared in accordance with the IFRS standards. The pricing between
segments is based on a fair market price. The Group\u2019s assets and liabilities are not
allocated or monitored segment-by-segment in internal financial reporting.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_44": { "value": "
ACCOUNTING PRINCIPLES
The segment information presented by the Group is based on the management\u2019s internal
reporting that is prepared in accordance with the IFRS standards. The pricing between
segments is based on a fair market price. The Group\u2019s assets and liabilities are not
allocated or monitored segment-by-segment in internal financial reporting.
The Group\u2019s evaluation of profitability and decisions concerning the resources to be
allocated to a segment are based on the segments\u2019 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_45": { "value": "
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2.5. OTHER OPERATING INCOME
MEUR
2025
2024
Rental income
1.3
1.0
Labor hire
1.7
1.7
Other operating income
4.0
2.8
Total
7.1
5.4
ACCOUNTING PRINCIPLES
Rental income includes lease income for premises. Rental income is recognised as
revenue on a straight-line basis over the lease term. Gains from the sale of tangible
assets are recognised in other operating income. The profit from a sale is determined by
the difference between the sale price and the remaining acquisition cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_46": { "value": "
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2.5. OTHER OPERATING INCOME
MEUR
2025
2024
Rental income
1.3
1.0
Labor hire
1.7
1.7
Other operating income
4.0
2.8
Total
7.1
5.4
ACCOUNTING PRINCIPLES
Rental income includes lease income for premises. Rental income is recognised as
revenue on a straight-line basis over the lease term. Gains from the sale of tangible
assets are recognised in other operating income. The profit from a sale is determined by
the difference between the sale price and the remaining acquisition cost.
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2.9. OTHER OPERATING EXPENSES
MEUR
2025
2024
Voluntary social expenses
2.6
2.6
Business premises expenses
20.2
21.9
Machinery, equipment and ICT expenses
12.1
12.6
Travel expenses
0.8
1.0
Marketing, performer and entertainment expenses
17.5
16.6
External services and other administrative expenses
11.5
10.8
Other expenses
1.3
1.1
Total
66.1
66.6
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_47": { "value": "
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2.6. MATERIALS AND SERVICES
MEUR
2025
2024
Purchases
96.4
88.8
External services
27.6
26.5
Total
124.1
115.3
ACCOUNTING PRINCIPLES
Purchases include food, beverages and other supplies and services related to the
production of restaurant services. External services consist mainly of leased restaurant
employees.
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MEUR
2025
2024
Salaries
74.9
72.3
Pension costs \u2013 defined contribution plans
10.1
9.9
Social security costs
3.4
3.2
Expenses recognised from the share-based incentive plan
0.0
-0.1
Total
88.3
85.3
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2.9. OTHER OPERATING EXPENSES
MEUR
2025
2024
Voluntary social expenses
2.6
2.6
Business premises expenses
20.2
21.9
Machinery, equipment and ICT expenses
12.1
12.6
Travel expenses
0.8
1.0
Marketing, performer and entertainment expenses
17.5
16.6
External services and other administrative expenses
11.5
10.8
Other expenses
1.3
1.1
Total
66.1
66.6
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
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2.10. AUDITOR\u2019S FEES
MEUR
2025
2024
Audit
0.8
0.8
Assignments referred to in 1.1,2\u00a7 of the Audit Act
Verification of sustainability reporting
0.1
0.1
Total
0.9
1.0
The auditing firm was Ernst & Young Oy.
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2.11. DEPRECIATION,
AMORTISATION AND IMPAIRMENT
MEUR
2025
2024
Intangible assets
Non-competition agreements
0.3
0.2
Brands and name-use-rights
2.2
2.0
ICT software
0.1
0.1
Customer relationships
1.1
0.6
Other intangible assets
0.1
0.1
Total
3.7
3.0
Tangible assets
Improvement costs of rental premises
6.1
5.8
Buildings
0.1
0.1
Machinery and equipment
5.0
5.0
Total
11.2
10.8
Right-of-use assets
IFRS 16 Machinery and equipment
2.4
2.8
IFRS 16 Properties
36.8
34.4
IFRS 16 Land and water areas
0.2
0.3
Total
39.4
37.4
Impairment and additional depreciation
Tangible assets
0.0
0.1
Right-of-use assets
0.1
0.0
Total
0.1
0.1
Depreciation, amortisation and impairment total
54.4
51.4
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
and
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2.12. INCOME TAXES
MEUR
2025
2024
Tax based on the taxable income for the financial period
2.4
2.9
Change in deferred taxes
0.4
-1.1
Total
2.8
1.8
TAX EXPENSE RECONCILIATION
CALCULATIONS
MEUR
2025
2024
Result before taxes
14.7
13.3
Profit calculated at tax rate of 20%
7.4
2.7
Non-deductible expenses
0.0
0.3
Impact of tax losses
0.0
-0.8
Share of profit of associated companies
-0.3
0.0
Tax-exempt income
-4.5
0.0
Taxes for prior financial periods
0.2
-0.2
Other items
0.0
-0.1
Tax expenses in the income statement
2.8
1.8
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ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income for the financial
period and deferred tax. Taxes are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax based on the taxable income for the financial period is calculated using
the taxable income and the applicable tax rate in each country. The taxes are adjusted by
any taxes related to previous financial periods. The accounting principles for deferred
taxes are presented on page
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\n
KEY ESTIMATES AND JUDGEMENTS
The tax costs in the consolidated income statement are based on the taxable income for
the financial period, adjustment of taxes from the previous financial periods and change
in deferred tax. Estimates by the management are related to, amongst other things, to
utilising deferred tax assets against taxable income in the coming years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_48": { "value": "
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2.6. MATERIALS AND SERVICES
MEUR
2025
2024
Purchases
96.4
88.8
External services
27.6
26.5
Total
124.1
115.3
ACCOUNTING PRINCIPLES
Purchases include food, beverages and other supplies and services related to the
production of restaurant services. External services consist mainly of leased restaurant
employees.
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MEUR
2025
2024
Salaries
74.9
72.3
Pension costs \u2013 defined contribution plans
10.1
9.9
Social security costs
3.4
3.2
Expenses recognised from the share-based incentive plan
0.0
-0.1
Total
88.3
85.3
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2.9. OTHER OPERATING EXPENSES
MEUR
2025
2024
Voluntary social expenses
2.6
2.6
Business premises expenses
20.2
21.9
Machinery, equipment and ICT expenses
12.1
12.6
Travel expenses
0.8
1.0
Marketing, performer and entertainment expenses
17.5
16.6
External services and other administrative expenses
11.5
10.8
Other expenses
1.3
1.1
Total
66.1
66.6
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
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2.10. AUDITOR\u2019S FEES
MEUR
2025
2024
Audit
0.8
0.8
Assignments referred to in 1.1,2\u00a7 of the Audit Act
Verification of sustainability reporting
0.1
0.1
Total
0.9
1.0
The auditing firm was Ernst & Young Oy.
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2.11. DEPRECIATION,
AMORTISATION AND IMPAIRMENT
MEUR
2025
2024
Intangible assets
Non-competition agreements
0.3
0.2
Brands and name-use-rights
2.2
2.0
ICT software
0.1
0.1
Customer relationships
1.1
0.6
Other intangible assets
0.1
0.1
Total
3.7
3.0
Tangible assets
Improvement costs of rental premises
6.1
5.8
Buildings
0.1
0.1
Machinery and equipment
5.0
5.0
Total
11.2
10.8
Right-of-use assets
IFRS 16 Machinery and equipment
2.4
2.8
IFRS 16 Properties
36.8
34.4
IFRS 16 Land and water areas
0.2
0.3
Total
39.4
37.4
Impairment and additional depreciation
Tangible assets
0.0
0.1
Right-of-use assets
0.1
0.0
Total
0.1
0.1
Depreciation, amortisation and impairment total
54.4
51.4
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
and
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2.12. INCOME TAXES
MEUR
2025
2024
Tax based on the taxable income for the financial period
2.4
2.9
Change in deferred taxes
0.4
-1.1
Total
2.8
1.8
TAX EXPENSE RECONCILIATION
CALCULATIONS
MEUR
2025
2024
Result before taxes
14.7
13.3
Profit calculated at tax rate of 20%
7.4
2.7
Non-deductible expenses
0.0
0.3
Impact of tax losses
0.0
-0.8
Share of profit of associated companies
-0.3
0.0
Tax-exempt income
-4.5
0.0
Taxes for prior financial periods
0.2
-0.2
Other items
0.0
-0.1
Tax expenses in the income statement
2.8
1.8
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ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income for the financial
period and deferred tax. Taxes are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax based on the taxable income for the financial period is calculated using
the taxable income and the applicable tax rate in each country. The taxes are adjusted by
any taxes related to previous financial periods. The accounting principles for deferred
taxes are presented on page
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KEY ESTIMATES AND JUDGEMENTS
The tax costs in the consolidated income statement are based on the taxable income for
the financial period, adjustment of taxes from the previous financial periods and change
in deferred tax. Estimates by the management are related to, amongst other things, to
utilising deferred tax assets against taxable income in the coming years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_49": { "value": "
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2.6. MATERIALS AND SERVICES
MEUR
2025
2024
Purchases
96.4
88.8
External services
27.6
26.5
Total
124.1
115.3
ACCOUNTING PRINCIPLES
Purchases include food, beverages and other supplies and services related to the
production of restaurant services. External services consist mainly of leased restaurant
employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_50": { "value": "
2.7. EMPLOYEE BENEFITS
During January\u2013December 2025, NoHo Partners group employed on average 1,049 (1,080)
full-time employees and 652 (502) part-time employees converted into full-time employees
as well as 410 (403) 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.
\n
\n
\n
2025
2024
The Group's average number of personnel during the period
1,701
1,582
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_51": { "value": "
2.7. EMPLOYEE BENEFITS
During January\u2013December 2025, NoHo Partners group employed on average 1,049 (1,080)
full-time employees and 652 (502) part-time employees converted into full-time employees
as well as 410 (403) 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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MEUR
2025
2024
Salaries
74.9
72.3
Pension costs \u2013 defined contribution plans
10.1
9.9
Social security costs
3.4
3.2
Expenses recognised from the share-based incentive plan
0.0
-0.1
Total
88.3
85.3
\n
\n
\n
2025
2024
The Group's average number of personnel during the period
1,701
1,582
The management\u2019s employment benefits are described on page
. The share-based
incentive plan is described on page
ACCOUNTING PRINCIPLES
The Group has pension arrangements based on local practices in Finland, Norway and
Denmark.
Pension obligations are classified as either defined benefit or defined contribution plans.
The Group\u2019s statutory pension arrangements are classified as defined contribution plans,
and the Group currently has no active defined benefit pension plans.
In a defined contribution plan, the Group pays fixed fees for a pension plan to a pension
insurance company. The Group is not legally or constructively obligated to make
additional payments if the recipient of the payments does not have sufficient funds to pay
the pension benefits that the employees have earned for the current period or periods
preceding it. In a defined contribution plan, the payments made are recorded into the
income statement for the financial period that the charge applies to.
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The management\u2019s employee benefits
MEUR
CEO*
Other
Executive
Team
Members
Total
2025
Short-term employee benefits
0.4
1.4
1.8
Share-based payments
0.2
0.4
0.6
2025 Total
0.6
1.9
2.4
2024
Short-term employee benefits
0.4
1.0
1.4
Share-based payments
0.3
0.3
0.5
2024 Total
0.7
1.3
1.9
*Until 31 August 2024, Aku Vikstr\u00f6m; from 1 September 2024, Jarno Suominen
Until 31 August 2024, the Group\u2019s Executive Team
consisted of Aku Vikstr\u00f6m, Jarno
Suominen, Jarno Vilponen and Tuomas Piirtola. From 1 September 2024, the Group\u2019s
Executive Team consists of Jarno Suominen, Maria Koivula, Jarno Vilponen, Anne Kokkonen,
Benjamin Gripenberg, Tanja Suominen, Paul Meli, Rainer Lindqvist, Henri Virlander and Pauli
Kouhia.
Share-based incentive plan ended 31 December 2024
The Board of Directors of NoHo Partners Plc decided on 28 March 2025 on a directed free
share issue to the CEO and Deputy CEO to pay the reward earned from the fourth earning
period of the share-based incentive plan ending 31 December 2024. The share issue decision
was made based on the authorization granted by the Annual General Meeting on 10 April
2024.
Information about the long-term share-based incentive plan for key personnel was published
in a stock exchange release on 30 November 2018 and on the Company\u2019s website. In the
share issue, it was decided to issue a total of 34,690 new shares in the Company free of
charge in connection with the share-based incentive plan. As a result of the issuance of new
shares, the number of shares in NoHo Partners Plc increased to 21,044,405 shares.
Share-based incentive plan starting 1 January 2025
NoHo Partners Plc announced on 12 February 2025 that the Board of Directors had decided
on a new share-based incentive plan for key personnel, which includes three earning periods
between 1 January 2025 and 31 December 2028. The first earning period is 24 months, from
1 January 2025 to 31 December 2026. A maximum of 275,000 reward shares of NoHo
Partners Plc 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\u2019s business. The plan covers
10 persons in the first earning period.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
The share-based incentive scheme is presented in more detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 62.8
thousand.
The notice
period for the CEO is six (6) months from both the Company and the CEO\u2019s side.
In addition to the pay for the term of notice, the CEO is entitled to compensation equalling
six (6) months\u2019 salary if the Company dismisses the CEO for reasons other than serious
misconduct, crime, or similar reasons, provided that the CEO has not entered an
employment or service relationship with a third party during that time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_52": { "value": "
ACCOUNTING PRINCIPLES
The Group has pension arrangements based on local practices in Finland, Norway and
Denmark.
Pension obligations are classified as either defined benefit or defined contribution plans.
The Group\u2019s statutory pension arrangements are classified as defined contribution plans,
and the Group currently has no active defined benefit pension plans.
In a defined contribution plan, the Group pays fixed fees for a pension plan to a pension
insurance company. The Group is not legally or constructively obligated to make
additional payments if the recipient of the payments does not have sufficient funds to pay
the pension benefits that the employees have earned for the current period or periods
preceding it. In a defined contribution plan, the payments made are recorded into the
income statement for the financial period that the charge applies to.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_53": { "value": "
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2.8. SHARE-BASED PAYMENTS
Expenses recognised on the share-based incentive plan
MEUR
2025
2024
Plan started on 1 January 2025, earning period 1
-
-
Plan ended on 31 December 2024, earning period 4
-
-0.1
The Board will confirm the earning criteria, the related target levels and the individuals
included in the plan before the start of each earning period. Any share reward for each
earning period can be paid as shares, money or a combination thereof. Rewards can also
be paid for an earning period based on reaching the targets set by the Board and the
continuation of the employment contract. The Board may decide on including new key
persons in the system and on their right to the reward such that the validity of their
employment contract is considered when determining the maximum reward. The share
reward based on this system will be paid in the spring following the end of the earning
period.
Share-based incentive plan starting from 1 January 2025
NoHo Partners Plc announced on 12 February 2025, that the Company's Board has
decided on a new share-based incentive plan aimed at key personnel, which includes three
earning periods during 1 January 2025\u201331 December 2028. The duration of the first earning
period is 24 months, from 1 January 2025 to 31 December 2026. A maximum total of
275,000 NoHo Partners Plc reward shares may be paid as a reward for the first earning
period. The performance criteria for the first earning period are based on the Company\u2019s
business profitability. The share-based incentive scheme covers 10 people during the first
earning period.
Based on management\u2019s assessment, no expense has been recognised for the first earning
period of the incentive scheme as of 31 December 2025.
Earning period 4 of the share-based incentive plan ending on 31 December 2024
The Board of NoHo Partners Plc decided on 28 March 2025, to carry out a directed free
share issue to the Company's CEO and Deputy CEO for the payment of deferred
compensation earned from the fourth earning period ending on 31 December 2024, under
the share-based incentive plan. The decision on the share issue has been made based on
the authorization granted by the Annual General Meeting on 10 April 2024. Information
about the long-term share-based incentive plan aimed at key personnel has been
communicated in a stock exchange release published on 30 November 2018, as well as on
the Company's website. In the share issue, it was decided to issue a total of 34,690 new
\n
shares of the Company free of charge in connection with the share-based incentive plan.
With the issuance of the new shares, the total number of shares of NoHo Partners Plc
increased to 21,044,405 shares.
ACCOUNTING PRINCIPLES
The fair value of shares given without consideration to key personnel within the share
reward system is recorded as an expense for the period to which the arrangement is
related. The fair value is determined at the time of giving the shares, recorded as staff
expenses and listed as earnings under equity. The number of shares that key personnel
are expected to become entitled to is determined based on the assessed completion of
the financial conditions set by the Board. The assessments are reviewed at the end of
every reporting period and the adjustments are recognised in personnel expenses
through profit or loss and under equity.
KEY ESTIMATES AND JUDGEMENTS
The cost impact recognised due to the Group\u2019s share-based incentive plan is based on
the management\u2019s assessment of the achievement of the financial conditions set by the
Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_54": { "value": "
ACCOUNTING PRINCIPLES
The fair value of shares given without consideration to key personnel within the share
reward system is recorded as an expense for the period to which the arrangement is
related. The fair value is determined at the time of giving the shares, recorded as staff
expenses and listed as earnings under equity. The number of shares that key personnel
are expected to become entitled to is determined based on the assessed completion of
the financial conditions set by the Board. The assessments are reviewed at the end of
every reporting period and the adjustments are recognised in personnel expenses
through profit or loss and under equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_55": { "value": "
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2.9. OTHER OPERATING EXPENSES
MEUR
2025
2024
Voluntary social expenses
2.6
2.6
Business premises expenses
20.2
21.9
Machinery, equipment and ICT expenses
12.1
12.6
Travel expenses
0.8
1.0
Marketing, performer and entertainment expenses
17.5
16.6
External services and other administrative expenses
11.5
10.8
Other expenses
1.3
1.1
Total
66.1
66.6
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_56": { "value": "
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2.9. OTHER OPERATING EXPENSES
MEUR
2025
2024
Voluntary social expenses
2.6
2.6
Business premises expenses
20.2
21.9
Machinery, equipment and ICT expenses
12.1
12.6
Travel expenses
0.8
1.0
Marketing, performer and entertainment expenses
17.5
16.6
External services and other administrative expenses
11.5
10.8
Other expenses
1.3
1.1
Total
66.1
66.6
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_57": { "value": "
ACCOUNTING PRINCIPLES
Other operating expenses include the cost of goods and services other than those sold,
such as voluntary personnel costs, marketing costs, information system costs and rents
and other costs related to premises recognised in the income statement from leases
classified as current or leased equipment classified as low value. Other operating
expenses also include losses from the disposal of tangible and intangible assets and
losses from the sale of operations. Other expenses consist items that are not material
individually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_58": { "value": "
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2.10. AUDITOR\u2019S FEES
MEUR
2025
2024
Audit
0.8
0.8
Assignments referred to in 1.1,2\u00a7 of the Audit Act
Verification of sustainability reporting
0.1
0.1
Total
0.9
1.0
The auditing firm was Ernst & Young Oy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_59": { "value": "
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2.11. DEPRECIATION,
AMORTISATION AND IMPAIRMENT
MEUR
2025
2024
Intangible assets
Non-competition agreements
0.3
0.2
Brands and name-use-rights
2.2
2.0
ICT software
0.1
0.1
Customer relationships
1.1
0.6
Other intangible assets
0.1
0.1
Total
3.7
3.0
Tangible assets
Improvement costs of rental premises
6.1
5.8
Buildings
0.1
0.1
Machinery and equipment
5.0
5.0
Total
11.2
10.8
Right-of-use assets
IFRS 16 Machinery and equipment
2.4
2.8
IFRS 16 Properties
36.8
34.4
IFRS 16 Land and water areas
0.2
0.3
Total
39.4
37.4
Impairment and additional depreciation
Tangible assets
0.0
0.1
Right-of-use assets
0.1
0.0
Total
0.1
0.1
Depreciation, amortisation and impairment total
54.4
51.4
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
and
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4. CAPITAL EXPENDITURE
4.1. INTANGIBLE ASSETS
2025
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
193.5
97.2
290.7
Business combinations
2.0
5.1
7.1
Additions
0.0
1.0
1.0
Deductions and disposals
-34.3
-7.6
-41.9
Translation differences
-0.4
0.0
-0.4
Transfers between items
-0.3
-0.3
Acquisition cost 31 Dec.
160.9
95.5
256.4
Accumulated amortisation 1 Jan.
-0.2
-49.1
-49.3
Deductions and disposals
-0.2
-0.2
Amortisation for the financial period
-3.7
-3.7
Accumulated amortisations 31 Dec.
-0.2
-53.1
-53.3
Balance sheet value 31 Dec.
160.7
42.4
203.1
2024
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
181.4
91.3
272.8
Business combinations
12.9
5.8
18.7
Additions
0.0
0.1
0.1
Deductions and disposals
-0.1
0.0
-0.1
Translation differences
-0.7
0.1
-0.7
Acquisition cost 31 Dec.
193.5
97.2
290.7
Accumulated amortisation 1 Jan.
-0.2
-45.1
-45.3
Amortisation for the financial period
-4.0
-4.0
Accumulated amortisations 31 Dec.
-0.2
-49.1
-49.3
Balance sheet value 31 Dec.
193.4
48.2
241.6
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Brands and name-use-rights included in intangible assets
2025
1 Jan
Additions
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.6
21.5
Depreciation over 4 years
0.1
-0.1
0.0
Depreciation over 5 years
1.4
-0.4
1.0
Depreciation over 6 years
0.6
-0.1
0.5
Depreciation over 10 years
5.6
2.9
-0.3
-1.2
7.0
Depreciation over 15 years
3.5
-0.4
3.1
Total
32.8
2.9
-0.3
-2.2
33.3
2024
1 Jan
Additions
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.6
21.6
Depreciation over 4 years
0.3
-0.2
0.1
Depreciation over 5 years
0.7
0.9
-0.2
1.4
Depreciation over 6 years
0.7
-0.1
0.6
Depreciation over 10 years
6.8
-1.2
5.6
Depreciation over 15 years
4.0
-0.4
3.5
Total
34.0
0.9
0.0
-2.1
32.8
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
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4.2. PROPERTY, PLANT AND EQUIPMENT
2025
Land
Buildings and
structures
Improvement costs of
rental premises
Machinery and
equipment
Advance payments and
work in progress
Total
MEUR
Acquisition cost 1 Jan.
0.2
3.7
103.3
82.4
2.1
191.6
Business combinations
1.3
0.6
1.8
Additions
4.1
5.5
9.6
Deductions and disposals
-1.8
-12.5
-1.0
-15.2
Transfers between items
0.5
0.3
-0.5
0.3
Acquisition cost 31 Dec.
0.2
3.7
107.4
76.3
0.6
188.1
Accumulated depreciation 1 Jan.
0.0
-1.4
-75.5
-52.8
0.0
-129.7
Deductions and disposals
-0.1
-0.6
-0.7
Depreciation for the financial period
-0.1
-6.1
-5.0
-11.2
Accumulated depreciation
31 Dec.
0.0
-1.5
-81.8
-58.4
0.0
-141.7
Balance sheet value 31 Dec.
0.2
2.2
25.6
17.9
0.6
46.4
2024
Land
Buildings and
structures
Improvement costs of
rental premises
Machinery and
equipment
Advance payments and
work in progress
Total
MEUR
Acquisition cost 1 Jan.
0.2
4.1
96.6
75.7
1.6
178.2
Business combinations
0.7
0.6
1.3
Additions
6.2
6.9
13.2
Deductions and disposals
-0.3
-0.3
-0.5
Translation differences
-0.2
-0.4
-0.6
Transfers between items
-0.3
0.1
-0.2
0.4
0.0
Acquisition cost 31 Dec.
0.2
3.7
103.3
82.4
2.1
191.6
Accumulated depreciation 1 Jan.
0.0
-1.3
-69.3
-45.7
0.0
-116.3
Impairment
-0.1
-0.1
Depreciation for the financial period
-0.1
-6.3
-7.0
-13.3
Accumulated depreciation
31 Dec.
0.0
-1.4
-75.5
-52.8
0.0
-129.7
Balance sheet value 31 Dec.
0.2
2.3
27.7
29.7
2.1
61.9
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of changes to meet the requirements for the restaurant use and to fit the concept
in question.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\n
\n
\n
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
Buildings
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_60": { "value": "
ACCOUNTING PRINCIPLES
The accounting principles for depreciation, amortisation and impairment of intangible and
tangible assets are presented on pages
and
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ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
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Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
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party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
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ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of changes to meet the requirements for the restaurant use and to fit the concept
in question.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\n
\n
\n
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
Buildings
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_61": { "value": "
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2.12. INCOME TAXES
MEUR
2025
2024
Tax based on the taxable income for the financial period
2.4
2.9
Change in deferred taxes
0.4
-1.1
Total
2.8
1.8
TAX EXPENSE RECONCILIATION
CALCULATIONS
MEUR
2025
2024
Result before taxes
14.7
13.3
Profit calculated at tax rate of 20%
7.4
2.7
Non-deductible expenses
0.0
0.3
Impact of tax losses
0.0
-0.8
Share of profit of associated companies
-0.3
0.0
Tax-exempt income
-4.5
0.0
Taxes for prior financial periods
0.2
-0.2
Other items
0.0
-0.1
Tax expenses in the income statement
2.8
1.8
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ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income for the financial
period and deferred tax. Taxes are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax based on the taxable income for the financial period is calculated using
the taxable income and the applicable tax rate in each country. The taxes are adjusted by
any taxes related to previous financial periods. The accounting principles for deferred
taxes are presented on page
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KEY ESTIMATES AND JUDGEMENTS
The tax costs in the consolidated income statement are based on the taxable income for
the financial period, adjustment of taxes from the previous financial periods and change
in deferred tax. Estimates by the management are related to, amongst other things, to
utilising deferred tax assets against taxable income in the coming years.
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2.13. DEFERRED TAX ASSETS AND LIABILITIES
2025
1 Jan
Recognised in the
income statement
Business
combinations
Other changes
and write-offs
31 Dec
MEUR
Deferred tax assets
On confirmed losses
8.5
-0.8
0.2
-1.1
6.8
On group eliminations
1.7
-0.2
0.0
0.0
1.5
On opening marketing expenses
0.1
0.0
0.0
0.0
0.0
On intangible rights
0.1
0.0
0.0
0.0
0.1
On other items
3.2
0.4
0.0
0.0
3.5
Right-of-use assets
2.7
0.4
0.0
-0.2
2.9
Deferred tax assets total
16.3
-0.2
0.2
-1.3
14.9
Deferred tax liabilities
Periodisation of loan expenses using the effective interest rate method
0.3
0.0
0.0
-0.1
0.1
On the reversal of the amortisation of goodwill
2.1
0.6
0.0
-0.2
2.5
On intangible rights
8.6
-0.6
1.0
-1.3
7.6
On business combinations
0.1
0.0
0.0
0.0
0.1
On other items
1.6
0.0
0.0
-0.2
1.5
Deferred tax liabilities total
12.6
0.0
1.0
-1.8
11.8
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2024
1 Jan
Recognised in the
income statement
Business
combinations
Other changes
and write-offs
31 Dec
MEUR
Deferred tax assets
On confirmed losses
8.3
-0.9
0.0
1.1
8.5
On group eliminations
1.9
-0.1
0.0
0.0
1.7
On opening marketing expenses
0.1
0.0
0.0
0.0
0.1
On intangible rights
0.1
0.0
0.0
0.0
0.1
On other items
1.4
1.7
0.0
0.0
3.2
Right-of-use assets
2.3
0.5
0.0
0.0
2.7
Deferred tax assets total
14.1
1.2
0.0
1.0
16.3
Deferred tax liabilities
Periodisation of loan expenses using the effective interest rate method
0.2
0.1
0.0
0.0
0.3
On the reversal of the amortisation of goodwill
1.6
0.5
0.0
0.0
2.1
On intangible rights
8.1
-0.8
1.3
0.0
8.6
On business combinations
0.1
0.0
0.0
0.0
0.1
On other items
0.9
0.3
0.0
0.4
1.6
Deferred tax liabilities total
10.9
0.0
1.3
0.3
12.6
On 31 December 2025, the Group had MEUR 5.9 (10.2) in confirmed losses for which a
deferred tax asset has not been recognised because it is not probable that the Group will
accrue a taxable income that could be utilised against the losses before their expiration. The
losses in question will expire in 2026\u20132035.
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_62": { "value": "
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ACCOUNTING PRINCIPLES
The tax costs in the income statement are based on the taxable income for the financial
period and deferred tax. Taxes are recorded through profit or loss, except in cases where
they are directly related to items registered as equity or other items in the total
comprehensive income. In these cases, their tax effects are also recorded as equity in
these items. Tax based on the taxable income for the financial period is calculated using
the taxable income and the applicable tax rate in each country. The taxes are adjusted by
any taxes related to previous financial periods. The accounting principles for deferred
taxes are presented on page
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_63": { "value": "
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2.13. DEFERRED TAX ASSETS AND LIABILITIES
2025
1 Jan
Recognised in the
income statement
Business
combinations
Other changes
and write-offs
31 Dec
MEUR
Deferred tax assets
On confirmed losses
8.5
-0.8
0.2
-1.1
6.8
On group eliminations
1.7
-0.2
0.0
0.0
1.5
On opening marketing expenses
0.1
0.0
0.0
0.0
0.0
On intangible rights
0.1
0.0
0.0
0.0
0.1
On other items
3.2
0.4
0.0
0.0
3.5
Right-of-use assets
2.7
0.4
0.0
-0.2
2.9
Deferred tax assets total
16.3
-0.2
0.2
-1.3
14.9
Deferred tax liabilities
Periodisation of loan expenses using the effective interest rate method
0.3
0.0
0.0
-0.1
0.1
On the reversal of the amortisation of goodwill
2.1
0.6
0.0
-0.2
2.5
On intangible rights
8.6
-0.6
1.0
-1.3
7.6
On business combinations
0.1
0.0
0.0
0.0
0.1
On other items
1.6
0.0
0.0
-0.2
1.5
Deferred tax liabilities total
12.6
0.0
1.0
-1.8
11.8
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2024
1 Jan
Recognised in the
income statement
Business
combinations
Other changes
and write-offs
31 Dec
MEUR
Deferred tax assets
On confirmed losses
8.3
-0.9
0.0
1.1
8.5
On group eliminations
1.9
-0.1
0.0
0.0
1.7
On opening marketing expenses
0.1
0.0
0.0
0.0
0.1
On intangible rights
0.1
0.0
0.0
0.0
0.1
On other items
1.4
1.7
0.0
0.0
3.2
Right-of-use assets
2.3
0.5
0.0
0.0
2.7
Deferred tax assets total
14.1
1.2
0.0
1.0
16.3
Deferred tax liabilities
Periodisation of loan expenses using the effective interest rate method
0.2
0.1
0.0
0.0
0.3
On the reversal of the amortisation of goodwill
1.6
0.5
0.0
0.0
2.1
On intangible rights
8.1
-0.8
1.3
0.0
8.6
On business combinations
0.1
0.0
0.0
0.0
0.1
On other items
0.9
0.3
0.0
0.4
1.6
Deferred tax liabilities total
10.9
0.0
1.3
0.3
12.6
On 31 December 2025, the Group had MEUR 5.9 (10.2) in confirmed losses for which a
deferred tax asset has not been recognised because it is not probable that the Group will
accrue a taxable income that could be utilised against the losses before their expiration. The
losses in question will expire in 2026\u20132035.
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_64": { "value": "
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_65": { "value": "
ACCOUNTING PRINCIPLES
Deferred tax is calculated for any temporary differences between carrying amounts and
tax bases. The largest temporary differences are generated by the differences between
the carrying amounts and tax bases of property, plant and equipment and intangible
assets, fair value adjustments of assets and liabilities during combination of business
operations, and unused tax losses. Deferred taxes have been calculated using the tax
rates that have been enacted or substantively enacted on the date of the closing of the
books.
Deferred tax assets and tax liabilities have been calculated using the following tax rates:
Finland 20.0%, Norway and Denmark 22.0%.
Deferred tax assets are recorded up to the probable amount of future taxable income
against which the temporary difference can be utilised. The prerequisites for recording
deferred tax assets are estimated in this respect on each closing date.
However, deferred tax liabilities are not recognised when the asset item or liability in
question is one that would be originally entered into the bookkeeping, there is no
combination of business operations involved, and the recognition of such an asset item
or liability does not affect the result of the bookkeeping or the taxable income at the time
when the business transaction takes place.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable
right to offset the current tax assets and liabilities at the same time and when the
deferred tax assets and liabilities are related to taxes on income collected by the same
recipient, either from the same taxpayer or different taxpayers, when the aim is to realise
the assets and liabilities in their net amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_66": { "value": "
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2.14. EARNINGS PER SHARE
MEUR
2025
2024
Profit for the financial period attributable to owners
of the Company
32.6
11.3
Weighted average number of shares
21,035,733
21,006,879
Number of shares with dilutive effect of the share-based
incentive plan
137,500
280,420
Diluted weighted average number of shares
21,130,343
21,234,720
Basic earnings per share, EUR
1.55
0.54
Diluted earnings per share, EUR
1.54
0.53
Continuing operations
Result from continuing operations attributable to owners of
the Company
9.6
9.4
Basic earnings per share of continuing operations, EUR
0.46
0.45
Diluted earnings per share of continuing operations, EUR
0.45
0.44
ACCOUNTING PRINCIPLES
Basic earnings per share are calculated by dividing the profit for the financial period
attributable to the owners of the parent company by the weighted average number of
outstanding shares for the financial period.
Diluted earnings per share are calculated by adjusting the weighted average number of
shares by the dilutive effect of potential share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_67": { "value": "
ACCOUNTING PRINCIPLES
Basic earnings per share are calculated by dividing the profit for the financial period
attributable to the owners of the parent company by the weighted average number of
outstanding shares for the financial period.
Diluted earnings per share are calculated by adjusting the weighted average number of
shares by the dilutive effect of potential share-based payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_68": { "value": "
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3.2. NON-CONTROLLING INTERESTS
ACQUISITIONS
2025
Acquisition
date
Acquired
share, %
New ownership,
%
Finnish operations
Rivermax Oy
4 Feb 2025
25
100
Bistromax Oy
7 Mar 2025
30
100
Stadin Night Oy
21 Mar 2025
40
100
Suomen Karaokebaarit Oy
21 Mar 2025
49
100
Aunt Florentine's Oyster Oy
24 Mar 2025
30
100
PurMax Oy (curr. Hispania
Group Oy)
21 Apr 2025
40
100
Suomen Siipiravintolat Oy
7 Oct 2025
5
95
Suomen Siipiravintolat Oy
30 Dec 2025
5
100
SushiBarWine Oy
6 Feb 2025
5
80
SushiBarWine Oy
30 Dec 2025
20
100
International business
Hook AS, Norway
1 Jan 2025
5
100
NoHo Skagstind
Holding AS, Norway
1 Jan 2025
30
100
Chicks by Chicks
Tivoli ApS, Denmark
10 Jun 2025
17
100
Nordic Hospitality Partners
Denmark A/S, Denmark
5 Nov 2025
13
88
Kulturhuset i Oslo AS,
Norway
1 Dec 2025
5
100
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
1.4
0.6
-2.0
International business
0.8
-0.6
-0.2
Total
2.1
0.1
-2.2
NoHo Partners Plc subscribed for 600 thousand new shares in Katang MGMT OY on 6
March 2025. Following the share subscription, its ownership increased to 94%.
NoHo Partners Plc subscribed for 210 thousand new shares in Restaykk\u00f6nen Oy on 8
October 2025. Following the share subscription, its ownership increased to 99.9%.
ACQUISITIONS
2024
Acquisition
date
Acquired
share, %
New ownership,
%
Finnish operations
NoHo Partners
International Oy
28 Apr 2024
1
100
Rivermax Oy
27 Sep 2024
3
75
Suomen Siipiravintolat Oy
10 Oct 2024
5
90
Beaniemax Oy
20 Nov 2024
20
100
International business
Kjos Renhold AS, Norway
15 Apr 2024
5
100
NoHo Norway AS, Norway
28 Apr 2024
1
87
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
0.7
-0.1
-0.6
International business
0.1
-0.1
0.0
Total
0.8
-0.2
-0.7
\n
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DISPOSALS 2025
Date of
sale
Shareholding
sold, %
New ownership,
%
Finnish operations
Shii Restaurant Oy
14 Mar 2025
20
80
Sein\u00e4joen
Koukkuravintolat Oy
21 Mar 2025
20
80
Tillikka Oy
10 Jul 2025
10
70
Hispania Group Oy
6 Oct 2025
30
70
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
0.1
0.0
-0.1
Total
0.1
0.0
-0.1
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DISPOSALS 2024
Date of
sale
Shareholding
sold, %
New ownership,
%
Finnish operations
Nunc est Bibendum Oy
1 Mar 2024
30
70
Restaykk\u00f6nen Oy
28 Aug 2024
30
70
Latitude 25 Oy
12 Sep 2024
13
65
International business
Hook AS, Norway
1 Mar 2024
5
95
MEUR
Acquisition
price
Change in
minority share
Impact in Group
earnings
Finnish operations
0.0
0.0
0.0
International business
0.0
0.0
0.0
Total
0.0
0.0
0.0
The values presented in the table are 0.0 due to rounding.
ACCOUNTING PRINCIPLES
The shares of non-controlling interests of subsidiaries\u2019 income and equity are presented as
separate items in the Group\u2019s income statement, statement of comprehensive income,
statement of changes in equity and balance sheet.
Transactions completed with non-controlling interests that do not result in a loss of control
are treated as transactions with shareholders. A change in holding results in the
adjustment of carrying amounts between the holdings of the Group and noncontrolling
interests. The difference between the adjustment made to non-controlling interests\u2019 holding
and the paid or received consideration is recognised in earnings.
The non-controlling interests in an acquired company are recognised at either fair value or
the amount corresponding to the proportion of the non-controlling interests in the net
identifiable assets of the company acquired.
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Share of the most significant minority shareholders
Subgroup
Share of profit for
the financial
period
Share of
capital
MEUR
2025
2024
2025
2024
NoHo Norway AS subgroup
0.0
0.3
1.6
2.4
Nordic Hospitality Partners Denmak A/S subgroup
1.1
1.2
6.7
5.6
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Financial information on sub-groups
MEUR
2025
2024
NoHo Norway AS subgroup
Turnover
36.6
41.2
Result for the financial period
-0.8
-0.8
Non-current assets
63.1
59.3
Current assets
5.7
6.4
Non-current liabilities
41.5
42.1
Current liabilities
32.5
28.6
Cash flows from operating activities
4.8
5.0
Cash flows from investing activities
-1.6
-2.5
Cash flows from financing activities
-3.1
-3.2
Nordic Hospitality Partners Denmak A/S subgroup
Turnover
56.3
39.6
Result for the financial period
0.8
1.2
Non-current assets
63.1
56.3
Current assets
15.5
13.7
Non-current liabilities
40.9
30.8
Current liabilities
30.9
33.9
Cash flows from operating activities
2.4
6.6
Cash flows from investing activities
-5.3
-3.3
Cash flows from financing activities
1.3
-1.7
The financial information of the group's international operations is presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_69": { "value": "
ACCOUNTING PRINCIPLES
The shares of non-controlling interests of subsidiaries\u2019 income and equity are presented as
separate items in the Group\u2019s income statement, statement of comprehensive income,
statement of changes in equity and balance sheet.
Transactions completed with non-controlling interests that do not result in a loss of control
are treated as transactions with shareholders. A change in holding results in the
adjustment of carrying amounts between the holdings of the Group and noncontrolling
interests. The difference between the adjustment made to non-controlling interests\u2019 holding
and the paid or received consideration is recognised in earnings.
The non-controlling interests in an acquired company are recognised at either fair value or
the amount corresponding to the proportion of the non-controlling interests in the net
identifiable assets of the company acquired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_70": { "value": "
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4. CAPITAL EXPENDITURE
4.1. INTANGIBLE ASSETS
2025
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
193.5
97.2
290.7
Business combinations
2.0
5.1
7.1
Additions
0.0
1.0
1.0
Deductions and disposals
-34.3
-7.6
-41.9
Translation differences
-0.4
0.0
-0.4
Transfers between items
-0.3
-0.3
Acquisition cost 31 Dec.
160.9
95.5
256.4
Accumulated amortisation 1 Jan.
-0.2
-49.1
-49.3
Deductions and disposals
-0.2
-0.2
Amortisation for the financial period
-3.7
-3.7
Accumulated amortisations 31 Dec.
-0.2
-53.1
-53.3
Balance sheet value 31 Dec.
160.7
42.4
203.1
2024
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
181.4
91.3
272.8
Business combinations
12.9
5.8
18.7
Additions
0.0
0.1
0.1
Deductions and disposals
-0.1
0.0
-0.1
Translation differences
-0.7
0.1
-0.7
Acquisition cost 31 Dec.
193.5
97.2
290.7
Accumulated amortisation 1 Jan.
-0.2
-45.1
-45.3
Amortisation for the financial period
-4.0
-4.0
Accumulated amortisations 31 Dec.
-0.2
-49.1
-49.3
Balance sheet value 31 Dec.
193.4
48.2
241.6
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Brands and name-use-rights included in intangible assets
2025
1 Jan
Additions
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.6
21.5
Depreciation over 4 years
0.1
-0.1
0.0
Depreciation over 5 years
1.4
-0.4
1.0
Depreciation over 6 years
0.6
-0.1
0.5
Depreciation over 10 years
5.6
2.9
-0.3
-1.2
7.0
Depreciation over 15 years
3.5
-0.4
3.1
Total
32.8
2.9
-0.3
-2.2
33.3
2024
1 Jan
Additions
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.6
21.6
Depreciation over 4 years
0.3
-0.2
0.1
Depreciation over 5 years
0.7
0.9
-0.2
1.4
Depreciation over 6 years
0.7
-0.1
0.6
Depreciation over 10 years
6.8
-1.2
5.6
Depreciation over 15 years
4.0
-0.4
3.5
Total
34.0
0.9
0.0
-2.1
32.8
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ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
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Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
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party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. In addition, the Group
tracks internal and external indications of any impairment of goodwill.
The Group carried out impairment testing separately for the Finnish operations and the
international business on 31 December 2025. Impairment testing was carried out using the
book values and calculations of future cash amounts valid at the time. On 31 December
2025, the recoverable cash flow based on value-in-use calculations exceeded the book
value for the Finnish operations by more than MEUR 144 (113) and for the international
business by more than MEUR 18 (100). The impairment tests on 31 December 2025 did not
indicate a need for impairment of goodwill or intangible rights with an indefinite useful life.
The assumptions used in the comparative period testing have also included Better Burger
Society.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
Company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the Company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
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Group\u2019s goodwill, trademarks with indefinite useful lives, name usage rights, non-
compete agreements and lease rights
MEUR
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Goodwill
117.4
122.0
43.3
71.3
Brands and name-use-
rights
20.6
20.6
0.9
0.9
Leases
2.7
2.7
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
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\n
M
anagement-defined key assumptions used in testing
Assumption
Description
Turnover growth
The acquisitions done in 2025 contributed in full for the turnover
of the first review year, after which the turnover is estimated to
stay stable.
EBIT
EBIT is based on the review periods\u00b4 budgets approved by the
board, that are based on the management estimates of market,
consumer purchasing power and profitability development of the
restaurant portfolio.
Terminal growth
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
discount rate.
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2025, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 144 (113)
and for the international business by more than MEUR 18 (100). The
management has prepared sensitivity analyses for essential factors and, based on the
analyses, the recoverable amount equals the book value if the assumptions change one at
a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
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Assumptions used in the calculation of utility value for each testing period
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Turnover growth, first
four years,
approximately, %
2.2
1.1
1.7
3.7
EBIT,
%, first four
years, approximately
10.6
10.1
7.9
11.2
Terminal growth
assumption, %
2.0
2.0
2.0
2.0
Discount rate before
taxes, %
9.4
9.8
9.0
8.6
Outcome of the sensitivity analysis
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Annual decrease in
turnover, %*
2.5
1.9
0.8
3.4
EBIT,
%, modified
level, first four years,
approximately, %**
6.9
7.3
6.5
6.6
Increase in discount
rate, percentage points
5.1
3.8
1.1
4.5
Decrease of the
terminal growth rate, %
7.8
5.6
1.3
6.2
* Annual average decrease in turnover (CAGR-%), four first forecast years
** Average EBIT% of forecast years 1-4 where the estimates are decreased annually until
the break-even point is reached (with applied assumptions the terminal year break-even
EBIT% is: Finland 4.0% (4.2%), International 6.5% (5.2%)
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_71": { "value": "
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\n
4. CAPITAL EXPENDITURE
4.1. INTANGIBLE ASSETS
2025
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
193.5
97.2
290.7
Business combinations
2.0
5.1
7.1
Additions
0.0
1.0
1.0
Deductions and disposals
-34.3
-7.6
-41.9
Translation differences
-0.4
0.0
-0.4
Transfers between items
-0.3
-0.3
Acquisition cost 31 Dec.
160.9
95.5
256.4
Accumulated amortisation 1 Jan.
-0.2
-49.1
-49.3
Deductions and disposals
-0.2
-0.2
Amortisation for the financial period
-3.7
-3.7
Accumulated amortisations 31 Dec.
-0.2
-53.1
-53.3
Balance sheet value 31 Dec.
160.7
42.4
203.1
2024
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
181.4
91.3
272.8
Business combinations
12.9
5.8
18.7
Additions
0.0
0.1
0.1
Deductions and disposals
-0.1
0.0
-0.1
Translation differences
-0.7
0.1
-0.7
Acquisition cost 31 Dec.
193.5
97.2
290.7
Accumulated amortisation 1 Jan.
-0.2
-45.1
-45.3
Amortisation for the financial period
-4.0
-4.0
Accumulated amortisations 31 Dec.
-0.2
-49.1
-49.3
Balance sheet value 31 Dec.
193.4
48.2
241.6
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ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
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Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
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party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
KEY ESTIMATES AND JUDGEMENTS
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. In addition, the Group
tracks internal and external indications of any impairment of goodwill.
The Group carried out impairment testing separately for the Finnish operations and the
international business on 31 December 2025. Impairment testing was carried out using the
book values and calculations of future cash amounts valid at the time. On 31 December
2025, the recoverable cash flow based on value-in-use calculations exceeded the book
value for the Finnish operations by more than MEUR 144 (113) and for the international
business by more than MEUR 18 (100). The impairment tests on 31 December 2025 did not
indicate a need for impairment of goodwill or intangible rights with an indefinite useful life.
The assumptions used in the comparative period testing have also included Better Burger
Society.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
Company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the Company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
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Group\u2019s goodwill, trademarks with indefinite useful lives, name usage rights, non-
compete agreements and lease rights
MEUR
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Goodwill
117.4
122.0
43.3
71.3
Brands and name-use-
rights
20.6
20.6
0.9
0.9
Leases
2.7
2.7
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
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\n
\n
M
anagement-defined key assumptions used in testing
Assumption
Description
Turnover growth
The acquisitions done in 2025 contributed in full for the turnover
of the first review year, after which the turnover is estimated to
stay stable.
EBIT
EBIT is based on the review periods\u00b4 budgets approved by the
board, that are based on the management estimates of market,
consumer purchasing power and profitability development of the
restaurant portfolio.
Terminal growth
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
discount rate.
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2025, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 144 (113)
and for the international business by more than MEUR 18 (100). The
management has prepared sensitivity analyses for essential factors and, based on the
analyses, the recoverable amount equals the book value if the assumptions change one at
a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
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Assumptions used in the calculation of utility value for each testing period
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Turnover growth, first
four years,
approximately, %
2.2
1.1
1.7
3.7
EBIT,
%, first four
years, approximately
10.6
10.1
7.9
11.2
Terminal growth
assumption, %
2.0
2.0
2.0
2.0
Discount rate before
taxes, %
9.4
9.8
9.0
8.6
Outcome of the sensitivity analysis
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Annual decrease in
turnover, %*
2.5
1.9
0.8
3.4
EBIT,
%, modified
level, first four years,
approximately, %**
6.9
7.3
6.5
6.6
Increase in discount
rate, percentage points
5.1
3.8
1.1
4.5
Decrease of the
terminal growth rate, %
7.8
5.6
1.3
6.2
* Annual average decrease in turnover (CAGR-%), four first forecast years
** Average EBIT% of forecast years 1-4 where the estimates are decreased annually until
the break-even point is reached (with applied assumptions the terminal year break-even
EBIT% is: Finland 4.0% (4.2%), International 6.5% (5.2%)
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_72": { "value": "
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4. CAPITAL EXPENDITURE
4.1. INTANGIBLE ASSETS
2025
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
193.5
97.2
290.7
Business combinations
2.0
5.1
7.1
Additions
0.0
1.0
1.0
Deductions and disposals
-34.3
-7.6
-41.9
Translation differences
-0.4
0.0
-0.4
Transfers between items
-0.3
-0.3
Acquisition cost 31 Dec.
160.9
95.5
256.4
Accumulated amortisation 1 Jan.
-0.2
-49.1
-49.3
Deductions and disposals
-0.2
-0.2
Amortisation for the financial period
-3.7
-3.7
Accumulated amortisations 31 Dec.
-0.2
-53.1
-53.3
Balance sheet value 31 Dec.
160.7
42.4
203.1
2024
Goodwill
Intangible
assets
Total
MEUR
Acquisition cost 1 Jan.
181.4
91.3
272.8
Business combinations
12.9
5.8
18.7
Additions
0.0
0.1
0.1
Deductions and disposals
-0.1
0.0
-0.1
Translation differences
-0.7
0.1
-0.7
Acquisition cost 31 Dec.
193.5
97.2
290.7
Accumulated amortisation 1 Jan.
-0.2
-45.1
-45.3
Amortisation for the financial period
-4.0
-4.0
Accumulated amortisations 31 Dec.
-0.2
-49.1
-49.3
Balance sheet value 31 Dec.
193.4
48.2
241.6
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Brands and name-use-rights included in intangible assets
2025
1 Jan
Additions
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.6
21.5
Depreciation over 4 years
0.1
-0.1
0.0
Depreciation over 5 years
1.4
-0.4
1.0
Depreciation over 6 years
0.6
-0.1
0.5
Depreciation over 10 years
5.6
2.9
-0.3
-1.2
7.0
Depreciation over 15 years
3.5
-0.4
3.1
Total
32.8
2.9
-0.3
-2.2
33.3
2024
1 Jan
Additions
Translation
difference
Depreciation
31 Dec
MEUR
Indefinite useful life
21.6
21.6
Depreciation over 4 years
0.3
-0.2
0.1
Depreciation over 5 years
0.7
0.9
-0.2
1.4
Depreciation over 6 years
0.7
-0.1
0.6
Depreciation over 10 years
6.8
-1.2
5.6
Depreciation over 15 years
4.0
-0.4
3.5
Total
34.0
0.9
0.0
-2.1
32.8
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ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
KEY ESTIMATES AND JUDGEMENTS
When combining business operations, the management conducts assessments
concerning, for example, future cash flows from the acquired business, purchase price
allocations, brand value and useful life, compliance with the conditions of brands with an
indefinite useful life, and synergy benefits gained through acquisitions.
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_73": { "value": "
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\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\n
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\n
\n
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_74": { "value": "
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\n
\n
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_75": { "value": "
\n
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\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
The Group's intangible assets mainly consist of goodwill generated from the combination
of business operations as well as identified brands and other identifiable intangible
assets, such as name-use-rights, non-competition and customer agreements and
beneficial lease agreements.
\n
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\n
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\n
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\n
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\n
\n
\n
Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Other intangible assets
Other intangible assets are only recognised when they are likely to result in future
economic benefit to the company and their acquisition cost can be reliably determined.
Other intangible assets with a limited useful life that have been identified during the
combination of business operations are recorded separately from goodwill on the balance
sheet if they fit the definition of an asset and can be itemised, or if they are created by
agreements or legal rights and their fair value can be reliably determined.
Fair value recognised in intangible assets has been determined for the following items,
amongst others, in connection with acquisitions:
\u2022
Non-competition, usually based on a non-competition clause for the selling party for
a specific period
\u2022
Customer contracts based on existing customer contracts/customer relationships
\u2022
Beneficial lease agreements
With the exception of the aforementioned brands with an indefinite useful life, the
acquisition cost of intangible assets is recognised as a depreciation expense in the
income statement based on the following estimated useful lives:
\u2022
Brands and name-use-rights, depreciation period 4-15 years
\u2022
Non-competition agreement, depreciation period 2-5 years
\u2022
Customer contracts, depreciation period 3-6 years
The residual value, useful life and depreciation method of assets are reviewed, at a
minimum, at the end of each financial period and, if necessary, adjusted to reflect the
actual changes in expectations of economic benefit. The recording of depreciations is
stopped when an intangible asset is classified as held for sale (or included in a disposal
group classified as held for sale) in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_76": { "value": "
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Goodwill
Goodwill generated from the combination of business operations is recorded at the
amount by which the assigned purchase consideration, the share of non-controlling
interests in the object acquired and the previously owned share combined exceed the fair
value of the acquired net assets. Goodwill represents the payment made by the acquiring
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party in order to accrue future economic benefit that cannot be identified and recorded as
separate asset items.
Goodwill is not amortised. Instead, goodwill is tested for possible impairment each year.
Goodwill is measured at its original acquisition cost less any impairment.
Brands and name-use-rights
Restaurant brands identified when combining business operations are recognised at their
fair value at the time of the acquisition. The fair value of restaurant brands with a limited
life is based on the estimated royalty level, and they are recorded on the balance sheet at
the acquisition cost less the accrued depreciations and impairment losses. Brands with a
limited life are depreciated over their estimated useful life as straight-line depreciations
based on 4, 5, 6, 10 or 15 years.
The Group has six restaurants with a long tradition in Helsinki which it has protected with
registrations. These are some of the most renowned restaurants in Finland: Kulosaaren
Casino has been in operation since 1915, Savoy and Elite since the 1930s and Palace
since the 1950s. In addition, Strindberg and Ravintola Teatteri have operated on
Esplanadi for decades with their own, established concepts. All six restaurants have
established an essential position in the Finnish restaurant culture and are expected to
operate for so long that no depreciation time can be determined for them. These
restaurants are considered to have an indefinite useful life because a depreciation time
cannot be determined due to their established position. The Group has a legal right to the
registrations, the registrations will be renewed and the costs due to the renewal are
immaterial. The fair value of the restaurant brands with an indefinite useful life is based
on the royalty level estimated by the management, and they are measured at the original
acquisition cost less any impairment. Brands with an indefinite useful life are not
depreciated; instead, they are tested on a yearly basis similarly to goodwill.
In connection with completed acquisitions, the Group has received the right to use the
acquired companies\u2019 names. As part of the purchase price allocation, the most significant
name-use-rights have been assigned a value recognised under intangible assets.
Transferable rights relating to leases
In Denmark, the leases of restaurant facilities involve transfer rights for which a value can
be assigned in connection with an acquisition. These rights enable access to the leased
premises, which is a commonly used practice in Denmark, and, if the Group desires, it is
legally entitled to sell the transfer rights. These transfer rights are considered to have an
indefinite useful life because they are valid indefinitely and the Group is entitled to sell
them. The fair value of the transfer rights is based on the price level in the market, and
the rights are recognised under intangible assets. Transfer rights with an indefinite useful
life are not depreciated; instead, they are tested on a yearly basis similarly to goodwill.
Impairment testing
The Group tests goodwill annually in order to identify any impairment. In addition, the Group
tracks internal and external indications of any impairment of goodwill.
The Group carried out impairment testing separately for the Finnish operations and the
international business on 31 December 2025. Impairment testing was carried out using the
book values and calculations of future cash amounts valid at the time. On 31 December
2025, the recoverable cash flow based on value-in-use calculations exceeded the book
value for the Finnish operations by more than MEUR 144 (113) and for the international
business by more than MEUR 18 (100). The impairment tests on 31 December 2025 did not
indicate a need for impairment of goodwill or intangible rights with an indefinite useful life.
The assumptions used in the comparative period testing have also included Better Burger
Society.
The nature of the business operations and the amount of goodwill differ considerable by
segment, as the maturity of the business operations is very different. The position of the
Company in the Finnish market has stabilised, and in addition to managing daily operational
activities, it focuses on seeking growth from its strategic focus areas. With regard to
international business operations, the Company focuses on growing the operations through
acquisitions and will continue also in future accelerate the growth of the international
operations by acquisitions. In growth supported strongly by acquisitions, it is natural that the
relative size of goodwill in relation to the size of the business is higher than in a stabilised
business. Normally, the differences will even out as the business reaches certain size and
several years\u00b4 history of stabilised business.
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Group\u2019s goodwill, trademarks with indefinite useful lives, name usage rights, non-
compete agreements and lease rights
MEUR
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Goodwill
117.4
122.0
43.3
71.3
Brands and name-use-
rights
20.6
20.6
0.9
0.9
Leases
2.7
2.7
Description of impairment testing and key assumptions
In impairment testing, the book value of cash flow generating units containing goodwill and
other intangible assets with indefinite useful life are compared with their recoverable
amounts. The recoverable amount is the fair value of the group of cash generating units less
the costs of selling, or the utility value, whichever is higher. If the recoverable amount is
lower than the book value entered on the balance sheet, the difference is recognised as an
impairment loss that decreases income. For the impairment testing, the recoverable amount
used has been the utility value calculated by means of the discounted cash flow (DCF)
method.
The forecast cash flows are based on the capacity of the group of cash flow-generating
units that the Group has had at the time of testing. Therefore, expansion investments have
not been taken into account in the cash flow estimates. The Group's cash flow-generating
units or groups thereof operate in the restaurant business. The expansion of the business
into new areas would expand the capacity, and the related investments or resulting gains
are not included in the calculations.
The impairment calculations are based on cash flow predictions and estimates for market
development, drawn up by the Group Executive Team and approved by the Group Board of
Directors, added with the forecast and terminal period. The length of the forecast period
used for the impairment calculations is 4 years.
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M
anagement-defined key assumptions used in testing
Assumption
Description
Turnover growth
The acquisitions done in 2025 contributed in full for the turnover
of the first review year, after which the turnover is estimated to
stay stable.
EBIT
EBIT is based on the review periods\u00b4 budgets approved by the
board, that are based on the management estimates of market,
consumer purchasing power and profitability development of the
restaurant portfolio.
Terminal growth
assumption
The terminal growth assumption is 2%.
Discount rate
A peer company analysis was utilised in determining the
discount rate.
Sensitivity analysis in impairment testing
No impairment losses have been recognised for any presented financial period based on
completed impairment testing. On 31 December 2025, the recoverable cash flow based on
value-in-use calculations exceeded the book value for the Finnish operations by more than
MEUR 144 (113)
and for the international business by more than MEUR 18 (100). The
management has prepared sensitivity analyses for essential factors and, based on the
analyses, the recoverable amount equals the book value if the assumptions change one at
a time.
Maintaining the calculated levels of utility value requires that, in accordance with the
company strategy, turnover and EBIT are kept at an acceptable level, competitiveness is
maintained through the continuous monitoring of pricing and cost management as well as
the development of new restaurant concepts.
Segment-specific assumptions for the impairment testing and the outcome of the sensitivity
analysis is presented in the following.
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Assumptions used in the calculation of utility value for each testing period
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Turnover growth, first
four years,
approximately, %
2.2
1.1
1.7
3.7
EBIT,
%, first four
years, approximately
10.6
10.1
7.9
11.2
Terminal growth
assumption, %
2.0
2.0
2.0
2.0
Discount rate before
taxes, %
9.4
9.8
9.0
8.6
Outcome of the sensitivity analysis
Finnish
operations
Finnish
operations
International
business
International
business
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
Annual decrease in
turnover, %*
2.5
1.9
0.8
3.4
EBIT,
%, modified
level, first four years,
approximately, %**
6.9
7.3
6.5
6.6
Increase in discount
rate, percentage points
5.1
3.8
1.1
4.5
Decrease of the
terminal growth rate, %
7.8
5.6
1.3
6.2
* Annual average decrease in turnover (CAGR-%), four first forecast years
** Average EBIT% of forecast years 1-4 where the estimates are decreased annually until
the break-even point is reached (with applied assumptions the terminal year break-even
EBIT% is: Finland 4.0% (4.2%), International 6.5% (5.2%)
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
KEY ESTIMATES AND JUDGEMENTS
Drawing up calculations using the DCF model requires forecasts and assumptions, the
most significant of which involve turnover growth, cost development and changes in the
discount rate. It is possible that the assumptions related to the cash flow forecasts are
not realised, and the resulting impairments of goodwill or non-competition agreements
may have a materially adverse effect on the income derived from the company's
operations and on its financial position during the present review period and future review
periods.
In impairment testing, the recoverable amounts are estimated using assumptions related
to budgets, forecasts and terminal periods. The sensitivity of the calculations is analysed
with regard to changes in sales revenue growth, the development of operating costs,
EBIT and the discount rate, amongst other things. Changes in these estimates or in the
structure or number of the cash flow generating units or groups of units may lead to
impairment in the fair values of assets or goodwill.
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is used to impair the unit's
asset items on a pro rata basis. The useful life of a depreciable asset item is reassessed
when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_77": { "value": "
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is used to impair the unit's
asset items on a pro rata basis. The useful life of a depreciable asset item is reassessed
when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_78": { "value": "
ACCOUNTING PRINCIPLES
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the
asset item is estimated. Furthermore, recoverable amounts are estimated each year for
the following asset items, regardless of whether there are signs of impairment: goodwill,
intangible assets with an in definite useful life, and incomplete intangible assets. The
need to recognise any impairment is examined on the level of the cash flow-generating
unit or units; that is, the lowest level that is mostly independent of the other units and
whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net
cash flows that are available from the asset item or cash flow-generating unit, discounted
to their present value. The discount rate is the rate before tax that presents the market's
view of the value of money over time, and the special risks related to the asset item or
cash flow-generating unit. The discount rate takes into account sector-specific factors.
An impairment loss is recognised when the carrying amount of an asset item is greater
than its recoverable amount. The impairment loss is immediately recognised in the
income statement. The impairment loss of a cash-flow generating unit is primarily
allocated to reduce the goodwill of the cash flow-generating unit and, secondly, it is used
to impair the unit's other asset items on a pro rata basis. The useful life of a depreciable
asset item is reassessed when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss. Impairment loss for goodwill is not reversed under any
circumstances.
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is used to impair the unit's
asset items on a pro rata basis. The useful life of a depreciable asset item is reassessed
when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
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\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_79": { "value": "
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4.2. PROPERTY, PLANT AND EQUIPMENT
2025
Land
Buildings and
structures
Improvement costs of
rental premises
Machinery and
equipment
Advance payments and
work in progress
Total
MEUR
Acquisition cost 1 Jan.
0.2
3.7
103.3
82.4
2.1
191.6
Business combinations
1.3
0.6
1.8
Additions
4.1
5.5
9.6
Deductions and disposals
-1.8
-12.5
-1.0
-15.2
Transfers between items
0.5
0.3
-0.5
0.3
Acquisition cost 31 Dec.
0.2
3.7
107.4
76.3
0.6
188.1
Accumulated depreciation 1 Jan.
0.0
-1.4
-75.5
-52.8
0.0
-129.7
Deductions and disposals
-0.1
-0.6
-0.7
Depreciation for the financial period
-0.1
-6.1
-5.0
-11.2
Accumulated depreciation
31 Dec.
0.0
-1.5
-81.8
-58.4
0.0
-141.7
Balance sheet value 31 Dec.
0.2
2.2
25.6
17.9
0.6
46.4
2024
Land
Buildings and
structures
Improvement costs of
rental premises
Machinery and
equipment
Advance payments and
work in progress
Total
MEUR
Acquisition cost 1 Jan.
0.2
4.1
96.6
75.7
1.6
178.2
Business combinations
0.7
0.6
1.3
Additions
6.2
6.9
13.2
Deductions and disposals
-0.3
-0.3
-0.5
Translation differences
-0.2
-0.4
-0.6
Transfers between items
-0.3
0.1
-0.2
0.4
0.0
Acquisition cost 31 Dec.
0.2
3.7
103.3
82.4
2.1
191.6
Accumulated depreciation 1 Jan.
0.0
-1.3
-69.3
-45.7
0.0
-116.3
Impairment
-0.1
-0.1
Depreciation for the financial period
-0.1
-6.3
-7.0
-13.3
Accumulated depreciation
31 Dec.
0.0
-1.4
-75.5
-52.8
0.0
-129.7
Balance sheet value 31 Dec.
0.2
2.3
27.7
29.7
2.1
61.9
\n
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\n
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of changes to meet the requirements for the restaurant use and to fit the concept
in question.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\n
\n
\n
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
Buildings
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is used to impair the unit's
asset items on a pro rata basis. The useful life of a depreciable asset item is reassessed
when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_80": { "value": "
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
Property, plant and equipment are measured at their original acquisition cost less
accumulated depreciation and impairment. Property, plant and equipment are recognised
on the balance sheet when they are likely to result in future economic benefit to the
Group and the acquisition cost can be reliably determined.
The original acquisition cost includes the immediate costs for the purchase. Expenditure
accumulated later is only included in the carrying amount or recorded as a separate
commodity if it is likely that the future economic benefit related to the commodity will be
to the benefit of the Group and if the acquisition cost of the commodity can be reliably
determined. Repair and maintenance costs are recorded through profit or loss for the
period during which they were realised. If a fixed asset commodity consists of several
parts with useful lives of different lengths, each part is processed as a separate
commodity. As is typical for the sector,
property, plant and equipment also include
periodic modification and renovation costs of the rental premises of restaurants; these
consist of changes to meet the requirements for the restaurant use and to fit the concept
in question.
The Group\u2019s property, plant and equipment are depreciated over the estimated useful life
of the commodity in question. Depreciation of property, plant and equipment is calculated
as straight-line depreciation, where the acquisition cost is recognised as expense over
the useful life. Land and water areas are not depreciated.
\n
\n
\n
Estimated useful lives
Years
Machinery and equipment
3-15
Modification and renovation expenses for rental premises
3-15
Buildings
30
The residual values of tangible assets and their useful lives are verified at least once per
year on the closing date, and adjusted by impairment when necessary. On each closing
date, the Group evaluates whether there are signs of impairment of an asset. If the
carrying amount of an asset item is higher than its recoverable amount, the carrying
amount of the asset item will be immediately lowered to match the recoverable amount.
When property, plant and equipment are classified as held for sale in accordance with
the IFRS 5 standard, the recording of depreciation is discontinued.
The gains and losses from the sale of tangible assets are included in the income
statement as other operating income or expenses. The profit or loss from a sale is
determined by the difference between the sale price and the remaining acquisition cost.
The accounting principles pertaining to leases are presented on page
Impairment of tangible assets
On each closing date, the Group evaluates whether there are signs of impairment in the
value of an asset item. If these signs should appear, the recoverable amount for the asset
item is estimated. The need to recognise any impairment is examined on the level of the
cash flow-generating unit or units; that is, the lowest level that is mostly independent of the
other units and whose cash flow can be separated from the other cash flows.
The recoverable amount is the fair value of the asset item less the costs of selling, or the
utility value, whichever is higher. The utility value refers to the estimated deferred net cash
flows that are available from the asset item or cash flow-generating unit, discounted to their
present value. The discount rate is the rate before tax that presents the market's view of the
value of money over time, and the special risks related to the asset item or cash flow-
generating unit.
An impairment loss is recognised when the carrying amount of an asset item is greater than
its recoverable amount. The impairment loss is immediately recognised in the income
statement. The impairment loss of a cash-flow generating unit is used to impair the unit's
asset items on a pro rata basis. The useful life of a depreciable asset item is reassessed
when an impairment loss is recognised.
An impairment loss recorded for an asset item is reversed in case a change occurs in the
estimates that have been used to determine the recoverable amount of the asset item.
However, impairment loss is only reversed up to the carrying amount of the commodity
without any impairment loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_81": { "value": "
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4.3. LEASE AGREEMENTS
The Group has leased many of the restaurant and office premises that it uses, as well as
some of the equipment used at the premises.
The Group has applied 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 the changes in leases is 5.0%.
The Group\u2019s leases categorised by underlying assets
2025
Land
Proper-
ties
Machinery and
equipment
Total
MEUR
Acquisition cost 1 Jan.
2.9
386.4
16.6
405.8
Business combinations
8.4
8.4
Additions
4.3
4.3
Reassessments and modifications
0.1
29.1
5.9
35.1
Deductions and disposals
-22.3
-1.4
-23.7
Translation differences
0.1
0.1
Acquisition cost 31 Dec.
2.9
406.0
21.1
430.0
Accumulated depreciation 1 Jan.
-1.7
-191.8
-10.6
-204.1
Deductions and disposals
-1.3
-0.1
-1.4
Depreciation for the financial period
-0.2
-36.9
-2.4
-39.5
Accumulated depreciation 31 Dec.
-1.9
-230.0
-13.1
-245.0
Balance sheet value 31 Dec.
1.0
176.0
8.0
185.0
2024
Land
Proper-
ties
Machinery and
equipment
Total
MEUR
Acquisition cost 1 Jan.
2.8
345.4
16.1
364.3
Business combinations
5.7
5.7
Additions
5.1
5.1
Reassessments and modifications
0.0
32.6
0.5
33.1
Deductions and disposals
-0.6
-0.6
Translation differences
-1.7
-1.7
Acquisition cost 31 Dec.
2.9
386.4
16.6
405.9
Accumulated depreciation 1 Jan.
-1.4
-153.0
-7.2
-161.7
Deductions and disposals
0.0
Depreciation for the financial period
-0.3
-38.8
-3.3
-42.4
Accumulated depreciation 31 Dec.
-1.7
-191.8
-10.6
-204.1
Balance sheet value 31 Dec.
1.2
194.6
6.0
201.9
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\n
Liabilities for right-of-use assets
MEUR
2025
2024
Non-current
161.3
175.3
Current
38.1
39.9
Total
199.4
215.2
Liabilities for right-of-use assets by category, continuing and discontinued
operations
2025
Land
Proper-
ties
Machinery and
equipment
Total
MEUR
Lease liability 1 January
1.2
207.6
6.3
215.2
Net additions
0.1
18.5
4.4
23.0
Rent payments
-0.3
-45.5
-2.9
-48.7
Interest expenses
0.0
9.4
0.4
9.9
Lease liability 31 December
1.1
190.1
8.2
199.4
2024
Land
Proper-
ties
Machinery and
equipment
Total
MEUR
Lease liability 1 January
1.5
203.1
9.1
213.7
Net additions
42.7
0.5
43.3
Rent payments
-0.3
-45.8
-3.7
-49.9
Interest expenses
0.1
9.5
0.4
10.0
Translation differences
-1.9
-2.0
Lease liability 31 December
1.2
207.6
6.3
215.2
The maturity distribution of liabilities is presented on page
.
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\n
Lease items included in the income statement, continuing and discontinued
operations
MEUR
2025
2024
Depreciation of right-of-use assets
Buildings
38.1
38.8
Machinery and equipment
2.5
3.3
Land
0.2
0.3
Other operating expenses
Expenses related to leases of short-
term and low value
6.6
8.5
Expenses related to variable rents not included
in lease liabilities
4.7
5.2
Finance expenses
Interest expenses
9.9
10.0
Total
62.2
66.1
Lease income received by the group, other non-cancellable leases
MEUR
2025
2024
In one year
1.0
0.4
Within 1-5 years
1.4
0.4
In more than 5 years
0.0
0.0
Total
2.4
0.8
The total outflow of cash arising from leases in 2025 amounted to MEUR 48.7 (49.9).
\n
\n
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\n
\n
ACCOUNTING
PRINCIPLES
The Group as a lessee
The Group has leased many of the restaurant and office premises that it uses. The
lengths of lease agreements vary from short contracts lasting less than a year to long
contracts lasting decades. The agreements are either fixed leases with an index
condition, turnover-based or combination of these. Some of the lease agreements are
valid until further notice, with notice periods ranging from one to six months.
The lease term of the lease of an individual restaurant operating on leased premises
determines the lease term lengths of any underlying assets on said premises that are
based on a basic non-fixed-term lease or a shorter lease. For example, if the lease term
of restaurant premises is 4 years, the lease term of beverage taps based on a non-fixed-
term lease or a shorter lease is also specified to be 4 years.
Agreements can include lease components and non-lease components. The contractual
consideration is allocated to the lease component and non-lease components based on
their relative stand-alone prices. However, it has been decided not to separate the
components in property lease contracts where the Group is the lessee, and they are
accounted for as a single lease component in Group\u2019s accounting.
The lease agreements are negotiated on a case-by-case basis, and they include a large
number of various terms. The leases do not generally include covenants other than the
lessee\u2019s security deposit interest related to the leased assets. Leased assets cannot be
used as security for loans.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022
Fixed payments (including in-substance fixed payments), less any lease incentives
receivable
\u2022
Variable lease payments that are based on an index or a rate and which are initially
measured using the index or rate at the time of signing the agreement
\u2022
Amounts expected to be payable by the Group under residual value guarantees
\u2022
The exercise price of a purchase option if the Group is reasonably certain to
exercise that option
\u2022
Payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
The liability also includes leases based on extension options that are relatively certain to
be exercised.
The Company will use the lessee\u2019s incremental borrowing rate of interest to define the
discount rate of future lease payments. The management has estimated the incremental
borrowing rate in accordance with what the interest rate would be if the asset were
obtained with outside financing. The incremental borrowing rate has been specified
separately for each asset, considering the risk-free interest rate, lease term, economic
environment and underlying asset. The incremental borrowing rate will be re-assessed
for material new lease agreement and the changing situations specified in the standard.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease payments are allocated
between principal and finance cost. The finance cost is recognised through profit or loss
over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets at cost
\u2022
The amount of the initial measurement of lease liability
\u2022
Any lease payments made at or before the commencement date less any lease
incentives received
\u2022
Any initial direct costs
\u2022
Restoration costs
Right-of-use assets are generally depreciated over the shorter of the asset's useful life
and the lease term on a straight-line basis. If the Group is reasonably certain to exercise
a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful
life.
Payments associated with short-term leases of equipment and vehicles and all leases of
low-value assets are recognised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12 months or less. Low value assets
comprise IT equipment and small items of office furniture.
Rent concessions and practical expedients for handling equipment are discussed at the
beginning of this note.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The Group as a lessor
Commodities leased out are included in property, plant and equipment on the balance
sheet. They are depreciated over their useful life, similarly to property, plant and
equipment used by the Group for similar purposes. Rental income is recorded into the
income statement as annuities over the lease term. The Group is not a lessor in any
finance leases. The Group continues to sublease certain premises, which constitute the
majority of the Group's rental income.
KEY ESTIMATES AND JUDGEMENTS
The management makes estimates concerning, among others, the leases to be included
in the arrangement, size of low value contracts, utilisation of lease extension options and
the incremental borrowing rate.
The Group\u2019s leases often include the option to extend the lease term. The management
has made an estimate of the utilisation of the extension options, and some extension
options will not be utilised for business and financial reasons.
The management has estimated the amount of restoration costs in any leases that
include provisions regarding restoration requirements. The restoration costs entered in a
right-of-use asset are based on estimates, the specific amount of which cannot be known
in advance, and their scale has been estimated based on previously realised restoration
costs. Restoration costs have primarily consisted of dismantling commercial premises or
similar. Restoration costs will be recognised in a right-of-use asset and provisions by
discounting them with risk-free interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_82": { "value": "
ACCOUNTING
PRINCIPLES
The Group as a lessee
The Group has leased many of the restaurant and office premises that it uses. The
lengths of lease agreements vary from short contracts lasting less than a year to long
contracts lasting decades. The agreements are either fixed leases with an index
condition, turnover-based or combination of these. Some of the lease agreements are
valid until further notice, with notice periods ranging from one to six months.
The lease term of the lease of an individual restaurant operating on leased premises
determines the lease term lengths of any underlying assets on said premises that are
based on a basic non-fixed-term lease or a shorter lease. For example, if the lease term
of restaurant premises is 4 years, the lease term of beverage taps based on a non-fixed-
term lease or a shorter lease is also specified to be 4 years.
Agreements can include lease components and non-lease components. The contractual
consideration is allocated to the lease component and non-lease components based on
their relative stand-alone prices. However, it has been decided not to separate the
components in property lease contracts where the Group is the lessee, and they are
accounted for as a single lease component in Group\u2019s accounting.
The lease agreements are negotiated on a case-by-case basis, and they include a large
number of various terms. The leases do not generally include covenants other than the
lessee\u2019s security deposit interest related to the leased assets. Leased assets cannot be
used as security for loans.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2022
Fixed payments (including in-substance fixed payments), less any lease incentives
receivable
\u2022
Variable lease payments that are based on an index or a rate and which are initially
measured using the index or rate at the time of signing the agreement
\u2022
Amounts expected to be payable by the Group under residual value guarantees
\u2022
The exercise price of a purchase option if the Group is reasonably certain to
exercise that option
\u2022
Payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
The liability also includes leases based on extension options that are relatively certain to
be exercised.
The Company will use the lessee\u2019s incremental borrowing rate of interest to define the
discount rate of future lease payments. The management has estimated the incremental
borrowing rate in accordance with what the interest rate would be if the asset were
obtained with outside financing. The incremental borrowing rate has been specified
separately for each asset, considering the risk-free interest rate, lease term, economic
environment and underlying asset. The incremental borrowing rate will be re-assessed
for material new lease agreement and the changing situations specified in the standard.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset. Lease payments are allocated
between principal and finance cost. The finance cost is recognised through profit or loss
over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets at cost
\u2022
The amount of the initial measurement of lease liability
\u2022
Any lease payments made at or before the commencement date less any lease
incentives received
\u2022
Any initial direct costs
\u2022
Restoration costs
Right-of-use assets are generally depreciated over the shorter of the asset's useful life
and the lease term on a straight-line basis. If the Group is reasonably certain to exercise
a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful
life.
Payments associated with short-term leases of equipment and vehicles and all leases of
low-value assets are recognised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12 months or less. Low value assets
comprise IT equipment and small items of office furniture.
Rent concessions and practical expedients for handling equipment are discussed at the
beginning of this note.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
The Group as a lessor
Commodities leased out are included in property, plant and equipment on the balance
sheet. They are depreciated over their useful life, similarly to property, plant and
equipment used by the Group for similar purposes. Rental income is recorded into the
income statement as annuities over the lease term. The Group is not a lessor in any
finance leases. The Group continues to sublease certain premises, which constitute the
majority of the Group's rental income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_83": { "value": "
4.4. SHARES IN ASSOCIATED COMPANIES
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\n
MEUR
2025
2024
Balance sheet value 1 January
0.1
0.0
Additions
44.9
0.1
Share of profit for the financial period
1.6
0.0
Balance sheet value 31 December
46.7
0.1
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\n
\n
During the financial year, NoHo Partners Plc acquired a 25% share of ownership in Staff
Invest Oy. During the financial year,
NoHo Partners Plc's voting power in Better Burger
Society decreased to 49.6%, and as of 1 April 2025, the company has been consolidated
into the Group as an associated company.
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\n
Financial information on associated companies
2025
Assets
Liabilities
Ownership interest,
%
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Finnish operations
Better Burger Society
92.9
14.7
45.3
24.8
93.9
3.8
51
Hook Restaurantes SL
0.0
0.4
0.4
0.0
0.0
0.0
49
Repa Service Oy
0.0
0.1
0.0
0.0
0.3
0.0
30
Staff Invest Oy
0.1
0.0
0.0
0.0
0.0
0.1
25
YES HR One Oy
0.0
0.6
0.0
0.4
1.8
0.2
20
YES HR Three Oy
0.0
0.0
0.0
0.0
0.0
0.0
20
YES HR Two Oy
0.0
0.8
0.0
0.6
2.7
0.3
20
Total
92.9
16.6
45.7
25.8
98.6
4.4
International business
Torggata Camping As
0.1
0.1
0.0
0.0
0.2
0.0
33
Total
0.1
0.1
0.0
0.0
0.2
0.0
2024
Assets
Liabilities
Ownership interest,
%
MEUR
Non-current
Current
Non-current
Current
Turnover
Profit / loss
Finnish operations
Hook Restaurantes SL
0.0
0.4
0.4
0.0
0.0
0.0
49
Repa Service Oy
0.0
0.1
0.0
0.0
0.2
0.0
30
YES HR One Oy
0.0
0.3
0.0
0.1
0.9
0.1
20
YES HR Three Oy
0.0
0.0
0.0
0.0
0.0
0.0
20
YES HR Two Oy
0.0
0.1
0.0
0.1
0.2
0.0
20
Total
0.0
0.8
0.5
0.2
1.3
0.1
International business
Torggata Camping As
0.1
0.1
0.0
0.0
0.3
0.0
33
Total
0.1
0.1
0.0
0.0
0.3
0.0
ACCOUNTING PRINCIPLES
The accounting principles for associated companies are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_84": { "value": "
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MEUR
2025
2024
Balance sheet value 1 January
0.1
0.0
Additions
44.9
0.1
Share of profit for the financial period
1.6
0.0
Balance sheet value 31 December
46.7
0.1
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During the financial year, NoHo Partners Plc acquired a 25% share of ownership in Staff
Invest Oy. During the financial year,
NoHo Partners Plc's voting power in Better Burger
Society decreased to 49.6%, and as of 1 April 2025, the company has been consolidated
into the Group as an associated company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_85": { "value": "
4.5. INVENTORIES
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MEUR
2025
2024
Restaurant goods inventory
11.4
11.9
In the reporting period, an expense of MEUR 103.0 (113.3) was recognised in the income
statement for materials and supplies and for changes in inventories.
ACCOUNTING PRINCIPLES
Inventories are measured according to their acquisition cost or their net realisable value,
whichever is lower. Acquisition cost is determined using a weighted average price
method. Acquisition cost includes the immediate expenses for the purchase less value
added tax. The net realisable value is the estimated selling price that can be achieved
during ordinary course of business less the costs of selling. Inventories include
ingredients for restaurant food, alcohol products and packaging materials that are part of
Triple Trading\u2019s inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_86": { "value": "
ACCOUNTING PRINCIPLES
Inventories are measured according to their acquisition cost or their net realisable value,
whichever is lower. Acquisition cost is determined using a weighted average price
method. Acquisition cost includes the immediate expenses for the purchase less value
added tax. The net realisable value is the estimated selling price that can be achieved
during ordinary course of business less the costs of selling. Inventories include
ingredients for restaurant food, alcohol products and packaging materials that are part of
Triple Trading\u2019s inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_87": { "value": "
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4.6. RECEIVABLES
MEUR
2025
2024
Non-current loan and other receivables
Loan receivables from associated companies
0.6
0.5
Paid rental deposits
1.7
1.2
Other non-interest-bearing
receivables
0.1
0.5
Total
2.5
2.2
Current receivables
Loan receivables
0.4
0.9
Trade receivables
16.4
16.0
Prepaid expenses
1.2
1.3
Other receivables
3.0
3.7
Discounts
5.5
4.4
Income tax receivables
1.8
0.6
Accrued income
2.6
5.0
Total
30.7
31.9
Ageing of trade receivables
MEUR
2025
2024
Not due
13.1
13.1
Less than 3 months past due
2.3
1.9
More than 3 months past due
1.0
1.0
Total
16.4
16.0
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ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_88": { "value": "
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4.6. RECEIVABLES
MEUR
2025
2024
Non-current loan and other receivables
Loan receivables from associated companies
0.6
0.5
Paid rental deposits
1.7
1.2
Other non-interest-bearing
receivables
0.1
0.5
Total
2.5
2.2
Current receivables
Loan receivables
0.4
0.9
Trade receivables
16.4
16.0
Prepaid expenses
1.2
1.3
Other receivables
3.0
3.7
Discounts
5.5
4.4
Income tax receivables
1.8
0.6
Accrued income
2.6
5.0
Total
30.7
31.9
Ageing of trade receivables
MEUR
2025
2024
Not due
13.1
13.1
Less than 3 months past due
2.3
1.9
More than 3 months past due
1.0
1.0
Total
16.4
16.0
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\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_89": { "value": "
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4.6. RECEIVABLES
MEUR
2025
2024
Non-current loan and other receivables
Loan receivables from associated companies
0.6
0.5
Paid rental deposits
1.7
1.2
Other non-interest-bearing
receivables
0.1
0.5
Total
2.5
2.2
Current receivables
Loan receivables
0.4
0.9
Trade receivables
16.4
16.0
Prepaid expenses
1.2
1.3
Other receivables
3.0
3.7
Discounts
5.5
4.4
Income tax receivables
1.8
0.6
Accrued income
2.6
5.0
Total
30.7
31.9
Ageing of trade receivables
MEUR
2025
2024
Not due
13.1
13.1
Less than 3 months past due
2.3
1.9
More than 3 months past due
1.0
1.0
Total
16.4
16.0
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\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
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5.4. OTHER INVESTMENTS
Financial assets measured at fair value through profit or loss are non-current and they
comprise unquoted EUR-denominated shares and holdings measured at fair value.
Financial assets measured at fair value through profit or loss
MEUR
2025
2024
Value at the beginning of the financial period
0.4
0.3
Additions
0.0
0.1
Value at the end of the financial period
0.4
0.4
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_90": { "value": "
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4.6. RECEIVABLES
MEUR
2025
2024
Non-current loan and other receivables
Loan receivables from associated companies
0.6
0.5
Paid rental deposits
1.7
1.2
Other non-interest-bearing
receivables
0.1
0.5
Total
2.5
2.2
Current receivables
Loan receivables
0.4
0.9
Trade receivables
16.4
16.0
Prepaid expenses
1.2
1.3
Other receivables
3.0
3.7
Discounts
5.5
4.4
Income tax receivables
1.8
0.6
Accrued income
2.6
5.0
Total
30.7
31.9
Ageing of trade receivables
MEUR
2025
2024
Not due
13.1
13.1
Less than 3 months past due
2.3
1.9
More than 3 months past due
1.0
1.0
Total
16.4
16.0
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\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_91": { "value": "
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4.6. RECEIVABLES
MEUR
2025
2024
Non-current loan and other receivables
Loan receivables from associated companies
0.6
0.5
Paid rental deposits
1.7
1.2
Other non-interest-bearing
receivables
0.1
0.5
Total
2.5
2.2
Current receivables
Loan receivables
0.4
0.9
Trade receivables
16.4
16.0
Prepaid expenses
1.2
1.3
Other receivables
3.0
3.7
Discounts
5.5
4.4
Income tax receivables
1.8
0.6
Accrued income
2.6
5.0
Total
30.7
31.9
Ageing of trade receivables
MEUR
2025
2024
Not due
13.1
13.1
Less than 3 months past due
2.3
1.9
More than 3 months past due
1.0
1.0
Total
16.4
16.0
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\n
\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_92": { "value": "
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\n
\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_93": { "value": "
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\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. The Group does not have
investments that are measured at fair value through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_94": { "value": "
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\n
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\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. The Group does not have
investments that are measured at fair value through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_95": { "value": "
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\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
The accounting principles for sales are presented on page
Trade receivables are
recorded in the books at the amount of the original sale. The principles of credit risk
management are described on page
The Group applies the simplified model
allowed by IFRS 9 to recognise impairment of trade receivables using a provision matrix.
In addition, impairment is recognised if there is other evidence of the debtor\u2019s insolvency,
bankruptcy or liquidation. Impairment is recognised as an expense in other operating
expenses. If an item previously recognised as an expense is subsequently settled, it is
recognised as a decrease in other operating expenses.
The most significant accrued receivables consist of social insurance and purchase
invoice accruals.
The carrying amounts of trade receivables and other receivables correspond to their fair
value. The balance sheet values correspond to the best estimate of the monetary amount
that is the maximum credit risk if the counterparties cannot fulfil their obligations related
to the receivables. The fair values of receivables are presented on page
\n
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\n
\n
\n
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial liabilities
The Group\u2019s financial liabilities are, in accordance with IFRS 9, classified as financial
liabilities measured at amortised cost and consist of loans from financial institutions,
trade payables, and other financial liabilities. Financial liabilities are initially recognised at
fair value. Transaction costs are included in the original carrying amount of financial
liabilities. Subsequently, all financial liabilities are measured at amortised cost using the
effective interest method. Financial liabilities are included in both long-term and short-
term liabilities.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. The Group does not have
investments that are measured at fair value through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_96": { "value": "
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
MEUR
2025
2024
Income tax liabilities
Tax based on the taxable income for the financial period
3.3
4.0
Non-current
Advances received
1.2
1.3
Pension obligation
0.0
0.2
Transaction price liabilities
3.0
3.4
Other non-interest-bearing debt
4.9
7.9
Non-current trade and other liabilities total
9.2
12.7
Current
Trade payables
39.7
38.0
Advances received
3.1
2.1
Transaction price liabilities
0.1
7.3
Value added tax liabilities
5.9
5.6
Accruals and deferred income
Wage and salary liabilities
6.7
7.3
Holiday pay liabilities
10.4
10.9
Social security costs
2.8
6.1
Sold gift cards
3.6
3.8
Other accruals and deferred income
9.2
10.5
Other payables
2.4
2.2
Current trade and other payables total
83.8
94.0
\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_97": { "value": "
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
MEUR
2025
2024
Income tax liabilities
Tax based on the taxable income for the financial period
3.3
4.0
Non-current
Advances received
1.2
1.3
Pension obligation
0.0
0.2
Transaction price liabilities
3.0
3.4
Other non-interest-bearing debt
4.9
7.9
Non-current trade and other liabilities total
9.2
12.7
Current
Trade payables
39.7
38.0
Advances received
3.1
2.1
Transaction price liabilities
0.1
7.3
Value added tax liabilities
5.9
5.6
Accruals and deferred income
Wage and salary liabilities
6.7
7.3
Holiday pay liabilities
10.4
10.9
Social security costs
2.8
6.1
Sold gift cards
3.6
3.8
Other accruals and deferred income
9.2
10.5
Other payables
2.4
2.2
Current trade and other payables total
83.8
94.0
\n
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\n
\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_98": { "value": "
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
MEUR
2025
2024
Income tax liabilities
Tax based on the taxable income for the financial period
3.3
4.0
Non-current
Advances received
1.2
1.3
Pension obligation
0.0
0.2
Transaction price liabilities
3.0
3.4
Other non-interest-bearing debt
4.9
7.9
Non-current trade and other liabilities total
9.2
12.7
Current
Trade payables
39.7
38.0
Advances received
3.1
2.1
Transaction price liabilities
0.1
7.3
Value added tax liabilities
5.9
5.6
Accruals and deferred income
Wage and salary liabilities
6.7
7.3
Holiday pay liabilities
10.4
10.9
Social security costs
2.8
6.1
Sold gift cards
3.6
3.8
Other accruals and deferred income
9.2
10.5
Other payables
2.4
2.2
Current trade and other payables total
83.8
94.0
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
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\n
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\n
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\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_99": { "value": "
4.7. INCOME TAX, TRADE AND OTHER PAYABLES
MEUR
2025
2024
Income tax liabilities
Tax based on the taxable income for the financial period
3.3
4.0
Non-current
Advances received
1.2
1.3
Pension obligation
0.0
0.2
Transaction price liabilities
3.0
3.4
Other non-interest-bearing debt
4.9
7.9
Non-current trade and other liabilities total
9.2
12.7
Current
Trade payables
39.7
38.0
Advances received
3.1
2.1
Transaction price liabilities
0.1
7.3
Value added tax liabilities
5.9
5.6
Accruals and deferred income
Wage and salary liabilities
6.7
7.3
Holiday pay liabilities
10.4
10.9
Social security costs
2.8
6.1
Sold gift cards
3.6
3.8
Other accruals and deferred income
9.2
10.5
Other payables
2.4
2.2
Current trade and other payables total
83.8
94.0
\n
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\n
\n
\n
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\n
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\n
\n
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\n
\n
\n
ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_100": { "value": "
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ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_101": { "value": "
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ACCOUNTING PRINCIPLES
Trade payables arise when acquiring inventories, fixed assets and goods and services
from the Group's suppliers. Trade payables are classified as current liabilities. Trade
payables are initially recorded at fair value and subsequently measured at mortised
acquisition cost. The book value of trade payables is considered to correspond to their
fair value due to their short maturity. The fair values of trade payables and other liabilities
are presented on page
.
Financial liabilities
The Group\u2019s financial liabilities are, in accordance with IFRS 9, classified as financial
liabilities measured at amortised cost and consist of loans from financial institutions,
trade payables, and other financial liabilities. Financial liabilities are initially recognised at
fair value. Transaction costs are included in the original carrying amount of financial
liabilities. Subsequently, all financial liabilities are measured at amortised cost using the
effective interest method. Financial liabilities are included in both long-term and short-
term liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_102": { "value": "
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4.8. PROVISIONS
MEUR
2025
2024
Balance sheet value 1 January
0.1
0.0
Increase
0.0
0.1
Provisions used
-0.1
0.0
Balance sheet value 31 December
0.0
0.1
Current portion
0.0
0.1
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ACCOUNTING PRINCIPLES
A provision is recorded when the Group has a judicial and constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. The provisions mainly include termination
costs for closed sites.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_103": { "value": "
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ACCOUNTING PRINCIPLES
A provision is recorded when the Group has a judicial and constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. The provisions mainly include termination
costs for closed sites.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_104": { "value": "
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5. CAPITAL STRUCTURE AND RISK MANAGEMENT
5.1. CAPITAL MANAGEMENT
The aim of the Group's capital management is to establish an optimal capital structure that
can support business operations by ensuring normal operational prerequisites, and to
increase shareholder value in the long term.
The capital structure can be mainly affected by means of dividend distribution, subordinated
loans and share issues. The Group can also decide to sell its assets in order to reduce its
liabilities. The managed capital is the equity indicated in the consolidated balance sheet. An
optimal capital structure also reduces capital costs.
The development of the Group\u2019s capital structure is monitored by using the gearing ratio
excluding IFRS 16 impact as the indicator and equity ratio.
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Consolidated gearing and equity ratios
MEUR
2025
2024
Liabilities
123.3
141.4
Receivables
-0.9
-1.3
Cash and cash equivalents
-4.4
-14.8
Net debt excluding the impact of IFRS 16
118.0
125.3
Liabilities for right-of-use assets
199.4
215.2
Net debt
317.4
340.5
Equity excluding the impact of IFRS 16
127.3
113.8
Equity
114.8
102.8
Gearing ratio excluding the impact of IFRS 16, %
92.6
110.1
Gearing ratio, %
276.5
331.1
Adjusted equity ratio, %
33.6
28.2
Equity ratio, %
21.2
17.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_105": { "value": "
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Consolidated gearing and equity ratios
MEUR
2025
2024
Liabilities
123.3
141.4
Receivables
-0.9
-1.3
Cash and cash equivalents
-4.4
-14.8
Net debt excluding the impact of IFRS 16
118.0
125.3
Liabilities for right-of-use assets
199.4
215.2
Net debt
317.4
340.5
Equity excluding the impact of IFRS 16
127.3
113.8
Equity
114.8
102.8
Gearing ratio excluding the impact of IFRS 16, %
92.6
110.1
Gearing ratio, %
276.5
331.1
Adjusted equity ratio, %
33.6
28.2
Equity ratio, %
21.2
17.7
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5.2. NET DEBT RECONCILIATION CALCULATION
MEUR
2025
2024
Non-current financial liabilities
99.9
117.5
Current financial liabilities
23.3
23.9
Liabilities for right-of-use assets
199.4
215.2
Non-current other receivables
-0.9
-1.3
Cash and cash equivalents
-4.4
-14.8
Interest-bearing net financial liabilities total
317.4
340.5
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Interest-bearing net liabilities connected in cash flow statement
2025
Assets
Liabilities
MEUR
Cash and cash
equivalents
Receivables
Current
Non-current
Right-of-use assets
Total
Book value 1 January
-14.8
-1.3
23.9
117.5
215.2
340.5
Cash flow
2.5
0.0
-3.4
4.7
-38.8
-34.9
Transfers between items
4.1
-4.1
0.0
Additions
0.7
47.3
48.0
Deductions
7.9
-2.9
-18.6
-24.2
-37.8
Other changes
0.4
0.9
0.4
0.0
1.6
Book value 31 December
-4.4
-0.9
23.3
99.9
199.4
317.4
2024
Assets
Liabilities
MEUR
Cash and cash
equivalents
Receivables
Current
Non-current
Right-of-use assets
Total
Book value 1 January
-11.3
-0.8
42.5
104.3
213.8
348.3
Cash flow
-3.5
-0.5
-10.2
3.7
-39.9
-50.4
Transfers between items
-7.9
7.9
0.0
Additions
0.1
43.3
43.4
Other changes
-0.4
1.5
-2.0
-0.8
Book value 31 December
-14.8
-1.3
23.9
117.5
215.2
340.5
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5.6. FINANCIAL LIABILITIES
The implementation of NoHo Partners\u2019 strategy and the financing of its business growth are
partly dependent on external financing. The Group 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 repay maturing loans. Changes in the macroeconomic
environment or the general financing market situation may negatively affect the Group\u2019s
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\u2019s ability to invest in business
development and growth in the future.
As of 31 December 2025, the parent company of the Group had loan capital of MEUR 97,
which is subject to covenants. The covenant terms of the parent company\u2019s loan agreement
relate to the specific financial rations, which are: interest-bearing net liabilities (excluding
IFRS 16 liabilities) / adjusted operational EBITDA (12 months) and adjusted equity ratio
(excluding IFRS 16 liabilities). The agreement also includes standard terms related to
guarantees, investments, and corporate arrangements.
Covenant compliance is reviewed quarterly, and the Company met the set covenants. The
Company does not see a risk of failing to meet the covenants in the future.
In the fourth quarter of 2024, NoHo Partners entered into a new long-term financing
agreement aimed at supporting the achievement of the Company\u2019s growth targets for the
2025\u20132027 strategy period. With the new financing agreement, the Company raised a total
financing package of MEUR 102.
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MEUR
2025
2024
Non-current financial liabilities measured at
amortised acquisition cost
Interest-bearing loans
99.9
117.5
Liabilities for right-of-use assets
161.3
175.3
Total
261.2
292.8
Current financial liabilities measured at amortised
acquisition cost
Interest-bearing loans
23.3
23.9
Liabilities for right-of-use assets
38.1
39.9
Total
61.5
63.8
Security information of loans from financial institutions on page
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Maturity of interest-bearing financial liabilities, excluding liabilities for right-of-use
assets
MEUR
2025
2024
Less than 1 year
11.8
10.9
1 to less than 2 years
8.8
9.2
2 to 5 years
91.1
99.9
More than 5 years
0.0
8.4
Total
111.7
128.4
Account limits in use *
11.5
13.1
Total
123.3
141.5
* 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.
The Group's loans from financial institutions mainly have a variable interest rate, and the
loans are priced every 3\u201312 months.
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Maturity distribution of interest on financial liabilities
MEUR
2025
2024
Less than 1 year
6.0
7.7
1 to less than 2 years
5.4
7.2
2 to 5 years
9.6
17.9
More than 5 years
0.0
0.9
The calculation uses Euribor levels as of each date of the Financial statements. In addition,
the maturity distribution of interest on financial liabilities is not comparable due to the
renewed financing agreement in 2024.
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\n
Trade payables and liabilities for right-of-use assets, maturity distribution
2025
Transaction
price
liabilities
Trade
payables
Liabilities for
right-of-use
assets
Total
MEUR
Less than 1 year
0.0
39.7
46.8
86.5
1 to less than 2 years
3.0
42.0
45.0
2 to 5 years
0.2
84.3
84.5
More than 5 years
64.0
64.0
Total repayments
3.1
39.7
237.1
279.9
Discounted balance sheet value
3.1
39.7
199.4
242.2
2024
Transaction
price
liabilities
Trade
payables
Liabilities for
right-of-use
assets
Total
MEUR
Less than 1 year
8.2
38.0
49.0
95.2
1 to less than 2 years
0.1
43.2
43.2
2 to 5 years
2.5
89.8
92.3
More than 5 years
74.8
74.8
Total undiscounted value
10.7
38.0
256.8
305.6
Discounted balance sheet value
10.6
38.0
215.2
263.9
The Group does not have material extended debt repayment periods in effect.
On 31 December 2025, the Group\u2019s cash and cash equivalents totalled MEUR 4.4 and the
unwithdrawn loan and account limits available to the Group amounted to MEUR 7.2.
On page
there
is a description of
financial and liquidity risks as well as measures to
prepare for them and mitigate them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_106": { "value": "
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\n
5.3. CLASSIFICATION AND FAIR
VALUES OF FINANCIAL ASSETS AND LIABILITIES
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2025
Level
Fair value
through
profit or loss
Amortised
acquisition cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.4
0.4
Loan receivables
2
0.6
0.6
Other receivables
2
1.9
1.9
Total
0.4
2.4
2.8
Current financial assets
Loan receivables
2
0.4
0.4
Trade and other receivables
2
30.3
30.3
Cash and cash equivalents
2
4.4
4.4
Total
35.1
35.1
Carrying amount total
0.4
37.5
37.8
Non-current financial liabilities
Financial liabilities
2
99.9
99.9
Liabilities for right-of-use
assets
161.3
161.3
Liabilities for business
acquisitions
3
3.0
3.0
Other liabilities
2
6.1
6.1
Total
270.4
270.4
Current financial liabilities
Financial liabilities
2
23.3
23.3
Liabilities for right-of-use
assets
38.1
38.1
Liabilities for business
acquisitions
3
0.1
0.1
Trade payables
2
39.7
39.7
Total
101.3
101.3
Carrying amount total
371.7
371.7
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\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
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\n
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2024
Level
Fair value
through
profit or loss
Amortised
acquisition cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.4
0.4
Loan receivables
2
0.5
0.5
Other receivables
2
1.7
1.7
Total
0.4
2.2
2.6
Current financial assets
Loan receivables
2
0.9
0.9
Trade and other receivables
2
31.0
31.0
Cash and cash equivalents
2
14.8
14.8
Total
46.7
46.7
Carrying amount total
0.4
48.9
49.3
Non-current financial liabilities
Financial liabilities
2
117.5
117.5
Liabilities for right-of-use
assets
175.3
175.3
Liabilities for business
acquisitions
3
3.4
3.4
Other liabilities
2
9.4
9.4
Total
305.6
305.6
Current financial liabilities
Financial liabilities
2
23.9
23.9
Liabilities for right-of-use
assets
39.9
39.9
Liabilities for business
acquisitions
3
7.3
7.3
Trade payables
2
38.0
38.0
Total
109.2
109.2
Carrying amount total
414.8
414.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_107": { "value": "
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\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
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\n
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\n
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\n
\n
\n
\n
\n
\n
5.3. CLASSIFICATION AND FAIR
VALUES OF FINANCIAL ASSETS AND LIABILITIES
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2025
Level
Fair value
through
profit or loss
Amortised
acquisition cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.4
0.4
Loan receivables
2
0.6
0.6
Other receivables
2
1.9
1.9
Total
0.4
2.4
2.8
Current financial assets
Loan receivables
2
0.4
0.4
Trade and other receivables
2
30.3
30.3
Cash and cash equivalents
2
4.4
4.4
Total
35.1
35.1
Carrying amount total
0.4
37.5
37.8
Non-current financial liabilities
Financial liabilities
2
99.9
99.9
Liabilities for right-of-use
assets
161.3
161.3
Liabilities for business
acquisitions
3
3.0
3.0
Other liabilities
2
6.1
6.1
Total
270.4
270.4
Current financial liabilities
Financial liabilities
2
23.3
23.3
Liabilities for right-of-use
assets
38.1
38.1
Liabilities for business
acquisitions
3
0.1
0.1
Trade payables
2
39.7
39.7
Total
101.3
101.3
Carrying amount total
371.7
371.7
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2024
Level
Fair value
through
profit or loss
Amortised
acquisition cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.4
0.4
Loan receivables
2
0.5
0.5
Other receivables
2
1.7
1.7
Total
0.4
2.2
2.6
Current financial assets
Loan receivables
2
0.9
0.9
Trade and other receivables
2
31.0
31.0
Cash and cash equivalents
2
14.8
14.8
Total
46.7
46.7
Carrying amount total
0.4
48.9
49.3
Non-current financial liabilities
Financial liabilities
2
117.5
117.5
Liabilities for right-of-use
assets
175.3
175.3
Liabilities for business
acquisitions
3
3.4
3.4
Other liabilities
2
9.4
9.4
Total
305.6
305.6
Current financial liabilities
Financial liabilities
2
23.9
23.9
Liabilities for right-of-use
assets
39.9
39.9
Liabilities for business
acquisitions
3
7.3
7.3
Trade payables
2
38.0
38.0
Total
109.2
109.2
Carrying amount total
414.8
414.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_108": { "value": "
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5.3. CLASSIFICATION AND FAIR
VALUES OF FINANCIAL ASSETS AND LIABILITIES
Financial assets must be measured, after their initial recognition, at amortised acquisition
cost or fair value based on the company\u2019s business model in terms of managing financial
assets and on the characteristics of contractual cash flows relating to the financial assets.
Amortised acquisition cost
Financial instruments, which are held within a business model whose objective is collecting
contractual cash flows and whose contractual cash flows are solely payments of principal
and interest on the principal amount outstanding, are measured at the amortised acquisition
cost after the initial recognition.
Measured at fair value through other comprehensive income
Financial instruments, which are held within a business model whose objective is reached
through collecting contractual cash flows and selling debt instruments and whose cash flows
are solely payments of principal and interest on the principal amount outstanding, are
measured, after their initial recognition, at fair value through other comprehensive income
(FVTOCI).
Fair value through profit or loss
All other debt and equity investments are measured after their initial recognition at fair value
through profit or loss (FVTPL).
2025
Level
Fair value
through
profit or loss
Amortised
acquisition cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.4
0.4
Loan receivables
2
0.6
0.6
Other receivables
2
1.9
1.9
Total
0.4
2.4
2.8
Current financial assets
Loan receivables
2
0.4
0.4
Trade and other receivables
2
30.3
30.3
Cash and cash equivalents
2
4.4
4.4
Total
35.1
35.1
Carrying amount total
0.4
37.5
37.8
Non-current financial liabilities
Financial liabilities
2
99.9
99.9
Liabilities for right-of-use
assets
161.3
161.3
Liabilities for business
acquisitions
3
3.0
3.0
Other liabilities
2
6.1
6.1
Total
270.4
270.4
Current financial liabilities
Financial liabilities
2
23.3
23.3
Liabilities for right-of-use
assets
38.1
38.1
Liabilities for business
acquisitions
3
0.1
0.1
Trade payables
2
39.7
39.7
Total
101.3
101.3
Carrying amount total
371.7
371.7
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2024
Level
Fair value
through
profit or loss
Amortised
acquisition cost
Fair
value
MEUR
Non-current financial assets
Other investments
2
0.4
0.4
Loan receivables
2
0.5
0.5
Other receivables
2
1.7
1.7
Total
0.4
2.2
2.6
Current financial assets
Loan receivables
2
0.9
0.9
Trade and other receivables
2
31.0
31.0
Cash and cash equivalents
2
14.8
14.8
Total
46.7
46.7
Carrying amount total
0.4
48.9
49.3
Non-current financial liabilities
Financial liabilities
2
117.5
117.5
Liabilities for right-of-use
assets
175.3
175.3
Liabilities for business
acquisitions
3
3.4
3.4
Other liabilities
2
9.4
9.4
Total
305.6
305.6
Current financial liabilities
Financial liabilities
2
23.9
23.9
Liabilities for right-of-use
assets
39.9
39.9
Liabilities for business
acquisitions
3
7.3
7.3
Trade payables
2
38.0
38.0
Total
109.2
109.2
Carrying amount total
414.8
414.8
ACCOUNTING PRINCIPLES
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
Financial liabilities
The Group\u2019s financial liabilities are, in accordance with IFRS 9, classified as financial
liabilities measured at amortised cost and consist of loans from financial institutions,
trade payables, and other financial liabilities. Financial liabilities are initially recognised at
fair value. Transaction costs are included in the original carrying amount of financial
liabilities. Subsequently, all financial liabilities are measured at amortised cost using the
effective interest method. Financial liabilities are included in both long-term and short-
term liabilities.
Impairment of financial assets
On each closing date, the Group estimates whether objective evidence exists of the
impairment of an individual financial asset or a group thereof. The Group does not have
investments that are measured at fair value through profit or loss.
The Group has applied an impairment model according to IFRS 9, where impairment is
recognised based on expected credit losses. The Group implemented the simplified
model enabled by the standard and applies the provision matrix.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, funds in bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
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5.4. OTHER INVESTMENTS
Financial assets measured at fair value through profit or loss are non-current and they
comprise unquoted EUR-denominated shares and holdings measured at fair value.
Financial assets measured at fair value through profit or loss
MEUR
2025
2024
Value at the beginning of the financial period
0.4
0.3
Additions
0.0
0.1
Value at the end of the financial period
0.4
0.4
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
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5.5. CASH AND CASH EQUIVALENTS
MEUR
2025
2024
Cash and bank
accounts
4.4
14.8
There are no significant credit risk concentrations associated with cash and cash
equivalents. The balance sheet values correspond to the best estimate of the monetary
amount that is the maximum credit risk if the counterparties cannot fulfil their obligations
related to the receivables.
5.6. FINANCIAL LIABILITIES
The implementation of NoHo Partners\u2019 strategy and the financing of its business growth are
partly dependent on external financing. The Group 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 repay maturing loans. Changes in the macroeconomic
environment or the general financing market situation may negatively affect the Group\u2019s
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\u2019s ability to invest in business
development and growth in the future.
As of 31 December 2025, the parent company of the Group had loan capital of MEUR 97,
which is subject to covenants. The covenant terms of the parent company\u2019s loan agreement
relate to the specific financial rations, which are: interest-bearing net liabilities (excluding
IFRS 16 liabilities) / adjusted operational EBITDA (12 months) and adjusted equity ratio
(excluding IFRS 16 liabilities). The agreement also includes standard terms related to
guarantees, investments, and corporate arrangements.
Covenant compliance is reviewed quarterly, and the Company met the set covenants. The
Company does not see a risk of failing to meet the covenants in the future.
In the fourth quarter of 2024, NoHo Partners entered into a new long-term financing
agreement aimed at supporting the achievement of the Company\u2019s growth targets for the
2025\u20132027 strategy period. With the new financing agreement, the Company raised a total
financing package of MEUR 102.
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
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\n
MEUR
2025
2024
Non-current financial liabilities measured at
amortised acquisition cost
Interest-bearing loans
99.9
117.5
Liabilities for right-of-use assets
161.3
175.3
Total
261.2
292.8
Current financial liabilities measured at amortised
acquisition cost
Interest-bearing loans
23.3
23.9
Liabilities for right-of-use assets
38.1
39.9
Total
61.5
63.8
Security information of loans from financial institutions on page
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Maturity of interest-bearing financial liabilities, excluding liabilities for right-of-use
assets
MEUR
2025
2024
Less than 1 year
11.8
10.9
1 to less than 2 years
8.8
9.2
2 to 5 years
91.1
99.9
More than 5 years
0.0
8.4
Total
111.7
128.4
Account limits in use *
11.5
13.1
Total
123.3
141.5
* 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.
The Group's loans from financial institutions mainly have a variable interest rate, and the
loans are priced every 3\u201312 months.
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Maturity distribution of interest on financial liabilities
MEUR
2025
2024
Less than 1 year
6.0
7.7
1 to less than 2 years
5.4
7.2
2 to 5 years
9.6
17.9
More than 5 years
0.0
0.9
The calculation uses Euribor levels as of each date of the Financial statements. In addition,
the maturity distribution of interest on financial liabilities is not comparable due to the
renewed financing agreement in 2024.
\n
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\n
\n
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\n
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\n
\n
Trade payables and liabilities for right-of-use assets, maturity distribution
2025
Transaction
price
liabilities
Trade
payables
Liabilities for
right-of-use
assets
Total
MEUR
Less than 1 year
0.0
39.7
46.8
86.5
1 to less than 2 years
3.0
42.0
45.0
2 to 5 years
0.2
84.3
84.5
More than 5 years
64.0
64.0
Total repayments
3.1
39.7
237.1
279.9
Discounted balance sheet value
3.1
39.7
199.4
242.2
2024
Transaction
price
liabilities
Trade
payables
Liabilities for
right-of-use
assets
Total
MEUR
Less than 1 year
8.2
38.0
49.0
95.2
1 to less than 2 years
0.1
43.2
43.2
2 to 5 years
2.5
89.8
92.3
More than 5 years
74.8
74.8
Total undiscounted value
10.7
38.0
256.8
305.6
Discounted balance sheet value
10.6
38.0
215.2
263.9
The Group does not have material extended debt repayment periods in effect.
On 31 December 2025, the Group\u2019s cash and cash equivalents totalled MEUR 4.4 and the
unwithdrawn loan and account limits available to the Group amounted to MEUR 7.2.
On page
there
is a description of
financial and liquidity risks as well as measures to
prepare for them and mitigate them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_109": { "value": "
Financial assets
The Group's financial assets are classified into the following groups according to the
IFRS 9 standard: financial assets recognised at amortised acquisition cost and financial
assets recognised at fair value through profit or loss. The classification is performed on
the basis of the purpose of the acquisition of the financial assets, and they are classified
during their original acquisition.
Financial assets recognised at amortised acquisition cost include financial assets which
the company intends to retain until the end of the contract and whose cash flow is
generated from payments of principal and interest income. Loans and other receivables
are non-derivative financial assets that are generated by handing over goods, services or
money to the debtor. Loans and receivables are not quoted on the marketplace, and the
payments related to them are either fixed or they can be determined. Their measurement
basis is the amortised acquisition cost using the effective interest method. On the
balance sheet, they are included in the trade and other receivables group as current or
non-current assets according to their nature; they are non-current if they fall due after
more than 12 months.
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
Transaction expenses are included in the original carrying amount of the financial assets
mentioned above whenever the item is not measured at fair value. All purchases and
sales of financial assets are entered on their trade date, which is the date when the
Group commits to purchasing or selling the asset item.
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_110": { "value": "
Financial assets recognised at fair value through profit or loss include those financial
assets that do not meet the criteria for other groups. The group of financial assets
recognised at fair value through profit or loss includes financial assets that have been
acquired to be held for trading, such as derivatives and interest funds, or that are
classified to be recognised at fair value through profit or loss during their original
recognition. Unrealised and realised gains and losses resulting from changes in fair value
are recognised in the income statement for the financial period during which they are
generated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_111": { "value": "
An item belonging to financial assets is derecognised when the Group waives its
contractual rights to the item, the rights are dissolved or the Group loses control of the
item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_112": { "value": "
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, funds in bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
\n
\n
\n
\n
\n
\n
\n
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\n
\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
5.5. CASH AND CASH EQUIVALENTS
MEUR
2025
2024
Cash and bank
accounts
4.4
14.8
There are no significant credit risk concentrations associated with cash and cash
equivalents. The balance sheet values correspond to the best estimate of the monetary
amount that is the maximum credit risk if the counterparties cannot fulfil their obligations
related to the receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_113": { "value": "
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, funds in bank accounts, bank
deposits that may be withdrawn upon request, as well as other current and highly liquid
investments that can be easily converted into a predetermined cash amount and that
carry a low risk of value changes. Items classified as cash and cash equivalent have at
most three months' maturity from the date of acquisition. Cash and cash equivalents are
recorded at amortised acquisition cost on the balance sheet.
There are no significant credit risk concentrations associated with cash and cash
equivalents. The balance sheet values correspond to the best estimate of the monetary
amount that is the maximum credit risk if the counterparties cannot fulfil their obligations
related to the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_114": { "value": "
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
5.4. OTHER INVESTMENTS
Financial assets measured at fair value through profit or loss are non-current and they
comprise unquoted EUR-denominated shares and holdings measured at fair value.
Financial assets measured at fair value through profit or loss
MEUR
2025
2024
Value at the beginning of the financial period
0.4
0.3
Additions
0.0
0.1
Value at the end of the financial period
0.4
0.4
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_115": { "value": "
\n
\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
5.4. OTHER INVESTMENTS
Financial assets measured at fair value through profit or loss are non-current and they
comprise unquoted EUR-denominated shares and holdings measured at fair value.
Financial assets measured at fair value through profit or loss
MEUR
2025
2024
Value at the beginning of the financial period
0.4
0.3
Additions
0.0
0.1
Value at the end of the financial period
0.4
0.4
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_116": { "value": "
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_117": { "value": "
The fair values of financial assets measured at fair value through other comprehensive
income are presented on page
. No financial assets have fallen due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_118": { "value": "
\n
\n
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\n
\n
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\n
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\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Maturity distribution of interest on financial liabilities
MEUR
2025
2024
Less than 1 year
6.0
7.7
1 to less than 2 years
5.4
7.2
2 to 5 years
9.6
17.9
More than 5 years
0.0
0.9
The calculation uses Euribor levels as of each date of the Financial statements. In addition,
the maturity distribution of interest on financial liabilities is not comparable due to the
renewed financing agreement in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_119": { "value": "
On 31 December 2025, the Group\u2019s cash and cash equivalents totalled MEUR 4.4 and the
unwithdrawn loan and account limits available to the Group amounted to MEUR 7.2.
On page
there
is a description of
financial and liquidity risks as well as measures to
prepare for them and mitigate them.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_120": { "value": "
\n
5.7. CONTINGENT LIABILITIES AND ASSETS,
AND COMMITMENTS
MEUR
2025
2024
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
97.6
114.8
Loans from financial institutions, current
21.4
21.6
Total
119.0
136.4
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
154.7
181.5
Real estate mortgage
4.0
4.0
Subsidiary shares
117.7
143.1
Bank guarantees
11.5
9.3
Other guarantees
1.1
1.3
Total
289.0
339.2
Contingent earn-out payments
3.1
10.7
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_121": { "value": "
\n
5.7. CONTINGENT LIABILITIES AND ASSETS,
AND COMMITMENTS
MEUR
2025
2024
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
97.6
114.8
Loans from financial institutions, current
21.4
21.6
Total
119.0
136.4
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
154.7
181.5
Real estate mortgage
4.0
4.0
Subsidiary shares
117.7
143.1
Bank guarantees
11.5
9.3
Other guarantees
1.1
1.3
Total
289.0
339.2
Contingent earn-out payments
3.1
10.7
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
6.4. LEGAL CASES
The Company has one pending legal case, which does not involve significant financial risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_122": { "value": "
\n
5.7. CONTINGENT LIABILITIES AND ASSETS,
AND COMMITMENTS
MEUR
2025
2024
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
97.6
114.8
Loans from financial institutions, current
21.4
21.6
Total
119.0
136.4
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
154.7
181.5
Real estate mortgage
4.0
4.0
Subsidiary shares
117.7
143.1
Bank guarantees
11.5
9.3
Other guarantees
1.1
1.3
Total
289.0
339.2
Contingent earn-out payments
3.1
10.7
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_123": { "value": "
\n
5.7. CONTINGENT LIABILITIES AND ASSETS,
AND COMMITMENTS
MEUR
2025
2024
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
97.6
114.8
Loans from financial institutions, current
21.4
21.6
Total
119.0
136.4
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
154.7
181.5
Real estate mortgage
4.0
4.0
Subsidiary shares
117.7
143.1
Bank guarantees
11.5
9.3
Other guarantees
1.1
1.3
Total
289.0
339.2
Contingent earn-out payments
3.1
10.7
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_124": { "value": "
\n
5.7. CONTINGENT LIABILITIES AND ASSETS,
AND COMMITMENTS
MEUR
2025
2024
Liabilities with guarantees included on the balance sheet
Loans from financial institutions, non-current
97.6
114.8
Loans from financial institutions, current
21.4
21.6
Total
119.0
136.4
Guarantees given on behalf of the Group
Collateral notes secured by a mortgage
154.7
181.5
Real estate mortgage
4.0
4.0
Subsidiary shares
117.7
143.1
Bank guarantees
11.5
9.3
Other guarantees
1.1
1.3
Total
289.0
339.2
Contingent earn-out payments
3.1
10.7
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_125": { "value": "
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_126": { "value": "
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_127": { "value": "
\n
ACCOUNTING PRINCIPLES
A provision is recognised when the Group has a judicial or constructive obligation for
payment on the basis of a past event, the realisation of the obligation is probable and the
size of the obligation can be reliably estimated. Provisions are measured at the present
value required to cover the obligation. The provision amounts are estimated on each
closing date, and their amounts are adjusted to correspond to the best possible estimate
at the moment of inspection.
A provision is recognised for a contract that generates a loss when the necessary
expenditures required to fulfil the obligations outweigh the benefits received from the
contract.
A contingent liability is a possible liability arising from past events whose existence will
only be confirmed if an uncertain event outside the Group's control is realised. A present
obligation that is not likely to cause a payment obligation or whose size cannot be reliably
determined, is also considered to be a contingent liability. Contingent liabilities are
presented in the notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_128": { "value": "
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\n
\n
\n
\n
\n
5.8. FINANCE INCOME AND EXPENSES
MEUR
2025
2024
Finance income
Interest income
0.1
0.2
Share of profit form associate company
1.5
0.0
Other finance income
0.5
0.5
Total
2.1
0.7
Finance expenses
Interest expenses on loans from financial companies
-6.5
-7.5
Commissions
-0.1
-0.3
Interest expenses for right-of-use assets
-9.6
-8.9
Sale of shares of Eezy Oyj
0.0
-1.2
Impairments of receivables
-0.2
-0.7
Other interest expenses
-1.9
-1.3
Foreign exchange losses
-0.2
-0.2
Other finance expenses
-1.2
-1.2
Total
-19.7
-21.4
Net finance expenses
-17.6
-20.7
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_129": { "value": "
\n
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\n
\n
\n
\n
\n
\n
\n
5.8. FINANCE INCOME AND EXPENSES
MEUR
2025
2024
Finance income
Interest income
0.1
0.2
Share of profit form associate company
1.5
0.0
Other finance income
0.5
0.5
Total
2.1
0.7
Finance expenses
Interest expenses on loans from financial companies
-6.5
-7.5
Commissions
-0.1
-0.3
Interest expenses for right-of-use assets
-9.6
-8.9
Sale of shares of Eezy Oyj
0.0
-1.2
Impairments of receivables
-0.2
-0.7
Other interest expenses
-1.9
-1.3
Foreign exchange losses
-0.2
-0.2
Other finance expenses
-1.2
-1.2
Total
-19.7
-21.4
Net finance expenses
-17.6
-20.7
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_130": { "value": "
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\n
\n
\n
\n
5.8. FINANCE INCOME AND EXPENSES
MEUR
2025
2024
Finance income
Interest income
0.1
0.2
Share of profit form associate company
1.5
0.0
Other finance income
0.5
0.5
Total
2.1
0.7
Finance expenses
Interest expenses on loans from financial companies
-6.5
-7.5
Commissions
-0.1
-0.3
Interest expenses for right-of-use assets
-9.6
-8.9
Sale of shares of Eezy Oyj
0.0
-1.2
Impairments of receivables
-0.2
-0.7
Other interest expenses
-1.9
-1.3
Foreign exchange losses
-0.2
-0.2
Other finance expenses
-1.2
-1.2
Total
-19.7
-21.4
Net finance expenses
-17.6
-20.7
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_131": { "value": "
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\n
\n
\n
\n
5.8. FINANCE INCOME AND EXPENSES
MEUR
2025
2024
Finance income
Interest income
0.1
0.2
Share of profit form associate company
1.5
0.0
Other finance income
0.5
0.5
Total
2.1
0.7
Finance expenses
Interest expenses on loans from financial companies
-6.5
-7.5
Commissions
-0.1
-0.3
Interest expenses for right-of-use assets
-9.6
-8.9
Sale of shares of Eezy Oyj
0.0
-1.2
Impairments of receivables
-0.2
-0.7
Other interest expenses
-1.9
-1.3
Foreign exchange losses
-0.2
-0.2
Other finance expenses
-1.2
-1.2
Total
-19.7
-21.4
Net finance expenses
-17.6
-20.7
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_132": { "value": "
\n
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\n
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\n
\n
\n
\n
\n
5.8. FINANCE INCOME AND EXPENSES
MEUR
2025
2024
Finance income
Interest income
0.1
0.2
Share of profit form associate company
1.5
0.0
Other finance income
0.5
0.5
Total
2.1
0.7
Finance expenses
Interest expenses on loans from financial companies
-6.5
-7.5
Commissions
-0.1
-0.3
Interest expenses for right-of-use assets
-9.6
-8.9
Sale of shares of Eezy Oyj
0.0
-1.2
Impairments of receivables
-0.2
-0.7
Other interest expenses
-1.9
-1.3
Foreign exchange losses
-0.2
-0.2
Other finance expenses
-1.2
-1.2
Total
-19.7
-21.4
Net finance expenses
-17.6
-20.7
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_133": { "value": "
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5.8. FINANCE INCOME AND EXPENSES
MEUR
2025
2024
Finance income
Interest income
0.1
0.2
Share of profit form associate company
1.5
0.0
Other finance income
0.5
0.5
Total
2.1
0.7
Finance expenses
Interest expenses on loans from financial companies
-6.5
-7.5
Commissions
-0.1
-0.3
Interest expenses for right-of-use assets
-9.6
-8.9
Sale of shares of Eezy Oyj
0.0
-1.2
Impairments of receivables
-0.2
-0.7
Other interest expenses
-1.9
-1.3
Foreign exchange losses
-0.2
-0.2
Other finance expenses
-1.2
-1.2
Total
-19.7
-21.4
Net finance expenses
-17.6
-20.7
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_134": { "value": "
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_135": { "value": "
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_136": { "value": "
ACCOUNTING PRINCIPLES
Interest income is recognised using the effective interest rate method and dividend
income when the right to dividend is generated.
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_137": { "value": "
Borrowing costs are recognised as an expense for the period during which they were
generated. Transaction costs accrued from the acquisition of loans are recognised as
interest expenses using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_138": { "value": "
5.9. FINANCIAL RISK MANAGEMENT
Risk management principles and process
The Group and its operating activities are exposed to certain financial risks. A key principle
of the Group's risk management is the unpredictability of the financial markets and the aim
to minimise its adverse effects on the Group's net income. The Group's management
identifies, estimates and tracks risks and, whenever necessary, acquires the instruments to
hedge the Group against the risks.
The Group's financing policy guides all of its financing transactions. The main risks
associated with the financing market are explained below.
Interest rate risk
Interest rate risk means the risk of variations in the fair value of a financial instrument or in
future cash flows due to changes in market rates of interest. The Group's interest rate risk is
mainly caused by non-current loans that have been taken out with a variable interest rate.
The interest rates for loans vary mainly according to the 3\u201312 month Euribor rates plus
margins of 2\u20133.04%.
The potential one percentage point increase in interest rates in the 2025 interest review
would lead to a MEUR 0.8 increase in interest expenses in the Group.
The Group's income and operating cash flows are mostly independent of the variations in
the market rates of interest. The Group's main exposure to the interest rate risk is a result of
the variable interest rates, and the risk is mainly considered to relate to the loan portfolio.
On the closing date, the majority of the Group's loans had variable interest rates.
Liquidity risk
Liquidity risk is related to ensuring and maintaining sufficient funding for the Group. The
Group strives to constantly 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, the development of sales and investment needs, in order to ensure that the
Group has sufficient liquid assets to fund the operations and repay loans that fall due. The
Group\u2019s management team analyses the need for possible additional financing.
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. The Group's
financing activities determine the optimum cash liquidity.
The amount of the Group\u2019s short-term loans at the end of December 2025 was MEUR 23.3
(23.9).
At the end of the year, cash and cash equivalents amounted to MEUR 4.4 (14.8), in addition
to which the Group had access to undrawn confirmed account credit limits amounting to
MEUR 7.2 (10.9).
The average annual interest rate for the Group's gross interest-bearing liabilities in 2025
was approximately 5.43 (6.34)%.
The Group's management has not identified any significant concentrations of liquidity risk in
financial assets or sources of financing.
Credit risk
Credit risk is the risk that one party to a financial instrument is unable to meet its obligations,
thereby creating a financial loss for the other party. The Group's operating procedures
define the creditworthiness requirements for the customers' counterparties. The primary
method of payment within the Group is cash. The credit risk management and credit control
have been centralised to be handled by country-specific financial management.
As regards receivables, the Group does not have any material credit risk concentration,
since the receivables consist of several items. Risks related to trade receivables and other
receivables are minimised using short payment terms, customer-specific monitoring of trade
receivables and effective collection.
The provision matrix is established based on the age distribution of the open trade
receivables and other receivables by using the percentages determined by the Group.
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Credit loss allowance for trade and other receivables
Balance
sheet
value 31
Dec 2025
Provision
%
Credit
loss
Balance
sheet
value 31
Dec 2024
Provision
%
Credit
loss
MEUR
Not due
15.6
0.2
0.0
16.5
0.2
0.0
Due, 1\u201330 days
2.0
0.8
0.0
1.2
0.8
0.0
Due, 31\u201360 days
0.0
1.5
0.0
0.3
1.5
0.0
Due, 61\u201390 days
0.4
12.0
0.1
0.3
12.0
0.0
Due, 91\u2013180 days
0.1
20.0
0.0
-0.3
20.0
-0.1
Due, more than 180
days
0.3
85.0
0.3
0.8
85.0
0.7
Total
18.5
0.5
18.7
0.8
The balance sheet values of the receivables correspond to the best estimate of the
monetary amount that is the maximum credit risk if the counterparties cannot fulfil their
obligations related to the receivables.
Currency risk
Currency risk refers to the uncertainty in profit, balance sheet, and cash flow caused by
changes in exchange rates. The Group is exposed to translation risk in relation to the value
of the Norwegian krone. The Norwegian krone is not fixed against the Group\u2019s home
currency, the euro, unlike the Danish krone, whose exchange rate may fluctuate by 2.25%
in either direction.
The Group classifies intra-group loans with no defined repayment period as net
investments. From the date of classification, exchange differences related to these loans are
recognized in other comprehensive income and presented in the translation differences of
equity. Intra-group loans and deposits of subsidiaries are denominated both in the
subsidiaries\u2019 functional currencies and in euros. The Group does not hedge intra-group
loans, deposits, or the equity of subsidiaries.
The Group\u00b4s business mainly takes place in the home currency of each country. Expenses
and purchases materialise mainly in the local functional currency. The conversion of the
subsidiaries\u2019 equity into euros resulted in a translation difference of MEUR -0.1 (-0.8) in the
financial year.
KEY ESTIMATES AND JUDGEMENTS
The risks related to the trade receivables and other receivables are minimised by means
of terms of payment of the receivables, customer-specific monitoring of trade receivables,
effective collection and checking of customers' creditworthiness requirements and, in
part, also through various collateral arrangements. The management actively monitors
the development of significant customer balances. Estimates and judgement are required
in determining the value of loss allowances at each reporting date. When determining
loss allowances, the management specifically analyses trade receivables and historical
losses, customer concentrations, customer creditworthiness, past due balances, current
trends and changes in customer payment terms. In addition to past events and current
conditions, reasonable and justifiable forecasts affecting collectability are considered
when determining the amount of loss allowances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_139": { "value": "
Interest rate risk
Interest rate risk means the risk of variations in the fair value of a financial instrument or in
future cash flows due to changes in market rates of interest. The Group's interest rate risk is
mainly caused by non-current loans that have been taken out with a variable interest rate.
The interest rates for loans vary mainly according to the 3\u201312 month Euribor rates plus
margins of 2\u20133.04%.
The potential one percentage point increase in interest rates in the 2025 interest review
would lead to a MEUR 0.8 increase in interest expenses in the Group.
The Group's income and operating cash flows are mostly independent of the variations in
the market rates of interest. The Group's main exposure to the interest rate risk is a result of
the variable interest rates, and the risk is mainly considered to relate to the loan portfolio.
On the closing date, the majority of the Group's loans had variable interest rates.
Currency risk
Currency risk refers to the uncertainty in profit, balance sheet, and cash flow caused by
changes in exchange rates. The Group is exposed to translation risk in relation to the value
of the Norwegian krone. The Norwegian krone is not fixed against the Group\u2019s home
currency, the euro, unlike the Danish krone, whose exchange rate may fluctuate by 2.25%
in either direction.
The Group classifies intra-group loans with no defined repayment period as net
investments. From the date of classification, exchange differences related to these loans are
recognized in other comprehensive income and presented in the translation differences of
equity. Intra-group loans and deposits of subsidiaries are denominated both in the
subsidiaries\u2019 functional currencies and in euros. The Group does not hedge intra-group
loans, deposits, or the equity of subsidiaries.
The Group\u00b4s business mainly takes place in the home currency of each country. Expenses
and purchases materialise mainly in the local functional currency. The conversion of the
subsidiaries\u2019 equity into euros resulted in a translation difference of MEUR -0.1 (-0.8) in the
financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_140": { "value": "
Liquidity risk
Liquidity risk is related to ensuring and maintaining sufficient funding for the Group. The
Group strives to constantly 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, the development of sales and investment needs, in order to ensure that the
Group has sufficient liquid assets to fund the operations and repay loans that fall due. The
Group\u2019s management team analyses the need for possible additional financing.
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. The Group's
financing activities determine the optimum cash liquidity.
The amount of the Group\u2019s short-term loans at the end of December 2025 was MEUR 23.3
(23.9).
At the end of the year, cash and cash equivalents amounted to MEUR 4.4 (14.8), in addition
to which the Group had access to undrawn confirmed account credit limits amounting to
MEUR 7.2 (10.9).
The average annual interest rate for the Group's gross interest-bearing liabilities in 2025
was approximately 5.43 (6.34)%.
The Group's management has not identified any significant concentrations of liquidity risk in
financial assets or sources of financing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_141": { "value": "
Credit risk
Credit risk is the risk that one party to a financial instrument is unable to meet its obligations,
thereby creating a financial loss for the other party. The Group's operating procedures
define the creditworthiness requirements for the customers' counterparties. The primary
method of payment within the Group is cash. The credit risk management and credit control
have been centralised to be handled by country-specific financial management.
As regards receivables, the Group does not have any material credit risk concentration,
since the receivables consist of several items. Risks related to trade receivables and other
receivables are minimised using short payment terms, customer-specific monitoring of trade
receivables and effective collection.
The provision matrix is established based on the age distribution of the open trade
receivables and other receivables by using the percentages determined by the Group.
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Credit loss allowance for trade and other receivables
Balance
sheet
value 31
Dec 2025
Provision
%
Credit
loss
Balance
sheet
value 31
Dec 2024
Provision
%
Credit
loss
MEUR
Not due
15.6
0.2
0.0
16.5
0.2
0.0
Due, 1\u201330 days
2.0
0.8
0.0
1.2
0.8
0.0
Due, 31\u201360 days
0.0
1.5
0.0
0.3
1.5
0.0
Due, 61\u201390 days
0.4
12.0
0.1
0.3
12.0
0.0
Due, 91\u2013180 days
0.1
20.0
0.0
-0.3
20.0
-0.1
Due, more than 180
days
0.3
85.0
0.3
0.8
85.0
0.7
Total
18.5
0.5
18.7
0.8
The balance sheet values of the receivables correspond to the best estimate of the
monetary amount that is the maximum credit risk if the counterparties cannot fulfil their
obligations related to the receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_142": { "value": "
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5.10. EQUITY
NoHo Partners Plc has one series of shares where all shares carry an equal right to
dividends. One share equals one vote at the general meeting. NoHo Partners Plc had
21,044,405 shares on the closing date. The share has no nominal value. All of the issued
shares have been paid for.
MEUR
Outstanding
shares, pcs
Book value of
share capital
1 January 2025
21,009,715
0.2
Subscription for shares based on special rights
34,690
-
31 December 2025
21,044,405
0.2
1 January 2024
20,975,678
0.2
Subscription for shares based on special rights
34,037
-
31 December 2024
21,009,715
0.2
Invested unrestricted equity fund
The invested unrestricted equity fund includes other equity convertible investments and the
portion of the share subscription price that is not recognised in the share capital according
to a specific decision.
Translation differences
Translation differences include translation differences arising from the conversion of the
financial statements of foreign subsidiaries and translation differences resulting from loans
granted to foreign subsidiaries.
Dividends
A dividend of EUR
0.46
per share was distributed for the financial period ending 31
December 2024.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 15 April 2026 that, a dividend of EUR
0.23
(0.46) per share will be paid based on the
adopted balance sheet of the financial period ending on 31 December 2025.
The Board of Directors proposes that the dividend shall be paid in three instalments. The
first instalment of EUR 0.07 per share shall be paid to a shareholder who is registered in the
shareholder register of the Company maintained by Euroclear Finland Oy on the dividend
record date 8 May 2026. The payment date proposed by the Board of Directors for this
instalment is 15 May 2026.
The second instalment of EUR 0.08 per share shall be paid to a shareholder who is
registered in the shareholder register of the Company maintained by Euroclear Finland Oy
on the dividend record date 12 August 2026. The payment date proposed by the Board of
Directors for this instalment is 19 August 2026.
The third instalment of EUR 0.08 per share shall be paid to a shareholder who is registered
in the shareholder register of the Company maintained by Euroclear Finland Oy on the
dividend record date 11 November 2026. The payment date proposed by the Board of
Directors for this instalment is 18 November 2026.
At the time of the financial statements on 31 December 2025, the total number of shares
was 21,044,405.
Authorisation to purchase the Company\u2019s own shares
The AGM of 9 April 2025 decided to withdraw the previous unused authorisations to
purchase the Company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
Company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the Company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 3.8% of all the shares and votes of the Company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Authorisation to decide on issuance of shares and/or the issuance of option rights
and other special rights entitling to shares
The AGM on 9 April 2025 decided to withdraw previous share issue authorisations and
authorise the Board of Directors to decide on the issuance of shares and/or option rights or
other special rights entitling to shares as follows:
Under the authorisation, a maximum total of 3,000,000 shares may be issued in one or
more tranches, corresponding to approximately 14.3% of all the Company\u2019s registered
shares calculated using the share count on the publication date of the notice of the Annual
General Meeting.
Share issues and/or the issue of option rights or other special rights can be carried out in
deviation from the shareholders\u2019 pre-emptive subscription right (special share issue).
The authorisation can be used, for example, to implement mergers or acquisitions or
financing arrangements, to develop the Company\u2019s equity structure, to improve the liquidity
of the Company\u2019s shares, to implement the Company\u2019s incentive schemes or for other
purposes decided by the Company\u2019s Board of Directors. Under the authorisation, a
maximum of 275,000 shares may be issued for the implementation of the Company\u2019s
incentive schemes, which corresponds to approximately 1.3% of all registered shares in the
Company on the date of the notice convening the AGM.
Under the authorisation, the Board of Directors may issue new shares or transfer shares
held by the Company. The Board of Directors is authorised to decide on all other conditions
of the issuance of shares and/or option rights or other special rights.
The authorisation will remain in force until the end of the next AGM, but for no more than 18
months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_143": { "value": "
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5.10. EQUITY
NoHo Partners Plc has one series of shares where all shares carry an equal right to
dividends. One share equals one vote at the general meeting. NoHo Partners Plc had
21,044,405 shares on the closing date. The share has no nominal value. All of the issued
shares have been paid for.
MEUR
Outstanding
shares, pcs
Book value of
share capital
1 January 2025
21,009,715
0.2
Subscription for shares based on special rights
34,690
-
31 December 2025
21,044,405
0.2
1 January 2024
20,975,678
0.2
Subscription for shares based on special rights
34,037
-
31 December 2024
21,009,715
0.2
Invested unrestricted equity fund
The invested unrestricted equity fund includes other equity convertible investments and the
portion of the share subscription price that is not recognised in the share capital according
to a specific decision.
Translation differences
Translation differences include translation differences arising from the conversion of the
financial statements of foreign subsidiaries and translation differences resulting from loans
granted to foreign subsidiaries.
Dividends
A dividend of EUR
0.46
per share was distributed for the financial period ending 31
December 2024.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 15 April 2026 that, a dividend of EUR
0.23
(0.46) per share will be paid based on the
adopted balance sheet of the financial period ending on 31 December 2025.
The Board of Directors proposes that the dividend shall be paid in three instalments. The
first instalment of EUR 0.07 per share shall be paid to a shareholder who is registered in the
shareholder register of the Company maintained by Euroclear Finland Oy on the dividend
record date 8 May 2026. The payment date proposed by the Board of Directors for this
instalment is 15 May 2026.
The second instalment of EUR 0.08 per share shall be paid to a shareholder who is
registered in the shareholder register of the Company maintained by Euroclear Finland Oy
on the dividend record date 12 August 2026. The payment date proposed by the Board of
Directors for this instalment is 19 August 2026.
The third instalment of EUR 0.08 per share shall be paid to a shareholder who is registered
in the shareholder register of the Company maintained by Euroclear Finland Oy on the
dividend record date 11 November 2026. The payment date proposed by the Board of
Directors for this instalment is 18 November 2026.
At the time of the financial statements on 31 December 2025, the total number of shares
was 21,044,405.
Authorisation to purchase the Company\u2019s own shares
The AGM of 9 April 2025 decided to withdraw the previous unused authorisations to
purchase the Company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
Company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the Company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 3.8% of all the shares and votes of the Company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Authorisation to decide on issuance of shares and/or the issuance of option rights
and other special rights entitling to shares
The AGM on 9 April 2025 decided to withdraw previous share issue authorisations and
authorise the Board of Directors to decide on the issuance of shares and/or option rights or
other special rights entitling to shares as follows:
Under the authorisation, a maximum total of 3,000,000 shares may be issued in one or
more tranches, corresponding to approximately 14.3% of all the Company\u2019s registered
shares calculated using the share count on the publication date of the notice of the Annual
General Meeting.
Share issues and/or the issue of option rights or other special rights can be carried out in
deviation from the shareholders\u2019 pre-emptive subscription right (special share issue).
The authorisation can be used, for example, to implement mergers or acquisitions or
financing arrangements, to develop the Company\u2019s equity structure, to improve the liquidity
of the Company\u2019s shares, to implement the Company\u2019s incentive schemes or for other
purposes decided by the Company\u2019s Board of Directors. Under the authorisation, a
maximum of 275,000 shares may be issued for the implementation of the Company\u2019s
incentive schemes, which corresponds to approximately 1.3% of all registered shares in the
Company on the date of the notice convening the AGM.
Under the authorisation, the Board of Directors may issue new shares or transfer shares
held by the Company. The Board of Directors is authorised to decide on all other conditions
of the issuance of shares and/or option rights or other special rights.
The authorisation will remain in force until the end of the next AGM, but for no more than 18
months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_144": { "value": "
\n
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\n
\n
\n
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\n
\n
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\n
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\n
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\n
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\n
\n
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\n
\n
\n
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\n
\n
\n
5.10. EQUITY
NoHo Partners Plc has one series of shares where all shares carry an equal right to
dividends. One share equals one vote at the general meeting. NoHo Partners Plc had
21,044,405 shares on the closing date. The share has no nominal value. All of the issued
shares have been paid for.
MEUR
Outstanding
shares, pcs
Book value of
share capital
1 January 2025
21,009,715
0.2
Subscription for shares based on special rights
34,690
-
31 December 2025
21,044,405
0.2
1 January 2024
20,975,678
0.2
Subscription for shares based on special rights
34,037
-
31 December 2024
21,009,715
0.2
Invested unrestricted equity fund
The invested unrestricted equity fund includes other equity convertible investments and the
portion of the share subscription price that is not recognised in the share capital according
to a specific decision.
Translation differences
Translation differences include translation differences arising from the conversion of the
financial statements of foreign subsidiaries and translation differences resulting from loans
granted to foreign subsidiaries.
Dividends
A dividend of EUR
0.46
per share was distributed for the financial period ending 31
December 2024.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 15 April 2026 that, a dividend of EUR
0.23
(0.46) per share will be paid based on the
adopted balance sheet of the financial period ending on 31 December 2025.
The Board of Directors proposes that the dividend shall be paid in three instalments. The
first instalment of EUR 0.07 per share shall be paid to a shareholder who is registered in the
shareholder register of the Company maintained by Euroclear Finland Oy on the dividend
record date 8 May 2026. The payment date proposed by the Board of Directors for this
instalment is 15 May 2026.
The second instalment of EUR 0.08 per share shall be paid to a shareholder who is
registered in the shareholder register of the Company maintained by Euroclear Finland Oy
on the dividend record date 12 August 2026. The payment date proposed by the Board of
Directors for this instalment is 19 August 2026.
The third instalment of EUR 0.08 per share shall be paid to a shareholder who is registered
in the shareholder register of the Company maintained by Euroclear Finland Oy on the
dividend record date 11 November 2026. The payment date proposed by the Board of
Directors for this instalment is 18 November 2026.
At the time of the financial statements on 31 December 2025, the total number of shares
was 21,044,405.
Authorisation to purchase the Company\u2019s own shares
The AGM of 9 April 2025 decided to withdraw the previous unused authorisations to
purchase the Company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
Company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the Company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 3.8% of all the shares and votes of the Company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
Authorisation to decide on issuance of shares and/or the issuance of option rights
and other special rights entitling to shares
The AGM on 9 April 2025 decided to withdraw previous share issue authorisations and
authorise the Board of Directors to decide on the issuance of shares and/or option rights or
other special rights entitling to shares as follows:
Under the authorisation, a maximum total of 3,000,000 shares may be issued in one or
more tranches, corresponding to approximately 14.3% of all the Company\u2019s registered
shares calculated using the share count on the publication date of the notice of the Annual
General Meeting.
Share issues and/or the issue of option rights or other special rights can be carried out in
deviation from the shareholders\u2019 pre-emptive subscription right (special share issue).
The authorisation can be used, for example, to implement mergers or acquisitions or
financing arrangements, to develop the Company\u2019s equity structure, to improve the liquidity
of the Company\u2019s shares, to implement the Company\u2019s incentive schemes or for other
purposes decided by the Company\u2019s Board of Directors. Under the authorisation, a
maximum of 275,000 shares may be issued for the implementation of the Company\u2019s
incentive schemes, which corresponds to approximately 1.3% of all registered shares in the
Company on the date of the notice convening the AGM.
Under the authorisation, the Board of Directors may issue new shares or transfer shares
held by the Company. The Board of Directors is authorised to decide on all other conditions
of the issuance of shares and/or option rights or other special rights.
The authorisation will remain in force until the end of the next AGM, but for no more than 18
months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_145": { "value": "
Dividends
A dividend of EUR
0.46
per share was distributed for the financial period ending 31
December 2024.
NoHo Partners Plc\u2019s Board of Directors proposes to the Annual General Meeting convening
on 15 April 2026 that, a dividend of EUR
0.23
(0.46) per share will be paid based on the
adopted balance sheet of the financial period ending on 31 December 2025.
The Board of Directors proposes that the dividend shall be paid in three instalments. The
first instalment of EUR 0.07 per share shall be paid to a shareholder who is registered in the
shareholder register of the Company maintained by Euroclear Finland Oy on the dividend
record date 8 May 2026. The payment date proposed by the Board of Directors for this
instalment is 15 May 2026.
The second instalment of EUR 0.08 per share shall be paid to a shareholder who is
registered in the shareholder register of the Company maintained by Euroclear Finland Oy
on the dividend record date 12 August 2026. The payment date proposed by the Board of
Directors for this instalment is 19 August 2026.
The third instalment of EUR 0.08 per share shall be paid to a shareholder who is registered
in the shareholder register of the Company maintained by Euroclear Finland Oy on the
dividend record date 11 November 2026. The payment date proposed by the Board of
Directors for this instalment is 18 November 2026.
At the time of the financial statements on 31 December 2025, the total number of shares
was 21,044,405.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_146": { "value": "0.46", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ID_147": { "value": "0.23", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ID_148": { "value": "
Authorisation to purchase the Company\u2019s own shares
The AGM of 9 April 2025 decided to withdraw the previous unused authorisations to
purchase the Company\u2019s own shares and authorise the Board to decide upon the purchase
of a maximum of 800,000 of the company\u2019s own shares in one or several tranches using the
Company\u2019s unrestricted equity under the following conditions:
The shares shall be purchased in public trading organised by Nasdaq Helsinki Oy and,
therefore, the purchase takes place by private placing and not in proportion to the shares
owned by the shareholders, and the consideration to be paid for the shares shall be the
market price of NoHo Partners Plc\u2019s share at the time of purchasing.
The shares shall be purchased for financing or carrying out possible corporate acquisitions
or other arrangements, to implement incentive schemes within the Company or for other
purposes decided upon by the Board of Directors. The maximum amount of the shares to be
purchased is equivalent to approximately 3.8% of all the shares and votes of the Company
calculated using the share count on the publication date of the notice of the AGM.
The Board of Directors shall decide on the other matters related to the purchase of treasury
shares. The authorisation will remain in force until the end of the next AGM, but for no more
than 18 months from the AGM\u2019s resolution on the authorisation.
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_149": { "value": "
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_150": { "value": "
ACCOUNTING PRINCIPLES
Share capital consists solely of ordinary shares. The immediate expenditure from the
issue or acquisition of new shares or other equity instruments less any tax is recorded as
equity, wherein it reduces the purchase consideration received for the issue. If the
company buys back its equity instruments, the acquisition cost of the instruments is
deducted from equity.
Liability for dividend distribution to the Group's shareholders is recorded for the period
during which the general meeting approved the dividend.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_151": { "value": "
\n
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\n
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\n
6.1. SPECIFICATION OF NON-CASH TRANSACTIONS
Non-cash transactions
MEUR
2025
2024
Change in provisions
-0.1
0.0
Write-off of trade receivables
0.0
0.5
Sale of fixed assets
-0.4
0.0
Revaluation of shares in associated companies to
fair value
-22.4
0.0
Share-based incentive plan
0.0
-0.4
Revenue recognition of expired gift cards
-0.9
-0.8
Other adjustments
0.2
-0.5
Total
-23.7
-1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_152": { "value": "
6.3. RELATED PARTY
TRANSACTIONS
Parties are considered to be related when one party can exercise control, shared control or
significant influence over the other in decision-making involving its finances and operating
activities. The Group\u2019s related parties are the parent company, subsidiaries, associated
company, the parent company\u2019s subsidiaries and the key management personnel. Key
management personnel includes the members of the Board of Directors, the Group\u2019s
Executive Team and the CEO and his/her deputy,
as well as their close family members.
Furthermore, related entities include any owners who can exercise control or significant
influence in NoHo Partners, the companies where the said owners have a controlling
interest, and companies where a person exercising control over NoHo Partners exercises
significant influence or works in the management of the company or its parent company.
\n
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\n
The management\u2019s employee benefits
MEUR
CEO*
Other
Executive
Team
Members
Total
2025
Short-term employee benefits
0.4
1.4
1.8
Share-based payments
0.2
0.4
0.6
2025 Total
0.6
1.9
2.4
2024
Short-term employee benefits
0.4
1.0
1.4
Share-based payments
0.3
0.3
0.5
2024 Total
0.7
1.3
1.9
*Until 31 August 2024, Aku Vikstr\u00f6m; from 1 September 2024, Jarno Suominen
Until 31 August 2024, the Group\u2019s Executive Team
consisted of Aku Vikstr\u00f6m, Jarno
Suominen, Jarno Vilponen and Tuomas Piirtola. From 1 September 2024, the Group\u2019s
Executive Team consists of Jarno Suominen, Maria Koivula, Jarno Vilponen, Anne Kokkonen,
Benjamin Gripenberg, Tanja Suominen, Paul Meli, Rainer Lindqvist, Henri Virlander and Pauli
Kouhia.
Share-based incentive plan ended 31 December 2024
The Board of Directors of NoHo Partners Plc decided on 28 March 2025 on a directed free
share issue to the CEO and Deputy CEO to pay the reward earned from the fourth earning
period of the share-based incentive plan ending 31 December 2024. The share issue decision
was made based on the authorization granted by the Annual General Meeting on 10 April
2024.
Information about the long-term share-based incentive plan for key personnel was published
in a stock exchange release on 30 November 2018 and on the Company\u2019s website. In the
share issue, it was decided to issue a total of 34,690 new shares in the Company free of
charge in connection with the share-based incentive plan. As a result of the issuance of new
shares, the number of shares in NoHo Partners Plc increased to 21,044,405 shares.
Share-based incentive plan starting 1 January 2025
NoHo Partners Plc announced on 12 February 2025 that the Board of Directors had decided
on a new share-based incentive plan for key personnel, which includes three earning periods
between 1 January 2025 and 31 December 2028. The first earning period is 24 months, from
1 January 2025 to 31 December 2026. A maximum of 275,000 reward shares of NoHo
Partners Plc 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\u2019s business. The plan covers
10 persons in the first earning period.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
The share-based incentive scheme is presented in more detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 62.8
thousand.
The notice
period for the CEO is six (6) months from both the Company and the CEO\u2019s side.
In addition to the pay for the term of notice, the CEO is entitled to compensation equalling
six (6) months\u2019 salary if the Company dismisses the CEO for reasons other than serious
misconduct, crime, or similar reasons, provided that the CEO has not entered an
employment or service relationship with a third party during that time.
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\n
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\n
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\n
\n
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\n
\n
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\n
\n
\n
\n
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\n
\n
Fees for the Board of Directors
2025
Annual
remuner
ation
Committee
meeting fees
Other
financial
benefits***
Total
EUR thousand
Timo Laine, Chairman of the
Board of Directors
60.0
2.0
117.6
179.6
Timo M\u00e4nty, Vice
-Chairman of
the Board of Directors
45.0
6.5
0.0
51.5
Mika Niemi, member of the
Board of Directors
30.0
0.0
20.0
50.0
Petri Olkinuora, member of the
Board of Directors
30.0
2.5
0.0
32.5
Kai Seikku, member of the
Board of Directors
30.0
5.0
0.0
35.0
Maarit Vannas, member of the
Board of Directors
30.0
2.0
0.0
32.0
Total
225.0
18.0
137.6
380.6
2024
Annual
remuner
ation
Committee
meeting fees
Other
financial
benefits***
Total
EUR thousand
Timo Laine, Chairman of the
Board of Directors
60.0
2.5
117.6
180.1
Timo M\u00e4nty, Vice
-Chairman of
the Board of Directors*
33.8
6.5
0.0
40.3
Mika Niemi, member of the
Board of Directors
30.0
0.0
20.0
50.0
Petri Olkinuora, member of the
Board of Directors
30.0
3.5
0.0
33.5
Kai Seikku, member of the
Board of Directors
30.0
6.0
0.0
36.0
Maarit Vannas, member of the
Board of Directors*
22.5
2.0
0.0
24.5
Mia Ahlstr\u00f6m, member of the
Board of Directors**
7.5
0.5
0.0
8.0
Yrj\u00f6 N\u00e4rhinen, member of the
Board of Directors**
11.3
1.0
0.0
12.3
Total
225.0
22.0
137.6
384.6
* Member of the Board of Directors from 10 April 2024
** Member of the Board of Directors until 10 April 2024
*** Consultant fees paid to the member of the Board of Directors. These are treated as
purchases in the related party transactions table.
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Transactions with related entities
MEUR
2025
2024
Sales
0.3
0.0
Rental expenses
0.2
0.2
Purchases
4.7
0.7
Rental income
0.5
0.0
Receivables
0.6
0.4
Liabilities
1.0
0.3
Sales to related entities comprise restaurant sales. Purchases from related entities include,
for example, labour hire,
renovation and business premises expenses as well as costs of
equipment and equipment maintenance. The Group has also
leased premises from related
parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_153": { "value": "
6.3. RELATED PARTY
TRANSACTIONS
Parties are considered to be related when one party can exercise control, shared control or
significant influence over the other in decision-making involving its finances and operating
activities. The Group\u2019s related parties are the parent company, subsidiaries, associated
company, the parent company\u2019s subsidiaries and the key management personnel. Key
management personnel includes the members of the Board of Directors, the Group\u2019s
Executive Team and the CEO and his/her deputy,
as well as their close family members.
Furthermore, related entities include any owners who can exercise control or significant
influence in NoHo Partners, the companies where the said owners have a controlling
interest, and companies where a person exercising control over NoHo Partners exercises
significant influence or works in the management of the company or its parent company.
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The management\u2019s employee benefits
MEUR
CEO*
Other
Executive
Team
Members
Total
2025
Short-term employee benefits
0.4
1.4
1.8
Share-based payments
0.2
0.4
0.6
2025 Total
0.6
1.9
2.4
2024
Short-term employee benefits
0.4
1.0
1.4
Share-based payments
0.3
0.3
0.5
2024 Total
0.7
1.3
1.9
*Until 31 August 2024, Aku Vikstr\u00f6m; from 1 September 2024, Jarno Suominen
Until 31 August 2024, the Group\u2019s Executive Team
consisted of Aku Vikstr\u00f6m, Jarno
Suominen, Jarno Vilponen and Tuomas Piirtola. From 1 September 2024, the Group\u2019s
Executive Team consists of Jarno Suominen, Maria Koivula, Jarno Vilponen, Anne Kokkonen,
Benjamin Gripenberg, Tanja Suominen, Paul Meli, Rainer Lindqvist, Henri Virlander and Pauli
Kouhia.
Share-based incentive plan ended 31 December 2024
The Board of Directors of NoHo Partners Plc decided on 28 March 2025 on a directed free
share issue to the CEO and Deputy CEO to pay the reward earned from the fourth earning
period of the share-based incentive plan ending 31 December 2024. The share issue decision
was made based on the authorization granted by the Annual General Meeting on 10 April
2024.
Information about the long-term share-based incentive plan for key personnel was published
in a stock exchange release on 30 November 2018 and on the Company\u2019s website. In the
share issue, it was decided to issue a total of 34,690 new shares in the Company free of
charge in connection with the share-based incentive plan. As a result of the issuance of new
shares, the number of shares in NoHo Partners Plc increased to 21,044,405 shares.
Share-based incentive plan starting 1 January 2025
NoHo Partners Plc announced on 12 February 2025 that the Board of Directors had decided
on a new share-based incentive plan for key personnel, which includes three earning periods
between 1 January 2025 and 31 December 2028. The first earning period is 24 months, from
1 January 2025 to 31 December 2026. A maximum of 275,000 reward shares of NoHo
Partners Plc 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\u2019s business. The plan covers
10 persons in the first earning period.
Costs from the share-based incentive plan are recognised as staff expenses over time and in
equity under earnings.
The share-based incentive scheme is presented in more detail on page
The CEO\u2019s pension commitments and termination compensation
The Chief Executive Officer is covered by the Employees Pensions Act that offers pension
security based on the time of service and earnings in the manner defined in the Act. According
to the CEO\u2019s contract, the CEO will retire without separate notice upon reaching the
retirement age, unless otherwise agreed between both parties in advance. The Chief
Executive Officer\u2019s accrued pension costs for the financial period were EUR 62.8
thousand.
The notice
period for the CEO is six (6) months from both the Company and the CEO\u2019s side.
In addition to the pay for the term of notice, the CEO is entitled to compensation equalling
six (6) months\u2019 salary if the Company dismisses the CEO for reasons other than serious
misconduct, crime, or similar reasons, provided that the CEO has not entered an
employment or service relationship with a third party during that time.
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\n
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\n
\n
\n
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\n
\n
\n
\n
\n
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\n
\n
\n
\n
\n
\n
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\n
\n
\n
\n
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\n
\n
\n
Fees for the Board of Directors
2025
Annual
remuner
ation
Committee
meeting fees
Other
financial
benefits***
Total
EUR thousand
Timo Laine, Chairman of the
Board of Directors
60.0
2.0
117.6
179.6
Timo M\u00e4nty, Vice
-Chairman of
the Board of Directors
45.0
6.5
0.0
51.5
Mika Niemi, member of the
Board of Directors
30.0
0.0
20.0
50.0
Petri Olkinuora, member of the
Board of Directors
30.0
2.5
0.0
32.5
Kai Seikku, member of the
Board of Directors
30.0
5.0
0.0
35.0
Maarit Vannas, member of the
Board of Directors
30.0
2.0
0.0
32.0
Total
225.0
18.0
137.6
380.6
2024
Annual
remuner
ation
Committee
meeting fees
Other
financial
benefits***
Total
EUR thousand
Timo Laine, Chairman of the
Board of Directors
60.0
2.5
117.6
180.1
Timo M\u00e4nty, Vice
-Chairman of
the Board of Directors*
33.8
6.5
0.0
40.3
Mika Niemi, member of the
Board of Directors
30.0
0.0
20.0
50.0
Petri Olkinuora, member of the
Board of Directors
30.0
3.5
0.0
33.5
Kai Seikku, member of the
Board of Directors
30.0
6.0
0.0
36.0
Maarit Vannas, member of the
Board of Directors*
22.5
2.0
0.0
24.5
Mia Ahlstr\u00f6m, member of the
Board of Directors**
7.5
0.5
0.0
8.0
Yrj\u00f6 N\u00e4rhinen, member of the
Board of Directors**
11.3
1.0
0.0
12.3
Total
225.0
22.0
137.6
384.6
* Member of the Board of Directors from 10 April 2024
** Member of the Board of Directors until 10 April 2024
*** Consultant fees paid to the member of the Board of Directors. These are treated as
purchases in the related party transactions table.
\n
\n
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Transactions with related entities
MEUR
2025
2024
Sales
0.3
0.0
Rental expenses
0.2
0.2
Purchases
4.7
0.7
Rental income
0.5
0.0
Receivables
0.6
0.4
Liabilities
1.0
0.3
Sales to related entities comprise restaurant sales. Purchases from related entities include,
for example, labour hire,
renovation and business premises expenses as well as costs of
equipment and equipment maintenance. The Group has also
leased premises from related
parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_154": { "value": "
Parties are considered to be related when one party can exercise control, shared control or
significant influence over the other in decision-making involving its finances and operating
activities. The Group\u2019s related parties are the parent company, subsidiaries, associated
company, the parent company\u2019s subsidiaries and the key management personnel. Key
management personnel includes the members of the Board of Directors, the Group\u2019s
Executive Team and the CEO and his/her deputy,
as well as their close family members.
Furthermore, related entities include any owners who can exercise control or significant
influence in NoHo Partners, the companies where the said owners have a controlling
interest, and companies where a person exercising control over NoHo Partners exercises
significant influence or works in the management of the company or its parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_155": { "value": "
The notice
period for the CEO is six (6) months from both the Company and the CEO\u2019s side.
In addition to the pay for the term of notice, the CEO is entitled to compensation equalling
six (6) months\u2019 salary if the Company dismisses the CEO for reasons other than serious
misconduct, crime, or similar reasons, provided that the CEO has not entered an
employment or service relationship with a third party during that time.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ID_156": { "value": "
6.5. SIGNIFICANT EVENTS AFTER THE FINANCIAL STATEMENTS
DATE
NoHo Partners Plc updates its long-term financial targets regarding dividend
distribution
On 11 February 2026, NoHo Partners Plc announced that it would update the Company\u2019s
long-term financial targets regarding dividend payments. The change in dividend policy
secures continued growth in the long term and supports the reduction of the net debt ratio
towards the target level of approximately two. In the future, the Company aims to distribute
dividends of at least 50% of the comparable earnings per share for the financial year. Other
long-term targets concerning business development, profitability, and net debt remain
unchanged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "fi", "entity": "scheme:743700DYZ6R1QNLWQA56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }