NoHo Partners reported its seasonally small Q1 EBIT of EUR 4.9m (-9.3% y/y), 10% below Vara Research consensus and 9% below our estimate. Q1 net sales were up 5.8% y/y to EUR 81.7m, 3% below consensus and 1% below our estimate. Finland EBIT was in line with our estimate, while International fell 49% below, and we believe the miss stemmed mainly from Norway, where market conditions remain challenging. On the other hand, the internal profitability measures kept the market's EBIT positive in Q1. Operational EBITDA (operating cash flow) was EUR 6.6m in Q1 (EUR 7.1m a year ago). Guidance for 2026 was reiterated: NoHo expects the EBIT margin to remain at the current good level (2025: 9.0%) and EPS to increase (2025: EUR 0.46; LSEG consensus: EUR 0.66). While Norway remains soft, we note that it is developing in the right direction, and overall, Q2 should be faced with easy weather comparisons, which we argue bodes well for near-term outlook. Mathematically, the Q1 miss translates into 1-2% negative consensus estimate revisions for 2026-28.