Ahead of NoHo's Q1 2026 report, due on 5 May, we lower our estimates slightly to reflect the ongoing sluggish market development and more cautious consumer sentiment. While we still expect the operational challenges in Norway to be resolved by H2 and the Finnish operations to maintain a stable profitability level, we argue that any further deterioration in demand may risk overall margin resilience. Yet we see upside from successful M&A, new openings and the geographical expansion of Better Burger Society. We derive a higher fair value range of EUR 9.4-12.0 (8.9-11.5) by equally weighing our DCF- and multiples-based valuation methods.