NoHo Partners delivered another solid quarter, demonstrating its ability to grow and improve profitability even in the relatively soft domestic market. Strong profitability and continued market share gains in Finland, robust growth in Denmark and the ongoing operational recovery in Norway give us confidence in the earnings outlook. We expect the healthy earnings trajectory to continue, supported by solid reservation levels for the Q4 pre-Christmas season, market recovery and market share gains, new openings and venues, M&A and Better Burger Society, while the recovery in Norway provides further support. Adding to this an attractive dividend yield, double-digit EPS growth and further value-creation potential from structural initiatives, we derive a largely unchanged fair value range of EUR 10.2-12.8 (10.1-12.8).