Original-Research: MHP Hotel AG – from NuWays AG 17.10.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News – a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. ————————————————————————— Classification of NuWays AG to MHP Hotel AG Company Name: MHP Hotel AG ISIN: DE000A3E5C24 Reason for the research: Update Recommendation: BUY from: 17.10.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Solid Q3; Conrad ramp-up sets stage for strong year-end MHP delivered a solid Q3 performance, demonstrating the resilience of its premium positioning despite an exceptionally strong prior-year base marked by major one-off events such as the UEFA Euro and large concert series. Occupancy came in at 81% vs. 82% in Q3’24, while ADR slightly declined to EUR 228 (Q3’24: EUR 229), resulting in a RevPar of EUR 185 (Q3’24: EUR 189). Given last year’s unusually high demand levels, the near-stability in ADR and only marginal dip in occupancy clearly underline MHP’s sustained pricing power and strong demand fundamentals across its portfolio. Including the newly opened Conrad Hamburg, occupancy stood at 79% with an ADR of EUR 227 and RevPar of EUR 179, indicating that the new asset is already tracking close to group metrics despite being in its initial ramp-up phase. On the revenue side, total hotel sales increased by 2% yoy to EUR 45.2m. While Logis revenue was slightly down by 1% due to timing effects as well as the mentioned tough comparable base, F&B once again outperformed with +11% yoy to EUR 8.8m, reflecting the continued success of MHP’s high-margin culinary concepts. The opening of the 283-room Conrad Hamburg in early September marks a strategic milestone, adding more than 10% capacity at group level and strengthening MHP’s footprint in the luxury segment. Early trading feedback appears promising and, together with the ongoing ramp-up of the Koenigshof in Munich, should drive operating leverage into the seasonally stronger H2. On this basis, management confirmed the FY25 guidance of EUR 180m sales and EUR 15m EBITDA, which we view as well within reach. Based on the strong H1 and stable Q3 metrics, the implied H2 growth and margin profile (c. 11% sales growth and low-to-mid-teens EBITDA margin) appear realistic. Beyond operational momentum, MHP remains well positioned for portfolio expansion. Following the EUR 4.5m capital increase in July and access to additional credit lines, the company holds a “war chest” of more than EUR 10m. With peers in the economy and mid-scale segment still facing pressure, attractive takeover opportunities in prime locations persist. As our model does not include any portfolio additions beyond the Stuttgart project (opening 2028), any additional new opening would provide upside to our estimates. In addition, the company may further roll out its high-margin lifestyle brand MOOONS. Overall, Q3 confirms the structural strength of MHP’s business model: high occupancy, sustained pricing power even against tough comps, growing F&B, and a new luxury flagship coming online ahead of a strong seasonal phase. We therefore reiterate our BUY rating with an unchanged PT of EUR 3.00 based on DCF. You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=2f49a7d22cf36c3ccfa881297129c81b For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: NuWays AG – Equity Research Web: http://www.nuways-ag.com Email: [email protected] LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ ————————————————————————— The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=10db067c-ab21-11f0-be29-0694d9af22cf&lang=en ————————————————————————— 2214626 17.10.2025 CET/CEST
