Märkte & Kurse

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Original-Research: MHP Hotel AG - from NuWays AG

23.09.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to MHP Hotel AG

     Company Name:                MHP Hotel AG
     ISIN:                        DE000A3E5C24

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        23.09.2025
     Target price:                EUR 3.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

H1 in line with est. as profitability strongly improves

Yesterday, MHP Hotel AG released good H1 results, which came in broadly in
line with our estimates. In detail:

H1'25 sales increased by 12.6% to EUR 79.3m, which is in line with our
estimate of EUR 79m. As outlined in our preview, this was predominantly driven
by strong logis sales of EUR 60.1m (+14% yoy), which was supported by a higher
ADR of EUR 222 (+8% yoy) despite a strong comparable base (2024 EURO).
Moreover, the Koenigshof in Munich, which opened last year, contributed EUR 9m
of sales growth. F&B sales also increased 11% yoy to EUR 16.3m, while the
other segment posted a modest 2.4% increase to EUR 3.0m.

Against this backdrop, H1 EBITDA came in at EUR 2.3m (eNuW: EUR 2.1m), implying
a 2.9% margin. This is the first time MHP reported positive EBITDA in the
seasonally weaker H1 since the listing in 2021. In our view, this was
clearly built on operating leverage as well as efficiency gains.

Outlook confirmed. Based on this, management confirmed the FY25 guidance of

EUR 180m sales (eNuW: EUR 185m, eCons: EUR 182m) and EUR 15m EBITDA (eNuW: EUR 15.3m;

eCons: EUR 15.1m/ eNuW: EUR 103m adj. EBITDA excl. key-money payments). In our
view, this is well within reach, considering the historically stronger H2,
the initial impact from the Conrad in Hamburg (283 additional rooms, >10%
increase on group level) as well as the ramp-up of the Koenigshof. Based on
the H1 results, the guidance implies 11.1% yoy H2 sales growth and an EBITDA
margin of 12.6% (vs 13.1% in H2'24), which again is reasonable in our view.

Portfolio expansion pending. During the call, management expressed its
confidence in being able to announce at lease one addition to the portfolio
during the remainder of the year. Importantly, following the successful
capital increase in July (EUR 4.5m gross proceeds), MHP should be equipped
with a "war-chest" exceeding EUR 10m while timing could hardly be better given
the continued struggle of peers, especially in the economy segment. Keep in
mind that we do not model any portfolio additions beyond the Stuttgart
opening in FY28. As such, any additional portfolio expansion would represent
upside to our current estimates.

As the release fully confirms our view on the case and valuation metrics
remain attractive, we confirm BUY 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=9c01a1073762816b616ae3dac09a7972
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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.
++++++++++

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2201958 23.09.2025 CET/CEST

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