Märkte & Kurse

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Original-Research: MHP Hotel AG - from NuWays AG

22.07.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 3.7
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

MHP Hotel AG: Record Q2 revenue as hotel platform scales

Yesterday, MHP released Q2 '26 hotel performance figures, posting the
highest quarterly revenue in the company's history. In detail:

Q2 hotel sales increased 26% yoy to EUR 56.8m (eNuW: EUR 57.8m), driven by the
continuous expansion of the portfolio, most notably the first full quarterly
consolidation of the Hyatt Regency Vienna and the ongoing Conrad Hamburg
ramp-up. Moreover, demand in the premium and luxury segment remains strong.
Important to mention in this context: In FY25, middle-east customer
accounted for only 2.5% of Logis sales, explaining the limited effect on MHP
operations.

Growth was broad-based across segments: Logis sales rose 22% to EUR 42.9m
while F&B sales again grew disproportionately at +41% yoy to EUR 12.5m,
following +36% in Q1. The continued outperformance of the gastronomy and
conference business confirms the structural build-out of revenue sources
beyond the room business, a strength that plays well into the equity story
given its brand-building character and reduced dependency on room rates.

KPI picture: Volume ahead, rates slightly softer. Occupancy came in at 79%
(eNuW: 78.7%), or a strong 82% adjusted for the Conrad Hamburg ramp-up (+2pp
yoy), underpinning the intact volume demand across the portfolio. Rates on
the other hand fell short of our expectations as ADR declined to EUR 229 or EUR

225 adj. (eNuW: EUR 237; Q2'25: EUR 238) and RevPar to EUR 180 (EUR 184 adj; eNuW: EUR

186). The deviation is largely explained by two temporary effects: (1) the
Conrad ramp-up during the seasonally weak start of the year in the Hamburg
market and (2) a demand dip in April amid the geopolitical tensions in the
Middle East.

Important to mention in this context: In FY25, middle-east customers
accounted for only 2.5% of Logis sales, explaining the limited effect on MHP
operations. Management also confirmed that April marked the trough of the
FY26 demand development, with occupancy picking up clearly towards the end
of Q2. That said, the Q2 rate development shows that the indirect sentiment
effects were temporarily more visible than the limited direct exposure would
suggest, which we regard as fully digestible given the swift occupancy
recovery.

FY26 guidance confirmed. Management reiterated its outlook of c. EUR 225m

sales (eNuW: EUR 227m) and > EUR 10m group EBITDA (eNuW: EUR 10.2m), driven by the

first full-year contribution of the Conrad and the integration of the Hyatt
Regency Vienna. Mind you, Q3 and Q4 are seasonally the strongest quarters,
making the implied H2 top-line performance of EUR 127m or +28.2% yoy look
achievable.

Overall, the release confirms the growth trajectory of the platform while
the temporary rate softness does not alter the underlying investment case of
a scaling, asset-light premium operator with strong cash conversion and a
committed pipeline (Sheraton Vienna 2027, AC Stuttgart 2028, MOOONS
Frankfurt 2029, AC Düsseldorf 2029).

Reiterate BUY with an unchanged PT of EUR 3.70 based on DCF.


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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7c4f874862186d15e94a0b287a849086

For additional information visit our website:
https://www.nuways-ag.com/research

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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2369646 22.07.2026 CET/CEST

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