Original-Research: MHP Hotel AG (von NuWays AG): BUY

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 € 56.8m (eNuW: € 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 € 42.9m while F&B sales again grew disproportionately at +41% yoy to € 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 € 229 or € 225 adj. (eNuW: € 237; Q2'25: € 238) and RevPar to € 180 (€ 184 adj; eNuW: € 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. € 225m sales (eNuW: € 227m) and > € 10m group EBITDA (eNuW: € 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 € 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 € 3.70 based on DCF. You can download the research here: mhp-hotel-ag-2026-07-22-previewreview-en-a3f0f 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 ++++++++++ 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. ++++++++++