MHP Hotel AG (von NuWays AG): BUY

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 € 228 (Q3’24: € 229), resulting in a RevPar of € 185 (Q3’24: € 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 € 227 and RevPar of € 179, indicating that the new asset is already tracking close to group metrics despite being in its initial ramp-up phase.